Document:

EX-4.4

 Exhibit 4.4 

Execution Copy 
  

 
 AMERICAN EXPRESS ISSUANCE TRUST
II 
 SECOND AMENDED AND RESTATED TRUST AGREEMENT 

between 
 AMERICAN EXPRESS
RECEIVABLES FINANCING CORPORATION VIII LLC, 
 as Beneficiary and Transferor, 

and 
 WILMINGTON TRUST COMPANY

 Dated as of July 29, 2016 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	ARTICLE I	  
	DEFINITIONS	  
			
	 Section 1.01.
	  	Definitions	  	 	1	  
			
	 Section 1.02.
	  	Other Definitional Provisions	  	 	6	  
	
	ARTICLE II	  
	ORGANIZATION	  
			
	 Section 2.01.
	  	Name	  	 	6	  
			
	 Section 2.02.
	  	Office	  	 	6	  
			
	 Section 2.03.
	  	Purposes and Powers; Trust To Operate as a Single Purpose Entity	  	 	6	  
			
	 Section 2.04.
	  	Appointment of Owner Trustee	  	 	10	  
			
	 Section 2.05.
	  	Initial Capital Contribution of Trust Estate	  	 	10	  
			
	 Section 2.06.
	  	Declaration of Trust	  	 	10	  
			
	 Section 2.07.
	  	Title to Trust Estate	  	 	10	  
			
	 Section 2.08.
	  	Situs of Trust	  	 	10	  
			
	 Section 2.09.
	  	Nature of Interest in the Trust Estate	  	 	10	  
			
	 Section 2.10.
	  	Tax Matters	  	 	10	  
			
	 Section 2.11.
	  	Fiscal Year	  	 	11	  
			
	 Section 2.12.
	  	Closing	  	 	11	  
			
	 Section 2.13.
	  	Books and Records	  	 	11	  
			
	 Section 2.14.
	  	Limitation on Liability of Transferor and Others	  	 	11	  
			
	 Section 2.15.
	  	Representations and Warranties of each Beneficiary	  	 	11	  
	
	ARTICLE III	  
	BENEFICIAL INTEREST	  
			
	 Section 3.01.
	  	Initial Ownership	  	 	12	  
			
	 Section 3.02.
	  	Restrictions on Transfer	  	 	12	  
	
	ARTICLE IV	  
	DISTRIBUTIONS OF FUNDS	  
			
	 Section 4.01.
	  	Distribution of Funds	  	 	13	  
			
	 Section 4.02.
	  	Payments from Trust Estate Only	  	 	13	  
			
	 Section 4.03.
	  	Method of Payment	  	 	13	  
			
	 Section 4.04.
	  	Transferor Interest; Transferor Certificates	  	 	13	  

  
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 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
		
	ARTICLE V	  			
	ACTIONS BY OWNER TRUSTEE	  			
			
	 Section 5.01.
	  	Prior Notice to Beneficiary and Transferor with Respect to Certain Matters	  	 	14	  
			
	 Section 5.02.
	  	Restrictions on Power	  	 	15	  
	
	ARTICLE VI	  
	AUTHORITY AND DUTIES OF OWNER TRUSTEE	  
			
	 Section 6.01.
	  	Action Upon Instructions	  	 	15	  
			
	 Section 6.02.
	  	No Duty to Act Under Certain Circumstances	  	 	16	  
			
	 Section 6.03.
	  	No Duties Except Under Specified Agreements or Instructions	  	 	16	  
			
	 Section 6.04.
	  	Trust Operation	  	 	17	  
			
	 Section 6.05.
	  	Execution of Documents	  	 	18	  
	
	ARTICLE VII	  
	CONCERNING THE TRUSTEE BANK	  
			
	 Section 7.01.
	  	Acceptance of Trusts and Duties	  	 	18	  
			
	 Section 7.02.
	  	Furnishing of Documents	  	 	19	  
			
	 Section 7.03.
	  	Representations and Warranties	  	 	19	  
			
	 Section 7.04.
	  	Reliance; Advice of Counsel	  	 	20	  
			
	 Section 7.05.
	  	Not Acting in Individual Capacity	  	 	20	  
			
	 Section 7.06.
	  	No Representations and Warranties as to the Trust Estate	  	 	21	  
			
	 Section 7.07.
	  	Signature of Returns	  	 	21	  
			
	 Section 7.08.
	  	Trustee Bank May Own Notes	  	 	21	  
	
	ARTICLE VIII	  
	COMPENSATION OF TRUSTEE BANK AND INDEMNIFICATION	  
			
	 Section 8.01.
	  	Trustee Bank’s Fees and Expenses	  	 	21	  
			
	 Section 8.02.
	  	Indemnification	  	 	21	  
			
	 Section 8.03.
	  	Payments to the Owner Trustee	  	 	22	  
	
	ARTICLE IX	  
	TERMINATION OF TRUST AGREEMENT	  
			
	 Section 9.01.
	  	Termination of Trust Agreement	  	 	22	  

  
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 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	
	ARTICLE X	  
	SUCCESSOR OWNER TRUSTEES, CO-TRUSTEES AND SEPARATE OWNER TRUSTEES	  
			
	 Section 10.01.
	  	Eligibility Requirements for Owner Trustee	  	 	23	  
			
	 Section 10.02.
	  	Resignation or Removal of Owner Trustee	  	 	23	  
			
	 Section 10.03.
	  	Successor Owner Trustee	  	 	24	  
			
	 Section 10.04.
	  	Merger or Consolidation of Owner Trustee	  	 	24	  
			
	 Section 10.05.
	  	Appointment of Co-Trustee or Separate Owner Trustee	  	 	25	  
	
	ARTICLE XI	  
	MISCELLANEOUS	  
			
	 Section 11.01.
	  	Supplements and Amendments	  	 	26	  
			
	 Section 11.02.
	  	No Legal Title to Trust Estate in Beneficiary	  	 	28	  
			
	 Section 11.03.
	  	Limitations on Rights of Others	  	 	28	  
			
	 Section 11.04.
	  	Notices	  	 	28	  
			
	 Section 11.05.
	  	Severability	  	 	28	  
			
	 Section 11.06.
	  	Separate Counterparts	  	 	28	  
			
	 Section 11.07.
	  	Successors and Assigns	  	 	28	  
			
	 Section 11.08.
	  	Nonpetition Covenants	  	 	29	  
			
	 Section 11.09.
	  	No Recourse	  	 	29	  
			
	 Section 11.10.
	  	Headings	  	 	29	  
			
	 Section 11.11.
	  	GOVERNING LAW	  	 	29	  
			
	 Section 11.12.
	  	Acceptance of Terms of Agreement	  	 	29	  
			
	 Section 11.13.
	  	Integration of Documents	  	 	29	  
	
	ARTICLE XII	  
	COMPLIANCE WITH REGULATION AB	  
			
	 Section 12.01.
	  	Intent of the Parties; Reasonableness	  	 	30	  
			
	 Section 12.02.
	  	Information to Be Provided by the Trustee Bank	  	 	30	  
			
	 Section 12.03.
	  	Repurchase Demand Activity Reporting	  	 	31	  
			
	 Section 12.04.
	  	Investor Communications Reporting	  	 	32	  

  
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 EXHIBITS 
  

			
	EXHIBIT A	  	CERTIFICATE OF TRUST
		
	EXHIBIT B	  	FORM OF TRANSFEROR CERTIFICATE
		
	EXHIBIT C	  	FORM OF ASSET REPURCHASE DEMAND ACTIVITY REPORT
		
	EXHIBIT D	  	FORM OF INVESTOR COMMUNICATION REQUEST REPORT

 This AMERICAN EXPRESS ISSUANCE TRUST II SECOND AMENDED AND RESTATED TRUST AGREEMENT, between
AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION VIII LLC, a Delaware limited liability company, as Beneficiary and as Transferor, and WILMINGTON TRUST COMPANY, a Delaware corporation with trust powers, is made and entered into as of July 29,
2016, and acknowledged and accepted by the AMERICAN EXPRESS ISSUANCE TRUST II. 
 WHEREAS, American Express Receivables Financing
Corporation VIII LLC and the Trustee Bank have heretofore created a statutory trust pursuant to the Delaware Statutory Trust Act (as hereinafter defined) by filing the Certificate of Trust (as hereinafter defined) with the Secretary of State (as
hereinafter defined) on August 15, 2012, and entered into a Trust Agreement, dated as of August 15, 2012 (the “Original Trust Agreement”), which was amended and restated on October 24, 2012 (as amended and restated, the
“Amended Trust Agreement”); and 
 WHEREAS, the parties hereto desire to continue the Trust as a statutory trust under the
Delaware Statutory Trust Act and to amend and restate the Amended Trust Agreement in its entirety. 
 NOW, THEREFORE, in consideration of
the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.01. Definitions. For purposes of this Agreement, the following terms have the following meanings: 

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

“Administrator” means TRS, in its capacity as Administrator pursuant to the Servicing Agreement, and any successors or
assigns. 
 “Adverse Effect” has the meaning specified in the Indenture. 

“Affiliate” has the meaning specified in the Indenture. 

“Agreement” means this American Express Issuance Trust II Second Amended and Restated Trust Agreement, as the same may be
amended, modified or supplemented from time to time. 
 “Beneficial Interest” means the undivided beneficial interest of
the Beneficiary in the Trust. 

 “Beneficiary” means (a) RFC VIII, as beneficial owner of the Trust, and (b) each
Permitted Affiliate Transferee and other transferee under Section 3.02. References to “each Beneficiary” shall refer to each entity mentioned in the preceding sentence, and references to “the Beneficiary” shall refer to
all of such entities. 
 “Business Day” has the meaning specified in the Indenture. 

“Certificate of Trust” means the Certificate of Trust of the Trust, a copy of which is attached hereto as Exhibit A,
which has been filed for the Trust pursuant to subsection 3810(a) of the Delaware Statutory Trust Act. 
 “Class”
means, with respect to any Note, the Class specified in the applicable Indenture Supplement. 
 “Code” means the Internal
Revenue Code of 1986, as it may be amended from time to time. 
 “Collateral Certificate” has the meaning specified in the
Transfer Agreement. 
 “Commission” means the Securities and Exchange Commission. 

“Corporate Trust Office” means, with respect to the Owner Trustee, the principal corporate trust office of the Owner Trustee
located at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-1600, Attention: Corporate Trust Administration; or such other address as the Owner Trustee may designate by notice to the Beneficiary and the Transferor, or the
principal corporate trust office of any successor Owner Trustee (the address of which the successor Owner Trustee will notify the Beneficiary and the Transferor). 

“Delaware Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. §§ 3801, et
seq., as amended from time to time, and any successor statute thereto. 
 “Exchange Act” means the Securities Exchange
Act of 1934, as amended. 
 “Expenses” has the meaning specified in Section 8.02. 

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

“GAAP” has the meaning specified in the Indenture. 

“Governmental Authority” means the United States of America, any state or other political subdivision thereof and any entity
exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 
 “Indemnified
Parties” has the meaning specified in Section 8.02. 
 “Indenture” means the Second Amended and Restated
Indenture, dated as of July 29, 2016, between the Trust and the Indenture Trustee, which by its terms is identified as being 

  
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the Indenture referred to herein, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

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

“Indenture Trustee” means The Bank of New York Mellon, not in its individual capacity but solely as Indenture Trustee under
the Indenture, and each successor Indenture Trustee under such Indenture, or such other party identified as the Indenture Trustee within the Indenture. 

“Investor Certificate” has the meaning specified in the Indenture. 

“Investor Communication Reporting Series” has the meaning specified in the Indenture. 

“Investor Communication Reporting Regulation” has the meaning specified in Section 12.04(a). 

“Investor Communication Request” has the meaning specified in the Indenture. 

“Investor Certificateholder” means the holder of record of an Investor Certificate. 

“Issuer Accounts” has the meaning specified in the Servicing Agreement. 

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

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

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

“Note” has the meaning specified in the Indenture. 

“Noteholder” has the meaning specified in the Indenture. 

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

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

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

“Owner Trustee” means Wilmington Trust Company, a Delaware corporation with trust powers, not in its individual capacity but
solely in its capacity as owner trustee hereunder, and each successor trustee under Article X, in its capacity as owner trustee hereunder, and each co-trustee under and to the extent provided in Section 10.05, in its capacity as owner
trustee hereunder. 
 “Permitted Affiliate Transferee” is defined in Section 3.02. 

  
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 “Person” has the meaning specified in the Indenture. 

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

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

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

 “Repurchase Rules and Regulations” is defined in is defined in subsection 12.03(a). 

“Requirements of Law” means, for any Person, the certificate of incorporation or articles of association and by-laws or other
organizational or governing documents of such Person, and any law, treaty, rule or regulation, or determination of an arbitrator or Governmental Authority, in each case applicable to or binding upon such Person or to which such Person is subject,
whether federal, state or local (including without limitation, usury laws, the Federal Truth in Lending Act and Regulation Z and Regulation B of the Board of Governors of the Federal Reserve System). 

“Responsible Officer” means, when used with respect to the Owner Trustee, any officer within the Corporate Trust Office of
the Trustee Bank (or any successor group of the Trustee Bank), including any Vice President or any other officer of the Trustee Bank customarily performing functions similar to those performed by any person who at the time will be an
above-designated officer and who will have direct responsibility for the administration of this Agreement. 
 “RFC VIII”
means American Express Receivables Financing Corporation VIII LLC, a Delaware limited liability company, and its successors and assigns. 

“Secretary of State” means the Office of the Secretary of State of the State of Delaware. 

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

“Securitization Transaction” means any transaction involving a new issuance of notes pursuant to the Indenture, whether
publicly offered or privately placed, rated or unrated. 
 “Series” has the meaning specified in the Indenture. 

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

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

“Servicing Agreement” means the Second Amended and Restated Servicing Agreement, dated as of July 29, 2016, among the Trust,
as Issuer, RFC VIII, as Transferor, TRS, as Servicer and Administrator, and The Bank of New York Mellon, as Indenture Trustee, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Tranche” has the meaning specified in the Indenture. 

“Transaction Documents” means the Indenture, any Indenture Supplement thereto, the Certificate of Trust, this Agreement, the
Transfer Agreement (including any assignments and reassignments related thereto) and the Servicing Agreement and other documents delivered in connection herewith and therewith, as the same may be amended, restated, supplemented or otherwise modified
from time to time. 
 “Transfer” has the meaning specified in Section 3.02 hereof (and related terms shall take
their corresponding meaning, e.g., “Transferee” shall refer to a Person to whom a Transfer occurs, and “Transferred” shall signify being the subject of a Transfer). 

