Document:

EX-4.1

Exhibit 4.1

      

SERIES 2009-1 SUPPLEMENT

Dated as of June 9, 2009

to

POOLING AND SERVICING AGREEMENT

Dated as of May 16, 1996,

as amended and restated as of January 1, 2006

$1,212,122,000

 

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST

Series 2009-1

 

among

AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION II

AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC

AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION IV LLC

as Transferors

AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.

as Servicer

and

THE BANK OF NEW YORK MELLON

as Trustee

on behalf of the Series 2009-1 Certificateholders

      

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I   Creation of the Series 2009-1 Certificates
	 	 	1	 
	 
	Section 1.01. Designation
	 	 	1	 
	 
	ARTICLE II Definitions
	 	 	2	 
	 
	Section 2.01. Definitions
	 	 	2	 
	 
	ARTICLE III Servicing Fee
	 	 	15	 
	 
	Section 3.01. Servicing Compensation
	 	 	15	 
	 
	ARTICLE IV Rights of Series 2009-1 Certificateholders and
Allocation and Application of Collections
	 	 	15	 
	 
	Section 4.01. Collections and Allocations
	 	 	15	 
	 
	Section 4.02. Determination of Monthly Interest
	 	 	17	 
	 
	Section 4.03. Principal Funding Account; Controlled Accumulation Period
	 	 	19	 
	 
	Section 4.04. Required Amount
	 	 	21	 
	 
	Section 4.05. Application of Class A Available Funds, Class B Available
Funds, Collateral Available Funds and Available Principal Collections
	 	 	22	 
	 
	Section 4.06. Defaulted Amounts; Investor Charge-Offs
	 	 	24	 
	 
	Section 4.07. Excess Spread; Excess Finance Charge Collections
	 	 	25	 
	 
	Section 4.08. Reallocated Principal Collections
	 	 	26	 
	 
	Section 4.09. Excess Finance Charge Collections
	 	 	27	 
	 
	Section 4.10. Reallocated Investor Finance Charge Collections
	 	 	27	 
	 
	Section 4.11. Shared Principal Collections
	 	 	28	 
	 
	Section 4.12. Reserve Account
	 	 	28	 
	 
	Section 4.13. Investment Instructions
	 	 	30	 
	 
	Section 4.14. Determination of LIBOR
	 	 	30	 
	 
	ARTICLE V Distributions and Reports to Series 2009-1 Certificateholders
	 	 	31	 
	 
	Section 5.01. Distributions
	 	 	31	 
	 
	Section 5.02. Reports and Statements to Series 2009-1 Certificateholders
	 	 	32	 
	 
	ARTICLE VI Pay-Out Events
	 	 	32	 
	 
	Section 6.01. Pay-Out Events
	 	 	32	 
	 
	ARTICLE VII Optional Repurchase; Series Termination
	 	 	34	 
	 
	Section 7.01. Optional Repurchase
	 	 	34	 
	 
	Section 7.02. Series Termination
	 	 	34	 

-i-

 

TABLE OF CONTENTS
(continued)

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	 
	ARTICLE VIII Final Distributions
	 	 	35	 
	 
	Section 8.01. Sale of Receivables or Certificateholders’ Interest pursuant to
Section 2.06 or 10.01 of the
Agreement and Section 7.01 or 7.02 of this Supplement
	 	 	35	 
	 
	Section 8.02. Distribution of Proceeds of Sale, Disposition or Liquidation of the
Receivables pursuant to Section 9.01 of the Agreement
	 	 	36	 
	 
	ARTICLE IX Miscellaneous Provisions
	 	 	37	 
	 
	Section 9.01. Ratification of Agreement
	 	 	37	 
	 
	Section 9.02. Counterparts
	 	 	37	 
	 
	Section 9.03. Governing Law
	 	 	37	 
	 
	Section 9.04. [Reserved]
	 	 	37	 
	 
	Section 9.05. [Reserved]
	 	 	37	 
	 
	Section 9.06. Uncertificated Securities
	 	 	37	 
	 
	Section 9.07. Transfers of the Collateral Interest
	 	 	37	 

-ii-

 

SERIES 2009-1 SUPPLEMENT, dated as of June 9, 2009 (the
“Supplement”), among AMERICAN EXPRESS RECEIVABLES FINANCING
CORPORATION II, a Delaware corporation, AMERICAN EXPRESS RECEIVABLES
FINANCING CORPORATION III LLC, a Delaware limited liability company,
and AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION IV LLC, a
Delaware limited liability company, as Transferors, AMERICAN EXPRESS
TRAVEL RELATED SERVICES COMPANY, INC., a New York corporation, as
Servicer, and THE BANK OF NEW YORK MELLON, a banking corporation
organized and existing under the laws of the State of New York, not
in its individual capacity, but solely as Trustee.

     Pursuant to the Pooling and Servicing Agreement, dated as of May 16, 1996, as amended and
restated as of January 1, 2006 (as amended and restated and as otherwise amended and supplemented,
the “Agreement”), among the Transferors, the Servicer and the Trustee, the AMERICAN EXPRESS
CREDIT ACCOUNT MASTER TRUST (the “Trust”) has been created. Section 6.03 of the Agreement
provides that the Transferors may from time to time direct the Trustee to authenticate one or more
new Series of Investor Certificates representing fractional undivided interests in the Trust. The
Principal Terms of any new Series are to be set forth in a Supplement to the Agreement.

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

ARTICLE I

Creation of the Series 2009-1 Certificates

     Section 1.01. Designation.

     (a) There is hereby created a Series of Investor Certificates to be issued pursuant to the
Agreement and this Supplement to be known as “American Express Credit Account Master Trust, Series
2009-1.” The Series 2009-1 Certificates shall be issued in two Classes, the first of which shall
be known as the “Class A Series 2009-1 Floating Rate Asset Backed Certificates” and the second of
which shall be known as the “Class B Series 2009-1 Floating Rate Asset Backed Certificates.” In
addition, there is hereby created a third Class of uncertificated interests in the Trust which
shall be known as the “Collateral Interest, Series 2009-1” and which shall be deemed to be
“Investor Certificates” for all purposes under the Agreement and this Supplement other than for
purposes of the definition of the term “Tax Opinion” in Section 1.01 of the Agreement. The
Collateral Interest shall be considered a Class of Series 2009-1 for all purposes of the Agreement
and this Supplement, including for purposes of voting concerning the liquidation of the Trust
pursuant to Section 9.01 of the Agreement. The Collateral Interest Holder shall be deemed to be
the Series Enhancer for all purposes under the Agreement and this Supplement.

     (b) Series 2009-1 shall be included in Group II and shall be a Principal Sharing Series.
Series 2009-1 shall be an Excess Allocation Series. Series 2009-1 shall not be subordinated to any
other Series. Notwithstanding any provision in the Agreement or in this Supplement to the
contrary, the first Distribution Date with respect to Series 2009-1 shall be the July 2009
Distribution Date and the first Monthly Period shall begin on and include the Closing Date and end
on and include June 25, 2009.

     (c) Except as expressly provided herein, (i) the provisions of Article VI and Article XII of
the Agreement relating to the registration, authentication, delivery, presentation, cancellation
and surrender of Registered Certificates shall not be applicable to the Collateral Interest, and
(ii) the

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provisions of Section 3.07 of the Agreement shall not cause the Collateral Interest to be
treated as debt for federal, state and local income and franchise tax purposes, but rather the
Transferors intend, and together with the Collateral Interest Holder, agree to treat the Collateral
Interest for federal, state and local income and franchise tax purposes as representing an equity
interest in the assets of the Trust.

ARTICLE II

Definitions

     Section 2.01. Definitions.

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

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

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

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

     “Available Principal Collections” shall mean, with respect to any Monthly Period, an
amount equal to the sum of (a) (i) an amount equal to the Principal Allocation Percentage of Series
2009-1 Allocable Principal Collections received during such Monthly Period minus (ii) the
amount of Reallocated Principal Collections with respect to such Monthly Period which pursuant to
Section 4.08 are required to fund the Required Amount for the related Distribution Date, (b) any
Shared Principal Collections with respect to other Series that are allocated to Series 2009-1 in
accordance with Section 4.04 of the Agreement and Section 4.11 of this Supplement, and (c) any
other amounts which pursuant to Section 4.05 or 4.07 of this Supplement are to be treated as
Available Principal Collections with respect to the related Distribution Date.

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

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

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

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

2

 

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

     “Class A Certificate Rate” shall mean, for any Interest Accrual Period with respect to
the Class A Certificates, a per annum rate equal to LIBOR plus 1.35%.

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

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

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

     “Class A Initial Invested Amount” shall mean $1,000,000,000.

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

     “Class A Invested Amount” shall mean, on any date of determination, an amount equal to
(a) the Class A Initial Invested Amount, minus (b) the aggregate amount of principal payments made
to the Class A Certificateholders on or prior to such date, minus (c) the excess, if any, of (i)
the aggregate amount of Class A Investor Charge-Offs for all prior Distribution Dates over (ii)
Class A Investor Charge-Offs reimbursed pursuant to subsection 4.07(b) prior to such date.

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

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

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

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

3

 

equivalent of a fraction, the numerator of which is the Class
A Initial Invested Amount and denominator of which is the Initial Invested Amount.

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

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

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

     “Class B Adjusted Invested Amount” shall mean, with respect to any date of
determination, an amount equal to the Class B Invested Amount less the positive difference, if any,
between the Principal Funding Account Balance and the Class A Invested Amount on such date.

     “Class B Available Funds” shall mean, with respect to any Monthly Period, an amount
equal to the sum of (a) the Class B Floating Percentage of the Reallocated Investor Finance Charge
Collections and (b) if such Monthly Period relates to a Distribution Date with respect to the
Controlled Accumulation Period, the Class B Floating Percentage of the Principal Funding Account
Investment Proceeds, if any, with respect to such Distribution Date.

     “Class B Certificate Rate” shall mean, for any Interest Accrual Period with respect to
the Class B Certificates, a per annum rate equal to LIBOR plus 6.00%; provided, however, that the
Transferors may adjust the Class B Certificate Rate from time to time only upon the satisfaction of
the Class B Certificate Rate Adjustment Conditions.

     “Class B Certificate Rate Adjustment Conditions” shall mean, with respect to any
modification of the Class B Certificate Rate by the Transferors, (i) the Transferors shall provide
written notice to the Trustee of the modified Class B Certificate Rate no later than two Business
Days prior to the date on which such modified rate is to become effective; (ii) the modified Class
B Certificate Rate shall not exceed a per annum rate equal to LIBOR plus 6.00%, (iii) the Class B
Certificate Rate shall not be modified more than two times during any Interest Accrual Period; (iv)
the Transferors shall certify in the related notice that the modified Class B Certificate Rate is a
fixed rate or a “qualified floating rate” (within the meaning of Treasury Regulations section
1.1275-5) otherwise meeting such relevant requirements as would cause the Class B Certificates to
constitute variable rate debt instruments (within the meaning of Treasury Regulations section
1.1275-5, including without limitation paragraph (a)(4) thereof) and determined under procedures
consistent with those applicable to reset bonds (as described in Treasury Regulations section
1.1275-5(f)) such that, in either case, the fair market value of the Class B Certificates will be
the Class B Invested Amount; (v) the Transferors shall certify in the related notice that the Class
B Certificates have not been previously sold by TRS or any of its Affiliates (including, without
limitation, within the meaning of Affiliate, solely for purposes of this clause (v), any Person
related to TRS within the meaning of sections 267(b) or 707(b)(1) of the Internal Revenue Code) to
a Person who is not TRS or any of its Affiliates; (vi) the Transferors shall provide to the Trustee
an Opinion of Counsel to the effect that such modification shall not adversely affect the status of
the Class B Certificates as debt for federal income tax purposes; (vii) if the modified Class B
Certificate Rate is a fixed rate or a rate based on
an index other than LIBOR, the Transferors shall provide two days’ notice of such modified
rate to the Rating Agencies; and (viii) if the modified Class B Certificate Rate is a fixed rate or
a rate based on an index other than LIBOR, the Transferors shall certify in the related notice to
the Trustee that the Rating Agencies have been notified pursuant to clause (vii) above.

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

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

4

 

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

     “Class B Initial Invested Amount” shall mean $72,727,000.

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

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

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

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

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

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

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

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

     “Closing Date” shall mean June 9, 2009; provided that, for purposes of determining the
date on which the first Monthly Period begins, the Closing Date shall be deemed to be the close of
business on the last day of the seventh billing cycle applicable to the Accounts ending in May
2009.

5

 

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

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

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

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

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

     “Collateral Initial Invested Amount” shall mean $139,395,000.

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

     “Collateral Interest Holder” shall mean the entity so designated in the Transfer
Agreement.

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

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

     “Collateral Minimum Interest Rate” shall mean the rate specified in the Transfer
Agreement; provided that for purposes of this Supplement, such rate shall not exceed LIBOR plus
13.51% per annum.

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

6

 

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

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

     “Collateral Senior Initial Invested Amount” shall mean an amount equal to the product
of the Collateral Initial Invested Amount for such date and the Collateral Senior Percentage.

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

     “Collateral Senior Invested Amount” shall mean, when used with respect to any date, an
amount equal to the product of the Collateral Invested Amount for such date and the Collateral
Senior Percentage.

     “Collateral Senior Minimum Interest Rate” shall mean the rate specified in the
Transfer Agreement; provided that for purposes of this Supplement, such rate shall not exceed LIBOR
plus 8.50% per annum.

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

     “Collateral Senior Percentage” shall mean the percentage equivalent of a fraction, the
numerator of which is 78,787 and the denominator of which is 139,395.

     “Collateral Servicing Fee” shall have the meaning set forth in Section 3.01.

     “Controlled Accumulation Amount” shall mean, for any Distribution Date with respect to
the Controlled Accumulation Period, $89,393,916.67; provided, however, that, if the Controlled
Accumulation Period Length is determined to be less than 12 months, the Controlled Accumulation
Amount for each Distribution Date with respect to the Controlled Accumulation Period will be equal
to (i) the product of (x) the sum of the Class A Initial Invested Amount and the Class B Initial
Invested Amount and (y) the Controlled Accumulation Period Factor for the related Monthly Period
divided by (ii) the Required Accumulation Factor Number.

     “Controlled Accumulation Period” shall mean, unless a Pay-Out Event shall have
occurred prior thereto, the period commencing at the close of business on the last day of the April
2011 Monthly Period or such later date as is determined in accordance with subsection 4.03(c) and
ending on the first to occur of (a) the commencement of the Early Amortization Period, (b) the
payment in full of the Invested Amount and (c) the Expected Final Payment Date.

7

 

     “Controlled Accumulation Period Factor” shall mean, for each Monthly Period, a
fraction, the numerator of which is equal to the sum of the series invested amounts as of the last
day of the prior Monthly Period of all outstanding Series, and the denominator of which is equal to
the sum (without duplication) of (a) the Series Invested Amount as of the last day of the prior
Monthly Period, (b) the series invested amounts as of the last day of the prior Monthly Period of
all outstanding Series (other than Series 2009-1) that are not expected to be in their revolving
periods, and (c) the series invested amounts as of the last day of the prior Monthly Period of all
other outstanding Series that are not Principal Sharing Series and are in their revolving periods.

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

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

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

     “Deficit Controlled Accumulation Amount” shall mean (a) on the first Distribution Date
with respect to the Controlled Accumulation Period, the excess, if any, of the Controlled
Accumulation Amount for such Distribution Date over the amount deposited in the Principal Funding
Account on such Distribution Date and (b) on each subsequent Distribution Date with respect to the
Controlled Accumulation Period, the excess, if any, of the Controlled Deposit Amount for such
subsequent Distribution Date over the amount deposited in the Principal Funding Account on such
subsequent Distribution Date.

     “Distribution Date” shall mean July 15, 2009, and the 15th day of each calendar month
thereafter, or if such 15th day is not a Business Day, the next succeeding Business Day.

     “Early Amortization Period” shall mean the period commencing at the close of business
on the Business Day immediately preceding the day on which a Pay-Out Event with respect to Series
2009-1 is deemed to have occurred, and ending on the first to occur of (i) the payment in full of
the Invested Amount or (ii) the Series 2009-1 Termination Date.

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

8

 

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

     “Expected Final Payment Date” shall mean the May 2012 Distribution Date.

     “Finance Charge Shortfall” shall have the meaning specified in Section 4.09.

     “Floating Allocation Percentage” shall mean, with respect to any Monthly Period, the
percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of
which is the Adjusted Invested Amount as of the last day of the preceding Monthly Period (or with
respect to the first Monthly Period, the Initial Invested Amount) and the denominator of which is
the product of (x) the Series 2009-1 Allocation Percentage with respect to such Monthly Period and
(y) the sum of (i) the total amount of Principal Receivables in the Trust as of such day (or with
respect to the first Monthly Period, the total amount of Principal Receivables in the Trust on the
Closing Date) and (ii) the principal amount on deposit in the Special Funding Account as of such
last day (or with respect to the first Monthly Period, as of the Closing Date); provided, however,
that with respect to any Monthly Period in which an Addition Date for an Aggregate Addition or a
Removal Date occurs the amount in (y)(i) above shall be (1) the aggregate amount of Principal
Receivables in the Trust at the end of the day on the last day of the prior Monthly Period for the
period from and including the first day of such Monthly Period to but excluding the related
Addition Date or Removal Date and (2) the aggregate amount of Principal Receivables in the Trust at
the end of the day on the related Addition Date or Removal Date for the period from and including
the related Addition Date or Removal Date to and including the last day of such Monthly Period.

     “Group II” shall mean Series 2009-1 and each other Series specified in the related
Supplement to be included in Group II.

     “Group II Investor Additional Amounts” shall mean, with respect to any Distribution
Date, the sum of (a) Series 2009-1 Additional Amounts for such Distribution Date and (b) for all
other Series included in Group II, the sum of (i) the aggregate net amount by which the Invested
Amounts of such Series have been reduced as a result of investor charge-offs, subordination of
principal collections and funding the investor default amounts in respect of any Class or Series
Enhancement interests of such Series as of such Distribution Date and (ii) if the applicable
Supplements so provide, the aggregate unpaid amount of interest at the applicable certificate rates
that has accrued on the amounts described in the preceding clause (i) for such Distribution Date.

     “Group II Investor Default Amount” shall mean, with respect to any Distribution Date,
the sum of (a) the Investor Default Amount for such Distribution Date and (b) the aggregate amount
of the investor default amounts for all other Series included in Group II for such Distribution
Date.

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

     “Group II Investor Monthly Fees” shall mean with respect to any Distribution Date, the
sum of (a) Series 2009-1 Monthly Fees for such Distribution Date and (b) the aggregate amount of
the servicing fees, investor fees, fees payable to any Series Enhancer and any other similar fees,
which are payable out of reallocated investor finance charge collections pursuant to the related
Supplements, for all other Series included in Group II for such Distribution Date.

9

 

     “Group II Investor Monthly Interest” shall mean, with respect to any Distribution
Date, the sum of (a) Series 2009-1 Monthly Interest for such Distribution Date and (b) the
aggregate amount of monthly interest, including overdue monthly interest and interest on such
overdue monthly interest, if such amounts are payable out of reallocated investor finance charge
collections pursuant to the related Supplements, for all other Series included in Group II for such
Distribution Date.

     “Initial Invested Amount” shall mean $1,212,122,000.

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

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

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

     “Investor Charge-Offs” shall mean Class A Investor Charge-Offs, Class B Investor
Charge-Offs and Collateral Charge-Offs.

     “Investor Default Amount” shall mean, with respect to any Distribution Date, an amount
equal to the product of (a) the Series 2009-1 Allocable Defaulted Amount for the related Monthly
Period and (b) the Floating Allocation Percentage for such Monthly Period.

     “Investor Finance Charge Collections” shall mean with respect to any Distribution
Date, an amount equal to the product of (a) the Floating Allocation Percentage for the related
Monthly Period and (b) Series 2009-1 Allocable Finance Charge Collections deposited in the
Collection Account for the related Monthly Period.

     “LIBOR” shall mean, for any Interest Accrual Period, a per annum interest rate
determined by the Trustee for such Interest Accrual Period in accordance with the provisions of
Section 4.14.

     “LIBOR Determination Date” shall mean June 5, 2009 for the period from and including
the Closing Date to but excluding July 15, 2009, and for every other Interest Accrual Period, the
second London Business Day prior to the commencement of such Interest Accrual Period.

     “London Business Day” shall mean any day on which dealings in deposits in United
States dollars are transacted in the London interbank market.

     “Monthly Interest” means, with respect to any Distribution Date, the Class A Monthly
Interest, the Class B Monthly Interest and the Collateral Minimum Monthly Interest for such
Distribution Date.

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

10

 

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

     “Pay-Out Event” shall mean any Pay-Out Event specified in Section 6.01.

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

     “Principal Allocation Percentage” shall mean, with respect to any day during a Monthly
Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the
numerator of which is (a) during the Revolving Period, the Series Adjusted Invested Amount for
Series 2009-1 as of the last day of the immediately preceding Monthly Period (or, in the case of
the first Monthly Period, the Initial Invested Amount) and (b) during the Controlled Accumulation
Period, the Early Amortization Period or any Partial Amortization Period, the Series Adjusted
Invested Amount for Series 2009-1 as of the close of business on the date on which the Revolving
Period shall have terminated and the denominator of which is the product of (x) the sum of (i) the
total amount of Principal Receivables in the Trust as of the last day of the immediately preceding
Monthly Period (or with respect to the first Monthly Period, the total amount of Principal
Receivables in the Trust as of the Closing Date) and (ii) the principal amount on deposit in the
Special Funding Account as of such last day (or with respect to the first Monthly Period, the
Closing Date) and (y) the Series 2009-1 Allocation Percentage as of the last day of the immediately
preceding Monthly Period; provided, however, that with respect to any Monthly Period in which an
Addition Date for an Aggregate Addition or a Removal Date occurs the amount in (x)(i) above shall
be (1) the aggregate amount of Principal Receivables in the Trust at the end of the day on the last
day of the prior Monthly Period for the period from and including the first day of such Monthly
Period to but excluding the related Addition Date or Removal Date and (2) the aggregate amount of
Principal Receivables in the Trust at the end of the day on the related Addition Date or Removal
Date for the period from and including the related Addition Date or Removal Date to and including
the last day of such Monthly Period; and provided further, that if after the commencement of the
Controlled Accumulation Period a Pay-Out Event occurs with respect to another Series that was
designated in the Supplement therefor as a Series that is a “Paired Series” with respect to Series
2009-1, the Transferors may, by written notice delivered to the Trustee and the Servicer, designate
a different numerator for the foregoing fraction, provided that (x) such numerator is not less than
the Adjusted Invested Amount as of the last day of the revolving period for such Paired Series, (y)
the Transferors shall have received written notice from each Rating Agency that the Rating Agency
Condition has been satisfied with respect to such designation and shall have delivered copies of
each such written notice to the Servicer and the Trustee and (z) each Transferor shall have
delivered to the Trustee an Officer’s Certificate of such Transferor to the effect that, based on
the facts known to such officer at such time, in the reasonable belief of such Transferor, such
designation will not cause a Pay-Out Event or an event that, after the giving of notice or the
lapse of time, would constitute a Pay-Out Event, to occur with respect to Series 2009-1.

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

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

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

     “Principal Funding Account Investment Shortfall” shall mean, with respect to each
Distribution Date during the Controlled Accumulation Period, the amount, if any, by which the
Principal Funding Account Investment Proceeds are less than the Covered Amount.

11

 

     “Reallocated Investor Finance Charge Collections” shall mean that portion of Group II
Investor Finance Charge Collections allocated to Series 2009-1 pursuant to Section 4.10.

     “Reallocated Principal Collections” shall mean, with respect to any Monthly Period,
the product of (a) the Series 2009-1 Allocable Principal Collections deposited in the Collection
Account for such Monthly Period and (b) the sum of the Class B Principal Percentage and the
Collateral Principal Percentage.

     “Reassignment Amount” shall mean, with respect to any Distribution Date, after giving
effect to any deposits and distributions otherwise to be made on such Distribution Date, the sum of
(i) the Adjusted Invested Amount on such Distribution Date, plus (ii) Monthly Interest for such
Distribution Date and any Monthly Interest previously due but not distributed to the Series 2009-1
Certificateholders on a prior Distribution Date, plus (iii) the amount of Additional Interest, if
any, for such Distribution Date and any Additional Interest previously due but not distributed to
the Series 2009-1 Certificateholders on a prior Distribution Date.

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

     “Required Accumulation Factor Number” shall be equal to a fraction, rounded upwards to
the nearest whole number, the numerator of which is one and the denominator of which is equal to
the lowest monthly principal payment rate on the Accounts, expressed as a decimal, for the three
months preceding the date of such calculation.

     “Required Amount” shall mean, with respect to any Monthly Period, the sum of the Class
A Required Amount and the Class B Required Amount.

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

     “Reserve Account” shall have the meaning specified in subsection 4.12(a).

     “Reserve Account Funding Date” shall mean the Distribution Date which occurs not later
than the earliest of (a) the Distribution Date with respect to the Monthly Period that commences
not later than three months prior to the Distribution Date with respect to the first Monthly Period
in the Controlled Accumulation Period, (b) in the event that the average Excess Spread Percentage
for any three consecutive Monthly Periods ending in the May 2010 Monthly Period or any Monthly
Period thereafter is less than 2%, the Distribution Date with respect to such Monthly Period, (c)
in the event that the average Excess Spread Percentage for any three consecutive Monthly Periods
ending in the November 2010 Monthly Period or any Monthly Period thereafter is less than 3%, the
Distribution Date with respect to such Monthly Period and (d) such earlier Distribution Date as the
Transferors may determine by written notice to the Trustee and the Servicer. For this purpose, the
“Excess Spread Percentage” for any Monthly Period shall be equal to the Series Adjusted
Portfolio Yield for such Monthly Period minus the Base Rate for such Monthly Period.

12

 

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

     “Reserve Draw Amount” shall have the meaning specified in subsection 4.12(c).

     “Reuters Screen LIBOR01 Page” shall mean the display page currently designated as page
LIBOR01 on the Reuters Screen (or such other page as may replace that page on that service for the
purpose of displaying comparable rates or prices).

     “Revolving Period” shall mean the period beginning at the close of business on the
Series Cut-Off Date and ending on the earlier of (a) the close of business on the day immediately
preceding the day the Controlled Accumulation Period commences and (b) the close of business on the
day immediately preceding the day the Early Amortization Period commences.

     “Series Adjusted Portfolio Yield” shall mean, with respect to any Monthly Period, the
annualized percentage equivalent of a fraction, (A) the numerator of which is equal to (a)
Reallocated Investor Finance Charge Collections with respect to such Monthly Period, plus (b) the
amount of any Principal Funding Account Investment Proceeds for the related Distribution Date, plus
(c) provided that each Rating Agency has consented in writing to the inclusion thereof in
calculating the Series Adjusted Portfolio Yield, any Excess Finance Charge Collections that are
allocated to Series 2009-1 with respect to such Monthly Period, plus (d) the amount of funds, if
any, withdrawn from the Reserve Account which pursuant to subsection 4.12(d) are required to be
deposited into the Collection Account and included as Class A Available Funds for the Distribution
Date with respect to such Monthly Period, minus (e) the Investor Default Amount for the
Distribution Date with respect to such Monthly Period, and (B) the denominator of which is the
Invested Amount as of the last day of the preceding Monthly Period.

     “Series Cut-Off Date” shall mean the close of business on June 9, 2009.

     “Series 2009-1” shall mean the Series of Certificates the terms of which are specified
in this Supplement.

     “Series 2009-1 Additional Amounts” shall mean, with respect to any Distribution Date,
the sum of the amounts determined pursuant to subsections 4.07(b), (e) and (i) for such
Distribution Date.

     “Series 2009-1 Allocable Defaulted Amount” shall mean the Series Allocable Defaulted
Amount with respect to Series 2009-1.

     “Series 2009-1 Allocable Finance Charge Collections” shall mean the Series Allocable
Finance Charge Collections with respect to Series 2009-1.

     “Series 2009-1 Allocable Principal Collections” shall mean the Series Allocable
Principal Collections with respect to Series 2009-1.

     “Series 2009-1 Allocation Percentage” shall mean the Series Allocation Percentage with
respect to Series 2009-1.

     “Series 2009-1 Certificate” shall mean a Class A Certificate or a Class B Certificate
or the Collateral Interest.

     “Series 2009-1 Certificateholder” shall mean a Class A Certificateholder or a Class B
Certificateholder or the Collateral Interest Holder.

