Document:

EX-4.4

 Exhibit 4.4 

Execution Copy 
  

 
  

AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION VIII LLC, 

Transferor 
 AMERICAN EXPRESS
TRAVEL RELATED SERVICES COMPANY, INC., 
 Servicer and Administrator 

AMERICAN EXPRESS ISSUANCE TRUST II, 

Issuer 
 and 

THE BANK OF NEW YORK MELLON, 

Indenture Trustee 
  

 
 THIRD AMENDED
AND RESTATED SERVICING AGREEMENT 
 dated as of April 1, 2018 

 
  

 

							
	 ARTICLE I
	  

	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  			
	 Section 1.1.
	    	 Definitions
	  	 	1	 
	 Section 1.2.
	    	 Other Definitional Provisions
	  	 	11	 
		
	ARTICLE II	  			
	COLLECTIONS, DEPOSITS, ALLOCATIONS AND PAYMENTS	  			
	 Section 2.1.
	    	 Collections, Deposits and Allocations
	  	 	13	 
	 Section 2.2.
	    	 Payment of the Servicing Fee
	  	 	14	 
	 Section 2.3.
	    	 Final Payment
	  	 	14	 
	 Section 2.4.
	    	 Payments within a Series, Class or Tranche
	  	 	15	 
	 Section 2.5.
	    	 Adjustments for Miscellaneous Credits and Fraudulent Charges
	  	 	15	 
	 Section 2.6.
	    	 Designation of Remaining Principal Shortfalls
	  	 	16	 
		
	ARTICLE III	  			
	SERVICING OF RECEIVABLES	  			
	 Section 3.1.
	    	 Acceptance of Appointment and Other Matters Relating to the
	  			
		    	 Servicer
	  	 	17	 
	 Section 3.2.
	    	 Representations, Warranties and Covenants of the Servicer
	  	 	18	 
	 Section 3.3.
	    	 Reports and Records for the Owner Trustee and the Indenture Trustee
	  	 	21	 
	 Section 3.4.
	    	 Annual Certificate of Servicer
	  	 	22	 
	 Section 3.5.
	    	 Annual Servicing Report of Independent Public Accountants; Copies
	  			
		    	 of Reports Available
	  	 	22	 
	 Section 3.6.
	    	 Tax Treatment
	  	 	22	 
	 Section 3.7.
	    	 Notices to American Express Entities
	  	 	23	 
	 Section 3.8.
	    	 Recoveries
	  	 	23	 
	 Section 3.9.
	    	 Reports to the Commission
	  	 	23	 
	
	ARTICLE IV	 
	ADMINISTRATION OF THE TRUST; DUTIES OF THE ADMINISTRATOR	  			
	 Section 4.1.
	    	 Appointment of Administrator; Duties of Administrator
	  	 	24	 
	 Section 4.2.
	    	 Records
	  	 	28	 
	 Section 4.3.
	    	 Compensation
	  	 	28	 
	 Section 4.4.
	    	 Additional Information to be Furnished to Issuer and Indenture Trustee
	  	 	28	 
	 Section 4.5.
	    	 Independence of Administrator
	  	 	28	 
	 Section 4.6.
	    	 No Joint Venture
	  	 	29	 
	 Section 4.7.
	    	 Other Activities of Administrator
	  	 	29	 
	 Section 4.8.
	    	 Termination, Resignation and Removal of Administrator
	  	 	29	 
	 Section 4.9.
	    	 Action Upon Termination, Resignation or Removal
	  	 	30	 
		
	ARTICLE V	  			
	OTHER MATTERS RELATING TO THE SERVICER	  			
	 Section 5.1.
	    	 Liability of the Servicer
	  	 	31	 
	 Section 5.2.
	    	 Merger or Consolidation of, or Assumption of the Obligations of, the
	  			
		    	 Servicer
	  	 	31	 
	 Section 5.3.
	    	 Limitations on the Liability of the Servicer and Others
	  	 	31	 

  
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	 Section 5.4.
	    	 Servicer Indemnification of the Trust, the Owner Trustee and the
	  			
		    	 Indenture Trustee
	  	 	32	 
	 Section 5.5.
	    	 Resignation of the Servicer
	  	 	33	 
	 Section 5.6.
	    	 Access to Certain Documentation and Information Regarding the
	  			
		    	 Collateral
	  	 	33	 
	 Section 5.7.
	    	 Delegation of Duties
	  	 	34	 
	 Section 5.8.
	    	 Examination of Records
	  	 	34	 
		
	ARTICLE VI	  			
	SERVICER DEFAULTS	  			
	 Section 6.1.
	    	 Servicer Defaults
	  	 	35	 
	 Section 6.2.
	    	 Indenture Trustee to Act; Appointment of Successor
	  	 	37	 
	 Section 6.3.
	    	 Notification to Noteholders
	  	 	39	 
	 Section 6.4.
	    	 Waiver of Past Defaults
	  	 	39	 
		
	ARTICLE VII	  			
	TERMINATION	  			
	 Section 7.1.
	    	 Termination of Agreement
	  	 	40	 
		
	ARTICLE VIII	  			
	MISCELLANEOUS	  			
	 Section 8.1.
	    	 Amendment; Waiver of Past Defaults
	  	 	41	 
	 Section 8.2.
	    	 Protection of Right, Title and Interest in and to Trust Assets
	  	 	43	 
	 Section 8.3.
	    	 Governing Law; Submission to Jurisdiction; Appointment of Agent for
	  			
		    	 Service of Process
	  	 	43	 
	 Section 8.4.
	    	 Notices; Payments
	  	 	44	 
	 Section 8.5.
	    	 Severability of Provisions
	  	 	45	 
	 Section 8.6.
	    	 Further Assurances
	  	 	45	 
	 Section 8.7.
	    	 No Waiver; Cumulative Remedies
	  	 	45	 
	 Section 8.8.
	    	 Counterparts
	  	 	46	 
	 Section 8.9.
	    	 Third-Party Beneficiaries
	  	 	46	 
	 Section 8.10.
	    	 Actions by Noteholders
	  	 	46	 
	 Section 8.11.
	    	 Rule 144A Information
	  	 	46	 
	 Section 8.12.
	    	 Merger and Integration
	  	 	46	 
	 Section 8.13.
	    	 Headings
	  	 	46	 
	 Section 8.14.
	    	 Limitation of Liability
	  	 	47	 
	 Section 8.15.
	    	 No Petition
	  	 	47	 
	 Section 8.16.
	    	 Force Majeure
	  	 	47	 
		
	ARTICLE IX	  			
	COMPLIANCE WITH REGULATION AB	  			
	 Section 9.1.
	    	 Intent of Parties; Reasonableness
	  	 	48	 
	 Section 9.2.
	    	 Additional Representations and Warranties of the Servicer
	  	 	48	 
	 Section 9.3.
	    	 Information to Be Provided by the Servicer
	  	 	48	 
	 Section 9.4.
	    	 Report on Assessment of Compliance and Attestation
	  	 	50	 
	 Section 9.5.
	    	 Use of Subservicers and Servicing Participants
	  	 	51	 

  
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	EXHIBITS	    	
			
	 Exhibit A
	    	 Form of Power of Attorney
	    	A-1
			
	 Exhibit B
	    	 Form of Opinion of Counsel with respect to Amendments
	    	B-1
			
	 Exhibit C
	    	 Form of Annual Certification
	    	C-1
			
	 Exhibit D
	    	 Servicing Criteria to be Addressed in Assessment of Compliance
	    	D-1

  

  
 iii 

 This THIRD AMENDED AND RESTATED SERVICING AGREEMENT among AMERICAN EXPRESS RECEIVABLES FINANCING
CORPORATION VIII LLC, a Delaware limited liability company, as transferor (the “Transferor”), AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC., a New York corporation, as servicer and administrator (the
“Servicer” and the “Administrator”), AMERICAN EXPRESS ISSUANCE TRUST II, a statutory trust created under the laws of the State of Delaware, as issuer (the “Issuer” or the “Trust”),
and THE BANK OF NEW YORK MELLON, a New York banking corporation, in its capacity as indenture trustee (the “Indenture Trustee”), is made and entered into as of April 1, 2018. 

The Transferor, the Servicer, the Administrator, the Issuer and the Indenture Trustee previously entered into the Servicing Agreement, dated
as of October 24, 2012, which was amended and restated on March 12, 2013 and on July 29, 2016 (as so amended and restated, the “Original Servicing Agreement”). The parties hereto agree to and do hereby amend and
restate the Original Servicing Agreement to read in its entirety as set forth herein. 
 In consideration of the mutual agreements herein
contained, the parties hereby agree that this Agreement, together with the other Transaction Documents (each capitalized term as hereinafter defined) will define the contractual obligations of the Transferor, the Servicer, the Administrator, 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 for the benefit of the other parties
and the Noteholders: 
 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, and
the definitions of such terms are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. 

“Account” has the meaning specified in the Transfer Agreement. 

“Account Agreement” has the meaning specified in the Transfer Agreement. 

“Account Guidelines” has the meaning specified in the Transfer Agreement. 

“Account Owner” has the meaning specified in the Transfer Agreement. 

“Accumulation Period” means, with respect to any Series, Class or Tranche of Notes, a period following the Revolving
Period during which Principal Collections are accumulated in an account for the benefit of the Noteholders of such Series, Class or Tranche, which shall be the controlled accumulation period, the principal accumulation period, the early
accumulation period, the optional accumulation period, the limited accumulation period or other 

  
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accumulation period, in each case as defined with respect to such Series, Class or Tranche in the related Indenture Supplement. 

“Administrator” means TRS, in its capacity as Administrator of the Trust, and any successors or assigns thereto. 

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

“AENB” means American Express National Bank, a national banking association, and its successors and assigns. 

“Affiliate” has the meaning specified in the Indenture. 

“Agreement” means the Original Servicing Agreement, as amended and restated by this Third Amended and Restated Servicing
Agreement, as the same may be further amended, supplemented or otherwise modified from time to time. 
 “Amortization
Period” means, with respect to any Series, Class or Tranche of Notes, a period following the Revolving Period during which Principal Collections are distributed to Noteholders of such Series, Class or Tranche, which shall be the
controlled amortization period, the principal amortization period, the early amortization period, the optional amortization period, the limited amortization period or other amortization period, in each case as defined with respect to such Series,
Class or Tranche in the related Indenture Supplement. 
 “Authorized Newspaper” has the meaning specified in the
Indenture. 
 “Authorized Officer” means: 

(a) with respect to the Issuer, any officer of the Owner Trustee who is authorized to act for the Owner Trustee in matters relating to the
Issuer and who is identified on the list of Authorized Officers, containing the specimen signature of each such Person, delivered by the Owner Trustee to the Indenture Trustee from time to time, and 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 this Agreement and who is identified on the list of Authorized Officers, containing the specimen signatures of such officers,
delivered by the Administrator to the Indenture Trustee from time to time; 
 (b) with respect to each Transferor, any officer of such
Transferor who is identified on the list of Authorized Officers, containing the specimen signature of each such Person, delivered by such Transferor to the Indenture Trustee from time to time; and 

(c) with respect to the Servicer, any Servicing Officer. 

“Available Principal Collections” has, with respect to any Outstanding Series of Notes, the meaning specified in the related
Indenture Supplement for such Series. 
 “Bearer Notes” has the meaning specified in the Indenture. 

  
 2 

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

“Class” has the meaning specified in the Indenture. 

“Collateral Certificate” has the meaning specified in the Transfer Agreement. 

“Collateral Certificate Principal Shortfall Payments” means for any Monthly Period, amounts received on each Collateral
Certificate in respect of Principal Shortfalls (as such term is defined in the applicable Series Supplement). 
 “Collection
Account” has the meaning specified in the Indenture. 
 “Collections” means for any Monthly Period, the sum of
(i) with respect to Receivables included as part of the Trust Assets, all payments by or on behalf of Obligors (excluding 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 in effect from time to time and all other amounts specified by this Agreement, the Transfer Agreement, the Indenture or the applicable Indenture Supplement as
constituting Collections and (ii) with respect to any Collateral Certificate included as part of the Trust Assets, collections allocable to the holder of such Collateral Certificate pursuant to the applicable Series Supplement for such
Collateral Certificate. 
 “Commission” means the United States Securities and Exchange Commission. 

“Corporate Trust Office” has the meaning (i) when used in respect of the Owner Trustee, specified in the Trust
Agreement and (ii) when used in respect of the Indenture Trustee, specified in the Indenture. 
 “Default Amount”
means for any Monthly Period, the sum of (i) with respect to Receivables included as part of the Trust Assets, an amount (which shall not be less than zero) equal to (a) the aggregate amount of Principal Receivables (other than Ineligible
Receivables) which became Defaulted Receivables in such Monthly Period, minus (b) the aggregate amount of Recoveries received in such Monthly Period (not to exceed the amount set forth in clause (a)) in respect of Defaulted Accounts,
minus (c) the amount of any Defaulted Receivables of which a Transferor or the Servicer became obligated to accept reassignment or assignment in accordance with the terms of this Agreement or the Transfer Agreement during such Monthly
Period; provided, however, that if an Insolvency Event occurs with respect to any Transferor, the amount of such Defaulted Receivables which are subject to reassignment to such Transferor in accordance with the terms of the Transfer
Agreement shall not be added to the sum so subtracted and, if any of the events described in subsection 9.1(d) occur with respect to the Servicer, the amount of such Defaulted Receivables which are subject to assignment to the Servicer in
accordance with the terms of this Agreement shall not be added to the sum so subtracted, and (ii) with respect to any Collateral Certificate included as part of the Trust Assets, the investor default amount or similar amount allocated to the
holder of the Collateral Certificate for such Monthly Period pursuant to the applicable Series Supplement for such Collateral Certificate. 

“Defaulted Account” means any Account that has Defaulted Receivables. 

  
 3 

 “Defaulted Receivables” has the meaning specified in the Transfer Agreement.

 “Derivative Agreement” has the meaning specified in the Indenture. 

“Derivative Counterparty” has the meaning specified in the Indenture. 

“Discount Option Percentage” has the meaning specified in the Transfer Agreement. 

“Discount Option Receivables” has the meaning specified in the Transfer Agreement. 

“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,
Class or Tranche of Notes by the applicable Indenture Supplement. 
 “Eligible Deposit Account” has the meaning
specified in the Indenture. 
 “Eligible Institution” has the meaning specified in the Indenture. 

“Eligible Investments” has the meaning specified in the Indenture. 

“Eligible Servicer” means (a) TRS, AENB or the Indenture Trustee, (b) with respect to TRS or AENB, any entity into
which it may be merged or converted or with which it may be consolidated, or any entity resulting from any merger, conversion or consolidation to which it will be a party, or any entity succeeding to all or substantially all of its assets, or
(c) if no entity described in clause (a) or (b) above is acting as Servicer, an entity which, at the time of its appointment as Servicer, (i) is servicing a portfolio of charge or credit accounts, (ii) is legally qualified and
has the capacity to service the Accounts, (iii) in the sole determination of the Indenture Trustee, which determination shall be conclusive and binding, has demonstrated the ability to service professionally and competently a portfolio of
similar accounts in accordance with high standards of skill and care, (iv) is qualified to use the software that is then being used to service the Accounts or obtains the right to use or has its own software which is adequate to perform its
duties under this Agreement and (v) has a net worth of at least $50,000,000 as of the end of its most recent fiscal quarter. 

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

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

“Excess Recoveries” means for any Monthly Period, the excess of (a) the aggregate amount of Recoveries received in such
Monthly Period over (b) the aggregate amount of Principal Receivables (other than Ineligible Receivables) which became Defaulted Receivables in such Monthly Period. 

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

  
 4 

 “Execution Date” has the meaning specified in the Transfer Agreement. 

“FDIC Rule” has the meaning specified in the Indenture. 

“Finance Charge Collections” means for any Monthly Period, the sum of (i) 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, (ii) with respect to any Collateral Certificate included as part of the Trust Assets, collections of finance charge receivables
allocable to the holder of the Collateral Certificate for such Monthly Period pursuant to the applicable Series Supplement for such Collateral Certificate, (iii) any amounts received by the Issuer which are designated as Finance Charge
Collections pursuant to this Agreement, the Transfer Agreement, the Indenture or any Indenture Supplement for such Monthly Period and (iv) the amount of investment earnings (net of losses and investment expenses), if any, on amounts on deposit
in the Collection Account and the Excess Funding Account for such Monthly Period. 
 “Finance Charge Receivables” has the
meaning specified in the Transfer Agreement. 
 “First Note Transfer Date” means for any Monthly Period, the earliest Note
Transfer Date for any Series, Class or Tranche of Notes in such Monthly Period. 
 “Floating Allocation Percentage”
has, with respect to any Outstanding Series of Notes, the meaning specified in the related Indenture Supplement for such Series. 

“GAAP” has the meaning specified in the Transfer Agreement. 

“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 Third Amended and Restated Indenture, dated as of April 1, 2018, between the Issuer and the
Indenture Trustee, as the same may be further amended, supplemented or otherwise modified from time to time. 
 “Indenture
Supplement” has the meaning specified in the Indenture. 
 “Indenture Trustee” means The Bank of New York Mellon,
in its capacity as indenture trustee under the Indenture, its successors in interest and any successor indenture trustee under the Indenture. 

“Issuance Date” means each date on which a Series, Class or Tranche 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, including any Sub-Accounts thereof. 

  
 5 

 “Issuer Rate Fees” has the meaning specified in the Transfer
Agreement. 
 “Issuer Tax Opinion” has the meaning specified in the Indenture. 

“Legal Maturity Date” has, for any Note, the meaning specified in the related Indenture Supplement. 

“Master Trust” has the meaning specified in the Indenture. 

“Master Trust Servicer” means the entity responsible for the servicing obligations under the applicable
Pooling and Servicing Agreement. 
 “Master Trust Tax Opinion” has the meaning specified in the Indenture.

 “Master Trust Transferor” means the entity acting as transferor under the applicable Pooling and
Servicing Agreement. 
 “Monthly Noteholders’ Statement” has the meaning specified in the Indenture.

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

“Monthly Servicer’s Certificate” means the certificate delivered by the Servicer as described in
subsection 3.3(b) in substantially the form specified in the related Indenture Supplement. 
 “Nominal
Liquidation Amount” has the meaning specified in the Transfer Agreement. 
 “Note” or
“Notes” has the meaning specified in the Indenture. 
 “Note Owner” has the meaning
specified in the Indenture. 
 “Note Rating Agency” has the meaning specified in the Indenture. 

“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 Business Day prior to the Payment Date for a Series, Class or Tranche of
Notes. 
 “Noteholder” or “Holder” has the meaning specified in the Indenture. 

“Notices” has the meaning specified in subsection 8.4(a). 

“Obligor” has the meaning specified in the Transfer Agreement. 

  
 6 

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

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

“Original Servicing Agreement” has the meaning specified in the second paragraph of this Agreement. 

“Outstanding” has the meaning specified in the Indenture. 

“Owner Trustee” means Wilmington Trust Company, not in its individual capacity, but solely as owner trustee under the Trust
Agreement, its successors in interest and any successor owner trustee under the Trust Agreement. 
 “Paying Agent” has the
meaning specified in the Indenture. 
 “Payment Date” has the meaning specified in the Indenture. 

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

“Person” has the meaning specified in the Indenture. 

“Pool Balance” has the meaning specified in the Transfer Agreement. 

“Pooling and Servicing Agreement” has the meaning specified in the Indenture. 

“Principal Allocation Percentage” has, with respect to any Outstanding Series of Notes, the meaning specified in the related
Indenture Supplement for such Series. 
 “Principal Collections” means, for any Monthly Period, the sum of (i) with
respect to Receivables, all Collections other than those designated as Finance Charge Collections for such Monthly Period, (ii) with respect to any Collateral Certificate, all collections of principal receivables, including Collateral
Certificate Principal Shortfall Payments, allocable to the holder of such Collateral Certificate for such Monthly Period pursuant to the applicable Series Supplement for such Collateral Certificate and (iii) the amount of funds withdrawn from
the Excess Funding Account for such Monthly Period 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” has the meaning specified in the Transfer Agreement. 

“Principal Shortfalls” has the meaning specified in the applicable Series Supplement for a Collateral Certificate. 

“Proposed Principal Shortfall Amount” has the meaning specified in Section 2.6. 

“Receivables” has the meaning specified in the Transfer Agreement. 

“Receivables Purchase Agreement” has the meaning specified in the Transfer Agreement. 

  
 7 

 “Receivables Servicing Fee” means for any Monthly Period, one-twelfth of the product of (i) the Servicing Fee Percentage for such Monthly Period and (ii) the aggregate amount of Principal Receivables as of the close of business on the last day of the prior
Monthly Period. 
 “Record Date” has the meaning specified in the Indenture. 

“Recoveries” shall have the meaning specified in the Transfer Agreement. 

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

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

“Regulation AB” means Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1125, as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission in the adopting releases (Asset-Backed
Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506 (Jan. 7, 2005); Asset-Backed Securities Disclosure and Registration, Securities Act Release No. 33–9638, 79 Fed. Reg. 57,184
(September 24, 2014)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time. 

“Related Agreements” has the meaning specified in the Transfer Agreement. 

“Remaining Series Available Principal Collections Shortfall” has, with respect to any Series of Notes, the meaning specified
in the applicable Indenture Supplement for such Series of Notes. 
 “Required Pool Balance” has the meaning specified in
the Transfer Agreement. 
 “Required Transferor Amount” has the meaning specified in the Transfer Agreement. 

“Required Transferor Amount Percentage” has the meaning specified in the Transfer Agreement. 

“Requirements of Law” means any law, treaty, rule or regulation, or determination of an arbitrator or Governmental
Authority, whether federal, state or local (including 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 and by-laws or other organizational or governing documents of such Person. 

“Revolving Period” has, with respect to any Series, Class or Tranche of Notes, the meaning specified in the applicable
Indenture Supplement with respect to such Series, Class or Tranche. 
 “RFC VIII” means American Express Receivables
Financing Corporation VIII LLC, a Delaware limited liability company, and its successors and assigns. 

  
 8 

 “Sarbanes Certification” shall have the meaning specified in Section 9.4.

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

“Securitization Transaction” means any new issuance of a Series, Class or Tranche of Notes, pursuant to
Section 4.10 of the Indenture, whether publicly offered or privately placed, rated or unrated. 
 “Segregation
Account” has the meaning specified in subsection 2.1(b). 
 “Series” means, with respect to any Notes, the
series specified in the applicable Indenture Supplement. 
 “Series Supplement” has the meaning specified in the
Indenture. 
 “Service Transfer” has the meaning specified in Section 6.1. 

“Servicer” means TRS, in its capacity as servicer pursuant to this Agreement, and, after any Service Transfer, the Successor
Servicer. 
 “Servicer Default” has the meaning specified in Section 6.1. 

“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 Fee” has the meaning specified in subsection 2.2. 

“Servicing Fee Percentage” means 2.00%. 

“Servicing Officer” means any officer of the Servicer or an
attorney-in-fact of the Servicer who in either case is involved in, or responsible for, the administration and servicing of the Receivables and whose name appears on a
list of servicing officers furnished to the Transferor and the Indenture Trustee by the Servicer, as such list may from time to time be amended. 

“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 9.1, the term “Servicing Participant” shall not include the Owner Trustee or the Indenture Trustee.

 “Servicing Party” has the meaning specified in Section 9.3(a). 

“Shared Excess Available Principal Collections” has, with respect to any Series of Notes, the meaning specified in the
applicable Indenture Supplement for such Series of Notes. 
 “Small Balances” has the meaning established in accordance
with the Account Guidelines. 
 “Stated Principal Amount” has the meaning specified in the Indenture. 

  
 9 

 “Sub-Account” has the meaning specified
in the Indenture. 
 “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 this Agreement that
are identified in Item 1122(d) of Regulation AB. For the avoidance of doubt, subject to Section 9.1, the term “Subservicer” shall not include the Owner Trustee or the Indenture Trustee. 

“Successor Servicer” has the meaning specified in subsection 6.2(a). 

“Supplemental Credit Enhancement” means any Supplemental Credit Enhancement Agreement or Supplemental Liquidity Agreement
entered into between the Trust and the applicable Supplemental Credit Enhancement Provider or Supplemental Liquidity Provider. 

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

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

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

“Supplemental Liquidity Agreement” has the meaning specified in the Indenture. 

“Supplemental Liquidity Provider” has the meaning specified in the Indenture. 

“Termination Notice” has the meaning specified in Section 6.1. 

“Tranche” has the meaning specified in the Indenture. 

“Transaction Document” means the Trust Agreement, the applicable Pooling and Servicing Agreement, the applicable Series
Supplement, this Agreement, the Transfer Agreement, the Indenture or the related Indenture Supplement, as applicable, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Transfer Agreement” means the Third Amended and Restated Transfer Agreement, dated as of April 1, 2018, among RFC
VIII, as Transferor, the Issuer, and The Bank of New York Mellon, as Indenture Trustee, as further amended, supplemented or restated from time to time. 

“Transferor” has the meaning specified in the Transfer Agreement. 

“Transferor Amount” has the meaning specified in the Transfer Agreement. 

“Transferor Interest” has the meaning specified in the Transfer Agreement. 

  
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 “Transferor Percentage” means, for any Monthly Period, 100%
minus (a) the sum of the aggregate Principal Allocation Percentages or (b) the sum of the aggregate Floating Allocation Percentages, as applicable, for all Series of Notes with respect to Principal Collections, Finance Charge
Collections, the Servicing Fee or the Default Amount, as applicable. 
 “TRS” means American Express
Travel Related Services Company, Inc., a New York corporation, and its successors and assigns. 
 “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 July 29, 2016, between the Transferor and the Owner Trustee, as the same may be further amended, supplemented or otherwise modified from time to time. 

“Trust Assets” has the meaning specified in the Transfer Agreement. 

“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. 
 (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 TRS in this Agreement in its capacity as the Servicer shall be deemed
to be the agreements, representations and warranties of such entity solely in such capacity for so long as such entity acts in such capacity under this Agreement. 

  
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 (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, Class or Tranche 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 subsection, Section, Schedule or Exhibit are references to subsections, 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 UCC and not otherwise defined herein
shall have the meanings set forth in the UCC. 
 [END OF ARTICLE I] 

  
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 ARTICLE II 

COLLECTIONS, DEPOSITS, ALLOCATIONS AND PAYMENTS 

Section 2.1. Collections, Deposits and Allocations. 

(a) Prior to the date on which the Segregation Accounts are established pursuant to clause (b) below, the Servicer shall remit, or shall
cause to be remitted, to the holders of the Transferor Interest, on each Business Day or on such other periodic basis (but no less frequent than monthly), all Collections that are allocated to or are to be allocated to the holders of the Transferor
Interest pursuant to any Related Agreement. The Servicer shall deposit, or shall cause to be deposited, into the Collection Account all other Collections up to the amount, if any, required to be deposited or, without duplication, paid in respect of
the Notes on or prior to the related Payment Date pursuant to the terms of the Indenture and any applicable Indenture Supplement, and shall remit, or shall cause to be remitted, to the holders of the Transferor Interest the balance of such
Collections. Subject to this clause (a), the Servicer may retain its Servicing Fee and shall not be required to cause such Servicing Fee to be deposited into the Collection Account. 

(b) Prior to the date on which the first Series of Notes is issued, the Servicer shall establish and maintain, and shall cause each Account
Owner to establish and maintain, one or more Eligible Deposit Accounts, each of which is a restricted cash account (each, a “Segregation Account”) in the name of the Servicer or such Account Owner, as applicable, bearing a
designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Indenture Trustee. Each Segregation Account shall be under the control of the Servicer, for the benefit of the Indenture Trustee and
the Noteholders. Funds and other property in each Segregation Account shall not be commingled with any other funds or property of the applicable Account Owner or the Servicer, as applicable. If, at any time, the institution holding a Segregation
Account ceases to be an Eligible Institution, the Transferor shall notify the Servicer and the Indenture Trustee and the applicable Account Owner, if applicable, and the Servicer, upon being notified in writing of such ineligibility, shall within
30 calendar days (or such longer period, not to exceed 45 calendar days, so long as the Note Rating Agency Condition is satisfied) establish, or shall cause the applicable Account Owner to establish, a new Segregation Account that is an
Eligible Deposit Account, and shall transfer, or shall cause to be transferred, any funds or other property from such ineligible Segregation Account to such new Segregation Account. From the date each such new Segregation Account is established, it
shall be a “Segregation Account.” 
 (c) Commencing on or after the date on which the Segregation Accounts are established
pursuant to clause (b) above, but no later than the date on which the first Series of Notes is issued, the Servicer shall deposit, or shall cause to be deposited, all Collections into the applicable Segregation Account as promptly as possible
after receipt by the Servicer. Neither the Servicer nor any Subservicer that is an Account Owner shall commingle amounts received with respect to the Receivables or any Collateral Certificate with its own assets except for the time, not to exceed
two business days, necessary to clear any payments or as otherwise permitted by applicable law. 

  
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 (d) No later than the Business Day following each day on which Collections are deposited into
the applicable Segregation Account pursuant to clause (c) above, the Servicer shall deposit, or shall cause to be deposited, into the Collection Account such Collections that are not allocated or are not to be allocated to the holders of the
Transferor Interest pursuant to any Related Agreement up to the amount required to be deposited or, without duplication, paid in respect of the Notes on or prior to the related Payment Date pursuant to the terms of the Indenture and any applicable
Indenture Supplement. The balance of the Collections deposited into the Segregation Accounts on the preceding Business Day, including amounts that are allocated or are to be allocated to the holders of the Transferor Interest pursuant to any Related
Agreement, shall be remitted to the holders of the Transferor Interest on each Business Day or on such other periodic basis (but no less frequent than monthly). Subject to this clause (d), the Servicer may retain its Servicing Fee and shall not be
required to cause such Servicing Fee to be deposited into the Collection Account. 
 (e) The Servicer pursuant to the terms of this
Agreement (or, if the authority of the Servicer has been revoked pursuant to Section 6.1, the Indenture Trustee, or, if a Successor Servicer has been appointed, the Successor Servicer) shall instruct the Indenture Trustee in writing to
allocate all funds deposited into the Collection Account and the Excess Funding Account, all Default Amounts and the Servicing Fee as described in Article V of the Indenture and to apply all funds on deposit in the Collection Account as
described in Article V of the Indenture and the Indenture Supplement for any Series of Notes. The Servicer agrees to provide such written allocation and application instructions to the Indenture Trustee and to direct that allocations be made
as required by Article V of the Indenture. 
 Section 2.2. Payment of the Servicing Fee. As compensation for its
servicing activities hereunder and as reimbursement for any expense incurred by it in connection therewith, the Servicer shall be entitled to receive a servicing fee (the “Servicing Fee”) with respect to
each Monthly Period prior to the termination of the Trust pursuant to Article VIII of the Trust Agreement, payable monthly on the related Payment Date. For each Monthly Period, the Servicing Fee shall equal the sum of (i) the Receivables
Servicing Fee and (ii) the servicing fee amount for each Collateral Certificate, as specified in the applicable Series Supplement for such Collateral Certificate. The Issuer agrees to pay the portion of the servicing fee owed to each Master
Trust Servicer as servicer of the receivables underlying such Collateral Certificate; provided, however, in no event shall the Owner Trustee (as such or in its individual capacity), the Indenture Trustee, the Administrator or any
Noteholders be liable for the share of such servicing fee. 
 Section 2.3. Final Payment. Each Series, Class or Tranche of
Notes, as applicable, will be considered to be paid in full in the manner set forth in the applicable Indenture Supplement. The Holders of such Series, Class or Tranche of Notes, as applicable, will have no further right or claim, and the
Issuer will have no further obligation or liability with respect to such Series, Class or Tranche of Notes, as applicable, on the earliest to occur of: 

(a) the date of the payment in full of the Stated Principal Amount of and all accrued, past due and additional interest on that Series,
Class or Tranche of Notes, as applicable; 

  
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 (b) the date on which the Trust Assets are sold in accordance with
Section 7.08 of the Indenture and the applicable Indenture Supplement; and 
 (c) the seventh day following the
Legal Maturity Date, 
 in each case after giving effect to all deposits, allocations, reimbursements, reallocations, sales of Collateral
and payments to be made on such date. 
 Section 2.4. Payments within a Series, Class or Tranche. All
payments of principal, interest or other amounts to the Noteholders will be made in accordance with the Indenture Supplement for the applicable Series, Class or Tranche of Notes. 

Section 2.5. Adjustments for Miscellaneous Credits and Fraudulent Charges. 

(a) If the Servicer adjusts downward the amount of any Receivable 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 because the Servicer or applicable Account Owner processes as a credit adjustment any uncollectible Small Balances, or
if the Servicer otherwise adjusts downward the amount of any Receivable without receiving Collections therefor or without charging off such amount as uncollectible, then, in any such case, the amount of Principal Receivables used to calculate the
Transferor Amount, the Transferor Interest and (unless otherwise specified) any other amount required in any Related Agreement to be calculated by reference to the amount of Principal Receivables, will be reduced by the product of (i) one minus
the decimal equivalent of the applicable Discount Option Percentage and (ii) the amount of the adjustment. Similarly, the amount of Principal Receivables used to calculate the Transferor Amount, the Transferor Interest and (unless otherwise
specified) any other amount required in any Related Agreement to be calculated by reference to the amount of Principal Receivables, will be reduced by the product of (i) one minus the decimal equivalent of the applicable Discount Option
Percentage and (ii) the amount of any Receivable which was discovered as having been created through a fraudulent or counterfeit charge or with respect to which the Transferor’s covenant contained in subsection 2.9(b) of the
Transfer Agreement was breached. Any adjustment required pursuant to either of the two preceding sentences shall be made on or prior to the end of the Monthly Period in which such adjustment obligation arises. 

In the event that, following the exclusion of such Principal Receivables from (x) the calculation of the Transferor
Amount, such Transferor Amount would be an amount less than the Required Transferor Amount or (y) the calculation of the Pool Balance, such Pool Balance would be an amount less than the Required Pool Balance, the applicable Transferor shall
make a deposit on the Payment Date following the Monthly Period in which such adjustment obligation arises, into the Excess Funding Account in immediately available funds in an amount equal to the greater of the amount by which (i) the
Transferor Amount would be less than the Required Transferor Amount or (ii) the Pool Balance would be less than the Required Pool Balance, due to adjustments with respect to Receivables conveyed by such Transferor (up to the amount of such
Principal Receivables). 
 (b) If (i) the Servicer makes a deposit into the Collection Account in respect of a
Collection of a Receivable and such Collection was received by the Servicer in the form of a 

  
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check which is not honored for any reason or (ii) the Servicer makes a mistake with respect to the amount of any Collection and deposits an amount that is less than or more than the actual
amount of such Collection, the Servicer shall appropriately adjust the amount subsequently deposited into the Collection Account to reflect such dishonored check or mistake. Any Receivable in respect of which a dishonored check is received shall be
deemed not to have been paid. Notwithstanding the first two sentences of this paragraph, adjustments made pursuant to this Section 2.5 shall not require any change in any report previously delivered. 

Section 2.6. Designation of Remaining Principal Shortfalls. On each First Note Transfer Date, the Servicer shall
determine with respect to the prior Monthly Period whether there is a Remaining Series Available Principal Collections Shortfall for any Series of Notes after application of Shared Excess Available Principal Collections for the benefit of such
Series of Notes for such Monthly Period. The Servicer shall determine the aggregate amount of such Remaining Series Available Principal Collections Shortfalls for all Series of Notes for such Monthly Period and shall propose, with respect to each
Collateral Certificate, a principal shortfall amount (the “Proposed Principal Shortfall Amount”) for such Monthly Period. The sum of all such Proposed Principal Shortfall Amounts shall equal the aggregate amount of such Remaining
Series Available Principal Collections Shortfalls for such Monthly Period. In determining the Proposed Principal Shortfall Amount for each Collateral Certificate, the Servicer agrees to determine such amount in a manner that shall maximize the
amount of payments received from Collateral Certificates in respect of Proposed Principal Shortfalls Amounts. 
 [END OF ARTICLE II] 

  
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 ARTICLE III 

SERVICING OF RECEIVABLES 

Section 3.1. Acceptance of Appointment and Other Matters Relating to the Servicer. 

(a) The Transferor hereby appoints TRS as the Servicer under this Agreement and TRS hereby accepts such appointment and
agrees to act as the Servicer under this Agreement. The Noteholders, by their acceptance of the Notes, shall be deemed to consent to TRS acting as Servicer. 

(b) The Servicer shall service and administer the Receivables, shall collect and deposit, or cause to be deposited, into the
Collection Account, any Segregation Account, the Excess Funding Account or any Supplemental Issuer Account or Sub-Account payments due under the Receivables and shall charge off as uncollectible Receivables,
all in accordance with its customary and usual servicing procedures for servicing charge receivables comparable to the Receivables and in accordance with the Account Guidelines. The Servicer shall service and administer the Collateral Certificates
and shall collect payments due under the Collateral Certificates in accordance with the terms and provisions of each such Collateral Certificate. The Servicer shall have full power and authority, acting alone or through any party properly designated
by it hereunder, to do any and all things in connection with such servicing and administration which it may deem necessary or desirable. Without limiting the generality of the foregoing and subject to Section 6.1, the Servicer or its
designee is hereby authorized and empowered, unless such power is revoked by the Indenture Trustee on account of the occurrence of a Servicer Default pursuant to Section 6.1, (i) to instruct the Indenture Trustee to make allocations,
withdrawals and payments to or from the Collection Account, the Excess Funding Account and any Supplemental Issuer Account or Sub-Account as set forth in this Agreement, the Indenture or any Indenture
Supplement, (ii) to take any action required or permitted under any Supplemental Credit Enhancement Agreement or Derivative Agreement, as set forth in this Agreement, the Indenture or any Indenture Supplement, (iii) to instruct the
Indenture Trustee or the Owner Trustee in writing, as set forth in this Agreement, (iv) to execute and deliver, on behalf of the Trust, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all
other comparable instruments, with respect to the Receivables or the Collateral Certificates and, after the delinquency of any Receivable and to the extent permitted under and in compliance with applicable Requirements of Law, to commence collection
or enforcement proceedings with respect to such Receivables, (v) to execute and deliver, on behalf of the Trust, any and all instruments deemed necessary or appropriate by it to take any action or fulfill any obligation with respect to the
Collateral Certificates and (vi) at the expense of the Transferor, to make any filings, reports, notices, applications and registrations with, and to seek any consents or authorizations from, the Commission and any state securities authority on
behalf of the Trust as may be necessary or advisable to comply with any federal or state securities or reporting requirements or other laws or regulations. In any action or proceeding that is described in clause (iv) of the preceding sentence,
(A) the Servicer, whether acting in its own name or on behalf of another and whether acting alone or through another, represents each of the Transferor’s, the Trust’s and the Indenture Trustee’s interests, (B) each of the
Transferor, the 

  
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Trust and the Indenture Trustee will be bound by that action or by any judgment or other ruling in that action or proceeding, and (C) complete and final relief can be accorded among the
parties to that action or proceeding without joining the Transferor, the Trust or the Indenture Trustee. Nothing in the immediately preceding sentence applies to interests of or claims against the Indenture Trustee in its individual capacity or will
relieve the Servicer of its obligation to service and administer the Receivables in accordance with the Servicer’s customary and usual servicing procedures for servicing charge card receivables comparable to the Receivables and in accordance
with the Account Guidelines. Each of the Indenture Trustee and the Owner Trustee agree that it shall promptly follow the instructions of the Servicer to withdraw funds from the applicable Issuer Account and to take any action required under any
Supplemental Credit Enhancement Agreement or Derivative Agreement at such time as required under this Agreement, the Indenture or any Indenture Supplement. Each of the Indenture Trustee and the Owner Trustee shall execute and furnish the Servicer
with such documents as may be necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties hereunder. 

(c) The Servicer shall not, and no Successor Servicer shall, be obligated to use separate servicing procedures, offices,
employees or accounts for servicing the Receivables from the procedures, offices, employees and accounts used by the Servicer or such Successor Servicer, as the case may be, in connection with servicing other comparable receivables. 

(d) The Servicer shall comply with and perform its servicing obligations with respect to the Accounts and the Receivables in
accordance with the Account Agreements relating to the Accounts and the Account Guidelines and all applicable Requirements of Law affecting the Accounts and the Receivables, except insofar as any failure to so comply or perform would not materially
and adversely affect the Trust or the Noteholders. 
 (e) The Servicer shall pay out of its own funds, without
reimbursement, all expenses incurred in connection with the servicing activities hereunder, including all expenses related to enforcement of the Receivables and the Collateral Certificates, fees and disbursements of the Indenture Trustee and the
Owner Trustee (including the reasonable fees and expenses of their respective outside counsel) and independent accountants for the Servicer.     

Section 3.2. Representations, Warranties and Covenants of the Servicer. TRS, as initial Servicer, hereby makes,
and any Successor Servicer by its appointment hereunder shall make, with respect to itself, on the Execution Date and on each Issuance Date on which it is the Servicer (and on the date of any such appointment), the following representations,
warranties and covenants on which the Transferor, the Trust, the Owner Trustee and the Indenture Trustee shall be deemed to have relied in accepting each Receivable and each Collateral Certificate in trust under this Agreement, the Transfer
Agreement or the Indenture, as applicable, and in entering into this Agreement, the Transfer Agreement and the Indenture: 

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

  
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 (b) Due Qualification. The Servicer is duly qualified to do business and is in good
standing as a foreign corporation or other foreign entity (or is exempt from such requirements) and has obtained all necessary licenses and approvals in each jurisdiction in which the servicing of Receivables as required by this Agreement requires
such qualification, except where the failure to so qualify or obtain licenses or approvals would not have a material adverse effect on its ability to perform its obligations as Servicer under this Agreement. 

(c) Due Authorization. The execution, delivery, and performance by the Servicer of this Agreement and the other agreements and
instruments executed or to be executed by the Servicer as contemplated hereby or thereby, have been duly authorized by the Servicer by all necessary action on the part of the Servicer. 

(d) Binding Obligation. This Agreement constitutes a legal, valid and binding obligation of the Servicer, enforceable in accordance
with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally from time to time in effect or by general principles of
equity. 
 (e) No Conflict. The execution and delivery by the Servicer of this Agreement, the performance by the Servicer of the
transactions contemplated by this Agreement and the fulfillment by the Servicer of the terms hereof applicable to the Servicer, will not conflict with, violate or 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 Servicer is a party or by which it or its properties are bound. 

(f) No Violation. The execution and delivery of this Agreement by the Servicer, the performance by the Servicer of the transactions
contemplated by this Agreement and the fulfillment by the Servicer of the terms hereof applicable to the Servicer, will not conflict with or violate in any material respect any Requirements of Law applicable to the Servicer. 

(g) No Proceedings. There are no proceedings or investigations pending or, to the best knowledge of the Servicer, threatened against
the Servicer before any Governmental Authority seeking to prevent the consummation of any of the transactions contemplated by this Agreement or seeking any determination or ruling that, in the reasonable judgment of the Servicer, would materially
and adversely affect the performance by the Servicer of its obligations under this Agreement. 
 (h) Compliance With Requirements of
Law. The Servicer shall duly satisfy all obligations on its part to be fulfilled under or in connection with each Receivable and the related Account, if any, will maintain in effect all qualifications required under Requirements of Law in order
to service properly each Receivable and the related Account, if any, and will comply in all material respects with all other Requirements of Law in connection with servicing each Receivable and the related Account, if any, the failure to comply with
which would have an Adverse Effect. 

  
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 (i) No Rescission or Cancellation. The Servicer shall not authorize any rescission or
cancellation of any Receivable or any Collateral Certificate, except in accordance with the Account Guidelines or as ordered by a court of competent jurisdiction or other Governmental Authority. 

(j) Protection of Rights. The Servicer shall take no action which, nor omit to take any action the omission of which, would impair the
rights of the Trust, the Indenture Trustee or the Noteholders in any Receivable or in any Collateral Certificate, nor shall it reschedule, revise or defer payments due on any Receivable except in accordance with the Account Guidelines, nor shall it
sell any Trust Assets except as provided in any Related Agreement. 
 (k) Receivables Not To Be Evidenced by Instruments. Except in
connection with its enforcement or collection of an Account, the Servicer will take no action to cause any Receivable to be evidenced by any instrument (as defined in the UCC) and, if any Receivable is so evidenced as a result of the Servicer’s
action, it shall be assigned to the Servicer as provided in this Section 3.2. 
 (l) 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 Servicer in connection with the execution and delivery by the Servicer of this Agreement and the
performance by the Servicer of the transactions contemplated by this Agreement, have been duly obtained, effected or given and are in full force and effect. 

(m) Ordinary Course of Business. The Servicer entered into this Agreement in the ordinary course of business and not with intent to
hinder, delay or defraud any Account Owner or its creditors. 
 (n) Indemnity of Issuer. If the Issuer is required to pay penalties
assessed against the Issuer due to and in connection with Subchapter 30 of Title 20 of New York City’s Administrative Code, then the Servicer shall indemnify the Issuer for any such penalties to be paid by the Issuer. 

In the event any of the representations, warranties or covenants of the Servicer contained in subsection 3.2(h), (i),
(j) or (k) with respect to any Receivable, the related Account or any Collateral Certificate is breached, and such breach has a material adverse effect on the interest of the Indenture Trustee or the Trust in such Receivable or
Collateral Certificate, as applicable, and is not cured within 60 days (or such longer period, not in excess of 150 days, as may be agreed to by the Indenture Trustee and the Transferor) of the earlier to occur of the discovery of such event by the
Servicer, or receipt by the Servicer of notice of such event given by the Indenture Trustee or a Transferor, each such Receivable or, at the option of the Transferor, all Receivables in the Account or Accounts or each such Collateral Certificate, as
applicable, to which such event relates shall be assigned and transferred to the Servicer on the terms and conditions set forth below; provided, however, that such Receivables or Collateral Certificate will not be assigned to the
Servicer if, on any day prior to the end of such 60-day or longer period, (i) the relevant representation and warranty shall be true and correct, or the related covenant shall have been complied with, in
all material respects and (ii) the Servicer shall have 

  
 20 

 
delivered to the Transferor and the Indenture Trustee a certificate of an Authorized Officer of the Servicer describing the nature of the breach and the manner in which such breach was cured.

 The Servicer shall effect such assignment by making a deposit into the Collection Account in immediately available funds on the First
Note Transfer Date following the Monthly Period in which such assignment obligation arises in an amount equal to the amount of such Receivables or the Invested Amount of such Collateral Certificate, as applicable. 

Upon each such assignment to the Servicer, the Indenture Trustee and the Trust shall automatically and without further action sell, transfer,
assign, set over and otherwise convey to the Servicer, without recourse, representation or warranty, all right, title and interest of the Indenture Trustee and the Trust in and to such Receivables and/or Collateral Certificates, all Recoveries with
respect thereto, all monies due or to become due and all amounts received with respect thereto and all proceeds thereof. The Indenture Trustee and the Trust shall execute such documents and instruments of transfer or assignment and take such other
actions as shall be reasonably requested by the Servicer to effect the conveyance of any such property pursuant to this Section 3.2 but only upon receipt of an Officer’s Certificate of the Servicer that states that all conditions
set forth in this Section 3.2 have been satisfied. The obligation of the Servicer to accept assignment of such property, and to make the deposits, if any, required to be made to the Collection Account as provided in the preceding
paragraph, shall constitute the sole remedy respecting the event giving rise to such obligation available to Noteholders (or the Indenture Trustee on behalf of Noteholders) or the Trust, except as provided in Section 5.4. 

Section 3.3. Reports and Records for the Owner Trustee and the Indenture Trustee. 

(a) Daily Records. On each Business Day, the Servicer shall make or cause to be made available at the office of the Servicer for
inspection by the Owner Trustee, the Indenture Trustee and any Transferor upon request a record setting forth (i) the Collections in respect of Principal Receivables and Finance Charge Receivables processed by the Servicer as of the close of
business on the second preceding Business Day in each Account, (ii) the aggregate amount of Receivables as of the close of business on the second preceding Business Day in each Account and (iii) if the Trust Assets include one or more
Collateral Certificates, the Invested Amount of each Collateral Certificate as of the close of business on the second preceding Business Day. The Servicer shall, at all times, maintain its computer files with respect to the Accounts in such a manner
so that the Accounts may be specifically identified and shall make available to the Indenture Trustee, the Owner Trustee and any Transferor at the office of the Servicer on any Business Day any computer programs necessary to make such
identification; provided, however, that the Indenture Trustee, the Owner Trustee and the Transferor shall enter into such confidentiality agreements (including terms and provisions for information security and data protection) as the
Servicer may deem necessary to protect its interests. 
 (b) Monthly Servicer’s Certificate. Not later than the second Business
Day preceding each Payment Date, the Servicer shall, with respect to each outstanding Series, deliver to the Owner Trustee, the Indenture Trustee, the Transferor and each Note Rating Agency a certificate of an Authorized Officer substantially in the
form specified in the related Indenture Supplement (each, a “Monthly Servicer’s Certificate”). 

  
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 Section 3.4. Annual Certificate of Servicer. The Servicer shall deliver to the
Indenture Trustee, the Owner Trustee, each Transferor and each Note Rating Agency on or before the 90th day following the end of each fiscal year, beginning with the fiscal year ending December 31, 2016, the statement of compliance required
under Item 1123 of Regulation AB with respect to such fiscal year, which statement will be in the form of an Officer’s Certificate of the Servicer (with appropriate insertions) to the effect that (a) a review of the activities of the
Servicer during such fiscal year and of its performance under this Agreement was made under the supervision of the officer signing such certificate and (b) to the best of such officer’s knowledge, based on such review, the Servicer has
fulfilled all its obligations under this Agreement in all material respects throughout such fiscal year or, if there has been a failure to fulfill any such obligation in any material respect, specifying each such failure known to such officer and
the nature and status thereof. 
 Section 3.5. Annual Servicing Report of Independent Public Accountants; Copies of Reports
Available. 
 (a) On or before the 90th day following the end of each fiscal year, beginning with the fiscal year
ending December 31, 2016, the Servicer shall cause a firm of nationally recognized independent public accountants (who may also render other services to the Servicer or the Transferor) to furnish to the Indenture Trustee, the Owner Trustee, the
Servicer, the Transferor and each Note Rating Agency each attestation report on assessments of compliance with the Servicing Criteria with respect to the Servicer or any affiliate thereof during the related fiscal year delivered by such accountants
pursuant to Rule 13(a)-18 or Rule 15(d)-18 of the Exchange Act and Item 1122 of Regulation AB.     

(b) A copy of each certificate and report provided pursuant to subsection 3.3(b), or Section 3.4 or
3.5 may be obtained by any Noteholder or Note Owner by a request in writing to the Indenture Trustee addressed to the Corporate Trust Office. 