“Transfer Agreement” means the Second Amended and Restated Transfer Agreement, dated as of July 29, 2016, among the Trust, as
Issuer, RFC VIII, as Transferor, and The Bank of New York Mellon, as Indenture Trustee, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Transferor” means (a) RFC VIII or its successors under the Transfer Agreement and (b) any Additional Transferor or
Additional Transferors to the extent permitted under the Transfer Agreement. References to “each Transferor” shall refer to each entity mentioned in the preceding sentence and references to “the Transferor” shall refer to
all of such entities. 
 “Transferor Interest” has the meaning specified in the Transfer Agreement. 

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

 “Trust” means the statutory trust heretofore created by the Original Trust Agreement and the filing of the Certificate
of Trust with the Secretary of State and continued under and pursuant to the Delaware Statutory Trust Act and this Agreement. 

“Trust Estate” has the meaning specified in Section 2.06. 

“Trustee Bank” means Wilmington Trust Company in its individual capacity, each bank appointed as successor Owner Trustee
under Article X in its individual capacity and each bank appointed as co-trustee under and to the extent provided in Section 10.05 in its individual capacity. 

“UCC” means the Uniform Commercial Code as in effect in the State of Delaware and any other applicable jurisdiction. 

  
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 Section 1.02. Other Definitional Provisions. (a) Capitalized terms used herein and
not otherwise defined have the meanings specified in the Transfer Agreement or the Servicing Agreement or, if not defined therein, in the Indenture. 

(b) All terms defined in this Agreement will have the defined meanings when used in any certificate or other document made or delivered
pursuant hereto unless otherwise defined therein. 
 (c) As used in this Agreement and in any certificate or other document made or
delivered pursuant hereto or thereto, accounting terms not defined in this Agreement or in any such certificate or other document, and accounting terms partly defined in this Agreement or in any such certificate or other document to the extent not
defined, will have the respective meanings given to them under GAAP. To the extent that the definitions of accounting terms in this Agreement or in any such certificate or other document are inconsistent with the meanings of such terms under GAAP,
the definitions contained in this Agreement or in any such certificate or other document will control. 
 (d) The words “hereof,”
“herein,” “hereunder,” and words of similar import when used in this Agreement will refer to this Agreement as a whole and not to any particular provision of this Agreement; Section and Exhibit references contained in this
Agreement are references to Sections and Exhibits in or to this Agreement unless otherwise specified; and the term “including” will mean “including without limitation.” 

(e) The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine
as well as to the feminine and neuter genders of such terms. 
 ARTICLE II 

ORGANIZATION 
 Section
2.01. Name. The Trust heretofore created and continued hereby is named “American Express Issuance Trust II,” under which name the Trust, the Owner Trustee, the Administrator or the Beneficiary may conduct any activities and business
of the Trust contemplated hereby, execute contracts and other instruments on behalf of the Trust and sue and be sued on behalf of the Trust. 

Section 2.02. Office. The office of the Trust will be in care of the Owner Trustee at the Corporate Trust Office or at such other
address in the State of Delaware as the Owner Trustee may designate by written notice to the Beneficiary and the Transferor. 
 Section
2.03. Purposes and Powers; Trust To Operate as a Single Purpose Entity. (a) The purpose of the Trust is to engage solely in a program of acquiring the Trust Estate and issuing Notes under the Indenture and related activities. Without limiting
the generality of the foregoing, the Trust may and will have the power and authority to: 
 (i) acquire and hold the Trust
Estate; 

  
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 (ii) from time to time, grant a security interest in the Trust Estate, and grant
a security interest in accounts established for the benefit of indebtedness of the Trust under the Indenture; 
 (iii) from
time to time, authorize and approve the issuance of, and to execute, deliver and issue, Notes pursuant to the Indenture without limitation as to aggregate amounts and, in connection therewith, determine the terms and provisions of such Notes and of
the issuance and sale thereof, including the following: 
 (A) determining the principal amount of the Notes; 

(B) determining the maturity date of the Notes; 

(C) determining the rate of interest, if any, to be paid on the Notes; 

(D) determining the price or prices at which such Notes will be sold by the Trust; 

(E) determining the provisions, if any, for the redemption or amortization of such Notes; 

(F) determining the form, terms and provisions of the indentures, fiscal agency agreements or other instruments under which
the Notes may be issued and the banks or trust companies to act as trustees, fiscal agents and paying agents thereunder, 

(G) preparing and filing all documents necessary or appropriate in connection with the registration of the Notes under the
Securities Act, the qualification of indentures under the Trust Indenture Act of 1939, as amended, and the qualification under any other applicable federal, foreign, state, local or other governmental requirements; 

(H) preparing any prospectus, offering memorandum, private placement memorandum or other descriptive material relating to the
offering or issuance of the Notes; 
 (I) listing the Notes on any United States or non-United States securities exchange;

 (J) entering into one or more interest rate, basis, credit default or currency swaps, caps, collars, guaranteed
investment contracts or other derivative agreements with counterparties to manage interest rate, basis or currency risk relating to the Notes; 

(K) entering into one or more supplemental credit enhancement agreements or liquidity agreements; 

  
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 (L) appointing a paying agent or agents for purposes of payments on the Notes;
and 
 (M) arranging for the underwriting, subscription, purchase or placement of the Notes and selecting underwriters,
managers and purchasers or agents for that purpose; 
 (iv) from time to time, receive payments and proceeds with respect to
the Trust Estate and the Indenture and either invest or distribute those payments and proceeds; 
 (v) from time to time,
make deposits to and withdrawals from accounts established under the Indenture; 
 (vi) from time to time, make and receive
payments pursuant to derivative agreements, supplemental credit enhancement agreements and supplemental liquidity agreements; 

(vii) from time to time, make payments on the Notes; 

(viii) from time to time, acquire additional collateral to be included in the Trust Estate; 

(ix) from time to time, perform such obligations and exercise and enforce such rights and pursue such remedies as may be
appropriate by virtue of the Trust being party to any of the agreements contemplated in clauses (i) through (viii) above; 

(x) execute, deliver and perform the Transaction Documents to which it is to be a party, the Notes and any Transferor
Certificates, and all other documents, certificates and agreements necessary or incidental in connection therewith (including, without limitation, the documents listed in subsection 2.03(b)); 

(xi) issue the Transferor Interest to the Transferor in accordance with subsection 4.04(a) and any Transferor
Certificates in accordance with subsection 4.04(b); and 
 (xii) subject to compliance with the Transaction Documents,
engage in such other related activities as may be required or convenient in connection with conservation of the Trust Estate and the making of payments to the Noteholders and distributions to the applicable Transferor. 

In connection with any of the foregoing, the Trust may (x) execute and deliver, and/or accept, such instruments, agreements, certificates, UCC
financing statements and other documents, and create such security interests, as may be necessary or desirable in connection therewith, and (y) subject to the terms of this Agreement, take such other action as may be necessary or incidental to the
foregoing.

  
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 (b) Notwithstanding any other provision of this Agreement, the Trust, and each of the
Beneficiary, on behalf of the Trust, and the Owner Trustee, on behalf of the Trust, is hereby authorized and will have the power to execute and deliver from time to time loan agreements, underwriting agreements, terms agreements, selling agent
agreements, note purchase agreements and other purchase agreements, private placement agreements, swap and other derivative agreements, including performance agreements, indentures, indenture supplements, terms documents, notes, security agreements
and other agreements and instruments as are consistent with the purposes of the Trust. Without limiting the generality of the foregoing, the Trust, and each of the Beneficiary, on behalf of the Trust, and the Owner Trustee, on behalf of the
Trust, is specifically authorized to execute and deliver without any further act, vote or approval, and notwithstanding any other provision of this Agreement, the Delaware Statutory Trust Act or other applicable law, rule or regulation, agreements,
documents or securities relating to the purposes of the Trust, including: 
 (i) the Transaction Documents and each Issuer
Certificate (as defined in the Indenture), including all amendments thereto; 
 (ii) the Notes; 

(iii) each interest rate, basis or currency swap, cap, collar, guaranteed investment contract or other derivative agreement,
including agreements related thereto, between the Trust and a counterparty to manage interest rate, basis or currency risk relating to the Notes, including all amendments thereto; 

(iv) any certificate evidencing the Transferor Interest, substantially in the form attached as Exhibit B; 

(v) any documents relating to listing securities on the Luxembourg Stock Exchange; and 

(vi) any other document necessary or desirable in connection with the fulfillment of the purposes of the Trust described in,
and pursuant to, subsection 2.03(a). 
 The authorization set forth in the preceding sentence will not be deemed a restriction on the
power and authority of the Beneficiary and the Owner Trustee, on behalf of the Trust, to execute and deliver other agreements, documents, instruments and securities or to take other actions on behalf of the Trust in connection with the fulfillment
of the purposes of the Trust described in, and pursuant to, subsection 2.03(a). 
 (c) Each of the Beneficiary, on behalf of the
Trust, and the Owner Trustee, on behalf of the Trust, is hereby authorized and will have the power to execute and file any Periodic Filings on behalf of the Trust. 

(d) Either the Owner Trustee or the Beneficiary will at all times maintain the books, records and accounts of the Trust separate and
apart from those of any other Person, and will cause the Trust to hold itself out as being a Person separate and apart from any other Person. 

  
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 (e) The Trust will not engage in any business or own any assets unrelated to the purposes of
the Trust. 
 Section 2.04. Appointment of Owner Trustee. The Beneficiary hereby appoints Wilmington Trust Company as Owner Trustee
of the Trust effective as of the date hereof, to have all the rights, powers and duties set forth herein and in the Delaware Statutory Trust Act. 

Section 2.05. Initial Capital Contribution of Trust Estate. The Beneficiary has heretofore assigned, granted and transferred over to
the Owner Trustee, on behalf of the Trust, as of the date of the Original Trust Agreement, the sum of $1. The Owner Trustee hereby acknowledges receipt in trust from the Beneficiary, as of the date of the Original Trust Agreement, of the foregoing
contribution, which constitutes the initial Trust Estate. 
 Section 2.06. Declaration of Trust. The Owner Trustee hereby declares
that it will hold the contributions described in Section 2.05, and the other documents and assets described in Section 2.03, together with any payments, proceeds or income of any kind from such documents or assets or any other
source and any other property transferred, assigned, set over, pledged or otherwise conveyed to, and held by, the Trust pursuant to this Agreement, the Transfer Agreement, the Indenture or any Indenture Supplement (collectively, the “Trust
Estate”), upon the trust set forth herein and for the sole use and benefit of the Beneficiary. It is the intention of the parties hereto that the Trust constitute a statutory trust under the Delaware Statutory Trust Act and that this
Agreement constitute the governing instrument of such statutory trust. The parties hereto agree that they will take no action contrary to the foregoing intention. Effective as of the date hereof, the Owner Trustee will have all rights, powers and
duties set forth herein and, to the extent not inconsistent herewith, in the Delaware Statutory Trust Act with respect to accomplishing the purposes of the Trust. 

Section 2.07. Title to Trust Estate. Legal title to all of the Trust Estate will be vested at all times in the Trust as a separate
legal entity. 
 Section 2.08. Situs of Trust. The Trust will be located in the State of Delaware and administered in the States of
Delaware and New York. All Issuer Accounts maintained by the Owner Trustee on behalf of the Trust will be located in the State of Delaware or New York. The Trust will not have any employees in any state other than Delaware; provided, however,
that nothing herein will restrict or prohibit the Owner Trustee from having employees within or without the State of Delaware. Payments will be received by the Trust only in the State of Delaware or New York, and payments will be made by the
Trust only from the State of Delaware or New York. The only office of the Trust will be at the Corporate Trust Office in the State of Delaware. 

Section 2.09. Nature of Interest in the Trust Estate. No Beneficiary will have any legal title to or right to possession of any part of
the Trust Estate. No Beneficiary, as a beneficial owner of the Trust, has any interest in specific property of the Trust. 
 Section 2.10.
Tax Matters. The parties hereto intend that, for income and franchise tax purposes, the Trust will be treated as a security device and disregarded as an entity and its assets will be treated as owned in whole by the Beneficiary, and the
parties hereto will 

  
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file all their tax returns in a manner consistent with that intent unless otherwise required by a taxing authority. Except as otherwise expressly provided herein, any tax elections required or
permitted to be made by the Trust under the Code or otherwise will be made by the Beneficiary. The Trust will not elect to be treated as a corporation for any tax purpose. 

Section 2.11. Fiscal Year. The fiscal year of the Trust will end on the last day of December of each year. 

Section 2.12. Closing. The initial transfer, assignment, set-over, pledge and conveyance of the Trust Estate took place on October 24,
2012 at the offices of Orrick, Herrington & Sutcliffe LLP, 51 West 52nd Street, New York, New York 10019. 
 Section 2.13. Books and
Records. The Beneficiary agrees to record and file, at its own expense, any financing statements (and amendments with respect to such financing statements when applicable) required to be filed with respect to the Trust Estate assigned by the
Transferor pursuant to the Transfer Agreement, meeting the requirements of applicable law in such a manner and in such jurisdictions as are necessary under the applicable UCC to perfect the transfer, assignment, set-over, pledge and conveyance of
the Trust Estate to the Trust, and to deliver a file-stamped copy of such financing statements or amendments or other evidence of such filings to the Trust (excluding such amendments, which will be delivered promptly after filing). 

Section 2.14. Limitation on Liability of Transferor and Others. The Transferor and any director or officer or employee or agent or
member of the Transferor may rely in good faith on the advice of counsel or on any document of any kind, prima facie properly executed and submitted by any Person respecting any matters arising hereunder. The Transferor, in its capacity as such,
will not be under any obligation to appear in, prosecute or defend any legal action that will not be incidental to its obligations under this Agreement, and that in its opinion may involve it in any expense or liability. The Beneficiary, as
beneficial owner of the Trust, will be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the General Corporation Law of the State of Delaware, 8 Del. C.
§§ 101 et seq. 
 Section 2.15. Representations and Warranties of each Beneficiary. Each Beneficiary hereby
represents and warrants to the Owner Trustee that: 
 (a) Such Beneficiary is duly organized or incorporated and validly existing in good
standing under the laws of the jurisdiction of its organization or incorporation and has, in all material respects, full power and authority to own its properties and to conduct its business as presently owned or conducted. 