13

 

     “Series 2009-1 Certificateholders’ Interest” shall mean the Certificateholders’
Interest for Series 2009-1, including the Collateral Interest.

     “Series 2009-1 Monthly Fees” shall mean, with respect to any Distribution Date, the
amount determined pursuant to subsections 4.05(a)(ii), (b)(ii) and (c)(i) and subsection 4.07(g).

     “Series 2009-1 Monthly Interest” shall mean the amounts determined pursuant to
subsections 4.02(a), (b) and (c).

     “Series 2009-1 Principal Shortfall” shall have the meaning specified in Section 4.11.

     “Series 2009-1 Termination Date” shall mean the December 2014 Distribution Date.

     “Series Invested Amount” shall mean the Initial Invested Amount.

     “Series Required Transferor Amount” shall mean an amount equal to 7% of the Invested
Amount.

     “Servicing Base Amount” shall have the meaning specified in Section 3.01.

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

     “Special Payment Date” shall mean each Distribution Date with respect to the Early
Amortization Period.

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

     “Transfer Agreement” shall mean the Transfer and Administration Agreement, dated as of
June 9, 2009, among RFC II, RFC III and RFC IV, as transferors, TRS, as administrator, and the
American Express Credit Account Secured Note Trust 2009-1, as issuer, as the same may be amended,
supplemented or otherwise modified from time to time.

     “Transferor Percentage” shall mean 100% minus (a) the Floating Allocation Percentage,
when used at any time with respect to Finance Charge Receivables and Defaulted Receivables, or (b)
the Principal Allocation Percentage, when used at any time with respect to Principal Receivables.

     (b) Notwithstanding anything to the contrary in this Supplement or the Agreement, the term
“Rating Agency” shall mean, whenever used in this Supplement or the Agreement with respect
to Series 2009-1, Moody’s and Standard & Poor’s. As used in this Supplement and in the Agreement
with respect to Series 2009-1, “highest investment category” shall mean (i) in the case of Standard
& Poor’s, AAA or A-1+, as applicable and (ii) in the case of Moody’s, Aaa or P-1, as applicable.

     (c) Each capitalized term defined herein shall relate to the Series 2009-1 Certificates and no
other Series of Certificates issued by the Trust, unless the context otherwise requires. All
capitalized terms used herein and not otherwise defined herein have the meanings ascribed to them
in the Agreement. In the event that any term or provision contained herein shall conflict with or
be inconsistent with any term or provision contained in the Agreement, the terms and provisions of
this Supplement shall govern.

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

14

 

ARTICLE III

Servicing Fee

     Section 3.01. Servicing Compensation. The share of the Servicing Fee allocable to the
Series 2009-1 Certificateholders with respect to any Distribution Date (the
“Monthly Servicing Fee”) shall be equal to one-twelfth of the product of (a) the Servicing
Fee Rate and (b) (i) the Adjusted Invested Amount as of the last day of the Monthly Period
preceding such Distribution Date minus (ii) the product of the amount, if any, on deposit in the
Special Funding Account as of the last day of the Monthly Period preceding such Distribution Date
and the Series 2009-1 Allocation Percentage with respect to such Monthly Period (the amount
calculated pursuant to this clause (b) is referred to as the “Servicing Base Amount”). The
share of the Monthly Servicing Fee allocable to the Class A Certificateholders with respect to any
Distribution Date (the “Class A Servicing Fee”) shall be equal to one-twelfth of the
product of (a) the Class A Floating Percentage, (b) the Servicing Fee Rate and (c) the Servicing
Base Amount. The share of the Monthly Servicing Fee allocable to the Class B Certificateholders
with respect to any Distribution Date (the “Class B Servicing Fee”) shall be equal to
one-twelfth of the product of (a) the Class B Floating Percentage, (b) the Servicing Fee Rate and
(c) the Servicing Base Amount. The share of the Monthly Servicing Fee allocable to the Collateral
Interest with respect to any Distribution Date (the “Collateral Servicing Fee”) shall be
equal to one-twelfth of the product of the (a) Collateral Floating Percentage, (b) the Servicing
Fee Rate and (c) the Servicing Base Amount. The remainder of the Servicing Fee shall be paid by
the Holders of the Transferor Certificates or the investor certificateholders of other Series (as
provided in the related Supplements) and in no event shall the Trust, the Trustee or the Series
2009-1 Certificateholders be liable for the share of the Servicing Fee to be paid by the Holders of
the Transferor Certificates or the investor certificateholders of any other Series. To the extent
that the Class A Servicing Fee, the Class B Servicing Fee and the Collateral Servicing Fee are not
paid in full pursuant to the preceding provisions of this Section 3.01, and Sections 4.05 and 4.07,
they shall be paid by the Holders of the Transferor Certificates.

ARTICLE IV

Rights of Series 2009-1 Certificateholders and

Allocation and Application of Collections

     Section 4.01. Collections and Allocations.

     (a) Allocations. Collections of Finance Charge Receivables and Principal Receivables
and Defaulted Receivables allocated to Series 2009-1 pursuant to Article IV of the Agreement (and,
as described herein, Collections of Finance Charge Receivables reallocated from other Series in
Group II) shall be allocated and distributed or reallocated as set forth in this Article.

     (b) Payments to the Transferor. The Servicer shall on each Deposit Date withdraw from
the Collection Account and pay to the Holders of the Transferor Certificates the following amounts:

     (i) an amount equal to the Transferor Percentage for the related Monthly Period
of Series 2009-1 Allocable Finance Charge Collections to the extent such amount is
deposited in the Collection Account; and

     (ii) an amount equal to the Transferor Percentage for the related Monthly
Period of Series 2009-1 Allocable Principal Collections deposited in the Collection
Account, if the Transferor Amount (determined after giving effect to any Principal
Receivables transferred to the Trust on such Deposit Date) exceeds zero.

15

 

     The withdrawals to be made from the Collection Account pursuant to this subsection 4.01(b) do
not apply to deposits into the Collection Account that do not represent Collections, including
payment of the purchase price for the Certificateholders’ Interest pursuant to Section 2.06 or
10.01 of the Agreement, payment of the purchase price for the Series 2009-1 Certificateholders’
Interest pursuant to Section 7.01 of this Supplement and proceeds from the sale, disposition or
liquidation of Receivables pursuant to Section 9.01 or 12.02 of the Agreement.

     (c) Allocations to the Series 2009-1 Certificateholders. The Servicer shall, prior to
the close of business on each Deposit Date, allocate to the Series 2009-1 Certificateholders the
following amounts as set forth below:

     (i) Allocations of Finance Charge Collections. The Servicer shall
allocate to the Series 2009-1 Certificateholders and retain in the Collection
Account for application as provided herein an amount equal to the product of (A) the
Floating Allocation Percentage and (B) the Series 2009-1 Allocation Percentage and
(C) the aggregate amount of Collections of Finance Charge Receivables deposited in
the Collection Account on such Deposit Date.

     (ii) Allocations of Principal Collections. The Servicer shall allocate
to the Series 2009-1 Certificateholders the following amounts as set forth below:

     (x) Allocations During the Revolving Period. During the
Revolving Period (A) an amount equal to the product of (I) the sum of the
Class B Principal Percentage and the Collateral Principal Percentage and
(II) the Principal Allocation Percentage and (III) the Series 2009-1
Allocation Percentage and (IV) the aggregate amount of Collections of
Principal Receivables deposited in the Collection Account on such Deposit
Date, shall be allocated to the Series 2009-1 Certificateholders and
retained in the Collection Account until applied as provided herein and (B)
an amount equal to the product of (I) the Class A Principal Percentage and
(II) the Principal Allocation Percentage and (III) the Series 2009-1
Allocation Percentage and (IV) the aggregate amount of Collections of
Principal Receivables deposited in the Collection Account on such Deposit
Date shall be allocated to the Series 2009-1 Certificateholders and first,
if any other Principal Sharing Series is outstanding and in its amortization
period or accumulation period, retained in the Collection Account for
application, to the extent necessary, as Shared Principal Collections on the
related Distribution Date, and second paid to the Holders of the Transferor
Certificates; provided, however, that such amount to be paid to the Holders
of the Transferor Certificates on any Deposit Date shall be paid to such
Holders only if the Transferor Amount on such Deposit Date is greater than
the Required Transferor Amount (after giving effect to all Principal
Receivables transferred to the Trust on such day) and otherwise shall be
deposited in the Special Funding Account.

     (y) Allocations During the Controlled Accumulation Period.
During the Controlled Accumulation Period (A) an amount equal to the product
of (I) the sum of the Class B Principal Percentage and the Collateral
Principal Percentage and (II) the Principal Allocation Percentage and (III)
the Series 2009-1 Allocation Percentage and (IV) the aggregate amount of
Collections of Principal Receivables deposited in the Collection Account on
such Deposit Date, shall be allocated to the Series 2009-1
Certificateholders and retained in the Collection Account until applied as
provided herein and (B) an amount equal to the product of (I) the Class A
Principal Percentage and (II) the Principal Allocation Percentage and (III)
the Series 2009-1 Allocation Percentage and (IV) the

16

 

aggregate amount of Collections of Principal Receivables deposited in
the Collection Account on such Deposit Date (the product specified in this
clause (B) for any such date is hereinafter referred to as a
“Percentage Allocation”) shall be allocated to the Series 2009-1
Certificateholders and retained in the Collection Account until applied as
provided herein; provided, however, that if the sum of such Percentage
Allocation and all preceding Percentage Allocations with respect to the same
Monthly Period exceeds the Controlled Deposit Amount during the Controlled
Accumulation Period for the related Distribution Date, then such excess
shall not be treated as a Percentage Allocation and shall be first, if any
other Principal Sharing Series is outstanding and in its amortization period
or accumulation period, retained in the Collection Account for application,
to the extent necessary, as Shared Principal Collections on the related
Distribution Date, and second paid to the Holders of the Transferor
Certificates only if the Transferor Amount on such Deposit Date is greater
than the Required Transferor Amount (after giving effect to all Principal
Receivables transferred to the Trust on such day) and otherwise shall be
deposited in the Special Funding Account.

     (z) Allocations During the Early Amortization Period. During
the Early Amortization Period, an amount equal to the product of (A) the
Principal Allocation Percentage and (B) the Series 2009-1 Allocation
Percentage and (C) the aggregate amount of Collections of Principal
Receivables deposited in the Collection Account on such Deposit Date, shall
be allocated to the Series 2009-1 Certificateholders and retained in the
Collection Account until applied as provided herein; provided, however, that
after the date on which an amount of such Collections equal to the Adjusted
Invested Amount has been deposited into the Collection Account and allocated
to the Series 2009-1 Certificateholders, the remainder that has not been so
deposited and allocated shall be first, if any other Principal Sharing
Series is outstanding and in its amortization period or accumulation period,
retained in the Collection Account for application, to the extent necessary,
as Shared Principal Collections on the related Distribution Date, and second
paid to the Holders of the Transferor Certificates only if the Transferor
Amount on such date is greater than the Required Transferor Amount (after
giving effect to all Principal Receivables transferred to the Trust on such
day) and otherwise shall be deposited in the Special Funding Account.

     Section 4.02. Determination of Monthly Interest.

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

     On the Determination Date preceding each Distribution Date, the Servicer shall determine the
excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for
such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such
Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect
to any Distribution Date is greater than zero, on each subsequent Distribution Date until such
Class A Interest Shortfall is fully paid, an additional amount
(“Class A Additional Interest”) equal to the product of (i) a fraction, the numerator of
which is the actual number of days in the period from (and including) the

17

 

immediately preceding Distribution Date (or in the case of the first Distribution Date, the
Closing Date) to (but excluding) such Distribution Date and the denominator of which is 360, (ii)
the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (iii) such Class A Interest
Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall
be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything
to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A
Certificateholders only to the extent permitted by applicable law.

     (b) The amount of monthly interest (“Class B Monthly Interest”) distributable from the
Collection Account with respect to the Class B Certificates on any Distribution Date shall be an
amount equal to the product of (i) a fraction, the numerator of which is the actual number of days
in the period from (and including) the immediately preceding Distribution Date (or in the case of
the first Distribution Date, the Closing Date) to (but excluding) such Distribution Date and the
denominator of which is 360, (ii) the Class B Certificate Rate for such Distribution Date and (iii)
the Class B Invested Amount as of the close of business on the immediately preceding Record Date;
provided, however, that in the event the Class B Certificate Rate has been modified (as described
in the definition thereof) during the period from and including the preceding Distribution Date to
but excluding such Distribution Date, the rate described in (ii) above shall reflect a weighted
average rate calculated on the basis of the actual number of days each Class B Certificate Rate was
in effect during such period and a year of 360 days.

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

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

     On the Determination Date preceding each Distribution Date, the Servicer shall determine an
amount (the “Collateral Interest Shortfall”) equal to (x) the aggregate Collateral Minimum

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

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

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

     Section 4.03. Principal Funding Account; Controlled Accumulation Period.

     (a) (i) The Servicer, for the benefit of the Series 2009-1 Certificateholders, shall establish
and maintain in the name of the Trustee, on behalf of the Trust, an Eligible Deposit Account (the
“Principal Funding Account”), bearing a designation clearly indicating that the funds
deposited therein

19

 

and the property credited thereto are held for the benefit of the Series 2009-1
Certificateholders. The Principal Funding Account shall initially be established with The Bank of
New York Mellon.

          (ii) At the written direction of the Servicer, funds on deposit in the Principal Funding
Account shall be invested by the Trustee in Eligible Investments selected by the Servicer. All
such Eligible Investments shall be held by the Trustee for the benefit of the Series 2009-1
Certificateholders; provided that on each Distribution Date all interest and other investment
income (net of losses and investment expenses) (“Principal Funding Account Investment
Proceeds”) on funds on deposit therein shall be applied as set forth in paragraph (iii) below.
Funds on deposit in the Principal Funding Account shall be invested in Eligible Investments that
will mature so that such funds will be available at the close of business on the Transfer Date
preceding the following Distribution Date. Unless the Servicer directs otherwise, funds deposited
in the Principal Funding Account on a Transfer Date (which immediately precedes a Distribution
Date) upon the maturity of any Eligible Investments are not required to be invested overnight. No
such Eligible Investment shall be disposed of prior to its maturity; provided, however, that the
Trustee shall sell, liquidate or dispose of any such Eligible Investment if, prior to the maturity
of such Eligible Investment, a default occurs in the payment of principal, interest or any other
amount with respect to such Eligible Investment; provided further, however, that the Servicer shall
deliver prompt written notice to the Trustee of any such default; and provided further that,
subject to Section 11.01 of the Agreement, the Trustee will not in any way be held liable by reason
of any insufficiency in such Principal Funding Account resulting from any loss on any Eligible
Investment included therein except for losses attributable to the Trustee’s failure to make
payments on such Eligible Investments issued by the Trustee, in its commercial capacity, in
accordance with their terms.

          (iii) On each Distribution Date with respect to the Controlled Accumulation Period, the
Servicer shall direct the Trustee in writing to withdraw from the Principal Funding Account and
deposit into the Collection Account all Principal Funding Account Investment Proceeds then on
deposit in the Principal Funding Account and such Principal Funding Account Investment Proceeds
shall be treated as a portion of Class A Available Funds and Class B Available Funds.

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

     (b) (i) The Trustee shall possess all right, title and interest in all funds and property from
time to time deposited in or credited to the Principal Funding Account and in all proceeds thereof.
The Principal Funding Account shall be under the sole dominion and control of the Trustee for the
benefit of the Series 2009-1 Certificateholders. If, at any time, the Principal Funding Account
ceases to be an Eligible Deposit Account, the Trustee (or the Servicer on its behalf) shall within
10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating
Agency may consent) establish a new Principal Funding Account meeting the conditions specified in
paragraph (a)(i) above as an Eligible Deposit Account and shall transfer any cash or any
investments to such new Principal Funding Account.

          (ii) Pursuant to the authority granted to the Servicer in subsection 3.01(b) of the Agreement,
the Servicer shall have the power to make withdrawals and payments or to instruct the Trustee to
make withdrawals and payments from the Principal Funding Account for the purposes of carrying out
the Servicer’s or Trustee’s duties hereunder. Pursuant to the authority granted to the Paying
Agent in Section 5.01 of this Supplement and Section 6.07 of the Agreement, the Paying Agent shall
have the power to withdraw funds from the Principal Funding Account for the purpose of making
distributions to the Series 2009-1 Certificateholders.

20

 

     (c) The Controlled Accumulation Period is scheduled to commence at the close of business on
the last day of the April 2011 Monthly Period; provided, however, that if the Controlled
Accumulation Period Length (which shall be determined as described below) is less than 12 months,
the date on which the Controlled Accumulation Period actually commences will be delayed to the
close of business on the last day of the month preceding the month that is the number of months
prior to the Expected Final Payment Date at least equal to the Controlled Accumulation Period
Length and, as a result, the number of Monthly Periods in the Controlled Accumulation Period will
at least equal the Controlled Accumulation Period Length. On the Determination Date immediately
preceding the April 2011 Distribution Date, and on each Determination Date thereafter that occurs
prior to the Determination Date occurring in the Monthly Period in which the Controlled
Accumulation Period commences, the Servicer will determine the
“Controlled Accumulation Period Length” which will equal the number of months such that the
sum of the Controlled Accumulation Period Factors for each month during such period will be equal
to or greater than the Required Accumulation Factor Number; provided, however, that the Controlled
Accumulation Period Length shall not be less than one month. Notwithstanding the foregoing, if the
Controlled Accumulation Period Length shall have been determined to be less than 12 months and,
after the date on which such determination is made, a Pay-Out Event or Reinvestment Event (as those
terms are defined in the Supplement for such Series) shall occur with respect to any outstanding
Principal Sharing Series other than Series 2009-1, the Controlled Accumulation Period will commence
on the earlier of (i) the first day of the Monthly Period immediately succeeding the date that such
Pay-Out Event or Reinvestment Event shall have occurred with respect to such Series and (ii) the
date on which the Controlled Accumulation Period is then scheduled to commence.

     Section 4.04. Required Amount.

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

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

21

 

     Section
4.05. Application of Class A Available Funds, Class
B Available Funds, Collateral Available Funds and Available Principal Collections. The Servicer shall
apply, or shall cause the Trustee to apply by written instruction to the Trustee substantially in
the form of Exhibit B, on each Distribution Date, Class A Available Funds, Class B Available Funds,
Collateral Available Funds and Available Principal Collections on deposit in the Collection Account
with respect to such Distribution Date to make the following distributions:

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

     (i) an amount equal to Class A Monthly Interest for such Distribution Date,
plus the amount of any Class A Monthly Interest previously due but not distributed
to Class A Certificateholders on a prior Distribution Date, plus the amount of any
Class A Additional Interest for such Distribution Date and any Class A Additional
Interest previously due but not distributed to Class A Certificateholders on a prior
Distribution Date, shall be distributed to the Paying Agent for payment to the Class
A Certificateholders;

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

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

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

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

     (i) an amount equal to Class B Monthly Interest for such Distribution Date,
plus the amount of any Class B Monthly Interest previously due but not distributed
to Class B Certificateholders on a prior Distribution Date, plus the amount of any
Class B Additional Interest for such Distribution Date and any Class B Additional
Interest previously due but not distributed to Class B Certificateholders on a prior
Distribution Date, shall be distributed to the Paying Agent for payment to the Class
B Certificateholders;

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

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

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

22

 

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

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

     (d) On each Distribution Date with respect to the Revolving Period, an amount equal to the
Available Principal Collections deposited in the Collection Account for the related Monthly Period
shall be treated as Shared Principal Collections and applied in accordance with Section 4.04 of the
Agreement.

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

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

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

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

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

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

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

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

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

23

 

     Section 4.06. Defaulted Amounts; Investor Charge-Offs.

     (a) On each Determination Date, the Servicer shall calculate the Class A Investor Default
Amount, if any, for the related Distribution Date. If, on any Distribution Date, the Class A
Required Amount for the related Monthly Period exceeds the sum of (x) the amount of Reallocated
Principal Collections allocated to Series 2009-1 with respect to such Monthly Period and (y) the
amount of Excess Spread and the Excess Finance Charge Collections allocable to Series 2009-1 with
respect to such Monthly Period, the Collateral Invested Amount, if any, will be reduced by the
amount of such excess, but not by more than the Class A Investor Default Amount for such
Distribution Date. In the event that such reduction would cause the Collateral Invested Amount to
be a negative number, the Collateral Invested Amount will be reduced to zero and the Class B
Invested Amount shall be reduced by the amount by which the Collateral Invested Amount would have
been reduced below zero, but not by more than the excess, if any, of the Class A Investor Default
Amount for such Distribution Date over the amount of such reduction, if any, of the Collateral
Invested Amount with respect to such Distribution Date. In the event that such reduction would
cause the Class B Invested Amount to be a negative number, the Class B Invested Amount shall be
reduced to zero, and the Class A Invested Amount shall be reduced by the amount by which the Class
B Invested Amount would have been reduced below zero, but not by more than the excess, if any, of
the Class A Investor Default Amount for such Distribution Date over the aggregate amount of the
reductions, if any, of the Collateral Invested Amount and the Class B Invested Amount for such
Distribution Date (a “Class A Investor Charge-Off”). Class A Investor Charge-Offs shall
thereafter be reimbursed and the Class A Invested Amount increased (but not by an amount in excess
of the aggregate unreimbursed Class A Investor Charge-Offs) on any Distribution Date by the amount
of Excess Spread and Excess Finance Charge Collections allocated and available for that purpose
pursuant to subsection 4.07(b). References to “negative numbers” above shall be determined without
regard to the requirement that the Invested Amount of a Class not be reduced below zero.

     (b) On each Determination Date, the Servicer shall calculate the Class B Investor Default
Amount, if any, for the related Distribution Date. If, on any Distribution Date, the Class B
Required Amount for such Distribution Date exceeds the sum of (x) the amount of Excess Spread and
Excess Finance Charge Collections allocated to Series 2009-1 with respect to the related Monthly
Period which are allocated and available to pay such amount pursuant to subsection 4.07(d) and (y)
the Reallocated Principal Collections allocable to the Collateral Interest and not required to pay
the Class A Required Amount with respect to such Distribution Date, then the Collateral Invested
Amount shall be reduced by the amount of such excess. In the event that such reduction would cause
the Collateral Invested Amount to be a negative number, the Collateral Invested Amount shall be
reduced to zero, and the Class B Invested Amount shall be reduced by the amount by which the
Collateral Invested Amount would have been reduced below zero, but not by more than the excess, if
any, of the Class B Investor Default Amount for such Distribution Date over the amount of such
reduction, if any, of the Collateral Invested Amount with respect to such Distribution Date (a
“Class B Investor Charge-Off”). Class B Investor Charge-Offs shall thereafter be
reimbursed and the Class B Invested Amount increased (but not by an amount in excess of the
aggregate unreimbursed Class B Investor Charge-Offs) on any Distribution Date by the amount of
Excess Spread and Excess Finance Charge Collections allocated and available for that purpose
pursuant to subsection 4.07(e). References to “negative numbers” above shall be determined without
regard to the requirement that the Invested Amount of a Class not be reduced below zero.

     (c) On each Determination Date, the Servicer shall calculate the Collateral Default Amount.
If on any Distribution Date the Collateral Default Amount for the previous Monthly Period exceeds
the amount of Excess Spread and Excess Finance Charge Collections allocated to Series 2009-1 with
respect to the related Monthly Period which are allocated and available to pay such amount pursuant
to subsection 4.07(h), the Collateral Invested Amount will be reduced by the amount of such excess
but not by more than the lesser of the Collateral Default Amount and the Collateral Invested Amount
for such Distribution Date (a “Collateral Charge-Off”). The Collateral Invested Amount
will be reimbursed after any reduction pursuant to this Section 4.06 on any Distribution Date by
the amount of Excess Spread and

24

 

Excess Finance Charge Collections allocated and available on such Distribution date for that
purpose as described under subsection 4.07(i).

     Section 4.07. Excess Spread; Excess Finance Charge Collections. The Servicer shall
apply, or shall cause the Trustee to apply by written instruction to the Trustee substantially in
the form of Exhibit B, on each Distribution Date, Excess Spread and Excess Finance Charge
Collections allocated to Series 2009-1 with respect to the related Monthly Period, to make the
following distributions or deposits in the following order of priority:

     (a) an amount equal to the Class A Required Amount, if any, with respect to such Distribution
Date shall be distributed by the Trustee to fund the Class A Required Amount in accordance with,
and in the priority set forth in, subsections 4.05(a)(i), (ii) and (iii);

     (b) an amount equal to the aggregate amount of Class A Investor Charge-Offs which have not
been previously reimbursed shall be treated as a portion of Available Principal Collections for
such Distribution Date;

     (c) an amount equal to interest on the aggregate outstanding principal balance of the Class B
Certificates not otherwise distributed to the Class B Certificateholders pursuant to Section
4.05(b)(i), at a rate per annum equal to the Class B Certificate Rate, shall be distributed to the
Class B Certificateholders, except that interest previously due but not paid will accrue interest
at a rate per annum equal to the Class B Certificate Rate plus 2% per annum;

     (d) an amount equal to the Class B Required Amount, if any, with respect to such Distribution
Date will be (i) used to fund the Class B Required Amount and be applied in accordance with
subsections 4.05(b)(i) and 4.05(b)(ii), and then (ii) an amount up to the Class B Investor Default
Amount will be treated and applied as Available Principal Collections for such Distribution Date;

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

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

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

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

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

25

 

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

     (k) an amount equal to Collateral Minimum Monthly Interest for such Distribution Date not
otherwise distributed to the Collateral Interest Holder pursuant to Section 4.07(f), plus the
amount of any Collateral Minimum Monthly Interest previously due but not distributed to the
Collateral Interest Holder on a prior Distribution Date and not otherwise distributed to the
Collateral Interest Holder pursuant to Section 4.07(f), plus the amount of any Collateral
Additional Interest for such Distribution Date and any Collateral Additional Interest previously
due but not distributed to the Collateral Interest Holder on a prior Distribution Date and not
otherwise distributed to the Collateral Interest Holder pursuant to Section 4.07(f), shall be
distributed to the Collateral Interest Holder; and

     (l) the balance, if any, will be distributed to the Collateral Interest Holder.

     Section 4.08. Reallocated Principal Collections. On each Distribution Date, the
Servicer shall apply, or shall cause the Trustee to apply by written instruction to the Trustee
substantially in the form of Exhibit B, Reallocated Principal Collections with respect to such
Distribution Date, to make the following distributions or deposits in the following order of
priority

     (a) an amount equal to the excess, if any, of (i) the Class A Required Amount, if any, with
respect to such Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge
Collections allocated to Series 2009-1 with respect to the related Monthly Period shall be
distributed by the Trustee to fund any deficiency pursuant to and in the priority set forth in
subsections 4.05(a)(i), (ii) and (iii); and

     (b) an amount equal to the excess, if any, of (i) the Class B Required Amount, if any, with
respect to such Distribution Date over (ii) the amount of Excess Spread and Excess Finance Charge
Collections allocated and available to the Class B Certificates pursuant to subsections 4.07(c) and
(d) on such Distribution Date shall be applied first to fund any deficiency pursuant to subsections
4.05(b)(i) and (ii) and then to fund any deficiency pursuant to and in the priority set forth in
subsections 4.07(c) and (d).

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

     On each Distribution Date, the Collateral Invested Amount shall be reduced by the amount of
Reallocated Principal Collections for such Distribution Date. In the event that such reduction
would cause the Collateral Invested Amount (after giving effect to any Collateral Charge-Offs for
such Distribution Date) to be a negative number, the Collateral Invested Amount (after giving
effect to any Collateral Charge-Offs for such Distribution Date) shall be reduced to zero and the
Class B Invested Amount shall be reduced by the amount by which the Collateral Invested Amount
would have been reduced below zero. In the event that the reallocation of Reallocated Principal
Collections would cause the Class B Invested Amount (after giving effect to any Class B Investor
Charge-Offs for such Distribution Date) to be a negative number on any Distribution Date,
Reallocated Principal Collections shall be reallocated on such Distribution Date in an aggregate
amount not to exceed the amount which would cause the Class B Invested Amount (after giving effect
to any Class B Investor Charge-Offs for such Distribution Date) to be reduced to zero. References
to “negative numbers” above shall be determined without regard to the requirement that the Invested
Amount of a Class not be reduced below zero.