Section 3.6. Tax Treatment. Unless otherwise specified in the Indenture or an Indenture Supplement with respect to a particular
Series, Class or Tranche of Notes, each 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, (i) each Series, Class or
Tranche of Notes which are characterized as indebtedness at the time of their issuance will qualify as indebtedness secured by the Trust Assets and (ii) the Trust shall not be treated as an association or publicly traded partnership taxable as
a corporation. Each Transferor, by entering into this Agreement, and each Noteholder, by the acceptance of any such Note (and each Note Owner, by its acceptance of an interest in the applicable Note), agree to treat such Note for federal, state and
local income and franchise tax purposes as indebtedness of the Transferor. Each Noteholder agrees that it will cause any Note Owner acquiring an interest in a Note through it to comply with this Agreement as to treatment as indebtedness under
applicable tax law, as described in this Section 3.6. 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 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 

  
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federal employer identification number for the Trust. The provisions of this Agreement shall be construed in furtherance of the foregoing intended tax treatment. 

Section 3.7. Notices to American Express Entities. In the event that TRS is no longer acting as Servicer, any Successor Servicer
shall deliver or make available to AENB and TRS each certificate and report required to be provided thereafter pursuant to subsection 3.3(b), Section 3.4 and subsections 3.5(a) and (b), as well as information
reasonably requested by AENB or TRS. 
 Section 3.8. Recoveries. If at any time the Servicer cannot identify the Recoveries
that relate to specific Defaulted Receivables, then the Servicer shall reasonably estimate, on or prior to each First Note Transfer Date, the amount of Recoveries to be attributed to such Defaulted Receivables. 

Section 3.9. Reports to the Commission. The Servicer shall, on behalf of the Trust and at the expense of the Transferor, cause to
be filed with the Commission any periodic reports required to be filed under the provisions of the Exchange Act and the rules and regulations of the Commission thereunder. The applicable Transferor shall, at its own expense, cooperate in any
reasonable request of the Servicer in connection with such filings. 
 [END OF ARTICLE III] 

  
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 ARTICLE IV 

ADMINISTRATION OF THE TRUST; DUTIES OF THE ADMINISTRATOR 

Section 4.1. Appointment of Administrator; Duties of Administrator. 

(a) The Issuer hereby appoints TRS to act as initial administrator (the “Administrator”), subject to
Section 4.8. 
 (b) Duties of Administrator with Respect to the Related Agreements. The Administrator
shall consult with the Owner Trustee regarding the duties of the Issuer and the Owner Trustee under the Related Agreements. The Administrator shall monitor the performance of the Issuer and shall advise the Owner Trustee when action is necessary to
comply with the Issuer’s or the Owner Trustee’s duties under the Related Agreements. The Administrator shall prepare for execution by the Issuer or the Owner Trustee or shall cause the preparation by other appropriate Persons of all such
documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Issuer or the Owner Trustee to prepare, file or deliver pursuant to any Related Agreement. In furtherance of the foregoing, the Administrator shall
take all appropriate action that it is the duty of the Issuer or the Owner Trustee to take pursuant to the Indenture and any Indenture Supplement including such of the foregoing as are required with respect to the following matters under the
Indenture and any Indenture Supplement (parenthetical references are to Articles or Sections of the Indenture): 

(i) the duty to cause the Note Register to be kept, and notifying the Indenture Trustee of any appointment of
a new Note Registrar and the location, or change in location, of the Note Registrar (subsection 4.05(a)); 

(ii) preparing or obtaining the documents, legal opinions and instruments required for execution,
authentication and delivery of the Notes, and delivery of the same to the Indenture Trustee for authentication (Sections 4.03, 4.04 and 4.10), providing for the replacement of mutilated, destroyed, lost or stolen Notes
(Section 4.06), providing for the exchange or transfer of Notes (Section 4.05) and, to the extent set forth in the related Indenture Supplement, notifying each Note Rating Agency in writing of the issuance of any Tranche, Class or
Series of Notes; 
 (iii) directing the Indenture Trustee with respect to the investment of funds in the
Issuer Accounts (Section 5.03); 
 (iv) preparing or obtaining the documents, legal opinions and
instruments required to be delivered to the Indenture Trustee with respect to the satisfaction and discharge of the Indenture (subsection 6.01(c)) and preparing the documents necessary for the Indenture Trustee to acknowledge the same
(subsection 6.01(a)); 

  
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 (v) on the resignation or removal of any Indenture Trustee,
appointing a successor Indenture Trustee (subsection 8.10(e)) and giving written notice of such resignation or removal and appointment to each Noteholder (subsection 8.10(f)); 

(vi) preparing or causing to be prepared tax returns for the Issuer (if required) and the reporting
information for the Noteholders (Section 8.15); 
 (vii) preparing on behalf of the Issuer written
instructions regarding any action proposed to be taken or omitted by the Indenture Trustee upon the Indenture Trustee’s application therefor (Section 8.18); 

(viii) furnishing to the Indenture Trustee a list of the names and addresses of the Registered Noteholders
not more than 15 days after each Record Date or at such other times as the Indenture Trustee may request in writing (Section 9.01); 

(ix) establishing reasonable rules for matters relating to any request, demand, authorization, direction,
notice, consent, waiver or other action provided by the Indenture to be given or taken by, or a meeting of, Noteholders not otherwise set forth in Section 9.04 of the Indenture (subsection 9.04(g)); 

(x) preparing for the Issuer such filings for filing with the Commission, and providing the Indenture Trustee
with copies thereof once filed, as required by the Exchange Act or otherwise as in accordance with rules and regulations prescribed from time to time by the Commission (Section 9.05); 

(xi) preparing, completing and delivering to the Indenture Trustee and the trustee for the applicable Master
Trust (with a copy to each Note Rating Agency), a Monthly Noteholders’ Statement (Section 9.06); 

(xii) preparing for the Issuer the Payment Instruction after the Issuer receives each Monthly Servicer’s
Certificate under the applicable Series Supplement, delivering a copy thereof to the Indenture Trustee and the trustee for the applicable Master Trust and compiling such other information for the Issuer (subsection 9.07(a)); 

(xiii) preparing or obtaining any necessary Opinion of Counsel, Issuer Tax Opinion, Officer’s
Certificate, or other document or instrument as may be required in connection with any supplemental indenture or amendment to the Indenture or any Indenture Supplement (Article X); 

(xiv) giving notice to each Note Rating Agency and collecting the vote of Noteholders, as necessary, in
connection with any supplemental indenture or amendment to the Indenture or any Indenture Supplement (Article X); 

(xv) appointing Paying Agents (Section 11.02) and causing any such Paying Agents to execute and
deliver to the Indenture Trustee an instrument pursuant to which it agrees to act as Paying Agent as set forth in Section 11.03 of the Indenture; 

  
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 (xvi) preparing Officer’s Certificates of the Issuer
directing the Paying Agent to pay to the Indenture Trustee sums held in trust by the Issuer or such Paying Agent for the purpose of discharging the Indenture (Section 11.03); 

(xvii) preparing written statements for execution by an Authorized Officer as required by
Section 11.04 of the Indenture; 
 (xviii) performing or causing to be performed all things
necessary to preserve and keep in full force and effect the legal existence of the Issuer (Section 11.05) and comply with applicable law (Section 11.07); 

(xix) giving prompt written notice to the Indenture Trustee and each Note Rating Agency of each Event of
Default under the Indenture, each breach on the part of the applicable Master Trust Servicer or the applicable Master Trust Transferor of its respective obligations under the applicable Pooling and Servicing Agreement or any default of a Derivative
Counterparty (Section 11.08); 
 (xx) providing to Noteholders and prospective Noteholders
information required to be provided by the Issuer pursuant to Rule 144A under the Securities Act (Section 11.11); 

(xxi) performing and observing all of the Issuer’s obligations under the Indenture, any Indenture
Supplement, the Trust Agreement and any other instrument or agreement relating to the Collateral including, without limitation, preparing and causing the Issuer to file UCC financing statements and continuation statements
(Section 11.12); 
 (xxii) preparing or obtaining the instruments, documents, agreements and
legal opinions required to be delivered by the Issuer and preparing any notice required to be given to the Note Rating Agencies, in connection with the merger or consolidation of the Issuer with any other Person (subsection 11.13(a)) or
the conveyance or transfer of any of the Issuer’s property or assets (subsection 11.13(b)); 

(xxiii) giving written notice to the affected Noteholders of any optional repurchase by the Servicer
(Section 12.02) and to the Indenture Trustee and each Note Rating Agency with respect to any such optional repurchase or Early Amortization Event (Section 12.03); 

(xxiv) to the extent set forth herein or in the Indenture, preparing or obtaining the instruments, documents,
agreements and legal opinions required to be delivered by the Issuer and/or the Indenture Trustee and preparing any notice required to be given by the Issuer to the Note Rating Agencies, the Indenture Trustee and the Servicer in connection with
addition or removal of Collateral, and designating such Collateral to be added or removed, as the case may be; 

(xxv) to the extent set forth herein or in the Indenture, taking, or assisting the Issuer and/or the
Indenture Trustee in taking, all actions necessary and advisable to obtain, maintain and enforce a perfected lien on and security interest in the Collateral in favor of the Indenture Trustee and preparing for execution and delivery or filing by the

  
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Issuer all such supplements and amendments to this Agreement and the Indenture and all such financing statements, amendments to such financing statements, instruments of further assurance and
other instruments; and 
 (xxvi) to the extent set forth herein or in the Indenture, obtaining legal
opinions with respect to the security interest in the Collateral. 
 (c) Additional Duties. 

(i) In addition to the duties of the Administrator set forth above, the Administrator shall perform all
duties and obligations of the Issuer under the Related Agreements and shall perform such calculations and shall prepare for execution by the Issuer and shall cause the preparation by other appropriate Persons of all such documents, reports, filings,
instruments, certificates and opinions as it shall be the duty of the Issuer or the Owner Trustee to prepare, file or deliver pursuant to the Related Agreements, and at the request of the Issuer shall take all appropriate action that it is the duty
of the Issuer or the Owner Trustee to take pursuant to the Related Agreements. Subject to Section 4.5 of this Agreement, and in accordance with the directions of the Issuer, the Administrator shall administer, perform or supervise the
performance of such other activities in connection with the Collateral (including the Related Agreements) as are not covered by any of the foregoing provisions and as are expressly requested by the Owner Trustee and are reasonably within the
capability of the Administrator. 
 (ii) The Administrator shall perform the duties expressly required to
be performed by the Administrator under the Trust Agreement. 
 (iii) In carrying out the foregoing duties
or any of its other obligations under this Agreement, the Administrator may enter into transactions with or otherwise deal with any of its Affiliates; provided, however, that the terms of any such transactions or dealings shall be in
accordance with any directions received from the Issuer and shall be, in the Administrator’s opinion, no less favorable to the Issuer than would be available from unaffiliated parties. 

(iv) It is the intention of the parties hereto that the Administrator shall, and the Administrator hereby
agrees to, execute on behalf of the Issuer all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Issuer to prepare, file or deliver pursuant to the Related Agreements. In furtherance thereof, the
Owner Trustee shall, on behalf of the Issuer, execute and deliver to the Administrator and its agents, and to each successor Administrator appointed pursuant to the terms hereof, one or more powers of attorney substantially in the form of Exhibit
A, appointing the Administrator the attorney-in-fact of the Issuer for the purpose of executing on behalf of the Issuer all such documents, reports, filings,
instruments, certificates and opinions. 
 (d) Non-Ministerial Matters. 

(i) With respect to matters that in the reasonable judgment of the Administrator are non-ministerial, the Administrator shall not take any action unless 

  
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within a reasonable time before the taking of such action, the Administrator shall have notified the Owner Trustee of the proposed action and the Owner Trustee shall not have withheld consent or
provided an alternative direction. For the purpose of the preceding sentence, “non-ministerial matters” shall include: 

1. the amendment of or any supplement to the Indenture; 

2. the initiation of any claim or lawsuit by the Issuer and the compromise of any action, claim or lawsuit brought by or
against the Issuer; 
 3. the amendment, change or modification of the Related Agreements; 

4. the appointment of successor Note Registrars, successor Paying Agents and successor trustees pursuant to the Indenture or
the appointment of successor Administrators, or the consent to the assignment by the Note Registrar, Paying Agent or trustee of its obligations under the Indenture; and 

5. the removal of the Indenture Trustee. 

(ii) Notwithstanding anything to the contrary in this Agreement, the Administrator shall not be obligated to, and shall not,
(x) make any payments to the Noteholders or any Transferor under the Related Agreements or (y) take any other action that the Issuer directs the Administrator not to take on its behalf. 

Section 4.2. Records. The Administrator shall maintain appropriate books of account and records relating to services performed
hereunder, which books of account and records shall be accessible for inspection by the Issuer, the Owner Trustee, the Indenture Trustee and any Transferor at any time during normal business hours. 

Section 4.3. Compensation. As compensation for the performance of the Administrator’s obligations under this Agreement, the
Administrator shall be entitled to an amount not to exceed $5,000 per month, in addition to reimbursement for its liabilities and extra out-of-pocket expenses related to
its performance hereunder or under any Related Agreement. Such amounts shall be paid by the Transferor in accordance with Section 7.3 of the Transfer Agreement. 

Section 4.4. Additional Information to be Furnished to Issuer and Indenture Trustee. The Administrator shall furnish to the
Issuer or the Indenture Trustee from time to time such additional information regarding the Related Agreements and the Trust as each of them shall reasonably request. 

Section 4.5. Independence of Administrator. For all purposes of this Agreement, the Administrator shall be an independent
contractor and shall not be subject to the supervision of the Issuer or the Owner Trustee with respect to the manner in which it accomplishes the performance of its obligations hereunder. Unless expressly authorized by the Issuer, the Administrator
shall have no authority to act for or represent the Issuer or the Owner 

  
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Trustee in any way and shall not otherwise be deemed an agent of the Issuer or the Owner Trustee. 

Section 4.6. No Joint Venture. Nothing contained in this Agreement shall (i) constitute the Administrator
and either of the Issuer or the Owner Trustee as members of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity, (ii) be construed to impose any liability as such on any of them or
(iii) be deemed to confer on any of them any express, implied or apparent authority to incur any obligation or liability on behalf of the others. 

Section 4.7. Other Activities of Administrator. Nothing herein shall prevent the Administrator or its Affiliates
from engaging in other businesses or, in its sole discretion, from acting in a similar capacity as an administrator for any other person or entity even though such person or entity may engage in business activities similar to those of the Issuer,
the Owner Trustee or the Indenture Trustee. 
 Section 4.8. Termination, Resignation and Removal of
Administrator. 
 (a) Subject to subsection 4.8(d), the Administrator may resign its duties hereunder by
providing the Issuer with at least 60 days prior written notice. 
 (b) Subject to subsection 4.8(d), and provided
that TRS or an Affiliate is not the Administrator, the Issuer or the Transferor may, with written notice to each Note Rating Agency, remove the Administrator without cause by providing the Administrator with at least 60 days prior written notice.

 (c) Subject to subsection 4.8(d), at the sole option of the Issuer or the Transferor and with written notice to
each Note Rating Agency, the Administrator may be removed immediately upon written notice of termination from the Issuer to the Administrator if any of the following events shall occur: 

(i) the Administrator shall default in the performance of any of its duties under this Agreement and, after
notice of such default, shall not cure such default within 60 days (or, if such default cannot be cured in such time, shall not give within 60 days such assurance of cure as shall be reasonably satisfactory to the Transferor and the Issuer); 

(ii) a court having jurisdiction in the premises shall enter a decree or order for relief, and such decree or
order shall not have been vacated within 60 days, in respect of the Administrator in any involuntary case under any applicable Debtor Relief Law now or hereafter in effect or appoint a receiver, liquidator, assignee, custodian, trustee, sequestrator
or similar official for the Administrator or any substantial part of its property or order the winding-up or liquidation of its affairs; or 

(iii) the Administrator shall commence a voluntary case under any applicable Debtor Relief Law now or
hereafter in effect, shall consent to the entry of an order for relief in an involuntary case under any such law, or shall consent to the appointment of a receiver, liquidator, assignee, trustee, custodian, sequestrator or similar

  
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official for the Administrator or any substantial part of its property, shall consent to the taking of possession by any such official of any substantial part of its property, shall make any
general assignment for the benefit of its creditors or shall fail generally to pay its debts as they become due. 
 The Administrator agrees
that if any of the events specified in clause (ii) or (iii) of this subsection 4.8(c) shall occur, it shall give written notice thereof to the Issuer, the Owner Trustee and the Indenture Trustee within seven days after the happening of
such event. 
 (d) No termination, resignation or removal of the Administrator pursuant to this Section 4.8 shall be effective
until (i) a successor Administrator shall have been appointed by the Issuer and (ii) such successor Administrator shall have agreed in writing to be bound by the terms of this Agreement in the same manner as the Administrator is bound
hereunder. 
 Section 4.9. Action Upon Termination, Resignation or Removal. Promptly upon the effective date of termination of
the Administrator pursuant to subsection 4.8(c) or the resignation or removal of the Administrator pursuant to subsection 4.8(a) or (b), respectively, the Administrator shall be entitled to be paid all fees and reimbursable
expenses accruing to it to the date of such resignation or removal. The Administrator shall forthwith upon such termination pursuant to subsection 4.8(c) deliver to the Issuer all property and documents of or relating to the Collateral then
in the custody of the Administrator. In the event of the resignation or removal of the Administrator pursuant to subsection 4.8(a) or (b), respectively, the Administrator shall cooperate with the Issuer and take all reasonable steps
requested to assist the Issuer in making an orderly transfer of the duties of the Administrator. 
 [END OF ARTICLE IV] 

  
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 ARTICLE V 

OTHER MATTERS RELATING TO THE SERVICER 

Section 5.1. Liability of the Servicer. The Servicer shall be liable under this Article V only to the extent of the
obligations specifically undertaken by the Servicer in its capacity as Servicer. 
 Section 5.2. Merger or Consolidation of, or
Assumption of the Obligations of, the Servicer. The Servicer shall not consolidate with or merge into any other Person or convey, transfer or sell its properties and assets substantially as an entirety to any Person, unless: 

(a) (i) the Person formed by such consolidation or into which the Servicer is merged or the Person which acquires by
conveyance, transfer or sale the properties and assets of the Servicer substantially as an entirety shall be, if the Servicer is not the surviving entity, a corporation or a banking association organized and existing under the laws of the United
States of America or any state or the District of Columbia or is a special purpose entity whose powers and activities are limited, and, if the Servicer is not the surviving entity, such Person shall expressly assume, by an agreement supplemental
hereto, executed and delivered to the Trust and the Indenture Trustee, in form satisfactory to the Trust and the Indenture Trustee, the performance of every covenant and obligation of the Servicer hereunder (to the extent that any right, covenant or
obligation of the Servicer, as applicable hereunder, is inapplicable to the successor entity, such successor entity shall be subject to such covenant or obligation, or benefit from such right, as would apply, to the extent practicable, to such
successor entity); 
 (ii) the Servicer has delivered to the Transferor, the Owner Trustee and the Indenture Trustee an
Officer’s Certificate of the Servicer and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer or sale comply with this Section 5.2 and that all conditions precedent herein provided for relating
to such transaction have been complied with; and 
 (iii) the Servicer shall have given the Note Rating Agencies prompt
notice of such consolidation, merger or transfer of assets; and 
 (b) the Person formed by such consolidation or into which
the Servicer is merged or the Person which acquires by conveyance, transfer or sale the properties and assets of the Servicer substantially as an entirety shall be or shall be immediately thereafter an Eligible Servicer. 

Section 5.3. Limitation on Liability of the Servicer and Others. Except as provided in Section 5.4,
neither the Servicer nor any of the directors, officers, employees, members or agents of the Servicer shall be under any liability to the Trust, the Owner Trustee, the Indenture Trustee, the Noteholders, the Transferor or any other Person for any
action taken, or for refraining from the taking of any action, in good faith in its capacity as Servicer pursuant to this Agreement; provided, however, that this provision shall not protect the Servicer or any 

  
 31 

 
directors, officers, employees, members or agents of the Servicer 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 Servicer and any director, officer, employee, member or agent of the Servicer may rely in good faith on any document of any kind prima
facie properly executed and submitted by any Person (other than the Servicer) respecting any matters arising hereunder. The Servicer shall not be under any obligation to appear in, prosecute or defend any legal action which is not incidental
to its duties as Servicer in accordance with this Agreement and which in its reasonable judgment may involve it in any expense or liability. The Servicer may, in its sole discretion, undertake any such legal action which it may deem necessary or
desirable for the benefit of the Noteholders with respect to this Agreement and the rights and duties of the parties hereto and the interests of the Noteholders hereunder. 

Section 5.4. Servicer Indemnification of the Trust, the Owner Trustee and the Indenture Trustee. To the fullest extent permitted
by applicable law, the Servicer shall indemnify and hold harmless each of the Transferor (in the case of clause (a) below), the Trust, the Owner Trustee (as such and in its individual capacity), the Indenture Trustee and any trustees
predecessor thereto (including the Indenture Trustee in its capacity as Note Registrar or as Paying Agent) and their respective directors, officers, employees, members and agents from and against any and all reasonable loss, liability, expense,
damage or injury arising out of or relating to any claims, actions or proceedings brought or asserted by third parties which are suffered or sustained by reason of (a) any acts or omissions of the Servicer with respect to the Trust pursuant to
this Agreement or (b) the administration of the Trust by the Owner Trustee, including any judgment, award, settlement, reasonable attorneys’ fees and other costs or expenses incurred in connection with the defense of any action, proceeding
or claim; provided, however, that the Servicer shall not indemnify any Transferor, the Trust, the Owner Trustee (as such or in its individual capacity), the Indenture Trustee, any trustees predecessor thereto (including the Indenture
Trustee in its capacity as Note Registrar or as Paying Agent) or their respective directors, officers, employees, members and agents, if such acts, omissions or alleged acts or omissions constitute or are caused by negligence or willful misconduct
by such Transferor, the Trust, the Owner Trustee (as such or in its individual capacity), the Indenture Trustee, any trustees predecessor thereto (including the Indenture Trustee in its capacity as Note Registrar or as Paying Agent) or their
respective directors, officers, employees, members and agents; provided further that the Servicer shall not indemnify the Trust for any liabilities, costs or expenses of the Trust with respect to any action taken by the Owner Trustee (as such
or in its individual capacity), the Indenture Trustee, any trustees predecessor thereto (including the Indenture Trustee in its capacity as Note Registrar or as Paying Agent) or their respective directors, officers, employees, members and agents at
the request of the Noteholders; provided further that the Servicer shall not indemnify the Trust as to any losses, claims or damages incurred with respect to the investment in the Trust Assets, including losses incurred as a result of
Defaulted Accounts or Defaulted Receivables or losses suffered by the Collateral Certificates; and provided further that the Servicer shall not indemnify the Trust for any liabilities, costs or expenses of the Trust arising under any tax law,
including any federal, state, local or foreign income or franchise taxes (or any interest or penalties with respect thereto or arising from a failure to comply therewith) required to be paid by the Trust in connection herewith to any taxing
authority. Any such indemnification shall not be payable from the Trust Assets, but shall be payable only from the assets of the Servicer. The provisions of this indemnity shall run directly 

  
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to and be enforceable by an injured party subject to the limitations hereof and shall survive the resignation or removal of the Servicer, the resignation or removal of the Owner Trustee and the
Indenture Trustee and the termination of this Agreement. 
 Section 5.5. Resignation of the Servicer. The Servicer shall not
resign from the obligations and duties hereby imposed on it except (a) upon determination that (i) the performance of its duties hereunder is no longer permissible under applicable law and (ii) there is no reasonable action which the
Servicer could take to make the performance of its duties hereunder permissible under applicable law or (b) upon the assumption, by an agreement supplemental hereto, executed and delivered to the Transferor, the Trust and the Indenture Trustee,
in form satisfactory to the Transferor, the Trust and the Indenture Trustee, of the obligations and duties of the Servicer hereunder by (x) any Eligible Servicer described in clause (a) or (b) of the definition thereof or (y) any
Eligible Servicer described in clause (c) of the definition thereof the appointment of which shall have satisfied the Note Rating Agency Condition. Any determination permitting the resignation of the Servicer shall be evidenced as to clause
(a) above by an Opinion of Counsel to such effect delivered to the Transferor, the Owner Trustee and the Indenture Trustee. No resignation shall become effective until the Indenture Trustee or a Successor Servicer shall have assumed the
responsibilities and obligations of the Servicer in accordance with Section 6.2. If, within 120 days of the date of the determination that the Servicer may no longer act as Servicer under clause (a) above, the Indenture Trustee is
unable to appoint a Successor Servicer, the Indenture Trustee shall serve as Successor Servicer (but shall have continued authority to appoint another Person as Successor Servicer). Notwithstanding the foregoing, the Indenture Trustee shall, if it
is legally unable so to act, petition a court of competent jurisdiction at the expense of the resigning Servicer to appoint any established institution qualifying as an Eligible Servicer as the Successor Servicer hereunder. The Indenture Trustee
shall give prompt notice to each Note Rating Agency upon the appointment of a Successor Servicer. Notwithstanding anything in this Agreement to the contrary, TRS or AENB, as Servicer, may assign part or all of its obligations and duties as Servicer
under this Agreement to an Affiliate of TRS so long as TRS or AENB, as the case may be, shall have fully guaranteed the performance of such obligations and duties under this Agreement and such assignment will not constitute a resignation within the
meaning of this Section 5.5. 
 Section 5.6. Access to Certain Documentation and Information Regarding the
Collateral. The Servicer shall provide to the Trust and the Indenture Trustee access to documentation regarding the Accounts, the Receivables and the Collateral Certificates in such cases where the Indenture Trustee is required in connection
with the enforcement of the rights of Noteholders or by applicable statutes or regulations to review such documentation, such access being afforded without charge but only (a) upon reasonable request, (b) during normal business hours,
(c) subject to the Servicer’s normal security, data protection and confidentiality procedures or such procedures as the Servicer may deem reasonably necessary and (d) at reasonably accessible offices in the continental United States
designated by the Servicer. Nothing in this Section 5.6 shall derogate from the obligation of the Transferor, the Trust, the Owner Trustee, the Indenture Trustee and the Servicer to observe any applicable law prohibiting disclosure of
information regarding the Obligors, and the failure of the Servicer to provide access as provided in this Section 5.6 as a result of such obligation shall not constitute a breach of this Section 5.6. 

  
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 Section 5.7. Delegation of Duties. Subject to Section 9.5, in the
ordinary course of business, the Servicer may at any time delegate all or part of its duties hereunder to any Person that agrees to conduct such duties in accordance with the Account Guidelines and this Agreement. Any such delegation shall not
relieve the Servicer of its liability and responsibility with respect to such duties, and shall not constitute a resignation within the meaning of Section 5.5. 

Section 5.8. Examination of Records. Each Transferor and the Servicer shall indicate generally in their computer files or other
records that the Receivables arising in the Accounts have been conveyed to the Trust pursuant to the Transfer Agreement and assigned to the Indenture Trustee under the Indenture. Each Transferor and the Servicer shall, prior to the sale or transfer
to a third party of any receivable held in its custody, examine its computer records and other records to determine that such receivable is not, and does not include, a Receivable. Each Transferor and the Servicer shall also indicate generally in
their computer files or other records that each applicable Collateral Certificate has been conveyed to the Trust pursuant to the Transfer Agreement and assigned to the Indenture Trustee under the Indenture. 

[END OF ARTICLE V] 

  
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 ARTICLE VI 

SERVICER DEFAULTS 

Section 6.1. Servicer Defaults. If any one of the following events (a “Servicer Default”) shall occur and be
continuing: 
 (a) any failure by the Servicer to make any payment, transfer or deposit or to give notice or instructions to the Indenture
Trustee to make any required payment, transfer or deposit on the date the Servicer is required to do so under the terms of this Agreement, the Indenture or any applicable Indenture Supplement, or within the applicable grace period, which will not
exceed five (5) Business Days; provided, however, that any such failure caused by a nonwillful act of the Servicer shall not constitute a Servicer Default if the Servicer promptly remedies such failure within five
(5) Business Days after receiving notice of such failure or otherwise becoming aware of such failure; 
 (b) failure on the part of
the Servicer duly to observe or perform in any material respect any other covenants or agreements of the Servicer set forth in this Agreement which has an Adverse Effect on any Noteholders and which continues unremedied for a period of 60 days after
the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Servicer by the Owner Trustee or the Indenture Trustee, or to the Servicer, the Owner Trustee and the Indenture Trustee by Noteholders
evidencing not less than 50% of the aggregate unpaid principal amount of all Notes sustaining such Adverse Effect (or, with respect to any such failure that does not relate to all Series, Classes or Tranches of Notes, not less than 50% of the
aggregate unpaid principal amount of all Series, Classes or Tranches of Notes to which such failure related); or the Servicer shall assign or delegate its duties under this Agreement, except as permitted by Sections 5.2, 5.5 and
5.7; 
 (c) any representation, warranty or certification made by the Servicer in this Agreement or in any certificate delivered
pursuant hereto shall prove to have been incorrect when made, which has an Adverse Effect on the rights of any Noteholders and which Adverse Effect continues for a period of 60 days after the date on which written notice thereof, requiring the same
to be remedied, shall have been given to the Servicer by the Owner Trustee or the Indenture Trustee, or to the Servicer, the Owner Trustee and the Indenture Trustee by Noteholders evidencing not less than 50% of the aggregate unpaid principal amount
of all Notes (or, with respect to any such representation, warranty or certification that does not relate to all Series, Classes or Tranches of Notes, not less than 50% of the aggregate unpaid principal amount of all Series, Classes or Tranches of
Notes adversely affected by such representation, warranty or certification); 
 (d) the Servicer shall consent to the appointment of a
bankruptcy trustee or conservator or receiver or liquidator in any bankruptcy proceeding or other insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Servicer or of or relating to all
or substantially all its property, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a 

  
 35 

 
bankruptcy trustee or a conservator or receiver or liquidator in any bankruptcy, insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or the winding-up or liquidation of its affairs, shall have been entered against the Servicer and such decree or order shall have remained in force undischarged or unstayed for a period of 60 days; or the Servicer shall
admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable bankruptcy, insolvency or reorganization statute, make any assignment for the benefit of its creditors or voluntarily
suspend payment of its obligations and such petition shall not have been dismissed within 60 days of the filing thereof; or 
 (e) any
other Servicer Default described in any Indenture Supplement; 
 then, in the event of any Servicer Default, so long as the Servicer
Default shall not have been remedied, either the Indenture Trustee or Noteholders evidencing more than 50% of the aggregate unpaid principal amount of all affected Notes, by notice then given in writing to the Servicer and the Owner Trustee (and to
the Indenture Trustee if given by the Noteholders) (a “Termination Notice”), may terminate all but not less than all the rights and obligations of the Servicer as Servicer under this Agreement; provided, however, if
within 60 days of receipt of a Termination Notice the Indenture Trustee does not receive any bids from Eligible Servicers in accordance with subsection 6.2(d) to act as a Successor Servicer and receives an Officer’s Certificate of the
Servicer to the effect that the Servicer cannot in good faith cure the Servicer Default which gave rise to the Termination Notice, the Indenture Trustee shall, except in the case of a Servicer Default set forth in subsection 6.1(d), grant the
Transferor the right of first refusal to purchase the interest of the Noteholders on the First Note Transfer Date in the next calendar month. If the Transferor elects not to exercise such right of first refusal, the Indenture Trustee shall assume
the role of Successor Servicer. 
 The purchase price for the interest of the Noteholders shall be equal to the sum of the amounts
specified therefor with respect to each Outstanding Series, Class or Tranche of Notes herein or in the applicable Indenture Supplement. The Transferor shall notify the Indenture Trustee prior to the Record Date for the First Note Transfer Date
of the purchase if the Transferor is exercising such right of first refusal. If the Transferor exercises such right of first refusal, the Transferor shall deposit the purchase price into the Collection Account on such First Note Transfer Date in
immediately available funds. The purchase price shall be allocated and distributed to the Noteholders in accordance with the terms hereof or the applicable Indenture Supplement. 

After receipt by the Servicer of a Termination Notice, and on the date that a Successor Servicer is appointed by the Indenture Trustee
pursuant to Section 6.2, all authority and power of the Servicer under this Agreement shall pass to and be vested in the Successor Servicer (a “Service Transfer”) and, without limitation, the Indenture Trustee is hereby
authorized and empowered (upon the failure of the Servicer to cooperate) to execute and deliver, on behalf of the Servicer, as attorney-in-fact or otherwise, all
documents and other instruments upon the failure of the Servicer to execute or deliver such documents or instruments, and to do and accomplish all other acts or things necessary or appropriate to effect the purposes of such Service Transfer. The
Servicer agrees to cooperate with the Indenture Trustee and such Successor Servicer in effecting the termination of the responsibilities and rights of the Servicer to 

  
 36 

 
conduct servicing hereunder, including the transfer to such Successor Servicer of all authority of the Servicer to service the Trust Assets provided for under this Agreement, including, without
limitation, all authority over all Collections which shall on the date of transfer be held by the Servicer for deposit, or which have been deposited by the Servicer, in the Collection Account, or which shall thereafter be received with respect to
the Trust Assets, and in assisting the Successor Servicer. The Servicer shall within 20 Business Days transfer its electronic records or electronic copies thereof relating to the Trust Assets to the Successor Servicer in such electronic form as the
Successor Servicer may reasonably request and shall promptly transfer to the Successor Servicer all other records, correspondence and documents necessary for the continued servicing of the Trust Assets in the manner and at such times as the
Successor Servicer shall reasonably request. To the extent that compliance with this Section 6.1 shall require the Servicer to disclose to the Successor Servicer information of any kind which the Servicer deems to be confidential, the
Successor Servicer shall be required to enter into such customary licensing, security, data protection and confidentiality agreements as the Servicer shall deem reasonably necessary to protect its interests. 

Notwithstanding the foregoing, a delay in or failure of performance referred to in paragraph (a) above for a period of 10 Business Days
after the applicable grace period or under paragraph (b) or (c) above for a period of 60 Business Days after the applicable grace period, shall not constitute a Servicer Default if such delay or failure could not be prevented by the exercise of
reasonable diligence by the Servicer and such delay or failure was caused by an act of God or the public enemy, acts of declared or undeclared war or terrorism, public disorder, rebellion or sabotage, epidemics, landslides, lightning, fire,
hurricanes, earthquakes, floods or similar causes. The preceding sentence shall not relieve the Servicer from using all commercially reasonable efforts to perform its obligations in a timely manner in accordance with the terms of this Agreement and
the Servicer shall provide the Indenture Trustee, the Owner Trustee and each Transferor with an Officer’s Certificate of the Servicer giving prompt notice of such failure or delay by it, together with a description of its efforts so to perform
its obligations. 
 Section 6.2. Indenture Trustee To Act; Appointment of Successor. 

(a) On and after the receipt by the Servicer of a Termination Notice pursuant to Section 6.1, the Servicer shall continue to
perform all servicing functions under this Agreement until the date specified in the Termination Notice or otherwise specified by the Indenture Trustee or until a date mutually agreed upon by the Servicer and the Indenture Trustee. The Indenture
Trustee shall as promptly as possible after the giving of a Termination Notice appoint an Eligible Servicer as a successor servicer (the “Successor Servicer”), and such Successor Servicer shall accept its appointment by a written
assumption in a form acceptable to the Indenture Trustee and the Transferor. The Transferor shall have the right to nominate to the Indenture Trustee the name of a potential successor servicer, which nominee shall be selected by the Indenture
Trustee as the Successor Servicer. In the event that a Successor Servicer has not been appointed or has not accepted its appointment at the time when the Servicer ceases to act as Servicer, the Indenture Trustee without further action shall
automatically be appointed the Successor Servicer. The Indenture Trustee may delegate any of its servicing obligations to an Affiliate or agent in accordance with subsection 3.1(b) and Section 5.7. 

  
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 (b) Notwithstanding the foregoing, the Indenture Trustee shall, if it is legally unable so to
act, petition a court of competent jurisdiction to appoint any established institution qualifying as an Eligible Servicer as the Successor Servicer hereunder. The Indenture Trustee shall notify each Note Rating Agency, the Owner Trustee, the
Transferor and the Administrator upon the removal of the Servicer and upon the appointment of a Successor Servicer. 
 (c) Upon its
appointment, the Successor Servicer shall be the successor in all respects to the Servicer with respect to servicing functions under this Agreement and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on
the Servicer by the terms and provisions hereof, and all references in this Agreement to the Servicer shall be deemed to refer to the Successor Servicer. 

(d) In connection with any Termination Notice, the Indenture Trustee will review any bids which it obtains from Eligible Servicers and shall
be permitted to appoint any Eligible Servicer submitting such a bid as a Successor Servicer or, as provided in subsection 6.2(a), the Successor Servicer nominated by the Transferor, for servicing compensation not in excess of the Servicing
Fee plus the sum of the amounts with respect to each Series and with respect to each Payment Date equal to any Finance Charge Collections allocable to Noteholders of such Series which are payable to the holders of the Transferor Interest after
payment of all amounts owing to the Noteholders of such Series with respect to such Payment Date or required to be deposited in the applicable Issuer Accounts or Sub-Accounts with respect to such Payment Date;
provided, however, that any holder of the Transferor Interest shall be responsible for payment of its portion of such Servicing Fee and all other such amounts in excess of such Servicing Fee. Each holder of the Transferor Interest
agrees that, if TRS (or any Successor Servicer) is terminated as Servicer hereunder, the portion of the Collections in respect of Finance Charge Receivables that such holder is entitled to receive pursuant to any Related Agreement shall be reduced
by an amount sufficient to pay the Transferor’s share of the compensation of the Successor Servicer. 
 (e) All authority and power
granted to the Servicer under this Agreement shall automatically cease and terminate upon termination of the Trust pursuant to Article IX of the Trust Agreement, and shall pass to and be vested in the Transferor and, without limitation, the
Transferor is hereby authorized and empowered to execute and deliver, on behalf of the Servicer as attorney-in-fact or otherwise, all documents and other instruments,
and to do and accomplish all other acts or things necessary or appropriate to effect the purposes of such transfer of servicing rights. The Servicer agrees to cooperate with the Transferor in effecting the termination of the responsibilities and
rights of the Servicer to conduct servicing of the Receivables. The Servicer shall transfer its electronic records relating to the Receivables to the Transferor or its designee in such electronic form as it may reasonably request and shall transfer
all other records, correspondence and documents to it in the manner and at such times as it shall reasonably request. To the extent that compliance with this Section 6.2 shall require the Servicer to disclose to the Transferor
information of any kind which the Servicer deems to be confidential, the Transferor shall be required to enter into such customary licensing, security, data protection and confidentiality agreements as the Servicer shall deem necessary to protect
its interests. 

  
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 Section 6.3. Notification to Noteholders. Within five Business Days after the
Servicer becomes aware of any Servicer Default, the Servicer shall give notice thereof to the Transferor, the Owner Trustee, the Indenture Trustee and each Note Rating Agency, and the Indenture Trustee shall give notice to the Noteholders. Upon any
termination or appointment of a Successor Servicer pursuant to this Article, the Indenture Trustee shall give prompt notice thereof to the Noteholders. 

Section 6.4. Waiver of Past Defaults. Noteholders evidencing not less than 66 2⁄3% of the aggregate unpaid principal amount of the Notes of each Series or, with respect to any Series with two or more Classes or Tranches, of each Class or Tranche, as applicable (or, with respect to any
default that does not relate to or affect all Series, 66 2⁄3% of the aggregate unpaid principal balance of the Notes of each Series to which such default
relates or, with respect to any such Series with two or more Classes or Tranches, of each Class or Tranche, as applicable) may, on behalf of all Noteholders of such Series, Class or Tranche, waive any default by the Servicer in the
performance of its obligations hereunder and its consequences, except the failure to make any required deposits. Upon any such waiver of a past default, such default shall cease to exist, and any default arising therefrom shall be deemed to have
been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent thereon except to the extent expressly so waived. 

[END OF ARTICLE VI] 

  
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 ARTICLE VII 

TERMINATION 

Section 7.1. Termination of Agreement. This Agreement and the respective obligations and responsibilities of the Trust, the
Administrator and the Servicer under this Agreement shall terminate, except with respect to the indemnification obligations described in Section 5.4, on the date on which the Trust is dissolved in accordance with Article IX of the
Trust Agreement. 
 [END OF ARTICLE VII] 

  
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 ARTICLE VIII 

MISCELLANEOUS PROVISIONS 

Section 8.1. Amendment; Waiver of Past Defaults. 

(a) This Agreement may be amended from time to time by the Servicer, the Transferor, the Administrator, the Issuer and the Indenture Trustee,
by a written instrument signed by each of them, without the consent of any of the Noteholders; provided that (i) each Transferor shall have delivered to the Indenture Trustee and the Owner Trustee an Officer’s Certificate of such
Transferor, dated the date of any such amendment, stating that such Transferor reasonably believes that such amendment will not have an Adverse Effect and (ii) the Note Rating Agency Condition shall have been satisfied with respect to any such
amendment. 
 Additionally, notwithstanding any provision of this Article VIII to the contrary, this Agreement may also be amended
without the consent of any of the Noteholders, upon delivery to the Owner Trustee and the Indenture Trustee of an Issuer Tax Opinion and, to the extent a Collateral Certificate is included in the Trust Assets, a Master Trust Tax Opinion, to provide
for (i) the establishment of multiple asset pools and the designation of Trust Assets to be included as part of specific asset pools or (ii) those changes necessary for compliance with securities law requirements or banking laws or
regulations; provided, however, that (i) the Issuer shall deliver to the Indenture Trustee and the Owner Trustee an Officer’s Certificate to the effect that the Issuer reasonably believes that such amendment will not have an
Adverse Effect and is not reasonably expected to have an Adverse Effect at any time in the future and (ii) the Note Rating Agency Condition shall have been satisfied with respect to any such amendment. 

Additionally, notwithstanding any other provision of this Article VIII to the contrary, this Agreement may also be amended from time
to time by an instrument signed by the Servicer, the Transferor, the Administrator, the Issuer and the Indenture Trustee to modify, eliminate or add to the provisions of this Agreement (i) to facilitate compliance with the FDIC Rule or changes
in laws or regulations applicable to the Servicer, the Transferor, the Administrator, the Issuer, the Indenture Trustee or the transactions described in this Agreement or (ii) to cause the provisions hereof 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 SF-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 Servicer, the Transferor, the Administrator, the Issuer, the Indenture Trustee or the
transactions governed by the Transaction Documents, or such amendment is required to cause the provisions hereof 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 SF-3, as amended, under the Securities Act, and (y) an Issuer Tax Opinion with respect to such amendment; provided, however, that the Transferor or the
Servicer shall have provided 10 Business Days’ prior written notice of the substance of such amendment to each Note Rating 

  
 41 

 
Agency. A copy of any amendment to this Agreement pursuant to this subsection (a) shall be sent to each Note Rating Agency. 

(b) This Agreement may also be amended in writing from time to time by the Servicer, the Transferor, the Indenture Trustee and the Trust,
with the consent of Noteholders evidencing not less than 66 2⁄3% of the aggregate unpaid principal amount of all affected Series, Classes or Tranches of Notes
for which the Transferor has not delivered an Officer’s Certificate stating that there is no Adverse Effect, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of
modifying in any manner the rights of any Noteholders; provided, however, that no such amendment shall (i) reduce in any manner the amount of or delay the timing of any distributions (changes in Early Amortization Events or Events
of Default that decrease the likelihood of the occurrence thereof shall not be considered delays in the timing of distributions for purposes of this clause) to be made to Noteholders or deposits of amounts to be so distributed or the amount
available under any Supplemental Credit Enhancement Agreement and any Derivative Agreement without the consent of each affected Noteholder, (ii) change the definition of or the manner of calculating the interest of any Noteholder without the
consent of each affected Noteholder, (iii) reduce the aforesaid percentage required to consent to any such amendment without the consent of each Noteholder or (iv) adversely affect the rating of any Series, Class or Tranche of Notes
by each Note Rating Agency without the consent of Noteholders evidencing not less than 66 2⁄3% of the aggregate unpaid principal amount of such Series,
Class or Tranche (which shall not be deemed to occur if the Note Rating Agency Condition shall have been satisfied with respect to such amendment). 

(c) Promptly after the execution of any such amendment or consent (other than an amendment pursuant to subsection (a)), the Trust shall
furnish notification of the substance of such amendment to each Noteholder, and the Servicer shall furnish notification of the substance of such amendment to each Note Rating Agency and each Supplemental Credit Enhancement Provider. 

(d) It shall not be necessary for the consent of Noteholders under this Section 8.1 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. 
 (e) Notwithstanding anything in this Section 8.1 to the contrary, no
amendment may be made to this Agreement which would adversely affect in any material respect the interests of any Supplemental Credit Enhancement Provider without the consent of such Supplemental Credit Enhancement Provider. 

(f) 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 8.1. 
 (g) 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 

  
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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 subsection 8.2(b). 

Section 8.2. Protection of Right, Title and Interest in and to Trust Assets. 

(a) The Servicer shall give the Owner Trustee and the Indenture Trustee prompt written notice of any relocation of any office from which it
services Receivables or keeps records concerning the Receivables and the Collateral Certificates or of its chief executive office and whether, as a result of such relocation, the applicable provisions of the UCC would require the filing of any
amendment of any previously filed financing statement or amendment thereto or of any new financing statement and shall file such financing statements or amendments as may be necessary to perfect or to continue the perfection of the security interest
or ownership interest of the Trust in the Trust Assets. The Servicer shall at all times maintain each office from which it services Receivables and its chief executive offices within the United States and shall at all times be organized under the
laws of a jurisdiction located within the United States. Each of the Owner Trustee and the Indenture Trustee shall give the Servicer 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 any Related Agreement if the address so shown ceases to be an address from which information concerning the Trust Assets can be obtained. 

(b) The Transferor shall deliver to the Owner Trustee and the Indenture Trustee upon the execution and delivery of each amendment of this
Agreement pursuant to Section 8.1 an Opinion of Counsel to the effect specified in Exhibit B. 
 Section 8.3.
Governing Law; Submission to Jurisdiction; Appointment of Agent for Service of Process. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to principles of conflict of laws.
The parties hereto hereby declare that it is their intention that this Agreement shall be regarded as made under the laws of the State of Delaware and that the laws of said State shall be applied in interpreting its provisions in all cases where
legal interpretation shall be required. Each of the parties hereto agrees (a) that this Agreement involves at least $100,000.00, and (b) that this Agreement has been entered into by the parties hereto in express reliance upon 6 Del.
C. § 2708. Each of the parties hereto hereby irrevocably and unconditionally agrees (a) to be subject to the jurisdiction of the courts of the State of Delaware and of the federal courts sitting in the State of Delaware, and
(b) (1) to the extent such party is not otherwise subject to service of process in the State of Delaware, to appoint and maintain an agent in the State of Delaware as such party’s agent for acceptance of legal process, and (2) that,
to the fullest extent permitted by applicable law, service of process may also be made on such party by prepaid certified mail with a proof of mailing receipt validated by the United States Postal Service constituting evidence of valid service, and
that service made pursuant to (b) (1) or (2) above shall, to the fullest extent permitted by applicable law, have the same legal force and effect as if served upon such party personally within the State of Delaware. 

  
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 Section 8.4. Notices; Payments. 

(a) All demands, notices, instructions, directions and communications (collectively, “Notices”) 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 facsimile transmission or sent by electronic mail: 

(i) in the case of TRS, as the Servicer or the Administrator, to: 

American Express Travel Related Services Company, Inc. 

200 Vesey Street 
 New York, New
York 10285 
 Attention: Treasurer 

Fax: (212) 640-0405 

(ii) in the case of RFC VIII, as a Transferor, to: 

American Express Receivables Financing Corporation VIII LLC 

200 Vesey Street 
 30th Floor, Room 505A 
 New York, New York 10285 

Attention: President 
 Fax:
(212) 640-0404 
 with a copy to: 

American Express Travel Related Services Company, Inc. 

200 Vesey Street 
 New York, New
York 10285 
 Attention: Treasurer 

Fax: (212) 640-0405 

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

Wilmington Trust Company 

Rodney Square North 
 1100 North
Market Street 
 Wilmington, Delaware 19890-0001 

Attention: Corporate Trust Administration 

Fax: (302) 636-4140 

esoriano@wilmingtontrust.com 

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

The Bank of New York Mellon 

101 Barclay Street, Floor 7 West 

New York, New York 10286 

Attention: Corporate Trust Administration – Asset Backed Securities 

Fax: (212) 815-2493 

catherine.cerilles@bnymellon.com 

(v) in the case of the Note Rating Agency for a particular Series, the address, if any, specified in the Indenture Supplement
relating to such Series, and 
 (vi) to any other Person as specified in the Indenture; or, as to each party, at such other
address, facsimile number 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, Class or Tranche 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, Class or Tranche of Notes with respect to which any Bearer Notes are Outstanding, any Notice required or permitted
to be given to Holders of such Series, Class or Tranche shall be published in an Authorized Newspaper within the time period prescribed in this Agreement. 

Section 8.5. 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 provisions shall be deemed severable from the remaining provisions of this Agreement and shall in no way affect the validity or enforceability of the remaining provisions or of the Notes or
the rights of any Noteholders. 
 Section 8.6. Further Assurances. Each Transferor and the Servicer 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 Owner Trustee and the Indenture Trustee more fully to effect the purposes of this Agreement, including, without limitation,
the authorization and/or filing of any financing statements or amendments thereto relating to the Receivables and/or the Collateral Certificates for filing under the provisions of the UCC of any applicable jurisdiction. 

Section 8.7. No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Trust, the
Owner Trustee, the Indenture Trustee or any Noteholders, any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege

  
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under this Agreement preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges provided under this
Agreement are cumulative and not exhaustive of any rights, remedies, powers and privileges provided by law. 
 Section 8.8.
Counterparts. This Agreement 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. 

Section 8.9. 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. Except as otherwise expressly provided in this Agreement, no other Person will have any right or obligation
hereunder. 
 Section 8.10. 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, any Transferor
or the Servicer in reliance thereon, whether or not notation of such action is made upon such Note. 
 Section 8.11. 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, each Transferor and each of the Owner Trustee, the Indenture Trustee and the Servicer agree to
cooperate with each other to provide to any Holders of such Series, Class or Tranche and to any prospective purchaser of Assets Pool One Notes designated by such Noteholder, upon the request of such Noteholder or prospective purchaser, 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 8.12. 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 8.13. Headings. The headings herein are for purposes of reference only and shall not otherwise affect the meaning or
interpretation of any provision hereof. 