(b) Such Beneficiary has full power and authority to execute, deliver and perform its obligations under this Agreement and all of the
transactions contemplated hereby and in the other Transaction Documents to which such Beneficiary is a party, and has taken all necessary limited liability company action to authorize the execution, delivery and performance by it of this Agreement;
such Beneficiary has full power and authority to assign the property to be 

  
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assigned to and deposited with the Trust pursuant to Section 2.05 of this Agreement, Section 2.1 of the Transfer Agreement and the granting clause of the Indenture. 

(c) The execution, delivery and performance of this Agreement by such Beneficiary does not violate any provision of any existing law or
regulation applicable to such Beneficiary or any order or decree of any court to which such Beneficiary is subject or the organizational documents of such Beneficiary, or any material mortgage, security agreement, indenture, contract or other
agreement to which such Beneficiary is a party or by which such Beneficiary or any significant portion of such Beneficiary’s properties is bound (other than violations of such laws, regulations, orders, decrees, mortgages, security agreements,
indentures, contracts and other agreements which, individually or in the aggregate, in such Beneficiary’s reasonable judgment, would not have a material adverse effect on such Beneficiary’s ability to perform its obligations under this
Agreement). 
 (d) The execution and delivery by such Beneficiary of this Agreement, the performance by such Beneficiary of the transactions
contemplated by this Agreement and the fulfillment by such Beneficiary of the terms hereof will not conflict with or violate in any material way any Requirements of Law applicable to such Beneficiary. 

(e) There is no litigation, investigation or administrative proceeding before any court, tribunal, regulatory body presently pending, or, to
the best knowledge of such Beneficiary, threatened, against such Beneficiary with respect to this Agreement or the transactions contemplated hereby and there is no litigation or proceeding against such Beneficiary or any significant portion of its
properties which would, individually or in the aggregate, in such Beneficiary’s reasonable belief, have a material adverse effect on the transactions contemplated by this Agreement. 

ARTICLE III 
 BENEFICIAL
INTEREST 
 Section 3.01. Initial Ownership. The Beneficiary is the sole beneficial owner of the Trust. 

Section 3.02. Restrictions on Transfer. The Beneficial Interest is initially beneficially owned by RFC VIII. Transfers of all or a
portion of the Beneficial Interest may be made between RFC VIII and any other Person who is an Affiliate of RFC VIII (a “Permitted Affiliate Transferee”) upon delivery to the Master Trust Trustee and the Owner Trustee of an Issuer
Tax Opinion and a Master Trust Tax Opinion with respect to such Transfer. To the fullest extent permitted by applicable law, the Beneficiary may not sell, participate, transfer, assign, exchange or otherwise pledge, hypothecate, rehypothecate or
dispose of or convey, or grant a security interest in, all or any part of its right, title and interest in and to (each such action, a “Transfer”) the Beneficial Interest to any other Person, except to any Permitted Affiliate
Transferee. Any purported Transfer by a Beneficiary of all or any part of its right, title and interest in and to the Beneficial Interest to any Person will be effective only upon the issuance of an Issuer Trust Tax Opinion and a Master Trust Tax
Opinion (each as defined in the Indenture), which will not be an expense of the Owner Trustee and the satisfaction of any 

  
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additional conditions to the designation of an Additional Transferor provided in Section 2.8 of the Transfer Agreement. To the extent permitted by applicable law, any purported Transfer by
a Beneficiary of all or any part of its right, title and interest in and to the Beneficial Interest which is not in compliance with the terms of this Section 3.02 will be null and void. 

ARTICLE IV 

DISTRIBUTIONS OF FUNDS 

Section 4.01. Distribution of Funds. All funds received by the Trust to the extent not encumbered by the Indenture or any Indenture
Supplement and otherwise available for distribution (or if encumbered by the Indenture, which have been released by the relevant parties benefiting from such encumbrance) will be distributed to the Beneficiary. 

Section 4.02. Payments from Trust Estate Only. All payments to be made by the Trust under this Agreement will be made only from the
income and the capital proceeds derived from the Trust Estate and only to the extent that the Trust will have received income or capital proceeds from the Trust Estate. The Beneficiary agrees that it will look solely to the income and capital
proceeds derived from the Trust Estate (to the extent available for payment as herein provided) and that, except as specifically provided herein, the Owner Trustee will not be subject to any liability in its individual capacity under this Agreement
to the Beneficiary or to any other Person. 
 Section 4.03. Method of Payment. All amounts payable to the Beneficiary pursuant to
this Agreement will be paid by the Owner Trustee on behalf of the Trust to the Beneficiary or a nominee therefor in such manner as the Beneficiary may from time to time designate in written instructions to the Owner Trustee. All funds received by
the Owner Trustee on behalf of the Trust not later than 2:00 p.m. (New York City time) on a Business Day will be applied by the Owner Trustee on that Business Day. Funds received after that time will be applied on the next following Business Day.

 Section 4.04. Transferor Interest; Transferor Certificates. 

(a) The Transferor will hold the Transferor Interest having such rights as are set forth in this Agreement and the other Transaction
Documents. Such Transferor Interest includes the right to receive amounts specified in the Indenture, any Indenture Supplement, the Transfer Agreement and the Servicing Agreement to be distributed to the holders of the Transferor Interest.

(b) At the election of the Transferor (which election may, from time to time, be changed or otherwise revised by the Transferor upon written
notice by the Transferor to the Owner Trustee), a Transferor Certificate representing the Transferor’s interest in the Transferor Interest may be issued to the Transferor in registered form, substantially in the form attached as
Exhibit B (the “Transferor Certificate”). The Transferor Certificate will not entitle its holder to any benefit under this Agreement, or be valid for any purpose, unless there will appear on such Transferor Certificate a
certificate of authentication substantially in the form provided in Exhibit B, executed by the Owner Trustee or the Owner Trustee’s authentication agent, by manual 

  
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signature; such authentication will constitute conclusive evidence that the Certificate will have been duly authenticated and delivered hereunder. Each Transferor Certificate will be dated
the date of its authentication. 
 (c) To the fullest extent permitted by applicable law, neither the Transferor Certificates (or any
interest therein) nor any Transferor Interest (or any interest therein) may be sold, transferred, assigned, participated, pledged or otherwise disposed of to any Person; provided, however, that a Transferor Certificate (or any interest
therein) may be sold, transferred, assigned, participated, pledged or otherwise disposed of if the transferor thereof has provided the Owner Trustee and the Indenture Trustee with an Issuer Tax Opinion and, if applicable, a Master Trust Tax Opinion,
relating to such sale, transfer, assignment, participation, pledge or other disposition; provided further that any transfer by a Transferor of all or any part of its right, title and interest in and to the Transferor Interest to American
Express Credit Corporation (or any subsidiary thereof) will not require delivery of an Issuer Tax Opinion. 
 (d) If (i) a mutilated
Transferor Certificate will be surrendered to the Owner Trustee, or if the Owner Trustee will receive evidence to its satisfaction of the destruction, loss or theft of a Transferor Certificate and (ii) in the case of a destroyed, lost or stolen
Transferor Certificate, there will be delivered to the Owner Trustee (as such and in its individual capacity) such security or indemnity as may be required by it to save it harmless, then the Owner Trustee on behalf of the Trust will execute and the
Owner Trustee will authenticate and deliver, in exchange for or in lieu of the mutilated, destroyed, lost or stolen Transferor Certificate, a new Transferor Certificate of like tenor and denomination. In connection with the issuance of any new
Transferor Certificate under this subsection 4.04(d), the Owner Trustee may require the payment of a sum sufficient to cover any tax or other governmental charge or expense that may be imposed in connection therewith. Any duplicate
Transferor Certificate issued pursuant to this subsection 4.04(d) will constitute conclusive evidence of ownership in the Trust, as if originally issued, whether or not the lost, stolen or destroyed Transferor Certificate will be found
at any time. 
 ARTICLE V 

ACTIONS BY OWNER TRUSTEE 

Section 5.01. Prior Notice to Beneficiary and Transferor with Respect to Certain Matters. With respect to the following matters,
unless otherwise instructed by the Beneficiary and the Transferor, the Owner Trustee will not take action unless at least 30 days before the taking of such action the Owner Trustee will have notified the Beneficiary and the Transferor: 

(a) the initiation of any claim or lawsuit by the Trust (other than an action to collect on any Receivable) and the settlement of any action,
claim or lawsuit brought by or against the Trust (other than an action to collect on any Receivable); 
 (b) the election by the Trust to
file an amendment to the Certificate of Trust; 

  
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 (c) the amendment of the Indenture by a supplemental indenture in circumstances where the consent
of any Noteholder is required; 
 (d) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any
Noteholder is not required and such amendment materially adversely affects the interest of the Beneficiary or the Transferor; 
 (e) the
amendment, change or modification of the Transfer Agreement or the Servicing Agreement, except to cure any ambiguity or to amend or supplement any provision in a manner that would not materially adversely affect the interests of the Beneficiary or
the Transferor; or 
 (f) the appointment pursuant to the Indenture of a replacement or successor Note Registrar or Indenture Trustee, or
the consent to the assignment by the Note Registrar or Indenture Trustee of its obligations under the Indenture. 
 Section 5.02.
Restrictions on Power. The Owner Trustee will not be required to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Owner Trustee under any of the Transaction
Documents or would be contrary to Section 2.03. 
 ARTICLE VI 

AUTHORITY AND DUTIES OF OWNER TRUSTEE 

Section 6.01. Action Upon Instructions. 

(a) It is the intention of the Beneficiary that the powers and duties of the Owner Trustee are to be purely ministerial
only. Accordingly, subject to subsections 6.01(b) and 6.01(c), and Article VII, the Beneficiary will direct the Owner Trustee in the management of the Trust and the Trust Estate. Such direction will be exercised at any
time only by written instruction of the Beneficiary delivered to the Owner Trustee pursuant to this Article VI. Notwithstanding any other provision of this Agreement, but subject to Section 2.03, the Owner Trustee will not
take any action including but not limited to the execution of any documents, certificates or other instruments (other than the Transaction Documents and any documents, certificates or other instruments attached thereto or contemplated thereby),
unless it receives written instructions from the Beneficiary. 
 (b) The Owner Trustee will take such action or actions as may be specified
in any instructions delivered in accordance with subsection 6.01(a); provided, however, that the Owner Trustee will not be required to take any such action if the Trustee Bank will have been advised by counsel that such
action (i) is contrary to the terms hereof or of any document contemplated hereby to which the Trust or the Owner Trustee is a party or is otherwise contrary to law, or (ii) is reasonably likely to result in liability on the part of the
Trustee Bank, unless the Trustee Bank will have received additional indemnification or security satisfactory to the Trustee Bank from the Beneficiary against all costs, expenses and liabilities arising from the Owner Trustee’s taking such
action. 

  
 -15- 

 (c) No Beneficiary will direct the Owner Trustee to take or refrain from taking any action
contrary to this Agreement, nor will the Owner Trustee be obligated to follow any such direction. 
 (d) In the event that the Owner Trustee
is unsure as to the application of any provision of this Agreement or any Transaction Document, or such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or this Agreement permits
any determination by the Owner Trustee or is silent or is incomplete as to the course of action to be adopted, the Owner Trustee will promptly give notice to the Beneficiary requesting written instructions as to the course of action to be adopted
and, to the extent the Owner Trustee acts in good faith in accordance with such written instructions received from the Beneficiary, the Owner Trustee will not be liable on account of such action to any Person. If the Owner Trustee will not have
received appropriate written instructions within 30 days of such notice (or within such shorter period of time as reasonably may be specified in such notice), it may, but will be under no duty to, take or refrain from taking such action, not
inconsistent with this Agreement, as it deems to be in the best interests of the Beneficiary, and will have no liability to any Person for such action or inaction. 

(e) The Owner Trustee will, subject to this Section 6.01, act in accordance with the instructions given to it by the Beneficiary
pursuant to subsection 6.01(b), and to the extent the Owner Trustee acts in good faith in accordance with such instructions, the Owner Trustee will not be liable on account of such action to any Person. 

Section 6.02. No Duty to Act Under Certain Circumstances. Notwithstanding anything contained herein to the contrary, neither the
Trustee Bank nor the Owner Trustee, except a Trustee Bank authorized as co-trustee, will be required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action would (i) require the consent or
approval or authorization or order of or the giving of notice to, or the registration with or taking of any action in respect of, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware;
(ii) result in any fee, tax or governmental charge under the laws of any jurisdiction or any political subdivisions thereof in existence on the date hereof other than the State of Delaware becoming payable by the Trustee Bank; or
(iii) subject the Trustee Bank to personal jurisdiction in any jurisdiction other than the State of Delaware for causes of action arising from acts unrelated to the consummation of the transactions by the Trustee Bank or the Owner Trustee, as
the case may be, contemplated hereby. The Owner Trustee will be entitled to obtain advice of counsel (which advice will be at the expense of the Beneficiary) to determine whether any action required to be taken pursuant to the Agreement results
in the consequences described in clauses (i), (ii) and (iii) of the preceding sentence. In the event that said counsel advises the Owner Trustee that such action will result in such consequences, the Owner Trustee may, or if instructed to do so
by the Beneficiary, will, appoint an additional trustee pursuant to Section 10.05 hereby to proceed with such action. 
 Section
6.03. No Duties Except Under Specified Agreements or Instructions. 
 (a) The Owner Trustee will not have any duty or obligation to
manage, control, use, make any payment in respect of, register, record, insure, inspect, sell, dispose of, create, maintain or perfect any security interest or title in or otherwise deal with any part of the

  
 -16- 

 
Trust Estate, prepare, file or record any document or report (including any tax related filing for any holder of Notes), or to otherwise take or refrain from taking any action under, or in
connection with, this Agreement, the Trust or any document contemplated hereby to which the Trust or the Owner Trustee is a party, except as expressly provided by the terms of this Agreement or in written instructions from the Beneficiary received
pursuant to Section 6.01; and no implied duties or obligations will be read into this Agreement against the Owner Trustee. Unless otherwise directed by the Beneficiary in accordance with subsection 6.01(a), the Owner
Trustee will have no obligation or duty to take any action the Trust is authorized and empowered to take pursuant to subsection 2.03(a). The Owner Trustee nevertheless agrees that it will, in its individual capacity and at its own cost
and expense, promptly take all action as may be necessary to discharge any lien, pledge, security interest or other encumbrance on any part of the Trust Estate which results from actions by or claims against the Trustee Bank not related to the
ownership of any part of the Trust Estate. 
 (b) The Owner Trustee agrees that it will not manage, control, use, lease, sell, dispose of or
otherwise deal with any part of the Trust Estate except (i) in accordance with the powers granted to, or the authority conferred upon, the Owner Trustee pursuant to this Agreement, or (ii) in accordance with the express terms hereof or
with written instructions from the Beneficiary pursuant to Section 6.01. Unless otherwise directed by the Beneficiary in accordance with subsection 6.01(a), the Owner Trustee will not be required to perform any
obligations or duties of the Trust under the Indenture, which duties and obligations will be the sole responsibility of the Beneficiary. 