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     Section 4.09. Excess Finance Charge Collections. Series 2009-1 shall be an Excess
Allocation Series. Subject to Section 4.05 of the Agreement, Excess Finance Charge Collections
with respect to the Excess Allocation Series for any Distribution Date will be allocated to Series
2009-1 in an amount equal to the product of (x) the aggregate amount of Excess Finance Charge
Collections with respect to all the Excess Allocation Series for such Distribution Date and (y) a
fraction, the numerator of which is the Finance Charge Shortfall for Series 2009-1 for such
Distribution Date and the denominator of which is the aggregate amount of Finance Charge Shortfalls
for all the Excess Allocation Series for such Distribution Date. The
“Finance Charge Shortfall” for Series 2009-1 for any Distribution Date will be equal to the
excess, if any, of (a) the full amount required to be paid, without duplication, pursuant to
subsections 4.05(a), 4.05(b) and 4.05(c) and subsections 4.07(a) through (k) on such Distribution
Date and the full amount required to be paid, without duplication, pursuant to subsection
3.02(a)(iii) of the Transfer Agreement on the related Payment Date (as such term is defined in the
Transfer Agreement) over (b) the sum of (i) the Reallocated Investor Finance Charge Collections,
(ii) if such Monthly Period relates to a Distribution Date with respect to the Controlled
Accumulation Period or Early Amortization Period, the amount of Principal Funding Account
Investment Proceeds, if any, with respect to such Distribution Date and (iii) the amount of funds,
if any, to be withdrawn from the Reserve Account which, pursuant to subsection 4.12(d), are
required to be included in Class A Available Funds with respect to such Distribution Date. The
amount of Excess Finance Charge Collections for Series 2009-1 for any Distribution Date shall be
specified in subsection 3.02(a)(v) of the Transfer Agreement. On each Distribution Date, the
Trustee shall deposit into the Collection Account for application in accordance with Section 4.05
of the Agreement the aggregate amount of Excess Finance Charge Collections received by the Trustee
pursuant to the Transfer Agreement on such date.

     Section 4.10. Reallocated Investor Finance Charge Collections.

     (a) That portion of Group II Investor Finance Charge Collections for any Distribution Date
equal to the amount of Reallocated Investor Finance Charge Collections for such Distribution Date
will be allocated to Series 2009-1 and will be distributed as set forth in this Supplement.

     (b) Reallocated Investor Finance Charge Collections with respect to any Distribution Date
shall equal the sum of (i) the aggregate amount of Series 2009-1 Monthly Interest, Investor Default
Amount, Series 2009-1 Monthly Fees and Series 2009-1 Additional Amounts for such Distribution Date
and (ii) that portion of excess Group II Investor Finance Charge Collections to be included in
Reallocated Investor Finance Charge Collections pursuant to subsection (c) hereof; provided,
however, that if the amount of Group II Investor Finance Charge Collections for such Distribution
Date is less than the sum of (w) Group II Investor Monthly Interest, (x) Group II Investor Default
Amount, (y) Group II Investor Monthly Fees and (z) Group II Investor Additional Amounts, then
Reallocated Investor Finance Charge Collections shall equal the sum of the following amounts for
such Distribution Date:

     (A) The product of (I) Group II Investor Finance Charge Collections (up to the
amount of Group II Investor Monthly Interest) and (II) a fraction, the numerator of
which is Series 2009-1 Monthly Interest and the denominator of which is Group II
Investor Monthly Interest;

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

     (C) the product of (I) Group II Investor Finance Charge Collections less the
amount of Group II Investor Monthly Interest and the Group II Investor Default
Amount (up to Group II Investor Monthly Fees) and (II) a fraction, the numerator of
which is

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Series 2009-1 Monthly Fees and the denominator of which is Group II Investor
Monthly Fees; and

     (D) the product of (I) Group II Investor Finance Charge Collections less the
sum of (i) Group II Investor Monthly Interest, (ii) the Group II Investor Default
Amount and (iii) Group II Investor Monthly Fees and (II) a fraction, the numerator
of which is Series 2009-1 Additional Amounts and the denominator of which is Group
II Investor Additional Amounts.

     (c) If the amount of Group II Investor Finance Charge Collections for such Distribution Date
exceeds the sum of (i) Group II Investor Monthly Interest, (ii) Group II Investor Default Amount,
(iii) Group II Investor Monthly Fees and (iv) Group II Investor Additional Amounts, then
Reallocated Investor Finance Charge Collections for such Distribution Date shall include an amount
equal to the product of (x) the amount of such excess and (y) a fraction, the numerator of which is
the Invested Amount as of the last day of the second preceding Monthly Period (or, for Series
2009-1 only, with respect to the first Distribution Date, as of the Closing Date) and the
denominator of which is the sum of such Invested Amount and the aggregate invested amounts for all
other Series included in Group II as of such last day (or, for Series 2009-1 only, with respect to
the first Distribution Date, as of the Closing Date).

     Section 4.11. Shared Principal Collections. Subject to Section 4.04 of the Agreement,
Shared Principal Collections for any Distribution Date will be allocated to Series 2009-1 in an
amount equal to the product of (x) the aggregate amount of Shared Principal Collections with
respect to all Principal Sharing Series for such Distribution Date and (y) a fraction, the
numerator of which is the Series 2009-1 Principal Shortfall for such Distribution Date and the
denominator of which is the aggregate amount of Principal Shortfalls for all the Series which are
Principal Sharing Series for such Distribution Date. The
“Series 2009-1 Principal Shortfall” will be equal to (a) for any Distribution Date with
respect to the Revolving Period, zero, (b) for any Distribution Date with respect to the Controlled
Accumulation Period, the excess, if any, of the Controlled Deposit Amount with respect to such
Distribution Date over the amount of Available Principal Collections for such Distribution Date
(excluding any portion thereof attributable to Shared Principal Collections), and (c) for any
Distribution Date with respect to the Early Amortization Period, the excess, if any, of the
Invested Amount over the amount of Available Principal Collections for such Distribution Date
(excluding any portion thereof attributable to Shared Principal Collections).

     Section 4.12. Reserve Account.

     (a) The Servicer shall establish and maintain, in the name of the Trustee, on behalf of the
Trust, for the benefit of the Series 2009-1 Certificateholders, an Eligible Deposit Account (the
“Reserve Account”) bearing a designation clearly indicating that the funds deposited
therein and the property credited thereto are held for the benefit of the Series 2009-1
Certificateholders. The Reserve Account shall initially be established with The Bank of New York
Mellon. The Trustee shall possess all right, title and interest in all funds and property from
time to time deposited in or credited to the Reserve Account and in all proceeds thereof. The
Reserve Account shall be under the sole dominion and control of the Trustee for the benefit of the
Series 2009-1 Certificateholders. If at any time the Reserve Account ceases to be an Eligible
Deposit Account, the Trustee (or the Servicer on its behalf) shall within 10 Business Days (or such
longer period, not to exceed 30 calendar days, as to which each Rating Agency shall consent)
establish a new Reserve Account meeting the conditions specified above as an Eligible Deposit
Account, and shall transfer any cash or any investments to such new Reserve Account. The Trustee,
at the direction of the Servicer, shall (i) make withdrawals from the Reserve Account from time to
time in an amount up to the Available Reserve Account Amount at such time, for the purposes set
forth in this Supplement, and (ii) on each Distribution Date (from and after the Reserve Account
Funding Date)

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prior to the termination of the Reserve Account make a deposit into the Reserve Account in the
amount specified in, and otherwise in accordance with, subsection 4.07(j).

     (b) Funds on deposit in the Reserve Account shall be invested at the written direction of the
Servicer by the Trustee in Eligible Investments. Funds on deposit in the Reserve Account on any
Transfer Date, after giving effect to any withdrawals from the Reserve Account on such Transfer
Date, shall be invested in such investments that will mature so that such funds will be available
for withdrawal on or prior to the following Transfer Date. No such Eligible Investment shall be
disposed of prior to its maturity; provided, however, that the Trustee shall sell, liquidate or
dispose of any such Eligible Investment if, prior to the maturity of such Eligible Investment, a
default occurs in the payment of principal, interest or any other amount with respect to such
Eligible Investment; provided further, however, that the Servicer shall deliver prompt written
notice to the Trustee of any such default; and provided further that, subject to Section 11.01 of
the Agreement, the Trustee will not in any way be held liable by reason of any insufficiency in
such Reserve Account resulting from any loss on any Eligible Investment included therein except for
losses attributable to the Trustee’s failure to make payments on such Eligible Investments issued
by the Trustee, in its commercial capacity, in accordance with their terms. On each Distribution
Date, all interest and earnings (net of losses and investment expenses) accrued since the preceding
Distribution Date on funds on deposit in the Reserve Account shall be retained in the Reserve
Account (to the extent that the Available Reserve Account Amount is less than the Required Reserve
Account Amount) and the balance, if any, shall be deposited in the Collection Account and treated
as collections of Finance Charge Receivables allocable to Series 2009-1. For purposes of
determining the availability of funds or the balance in the Reserve Account for any reason under
this Supplement, except as otherwise provided in the preceding sentence, investment earnings on
such funds shall be deemed not to be available or on deposit.

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

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

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

     (f) Upon the earliest to occur of (i) the day on which the Invested Amount is paid in full to
the Series 2009-1 Certificateholders, (ii) if the Controlled Accumulation Period has not commenced,
the occurrence of a Pay-Out Event with respect to Series 2009-1, (iii) if the Controlled
Accumulation Period has commenced, the earlier of the first Special Payment Date and the Expected
Final Payment Date and (iv) the termination of the Trust pursuant to the Agreement, the Trustee,
acting in accordance with the instructions of the Servicer, after the prior payment of all amounts
owing to the Class A Certificateholders which are payable from the Reserve Account as provided
herein, shall withdraw from the Reserve Account and pay to the Collateral Interest Holder all
amounts, if any, on deposit in the
Reserve Account and the Reserve Account shall be deemed to have terminated for purposes of
this Supplement.

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     Section 4.13. Investment Instructions.

     (a) Any investment instructions required to be given to the Trustee pursuant to the terms
hereof must be given to the Trustee no later than 10:30 a.m. (New York City time) on the date such
investment is to be made. In the event the Trustee receives such investment instruction later than
such time, the Trustee may, but shall have no obligation to, make such investment. In the event
the Trustee is unable to make an investment required in an investment instruction received by the
Trustee after 10:30 a.m. (New York City time) on such day, such investment shall be made by the
Trustee on the next succeeding Business Day. In no event shall the Trustee be liable for any
investment not made pursuant to investment instructions received after 10:30 a.m. (New York City
time) on the day such investment is requested to be made.

     (b) The Trustee shall hold each Eligible Investment that constitutes investment property
through a securities intermediary, which securities intermediary shall agree with the Trustee that
(i) such investment property at all times shall be credited to a securities account of the Trustee,
(ii) all property credited to such securities account shall be treated as a financial asset, (iii)
such securities intermediary shall treat the Trustee as entitled to exercise the rights that
comprise each financial asset credited to such securities account, (iv) such securities
intermediary shall comply with entitlement orders originated by the Trustee without the further
consent of any other person or entity, (v) such securities intermediary shall not agree with any
person or entity other than the Trustee to comply with entitlement orders originated by any person
or entity other than the Trustee, (vi) such securities account and all property credited thereto
shall not be subject to any lien, security interest, right of set-off, or encumbrance in favor of
such securities intermediary or anyone claiming through such securities intermediary (other than
the Trustee), (vii) such agreement between such securities intermediary and the Trustee shall be
governed by the laws of the State of New York, and (viii) such securities intermediary’s
jurisdiction for purposes of the Uniform Commercial Code shall be the State of New York. The
Trustee shall maintain possession of each other Eligible Investment in the State of New York,
separate and apart from all other property held by the Trustee. Notwithstanding any other provision
of this Supplement, the Trustee shall not hold any Eligible Investment through an agent except as
expressly permitted by this Section 4.13(b). Each term used in this Section 4.13(b) and defined in
the New York Uniform Commercial Code shall have the meaning set forth in the New York Uniform
Commercial Code.

     Section 4.14. Determination of LIBOR.

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

30

 

as provided in the immediately preceding sentence, LIBOR for such Interest Accrual Period will
be LIBOR in effect for the immediately preceding Interest Accrual Period.

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

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

ARTICLE V

Distributions and Reports to

Series 2009-1 Certificateholders

     Section 5.01. Distributions.

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

     (b) On each Special Payment Date and on the Expected Final Payment Date, the Paying Agent
shall distribute (in accordance with the Certificate delivered by the Servicer pursuant to Section
3.04(b) of the Agreement) to each Class A Certificateholder of record on the related Record Date
(other than as provided in Section 12.02 of the Agreement) such Class A Certificateholder’s pro
rata share of the amounts on deposit in the Principal Funding Account or otherwise held by the
Paying Agent that are allocated and available on such date to pay principal of the Class A
Certificates pursuant to this Supplement up to a maximum amount on any such date equal to the Class
A Invested Amount on such date (unless there has been an optional repurchase of the Series 2009-1
Certificateholders’ Interest pursuant to Section 10.01 of the Agreement, in which event the
foregoing limitation will not apply).

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

     (d) On each Special Payment Date, and on the Expected Final Payment Date, the Paying Agent
shall distribute (in accordance with the Certificate delivered by the Servicer pursuant to Section
3.04(b) of the Agreement) to each Class B Certificateholder of record on the related Record Date
(other than as provided in Section 12.02 of the Agreement) such Class B Certificateholder’s pro
rata share of the amounts on deposit in the Principal Funding Account or otherwise held by the
Paying Agent that are allocated and available on such date to pay principal of the Class B
Certificates pursuant to this Supplement up to a maximum amount on any such date equal to the Class
B Invested Amount on such date (unless there has been an optional repurchase of the Series 2009-1
Certificateholders’ Interest pursuant to Section 10.01 of the Agreement, in which event the
foregoing limitation will not apply).

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

     (f) The distributions to be made pursuant to this Section 5.01 are subject to the provisions
of Sections 2.06, 9.02, 10.01 and 12.02 of the Agreement and Sections 8.01 and 8.02 of this
Supplement.

     (g) Except as provided in Section 12.02 of the Agreement with respect to a final distribution,
distributions to Series 2009-1 Certificateholders hereunder shall be made by check mailed to each
Series 2009-1 Certificateholder at such Series 2009-1 Certificateholder’s address appearing in the
Certificate Register without presentation or surrender of any Series 2009-1 Certificate or the
making of any notation thereon; provided, however, that with respect to Series 2009-1 Certificates
registered in the name of a Clearing Agency, such distributions shall be made to such Clearing
Agency in immediately available funds.

     (h) The distributions to be made pursuant to this Section 5.01 are to be made pursuant to the
written instructions of the Servicer substantially in the form of Exhibit B.

     Section 5.02. Reports and Statements to Series 2009-1 Certificateholders.

     (a) On each Distribution Date, the Paying Agent, on behalf of the Trustee, shall forward to
each Series 2009-1 Certificateholder a statement substantially in the form of Exhibit C-1
to this Supplement prepared by the Servicer and delivered to the Paying Agent.

     (b) Not later than each Determination Date, the Servicer shall deliver to the Trustee, the
Paying Agent, the Transferors, each Rating Agency and the Collateral Interest Holder (i) a
statement substantially in the form of Exhibit C-1 to this Supplement prepared by the Servicer and
(ii) a certificate of a Servicing Officer substantially in the form of Exhibit D.

     (c) A copy of each statement or certificate provided pursuant to paragraph (a) or (b) may be
obtained by any Series 2009-1 Certificateholder or any Certificate Owner thereof by a request in
writing to the Servicer.

     (d) On or before January 31 of each calendar year, beginning with calendar year 2010, the
Paying Agent, on behalf of the Trustee, shall furnish or cause to be furnished to each Person who
at any time during the preceding calendar year was a Series 2009-1 Certificateholder, a statement
substantially in the form of Exhibit C-2 to this Supplement prepared by the Servicer for
such calendar year or the applicable portion thereof during which such Person was a Series 2009-1
Certificateholder, together with other information as is required to be provided by an issuer of
indebtedness under the Code. Such obligation of the Servicer shall be deemed to have been
satisfied to the extent that substantially comparable information shall be provided by the Paying
Agent pursuant to any requirements of the Code as from time to time in effect.

ARTICLE VI

Pay-Out Events

     Section 6.01. Pay-Out Events. If any one of the following events shall occur with
respect to the Series 2009-1 Certificates:

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

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

     (c) failure on the part of any Transferor (i) to make any payment or deposit required by the
terms of the Agreement or this Supplement on or before the date occurring five Business Days after
the date such payment or deposit is required to be made therein or herein or (ii) duly to observe
or perform any other covenants or agreements of the Transferors set forth in the Agreement or this
Supplement, which failure has a material adverse effect on the Series 2009-1 Certificateholders
and which continues unremedied for a period of 60 days after the date on which written notice of
such failure, requiring the same to be remedied, shall have been given to such Transferor by the
Trustee, or to the Transferors and the Trustee by any Holder of the Series 2009-1 Certificates;

     (d) any representation or warranty made by any Transferor in the Agreement or this Supplement,
or any information contained in a computer file or microfiche list required to be delivered by any
Transferor pursuant to Section 2.01 or subsection 2.08(f) of the Agreement shall prove to have been
incorrect in any material respect when made or when delivered, which continues to be incorrect in
any material respect for a period of 60 days after the date on which written notice of such
failure, requiring the same to be remedied, shall have been given to such Transferor by the
Trustee, or to such Transferor and the Trustee by any Holder of the Series 2009-1 Certificates and
as a result of which the interests of the Series 2009-1 Certificateholders are materially and
adversely affected for such period; provided, however, that a Pay-Out Event pursuant to this
subsection 6.01(d) shall not be deemed to have occurred hereunder if a Transferor has accepted
reassignment of the related Receivable, or all of such Receivables, if applicable, during such
period (or such longer period not to exceed an additional 60 days as the Trustee may specify) in
accordance with the provisions of the Agreement;

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

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

     (g) the average Series Adjusted Portfolio Yield for any three consecutive Monthly Periods is
reduced to a rate which is less than the average of the Base Rates for such period;

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

     (i) a Transfer Restriction Event shall occur;

     (j) the occurrence of an Insolvency Event as defined in the Receivables Purchase Agreement
relating to any Account Owner; or

     (k) a Transfer Restriction Event as defined in the Receivables Purchase Agreements shall occur
between an Account Owner and the related Transferor;

then, (A) in the case of any event described in subparagraph (c), (d) or (f), after the applicable
grace period, if any, set forth in such subparagraphs, either the Trustee or the Investor
Certificateholders of this Series evidencing more than 50% of the aggregate unpaid principal amount
of the Investor Certificates of this Series by notice then given in writing to the Transferors and
the Servicer (and to the Trustee if given by the Investor Certificateholders of this Series) may
declare that a Pay-Out Event has occurred with

33

 

respect to this Series as of the date of such notice; (B) in the case of any event described in
subparagraph (b), (e), (g) or (h), a Pay-Out Event shall occur with respect to this Series without
any notice or other action on the part of the Trustee or the Investor Certificateholders of this
Series immediately upon the occurrence of such event; and (C) in the case of any event described in
subparagraph (a), (i), (j) or (k), a Pay-Out Event shall occur with respect to this Series without
any notice or other action on the part of the Trustee or the Investor Certificateholders of this
Series immediately upon the occurrence of such event (or, in the case of clause (y) below,
immediately following the expiration of the 60-day grace period), but only to the extent that (x)
as of the date of such event, the average of the Monthly Receivables Percentage for the immediately
preceding three Monthly Periods is equal to or greater than 10% or (y) as of the date of such
event, the average of the Monthly Receivables Percentage for the immediately preceding three
Monthly Periods is less than 10%, and within 60 days following the occurrence of the related
Insolvency Event or Transfer Restriction Event, the aggregate amount of Principal Receivables
outstanding in the Trust does not at least equal the Required Minimum Principal Balance (without
giving effect to Principal Receivables attributable to the Transferor or the Account Owner with
respect to which the Insolvency Event or the Transfer Restriction Event has occurred).

ARTICLE VII

Optional Repurchase; Series Termination

     Section 7.01. Optional Repurchase.

     (a) So long as a Transferor is the Servicer or an Affiliate of the Servicer, on any day
occurring on or after the date on which the Invested Amount is reduced to 5% or less of the Initial
Invested Amount, such Transferor shall have the option to purchase the Series 2009-1
Certificateholders’ Interest, at a purchase price equal to (i) if such day is a Distribution Date,
the Reassignment Amount for such Distribution Date or (ii) if such day is not a Distribution Date,
the Reassignment Amount for the Distribution Date following such day. If, on the date on which a
Transferor exercises such option, the long-term unsecured debt obligations of such Transferor
purchasing the Series 2009-1 Certificateholders’ Interest is not rated at least in the third
highest rating category by the Rating Agency, such Transferor shall deliver to the Trustee, with a
copy to the Rating Agency, an Officer’s Certificate of such Transferor which shall have attached to
it the relevant fraudulent conveyance statute, if any, and set forth the factual basis for a
conclusion that the exercise of such optional repurchase would not constitute a fraudulent
conveyance of such Transferor.

     (b) The Transferors shall give the Servicer and the Trustee at least 30 days prior written
notice of the date on which the Transferors intend to exercise such purchase option. Not later
than 12:00 noon, New York City time, on such day the Transferors shall deposit the Reassignment
Amount into the Collection Account in immediately available funds. Such purchase option is subject
to payment in full of the Reassignment Amount. Following the deposit of the Reassignment Amount
into the Collection Amount in accordance with the foregoing, the Invested Amount for Series 2009-1
shall be reduced to zero and the Series 2009-1 Certificateholders shall have no further interest in
the Receivables. The Reassignment Amount shall be distributed as set forth in subsection 8.01(b).

     Section 7.02. Series Termination.

     (a) If, on the October 2014 Distribution Date, the Invested Amount (after giving effect to all
changes therein on such date) would be greater than zero, the Servicer, on behalf of the Trustee,
shall, within the 40-day period which begins on such Distribution Date, solicit bids for the sale
of Principal Receivables and the related Finance Charge Receivables (or interests therein) in an
amount equal to the Invested Amount at the close of business on the last day of the Monthly Period
preceding the Series 2009-1 Termination Date (after giving effect to all distributions required to
be made on the Series 2009-1 Termination Date, except pursuant to this Section 7.02). Such bids
shall require that such sale

34

 

shall (subject to subsection 7.02(b)) occur on the Series 2009-1 Termination Date. No
Transferor, any Affiliate thereof, any agent thereof or any other party consolidated with such
Transferor for purposes of United States generally accepted accounting principles shall be entitled
to participate in such bidding process or to purchase the Receivables; provided,
however, that, to the extent the Collateral Interest Holder is not a Transferor, an
Affiliate thereof, an agent thereof or any other party consolidated with a Transferor for purposes
of United States generally accepted accounting principles, the Collateral Interest Holder may
participate in such bidding process.

     (b) The Servicer, on behalf of the Trustee, shall sell such Receivables (or interests therein)
on the Series 2009-1 Termination Date to the bidder who made the highest cash purchase offer. The
proceeds of any such sale shall be treated as Collections on the Receivables allocated to the
Series 2009-1 Certificateholders pursuant to the Agreement and this Supplement; provided, however,
that the Servicer shall determine conclusively the amount of such proceeds which are allocable to
Finance Charge Receivables and the amount of such proceeds which are allocable to Principal
Receivables. During the period from the October 2014 Distribution Date to the Series 2009-1
Termination Date, the Servicer shall continue to collect payments on the Receivables and allocate
and deposit such Collections in accordance with the provisions of the Agreement and the
Supplements.

ARTICLE VIII

Final Distributions

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

(a) (i) The amount to be paid by the Transferors with respect to Series 2009-1 in
connection with a reassignment of Receivables to the Transferors pursuant to Section
2.06 of the Agreement shall equal the Reassignment Amount for the first Distribution
Date following the Monthly Period in which the reassignment obligation arises under
the Agreement.

     (ii) The amount to be paid by the Transferors with respect to Series 2009-1 in
connection with a repurchase of the Certificateholders’ Interest pursuant to Section
10.01 of the Agreement shall equal the sum of (x) the Reassignment Amount for the
Distribution Date of such repurchase and (y) the sum of (A) the excess, if any, of
(I) a price equivalent to the average of bids quoted on the Record Date preceding
the date of repurchase or, if not a Business Day, on the next succeeding Business
Day by at least two recognized dealers selected by the Trustee for the purchase by
such dealers of a security which is similar to the Class A Certificates with a
remaining maturity approximately equal to the remaining maturity of the Class A
Certificates and rated by each Rating Agency in the rating category originally
assigned to the Class A Certificates over (II) the portion of the Reassignment
Amount attributable to the Class A Certificates and (B) the excess, if any, of (I) a
price equivalent to the average of bids quoted on such Record Date, or if not a
Business Day, on the next succeeding Business Day by at least two recognized dealers
selected by the Trustee for the purchase by such dealers of a security which is
similar to the Class B Certificates with a remaining maturity approximately equal to
the remaining maturity of the Class B Certificates and rated by each Rating Agency
in the rating category originally assigned to the Class B Certificates over (II) the
portion of the Reassignment Amount attributable to the Class B Certificates.

     (b) With respect to the Reassignment Amount deposited into the Collection Account pursuant to
Section 7.01 or any amounts allocable to the Series 2009-1 Certificateholders’ Interest deposited
into the Collection Account pursuant to Section 7.02, the Trustee shall, in accordance with the

35

 

written direction of the Servicer, not later than 12:00 noon, New York City time, on the
related Distribution Date, make deposits or distributions of the following amounts (in the
priority set forth below and, in each case after giving effect to any deposits and distributions
otherwise to be made on such date) in immediately available funds: (i) (x) the Class A Invested
Amount on such Distribution Date will be distributed to the Paying Agent for payment to the Class A
Certificateholders and (y) an amount equal to the sum of (A) Class A Monthly Interest for such
Distribution Date, (B) any Class A Monthly Interest previously due but not distributed to the Class
A Certificateholders on a prior Distribution Date and (C) the amount of Class A Additional
Interest, if any, for such Distribution Date and any Class A Additional Interest previously due but
not distributed to the Class A Certificateholders on any prior Distribution Date, will be
distributed to the Paying Agent for payment to the Class A Certificateholders, (ii) (x) the Class B
Invested Amount on such Distribution Date will be distributed to the Paying Agent for payment to
the Class B Certificateholders and (y) an amount equal to the sum of (A) Class B Monthly Interest
for such Distribution Date, (B) any Class B Monthly Interest previously due but not distributed to
the Class B Certificateholders on a prior Distribution Date and (C) the amount of Class B
Additional Interest, if any, for such Distribution Date and any Class B Additional Interest
previously due but not distributed to the Class B Certificateholders on any prior Distribution
Date, will be distributed to the Paying Agent for payment to the Class B Certificateholders and
(iii) the balance, if any, will be distributed to the Collateral Interest Holder.

     (c) Notwithstanding anything to the contrary in this Supplement or the Agreement, all amounts
distributed to the Paying Agent pursuant to subsection 8.01(b) for payment to the Series 2009-1
Certificateholders shall be deemed distributed in full to the Series 2009-1 Certificateholders on
the date on which such funds are distributed to the Paying Agent pursuant to this Section and shall
be deemed to be a final distribution pursuant to Section 12.02 of the Agreement.

     Section 8.02. Distribution of Proceeds of Sale, Disposition or Liquidation of the
Receivables pursuant to Section 9.01 of the Agreement.

     (a) Not later than 12:00 noon, New York City time, on the Distribution Date following the date
on which the Insolvency Proceeds are deposited into the Collection Account pursuant to subsection
9.01(b) of the Agreement, the Trustee shall in accordance with the written direction of the
Servicer (in the following priority and, in each case, after giving effect to any deposits and
distributions otherwise to be made on such Distribution Date) (i) deduct an amount equal to the
Class A Invested Amount on such Distribution Date from the portion of the Insolvency Proceeds
allocated to Series 2009-1 Allocable Principal Collections and distribute such amount to the Paying
Agent for payment to the Class A Certificateholders, provided that the amount of such distribution
shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Series
2009-1 Allocable Principal Collections and (y) the Principal Allocation Percentage with respect to
the related Monthly Period, (ii) deduct an amount equal to the Class B Invested Amount on such
Distribution Date from the portion of the Insolvency Proceeds allocated to Series 2009-1 Allocable
Principal Collections and distribute such amount to the Paying Agent for payment to the Class B
Certificateholders, provided that the amount of such distribution shall not exceed (x) the product
of (A) the portion of such Insolvency Proceeds allocated to Series 2009-1 Allocable Principal
Collections and (B) the Principal Allocation Percentage with respect to the related Monthly Period
minus (y) the amount distributed to the Paying Agent pursuant to clause (i) of this sentence and
(iii) distribute the remaining amount of the Insolvency Proceeds to the Collateral Interest Holder.