  
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 Section 8.14. Limitation of Liability. Notwithstanding any other provision herein or
elsewhere, this Agreement has been executed and delivered by Wilmington Trust Company, not in its individual capacity, but solely in its capacity as Owner Trustee of the Trust. In no event shall Wilmington Trust Company in its individual capacity
have any liability in respect of the representations, warranties, or obligations of 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 8.15. No Petition. To the fullest extent permitted by applicable law, the Indenture Trustee, the Servicer and each
Transferor, by entering into this Agreement, and each Noteholder, by accepting a Note, agrees that it will not at any time institute against any Master Trust or the Issuer, or join in any institution against any Master Trust or the Issuer of, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes and this Agreement. 

Section 8.16. Force Majeure. In no event shall the Indenture Trustee or the Owner Trustee 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 Owner
Trustee 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 VIII] 

  
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 ARTICLE IX 

COMPLIANCE WITH REGULATION AB 

Section 9.1. Intent of the Parties; Reasonableness. The Transferor, the Servicer, the Issuer and the Indenture Trustee
acknowledge and agree that the purpose of this Article IX 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 Servicer 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 Servicer agrees to cooperate in good faith with any reasonable request by the Transferor for information regarding the Servicer which is required in
order to enable the Transferor to comply with the provisions of Items 1103(a)(1), 1104(e), 1105, 1108, 1117, 1118, 1119, 1121, 1122 and 1123 of Regulation AB as it relates to the Servicer or to the Servicer’s obligations under this
Agreement. 
 Section 9.2. Additional Representations and Warranties of the Servicer. The Servicer shall be deemed to represent
to the Transferor, as of the date on which information is provided to the Transferor under Section 9.3 that, except as disclosed in writing to the Transferor prior to such date to the best of its knowledge: (i) the Servicer is not
aware and has not received notice that any default, early amortization or other performance triggering event has occurred as to any other securitization due to any act or failure to act of the Servicer; (ii) the Servicer has not been terminated
as servicer in a securitization involving credit card or charge card receivables, either due to a servicing default or to application of a servicing performance test or trigger; (iii) no material noncompliance with the applicable servicing
criteria with respect to other securitizations of credit card receivables involving the Servicer as servicer has been disclosed or reported by the Servicer; (iv) no material changes to the Servicer’s policies or procedures with respect to
the servicing function it will perform under this Agreement have occurred during the three-year period immediately preceding the related Securitization Transaction; (v) there are no aspects of the Servicer’s financial condition that could
have a material adverse effect on the performance by the Servicer of its servicing obligations under this Agreement; and (vi) there are no material legal or governmental proceedings pending (or known to be contemplated) against the Servicer,
any Subservicer or any unaffiliated third-party originator of Receivables. 
 Section 9.3. Information to Be Provided by the
Servicer. In connection with any Securitization Transaction, the Servicer shall (i) within five (5) Business Days following a request by the Transferor, provide to the Transferor, in writing, the information specified in this
Section 9.3, and (ii) as promptly as practicable following notice to or discovery by the Servicer of any changes to such information, provide to the Transferor, in writing, such updated information. 

  
 48 

 (a) If so requested by the Transferor, the Servicer shall provide to the
Transferor such information regarding the Servicer and each Subservicer (each of the Servicer and each Subservicer, for purposes of this paragraph, a “Servicing Party”), as is requested for the purpose of compliance with Item 1108
of Regulation AB. Such information shall include, at a minimum: 
 (A) the Servicing Party’s name and
form of organization; 
 (B) a description of how long the Servicing Party has been servicing credit or
charge card receivables; a general discussion of the Servicing Party’s experience in servicing assets of any type as well as a more detailed discussion of the Servicing Party’s experience in, and procedures for, the servicing function it
will perform under this Agreement; information regarding the size, composition and growth of the Servicing Party’s portfolio of credit card accounts of a type similar to the Accounts and information on factors related to the Servicing Party
that may be material, in the good faith judgment of the Transferor, to any analysis of the servicing of the Receivables or the related asset-backed securities, as applicable, including, without limitation: 

(1) whether any prior securitizations of credit or charge card receivables involving the Servicing Party
defaulted or experienced an early amortization or other performance triggering event because of servicing during the three-year period immediately preceding the related Securitization Transaction; 

(2) the extent of outsourcing the Servicing Party utilizes; 

(3) whether there has been previous disclosure of material noncompliance with the applicable servicing
criteria with respect to other securitizations of credit card receivables involving the Servicing Party as a servicer during the three-year period immediately preceding the related Securitization Transaction; 

(4) whether the Servicing Party has been terminated as servicer in a securitization of credit or charge card
receivables, either due to a servicing default or to application of a servicing performance test or trigger; and 

(5) such other information as the Transferor may reasonably request for the purpose of compliance with
Item 1108(b)(2) of Regulation AB; 
 (C) a description of any material changes during the three-year period immediately preceding the related Securitization Transaction to the Servicing Party’s policies or procedures with respect to the servicing function it will perform under this Agreement; 

  
 49 

 (D) information regarding the Servicing Party’s financial
condition, to the extent that there is a material risk that an adverse financial event or circumstance involving the Servicing Party could have a material adverse effect on the performance by the Servicing Party of its servicing obligations under
this Agreement; 
 (E) a description of the Servicing Party’s processes and procedures designed to
address any special or unique factors involved in servicing; 
 (F) a description of the Servicing
Party’s processes for handling delinquencies, losses, bankruptcies and recoveries, such as sale of defaulted receivables; and 

(G) information as to how the Servicing Party defines or determines delinquencies and charge-offs, including
the effect of any grace period, re-aging, restructuring, partial payments considered current or other practices with respect to delinquency and loss experience. 

(b) As a condition to the succession to the Servicer or any Subservicer as servicer or subservicer under this Agreement by
any Person (i) into which the Servicer or such Subservicer may be merged or consolidated, or (ii) which may be appointed as a successor to the Servicer or such Subservicer, the Servicer shall provide to the Transferor at least fifteen
(15) calendar days prior to the effective date of such succession or appointment, (x) written notice to the Transferor of such succession or appointment and (y) in writing and in form and substance reasonably satisfactory to the
Transferor, all information reasonably requested by the Transferor in order to comply with its reporting obligation under Item 6.02 of Form 8-K with respect to any Series, Class or Tranche. 

(c) In addition to such information as the Servicer is obligated to provide pursuant to other provisions of this Agreement,
if so requested by the Transferor, the Servicer shall provide to the Transferor such information regarding the performance or servicing of the Receivables as is reasonably required to facilitate preparation of distribution reports in accordance with
Item 1121 of Regulation AB. Such information shall be provided concurrently with the distribution reports otherwise required to be delivered monthly by the Servicer under this Agreement, commencing with the first such report due not less
than ten (10) Business Days following such request. 
 Section 9.4. Report on Assessment of Compliance and
Attestation. 
 (a) (1) In the event that TRS is not the Servicer, then on or before the earlier of
(a) March 31 and (b) 30 days prior to the date on which the Trust is required to file the report on Form 10-K in each calendar year, and (2) in the event that TRS or an affiliate of
TRS is the Servicer, then on or before the date on which the Trust is required to file the report on Form 10-K in each calendar year, commencing in 2019, the Servicer shall: 

(i) deliver to the Transferor a report regarding the Servicer’s assessment of compliance with the
Servicing Criteria during the immediately preceding calendar year, as required under Rules 13a-18 and 15d-18 of the

  
 50 

 
Exchange Act and Item 1122 of Regulation AB. Such report shall be addressed to the Transferor and signed by an authorized officer of the Servicer, and shall address each of the Servicing Criteria
specified in Exhibit D or such criteria as mutually agreed upon by the Transferor and the Servicer; 

(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 Servicer 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; 

(iii) cause each Servicing Participant to deliver to the Transferor an assessment of compliance and
accountants’ attestation as and when provided in paragraphs (i) and (ii) of this Section 9.4; and 

(iv) 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 in the form attached hereto as Exhibit C. 

The Servicer acknowledges that the parties identified in clause (iv) above may rely on the certification provided by the
Servicer pursuant to such clause in signing a Sarbanes Certification and filing such with the Commission. 
 (b) Each
assessment of compliance provided by a Subservicer pursuant to Section 9.4(a)(i) shall address each of the Servicing Criteria specified on a certification substantially in the form of Exhibit D hereto delivered to each Transferor upon
reasonable request of the Transferor after the execution of this Agreement or, in the case of a Subservicer subsequently appointed as such, on or prior to the date of such appointment. An assessment of compliance provided by a Servicing Participant
(other than the Servicer or any Subservicer) pursuant to Section 9.4(a)(iii) need not address any elements of the Servicing Criteria other than those specified by the Servicer pursuant to Section 9.5. 

Section 9.5. Use of Subservicers and Servicing Participants. The Servicer shall use its best efforts to hire or otherwise utilize
only the services of Subservicers that agree to comply with the provisions of paragraph (a) of this Section 9.5. The Servicer shall use its best efforts to hire or otherwise utilize only the services of Servicing Participants, and
shall use its best efforts to ensure that Subservicers hire or otherwise utilize only the services of Servicing Participants, to fulfill any of the obligations of the Servicer as servicer under this Agreement, if those Servicing Participants agree
to comply with the provisions of paragraph (b) of this Section 9.5. 
 (a) It shall not be necessary for
the Servicer to seek the consent of the Transferor to the utilization of any Subservicer. The Servicer shall use its best efforts to cause 

  
 51 

 
any Subservicer used by the Servicer (or by any Subservicer) for the benefit of the Transferor to comply with the provisions of this Section 9.5 and with Section 3.4,
Section 9.2, Section 9.3(c) and (d) and Section 9.4(a)(i) and (ii) of this Agreement to the same extent as if such Subservicer were the Servicer. The Servicer shall be responsible for
obtaining from each Subservicer and delivering to the Transferor any servicer compliance statement required to be delivered by such Subservicer under Section 3.4, any assessment of compliance and attestation required to be delivered by
such Subservicer under Section 9.4(a)(i) or (ii) and the certification, if any, required to be delivered to the Person that will be responsible for signing the Sarbanes Certification under Section 9.4 as and when
required to be delivered. 
 (b) It shall not be necessary for the Servicer to seek the consent of the Transferor to the
utilization of any Servicing Participant. The Servicer shall promptly upon request provide to each Transferor a written description (in form and substance satisfactory to the Transferor) of the role and function of each Servicing Participant
utilized by the Servicer or any Subservicer, specifying (i) the identity of each such Servicing Participant and (ii) which elements of the Servicing Criteria will be addressed in assessments of compliance provided by each Servicing
Participant. 
 (c) As a condition to the utilization of any Servicing Participant, the Servicer shall use its best efforts
to cause any such Servicing Participant used by the Servicer (or by any Subservicer) for the benefit of the Transferors to comply with the provisions of Section 9.4 of this Agreement to the same extent as if such Servicing Participant
were the Servicer. The Servicer shall be responsible for obtaining from each Servicing Participant and delivering to the Transferors any assessment of compliance and attestation required to be delivered by such Servicing Participant under
Section 9.4, in each case as and when required to be delivered. 
 [END OF ARTICLE IX] 

  
 52 

 IN WITNESS WHEREOF, the Transferor, the Servicer, 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. 
  

							
	AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION VIII LLC,
as Transferor
				
	By:	 	  /s/ David J. Hoberman
	 		 	
		 	 Name: David J. Hoberman	 		 	
		 	 Title:   President	 	             
	 	
	
	AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.,
as Servicer and Administrator
				
	By:	 	  /s/ David L. Yowan
	 		 	
		 	 Name: David L. Yowan	 		 	
		 	 Title:   Treasurer	 		 	
	
	AMERICAN EXPRESS ISSUANCE TRUST II
				
	By:	 	WILMINGTON TRUST COMPANY,
not in its individual capacity but solely
as Owner Trustee on behalf of the Trust	 		 	
				
	By:	 	  /s/ Erwin M. Soriano
	 		 	
		 	 Name: Erwin M. Soriano	 		 	
		 	 Title:   Vice President	 		 	
			
	THE BANK OF NEW YORK MELLON,
as Indenture Trustee	 		 	
				
	By:	 	  /s/ Michael D. Commisso
	 		 	
		 	 Name: Michael D. Commisso	 		 	
		 	 Title:   Vice President	 		 	

 [Third Amended and Restated Servicing Agreement] 

  
 53 

 EXHIBIT A 

FORM OF POWER OF ATTORNEY 

STATE OF
DELAWARE                        ) 

                  
                                         
                     ) ss.: 
 COUNTY
OF NEW CASTLE                 ) 
 KNOW ALL MEN BY THESE
PRESENTS, that American Express Issuance Trust II, a Delaware statutory trust (the “Trust”), does hereby make, constitute and appoint American Express Travel Related Services Company, Inc., as Administrator under the Servicing
Agreement (as defined below), and its agents and attorneys, as Attorneys-in-Fact to execute on behalf of the Trust all such documents, reports, filings, certificates and
opinions as it shall be the duty of the Trust to prepare, file or deliver pursuant to the Transaction Documents, including, without limitation, to appear for and represent the Trust in connection with the preparation, filing and audit of federal,
state and local tax returns pertaining to the Trust, and with full power to perform any and all acts associated with such returns and audits that the Trust could perform, including, without limitation, the right to distribute and receive
confidential information, defend and assert positions in response to audits, initiate and defend litigation, and to execute waivers of restriction on assessments of deficiencies, consents to the extension of any statutory or regulatory time limit,
and settlements. For the purpose of this power of attorney, the term “Servicing Agreement” means the Third Amended and Restated Servicing Agreement, dated as of April 1, 2018, by and among American Express Receivables Financing
Corporation VIII LLC, as Transferor, American Express Travel Related Services Company, Inc., as Servicer and as Administrator, the Trust, as Issuer, and The Bank of New York Mellon, as Indenture Trustee, as such may be amended from time to time.

 Notwithstanding anything contained herein to the contrary, this power of attorney has been countersigned by Wilmington Trust Company not
in its individual capacity but solely in its capacity as Owner Trustee of the Trust, and in no event shall Wilmington Trust Company in its individual capacity have any liability for the representations, warranties, covenants, agreements or other
obligations of the Trust hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Trust. For all purposes of this power of attorney, in the
performance of its duties or obligations hereunder or in the performance of any duties or obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of
Articles V, VI, VII and VIII of the Trust Agreement. 

  
 A-1 

 All powers of attorney for this purpose heretofore filed or executed by the
Trust are hereby revoked. 
 EXECUTED this [    ]th of
[        ], 20[    ]. 
 AMERICAN EXPRESS ISSUANCE TRUST II 

 

	By:	WILMINGTON TRUST COMPANY 

 not in its individual capacity, but solely 

as Owner Trustee 
  

			
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 A-2 

 EXHIBIT B 

FORM OF OPINION OF COUNSEL 

WITH RESPECT TO AMENDMENTS 

Provisions to be included in 

Opinion of Counsel to be 
 delivered
pursuant to 
 subsection 8.2(b) 

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 Servicing Agreement, attached hereto as Schedule 1 (the “Amendment”),
has been duly authorized, executed and delivered by the Servicer and constitutes the legal, valid and binding agreement of the Servicer, enforceable in accordance with its terms, except as such enforceability may be limited by applicable Debtor
Relief Laws and as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity). The enforceability of the Servicer’s obligations is also subject to general principles of equity
(regardless of whether such enforceability is considered in a proceeding in equity or at law). 

  

	 	(ii)	 The Amendment has been entered into in accordance with the terms and provisions of Section 8.1 of
the Servicing Agreement. 

  
 B-1 

 EXHIBIT C 

FORM OF ANNUAL CERTIFICATION 
  

	 	Re:	The [                ] agreement dated as of
[                ], 20[    ] (the “Agreement”), among [IDENTIFY PARTIES] 

I,
                                         
           , the
                                         
    of [NAME OF COMPANY] (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:
	 	

  
 C-1 

 EXHIBIT D 

SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE 

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

											
	
Servicing Criteria
	 	 Applicable

Servicing

Criteria for

Servicer
	 	 	 Applicable

Servicing

Criteria for a

Subservicer
	 
	 	 
	 	 
	 	 
	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.	 	 	 	 	 	 	 	 
	 	 	 	 
	1122(d)(1)(v)	 	Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	 	 	 	 	 	 	 	 
	 	 	 	 
	  	 	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.	 	 	 	 	 	 	 	 
	 	 	 	 
	1122(d)(2)(ii)	 	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	 	 	 	 	 	 	 	 
	 	 	 	 
	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.	 	 	 	 	 	 	 	 
	 	 	 	 
	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.	 	 	 	 	 	 	 	 
	 	 	 	 
	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.	 	 	 	 	 	 	 	 

  
 D-1 

													
	  	 	 	Servicing Criteria	 	 Applicable

Servicing

Criteria for

Servicer
	 	 	Applicable
Servicing
Criteria for a
Subservicer	 
	 	 	 	 
	 	Reference	 	 	Criteria	 	 	 	 	 	 	 	 
	 	 		 
	  	 	 	Investor Remittances and Reporting	 	 	 	 	 	 
	 	 	 	 
	 	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.	 	 	 	 	 	 	 	 
	 	 		 
	 	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.	 				 			 
	 	 	 	 
	 	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.	 	 	 	 	 	 	 	 
	 	 		 
	 	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.	 				 			 
	 	 	 	 
	  	 	 	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.	 				 			 
	 	 	 	 
	 	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.	 				 			 
	 	 	 	 
	 	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 an 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.	 	 	 	 	 	 	 	 

  
 D-2 

											
	
Servicing Criteria
	 	 Applicable

Servicing

Criteria for

Servicer
	 	 	Applicable
Servicing
Criteria for a
Subservicer	 
	 	 	 	 
	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.	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

  

	
	[NAME OF [SERVICER] [SUBSERVICER]]        
	
	
Date:                      
                                  

	
	
By:                      
                                         
   

	 Name:

	 Title:

  
 D-3EX-4.5

 Exhibit 4.5 

Execution Copy 
  

AMERICAN EXPRESS ISSUANCE TRUST II  

as Issuer 
 and 

THE BANK OF NEW YORK MELLON 

as Indenture Trustee and as Securities Intermediary 

THIRD AMENDED AND RESTATED INDENTURE 

DATED AS OF APRIL 1, 2018 

									
	 	  	 	  	Table of Contents	  	 	 
				
		  		  		  	 	Page	 
		
	 RECITALS OF THE ISSUER
	  	 	1	 
		
	 GRANTING CLAUSE
	  	 	1	 
		
	 AGREEMENTS OF THE PARTIES
	  	 	3	 
		
	 LIMITED RECOURSE
	  	 	3	 
			
	 ARTICLE I
	  	DEFINITIONS AND OTHER PROVISIONS OF GENERAL	  			
	 	  	APPLICATION	  	4	 
			
	         Section 1.01
	  	         Definitions
	  	 	4	 
	         Section 1.02
	  	         Compliance Certificates and Opinions
	  	 	22	 
	         Section 1.03
	  	         Form of Documents Delivered to Indenture
Trustee
	  	 	23	 
	         Section 1.04
	  	         Acts of Noteholders
	  	 	23	 
	         Section 1.05
	  	         Notices, etc. to Indenture Trustee and
Issuer
	  	 	25	 
	         Section 1.06
	  	         Notices to Noteholders, Waiver
	  	 	26	 
	         Section 1.07
	  	         Conflict with Trust Indenture Act
	  	 	27	 
	         Section 1.08
	  	         Effect of Headings and Table of Contents
	  	 	27	 
	         Section 1.09
	  	         Successors and Assigns
	  	 	27	 
	         Section 1.10
	  	         Separability
	  	 	27	 
	         Section 1.11
	  	         Benefits of Indenture
	  	 	27	 
	         Section 1.12
	  	         Governing Law
	  	 	27	 
	         Section 1.13
	  	         Counterparts
	  	 	27	 
	         Section 1.14
	  	         Indenture Referred to in the Trust
Agreement
	  	 	27	 
	         Section 1.15
	  	         Legal Holidays
	  	 	28	 
			
	 ARTICLE II
	  	COLLATERAL	  	 	29	 
			
	         Section 2.01
	  	         Recordings, Etc.
	  	 	29	 
	         Section 2.02
	  	         Trust Indenture Act Requirements
	  	 	30	 
	         Section 2.03
	  	         Suits To Protect the Collateral
	  	 	31	 
	         Section 2.04
	  	         Purchaser Protected
	  	 	31	 
	         Section 2.05
	  	         Powers Exercisable by Receiver or Indenture
Trustee
	  	 	31	 
	         Section 2.06
	  	         Determinations Relating to Collateral
	  	 	31	 
	         Section 2.07
	  	         Release of All Collateral
	  	 	32	 
	         Section 2.08
	  	         Certain Actions by Indenture Trustee
	  	 	32	 
	         Section 2.09
	  	         Opinions as to Collateral
	  	 	32	 
	         Section 2.10
	  	         Certain Commercial Law Representations and
Warranties
	  	 	33	 
	         Section 2.11
	  	         The Securities Intermediary
	  	 	34	 

  
 -i- 

									
	 	  	 	  	Table of Contents	  	 	 
	 	  	 	  	(continued)	  	 	 
				
		  		  		  	 	Page	 
			
	 ARTICLE III
	  	NOTE FORMS	  	 	36	 
			
	         Section 3.01
	  	         Forms Generally
	  	 	36	 
	         Section 3.02
	  	         Forms of Notes
	  	 	36	 
	         Section 3.03
	  	         Form of Indenture Trustee’s Certificate of
Authentication
	  	 	36	 
	         Section 3.04
	  	         Notes Issuable in the Form of a Global
Note
	  	 	37	 
	         Section 3.05
	  	         Temporary Global Notes and Permanent Global
Notes
	  	 	39	 
	         Section 3.06
	  	         Beneficial Ownership of Global Notes
	  	 	40	 
	         Section 3.07
	  	         Notices to Depository
	  	 	41	 
	         Section 3.08
	  	         CUSIP Numbers
	  	 	41	 
			
	 ARTICLE IV
	  	THE NOTES	  	 	42	 
			
	         Section 4.01
	  	         General Title, General Limitations, Issuable in
Series, Terms of
	  			
		  		  	         a Series, Class or Tranche of Notes
	  	 	42	 
	         Section 4.02
	  	         Denominations
	  	 	45	 
	         Section 4.03
	  	         Execution, Authentication and Delivery and
Dating
	  	 	45	 
	         Section 4.04
	  	         Temporary Notes
	  	 	46	 
	         Section 4.05
	  	         Registration, Transfer and Exchange
	  	 	46	 
	         Section 4.06
	  	         Mutilated, Destroyed, Lost and Stolen
Notes
	  	 	49	 
	         Section 4.07
	  	         Payment of Interest, Interest Rights Preserved;
Withholding
	  			
		  		  	         Taxes
	  	 	50	 
	         Section 4.08
	  	         Persons Deemed Owners
	  	 	50	 
	         Section 4.09
	  	         Cancellation
	  	 	51	 
	         Section 4.10
	  	         New Issuances of Notes
	  	 	51	 
	         Section 4.11
	  	         Specification of Required Subordinated Amount and
other
	  			
		  		  	         Terms with Respect to each Series, Class or
Tranche of Notes
	  	 	53	 
	         Section 4.12
	  	         Groups
	  	 	53	 
			
	 ARTICLE V
	  	ISSUER ACCOUNTS AND INVESTMENTS; ALLOCATIONS	  	 	55	 
			
	         Section 5.01
	  	         Collections
	  	 	55	 
	         Section 5.02
	  	         Issuer Accounts; Distributions from Issuer
Accounts
	  	 	55	 
	         Section 5.03
	  	         Investment of Funds in the Issuer
Accounts
	  	 	56	 
	         Section 5.04
	  	         Allocations of Finance Charge Collections and the
Default
	  			
		  		  	         Amount
	  	 	57	 
	         Section 5.05
	  	         Allocations of Principal Collections
	  	 	58	 
	         Section 5.06
	  	         Allocations of the Servicing Fee
	  	 	58	 
	         Section 5.07
	  	         Allocations of Amounts to the Excess Funding
Account and
	  			
		  		  	         Account
	  	 	58	 

  
 -ii- 

 Table of Contents 

(continued) 
 Page 

 

									
	         Section 5.08
	  	         Allocations of Finance Charge Collections, Default
Amounts, Servicing Fees and Principal Collections Allocable to the Transferor Interest
	  	 	 59
	 
			
	 ARTICLE VI
	  	SATISFACTION AND DISCHARGE; CANCELLATION OF NOTES HELD BY THE ISSUER OR THE TRANSFEROR	  	 	60	 
			
	         Section 6.01
	  	         Satisfaction and Discharge of Indenture
	  	 	60	 
	         Section 6.02
	  	         Application of Trust Money
	  	 	60	 
			
	 ARTICLE VII
	  	EVENTS OF DEFAULT AND REMEDIES	  	 	62	 
			
	         Section 7.01
	  	         Events of Default
	  	 	62	 
	         Section 7.02
	  	         Acceleration of Maturity; Rescission and
Annulment
	  	 	63	 
	         Section 7.03
	  	        Collection of Indebtedness and Suits for Enforcement by Indenture Trustee	  	 	 64
	 
	         Section 7.04
	  	         Indenture Trustee May File Proofs of
Claim
	  	 	65	 
	         Section 7.05
	  	         Indenture Trustee May Enforce Claims Without
Possession of Notes
	  	 	 65
	 
	         Section 7.06
	  	         Application of Money Collected
	  	 	66	 
	         Section 7.07
	  	         Indenture Trustee May Elect to Hold the
Collateral
	  	 	66	 
	         Section 7.08
	  	         Sale of Collateral for Accelerated Notes
	  	 	66	 
	         Section 7.09
	  	         Noteholders Have the Right to Direct the Time,
Method and Place of Conducting Any Proceeding for Any Remedy Available to the Indenture Trustee
	  	 	 66
	 
	         Section 7.10
	  	         Limitation on Suits
	  	 	67	 
	         Section 7.11
	  	         Unconditional Right of Noteholders to Receive
Principal and Interest; Limited Recourse
	  	 	 67
	 
	         Section 7.12
	  	         Restoration of Rights and Remedies
	  	 	67	 
	         Section 7.13
	  	         Rights and Remedies Cumulative
	  	 	68	 
	         Section 7.14
	  	         Delay or Omission Not Waiver
	  	 	68	 
	         Section 7.15
	  	         Control by Noteholders
	  	 	68	 
	         Section 7.16
	  	         Waiver of Past Defaults
	  	 	68	 
	         Section 7.17
	  	         Undertaking for Costs
	  	 	69	 
	         Section 7.18
	  	         Waiver of Stay or Extension Laws
	  	 	69	 
			
	 ARTICLE VIII
	  	THE INDENTURE TRUSTEE	  	 	70	 
			
	         Section 8.01
	  	         Certain Duties and Responsibilities
	  	 	70	 
	         Section 8.02
	  	         Notice of Defaults
	  	 	71	 
	         Section 8.03
	  	         Certain Rights of Indenture Trustee
	  	 	71	 

  
 -iii- 

 Table of Contents 

(continued) 
 Page 

 

									
	         Section 8.04
	  	         Not Responsible for Recitals or Issuance of
Notes
	  	 	72	 
	         Section 8.05
	  	         May Hold Notes
	  	 	73	 
	         Section 8.06
	  	         Money Held in Trust
	  	 	73	 
	         Section 8.07
	  	         Compensation and Reimbursement; Limit on
Compensation Reimbursement and Indemnity
	  	 	 73
	 
	         Section 8.08
	  	         Disqualification; Conflicting
Interests
	  	 	73	 
	         Section 8.09
	  	         Corporate Indenture Trustee Required;
Eligibility
	  	 	74	 
	         Section 8.10
	  	         Resignation and Removal; Appointment of
Successor
	  	 	74	 
	         Section 8.11
	  	         Acceptance of Appointment by Successor
	  	 	76	 
	         Section 8.12
	  	         Merger, Conversion, Consolidation or Succession
to Business
	  	 	76	 
	         Section 8.13
	  	         Preferential Collection of Claims Against
Issuer
	  	 	77	 
	         Section 8.14
	  	         Appointment of Authenticating Agent
	  	 	77	 
	         Section 8.15
	  	         Tax Returns
	  	 	78	 
	         Section 8.16
	  	         Representations and Covenants of the Indenture
Trustee
	  	 	79	 
	         Section 8.17
	  	         Indenture Trustee’s Application for
Instructions from the Issuer
	  	 	79	 
	         Section 8.18
	  	         Appointment of
Co-Trustee or Separate Indenture Trustee
	  	 	79	 
	         Section 8.19
	  	         Certain Securities Laws Covenants
	  	 	80	 
			
	 ARTICLE IX
	  	NOTEHOLDERS’ MEETINGS, LISTS, REPORTS BY INDENTURE TRUSTEE, ISSUER AND BENEFICIARY	  	 	81	 
			
	         Section 9.01
	  	         Issuer To Furnish Indenture Trustee Names and
Addresses of Noteholders
	  	 	 81
	 
	         Section 9.02
	  	         Preservation of Information; Communications to
Noteholders
	  	 	81	 
	         Section 9.03
	  	         Reports by Indenture Trustee
	  	 	82	 
	         Section 9.04
	  	         Meetings of Noteholders; Amendments and
Waivers
	  	 	83	 
	         Section 9.05
	  	         Reports by Issuer to the Commission
	  	 	85	 
	         Section 9.06
	  	         Monthly Noteholders’ Statement
	  	 	85	 
	         Section 9.07
	  	         Payment Instruction to Master Trust
	  	 	85	 
			
	 ARTICLE X
	  	INDENTURE SUPPLEMENTS; AMENDMENTS TO THE POOLING AND SERVICING AGREEMENT AND AMENDMENTS TO THE TRUST AGREEMENT	  	 	87	 
			
		  	         Supplemental Indentures and Amendments Without
Consent of Noteholders
	  	 	 87
	 
	         Section10.02
	  	         Supplemental Indentures with Consent of
Noteholders
	  	 	89	 
	         Section10.03
	  	         Execution of Amendments and Indenture
Supplements
	  	 	91	 
	         Section10.04
	  	         Effect of Amendments and Indenture
Supplements
	  	 	91	 
	         Section10.05
	  	         Conformity with Trust Indenture Act
	  	 	91	 
	         Section10.06
	  	         Reference in Notes to Indenture
Supplements
	  	 	91	 
	         Section10.07
	  	         Amendments to the Pooling and Servicing
Agreement
	  	 	91	 

  
 -iv- 

 Table of Contents 

(continued) 

									
		 		    		  	 	Page	 
				
	 Section
	 	10.08	    	 Amendments to the Trust Agreement
	  	 	92	 
			
	 ARTICLE XI
	 	REPRESENTATIONS, WARRANTIES AND COVENANTS OF ISSUER	  	 	93	 
				
	 Section
	 	11.01	    	 Payment of Principal and Interest
	  	 	93	 
	 Section
	 	11.02	    	 Maintenance of Office or Agency
	  	 	93	 
	 Section
	 	11.03	    	 Money for Note Payments to be Held in Trust
	  	 	93	 
	 Section
	 	11.04	    	 Statement as to Compliance
	  	 	95	 
	 Section
	 	11.05	    	 Legal Existence
	  	 	95	 
	 Section
	 	11.06	    	 Further Instruments and Acts
	  	 	95	 
	 Section
	 	11.07	    	 Compliance with Laws
	  	 	96	 
	 Section
	 	11.08	    	 Notice of Events of Default
	  	 	96	 
	 Section
	 	11.09	    	 Certain Negative Covenants
	  	 	96	 
	 Section
	 	11.10	    	 No Other Business
	  	 	96	 
	 Section
	 	11.11	    	 Rule 144A Information
	  	 	96	 
	 Section
	 	11.12	    	 Performance of Obligations; Servicing of Receivables
	  	 	96	 
	 Section
	 	11.13	    	 Issuer May Consolidate, Etc., Only on Certain Terms
	  	 	97	 
	 Section
	 	11.14	    	 Successor Substituted
	  	 	98	 
	 Section
	 	11.15	    	 Guarantees, Loans, Advances and Other Liabilities
	  	 	99	 
	 Section
	 	11.16	    	 Capital Expenditures
	  	 	99	 
	 Section
	 	11.17	    	 Restricted Payments
	  	 	99	 
	 Section
	 	11.18	    	 No Borrowing
	  	 	99	 
	 Section
	 	11.19	    	 Ordinary Course
	  	 	99	 
			
	 ARTICLE XII
	 	EARLY AMORTIZATION OF NOTES	  	 	100	 
				
	 Section
	 	12.01	    	 Applicability of Article
	  	 	100	 
	 Section
	 	12.02	    	 Optional Repurchase
	  	 	101	 
	 Section
	 	12.03	    	 Notice
	  	 	102	 
		
	 ARTICLE XIII MISCELLANEOUS
	  	 	103	 
				
	 Section
	 	13.01	    	 No Petition
	  	 	103	 
	 Section
	 	13.02	    	 Trust Obligations
	  	 	103	 
	 Section
	 	13.03	    	 Limitations on Liability
	  	 	103	 
	 Section
	 	13.04	    	 Tax Treatment
	  	 	103	 
	 Section
	 	13.05	    	 Actions Taken by the Issuer
	  	 	104	 
	 Section
	 	13.06	    	 Alternate Payment Provisions
	  	 	104	 
	 Section
	 	13.07	    	 Termination of Issuer
	  	 	104	 
	 Section
	 	13.08	    	 Final Distribution
	  	 	104	 

  
 -v- 

 Table of Contents 

(continued) 
  

									
		 		  		  	 	Page	 
				
		 	 Section 13.09
	  	 Termination Distributions
	  	 	105	 
		 	 Section 13.10
	  	 Derivative Counterparty, Supplemental Credit Enhancement

Provider and Supplemental Liquidity Provider as Third-Party

Beneficiary
	  	 	105	 
		 	 Section 13.11
	  	 Notices
	  	 	105	 
		 	 Section 13.12
	  	 Force Majeure
	  	 	106	 
		 	 Section 13.13
	  	 Investor Communication Requests
	  	 	106	 
		
	 ARTICLE XIV COMPLIANCE WITH REGULATION AB
	  	 	108	 
				
		 	 Section 14.01
	  	 Intent of the Parties; Reasonableness
	  	 	108	 
		 	 Section 14.02
	  	 Additional Representations and Warranties of the Indenture Trustee
	  	 	108	 
		 	 Section 14.03
	  	 Information to Be Provided by the Indenture Trustee
	  	 	108	 
		 	 Section 14.04
	  	 Report on Assessment of Compliance and Attestation
	  	 	109	 
		 	 Section 14.05
	  	 Repurchase Demand Activity Reporting
	  	 	110	 
		 	 Section 14.06
	  	 Investor Communications Reporting
	  	 	112	 

  
 -vi- 

 EXHIBITS 
  

			
		
	EXHIBIT A	  	FORM OF INVESTMENT LETTER
		
	EXHIBIT B-1	  	FORM OF CLEARANCE SYSTEM CERTIFICATE TO BE GIVEN TO THE INDENTURE TRUSTEE BY EUROCLEAR OR CLEARSTREAM, LUXEMBOURG FOR DELIVERY OF DEFINITIVE NOTES IN EXCHANGE FOR A PORTION OF A TEMPORARY GLOBAL NOTE
		
	EXHIBIT B-2	  	FORM OF CERTIFICATE TO BE DELIVERED TO EUROCLEAR OR CLEARSTREAM, LUXEMBOURG BY [•] WITH RESPECT TO REGISTERED NOTES SOLD TO QUALIFIED INSTITUTIONAL BUYERS
		
	EXHIBIT B-3	  	FORM OF CERTIFICATE TO BE DELIVERED TO EUROCLEAR OR CLEARSTREAM, LUXEMBOURG BY A BENEFICIAL OWNER OF NOTES, OTHER THAN A QUALIFIED INSTITUTIONAL BUYER
		
	EXHIBIT C	  	FORM OF ANNUAL CERTIFICATION
		
	EXHIBIT D	  	SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE
		
	EXHIBIT E	  	FORM OF ASSET REPURCHASE DEMAND ACTIVITY REPORT
		
	EXHIBIT F	  	FORM OF INVESTOR COMMUNICATION REQUEST REPORT

 This THIRD AMENDED AND RESTATED INDENTURE, dated as of April 1, 2018, between AMERICAN
EXPRESS ISSUANCE TRUST II, a statutory trust organized under the laws of the State of Delaware (the “Issuer”), having its principal office at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-1600, and THE BANK OF
NEW YORK MELLON, a New York banking corporation, in its capacity as Indenture Trustee (the “Indenture Trustee”) and as the initial Securities Intermediary, is made and entered into as of April 1, 2018. 

RECITALS OF THE ISSUER 

The Issuer duly authorized the execution and delivery of the Indenture, dated as of October 24, 2012, which was amended and restated on
March 12, 2013 and on July 29, 2016 (as amended and restated, the “Original Indenture”), to provide for the issuance of its Notes to be issued in one or more fully registered or bearer Series, Classes or Tranches. 

The parties hereto agree to and do hereby amend and restate the Original Indenture as of April 1, 2018, to read in its entirety as set
forth herein. 
 All things necessary to make this Indenture a valid and legally binding agreement of the Issuer, in accordance with its
terms, have been done. 
 GRANTING CLAUSE 

The Issuer hereby grants to the Indenture Trustee, for the benefit and security of the Noteholders and the Indenture Trustee, in its
individual capacity, a first priority security interest in all of its right, title and interest, whether now owned or hereafter acquired, in and to the following: 
  

	 	(i)	(A) the Receivables existing at the close of business on the Initial Cut Off Date, in the case of Receivables arising in the Initial Accounts (including Related Accounts with respect to such Initial Accounts), and
thereafter created from time to time in such Accounts until the earlier of either (x) the removal of such Accounts pursuant to Section 2.12 of the Transfer Agreement or (y) the termination of the Issuer, (B) the Receivables
existing at the close of business on each applicable Addition Cut Off Date, in the case of Receivables arising in the Additional Accounts (including Related Accounts with respect to such Additional Accounts), and thereafter created from time to time
in the Accounts until the earlier of either (x) the removal of such Accounts pursuant to Section 2.12 of the Transfer Agreement or (y) the termination of the Issuer, and (C) the Recoveries allocable to the Issuer as provided in
the Transfer Agreement and the Servicing Agreement; 

  

	 	(ii)	each Collateral Certificate as of each applicable Addition Date; 

  

	 	(iii)	the Excess Funding Account (including all Sub-Accounts thereof); 

	 	(iv)	the Collection Account (including all Sub-Accounts thereof); 

  

	 	(v)	each Supplemental Issuer Account (including all Sub-Accounts thereof); 

  

	 	(vi)	all Eligible Investments and all investment property, money and other property held in the Collection Account, the Excess Funding Account or any Supplemental Issuer Account (including any
Sub-Accounts thereof); 

  

	 	(vii)	all rights, benefits and powers under any Derivative Agreement with respect to any Tranche of Notes; 

  

	 	(viii)	all rights, benefits and powers under any Supplemental Credit Enhancement Agreement or Supplemental Liquidity Agreement with respect to any Tranche of Notes; 

 

	 	(ix)	all rights, benefits and powers under the Transfer Agreement and the Servicing Agreement; 

  

	 	(x)	all present and future claims, demands, causes of and choses in action in respect of any of the foregoing and all interest, principal, payments and distributions of any nature or type on any of the foregoing;

  

	 	(xi)	all accounts, general intangibles, chattel paper, instruments, documents, goods, money, investment property, deposit accounts, letters of credit,
letter-of-credit rights and oil, gas and other minerals consisting of, arising from, or relating to any of the foregoing; 

 

	 	(xii)	all monies due or to become due with respect to all of the foregoing; 

  

	 	(xiii)	all amounts received with respect to all of the foregoing; and 

  

	 	(xiv)	all proceeds of the foregoing; 

 in each case, excluding the Transferor Amount
and all amounts distributable to the Holders of the Transferor Interest pursuant to the terms of any Transaction Document. 
 The property
described in the preceding sentence is collectively referred to as the “Collateral.” The Security Interest in the Collateral is granted to secure the Notes (and the related obligations under this Indenture), equally and ratably
without prejudice, priority or distinction between any Note by reason of difference in time of issuance or otherwise, except as otherwise expressly provided in this Indenture or in the Indenture Supplement which establishes any Series, Class or
Tranche of Notes, and to secure (i) the payment of all amounts due on such Notes (and, to the extent so specified, the obligations under any applicable Derivative Agreements) in accordance with their terms, (ii) the payment of all other
sums payable by the Issuer under this Indenture or any Indenture Supplement relating to the Notes and (iii) compliance by the Issuer with the provisions of this Indenture or any Indenture Supplement 

  
 -2- 

 
relating to the Notes. This Indenture, as may be supplemented, is a security agreement within the meaning of the UCC. 

The Indenture Trustee acknowledges the grant of such Security Interest, and accepts the Collateral in trust hereunder in accordance with the
provisions hereof and agrees to perform the duties herein such that the interests of the Noteholders may be adequately and effectively protected. 

The Notes, Derivative Agreements, Supplemental Credit Enhancement Agreements, Supplemental Liquidity Agreements and other obligations under
this Indenture and any Indenture Supplement relating to the Notes will benefit from the Security Interest to the extent (and only to the extent) proceeds of and distributions on the Collateral are allocated for their benefit pursuant to this
Indenture and the applicable Indenture Supplement. 
 AGREEMENTS OF THE PARTIES 

To set forth or to provide for the establishment of the terms and conditions upon which the Notes are to be authenticated, issued and
delivered, and in consideration of the premises and the purchase of Notes by the Holders thereof, it is mutually covenanted and agreed as follows, for the equal and proportionate benefit of all Holders of the Notes or of a Series, Class or
Tranche thereof, as the case may be. 
 LIMITED RECOURSE 

The obligation of the Issuer to make payments of principal, interest and other amounts on the Notes and to make payments in respect of
Derivative Agreements, Supplemental Credit Enhancement Agreements or Supplemental Liquidity Agreements is limited in recourse as set forth in Section 7.11. 

  
 -3- 

 ARTICLE I 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

Section 1.01 Definitions. For all purposes of this Indenture and of any Indenture Supplement, except as otherwise expressly
provided or unless the context otherwise requires: 
 (1) the terms defined in this Article I have the meanings assigned to them in this
Article I, and include the plural as well as the singular; 
 (2) all other terms used herein which are defined in the Trust Indenture Act
or by Commission rule under the Trust Indenture Act or in the Transfer Agreement or the Servicing Agreement, either directly or by reference therein, have the meanings assigned to them therein; 

(3) all accounting terms not otherwise defined herein have the 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; 
 (4) unless the context otherwise requires, terms defined in the UCC and
not otherwise defined in this Indenture or the applicable Indenture Supplement shall have the meanings set forth in the UCC; 
 (5) all
references in this Indenture to designated “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of this Indenture as originally executed. The words “herein,”
“hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; and 

(6) “including” and words of similar import will be deemed to be followed by “without limitation.” 

“Account” has the meaning specified in the Transfer Agreement. 

“Account Owner” has the meaning specified in the Transfer Agreement. 

“Accumulation Period” has the meaning specified in the Servicing Agreement. 

“Act,” when used with respect to any Noteholder, has the meaning specified in subsection 1.04(a). 

“Action,” when used with respect to any Noteholder, has the meaning specified in subsection 1.04(a). 

  
 -4- 

 “Addition Cut Off Date” has the meaning specified in the Transfer Agreement.

 “Additional Account” has the meaning specified in the Transfer Agreement. 

“Adjusted Outstanding Dollar Principal Amount” means, at any time, with respect to any Series of Notes, an amount equal to
the “Adjusted Outstanding Dollar Principal Amount” as specified in the applicable Indenture Supplement. 

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

“Adverse Effect” means, whenever used in this Indenture with respect to any Series, Class or Tranche of Notes with
respect to any Action, that such Action will at the time of its occurrence (a) result in the occurrence of an Early Amortization Event or Event of Default relating to such Series, Class or Tranche of Notes, as applicable,
(b) materially adversely affect the amount or timing of payments to be made to the Noteholders of any such Series, Class or Tranche of Notes pursuant to this Indenture, or (c) adversely affect the Security Interest of the Indenture
Trustee in the Collateral unless otherwise permitted by this Indenture. 
 “AENB” means American Express National Bank, a
national banking association, and its successors and permitted assigns. 
 “Affiliate” shall mean, with respect to any
specified Person, any other Person controlling or controlled by or under common control with such specified Person. For the purposes of this definition, “control” shall mean the power to direct the management and policies of a Person,
directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Amortization Period” has the meaning specified in the Servicing Agreement. 

“Authenticating Agent” means any Person authorized by the Indenture Trustee to authenticate Notes under
Section 8.14. 
 “Authorized Newspaper” means any newspaper or newspapers of general circulation in the
Borough of Manhattan, The City of New York, printed in the English language and customarily published on each Business Day at such place, whether or not published on Saturdays, Sundays or holidays, or if and so long as Notes of any Series,
Class or Tranche are listed on any securities exchange and that exchange so requires, the newspaper of record required by the applicable securities exchange, printed in any language satisfying the requirements of such exchange. 

“Authorized Officer” has the meaning specified in the Servicing Agreement. 

“Available Finance Charge Collections” means, for any Monthly Period, (a) with respect to the Noteholders, the Finance
Charge Collections paid to the Issuer and allocated to the Noteholders, and (b) with respect to any Series, Class or Tranche of Notes, the amount of collections in clause (a) allocated to such Series, Class or Tranche of Notes,
as applicable, plus investment earnings allocable to the amounts on deposit in the Collection Account and Excess 

  
 -5- 

 Funding Account allocable to such Series, Class or Tranche of Notes, plus any other amounts, or allocable
portion thereof, to be treated as Available Finance Charge Collections with respect to such Series, Class or Tranche of Notes, subject to the applicable Indenture Supplement. 

“Available Principal Collections” means, for any Monthly Period, (a) with respect to the Noteholders, the Principal
Collections paid to the Issuer and allocated to the Noteholders, and (b) with respect to any Series, Class or Tranche of Notes, (i) the amount of collections in clause (a) allocated to such Series, Class or Tranche of Notes,
as applicable, plus (ii) any other amounts, or allocable portion thereof, to be treated as Available Principal Collections with respect to such Series, Class or Tranche of Notes, subject to the applicable Indenture Supplement. 

“Bearer Note” means a Note in bearer form. 

“Beneficiary” has the meaning specified in the Trust Agreement. 

“Benefit Plan” means an “employee benefit plan” as defined in Section 3(3) of ERISA, which is subject to the
provisions of Title I of ERISA, a “plan” described in and subject to Section 4975 of the Code, or an entity whose underlying assets include “plan assets” by reason of an employee benefit plan’s or plan’s investment
in the entity. 
 “Business Day” means (i) any day other than (a) a Saturday or Sunday or (b) any other day
on which national banking associations or state banking institutions in New York, New York, or any other state in which the principal executive offices of any Account Owner or the Indenture Trustee, as the case may be, are located, are authorized or
are obligated by law, executive order or governmental decree to be closed or (c) for purposes of any particular Series, Class or Tranche of Notes, any other day specified in the applicable Indenture Supplement and (ii) with respect to
the determination of LIBOR, a London Business Day (as such term is defined in the related Indenture Supplement). 
 “Certificate of
Authentication” means the certificate of authentication of the Indenture Trustee, the form of which is described in Section 3.03, or the alternative certificate of authentication of the Authenticating Agent, the form of which is
described in Section 8.14. 
 “Class” means, with respect to any Note, the class specified in the applicable
Indenture Supplement. 
 “Collateral” has the meaning specified in the Granting Clause of this Indenture. 

“Collateral Certificate” has the meaning specified in the Transfer Agreement. 

“Collateral Certificate Principal Shortfall Payments” has the meaning specified in the Servicing Agreement. 

“Collection Account” has the meaning specified in subsection 5.02(a). 

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

  
 -6- 

 “Commission” means the Securities and Exchange Commission, as from time to time
constituted, created under the Securities Exchange Act, or, if at any time after the execution of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing
such duties at such date. 
 “Corporate Trust Office” means the principal office of the Indenture Trustee at which at any
particular time its corporate trust business shall be administered, which office at the date of the execution of this Indenture is located at 101 Barclay Street, Floor 7 West, New York, New York 10286, Attention: Asset-Backed Securities Unit, or at
such other address as the Indenture Trustee may designate from time to time by notice to the Noteholders and the Transferor, or the principal corporate trust office of any successor Indenture Trustee (the address of which the successor Indenture
Trustee will notify the Noteholders and the Transferor). 
 “Debtor Relief Laws” shall mean (a) the Federal
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. 

“Default Amount” has the meaning specified in the Servicing Agreement. 

“Deliver” or “Delivery”: The taking of the following steps by the Issuer: 

(a) with respect to such of the Collateral as constitutes an instrument, causing the Indenture Trustee to take possession in
the State of New York of such instrument, indorsed to the Indenture Trustee or in blank by an effective indorsement; 
 (b)
with respect to such of the Collateral as constitutes tangible chattel paper, goods, a negotiable document, or money, causing the Indenture Trustee to take possession in the State of New York of such tangible chattel paper, goods, negotiable
document, or money; 
 (c) with respect to such of the Collateral as constitutes a certificated security in bearer form,
causing the Indenture Trustee to acquire possession in the State of New York of the related security certificate; 
 (d)
with respect to such of the Collateral as constitutes a certificated security in registered form, causing the Indenture Trustee to acquire possession in the State of New York of the related security certificate, indorsed to the Indenture Trustee or
in blank by an effective indorsement, or registered in the name of the Indenture Trustee, upon original issue or registration of transfer by the issuer of such certificated security; 

(e) with respect to such of the Collateral as constitutes an uncertificated security, causing the issuer of such
uncertificated security to register the Indenture Trustee as the registered owner of such uncertificated security; 

  
 -7- 

 (f) with respect to such of the Collateral as constitutes a security entitlement, causing the
Securities Intermediary to indicate by book entry that the financial asset relating to such security entitlement has been credited to the appropriate Issuer Account; 

(g) with respect to such of the Collateral as constitutes an account or a general intangible, causing to be filed with the Delaware Secretary
of State a properly completed UCC financing statement that names the Issuer as debtor and the Indenture Trustee as secured party and that covers such account or general intangible; 

(h) with respect to such of the Collateral as constitutes a deposit account, causing such deposit account to be maintained in the name of the
Indenture Trustee and causing the bank with which such deposit account is maintained to agree in writing with the Indenture Trustee and the Issuer that (i) such bank will comply with instructions originated by the Indenture Trustee directing
disposition of the funds in such deposit account without further consent of any other person or entity, (ii) such bank will not agree with any person or entity other than the Indenture Trustee to comply with instructions originated by any
person or entity other than the Indenture Trustee, (iii) such deposit account and the property credited thereto will not be subject to any lien, security interest, encumbrance, or right of set-off in
favor of such bank or anyone claiming through it (other than the Indenture Trustee), (iv) such agreement will be governed by the laws of the State of New York, and (v) the State of New York will be the bank’s jurisdiction of such bank for
purposes of Article 9 of the UCC; or 
 (i) in the case of each of paragraphs (a) through (h) above, such additional or alternative
procedures as may hereafter become appropriate to grant a first priority perfected Security Interest in such items of the Collateral to the Indenture Trustee, consistent with applicable law or regulations. 