Section 6.04. Trust Operation. The operations of the Trust will be conducted in accordance with the following standards: 

(a) the Trust will act solely in its own name through the Owner Trustee or the Beneficiary; 

(b) the Trust will not incur any indebtedness for money borrowed or incur any obligations except in connection with the purposes set forth in
Section 2.03 of this Agreement; 
 (c) the Trust’s funds and assets will at all times be maintained separately from those of the
Beneficiary and its Affiliates; 
 (d) the Trust will take all reasonable steps to continue its identity as a separate legal entity and to
make it apparent to third persons that it is an entity with assets and liabilities distinct from those of the Beneficiary, the Beneficiary’s Affiliates or any other third person, and will use stationery and other business forms of the Owner
Trustee or the Trust and not that of the Beneficiary or any Affiliates thereof, and will use its best efforts to avoid the appearance (i) of conducting business on behalf of the Beneficiary or any Affiliates thereof or (ii) that the assets of the
Trust are available to pay the creditors of the Beneficiary or any Affiliates thereof; 
 (e) the Trust will not hold itself out as being
liable for the debts of the Beneficiary or any Affiliates thereof; 
 (f) the Trust will not engage in any transaction with the Beneficiary
or any Affiliates thereof, except as required, or specifically permitted, by this Agreement or unless such 

  
 -17- 

 
transaction is otherwise on terms neither more favorable nor less favorable than the terms and conditions available at the time to the Trust for comparable transactions with other Persons; and

 (g) to the fullest extent permitted by applicable law, the Trust will not enter into any voluntary bankruptcy or insolvency proceeding
without a finding by the Owner Trustee that the Trust’s liabilities exceed its assets or that the Trust is unable to pay its debts in a timely manner as they become due. 

Section 6.05. Execution of Documents. The Owner Trustee will, at the written direction of the Beneficiary, execute and deliver on
behalf of the Trust such instruments, agreements and certificates contemplated hereby to which the Trust is a party (such direction to be conclusively evidenced by the Owner Trustee’s execution and delivery of such documents to, and acceptance
by, the Beneficiary or its counsel). The Beneficiary hereby instructs the Owner Trustee to execute, on behalf of the Trust, the Transaction Documents to which the Trust is a party and any documents, certificates or other instruments attached
thereto or contemplated thereby. 
 ARTICLE VII 

CONCERNING THE TRUSTEE BANK 

Section 7.01. Acceptance of Trusts and Duties. The Trustee Bank accepts the trusts hereby created and agrees to perform its duties
hereunder with respect to such trusts but only upon the terms of this Agreement. The Trustee Bank also agrees to disburse all moneys actually received by it constituting part of the Trust Estate in accordance with the terms of this
Agreement. The Trustee Bank will not be answerable or accountable under any circumstances in its individual capacity, except (i) for its own willful misconduct, bad faith or negligence, (ii) in the case of the inaccuracy of any representation
or warranty contained in Section 7.03, (iii) for the failure by the Owner Trustee to perform obligations expressly undertaken by it in the last sentence of subsection 6.03(a) or (iv) for taxes, fees or other charges on, based
on or measured by, any fees, commissions or other compensation earned by the Trustee Bank for acting as trustee hereunder. In particular, but not by way of limitation: 

(a) the Trustee Bank will not be personally liable for any error of judgment made in good faith by a Responsible Officer of the Owner Trustee
so long as the same will not constitute negligence, bad faith or willful misconduct; 
 (b) the Trustee Bank will not be personally liable
with respect to any action taken or omitted to be taken by the Owner Trustee in good faith in accordance with the instructions of the Beneficiary; 

(c) no provision of this Agreement or any Transaction Document will require the Trustee Bank to expend or risk funds or otherwise incur any
financial liability in the performance of any of its rights or powers hereunder, if the Trustee Bank will have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably
assured or provided to it; 

  
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 (d) Under no circumstance will the Trustee Bank be personally liable for the accuracy or
performance of any representation, warranty, covenant, agreement or other obligation, including any indebtedness, of the Trust; 
 (e) The
Trustee Bank will not be personally responsible or liable for or in respect of the validity or sufficiency of this Agreement or for the due execution hereof by the Beneficiary or with respect to any agreement entered into by the Trust; 

(f) Under no circumstances will the Trustee Bank be responsible or liable for the action or inaction of the Beneficiary, nor will the Trustee
Bank be responsible for monitoring the performance of the Beneficiary’s duties hereunder or of any other Person acting for or on behalf of the Trust; 

(g) In no event will the Trustee Bank be personally liable for special, consequential or punitive damages unless such damages result from its
willful misconduct or negligence, for the acts or omissions of its nominees, correspondents, clearing agencies or securities depositories, for the acts or omissions of brokers or dealers, and for any losses due to forces beyond the control of the
Trustee Bank, including strikes, work stoppages, acts of war or terrorism, insurrection, revolution, nuclear or natural catastrophes or acts of God and interruptions, loss or malfunctions of utilities, communications or computer (software and
hardware) services. The Trustee Bank will have no responsibility for the accuracy of any information provided to the Beneficiary or any other Person that has been obtained from, or provided to the Trustee Bank by, any other Person; 

(h) The Trustee Bank will not be liable for the default or misconduct of the Indenture Trustee under any of the Transaction Documents or
otherwise, and the Trustee Bank will have no obligation or liability to perform the obligations of the Trust under this Agreement or the Transaction Documents, in each case that are required to be performed by the Indenture Trustee under the
Indenture; and 
 (i) the Trustee Bank will be under no obligation to exercise any of the rights or powers vested in it by this Agreement,
or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement, at the request, order or direction of the Beneficiary, unless the Beneficiary has offered to the Trustee Bank security or indemnity
satisfactory to it against the costs, expenses and liabilities that may be incurred by the Trustee Bank therein or thereby. The right of the Trustee Bank to perform any discretionary act enumerated in this Agreement or in any Transaction
Document will not be construed as a duty, and the Trustee Bank will not be answerable for other than its negligence or willful misconduct in the performance of any such act. 

Section 7.02. Furnishing of Documents. The Owner Trustee will furnish to the Beneficiary and the Indenture Trustee, promptly upon
written request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee with respect to the Trust or the Trust Estate. 

Section 7.03. Representations and Warranties. The Trustee Bank, other than a Trustee Bank appointed as a co-trustee, hereby
represents and warrants to the Beneficiary that: 

  
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 (a) The Trustee Bank is a Delaware corporation with trust powers duly organized and validly
existing in good standing under the laws of the State of Delaware. The Trustee Bank has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement. 

(b) The Trustee Bank has taken all corporate action necessary to authorize the execution and delivery by it of this Agreement, and this
Agreement will be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf. 

(c) None of the execution nor the delivery by it of this Agreement, the performance by it of its obligations under this Agreement, or the
consummation by it of the transactions contemplated hereby nor compliance by the Trustee Bank with any of the terms or provisions hereof will contravene any federal or Delaware law, governmental rule or regulation governing the banking or trust
powers of the Trustee Bank or any judgment or order binding on the Trustee Bank, or constitute any default under (i) its charter documents or by-laws or (ii) any indenture, mortgage, lease, license, contract, agreement or instrument to which the
Trustee Bank is a party or by which the Trustee Bank or any of the Trustee Bank’s properties may be bound. 
 (d) The Trustee Bank
complies with all of the requirements of Chapter 38, Title 12 of the Delaware Code relating to the qualification of a trustee of a Delaware statutory trust. 

Section 7.04. Reliance; Advice of Counsel. (a) The Owner Trustee will incur no liability to anyone in acting upon any signature,
instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The Owner Trustee may accept a
certified copy of a resolution of the board of directors or other governing body of any entity as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or
matter the manner of ascertainment of which is not specifically prescribed herein, the Owner Trustee may for all purposes rely on an officer’s certificate of the relevant party, as to such fact or matter, and such officer’s certificate
will constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 

(b) In the administration of the Trust, the Owner Trustee may, at the expense of the Trust (i) execute the trust or any of the powers hereof
and perform its powers and duties hereunder directly or through agents or attorneys, and the Owner Trustee will not be liable for the default or misconduct of any agent or attorney selected by the Owner Trustee with reasonable care; and (ii) consult
with counsel, accountants and other skilled persons to be selected with reasonable care and employed by it, and the Owner Trustee will not be liable for anything done, suffered or omitted in good faith by it in accordance with the advice or opinion
of any such counsel, accountants or other skilled persons. 
 Section 7.05. Not Acting in Individual Capacity. Except as
provided in this Article VII, in accepting the trust hereunder, the Trustee Bank acts solely as Owner Trustee hereunder and not in its individual capacity; and all Persons having any claim against the Trust or the Owner Trustee, whether by
reason of the transactions contemplated by this Agreement or 

  
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otherwise, will look only to the Trust Estate (or a part thereof, as the case may be) for payment or satisfaction thereof, except as specifically provided in this Article VII. 

Section 7.06. No Representations and Warranties as to the Trust Estate. The Owner Trustee makes no representation or warranty as
to, and will not be liable for, the title, value, condition, design, operation, merchantability or fitness for use of the Trust Estate (or any part thereof) or any other representation or warranty, express or implied, whatsoever with respect to the
Trust Estate (or any part thereof) except that the Owner Trustee, in its individual capacity, hereby represents and warrants to the Beneficiary that it will comply with the last sentence of Section 6.03(a). 

Section 7.07. Signature of Returns. The Beneficiary will sign on behalf of the Trust any Periodic Filings of the Trust or other
documents relating to the Trust prepared by, or on behalf of, the Beneficiary. 
 Section 7.08. Trustee Bank May Own Notes. The
Trustee Bank may become the owner or pledgee of Notes and may deal with the Transferor, the Administrator and the Indenture Trustee in banking transactions with the same rights as it would have if it were not Owner Trustee. 

ARTICLE VIII 

COMPENSATION OF TRUSTEE BANK AND INDEMNIFICATION 

Section 8.01. Trustee Bank’s Fees and Expenses. The Transferor will pay to the Trustee Bank all fees and other charges
described in a separate fee agreement dated as of the date hereof between the Transferor and the Trustee Bank promptly when due thereunder and reimburse the Trustee Bank for all other reasonable out-of-pocket costs and expenses (including reasonable
fees and expenses of counsel) incurred by it in connection with its acting as Owner Trustee of the Trust. Except to the extent specifically provided in Section 7.06 of the Indenture, payment of such fees and expenses will not be a
recourse obligation of the Issuer. 
 Section 8.02. Indemnification. To the fullest extent permitted by law, the Transferor will
be liable, as primary obligor for, and will indemnify the Trustee Bank and its successors, assigns, agents and servants (collectively, the “Indemnified Parties”) from and against, any and all liabilities, obligations, losses,
damages, taxes, claims, actions and suits, and any and all reasonable costs, expenses and disbursements (including reasonable legal fees and expenses) of any kind and nature whatsoever (collectively, “Expenses”) which may at any
time be imposed on, incurred by, or asserted against the Owner Trustee or any Indemnified Party in any way relating to or arising out of the Transaction Documents, the Trust Estate, the acceptance and administration of the Trust Estate or the action
or inaction of the Owner Trustee or the Trustee Bank hereunder; provided that the Transferor will not be liable for or required to indemnify any Indemnified Party from and against Expenses arising or resulting from any of the matters
described in the third sentence of Section 7.01; provided further that the Transferor will not be liable for or required to indemnify an Indemnified Party from and against expenses arising or resulting from (i) the
Indemnified Party’s own willful misconduct, bad faith or negligence, or (ii) the inaccuracy of any representation or warranty contained in Section 7.03 

  
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made by the Indemnified Party. In case any such action, investigation or proceeding will be brought involving an Indemnified Person, the Transferor will assume the defense thereof, including
the employment of counsel and the payment of all expenses. The Trustee Bank will have the right to employ separate counsel in any such action, investigation or proceeding and to participate in the defense thereof and the reasonable counsel fees
and expenses of such counsel will be paid by the Transferor. In the event of any claim, action or proceeding for which indemnity will be sought pursuant to this Section 8.02, the Trustee Bank’s choice of legal counsel will be
subject to the approval of the Beneficiary, which approval will not be unreasonably withheld. 
 Except to the extent specifically provided
in Section 6.02 of the Indenture, the payment of such indemnified amounts will not be a recourse obligation of the Issuer. 
 The
indemnification set forth herein will survive the termination of this Agreement and the resignation or removal of the Trustee Bank. 

Section 8.03. Payments to the Owner Trustee. Any amounts paid to the Trustee Bank pursuant to this Article VIII will
be deemed not to be a part of the Trust Estate immediately after such payment. 
 ARTICLE IX 

TERMINATION OF TRUST AGREEMENT 

Section 9.01. Termination of Trust Agreement. (a) The Trust will dissolve upon the final distribution by the Owner Trustee of all
moneys or other property or proceeds of the Trust Estate in accordance with the Delaware Statutory Trust Act. Any money or other property held as part of the Trust Estate following such distribution will be distributed to the
Beneficiary. The bankruptcy, liquidation, dissolution, termination, death or incapacity of the Beneficiary will not (x) operate to terminate this Agreement or the Trust, or (y) entitle the Beneficiary’s legal representatives or heirs to
claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or Trust Estate or (z) otherwise affect the rights, obligations and liabilities of the parties hereto. 

(b) The Beneficiary will not be entitled to revoke or terminate the Trust. 

(c) Upon completion of the winding up of the Trust in accordance with the Delaware Statutory Trust Act, the Owner Trustee will cause the
Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810 of the Delaware Statutory Trust Act and thereupon the Trust and this Agreement
(other than Article VII and Section 11.08) will terminate. 