     (b) Not later than 12:00 noon, New York City time, on such Distribution Date, the Trustee
shall in accordance with the written direction of the Servicer (in the following priority and, in
each case, after giving effect to any deposits and distributions otherwise to be made on such
Distribution Date) (i) deduct an amount equal to the sum of (w) Class A Monthly Interest for such
Distribution Date, (x) any Class A Monthly Interest previously due but not distributed to the Class
A Certificateholders on a prior Distribution Date and (y) the amount of Class A Additional
Interest, if any, for such Distribution

36

 

Date and any Class A Additional Interest previously due but not distributed to the Class A
Certificateholders on a prior Distribution Date from the portion of the Insolvency Proceeds
allocated to Collections of Finance Charge Receivables and distribute such amount to the Paying
Agent for payment to the Class A Certificateholders, provided that the amount of such distribution
shall not exceed the product of (x) the portion of the Insolvency Proceeds allocated to Series
2009-1 Allocable Finance Charge Collections, (y) the Floating Allocation Percentage with respect to
the related Monthly Period and (z) the Class A Floating Percentage with respect to such Monthly
Period and (ii) deduct an amount equal to the sum of (w) Class B Monthly Interest for such
Distribution Date, (x) Class B Monthly Interest previously due but not distributed to the Class B
Certificateholders on a prior Distribution Date and (y) the amount of Class B Additional Interest,
if any, for such Distribution Date and any Class B Additional Interest previously due but not
distributed to the Class B Certificateholders on a prior Distribution Date from the portion of the
Insolvency Proceeds allocated to Series 2009-1 Allocable Finance Charge Collections and distribute
such amount to the Paying Agent for payment to the Class B Certificateholders, provided that the
amount of such distribution shall not exceed the product of (x) the portion of the Insolvency
Proceeds allocated to Series 2009-1 Allocable Finance Charge Collections, (y) the Floating
Allocation Percentage with respect to the related Monthly Period and (z) the Class B Floating
Percentage with respect to such Monthly Period. To the extent that the product of (A) the portion
of the Insolvency Proceeds allocated to Series 2009-1 Allocable Finance Charge Collections and (B)
the Floating Allocation Percentage with respect to the related Monthly Period exceeds the aggregate
amount distributed to the Paying Agent pursuant to the preceding sentence, the excess shall be
distributed to the Collateral Interest Holder.

     (c) Notwithstanding anything to the contrary in this Supplement or the Agreement, all amounts
distributed to the Paying Agent pursuant to this Section for payment to the Series 2009-1
Certificateholders shall be distributed in full to the Series 2009-1 Certificateholders on the date
on which funds are distributed to the Paying Agent pursuant to this Section and shall be deemed to
be a final distribution pursuant to Section 12.02 of the Agreement.

ARTICLE IX

Miscellaneous Provisions

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

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

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

     Section 9.04. [Reserved].

     Section 9.05. [Reserved].

     Section 9.06. Uncertificated Securities. The Collateral Interest shall be delivered
in uncertificated form.

     Section 9.07. Transfers of the Collateral Interest.

37

 

     (a) Unless otherwise consented to by the Transferors, no portion of the Collateral Interest or
any interest therein may be sold, conveyed, assigned, hypothecated, pledged, participated,
exchanged or otherwise transferred (each, a “Transfer”) except in accordance with this
Section 9.07 and only to a Permitted Assignee. Any attempted or purported transfer, assignment,
exchange, conveyance, pledge, hypothecation or grant other than to a Permitted Assignee shall be
void. Unless otherwise consented to by the Transferors, no portion of the Collateral Interest or
any interest therein may be Transferred to any Person (each such Person acquiring the Collateral
Interest or any interest therein, an “Assignee”) unless such Assignee shall have executed
and delivered to the Transferors on or before the effective date of any Transfer a letter
substantially in the form attached hereto as Exhibit E (an “Investment Letter”),
executed by such Assignee, with respect to the related Transfer to such Assignee of all or a
portion of the Collateral Interest.

     (b) Each Assignee will certify that the Collateral Interest or the interest therein purchased
by such Assignee will be acquired for investment only and not with a view to any public
distribution thereof, and that such Assignee will not offer to sell or otherwise dispose of the
Collateral Interest or any interest therein so acquired by it in violation of any of the
registration requirements of the Securities Act, or any applicable state or other securities laws.
Each Assignee will acknowledge and agree that (i) it has no right to require the Transferors to
register under the Securities Act or any other securities law the Collateral Interest or the
interest therein to be acquired by the Assignee and (ii) the sale of the Collateral Interest is not
being made by means of the prospectus prepared in connection with the sale of the Series 2009-1
Certificates. Each Assignee will agree with the Transferors that: (a) such Assignee will deliver
to the Transferors an Investment Letter and (b) all of the statements made by such Assignee in its
Investment Letter shall be true and correct as of the date made.

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

[The signature page follows this page.]

38

 

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

	 	 	 	 	 
	 	AMERICAN EXPRESS RECEIVABLES

      FINANCING CORPORATION II,

      as a Transferor

 	 
	 	By:  	/s/ Anderson
Y. Lee
 	 
	 	 	Name: 	Anderson Y. Lee 	 
	 	 	Title:  	President 	 
	 
	 	AMERICAN EXPRESS RECEIVABLES

      FINANCING CORPORATION III LLC,

      as a Transferor

 	 
	 	By:  	/s/ Scott C. Godderidge	 
	 	 	Name:  	Scott C. Godderidge 	 
	 	 	Title:  	Vice President and Treasurer 	 
	 
	 	AMERICAN EXPRESS RECEIVABLES

      FINANCING CORPORATION IV LLC,

      as a Transferor

 	 
	 	By:  	/s/ Denise D. Roberts	 
	 	 	Name:  	Denise D. Roberts 	 
	 	 	Title:  	President 	 
	 
	 	AMERICAN EXPRESS TRAVEL RELATED 

      SERVICES COMPANY, INC.,

      as the Servicer

 	 
	 	By:  	/s/ David L. Yowan	 
	 	 	Name:  	David L. Yowan 	 
	 	 	Title:  	Treasurer 	 
	 
	 	THE BANK OF NEW YORK MELLON,

      as Trustee

 	 
	 	By:  	/s/ Catherine L. Cerilles	 
	 	 	Name:  	Catherine L. Cerilles 	 
	 	 	Title:  	Vice President 	 
	 

[Signature page – Series 2009-1 Supplement]

 

EXHIBIT A-1

FORM OF CLASS A CERTIFICATE

	 	 	 
	REGISTERED

	 	$                    1/
	 
	 	 
	No. R-                    

	 	CUSIP No. 02582J FT2

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

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST

SERIES 2009-1

CLASS A FLOATING RATE ASSET BACKED CERTIFICATE

Expected Final Payment Date:

The May 2012 Distribution Date

Each $100,000 minimum denomination represents a

1/10,000ths undivided interest

in Class A of the

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST, SERIES 2009-1

Evidencing an undivided interest in certain assets of a trust, the corpus of which consists
primarily of an interest in receivables generated from time to time in the ordinary course of
business in a portfolio of credit and charge accounts serviced by

AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.,

and other assets and interests constituting Trust Assets under the Pooling and Servicing Agreement
referred to below.

     (Not an interest in or obligation of American Express Travel Related Services Company, Inc.,
American Express Centurion Bank, American Express Bank, FSB, American Express Receivables Financing
Corporation II, American Express Receivables Financing Corporation III LLC, American Express
Receivables Financing Corporation IV LLC or any of their respective affiliates)

This certifies that CEDE & CO. (the “Class A Certificateholder”) is the registered owner of
a fractional undivided interest in certain assets of a trust (the “Trust”) created pursuant
to the Pooling and Servicing Agreement, dated as of May 16, 1996, as amended and restated as of
January 1, 2006 (as amended and

 

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

 

 

restated and as otherwise amended and supplemented, the “Agreement”), as supplemented by
the Series 2009-1 Supplement, dated as of June 9, 2009 (as amended and supplemented, the
“Supplement”), among American Express Receivables Financing Corporation II, American
Express Receivables Financing Corporation III LLC and American Express Receivables Financing
Corporation IV LLC, as transferors (together, the “Transferors”), American Express Travel
Related Services Company, Inc., as servicer, and The Bank of New York Mellon, a New York banking
corporation, as trustee (the “Trustee”). The corpus of the Trust consists of (i) the
Transferors’ ownership interest in a portfolio of receivables (the “Receivables”) existing
in credit and charge accounts identified under the Agreement from time to time (the
“Accounts”), (ii) all Receivables generated under the Accounts from time to time
thereafter, (iii) funds collected or to be collected from cardmembers in respect of the
Receivables, (iv) all funds which are from time to time on deposit in the Collection Account, the
Special Funding Account and any other Series Accounts and (v) all other assets and interests
constituting the Trust. The Holder of this Certificate is entitled to the benefits of the
subordination of the Class B Certificates and the Collateral Interest to the extent provided in the
Supplement. Although a summary of certain provisions of the Agreement and the Supplement is set
forth below and in the Summary of Terms and Conditions attached hereto and made a part hereof, this
Class A Certificate does not purport to summarize the Agreement and the Supplement and reference is
made to the Agreement and the Supplement for information with respect to the interests, rights,
benefits, obligations, proceeds and duties evidenced hereby and the rights, duties and obligations
of the Trustee. A copy of the Agreement and the Supplement (without schedules) may be requested
from the Trustee by writing to the Trustee at the Corporate Trust Office. To the extent not
defined herein, the capitalized terms used herein have the meanings ascribed to them in the
Agreement or the Supplement, as applicable.

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

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

          In general, payments of principal with respect to the Class A Certificates are limited to the
Class A Invested Amount, which may be less than the unpaid principal balance of the Class A
Certificates. The Expected Final Payment Date is the May 2012 Distribution Date, but principal
with respect to the Class A Certificates may be paid earlier or later under certain circumstances
described in the Agreement and the Supplement. If for one or more months during the Controlled
Accumulation Period there are not sufficient funds to pay the Controlled Deposit Amount, then to
the extent that excess funds are not available on subsequent Distribution Dates with respect to the
Controlled Accumulation Period to make up for such shortfalls, the final payment of principal of
the Class A Certificates will occur later than the Expected Final Payment Date.

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

A-1-2

 

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

	 	 	 	 	 	 	 
	 	 	AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION II
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION IV LLC
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

Dated: June 9, 2009

A-1-3

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the American Express Credit Account Master Trust Series 2009-1 Class A Certificates
described in the within-mentioned Agreement and Supplement.

	 	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK MELLON,
	 	 	as Trustee
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Authorized Signatory
	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	or	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

as Authenticating Agent

for the Trustee
	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Authorized Signatory
	 	 

A-1-4

 

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST

SERIES 2009-1

CLASS A FLOATING RATE ASSET BACKED CERTIFICATE

Summary of Terms and Conditions

          The Receivables consist of Principal Receivables which arise generally from the purchase of
goods and services and amounts advanced to cardmembers as cash advances and Finance Charge
Receivables. This Class A Certificate is one of a Series of Certificates entitled American Express
Credit Account Master Trust, Series 2009-1 (the “Series 2009-1 Certificates”), and one of a
class thereof entitled Class A Series 2009-1 Floating Rate Asset Backed Certificates (the
“Class A Certificates”), each of which represents a fractional, undivided interest in
certain assets of the Trust. The assets of the Trust are allocated in part to the investor
certificateholders of all outstanding Series (the “Certificateholders’ Interest”) with the
remainder allocated to the Holders of the Transferor Certificates. The aggregate interest
represented by the Class A Certificates at any time in the Principal Receivables in the Trust shall
not exceed an amount equal to the Class A Invested Amount at such time. The Class A Initial
Invested Amount is $1,000,000,000. The Class A Invested Amount on any date will be an amount equal
to (a) the Class A Initial Invested Amount, minus (b) the aggregate amount of principal payments
made to the Class A Certificateholder on or prior to such date, minus (c) the excess, if any, of
the aggregate amount of Class A Investor Charge-Offs for all prior Distribution Dates over Class A
Investor Charge-Offs reimbursed pursuant to subsection 4.07(b) of the Supplement prior to such
date.

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

          On each Distribution Date, the Paying Agent shall distribute to each Class A Certificateholder
of record on the last day of the preceding calendar month (each a “Record Date”) such Class
A Certificateholder’s pro rata share of such amounts (including amounts on deposit in the
Collection Account and Principal Funding Account) as are payable to the Class A Certificateholder
pursuant to the Agreement and the Supplement. Distributions with respect to this Class A
Certificate will be made by the Paying Agent by check mailed to the address of the Class A
Certificateholder of record appearing in the Certificate Register without the presentation or
surrender of this Class A Certificate or the making of any notation thereon (except for the final
distribution in respect of this Class A Certificate) except that with respect to Class A
Certificates registered in the name of Cede & Co., the nominee for The Depository Trust Company,
distributions will be made in the form of immediately available funds. Final payment of this Class
A Certificate will be made only upon presentation and surrender of this Class A Certificate at the
office or agency specified in the notice of final distribution delivered by the Trustee to the
Series 2009-1 Certificateholders in accordance with the Agreement and the Supplement.

          On any day occurring on or after the day on which the Invested Amount is reduced to 5% or less
of the Initial Invested Amount, the Transferors have the option to repurchase the Series 2009-1
Certificateholders’ Interest in the Trust. The repurchase price will be equal to (a) if such day
is a Distribution Date, the Reassignment Amount for such Distribution Date or (b) if such day is
not a Distribution Date, the Reassignment Amount for the Distribution Date following such day.
Following the deposit of the Reassignment Amount in the Collection Account, Series 2009-1
Certificateholders will not have any interest in the Receivables and the Series 2009-1 Certificates
will represent only the right to receive such Reassignment Amount.

A-1-5

 

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

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

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

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

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

A-1-6

 

ASSIGNMENT

Social Security or other identifying number of assignee                                                             

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

(name and address of assignee)

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

			
	 	 	 
	Dated:                    
	 	                    2/
	 
	 	 
	 
	 	Signature Guaranteed:          
	 
	 	 
	 
	 	                                             

 

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

A-1-7

 

EXHIBIT A-2

FORM OF CLASS B CERTIFICATE

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

	 	 	 
	REGISTERED

	 	$                    3/
	 
	 	 
	No. R-                    

	 	CUSIP No. 02582J FU9

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

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST

SERIES 2009-1

CLASS B FLOATING RATE ASSET BACKED CERTIFICATE

Expected Final Payment Date:

The May 2012 Distribution Date

Each $100,000 minimum denomination represents a

1/727 27/100 ths undivided interest

in Class B of the

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST, SERIES 2009-1

Evidencing an undivided interest in certain assets of a trust, the corpus of which consists
primarily of an interest in receivables generated from time to time in the ordinary course of
business in a portfolio of credit and charge accounts serviced by

AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.,

and other assets and interests constituting Trust Assets under the Pooling and Servicing Agreement
referred to below.

     (Not an interest in or obligation of American Express Travel Related Services Company, Inc.,
American Express Centurion Bank, American Express Bank, FSB, American Express Receivables

 

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

 

 

Financing Corporation II, American Express Receivables Financing Corporation III LLC, American

Express Receivables Financing Corporation IV LLC or any of their respective affiliates)

This certifies that CEDE & CO. (the “Class B Certificateholder”) is the registered owner of
a fractional, undivided interest in certain assets of a trust (the “Trust”) created
pursuant to the Pooling and Servicing Agreement, dated as of May 16, 1996, as amended and restated
as of January 1, 2006 (as amended and restated and otherwise amended and supplemented, the
“Agreement”), as supplemented by the Series 2009-1 Supplement, dated as of June 9, 2009 (as
amended and supplemented, the “Supplement”), among American Express Receivables Financing
Corporation II, American Express Receivables Financing Corporation III LLC and American Express
Receivables Financing Corporation IV LLC, as transferors (together, the “Transferors”),
American Express Travel Related Services Company, Inc., as servicer, and The Bank of New York
Mellon, a New York banking corporation, as trustee (the “Trustee”). The corpus of the
Trust consists of (i) the Transferors’ ownership interest in a portfolio of receivables (the
“Receivables”) existing in credit and charge accounts identified under the Agreement from
time to time (the “Accounts”), (ii) all Receivables generated under the Accounts from time
to time thereafter, (iii) funds collected or to be collected from cardmembers in respect of the
Receivables, (iv) all funds which are from time to time on deposit in the Collection Account, the
Special Funding Account, and any other Series Accounts and (v) all other assets and interests
constituting the Trust. Although a summary of certain provisions of the Agreement and the
Supplement is set forth below and in the Summary of Terms and Conditions attached hereto and made a
part hereof, this Class B Certificate does not purport to summarize the Agreement and the
Supplement and reference is made to the Agreement and the Supplement for information with respect
to the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the
rights, duties and obligations of the Trustee. A copy of the Agreement and the Supplement (without
schedules) may be requested from the Trustee by writing to the Trustee at the Corporate Trust
Office. To the extent not defined herein, the capitalized terms used herein have the meanings
ascribed to them in the Agreement or the Supplement, as applicable.

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

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

          THIS CLASS B CERTIFICATE IS SUBORDINATED TO THE EXTENT NECESSARY TO FUND PAYMENTS ON THE CLASS
A CERTIFICATES TO THE EXTENT SPECIFIED IN THE SUPPLEMENT.

A-2-2

 

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

          In general, payments of principal with respect to the Class B Certificates are limited to the
Class B Invested Amount, which may be less than the unpaid principal balance of the Class B
Certificates. The Expected Final Payment Date is the May 2012 Distribution Date, but principal
with respect to the Class B Certificates may be paid earlier or later under certain circumstances
described in the Agreement and the Supplement. If for one or more months during the Controlled
Accumulation Period there are not sufficient funds to pay the Controlled Deposit Amount, then to
the extent that excess funds are not available on subsequent Distribution Dates with respect to the
Controlled Accumulation Period to make up for such shortfalls, the final payment of principal of
the Class B Certificates will occur later than the Expected Final Payment Date.

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

A-2-3

 

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

	 	 	 	 	 	 	 
	 	 	AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION II
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION III LLC
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION IV LLC
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

Dated: June 9, 2009

A-2-4

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

          This is one of the American Express Credit Account Master Trust Series 2009-1 Class B
Certificates described in the within mentioned Agreement and Supplement.

	 	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK MELLON,
	 	 	as Trustee
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Authorized Signatory
	 	 
	 
	 	 	 	 	 	 
	 

	 	or	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

as Authenticating Agent

for the Trustee
	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Authorized Signatory
	 	 

A-2-5

 

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST

SERIES 2009-1

CLASS B FLOATING RATE ASSET BACKED CERTIFICATE

Summary of Terms and Conditions

          The Receivables consist of Principal Receivables which arise generally from the purchase of
goods and services and amounts advanced to cardmembers as cash advances and Finance Charge
Receivables. This Class B Certificate is one of a Series of Certificates entitled American Express
Credit Account Master Trust, Series 2009-1 (the “Series 2009-1 Certificates”), and one of a
class thereof entitled Class B Series 2009-1 Floating Rate Asset Backed Certificates (the
“Class B Certificates”), each of which represents a fractional, undivided interest in
certain assets of the Trust. The assets of the Trust are allocated in part to the investor
certificateholders of all outstanding Series (the “Certificateholders’ Interest”) with the
remainder allocated to the Holders of the Transferor Certificates. The aggregate interest
represented by the Class B Certificates at any time in the Principal Receivables in the Trust shall
not exceed an amount equal to the Class B Invested Amount at such time. The Class B Initial
Invested Amount is $72,727,000. The Class B Invested Amount on any date will be an amount equal to
(a) the Class B Initial Invested Amount, minus (b) the aggregate amount of principal payments made
to the Class B Certificateholder on or prior to such date, minus (c) the excess, if any, of the
aggregate amount of Class B Investor Charge-Offs for all prior Distribution Dates over Class B
Investor Charge-Offs reimbursed, minus (d) the amount of Reallocated Principal Collections
allocated on all prior Distribution Dates pursuant to subsection 4.08(a) of the Supplement
(excluding any Reallocated Principal Collections that have resulted in a reduction in the
Collateral Invested Amount pursuant to Section 4.08), minus (e) an amount equal to the amount by
which the Class B Invested Amount has been reduced to cover the Class A Investor Default Amount on
all prior Distribution Dates, and plus (f) the amount of Excess Spread and Excess Finance Charge
Collections allocated to Series 2009-1 and applied on all prior Distribution Dates for the purpose
of reimbursing amounts deducted pursuant to the foregoing clauses (c), (d) and (e); provided,
however, that the Class B Invested Amount may not be reduced below zero.

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

          On each Distribution Date, the Paying Agent shall distribute to each Class B Certificateholder
of record on the last day of the preceding calendar month (each a “Record Date”) such Class
B Certificateholder’s pro rata share of such amounts (including amounts on deposit in the
Collection Account and Principal Funding Account) as are payable to the Class B Certificateholder
pursuant to the Agreement and the Supplement. Distributions with respect to this Class B
Certificate will be made by the Paying Agent by check mailed to the address of the Class B
Certificateholder of record appearing in the Certificate Register without the presentation or
surrender of this Class B Certificate or the making of any notation thereon (except for the final
distribution in respect of this Class B Certificate) except that with respect to Class B
Certificates registered in the name of Cede & Co., the nominee for The Depository Trust Company,
distributions will be made in the form of immediately available funds. Final payment of this Class
B Certificate will be made only upon presentation and surrender of this Class B Certificate at the
office or agency specified in the notice of final distribution delivered by the Trustee to the
Series 2009-1 Certificateholders in accordance with the Agreement and the Supplement.

          On any day occurring on or after the day on which the Invested Amount is reduced to 5% or less
of the Initial Invested Amount, the Transferors have the option to repurchase the Series 2009-1

A-2-6

 

Certificateholders’ Interest in the Trust. The repurchase price will be equal to (a) if such
day is a Distribution Date, the Reassignment Amount for such Distribution Date or (b) if such day
is not a Distribution Date, the Reassignment Amount for the Distribution Date next following such
day. Following the deposit of the Reassignment Amount in the Collection Account, Series 2009-1
Certificateholders will not have any interest in the Receivables and the Series 2009-1 Certificates
will represent only the right to receive such Reassignment Amount.

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

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

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

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

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

A-2-7

 

ASSIGNMENT

     Social
Security or other identifying number of assignee      
            
          
           
           
           

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

(name and address of assignee)

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

			
	 	 	 
	Dated:                    
	 	                                        4/
	 
	 	 
	 
	 	Signature Guaranteed:          
	 
	 	 
	 
	 	                                             

 

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

A-2-8

 

EXHIBIT B

FORM OF MONTHLY PAYMENT INSTRUCTIONS AND

NOTIFICATION TO THE TRUSTEE

 

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST

SERIES 2009-1

 

          The undersigned, a duly authorized representative of American Express Travel Related Services
Company, Inc. (“TRS”), as Servicer pursuant to the Pooling and Servicing Agreement, dated
as of May 16, 1996, as amended and restated as of January 1, 2006 (as amended and restated and as
otherwise amended and supplemented, the “Pooling and Servicing Agreement”), among TRS,
American Express Receivables Financing Corporation II, American Express Receivables Financing
Corporation III LLC and American Express Receivables Financing Corporation IV LLC, as transferors
(together, the “Transferors”), and The Bank of New York Mellon, as trustee (the
“Trustee”), does hereby certify as follows:

          1. Capitalized terms used in this Certificate have their respective meanings set forth in the
Pooling and Servicing Agreement or the Series 2009-1 Supplement, dated as of June 9, 2009, among
TRS, the Transferors and the Trustee (as amended and supplemented, the “Supplement”), as
applicable.

          2. TRS is the Servicer.

          3. The undersigned is a Servicing Officer.

I. INSTRUCTION TO MAKE A WITHDRAWAL

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

          With respect to the Class A Certificates,

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

B-1

 

	 	 	 	 	 
	(3) Class A Additional
Interest and any Class A Additional Interest
due but not paid
	 	$	                    	 
	 
	 	 	 	 
	B) Pursuant to subsection 4.05(a)(ii):
	 	 	 	 
	 
	 	 	 	 
	(1) The Class A Servicing
Fee for the preceding Monthly Period, if
applicable
	 	$	                    	 
	 
	 	 	 	 
	(2) Accrued and unpaid
Class A Servicing Fees, if applicable
	 	$	                    	 
	 
	 	 	 	 
	C) Pursuant to subsection 4.05(a)(iii):
	 	 	 	 
	 
	 	 	 	 
	(1) Class A Investor
Default Amount for the preceding Monthly Period
	 	$	                    	 

With respect to the Class B Certificates,

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

With respect to the Collateral Interest

	 	 	 	 	 
	A) Pursuant to subsection 4.05(c)(i):
	 	 	 	 
	 
	 	 	 	 
	(1) The Collateral
Servicing Fee for the preceding Monthly Period,
if applicable
	 	$	                    	 
	 
	 	 	 	 
	(2) Accrued and unpaid
Collateral Servicing Fees, if applicable
	 	$	                    	 

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

B-2

 

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

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

          Pursuant to Section 4.07, the Servicer does hereby instruct the Trustee to apply on
          , which is a Distribution Date under the Supplement, any Excess Spread
and Excess Finance Charge Collections allocated to Series 2009-1 as follows:

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

B-3

 

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

B-4

 

	 	 	 	 	 
	The amount by which the Collateral Invested Amount
has been reduced pursuant to clauses (c), (d) and
(e) of the definition thereof allocated to Available
Principal Collections
	 	$	                    	 
	 
	 	 	 	 
	K) Pursuant to subsection 4.07(j):
	 	 	 	 
	 
	 	 	 	 
	The excess of the Required Reserve Account Amount
over the Available Reserve Amount deposited into the
Reserve Account
	 	$	                    	 
	 
	 	 	 	 
	L) Pursuant to subsection 4.07(k):
	 	 	 	 
	 
	 	 	 	 
	(1) Collateral Minimum
Monthly Interest not distributed under
subsection 4.07(f)
	 	$	                    	 
	 
	 	 	 	 
	(2) Collateral Senior
Minimum Monthly Interest previously due but not
paid and not distributed under subsection
4.07(f)
	 	$	                    	 
	 
	 	 	 	 
	(3) Collateral Senior
Additional Interest and any Collateral Senior
Additional Interest previously due but not paid
and not distributed under subsection 4.07(f)
	 	$	                    	 
	 
	 	 	 	 
	M) Pursuant to subsection 4.07(l):
	 	 	 	 
	 
	 	 	 	 
	Amount distributed to the Collateral Interest Holder
	 	$	                    	 

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

II. INSTRUCTION TO MAKE CERTAIN PAYMENTS

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

	 	 	 	 	 
	A) Pursuant to subsection 5.01(a):
	 	 	 	 
	 
	 	 	 	 
	Interest to be distributed to Class A
Certificateholders
	 	$	                    	 
	 
	 	 	 	 
	B) Pursuant to subsection 5.01(b):
	 	 	 	 
	 
	 	 	 	 
	On the Expected Final Payment Date or a Special
Payment Date, principal to be distributed to the
Class A Certificateholders
	 	$	                    	 

B-5

 

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

III. ACCRUED AND UNPAID AMOUNTS

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

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

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

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

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

B-6

 

EXHIBIT C-1

FORM OF MONTHLY STATEMENT

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST

SERIES 2009-1

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

C-1-1

 

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

	 	$	                    	 

C-1-2

 

	 	 	 	 	 
	(2) The amount of the
distribution in respect of Collateral Minimum
Monthly Interest, including Collateral Senior
Minimum Monthly Interest
	 	$	                    	 
	 
	 	 	 	 
	(3) The amount of the
distribution in respect of Collateral
Additional Interest, including Collateral
Senior Additional Interest
	 	$	                    	 
	 
	 	 	 	 
	(4) The amount distributed
to the Collateral Interest Holder in respect
of principal on the Collateral Invested Amount