In each case of Delivery contemplated herein, the Indenture Trustee shall make appropriate notations on its records indicating that such item
of the Collateral is held by the Indenture Trustee pursuant to and as provided herein. 
 Effective upon Delivery of any item of the
Collateral, the Indenture Trustee shall be deemed to have acknowledged that it holds such item of the Collateral as Indenture Trustee hereunder for the benefit of the Noteholders. Any additional or alternative procedures for accomplishing
“Delivery” for purposes of paragraph (i) of this definition shall be permitted only upon delivery to the Indenture Trustee of an Opinion of Counsel to the effect that such procedures are appropriate to grant a first priority perfected
Security Interest in the applicable type of collateral to the Indenture Trustee. 
 “Depository” means a U.S. Depository
or a Foreign Depository, as the case may be. 
 “Derivative Agreement” means any currency or interest rate swap. 

“Derivative Counterparty” means any party to any Derivative Agreement other than the Issuer or the Indenture Trustee. 

  
 -8- 

 “Discount Note” means a Note that provides for an amount less than the Stated
Principal Amount (but not less than the Initial Dollar Principal Amount) thereof to be due and payable upon the occurrence of an Early Amortization Event or other optional or mandatory redemption or the occurrence of an Event of Default and the
acceleration of such Note, in each case before the Expected Final Payment Date of the applicable Note. 
 “Dollar,”
“$” or “U.S. $” means United States dollars. 
 “Early Amortization Event” has the
meaning specified in Section 12.01. 
 “Effective Date” means the date on which this Indenture is executed and
delivered by the parties hereto. 
 “Eligible Deposit Account” means either (a) a segregated account with an Eligible
Institution (other than any Account Owner) or (b) a segregated trust account with the corporate trust department of a depository institution (other than any Account Owner) organized under the laws of the United States or any one of the states
thereof, including the District of Columbia (or any domestic branch of a foreign bank), and acting as a trustee for funds deposited in such account, so long as the rating of any of the unsecured or unguaranteed senior debt securities of such
depository institution satisfies the publicly controlling and applicable ratings criteria established by each Note Rating Agency. 

“Eligible Institution” means a depository institution (which may be the Indenture Trustee, the Owner Trustee or any
Affiliate thereof, but not any Account Owner) organized under the laws of the United States, any one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank), so long as such depository institutions long-term
unsecured debt rating or its certificate of deposit rating satisfies the publicly published controlling and applicable ratings criteria established by each Note Rating Agency. Notwithstanding the previous sentence, any institution the appointment of
which satisfies the Note Rating Agency Condition shall be considered an Eligible Institution. If so qualified, the Servicer (if the Servicer is not an Account Owner) may be considered an Eligible Institution for the purposes of this definition. 

“Eligible Investments” means negotiable instruments, investment property, or deposit accounts which evidence: 

(a) direct obligations of, or obligations fully guaranteed as to timely payment by, the United States of America; 

(b) demand deposits, time deposits or certificates of deposit (having original maturities of no more than 365 days) of depository
institutions or trust companies incorporated under the laws of the United States of America, any state thereof or the District of Columbia (or domestic branches of foreign banks) and subject to supervision and examination by federal or state banking
or depository institution authorities; provided that at the time of the Trust’s investment or contractual commitment to invest therein, the short-term debt of such depository institution or trust company are rated by each Note Rating
Agency in its highest rating category (or any other rating from any Note Rating Agency, upon satisfaction of the Note Rating Agency Condition); 

  
 -9- 

 (c) commercial paper (having original or remaining maturities of no more than 30 days), that
shall be rated, at the time of the Trust’s investment or contractual commitment to invest therein, by each Note Rating Agency in its highest rating category (or any other rating from any Note Rating Agency, upon satisfaction of the Note Rating
Agency Condition); 
 (d) demand deposits, time deposits and certificates of deposit which are fully insured by the FDIC; 

(e) bankers’ acceptances (having original maturities of no more than 365 days) issued by any depository institution or trust company
referred to in clause (b) above; 
 (f) time deposits (having maturities not later than the First Note Transfer Date) other than as
referred to in clause (b) above, with a Person the commercial paper of which shall be rated by each Note Rating Agency in its highest rating category (or any other rating from any Note Rating Agency, upon satisfaction of the Note Rating Agency
Condition); or 
 (g) only to the extent permitted by Rule 3a-7 under the Investment Company Act,
(i) money market funds that, at the time of the Trust’s investment therein, are rated by each Note Rating Agency in its highest rating category (or any other rating from any Note Rating Agency, upon satisfaction of the Note Rating Agency
Condition) (including any such fund for which the Indenture Trustee or any Affiliate of the Indenture Trustee is investment manager or advisor) or (ii) any other investment of a type or rating, so long as the Note Rating Agency Condition is
satisfied; 
 provided that Eligible Investments shall not include securities issued by, or other obligations of, any Account Owner. 

“Eligible Receivables” has the meaning specified in the Transfer Agreement. 

“Entity” means any Person other than an individual or government (including any agency or political subdivision thereof).

 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

“Event of Default” has the meaning specified in Section 7.01. 

“Excess Funding Account” has the meaning specified in subsection 5.02(b). 

“Exchange Date” means, with respect to any Series, Class or Tranche of Notes, the latest of: 

(a) in the case of exchanges of beneficial interests in Temporary Global Notes for beneficial interests in Permanent Global Notes in
registered form, any date that is after the related issuance date; 

  
 -10- 

 (b) in the case of exchanges of beneficial interests in Temporary Global Notes for beneficial
interests in Permanent Global Notes in bearer form, the date of presentation of certification of non-United States beneficial ownership (as described in Section 3.05); and 

(c) the earliest date on which such an exchange of a beneficial interest in a Temporary Global Note for a beneficial interest in a Permanent
Global Note is permitted by applicable law. 
 “Expected Final Payment Date” has, with respect to any Series,
Class or Tranche of Notes, the meaning specified in the applicable Indenture Supplement. 
 “FDIC” means the Federal
Deposit Insurance Corporation or any successor thereto. 
 “FDIC Rule” means 12 C.F.R. §360.6, as such may be amended
from time to time, and subject to such clarifications and interpretations as have been provided by the FDIC or by the staff of the FDIC, or as may be provided by the FDIC or its staff from time to time. 

“Federal Bankruptcy Code” means Title 11 of the United States Code, as amended from time to time. 

“Finance Charge Collections” has the meaning specified in the Servicing Agreement. 

“First Note Transfer Date” has the meaning specified in the Servicing Agreement. 

“Fitch” means Fitch, Inc., or any successor thereto. 

“Floating Allocation Percentage” has the meaning specified in the Servicing Agreement. 

“Foreign Currency” means (a) a currency other than Dollars, or (b) denominated in a currency other than Dollars.

 “Foreign Currency Note” means a Note denominated in a Foreign Currency. 

“Foreign Depository” means the Person specified in the applicable Indenture Supplement, in its capacity as depository for
the accounts of any clearing agencies located outside the United States. 
 “Global Note” means any Note issued pursuant
to Section 3.04. 
 “Group” means any one or more Series of Notes which are specified as belonging to a common
group (including any Group established by an Indenture Supplement) in the applicable Indenture Supplement. A particular Series may be included in more than one Group if the Indenture Supplement for such Series so provides. 

“Holder,” when used with respect to any Note, means a Noteholder. 

  
 -11- 

 “Indenture” or “this Indenture” means the Original Indenture,
as amended and restated by this Amended and Restated Indenture, and as further amended, supplemented, restated or otherwise modified from time to time, including by Indenture Supplements for the issuance of Series of Notes entered into pursuant to
the applicable provisions hereof. 
 “Indenture Supplement” means, with respect to any Series of Notes, a supplement to
this Indenture, executed and delivered in conjunction with the issuance of such Notes pursuant to Section 4.01, together with any applicable Terms Document for any Classes and Tranches of Notes belonging to such Series related to such
Indenture Supplement and any amendment to the Indenture Supplement executed pursuant to Section 10.01 or 10.02, and, in either case, including all amendments thereof and supplements thereto. 

“Indenture Trustee” means the Person named as the Indenture Trustee in the first paragraph of this Indenture until a
successor Indenture Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Indenture Trustee” means and includes each Person who is then an Indenture Trustee hereunder. If at any time
there is more than one such Person, “Indenture Trustee” as used with respect to the Notes of any Series, Class or Tranche means the Indenture Trustee with respect to Notes of that Series, Class or Tranche. 

“Indenture Trustee Authorized Officer” means, when used with respect to the Indenture Trustee, any vice president, any
assistant vice president, the treasurer, any assistant treasurer, any senior trust officer or trust officer, or any other officer of the Indenture Trustee customarily performing functions similar to those performed by any of the above designated
officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his or her knowledge of and familiarity with the particular subject. 

“Initial Account” has the meaning specified in the Transfer Agreement. 

“Initial Cut Off Date” has the meaning specified in the Transfer Agreement. 

“Initial Dollar Principal Amount” means (a) unless otherwise specified in the applicable Indenture Supplement, with
respect to a Series, Class or Tranche of Dollar Notes, the aggregate initial principal amount of the Outstanding Notes of such Series, Class or Tranche plus the aggregate initial principal amount of any additional Notes of such Series,
Class or Tranche, and (b) with respect to a Series, Class or Tranche of Discount Notes or Foreign Currency Notes, the amount specified in the applicable Indenture Supplement as the Initial Dollar Principal Amount thereof. 

“Interest-bearing Note” means a Note that bears interest at a stated or computed rate on the principal amount thereof. A
Note may be both an Interest-bearing Note and a Discount Note. 
 “Internal Revenue Code” means the Internal Revenue Code
of 1986, as amended from time to time. 

  
 -12- 

 “Invested Amount” has, with respect to any Collateral Certificate, the meaning
specified in the Series Supplement for the applicable Collateral Certificate and, with respect to any other Investor Certificate, the meaning specified in the applicable Pooling and Servicing Agreement and the related Series Supplement. 

“Investment Company Act” means the Investment Company Act of 1940, as amended. 

“Investor Certificate” means an investor certificate, and not a seller certificate or transferor certificate, issued
pursuant to a Pooling and Servicing Agreement and related Series Supplement. 
 “Investor Communication Reporting Series”
means a Series that, pursuant to the Indenture Supplement therefor, is designated as an “Investor Communication Request Reporting Series.” 

“Investor Communication Reporting Regulation” shall have the meaning specified in Section 14.06(a).

 “Investor Communication Request” means a request from a Noteholder to communicate with other Noteholders related to the
exercise of the Noteholders’ rights under this Indenture and the other documents relating to the Noteholders. 
 “Investor
Certificateholder” means the holder of record of an Investor Certificate. 
 “Issuer” has the meaning specified
in the first paragraph of this Indenture. 
 “Issuer Accounts” means, collectively, the Excess Funding Account, the
Collection Account and any Supplemental Issuer Account, including any Sub-Accounts thereof. 

“Issuer Certificate” means a certificate (including an Officer’s Certificate) signed in the name of an Authorized
Officer of the Issuer, or the Issuer by an Authorized Officer of the Issuer and, in each case delivered to the Indenture Trustee relating to, among other things, the issuance of a new Series, Class or Tranche of Notes. Wherever this Indenture
requires that an Issuer Certificate be signed also by an accountant or other expert, such accountant or other expert (except as otherwise expressly provided in this Indenture) may be an employee of a Beneficiary. 

“Issuer Tax Opinion” means, with respect to any action, an Opinion of Counsel to the effect that, for United States federal
income tax purposes, (a) such action will not adversely affect the tax characterization as debt of any Outstanding Series, Class or Tranche of Notes that were characterized as debt at the time of their issuance, (b) such action will
not cause the Issuer to be treated as an association (or publicly traded partnership) taxable as a corporation and (c) such action will not cause or constitute an event in which gain or loss would be recognized by any Holder of any such Notes.

 “Legal Maturity Date” means, with respect to a Series, Class or Tranche of Notes, the date specified in the
Indenture Supplement for such Notes as the fixed date on which the principal of such Series, Class or Tranche of Notes is due and payable. 

  
 -13- 

 “Majority Holders” means, with respect to any Series, Class or Tranche of
Notes or all Outstanding Notes, the Holders of greater than 50% in Outstanding Dollar Principal Amount of the Outstanding Notes of that Series, Class or Tranche or of all Outstanding Notes, as the case may be. 

“Master Trust” means a master trust or other securitization special purpose entity for which the Transferor or an Affiliate
of the Transferor acts as transferor or seller or servicer, established pursuant to a Pooling and Servicing Agreement. 
 “Master
Trust Servicer” means the entity responsible for the servicing obligations under the applicable Pooling and Servicing Agreement. 

“Master Trust Tax Opinion” means, with respect to any action, an Opinion of Counsel to the effect that, for United States
federal income tax purposes, (a) such action will not adversely affect the tax characterization as debt of the Investor Certificates of any outstanding series or class under the applicable Master Trust that were characterized as debt at the
time of their issuance, (b) such action will not cause such Master Trust to be treated as an association (or publicly traded partnership) taxable as a corporation and (c) such action will not cause or constitute an event in which gain or
loss would be recognized by any Investor Certificateholder of such Master Trust. 
 “Master Trust Trustee” means the
entity acting as trustee under the applicable Pooling and Servicing Agreement. 
 “Monthly Servicer’s Certificate”
has the meaning specified in the Servicing Agreement. 
 “Monthly Noteholders’ Statement” means, with respect to any
Series of Notes, a report, the form of which is attached as an exhibit to the related Indenture Supplement. 
 “Monthly
Period” means, with respect to each Payment Date, unless otherwise provided in an Indenture Supplement, the calendar month immediately preceding such Payment Date; provided, however, that the initial Monthly Period with
respect to any Series will commence on the Closing Date with respect to such Series. 
 “Monthly Pool Balance Percentage”
shall mean, for any day, the percentage equivalent of a fraction, the numerator of which is an amount equal to the portion of the Pool Balance attributable to the Transferor or Account Owner with respect to which an Insolvency Event or a Transfer
Restriction Event has occurred, and the denominator of which is an amount equal to the Pool Balance, in each as of the last day of the immediately preceding Monthly Period. 

“Moody’s” means Moody’s Investors Service, Inc., or any successor thereto. 

“Nominal Liquidation Amount” means, with respect to any Outstanding Series, Class or Tranche of Notes, an amount
determined in accordance with the applicable Indenture Supplement. 

  
 -14- 

 “Note” or “Notes” means any note or notes of any Series,
Class or Tranche authenticated and delivered from time to time under this Indenture. 
 “Note Owner” means the
beneficial owner of an interest in a Global Note. 
 “Note Rating Agency” means, with respect to any Outstanding Series,
Class or Tranche of Notes, each nationally recognized statistical rating organization, as specified in the Indenture Supplement applicable to such Outstanding Series, Class or Tranche of Notes, selected by the Transferor to rate such
Notes. 
 “Note Rating Agency Condition” means, unless otherwise specified in the related Indenture Supplement for any
Series, Class or Tranche of Notes, with respect to any action subject to such condition, (i) that each Note Rating Agency shall have notified the Issuer, the Transferor or the Servicer in writing that the proposed action will not result in
a reduction or withdrawal of its ratings on any outstanding Notes of any Series, Class or Tranche or (ii) if at such time the Note Rating Agency has informed the Issuer, the Transferor or the Servicer that such Note Rating Agency does not
provide such written notifications for transactions of this type, then as to such Note Rating Agency the Issuer 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 the related Indenture Supplement with respect to any specific action, or if 10 Business Days’ prior notice is impractical, such advance notice as is
practicable). For purposes of this Indenture, any Indenture Supplement, the Transfer Agreement and the Servicing Agreement, to the extent the Note Rating Agency Condition is satisfied pursuant to clause (ii) of the preceding sentence, the
Indenture Trustee shall receive, and shall be entitled to rely on, an Officer’s Certificate of the Issuer confirming the satisfaction of the Note Rating Agency Condition. 

“Note Register” has the meaning specified in subsection 4.05(a). 

“Note Registrar” means the Person who keeps the Note Register specified in subsection 4.05(a). 

“Note Transfer Date” has the meaning specified in the Servicing Agreement. 

“Noteholder” means a Person in whose name a Note is registered in the Note Register or the bearer of any Bearer Note
(including a Global Note in bearer form), as the case may be. 
 “Obligor” has the meaning specified in the Transfer
Agreement. 
 “Officer’s Certificate” means a certificate on behalf of any Person that is signed by any authorized
officer or Vice President or more senior officer of such Person and 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 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. 

“Opinion of Counsel” means a written opinion of counsel, who may be an employee of or counsel to an Account Owner, the
Transferor, the Beneficiary or the Servicer. 

  
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 “Original Indenture” has the meaning specified in the recitals hereof. 

“Outstanding,” means, as of the date of determination, all Notes theretofore authenticated and delivered under this
Indenture, except: 
 (a) any Notes theretofore canceled by the Indenture Trustee or delivered to the Indenture Trustee for cancellation
pursuant to Section 4.09, or canceled by the Issuer and delivered to the Indenture Trustee pursuant to Section 4.09; 

(b) any Notes for whose full payment (including principal and interest) or redemption money in the necessary amount has been theretofore
deposited with the Indenture Trustee or any Paying Agent in trust for the Holders of such Notes; provided that, if such Notes are to be redeemed, notice of such redemption has been duly given if required pursuant to this Indenture or the
related Indenture Supplement, or provision therefor satisfactory to the Indenture Trustee has been made; 
 (c) any Notes which are
canceled pursuant to Section 6.03; and 
 (d) any Notes in exchange for or in lieu of which other Notes have been authenticated
and delivered pursuant to this Indenture, or which will have been paid pursuant to the terms of Section 4.06 (except with respect to any such Note as to which proof satisfactory to the Indenture Trustee is presented that such Note is
held by a person in whose hands such Note is a legal, valid and binding obligation of the Issuer). 
 For purposes of determining the
amounts of deposits, allocations, reallocations or payments to be made, unless the context clearly requires otherwise, references to “Notes” will be deemed to be references to “Outstanding Notes.” In determining whether the
Holders of the requisite principal amount of such Outstanding Notes have taken any Action hereunder, and for purposes of Section 9.04, Notes beneficially owned by the Issuer or the Transferor or any Affiliate of the Issuer or the
Transferor will be disregarded and deemed not to be Outstanding. In determining whether the Indenture Trustee will be protected in relying upon any such Action, only Notes which an Indenture Trustee Authorized Officer knows to be owned by the Issuer
or the Transferor or any Affiliate of the Issuer or the Transferor will be so disregarded. Notes so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee creates to the satisfaction of the Indenture Trustee the
pledgee’s right to act as owner with respect to such Notes and that the pledgee is not the Issuer, the Transferor or any other obligor upon the Notes or any Affiliate of the Issuer, the Transferor or such other obligor. 

“Outstanding Dollar Principal Amount” means at any time either: 

(a) with respect to any Series, Class or Tranche of Notes (other than Discount Notes), the aggregate Initial Dollar Principal Amount of
the Outstanding Notes of such Series, Class or Tranche at such time, less the amount of any withdrawals from any Issuer Account or Sub-Account for such Series, Class or Tranche of Notes for
payment of principal to the Holders of such Series, Class or Tranche of Notes or the applicable Derivative Counterparty pursuant to the related Indenture Supplement, or 

  
 -16- 

 (b) with respect to any Series, Class or Tranche of Discount Notes, an amount of the
Outstanding Notes of such Series, Class or Tranche calculated by reference to the applicable formula set forth in the applicable Indenture Supplement, taking into account the amount and timing of payments of principal made to the Holders of
such Series, Class or Tranche or to the applicable Derivative Counterparty and accretions of principal, each pursuant to the related Indenture Supplement; 

plus, in either case, the amount of any increase in the Outstanding Dollar Principal Amount of such Series, Class or Tranche of Notes due to the
issuance of additional Notes of such Series, Class or Tranche pursuant to Section 4.10. 
 “Owner
Trustee” has the meaning specified in the Trust Agreement. 
 “Paying Agent” means any Person authorized by the
Issuer to pay the principal of or interest on any Notes on behalf of the Issuer as provided in Section 11.02. 

“Payment Date” means, with respect to any Series, Class or Tranche of Notes, the fifteenth day of each calendar month
or, if such fifteenth day is not a Business Day, the next succeeding Business Day, or the date otherwise specified in the applicable Indenture Supplement for such Series, Class or Tranche. 

“Payment Instruction” means, with respect to any Series of Notes, the instructions substantially in the form of Exhibit
C, as the same may be supplemented as set forth in the related Indenture Supplement. 
 “Permanent Global Note” has
the meaning specified in Section 3.05. 
 “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 entity or other entity of similar nature. 

“Place of Payment” means, with respect to any Series, Class or Tranche of Notes issued hereunder, the city or political
subdivision so designated with respect to such Series, Class or Tranche of Notes in accordance with the provisions of Section 4.01. 

“Pool Balance” has the meaning specified in the Transfer Agreement. 

“Pooling and Servicing Agreement” means a pooling and servicing agreement, indenture or other agreement for the issuance of
securities from time to time from a Master Trust and the servicing of the receivables in such Master Trust, as such agreement may be amended, restated and supplemented from time to time. 

“Predecessor Notes” of any particular Note means every previous Note evidencing all or a portion of the same debt as that
evidenced by such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 4.06 in lieu of a mutilated, lost, destroyed or stolen Note will be deemed to evidence the same debt as the
mutilated, lost, destroyed or stolen Note. 

  
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 “Principal Collections” has the meaning specified in the Servicing Agreement.

 “Reallocation Group” means a Group of one or more Series as specified in the related Indenture Supplement, if any, with
respect to which reallocation of certain Finance Charge Collections and other similar amounts are to be made among such Series, where applicable, for certain specified purposes as specified in this Indenture or any related Indenture Supplement,
including, to the extent so specified, pooling amounts available to all Series in the particular Reallocation Group prior to any application for individual Series requirements and sharing such amounts among such Series on the basis of the relative
requirements for each such Series. 
 “Receivables” has the meaning specified in the Servicing Agreement. 

“Receivables Purchase Agreement” has the meaning specified in the Transfer Agreement. 

“Record Date” means, for the interest or principal payable on any Note on any applicable Payment Date, the last day of the
calendar month immediately preceding such Payment Date, unless otherwise specified in the applicable Indenture Supplement. 

“Recoveries” has the meaning specified in the Transfer Agreement. 

“Registered Note” means a Note issued in registered form.     

“Registered Noteholder” means a Holder of a Registered Note. 

“Regulation AB” means Subpart 229.1100 – Asset Backed Securities (Regulation AB),
17 C.F.R. §§229.1100-229.1125, as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission in the adopting
releases (Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506 (Jan. 7, 2005); Asset-Backed Securities Disclosure and Registration, Securities Act Release No. 33-9638, 79 Fed. Reg. 57,184 (September 24, 2014)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time. 

“Related Account” has the meaning specified in the Transfer Agreement. 

“Repurchase Reporting Series” means a Series that, pursuant to the Indenture Supplement therefor, is designated as a
“Repurchase Reporting Series.” 
 “Repurchase Rules and Regulations” has the meaning specified in subsection
14.05(a). 
 “Required Pool Balance” has the meaning specified in the Transfer Agreement. 

“Required Seller’s Interest Amount” has the meaning specified in the Transfer Agreement. 

  
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 “Required Subordinated Amount” means, with respect to any Tranche of a Senior
Class of Notes, the amount, if any, specified in the related Indenture Supplement. 
 “RFC VIII” means American
Express Receivables Financing Corporation VIII LLC, a Delaware limited liability company, and its successors and assigns. 

“Sarbanes Certification” has the meaning specified in Section 14.04. 

“Securitization Transaction” means any new issuance of any Series, Class or Tranche of Notes pursuant to
Section 4.10 whether publicly offered or privately placed, rated or unrated. 
 “Securities Act” means the Securities
Act of 1933, as amended from time to time. 
 “Securities Exchange Act” means the Securities Exchange Act of 1934, as
amended from time to time. 
 “Securities Intermediary” has the meaning specified in subsection 2.11(a). 

“Security Interest” means the security interest granted pursuant to the Granting Clause of this Indenture. 

“Seller’s Interest Amount” has the meaning specified in the Transfer Agreement. 

“Senior Class” has, with respect to a Class of Notes of any Series, the meaning specified in the related Indenture
Supplement. 
 “Series” means, with respect to any Note, the Series specified in the applicable Indenture Supplement. 

“Series Available Finance Charge Collections Shortfall,” has, with respect to any Shared Excess Available Finance Charge
Collections Series, the meaning specified in the related Indenture Supplement. 
 “Series Available Principal Collections
Shortfall,” has, with respect to any Shared Excess Available Principal Collections Series, the meaning specified in the related Indenture Supplement. 

“Series Supplement” means a series supplement to a Pooling and Servicing Agreement or similar document setting forth the
terms of a Collateral Certificate, as such agreement may be amended, supplemented, restated or otherwise modified from time to time. 

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

“Servicing Agreement” means the Third Amended and Restated Servicing Agreement, dated as of April 1, 2018, among RFC
VIII, as Transferor, TRS, as Servicer and Administrator, the Issuer, and The Bank of New York Mellon, as Indenture Trustee, as further amended, supplemented or restated from time to time. 

  
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 “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 Fee” has the meaning specified in the
Servicing Agreement. 
 “Shared Excess Available Finance Charge Collections Series” means a Series that, pursuant to the
Indenture Supplement therefor, will share certain Finance Charge Collections allocated to such Series with other Series in the same Shared Excess Available Finance Charge Collections Group, as specifically described in such Indenture Supplement.

 “Shared Excess Available Finance Charge Collections Group” means a Group of Series which have all been designated to
share certain excess Finance Charge Collections allocated to such Series with one another. 
 “Shared Excess Available Principal
Collections Series” means a Series that, pursuant to the Indenture Supplement therefor, will share certain Principal Collections allocated to such Series with other Series in the same Shared Excess Available Principal Collections Group, as
specifically described in such Indenture Supplement. 
 “Shared Excess Available Principal Collections Group” means a
Group of Series which have all been designated to share certain excess Principal Collections allocated to such Series with one another. 

“Standard & Poor’s” means S&P Global Ratings, or any successor thereto. 

“Stated Principal Amount,” has, with respect to any Note, the meaning specified in the related Indenture Supplement or Terms
Document. 
 “Sub-Account” means each
sub-account of an Issuer Account maintained pursuant to this Indenture or the related Indenture Supplement. 

“Subordinated Class” has, with respect to a Class of Notes of any Series, the meaning specified in the related
Indenture Supplement. 
 “Subordinated Notes” means Notes of a Subordinated Class of a Series. 

“Supplemental Credit Enhancement Agreement” means a letter of credit, cash collateral account or surety bond or other
similar arrangement with any credit enhancement provider which provides the benefit of one or more additional forms of credit enhancement which is referenced in the applicable Indenture Supplement for any Series, Class or Tranche of Notes. 

“Supplemental Credit Enhancement Provider” means any party to any Supplemental Credit Enhancement Agreement other than the
Issuer or the Indenture Trustee. 
 “Supplemental Issuer Account” means the trust account or accounts designated as such
and established pursuant to subsection 5.02(c). 

  
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 “Supplemental Liquidity Agreement” means a liquidity facility or other
liquidity agreement which provides the benefit of liquidity for any Series, Class or Tranche of Notes which is referenced in the applicable Indenture Supplement for such Series, Class or Tranche of Notes. 

“Supplemental Liquidity Provider” means any party to any Supplemental Liquidity Agreement other than the Issuer or the
Indenture Trustee. 
 “Temporary Global Note” has the meaning specified in Section 3.05. 

“Terms Document” means, with respect to any Class or Tranche of Notes, a supplement to the Indenture Supplement that
establishes such Class or Tranche. 
 “Tranche” means, with respect to any Class of Notes, Notes of such
Class which have identical terms, conditions and Tranche designation. Notes of a single Tranche may be issued on different dates. 

“Transaction Document” has the meaning specified in the Servicing Agreement. 

“Transfer Agreement” means the Third Amended and Restated Transfer Agreement, dated as of April 1, 2018, among RFC
VIII, as Transferor, the Issuer, and The Bank of New York Mellon, as Indenture Trustee, as further amended, supplemented or restated from time to time. 

“Transfer Restriction Event” has the meaning specified in the Transfer Agreement or in the related Receivables Purchase
Agreement, as applicable. 
 “Transferor” has the meaning specified in the Transfer Agreement. 

“Transferor Amount” has the meaning specified in the Transfer Agreement. 

“Transferor Interest” has the meaning specified in the Transfer Agreement. 

“Transferor Percentage” has the meaning specified in the Servicing Agreement. 

“TRS” means American Express Travel Related Services Company, Inc., a New York corporation, and its successors and assigns.

 “Trust Agreement” means the American Express Issuance Trust II Second Amended and Restated Trust Agreement, dated as of
July 29, 2016, between RFC VIII, as Beneficiary and as Transferor, and Wilmington Trust Company, as Owner Trustee, as the same may be further amended, supplemented, restated and otherwise modified from time to time. 

“Trust Estate” has the meaning specified in the Trust Agreement. 

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended by the Trust Indenture Reform Act of 1990, as in
force at the date as of which this Indenture was executed except as provided in Section 10.05. 

  
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 “UCC” means the Uniform Commercial Code, as amended from time to time, as in
effect in the State of New York or any other relevant jurisdiction. 
 “United States Person” means a citizen or resident
of the United States, a corporation, partnership or other entity created or organized in or under the laws of the United States of America, any one of the states thereof, the District of Columbia or any political subdivision thereof, or an estate or
trust the income of which is subject to United States federal income taxation regardless of its source. 
 “United States
Regulations” means 31 C.F.R. Part 357, Subpart B; 12 C.F.R. Part 615, Subparts O, R and S; 12 C.F.R. Part 987; 12 C.F.R. Part 1511; 24 C.F.R. Part 81, Subpart H; 31 C.F.R. Part 354; 18 C.F.R. Part 1314; and 24 C.F.R. Part 350. 

“U.S. Depository” means, unless otherwise specified by the Issuer pursuant to any of Section 3.04, 3.06,
or 4.01, with respect to Notes of any Tranche issuable or issued as a Global Note within the United States, The Depository Trust Company, New York, New York, or any successor thereto registered as a clearing agency under the Securities
Exchange Act, or other applicable statute or regulation. 
 Section 1.02 Compliance Certificates and Opinions. Upon any
application or request by the Issuer to the Indenture Trustee to take any action under any provision of this Indenture, the Issuer will furnish to the Indenture Trustee (i) an Officer’s Certificate stating that all conditions precedent, if
any, provided for in this Indenture relating to the proposed action have been complied with and (ii) an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent, if any, have been complied with, except that
in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be
furnished. 
 Notwithstanding the provisions of Section 4.10 and of the preceding paragraph, if all Notes of a Series,
Class or Tranche are not to be originally issued at one time, it will not be necessary to deliver the Issuer Certificate otherwise required pursuant to Section 4.10 or the Officer’s Certificate and Opinion of Counsel otherwise
required pursuant to such preceding paragraph at or before the time of authentication of each Note of such Series, Class or Tranche if such documents are delivered at or prior to the authentication upon original issuance of the first Note of
such Series, Class or Tranche to be issued. 
 The Indenture Trustee may rely, as to authorization by the Issuer of any Series,
Class or Tranche of Notes, the form and terms thereof and the legality, validity, binding effect and enforceability thereof, upon the Opinion of Counsel and the other documents delivered pursuant to Section 4.10 and this
Section 1.02, as applicable, in connection with the first authentication of Notes of such Series, Class or Tranche. 

Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (except for the written
statement required by Section 11.04) will include: 

  
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 (a) a statement that each individual signing such certificate or opinion has read such covenant
or condition and the definitions herein relating thereto; 
 (b) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (c) a statement that such
individual has made such examination or investigation as is necessary to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(d) a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 

Section 1.03 Form of Documents Delivered to Indenture Trustee. In any case where several matters are required to be certified by,
or covered by an opinion of, one or more specified Persons, one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to the other matters, and any such Person may certify or give an opinion as
to such matters in one or several documents. 
 Any certificate or opinion of the Issuer may be based, insofar as it relates to legal
matters, upon a certificate or opinion of, or representations by, counsel, unless the Issuer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations are erroneous. Any such certificate or opinion
of, or representation by, counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, the Issuer stating that the information with respect to such factual matters is in the possession of
the Issuer, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations are erroneous. 

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 Section 1.04 Acts of
Noteholders. (a) Any request, demand, authorization, direction, notice, consent, waiver or other action (collectively, an “Action”) provided by this Indenture to be given or taken by Noteholders of any Series, Class or
Tranche may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by an agent duly appointed in writing. If Notes of a Series, Class or Tranche are issuable in whole or in
part as Bearer Notes, any Action provided by this Indenture to be given or taken by such Noteholders may, alternatively, be embodied in and evidenced by the record of such Noteholders voting in favor thereof, either in person or by proxies duly
appointed in writing, at any meeting of Noteholders duly called and held in accordance with the provisions of Section 9.04, or a combination of such instruments and any such record. Except as herein otherwise expressly provided, such
Action will become effective when such instrument or instruments or record are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments and any such record (and the Action embodied
therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments and so voting at any meeting. Proof of 

  
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 execution of any such instrument or of a writing appointing any such agent, or the holding by any Person of a
Note, will be sufficient for any purpose of this Indenture and (subject to Section 8.01) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section 1.04. The record of any meeting
of Noteholders shall be proved in the manner provided in Section 9.04. 
 (b) The fact and date of the execution by any Person
of any such instrument or writing may be proved by the affidavit of a witness to such execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing
such instrument or writing acknowledged to him the execution thereof. Where such execution is by an officer of a corporation or a member of a partnership, on behalf of such corporation or partnership, such certificate or affidavit will also
constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the person executing the same, may also be proved in any other manner which the Indenture Trustee deems
sufficient. 
 (c) (i) The ownership of Registered Notes will be proved by the Note Register. 

(ii) The ownership of Bearer Notes or coupons will be proved by the production of such Bearer Notes or coupons or by a
certificate, satisfactory to the Issuer and the Indenture Trustee, executed, as depositary, by any bank, trust company, recognized securities dealer, as depositary, wherever situated, satisfactory to the Issuer. Each such certificate will be dated
and will state that on the date thereof a Bearer Note or coupon bearing a specified serial number was deposited with or exhibited to such bank, trust company or recognized securities dealer by the Person named in such certificate. Any such
certificate may be issued in respect of one or more Bearer Notes or coupons specified therein. The holding by the Person named in any such certificate of any Bearer Note specified therein will be presumed to continue for a period of one year from
the date of such certificate unless at the time of any determination of such holding (A) another certificate bearing a later date issued in respect of the same Bearer Note or coupon produced, (B) the Bearer Note or coupon specified in such
certificate is produced by some other Person or (C) the Bearer Note or coupon specified in such certificate has ceased to be Outstanding. 

(d) The fact and date of execution of any such instrument or writing, the authority of the Person executing the same and the principal amount
and serial numbers of Bearer Notes held by the Person so executing such instrument or writing and the date of holding the same may also be proved in any other manner which the Indenture Trustee deems sufficient; and the Indenture Trustee may in any
instance require further proof with respect to any of the matters referred to in this Section 1.04. 
 (e) If the Issuer will
solicit from the Holders any Action, the Issuer may, at its option, by an Officer’s Certificate and consistent with the Trust Indenture Act, fix in advance a record date for the determination of Holders entitled to give such Action, but the
Issuer will have no obligation to do so. If the Issuer does not so fix a record date, such record date will be the later of 30 days before the first solicitation of such Action or the date of the most recent list of 

  
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 Noteholders furnished to the Indenture Trustee pursuant to Section 9.01 before such solicitation.
Such Action may be given before or after the record date, but only the Holders of record at the close of business on the record date will be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of Notes
Outstanding have authorized or agreed or consented to such Action, and for that purpose the Notes Outstanding will be computed as of the record date; provided that no such authorization, agreement or consent by the Holders on the record date
will be deemed effective unless it will become effective pursuant to the provisions of this Indenture not later than six months after the record date. 

(f) Any Action by the Holder of any Note will bind the Holder of every Note issued upon the transfer thereof or in exchange therefor or in
lieu thereof, in respect of anything done or suffered to be done by the Indenture Trustee or the Issuer in reliance thereon whether or not notation of such Action is made upon such Note. 

(g) Without limiting the foregoing, a Holder entitled hereunder to take any Action hereunder with regard to any particular Note may do so
with regard to all or any part of the principal amount of such Note or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. Any notice given or Action
taken by a Holder or its agents with regard to different parts of such principal amount pursuant to this paragraph shall have the same effect as if given or taken by separate Holders of each such different part. 

(h) Without limiting the generality of the foregoing, unless otherwise specified pursuant to Section 4.01 or pursuant to one or
more Indenture Supplements, a Holder, including a Depository that is the Holder of a Global Note, may make, give or take, by a proxy or proxies duly appointed in writing, any Action provided in this Indenture to be made, given or taken by Holders,
and a Depository that is the Holder of a Global Note may provide its proxy or proxies to the beneficial owners of interests in or security entitlements to any such Global Note through such Depository’s standing instructions and customary
practices. 
 (i) The Issuer may fix a record date for the purpose of determining the Persons who are beneficial owners of interests in or
security entitlements to any Global Note held by a Depository entitled under the procedures of such Depository to make, give or take, by a proxy or proxies duly appointed in writing, any Action provided in this Indenture to be made, given or taken
by Holders. If such a record date is fixed, the Holders on such record date or their duly appointed proxy or proxies, and only such Persons, shall be entitled to make, give or take such Action, whether or not such Holders remain Holders after such
record date. No such Action shall be valid or effective if made, given or taken more than 90 days after such record date. 

Section 1.05 Notices, etc. to Indenture Trustee and Issuer. Any Action of Noteholders or other document provided or permitted by
this Indenture to be made upon, given or furnished to, or filed with, the Indenture Trustee by any Noteholder or by the Issuer will be sufficient for every purpose hereunder if in writing and mailed, first-class postage prepaid or sent via
electronic transmission to the Indenture Trustee at its Corporate Trust Office, or the Issuer by the Indenture Trustee or by any Noteholder will be sufficient for every purpose hereunder (except as provided in subsection 7.01(c)) if in
writing and mailed, first-class postage prepaid, to the Issuer addressed to it at the address of its principal office specified in the first paragraph of 

  
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 this Indenture or at any other address previously furnished in writing to the Indenture Trustee by the Issuer.

 Section 1.06 Notices to Noteholders, Waiver. Where this Indenture, any Indenture Supplement or any Registered Note provides
for notice to Registered Noteholders of any event, such notice will be sufficiently given (unless otherwise herein, in such Indenture Supplement or in such Registered Note expressly provided) if in writing and mailed, first-class postage prepaid,
sent by facsimile, sent by electronic transmission or personally delivered to each Holder of a Registered Note affected by such event, at such Noteholder’s address as it appears in the Note Register, not later than the latest date, and not
earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Registered Noteholders is given by mail, facsimile, electronic transmission or delivery neither the failure to mail, send by facsimile, send by
electronic transmission or deliver such notice, nor any defect in any notice so mailed, to any particular Noteholders will affect the sufficiency of such notice with respect to other Noteholders and any notice that is mailed, sent by facsimile, sent
by electronic transmission or delivered in the manner herein provided shall conclusively have been presumed to have been duly given. 

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

(b) No notice will be given by mail, facsimile, electronic transmission or otherwise delivered to a Holder of Bearer Notes or coupons in
bearer form. In the case of any Series, Class or Tranche with respect to which any Bearer Notes are Outstanding, any notice required or permitted to be given to Holders of such Bearer Notes will be published in an Authorized Newspaper within
the time period prescribed in this Indenture or the applicable Indenture Supplement. 
 (c) With respect to any Series, Class or
Tranche of Notes, the applicable Indenture Supplement may specify different or additional means of giving notice to the Holders of the Notes of such Series, Class or Tranche. 

(d) Where this Indenture provides for notice to any Note Rating Agency, failure to give such notice will not affect any other rights or
obligations created hereunder and will not under any circumstance constitute an Adverse Effect. 

  
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 Section 1.07 Conflict with Trust Indenture Act. If and to the extent that any
provision of this Indenture limits, qualifies or conflicts with the duties imposed by, or with another provision (an “incorporated provision”) included in this Indenture by operation of, Sections 310 to 318, inclusive, of the Trust
Indenture Act, such imposed duties or incorporated provision will control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the latter provision will be deemed to
apply to this Indenture as so modified or excluded, as the case may be. 
 Section 1.08 Effect of Headings and Table of
Contents. The Article and Section headings herein and the Table of Contents are for convenience only and will not affect the construction hereof. 

Section 1.09 Successors and Assigns. All covenants and agreements in this Indenture by the Issuer will bind its successors and
assigns, whether so expressed or not. All covenants and agreements of the Indenture Trustee in this Indenture shall bind its successors, co-trustees and agents of the Indenture Trustee. 

Section 1.10 Separability. In case any provision in this Indenture or in the Notes will be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby. 
 Section 1.11
Benefits of Indenture. Nothing in this Indenture or in any Notes, express or implied, will give to any Person, other than the parties hereto and their successors hereunder, any Authenticating Agent or Paying Agent, the Note Registrar,
Derivative Counterparties (to the extent specified in the applicable Derivative Agreement), Supplemental Credit Enhancement Providers and Supplemental Liquidity Providers (each to the extent specified in the applicable Supplemental Credit
Enhancement Agreement and Supplemental Liquidity Agreement, as applicable) and the Holders of Notes (or such of them as may be affected thereby), any benefit or any legal or equitable right, remedy or claim under this Indenture. 

Section 1.12 Governing Law. THIS INDENTURE WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION 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. THE STATE OF NEW YORK SHALL BE THE SECURITIES INTERMEDIARY’S JURISDICTION OF THE SECURITIES INTERMEDIARY FOR PURPOSES OF ARTICLES 8 AND 9 OF THE UCC AND THE UNITED STATES REGULATIONS. 

Section 1.13 Counterparts. This Indenture may be executed in any number of counterparts, each of which so executed will be deemed
to be an original, but all such counterparts will together constitute but one and the same instrument. 
 Section 1.14 Indenture
Referred to in the Trust Agreement. This is the Indenture referred to in the Trust Agreement. 

  
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 Section 1.15 Legal Holidays. In any case where the date on which any payment is due
shall not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date
on which nominally due, and no interest shall accrue for the period from and after any such nominal date. 
 [END OF ARTICLE I] 

  
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 ARTICLE II 

COLLATERAL 

Section 2.01 Recording, Etc. 

(a) The Issuer intends the Security Interest granted pursuant to this Indenture in favor of the Indenture Trustee to be prior to all other
liens in respect of the Collateral. Subject to Section 2.02, the Issuer will take all actions necessary to maintain a perfected lien on and Security Interest in the Collateral in favor of the Indenture Trustee. 

(b) The Issuer shall cause each item of the Collateral to be Delivered, and the Indenture Trustee shall hold each item of the Collateral as
Delivered, separate and apart from all other property held by the Indenture Trustee. To the extent that such of the Collateral as constitutes a deposit account is maintained with The Bank of New York Mellon, The Bank of New York Mellon hereby makes
the agreements required under the UCC in order for such deposit account to be Delivered. Notwithstanding any other provision of this Indenture or any Indenture Supplement, the Indenture Trustee shall not hold any part of the Collateral through an
agent or nominee except as expressly permitted by this subsection 2.01(b). 
 (c) The Issuer will from time to time execute,
authorize and deliver all such supplements and amendments hereto and all such financing statements, amendments thereto, instruments of further assurance and other instruments, all as prepared by the Issuer, and will take such other action necessary
or advisable to: 
 (i) grant the Security Interest more effectively in all or any portion of the Collateral; 

(ii) maintain or preserve the Security Interest (and the priority thereof) created by this Indenture or carry out more
effectively the purposes hereof; 
 (iii) perfect, publish notice of or protect the validity of any grant made or to be
made by this Indenture; 
 (iv) enforce the Receivables, any Collateral Certificates, any Derivative Agreements, any
Supplemental Credit Enhancement Agreements and any Supplemental Liquidity Agreements and each other instrument or agreement designated for inclusion in the Collateral; 

(v) preserve and defend title to the Collateral and the rights of the Indenture Trustee in the Collateral against the claims
of all persons and parties; or 
 (vi) pay all taxes or assessments levied or assessed upon the Collateral when due. 

  
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 (d) The Issuer will from time to time promptly pay and discharge all UCC recording and filing
fees, charges and taxes relating to this Indenture, any amendments hereto and any other instruments of further assurance. 
 (e) Without
limiting the generality of subsection 2.01(b) or (c): 
 (i) The Issuer will cause this Indenture, all
amendments and supplements hereto and all financing statements and all amendments to such financing statements and any other necessary documents covering the Indenture Trustee’s right, title and interest in and to the Collateral 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 law fully to preserve and protect the right, title and interest of the Indenture Trustee in and
to all property comprising the Collateral. The Issuer will deliver to 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. The Issuer hereby authorizes the filing of financing statements (and amendments of financing statements) that name the Issuer as debtor and the Indenture Trustee as secured party and that cover all personal property of the
Issuer. The Issuer also hereby ratifies the filing of any such financing statements (or amendments of financing statements) that were filed prior to the execution hereof. 

(ii) The Issuer shall not change its name or its type or jurisdiction of organization unless it has first (A) made all
filings and taken all actions in all relevant jurisdictions under the applicable UCC and other applicable law as are necessary to continue and maintain the first priority perfected Security Interest of the Indenture Trustee in the Collateral, and
(B) delivered to the Indenture Trustee an Opinion of Counsel to the effect that all necessary filings have been made under the applicable UCC in all relevant jurisdictions as are necessary to continue and maintain the first priority perfected
Security Interest of the Indenture Trustee in the Collateral. 
 The duty of the Indenture Trustee to execute or authorize any instrument required pursuant
to this Section 2.01 will arise only if the Indenture Trustee has actual knowledge of the type described in subsection 7.01(c) of the Indenture of any default of the Issuer in complying with the provisions of this
Section 2.01. 
 Section 2.02 Trust Indenture Act Requirements. The release of any Collateral from the lien created
by this Indenture or the release, in whole or in part, of the lien on all Collateral, will not be deemed to impair the Security Interest in contravention of the provisions hereof if and to the extent the Collateral or liens are released pursuant to
the terms hereof. The Indenture Trustee and each of the Noteholders are hereby deemed to acknowledge that a release of Collateral or liens strictly in accordance with the terms hereof will not be deemed for any purpose to be an impairment of the
remaining Security Interest in contravention of the terms of this Indenture. To the extent applicable, without limitation, the Issuer will cause Section 314(d) of the Trust Indenture Act relating to the release of property or securities from
the liens hereof to be complied with. Any certificate or opinion required by Section 314(d) of the Trust Indenture Act may be made by an Authorized Officer of the Issuer, except in cases in which Section 314(d) 

  
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 of the Trust Indenture Act requires that such certificate or opinion be made by an independent person. 

Section 2.03 Suits To Protect the Collateral. Subject to the provisions of this Indenture, the Indenture Trustee will have power
to institute and to maintain such suits and proceedings as it may deem expedient to prevent any impairment of the Collateral by any acts which may be unlawful or in violation of this Indenture, and such suits and proceedings as the Indenture Trustee
may deem expedient to preserve or protect the interests of the Noteholders and the interests of the Indenture Trustee in the Collateral (including power to institute and maintain suits or proceedings to restrain the enforcement of or compliance with
any legislative or other governmental enactment, rule or order that may be unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment, rule or order would impair the Security Interest or be prejudicial to the
interests of the Noteholders or the Indenture Trustee). No counterparties to a Derivative Agreement, Supplemental Credit Enhancement Agreement or Supplemental Liquidity Agreement may direct the Indenture Trustee to enforce the Security Interest.
Each Derivative Counterparty’s, Supplemental Credit Enhancement Provider’s and Supplemental Liquidity Provider’s rights consist solely of the right to receive Finance Charge Collections or Principal Collections, as applicable,
allocated for such party’s benefit pursuant to the related Indenture Supplement. 
 Section 2.04 Purchaser Protected. In
no event will any purchaser in good faith of any property purported to be released hereunder be bound to ascertain the authority of the Indenture Trustee to execute the release or to inquire as to the satisfaction of any conditions required by the
provisions hereof for the exercise of such authority or to see to the application of any consideration given by such purchaser or other transferee; nor will any purchaser or other transferee of any property or rights permitted by this Article
II to be sold be under any obligation to ascertain or inquire into the authority of the Issuer or any other obligor, as applicable, to make any such sale or other transfer. 

Section 2.05 Powers Exercisable by Receiver or Indenture Trustee. In case the Collateral shall be in the possession of a receiver
or trustee, lawfully appointed, the powers conferred in this Article II upon the Issuer or any other obligor, as applicable, with respect to the release, sale or other disposition of such property may be exercised by such receiver or trustee, and an
instrument signed by such receiver or trustee shall be deemed the equivalent of any similar instrument of the Issuer or any other obligor, as applicable, or of any officer or officers thereof required by the provisions of this Article II.

 Section 2.06 Determinations Relating to Collateral. In the event (i) the Indenture Trustee shall receive any written
request from the Issuer or any other obligor for consent or approval with respect to any matter or thing relating to any Collateral or the Issuer’s or any other obligor’s obligations with respect thereto or (ii) there shall be due to
or from the Indenture Trustee under the provisions hereof any performance or the delivery of any instrument or (iii) the Indenture Trustee shall become aware of any nonperformance by the Issuer or any other obligor of any covenant or any breach
of any representation or warranty of the Issuer or any other obligor set forth in this Indenture, then, in each such event, the Indenture Trustee shall be entitled to hire experts, consultants, agents and attorneys to advise the Indenture Trustee on
the manner in which the Indenture Trustee should respond to such request or render any 

  
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 requested performance or response to such nonperformance or breach (the expenses of which will be reimbursed to
the Indenture Trustee pursuant to Section 8.07). The Indenture Trustee will be fully protected in the taking of any action recommended or approved by any such expert, consultant, agent or attorney or agreed to by Holders of not less than
66-2/3% of the Outstanding Dollar Principal Amount of the Outstanding Notes. 
 Section 2.07
Release of all Collateral. 
 (a) Subject to the payment of its fees and expenses pursuant to Section 8.07, the
Indenture Trustee shall, at the request of the Issuer or when otherwise required by the provisions of this Indenture, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee’s interest (which is
held by the Indenture Trustee for the benefit of the Noteholders) in the same, in a manner and under circumstances which are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture
Trustee as provided in this Article II will be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any funds. 