  
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 ARTICLE X 

SUCCESSOR OWNER TRUSTEES, CO-TRUSTEES AND SEPARATE OWNER TRUSTEES 

Section 10.01. Eligibility Requirements for Owner Trustee. The Owner Trustee will at all times (i) be a trust company, a
corporation with trust powers, or a banking corporation under the laws of its state of incorporation or a national banking association, having all corporate powers and all material governmental licenses, authorizations, consents and approvals
required to carry on a trust business in the State of Delaware, (ii) comply with the provisions of Section 3807 (and any other applicable Section) of the Delaware Statutory Trust Act; authorized to exercise corporate
trust powers, (iii) have a combined capital and surplus of at least $50,000,000 (or have its obligations and liabilities irrevocably and unconditionally guaranteed by an affiliated Person having a combined capital and surplus of at least
$50,000,000) and (iv) have (or have a parent which has) a rating of at least “Baa3” by Moody’s, at least “BBB-” by Standard & Poor’s and, if rated by Fitch, at least “BBB-” by Fitch, or if not rated by one or more Note Rating Agencies, a rating with respect to which the Note Rating Agency Condition shall have been satisfied with respect to each Note Rating Agency not
rating the Owner Trustee (or its parent). If such corporation will publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this
Section 10.01, the combined capital and surplus of such corporation will be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Owner Trustee will cease
to be eligible in accordance with the provisions of this Section 10.01, the Owner Trustee will resign immediately in the manner and with the effect specified in Section 10.02. 

Section 10.02. Resignation or Removal of Owner Trustee. The Owner Trustee may at any time resign and be discharged from the trusts
hereby created by giving 30 days prior written notice thereof to the Beneficiary, the Transferor and the Administrator; provided, however, that such resignation and discharge will only be effective upon the appointment of a successor
Owner Trustee. Upon receiving such notice of resignation, the Beneficiary will promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument will be delivered to the resigning Owner Trustee and one copy
to the successor Owner Trustee. If no successor Owner Trustee will have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Owner Trustee may petition any court of
competent jurisdiction for the appointment of a successor Owner Trustee. 
 If at any time the Owner Trustee will cease to be eligible in
accordance with the provisions of Section 10.01 and will fail to resign after written request therefor by the Beneficiary, or if at any time the Owner Trustee will be legally unable to act, or will be adjudged bankrupt or insolvent, or a
receiver of the Owner Trustee or of its property will be appointed, or any public officer will take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the
Beneficiary may, but will not be required to, remove the Owner Trustee. If the Beneficiary will remove the Owner Trustee under the authority of the immediately preceding sentence, the Beneficiary will promptly (i) appoint a successor Owner
Trustee by written instrument, in duplicate, one copy of which 

  
 -23- 

 
instrument will be delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee and (ii) pay all fees owed to the outgoing Owner Trustee. 

Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the provisions of this
Section will not become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 10.03 and payment of all fees and expenses owed to the outgoing Owner Trustee. The Beneficiary will provide
notice of such resignation or removal of the Owner Trustee to each Note Rating Agency. 
 Section 10.03. Successor Owner
Trustee. Any successor Owner Trustee appointed pursuant to Section 10.02 will execute, acknowledge and deliver to the Beneficiary and to its predecessor Owner Trustee an instrument accepting such appointment under this
Agreement, and thereupon the resignation or removal of the predecessor Owner Trustee will become effective and such successor Owner Trustee, without any further act, deed or conveyance, will become fully vested with all the rights, powers, duties,
and obligations of its predecessor under this Agreement, with like effect as if originally named as Owner Trustee. The predecessor Owner Trustee will upon payment of its fees and expenses deliver to the successor Owner Trustee all documents and
statements and monies held by it under this Agreement; and the Beneficiary and the predecessor Owner Trustee will execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and
confirming in the successor Owner Trustee all such rights, powers, duties, and obligations. 
 No successor Owner Trustee will accept
appointment as provided in this Section 10.03 unless at the time of such acceptance such successor Owner Trustee will be eligible pursuant to Section 10.01. 

Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section 10.03, the Beneficiary will mail notice of
such acceptance of appointment, including the name of such successor Owner Trustee to the Transferor, the Administrator, the Indenture Trustee, the Noteholders and each Note Rating Agency. If the Beneficiary will fail to mail such notice within
10 days after acceptance of appointment by the successor Owner Trustee, the successor Owner Trustee will cause such notice to be mailed at the expense of the Beneficiary. 

Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section 10.03, such successor Owner Trustee will file
an amendment to the Certificate of Trust with the Secretary of State reflecting the name and principal place of business of such successor Owner Trustee in the State of Delaware. 

Section 10.04. Merger or Consolidation of Owner Trustee. Notwithstanding anything herein to the contrary, any corporation into
which the Owner Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Owner Trustee will be a party, or any corporation succeeding to all or
substantially all of the corporate trust business of the Owner Trustee, will be the successor of the Owner Trustee hereunder (provided that such corporation will meet the eligibility requirements set forth in
Section 10.01), without the execution or filing of any instrument or any further act on the part of any of the parties hereto; provided further that 

  
 -24- 

 
(a) the Owner Trustee will mail notice of such merger or consolidation to each Note Rating Agency and the Beneficiary and (b) the Owner Trustee will file any necessary amendments to the
Certificate of Trust with the Secretary of State. 
 Section 10.05. Appointment of Co-Trustee or Separate Owner
Trustee. Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Estate may at the time be located, the Beneficiary and the
Owner Trustee acting jointly will have the power and will execute and deliver all instruments to appoint one or more Persons approved by each of the Beneficiary and the Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or separate
trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person, in such capacity, such title to the Trust Estate, or any part thereof, and, subject to the other provisions of this Section 10.05, such
powers, duties, obligations, rights and trusts as the Beneficiary and the Owner Trustee may consider necessary or desirable. If the Beneficiary will not have joined in such appointment within 15 days after the receipt by them of a request so to
do, the Owner Trustee alone will have the power to make such appointment. No co-trustee or separate trustee under this Agreement will be required to meet the terms of eligibility as a successor trustee pursuant to Section 10.01 and no
notice of the appointment of any co-trustee or separate trustee will be required pursuant to Section 10.03. 
 Each separate
trustee and co-trustee will, to the extent permitted by law, be appointed and act subject to the following provisions and conditions: 

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

(ii) no trustee under this Agreement will be personally liable by reason of any act or omission of any other trustee under this
Agreement; and 
 (iii) the Beneficiary and the Owner Trustee acting jointly may at any time accept the resignation of or
remove any separate trustee or co-trustee. 
 Any notice, request or other writing given to the Owner Trustee will be deemed to have been
given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee will refer to this Agreement and the conditions of this Article
X. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, will be vested with the estates or property specified in its instrument of appointment, either jointly with the Owner Trustee or separately, as may be

  
 -25- 

 
provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording
protection to, the Owner Trustee. Each such instrument will be filed with the Owner Trustee and a copy thereof given to the Beneficiary. 

Any separate trustee or co-trustee may at any time appoint the Owner Trustee as its agent or attorney-in-fact with full power and authority,
to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee will die, become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and trusts will vest in and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 

ARTICLE XI 

MISCELLANEOUS 
 Section
11.01. Supplements and Amendments. 
 (a) This Agreement may be amended from time to time, including in connection with the execution
of additional indentures, by a written amendment duly executed and delivered by the Beneficiary and the Owner Trustee, without the consent of the Indenture Trustee or any of the Noteholders, upon issuance of an Issuer Tax Opinion and, to the extent
a Collateral Certificate is included in the property of the Trust, a Master Trust Tax Opinion, which will not be expenses of the Owner Trustee; provided, however, that such amendment will not, as evidenced by an Officer’s
Certificate of each Transferor addressed and delivered to the Owner Trustee and the Indenture Trustee, be reasonably expected to have an Adverse Effect (as defined in the Indenture) and is not reasonably expected to have an Adverse Effect at any
time in the future; provided further, however, that such amendment will not significantly change the activities of the Trust. The Owner Trustee will not be responsible for determining whether such amendment to this Agreement will
significantly change the activities of the Trust. 
 Additionally, notwithstanding any provision of this Article XI to the contrary
and in addition to the immediately preceding paragraph, this Agreement may also be amended without the consent of the Indenture Trustee or any of the Noteholders, upon delivery to the Owner Trustee and the Indenture Trustee of an Issuer Tax Opinion
and, to the extent a Collateral Certificate is included in the property of the Trust, a Master Trust Tax Opinion, to provide for (i) the establishment of multiple asset pools and the designation of Trust Assets to be included as part of specific
asset pools or (ii) those changes necessary for compliance with securities law requirements or banking laws or regulations; provided, however, that (i) the Issuer shall deliver to the Indenture Trustee and the Owner Trustee an
Officer’s Certificate to the effect that the Issuer reasonably believes that such amendment will not have an Adverse Effect and is not reasonably expected to have an Adverse Effect at any time in the future and (ii) the Note Rating Agency
Condition shall have been satisfied with respect to such amendment. 
 Additionally, notwithstanding any other provision of this Section
11.01, this Agreement may be amended from time to time by an instrument signed by the Beneficiary and the Owner Trustee to modify, eliminate or add to the provisions of this Agreement (i) to facilitate

  
 -26- 

 
compliance with the FDIC Rule or changes in laws or regulations applicable to the Beneficiary, the Owner Trustee or the transactions described in this Agreement or (ii) to cause the provisions
hereof to conform to or be consistent with or in furtherance of the statements made with respect to this Agreement in any applicable Registration Statement on Form SF-3, as amended, under the Securities Act, in each case upon delivery by the
Beneficiary to the Indenture Trustee and the Owner Trustee of (x) an Officer’s Certificate of the Beneficiary, dated the date of any such amendment, to the effect that (A) the Beneficiary reasonably believes that such amendment will not have an
Adverse Effect or (B) such amendment is required to remain in compliance with the FDIC Rule or any other change of law or regulation which applies to the Beneficiary, the Owner Trustee, the Indenture Trustee or the transactions governed by the
Transaction Documents, or such amendment is required to cause the provisions hereof to conform to or be consistent with or in furtherance of the statements made with respect to this Agreement in any applicable Registration Statement on
Form SF-3, as amended, under the Securities Act, and (y) an Issuer Tax Opinion with respect to such amendment and, to the extent a Collateral Certificate is included in the property of the Trust, a Master Trust Tax Opinion with respect to such
amendment; provided, however, that the Beneficiary shall deliver written notice of the substance of the proposed amendment to each Note Rating Agency at least 10 Business Days prior to the proposed effective date of such amendment (or
such shorter period as is agreed to in writing by each Note Rating Agency). 
 (b) This Agreement may also be amended from time to time, by
a written instrument executed by the Owner Trustee, at the written direction of the Beneficiary, and the Beneficiary, with prior written notice to each Note Rating Agency, upon issuance of an Issuer Tax Opinion and, to the extent a Collateral
Certificate is included in the property of the Trust, a Master Trust Tax Opinion and (A) in the case of a significant change to subsection 2.03(a) which the Trust reasonably believes will not have an Adverse Effect (as defined in the
Indenture), with the consent of holders of not less than a majority of the Outstanding Dollar Principal Amount of each series, class or tranche of Notes affected by such change, and (B) in all other cases, with the consent of holders of not less
than 662/3% of the Outstanding Dollar Principal Amount of each series, class or tranche of Notes affected by such change; provided,
however, that, without the consent of the holders of all of the Notes then outstanding, no such amendment will (a) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments in respect of any
Receivables or any Collateral Certificates or distributions that are required to be made for the benefit of the Noteholders or (b) reduce the aforesaid percentage of the Outstanding Dollar Principal Amount of the Notes, the holders of which are
required to consent to any such amendment. 
 Promptly after the execution of any such amendment or consent, the Beneficiary will furnish
written notification of the substance of such amendment or consent to the Indenture Trustee and each Note Rating Agency. 
 It will not be
necessary for the consent of the Noteholders or the Beneficiary pursuant to this Section 11.01 to approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent will approve the substance thereof.

 Promptly after the execution of any amendment to the Certificate of Trust, the Owner Trustee will cause the filing of such amendment with
the Secretary of State. 

  
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 The Owner Trustee will be entitled to receive, and will be fully protected in relying upon, an
Officer’s Certificate of the Transferor or the Administrator to the effect that the amendment is authorized and that the conditions to such amendment have been satisfied. The Owner Trustee may, but will not be obligated to, enter into any
such amendment which affects the Owner Trustee’s own rights, duties or immunities under this Agreement or otherwise. 
 Section 11.02.
No Legal Title to Trust Estate in Beneficiary. The Beneficiary will not have legal title to any part of the Trust Estate. No transfer, by operation of law or otherwise, of any right, title, and interest of the Beneficiary to and in
its Beneficial Interest in the Trust Estate will operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Trust Estate. 

Section 11.03. Limitations on Rights of Others. The provisions of this Agreement are solely for the benefit of the Owner Trustee,
the Transferor, the Beneficiary, the Administrator and, to the extent expressly provided herein, the Indenture Trustee and the Noteholders, and nothing in this Agreement, whether express or implied, will be construed to give to any other Person any
legal or equitable right, remedy or claim in the Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 

Section 11.04. Notices. Unless otherwise expressly specified or permitted by the terms hereof, all notices will be in writing and
will be deemed given upon receipt by the intended recipient or three Business Days after mailing if mailed by certified mail, postage prepaid (except that notice to the Owner Trustee will be deemed given only upon actual receipt by the Owner
Trustee), if to the Owner Trustee, addressed to the Corporate Trust Office; if to the Transferor or the Beneficiary, addressed to American Express Receivables Financing Corporation VIII LLC, 200 Vesey Street, 30th Floor, Room 505A, New York, New York 10285, Attention: President (facsimile number (212) 640-0404), with a copy to American Express Travel Related Services Company, Inc., 200 Vesey Street, New York,
New York 10285, Attention: Treasurer (facsimile number (212) 640-0405); or, as to each party, at such other address as will be designated by such party in a written notice to each other party. 

Section 11.05. Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction will, as to
such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction will not invalidate or render
unenforceable such provision in any other jurisdiction. 
 Section 11.06. Separate Counterparts. This Agreement may be executed
by the parties hereto in separate counterparts, each of which when so executed and delivered will be an original, but all such counterparts will together constitute but one and the same instrument. 

Section 11.07. Successors and Assigns. All covenants and agreements contained herein will be binding upon, and inure to the
benefit of, the Transferor and its successors and assigns, the Owner Trustee and its successors and the Beneficiary and its successors and assigns, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or
action by the Beneficiary will bind the successors and assigns of the Beneficiary. 