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

C-1-3

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	TRUST	 	 	 	 	 	 	 	 	 	 	 	 	 
	TRUST ACTIVITY	 	TOTALS	 	 	 	 	 	 	 	 	 	 	 	 	 
	Record Date
	 	 	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	Number of days in Monthly Period
	 	 	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	Beginning Number of Accounts
	 	 	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	Beginning Principal Receivable Balance, including any
Addition or Removal of Principal Receivables during the
Monthly Period
	 	$	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	a. Addition of the Principal Receivables
	 	$	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	b. Removal of the Principal Receivables
	 	$	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	Special Funding Account Balance
	 	$	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	Beginning Total Principal Balance
	 	$	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	Finance Charge Collections (excluding Recoveries)
	 	$	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	Collections
of Discount Option Receivables
	 	$	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	Recoveries
	 	$	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Collections of Finance Charge Receivables
	 	$	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Collections of Principal Receivables
	 	$	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	Monthly Payment Rate
	 	 	                    	%	 	 	 	 	 	 	 	 	 	 	 	 
	Defaulted Amount
	 	$	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	Annualized Default Rate
	 	 	                    	%	 	 	 	 	 	 	 	 	 	 	 	 
	Trust Portfolio Yield
	 	 	                    	%	 	 	 	 	 	 	 	 	 	 	 	 
	New Principal Receivables
	 	$	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ending Number of Accounts
	 	 	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ending Principal Receivables Balance
	 	$	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ending Required Minimum Principal Balance
	 	$	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ending Transferor Amount
	 	$	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ending Special Funding Account Balance
	 	$	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ending Total Principal Balance
	 	$	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	SERIES ALLOCATIONS
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Group Number
	 	 	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	Invested Amount
	 	$	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	Adjusted Invested Amount
	 	$	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	Principal Funding Account Balance
	 	$	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	Series Required Transferor Amount
	 	$	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	Series Allocation Percentage
	 	 	                    	%	 	 	 	 	 	 	 	 	 	 	 	 
	Series Allocable Finance Charge Collections
	 	$	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	Series Allocable Recoveries
	 	$	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	Series Allocable Principal Collections
	 	$	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	Series Allocable Defaulted Amount
	 	$	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	GROUP ALLOCATIONS
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Group Number
	 	 	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	Invested Amount
	 	$	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	Investor Finance Charge Collections
	 	$	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	Investor Monthly Interest
	 	$	                    	 	 	 	 	 	 	 	 	 	 	 	 	 

C-1-4

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	TRUST	 	 	 	 	 	 	 	 	 	 	 	 	 
	TRUST ACTIVITY	 	TOTALS	 	 	 	 	 	 	 	 	 	 	 	 	 
	Investor Default Amount
	 	$	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	Investor Monthly Fees
	 	$	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	Investor Additional Amounts
	 	$	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total
	 	$	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Reallocated Investor Finance Charge Collections
	 	$	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	Investment Funding Account Proceeds
	 	$	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	Available Excess
	 	$	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Group Investor Finance Charge Collections
	 	$	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	Group Expenses
	 	$	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	Group Reallocable Investor Finance Charge Collections
	 	$	                    	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	TRUST PERFORMANCE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Delinquencies
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	31-60 Days Delinquent	 	 	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	61-90 Days Delinquent	 	 	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	90+ Days Delinquent	 	 	                    	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Total 30+ Days Delinquent	 	 	                    	 	 	 	 	 	 	 	 	 	 	 	 	 

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

C-1-5

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	MONTHLY PERIOD	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	FUNDING	 	 	 	 	 	 	 	 	 	COLLATERAL	 	 	 	 
	REQUIREMENTS	 	CLASS A	 	 	CLASS B	 	 	INTEREST	 	 	TOTAL	 
	Principal Funding Account
Balance
	 	$	                    	 	 	$	                    	 	 	$	                    	 	 	$	                    	 
	Investment Proceeds for
Monthly Period
	 	$	                    	 	 	$	                    	 	 	$	                    	 	 	$	                    	 
	Reserve Account Opening
Balance
	 	$	                    	 	 	$	                    	 	 	$	                    	 	 	$	                    	 
	Reserve Account Deposit
	 	$	                    	 	 	$	                    	 	 	$	                    	 	 	$	                    	 
	Reserve Draw Amount
	 	$	                    	 	 	$	                    	 	 	$	                    	 	 	$	                    	 
	Reserve Account Surplus
	 	$	                    	 	 	$	                    	 	 	$	                    	 	 	$	                    	 
	Reserve Account Closing
Balance
	 	$	                    	 	 	$	                    	 	 	$	                    	 	 	$	                    	 
	LIBOR Determination Date
	 	 	                    	 	 	 	                    	 	 	 	                    	 	 	 	 	 
	Coupon (__/__/__ to
__/__/__)
	 	 	                    	%	 	 	                    	%	 	 	                    	%	 	 	                    	%
	Monthly Interest Due
	 	$	                    	 	 	$	                    	 	 	$	                    	 	 	$	                    	 
	Outstanding Monthly
Interest Due
	 	$	                    	 	 	$	                    	 	 	$	                    	 	 	$	                    	 
	Additional Interest Due
	 	$	                    	 	 	$	                    	 	 	$	                    	 	 	$	                    	 
	Total Interest Due
	 	$	                    	 	 	$	                    	 	 	$	                    	 	 	$	                    	 
	Investor Default Amount
	 	$	                    	 	 	$	                    	 	 	$	                    	 	 	$	                    	 
	Investor Monthly Fees Due
	 	$	                    	 	 	$	                    	 	 	$	                    	 	 	$	                    	 
	Investor Additional
Amounts Due
	 	$	                    	 	 	$	                    	 	 	$	                    	 	 	$	                    	 
	Total Due
	 	$	                    	 	 	$	                    	 	 	$	                    	 	 	$	                    	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Reallocated
Investor Finance Charge Collections
	 	 	 	 	 	 	 	 	 	 	 	 	 	$	                    	 
	Interest and Principal
Funding Investment
Proceeds
	 	 	 	 	 	 	 	 	 	 	 	 	 	$	                    	 
	Interest on Reserve Account
	 	 	 	 	 	 	 	 	 	 	 	 	 	$	                    	 
	Series Adjusted Portfolio Yield
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	                    	%
	Base Rate
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	                    	%
	Excess Spread Percentage
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	                    	%

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

C-1-6

 

APPLICATION OF REALLOCATED INVESTOR FINANCE CHARGE COLLECTIONS

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

REALLOCATED PRINCIPAL COLLECTIONS

	 	 	 	 	 	 	 	 	 	 	 	 	 
	1. Principal Allocation Percentage
	 	 	 	 	 	 	                    	%	 	 	 	 
	2. Series 2009-1 Allocable Principal Collections
	 	 	 	 	 	$	                    	 	 	 	 	 
	3. Principal Allocation Percentage of Series
2009-1 Allocable Principal Collections
	 	 	 	 	 	$	                    	 	 	 	 	 
	4. Reallocated Principal Collections Required to fund
the Required Amount
	 	 	 	 	 	$	                    	 	 	 	 	 
	5. Item 3 minus Item 4
	 	 	 	 	 	$	                    	 	 	 	 	 
	6. Shared Principal Collections from other Series
allocated to Series 2009-1
	 	 	 	 	 	$	                    	 	 	 	 	 
	7. Other amounts treated as Available Principal
Collections
	 	 	 	 	 	$	                    	 	 	 	 	 
	8. Available Principal Collections (total of items 5, 6
and 7)
	 	 	 	 	 	$	                    	 	 	 	 	 

APPLICATION OF AVAILABLE PRINCIPAL COLLECTIONS DURING REVOLVING PERIOD

	 	 	 	 	 	 	 	 	 	 	 	 	 
	1. Collateral Invested Amount
	 	 	 	 	 	$	                    	 	 	 	 	 
	2. Required Collateral Invested Amount
	 	 	 	 	 	$	                    	 	 	 	 	 
	3. Excess of Collateral Invested Amount over Required
Collateral Invested Amount
	 	 	 	 	 	$	                    	 	 	 	 	 
	4. Treated as Shared Principal Collections
	 	 	 	 	 	$	                    	 	 	 	 	 

C-1-7

 

APPLICATION OF PRINCIPAL COLLECTIONS DURING ACCUMULATION OR AMORTIZATION PERIOD

	 	 	 	 	 	 	 	 	 	 	 	 	 
	1. Principal Funding Account
	 	 	 	 	 	$	                    	 	 	 	 	 
	2. Excess of Collateral Invested Amount over Required
Collateral Invested Amount
	 	 	 	 	 	$	                    	 	 	 	 	 
	3. Distribution of Principal
	 	 	 	 	 	$	                    	 	 	 	 	 
	4. Treated as Shared Principal Collections
	 	 	 	 	 	$	                    	 	 	 	 	 

APPLICATION OF EXCESS SPREAD AND EXCESS FINANCE CHARGE COLLECTIONS ALLOCATED TO SERIES 2009-1

	 	 	 	 	 	 	 	 	 	 	 	 	 
	1. Excess Spread
	 	 	 	 	 	$	                    	 	 	 	 	 
	2. Excess Finance Charge Collections
	 	 	 	 	 	$	                    	 	 	 	 	 
	3. Applied to fund Class A Required Amount
	 	 	 	 	 	$	                    	 	 	 	 	 
	4. Class A Investor Charge-Offs treated as Available
Principal Collections
	 	 	 	 	 	$	                    	 	 	 	 	 
	5. Applied to fund overdue Class B Interest
	 	 	 	 	 	$	                    	 	 	 	 	 
	6. Applied to fund Class B Required Amount
	 	 	 	 	 	$	                    	 	 	 	 	 
	7. Reduction of Class B Invested Amount treated as
Available Principal Collections
	 	 	 	 	 	$	                    	 	 	 	 	 
	8. Applied to Collateral Senior Minimum Monthly Interest
	 	 	 	 	 	$	                    	 	 	 	 	 
	9. Applied to unpaid Monthly Servicing Fee
	 	 	 	 	 	$	                    	 	 	 	 	 
	10. Collateral Default Amount treated as Available
Principal Collections
	 	 	 	 	 	$	                    	 	 	 	 	 
	11. Reduction of Collateral Invested Amount treated as
Available Principal Collections
	 	 	 	 	 	$	                    	 	 	 	 	 
	12. Deposited to Reserve Account
	 	 	 	 	 	$	                    	 	 	 	 	 
	13. Applied to Collateral Minimum Monthly Interest,
excluding amount applied to Collateral Senior Minimum
Monthly Interest
	 	 	 	 	 	$	                    	 	 	 	 	 
	14. Remaining Excess Spread distributed to Collateral
Interest Holder(s)
	 	 	 	 	 	$	                    	 	 	 	 	 

YIELD AND BASE RATE

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1. Base Rate
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Current Monthly Period	 	 	 	 	 	 	                    	%	 	 	 	 
	 
	 	Prior Monthly Period	 	 	 	 	 	 	                    	%	 	 	 	 
	 
	 	Second Prior Monthly Period	 	 	 	 	 	 	                    	%	 	 	 	 
	2. Three Month Average
Base Rate
	 	 	 	 	 	 	 	 	                    	%	 	 	 	 
	3. Series Adjusted
Portfolio Yield
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Current Monthly Period	 	 	 	 	 	 	                    	%	 	 	 	 
	 
	 	Prior Monthly Period	 	 	 	 	 	 	                    	%	 	 	 	 

C-1-8

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Second Prior Monthly Period	 	 	 	 	 	 	                    	%	 	 	 	 
	4. Three Month average
Series Adjusted Portfolio
Yield
	 	 	 	 	 	 	 	 	                    	%	 	 	 	 
	5. Is the 3 month average
Series Adjusted Portfolio
Yield more than the 3
month average Base Rate?
	 	 	 	 	 	 	 	[Yes/No]	 	 	 	 

C-1-9

 

EXHIBIT C-2

FORM OF ANNUAL PAYMENT INFORMATION

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST

SERIES 2009-1

FOR THE YEAR ENDED DECEMBER 31, 200[_]

          The undersigned, a duly authorized representative of American Express Travel Related Services
Company, Inc. (“TRS”), as Servicer pursuant to the Pooling and Servicing Agreement, dated as of May
16, 1996, as amended and restated as of January 1, 2006 (as amended and restated and as otherwise
amended and supplemented, the “Pooling and Servicing Agreement”), among TRS, American Express
Receivable Financing Corporation II, American Express Receivable Financing Corporation III LLC and
American Express Receivable Financing Corporation IV LLC, as transferors (together, the
“Transferors”) and The Bank of New York Mellon, as trustee (the “Trustee”), does hereby certify as
follows:

          Capitalized terms used in this Certificate have their respective meanings set forth in the
Pooling and Servicing Agreement or the Series 2009-1 Supplement, dated as of June 9, 2009, among
TRS, the Transferors and the Trustee (as amended and supplemented, the “Supplement”), as
applicable.

          Pursuant to Section 5.01 of the Series Supplement, the Servicer instructed the Trustee to pay
in accordance with Section 5.01 from the Interest Funding Account or the Principal Funding Account,
as applicable, the following aggregate amounts during the year ended December 31, 200[_]:

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

C-2-1

 

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

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

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

C-2-2

 

EXHIBIT D

FORM OF MONTHLY SERVICER’S CERTIFICATE

AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.

AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST

          The undersigned, a duly authorized representative of American Express Travel Related Services
Company, Inc., as Servicer (“TRS”), pursuant to the Pooling and Servicing Agreement, dated
as of May 16, 1996, as amended and restated as of January 1, 2006 (as amended and restated and as
otherwise amended and supplemented, the “Agreement”), as supplemented by the Series
Supplements (as amended and supplemented, the “Series Supplements”), among TRS, as
Servicer, American Express Receivables Financing Corporation II, American Express Receivables
Financing Corporation III LLC and American Express Receivables Financing Corporation IV LLC, as
Transferors, and The Bank of New York Mellon, as Trustee, does hereby certify as follows:

          1. Capitalized terms used in this Certificate have their respective meanings as set forth in
the Agreement or the Series Supplement, as applicable.

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

          3. The undersigned is a Servicing Officer.

          4. This Certificate relates to the Distribution Date occurring on                     
     , 200      and covers activity from                     
     , 200                     through                     ,
200      .

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

          6. As of the date hereof, to the best knowledge of the undersigned, no Pay Out Event occurred
on or prior to such Distribution Date.

          IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Certificate this
      day of                     , 20      .

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

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

D-1

 

	 	 	 	 	 

EXHIBIT E

FORM OF INVESTMENT LETTER

[Date]

	 	 	 	 	 
	 

	 	Re:
	 	American Express Credit Account Master Trust;
	 

	 	 	 	Purchases of Series 2009-1 Collateral Interest

Ladies and Gentlemen:

          This letter (the “Investment Letter”) is delivered by the undersigned (the “Purchaser”)
pursuant to Section 9.07 of the Series 2009-1 Supplement, dated as of June 9, 2009 (the “Series
Supplement”) to the Pooling and Servicing Agreement, dated as of May 16, 1996, as amended and
restated as of January 1, 2006 (as amended and restated and as otherwise amended and supplemented,
the “Agreement”), each among The Bank of New York Mellon, as Trustee, American Express Receivables
Financing Corporation II, American Express Receivables Financing Corporation III LLC and American
Express Receivables Financing Corporation IV LLC, as Transferors, and American Express Travel
Related Services Company, Inc., as Servicer. Capitalized terms used herein without definition
shall have the meanings set forth in the Agreement. The Purchaser represents to and agrees with
the Transferors as follows:

	 	(a)	 	The Purchaser has such knowledge and experience in financial
and business matters as to be capable of evaluating the merits and risks of its
investment in the Collateral Interest and is able to bear the economic risk of
such investment.
	 
	 	(b)	 	The Purchaser is an “accredited investor,” as defined in Rule
501, promulgated by the Securities and Exchange Commission (the “Commission”)
under the Securities Act of 1933, as amended (the “Securities Act”), or is a
sophisticated institutional investor. The Purchaser understands that the
offering and sale of the Collateral Interest has not been and will not be
registered under the Securities Act and has not and will not be registered or
qualified under any applicable “Blue Sky” law, and that the offering and sale
of the Collateral Interest has not been reviewed by, passed on or submitted to
any federal or state agency or commission, securities exchange or other
regulatory body.
	 
	 	(c)	 	The Purchaser is acquiring an interest in the Collateral
Interest without a view to any distribution, resale or other transfer thereof
except, with respect to any Collateral Interest or any interest or
participation therein, as contemplated in the following sentence. The
Purchaser will not resell or otherwise transfer any interest or participation
in the Collateral Interest, except in accordance with Section 9.07 of the
Series Supplement and (i) in a transaction exempt from the registration
requirements of the Securities Act and applicable state securities or “blue
sky” laws; (ii) to a Transferor or any affiliate of a Transferor; or (iii) to a
person who the Purchaser reasonably believes is a qualified institutional buyer
(within the meaning thereof in Rule 144A under the Securities Act) that is
aware that the resale or other transfer is being made in reliance upon Rule
144A. In connection therewith, the Purchaser hereby agrees that it will not
resell or otherwise transfer the Collateral Interest or any interest therein
unless the purchaser thereof provides to the addressee hereof a letter
substantially in the form hereof.

E-1

 

	 	(d)	 	No portion of the Collateral Interest or any interest therein
may be Transferred, and each Assignee will certify that it is not, (a) an
“employee benefit plan” (as defined in Section 3(3) of ERISA), including
governmental plans and church plans, (b) any “plan” (as defined in Section
4975(e)(1) of the Code) including individual retirement accounts and Keogh
plans, or (c) any other entity whose underlying assets include “plan assets”
(within the meaning of Department of Labor Regulation Section 2510.3-101, 29
C.F.R. § 2510.3-101 or otherwise under ERISA) by reason of a plan’s investment
in the entity, including, without limitation, an insurance company general
account.
	 
	 	(e)	 	This Investment Letter has been duly executed and delivered and
constitutes the legal, valid and binding obligation of the Purchaser,
enforceable against the Purchaser in accordance with its terms, except as such
enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws or equitable principles affecting the enforcement of
creditors’ rights generally and general principles of equity.

	 	 	 	 	 
	 	Very truly yours,

[NAME OF PURCHASER]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	AGREED TO AS OF THE DATE FIRST ABOVE
WRITTEN:	 	 
	 
	 	 	 	 
	AMERICAN EXPRESS RECEIVABLES	 	 
	FINANCING CORPORATION II,	 	 
	as Transferor	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	AMERICAN EXPRESS RECEIVABLES	 	 
	FINANCING CORPORATION III LLC,	 	 
	as Transferor	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	AMERICAN EXPRESS RECEIVABLES	 	 
	FINANCING CORPORATION IV LLC,	 	 
	as Transferor	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 

E-2exv4wxiy

Exhibit 4(i)

INDENTURE

MONROE BANCORP

and

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

Dated as of                                         , 2009

$12,000,000

          % Redeemable Subordinated Debentures Due 2019

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	ARTICLE I DEFINITIONS AND RULES OF CONSTRUCTION, APPLICABILITY OF THE TRUST INDENTURE ACT	 	 	1	 
	 
	 	 	 	 	 	 
	Section 1.01.
	 	Definitions	 	 	1	 
	Section 1.02.
	 	Other Definitions	 	 	3	 
	Section 1.03.
	 	Rules of Construction	 	 	4	 
	Section 1.04.
	 	Trust Indenture Act	 	 	4	 
	 
	 	 	 	 	 	 
	ARTICLE II THE DEBENTURES	 	 	5	 
	 
	 	 	 	 	 	 
	Section 2.01.
	 	Form and Dating	 	 	5	 
	Section 2.02.
	 	Execution and Authentication	 	 	5	 
	Section 2.03.
	 	Agents	 	 	5	 
	Section 2.04.
	 	Paying Agent To Hold Money in Trust	 	 	5	 
	Section 2.05.
	 	Holder Lists	 	 	6	 
	Section 2.06.
	 	Transfer and Exchange	 	 	6	 
	Section 2.07.
	 	Replacement Debentures	 	 	7	 
	Section 2.08.
	 	Outstanding Debentures	 	 	7	 
	Section 2.09.
	 	Treasury Debentures Disregarded for Certain Purposes	 	 	7	 
	Section 2.10.
	 	Temporary Debentures	 	 	7	 
	Section 2.11.
	 	Global Debentures	 	 	7	 
	Section 2.12.
	 	Cancellation	 	 	11	 
	Section 2.13.
	 	Defaulted Interest	 	 	11	 
	Section 2.14.
	 	CUSIP Numbers	 	 	12	 
	 
	 	 	 	 	 	 
	ARTICLE III REDEMPTION	 	 	12	 
	 
	 	 	 	 	 	 
	Section 3.01.
	 	General	 	 	12	 
	Section 3.02.
	 	Notice to Trustee	 	 	12	 
	Section 3.03.
	 	Selection of Debentures To Be Redeemed	 	 	13	 
	Section 3.04.
	 	Notice of Redemption	 	 	13	 
	Section 3.05.
	 	Effect of Notice of Redemption	 	 	13	 
	Section 3.06.
	 	Deposit of Redemption Price; Accrual of Interest	 	 	14	 
	Section 3.07.
	 	Debentures Redeemed in Part	 	 	14	 
	Section 3.08.
	 	No Sinking Fund	 	 	14	 
	 
	 	 	 	 	 	 
	ARTICLE IV COVENANTS	 	 	14	 
	 
	 	 	 	 	 	 
	Section 4.01.
	 	Payment of Debentures	 	 	14	 
	Section 4.02.
	 	SEC Reports	 	 	14	 
	Section 4.03.
	 	Compliance Certificate	 	 	15	 
	Section 4.04.
	 	Notice of Certain Events	 	 	15	 
	 
	 	 	 	 	 	 
	ARTICLE V SUCCESSORS	 	 	15	 

i

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	Section 5.01.
	 	When the Company May Merge, etc.	 	 	15	 
	Section 5.02.
	 	Successor Corporation Substituted	 	 	15	 
	 
	 	 	 	 	 	 
	ARTICLE VI DEFAULTS AND REMEDIES	 	 	16	 
	 
	 	 	 	 	 	 
	Section 6.01.
	 	Events of Default	 	 	16	 
	Section 6.02.
	 	Acceleration	 	 	17	 
	Section 6.03.
	 	Other Remedies	 	 	17	 
	Section 6.04.
	 	Waiver of Past Defaults	 	 	18	 
	Section 6.05.
	 	Control by Majority	 	 	18	 
	Section 6.06.
	 	Limitation on Suits	 	 	18	 
	Section 6.07.
	 	Rights of Holders To Receive Payment	 	 	18	 
	Section 6.08.
	 	Priorities	 	 	19	 
	Section 6.09.
	 	Undertaking for Costs	 	 	19	 
	Section 6.10.
	 	Proof of Claim	 	 	19	 
	Section 6.11.
	 	Actions of a Holder	 	 	19	 
	 
	 	 	 	 	 	 
	ARTICLE VII TRUSTEE	 	 	20	 
	 
	 	 	 	 	 	 
	Section 7.01.
	 	Duties of Trustee	 	 	20	 
	Section 7.02.
	 	Rights of Trustee	 	 	21	 
	Section 7.03.
	 	Individual Rights of Trustee; Disqualification	 	 	22	 
	Section 7.04.
	 	Trustee's Disclaimer	 	 	22	 
	Section 7.05.
	 	Notice of Defaults	 	 	22	 
	Section 7.06.
	 	Reports by Trustee to Holders	 	 	22	 
	Section 7.07.
	 	Compensation and Indemnity	 	 	22	 
	Section 7.08.
	 	Replacement of Trustee	 	 	24	 
	Section 7.09.
	 	Successor Trustee by Merger, etc.	 	 	25	 
	Section 7.10.
	 	Eligibility	 	 	25	 
	Section 7.11.
	 	Preferential Collection of Claims Against the Company	 	 	25	 
	 
	 	 	 	 	 	 
	ARTICLE VIII SATISFACTION AND DISCHARGE	 	 	25	 
	 
	 	 	 	 	 	 
	Section 8.01.
	 	Satisfaction and Discharge of Indenture	 	 	25	 
	Section 8.02.
	 	Application of Trust Funds	 	 	26	 
	Section 8.03.
	 	Reinstatement	 	 	26	 
	Section 8.04.
	 	Repayment to the Company	 	 	26	 
	 
	 	 	 	 	 	 
	ARTICLE IX AMENDMENTS	 	 	27	 
	 
	 	 	 	 	 	 
	Section 9.01.
	 	Without Consent of Holders	 	 	27	 
	Section 9.02.
	 	With Consent of Holders	 	 	27	 
	Section 9.03.
	 	Compliance with Trust Indenture Act and Section 12.03	 	 	28	 
	Section 9.04.
	 	Revocation and Effect of Consents and Waivers	 	 	28	 
	Section 9.05.
	 	Notice of Amendment; Notation on or Exchange of Debentures	 	 	28	 
	Section 9.06.
	 	Trustee Protected	 	 	29	 
	 
	 	 	 	 	 	 
	ARTICLE X SUBORDINATION	 	 	29	 
	 
	 	 	 	 	 	 
	Section 10.01.
	 	Debentures Subordinated to Senior Debt	 	 	29	 
	Section 10.02.
	 	Debentures Subordinated in Any Proceeding	 	 	29	 
	Section 10.03.
	 	No Payment on Debentures in Certain Circumstances	 	 	29	 

ii

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	Section 10.04.
	 	Subrogation	 	 	30	 
	Section 10.05.
	 	Obligations of the Company Unconditional	 	 	30	 
	Section 10.06.
	 	Trustee and Paying Agents Entitled to Assume Payments Not Prohibited in
Absence of Notice 	 	 	30	 
	Section 10.07.
	 	Satisfaction and Discharge 	 	 	31	 
	Section 10.08.
	 	Subordination Rights Not Impaired by Acts or Omissions of the Company or
Holders of Senior Debt 	 	 	31	 
	Section 10.09.
	 	Right to Hold Senior Debt	 	 	32	 
	Section 10.10.
	 	No Fiduciary Duty of Trustee or Holders to Holders of Senior Debt 	 	 	      32	 
	Section 10.11.
	 	Distribution to Holders of Senior Debt	 	 	32	 
	Section 10.12.
	 	Trustee’s Rights to Compensation, Reimbursement of Expenses and
Indemnification 	 	 	32	 
	Section 10.13.
	 	Exception for Certain Distributions	 	 	32	 
	Section 10.14.
	 	Certain Definitions	 	 	32	 
	 
	 	 	 	 	 	 
	ARTICLE XI MISCELLANEOUS	 	 	33	 
	 
	 	 	 	 	 	 
	Section 11.01.
	 	Notices	 	 	33	 
	Section 11.02.
	 	Communication by Holders with Other Holders	 	 	33	 
	Section 11.03.
	 	Certificate and Opinion as to Conditions Precedent	 	 	33	 
	Section 11.04.
	 	Statements Required in Certificate or Opinion	 	 	33	 
	Section 11.05.
	 	Rules by Trustee and Agents	 	 	34	 
	Section 11.06.
	 	Legal Holidays	 	 	34	 
	Section 11.07.
	 	No Recourse Against Others	 	 	34	 
	Section 11.08.
	 	Duplicate Originals	 	 	34	 
	Section 11.09.
	 	Variable Provisions	 	 	34	 
	Section 11.10.
	 	Governing Law	 	 	35	 
	Section 11.11.
	 	Waiver of Jury Trial	 	 	35	 
	Section 11.12.
	 	Force Majeure	 	 	35	 
	Section 11.13.
	 	USA PATRIOT Act	 	 	36	 
	 
	 	 	 	 	 	 
	EXHIBIT A (Face of Debenture)	 	 	A-1	 
	 
	 	 	 	 	 	 
	EXHIBIT B (Form of Incumbency Certificate)	 	 	B-1	 

iii

 

CROSS-REFERENCE TABLE

	 	 	 	 	 	 	 
	TIA Section	 	Indenture Section
	310

	 	(a)(1)
	 	 	7.10	 
	 

	 	(a)(2)
	 	 	7.10	 
	 

	 	(a)(3)
	 	 	N.A.	 
	 

	 	(a)(4)
	 	 	N.A.	 
	 

	 	(a)(5)
	 	 	N.A.	 
	 

	 	(b)
	 	 	7.08; 7.10	 
	 

	 	(c)
	 	 	7.08	 
	311

	 	(a)
	 	 	7.11	 
	 

	 	(b)
	 	 	7.11	 
	 

	 	(c)
	 	 	N.A.	 
	312

	 	(a)
	 	 	2.05	 
	 

	 	(b)
	 	 	11.02	 
	 

	 	(c)
	 	 	N.A.	 
	313

	 	(a)
	 	 	7.05	 
	 

	 	(b)(1)
	 	 	N.A.	 
	 