(b) Upon delivery of an Officer’s Certificate of each Transferor certifying that the Issuer’s obligations under this Indenture have
been satisfied and discharged by complying with the provisions of this Article II, the Indenture Trustee shall execute and deliver such releases, termination statements and other instruments (in recordable form, where appropriate) as the
Issuer or any other obligor, as applicable, may reasonably request evidencing the termination of the Security Interest created by this Indenture. 

(c) Each Transferor, the Issuer and the Noteholders shall be entitled to receive at least 10 days written notice when the Indenture Trustee
proposes to take any action pursuant to clause (a), accompanied by copies of any instruments involved, and the Indenture Trustee shall also be entitled to require, as a condition to such action, an Opinion of Counsel, stating the legal effect of any
such action, outlining the steps required to complete the same, and concluding that all conditions precedent to the taking of such action have been complied with. Counsel rendering any such opinion may rely, without independent investigation, on the
accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such action. 

Section 2.08 Certain Actions by Indenture Trustee. Any action taken by the Indenture Trustee pursuant to this
Article II in respect of the release of any or all of the Collateral will be taken by the Indenture Trustee as its interest in such Collateral may appear, and no provision of this Article II is intended to, or will, excuse
compliance with any provision hereof. 
 Section 2.09 Opinions as to Collateral. (a) On the date hereof, the Issuer shall
furnish to the Indenture Trustee an Opinion of Counsel stating that, in the opinion of such counsel, such action has been taken as is necessary to perfect the Security Interest created by this Indenture in favor of the Indenture Trustee and reciting
the details of such action. 
 (b) On or before March 31 in each calendar year, beginning in 2017, the Issuer shall furnish to the
Indenture Trustee an Opinion of Counsel with respect to each UCC financing 

  
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 statement which has been filed by the Issuer with respect to the Collateral either stating that, (i) in the
opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and refiling of such financing statements and amendments thereto as are necessary to maintain the first
priority Security Interest created by this Indenture and reciting the details of such action or (ii) in the opinion of such counsel, no such action is necessary to maintain such Security Interest. Such Opinion of Counsel will also describe the
recording, filing, re-recording and refiling of such financing statements and amendments thereto that will, in the opinion of such counsel, be required to maintain the Security Interest created by this
Indenture until March 31 in the following calendar year. 
 Section 2.10 Certain Commercial Law Representations and
Warranties. The Issuer hereby makes the following representations and warranties. Such representations and warranties shall survive until the termination of this Indenture. Such representations and warranties speak of the date that a security
interest in the Collateral is granted to the Indenture Trustee and shall not be waived by any of the parties to this Indenture unless the Note Rating Agency Condition is satisfied. 

(a) This Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in favor of the Indenture Trustee in
the related Collateral, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the Issuer. 

(b) Each of the existing Receivables and Collateral Certificates constitutes an “account,” a “general intangible,” an
“instrument,” an “uncertificated security” or a “certificated security” within the meaning of the applicable UCC. 

(c) At the time of its grant of any security interest in the related Collateral pursuant to this Indenture, the Issuer owned and had good and
marketable title to such Collateral free and clear of any lien, claim or encumbrance of any Person. 
 (d) The Issuer has caused or will
have caused, within 10 days of the initial execution of this Indenture, 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 related Collateral granted to the Indenture Trustee pursuant to this Indenture. 
 (e) The Issuer has registered the Indenture Trustee
as the registered owner of the related Collateral. 
 (f) Other than the security interest granted to the Indenture Trustee pursuant to
this Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed, the related Collateral. The Issuer has not authorized the filing of and is not aware of any financing statements against the Issuer
that include a description of the related Collateral other than any financing statement relating to the security interest granted to the Indenture Trustee pursuant to this Indenture or that has been terminated. The Issuer is not aware of any
judgment or tax lien filings against the Issuer. 

  
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 Section 2.11 The Securities Intermediary. 

(a) There shall at all times be one or more securities intermediaries appointed for purposes of this Indenture (the
“Securities Intermediary”). The Bank of New York Mellon is hereby appointed as the initial Securities Intermediary hereunder, and The Bank of New York Mellon accepts such appointment. 

(b) The Securities Intermediary shall be, and The Bank of New York Mellon as initial Securities Intermediary hereby
represents and warrants that it is as of the date hereof and shall be, for so long as it is the Securities Intermediary hereunder, a corporation or national bank that in the ordinary course of its business maintains securities accounts for others
and is acting in that capacity hereunder. The Securities Intermediary shall, and The Bank of New York Mellon as initial Securities Intermediary does, agree with the parties hereto that each Issuer Account shall be an account to which financial
assets may be credited and undertake to treat the Indenture Trustee as entitled to exercise the rights that comprise such financial assets. The Securities Intermediary shall, and The Bank of New York Mellon as initial Securities Intermediary does,
agree with the parties hereto that each item of property credited to each Issuer Account shall be treated as a financial asset. The Securities Intermediary shall, and The Bank of New York Mellon as initial Securities Intermediary does, agree with
the parties hereto that the securities intermediary’s jurisdiction of the Securities Intermediary with respect to the Collateral shall be the State of New York. The Securities Intermediary shall, and The Bank of New York Mellon as initial
Securities Intermediary does, represent and covenant that it is not and will not be (as long as it is the Securities Intermediary hereunder) a party to any agreement that is inconsistent with the provisions of this Indenture. The Securities
Intermediary shall, and The Bank of New York Mellon as initial Securities Intermediary does, covenant that it will not take any action inconsistent with the provisions of this Indenture applicable to it. The Securities Intermediary shall, and The
Bank of New York Mellon as initial Securities Intermediary does, agree that any item of property credited to any Issuer Account shall not be subject to any security interest, lien, encumbrance or right of setoff in favor of the Securities
Intermediary or anyone claiming through the Securities Intermediary (other than the Indenture Trustee). 
 (c) It is the
intent of the Indenture Trustee and the Issuer that each Issuer Account shall be a securities account of the Indenture Trustee and not an account of the Issuer. Nonetheless, the Securities Intermediary shall agree to comply with entitlement orders
originated by the Indenture Trustee without further consent by the Issuer or any other person or entity, and The Bank of New York Mellon as initial Securities Intermediary agrees that, for so long as it is the Securities Intermediary hereunder, it
will comply with entitlement orders originated by the Indenture Trustee without further consent by the Issuer or any other person or entity. The Securities Intermediary shall covenant that it will not agree with any person or entity other than the
Indenture Trustee that it will comply with entitlement orders originated by any person or entity other than the Indenture Trustee, and The Bank of New York Mellon as initial Securities Intermediary hereby covenants that, for so long as it is the
Securities Intermediary hereunder, it will not agree with any person or entity other than the Indenture Trustee that it will comply with entitlement orders originated by any person or entity other than the Indenture Trustee. 

  
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 (d) Nothing herein shall imply or impose upon the Securities Intermediary any
duties or obligations other than those expressly set forth herein and those applicable to a securities intermediary under the UCC and the United States Regulations (and the Securities Intermediary shall be entitled to all of the protections
available to a securities intermediary under the UCC and the United States Regulations). Without limiting the foregoing, nothing herein shall imply or impose upon the Securities Intermediary any duties of a fiduciary nature (such as the fiduciary
duties of the Indenture Trustee hereunder). 
 (e) The Securities Intermediary may at any time resign by notice to the
Indenture Trustee and may at any time be removed by notice from the Indenture Trustee; provided that it shall be the responsibility of the Indenture Trustee to appoint a successor Securities Intermediary and to cause the Issuer Accounts to be
established and maintained with such successor Securities Intermediary in accordance with the terms hereof; and the responsibilities and duties of the retiring Securities Intermediary hereunder shall remain in effect until all of the Collateral
credited to the Issuer Accounts held by such retiring Securities Intermediary have been transferred to such successor. Any corporation into which the Securities Intermediary may be merged or converted or with which it may be consolidated, or any
corporation resulting from any merger, consolidation or conversion to which the Securities Intermediary shall be a party, shall be the successor of the Securities Intermediary hereunder, without the execution or filing of any further act on the part
of the parties hereto or such Securities Intermediary or such successor corporation. 
 [END OF ARTICLE II] 

  
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 ARTICLE III 

NOTE FORMS 

Section 3.01 Forms Generally. The Notes will have such appropriate insertions, omissions, substitutions and other variations as
are required or permitted by this Indenture or the applicable Indenture Supplement and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon, as may be required to comply with applicable laws
or regulations or with the rules of any securities exchange, or as may, consistently herewith, be determined by the Issuer, as evidenced by the Issuer’s execution of such Notes. Any portion of the text of any Note may be set forth on the
reverse thereof, with an appropriate reference thereto on the face of the Note. 
 The definitive Notes will be typewritten, printed,
lithographed or engraved or produced by any combination of these methods (with or without steel engraved borders) or may be produced in any other manner, all as determined by the Issuer, as evidenced by the Issuer’s execution of such Notes,
subject, with respect to the Notes of any Series, Class or Tranche, to the rules of any securities exchange on which such Notes are listed. 

Section 3.02 Forms of Notes. Each Note will be in one of the forms approved from time to time by or pursuant to an Indenture
Supplement. Before the delivery of a Note to the Indenture Trustee for authentication in any form approved by or pursuant to an Issuer Certificate, the Issuer will deliver to the Indenture Trustee the Issuer Certificate by or pursuant to which such
form of Note has been approved, which Issuer Certificate will have attached thereto a true and correct copy of the form of Note which has been approved thereby or, if an Issuer Certificate authorizes a specific officer or officers of a Beneficiary
to approve a form of Note, a certificate of such officer or officers approving the form of Note attached thereto. Any form of Note approved by or pursuant to an Issuer Certificate must be acceptable as to form to the Indenture Trustee, such
acceptance to be evidenced by the Indenture Trustee’s authentication of Notes in that form or a certificate signed by an Indenture Trustee Authorized Officer and delivered to the Issuer. 

Section 3.03 Form of Indenture Trustee’s Certificate of Authentication. The form of Indenture Trustee’s Certificate of
Authentication for any Note issued pursuant to this Indenture will be substantially as follows: 
 TRUSTEE’S CERTIFICATE OF
AUTHENTICATION 
 This is one of the Notes of the Series, Class or Tranche designated therein referred to in the within-mentioned
Indenture. 
  

			
	 THE BANK OF NEW YORK MELLON,

    as Indenture Trustee,

	
	
By:                  
                                         
      

		 	 Authorized Signatory

		
	 Dated:
	 	                                   
                         

  
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 Section 3.04 Notes Issuable in the Form of a Global Note. (a) If the Issuer
establishes pursuant to Sections 3.02 and 4.01 that the Notes of a particular Series, Class or Tranche are to be issued in whole or in part in the form of one or more Global Notes, then the Issuer will execute and the Indenture
Trustee or its agent will, in accordance with Section 4.03 and the Issuer Certificate delivered to the Indenture Trustee or its agent thereunder, authenticate and deliver, such Global Note or Notes, which, unless otherwise provided in
the applicable Indenture Supplement (i) will represent, and will be denominated in an amount equal to the aggregate Stated Principal Amount (or in the case of Discount Notes, the aggregate Stated Principal Amount at the Expected Final Payment
Date of such Notes) of the Outstanding Notes of such Series, Class or Tranche to be represented by such Global Note or Notes, or such portion thereof as the Issuer will specify in an Issuer Certificate, (ii) in the case of Registered
Notes, will be registered in the name of the Depository for such Global Note or Notes or its nominee, (iii) will be delivered by the Indenture Trustee or its agent to the Depository or pursuant to the Depository’s instruction, (iv) if
applicable, will bear a legend substantially to the following effect: “Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for
registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to
such other entity as is requested by an authorized representative of DTC), any transfer, pledge or other use hereof for value or otherwise by or to any person is wrongful inasmuch as the registered owner hereof, Cede & Co., has an interest
herein” and (v) may bear such other legend as the Issuer, upon advice of counsel, deems to be applicable. 
 (b) Notwithstanding
any other provisions of this Section 3.04 or of Section 4.05, and subject to the provisions of paragraph (c) below, unless the terms of a Global Note or the applicable Indenture Supplement expressly permit such Global
Note to be exchanged in whole or in part for individual Notes, a Global Note may be transferred, in whole but not in part and in the manner provided in Section 4.05, only to a nominee of the Depository for such Global Note, or to the
Depository, or a successor Depository for such Global Note selected or approved by the Issuer, or to a nominee of such successor Depository. 

(c) With respect to Notes issued within the United States, unless otherwise specified in the applicable Indenture Supplement, or with respect
to Notes issued outside the United States, if specified in the applicable Indenture Supplement: 
 (i) If at any time the
Depository for a Global Note notifies the Issuer that it is unwilling or unable to continue as Depository for such Global Note or if at any time the Depository for the Notes for such Series, Class or Tranche ceases to be a clearing agency
registered under the Securities Exchange Act, or other applicable statute or regulation, the Issuer will appoint a successor Depository with respect to such Global Note. If a successor Depository for such Global Note is not appointed by the Issuer
within 90 days after the Issuer receives such notice or becomes aware of such ineligibility, the Issuer will execute, and the Indenture Trustee or its agent, upon receipt of an Issuer Certificate requesting the authentication and delivery of
individual Notes of such Series, Class or Tranche in exchange for such Global Note, will authenticate and deliver, individual Notes of such Series, Class or Tranche of like tenor and terms in an 

  
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 aggregate Stated Principal Amount equal to the Stated Principal Amount of the Global Note in exchange for such
Global Note. 
 (ii) The Issuer may at any time and in its sole discretion determine that the Notes of any Series, Class or Tranche or
portion thereof issued or issuable in the form of one or more Global Notes will no longer be represented by such Global Note or Notes. In such event the Issuer will execute, and the Indenture Trustee, upon receipt of a written request by the Issuer
for the authentication and delivery of individual Notes of such Series, Class or Tranche in exchange in whole or in part for such Global Note, will authenticate and deliver individual Notes of such Series, Class or Tranche of like tenor
and terms in definitive form in an aggregate Stated Principal Amount equal to the Stated Principal Amount of such Global Note or Notes representing such Series, Class or Tranche or portion thereof in exchange for such Global Note or Notes. 

(iii) If specified by the Issuer pursuant to Sections 3.02 and 4.01 with respect to Notes issued or issuable in the form of a
Global Note, the Depository for such Global Note may surrender such Global Note in exchange in whole or in part for individual Notes of such Series, Class or Tranche of like tenor and terms in definitive form on such terms as are acceptable to
the Issuer and such Depository. Thereupon the Issuer will execute, and the Indenture Trustee or its agent will authenticate and deliver, without service charge, (A) to each Person specified by such Depository a new Note or Notes of the same
Series, Class or Tranche of like tenor and terms and of any authorized denomination as requested by such Person in aggregate Stated Principal Amount equal to and in exchange for such Person’s beneficial interest in the Global Note; and
(B) to such Depository a new Global Note of like tenor and terms and in an authorized denomination equal to the difference, if any, between the Stated Principal Amount of the surrendered Global Note and the aggregate Stated Principal Amount of
Notes delivered to the Holders thereof. 
 (iv) If any Event of Default has occurred and is continuing with respect to such Global Notes,
and Holders of Notes evidencing more than 50% of the unpaid Outstanding Dollar Principal Amount of the Global Notes of that Series, Class or Tranche advise the Indenture Trustee and the Depository that a Global Note is no longer in the best
interest of the Noteholders, the Holders of Global Notes of that Tranche may exchange such Notes for individual Notes. 
 (v) In any
exchange provided for in any of the preceding four paragraphs, the Issuer will execute and the Indenture Trustee or its agent will authenticate and deliver individual Notes in definitive registered form in authorized denominations. Upon the exchange
of the entire Stated Principal Amount of a Global Note for individual Notes, such Global Note will be canceled by the Indenture Trustee or its agent. Except as provided in the preceding paragraphs, Notes issued in exchange for a Global Note pursuant
to this Section 3.04 will be registered in such names and in such authorized denominations as the Depository for such Global Note, pursuant to instructions from its direct or indirect participants or otherwise, will instruct the
Indenture Trustee or the Note Registrar. The Indenture Trustee or the Note Registrar will deliver such Notes to the Persons in whose names such Notes are so registered. 

  
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 Section 3.05 Temporary Global Notes and Permanent Global Notes. (a) If
specified in the applicable Indenture Supplement for any Tranche, all or any portion of a Global Note may initially be issued in the form of a single temporary global Bearer Note or Registered Note (the “Temporary Global Note”), without
interest coupons, in the denomination of the entire aggregate principal amount of such Series, Class or Tranche and substantially in the form set forth in the exhibit with respect thereto attached to the applicable Indenture Supplement. The
Temporary Global Note will be authenticated by the Indenture Trustee upon the same conditions, in substantially the same manner and with the same effect as the Notes in definitive form. The Temporary Global Note may be exchanged as described below
or in the applicable Indenture Supplement for permanent global Bearer Notes or Registered Notes (the “Permanent Global Notes”). 

(b) Unless otherwise provided in the applicable Indenture Supplement, exchanges of beneficial interests in or security entitlements to
Temporary Global Notes for beneficial interests in or security entitlements to Permanent Global Notes will be made as provided in this subsection 3.05(b). The Beneficiary will, upon its determination of the date of completion of the
distribution of the Notes of such Series, Class or Tranche, so advise the Indenture Trustee, the Issuer, the Foreign Depository, and each foreign clearing agency forthwith. Without unnecessary delay, but in any event not prior to the Exchange
Date, the Issuer will execute and deliver to the Indenture Trustee at the office or its designated agent outside the United States Permanent Global Notes in bearer or registered form (as specified in the applicable Indenture Supplement) in an
aggregate principal amount equal to the Outstanding Dollar Principal Amount of such Series, Class or Tranche of Notes. Bearer Notes so issued and delivered may have coupons attached. The Temporary Global Note may be exchanged for an equal
aggregate principal amount of Permanent Global Notes only on or after the Exchange Date. A United States Person may exchange its beneficial interest in or security entitlement to the Temporary Global Note only for an equal aggregate principal amount
of Permanent Global Notes in registered form bearing the applicable legend set forth in the form of Registered Note attached to the applicable Indenture Supplement and having a minimum denomination of $500,000, which may be in temporary form if the
Issuer so elects. The Issuer may waive the $500,000 minimum denomination requirement if it so elects. Upon any demand for exchange for Permanent Global Notes in accordance with this subsection 3.05(b), the Issuer will cause the Indenture
Trustee to authenticate and deliver the Permanent Global Notes to the Holder (x) outside the United States, in the case of Bearer Notes and (y) according to the instructions of the Holder, in the case of Registered Notes, but in either
case only upon presentation to the Indenture Trustee of a written statement substantially in the form of Exhibit B-1 (or such other form as the Issuer may determine) with respect to the Temporary
Global Note, or portion thereof being exchanged, signed by a foreign clearing agency or Foreign Depository and dated on the Exchange Date or a subsequent date, to the effect that it has received in writing or by tested telex a certification
substantially in the form of (i) in the case of beneficial ownership of the Temporary Global Note, or a portion thereof being exchanged, by a United States institutional investor pursuant to this clause, the certificate in the form of
Exhibit B-2 (or such other form as the Issuer may determine) signed by the Beneficiary which sold the relevant Notes or (ii) in all other cases, the certificate in the form of Exhibit B-3 (or such other form as the Issuer may determine), the certificate referred to in this clause (ii) being dated on the earlier of the first payment of interest in respect of such Note and the
date of the delivery of such Note in definitive form. Upon receipt of such certification, the Indenture Trustee will cause the Temporary Global Note to be endorsed in 

  
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accordance with subsection 3.05(d). Any exchange as provided in this Section 3.05 will be made free of charge to the Holders and the beneficial owners of the Temporary Global
Note and to the beneficial owners of the Permanent Global Note issued in exchange, except that a Person receiving the Permanent Global Note must bear the cost of insurance, postage, transportation and the like in the event that such Person does not
receive such Permanent Global Note in person at the offices of a foreign clearing agency or Foreign Depository. 
 (c) The delivery to the
Indenture Trustee by a foreign clearing agency or Foreign Depository of any written statement referred to above may be relied upon by the Issuer and the Indenture Trustee as conclusive evidence that a corresponding certification or certifications
has or have been delivered to such foreign clearing agency pursuant to the terms of this Indenture. 
 (d) Upon any such exchange of all or
a portion of the Temporary Global Note for a Permanent Global Note or Notes, such Temporary Global Note will be endorsed by or on behalf of the Indenture Trustee to reflect the reduction of its principal amount by an amount equal to the aggregate
principal amount of such Permanent Global Note or Notes. Until so exchanged in full, such Temporary Global Note will in all respects be entitled to the same benefits under this Indenture as Permanent Global Notes authenticated and delivered
hereunder except that the beneficial owners of such Temporary Global Note will not be entitled to receive payments of interest on the Notes until they have exchanged their beneficial interests in or security entitlements to such Temporary Global
Note for Permanent Global Notes. 
 Section 3.06 Beneficial Ownership of Global Notes. Until definitive Notes have been issued
to the applicable Noteholders pursuant to Section 3.04 or as otherwise specified in any applicable Indenture Supplement: 
 (a)
the Issuer and the Indenture Trustee may deal with the applicable clearing agency or Depository and the clearing agency’s or Depository’s participants for all purposes (including the making of distributions) as the authorized
representatives of the respective Note Owners; and 
 (b) the rights of the respective Note Owners will be exercised only through the
applicable clearing agency or Depository and the clearing agency’s or Depository’s participants and will be limited to those established by law and agreements between such Note Owners and the clearing agency or Depository and/or the
clearing agency’s or Depository’s participants. Pursuant to the operating rules of the applicable clearing agency, unless and until Notes in definitive form are issued pursuant to Section 3.04, the clearing agency or the
Depository will make book-entry transfers among the clearing agency’s or the Depository’s participants and receive and transmit distributions of principal and interest on the related Notes to such clearing agency’s or
Depository’s participants. 
 For purposes of any provision of this Indenture requiring or permitting Actions with the consent of, or
at the direction of, Noteholders evidencing a specified percentage of the Outstanding Dollar Principal Amount of Outstanding Notes, such direction or consent may be given by Note Owners (acting through the clearing agency and the clearing
agency’s participants) owning interests in or security entitlements to Notes evidencing the requisite percentage of principal amount of Notes. 

  
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 Section 3.07 Notices to Depository. Whenever any notice or other communication is
required to be given to Noteholders with respect to which book-entry Notes have been issued, unless and until Notes in definitive form will have been issued to the related Note Owners, the Indenture Trustee will give all such notices and
communications to the applicable clearing agency or Depository. 
 Section 3.08 CUSIP Numbers. In issuing the Notes, the Issuer
may use “CUSIP” numbers (if then generally in use), and, if so, the Indenture Trustee shall use such CUSIP numbers in notices of redemption as a convenience to Holders; provided that, subject to Section 8.01, any such
notice may state that (a) no representation is made as to the correctness of such CUSIP numbers as printed on the related Notes or as contained in any notice of redemption, (b) reliance may be placed only on the other identification
numbers, if any, printed on the Notes and (c) any such redemption shall not be affected by any defect in or omission of such CUSIP numbers. The Issuer will promptly notify the Indenture Trustee written notice of any change in the CUSIP numbers
for any Outstanding Note. 
 [END OF ARTICLE III] 

  
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 ARTICLE IV 

THE NOTES 

Section 4.01 General Title, General Limitations, Issuable in Series, Terms of a Series, Class or Tranche of Notes.
(a) The aggregate Stated Principal Amount of Notes which may be authenticated and delivered and Outstanding under this Indenture is not limited. 

(b) The Notes may be issued in one or more Series, Classes or Tranches up to an aggregate Stated Principal Amount of Notes as from time to
time may be authorized by the Issuer. All Notes of each Series, Class or Tranche under this Indenture will in all respects be equally and ratably entitled to the benefits hereof with respect to such Series, Class or Tranche without
preference, priority or distinction on account of (i) the actual time of the authentication and delivery, (ii) the Expected Final Payment Date or (iii) the Legal Maturity Date of the Notes of such Series, Class or Tranche, except
as specified in the applicable Indenture Supplement for such Series, Class or Tranche of Notes. 
 (c) Each Note issued must be part
of a Series, Class and Tranche of Notes for purposes of allocations pursuant to this Indenture, the related Indenture Supplement, the Transfer Agreement and the Servicing Agreement. A Series of Notes is created pursuant to an Indenture
Supplement. A Class or Tranche of Notes is created pursuant to an Indenture Supplement or pursuant to a Terms Document related to the Indenture Supplement for the applicable Series. 

(d) Each Series of Notes may be assigned to a Group or Groups (now existing or hereafter created) of Notes for purposes of allocations of
certain collections pursuant to Section 4.12 and the related Indenture Supplement. The related Indenture Supplement will identify the Group or Groups, if any, to which a Series of Notes has been assigned and the manner and extent to which
Series in the same Group or Groups will share certain amounts. 
 (e) Each Series of Notes may, but need not be, subdivided into multiple
Classes. Notes belonging to a Class in any Series may be entitled to specified payment priorities over other Classes of Notes in that Series. 

(f) Notes of a Series that belong to different Classes in that Series belong to different Tranches on the basis of the difference in
Class membership. 
 (g) Each Class of Notes may consist of a single Tranche or may be subdivided into multiple Tranches. Notes
of a single Class of a Series will belong to different Tranches if they have different terms and conditions. With respect to any Class of Notes, Notes which have identical terms, conditions and Tranche designation will be deemed to be part
of a single Tranche of Notes. 
 (h) Before the initial issuance of Notes of each Series, Class or Tranche, there shall also be
established in or pursuant to an Indenture Supplement or pursuant to a Terms Document related to the applicable Indenture Supplement, provision for: 

  
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 (i) the Series designation; 

(ii) the Stated Principal Amount of the Notes; 

(iii) whether such Series belongs to any Group or Groups; 

(iv) whether such Notes are of a particular Class of Notes or a Tranche of a Class of Notes; 

(v) the Required Subordinated Amount (if any) for such Class or Tranche of Notes; 

(vi) the currency or currencies in which such Notes will be denominated and in which payments of principal of; and interest
on, such Notes will or may be payable; 
 (vii) if the principal of or interest, if any, on such Notes are to be payable,
at the election of the Issuer or a Holder thereof, in a currency or currencies other than that in which the Notes are stated to be payable, the period or periods within which, and the terms and conditions upon which, such election may be made; 

(viii) if the amount of payments of principal of or interest, if any, on such Notes may be determined with reference to an
index based on (A) a currency or currencies other than that in which the Notes are stated to be payable, (B) changes in the prices of one or more other securities or Groups or indexes of securities or (C) changes in the prices of one
or more commodities or Groups or indexes of commodities, or any combination of the foregoing, the manner in which such amounts will be determined; 

(ix) the price or prices at which such Series, Class or Tranche of Notes will be issued; 

(x) the times at which such Series, Class or Tranche of Notes may, pursuant to any optional or mandatory redemption
provisions, be redeemed, and the other terms and provisions of any such redemption provisions; 
 (xi) the rate per annum
at which such Series, Class or Tranche of Notes will bear interest, if any, or the formula or index on which such rate will be determined, including all relevant definitions, and the date from which interest will accrue; 

(xii) each Payment Date, the Expected Final Payment Date and the Legal Maturity Date for such Series, Class or Tranche
of Notes; 
 (xiii) the Initial Dollar Principal Amount of such Notes, and the means for calculating the Outstanding Dollar
Principal Amount of such Series, Class or Tranche of Notes; 

  
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 (xiv) the Nominal Liquidation Amount of such Series, Class or Tranche of
Notes, and the means for calculating the Nominal Liquidation Amount of such Series, Class or Tranche of Notes; 
 (xv)
whether or not application will be made to list such Series, Class or Tranche of Notes on any securities exchange; 

(xvi) any Events of Default or Early Amortization Events with respect to such Series, Class or Tranche of Notes, if not
set forth herein and any additions, deletions or other changes to the Events of Default or Early Amortization Events set forth herein that will be applicable to such Series, Class or Tranche of Notes (including a provision making any Event of
Default or Early Amortization Event set forth herein inapplicable to the Notes of that Series, Class or Tranche); 

(xvii) the appointment by the Indenture Trustee of an Authenticating Agent in one or more places other than the location of
the office of the Indenture Trustee with power to act on behalf of the Indenture Trustee and subject to its direction in the authentication and delivery of such Notes in connection with such transactions as will be specified in the provisions of
this Indenture or in or pursuant to the applicable Indenture Supplement creating such Series, Class or Tranche; 

(xviii) if such Series, Class or Tranche of Notes will be issued in whole or in part in the form of a Global Note or
Global Notes, the terms and conditions, if any, upon which such Global Note or Global Notes may be exchanged in whole or in part for other individual Notes; and the Depository for such Global Note or Global Notes (if other than the Depository
specified in Section 1.01); 
 (xix) if such Series, Class or Tranche of Notes will be issued in whole or
in part as Registered Notes, Bearer Notes or both, whether such Series, Class or Tranche of Notes are to be issued with or without coupons or both; 

(xx) the subordination of such Series, Class or Tranche of Notes to any other indebtedness of the Issuer, including
without limitation, the Notes of any other Series, Class or Tranche; 
 (xxi) if such Series, Class or Tranche of
Notes are to have the benefit of any Derivative Agreement, the terms and provisions of such agreement; 
 (xxii) if such
Series, Class or Tranche of Notes are to have the benefit of any Supplemental Credit Enhancement Agreement or Supplemental Liquidity Agreement, the terms and provisions of the applicable agreement; 

(xxiii) the Record Date for any Payment Date of such Series, Class or Tranche of Notes, if different from the last day
of the month before the related Payment Date; 

  
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 (xxiv) the amount scheduled to be deposited on each Payment Date during an
amortization period or accumulation period for such Series, Class or Tranche of Notes; 
 (xxv) whether and under what
conditions, additional amounts will be payable to Noteholders; and 
 (xxvi) any other terms of such Notes as stated in the
related Indenture Supplement; 
 all upon such terms as may be determined in or pursuant to an Indenture Supplement with respect to such Series,
Class or Tranche of Notes. 
 (i) The form of the Notes of each Series, Class or Tranche will be established pursuant to the
provisions of this Indenture and the related Indenture Supplement or Terms Document creating such Series, Class or Tranche of Notes. The Notes of each Series, Class or Tranche will be distinguished from the Notes of each other Series,
Class or Tranche in such manner, reasonably satisfactory to the Indenture Trustee, as the Issuer may determine. 
 (j) Any terms or
provisions in respect of the Notes of any Series, Class or Tranche issued under this Indenture may be determined pursuant to this Section 4.01 by providing in the applicable Indenture Supplement for the method by which such terms or
provisions will be determined. 
 Section 4.02 Denominations. The Notes of each Series, Class or Tranche will be issuable
in such denominations and currency as will be provided in the provisions of this Indenture or in or pursuant to the applicable Indenture Supplement. In the absence of any such provisions with respect to the Registered Notes of any Series,
Class or Tranche, the Registered Notes of that Series, Class or Tranche will be issued in denominations of $100,000 and integral multiples of $1,000. In the absence of any such provisions with respect to the Bearer Notes of any Series,
Class or Tranche, the Bearer Notes of that Series, Class or Tranche will be issued in denominations of 1,000, 5,000, 50,000 and 100,000 units of the applicable currency. 

Section 4.03 Execution, Authentication and Delivery and Dating. (a) The Notes will be executed on behalf of the Issuer by an
Authorized Officer of the Issuer. The signature of any officer of any Beneficiary or the Owner Trustee on the Notes may be manual or facsimile or may be given by other electronic means. 

(b) Notes bearing the manual, facsimile or other electronic signatures of individuals who were at any time an Authorized Officer of the
Issuer will bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices before the authentication and delivery of such Notes or did not hold such offices at the date of issuance of such Notes. 

(c) At any time and from time to time after the execution and delivery of this Indenture, the Issuer may deliver Notes executed by the Issuer
to the Indenture Trustee for authentication; and the Indenture Trustee will, upon request by an Officer’s Certificate, authenticate and deliver such Notes as in this Indenture provided and not otherwise. 

  
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 (d) Before any such authentication and delivery, the Indenture Trustee will be entitled to
receive, in addition to any Officer’s Certificate and Opinion of Counsel required to be furnished to the Indenture Trustee pursuant to Section 1.02, the Issuer Certificate and any other opinion or certificate relating to the
issuance of the Series, Class or Tranche of Notes required to be furnished pursuant to Section 3.02 or Section 4.10. 

(e) The Indenture Trustee will not be required to authenticate such Notes if the issue thereof will adversely affect the Indenture
Trustee’s own rights, duties or immunities under the Notes and this Indenture. 
 (f) Unless otherwise provided in the form of Note
for any Series, Class or Tranche, all Notes will be dated the date of their authentication. 
 (g) No Note will be entitled to any
benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Note a Certificate of Authentication substantially in the form provided for herein executed by the Indenture Trustee by manual signature of an
authorized signatory, and such certificate upon any Note will be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 

Section 4.04 Temporary Notes. (a) Pending the preparation of definitive Notes of any Series, Class or Tranche, the
Issuer may execute, and, upon receipt of the documents required by Section 4.03, together with an Officer’s Certificate, the Indenture Trustee will authenticate and deliver, temporary Notes which are printed, lithographed,
typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Notes in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations
as the Issuer may determine, as evidenced by the Issuer’s execution of such Notes. 
 (b) If temporary Notes of any Series,
Class or Tranche are issued, the Issuer will cause definitive Notes of such Series, Class or Tranche to be prepared without unreasonable delay. After the preparation of definitive Notes, the temporary Notes of such Series, Class or
Tranche will be exchangeable for definitive Notes of such Series, Class or Tranche upon surrender of the temporary Notes of such Series, Class or Tranche at the office or agency of the Issuer in a Place of Payment, without charge to the
Holder; and upon surrender for cancellation of any one or more temporary Notes the Issuer will execute and the Indenture Trustee will authenticate and deliver in exchange therefor a like Stated Principal Amount of definitive Notes of such Series,
Class or Tranche of authorized denominations and of like tenor and terms. Until so exchanged the temporary Notes of such Series, Class or Tranche will in all respects be entitled to the same benefits under this Indenture as definitive
Notes of such Series, Class or Tranche. 
 Section 4.05 Registration, Transfer and Exchange. (a) The Issuer will keep
or cause to be kept a register (herein sometimes referred to as the “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Issuer will provide for the registration of Registered Notes, or of Registered
Notes of a particular Series, Class or Tranche, and for transfers of Registered Notes or of Registered Notes of such Series, Class or Tranche. Any such register will be in written form or in any other form capable of being converted into

  
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 written form within a reasonable time. At all reasonable times the information contained in such register or
registers will be available for inspection by the Indenture Trustee at the office or agency to be maintained by the Issuer as provided in Section 11.02. 

(b) Subject to Section 3.04, upon surrender for transfer of any Registered Note of any Series, Class or Tranche at the
office or agency of the Issuer in a Place of Payment, if the requirements of Section 8-401 (a) of the UCC are met, the Issuer will execute, and, upon receipt of such surrendered Note, the Indenture
Trustee will authenticate and deliver, in the name of the designated transferee or transferees, one or more new Registered Notes of such Series, Class or Tranche of any authorized denominations, of a like aggregate Stated Principal Amount,
Expected Final Payment Date and Legal Maturity Date and of like terms. 
 (c) Subject to Section 3.04, at the option of the
Holder, Notes of any Series, Class or Tranche may be exchanged for other Notes of such Series, Class or Tranche of any authorized denominations, of a like aggregate Stated Principal Amount, Expected Final Payment Date and Legal Maturity
Date and of like terms, upon surrender of the Notes to be exchanged at such office or agency. Registered Notes, including Registered Notes received in exchange for Bearer Notes, may not be exchanged for Bearer Notes. At the option of the Holder of a
Bearer Note, subject to applicable laws and regulations, Bearer Notes may be exchanged for other Bearer Notes or Registered Notes (of the same Series, Class and Tranche of Notes) of authorized denominations of like aggregate fractional
undivided interests in the Noteholders’ interest, upon surrender of the Bearer Notes to be exchanged at an office or agency of the Note Registrar located outside the United States. Each Bearer Note surrendered pursuant to this
Section 4.05 will have attached thereto all unmatured coupons; provided, however, that any Bearer Note, so surrendered after the close of business on the last day of the month preceding the relevant Payment Date need not
have attached the coupon relating to such Payment Date. Whenever any Notes are so surrendered for exchange, the Issuer will execute, and the Indenture Trustee will authenticate and deliver (in the case of Bearer Notes, outside the United States),
the Notes which the Noteholders making the exchange are entitled to receive. 
 (d) All Notes issued upon any transfer or exchange of Notes
will be the valid and legally binding obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such transfer or exchange. 

(e) Every Note presented or surrendered for transfer or exchange will (if so required by the Issuer or the Indenture Trustee) be duly
indorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Note Registrar duly executed, by the Holder thereof or his attorney duly authorized in writing. 

(f) Unless otherwise provided in the Note to be transferred or exchanged, no service charge will be made on any Noteholder for any transfer
or exchange of Notes, but the Issuer may (unless otherwise provided in such Note) require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Notes before the
transfer or exchange will be complete, other than exchanges pursuant to Section 4.04 or Section 10.06 not involving any transfer. 

  
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 (g) None of the Issuer, the Note Registrar or the Indenture Trustee shall be required
(i) to issue, register the transfer of or exchange any Notes of any Series, Class or Tranche during a period beginning at the opening of business 15 days before the day of selection of Notes of such Series, Class or Tranche to be
redeemed and ending at the close of business on (A) if Notes of such Series, Class or Tranche are issuable only as Registered Notes, the day of the mailing of the relevant notice of redemption of Registered Notes of such Series,
Class or Tranche so selected for redemption or (B) if Notes of the Series, Class or Tranche are issuable as Bearer Notes, the day of the first publication of the relevant notice of redemption or, if Notes of the Series, Class or
Tranche are also issuable as Registered Notes and there is no publication, the mailing of the relevant notice of redemption or (ii) to register the transfer or exchange of any Notes or portions thereof so selected for redemption. 

Notwithstanding anything herein to the contrary, the exchange of Bearer Notes into Registered Notes shall be subject to applicable laws and
regulations in effect at the time of exchange; none of the Issuer, the Indenture Trustee or the Note Registrar shall exchange any Bearer Notes into Registered Notes if it has received an Opinion of Counsel that as a result of such exchanges the
Issuer or the Transferor would suffer adverse consequences under the United States federal income tax laws and regulations then in effect and the Issuer has delivered to the Indenture Trustee an Issuer Certificate directing the Indenture Trustee not
to make such exchanges unless and until the Indenture Trustee receives a subsequent Issuer Certificate to the contrary. The Issuer shall deliver copies of such Issuer Certificates to the Note Registrar. 

(h) None of the Issuer, the Indenture Trustee, any agent of the Indenture Trustee, any Paying Agent or the Note Registrar will have any
responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership of a Global Note or for maintaining, supervising or reviewing any records relating to such beneficial ownership. 

(i) The Issuer initially appoints The Bank of New York Mellon to act as Note Registrar for the Registered Notes on its behalf. The Issuer may
at any time and from time to time authorize any Person to act as Note Registrar in place of the Indenture Trustee with respect to any Series, Class or Tranche of Notes issued under this Indenture. 

(j) Registration of transfer of Notes containing the following legend or to which the following legend is applicable: 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE 

SECURITIES ACT OF 1933, AS AMENDED (THE 

“SECURITIES ACT”). NEITHER THIS NOTE NOR ANY 

PORTION HEREOF MAY BE OFFERED, SOLD, PLEDGED 

OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE 

WITH THE REGISTRATION PROVISIONS OF THE 

SECURITIES ACT AND ANY APPLICABLE PROVISIONS OF 

ANY STATE BLUE SKY OR SECURITIES LAWS OR 

PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH 

REGISTRATION PROVISIONS. THE TRANSFER OF THIS 

NOTE IS SUBJECT TO CERTAIN CONDITIONS SET FORTH 

IN THE INDENTURE REFERRED TO HEREIN.” 

  
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 will be effected only if such transfer is made pursuant to an effective registration statement under the
Securities Act, or is exempt from the registration requirements under the Securities Act. In the event that registration of a transfer is to be made in reliance upon an exemption from the registration requirements under the Securities Act other than
Rule 144A under the Securities Act or Rule 903 or Rule 904 of Regulation S under the Securities Act, the transferor or the transferee will deliver, at its expense, to the Issuer and the Indenture Trustee, an investment letter from the transferee,
substantially in the form of the investment letter attached hereto as Exhibit A or such other form as the Issuer may determine, and no registration of transfer will be made until such letter is so delivered. 

Notes issued upon registration or transfer of, or Notes issued in exchange for, Notes bearing the legend referred to above will also bear
such legend unless the Issuer, the Indenture Trustee and the Note Registrar receive an Opinion of Counsel, satisfactory to each of them, to the effect that such legend may be removed. 

Whenever a Note containing the legend referred to above is presented to the Note Registrar for registration of transfer, the Note Registrar
will promptly seek instructions from the Issuer regarding such transfer and will be entitled to receive an Issuer Certificate prior to registering any such transfer. The Issuer hereby agrees to indemnify the Note Registrar and the Indenture Trustee
and to hold each of them harmless against any loss, liability or expense incurred without negligence or bad faith on their part arising out of or in connection with actions taken or omitted by them in relation to any such instructions furnished
pursuant to this clause. The Indenture Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of
any interest in any Note other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to
determine substantial compliance as to form with the express requirements hereof. 
 (k) By acquiring a Note, each Noteholder will be
deemed to represent, warrant and covenant that either (i) it is not acquiring the Note (or any interest therein) with the assets of a Benefit Plan or a governmental non-U.S. or church plan that is subject
to any state, local or other law that is similar to Section 406 of ERISA or Section 4975 of the Internal Revenue Code (“Similar Law”); or (ii) (a) the Note is rated at least
“BBB-” or its equivalent by a nationally recognized statistical rating agency at the time of purchase or transfer, and (b) the acquisition, holding and disposition of the Note will not give rise
to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Internal Revenue Code or a violation of any Similar Law. 

Section 4.06 Mutilated, Destroyed, Lost and Stolen Notes. (a) If (i) any mutilated Note (together, in the case of Bearer
Notes, with all unmatured coupons, if any, appertaining thereto) is surrendered to the Indenture Trustee or the Note Registrar, or the Issuer, the Note Registrar or the Indenture Trustee receive evidence to their satisfaction of the destruction,
loss or theft of any Note, and (ii) there is delivered to the Issuer, the Note Registrar or the Indenture Trustee such security or indemnity as may be required by them to save each of them harmless, then, in the absence of notice to the Issuer,
the Note Registrar or the Indenture Trustee that such Note has been acquired by a protected purchaser, the Issuer will execute and 

  
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 upon its request the Indenture Trustee will authenticate and deliver (in the case of Bearer Notes, outside the
United States), in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a new Note of like tenor, Series, Class or Tranche, Expected Final Payment Date, Legal Maturity Date and Stated Principal Amount, bearing a number
not contemporaneously Outstanding. 
 (b) In case any such mutilated, destroyed, lost or stolen Note has become or is about to become due
and payable, the Issuer in its discretion may, instead of issuing a new Note, pay such Note. 
 (c) Upon the issuance of any new Note under
this Section 4.06, the Issuer may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Indenture
Trustee) connected therewith. 
 (d) Every new Note issued pursuant to this Section 4.06 in lieu of any destroyed, lost or
stolen Note will constitute an original additional contractual obligation of the Issuer, whether or not the destroyed, lost or stolen Note will be at any time enforceable by anyone, and will be entitled to all the benefits of this Indenture equally
and proportionately with any and all other Notes of the same Series, Class or Tranche duly issued hereunder. 
 (e) The provisions of
this Section 4.06 are exclusive and will preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 

Section 4.07 Payment of Interest; Interest Rights Preserved; Withholding Taxes. (a) Unless otherwise provided with respect
to such Note pursuant to Section 4.01, interest payable on any Registered Note will be paid to the Person in whose name that Note (or one or more Predecessor Notes) is registered at the close of business on the most recent Record Date
and interest payable on any Bearer Note will be paid to the bearer of that Note (or the applicable coupon). 
 (b) Subject to clause (a),
each Note delivered under this Indenture upon transfer of or in exchange for or in lieu of any other Note will carry the rights to interest accrued or principal accreted and unpaid, and to accrue or accrete, which were carried by such other Note.

 (c) The right of any Noteholder to receive interest on or principal of any Note shall be subject to any applicable withholding or
deduction imposed pursuant to the Internal Revenue Code or other applicable tax law, including foreign withholding and deduction. Any amounts properly so withheld or deducted shall be treated as actually paid to the appropriate Noteholder. 

Section 4.08 Persons Deemed Owners. Title to any Bearer Note, including any coupons appertaining thereto, shall pass by delivery.
The Issuer, the Indenture Trustee, the Owner Trustee, a Beneficiary and any agent of the Issuer, the Indenture Trustee, the Owner Trustee, or a Beneficiary may treat the Person who is proved to be the owner of such Note pursuant to subsection
1.04(c) as the owner of such Note for the purpose of receiving payment of principal of and (subject to Section 4.07) interest on such Note and for all other purposes 

  
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 whatsoever, whether or not such Note be overdue, and none of the Issuer, the Indenture Trustee, the Owner
Trustee, or any agent of the Issuer, the Indenture Trustee, the Owner Trustee, or any Beneficiary will be affected by notice to the contrary. 

Section 4.09 Cancellation. All Notes surrendered for payment, redemption, transfer, conversion or exchange will, if surrendered
to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and, if not already canceled, will be promptly canceled by it. The Issuer may at any time deliver to the Indenture Trustee for cancellation any Notes previously
authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered will be promptly canceled by the Indenture Trustee. No Note will be authenticated in lieu of or in exchange for any Notes
canceled as provided in this Section 4.09, except as expressly permitted by this Indenture. The Indenture Trustee will dispose of all canceled Notes in accordance with its customary procedures and will deliver a certificate of such
disposition to the Issuer. 
 Section 4.10 New Issuances of Notes. (a) Unless otherwise specified in the related Indenture
Supplement, the Issuer may issue new Notes of any Series, Class or Tranche, so long as the following conditions precedent are satisfied: 

(i) on or before the fifth Business Day before the date that the new issuance is to occur, the Issuer delivers to the
Indenture Trustee and each Note Rating Agency notice of such new issuance; 
 (ii) on or prior to the date that the new
issuance is to occur, the Issuer delivers to the Indenture Trustee and each Note Rating Agency an Issuer Certificate to the effect that: 

(A) the Issuer reasonably believes that the new issuance will not cause an Adverse Effect on any Outstanding Notes; 

(B) all instruments furnished to the Indenture Trustee conform to the requirements of this Indenture and constitute
sufficient authority hereunder for the Indenture Trustee to authenticate and deliver such Notes; 
 (C) the form and terms
of such Notes have been established in conformity with the provisions of this Indenture; and 
 (D) such other matters as
the Indenture Trustee may reasonably request; 
 (iii) on or prior to the date that the new issuance is to occur, the
Issuer delivers to the Indenture Trustee and each Note Rating Agency an Officer’s Certificate of an Authorized Officer of the Issuer that all laws and requirements with respect to the execution and delivery by the Issuer of such Notes have been
complied with, the Issuer has the trust power and authority to issue such Notes and such Notes have been duly authorized and delivered by the Issuer and, assuming due authentication and delivery by the Indenture Trustee, constitute legal, valid and
binding obligations of the Issuer enforceable in accordance with their terms (subject, as to enforcement of remedies, to 

  
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 applicable bankruptcy, reorganization, insolvency, moratorium or other laws and legal principles
affecting creditors’ rights generally from time to time in effect and to general equitable principles, whether applied in an action at law or in equity) and entitled to the benefits of this Indenture, equally and ratably with all other
Outstanding Notes, if any, of such Series, Class or Tranche of Notes, subject to the terms of this Indenture, each Indenture Supplement and each Terms Document; 

(iv) on or prior to the date that the new issuance is to occur, the Issuer will have delivered to the Indenture Trustee and
the Note Rating Agencies an Issuer Tax Opinion and, to the extent a Collateral Certificate is included in the Collateral, a Master Trust Tax Opinion for each applicable Master Trust with respect to such issuance; 

(v) on or prior to the date that the new issuance is to occur, the Note Rating Agency Condition is satisfied with respect to
such issuance; 
 (vi) as of the date that the new issuance is to occur, the (i) Pool Balance as of the last day of
the immediately preceding Monthly Period is equal to or greater than the Required Pool Balance as of the last day of such Monthly Period, (ii) the Transferor Amount as of the last day of the immediately preceding Monthly Period is equal to or
greater than the Required Transferor Amount as of the last day of such Monthly Period and (iii) the Seller’s Interest Amount as of the last day of the immediately preceding Monthly Period is equal to or greater than the Required
Seller’s Interest Amount as of the last day of such Monthly Period; 
 (vii) in the case of Bearer Notes described in
section 163(f)(2)(A) of the Internal Revenue Code, if such Notes are not in registered form (including by reason of a book-entry system described in Section 163(f)(3)), such Notes shall be described in section 4701(b)(1)(B) of the Internal
Revenue Code and such section shall apply to such Notes; 
 (viii) on or prior to the date that the new issuance is to
occur, the Issuer will have delivered to the Indenture Trustee an Indenture Supplement and, if applicable, the Issuer Certificate or on or before the date that the new issuance is to occur, the Issuer will have executed with the Indenture Trustee a
Terms Document relating to the applicable Class or Tranche of Notes; 
 (ix) in the case of Foreign Currency Notes,
the Issuer will have appointed one or more Paying Agents in the appropriate countries; 
 (x) the conditions specified
herein or in Section 4.11 are satisfied; and 
 (xi) any other conditions specified in the applicable Indenture
Supplement; 
 provided, however, that any one of the aforementioned conditions may be eliminated or modified (other than clause (iv)) as a
condition precedent to any new issuance of a Series, Class or Tranche of Notes if the Note Rating Agency Condition has been satisfied. 

  
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 (b) (i) The Issuer and the Indenture Trustee will not be required to provide
prior notice to or to obtain the consent of any Noteholder of any Outstanding Series, Class or Tranche to issue any additional Notes of any Series, Class or Tranche. 