  
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 Section 11.08. Nonpetition Covenants. To the fullest extent permitted by applicable
law, notwithstanding any prior termination of the Trust or this Agreement, the Owner Trustee (not in its individual capacity) and the Beneficiary, by its acceptance of the Beneficial Interest, will not at any time with respect to the Trust, the
Beneficiary or any applicable Master Trust, acquiesce, petition or otherwise invoke or cause the Trust, the Beneficiary or any applicable Master Trust to invoke the process of any court or government authority for the purpose of commencing or
sustaining a case against the Trust, the Beneficiary or any applicable Master Trust under any Federal or state bankruptcy, insolvency or similar law or appointing a receiver, conservator, liquidator, assignee, trustee, custodian, sequestrator or
other similar official of the Trust, the Beneficiary or any applicable Master Trust or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Trust, the Beneficiary or any applicable Master Trust;
provided, however, that this Section 11.08 will not operate to preclude any remedy described in Article VII of the Indenture. 

Section 11.09. No Recourse. The Beneficiary by accepting the Beneficial Interest acknowledges that the Beneficial Interest does
not represent an interest in or obligation of the Transferor, the Administrator, the Owner Trustee (in its individual capacity), the Indenture Trustee or any Affiliate thereof, and no recourse may be had against such parties or their assets, or
against the assets pledged under the Indenture, except as expressly provided in the Transaction Documents. 
 Section 11.10.
Headings. The headings of the various Articles and Sections herein are for convenience of reference only and will not define or limit any of the terms or provisions hereof. 

Section 11.11. GOVERNING LAW. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS, AND REMEDIES OF THE PARTIES HEREUNDER WILL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

Section 11.12. Acceptance of Terms of Agreement. THE RECEIPT AND ACCEPTANCE OF THE BENEFICIAL INTEREST BY THE BENEFICIARY, WITHOUT
ANY SIGNATURE OR FURTHER MANIFESTATION OF ASSENT, WILL CONSTITUTE THE UNCONDITIONAL ACCEPTANCE BY THE BENEFICIARY OF ALL THE TERMS AND PROVISIONS OF THIS AGREEMENT, AND WILL CONSTITUTE THE AGREEMENT OF THE TRUST THAT THE TERMS AND PROVISIONS OF THIS
AGREEMENT WILL BE BINDING, OPERATIVE AND EFFECTIVE AS BETWEEN THE TRUST AND THE BENEFICIARY. 
 Section 11.13. Integration of
Documents. This Agreement, together with the Transfer Agreement and the Servicing Agreement, constitutes the entire agreement of the parties hereto and thereto with respect to the subject matter hereof and thereof and supersedes all prior
agreements relating to the subject matter hereof and thereof. 

  
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 ARTICLE XII 

COMPLIANCE WITH REGULATION AB 

Section 12.01. Intent of the Parties; Reasonableness. The Transferor and the Trustee Bank acknowledge and agree that the purpose
of this Article XII is to facilitate compliance by the Transferor with the provisions of Regulation AB and related rules and regulations of the Commission. The Transferor shall not exercise its right to request delivery of information or
other performance under these provisions other than in good faith, or for purposes other than the Transferor’s compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder (or the provision in
a private offering of disclosure comparable to that required under the Securities Act). The Trustee Bank agrees to cooperate in good faith with any reasonable request by the Transferor for information regarding the Trustee Bank which is
required in order to enable the Transferor to comply with the provisions of Items 1109(a), 1109(b), 1117 and 1119 of Regulation AB as it relates to the Trustee Bank or to the Trustee Bank’s obligations under this Agreement. 

Section 12.02. Information to Be Provided by the Trustee Bank . The Trustee Bank shall, as promptly as practicable, notify the
Transferor, in writing, of: (i) the commencement of, a material development in or, if applicable, the termination of, any and all legal proceedings against the Trustee Bank or any and all proceedings which any property of the Trustee Bank is
the subject, that is material to the noteholders; and (ii) any such proceedings known to be contemplated by governmental authorities. The Trustee Bank shall also notify the Transferor, in writing, as promptly as practicable following notice to
or discovery by the Trustee Bank of any material changes to proceedings described in the preceding sentence. In addition, the Trustee Bank will furnish to the Transferor, in writing, the necessary disclosure regarding the Trustee Bank
describing such proceedings required to be disclosed under Item 1117 of Regulation AB, for inclusion in reports filed by or on behalf of the Transferor pursuant to the Exchange Act. 

Notwithstanding the provisions of Section 12.01, the Trustee Bank shall (i) on an annual basis, provide to the Transferor such
information regarding the Trustee Bank as is requested for the purpose of compliance with Items 1109(a), 1109(b), 1117 and 1119 of Regulation AB, and (ii) as promptly as practicable following notice to or discovery by the Trustee Bank of any
material changes to such information, provide to the Transferor, in writing, such updated information. Such information shall include, at a minimum: 

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

(B) a description of the extent to which the Trustee Bank has had prior experience serving as a trustee for asset-backed
securities transactions involving credit card receivables; 
 (C) a description of any affiliation between the Trustee Bank
and any of the following parties to a Securitization Transaction, as such parties are identified to the Trustee Bank by the Transferor in writing in advance of such Securitization Transaction: 

  
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	 	(1)	the sponsor; 

  

	 	(2)	any depositor; 

  

	 	(3)	the issuing entity; 

  

	 	(4)	any servicer; 

  

	 	(5)	any trustee; 

  

	 	(6)	any originator; 

  

	 	(7)	any significant obligor; 

  

	 	(8)	any enhancement or support provider; and 

  

	 	(9)	any other material transaction party. 

 In connection with the above-listed parties, a
description of whether there is, and if so the general character of, any business relationship, agreement, arrangement, transaction or understanding that is entered into outside the ordinary course of business or is on terms other than would be
obtained in an arm’s length transaction with an unrelated third party, apart from the asset-backed securities transaction, that currently exists or that existed during the past two years and that is material to an investor’s understanding
of the asset-backed securities. 
 Section 12.03. Repurchase Demand Activity Reporting.

(a) To assist in the Transferor’s compliance with the provisions of Items 1104(e) and 1121(c) of Regulation AB and Rule 15Ga-1 under
the Securities Exchange Act (the “Repurchase Rules and Regulations”), the Trustee Bank shall provide certain information regarding certain asset repurchase demand activities related to the Repurchase Reporting Series: 

(i) No later than the second Business Day following the end of each calendar quarter in which any Repurchase Reporting Series
is Outstanding, the Trustee Bank shall provide information regarding repurchase demands during the preceding calendar quarter related to the underlying assets for each such Repurchase Reporting Series in substantially the form of Exhibit C
hereto. 
 (ii) No later than the second Business Day of each month in which any Repurchase Reporting Series subject to
continuing obligations for filing of reports on Form 10-D under the Securities Exchange Act is outstanding, the Trustee Bank shall provide information regarding repurchase demands during the preceding month related to the underlying assets for
each such Repurchase Reporting Series in substantially the form of Exhibit C hereto. 
 (b) The Trustee Bank shall provide the
information described in paragraph (a) above subject to the following understandings and conditions: 
 (i) The Trustee Bank
shall provide the information described in paragraph (a) above only to the extent that the Trustee Bank has such information or can obtain such information without unreasonable effort or expense; provided that the Trustee Bank’s efforts to
obtain such information shall be limited to a review of its internal written records of repurchase demand activity for the applicable Repurchase Reporting 

  
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Series and that the Trustee Bank is not required to request information from any unaffiliated parties. 

(ii) The reporting of repurchase demand activity pursuant to this Section 12.03 is subject to the best knowledge of the
trust officer responsible for the applicable Repurchase Reporting Series. 
 (iii) The reporting of repurchase demand
activity pursuant to this Section 12.03 is required only in respect of Repurchase Reporting Series that include a covenant to repurchase or replace underlying assets upon breach of a representation or warranty. For purposes hereof, the
term “demand” shall not include repurchases or replacements made pursuant to instruction, direction or request from the securitizer (as defined in Rule 15Ga-1) or its affiliates. 

(iv) The Trustee Bank’s reporting pursuant to this Section 12.03 is limited to information that the Trustee Bank
has received or acquired solely in its capacity as Owner Trustee for and not in any other capacity. Other than any express duties or responsibilities as Owner Trustee under the Transaction Documents, the Trustee Bank has no duty or obligation
to undertake any investigation or inquiry related to repurchase demand activity or otherwise to assume any additional duties or responsibilities in respect of any Repurchase Reporting Series, and no such additional obligations or duties are
implied. The Trustee Bank is entitled to the full benefit of any and all protections, limitations on duties or liability and rights of indemnity provided by the terms of the Transaction Documents in connection with any actions pursuant to this
Section 12.03. 
 (v) The Trustee Bank’s obligation to provide reporting with regard to each Repurchase Reporting
Series will continue so long as any Repurchase Reporting Series is Outstanding or until the Transferor notifies the Trustee Bank that such reporting no longer is required. 

Section 12.04. Investor Communication Reporting. 

(a) To assist in the Transferor’s compliance with the provisions of Item 1121(e) of Regulation AB (the “Investor Communication
Reporting Regulation”), the Trustee Bank shall provide the following information relating to the Investor Communication Reporting Series to the Transferor in the manner, timing and format specified below: 

(i) No later than the second Business Day following the end of each calendar month in which any Investor Communication
Reporting Series is outstanding, the Trustee Bank shall provide information regarding any Investor Communication Requests received during the preceding calendar month in substantially the form of Exhibit D hereto. 

(b) The Trustee Bank shall provide the information described in paragraph (a) above subject to the following understandings and conditions:

  
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 (i) The Trustee Bank shall provide the information described in paragraph (a)
above only to the extent that the Trustee Bank has such information or can obtain such information without unreasonable effort or expense; provided that the Trustee Bank’s efforts to obtain such information shall be limited to a review of its
internal written records for the applicable Investor Communication Reporting Series and that the Trustee Bank is not required to request information from any unaffiliated parties. 

(ii) The reporting of any Investor Communication Request pursuant to this Section 12.04 is subject in all cases to the
best knowledge of the trust officer responsible for the applicable Investor Communication Reporting Series. 
 (iii) The
reporting of Investor Communication Request pursuant to this Section 12.04 is required only (x) to the extent requested pursuant to this Section 12.04, and (y) to the extent such request was not addressed to the Transferor or previously
reported to the Transferor by the Trustee Bank.
 (iv) The Trustee Bank’s reporting pursuant to this Section 12.04
is limited to information that the Trustee Bank has received or acquired solely in its capacity as Owner Trustee for the applicable Investor Communication Reporting Series and not in any other capacity. Other than any express duties or
responsibilities as Owner Trustee under the Transaction Documents, the Trustee Bank has no duty or obligation to undertake any investigation or inquiry related to Investor Communication Requests or otherwise to assume any additional duties or
responsibilities in respect of any Investor Communication Reporting Series, and no such additional obligations or duties are implied. The Trustee Bank is entitled to the full benefit of any and all protections, limitations on duties or
liability and rights of indemnity provided by the terms of the Transaction Documents in connection with any actions pursuant to this Section 12.04. 

(v) The Trustee Bank’s obligation to provide reporting with regard to each Investor Communication Reporting Series will
continue so long as any Investor Communication Reporting Series is Outstanding or until the Transferor notifies the Trustee Bank that such reporting is no longer required. 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective officers hereunto duly authorized, as of the day and year first above written. 
  

					
	WILMINGTON TRUST COMPANY
		
	By:	 	 /s/ Erwin M. Soriano

		 	Name:	 	Erwin M. Soriano
		 	Title:	 	Vice President
	
	 AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION VIII LLC,

as Beneficiary and Transferor

		
	By:	 	 /s/ Kerri S. Bernstein

		 	Name:	 	Kerri S. Bernstein
		 	Title:	 	President

 Acknowledged and Accepted: 
  

					
	AMERICAN EXPRESS ISSUANCE TRUST II
		
	By:	 	 WILMINGTON TRUST COMPANY,
 not in
its individual capacity, but solely
 as Owner Trustee

		
	By:	 	 /s/ Erwin M. Soriano

		 	Name:	 	Erwin M. Soriano
		 	Title:	 	Vice President

  
 [Second Amended and
Restated Trust Agreement] 

 Exhibit A 

CERTIFICATE OF TRUST 

 Exhibit B 

AMERICAN EXPRESS ISSUANCE TRUST II 

[FORM OF] TRANSFEROR CERTIFICATE 

THIS TRANSFEROR CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. NEITHER THIS TRANSFEROR CERTIFICATE NOR
ANY PORTION HEREOF MAY BE OFFERED OR SOLD EXCEPT IN COMPLIANCE WITH THE REGISTRATION PROVISIONS OF SUCH ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH REGISTRATION PROVISIONS. 

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THIS TRANSFEROR CERTIFICATE IS NOT PERMITTED TO BE TRANSFERRED, ASSIGNED, EXCHANGED OR
OTHERWISE PLEDGED OR CONVEYED EXCEPT IN COMPLIANCE WITH THE TERMS OF THE TRUST AGREEMENT REFERRED TO HEREIN. 
  

			
	No. [    ]	 	One Unit        

 AMERICAN EXPRESS ISSUANCE TRUST II 

TRANSFEROR CERTIFICATE 

THIS TRANSFEROR CERTIFICATE REPRESENTS A TRANSFEROR INTEREST 

RELATING TO THE 
 AMERICAN
EXPRESS ISSUANCE TRUST II (THE “TRUST”) 
 The corpus of the Trust consists of the Trust Estate. 

(Not an interest in or obligation of the Transferor 

or any affiliate thereof) 
 This
certifies that American Express Receivables Financing Corporation VIII LLC is the registered owner of all of the Transferor Interest, subject to the lien of the Notes as provided in the Second Amended and Restated Indenture, dated as of
July 29, 2016 (as amended and supplemented, the “Indenture”), between The Bank of New York Mellon, as indenture trustee (the “Indenture Trustee”) and the Trust, existing pursuant to the American Express
Issuance Trust II Second Amended and Restated Trust Agreement, dated as of July 29, 2016 (as amended and supplemented, the “Trust Agreement”), between American Express Receivables Financing Corporation VIII LLC, as beneficiary and
as transferor (the “Transferor”), and Wilmington Trust Company, as owner trustee (not in its individual capacity, but solely as owner trustee the “Owner Trustee”). The corpus of the Trust consists of the Trust
Estate (as defined in the Trust Agreement). Although a summary of certain provisions of the Second Amended and Restated Transfer Agreement, dated as of July 29, 2016 (as amended and supplemented, the “Transfer Agreement”),
among the Transferor, American Express Travel Related Services Company, Inc., as servicer and administrator, the Trust, as issuer, and the Indenture Trustee, the 

 
Trust Agreement and the Indenture (collectively, the “Agreements”) is set forth below, this Transferor Certificate does not purport to summarize the Agreements and reference is
made to the Agreements for information with respect to the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the rights, duties and obligations of the Owner Trustee. A copy of the Agreements may be requested
from the Owner Trustee by writing to the Owner Trustee. To the extent not defined herein, the capitalized terms used herein have the meanings ascribed to them in the Agreements. 