	 	(b)(2)
	 	 	7.05	 
	 

	 	(c)
	 	 	7.05	 
	 

	 	(d)
	 	 	7.05	 
	314

	 	(a)(1)
	 	 	4.02	 
	 

	 	(a)(2)
	 	 	4.02; 11.01	 
	 

	 	(a)(3)
	 	 	4.02	 
	 

	 	(a)(4)
	 	 	4.03	 
	 

	 	(b)
	 	 	N.A.	 
	 

	 	(c)
	 	 	2.02; 7.02(b); 8.01(a)(3)	
	 

	 	(c)(1)
	 	 	2.02; 7.02(b); 8.01(a)(3)	
	 

	 	(c)(2)
	 	 	2.02; 7.02(b); 8.01(a)(3)	
	 

	 	(c)(3)
	 	 	N.A.	 
	 

	 	(d)
	 	 	N.A.	 
	 

	 	(e)
	 	 	4.03; 11.04	 
	 

	 	(f)
	 	 	4.03	 
	315

	 	(a)(1)
	 	 	6.05; 7.01(b)(1)	
	 

	 	(a)(2)
	 	 	7.01(b)(1)	
	 

	 	(b)
	 	 	7.05; 11.01	 
	 

	 	(c)
	 	 	7.01(a)	
	 

	 	(d)(1)
	 	 	7.01(b)	
	 

	 	(d)(2)
	 	 	7.01(c)(2)	
	 

	 	(d)(3)
	 	 	6.05; 7.01(c)(2)	
	 

	 	(e)
	 	 	6.09	 

iv

 

	 	 	 	 	 	 	 
	TIA Section	 	Indenture Section
	316

	 	(a) (last sentence)
	 	 	2.09	 
	 

	 	(a)(1)(A)
	 	 	6.05	 
	 

	 	(a)(1)(B)
	 	 	6.04	 
	 

	 	(a)(2)
	 	 	N.A.	 
	 

	 	(b)
	 	 	6.07	 
	 

	 	(c)
	 	 	9.04	 
	317

	 	(a)(1)
	 	 	6.03	 
	 

	 	(a)(2)
	 	 	6.10	 
	 

	 	(b)
	 	 	2.04	 
	318

	 	(a)
	 	 	1.04	 

N.A. means not applicable.

	Note:	 	This Cross-Reference Table shall not, for any purpose, be deemed to be part of this
Indenture.

v

 

     INDENTURE dated as of                                         , 2009, between MONROE BANCORP, an Indiana
corporation (“Company”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking
association, as Trustee (“Trustee”).

     Each party agrees as follows for the benefit of the other party and for the equal and ratable
benefit of the Holders of the Company’s      % Redeemable Subordinated Debentures Due 2019
(“Debentures”):

ARTICLE I

DEFINITIONS AND RULES OF CONSTRUCTION,

APPLICABILITY OF THE TRUST INDENTURE ACT

Section 1.01. Definitions.

     “Affiliate.” Any Person controlling or controlled by or under common control with the
referenced Person. “Control” for this definition means the power to direct the management and
policies of a Person, directly or indirectly, whether through the ownership of voting securities,
by contract, or otherwise. The terms “controlling” and “controlled” have meanings correlative to
the foregoing.

     “Agent.” Any Registrar or Paying Agent.

     “Applicable Procedures.” With respect to any transfer or exchange of or for beneficial
interests in any global Debenture, the rules and procedures of the Depositary that apply to such
transfer or exchange.

     “Bank.” Monroe Bank, the Company’s wholly-owned Indiana bank subsidiary (and its successors).

     “Business Day.” A day that is not a Legal Holiday.

     “the Company.” The party named as such above until a successor which duly assumes the
obligations upon the Debentures and under the Indenture replaces it and thereafter means the
successor.

     “Debentures.” The Debentures described above issued under this Indenture.

     “Debt” means, with respect to any Person, (i) any obligation of such Person to pay the
principal of, premium of, if any, interest on (including interest accruing on or after the filing
of any petition in bankruptcy or for reorganization relating to the Company, whether or not a claim
for such post-petition interest is allowed in such proceeding), penalties, reimbursement or
indemnification amounts, fees, expenses or other amounts relating to any indebtedness, and any
other liability, contingent or otherwise, of such Person (A) for borrowed money (including
instances where the recourse of the lender is to the whole of the assets of such Person or to a
portion thereof), (B) evidenced by a note, debenture or similar instrument (including a purchase
money obligation) including securities, (C) for any letter of credit or performance bond in favor
of such Person, or (D)

1

 

for the payment of money relating to a capitalized lease obligation; (ii) any liability of
others of the kind described in the preceding clause (i), which the Person has guaranteed or which
is otherwise its legal liability; (iii) any obligation of the type described in clauses (i) and
(ii) secured by a lien to which the property or assets of such Person are subject, whether or not
the obligations secured thereby shall have been assumed by or shall otherwise be such Person’s
legal liability; and (iv) any and all deferrals, renewals, extensions and refunding of, or
amendments, modifications or supplements to, any liability of the kind described in any of the
preceding clauses (i), (ii) or (iii).

     “Default.” Any event which is, or after notice or passage of time would be, an Event of
Default.

     “Depositary.” With respect to the Debentures issuable or issued in whole or in part in global
form, the person specified in Section 2.11 hereof as the Depositary with respect to the Debentures,
and any and all successors thereto appointed as depositary hereunder and having become such
pursuant to the applicable provision of this Indenture.

     “Exchange Act.” The Securities Exchange Act of 1934, as amended.

     “FRB.” The Federal Reserve Board of Governors.

     “Holder.” A Person in whose name a Debenture is registered.

     “Indenture.” This Indenture as amended from time to time, including the terms of the
Debentures and any amendments.

     “Maximum Principal Amount.”                      Million Dollars and No Cents ($___,000,000.00).

     “Maturity Date.”                     , 2019.

     “Officers’ Certificate.” A certificate signed by two Officers, one of whom must be the Chief
Executive Officer, a President, the Treasurer, the Chief Financial Officer or a Vice-President of
the Company.

     “Opinion of Counsel.” Written opinion from legal counsel who is acceptable to the Trustee.

     “Person.” Any individual, corporation, partnership, joint venture, association, limited
liability company, joint stock company, trust, unincorporated organization or government or other
agency or political subdivision thereof.

     “Principal” of a Debenture means the principal of the Debenture plus the premium, if any, on
the Debenture which is due or overdue or is to become due at the relevant time.

     “Proceeding.” A liquidation, dissolution, bankruptcy, insolvency, reorganization,
receivership or similar proceeding under Bankruptcy Law, an assignment for the benefit

2

 

of creditors, any marshalling of assets or liabilities, or winding up or dissolution, but
shall not include any transaction permitted by and made in compliance with Article V.

     “SEC.” The U.S. Securities and Exchange Commission.

     “Securities Act.” The Securities Act of 1933, as amended.

     “Senior Debt.” All Debt of the Company of whatever kind, whenever incurred, and as
outstanding at any time, including all claims of general creditors of the Company (which shall
expressly exclude all indebtedness incurred in connection with, or relating to, any trust preferred
securities caused to be issued by, or reflected in the consolidated financial statements of, the
Company, and any debt which, by its express terms, is pari passu to the Debentures, but shall
expressly include all senior indebtedness of the Company for borrowed money, similar obligations
arising from off-balance sheet guarantees and direct credit substitutes, and obligations associated
with derivative products such as interest rate and foreign exchange contracts, commodity contracts,
and similar arrangements), but excluding any debt incurred in connection with this Indenture.

     “Senior Debt Default Notice” means any notice of a default (other than a Senior Debt Payment
Default) that permits the holders of any Senior Debt to declare such Senior Debt due and payable.

     “Senior Debt Payment Default” means a default in the payment of any principal of or interest
on any Senior Debt.

     “TIA.” The Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb), as amended, as in effect
on the date of this Indenture, except as provided in Sections 1.04 and 9.03.

     “Trust Officer.” Any officer or assistant officer of the Trustee assigned by the Trustee to
administer its corporate trust matters or to whom a matter concerning the Indenture may be
referred.

     “Trustee.” The party named as such above until a successor replaces it and thereafter means
the successor.

     “U.S. Government Obligations.” Securities that are direct, noncallable, nonredeemable
obligations of, or noncallable, nonredeemable obligations guaranteed by, the United States for the
timely payment of which obligation or guarantee the full faith and credit of the United States is
pledged, or funds consisting solely of such securities, including funds managed by the Trustee or
one of its Affiliates (including such funds for which it or its Affiliates receives fees in
connection with such management).

     Section 1.02. Other Definitions.

3

 

	 	 	 
	Term	 	Defined in Section
	“Bankruptcy Law”

	 	Section 6.01
	“Code Provision”

	 	Section 6.01
	“Defaulted Interest”

	 	Section 2.13
	“Distribution”

	 	Section 10.14
	“Event of Default”

	 	Section 6.01
	“Indirect Participant”

	 	Section 2.11
	“Legal Holiday”

	 	Section 11.06
	“Notice”

	 	Section 11.01
	“Officer”

	 	Section 11.09
	“Participant”

	 	Section 2.11
	“Paying Agent”

	 	Section 2.03
	“Payment Blockage Period”

	 	Section 10.14
	“Registrar”

	 	Section 2.03
	“Senior Debt Default Notice”

	 	Section 10.14
	“Senior Debt Payment Default”

	 	Section 10.14

Section 1.03. Rules of Construction. Unless the context otherwise requires:

     (a) a term defined in Section 1.01 or 1.02 has the meaning assigned to it therein, and
terms defined in the TIA have the meanings assigned to them in the TIA;

     (b) an accounting term not otherwise defined has the meaning assigned to it in
accordance with generally accepted accounting principles in the United States;

     (c) “or” is not exclusive;

     (d) words in the singular include the plural, and words in the plural include the
singular;

     (e) provisions apply to successive events and transactions;

     (f) “herein,” “hereof” and other words of similar import refer to this Indenture as a
whole and not to any particular Article, Section or other subdivision; and

     (g) “including” means including without limitation.

Section 1.04. Trust Indenture Act. The provisions of TIA Sections 310 through 317 that impose
duties on any Person (including the provisions automatically deemed included herein unless
expressly excluded by this Indenture) are a part of and govern this Indenture upon and so long as
the Indenture and Debentures are subject to the TIA. If any provision of this Indenture limits,
qualifies or conflicts with such duties, such imposed duties shall control. If a provision of the
TIA requires or permits a provision of this Indenture and the TIA provision is amended, then the
Indenture provision shall be automatically amended to like effect.

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ARTICLE II

THE DEBENTURES

Section 2.01. Form and Dating. The Debentures and the certificate of authentication shall be
substantially in the form of Exhibit A, which is hereby incorporated in and expressly made a part
of this Indenture. Each Debenture shall bear the following legend: “THIS OBLIGATION IS NOT A
DEPOSIT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER FEDERAL
AGENCY.” The Debentures may also have notations, legends or endorsements required by Section 2.11,
law, stock exchange rule, automated quotation system, agreements to which the Company is subject,
or usage. Each Debenture shall be dated the date of its authentication.

Section 2.02. Execution and Authentication. Two Officers shall sign the Debentures for the
Company by manual or facsimile signature. If an Officer whose signature is on a Debenture no
longer holds that office at the time the Debenture is authenticated, the Debenture is still valid.
A Debenture shall not be valid until an authorized signatory of the Trustee signs the certificate
of authentication on the Debenture. The signature shall be conclusive evidence that the Debenture
has been authenticated under this Indenture. The Trustee shall authenticate Debentures for
original issue up to the amount stated in paragraph 4 of Exhibit A in accordance with an Officers’
Certificate of the Company.

     The aggregate principal amount of Debentures outstanding at any time may not exceed the
Maximum Principal Amount except as provided in Section 2.07. The Trustee may appoint an
authenticating agent acceptable to the Company to authenticate Debentures. An authenticating agent
may authenticate Debentures whenever the Trustee may do so. Each reference in this Indenture to
authentication by the Trustee includes authentication by such agent. An authenticating agent has
the same rights as an Agent to deal with the Company or an Affiliate.

Section 2.03. Agents. The Company shall maintain an office or agency where Debentures may be
presented for registration of transfer or for exchange (“Registrar”) and where Debentures may be
presented for payment (“Paying Agent”). Whenever the Company must issue or deliver Debentures
pursuant to this Indenture, the Trustee shall authenticate the Debentures at the Company’s request.
The Registrar shall keep a register of the Debentures and of their transfer and exchange.

     The Company may appoint more than one Registrar or Paying Agent. The Company shall notify the
Trustee of the name and address of any Agent not a party to this Indenture. If the Company does
not appoint another Registrar or Paying Agent, the Trustee shall act as such.

Section 2.04. Paying Agent To Hold Money in Trust. On or prior to 10:00 a.m., New York City
time, on each due date of the Principal and interest on any Debenture, the Company shall deposit
with the Paying Agent a sum sufficient to pay such Principal and interest when so becoming due.
The Company shall require each Paying Agent (other than the Trustee) to agree in writing that the
Paying Agent will hold in trust for the

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 benefit of Holders or the Trustee all money held by the Paying Agent for the payment of the
Principal of or interest on the Debentures, will notify the Trustee of any deficiency by the
Company in making any such payment, and will comply with Article X. While any such deficiency
continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The
Company at any time may require a Paying Agent to pay all money held by it to the Trustee and to
account for any funds disbursed by the Paying Agent. Upon complying with this Section, the Paying
Agent shall have no further liability for the money delivered to the Trustee. If the Company or
any Affiliate acts as Paying Agent, it shall segregate the money held by it as Paying Agent and
hold it as a separate trust fund.

Section 2.05. Holder Lists. The Trustee shall preserve in as current a form as is reasonably
practicable the most recent list available to it of the names and addresses of Holders. If the
Trustee is not the Registrar, the Registrar shall furnish to the Trustee, in writing at least 10
Business Days before each interest payment date and at such other times as the Trustee may request,
a list in such form and as of such date as the Trustee may reasonably require of the names and
addresses of Holders.

Section 2.06. Transfer and Exchange. The Debentures shall be issued in registered form and
shall be transferable only upon surrender of a Debenture for registration of transfer. When a
Debenture is presented to the Registrar with a request to register a transfer or to exchange them
for an equal principal amount of Debentures of other denominations, the Registrar shall register
the transfer or make the exchange if its requirements for such transactions are met and the
Debenture has not been redeemed. The Company may charge a reasonable fee for any registration of
transfer or exchange (including for any tax or governmental charge) but not for any exchange
pursuant to Sections 2.10, 3.07 or 9.05. All Debentures presented or surrendered for exchange or
registration of transfer, as provided in this Section 2.06, shall be accompanied (if so required by
the Company or the Debenture Registrar) by a written instrument or instruments of transfer, in form
satisfactory to the Company or the Debenture Registrar, duly executed by the registered holder or
by such holder’s duly authorized attorney.

     All Debentures issued upon any transfer or exchange pursuant to the terms of this Indenture
will evidence the same debt and will be entitled to the same benefits under this Indenture as the
Debentures surrendered upon such transfer or exchange.

     Neither the Trustee nor the Registrar shall be responsible for ascertaining whether any
transfer hereunder complies with the registration provisions of or any exemptions from the
Securities Act, applicable state securities laws or the applicable laws of any other jurisdiction,
the Employee Retirement Income Security Act of 1974, as amended, the Internal Revenue Code or the
Investment Company Act of 1940, as amended; provided, that if a certificate is specifically
required by the express terms of this Section 2.06 to be delivered to the Trustee or the Registrar
by a holder or transferee of a Debenture, the Trustee and the Registrar shall be under a duty to
receive and examine the same to determine whether or not the certificate substantially conforms on
its face to the requirements of this Indenture and shall promptly notify the party delivering the
same if such certificate does not comply with such terms.

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Section 2.07. Replacement Debentures. If the Holder of a Debenture claims that the Debenture
has been lost, destroyed or wrongfully taken, then, in the absence of notice to the Company that
the Debenture has been acquired by a protected purchaser, the Company shall issue a replacement
Debenture. An indemnity bond must be provided which is sufficient in the judgment of the Trustee
and the Company to protect the Company, the Trustee and the Agents from any loss which any of them
may suffer if a Debenture is replaced. The Company or the Trustee may charge the Holder for its
expenses in replacing a Debenture.

Section 2.08. Outstanding Debentures.

     (a) Debentures outstanding at any time are all Debentures authenticated by the Trustee
except for those canceled by the Registrar, those delivered to it for cancellation and
those described in this Section as not outstanding. A Debenture does not cease to be
outstanding because the Company or an Affiliate holds the Debenture.

     (b) If a Debenture is replaced pursuant to Section 2.07, it ceases to be outstanding
unless the Company receives proof satisfactory to it that the replaced Debenture is held by
a protected purchaser.

     (c) If Debentures are considered paid under Section 4.01, they cease to be outstanding
and interest on them ceases to accrue.

Section 2.09. Treasury Debentures Disregarded for Certain Purposes. In determining whether
the Holders of the required Principal amount of Debentures have concurred in any direction, waiver
or consent, Debentures owned by the Company or an Affiliate shall be disregarded and deemed not to
be outstanding, except that, for the purposes of determining whether the Trustee shall be protected
in relying on any such direction, waiver or consent, only Debentures which a Trust Officer of the
Trustee actually knows are so owned shall be so disregarded. Debentures so owned which have been
pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction of
the Trustee the pledgee’s right to deliver any such direction, waiver or consent with respect to
the Debentures and that the pledgee is not the Company or any other obligor upon the Debentures or
any Affiliate of the Company or of such other obligor.

Section 2.10. Temporary Debentures. Until definitive Debentures are ready for delivery, the
Company may use temporary Debentures. Temporary Debentures shall be substantially in the form of
definitive Debentures but may have variations that the Company considers appropriate for temporary
Debentures. Without unreasonable delay, the Company shall deliver definitive Debentures in
exchange for temporary Debentures.

Section 2.11. Global Debentures.

     (a) The Company may issue some or all of the Debentures in temporary or permanent
global form. The Company may issue a global Debenture only to a Depositary. A Depositary
may transfer a global Debenture

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only to its nominee or to a successor Depositary. A global Debenture shall represent
the amount of Debentures specified in the global Debenture. A global Debenture may have
variations that the Depositary requires or that the Company considers appropriate for such
a security.

     (b) A global Debenture may not be transferred except as a whole by the depositary to a
nominee of the depositary, by a nominee of the depositary to the depositary or to another
nominee of the depositary, or by the depositary or any such nominee to a successor
depositary or a nominee of such successor depositary.

     (c) Beneficial owners of part or all of a global Debenture are subject to the rules of
the Depositary as in effect from time to time.

     (d) The transfer and exchange of beneficial interests in the Global Debentures will be
effected through the Depositary, in accordance with the provisions of this Indenture and
the Applicable Procedures. Beneficial interests in the Global Debentures will be subject
to restrictions on transfer comparable to those set forth herein to the extent required by
the Securities Act. Transfers of beneficial interests in the Global Debentures also will
require compliance with either subparagraph (1) or (2) below, as applicable, as well as one
or more of the other following subparagraphs, as applicable:

     (1) Transfer of Beneficial Interests in the Same Global Debenture. Beneficial
interests in any Global Debenture may be transferred to persons who take delivery
thereof in the form of a beneficial interest in the same global Debenture. No
written orders or instructions shall be required to be delivered to the Registrar
to effect the transfers described in this Section 2.11(d)(1).

     (2) Other Transfers and Exchanges of Beneficial Interests in Global
Debentures. In connection with all transfers and exchanges of beneficial interests
that are not subject to Section 2.11(d)(1) above, the transferor of such beneficial
interest must deliver to the Registrar either:

     (A) both:

     (i) a written order from a person who holds a beneficial interest in
a global Debenture directly (a “Participant”) or indirectly (an “Indirect
Participant”) given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to credit or cause to be credited a
beneficial interest in another global Debenture in an amount equal to the
beneficial interest to be transferred or exchanged; and

     (ii) instructions given in accordance with the Applicable Procedures
containing information regarding the Participant account to be credited
with such increase; or

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     (B) both:

     (i) a written order from a Participant or an Indirect Participant
given to the Depositary and Trustee in accordance with the Applicable
Procedures directing the Depositary and Trustee to cause to be issued a
Debenture in registered form in an amount equal to the beneficial interest
to be transferred or exchanged; and

     (ii) instructions given by the Depositary to the Registrar containing
information regarding the Person in whose name such Debenture in
registered form shall be registered to effect the transfer or exchange
referred to in (i) above.

     (C) if the Registrar so requests or if the Applicable Procedures so
require, an Opinion of Counsel in form reasonably acceptable to the
Registrar to the effect that such exchange or transfer is in compliance
with the Securities Act.

     (3) Transfer or Exchange of Beneficial Interests for Debentures in registered
forms. If any holder of a beneficial interest in a global Debenture proposes to
exchange such beneficial interest for a Debenture in registered form or to transfer
such beneficial interest to a person who takes delivery thereof in the form of a
Debenture in registered form, then, following the receipt of such documentation
from the Participant or Indirect Participant required by the Applicable Procedures,
the Trustee shall cause the aggregate principal amount of the applicable global
Debenture to be reduced accordingly pursuant to Section 2.11 hereof, and the
Company shall execute and the Trustee shall authenticate and deliver to the person
designated in the instructions a Debenture in registered form in the appropriate
principal amount. Any Debenture in registered form issued in exchange for a
beneficial interest in a global Debenture pursuant to this Section 2.11(d)(3) shall
be registered in such name or names and in such authorized denomination or
authorized denominations as the holder of such beneficial interest shall instruct
the Registrar through instructions from the Depositary and the Participant or
Indirect Participant. The Trustee shall deliver such Debenture in registered forms
to the persons in whose names such Debentures are so registered.

     (4) Transfer and Exchange of Debenture in registered form for Beneficial
Interests. If any Holder of a Debenture in registered form proposes to exchange
such Debenture for a beneficial interest in a global Debenture or to transfer such
Debenture in registered form to a person who takes delivery thereof in the form of
a beneficial interest in a global Debenture, then, following the receipt of such
documentation from the Holder required by the Applicable Procedures, the Trustee
will cancel the Debenture in registered form and increase or cause to be increased
the aggregate principal amount of the appropriate global Debenture.

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     (5) All global Debentures will be exchanged by the Company for Debentures in
registered form if:

     (A) the Company delivers to the Trustee notice from the Depositary
that it is unwilling or unable to continue to act as Depositary or that it
is no longer a clearing agency registered under the Exchange Act and, in
either case, a successor Depositary is not appointed by the Company within
120 days after the date of such notice from the Depositary; or

     (B) the Company in its sole discretion determines that the global
Debentures (in whole but not in part) should be exchanged for registered
Debentures and delivers a written notice to such effect to the Trustee; or

     (C) there has occurred and is continuing a Default or Event of
Default with respect to the Debentures.

Upon the occurrence of either of the preceding events in (A) or (B) above,
Debentures in registered form shall be issued in such names as the Depositary shall
instruct the Trustee. Global Debentures also may be exchanged or replaced, in
whole or in part, as provided in Section 2.06 and Section 2.07 hereof. Every
Debenture authenticated and delivered in exchange for, or in lieu of, a global
Debenture or any portion thereof, pursuant to this Section 2.11 or Section 2.06 or
Section 2.07 hereof, shall be authenticated and delivered in the form of, and shall
be, a global Debenture. A global Debenture may not be exchanged for another
Debenture other than as provided in this Section 2.11.

     (e) The Company, the Trustee and the Agents shall not be responsible for any acts or
omissions of a Depositary, for any Depositary records of beneficial ownership interests or
for any transactions between the Depositary and beneficial owners.

     (f) Any global Debenture shall bear the following legend (in addition to any other
required legend):

“THIS GLOBAL DEBENTURE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING
THIS DEBENTURE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF,
AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE
MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO THE INDENTURE, (2) THIS
GLOBAL DEBENTURE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.11 OF THE
INDENTURE, (3) THIS GLOBAL DEBENTURE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION
PURSUANT TO

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SECTION 2.12 OF THE INDENTURE AND (4) THIS GLOBAL DEBENTURE MAY BE TRANSFERRED TO A
SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR DEBENTURES IN REGISTERED FORM,
THIS DEBENTURE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF
THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF
THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A
NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW
YORK) (“DTC”), TO THE ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER
NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE 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.”

Section 2.12. Cancellation. The Company at any time may deliver Debentures to the Trustee for
cancellation. The Paying Agent, if not the Trustee, shall forward to the Trustee any Debentures
surrendered to it for payment. The Trustee shall cancel all Debentures surrendered for
registration of transfer, exchange, payment or cancellation and shall dispose of canceled
Debentures according to its standard procedures. The Company may not issue new Debentures to
replace Debentures that it has paid or which have been delivered to the Trustee for cancellation.

Section 2.13. Defaulted Interest. If the Company defaults in a payment of interest on the
Debentures (“Defaulted Interest”) such Defaulted Interest shall cease to be payable to the Holder
on the relevant record date and shall be paid by the Company, at its election, under either (a) or
(b) below:

     (a) The Company may pay the Defaulted Interest together with interest thereon to the
Persons which are Holders on a subsequent special record date. The Company shall notify
the Trustee of the amount of Defaulted Interest together with interest thereon to be paid
and pay over such amount to the Trustee. The Trustee shall then fix a special record date
and at the Company’s expense shall notify Holders not less than 10 days prior to such
special record date of the proposed payment, of the special record date, and of the payment
date.

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     (b) The Company may make payment of Defaulted Interest together with interest thereon
in any lawful manner not inconsistent with the requirements of any securities exchange or
automated quotation system on which the Debentures may be listed or designated for
issuance. The Company shall give prompt notice to the Trustee and Holders that it intends
to make payment pursuant to this Section 2.13(b) and of the special record date of the
proposed payment, and of the payment date.

Section 2.14. CUSIP Numbers. The Company in issuing Debentures may use CUSIP numbers (if then
generally in use) and, if so, the Trustee shall use CUSIP numbers in notices of redemption as a
convenience to Holders; provided , that any such notice may state that no representation is made
as to the correctness of such numbers either as printed on the Debentures or as contained in any
notice of redemption and that reliance may be placed only on the other identification numbers
printed on the Debentures and any such redemption shall not be affected by any defect in or
omission of such numbers. The Company shall as promptly as practicable notify the Trustee in
writing of any change in the CUSIP numbers.

ARTICLE III

REDEMPTION

Section 3.01. General. Notwithstanding anything to the contrary herein, no Debentures may be
redeemed as of any redemption date that occurs before                     , 2012. The Company may, at its
option, redeem the Debentures, subject to prior consultation with and, if required, receipt of the
prior approval of, the FRB, in whole or in part, without penalty, as of any redemption date that
occurs on or after                     , 2012, subject to prior consultation with the FRB and compliance with
Article III of this Indenture, at a redemption price equal to 100% of the principal amount of the
Debentures to be redeemed.

Section 3.02. Notice to Trustee.

     (a) If Debentures are to be redeemed, the Company shall, at least 30 days before the
redemption date (or such other time as the Trustee shall agree), notify the Trustee of the
redemption date, the Principal amount of Debentures to be redeemed and the provision of the
Debentures permitting or requiring the redemption.

     (b) The Company may reduce the Principal amount of Debentures if it notifies the
Trustee of the amount of the credit and the basis for it by delivery of an Officers’
Certificate. If the reduction is based on a credit for redeemed or canceled Debentures
that the Company has not previously delivered to the Trustee for cancellation, the Company
shall deliver such Debentures to the Registrar before the selection of securities to be
redeemed.

     (c) The Company shall give each notice provided for in this Section at least 30 days
before the redemption date unless a shorter period is satisfactory to

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the Trustee. If fewer than all the Debentures are to be redeemed, the record date
relating to such redemption shall be selected by the Company and given to the Trustee,
which record date shall be not less than 15 days prior to the redemption date.

Section 3.03. Selection of Debentures To Be Redeemed. If less than all the Debentures are to
be redeemed, subject to any conditions at redemption imposed by the FRB, the Trustee shall select
the Debentures to be redeemed by a method that complies with the requirements, if any, of any stock
exchange on which the Debentures are listed and that the Trustee considers fair and appropriate,
which may include selection pro rata or by lot. The Trustee shall make the selection from
Debentures outstanding not previously called for redemption. The Trustee may select for redemption
portions of the Principal of Debentures that have denominations larger than $1,000.00. Debentures
and portions thereof selected by the Trustee shall be in amounts of $1,000.00 or integral multiples
of $1,000.00. Provisions of this Indenture that apply to Debentures called for redemption also
apply to portions of Debentures called for redemption.