(ii) There are no restrictions on the timing or amount of any additional issuance of Notes of an Outstanding Class or
Tranche of a Series of Notes, so long as the conditions described in subsection 4.10(a) are satisfied. As of the date of any additional issuance of Notes of an Outstanding Class or Tranche of Notes, the Stated Principal Amount,
Outstanding Dollar Principal Amount and Nominal Liquidation Amount of that Class or Tranche will be increased to reflect the principal amount of the additional Notes. If the additional Notes are a Class or Tranche of Notes that has the
benefit of a Derivative Agreement, the Issuer will enter into a Derivative Agreement for the benefit of the additional Notes. In addition, if the additional Notes are a Class or Tranche of Notes that has the benefit of any Supplemental Credit
Enhancement Agreement or any Supplemental Liquidity Agreement, the Issuer will enter into a Supplemental Credit Enhancement Agreement or Supplemental Liquidity Agreement, as applicable, for the benefit of the additional Notes. Furthermore, the
targeted deposits, if any, to any applicable Issuer Account, will be increased proportionately to reflect the principal amount of the additional Notes. 

(iii) When issued, the additional Notes of a Class or Tranche will be identical in all respects to the other Outstanding
Notes of that Class or Tranche and will be equally and ratably entitled to the benefits of the Indenture and the related Indenture Supplement applicable to the previously issued Notes of such Tranche as the other Outstanding Notes of that
Class or Tranche without preference, priority or distinction. 
 Section 4.11 Specification of Required Subordinated Amount
and other Terms with Respect to each Series, Class or Tranche of Notes. (a) The applicable Indenture Supplement for each Series, Class or Tranche of Notes will specify a Required Subordinated Amount, if any, of each Subordinated
Class or Tranche of Notes. 
 (b) The Issuer may change the Required Subordinated Amount, if any, or method of computing such amount,
for any Class or Tranche of Notes at any time without the consent of any Noteholders so long as (i) the Note Rating Agency Condition has been satisfied for such Class or Tranche of Notes with respect to the change in the Required
Subordinated Amount and (ii) the Issuer has delivered to the Indenture Trustee and the Note Rating Agencies an Issuer Tax Opinion. 

Section 4.12 Groups. (a) Reallocation Groups. Finance Charge Collections and other specified amounts allocated to
each Series of Notes in the same Reallocation Group shall be reallocated to cover interest and other expenses related to each Series of Notes in such Reallocation Group as specified in each related Indenture Supplement. The reallocation provisions
of the Indenture Supplement for each Series of Notes in the same Reallocation Group are required to be identical in all material respects. 

(b) Shared Excess Available Finance Charge Collections Group. Certain excess Finance Charge Collections allocated to any Series of
Notes in a Shared Excess Available 

  
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 Finance Charge Collections Group may be redistributed to cover Series Available Finance Charge Collections
Shortfalls incurred by other Series of Notes belonging to the same Shared Excess Available Finance Charge Collections Group to the extent and as specified in the related Indenture Supplement. 

(c) Shared Excess Available Principal Collections Group. Certain excess Principal Collections allocated to any Series of Notes in a
Shared Excess Available Principal Collections Group may be redistributed to cover Series Available Principal Collections Shortfalls incurred by other Series of Notes belonging to the same Shared Excess Available Principal Collections Group to the
extent and as specified in the related Indenture Supplement. 
 [END OF ARTICLE IV] 

  
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 ARTICLE V 

ISSUER ACCOUNTS AND INVESTMENTS; ALLOCATIONS 

Section 5.01 Collections. Except as otherwise expressly provided in this Indenture, the Indenture Trustee may demand payment or
delivery of, and shall receive and collect, directly and without intervention or assistance from any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture Trustee pursuant to this Indenture
including, without limitation, all funds and other property payable to the Indenture Trustee in connection with the Collateral. The Indenture Trustee will hold all such money and property received by it as part of the Collateral and will apply it as
provided in this Indenture. 
 Section 5.02 Issuer Accounts; Distributions from Issuer Accounts. (a) On or before the date
hereof, the Issuer shall cause to be established and maintained an Eligible Deposit Account (the “Collection Account”) in the name of the Indenture Trustee in accordance with Section 2.11, bearing a designation clearly
indicating that the funds and other property credited thereto are held for the benefit of the Indenture Trustee and the Noteholders. Collections and distributions received pursuant to Section 2.1 of the Servicing Agreement shall be
credited to the Collection Account. The Collection Account shall be under the control of the Indenture Trustee for the benefit of the Indenture Trustee and the Noteholders in accordance with Section 2.11. If, at any time, the institution
holding the Collection Account ceases to be an Eligible Institution, the Transferor shall notify the Indenture Trustee, and the Indenture Trustee upon being notified in writing of such ineligibility (or the Servicer on its behalf) shall within 30
calendar days (or such longer period, not to exceed 45 calendar days, so long as the Note Rating Agency Condition is satisfied) establish a new Collection Account that is an Eligible Deposit Account and shall transfer any funds or other property
from such Collection Account to such new Collection Account. From the date each such new Collection Account is established, it shall be the “Collection Account.” 

(b) On or before the date hereof, the Issuer shall cause to be established and maintained an Eligible Deposit Account (the “Excess
Funding Account”) in the name of the Indenture Trustee in accordance with Section 2.11, bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Indenture
Trustee and the Noteholders. Principal Collections that would otherwise be paid to the holders of the Transferor Interest or that the applicable Indenture Supplement specifies are to be credited to the Excess Funding Account, shall be credited to
the Excess Funding Account, if, after giving effect to reinvestment in new Trust Assets on that day, the Transferor Amount is not greater than or equal to the Required Transferor Amount or the Pool Balance is not greater than or equal to the
Required Pool Balance. The Excess Funding Account shall be under the control of the Indenture Trustee for the benefit of the Indenture Trustee and the Noteholders in accordance with Section 2.11. If, at any time, the institution holding the
Excess Funding Account ceases to be an Eligible Institution, the Transferor shall notify the Indenture Trustee, and the Indenture Trustee upon being notified in writing of such ineligibility (or the Servicer on its behalf) shall within 30 calendar
days (or such longer period, not to exceed 45 calendar days, so long as the Note Rating 

  
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 Agency Condition is satisfied) establish a new Excess Funding Account that is an Eligible Deposit Account and
shall transfer any funds or other property to such new Excess Funding Account. From the date each such new Excess Funding Account is established, it shall be the “Excess Funding Account.” 

(c) From time to time in connection with the issuance of a Series, Class or Tranche of Notes, the Issuer may cause the Indenture Trustee
to establish one or more Eligible Deposit Accounts denominated as “Supplemental Issuer Accounts” in the name of the Indenture Trustee in accordance with Section 2.11, bearing a designation clearly indicating that the
funds and other property credited thereto are held for the benefit of the Indenture Trustee and the applicable Noteholders. Any Supplemental Issuer Account shall be under the control of the Indenture Trustee for the benefit of the Indenture Trustee
and the applicable Noteholders in accordance with Section 2.11. If, at any time, the institution holding any Supplemental Issuer Account ceases to be an Eligible Institution, the Transferor shall notify the Indenture Trustee, and the
Indenture Trustee upon being notified in writing of such ineligibility (or the Servicer on its behalf) shall within 30 calendar days (or such longer period, not to exceed 45 calendar days, so long as the Note Rating Agency Condition is satisfied)
establish a new Supplemental Issuer Account, as applicable, that is an Eligible Deposit Account and shall transfer any funds or other property from such Supplemental Issuer Account to such new Supplemental Issuer Account. From the date each such new
Supplemental Issuer Account is established, it shall be a “Supplemental Issuer Account.” Any Supplemental Issuer Account will receive deposits as set forth in the Servicing Agreement, in this Indenture and in the applicable Indenture
Supplement. 
 (d) All payments to be made from time to time by or on behalf of the Indenture Trustee to Noteholders out of funds in the
Issuer Accounts pursuant to the Servicing Agreement, this Indenture and any Indenture Supplement will be made by the Indenture Trustee directly to the Paying Agent not later than 1:00 p.m., New York City time, on the applicable Payment Date or
earlier, if necessary, or as otherwise provided in the applicable Indenture Supplement but only to the extent of available funds in the applicable Issuer Account or Sub-Account. 

Section 5.03 Investment of Funds in the Issuer Accounts. (a) Funds credited to the Issuer Accounts will (unless otherwise
stated in this Indenture or the applicable Indenture Supplement) be invested and reinvested by the Indenture Trustee at the written direction of the Issuer (or its agents appointed as provided below) in one or more Eligible Investments, which
written direction shall be provided to the Indenture Trustee not later than 10:30 a.m. (New York City time) on the date such investment is to be made. The Issuer may appoint as its agent under a separate agreement a registered investment advisor and
authorize such agent to give instructions, which may be provided to the Indenture Trustee through S.W.I.F.T., on behalf of the Issuer to the Indenture Trustee for funds to be invested and reinvested in one or more Eligible Investments. The Issuer
shall provide the Indenture Trustee with a written direction certifying any such appointment. The Indenture Trustee shall be entitled to conclusively rely on, and shall be protected in acting upon, instructions, which may be provided to the
Indenture Trustee through S.W.I.F.T., received from such agent on behalf of the Issuer. The Issuer (or its agent appointed pursuant to the preceding sentence) may authorize the Indenture Trustee to make specific investments pursuant to written
instructions, in such amounts as the Issuer will specify. Notwithstanding the foregoing, funds held by the Indenture Trustee in any of the Issuer Accounts 

  
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 will be invested in Eligible Investments that will mature so that such funds shall be available for withdrawal on
or prior to the following Note Transfer Date. 
 (b) All funds from time to time credited to the Issuer Accounts pursuant to this Indenture
and all investments made with such funds will be held by the Indenture Trustee in the Issuer Accounts as part of the Collateral as herein provided, subject to withdrawal by the Indenture Trustee for the purposes specified herein. 

(c) Funds and other property in any of the Issuer Accounts will not be commingled with any other funds or property of the Issuer or the
Indenture Trustee. 
 (d) On the applicable Note Transfer Date, all interest and earnings (net of losses and investment expenses) on funds
credited to the Issuer Accounts will be applied as specified in the related Indenture Supplement. Unless otherwise stated in the related Indenture Supplement, for purposes of determining the availability of funds or the balance in the Issuer
Accounts for any reason under this Indenture or any Indenture Supplement, investment earnings on such funds shall be deemed not to be available or on deposit. 

Subject to subsection 8.01(d), the Indenture Trustee will not in any way be held liable by reason of any insufficiency in such Issuer
Accounts resulting from any loss on any Eligible Investment included therein; provided, however, that nothing herein shall protect the Indenture Trustee, in its commercial capacity and not as trustee, from being held liable for the
failure to make payments on any such Eligible Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor on such Eligible Investments and not as trustee, in accordance with their terms. 

(e) Funds credited to the Issuer Accounts will be invested and reinvested by the Indenture Trustee, to the fullest extent practicable, in
such manner as the Indenture Trustee will from time to time determine; provided, however, that such funds shall remain uninvested upon the occurrence of any of the following events: 

(i) the Issuer (or its agent appointed pursuant to paragraph (a) above) shall have failed to give investment directions
to the Indenture Trustee; or 
 (ii) an Event of Default shall have occurred and is continuing but no Notes have been
declared due and payable pursuant to Section 7.02. 
 Section 5.04 Allocations of Finance Charge Collections and the
Default Amount. 
 (a) With respect to each Monthly Period, the Indenture Trustee, at the direction of the Servicer, shall allocate to
each Series of Notes an amount equal to the product of (i) the Floating Allocation Percentage for such Monthly Period for such Series and (ii) the Finance Charge Collections for such Monthly Period. 

(b) With respect to each Monthly Period, the Indenture Trustee, at the direction of the Servicer, shall allocate to each Series of Notes an
amount equal to the product of (i) the 

  
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 Floating Allocation Percentage for such Monthly Period for such Series and (ii) the Default Amount for such
Monthly Period. 
 Section 5.05 Allocations of Principal Collections. With respect to each Monthly Period, the Indenture
Trustee, at the direction of the Servicer, shall allocate to each Series of Notes an amount equal to the product of (i) the Principal Allocation Percentage for Principal Collections for such Monthly Period for such Series and (ii) the
Principal Collections for such Monthly Period. In addition, with respect to each Monthly Period, if there is a Remaining Series Available Principal Collections Shortfall for any Series of Notes, the Indenture Trustee, at the direction of the
Servicer, shall allocate to each such Series of Notes a portion of Collateral Certificate Principal Shortfall Payments for such Monthly Period in an amount equal to the Remaining Series Available Principal Collections Shortfall for such Series in
accordance with the applicable Indenture Supplement; provided, however, that if the aggregate amount of Collateral Certificate Principal Shortfall Payments is less than the aggregate Remaining Series Available Principal Collections
Shortfall for all Series, then Collateral Certificate Principal Shortfall Payments allocable to each Series shall equal the product of (i) the Collateral Certificate Principal Shortfall Payments for such Monthly Period and (ii) a fraction,
the numerator of which is the Remaining Series Available Principal Collections Shortfall for such Series and the denominator of which is the aggregate Remaining Series Available Principal Collections Shortfall for all Series of Notes for such
Monthly Period. 
 Section 5.06 Allocations of the Servicing Fee. With respect to each Monthly Period, the Indenture Trustee,
at the direction of the Servicer, shall allocate to each Series of Notes an amount equal to the product of (i) the Servicing Fee for such Monthly Period and (ii) the Floating Allocation Percentage for such Monthly Period for such Series of
Notes. 
 Section 5.07 Allocations of Amounts to the Excess Funding Account and Allocations of Amounts on Deposit in the Excess
Funding Account. 
 (a) If, at the end of any Monthly Period, (i) the Transferor Amount is, or as a result of a payment on the
related First Note Transfer Date would become, less than the Required Transferor Amount or (ii) the Pool Balance is, or as a result of a payment on the related First Note Transfer Date would become, less than the Required Pool Balance, the
Indenture Trustee shall, pursuant to subsection 5.08(d), allocate or deposit to the Excess Funding Account an amount equal to the greater of (i) the amount by which the Transferor Amount would be less than the Required Transferor Amount
and (ii) the amount by which the Pool Balance would be less than the Required Pool Balance, each determined with respect to the related Monthly Period. 

(b) If no Series of Notes is in an Accumulation Period or an Amortization Period, amounts on deposit in the Excess Funding Account shall be
released to the holders of the Transferor Interest in accordance with the related Indenture Supplement to the extent that, after such release, (i) the Transferor Amount is equal to or greater than the Required Transferor Amount and
(ii) the Pool Balance is equal to or greater than the Required Pool Balance. 
 (c) If an Accumulation Period or an Amortization
Period has commenced and is continuing with respect to any Series of Notes, amounts on deposit in the Excess Funding Account shall be withdrawn from the Excess Funding Account, deposited into the Collection 

  
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 Account and treated as Principal Collections and, to the extent required, allocated to each Series of Notes in
accordance with the applicable Indenture Supplement. Any remaining amounts on deposit in the Excess Funding Account in excess of the amount required to be treated as Principal Collections for a Monthly Period shall be released to the holders of the
Transferor Interest in accordance with the related Indenture Supplement to the extent that, after such release, (i) the Transferor Amount is equal to or greater than the Required Transferor Amount and (ii) the Pool Balance is equal to or
greater than the Required Pool Balance. 
 Section 5.08 Allocations of Finance Charge Collections, Default Amounts, Servicing Fees
and Principal Collections Allocable to the Transferor Interest. 
 (a) Unless otherwise stated in any Indenture Supplement, the
Servicer shall allocate to the holders of the Transferor Interest an amount equal to the product of (i) the Transferor Percentage for Finance Charge Collections with respect to such Monthly Period and (ii) the Finance Charge Collections
for such Monthly Period. If so specified in any Indenture Supplement, such amounts may be applied to cover certain shortfalls in the amount of investment earnings (net of losses and investment expenses) on investments of funds in certain
Supplemental Issuer Accounts. 
 (b) The Servicer shall allocate to the holders of the Transferor Interest an amount equal to the product
of (i) the Transferor Percentage for the Default Amount with respect to such Monthly Period and (ii) the Default Amount with respect to such Monthly Period. 

(c) The Servicer shall allocate to the holders of the Transferor Interest an amount equal to the product of (i) the Transferor
Percentage for the Servicing Fee with respect to such Monthly Period and (ii) the Servicing Fee with respect to such Monthly Period. 

(d) Unless otherwise stated in any Indenture Supplement, the Servicer shall allocate to the holders of the Transferor Interest an amount
equal to the product of (i) the Transferor Percentage for Principal Collections with respect to such Monthly Period and (ii) the Principal Collections with respect to such Monthly Period; provided, however, that amounts
payable to the holders of the Transferor Interest pursuant to this subsection 5.08(d) shall instead be deposited into the Excess Funding Account to the extent that (i) the Transferor Amount is, or as a result of such payment would
become, less than the Required Transferor Amount or (ii) the Pool Balance is, or as a result of such payment would become, less than the Required Pool Balance. 

[END OF ARTICLE V] 

  
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 ARTICLE VI 

SATISFACTION AND DISCHARGE; CANCELLATION OF NOTES 

HELD BY THE ISSUER OR THE TRANSFEROR 

Section 6.01 Satisfaction and Discharge of Indenture. This Indenture will cease to be of further effect with respect to any
Series, Class or Tranche of Notes (except as to any surviving rights of transfer or exchange of Notes of that Series, Class or Tranche expressly provided for herein or in the form of Note for that Series, Class or Tranche), and the
Indenture Trustee, on demand of and at the expense of the Issuer, will execute proper instruments acknowledging satisfaction and discharge of this Indenture as to that Series, Class or Tranche, when: 

(a) all Notes of that Series, Class or Tranche theretofore authenticated and delivered (other than (i) Notes of that Series,
Class or Tranche which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 4.06, and (ii) Notes of that Series, Class or Tranche for whose payment money has theretofore been
deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from that trust, as provided in Section 11.03) have been delivered to the Indenture Trustee canceled or for cancellation;

 (b) the Issuer has paid or caused to be paid all other sums payable under the Indenture (including payments to the Indenture Trustee
pursuant to Section 8.07) by the Issuer with respect to the Notes of that Series, Class or Tranche; and 
 (c) the Issuer
has delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture with respect to the Notes of
that Series, Class or Tranche have been complied with. 
 Notwithstanding the satisfaction and discharge of this Indenture with respect to any Series,
Class or Tranche of Notes, the obligations of the Issuer to the Indenture Trustee with respect to that Series, Class or Tranche of Notes under Section 8.07 and the obligations of the Indenture Trustee under Sections 6.02
and 11.03 will survive such satisfaction and discharge. 
 Section 6.02 Application of Trust Money. All money and
obligations deposited with the Indenture Trustee pursuant to Section 5.01 or Section 5.03 and all money received by the Indenture Trustee in respect of such obligations will be held in trust and applied by it, in accordance
with the provisions of the Series, Class or Tranche of Notes in respect of which it was deposited and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer acting as its own Paying Agent) as the
Indenture Trustee, at the direction of the Servicer, may determine, to the Persons entitled thereto, of the principal and interest for whose payment that money and obligations have been deposited with or received by the

  
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 Indenture Trustee; but that money and obligations need not be segregated from other funds held by the Indenture
Trustee except to the extent required by this Indenture or by law. 
 [END OF ARTICLE VI] 

  
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 ARTICLE VII 

EVENTS OF DEFAULT AND REMEDIES 

Section 7.01 Events of Default. “Event of Default,” wherever used herein, means with respect to any Series,
Class or Tranche of Notes any one of the following events (whatever the reason for such Event of Default and whether it will be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any
court or any order, rule or regulation of any administrative or governmental body), unless such event is either expressly stated to be inapplicable to a particular Series, Class or Tranche of Notes or specifically deleted or modified in the
applicable Indenture Supplement creating such Series, Class or Tranche of Notes or in the form of Note for such Series, Class or Tranche: 

(a) with respect to such Series, Class or Tranche of Notes, as applicable, a default by the Issuer in the payment of any interest on
such Notes when such interest becomes due and payable, and continuance of such default for a period of 35 days following the date on which such interest became due and payable; 

(b) with respect to such Series, Class or Tranche of Notes, as applicable, a default by the Issuer in the payment of the Stated
Principal Amount of such Series, Class or Tranche of Notes at the applicable Legal Maturity Date; 
 (c) a default in the performance,
or breach, of any covenant or warranty of the Issuer in this Indenture in respect of the Notes of such Series, Class or Tranche (other than an agreement, covenant or warranty a default in the performance of which or the breach of which is
elsewhere specifically dealt with in this Section 7.01, all of such covenants and warranties in this Indenture which are not expressly stated to be for the benefit of a particular Series, Class and Tranche of Notes being deemed to
be in respect of the Notes of all Series, Classes or Tranches for this purpose, and continuance of such default or breach for a period of 90 days after there has been given, by registered or certified mail, to the Issuer by the Indenture Trustee or
to the Issuer and the Indenture Trustee by the Holders of at least 25% of the aggregate Outstanding Dollar Principal Amount of the Outstanding Notes of the affected Series, Class or Tranche, a written notice specifying such default or breach
and requesting it to be remedied and stating that such notice is a “Notice of Default” hereunder and, as a result of such default, the interests of the Holders of the Notes of such Series, Class or Tranche are materially and adversely
affected and continue to be materially and adversely affected during the 90-day period; 

(d) (i) the Issuer shall file a petition or commence a proceeding (A) to take advantage of any Debtor Relief Law or (B) for
the appointment of a trustee, conservator, receiver, liquidator, or similar official for or relating to the Issuer or all or substantially all of its property, (ii) the Issuer 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 or stayed within 90 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, (iii) the Issuer shall 

  
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 admit in writing its inability to pay its debts generally as they become due, (iv) the Issuer shall make an
assignment for the benefit of its creditors, or (v) the Issuer shall voluntarily suspend payment of its obligations; or 
 (e) with
respect to any such Series, Class or Tranche, any additional Event of Default specified in the Indenture Supplement for such Series, Class or Tranche of Notes as applying to such Series, Class or Tranche, or specified in the form of
Note for such Series, Class or Tranche. 
 Section 7.02 Acceleration of Maturity; Rescission and Annulment. (a) If an
Event of Default described in clause (a), (b), (c) or (e) (if the Event of Default under clause (c) or (e) is with respect to less than all Series, Classes and Tranches of Notes then Outstanding) of Section 7.01 occurs and is
continuing with respect to any Series, Class or Tranche, then and in each and every such case, unless the principal of all the Notes of such Series, Class or Tranche shall have already become due and payable, either the Indenture Trustee
or the Holders of not less than 66-2/3% of the Outstanding Dollar Principal Amount of the Notes of such Series, Class or Tranche then Outstanding hereunder (each such Series, Class or Tranche acting
as a separate Class), by notice in writing to the Issuer (and to the Indenture Trustee if given by the Holders), may declare the Outstanding Dollar Principal Amount of all the Outstanding Notes of such Series, Class or Tranche and all interest
accrued or principal accreted and unpaid (if any) thereon to be due and payable immediately, and upon any such declaration the same will become and will be immediately due and payable, anything in this Indenture, the related Indenture Supplement or
in the Notes of such Series, Class or Tranche to the contrary notwithstanding. Such payments are subject to the allocation provisions of the Servicing Agreement and the allocation, deposits and payment sections of the related Indenture
Supplement. 
 (b) If an Event of Default described in clause (c) or (e) of Section 7.01 occurs with respect to all
Series, Classes and Tranches of Outstanding Notes and is continuing, then and in each and every such case, unless the principal of all the Notes shall have already become due and payable, either the Indenture Trustee or the Holders of not less than 66-2/3% of the Outstanding Dollar Principal Amount of all the Outstanding Notes hereunder (treated as one Class), by notice in writing to the Issuer (and to the Indenture Trustee if given by Holders), may declare
the Outstanding Dollar Principal Amount of all the Notes then Outstanding and all interest accrued or principal accreted and unpaid (if any) thereon to be due and payable immediately, and upon any such declaration the same will become and will be
immediately due and payable, notwithstanding anything in this Indenture, the related Indenture Supplements or the Notes to the contrary. 

(c) If an Event of Default described in clause (d) of Section 7.01 occurs and is continuing, then the Notes of all Series,
Classes and Tranches will automatically be and become immediately due and payable by the Issuer, without notice or demand to any Person, and the Issuer will automatically and immediately be obligated to pay off the Notes. 

At any time after such a declaration of acceleration has been made or an automatic acceleration has occurred with respect to the Notes of any
Series, Class or Tranche and before a judgment or decree for payment of the money due has been obtained by the Indenture Trustee as hereinafter in this Article VII provided, the Holders of not less than
66-2/3% of the 

  
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 Outstanding Dollar Principal Amount of such Series, Classes or Tranches, by written notice to the Issuer and the
Indenture Trustee, may rescind and annul such declaration and its consequences if: 
 (i) the Issuer has paid or deposited
with the Indenture Trustee a sum sufficient to pay (A) all overdue installments of interest on the Notes of such Series, Class or Tranche, (B) the principal of any Notes of such Series, Class or Tranche which have become due
otherwise than by such declaration of acceleration, and interest thereon at the rate or rates prescribed therefor by the terms of the Notes of such Series, Class or Tranche, to the extent that payment of such interest is lawful,
(C) interest upon overdue installments of interest at the rate or rates prescribed therefor by the terms of the Notes of such Series, Class or Tranche to the extent that payment of such interest is lawful, and (D) all sums paid by the
Indenture Trustee hereunder and the reasonable compensation, expenses and disbursements of the Indenture Trustee, its agents and counsel and all other amounts due to the Indenture Trustee under Section 8.07; and 

(ii) all Events of Default with respect to such Series, Class or Tranche of Notes, other than the nonpayment of the
principal of the Notes of such Series, Class or Tranche which has become due solely by such acceleration, have been cured or waived as provided in Section 7.16. 

No such rescission will affect any subsequent default or impair any right consequent thereon. 

Section 7.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee. The Issuer covenants that if: 

(a) the Issuer defaults in the payment of interest on any Series, Class or Tranche of Notes when such interest becomes due and payable
and such default continues for a period of 35 days following the date on which such interest became due and payable, or 
 (b) the Issuer
defaults in the payment of the Stated Principal Amount of any Series, Class or Tranche of Notes on the Legal Maturity Date thereof; 
 the Issuer will,
upon demand of the Indenture Trustee, pay (subject to the allocation provided in this Article VII and any related Indenture Supplement) to the Indenture Trustee, for the benefit of the Holders of any such Notes of the affected Series,
Class or Tranche, the whole amount then due and payable on any such Notes for principal and interest, with interest, to the extent that payment of such interest will be legally enforceable, upon the overdue principal and upon overdue
installments of interest, (i) in the case of Interest-bearing Notes, at the rate of interest applicable to the Stated Principal Amount thereof, unless otherwise specified in the applicable Indenture Supplement; and (ii) in the case of
Discount Notes, as specified in the applicable Indenture Supplement, and in addition thereto, will pay such further amount as will be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Indenture Trustee, its agents and counsel and all other amounts due to the Indenture Trustee under Section 8.07. 

  
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 If the Issuer fails to pay such amounts forthwith upon such demand, the Indenture Trustee may,
in its own name and as trustee of an express trust, institute a judicial proceeding for the collection of the sums so due and unpaid, and may directly prosecute such proceeding to judgment or final decree, and the Indenture Trustee may enforce the
same against the Issuer or any other obligor upon the Notes of such Series, Class or Tranche and collect the money adjudged or decreed to be payable in the manner provided by law out of the Collateral or any other obligor upon such Notes,
wherever situated. 
 Section 7.04 Indenture Trustee May File Proofs of Claim. In case of the pendency of any receivership,
insolvency, liquidation, bankruptcy or other similar proceeding relative to the Issuer or any other obligor upon the Notes or the property of the Issuer or of such other obligor, the Indenture Trustee (irrespective of whether the principal of the
Notes will then be due and payable as therein expressed or by declaration or otherwise) will be entitled and empowered by intervention in such proceeding or otherwise: 

(i) to file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Notes and to
file such other papers or documents as may be necessary and advisable in order to have the claims of the Indenture Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee, its
agents and counsel and all other amounts due the Indenture Trustee under Section 8.07 and of the Noteholders allowed in such judicial proceeding, and 

(ii) to collect and receive any funds or other property payable or deliverable on any such claims and to distribute the same;

 and any receiver, assignee, trustee, liquidator or other similar official in any such proceeding is hereby authorized by each Noteholder to make such
payment to the Indenture Trustee, and in the event that the Indenture Trustee will consent to the making of such payments directly to the Noteholders, to pay to the Indenture Trustee any amount due to it for the reasonable compensation, expenses,
disbursements and advances of the Indenture Trustee, its agents and counsel, and any other amounts due the Indenture Trustee under Section 8.07. 

Nothing herein contained will be deemed to authorize the Indenture Trustee to authorize or consent to or accept or adopt on behalf of any
Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such proceeding.

 Section 7.05 Indenture Trustee May Enforce Claims Without Possession of Notes. All rights of action and claims under this
Indenture or the Notes of any Series, Class or Tranche may be prosecuted and enforced by the Indenture Trustee without the possession of any of the Notes of such Series, Class or Tranche or the production thereof in any proceeding relating
thereto, and any such proceeding instituted by the Indenture Trustee will be brought in its own name as trustee of an express trust, and any recovery of judgment will, after provision for the payment of the reasonable compensation, expenses,
disbursements and advances of the Indenture 

  
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 Trustee and its respective agents and counsel, be for the ratable benefit of the Holders of the Notes of the
Series, Class or Tranche in respect of which such judgment has been recovered. 
 Section 7.06 Application of Money
Collected. Any money or other property collected by the Indenture Trustee with respect to a Series, Class or Tranche of Notes pursuant to this Article VII will be applied in the following order, at the date or dates fixed by the
Indenture Trustee and, in case of the distribution of such money on account of principal or interest, upon presentation of the Notes of such Series, Class or Tranche and the notation thereon of the payment if only partially paid and upon
surrender thereof if fully paid: 
 (a) first, to the payment of all amounts due the Indenture Trustee under subsection 8.07(a);

 (b) second, to the payment of the amounts then due and unpaid upon the Notes of that Series, Class or Tranche for principal and
interest, in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind (but subject to the allocation provided in the relevant allocation provisions of the Servicing Agreement and
the related Indenture Supplement), according to the amounts due and payable on such Notes for principal and interest, respectively; and 

(c) third, to pay any servicing fee and any other fees or expenses then owing for that Series, Class or Tranche of Notes; and 

(d) fourth, to the Issuer. 

Section 7.07 Indenture Trustee May Elect to Hold the Collateral. Following an acceleration of any Series, Class or Tranche
of Notes, the Indenture Trustee may elect to continue to hold the Collateral and apply distributions on the Collateral in accordance with the regular distribution provisions pursuant to the relevant allocation provisions of the Servicing Agreement,
except that principal will be paid on the accelerated Series, Class or Tranche of Notes to the extent funds are received and allocated to the accelerated Series, Class or Tranche of Notes, and payment is permitted by the subordination
provisions of the accelerated Series, Class or Tranche of Notes. 
 Section 7.08 Sale of Collateral for Accelerated Notes.
In the case of a Series, Class or Tranche of Notes that has been accelerated following an Event of Default, the Indenture Trustee may, and at the direction of the Holders of not less than 66-2/3% of the
Outstanding Dollar Principal Amount of that Series, Class or Tranche of Notes will, cause the Issuer to sell Collateral as provided in the related Indenture Supplement. 

Section 7.09 Noteholders Have the Right to Direct the Time, Method and Place of Conducting Any Proceeding for Any Remedy Available to
the Indenture Trustee. The Holders of not less than 66-2/3% of the Outstanding Dollar Principal Amount of any accelerated Series, Class or Tranche of Notes have the right to direct the time, method
and place of conducting any proceeding for any remedy available to the Indenture Trustee, or exercising any trust or power conferred on the Indenture Trustee. This right may be exercised only if the Indenture Trustee, being advised by counsel and
provided with an Opinion of Counsel upon which it may conclusively rely, determines that the direction provided by the Noteholders does 

  
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 not conflict with applicable law or this Indenture and does not have a substantial likelihood of involving the
Indenture Trustee in personal liability. 
 Section 7.10 Limitation on Suits. To the fullest extent permitted by applicable
law, no Holder of any Note of any Series, Class or Tranche will have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee or similar official, or for any
other remedy hereunder, unless: 
 (a) such Holder has previously given written notice to the Indenture Trustee of a continuing Event of
Default with respect to Notes of such Series, Class or Tranche; 
 (b) the Holders of not less than
66-2/3% in Outstanding Dollar Principal Amount of the Outstanding Notes of such Series, Class or Tranche have made written request to the Indenture Trustee to institute proceedings in respect of such
Event of Default in the name of the Indenture Trustee hereunder; 
 (c) such Holder or Holders have offered to the Indenture Trustee
indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request; and 

(d) the Indenture Trustee, for 60 days after the Indenture Trustee has received such notice, request and offer of indemnity has failed to
institute any such proceeding; 
 it being understood and intended that no one or more Holders of Notes of such Series, Class or Tranche will have any
right in any manner whatsoever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Notes of such Series, Class or Tranche, or to obtain or to seek to obtain
priority or preference over any other such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and proportionate benefit of all the Holders of all Notes of such Series, Class or Tranche.

 Section 7.11 Unconditional Right of Noteholders to Receive Principal and Interest; Limited Recourse. Notwithstanding any
other provisions in this Indenture, the Holder of any Note will have the right, which is absolute and unconditional, to receive payment of the principal of and interest on such Note on the Legal Maturity Date expressed in the related Indenture
Supplement and to institute suit for the enforcement of any such payment, and such right will not be impaired without the consent of such Holder; provided, however, that notwithstanding any other provision of this Indenture to the contrary, the
obligation to pay principal of or interest on the Notes or any other amount payable to any Noteholder will be without recourse to the Transferor, the Indenture Trustee, the Owner Trustee or any Affiliate, officer, employee, member or director of any
of them, and the obligation of the Issuer to pay principal of or interest on the Notes or any other amount payable to any Noteholder will be subject to the allocation and payment provisions of the Servicing Agreement and the applicable Indenture
Supplements and limited to amounts available from the Collateral. 
 Section 7.12 Restoration of Rights and Remedies. If the
Indenture Trustee or any Noteholder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, then and in every such 

  
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 case the Issuer, the Indenture Trustee and the Noteholders will, subject to any determination in such proceeding,
be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee and the Noteholders will continue as though no such proceeding had been instituted. 

Section 7.13 Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee or to
the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy will, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at
law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, will not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

Section 7.14 Delay or Omission Not Waiver. No delay or omission of the Indenture Trustee or of any Holder of any Note to exercise
any right or remedy accruing upon any Event of Default will impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article VII or by law to the
Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be. 

Section 7.15 Control by Noteholders. Holders of not less than 66-2/3% of the Outstanding
Dollar Principal Amount of any affected Series, Class or Tranche will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Indenture Trustee, or exercising any trust or power conferred
on the Indenture Trustee with respect to the Notes of such Series, Class or Tranche, provided that: 
 (a) the Indenture Trustee will
have the right to decline to follow any such direction if the Indenture Trustee, being advised by counsel, determines that the Action so directed may not lawfully be taken or would conflict with this Indenture or if the Indenture Trustee in good
faith determines that the proceedings so directed would involve it in personal liability or be unjustly prejudicial to the Holders not taking part in such direction, and 

(b) the Indenture Trustee may take any other action permitted hereunder deemed proper by the Indenture Trustee which is not inconsistent with
such direction. 
 Section 7.16 Waiver of Past Defaults. Holders of not less than
66-2/3% of the Outstanding Dollar Principal Amount of any Series, Class or Tranche may on behalf of the Holders of all the Notes of such Series, Class or Tranche waive any past default hereunder or
under the related Indenture Supplement with respect to such Series, Class or Tranche and its consequences, except a default not theretofore cured in the payment of the principal of or interest on any Note of such Series, Class or Tranche.

 The consent of the Holders of all Outstanding Notes of a Series, Class or Tranche is required to waive any past default hereunder or
under the related Indenture Supplement with respect to such Series, Class or Tranche and its consequences, except a default not theretofore cured in respect of a covenant or provision hereof which under Article X cannot be modified or

  
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 amended without the consent of the Holder of each Outstanding Note of such Series, Class or Tranche. 

Upon any such waiver, such default will cease to exist, and any Event of Default arising therefrom will be deemed to have been cured, for
every purpose of this Indenture; but no such waiver will extend to any subsequent or other default or impair any right consequent thereon. 

Section 7.17 Undertaking for Costs. All parties to this Indenture agree, and each Holder of any Note by his or her acceptance
thereof will be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Indenture Trustee for any action taken or omitted by it as
Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any
party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 7.17 will not apply to any suit instituted by the Indenture Trustee, to
any suit instituted by any Noteholder, or group of Noteholders, holding in the aggregate more than 25% in Outstanding Dollar Principal Amount of the Outstanding Notes of any Series, Class or Tranche to which the suit relates, or to any suit
instituted by any Noteholders for the enforcement of the payment of the principal of or interest on any Note on or after the applicable Legal Maturity Date expressed in such Note. 

Section 7.18 Waiver of Stay or Extension Laws. The Issuer covenants (to the extent that it may lawfully do so) that it will not
at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this
Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Indenture
Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
 [END OF ARTICLE VII] 

  
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 ARTICLE VIII 

THE INDENTURE TRUSTEE 

Section 8.01 Certain Duties and Responsibilities. (a) The Indenture Trustee undertakes to perform such duties and only such
duties as are specifically set forth in this Indenture with respect to the Notes of any Series, Class or Tranche, and no implied covenants or obligations will be read into this Indenture against the Indenture Trustee. 

(b) In the absence of bad faith on its part, the Indenture Trustee may, with respect to Notes of any Series, Class or Tranche,
conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture; but in the case of any
such certificates or opinions which by any provision hereof are specifically required to be furnished to the Indenture Trustee, the Indenture Trustee will be under a duty to examine the same to determine whether or not they substantially conform to
the requirements of this Indenture (but need not confirm or investigate the accuracy of any mathematical calculations or other facts stated therein). 

(c) In case an Event of Default with respect to any Series, Class or Tranche of Notes has occurred and is continuing, the Indenture
Trustee will exercise with respect to the Notes of such Series, Class or Tranche such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or
use under the circumstances in the conduct of such person’s own affairs. 
 (d) No provision of this Indenture will be construed to
relieve the Indenture Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 

(i) this subsection (d) will not be construed to limit the effect of subsection (a) of this
Section 8.01; 
 (ii) the Indenture Trustee will not be liable for any error of judgment made in good faith by
an Indenture Trustee Authorized Officer, unless it will be proved that the Indenture Trustee was negligent in ascertaining the pertinent facts; 

(iii) the Indenture Trustee will not be liable with respect to any action taken or omitted to be taken by it in good faith in
accordance with the direction of the Holders of not less than 66-2/3% of the Outstanding Dollar Principal Amount of any Series, Class or Tranche relating to the time, method and place of conducting any
proceeding for any remedy available to the Indenture Trustee, or exercising any trust or power conferred upon the Indenture Trustee, under this Indenture with respect to the Notes of such Series, Class or Tranche; and 

(iv) no provision of this Indenture will require the Indenture Trustee to expend or risk its own funds or otherwise incur any
financial liability in the performance 

  
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 of any of its duties hereunder, or in the exercise of any of its rights or powers, if it will
have reasonable grounds for believing that repayment of such funds or indemnity satisfactory to the Indenture Trustee against such risk or liability is not reasonably assured to it. 

(e) Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or
affording protection to the Indenture Trustee will be subject to the provisions of this Section 8.01. 
 Section 8.02
Notice of Defaults. Within 90 days after the occurrence of any default hereunder with respect to Notes of any Series, Class or Tranche: 

(a) the Indenture Trustee will transmit by mail to all Registered Noteholders of such Series, Class or Tranche, as their names and
addresses appear in the Note Register, notice of such default hereunder known to the Indenture Trustee, 
 (b) the Indenture Trustee will
notify all Holders of Bearer Notes of such Series, Class or Tranche, by publication of notice of such default in an Authorized Newspaper, or as otherwise provided in the applicable Indenture Supplement, and 

(c) the Indenture Trustee will give prompt written notification thereof to the Note Rating Agencies, unless such default will have been cured
or waived; 
 provided, however, that, except in the case of a default in the payment of the principal of or interest on any Note of such
Series, Class or Tranche, the Indenture Trustee will be protected in withholding such notice if and so long as an Indenture Trustee Authorized Officer in good faith determines that the withholding of such notice is in the interests of the
Noteholders of such Series, Class or Tranche. For the purpose of this Section 8.02, the term “default,” with respect to Notes of any Series, Class or Tranche, means any event which is, or after notice or lapse of time
or both would become, an Event of Default with respect to Notes of such Series, Class or Tranche. 
 Section 8.03 Certain
Rights of Indenture Trustee. Except as otherwise provided in Section 8.01: 
 (a) the Indenture Trustee may conclusively
rely and will be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document (whether in its original,
facsimile or other electronic form) believed by it to be genuine and to have been signed or presented by the proper party or parties; 

(b) whenever in the administration of this Indenture the Indenture Trustee will deem it desirable that a matter be proved or established
before taking, suffering or omitting any action hereunder, the Indenture Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officer’s Certificate; 

(c) the Indenture Trustee may consult with counsel of its own selection and the advice of such counsel or any Opinion of Counsel will be full
and complete authorization and 

  
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 protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance
thereon; 
 (d) the Indenture Trustee will be under no obligation to exercise any of the rights or powers vested in it by this Indenture at
the request or direction of any of the Noteholders pursuant to this Indenture, unless such Noteholders shall have offered to the Indenture Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities which
might be incurred by it in compliance with such request or direction; 
 (e) the Indenture Trustee will not be bound to make any
investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Indenture Trustee, in its
discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Indenture Trustee will determine to make such further inquiry or investigation, it will be entitled to examine the books, records
and premises of the Issuer, personally or by agent or attorney; 
 (f) the Indenture Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Indenture Trustee will not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it
hereunder; 
 (g) the Indenture Trustee will not be responsible for filing any financing statements or continuation statements in
connection with the Notes, but will cooperate with the Issuer in connection with the filing of such financing statements or amendments to such financing statements; 

(h) the Indenture Trustee shall not be deemed to have notice of any default (including any Servicer Default under the Servicing Agreement) or
Event of Default unless an Indenture Trustee Authorized Officer has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Indenture Trustee at the Corporate Trust Office of the Indenture
Trustee, and such notice references the Notes and this Indenture; 
 (i) the rights, privileges, protections, immunities and benefits given
to the Indenture Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Indenture Trustee in each of its capacities hereunder, and each agent, custodian and other person employed to act
hereunder; and 
 (j) the Indenture Trustee shall not be liable for any action taken, suffered or omitted to be taken by it in good faith
and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture. 

Section 8.04 Not Responsible for Recitals or Issuance of Notes. The recitals contained herein and in the Notes, except the
certificates of authentication, will be taken as the statements of the Issuer, and the Indenture Trustee assumes no responsibility for their correctness. The Indenture Trustee makes no representations as to the validity or sufficiency of this
Indenture or of the Notes. The Indenture Trustee will not be accountable for the use or application by the Issuer of Notes or the proceeds thereof. 

  
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 Section 8.05 May Hold Notes. The Indenture Trustee, any Paying Agent, the Note
Registrar or any other agent of the Issuer, in its individual or any other capacity, may become the owner or pledgee of Notes and, subject to Sections 8.08 and 8.13, may otherwise deal with the Issuer with the same rights it would have
if it were not Indenture Trustee, Paying Agent, Note Registrar or such other agent. 
 Section 8.06 Money Held in Trust. Money
held by the Indenture Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Indenture Trustee will be under no liability for interest on any money received by it hereunder except as otherwise
agreed with the Issuer. 
 Section 8.07 Compensation and Reimbursement; Limit on Compensation Reimbursement and Indemnity.
(a) The Issuer agrees: 
 (i) to pay to the Indenture Trustee from time to time reasonable compensation (or, for so
long as The Bank of New York Mellon is the Indenture Trustee, such amount as has been mutually agreed upon in writing) for all services rendered by it hereunder (which compensation will not be limited by any provision of law in regard to the
compensation of a trustee of an express trust); 
 (ii) except as otherwise expressly provided herein, to reimburse the
Indenture Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Indenture Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the reasonable
expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its own negligence or bad faith; and 

(iii) to indemnify the Indenture Trustee for, and to hold it harmless against, any and all loss, liability, expense, claim,
damage or injury incurred without negligence or bad faith on its part, arising out of or in connection with the acceptance or administration of this trust, including the costs and expenses of defending itself against any claim or liability (whether
asserted by the Issuer, the Servicer, any Holder or any other Person) in connection with the exercise or performance of any of its powers or duties hereunder. 

The Indenture Trustee will have no recourse to any asset of the Issuer other than funds available pursuant to Section 7.06 or to
any Person other than the Issuer. Except as specified in Section 7.06, any such payment to the Indenture Trustee shall be subordinate to payments to be made to Noteholders. 

(b) This Section 8.07 will survive the termination of this Indenture and the resignation or replacement of the Indenture Trustee
under Section 8.10. 
 Section 8.08 Disqualification; Conflicting Interests. If the Indenture Trustee has or will
acquire a conflicting interest within the meaning of the Trust Indenture Act, the Indenture Trustee will, if so required by the Trust Indenture Act, either eliminate such interest or resign, to the extent and in the manner provided by, and subject
to the provisions of, the Trust Indenture Act and this Indenture. Nothing herein will prevent the Indenture Trustee from filing with the 

  
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 Commission the application referred to in the second to last paragraph of Section 310(b) of the Trust
Indenture Act. 
 Section 8.09 Corporate Indenture Trustee Required; Eligibility. There will at all times be an Indenture
Trustee hereunder with respect to each Series, Class or Tranche of Notes, which will be either a bank or a corporation organized and doing business under the laws of the United States of America or of any state, authorized under such laws to
exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by federal or state authority, and having a rating of at least “Baa3” by Moody’s and “BBB-” by Standard & Poor’s. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority,
then for the purposes of this Section 8.09, the combined capital and surplus of such corporation will be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Issuer may not,
nor may any Person directly or indirectly controlling, controlled by, or under common control with the Issuer, serve as Indenture Trustee. If at any time the Indenture Trustee with respect to any Series, Class or Tranche of Notes will cease to
be eligible in accordance with the provisions of this Section 8.09, it will resign immediately in the manner and with the effect hereinafter specified in this Article VIII. 

Section 8.10 Resignation and Removal; Appointment of Successor. (a) No resignation or removal of the Indenture Trustee and
no appointment of a successor Indenture Trustee pursuant to this Article VIII will become effective until the acceptance of appointment by the successor Indenture Trustee under Section 8.11. 

(b) The Indenture Trustee may resign with respect to any Series, Class or Tranche of Notes at any time by giving written notice thereof
to the Issuer. If an instrument of acceptance by a successor Indenture Trustee shall not have been delivered to the Indenture Trustee within 30 days after the giving of such notice of resignation, the resigning Indenture Trustee may petition any
court of competent jurisdiction for the appointment of a successor Indenture Trustee. 
 (c) The Indenture Trustee may be removed with
respect to any Series, Class or Tranche of Notes at any time by Action of the Majority Holders of that Series, Class or Tranche, delivered to the Indenture Trustee and to the Issuer. If an instrument of acceptance by a successor Indenture
Trustee shall not have been delivered to the Indenture Trustee within 30 days after the giving of such notice of removal, the Indenture Trustee being removed may petition any court of competent jurisdiction for the appointment of a successor
Indenture Trustee. 
 (d) If at any time: 

(i) the Indenture Trustee fails to comply with Section 310(b) of the Trust Indenture Act with respect to any Series,
Class or Tranche of Notes after written request therefor by the Issuer or by any Noteholder who has been a bona fide Holder of a Note of that Series, Class or Tranche for at least 6 months, or 

  
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 (ii) the Indenture Trustee ceases to be eligible under Section 8.09
with respect to any Series, Class or Tranche of Notes and fails to resign after written request therefor by the Issuer or by any such Noteholder, or 

(iii) the Indenture Trustee becomes incapable of acting with respect to any Series, Class or Tranche of Notes, or 

(iv) the Indenture Trustee is adjudged bankrupt or insolvent or a receiver of the Indenture Trustee or of its property is
appointed or any public officer takes charge or control of the Indenture Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, 

then, in any such case, (A) the Issuer may remove the Indenture Trustee, with respect to the Series, Class or Tranche, or in the case of clause
(iv), with respect to all Series, Classes or Tranches, or (B) subject to Section 7.17, any Noteholder who has been a bona fide Holder of a Note of such Series, Class and Tranche for at least 6 months may, on behalf of itself
and all others similarly situated, petition any court of competent jurisdiction for the removal of the Indenture Trustee with respect to such Series, Class or Tranche and the appointment of a successor Indenture Trustee with respect to the
Series, Class or Tranche, or, in the case of clause (iv), with respect to all Series, Classes and Tranches. 
 (e) If the Indenture
Trustee resigns, is removed or becomes incapable of acting with respect to any Series, Class or Tranche of Notes, or if a vacancy shall occur in the office of the Indenture Trustee with respect to any Series, Class or Tranche of Notes for
any cause, the Issuer will promptly appoint a successor Indenture Trustee for that Series, Class or Tranche of Notes. If, within one year after such resignation, removal or incapacity, or the occurrence of such vacancy, a successor Indenture
Trustee with respect to such Series, Class or Tranche of Notes is appointed by Act of the Majority Holders of such Series, Class or Tranche delivered to the Issuer and the retiring Indenture Trustee, the successor Indenture Trustee so
appointed will, forthwith upon its acceptance of such appointment, become the successor Indenture Trustee with respect to such Series, Class or Tranche and supersede the successor Indenture Trustee appointed by the Issuer with respect to such
Series, Class or Tranche of Notes. If no successor Indenture Trustee with respect to such Series, Class or Tranche of Notes shall have been so appointed by the Issuer or the Noteholders of such Series, Class or Tranche and accepted
appointment in the manner hereinafter provided, any Noteholder who has been a bona fide Holder of a Note of such Series, Class or Tranche for at least 6 months may, on behalf of itself and all others similarly situated, petition any court of
competent jurisdiction for the appointment of a successor Indenture Trustee with respect to such Series, Class or Tranche of Notes. 

(f) The Issuer will give written notice of each resignation and each removal of the Indenture Trustee with respect to any Series,
Class or Tranche of Notes and each appointment of a successor Indenture Trustee with respect to any Series, Class or Tranche to each Noteholder as provided in Section 1.06 and to each Note Rating Agency. To facilitate delivery
of such notice, upon request by the Issuer, the Note Registrar shall provide to the Issuer a list of the relevant Registered Noteholders. Each notice will include the name of the successor Indenture Trustee and the address of its principal Corporate
Trust Office. 