This Transferor Certificate is issued under and is subject to the terms, provisions and conditions of the Agreements, to which Agreements, as
amended and supplemented from time to time, the Transferor by virtue of its acceptance hereof assents and is bound. 
 This Transferor
Certificate (this “Transferor Certificate”) represents all of the Transferor’s interest in the Transferor Interest. The Transferor Interest includes the right to receive a portion of the collections and other amounts at
the times and in the amounts specified in the Indenture and any Indenture Supplement to be paid to the Transferor on behalf of the holder of the Transferor Interest. In addition to the Transferor Certificate, Notes will be issued to investors
pursuant to the Indenture.
 Unless otherwise specified in an Indenture Supplement with respect to a particular Series of Notes, the
Transferor has entered into the Transfer Agreement, and this Transferor Certificate is issued, with the intention that, for federal, state and local income and franchise tax purposes, (a) the Notes of each Series, Class or Tranche which are
characterized as indebtedness at the time of their issuance will qualify as indebtedness of the Transferor secured by the applicable portion of the Trust Estate and (b) the Trust shall not be treated as an association (or a publicly traded
partnership) taxable as a corporation. The Transferor, by the acceptance of this Transferor Certificate, agrees to treat the Notes for federal, state and local income and franchise tax purposes as indebtedness of the Transferor. Unless the
certificate of authentication hereon has been executed by or on behalf of the Owner Trustee, by manual signature, this Transferor Certificate shall not be entitled to any benefit under the Trust Agreement or be valid for any purpose. 

THIS TRANSFEROR CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS
OF LAW. 

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

 

					
	AMERICAN EXPRESS ISSUANCE TRUST II
		
	By:	 	 WILMINGTON TRUST COMPANY,
 not in
its individual capacity, but solely as Owner Trustee

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 Dated: [            ], 20[    ] 

CERTIFICATE OF AUTHENTICATION 

This is the Transferor Certificate referred to in the within-mentioned Trust Agreement. 

 

									
	Wilmington Trust Company,	  	or	 		 	Wilmington Trust Company,
	not in its individual capacity	  		 		 	not in its individual capacity
	but solely as Owner Trustee	  		 		 	but solely as Owner Trustee
					
		 		  		 	By	 	  

		 		  		 		 	Authenticating Agent
					
	By	 	  
	  		 	By	 	  

		 	Authorized Signatory	  		 		 	Authorized Signatory

 Exhibit C 

FORM OF ASSET REPURCHASE DEMAND ACTIVITY REPORT 

Reporting
Period: [                    ] 

Issuing Entity: American Express Issuance Trust II 

Reporting Entity: Wilmington Trust Company 

[    ] Check here if nothing to report. 
  

					
	 Activity During Period1

	 Date of Reputed Demand
	 	 Party Making Reputed Demand
	 	 Date of Withdrawal of Reputed
Demand

		 		 	
		 		 	
		 		 	
		 		 	
		 		 	

  

	1 	The Owner Trustee should attach and forward copies of any written demands to the securitizer. 

 Exhibit D 

FORM OF INVESTOR COMMUNICATION REQUEST REPORT 

Reporting
Period: [                    ] 

Issuing Entity: American Express Issuance Trust II 

Reporting Entity: Wilmington Trust Company 

[    ] Check here if nothing to report. 
  

					
	 Investor Communication Requests
Received During Period2

	 Name of Noteholder Making

Investor Communication

Request
	 	 Date of Investor Communication

Request
	 	 Method Other Investors May Use to

Contact Investor Making Investor

Communication Request

		 		 	
		 		 	
		 		 	
		 		 	
		 		 	

  

	2 	The Trustee Bank should forward any applicable information or documentation relating to any Investor Communication Request to the Transferor.EX-4.5

 Exhibit 4.5 

Execution Copy 
  

 
  

AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION VIII LLC, 

Transferor 
 AMERICAN EXPRESS
ISSUANCE TRUST II, 
 Issuer 

and 
 THE BANK OF NEW YORK
MELLON, 
 Indenture Trustee 
  

 
 SECOND
AMENDED AND RESTATED TRANSFER AGREEMENT 
 dated as of July 29, 2016 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	
	ARTICLE I	  
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  
	 Section 1.1.
	  	Definitions	  	 	1	  
	 Section 1.2.
	  	Other Definitional Provisions	  	 	17	  
	
	ARTICLE II	  
	TRUST ASSETS	  
	 Section 2.1.
	  	Conveyance of Trust Assets	  	 	19	  
	 Section 2.2.
	  	Acceptance by Issuer	  	 	21	  
	 Section 2.3.
	  	Representations and Warranties of Each Transferor Relating to Such Transferor	  	 	21	  
	 Section 2.4.
	  	Representations and Warranties of Each Transferor	  	 	23	  
	 Section 2.5.
	  	Notice of Breach	  	 	27	  
	 Section 2.6.
	  	Transfer of Ineligible Receivables and Ineligible Collateral Certificates	  	 	27	  
	 Section 2.7.
	  	Reassignment of Trust Assets	  	 	28	  
	 Section 2.8.
	  	Additional Transferors	  	 	29	  
	 Section 2.9.
	  	Covenants of Each Transferor	  	 	30	  
	 Section 2.10.
	  	Covenants of Each Transferor With Respect to Any Applicable Receivables Purchase Agreement	  	 	33	  
	 Section 2.11.
	  	Reinvestment in Trust Assets	  	 	33	  
	 Section 2.12.
	  	Increases in the Invested Amount of an Existing Collateral Certificate	  	 	34	  
	 Section 2.13.
	  	Addition of Trust Assets	  	 	35	  
	 Section 2.14.
	  	Removal of Accounts	  	 	39	  
	 Section 2.15.
	  	Account Allocations	  	 	41	  
	 Section 2.16.
	  	Discount Option Receivables	  	 	41	  
	 Section 2.17.
	  	Asset Representations Review	  	 	42	  
	 Section 2.18.
	  	Resolution of Repurchase Disputes	  	 	44	  
	 Section 2.19.
	  	Credit Risk Retention	  	 	46	  
	
	ARTICLE III	  
	OTHER MATTERS RELATING TO EACH TRANSFEROR	  
	 Section 3.1.
	  	Liability of Each Transferor	  	 	47	  
	 Section 3.2.
	  	Merger or Consolidation of, or Assumption of the Obligations of, a Transferor	  	 	47	  
	 Section 3.3.
	  	Limitations on the Liability of Each Transferor	  	 	48	  
	 Section 3.4.
	  	Assumption of a Transferor’s Obligations	  	 	48	  
	 Section 3.5.
	  	Expenses	  	 	49	  
	
	ARTICLE IV	  
	INSOLVENCY EVENTS	  
	 Section 4.1.
	  	Rights Upon the Occurrence of an Insolvency Event	  	 	50	  

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	
	ARTICLE V	  
	ACQUISITION OF TRUST ASSETS	  
	 Section 5.1.
	  	Acquisition of Trust Assets	  	 	51	  
	
	ARTICLE VI	  
	TERMINATION	  
	 Section 6.1.
	  	Termination of Agreement	  	 	52	  
	
	ARTICLE VII	  
	MISCELLANEOUS	  
	 Section 7.1.
	  	Amendment; Waiver of Past Defaults	  	 	53	  
	 Section 7.2.
	  	Protection of Right, Title and Interest in and to Trust Assets	  	 	55	  
	 Section 7.3.
	  	Fees Payable by the Transferor	  	 	56	  
	 Section 7.4.
	  	Governing Law; Submission to Jurisdiction; Appointment of Agent for Service of Process	  	 	56	  
	 Section 7.5.
	  	Notices; Payments	  	 	57	  
	 Section 7.6.
	  	Severability of Provisions	  	 	58	  
	 Section 7.7.
	  	Further Assurances	  	 	58	  
	 Section 7.8.
	  	No Waiver; Cumulative Remedies	  	 	58	  
	 Section 7.9.
	  	Counterparts	  	 	58	  
	 Section 7.10.
	  	Third-Party Beneficiaries	  	 	58	  
	 Section 7.11.
	  	Actions by Noteholders	  	 	59	  
	 Section 7.12.
	  	Rule 144A Information	  	 	59	  
	 Section 7.13.
	  	Merger and Integration	  	 	59	  
	 Section 7.14.
	  	Headings	  	 	59	  
	 Section 7.15.
	  	Limitation of Liability	  	 	59	  
	 Section 7.16.
	  	No Petition	  	 	59	  
	 Section 7.17.
	  	Force Majeure	  	 	60	  
	
	ARTICLE VIII	  
	COMPLIANCE WITH REGULATION AB	  
	 Section 8.1.
	  	Intent of Parties; Reasonableness	  	 	61	  
	 Section 8.2.
	  	Additional Representations and Warranties of the Indenture Trustee	  	 	61	  
	 Section 8.3.
	  	Information to Be Provided by the Indenture Trustee	  	 	61	  
	 Section 8.4.
	  	Report on Assessment of Compliance and Attestation	  	 	62	  

  
 ii 

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
	EXHIBITS	  	
			
	 Exhibit A
	  	 Form of Assignment of Receivables in Aggregate Addition Accounts
	  	
			
	 Exhibit B
	  	 Form of Assignment of an Additional Collateral Certificates
	  	
			
	 Exhibit C
	  	 Form of Assignment of Receivables in New Accounts
	  	
			
	 Exhibit D
	  	 Form of Reassignment of Receivables in Removed Accounts
	  	
			
	 Exhibit E-1
	  	 Form of Opinion of Counsel with respect to Amendments
	  	
			
	 Exhibit E-2
	  	 Form of Opinion of Counsel with respect to Aggregate Addition Accounts
	  	
			
	 Exhibit E-3
	  	 Form of Opinion of Counsel with respect to New Accounts
	  	
			
	 Exhibit E-4
	  	 Provisions to be included in annual Opinion of Counsel
	  	
			
	 Exhibit F
	  	 Form of Annual Certification
	  	
			
	 Exhibit G
	  	 Servicing Criteria to be Addressed in Assessment of Compliance
	  	
		
	SCHEDULES	  	
			
	 Schedule 1
	  	 List of Accounts Delivered to Indenture Trustee
	  	
			
	Schedule 2	  	List of Collateral Certificates Delivered to Indenture Trustee	  	

  
 iii 

 This SECOND AMENDED AND RESTATED TRANSFER AGREEMENT among AMERICAN EXPRESS RECEIVABLES FINANCING
CORPORATION VIII LLC, a Delaware limited liability company, as transferor (the “Transferor”), AMERICAN EXPRESS ISSUANCE TRUST II, a statutory trust created under the laws of the State of Delaware, as issuer (the
“Issuer” or the “Trust”), and THE BANK OF NEW YORK MELLON, a New York banking corporation, in its capacity as indenture trustee (the “Indenture Trustee”), is made and entered into as of July 29,
2016. 
 The Transferor, the Issuer and the Indenture Trustee previously entered into the Transfer Agreement, dated as of October 24,
2012, which was amended and restated on March 12, 2013 (as amended and restated, the “Original Transfer Agreement”). The parties hereto agree to and do hereby amend and restate the Original Transfer Agreement to read in its
entirety as set forth herein. 
 In consideration of the mutual agreements herein contained, the parties to this Agreement hereby agree that
this Agreement, together with the Transaction Documents (each capitalized term as hereinafter defined), will define the contractual rights and responsibilities of the Transferor, the Issuer and the Indenture Trustee, including, but not limited to,
representations and warranties, ongoing disclosure requirements and measures to avoid conflicts of interest, and hereby further agree as follows for the benefit of the other parties and the Noteholders: 

ARTICLE I 
 DEFINITIONS
AND OTHER PROVISIONS OF 
 GENERAL APPLICATION 

Section 1.1. Definitions. Whenever used in this Agreement, the following words and phrases shall have the following meanings, and
the definitions of such terms are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. 

“60-Day Delinquency Event” means, with respect to any Monthly Period, the 60-Day Delinquency Percentage for such Monthly
Period shall have equaled or exceeded the Delinquency Threshold. 
 “60-Day Delinquency Percentage” means, with respect to
any Monthly Period, the average for the three consecutive Monthly Periods ending with such Monthly Period of the percentage equivalent of a fraction, the numerator of which is the aggregate amount of 60-Day Delinquent Receivables as of the end of
the applicable Monthly Period, and the denominator of which is the aggregate amount of all Receivables in the Trust as of the end of the applicable Monthly Period. 

“60-Day Delinquent Receivable” means a Receivable, other than a Defaulted Receivable, that is more than 60 days past the date
a payment amount is first due under the applicable Account Agreement. 

 “AAA” has the meaning specified in subsection 2.18(d). 

“Account” means (a) each Initial Account, (b) each Additional Account (but only from and after the Addition Date with respect
thereto) and (c) each Related Account. The term “Account” shall include any account replacing an Account in connection with the transfer of ownership of such Account from an Account Owner to any other Account Owner (provided that such
replacement account can be traced or identified by reference to, or by way of, the code designation in the securitization field of such replacement account, which code designation is contained in the computer or other records of the applicable
Account Owner or the Servicer used to generate the computer files or microfiche lists delivered to the Indenture Trustee pursuant to Article II). The term “Account” shall exclude any Account, all the Receivables of which are
either (a) reassigned to a Transferor pursuant to Section 2.6 or 2.7 or (b) assigned and transferred to the Servicer pursuant to Section 3.2 of the Servicing Agreement. The term “Account” shall include
any Removed Account only prior to the Removal Date with respect thereto. 
 “Account Agreement” means, with respect to an
Account, the agreements between an Account Owner and an Obligor governing the terms and conditions of such Account, as such agreements may be amended, modified or otherwise changed from time to time. 

“Account Assignment” means, collectively, any Aggregate Addition Account Assignment and New Account Assignment. 