Section 3.04. Notice of Redemption. At least 30 days but not more than 60 days before a
redemption date, the Company shall mail a notice of redemption to each Holder whose Debentures are
to be redeemed. The notice shall state that it is a notice of redemption, identify the Debentures
to be redeemed and shall state:

     (1) the redemption date;

     (2) the redemption price;

     (3) the name and address of the Paying Agent;

     (4) that Debentures called for redemption must be surrendered to the Paying
Agent to collect the redemption price;

     (5) that, unless the Company defaults in making such redemption payment or the
Paying Agent is prohibited from making such payment pursuant to the terms of this
Indenture, interest on Debentures (or portion thereof) called for redemption ceases
to accrue on and after the redemption date; and

     (6) list the CUSIP number of the Debentures and state that no representation
is made as to the correctness or accuracy of the CUSIP number, if any, listed in
such notice or printed on the Debentures.

     At the Company’s written request, the Trustee shall give the notice of redemption in the
Company’s name and at its expense.

Section 3.05. Effect of Notice of Redemption. Once notice of redemption is sent, Debentures
called for redemption become due and payable on the redemption date at the redemption price. Upon
surrender to the Paying Agent, such Debentures shall be paid at the redemption price stated in the
notice, plus accrued interest to the redemption date.

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Failure to give notice or any defect in the notice to any Holder shall not affect the validity
of the notice to any other Holder.

Section 3.06. Deposit of Redemption Price; Accrual of Interest.

     (a) On or before 10:00 a.m. New York City time, on the redemption date, the Company
shall deposit with the Paying Agent (or, if the Company or any Affiliate is the Paying
Agent, shall segregate and hold in trust) money sufficient to pay the redemption price of,
and accrued interest on, all Debentures to be redeemed on that date other than Debentures
or portions of Debentures called for redemption which have been delivered by the Company to
the Registrar for cancellation.

     (b) Unless the Company shall default in the payment of Debentures (and accrued
interest) called for redemption, interest on such Debentures shall cease to accrue after
the redemption date.

Section 3.07. Debentures Redeemed in Part. Upon surrender of a Debenture that is redeemed in
part, the Company shall deliver to the Holder (at the Company’s expense) a new Debenture equal in
Principal amount to the unredeemed portion of the Debenture surrendered.

Section 3.08. No Sinking Fund. The Debentures are not entitled to the benefit of any sinking
fund.

ARTICLE IV

COVENANTS

Section 4.01. Payment of Debentures. The Company shall pay the Principal of and interest on
the Debentures on the dates and in the manner provided in the Debentures and this Indenture.
Principal and interest shall be considered paid on the date due if the Paying Agent holds in
accordance with this Indenture on that date money sufficient to pay all Principal and interest then
due and the Paying Agent is not prohibited from paying such money to the Holders on such date
pursuant to the terms of this Indenture. The Company shall pay interest on overdue Principal at
the rate borne by the Debentures; it shall pay interest on overdue Defaulted Interest at the same
rate to the extent lawful.

Section 4.02. SEC Reports. The Company shall file with the Trustee within 15 days after it
files them with the SEC copies of the annual reports and of the information, documents and other
reports which the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the
Exchange Act. The Company will cause any quarterly and annual reports which it makes available to
its shareholders to be mailed to the Holders. The Company will also comply with the other
provisions of TIA Section 314(a). Delivery of such reports, information and documents to the
Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute
notice or constructive notice of any information contained therein or determinable from information
contained therein, including the Company’s compliance with any of its

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 covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’
Certificates).

Section 4.03. Compliance Certificate. The Company shall deliver to the Trustee, within 105
days after the end of each fiscal year of the Company, a brief certificate signed by the principal
executive officer, principal financial officer or principal accounting officer of the Company, as
to the signer’s knowledge of the Company’s compliance with all conditions and covenants contained
in this Indenture (determined without regard to any period of grace or requirement of notice
provided herein).

Section 4.04. Notice of Certain Events. The Company shall give prompt written notice to the
Trustee and any Paying Agent of (i) any Proceeding, (ii) any Default or Event of Default, (iii) any
cure or waiver of any Default or Event of Default, (iv) any Senior Debt Payment Default or Senior
Debt Default Notice, and (v) if and when the Debentures are listed on any stock exchange.

ARTICLE V

SUCCESSORS

Section 5.01. When the Company May Merge, etc. The Company shall not consolidate or merge with or
into, or transfer all or substantially all of its assets to, any Person unless:

     (1) either the Company shall be the resulting or surviving entity or such
Person is a corporation organized and existing under the laws of the United States,
a State thereof or the District of Columbia;

     (2) if the Company is not the resulting or surviving entity, such Person
assumes by supplemental indenture all the obligations of the Company under the
Debentures and this Indenture; and

     (3) immediately before and immediately after the transaction no Default
exists.

     The Company shall deliver to the Trustee prior to the proposed transaction an Officers’
Certificate and an Opinion of Counsel, each of which shall state that such consolidation, merger or
transfer and such supplemental indenture comply with this Article V and that all conditions
precedent herein provided for relating to such transaction have been complied with.

Section 5.02. Successor Corporation Substituted. Upon any consolidation or merger, or any
transfer of all or substantially all of the assets of the Company in accordance with Section 5.01,
the successor corporation formed by such consolidation or into which the Company is merged or to
which such transfer is made shall succeed to, and be substituted for, and may exercise every right
and power of, the Company under this Indenture and the Debentures with the same effect as if such
successor corporation had been named as the Company herein and in the Debentures. Thereafter the
obligations of the Company under the Debentures and Indenture shall terminate except for (i)
obligations the

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 Company may have under a supplemental indenture pursuant to Article IX, and (ii) in the case
of a transfer, the obligation to pay the Principal of and interest on the Debentures.

ARTICLE VI

DEFAULTS AND REMEDIES

Section 6.01. Events of Default.

     (a) An “Event of Default” occurs if:

     (1) the Company fails to pay interest on any Debenture when the same becomes
due and payable and such failure continues for a period of 30 days;

     (2) the Company fails to pay the Principal of any Debenture when the same
becomes due and payable at maturity, upon redemption or otherwise;

     (3) the Company fails to comply with any of its other agreements in the
Debentures or this Indenture and such failure continues for the period and after
the notice specified below;

     (4) any proceedings involving the Company or the Bank are commenced by or
against the Company or the Bank under any bankruptcy, reorganization, arrangement,
insolvency, readjustment of debt, dissolution or liquidation law or statute of the
federal government or any state government and, if such proceedings are instituted
against the Company or the Bank, the Company or the Bank (as the case may be) by
any action or failure to act indicates its approval of, consent to or acquiescence
therein, or an order shall have been entered approving the petition in such
proceedings and within 60 days after the entry thereof such order shall not have
been vacated or stayed on appeal or otherwise, or shall not otherwise have ceased
to continue in effect;

     (5) the Company applies for, consents to or acquiesces in the appointment of a
trustee, receiver, conservator or liquidator for itself under Chapter 7 or Chapter
11 of the Bankruptcy Code (the “Code Provisions”), or in the absence of such
application, consent or acquiescence, a trustee, conservator, receiver or
liquidator is appointed for the Company under the Code Provisions, and is not
discharged within 30 days, or any bankruptcy, reorganization, debt arrangement or
other proceeding or any dissolution, liquidation, or conservatorship proceeding is
instituted by or against the Company under the Code Provisions, and if instituted
against the Company, is consented or acquiesced in by it or remains for 30 days
undismissed, or if the Company is enjoined, restrained or in any way prevented from
conducting all or any material part of its business under the Code Provisions; or

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     (6) the Bank applies for, consents to or acquiesces in the appointment of a
receiver for itself, or in the absence of such application, consent or
acquiescence, a receiver is appointed for the Bank, and is not discharged within 30
days.

     (b) The foregoing will constitute Events of Default whatever the reason for any such
Event of Default, whether it is voluntary or involuntary, a consequence of the application
of Article XI , or is 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.

     (c) The term “Bankruptcy Law” means title 11 of the U.S. Code or any similar Federal
or state law for the relief of debtors.

Section 6.02. Acceleration.

     (a) If an Event of Default of the type defined by Section 6.01(a)(5) or Section
6.01(a)(6) occurs and is continuing, the Trustee by notice to the Company, or the Holders
of at least 25% in Principal amount of the Debentures by notice to the Company and the
Trustee, may declare the Principal of and accrued and unpaid interest on all the Debentures
to be due and payable. Upon such declaration the Principal and interest shall be due and
payable immediately.

     (b) The Holders of a majority in Principal amount of the Debentures by notice to the
Company and the Trustee may rescind an acceleration and its consequences if the rescission
would not conflict with any judgment or decree and if all existing Events of Default have
been cured or waived.

     (c) Notwithstanding anything to the contrary herein, and for the avoidance of doubt,
the right to accelerate payment set forth in Section 6.02(a) may be exercised only in
circumstances contemplated by Section 6.01(a)(4), Section 6.01(a)(5) or Section 6.01(a)(6).

Section 6.03. Other Remedies.

     (a) Subject to Section 6.02, if an Event of Default occurs and is continuing, the
Trustee may pursue any available remedy to collect the payment of Principal or interest on
the Debentures or to enforce the performance of any provision of the Debentures or this
Indenture.

     (b) The Trustee may maintain a proceeding even if it does not possess any of the
Debentures or does not produce any of them in the proceeding. A delay or omission by the
Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default
shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event
of Default. Upon the occurrence of an Event of Default, notwithstanding any continuation
or curing of such Event of Default, the Company shall not be released from any of its

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covenants hereunder unless and until the Debentures are paid in full. All remedies
are cumulative to the extent permitted by law.

Section 6.04. Waiver of Past Defaults. The Holders of a majority in Principal amount of the
Debentures by notice to the Trustee may waive an existing Default and its consequences except a
Default with respect to a provision that under Section 9.02 cannot be amended without the consent
of each Holder affected.

Section 6.05. Control by Majority. The Holders of a majority in Principal amount of the
Debentures may direct the time, method and place of conducting any proceeding for any remedy
available to the Trustee or exercising any trust or power conferred on the Trustee. However, the
Trustee may refuse to follow any direction that conflicts with law or this Indenture, is unduly
prejudicial to the rights of other Holders, or would involve the Trustee in personal liability or
expense for which the Trustee has not received a satisfactory indemnity.

Section 6.06. Limitation on Suits.

     (a) A Holder may pursue a remedy with respect to this Indenture or the Debentures only
if:

     (1) the Holder gives to the Trustee notice of a continuing Event of Default;

     (2) the Holders of at least 25% in Principal amount of the Debentures make a
request to the Trustee to pursue the remedy together with an offer to the Trustee
to indemnify the Trustee for all reasonable costs and expenses, including
reasonable attorneys’ fees, to be incurred by the Trustee in pursuit of such
remedy, the terms of which offer shall be reasonably satisfactory to the Trustee;

     (3) the Trustee either (i) gives to such Holders notice it will not comply
with the request, or (ii) does not comply with the request within 30 days after
receipt of the request; and

     (4) the Holders of a majority in Principal amount of the Debentures do not
give the Trustee a direction inconsistent with the request prior to the earlier of
the date, if ever, on which the Trustee delivers a notice under Section
6.06(a)(3)(i) or the expiration of the period described in Section 6.06(a)(3)(ii).

     (b) A Holder may not use this Indenture to prejudice the rights of another Holder or
to obtain a preference or priority over another Holder (it being understood that the
Trustee does not have an affirmative duty to ascertain whether or not such actions or
forbearances are unduly prejudicial to such Holders).

Section 6.07. Rights of Holders To Receive Payment. Notwithstanding any other provision of
this Indenture, the right of any Holder of a Debenture to receive payment of

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 Principal and interest on the Debenture, on or after the respective due dates expressed in the
Debenture, or to bring suit for the enforcement of any such payment on or after such respective
dates, shall not be impaired or affected without the consent of the Holder. Nothing in this
Indenture limits or defers the right or ability of Holders to petition for commencement of a case
under applicable Bankruptcy Law to the extent consistent with such Bankruptcy Law.

Section 6.08. Priorities. After an Event of Default any money or other property distributable
in respect of the Company’s obligations under this Indenture shall be paid in the following order:

     First: to the Trustee (including any predecessor Trustee) for amounts due under Section 7.07;

     Second: to holders of Senior Debt to the extent required by Article X;

     Third: to Holders for amounts due and unpaid on the Debentures for Principal and interest,
ratably, without preference or priority of any kind, according to the amounts due and payable on
the Debentures for Principal and interest, respectively; and

     Fourth: to the Company.

     The Trustee may fix a record date and payment date for any payment to Holders.

Section 6.09. Undertaking for Costs. In any suit for the enforcement of any right or remedy
under this Indenture or in any suit against the Trustee for any action taken or omitted by it as
Trustee, a court in its discretion may require the filing by any party litigant in the suit of an
undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable
costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit,
having due regard to the merits and good faith of the claims or defenses made by the party
litigant. This Section does not apply to a suit by the Trustee, a suit by a Holder pursuant to
Section 6.07 or a suit by Holders of more than 10% in Principal amount of the Debentures.

Section 6.10. Proof of Claim. In the event of any Proceeding, the Trustee may (and, if
applicable, the trustee for or holders of Senior Debt may) file a claim for the unpaid balance of
the Debentures in the form required in the Proceeding and cause the claim to be approved or
allowed. Nothing herein contained shall be deemed to authorize the Trustee or the holders of
Senior Debt to authorize or consent to or accept or adopt on behalf of any Holder any plan of
reorganization, arrangement, adjustment, or composition affecting the Debentures or the rights of
any Holder thereof, or to authorize the Trustee or the holders of Senior Debt to vote in respect of
the claim of any Holder in any Proceeding.

Section 6.11. Actions of a Holder. For the purpose of providing any consent, waiver or
instruction to the Company or the Trustee, a “Holder” or “Holders” shall include a Person who
provides to the Company or the Trustee, as the case may be, an affidavit of beneficial ownership of
a Debenture together with a satisfactory indemnity against any

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 loss, liability or expense to such party to the extent that it acts upon such affidavit of
beneficial ownership (including any consent, waiver or instructions given by a Person providing
such affidavit and indemnity).

ARTICLE VII

TRUSTEE

Section 7.01. Duties of Trustee.

     (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise
such of the rights and powers vested in it by this Indenture, and use the same degree of
care and skill in its exercise, as a prudent person would exercise or use under the
circumstances in the conduct of its own affairs.

     (b) Except during the continuance of an Event of Default:

     (1) The Trustee need perform only those duties that are specifically set forth
in this Indenture and no implied covenants or obligations shall be read into this
Indenture against the Trustee.

     (2) In the absence of bad faith on its part, the Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon certificates or opinions furnished to the Trustee and
conforming to the requirements of this Indenture. However, the Trustee shall
examine the certificates and opinions to determine whether or not they conform to
the requirements of this Indenture (but need not confirm or investigate the
accuracy of mathematical calculations or other facts stated therein).

     (c) The Trustee may not be relieved from liability for its own negligent action, its
own negligent failure to act or its own willful misconduct, except that:

     (1) This paragraph does not limit the effect of paragraph (b) of this Section.

     (2) The Trustee shall not be liable for any error of judgment made in good
faith by a Trust Officer, unless it is proved that the Trustee or Trust Officer was
negligent in ascertaining the pertinent facts.

     (3) The Trustee shall not be liable with respect to any action it takes or
omits to take in good faith in accordance with a direction received by it pursuant
to Section 6.05.

     (4) The Trustee may refuse to perform any duty or exercise any right or power
which would require it to expend its own funds or risk any liability if it shall
reasonably believe that repayment of such funds or adequate indemnity against such
risk is not reasonably assured to it.

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     (d) Every provision of this Indenture that in any way relates to the Trustee is
subject to paragraphs (a), (b) and (c) of this Section.

     (e) The Trustee shall not be liable for interest on any money received by it except as
the Trustee may agree in writing with the Company. Money held in trust by the Trustee need
not be segregated from other funds except to the extent required by law.

Section 7.02. Rights of Trustee.

     (a) The Trustee may conclusively rely on any document believed by it to be genuine and
to have been signed or presented by the proper Person. The Trustee need not investigate
any fact or matter stated in the document.

     (b) Before the Trustee acts or refrains from acting, it may require an Officers’
Certificate or an Opinion of Counsel. The Trustee shall not be liable for any action it
takes or omits to take in good faith in reliance on the Officers’ Certificate or an Opinion
of Counsel. The Trustee may also consult with counsel of its selection on any matter
relating to the Indenture or the Debentures and the Trustee shall not be liable for any
action it takes or omits to take in good faith in reliance on the advice of counsel.

     (c) The Trustee may act through agents and shall not be responsible for the misconduct
or negligence of any agent appointed with due care.

     (d) The Trustee shall not be liable for any action it takes or omits to take in good
faith which it believes to be authorized or within its rights or powers.

     (e) Except in connection with compliance with TIA Section 310 or 311, the Trustee
shall only be charged with actual knowledge of Trust Officers.

     (f) The Trustee shall 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 Holders pursuant
to this Indenture, unless such Holders shall have offered to the Trustee security or
indemnity satisfactory to the Trustee against the costs, expenses and liabilities which
might be incurred by it in compliance with such request or direction.

     (g) The Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document, but the Trustee, in its discretion, may make such further
inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee
shall determine to make such further inquiry or investigation, it shall be entitled to
examine the books, records and premises of the Company, personally or by agent or attorney
at the sole cost of the Company and shall incur no liability or additional liability of any
kind by reason of such inquiry or investigation.

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     (h) In no event shall the Trustee be responsible or liable for special, indirect,
punitive or consequential loss or damage of any kind whatsoever (including, but not limited
to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood
of such loss or damage and regardless of the form of action.

     (i) The rights, privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to, and shall be
enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian
and other Person employed to act hereunder.

     (j) The Trustee shall not be required to give any bond or surety in respect of the
performance of its powers and duties hereunder.

     (k) The Trustee may request that the Company deliver a certificate, substantially in
the form set forth as Exhibit B hereto, setting forth the names of individuals and/or
titles of officers authorized at such time to take specified actions pursuant to this
Indenture.

Section 7.03. Individual Rights of Trustee; Disqualification. The Trustee in its individual
or any other capacity may become the owner or pledgee of Debentures and may otherwise deal with the
Company or an Affiliate with the same rights it would have if it were not Trustee. Any Agent may
do the same with like rights. However, the Trustee is subject to TIA Sections 310(b) and 311.

Section 7.04. Trustee’s Disclaimer. The Trustee shall have no responsibility for the validity
or adequacy of this Indenture or the Debentures, it shall not be accountable for the Company’s use
of the proceeds from the Debentures and it shall not be responsible for any statement in the
Debentures other than its authentication.

Section 7.05. Notice of Defaults. If a continuing Default is known to the Trustee, the
Trustee shall mail to Holders a notice of the Default within 90 days after it occurs. Except in
the case of a Default in payment on any Debenture, the Trustee may withhold the notice if and so
long as a committee of its Trust Officers in good faith determines that withholding the notice is
in the interests of Holders. The Trustee shall mail to Holders any notice it receives from
Holder(s) under Section 6.06, and of any notice the Trustee provides pursuant to Section
6.06(a)(3)(i).

Section 7.06. Reports by Trustee to Holders. Pursuant to TIA Section 313(a), within 60 days
after the reporting date stated in Section 11.09, the Trustee shall mail to Holders a brief report
dated as of such reporting date that complies with TIA Section 313(a). The Trustee also shall
comply with TIA Section 313(b)(2). A copy of each report at the time of its mailing to Holders
shall be filed with the SEC and each stock exchange on which the Debentures are listed. The
Company will promptly notify the Trustee in writing when the Debentures are listed on any stock
exchange and of any delisting thereof.

Section 7.07. Compensation and Indemnity.

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     (a) The Company shall pay to the Trustee from time to time such compensation as shall
be agreed in writing between the Company and the Trustee for its services, including for
any Agent capacity in which it acts. The Trustee’s compensation shall not be limited by
any law on compensation of a trustee of an express trust. The Company shall reimburse the
Trustee upon request for all reasonable out-of-pocket expenses incurred by it. Such
expenses shall include the reasonable compensation and out-of-pocket expenses of the
Trustee’s agents and counsel.

     (b) The Company shall indemnify the Trustee against any and all loss, liability,
damage, claim or expense incurred by it including taxes (other than taxes based upon,
measured by or determined by the income of the Trustee), arising out of or in connection
with the acceptance or administration of the trust or trusts hereunder, including the
reasonable costs and expenses of defending itself against any claim (whether asserted by
the Company, or any Holder or any other Person) or liability in connection with the
exercise or performance of any of its powers or duties hereunder, or in connection with
enforcing the provisions of this Section. The Trustee shall notify the Company promptly of
any claim for which it may seek indemnity. The Company shall have the right to assume the
defense in connection with such claim and the Trustee shall cooperate in the defense. If
the Company assumes such defense, the Company shall not be liable to the Trustee for any
legal expenses of other counsel or any other expenses subsequently incurred by the Trustee
in connection with such defense; provided, however, that if the Company elects not to
assume such defense or counsel for the Trustee advises that (i) there are substantive
issues which raise conflicts of interest between the Company and the Trustee, (ii) there
are legal defenses available to the Trustee that are difference from or in addition to the
Company, or (iii) all parties commonly represented are unable to reasonably agree as to the
action or inaction of counsel, then the Trustee may retain counsel satisfactory to it, and
the Company shall pay the reasonable fees and expenses of such counsel.

     (c) The Company need not pay for any settlement made without its consent, which
consent shall not unreasonably be withheld. The Company need not reimburse any expense or
indemnify against any loss or liability incurred by the Trustee through gross negligence,
willful misconduct or bad faith.

     (d) To secure the Company’s payment obligations in this Section, the Trustee shall
have a lien prior to the Debentures on all money or property held or collected by the
Trustee, except that held in trust to pay Principal and interest on particular Debentures.

     (e) Without prejudice to its rights hereunder, when the Trustee incurs expenses or
renders services after an Event of Default specified in Section 6.01(a)(4), Section
6.01(a)(5) or Section 6.01(a)(6) occurs, the expenses and the compensation for the services
are intended to constitute expenses of administration under any Bankruptcy Law.

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     (f) The provisions of this Section 7.07 shall survive the termination of this
Indenture.

Section 7.08. Replacement of Trustee.

     (a) A resignation or removal of the Trustee and appointment of a successor Trustee
shall become effective only upon the successor Trustee’s acceptance of appointment as
provided in this Section.

     (b) The Trustee may resign at any time by so notifying the Company. The Holders of a
majority in Principal amount of the Debentures may remove the Trustee by so notifying the
Trustee and the Company. The Company may remove the Trustee if:

     (1) the Trustee fails to comply with Section 7.10;

     (2) the Trustee is adjudged a bankrupt or an insolvent;

     (3) a receiver or public officer takes charge of the Trustee or its property;
or

     (4) the Trustee becomes incapable of acting.

     (c) If the Trustee resigns or is removed or if a vacancy exists in the office of
Trustee for any reason, the Company shall promptly appoint a successor Trustee.

     (d) If a successor Trustee is not appointed and does not take office within 30 days
after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or,
subject to Section 6.09, any Holder may petition, at the expense of the Company, any court
of competent jurisdiction for the appointment of a successor Trustee.

     (e) If the Trustee fails to comply with Section 7.10, any Holder may petition any
court of competent jurisdiction for the removal of the Trustee and the appointment of a
successor Trustee. Within one year after a successor Trustee appointed by the Company or a
court pursuant to this Section 7.08 takes office, the Holders of a majority in Principal
amount of the Debentures may appoint a successor Trustee to replace such successor Trustee.

     (f) A successor Trustee shall deliver a written acceptance of its appointment to the
retiring Trustee and to the Company. Thereupon the resignation or removal of the retiring
Trustee shall become effective, and the successor Trustee shall have all the rights, powers
and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice
of its succession to Holders. The retiring Trustee shall promptly transfer all property
held by it as Trustee to the successor Trustee, subject to the lien provided for in Section
7.07.

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Section 7.09. Successor Trustee by Merger, etc. If the Trustee consolidates, merges or converts
into, or transfers all or substantially all of its corporate trust business to, another
corporation, the successor corporation without any further act shall be the successor Trustee, if
such successor corporation is eligible and qualified under Section 7.10.

Section 7.10. Eligibility. This Indenture shall always have a Trustee who satisfies the
requirements of TIA Sections 310(a)(1) and 310(a)(2). The Trustee shall always have a combined
capital and surplus as stated in Section 11.09 .

Section 7.11. Preferential Collection of Claims Against the Company. Upon and so long as the
Indenture is qualified under the TIA, the Trustee is subject to TIA Section 311(a), excluding any
creditor relationship listed in TIA Section 311(b). A Trustee who has resigned or been removed is
subject to TIA Section 311(a) to the extent indicated.

ARTICLE VIII

SATISFACTION AND DISCHARGE

Section 8.01. Satisfaction and Discharge of Indenture.

     (a) This Indenture shall cease to be of further effect (except as to any surviving
rights of Debentures expressly provided for herein), and the Trustee, on demand of and at
the expense of the Company, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture, when:

     (1) either:

     (A) all Debentures theretofore authenticated and delivered (other
than (i) Debentures which have been destroyed, lost or stolen and which
have been replaced or paid as provided in Section 2.07 and (ii) Debentures
for whose payment money has theretofore been deposited in trust or
segregated and held in trust by the Company and thereafter repaid to the
Company or discharged from such trust, as provided in Section 8.04) have
been delivered to the Trustee for cancellation; or

     (B) all such Debentures not theretofore delivered to the Trustee for
cancellation:

     (i) have become due and payable, or

     (ii) will become due and payable at their stated maturity within one
year, or

     (iii) are to be called for redemption within one year under
arrangements satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the Company,

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and the Company in the case of (i), (ii), and (iii) above, has deposited
or caused to be deposited with the Trustee as trust funds in trust for the
purpose an amount of money or U.S. Government Obligations sufficient to
pay and discharge the entire indebtedness on such Debentures not
theretofore delivered to the Trustee for cancellation, for Principal and
interest to the date of such deposit (in the case of Debentures which have
become due and payable) or to the stated maturity or redemption date, as
the case may be;

     (2) the Company has paid or caused to be paid all other sums payable hereunder
by the Company; and

     (3) the Company has delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent herein provided for
relating to the satisfaction and discharge of this Indenture have been complied
with.

     (b) Notwithstanding the satisfaction and discharge of this Indenture, the obligations
of the Company to the Holders under Section 4.01, to the Trustee under Section 7.07, and,
if money or U.S. Government Obligations shall have been deposited with the Trustee pursuant
to subclause (B) of clause (1) of this Section, the obligations of the Trustee under
Section 8.02 shall survive.

Section 8.02. Application of Trust Funds. The Trustee or Paying Agent shall hold in trust,
for the benefit of the Holders, all money and U.S. Government Obligations deposited with it (or
into which such money and U.S. Government Obligations are reinvested) pursuant to Section 8.01. It
shall apply such deposited money and money from U.S. Government Obligations in accordance with this
Indenture to the payment of the Principal and interest on the Debentures. Money and U.S.
Government Obligations so held in trust (i) are not subject to Article X and (ii) are subject to
the Trustee’s rights under Section 7.07.

Section 8.03. Reinstatement. If the Trustee or Paying Agent is unable to apply any money or
U.S. Government Obligations in accordance with Section 8.01 by reason of any order or judgment of
any court or governmental authority enjoining, restraining or otherwise prohibiting such
application, then the Company’s obligations under this Indenture and the Debentures shall be
revived and reinstated as though no deposit had occurred pursuant to this Article VIII, until such
time as the Trustee or Paying Agent is permitted to apply all such money or U.S. Government
Obligations in accordance with Section 8.01; provided, however, that if the Company makes any
payment of Principal of or interest on any Debenture following the reinstatement of its
obligations, the Company shall be subrogated to the rights of the Holders of such Debentures to
receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying
Agent after payment in full to the Holders.

Section 8.04. Repayment to the Company.

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     (a) The Trustee and Paying Agent shall promptly turn over to the Company upon written
request any excess money or U.S. Government Obligations held by them at any time.