  
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 Section 8.11 Acceptance of Appointment by Successor. Every successor Indenture
Trustee appointed hereunder will execute, acknowledge and deliver to the Issuer and to the predecessor Indenture Trustee an instrument accepting such appointment, with a copy to the Note Rating Agencies, and thereupon the resignation or removal of
the predecessor Indenture Trustee will become effective with respect to any Series, Class or Tranche as to which it is resigning or being removed as Indenture Trustee, and such successor Indenture Trustee, without any further act, deed or
conveyance, will become vested with all the rights, powers, trusts and duties of the predecessor Indenture Trustee with respect to any such Series, Class or Tranche; but, on request of the Issuer or the successor Indenture Trustee, such
predecessor Indenture Trustee will, upon payment of its reasonable charges, if any, execute and deliver an instrument transferring to such successor Indenture Trustee all the rights, powers and trusts of the predecessor Indenture Trustee, and will
duly assign, transfer and deliver to such successor Indenture Trustee all property and money held by such predecessor Indenture Trustee hereunder with respect to all or any such Series, Class or Tranche, subject nevertheless to its lien, if
any, provided for in Section 8.07. Upon request of any such successor Indenture Trustee, the Issuer will execute any and all instruments for more fully and certainly vesting in and confirming to such successor Indenture Trustee all such
rights, powers and trusts. 
 In case of the appointment hereunder of a successor Indenture Trustee with respect to the Notes of one or
more (but not all) Series, Classes or Tranches, the Issuer, the predecessor Indenture Trustee and each successor Indenture Trustee with respect to the Notes of any applicable Series, Class or Tranche will execute and deliver an Indenture
Supplement which will contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the predecessor Indenture Trustee with respect to the Notes of any Series, Class or Tranche as
to which the predecessor Indenture Trustee is not being succeeded will continue to be vested in the predecessor Indenture Trustee, and will add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Indenture Trustee, it being understood that nothing herein or in such Indenture Supplement will constitute such Indenture Trustees co-trustees of the
same trust and that each such Indenture Trustee will be Indenture Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Indenture Trustee. 

No successor Indenture Trustee with respect to any Series, Class or Tranche of Notes will accept its appointment unless at the time of
such acceptance such successor Indenture Trustee will be qualified and eligible under this Article VIII. 
 Section 8.12
Merger, Conversion, Consolidation or Succession to Business. Any corporation into which the Indenture Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Indenture Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Indenture Trustee, will be the successor of the Indenture Trustee hereunder, provided
such corporation shall be otherwise qualified and eligible under this Article VIII, without the execution or filing of any paper or any further act on the part of any of the parties hereto. The Indenture Trustee shall give prompt written
notice of such merger, conversion, consolidation or succession to the Issuer and the Note Rating Agencies. In case any Notes shall have been authenticated, but not delivered, by the Indenture Trustee then 

  
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 in office, any successor by merger, conversion or consolidation to such authenticating Indenture Trustee may
adopt such authentication and deliver the Notes so authenticated with the same effect as if such successor Indenture Trustee had itself authenticated such Notes. 

Section 8.13 Preferential Collection of Claims Against Issuer. If and when the Indenture Trustee shall be or become a creditor of
the Issuer (or any other obligor upon the Notes), the Indenture Trustee will be subject to the provisions of Section 311 of the Trust Indenture Act. An Indenture Trustee who has resigned or been removed will be subject to Section 311(a) of
the Trust Indenture Act to the extent provided therein. 
 Section 8.14 Appointment of Authenticating Agent. At any time when
any of the Notes remain Outstanding the Indenture Trustee, with the approval of the Issuer, may appoint an Authenticating Agent or Agents with respect to one or more Series, Classes or Tranches of Notes which will be authorized to act on behalf of
the Indenture Trustee to authenticate Notes of such Series, Classes or Tranches issued upon exchange, registration of transfer or partial redemption thereof or pursuant to Section 4.06, and Notes so authenticated will be entitled to the
benefits of this Indenture and will be valid and obligatory for all purposes as if authenticated by the Indenture Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Notes by the Indenture Trustee or
the Indenture Trustee’s Certificate of Authentication, such reference will be deemed to include authentication and delivery on behalf of the Indenture Trustee by an Authenticating Agent and a Certificate of Authentication executed on behalf of
the Indenture Trustee by an Authenticating Agent. Each Authenticating Agent will be acceptable to the Issuer and will at all times be a corporation organized and doing business under the laws of the United States of America, any state thereof or the
District of Columbia, authorized under such laws to act as an Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and, if other than the Issuer itself, subject to supervision or examination by federal or state
authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section 8.14, the combined capital
and surplus of such Authenticating Agent will be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent will cease to be eligible in accordance with the
provisions of this Section 8.14, such Authenticating Agent will resign immediately in the manner and with the effect specified in this Section 8.14. The initial Authenticating Agent for the Notes of all Series, Classes and
Tranches will be The Bank of New York Mellon. 
 Any corporation into which an Authenticating Agent may be merged or converted or with
which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent will be a party, or any corporation succeeding to the corporate agency or corporate trust business of an
Authenticating Agent, will continue to be an Authenticating Agent, provided such corporation will be otherwise eligible under this Section 8.14, without the execution or filing of any paper or any further act on the part of the Indenture
Trustee or the Authenticating Agent. 
 An Authenticating Agent may resign at any time by giving written notice thereof to the Indenture
Trustee and to the Issuer. The Indenture Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent 

  
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 and to the Issuer. Upon receiving such a notice of resignation or upon such a termination, or in case at any time
such Authenticating Agent will cease to be eligible in accordance with the provisions of this Section 8.14, the Indenture Trustee, with the approval of the Issuer, may appoint a successor Authenticating Agent which will be acceptable to
the Issuer and will give notice to each Noteholder as provided in Section 1.06. Any successor Authenticating Agent upon acceptance of its appointment hereunder will become vested with all the rights, powers and duties of its predecessor
hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent will be appointed unless eligible under the provisions of this Section 8.14. 

The Indenture Trustee agrees to pay to each Authenticating Agent (other than an Authenticating Agent appointed at the request of the Issuer
from time to time) reasonable compensation for its services under this Section 8.14, and the Indenture Trustee will be entitled to be reimbursed for such payments, subject to the provisions of Section 8.07. 

If an appointment with respect to one or more Series, Classes or Tranches is made pursuant to this Section 8.14, the Notes of
such Series, Classes or Tranches may have endorsed thereon, in addition to the Indenture Trustee’s Certificate of Authentication, an alternate Certificate of Authentication in the following form: 

This is one of the Notes of the Series, Classes or Tranches designated therein referred to in the within-mentioned Indenture. 

 

	
	 THE BANK OF NEW YORK MELLON, as

	   Indenture Trustee

	
	
By:                  
                                         
     

	         As Authenticating Agent

	
	
By:                  
                                         
     

	         Authorized Signatory

 Section 8.15 Tax Returns. In the event that the Issuer shall be required to file tax
returns, the Administrator shall prepare or shall cause to be prepared such tax returns and shall provide such tax returns to the Owner Trustee or the Beneficiary for signature at least 5 days before such tax returns are due to be filed. The Issuer,
in accordance with the terms of each Indenture Supplement, shall also prepare or shall cause to be prepared all tax information required by law to be distributed to Noteholders and shall deliver such information to the Indenture Trustee at least
five days prior to the date it is required by law to be distributed to Noteholders. The Indenture Trustee, upon written request, will furnish the Administrator with all such information known to the Indenture Trustee as may be reasonably requested
and required in connection with the preparation of all tax returns of the Issuer, and shall, upon request, execute such returns. In no event shall the Administrator, the Indenture Trustee or the Owner Trustee be personally liable for any
liabilities, costs or expenses of the Issuer or any Noteholder arising under any tax law, including without limitation, federal, state or local income or excise taxes or any other tax imposed on or measured by income (or any interest or penalty with
respect thereto arising from a failure to comply therewith). 

  
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 Section 8.16 Representations and Covenants of the Indenture Trustee. The Indenture
Trustee represents, warrants and covenants that 
 (i) The Indenture Trustee is a banking corporation duly organized and
validly existing under the laws of the State of New York; 
 (ii) The Indenture Trustee has full power and authority to
deliver and perform this Indenture and has taken all necessary action to authorize the execution, delivery and performance by it of this Indenture and other documents to which it is a party; and 

(iii) Each of this Indenture and the other documents to which it is a party has been duly executed and delivered by the
Indenture Trustee and constitutes its legal, valid and binding obligation in accordance with its terms. 
 Section 8.17 Indenture
Trustee’s Application for Instructions from the Issuer. Any application by the Indenture Trustee for written instructions from the Issuer may, at the option of the Indenture Trustee, set forth in writing any action proposed to be taken or
omitted by the Indenture Trustee under and in accordance with this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective; provided that such application shall make specific reference to this
Section 8.17. The Indenture Trustee shall not be liable for any action taken by, or omission of, the Indenture Trustee in accordance with a proposal included in such application on or after the date specified in such application (which
date shall not be less than five Business Days after the date the Issuer actually receives such application, unless the Issuer shall have consented in writing to any earlier date) unless prior to taking any such action (or the effective date in the
case of an omission), the Indenture Trustee shall have received written instructions in response to such application specifying the action be taken or omitted. 

Section 8.18 Appointment of Co-Trustee or Separate Indenture Trustee.
(a) Notwithstanding any other provisions of this Indenture, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Estate may at the time be located, the Indenture Trustee shall have
the power and shall execute and deliver all instruments, subject to the prior written consent of the Transferor, which consent shall not be unreasonably withheld, to appoint one or more Persons reasonably acceptable to the Issuer to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person or Persons, in such capacity and for
the benefit of the Noteholders, such title to the Trust Estate, or any part thereof, and, subject to the other provisions of this Section 8.18, such powers, duties, obligations, rights and trusts as the Indenture Trustee may consider
necessary or desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 8.09 and no notice to Noteholders of the
appointment of any co-trustee or separate trustee shall be required under Section 8.10. 

(b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act
subject to the following provisions and conditions: 

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

(ii) no trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder; and

 (iii) the Indenture Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee. 
 (c) Any notice, request or other writing given to the Indenture Trustee shall be deemed to
have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or
co-trustee shall refer to this Indenture and the conditions of this Article VIII. Each separate trustee and co-trustee, upon its acceptance of the trusts
conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, specifically
including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee. 

(d) Any separate trustee or co-trustee may at any time appoint the Indenture Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and in its name.
If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture
Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 
 Section 8.19 Certain Securities
Laws Covenants. The Indenture Trustee shall furnish TRS, AENB and the Transferor with any documents and information relating to the Indenture Trustee necessary or appropriate to enable such parties to comply with the Securities Act and the
Securities Exchange Act, including the rules contained in 17 CFR Parts 210, 228, 229, 230, 232, 239, 240, 242, 245 and 249 of Regulation AB. 

[END OF ARTICLE VIII] 

  
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 ARTICLE IX 

NOTEHOLDERS’ MEETINGS, LISTS, REPORTS BY INDENTURE 

TRUSTEE, ISSUER AND BENEFICIARY 

Section 9.01 Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders. The Issuer will furnish or cause to be
furnished to the Indenture Trustee: 
 (a) not more than 15 days after each Record Date, in such form as the Indenture Trustee may
reasonably require, a list of the names and addresses of the Registered Noteholders of such Series, Classes or Tranches as of such date, and 

(b) at such other times as the Indenture Trustee may request in writing, within 30 days after the receipt by the Issuer of any such request,
a list of similar form and content as of a date not more than 15 days before the time such list is furnished; 
 provided, however, that so
long as the Indenture Trustee is the Note Registrar, no such list shall be required to be furnished. 
 Section 9.02 Preservation
of Information; Communications to Noteholders. (a) The Indenture Trustee will preserve, in as current a form as is reasonably practicable, the names and addresses of Registered Noteholders contained in the most recent list furnished to the
Indenture Trustee as provided in Section 9.01 and the names and addresses of Registered Noteholders received by the Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee may destroy any list furnished to it as
provided in Section 9.01 upon receipt of a new list so furnished. 
 (b) If three or more Holders of Notes of any Series,
Class or Tranche (hereinafter referred to as “applicants”) (or, if there are less than three such Holders, all of the Holders) apply in writing to the Indenture Trustee, and furnish to the Indenture Trustee reasonable proof that each
such applicant has owned a Note of such Series, Class or Tranche for a period of at least six months preceding the date of such application, and such application states that the applicants desire to communicate with other Holders of Notes of
such Series, Class or Tranche or with the Holders of all Notes with respect to their rights under this Indenture or under such Notes and is accompanied by a copy of the form of proxy or other communication which such applicants propose to
transmit, then the Indenture Trustee will, within five Business Days after the receipt of such application, at its election, either: 

(i) afford such applicants access to the information preserved at the time by the Indenture Trustee in accordance with
subsection 9.02(a), or 
 (ii) inform such applicants as to the approximate number of Holders of Notes of such
Series, Class or Tranche or all Notes, as the case may be, whose names and addresses appear in the information preserved at the time by the Indenture Trustee in accordance with subsection 9.02(a), and as to the approximate cost of
mailing to such 

  
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 Noteholders the form of proxy or other communication, if any, specified in such application. 

If the Indenture Trustee shall elect not to afford such applicants access to such information, the Indenture Trustee shall, upon the written
request of such applicants, mail to each Holder of a Registered Note of such Series, Class or Tranche or to all Registered Noteholders, as the case may be, whose names and addresses appear in the information preserved at the time by the
Indenture Trustee in accordance with subsection 9.02(a), a copy of the form of proxy or other communication which is specified in such request, with reasonable promptness after a tender to the Indenture Trustee of the material to be mailed
and of payment, or provision for the payment, of the reasonable expenses of mailing, unless, within five days after such tender, the Indenture Trustee shall mail to such applicants and file with the Commission, together with a copy of the material
to be mailed, a written statement to the effect that, in the opinion of the Indenture Trustee, such mailing would be contrary to the best interests of the Holders of Notes of such Series, Class or Tranche or all Noteholders, as the case may be,
or would be in violation of applicable law. Such written statement will specify the basis of such opinion. If the Commission, after opportunity for a hearing upon the objections specified in the written statement so filed, shall enter an order
refusing to sustain any of such objections or if, after the entry of an order sustaining one or more of such objections, the Commission shall find, after notice and opportunity for hearing, that all the objections so sustained have been met and
shall enter an order so declaring, the Indenture Trustee will mail copies of such material to all Registered Noteholders of such Series, Class or Tranche or all Registered Noteholders, as the case may be, with reasonable promptness after the
entry of such order and the renewal of such tender; otherwise the Indenture Trustee will be relieved of any obligation or duty to such applicants respecting their application. 

(c) Every Holder of Notes, by receiving and holding the same, agrees with the Issuer and the Indenture Trustee that neither the Issuer nor
the Indenture Trustee will be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders of Notes in accordance with subsection 9.02(b), regardless of the source from which such
information was derived, and that the Indenture Trustee will not be held accountable by reason of mailing any material pursuant to a request made under subsection 9.02(b). 

Section 9.03 Reports by Indenture Trustee. (a) The term “reporting date” as used in this Section 9.03
means December 31. Within 60 days after the reporting date in each year, beginning in 2016, the Indenture Trustee will transmit to Noteholders, in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act, a brief
report dated as of such reporting date if required by Section 313(a) of the Trust Indenture Act. 
 (b) To the extent required by the
Trust Indenture Act, the Indenture Trustee will mail each year to all Registered Noteholders, with a copy to the Note Rating Agencies a report concerning: 

(i) its eligibility and qualifications to continue as trustee under this Indenture; 

  
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 (ii) any amounts advanced by the Indenture Trustee under this Indenture; 

(iii) the amount, interest rate and maturity date or indebtedness owing by the Issuer to the Indenture Trustee, in its
individual capacity; 
 (iv) the property and funds physically held by the Indenture Trustee by which such Notes are
secured; 
 (v) any release or release and substitution of Collateral subject to the lien of this Indenture which has not
previously been reported; and 
 (vi) any action taken by the Indenture Trustee that materially affects the Notes and that
has not previously been reported. 
 (c) The Indenture Trustee will comply with subsections 313(b) and 313 (c) of the Trust Indenture Act.

 (d) A copy of each such report will, at the time of such transmission to Noteholders, be filed by the Indenture Trustee with each stock
exchange upon which the Notes are listed, and also with the Commission. The Issuer will notify the Indenture Trustee when the Notes are admitted to trading on any stock exchange. 

(e) The Issuer agrees to cooperate and promptly provide to the Indenture Trustee such additional information as may be required or requested
by the Indenture Trustee to facilitate compliance with this Section 9.03. 
 Section 9.04 Meetings of Noteholders;
Amendments and Waivers. (a) If Notes of a Series, Class or Tranche are issuable in whole or in part as Bearer Notes, a meeting of Noteholders of the Notes of such Series, Class or Tranche may be called at any time and from time to
time pursuant to this Section 9.04 to make, give or take any Action provided by this Indenture or any Indenture Supplement to be made, given or taken by Noteholders of such Series, Class or Tranche. 

(b) The Indenture Trustee may call a meeting of the Noteholders of a Series, Class or Tranche issuable in whole or in part as Bearer
Notes at any time for any purpose specified hereunder or under any Indenture Supplement. The Indenture Trustee will call a meeting upon request of the Issuer or the Holders of at least 10% in aggregate Outstanding Dollar Principal Amount of the
Outstanding Notes of such Series, Class or Tranche issuable in whole or in part as Bearer Notes. In any case, a meeting will be called after notice is given to such Noteholders pursuant to Section 1.06. 

(c) To be entitled to vote at any meeting of Noteholders of any Series, Class or Tranche, a Person shall be (1) a Holder of one or
more Outstanding Notes of such Series, Class or Tranche, or (2) a Person appointed by an instrument in writing as proxy for the Noteholder or Noteholders of one or more Outstanding Notes of such Series, Class or Tranche by the
Noteholder or Noteholders. The only Person who shall be entitled to be present or to speak at any meeting of Noteholders of any Series, Class or Tranche shall be the Persons entitled to vote 

  
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 at such meeting and their counsel, any representatives of the Indenture Trustee and its counsel and any
representatives of the Issuer and its counsel. 
 (d) Except for any consent that must be given by the Holders of each Outstanding Note
affected or any action to be taken by the Issuer as holder of any Collateral Certificate, any resolution presented at any meeting at which a quorum is present may be adopted by the affirmative vote of the Holders of not less than 66-2/3% of the Outstanding Dollar Principal Amount of that Series, Class or Tranche, as the case may be. However, any resolution with respect to any Action which may be given by the Holders of not less than a
specified percentage in aggregate Outstanding Dollar Principal Amount of Outstanding Notes of a Series, Class or Tranche of Bearer Notes may be adopted at any meeting at which a quorum is present only by the affirmative vote of the Holders of
not less than the specified percentage in aggregate Outstanding Dollar Principal Amount of the Outstanding Notes of such Series, Class or Tranche. Any resolution passed or decision taken at any meeting of Noteholders duly held in accordance
with this Indenture will be binding on all Noteholders of the affected Series, Class or Tranche. 
 (e) The quorum at any meeting will
be persons holding or representing the Majority Holders of the Outstanding Dollar Principal Amount of a Series, Class or Tranche or all Notes, as the case may be; provided, however, that if any action is to be taken at that
meeting concerning an Action that may be given by the Holders of not less than a specified percentage in aggregate Outstanding Dollar Principal Amount of the Outstanding Notes of a Series, Class or Tranche, the persons holding or representing
such specified percentage in aggregate Outstanding Dollar Principal Amount of the Outstanding Notes of such Series, Class or Tranche or all Notes will constitute a quorum. 

(f) The ownership of Bearer Notes will be proved as provided in subsection 1.04(c)(ii). 

(g) The Issuer, at its own expense, may make reasonable rules for other matters relating to Action by or a meeting of Noteholders not
otherwise covered by this Section 9.04, including but not limited to the location or locations for such meeting, the manner of voting at such meeting, the appointment and duties of inspectors of the vote, the submission and examination
of proxies, certificates and other evidence of the right to vote and the appointment of a chairperson for the meeting. 
 (h) As set forth
in the applicable Pooling and Servicing Agreement and the related Series Supplement, with respect to certain actions requiring the consent or direction of Investor Certificateholders holding a specified percentage of the aggregate unpaid amount
outstanding of Investor Certificates (whether by number of Series or percentage of all outstanding Investor Certificates depending on the manner of voting or consenting on such matter), including consenting to certain amendments and terminating the
related Master Trust, the Issuer, as holder of any Collateral Certificate, will be deemed to have voted in accordance with the Investor Certificateholders holding a majority of the aggregate Invested Amount outstanding of such Investor Certificates
which are entitled to vote or consent on such matter; provided, however, that in the event Investor Certificateholders holding equal portions of the Invested Amount of such Investor Certificates vote in the positive and in the
negative, without taking into consideration the vote of the Issuer, as holder of such Collateral Certificate, the Issuer shall be 

  
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 deemed to vote in the negative; provided further, that if the Collateral Certificate is the sole Investor
Certificate outstanding which is entitled to vote or consent on such matter, the Issuer, as holder thereof, will be deemed to have voted in the negative. 

Section 9.05 Reports by Issuer to the Commission. The Issuer will: 

(a) file with the Indenture Trustee, within 15 days after the Issuer is required to file the same with the Commission, copies of the annual
reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Issuer may be required to file with the Commission
pursuant to Section 13 or Section 15(d) of the Securities Exchange Act; or, if the Issuer is not required to file information, documents or reports pursuant to either of said Sections, then it will file with the Indenture Trustee and the
Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the Securities
Exchange Act in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time in such rules and regulations; 

(b) file with the Indenture Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the
Commission, such additional information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and 

(c) transmit by mail to all Registered Noteholders, as their names and addresses appear in the Note Register, and notify all Holders of
Bearer Notes of such Series, Class or Tranche, by publication of such notice in an Authorized Newspaper or as otherwise provided in the applicable Indenture Supplement, within 30 days after the filing thereof with the Indenture Trustee, such
summaries of any information, documents and reports required to be filed by the Issuer pursuant to paragraphs (a) and (b) of this Section 9.05 as may be required by rules and regulations prescribed from time to time by the
Commission. 
 The delivery of such reports, information and documents to the Indenture Trustee is for informational purposes only and the
Indenture Trustee’s receipt of such reports, information and documents shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s compliance with
any of its covenants hereunder (as to which the Indenture Trustee is entitled to rely conclusively on an Officer’s Certificate of an Authorized Officer of the Issuer). 

Section 9.06 Monthly Noteholders’ Statement. On each Payment Date, the Issuer will, in cooperation with the Servicer and, if
applicable, the Master Trust Servicer, complete and deliver to the Indenture Trustee and, if applicable, the Master Trust Trustee (with a copy to each Note Rating Agency), a Monthly Noteholders’ Statement. 

Section 9.07 Payment Instruction to Master Trust. Promptly after the receipt by the Issuer of each Monthly Servicer’s
Certificate under the applicable Series Supplement, the 

  
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 Issuer will, in cooperation with the Servicer, complete the Payment Instruction and deliver a copy thereof to the
Indenture Trustee and the Master Trust Trustee. 
 (a) From time to time, the Issuer will notify the Servicer of the information necessary
to be provided by the Issuer under the applicable section of the applicable Pooling and Servicing Agreement as supplemented by any Series Supplement to calculate the Invested Amount of the Collateral Certificate issued under that Pooling and
Servicing Agreement. 
 [END OF ARTICLE IX] 

  
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 ARTICLE X 

INDENTURE SUPPLEMENTS; AMENDMENTS TO THE POOLING 

AND SERVICING AGREEMENT AND AMENDMENTS TO THE 

TRUST AGREEMENT 

Section 10.01 Supplemental Indentures and Amendments Without Consent of Noteholders. Without the consent of the Holders of any
Notes but with 10 Business Days’ prior notice to each Note Rating Agency, the Issuer and the Indenture Trustee, at any time and from time to time, upon delivery of an Issuer Tax Opinion and, if applicable, a Master Trust Tax Opinion for each
applicable Master Trust and upon delivery by the Issuer to the Indenture Trustee of an Officer’s Certificate to the effect that the Issuer reasonably believes that such amendment will not have an Adverse Effect and is not reasonably expected to
have an Adverse Effect at any time in the future, the Issuer may amend this Indenture, including any Indenture Supplement or enter into one or more Indenture Supplements, in form satisfactory to the Indenture Trustee, for any of the following
purposes: 
 (a) to evidence the succession of another Entity to the Issuer, and the assumption by any such successor of the covenants of
the Issuer herein and in the Notes; or 
 (b) to add to the covenants of the Issuer, or to surrender any right or power herein conferred
upon the Issuer by the Issuer, for the benefit of the Holders of the Notes of any or all Series, Classes or Tranches (and if such covenants or the surrender of such right or power are to be for the benefit of less than all Series, Classes or
Tranches of Notes, stating that such covenants are expressly being included or such surrenders are expressly being made solely for the benefit of one or more specified Series, Classes or Tranches); or 

(c) to cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other provision herein, or to
make any other provisions with respect to matters or questions arising under this Indenture; or 
 (d) to add to this Indenture such
provisions as may be expressly permitted by the Trust Indenture Act, excluding, however, the provisions referred to in Section 316(a)(2) of the Trust Indenture Act as in effect at the date as of which this Indenture was executed or any
corresponding provision in any similar federal statute hereafter enacted; or 
 (e) to establish any form of Note, as provided in
Article II, and to provide for the issuance of any Series, Class or Tranche of Notes as provided in Article III and to set forth the terms thereof, and/or to add to the rights of the Holders of the Notes of any Series,
Class or Tranche; or 
 (f) to evidence and provide for the acceptance of appointment by another corporation as a successor Indenture
Trustee hereunder with respect to one or more Series, Classes or Tranches of Notes and to add to or change any of the provisions of this Indenture as will be necessary to provide for or facilitate the administration of the trusts hereunder by more
than one Indenture Trustee, pursuant to Section 8.11; or 

  
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 (g) to add any additional Early Amortization Events or Events of Default in respect of the Notes
of any or all Series, Classes or Tranches (and if such additional Events of Default are to be in respect of less than all Series, Classes or Tranches of Notes, stating that such Events of Default are expressly being included solely for the benefit
of one or more specified Series, Classes or Tranches of Notes); or 
 (h) to provide for the consolidation of any Master Trust and the
Issuer into a single Entity or the transfer of assets in such Master Trust to the Issuer after the termination of all Series of Investor Certificates (other than the related Collateral Certificate or Collateral Certificates); or 

(i) if one or more additional Transferors under the Transfer Agreement or any Pooling and Servicing Agreement are added to, or replaced
under, the Transfer Agreement or any such Pooling and Servicing Agreement, or one or more additional Beneficiaries under the Trust Agreement are added to, or replaced under, the Trust Agreement, to make any necessary changes to the Indenture or any
other related document; or 
 (j) to designate additional Collateral to the Issuer; 

(k) to provide for additional or alternative forms of credit enhancement for any Series, Class or Tranche of Notes; or 

(l) to comply with any regulatory, accounting, securities or tax laws, rules, regulations or requirements; or 

(m) to qualify for sale treatment under generally accepted accounting principles. 

Additionally, notwithstanding any provision of this Article X to the contrary and in addition to clauses (a) through
(m) above, the Issuer and the Indenture Trustee may amend this Indenture, including any Indenture Supplement, to modify, eliminate or add to the provisions of this Indenture (i) to facilitate compliance with any amendment to, or any
interpretive guidance by the FDIC or its staff with respect to, the FDIC Rule or any other change of law or regulation which applies to the Issuer or the transactions governed by the Transaction Documents or (ii) to cause the provisions hereof
to conform to or be consistent with or in furtherance of the statements made with respect to this Indenture, including any Indenture Supplement, in any applicable Registration Statement on Form SF-3, as
amended, under the Securities Act; provided, that the Issuer shall deliver to the Indenture Trustee and the Owner Trustee (x) an Officer’s Certificate to the effect that (A) the Issuer reasonably believes that such amendment
will not have a material adverse effect on the Noteholders 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 Issuer or the transactions governed by the
Transaction Documents or such amendment is required to cause the provisions hereof to conform to or be consistent with or in furtherance of the statements made with respect to this Indenture, including any Indenture Supplement, in any applicable
Registration Statement on Form SF-3, as amended, under the Securities Act, and (y) an Issuer Tax Opinion with respect to such amendment; provided, however, that the Issuer shall deliver written
notice of the substance of the proposed amendment to each Note Rating Agency 

  
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 at least 10 Business Days prior to the proposed effective date of such amendment (or such shorter period as is
agreed to in writing by each Note Rating Agency). 
 Additionally, notwithstanding any provision of this Article X to the contrary
and in addition to clauses (a) through (m) above, this Indenture, including any Indenture Supplement, may also be amended without the consent of the Indenture Trustee or any of the Noteholders, upon delivery to the Owner Trustee
and the Indenture Trustee of an Issuer Tax Opinion and, to the extent a Collateral Certificate is included in the property of the Issuer, a Master Trust Tax Opinion, for the purpose of (i) adding any provisions to, or changing in any manner or
eliminating any of the provisions of, this Indenture or any Indenture Supplement or (ii) modifying in any manner the rights of the Holders of the Notes under this Indenture or any Indenture Supplement; provided, however, that
(i) the Issuer shall deliver to the Indenture Trustee and the Owner Trustee an Officer’s Certificate to the effect that the Issuer reasonably believes that such amendment will not have an Adverse Effect and is not reasonably expected to
have an Adverse Effect at any time in the future and (ii) the Note Rating Agency Condition shall be satisfied. 
 Additionally,
notwithstanding any provision of this Article X to the contrary and in addition to clauses (a) through (m) and the immediately preceding paragraph, this Indenture, including any Indenture Supplement, may also be amended
without the consent of the Indenture Trustee or any of the Noteholders, upon delivery to the Owner Trustee and the Indenture Trustee of an Issuer Tax Opinion and, to the extent a Collateral Certificate is included in the property of the Issuer, a
Master Trust Tax Opinion, to provide for (i) the establishment of multiple asset pools and the designation of Collateral to be included as part of specific asset pools or (ii) those changes necessary for compliance with securities law
requirements or banking laws or regulations; provided, however, that (i) the Issuer shall deliver to the Indenture Trustee and the Owner Trustee an Officer’s Certificate to the effect that the Issuer reasonably believes that
such amendment will not have an Adverse Effect and is not reasonably expected to have an Adverse Effect at any time in the future and (ii) the Note Rating Agency Condition shall be satisfied. 

The Issuer shall send a copy of any amendment to this Indenture or any Indenture Supplement to each Note Rating Agency. 

The Indenture Trustee may, but shall not be obligated to, enter into any amendments which adversely affects the Indenture Trustee’s
rights, duties, benefits, protections, privileges or immunities under this Indenture or otherwise. 
 Section 10.02 Supplemental
Indentures with Consent of Noteholders. In addition to any amendment permitted pursuant to Section 10.01 hereof, with prior notice to each applicable Note Rating Agency and the consent of Holders of not less than 66-2/3% in Outstanding Dollar Principal Amount of each Series, Class or Tranche of Notes affected by such amendment of this Indenture, including any Indenture Supplement, by Act of said Holders delivered to the
Issuer and the Indenture Trustee, the Issuer, and the Indenture Trustee, as applicable, upon delivery of an Issuer Tax Opinion, and, to the extent a Collateral Certificate is included in the property of the Issuer, upon delivery of a Master Trust
Tax Opinion, may enter into an amendment of this Indenture for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner 

  
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 the rights of the Holders of the Notes of each such Series, Class or Tranche under this Indenture or any
Indenture Supplement; provided, however, that no such amendment of an Indenture Supplement will, without the consent of the Holder of each Outstanding Note affected thereby: 

(a) change the scheduled payment date of any payment of interest on any Note, or change an Expected Final Payment Date or Legal Maturity Date
of any Note; 
 (b) reduce the Stated Principal Amount of, or the interest rate on any Note, or change the method of computing the
Outstanding Dollar Principal Amount, the Adjusted Outstanding Dollar Principal Amount or the Nominal Liquidation Amount in a manner that is adverse to the Holder of any Note; 

(c) reduce the amount of a Discount Note payable upon the occurrence of an Early Amortization Event or other optional or mandatory redemption
or upon the acceleration of its Legal Maturity Date; 
 (d) impair the right to institute suit for the enforcement of any payment on any
Note; 
 (e) reduce the percentage in Outstanding Dollar Principal Amount of the Outstanding Notes of any Series, Class or Tranche of
Notes, the consent of whose Holders is required for any such amendment, or the consent of whose Holders is required for any waiver of compliance with the provisions of this Indenture or of defaults hereunder and their consequences, provided for in
this Indenture; 
 (f) modify any of the provisions of this Section 10.02 or Section 7.18, except to increase any
percentage of Holders required to consent to any such amendment or to provide that other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Note affected thereby; 

(g) permit the creation of any lien or other encumbrance on the Collateral that is prior to the lien in favor of the Indenture Trustee for
the benefit of the Holders of such Notes; 
 (h) change any Place of Payment where any principal of, or interest on, any Note is payable,
unless otherwise provided in the applicable Indenture Supplement; 
 (i) change the method of computing the amount of principal of, or
interest on, any Note on any date; or 
 (j) make any other amendment not permitted by Section 10.01. 

An amendment of this Indenture or an Indenture Supplement which changes or eliminates any covenant or other provision of this Indenture which
has expressly been included solely for the benefit of one or more particular Series, Class or Tranche of Notes, or which modifies the rights of the Holders of Notes of such Series, Class or Tranche with respect to such covenant or other
provision, will be deemed not to affect the rights under this Indenture of the Holders of Notes of any other Series, Class or Tranche. 

  
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 It will not be necessary for any Act of Noteholders under this Section 10.02 to
approve the particular form of any proposed amendment or Indenture Supplement, but it will be sufficient if such Act will approve the substance thereof. 

Section 10.03 Execution of Amendments and Indenture Supplements. In executing or accepting the additional trusts created by any
amendment of this Indenture or Indenture Supplement permitted by this Article X or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee will be provided with, and (subject to Section 8.01 or the
applicable provisions of the Transfer Agreement or the Servicing Agreement) will be fully protected in relying upon, an Opinion of Counsel stating that the execution of such amendment or Indenture Supplement is authorized or permitted by this
Indenture and that all conditions precedent thereto have been satisfied. The Indenture Trustee may, but will not (except to the extent required in the case of an amendment or Indenture Supplement entered into under subsection 10.01(d) or
10.01(f)) be obligated to, enter into any such amendment or Indenture Supplement which affects the Indenture Trustee’s own rights, duties or immunities under this Indenture or otherwise. 

Section 10.04 Effect of Amendments and Indenture Supplements. Upon the execution of any amendment of this Indenture or any
Indenture Supplement or any supplemental indentures under this Article X, this Indenture and the related Indenture Supplement will be modified in accordance therewith with respect to each Series, Class or Tranche of Notes affected
thereby, or all Notes, as the case may be, and such amendment or supplemental indenture will form a part of this Indenture and the related Indenture Supplement for all purposes; and every Holder of Notes theretofore or thereafter authenticated and
delivered hereunder will be bound thereby to the extent provided therein. 
 Section 10.05 Conformity with Trust Indenture Act.
Every amendment of this Indenture or any Indenture Supplement and every supplemental indenture executed pursuant to this Article X will conform to the requirements of the Trust Indenture Act as then in effect. 

Section 10.06 Reference in Notes to Indenture Supplements. Notes authenticated and delivered after the execution of any amendment
of this Indenture or any Indenture Supplement or any supplemental indenture pursuant to this Article X may, and will if required by the Indenture Trustee, bear a notation in form approved by the Indenture Trustee as to any matter provided for
in such amendment or supplemental indenture. If the Issuer will so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such amendment or supplemental indenture may be prepared and executed
by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes. 
 Section 10.07
Amendments to the Pooling and Servicing Agreement. By their acceptance of a Note, the Noteholders acknowledge that the Transferor and the Master Trust Trustee may amend the applicable Pooling and Servicing Agreement and any supplement thereto
without the consent of the Holders of any Investor Certificates (including the Issuer) or any Noteholder, so long as such amendment or supplement would not materially adversely affect the interest of the Holders of any Investor Certificates. 

  
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 For purposes of any vote or consent under a Pooling and Servicing Agreement or any supplement
thereto, with respect to certain actions requiring the consent or direction of Investor Certificateholders holding a specified percentage of the aggregate unpaid amount outstanding of Investor Certificates (whether by number of Series or percentage
of all outstanding Investor Certificates depending on the manner of voting or consenting on such matter), the Issuer, as holder of the Collateral Certificate, shall be deemed to be an Investor Certificateholder under such Pooling and Servicing
Agreement, and will be deemed to have voted in accordance with the Investor Certificateholders holding a majority of the aggregate Invested Amount outstanding of such Investor Certificates which are entitled to vote or consent on such matter;
provided, however, that in the event Investor Certificateholders holding equal portions of the Invested Amount outstanding of such Investor Certificates vote in the positive and in the negative, without taking into consideration the
vote of the Issuer, as holder of such Collateral Certificate, the Issuer shall be deemed to vote in the negative; provided further that if the Collateral Certificate is the sole Investor Certificate outstanding entitled to vote or consent on
such matter, the Issuer, as holder thereof, will be deemed to have voted in the negative. 
 Section 10.08 Amendments to the Trust
Agreement. (a) Subject to the provisions of the Trust Agreement, without the consent of the Holders of any Notes or the Indenture Trustee, the Owner Trustee (at the written direction of the Beneficiary) and the Beneficiary may amend the
Trust Agreement so long as such amendment will not have an Adverse Effect and is not reasonably expected to have an Adverse Effect at any time in the future. 

(b) Subject to the provisions of the Trust Agreement, with the consent of the Holders of not less than
66-2/3% in Outstanding Dollar Principal Amount of the Outstanding Notes affected by such amendment, by Action of said Holders delivered to the Indenture Trustee, the Beneficiary and the Owner Trustee (at the
written direction of the Beneficiary), the Beneficiary may amend the Trust Agreement for the purpose of adding, changing or eliminating any provisions of the Trust Agreement or of modifying the rights of those Noteholders. 

[END OF ARTICLE X] 

  
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 ARTICLE XI 

REPRESENTATIONS, WARRANTIES AND COVENANTS OF ISSUER 

Section 11.01 Payment of Principal and Interest. With respect to each Series, Class or Tranche of Notes, the Issuer will
duly and punctually pay the principal of and interest on such Notes in accordance with their terms, this Indenture and any related Indenture Supplement, and will duly comply with all the other terms, agreements and conditions contained in, or made
in this Indenture and any related Indenture Supplement for the benefit of, the Notes of such Series, Class or Tranche. The payment of principal and interest on each Series, Class or Tranche of Notes will be primarily based on the
performance of the Receivables and, except for interest rate or currency mismatches, will not be contingent on market or credit events that are independent of the Receivables. 

Section 11.02 Maintenance of Office or Agency. The Issuer will maintain an office or agency in each Place of Payment where Notes
may be presented or surrendered for payment, where Notes may be surrendered for transfer or exchange and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer will give prompt written
notice to the Indenture Trustee of the location, and of any change in the location, of such office or agency. If at any time the Issuer will fail to maintain such office or agency or will fail to furnish the Indenture Trustee with the address
thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Indenture Trustee, and the Issuer hereby appoints the Indenture Trustee its agent to receive all such presentations, surrenders,
notices and demands. 
 The Issuer may also from time to time designate one or more other offices or agencies where the Notes of one or
more Series, Classes or Tranches may be presented or surrendered for any or all of such purposes specified above and may constitute and appoint one or more Paying Agents for the payments of such Notes, in one or more other cities, and may from time
to time rescind such designations and appointments; provided, however, that no such designation, appointment or rescission shall in any matter relieve the Issuer of its obligations to maintain an office or agency in each Place of
Payment for Notes of any Series, Class or Tranche for such purposes. The Issuer will give prompt written notice to the Indenture Trustee of any such designation or rescission and of any change in the location of any such other office or agency.
Unless and until the Issuer rescinds one or more of such appointments, the Issuer hereby appoints the Indenture Trustee, at its principal office, as its Paying Agent in New York, New York with respect to all Series, Classes and Tranches of Notes
having a Place of Payment in the City of New York, New York. 
 Section 11.03 Money for Note Payments to be Held in Trust. The
Paying Agent, on behalf of the Indenture Trustee, will make distributions to Noteholders from the Collection Account or other applicable Issuer Account pursuant to the provisions of any Indenture Supplement and will report the amounts of such
distributions to the Indenture Trustee. Any Paying Agent will have the revocable power to withdraw funds from the Collection Account or other applicable Issuer Account for the purpose of making the distributions referred to above. 

  
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 The Indenture Trustee may revoke such power and remove the Paying Agent if the Indenture Trustee determines in
its sole discretion that the Paying Agent has failed to perform its obligations under this Indenture or any Indenture Supplement in any material respect. The Paying Agent upon removal will return all funds in its possession to the Indenture Trustee.

 The Issuer will cause each Paying Agent (other than the Indenture Trustee) for any Series, Class or Tranche of Notes to execute and
deliver to the Indenture Trustee an instrument in which such Paying Agent will agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it so agrees), subject to the provisions of this Section 11.03, that such
Paying Agent will: 
 (a) hold all sums held by it for the payment of principal of or interest on Notes of such Series, Class or
Tranche in trust for the benefit of the Persons entitled thereto until such sums will be paid to such Persons or otherwise disposed of as herein provided; 

(b) if such Paying Agent is not the Indenture Trustee, give the Indenture Trustee notice of any default by the Issuer (or any other obligor
upon the Notes of such Series, Class or Tranche) in the making of any such payment of principal or interest on the Notes of such Series, Class or Tranche; 

(c) if such Paying Agent is not the Indenture Trustee, at any time during the continuance of any such default, upon the written request of
the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Paying Agent; 
 (d) immediately resign as
a Paying Agent and, if such Paying Agent is not the Indenture Trustee, forthwith pay to the Indenture Trustee all sums held by it in trust for the payment of Notes if at any time it ceases to meet the standards described in this
Section 11.03 required to be met by a Paying Agent at the time of its appointment; and 
 (e) comply with all requirements of
the Internal Revenue Code or any other applicable tax law with respect to the withholding from any payments made by it on any Notes of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in
connection therewith. 
 The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture with
respect to any Series, Class or Tranche of Notes or for any other purpose, pay, or by an Officer’s Certificate direct any Paying Agent to pay, to the Indenture Trustee all sums held in trust by the Issuer or such Paying Agent in respect of
each and every Series, Class or Tranche of Notes as to which it seeks to discharge this Indenture or, if for any other purpose, all sums so held in trust by the Issuer in respect of all Notes, such sums to be held by the Indenture Trustee upon
the same trusts as those upon which such sums were held by the Issuer or such Paying Agent; and, upon such payment by any Paying Agent to the Indenture Trustee, such Paying Agent will be released from all further liability with respect to such
money. 
 Any money deposited with the Indenture Trustee or any Paying Agent, or then held by the Issuer, in trust for the payment of the
principal of or interest on any Note of any Series, Class or Tranche and remaining unclaimed for two years after such principal or interest has become due and payable will be paid to the Issuer upon request in an Officer’s Certificate, or

  
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 (if then held by the Issuer) will be discharged from such trust; and the Holder of such Note will thereafter, as
an unsecured general creditor, look only to the Issuer for payment thereof, and all liability of the Indenture Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuer as trustee thereof, will thereupon cease.
The Indenture Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Issuer give to the Holders of the Notes as to which the money to be repaid was held in trust, as provided in
Section 1.06, a notice that such funds remain unclaimed and that, after a date specified in the notice, which will not be less than 30 days from the date on which the notice was first mailed or published to the Holders of the Notes as to
which the money to be repaid was held in trust, any unclaimed balance of such funds then remaining will be paid to the Issuer free of the trust formerly impressed upon it. 

Each Paying Agent will at all times have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination
by a United States federal or state authority or be regulated by or subject to the supervision or examination of a governmental authority of a nation that is a member of the Organization for Economic
Co-operation and Development. If such Paying Agent publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the
purposes of this Section 11.03, the combined capital and surplus of such Paying Agent will be deemed to be its combined capital and surplus as set forth in its most recent report of condition as so published. 

Section 11.04 Statement as to Compliance. The Issuer will deliver to the Indenture Trustee and the Note Rating Agencies, on or
before March 31 of each year, beginning in 2017, a written statement signed by an Authorized Officer of the Issuer stating that: 

(a) a review of the activities of the Issuer during the prior year and of the Issuer’s performance under this Indenture and under the
terms of the Notes has been made under such Authorized Officer’s supervision; and 
 (b) to the best of such Authorized Officer’s
knowledge, based on such review, the Issuer has complied in all material respects with all conditions and covenants under this Indenture throughout such year, or, if there has been a material default in the fulfillment of any such condition or
covenant (without regard to any grace period or requirement of notice), specifying each such default known to such Authorized Officer and the nature and status thereof. 

Section 11.05 Legal Existence. The Issuer will do or cause to be done all things necessary to preserve and keep in full force and
effect its legal existence. 
 Section 11.06 Further Instruments and Acts. Upon request of the Indenture Trustee or as
necessary, the Issuer will execute and deliver such further instruments and do such further acts (including, but not limited to, disclosing or causing to be disclosed information) as may be reasonably necessary or proper to carry out more
effectively the purpose of this Indenture. Furthermore, the Indenture Trustee agrees 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 Issuer to facilitate
compliance with the FDIC Rule. 

  
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 Section 11.07 Compliance with Laws. The Issuer will comply with the requirements of
all applicable laws, the noncompliance with which would, individually or in the aggregate, materially and adversely affect the ability of the Issuer to perform its obligations under the Notes or this Indenture. 

Section 11.08 Notice of Events of Default. The Issuer agrees to give the Indenture Trustee and the Note Rating Agencies prompt
written notice of each Event of Default hereunder and each breach on the part of the Master Trust or the Transferor of its respective obligations under the applicable Pooling and Servicing Agreement or the Transfer Agreement, respectively, and any
default of a Derivative Counterparty. 
 Section 11.09 Certain Negative Covenants. The Issuer will not: 

(a) claim any credit on, or make any deduction from the principal or interest payable in respect of, the Notes (other than amounts withheld
in good faith from such payments under the Internal Revenue Code or other applicable tax law including foreign withholding); 
 (b) permit
the validity or effectiveness of this Indenture to be impaired, or permit the lien in favor of the Indenture Trustee created by this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released
from any covenants or obligations with respect to the Notes under this Indenture except as may be expressly permitted hereby; 
 (c) permit
any lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien in favor of the Indenture Trustee created by this Indenture) to be created on or extend to or otherwise arise upon or burden the Collateral or any
part thereof or any interest therein or the proceeds thereof; 
 (d) permit the lien in favor of the Indenture Trustee created by this
Indenture not to constitute a valid first priority security interest in the Collateral; or 
 (e) voluntarily dissolve or liquidate. 

Section 11.10 No Other Business. The Issuer will not engage in any business other than as permitted under the Trust Agreement.

 Section 11.11 Rule 144A Information. For so long as any of the Notes of any Series, Class or Tranche
are “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Exchange Act, the Issuer agrees to provide to any Noteholder of such Series, Class or Tranche and to any prospective purchaser of Notes designated
by such Noteholder, upon the request of such Noteholder or prospective purchaser, any information required to be provided to such Holder or prospective purchaser to satisfy the conditions set forth in Rule 144A(d)(4) under the Securities
Exchange Act. 
 Section 11.12 Performance of Obligations; Servicing of Receivables. (a) The Issuer will not take any
action and will use its best efforts not to permit any action to be taken by others that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Collateral or that
would result in the 

  
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 amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of,
any such instrument or agreement, except as expressly provided in this Indenture, the Trust Agreement, the Transfer Agreement and the Servicing Agreement, the applicable Pooling and Servicing Agreement or such other instrument or agreement. 

(b) The Issuer will punctually perform and observe all of its obligations and agreements contained in this Indenture, any Indenture
Supplement, the Trust Agreement and in the instruments and agreements (including but not limited to, the applicable Pooling and Servicing Agreement) relating to the Collateral, including but not limited to filing or causing to be filed all UCC
financing statements and amendments thereto required to be filed by the terms of this Indenture and the Trust Agreement in accordance with and within the time periods provided for herein and therein. Except as otherwise expressly provided herein or
therein, the Issuer shall not waive, amend, modify, supplement or terminate this Indenture, any Indenture Supplement or the Trust Agreement or any provision thereof without the consent of the Majority Holders of the Notes of each adversely affected
Series, Class or Tranche. 
 Section 11.13 Issuer May Consolidate, Etc., Only on Certain Terms. (a) The Issuer shall
not consolidate or merge with or into any other Person, unless: 
 (1) the Person (if other than the Issuer) formed by or surviving such
consolidation or merger (i) shall be a Person organized and existing under the laws of the United States of America, any state thereof or the District of Columbia, (ii) shall not be subject to regulation as an “investment
company” under the Investment Company Act and (iii) shall expressly assume, by a supplemental indenture, executed and delivered to the Indenture Trustee, in a form satisfactory to the Indenture Trustee, the due and punctual payment of the
principal of and interest on all Notes and the performance of every covenant of this Indenture on the part of the Issuer to be performed or observed; 

(2) immediately after giving effect to such transaction, no Event of Default or Early Amortization Event shall have occurred and be
continuing; 
 (3) the Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each
stating that (i) such consolidation or merger and such supplemental indenture comply with this Section 11.13, (ii) all conditions precedent in this Section 11.13 relating to such transaction have been complied with
(including any filing required by the Securities Exchange Act), and (iii) such supplemental indenture is duly authorized, executed and delivered and is valid, binding and enforceable against such Person; 

(4) the Note Rating Agency Condition shall have been satisfied with respect to such consolidation or merger; 

(5) the Issuer shall have received (and shall have delivered copies thereof to the Indenture Trustee) an Issuer Tax Opinion and a Master
Trust Tax Opinion for each applicable Master Trust; and 
 (6) any action that is necessary to maintain the lien and security interest
created by this Indenture shall have been taken. 