     (b) The Trustee and the Paying Agent shall pay to the Company upon written request any
money held by them for payment of Principal or interest that remains unclaimed for two
years after the right to such money has matured. After payment to the Company, Holders
entitled to the money shall look to the Company for payment as unsecured general creditors
unless an abandoned property law designates another Person.

ARTICLE IX

AMENDMENTS

Section 9.01. Without Consent of Holders. The Company and the Trustee may amend this
Indenture or the Debentures without the consent of any Holder:

     (1) to cure any ambiguity, defect or inconsistency;

     (2) to comply with Section 5.01; or

     (3) to make any change that does not adversely affect the rights of any
Holder.

Section 9.02. With Consent of Holders.

     (a) The Company and the Trustee may amend this Indenture or the Debentures with the
written consent of the Holders of at least a majority in Principal amount of the
Debentures. However, without the consent of each Holder affected, an amendment under this
Section may not:

     (1) reduce the amount of Debentures whose Holders must consent to an
amendment;

     (2) reduce the interest on or change the time for payment of interest on any
Debenture;

     (3) reduce the Principal of or change the fixed maturity of any Debenture;

     (4) reduce the premium payable upon the redemption of any Debenture or change
the time at which any Debenture may or shall be redeemed;

     (5) make any Debenture payable in money other than that stated in the
Debenture;

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     (6) make any change in Section 6.04, 6.07 or 9.02(a) (second sentence); or

     (7) make any change in Article X that materially adversely affects the rights
of any Holder.

It shall not be necessary for the consent of the Holders under this Section to approve the
particular form of any proposed amendment, but it shall be sufficient if such consent approves the
substance thereof.

     (b) An amendment under this Section may not make any change that adversely affects the
rights under Article X of any Senior Debt.

Section 9.03. Compliance with Trust Indenture Act and Section 12.03. Every amendment to this
Indenture or the Debentures shall comply with the TIA as then in effect. The Company shall provide
the Trustee with an Opinion of Counsel and Officers’ Certificate that the Trustee’s execution of
any amendment or supplemental indenture is permitted under this Article IX.

Section 9.04. Revocation and Effect of Consents and Waivers. A consent to an amendment or a
waiver by a Holder of a Debenture shall bind the Holder and every subsequent Holder of that
Debenture or portion of the Debenture that evidences the same debt as the consenting Holder’s
Debenture, even if notation of the consent or waiver is not made on the Debenture. However, any
such Holder or subsequent Holder may revoke the consent or waiver as to such Holder’s Debenture or
portion of the Debenture if the Trustee receives the written notice of revocation before the date
the amendment or waiver becomes effective. After an amendment or waiver becomes effective, it
shall bind every Holder.

     The Company may, but shall not be obligated to, fix a record date for the purpose of
determining the Holders entitled to give their consent or take any other action described above or
required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then
notwithstanding the immediately preceding paragraph, those Persons who were Holders at such record
date (or their duly designated proxies), and only those Persons, shall be entitled to give such
consent or to revoke any consent previously given or take any such action, whether or not such
Persons continue to be Holders after such record date. No such consent shall be valid or effective
for more than 120 days after such record date.

Section 9.05. Notice of Amendment; Notation on or Exchange of Debentures.

     (a) After any amendment under this Article becomes effective, the Company shall mail
to Holders a notice briefly describing such amendment. The failure to give such notice to
all Holders, or any defect therein, shall not impair or affect the validity of an amendment
under this Article.

     (b) The Company or the Trustee may place an appropriate notation about an amendment or
waiver on any Debenture thereafter authenticated. The

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Company may issue in exchange for affected Debentures new Debentures that reflect the
amendment or waiver.

Section 9.06. Trustee Protected. The Trustee need not sign any supplemental indenture that
adversely affects its rights.

ARTICLE X

SUBORDINATION

Section 10.01. Debentures Subordinated to Senior Debt.

     (a) The rights of Holders to payment of the Principal of and interest on the
Debentures is subordinated to the rights of holders of Senior Debt, to the extent and in
the manner provided in this Article X.

     (b) The rights of Holders to the Principal or any part hereof and to any accrued
interest thereon shall remain subject and subordinate to the Senior Debt and, upon
dissolution or liquidation of the Company, no payment of Principal, interest or premium
(including post-default interest) shall be due and payable under this Indenture until all
Senior Debt creditors shall have been paid in full.

     (c) Each Holder by such Holder’s acceptance of the Debentures authorizes and directs
the Trustee on such Holder’s behalf to take such action as may be necessary or appropriate
to implement the subordination provided in this Article and appoints the Trustee his
attorney-in-fact for any and all such purposes.

Section 10.02. Debentures Subordinated in Any Proceeding. Upon any Distribution in any
Proceeding,

     (a) any Distribution to which the Holders are entitled shall be paid directly to the
holders of Senior Debt to the extent necessary to make payment in full of all Senior Debt
remaining unpaid after giving effect to all other Distributions to or for the benefit of
the holders of Senior Debt; and

     (b) in the event that any Distribution is received by the Trustee before all Senior
Debt is paid in full, such Distribution shall be applied by the Trustee in accordance with
this Article X.

Section 10.03. No Payment on Debentures in Certain Circumstances.

     (a) The Company shall not, directly or indirectly pay any Principal of or interest on,
redeem, defease or repurchase any of the Debentures (i) after any Senior Debt becomes due
and payable, unless and until all such Senior Debt shall first be paid in full, or (ii)
after a Senior Debt Payment Default, unless and until such Senior Debt Payment Default has
been cured or otherwise has ceased to exist.

29

 

     (b) During a Payment Blockage Period, no payment of any Principal of or interest on
the Debentures may be made, directly or indirectly, by the Company. Unless the Senior Debt
in respect of which the Senior Debt Default Notice has been given has been declared due and
payable in its entirety within the Payment Blockage Period, at the end of the Payment
Blockage Period, the Company shall pay all sums not paid to the Holders during the Payment
Blockage Period and resume all other payments on the Debentures as and when due. Defaulted
Interest shall be paid in accordance with Section 2.13. Any number of Senior Debt Default
Notices may be given. If, (a) notwithstanding the foregoing, the Company shall make any
payment to the Trustee or the Holders that is prohibited by the foregoing, and (b) such
fact shall, at or prior to the time of such payment, have been made known to the Trustee
or, as the case may be, such Holder, then (c) in such event such payment shall be paid over
and delivered forthwith to the Company.

     (c) If any Distribution, payment or deposit to redeem, defease or acquire any of the
Debentures shall have been received by the Trustee at a time when such Distribution was
prohibited by the provisions of this Section 10.03, then, unless such Distribution is no
longer prohibited by this Section 10.03, such Distribution shall be received and applied by
the Trustee for the benefit of the holders of Senior Debt, and shall be paid or delivered
by the Trustee to the holders of Senior Debt for application to the payment of all Senior
Debt.

Section 10.04. [Intentionally Omitted].

Section 10.05. Obligations of the Company Unconditional. This Article defines the relative
rights of the Holders and holders of Senior Debt. Nothing in this Indenture is intended to or
shall impair, as between the Company and the Holders, the obligation of the Company, which is
absolute and unconditional, to pay to the Holders the Principal of and interest on the Debentures
as and when the same shall become due and payable in accordance with their terms, or is intended to
or shall affect the relative rights of the Holders and creditors of the Company, other than the
holders of Senior Debt, nor shall anything herein or in the Debentures prevent the Trustee or any
Holder from exercising all remedies otherwise permitted by applicable law upon default under this
Indenture, subject to the rights, if any, under this Article X, of the holders of Senior Debt in
respect of any Distribution received upon the exercise of any such remedy. Upon any Distribution,
the Trustee and the Holders shall be entitled to rely conclusively upon any order or decree made by
any court of competent jurisdiction in which the Proceeding is pending, or a certificate of the
liquidating trustee or agent or other Person making any Distribution for the purpose of
ascertaining the Persons entitled to participate in such Distribution, the holders of Senior Debt
and other Debt of the Company, the amount thereof or payable thereon, the amount or amounts paid or
distributed thereon and all other facts pertinent thereto or to this Article X.

Section 10.06. Trustee and Paying Agents Entitled to Assume Payments Not Prohibited in Absence
of Notice. The Company shall give prompt written notice to the Trustee of any fact known to the
Company which would prohibit the making of any

30

 

 payment to or by the Trustee in respect of the Debentures. The Trustee shall not at any time
be charged with knowledge of the existence of any facts which would prohibit the making of any
payment to or by the Trustee, unless and until a Trust Officer shall have received, no later than
two (2) Business Days prior to such payment, written notice thereof from the Company or from one or
more holders of Senior Debt and, prior to the receipt of any such written notice, the Trustee shall
be entitled in all respects conclusively to presume that no such fact exists. Unless the Trustee
shall have received the notice provided for in the preceding sentence, the Trustee shall have full
power and authority to receive such payment and to apply the same to the purpose for which it was
received, and shall not be affected by any notice to the contrary which may be received by it on or
after such date. The foregoing shall not apply to any Affiliate of the Company acting as Paying
Agent. The Trustee shall be entitled to conclusively rely on the delivery to it of a written
notice by a person representing himself to be a holder of Senior Debt (or a trustee or agent on
behalf of such holder) to establish that such notice has been given by a holder of Senior Debt (or
a trustee or agent on behalf of any such holder). In the event that the Trustee determines in good
faith that further evidence is required with respect to the right of any person as a holder of
Senior Debt to participate in any payment or distribution pursuant to this Article, the Trustee may
request such person to furnish evidence to the reasonable satisfaction of the Trustee as to the
amount of Senior Debt held by such person, the extent to which such person is entitled to
participate in such payment or distribution and any other facts pertinent to the rights of such
person under this Article, and if such evidence is not furnished, the Trustee may defer any payment
which it may be required to make for the benefit of such person pursuant to the terms of this
Indenture pending judicial determination as to the rights of such person to receive such payment.

Section 10.07. Satisfaction and Discharge. Amounts deposited in trust with the Trustee
pursuant to and in accordance with Article VIII and not prohibited to be deposited under Section
10.03 when deposited shall not be subject to this Article X.

Section 10.08. Subordination Rights Not Impaired by Acts or Omissions of the Company or Holders of
Senior Debt.

     (a) No right of any holder of any Senior Debt established in this Article X shall at
any time or in any way be prejudiced or impaired by any act or failure to act on the part
of the Company or by any act or failure to act, in good faith, by any such holder, or by
any failure by the Company to comply with the terms of this Indenture.

     (b) Without in any way limiting the generality of the foregoing paragraph, the holders
of Senior Debt may, at any time and from time to time, without the consent of or notice to
the Trustee or the Holders of the Debentures, without incurring responsibility to the
Holders of the Debentures and without impairing or releasing the subordination provided in
this Article or the obligations hereunder of the Holders of the Debentures to the holders
of Senior Debt, do any one or more of the following: (i) change the manner, place or terms
of payment or extend the time of payment of, or renew or alter, Senior Debt, or otherwise
amend or supplement in any manner Senior Debt or any instrument evidencing the same

31

 

or any agreement under which Senior Debt is outstanding; (ii) sell, exchange, release
or otherwise deal with any property pledged, mortgaged or otherwise securing Senior Debt;
(iii) release any Person liable in any manner for the collection of Senior Debt; and (iv)
exercise or refrain from exercising any rights against the Company and any other Person.

Section 10.09. Right to Hold Senior Debt. The Trustee is entitled to all of the rights set
forth in this Article X in respect of any Senior Debt at any time held by it to the same extent as
any other holder of Senior Debt.

Section 10.10. No Fiduciary Duty of Trustee or Holders to Holders of Senior Debt. Neither the
Trustee nor the Holders owes any fiduciary duty to the holders of Senior Debt. Neither the Trustee
nor the Holders shall be liable to any holder of Senior Debt in the event that the Trustee, acting
in good faith, shall pay over or distribute to the Holders, the Company, or any other Person, any
property to which any holders of Senior Debt are entitled by virtue of this Article or otherwise.
With respect to the holders of Senior Debt, the Trustee undertakes to perform or to observe only
such of its covenants or obligations as are specifically set forth in this Article X and no implied
covenants or obligations with respect to holders of Senior Debt shall be read into this Indenture
against the Trustee. Nothing contained in this Section 10.10 shall affect the obligation of any
other such Person to hold such payment for the benefit of, and to pay such payment over to, the
holders of Senior Debt.

Section 10.11. Distribution to Holders of Senior Debt. Any Distribution otherwise payable to
the holders of the Debentures made to Holders of Senior Debt pursuant to this Article shall be made
to such holders of Senior Debt ratably according to the respective amount of Senior Debt held by
each.

Section 10.12. Trustee’s Rights to Compensation, Reimbursement of Expenses and
Indemnification. The Trustee’s rights to compensation, reimbursement of expenses and
indemnification under Sections 6.08 and 7.07 are not subordinated.

Section 10.13. Exception for Certain Distributions. The rights of holders of Senior Debt
under this Article do not extend (a) to any Distribution to the extent applied to the Trustee’s
rights to compensation, reimbursement of expenses or indemnification, or (b) to Distributions under
any plan approved by the court in any Proceeding.

Section 10.14. Certain Definitions. As used in this Article X,

     “Distribution” in any Proceeding means any payment or distribution of assets or securities of
the Company of any kind or character from any source, whether in cash, securities or other property
made by the Company, custodian, liquidating trustee or agent or any other person whether pursuant
to a plan or otherwise.

     “Payment Blockage Period” means the period beginning when (a) a Senior Debt Default Notice is
given to the Company and the Trustee, or (b) a judicial proceeding with regard to such an alleged
default or event of default commences, and ending when the

32

 

default identified in the Senior Debt Default Notice is cured or otherwise ceases to exist, or
such judicial proceeding is terminated.

     “Trustee” for purposes of this Article X includes any Paying Agent.

ARTICLE XI

MISCELLANEOUS

Section 11.01. Notices. Any notice by one party to the other shall be in writing and sent to
the other’s address stated in Section 11.09. The notice is duly given if it is delivered in Person
or sent by email, facsimile, a national courier service which provides next Business Day delivery
or by first-class mail. A party by notice to the other party may designate additional or different
addresses for subsequent notices. If a notice is delivered or mailed in the manner provided above
within the time prescribed, it is duly given, whether or not the addressee receives it.

     Any notice sent to a Holder shall be mailed by first-class letter mailed to its address shown
on the register kept by the Registrar. Failure to mail a notice to a Holder or any defect in a
notice mailed to a Holder shall not affect the sufficiency of the notice mailed to other Holders.

     If the Company mails a notice to Holders, it shall deliver or mail a copy to the Trustee and
each Agent at the same time.

     A “notice” includes any communication required by this Indenture.

Section 11.02. Communication by Holders with Other Holders. Holders may communicate pursuant
to TIA Section 312(b) with other Holders with respect to their rights under this Indenture or the
Debentures. The Company, the Trustee, and Registrar and anyone else shall have the protection of
TIA Section 312(c).

Section 11.03. Certificate and Opinion as to Conditions Precedent. Upon any request or
application by the Company to the Trustee to take any action under this Indenture, the Company
shall furnish to the Trustee:

     (a) an Officers’ Certificate stating that, in the opinion of the signers, all
conditions precedent, if any, provided for in this Indenture relating to the proposed
action have been complied with; and

     (b) an Opinion of Counsel stating that, in the opinion of such counsel, all such
conditions precedent have been complied with.

Section 11.04. Statements Required in Certificate or Opinion. Each certificate or opinion
with respect to compliance with a condition or covenant provided for in this Indenture shall
include:

     (a) a statement that each Person making such certificate or opinion has read such
covenant or condition;

33

 

     (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, in the opinion of such Person, the Person has made such
examination or investigation as is necessary to enable such Person 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 or not, in the opinion of such Person, such condition or
covenant has been complied with.

Section 11.05. Rules by Trustee and Agents. The Trustee may make reasonable rules for action
by or a meeting of Holders. Any Agent may make reasonable rules and set reasonable requirements
for its functions.

Section 11.06. Legal Holidays. A “Legal Holiday” is a Saturday, a Sunday or a day on which
banking institutions are not required to be open. If a payment date is a Legal Holiday at a place
of payment, payment may be made at that place on the next succeeding day that is not a Legal
Holiday, and no interest shall accrue for the intervening period.

Section 11.07. No Recourse Against Others. A director, officer, employee or shareholder, as
such, of the Company shall not have any liability for any obligations of the Company under the
Debentures or the Indenture or for any claim based on, in respect of or by reason of such
obligations or their creation.

Section 11.08. Duplicate Originals. This Indenture may be executed in two or more
counterparts, which when so executed shall constitute one and the same agreement. The exchange of
copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute
effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu
of the original Indenture for all purposes. Signatures of the parties hereto transmitted by
facsimile or PDF shall be deemed to be their original signatures for all purposes.

Section 11.09. Variable Provisions.

     “Officer” means the Chief Executive Officer, any President, any Vice-President, the Treasurer,
the Chief Financial Officer, the Secretary, any Assistant Treasurer or any Assistant Secretary of
the Company.

     The Company initially appoints the Trustee as Registrar and Paying Agent.

     The first certificate pursuant to Section 4.03 shall be for the fiscal year ending on December
31, 2009.

     The reporting date for Section 7.06 is                      of each year. The first reporting date is
                    , 2009.

34

 

     The Trustee shall always have a combined capital and surplus of at least $50,000,000 as set
forth in its most recent published annual report of condition. The Trustee will be deemed to be in
compliance with the capital and surplus requirement set forth in the preceding sentence if its
obligations are guaranteed by a Person which could otherwise act as Trustee hereunder and which
meets such capital and surplus requirement and the Trustee has at least the minimum capital and
surplus required by TIA Section 310(a)(2).

     In determining whether the Trustee has a conflicting interest as defined in TIA Section
310(b)(1), the following is excluded: None.

     The Company’s address is:

Monroe Bancorp

210 East Kirkwood Avenue

Bloomington, Indiana 47408

Facsimile No.: (812) 331-3530

Attention: Chief Financial Officer

     The Trustee’s address is:

Wells Fargo Bank, National Association

707 Wilshire Blvd.

17th Floor

Los Angeles, CA 90017

Facsimile No.: (213) 614-3355

Attention: Corporate Trust Services

Section 11.10. Governing Law. The laws of the State of New York, without reference to choice
of law or conflict of law rules, shall govern this Indenture and the Debentures.

Section 11.11. Waiver of Jury Trial. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN
ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE DEBENTURES OR THE
TRANSACTION CONTEMPLATED HEREBY.

Section 11.12. Force Majeure. In no event shall the 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 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.

35

 

Section 11.13. USA PATRIOT Act. The parties hereto acknowledge that in accordance with
Section 326 of the USA PATRIOT Act, the Trustee, like all financial institutions and in order to
help fight the funding of terrorism and money laundering, is required to obtain, verify, and record
information that identifies each person or legal entity that establishes a relationship or opens an
account with the Trustee. The parties to this Indenture agree that they will provide the Trustee
with such information as it may request in order for the Trustee to satisfy the requirements of the
USA PATRIOT Act.

[Signature Page Follows]

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

	 	 	 	 	 
	 	MONROE BANCORP

 	 
	 	By:  	 	 
	 	 	Mark D. Bradford, President and 	 
	 	 	Chief Executive Officer 	 
	 

	 	 	 	 	 	 	 
	 	 	WELLS FARGO BANK, NATIONAL ASSOCIATION
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Printed:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Its:	 	 	 	 
	 

	 	 	 	 

	 	 

36

 

EXHIBIT A

(FACE OF DEBENTURE)

			
	 	 	 
	No.                                        
	 	$                                        

MONROE BANCORP

___% Redeemable Subordinated Debenture Due 2019

Interest Payment Dates:                      and                      30

Record Dates:                                                             

CUSIP No.                                         

THIS OBLIGATION IS NOT A DEPOSIT AND IS NOT INSURED BY THE

FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER FEDERAL

AGENCY.

Monroe Bancorp promises to pay to                                                              or registered assigns, the sum of
                                                             Dollars on                     , 2019.

This Debenture is subordinated to Senior Debt as defined by the Indenture and is redeemable at the
option of Monroe Bancorp, without premium or penalty as of any redemption date on or after
                    , 2012. See the reverse and the Indenture referenced for additional provisions of this
Debenture.

	 	 	 	 	 	 	 	 	 	 	 
	WELLS FARGO BANK,	 	 	 	MONROE BANCORP	 	 
	NATIONAL ASSOCIATION as Trustee	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 

Authorized Signatory
	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 

	 	 

Dated:                                         

A-1

 

(Back of Debenture)

MONROE BANCORP

___% Redeemable Subordinated Debenture Due 2019

     1. Interest. Monroe Bancorp (“Company”), an Indiana corporation, promises to pay
interest on the principal amount of this Debenture at the rate per annum shown above. The Company
will pay interest semiannually on                      and                      30 of each year. Interest on the
Debentures will accrue from the most recent date to which interest has been paid or, if no interest
has been paid, from [[Date of issue]], 2009. Interest will be computed on the basis of a 360-day
year of twelve 30-day months.

     2. Method of Payment. The Company will pay interest on the Debentures to the Persons
who are registered holders of Debentures at the close of business on the record date for the next
interest payment date, except as otherwise provided herein or in the Indenture even though
Debentures are cancelled after the record date and on or before the interest payment date. Holders
must surrender Debentures to a Paying Agent to collect principal payments. The Company will pay
Principal and interest in money of the United States that at the time of payment is legal tender
for payment of public and private debts. However, the Company may pay Principal and interest by
wire transfer or check payable in such money. It may mail an interest check to a record date
holder’s registered address.

     3. Agents. Initially, Wells Fargo Bank, National Association (“Trustee”), 707
Wilshire Blvd., 17th Floor, Los Angeles, CA 90017, will act as Registrar and Paying Agent. The
Company may change any such Agent without notice. The Company or an Affiliate may act in any such
capacity. Subject to certain conditions, the Company may change the Trustee.

     4. Indenture. The Company issued the Debentures under an Indenture dated as of
                                        , 2009 (“Indenture”) between the Company and the Trustee. The terms of the
Debentures include those stated in the Indenture and those made part of the Indenture by the Trust
Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) (the “Act”). The Debentures are subject to all
such terms, and Holders are referred to the Indenture and the Act for a statement of such terms.
The Debentures are unsecured subordinated general obligations of the Company limited to $___,000,000
in aggregate principal amount.

     5. Redemption. The Debentures may not be redeemed at the option of the Company prior
to                     , 2012, but may be redeemed in accordance with the Indenture in whole or in part without
premium or penalty on or after                     , 2012.

     6. Notice of Redemption. Notice of redemption will be sent at least 30 days but not
more than 60 days before the redemption date to each holder of Debentures to be redeemed at his
registered address.

A-2

 

     7. Subordination. The Debentures are subordinated to Senior Debt as defined in the
Indenture. To the extent provided in the Indenture, Senior Debt must be paid before the Debentures
may be paid. The Company agrees, and each Holder by accepting a Debenture agrees, to the
subordination and authorizes the Trustee to give it effect.

     8. Denominations, Transfer, Exchange. The Debentures are in registered form without
coupons in denominations of $                     and integral multiples of $                    . The transfer of
Debentures may be registered and Debentures may be exchanged as provided in the Indenture. The
Registrar may require a holder, among other things, to furnish appropriate endorsements and
transfer documents and to pay any taxes required by law. The Registrar need not exchange or
register the transfer of any Debenture or portion of a Debenture selected for redemption. Also, it
need not exchange or register the transfer of any Debentures for a period of 15 days before the
transmission of a notice of redemption of Debentures to be redeemed.

     9. Persons Deemed Owners. Subject to Section 6.11 of the Indenture, the registered
holder of a Debenture may be treated as its owner for all purposes.

     10. Amendments and Waivers. Subject to certain exceptions, the Indenture or the
Debentures may be amended, and any Default may be waived, with the consent of the holders of a
majority in Principal amount of the Debentures. Without the consent of any Holder, the Indenture
or the Debentures may be amended to cure any ambiguity, defect or inconsistency, to provide for
assumption of the Company obligations to Holders or to make any change that does not adversely
affect the rights of any Holder.

     11. Successors. When successors assume all the obligations of the Company under the
Debentures and the Indenture, the Company will be released from those obligations, except as
provided in the Indenture.

     12. Satisfaction and Discharge Prior to Redemption or Maturity. Subject to certain
conditions, the Company at any time may terminate some or all of its obligations under the
Debentures and the Indenture if the Company deposits with the Trustee money or U.S. Government
Obligations for the payment of Principal and interest on the Debentures to redemption or maturity.

     13. Defaults and Remedies. Subject to the Indenture, if an Event of Default, as
defined in the Indenture, occurs and is continuing, the Trustee or the holders of at least 25% in
Principal amount of the Debentures may declare all the Debentures to be due and payable
immediately, provided, however, that such acceleration right shall only apply in certain events of
insolvency, bankruptcy or receivership, and does not apply in the event that the Company were to
not pay any interest or other payments due under the Indenture or in the event of other Events of
Default. Holders may not enforce the Indenture or the Debentures except as provided in the
Indenture. The Trustee may require indemnity satisfactory to it before it enforces the Indenture
or the Debentures. Subject to certain limitations, holders of a majority in Principal amount of
the Debentures may direct the Trustee in its exercise of any trust or power. The Trustee may
withhold from Holders

A-3

 

notice of any continuing Default (except a Default in payment of Principal or interest) if it
determines that withholding notice is in their interests. The Company must furnish an annual
compliance certificate to the Trustee.

     14. Trustee Dealings with the Company. The Trustee, in its individual or any other
capacity, may make loans to, accept deposits from, and perform services for the Company or its
Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not Trustee,
subject to the Indenture and the Act.

     15. No Recourse Against Others. A director, officer, employee or shareholder, as
such, of the Company shall not have any liability for any obligations of the Company under the
Debentures or the Indenture or for any claim based on, in respect of or by reason of such
obligations or their creation. Each Holder by accepting a Debenture expressly waives and releases
all such liability. In addition, each Holder that is a bank or depository institution expressly
waives any right of offset with respect to the Debentures. The waiver and release are part of the
consideration for the issue of the Debentures.

     16. Authentication. This Debenture shall not be valid until authenticated by a manual
signature of the Trustee.

     17. Abbreviations. Customary abbreviations may be used in the name of a Holder or an
assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (=
joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G
A (= Uniform Gifts to Minors Act).

     18. Governing Law. The laws of the State of New York, without reference to choice of
law or conflict of law rules, shall govern the Indenture and the Debentures.

     The Company will furnish to any Holder upon written request and without charge a copy of the
Indenture. Requests may be made to: Secretary, Monroe Bancorp, 210 East Kirkwood Avenue,
Bloomington, Indiana 47408.

A-4

 

INDENTURE RIDER – MONROE BANCORP

ASSIGNMENT FORM

     If you want to assign this Security, fill in the form below and have your signature
guaranteed:

     I or we assign and transfer this Security to:

      

      

      

(Print or type name, address and zip code and social security or tax ID number of assignee)

     and irrevocably appoint                                                             
agent to transfer
this Security
on the books of the Company. The agent may substitute another to act for him.

     Date:                                                   Signed:                                        

(Sign exactly as your name appears on the other side of this Security)

     Signature Guarantee:                                                            

Note: Signatures must be guaranteed by an “eligible guarantor institution” meeting the
requirements of the Security Registrar, which requirements include membership or participation in
the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Security Registrar in addition to, or in substitution for, STAMP, all
in accordance with the Securities Exchange Act of 1934, as amended.

A-5

 

EXHIBIT B

(FORM OF INCUMBENCY CERTIFICATE)

INCUMBENCY CERTIFICATE

     The undersigned,                     , being the                      of Monroe Bancorp (the “Company”) does
hereby certify that the individuals listed below are qualified and acting officers of the Company
as set forth in the right column opposite their respective names and the signatures appearing in
the extreme right column opposite the name of each such officer is a true specimen of the genuine
signature of such officer and such individuals have the authority to execute documents to be
delivered to, or upon the request of, Wells Fargo Bank, National Association, as Trustee (the
“Trustee”) under the Indenture dated as of                                                              , 2009, by and between the Company and the
Trustee.

	 	 	 	 	 	 
	Name	 	Title	 	Signature	 
	 

	 	 

	 	 

	 
	 
	 	 	 	 	 
	 

	 	 

	 	 

	 
	 
	 	 	 	 	 
	 

	 	 

	 	 

	 
	 
	 	 	 	 	 
	 

	 	 

	 	 

	 

     IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Certificate as of the
                     day of                                         , 20                    .

	 	 	 	 	 
	 
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 

B-1

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