  
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 (b) The Issuer shall not convey or transfer any of its properties or assets, including those
included in the Collateral, substantially as an entirety to any Person, unless: 
 (1) the Person that acquires by conveyance or transfer
the properties and assets of the Issuer the conveyance or transfer of which is hereby restricted shall (A) be a United States citizen or a Person organized and existing under the laws of the United States of America, any state thereof or the
District of Columbia, (B) expressly assume, by a supplemental indenture, executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual payment of the principal of and interest on all Notes
and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuer to be performed or observed, all as provided herein, (C) expressly agree by means of such supplemental indenture that all right, title
and interest so conveyed or transferred shall be subject and subordinate to the lien and Security Interest of the Indenture Trustee created by this Indenture, (D) expressly agree by means of such supplemental indenture that such Person (or if a
group of Persons, then one specified Person) shall make all filings with the Commission (and any other appropriate Person) required by the Securities Exchange Act in connection with the Notes and (E) not be an “investment company” as
defined in the Investment Company Act; 
 (2) immediately after giving effect to such transaction, no Event of Default or Early
Amortization Event shall have occurred and be continuing; 
 (3) the Note Rating Agency Condition shall have been satisfied with respect to
such conveyance or transfer; 
 (4) the Issuer shall have received (and shall have delivered copies thereof to the Indenture Trustee) an
Issuer Tax Opinion and a Master Trust Tax Opinion for each applicable Master Trust; 
 (5) any action that is necessary to maintain the
lien and security interest created by this Indenture shall have been taken; and 
 (6) the Issuer shall have delivered to the Indenture
Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such conveyance or transfer and such Indenture Supplement comply with this Section 11.13 and that all conditions precedent herein provided for relating to
such transaction have been complied with (including any filing required by the Securities Exchange Act). 
 Section 11.14 Successor
Substituted. Upon any consolidation or merger, or any conveyance or transfer of the properties and assets of the Issuer substantially as an entirety in accordance with Section 11.13 hereof, the Person formed by or surviving such
consolidation or merger (if other than the Issuer) or the Person to which such conveyance or transfer is made shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect
as if such Person had been named as the Issuer herein. In the event of any such conveyance or transfer, the Person named as the Issuer in the first paragraph of this Indenture or any successor which shall theretofore have become such in the manner
prescribed in this Section 11.14 shall be released from its obligations under this Indenture as issued immediately upon the effectiveness of such conveyance or transfer, provided that the 

  
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 Issuer shall not be released from any obligations or liabilities to the Indenture Trustee or the Noteholders
arising prior to such effectiveness. 
 Section 11.15 Guarantees, Loans, Advances and Other Liabilities. Except as contemplated
by this Indenture or the Trust Agreement, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or performance on any obligation or
capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so) any
stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person. 

Section 11.16 Capital Expenditures. The Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for
capital assets (either realty or personalty). 
 Section 11.17 Restricted Payments. The Issuer shall not, directly or
indirectly, (i) pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or
otherwise with respect to any ownership or equity interest or security in or of the Issuer, (ii) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (iii) set aside or otherwise
segregate any amounts for any such purpose; provided, however, that the Issuer may make, or cause to be made, (x) distributions as contemplated by, and to the extent funds are available for such purpose under, the Trust Agreement and
(y) payments to the Indenture Trustee pursuant to Section 8.07 hereof. The Issuer will not, directly or indirectly, make payments to or distributions from the Collection Account except in accordance with this Indenture or any
Indenture Supplement. 
 Section 11.18 No Borrowing. The Issuer will not issue, incur, assume, guarantee or otherwise become
liable, directly or indirectly, for any additional indebtedness, except for the Notes. 
 Section 11.19 Ordinary Course. The
Issuer entered into the securitization in the ordinary course of business and not in contemplation of insolvency of any Account Owner and not with intent to hinder, delay or defraud any Account Owner or its creditors. 

[END OF ARTICLE XI] 

  
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 ARTICLE XII 

EARLY AMORTIZATION OF NOTES 

Section 12.01 Applicability of Article. Unless otherwise specified in the applicable Indenture Supplement related to a Series,
Class or Tranche of Notes, pursuant to the terms of this Article XII, the Issuer will redeem and pay, provided that funds are available and subject to the allocation and reallocation provisions and, with respect to Subordinated Notes,
the subordination provisions of the Senior Class of that Series, of the related Indenture Supplement, each affected Series, Class or Tranche of Notes upon the occurrence of any Early Amortization Event. Unless otherwise specified in the
applicable Indenture Supplement relating to a Series, Class or Tranche of Notes, or in the form of Notes for such Series, Class or Tranche, the following are “Early Amortization Events”: 

(a) the occurrence of an Event of Default and acceleration of the Notes of a Series, Class or Tranche pursuant to Article VII
hereof; 
 (b) with respect to any Series, Class or Tranche of Notes, the occurrence of the Expected Final Payment Date of such
Series, Class or Tranche of Notes; 
 (c) the Issuer becomes an investment company within the meaning of the Investment Company Act;

 (d) the occurrence of an Insolvency Event as defined in Section 4.1 of the Transfer Agreement relating to the Transferor;

 (e) the occurrence of an Insolvency Event as defined in the applicable Receivables Purchase Agreement relating to an Account Owner; 

(f) a Transfer Restriction Event shall occur; 

(g) a Transfer Restriction Event as defined in the applicable Receivables Purchase Agreements shall occur; or 

(h) with respect to any Series, Class or Tranche of Notes, any additional Early Amortization Event specified in the Indenture Supplement
for such Series, Class or Tranche of Notes as applying to such Series, Class or Tranche of Notes; 
 provided that in the case of any event
described in subparagraph (d), (e), (f) or (g), an Early Amortization Event shall occur with respect to the applicable Series, Class or Tranche of Notes without any notice or other action on the part of the Indenture Trustee or the Noteholders
immediately upon the occurrence of such event (or, in the case of clause (y) below, immediately following the expiration of the 60-day grace period), but only to the extent that (x) as of the date of
such event, the average of the Monthly Pool Balance Percentage for the immediately preceding three Monthly Periods is equal to or greater than 10% or (y) as of the date of such event, the average of the Monthly Pool Balance Percentage for the
immediately preceding three 

  
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 Monthly Periods is less than 10%, and within 60 days following the occurrence of the related Insolvency Event or
Transfer Restriction Event, the Pool Balance does not at least equal the Required Pool Balance (without giving effect to Receivables or Collateral Certificates attributable to the Transferor or the Account Owner with respect to which the Insolvency
Event or the Transfer Restriction Event has occurred). In the case of any event described in subparagraphs (a) through (c) (unless otherwise specified in the applicable Indenture Supplement relating to a Series, Class or Tranche of Notes),
an Early Amortization Event shall occur with respect to the applicable Series, Class or Tranche without any notice or other action on the part of the Indenture Trustee or the applicable Noteholders immediately upon the occurrence of such event.

 The repayment price of a Series, Class or Tranche of Notes so redeemed will equal the Outstanding Dollar Principal Amount of such
Series, Class or Tranche, plus accrued, past due and additional interest to but excluding the date of repayment, the payment of which will be subject to the allocations, deposits and payments sections and the subordination provisions of the
related Indenture Supplement. 
 If the Issuer is unable to pay the repayment price in full on the Payment Date following the end of the
Monthly Period in which the Early Amortization Event occurs, monthly payments on such Series, Class or Tranche of Notes will thereafter be made on each following Payment Date until the Stated Principal Amount of such Series, Class or
Tranche, plus all accrued, past due and additional interest, is paid in full or the Legal Maturity Date occurs, whichever is earlier, subject to the allocations, deposits and payments sections of the related Indenture Supplement. Any funds in any
Supplemental Issuer Accounts for a repaid Series, Class or Tranche will be applied to make the principal and interest payments on that Series, Class or Tranche on the repayment date, subject to the allocations, deposits and payments
sections of the related Indenture Supplement. Principal payments on redeemed Classes or Tranches will be made first to the senior most Notes until paid in full, then to the next Subordinated Notes until paid in full. 

No Principal Collections will be allocated to a Series, Class or Tranche of Notes with a Nominal Liquidation Amount of zero,
irrespective of whether the Stated Principal Amount of that Series, Class or Tranche of Notes has been paid in full. However, any funds previously deposited into the applicable Issuer Accounts and any amounts received from an applicable
Derivative Agreement, Supplemental Credit Enhancement Agreement or Supplemental Liquidity Agreement will be available to pay principal of and interest on such Series, Class or Tranche of Notes. Furthermore, Available Finance Charge Collections
may be applied to reimburse reductions in the Nominal Liquidation Amount of such Series, Class or Tranche. 
 Section 12.02
Optional Repurchase. Unless otherwise provided in the applicable Indenture Supplement for a Series, Class or Tranche of Notes, the Transferor (but only if the Transferor is the Servicer or an Affiliate of the Servicer) has the right, but
not the obligation, to redeem all Outstanding Series of Notes in whole but not in part on any day on or after the day on which the aggregate Outstanding Dollar Principal Amount (after giving effect to all payments on such day) of all Outstanding
Series of Notes is reduced to less than 10% of the sum of the highest Outstanding Dollar Principal Amount of each such Series at any time; provided, 

  
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 however, that in no event shall such optional redemption occur if 25% or more of the Initial Dollar
Principal Amount of any Series of Notes is Outstanding. 
 If the Transferor elects to redeem the Notes, it will cause the Issuer to notify
the Holders of such redemption at least 30 days prior to the redemption date. Unless otherwise specified in the Indenture Supplement or Terms Document applicable to the Notes to be so redeemed, the redemption price of each Series, Class or
Tranche so redeemed will equal 100% of the Outstanding Dollar Principal Amount of such Series, Class or Tranche, plus accrued, unpaid and additional interest or principal accreted and unpaid on such Tranche to but excluding the date of
redemption, the payment of which will be subject to the allocations, deposits and payments sections of the related Indenture Supplement. 

If the Transferor is unable to pay the redemption price in full on the redemption date, monthly payments on each Series, Class or
Tranche of Notes will thereafter be made until either the Outstanding Dollar Principal Amount of each Series, Class or Tranche, plus all accrued, unpaid and additional interest, is paid in full or the Legal Maturity Date occurs, whichever is
earlier, subject to Article VI, Article VII and the allocations, deposits and payments sections of the related Indenture Supplement. Any funds in any Supplemental Issuer Accounts for a redeemed Series, Class or Tranche will be
applied to make the principal and interest payments on that Series, Class or Tranche on the redemption date in accordance with the related Indenture Supplement. Principal payments on redeemed Series, Class or Tranches will be made in
accordance with the related Indenture Supplement. 
 Section 12.03 Notice. Promptly after the occurrence of any Early
Amortization Event or a redemption pursuant to Section 12.02, the Issuer will notify the Indenture Trustee and the Note Rating Agencies in writing of the identity, Stated Principal Amount and Outstanding Dollar Principal Amount of the
affected Series, Class or Tranche of Notes to be redeemed. Notice of redemption will promptly be given as provided in Section 1.06. All notices of redemption will state (a) the date on which the redemption of the applicable
Series, Class or Tranche of Notes pursuant to this Article XII will begin, which will be the Payment Date next following the end of the Monthly Period in which the applicable Early Amortization Event or redemption pursuant to
Section 12.02 occurs, (b) the repayment price for such Series, Class or Tranche of Notes and (c) the Series, Class or Tranche of Notes to be redeemed pursuant to this Article XII. 

[END OF ARTICLE XII] 

  
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 ARTICLE XIII 

MISCELLANEOUS 

Section 13.01 No Petition. The Indenture Trustee, by entering into this Indenture, each Derivative Counterparty, by accepting its
rights as a third party beneficiary hereunder, each Supplemental Credit Enhancement Provider or Supplemental Liquidity Provider, as applicable, by accepting its rights as a third party beneficiary hereunder, and each Noteholder, by accepting a Note,
agrees, to the fullest extent permitted by applicable law, that at no time shall it commence, or join in commencing, a bankruptcy case or other insolvency or similar proceeding under the laws of any jurisdiction against the Issuer, the Transferor,
or any Master Trust. 
 Section 13.02 Trust Obligations. No recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Owner Trustee in its individual capacity, (ii) any owner of a beneficial
interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer or the Owner Trustee or of any
successor or assign of the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Owner Trustee has no such obligations in its individual capacity). 

Section 13.03 Limitations on Liability. (a) It is expressly understood and agreed by the parties hereto that (i) this
Indenture is executed and delivered by Wilmington Trust Company not individually or personally but solely as Owner Trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it under the Trust Agreement,
(ii) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as a personal representation, undertaking or agreement by Wilmington Trust Company but is made and intended for the
purpose of binding only the Issuer and (iii) under no circumstances will Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the Issuer under this Indenture or any related documents. 
 (b) None of the
Indenture Trustee, the Owner Trustee or any other beneficiary of the Issuer or any of their respective officers, directors, employers or agents will have any liability with respect to this Indenture, and recourse of any Noteholder may be had solely
to the Collateral. 
 Section 13.04 Tax Treatment. The Issuer and the Noteholders agree that the Notes are intended to be debt
for federal, state and local income and franchise tax purposes and agree to treat the Notes accordingly for all such purposes, unless otherwise required by a taxing authority. Each Noteholder further agrees that it will cause any Note Owner
acquiring an interest 

  
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 in a Note through it to comply with this Indenture as to treatment as indebtedness under applicable tax law as
described in this Section 13.04. 
 Section 13.05 Actions Taken by the Issuer. Any and all actions that are to be taken by
the Issuer may be taken by either the Administrator, the Beneficiary or the Owner Trustee on behalf of the Issuer. 
 Section 13.06
Alternate Payment Provisions. Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the Issuer, with the written consent of the Indenture Trustee, may enter into any agreement with any Holder of a Note providing
for a method of payment or notice that is different from the methods provided for in this Indenture for such payments or notices. The Issuer will furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee will cause
payments or notices, as applicable, to be made in accordance with such agreements. 
 Section 13.07 Termination of Issuer. The
Issuer and the respective obligations and responsibilities of the Indenture Trustee created hereby (other than the obligation of the Indenture Trustee to make payments to Noteholders as hereinafter set forth) shall terminate, except with respect to
the duties described in subsection 13.08(b), as provided in the Trust Agreement. 
 Section 13.08 Final Distribution. The
Issuer shall give the Indenture Trustee at least 30 days written notice of the Payment Date on which the Noteholders of any Series, Class or Tranche may surrender their Notes for payment of the final distribution on and cancellation of such
Notes. Not later than the fifth day of the month in which the final distribution in respect of such Series, Class or Tranche is payable to Noteholders, the Indenture Trustee shall provide notice to Noteholders of such Series, Class or
Tranche specifying (i) the date upon which final payment of such Series, Class or Tranche will be made upon presentation and surrender of Notes of such Series, Class or Tranche at the office or offices therein designated,
(ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such payment date is not applicable, payments being made only upon presentation and surrender of such Notes at the office or offices therein
specified (which, in the case of Bearer Notes, shall be outside the United States). The Indenture Trustee shall give such notice to the Note Registrar and the Paying Agent at the time such notice is given to Noteholders. 

(a) Notwithstanding a final distribution to the Noteholders of any Series, Class or Tranche of Notes (or the termination of the Issuer),
except as otherwise provided in this paragraph, all funds then on deposit in any Issuer Account allocated to such Noteholders shall continue to be held in trust for the benefit of such Noteholders, and the Paying Agent or the Indenture Trustee shall
pay such funds to such Noteholders upon surrender of their Notes, if certificated. In the event that all such Noteholders shall not surrender their Notes for cancellation within 6 months after the date specified in the notice from the Indenture
Trustee described in paragraph (a), the Indenture Trustee shall give a second notice to the remaining such Noteholders to surrender their Notes for cancellation and receive the final distribution with respect thereto (which surrender and payment, in
the case of Bearer Notes, shall be outside the United States). If within one year after the second notice all such Notes shall not have been surrendered for cancellation, the Indenture Trustee may take appropriate steps, or may appoint an

  
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 agent to take appropriate steps, to contact the remaining such Noteholders concerning surrender of their Notes,
and the cost thereof shall be paid out of the funds in the Collection Account or any Supplemental Issuer Accounts held for the benefit of such Noteholders. The Indenture Trustee and the Paying Agent shall pay to the Issuer any monies held by them
for the payment of principal or interest that remains unclaimed for two years. After payment to the Issuer, Noteholders entitled to the money must look to the Issuer for payment as general creditors unless an applicable abandoned property law
designates another Person. 
 Section 13.09 Termination Distributions. Upon the termination of the Issuer pursuant to the terms
of the Trust Agreement, the Indenture Trustee shall release, assign and convey to the Beneficiary or any of its designees, without recourse, representation or warranty, all of its right, title and interest in the Collateral, whether then existing or
thereafter created, all monies due or to become due and all amounts received or receivable with respect thereto (including all moneys then held in any Issuer Account) and all proceeds thereof, except for amounts held by the Indenture Trustee
pursuant to subsection 13.08(b). The Indenture Trustee shall execute and deliver such instruments of transfer and assignment as shall be provided to it, in each case without recourse, as shall be reasonably requested by the Transferor, to
vest in the Transferor, as Beneficiary under the Trust Agreement, or any of its designees all right, title and interest which the Indenture Trustee had in the Collateral. 

Section 13.10 Derivative Counterparty, Supplemental Credit Enhancement Provider and Supplemental Liquidity Provider as Third-Party
Beneficiary. Each Derivative Counterparty, Supplemental Credit Enhancement Provider and Supplemental Liquidity Provider is a third party beneficiary of this Indenture to the extent specified in the applicable Derivative Agreement, Supplemental
Credit Enhancement Agreement, Supplemental Liquidity Agreement or Indenture Supplement. 
 Section 13.11 Notices. (i) in
the case of Issuer, to: 
 American Express Issuance Trust II 

c/o Wilmington Trust Company 

Rodney Square North 
 1100 North
Market Street 
 Wilmington, Delaware 19890-0001 

Attention: Corporate Trust Administration 

Fax: (302) 636-4140 

esoriano@wilmingtontrust.com 

with copies to: 
 American
Express Receivables Financing Corporation VIII LLC 
 200 Vesey Street 

30th Floor, Room 505A 

New York, New York 10285 

Attention: President 
 Fax:
(212) 640-0404 

  
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 and 

American Express Travel Related Services Company, Inc. 

200 Vesey Street 
 New York, New
York 10285 
 Attention: Treasurer 

Fax: (212) 640-0405 
  

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

 The Bank of New York Mellon 

101 Barclay Street, Floor 7 West 

New York, New York 10286 

Attention: Corporate Trust Administration – Asset Backed Securities 

Fax: (212) 815-5999 

catherine.cerilles@bnymellon.com 

Section 13.12 Force Majeure. In no event shall the Indenture Trustee or the Owner Trustee 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 Owner
Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

Section 13.13 Investor Communication Requests. 

(a) Following receipt of an Investor Communication Request, the Transferor shall include in the Distribution Report on Form 10-D filed with the Commission related to the Monthly Period in which such request was received: 

(i) the name of the Noteholder delivering such Investor Communication Request; 

(ii) the date the Investor Communication Request was received; 

(iii) a statement to the effect that the Transferor has received such Investor Communication Request from a Noteholder and
that such Noteholder is interested in communicating with other Noteholders with regard to the possible exercise of rights under this Indenture; and 

(iv) a description of the method that other Noteholders may use to contact the requesting Noteholder. 

  
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 (b) Prior to including the information set forth in clauses (i)-(iv) above in the applicable
Distribution Report on Form 10-D, the Transferor shall have the right to request from the Noteholder delivering the Investor Communication Request verification that such Noteholder is in fact a Holder of a
beneficial interest in the Notes in the form of (x) a written certification from such Noteholder that it is a Holder of a beneficial interest in a Note, and (y) one other form of documentation such as a trade confirmation, an account
statement, a letter from the broker or dealer, or other similar document; provided, however, that if the requesting Noteholder is a Noteholder of record on the related Record Date, no such verification of ownership shall be required.

 Section 13.14 No Novation. This Indenture does not constitute a novation of (i) any of the obligations arising under or
in connection with the Original Indenture or (ii) any security interest granted under or in connection with the Original Indenture. 

[END OF ARTICLE XIII] 

  
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 ARTICLE XIV 

COMPLIANCE WITH REGULATION AB 

Section 14.01 Intent of the Parties; Reasonableness. The Transferor, the Servicer, the Issuer and the Indenture Trustee
acknowledge and agree that the purpose of this Article XIV 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 Securities 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)(1), 1109(a)(2), 1117, 1118, 1119, 1121 and 1122 of Regulation AB as it relates to the Indenture Trustee or to
the Indenture Trustee’s obligations under this Indenture. The Servicer agrees to cooperate in good faith with any reasonable request by the Transferor for information regarding the Servicer which is required in order to enable the Transferor to
comply with the provisions of Items 1103(a)(1), 1104(e), 1105, 1108, 1117, 1118, 1119, 1121, 1122 and 1123 of 
 Regulation AB as it relates to the Servicer
or to the Servicer’s obligations under this Indenture. 
 Section 14.02 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 13.3 that, except as disclosed in writing to the Transferor
prior to such date to the best of its knowledge, but without independent investigation: (i) neither the execution, delivery and performance by the Indenture Trustee of this Indenture, the performance by the Indenture Trustee of its obligations
under this Indenture 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 Indenture, or of any
judgment or order applicable to the Indenture Trustee; and (ii) 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 Indenture or to perform its obligations under this Indenture. 

Section 14.03 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 

  
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 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. 

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 or charge 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 14.04 Report on Assessment of Compliance and Attestation. On or before the earlier
of (a) March 1 and (b) 30 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 2019, 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 calendar year, as required under Rules 13a-18 and 15d-18 of the Securities Exchange Act 

  
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 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 D 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 Securities 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 Securities 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 C 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. 
 Section 14.05
Repurchase Demand Activity Reporting. 
 (a) To assist in the Transferor’s compliance with the provisions of Items 1104(e) and
1121(c) of Regulation AB and Rule 15Ga-1 under the Securities Exchange Act (the “Repurchase Rules and Regulations”), the Indenture Trustee shall cooperate in good faith with any reasonable request by
the Transferor for information which the Transferor determines is required in order to enable the Transferor to comply with the Repurchase Rules and Regulations as it relates to the Indenture Trustee or to the Indenture Trustee’s obligations
under the related operative documents for any Repurchase Reporting Series. Subject to paragraph (b) below, upon request, the Indenture Trustee shall provide the following information to the Transferor in the manner, timing and format specified
below: 
 (i) No later than the second Business Day following the end of each calendar quarter in which any Repurchase
Reporting Series is Outstanding, the Indenture Trustee shall provide such information as is requested for the purpose of complying with the Repurchase Rules and Regulations regarding repurchase demand activity during the preceding calendar quarter
related to the underlying assets for each such Repurchase Reporting Series in substantially the form of Exhibit E hereto. 

(ii) No later than the second Business Day of each month in which any Repurchase Reporting Series subject to continuing
obligations for filing of reports on Form 10-D under the Securities Exchange Act is outstanding, the Indenture Trustee shall provide such information as is requested for the purpose of complying with the
Repurchase Rules and Regulations regarding repurchase demand activity during the 

  
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 preceding month related to the underlying assets for each such Repurchase Reporting Series in
substantially the form of Exhibit E hereto. 
 (iii) If (i) the Indenture Trustee has previously delivered a
report described in clause (i) or (ii) above indicating that, based on a review of the records of the Indenture Trustee, there was no asset repurchase demand activity during the applicable period, and (ii) based on a review of the records
of the Indenture Trustee, no asset repurchase demand activity has occurred since the delivery of such report, the Indenture Trustee may, in lieu of delivering the information as is requested pursuant to clause (i) or (ii) above substantially in
the form of Exhibit E hereto, and no later than the date specified in clause (i) or (ii) above, as applicable, notify the Transferor that there has been no change in asset repurchase demand activity since the date of the last report
delivered. 
 (iv) The Indenture Trustee shall provide notification, as soon as practicable and in any event within five
Business Days of receipt, of all demands communicated to the Indenture Trustee for the repurchase or replacement of the underlying assets for any Repurchase Reporting Series. 

(b) The Indenture Trustee shall provide the information described in paragraph (a) above subject to the following understandings and
conditions: 
 (i) The Indenture Trustee shall provide the information described in paragraph (a) above only to the
extent that the Indenture Trustee has such information or can obtain such information without unreasonable effort or expense; provided that the Indenture Trustee’s efforts to obtain such information shall be limited to a review of its
internal written records of repurchase demand activity for the applicable Repurchase Reporting Series and that the Indenture Trustee is not required to request information from any unaffiliated parties. 

(ii) The reporting of repurchase demand activity pursuant to this Section 14.05 is subject in all cases to the
knowledge of the trust officer responsible for the applicable Repurchase Reporting Series. 
 (iii) The reporting of
repurchase demand activity pursuant to this Section 14.05 is required only (i) to the extent requested pursuant to this Section 14.05, (ii) in respect of Repurchase Reporting Series that include a covenant to repurchase
or replace underlying assets upon breach of a representation or warranty and (iii) to the extent such repurchase demand activity was not addressed to the Transferor or previously reported to the Transferor by the Indenture Trustee. For purposes
hereof, the term “demand” shall not include (x) repurchases or replacements made pursuant to instruction, direction or request from the securitizers or their affiliates or (y) general inquiries, including investor inquiries,
regarding asset performance or possible breaches of representations or warranties. 
 (iv) The Indenture Trustee’s
reporting pursuant to this Section 14.05 is limited to information that the Indenture Trustee has received or acquired solely in its capacity as Indenture Trustee for the applicable Repurchase Reporting Series and not in any other 

  
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 capacity. In no event shall The Bank of New York Mellon (individually or as Indenture Trustee)
have any responsibility or liability in connection with (i) the compliance by any person which is a securitizer (as defined in Rule 15Ga-1) of the Repurchase Reporting Series, or any other person, with
the Repurchase Rules and Regulations or (ii) any filing required to be made by a securitizer (as defined in Rule 15Ga-1) under the Repurchase Rules and Regulations in connection with the information
provided pursuant to this Section 14.05. Other than any express duties or responsibilities as Indenture Trustee under the Transaction Documents, the Indenture Trustee has no duty or obligation to undertake any investigation or inquiry
related to repurchase demand activity or otherwise to assume any additional duties or responsibilities in respect of any Repurchase Reporting Series, and no such additional obligations or duties are implied. The Indenture Trustee is entitled to the
full benefit of any and all protections, limitations on duties or liability and rights of indemnity provided by the terms of the Transaction Documents in connection with any actions pursuant to this Section 14.05. 

(v) The Indenture Trustee’s obligation to provide reporting with regard to each Repurchase Reporting Series will continue
until the earlier of the date on which such Repurchase Reporting Series is no longer Outstanding or (ii) the Transferor notifies the Indenture Trustee that such reporting no longer is required. 

Section 14.06 Investor Communication Reporting. 

(a) To assist in the Transferor’s compliance with the provisions of Item 1121(e) of Regulation AB (the “Investor
Communication Reporting Regulation”), the Indenture Trustee shall cooperate in good faith with any reasonable request by the Transferor for information which the Transferor determines is required in order to enable the Transferor to comply
with the Investor Communication Reporting Regulation and any related provision in the Supplement as it relates to any Investor Communication Reporting Series. Subject to paragraph (b) below, upon request, the Indenture Trustee shall provide the
following information to the Transferor in the manner, timing and format specified below: 
 (i) No later
than the second Business Day following the end of each calendar month in which any Investor Communication Reporting Series is outstanding, the Indenture Trustee shall provide such information as is requested for the purpose of complying with the
Investor Communication Reporting Regulation regarding any Investor Communication Request received during the preceding calendar month in substantially the form of Exhibit F hereto. 

(ii) If the Indenture Trustee has received no Investor Communication Request during the applicable period,
the Indenture Trustee may, in lieu of delivering the information as is requested pursuant to clause (i) above substantially in the form of Exhibit F hereto, and no later than the date specified in clause (i) above, notify the Transferor
that there has been no Investor Communication Request received since the date of the last reporting period. 

(iii) The Indenture Trustee shall provide notification, as soon as practicable and in any event within five
Business Days of receipt, of any Investor 

  
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 Communication Request communicated to the Indenture Trustee for any Investor
Communication Reporting Series. 
 (b) The Indenture Trustee shall provide the information described in paragraph
(a) above subject to the following understandings and conditions: 
 (i) The Indenture Trustee shall
provide the information described in paragraph (a) above only to the extent that the Indenture Trustee has such information or can obtain such information without unreasonable effort or expense; provided that the Indenture Trustee’s
efforts to obtain such information shall be limited to a review of its internal written records for the applicable Investor Communication Reporting Series and that the Indenture Trustee is not required to request information from any unaffiliated
parties. 
 (ii) The reporting of any Investor Communication Request pursuant to this Section 14.06 is
subject in all cases to the knowledge of the trust officer responsible for the applicable Investor Communication Reporting Series. 

(iii) The reporting of Investor Communication Request pursuant to this Section 14.06 is required only
(x) to the extent requested pursuant to this Section 14.06, and (y) to the extent such request was not addressed to the Transferor or previously reported to the Transferor by the Indenture Trustee.     

(iv) The Indenture Trustee’s reporting pursuant to this Section 14.06 is limited to information
that the Indenture Trustee has received or acquired solely in its capacity as Indenture Trustee for the applicable Investor Communication Reporting Series and not in any other capacity. In no event shall The Bank of New York Mellon (individually or
as Indenture Trustee) have any responsibility or liability in connection with the compliance or filing requirements under the Investor Communication Reporting Regulation in connection with the information provided pursuant to this
Section 14.06. Other than any express duties or responsibilities as Indenture Trustee under this Indenture and the applicable Supplement, the Indenture Trustee has no duty or obligation to undertake any investigation or inquiry related to
Investor Communication Request or otherwise to assume any additional duties or responsibilities in respect of any Investor Communication Reporting Series, and no such additional obligations or duties are implied. The Indenture Trustee is entitled to
the full benefit of any and all protections, limitations on duties or liability and rights of indemnity provided by the terms of this Indenture and the applicable Supplement in connection with any actions pursuant to this Section 14.06. 

  
 -113- 

 (v) The Indenture Trustee’s obligation to provide reporting with regard to
each Investor Communication Reporting Series will continue until the earlier of (x) the date on which such Investor Communication Reporting Series is no longer outstanding or (y) the date as of which the Transferor notifies the Indenture
Trustee that such reporting is no longer required. 
 [END OF ARTICLE XIV] 

  
 -114- 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the
day and year first above written. 
  

	
	 AMERICAN EXPRESS ISSUANCE

	     TRUST II

	
	 By: WILMINGTON TRUST COMPANY,

	
      not in its individual capacity but 
solely

	
      as Owner Trustee on behalf of the 
Trust

  

	
	
By: /s/ Erwin M. Soriano           
                 

	        Name: Erwin M. Soriano

	        Title: Vice
President

  

	
	 THE BANK OF NEW YORK MELLON, as

	       Indenture Trustee and not in its

	       individual
capacity

  

	
	
By: /s/ Michael D. Commisso           
         

	       Name: Michael D. Commisso
	       Title: Vice President

  

	
	 THE BANK OF NEW YORK MELLON, as

	
      Securities Intermediary and not in its

	       individual
capacity

  

	
	
By: /s/ Michael D. Commisso           
         

	       Name: Michael D. Commisso
	       Title: Vice President

 [Third Amended and Restated Indenture] 

	
	 Acknowledged and Accepted:

	
	 AMERICAN EXPRESS RECEIVABLES

	 FINANCING CORPORATION VIII LLC,

	 as Transferor

 

	
	 By: /s/ David J.
Hoberman                  

	       Name: David J. Hoberman

	       Title:
President

  

	
	 AMERICAN EXPRESS TRAVEL RELATED

	 SERVICES COMPANY, INC.,

	 as Servicer and as Administrator

 

	
	 By: /s/ David L.
Yowan                      

	       Name: David L. Yowan

	       Title: Treasurer

 [Third Amended and Restated Indenture] 

 STATE OF DELAWARE     ) 

                          
                     )ss: 
 COUNTY OF NEW
CASTLE       ) 
 On March 20, 2018, before me personally came Erwin Soriano, to me known, who, being by me
duly sworn, did depose and say that [he][she] resides at 1100 North Market Street Wilmington, DE 19890; that [he][she] is a Vice President of Wilmington Trust Company, acting not in its individual capacity but solely as Owner Trustee of the American
Express Issuance Trust II, one of the parties described in and which executed the above instrument; that [he][she] knows the corporate seal of the Beneficiary; that the seal affixed to that instrument is such corporate seal; that it was affixed by
authority of the board of directors of the corporation; and that [he][she] signed [his][her] name thereto by like authority. 
  

			
	
/s/ Christina Bader                     
                                     

Name
  

                          
                                         
                     
 [Notarial Seal]
	  	

 STATE OF NEW YORK     ) 

                          
                    )ss: 
 COUNTY OF NEW YORK ) 

On the 23rd day of March, in the year 2018, before me, the undersigned, a Notary Public in and for said State, personally appeared Michael Commisso,
personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the
instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. 
  

	
	 /s/ JONATHAN KAPLAN

	JONATHAN KAPLAN
	NOTARY PUBLIC-STATE OF NEW YORK
	No. 01KA6178956
	Qualified in New York County
	My Commission Expires December 17, 2019

                          
                                         
                  
 [Notarial Seal] 

 EXHIBIT A 

[FORM OF] INVESTMENT LETTER [DATE] 
 The Bank of
New York Mellon, 
 as Indenture Trustee, 
 101 Barclay Street,
Floor 7West 
 New York, New York 10286 
 Attention: Corporate
Trust Administration 
 American Express Issuance Trust II 

c/o Wilmington Trust Company, as Owner Trustee 
 Rodney Square
North 
 1100 North Market Street 
 Wilmington, Delaware
19890-1600 
 Attention: Corporate Trust Administration 

Re: Purchase of $
                            * principal amount of American Express Issuance Trust II, Series [•],
Class [•] Notes 
 Ladies and Gentlemen: 

In connection with our purchase of the above Notes (the “Notes”) we confirm that 

(1) We understand that the Notes are not being registered under the Securities Act of 1933, as amended (the “Securities Act”), and
are being sold to us in a transaction that is exempt from the registration requirements of the Securities Act. 
 (2) Any information we
desire concerning the Notes or any other matter relevant to our decision to purchase the Notes is or has been made available to us. 
 (3)
We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Notes, and we (and any account for which we are purchasing under paragraph (4) below) are able
to bear the economic risk of an investment in the Notes. We (and any account for which we are purchasing under paragraph (4) below) are an “accredited investor” (as such term is defined in Rule 501(a)(1), (2) or (3) of Regulation
D under the Securities Act). 
 (4) We are acquiring the Notes for our own account or for accounts as to which we exercise sole investment
discretion and not with a view to any distribution of the Notes, subject, nevertheless, to the understanding that the disposition of our property shall at all times be and remain within our control. 

 
  

	* 	Not less than $250,000 minimum principal amount. 

 (5) We agree that the Notes must be held indefinitely by us unless subsequently registered under
the Securities Act or an exemption from any registration requirements of the Securities Act and any applicable state securities law is available. 

(6) We agree that in the event that at some future time we wish to dispose of or exchange any of the Notes (such disposition or exchange not
being currently foreseen or contemplated), we will not transfer or exchange any of the Notes unless: 
 (a) (i) the sale is of at
least U.S. $250,000 principal amount of Notes to an Eligible Purchaser (as defined below), (ii) a letter to substantially the same effect as paragraphs (1), (2), (3), (4), (5) and (6) of this letter is executed promptly by the purchaser and
(iii) all offers or solicitations in connection with the sale, whether directly or through any agent acting on our behalf, are limited only to Eligible Purchasers and are not made by means of any form of general solicitation or general
advertising whatsoever; or 
 (b) the Notes are transferred pursuant to Rule 144 under the Securities Act by us after we have held them for
more than two years; or 
 (c) the Notes are sold in any other transaction that does not require registration under the Securities Act and,
if the Issuer, the Servicer, the Indenture Trustee or the Note Registrar so requests, we theretofore have furnished to such party an opinion of counsel satisfactory to such party, in form and substance satisfactory to such party, to such effect; or

 (d) the Notes are transferred pursuant to an exception from the registration requirements of the Securities Act under Rule 144A under
the Securities Act; and 
 (7) We understand that the Notes will bear a legend to substantially the following effect: 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS NOTE NOR ANY
PORTION HEREOF MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION PROVISIONS OF THE SECURITIES ACT AND ANY APPLICABLE PROVISIONS OF ANY STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM SUCH PROVISIONS. THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN CONDITIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN. 

This legend may be removed if the Issuer, the Indenture Trustee and the Note Registrar have received an opinion of counsel, in form and
substance satisfactory to them, to the effect that the legend may be removed. 
 “Eligible Purchaser” means either an Eligible
Dealer or a corporation, partnership or other entity which we have reasonable grounds to believe and do believe can make representations with respect to itself to substantially the same effect as the representations set forth herein. “Eligible
Dealer” means any corporation or other entity the principal business of which is acting as a broker and/or dealer in securities. Capitalized terms used but not defined 

  
 A-2 

 herein shall have the meanings given to such terms in the Third Amended and Restated Indenture, dated as of
April 1, 2018, between American Express Issuance Trust II and The Bank of New York Mellon, as indenture trustee. 
  

	
	Very truly yours,
	
	                                      
                                  
	(Name of Purchaser)
	
	By:                                     
                             
	        (Authorized officer)

  
 A-3 

 EXHIBIT B-1 

[FORM OF] CLEARANCE SYSTEM CERTIFICATE 

TO BE GIVEN TO THE INDENTURE TRUSTEE BY 

EUROCLEAR OR CLEARSTREAM, LUXEMBOURG FOR 

DELIVERY OF DEFINITIVE NOTES IN EXCHANGE FOR A PORTION OF A 

TEMPORARY GLOBAL NOTE 
 AMERICAN
EXPRESS ISSUANCE TRUST II, 
 Series [·], Class [·] Notes 

[Insert title or sufficient description of Notes to be delivered] 

We refer to that portion of the Temporary Global Note in respect of the Series [●], Class [·] Notes to be exchanged for
definitive Notes (the “Submitted Portion”) pursuant to this certificate (the “Notes”) as provided in the Third Amended and Restated Indenture, dated as of April 1, 2018 (as amended and supplemented, the
“Indenture”) in respect of such issue. This is to certify that (i) we have received a certificate or certificates, in writing or by tested telex, with respect to each of the persons appearing in our records as being entitled to a
beneficial interest in the Submitted Portion and with respect to such person’s beneficial interest either (a) from such person, substantially in the form of Exhibit B-2 to the Indenture, or
(b) from [                 ,         ], substantially in the form of Exhibit B-3 to the Indenture, and (ii) the Submitted Portion includes no part of the Temporary Global Note excepted in such certificates. 

We further certify that as of the date hereof we have not received any notification from any of the persons giving such certificates to the
effect that the statements made by them with respect to any part of the Submitted Portion are no longer true and cannot be relied on as of the date hereof. 

We understand that this certificate is required in connection with certain securities and tax laws in the United States of America. If
administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate or a copy hereof to any interested party in such proceedings.

  

			
	Dated:                            ,
          , *	  	[                                     
                                       
		  	as operator of the Euroclear System]
		  	[Clearstream, Luxembourg]
		
		  	By                                     
                               

  
  

* To be dated on the date of the proposed exchange. 

  
 B-1-1 

 EXHIBIT B-2 

[FORM OF] CERTIFICATE TO BE DELIVERED TO 

EUROCLEAR OR CLEARSTREAM, LUXEMBOURG 

BY [·] WITH RESPECT TO REGISTERED NOTES SOLD TO QUALIFIED 

INSTITUTIONAL BUYERS 
 AMERICAN
EXPRESS ISSUANCE TRUST II, 
 Series [·], Class [·] Notes 

In connection with the initial issuance and placement of the Series [·], Class [·] Notes (the “Notes”), an
institutional investor in the United States (an “institutional investor”) is purchasing [U.S.$/(pound)/(U)/SF] aggregate principal amount of the Notes hold in our account at
[                                         
                   , as operator of the Euroclear System] [Clearstream, Luxembourg] on behalf of such investor. 

We reasonably believe that such institutional investor is a qualified institutional buyer as such term is defined under Rule 144A of the
Securities Act of 1933, as amended. 
 [We understand that this certificate is required in connection with United States laws. We
irrevocably authorize you to produce this certificate or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered by this certificate.] 

The Definitive Notes in respect of this certificate are to be issued in registered form in the minimum denomination of [U.S.$/(pound)/(U)/SF]
and such Definitive Notes (and, unless the Indenture or terms document relating to the Notes otherwise provides, any Notes issued in exchange or substitution for or on registration of transfer of Notes) shall bear the following legend: 

“THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933. NEITHER THIS NOTE NOR ANY PORTION
HEREOF MAY BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR TO U.S. PERSONS (EACH AS DEFINED HEREIN), EXCEPT IN COMPLIANCE WITH THE REGISTRATION PROVISIONS OF SUCH ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH REGISTRATION
PROVISIONS. THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN CONDITIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN. THIS NOTE CANNOT BE EXCHANGED FOR A BEARER NOTE.” 

Dated:                         
    ,                 , 

                          
                                         
                                         
            [                             
   ] 

                          
                                         
                                         
            By                             
                                    

                          
                                         
                                         
            Authorized Officer 

  
 B-2-1 

 EXHIBIT B-3 

[FORM OF] CERTIFICATE TO BE DELIVERED 

TO EUROCLEAR OR CLEARSTREAM, LUXEMBOURG 

BY A BENEFICIAL OWNER 
 OF NOTES,
OTHER THAN A QUALIFIED INSTITUTIONAL BUYER 
 AMERICAN EXPRESS ISSUANCE TRUST II, 

Series [·], Class [·] Notes 

This is to certify that as of the date hereof and except as provided in the third paragraph hereof, the Series [·], Class [·]
Notes held by you for our account (the “Notes”) (i) are owned by a person that is a United States person, or (ii) are owned by a United States person that is (A) the foreign branch of a United States financial institution (as
defined in U.S. Treasury Regulations Section 1.165-12(c)(1)(v)) (a “financial institution”) purchasing for its own account or for resale, or (B) a United States person who acquired the
Notes through the foreign branch of a financial institution and who holds the Notes through the financial institution on the date hereof (and in either case (A) or (B), the financial institution hereby agrees to comply with the requirements of
Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (iii) are owned by a financial institution for purposes of resale during the Restricted Period (as defined in U.S.
Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)). In addition, financial institutions described in clause (iii) of the preceding sentence (whether or not also described in clause (i) or
(ii)) certify that they have not acquired the Notes for purposes of resale directly or indirectly to a United States person or to a person within the United States or its possessions. 

We undertake to advise you by tested telex if the above statement as to beneficial ownership is not correct on the date of delivery of the
Notes in bearer form with respect to such of the Notes as then appear in your books as being held for our account. 
 This certificate
excepts and does not relate to [U.S.$/(pound)/(U)/SF] principal amount of Notes held by you for our account, as to which we are not yet able to certify beneficial ownership. We understand that delivery of Definitive Notes in such principal amount
cannot be made until we are able to so certify. 

  
 B-3-1 

 We understand that this certificate is required in connection with certain securities and tax
laws in the United States of America. If administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate or a copy hereof to
any interested party in such proceedings. As used herein, “United States” means the United States of America, including the States and the District of Columbia, its territories, its possessions and other areas subject to its jurisdiction;
and “United States Person” means a citizen or resident of the United States, a corporation, partnership or other entity created or organized in or under the laws of the United States, or any political subdivision thereof, or an estate or
trust the income of which is subject to United States federal income taxation regardless of its source. 
 Dated:
                                   ,
            *             By
                                         
                        

                          
                                         
         Name: 
 As, or as agent for, the beneficial owner(s) of the interest in the Notes to
which this certificate relates. 
  
  

 
 * This certificate must be dated on the
earlier of the date of the first payment of interest in respect of the Notes and the date of the delivery of the Notes in definitive form. 

  
 B-3-2 

 AMERICAN EXPRESS ISSUANCE TRUST II 

EXHIBIT C 
 FORM OF ANNUAL
CERTIFICATION 
  

	 	Re:	The Third Amended and Restated Indenture, dated as of April 1, 2018 (the “Indenture”), among American Express Issuance Trust II, as issuer, and The Bank of New York Mellon, as indenture trustee and as
securities intermediary 

 I,
                                         
                             , the
                                         
      of THE BANK OF NEW YORK MELLON (the “Company”), certify to the Transferor, and their respective 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 Indenture (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 Indenture 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 Indenture. 
  

	
	
Date:                  
                            

	
	
By:                  
                                         
            

	 Name:

	 Title:

  
 C-1 

 EXHIBIT D 

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.	  	 
	
1122(d)(1)(v)
	  	Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	  	 
	 		 
	  	  	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.	  	 ✓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.	  	✓
	
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.	  	✓
	
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.	  	✓
	 		 
	
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.	  	 

  
 1 Solely with regard to deposits made by the Indenture Trustee. 

  
 D-1 

					
	  	  	  	  	Applicable
	Servicing Criteria	  	Servicing Criteria
	 	 	 
	Reference	  	Criteria	  	  
	 	 	 
	  	  	Investor Remittances and Reporting	  	  
	 	 	 
	 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.	  	✓2
	 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.	  	✓
	 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.	  	✓
	 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.	  	✓
	 	 	 
	  	  	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.	  	✓3
	 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.	  	 
	 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 an 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.	  	 

  
  

2 Except for item (C), whereby the Indenture Trustee does not file reports with the Commission. 

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

  
 D-2 

					
	  	  	  	  	Applicable
	  	  	Servicing Criteria	  	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.	  	 
	 	  	 	  	 

  

	
	 [NAME OF INDENTURE TRUSTEE]

 

	 Date:
                                         
           
  

	 By:
                                         
                   

	 Name:

	 Title:

  
 D-3 

 EXHIBIT E 

FORM OF ASSET REPURCHASE DEMAND ACTIVITY REPORT 

TO:                American Express Receivables Financing Corporation VIII LLC 

DATE:           [            ],
201[    ] 
 RE:                American Express Issuance
Trust II 
 Reference is made to the Third Amended and Restated Indenture, dated as of April 1, 2018 (the “Indenture”), among
American Express Issuance Trust II, as issuer, and The Bank of New York Mellon, as indenture trustee and as securities intermediary. Capitalized terms used and not defined herein have the meanings specified in the Indenture. 

The information contained herein is being delivered pursuant to Section 14.05(a)[(i)][(ii)] of the Indenture in connection with the
[calendar quarter ended [______], 201[_]][month ended [______], 201[_]] (the “Reporting Period”). 
 [NO ACTIVITY TO REPORT:
I have reviewed the records of the Indenture Trustee related to each applicable Repurchase Reporting Series and, to my knowledge, as a trust officer of the Indenture Trustee, the Indenture Trustee has no records of any such repurchase demands in
connection with such Repurchase Reporting Series during the Reporting Period except with respect to repurchase requests, if any, that were previously reported to you or with respect to which you were an addressee.]  

[ACTIVITY TO REPORT: I have reviewed the records of the Indenture Trustee related to each applicable Repurchase Reporting Series and,
to my knowledge, as a trust officer of the Indenture Trustee, the Asset Repurchase Demand Activity Report attached as Schedule I hereto summarizes the repurchase demand activity in connection with such Repurchase Reporting Series during the
Reporting Period except with respect to repurchase requests, if any, that were previously reported to you or with respect to which you were an addressee.] 

The aforesaid statement is made solely in my capacity as a trust officer of The Bank of New York Mellon, as Indenture Trustee under the
agreements relating to the Repurchase Reporting Series. 

  
 E-1 

 If you need to contact the Indenture Trustee, please feel free to contact [Catherine Cerilles] at
[(212) 815-6258]. 
  

	
	 Very truly yours,

	
	 Trust Officer’s Signature:
                                         
           

	 Name:

	 Title:

	
	 Team Leader’s Signature:
                                         
           

	 Name:

	 Title:

  
 E-2 

 Schedule I to Exhibit E 

ASSET REPURCHASE DEMAND ACTIVITY REPORT 

Reporting
Period:    [                    ] 

Issuing Entity: American Express Issuance Trust II 

Reporting Entity: The Bank of New York Mellon 
  

					
	 	  	Activity During Period4 	  	 
	Date of Reputed Demand	  	Party Making Reputed Demand	  	Date of Withdrawal of Reputed Demand
	 	 	 
	 	  	 	  	 
	 	 	 
	 	  	 	  	 
	 	 	 
	 	  	 	  	 
	 	 	 
	 	  	 	  	 
	 	 	 
	 	  	 	  	 

  
  

4 The Indenture Trustee should forward any applicable information or documentation relating to any reputed
demands to the Securitizer. 

  
 E-3 

 EXHIBIT F 

FORM OF INVESTOR COMMUNICATION REQUEST REPORT 

TO:                 American Express Receivables Financing Corporation VIII
LLC 
 DATE:           
[              ], 201[  ] 
 RE:
                American Express Issuance Trust II 

Reference is made to the Third Amended and Restated Indenture, dated as of April 1, 2018 (the “Indenture”), among American
Express Issuance Trust II, as issuer, and The Bank of New York Mellon, as indenture trustee and as securities intermediary. Capitalized terms used and not defined herein have the meanings specified in the Indenture. 

The information contained herein is being delivered pursuant to Section 14.06(a)(i) of the Indenture in connection with the month ended
[              ], 201[  ] (the “Reporting Period”). 

[NO INVESTOR COMMUNICATION REQUEST RECEIVED: I have reviewed the records of the Indenture Trustee related to each
applicable Investor Communication Reporting Series and, to my knowledge, as a trust officer of the Indenture Trustee, the Indenture Trustee has no records of any Investor Communication Request being received in connection with such Investor
Communication Reporting Series during the Reporting Period except with respect to Investor Communication Requests, if any, that were previously reported to you or with respect to which you were an addressee.]  

[INVESTOR COMMUNICATION REQUEST RECEIVED: I have reviewed the records of the Indenture Trustee related to each
applicable Investor Communication Reporting Series and, to my knowledge, as a trust officer of the Indenture Trustee, the Investor Communication Report attached as Schedule I hereto summarizes the Investor Communication Request[s] received in
connection with such Investor Communication Reporting Series during the Reporting Period except with respect to Investor Communication Requests, if any, that were previously reported to you or with respect to which you were an addressee.] 

The aforesaid statement is made solely in my capacity as a trust officer of The Bank of New York Mellon, as Indenture Trustee
under the agreements relating to the Investor Communication Reporting Series. 

  
 F-1 

 If you need to contact the Indenture Trustee, please feel free to contact [Catherine Cerilles] at
[(212) 815-6258]. 
  

	
	 Very truly yours,

	
	 Trust Officer’s Signature:
                                         
           

	 Name:

	 Title:

	
	 Team Leader’s Signature:
                                         
           

	 Name:

	 Title:

  
 F-2 

 Schedule I to Exhibit F 

INVESTOR COMMUNICATION REQUEST REPORT 

Reporting
Period:    [                    ] 

Issuing Entity: American Express Issuance Trust II 

Reporting Entity: The Bank of New York Mellon 
  

					
	
Investor Communication Requests Received During
Period5 

	Name of Noteholder Making	  	  	  	Method Other Investors May Use to
	Investor Communication	  	Date of Investor Communication	  	Contact Investor Making Investor
	Request	  	Request	  	Communication Request
	 	 	 
	  	  	  	  	  
	 	 	 
	  	  	  	  	  
	 	 	 
	  	  	  	  	  
	 	 	 
	  	  	  	  	  
	 	 	 
	  	  	  	  	  

  
  

5 The Indenture Trustee should forward any applicable information or documentation relating to any
Investor Communication Request to the Transferor. 

  
 F-3

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