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

“Account Owner” means, with respect to an Account, Centurion, FSB, any successor or affiliate thereof or any other entity
that, pursuant to the Account Agreement related to such Account, is the issuer of the charge account related to, or the owner of, such Account; provided that the Transferor shall notify each Note Rating Agency promptly following the
designation of any Account Owner other than Centurion, FSB or any successor or affiliate thereof.
 “Addition Cut Off Date”
means (i) with respect to Aggregate Addition Accounts, the date specified as such in the notice delivered with respect thereto pursuant to subsection 2.13(c) and (ii) with respect to each New Account, the date on which such New Account is
originated. 
 “Addition Date” means (i) with respect to Aggregate Addition Accounts, the date from and after which such
Aggregate Addition Accounts are to be included as Accounts pursuant to subsection 2.13(a) or (b), (ii) with respect to Collateral Certificates, the date from and after which such Collateral Certificates are to be included as part
of the Trust Assets pursuant to subsection 2.13(a) or (b) and (iii) with respect to each New Account, the close of business on the last day of the Monthly Period in which such New Account was originated. 

  
 2 

 “Addition Limit” means, unless and until each Note Rating Agency otherwise
consents in writing, (i) the aggregate number of Additional Accounts designated with respect to any three consecutive Monthly Periods shall not exceed 15% of the aggregate number of Accounts as of the first day of such three-month period, (ii) the
aggregate number of Additional Accounts designated with respect to any twelve consecutive Monthly Periods shall not exceed 20% of the aggregate number of Accounts as of first day of such twelve-month period, (iii) the aggregate amount of Receivables
added to the Trust with respect to any three consecutive Monthly Periods shall not exceed 15% of the aggregate amount of Receivables in the Trust as of the first day of such three-month period and (iv) the aggregate amount of Receivables added to
the Trust with respect to any twelve consecutive Monthly Periods shall not exceed 20% of the aggregate amount of Receivables in the Trust as of the first day of such twelve-month period. 

“Additional Account” means each New Account and each Aggregate Addition Account. 

“Additional Transferor” has the meaning specified in Section 2.8. 

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

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

“Affiliate” has the meaning specified in the Indenture. 

“Aggregate Addition” means the designation of additional Eligible Accounts, other than New Accounts, to be included as
Accounts pursuant to subsection 2.13(a) or (b). 
 “Aggregate Addition Account” means each charge
account established pursuant to an Account Agreement between an Account Owner and any Person, which account is designated pursuant to subsection 2.13(a) or (b) to be included as an Account and identified in the computer file or
microfiche list delivered to the Issuer and the Indenture Trustee by the Transferor pursuant to Section 2.1 and subsection 2.13(c). 

“Aggregate Addition Account Assignment” has the meaning specified in subsection 2.13(c)(viii). 

“Agreement” means the Original Transfer Agreement, as amended and restated by this Second Amended and Restated Transfer
Agreement, as the same may be further amended, supplemented or otherwise modified from time to time. 
 “Amortization
Period” has the meaning specified in the Servicing Agreement. 
 “ARR Representations and Warranties” means the
representations and warranties relating to the Receivables and the related Accounts identified on Exhibit A to the Asset Representations Review Agreement. 

“Asset Representations Review” means a review by the Asset Representations Reviewer for compliance with the ARR
Representations and Warranties of all Receivables that were 60-Day Delinquent Receivables (including the related Accounts) as of the close of business 

  
 3 

 
on the last day of the Monthly Period with respect to which the related 60-Day Delinquency Event occurred. 

“Asset Representations Review Agreement” means the Asset Representations Review Agreement, dated as of July 29, 2016, among
the Transferor, the Servicer and the Asset Representations Reviewer, as the same may be amended, supplemented or otherwise modified from time to time. 

“Asset Representations Reviewer” means the entity appointed to be the “asset representations reviewer” pursuant to
the Asset Representations Review Agreement, which shall initially be Clayton Fixed Income Services LLC. 
 “Assigned
Assets” has the meaning specified in Section 3.4. 
 “Assumed Obligations” has the meaning specified in
Section 3.4. 
 “Assuming Entity” has the meaning specified in Section 3.4. 

“Assumption Agreement” has the meaning specified in subsection 3.4(a). 

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

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

“Beneficial Interest” has the meaning specified in the Trust Agreement. 

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

“Centurion” means American Express Centurion Bank, a Utah industrial bank, and its successors and assigns. 

“Certificate Assignment” has the meaning specified in subsection 2.13(c)(ix). 

“Class” has the meaning specified in the Indenture. 

“Collateral Certificate” means any Investor Certificate issued pursuant to a Pooling and Servicing Agreement and the related
Series Supplement that has been transferred to the Trust pursuant to subsection 2.13(a) or (b). For purposes of the FDIC Rule and GAAP, each Collateral Certificate is a “financial asset.” 

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

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

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

“Commission” means the United States Securities and Exchange Commission. 

  
 4 

 “Credco” means American Express Credit Corporation, a Delaware corporation,
including any subsidiary thereof, and its successors and assigns. 
 “Date of Processing” means, with respect to any
transaction or receipt of Collections, the Business Day after such transaction or receipt is first output in written form under the Servicer’s customary and usual servicing practices, from the Servicer’s computer file of accounts
comparable to the Accounts (without regard to the effective date of such recordation). 
 “Debtor Relief Laws” has the
meaning specified in the Indenture. 
 “Default Amount” has the meaning specified in the Servicing Agreement. 

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

“Delinquency Threshold” means, 4.32%, provided, however, that the Delinquency Threshold may be adjusted from
time to time in accordance with subsection 2.17(f). 
 “Depository” has the meaning specified in the Indenture 

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

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

“Discount Option Date” means initially, the date of this Agreement and thereafter, each subsequent date on which a Discount
Option Percentage designated by the Transferor pursuant to Section 2.16 takes effect. 
 “Discount Option
Percentage” has the meaning specified in subsection 2.16(a). 
 “Discount Option Receivables” has the
meaning specified in subsection 2.16(a).
 “Discount Option Receivables Collections” means on any Date of Processing
occurring on or after the initial Discount Option Date, the product of (i) the Discount Option Percentage and (ii) Collections of Receivables received on such Date of Processing. 

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

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

  
 5 

 “Eligible Account” means each charge account established pursuant to an Account
Agreement between an Account Owner and any Person, which meets the following requirements as of the applicable Selection Date: 
  

	 	(i)	is a charge account in existence and maintained with an Account Owner; 

  

	 	(ii)	is payable in Dollars; 

  

	 	(iii)	has not been identified by the Servicer in its computer files as cancelled due to a related Obligor’s bankruptcy or insolvency; 

 

	 	(iv)	has an Obligor who has provided as his or her most recent billing address an address located in the United States or its territories or possessions or a United States military address; provided, however,
that as of such Selection Date, up to 3% of the aggregate amount of Receivables may have related Obligors who have provided as their billing addresses, addresses located outside of such jurisdictions; 

 

	 	(v)	if such account is a charge card account, has not been identified as an account with respect to which a related card has been lost or stolen; 

 

	 	(vi)	has not been sold or pledged to any other party except for any other Account Owner that either entered into (or, on or prior to the applicable Addition Date, will enter into) a Receivables Purchase Agreement or that is
(or, on or prior to the applicable Addition Date, will be) a Transferor; 

  

	 	(vii)	does not have any receivables that have been sold or pledged by an Account Owner to any Person other than Credco, TRS or any Transferor; and 

 

	 	(viii)	does not have receivables that have been written off or that have been identified by the Servicer as having been incurred as a result of the fraudulent use of a related charge product. 

Notwithstanding the above requirements, Eligible Accounts may include accounts, the receivables of which have been written off, or which have
been identified by the Servicer in its computer files as cancelled due to a related Obligor’s bankruptcy or insolvency, in each case as of the related Selection Date; provided that (i) the balance of all receivables included in such
accounts is reflected on the books and records of the related Account Owner (and is treated for purposes of this Agreement) as “zero” and (ii) borrowing and charging privileges with respect to all such accounts have been cancelled in
accordance with the Account Guidelines applicable thereto.
 “Eligible Collateral Certificate” means a Collateral
Certificate that has been duly authorized by the applicable Transferor and validly issued by the applicable Master Trust and is entitled to the benefits of the applicable Pooling and Servicing Agreement and with respect to which the representations
and warranties made in subsections 2.4(a), (d), (e), (f), (g) and (h) are true and correct in all material respects. 

  
 6 

 “Eligible Receivable” means each Receivable: 

 

	 	(i)	which has arisen in an Eligible Account; 

  

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

  

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

  

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

  

	 	(v)	which has been the subject of either a valid transfer and assignment from a Transferor to the Trust of all such Transferor’s right, title and interest therein (including any proceeds thereof), or the grant of a
first-priority perfected security interest therein (and in the proceeds thereof), effective until the termination of the Trust; 

  

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

  

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

  

	 	(viii)	 which, at the time of transfer to the Trust, is not subject to any right of rescission, setoff, counterclaim or
any other defense (including defenses 

  
 7 

	 	
arising out of violations of usury laws) of an Obligor, other than defenses arising out of applicable Debtor Relief Laws; 

 

	 	(ix)	as to which, at the time of transfer to the Trust, the Transferor thereof has satisfied all its obligations required to be satisfied by such time; 

 

	 	(x)	as to which, at the time of transfer to the Trust, none of the Transferor, any Account Owner, Credco or TRS, as the case may be, has taken any action which would impair, or omitted to take any action the omission of
which would impair, the rights of the Trust or the Noteholders therein; and 

  

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

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

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

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

“Execution Date” means October 24, 2012. 

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

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

“Finance Charge Receivables” means the aggregate amount of Discount Option Receivables. 

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

“Fitch” means Fitch, Inc., or its successor. 

“FSB” means American Express Bank, FSB, a federal savings bank, and its successors and assigns. 

“GAAP” means generally accepted accounting principles in the United States of America in effect from time to time. 

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

  
 8 

 “Increase Date” means any date on which the Invested Amount of an existing
Collateral Certificate is increased pursuant to Section 2.11 or 2.12. 
 “Indenture” means the Second Amended
and Restated Indenture, dated as of July 29, 2016, between the Issuer and the Indenture Trustee, as the same may be further amended, supplemented or otherwise modified from time to time. 

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

“Indenture Trustee” means The Bank of New York Mellon, in its capacity as indenture trustee under the Indenture, its
successors in interest and any successor indenture trustee under the Indenture. 
 “Ineligible Collateral Certificate” has
the meaning specified in subsection 2.6(b). 
 “Ineligible Receivables” has the meaning specified in subsection
2.6(b). 
 “Initial Account” means each charge account established pursuant to an Account Agreement between an Account
Owner and any Person, which account is identified in the computer file or microfiche list delivered to the Issuer and the Indenture Trustee on the Execution Date by the Transferor pursuant to Section 2.1. 

“Initial Cut Off Date” means the opening of business on October 24, 2012. 

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

“Invested Amount” has, with respect to any Collateral Certificate, the meaning specified in the applicable Series Supplement
for such Collateral Certificate. 
 “Investor Certificate” has the meaning specified in the applicable Pooling and
Servicing Agreement. 
 “Issuance Date” means each date on which a Series, Class or Tranche of Notes is issued. 

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

“Issuer Accounts” has the meaning specified in the Servicing Agreement. 

“Issuer Rate Fees” means all issuer rate fees payable to an Account Owner in connection with cardholder charges for goods or
services with respect to the Receivables. 
 “Issuer Tax Opinion” has the meaning specified in the Indenture. 

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

  
 9 

 
of the foregoing; provided, however, that any assignment permitted by Section 3.02 of the Trust Agreement or Section 3.2 or Section 3.4 and the lien
created by this Agreement shall not be deemed to constitute a Lien; provided further, however, that the lien created in favor of the Indenture Trustee under the Indenture shall not be deemed to constitute a Lien. 

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

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

“Master Trust Transferor” means the entity acting as transferor under the applicable Pooling and Servicing Agreement. 

“Master Trust Trustee” means the entity acting as trustee under the applicable Pooling and Servicing Agreement. 

“Monthly Interest” has, for any Series of Notes, the meaning specified in the related Indenture Supplement. 

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

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

“New Account” means each charge account established pursuant to an Account Agreement between an Account Owner and any Person,
which account is designated pursuant to subsection 2.13(d) to be included as an Account and identified in the computer file or microfiche list delivered to the Issuer and the Indenture Trustee by a Transferor pursuant to Section 2.1
and subsection 2.13(e). 
 “New Account Assignment” has the meaning specified in subsection 2.13(e)(vi). 

“New Account Delivery Date” means, with respect to any New Account, the fifteenth calendar day of the month (or, if such 15th
calendar day is not a Business Day, the next succeeding Business Day) following the Monthly Period in which the Addition Date for such New Account occurs. 

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

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

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

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

  
 10 

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

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

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

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

“Notice Date” has the meaning specified in subsection 2.13(c)(i). 

“Notices” has the meaning specified in subsection 7.5(a). 

“Obligor” means, with respect to any Account, the Person or Persons obligated to make payments with respect to such Account,
including any guarantor thereof, but excluding any merchant. 
 “Officer’s Certificate” has the meaning specified in
the Indenture. 
 “Opinion of Counsel” has the meaning specified in the Indenture. 

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

“Outstanding” has the meaning specified in the Indenture. 

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

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

“Pool Balance” means, for any Monthly Period, the sum of (i) the aggregate amount of Principal Receivables as of the
close of business on the last day of such Monthly Period, (ii) the sum of the Invested Amount of each Collateral Certificate as of the close of business on the last day of such Monthly Period and (iii) the Excess Funding Amount as of the close
of business on the last day of such Monthly Period. 
 “Pooling and Servicing Agreement” has the meaning specified in the
Indenture. 
 “Prefunding Excess Amount” has, with respect to any Series, Class or Tranche of Notes, the meaning specified
in the applicable Indenture Supplement for such Series, Class or Tranche. 
 “Principal Collections” has the meaning
specified in the Servicing Agreement. 

  
 11 

 “Principal Funding Account” has, with respect to any Series, Class or Tranche of
Notes, the meaning specified in the applicable Indenture Supplement for such Series, Class or Tranche. 
 “Principal Funding Account
Balance” has, with respect to any Series, Class or Tranche of Notes, the meaning specified in the applicable Indenture Supplement

“Principal Receivables” means, for any date of determination, all Receivables other than Finance Charge Receivables. 

“Reassignment” has the meaning specified in subsection 2.14(c). 

“Reassignment Amount” means, with respect to the Receivables or a particular Collateral Certificate subject to reassignment
pursuant to Section 2.7, for any First Note Transfer Date, the sum of (i)(a) an amount equal to the outstanding principal balance of such Receivables as of the last day of the prior Monthly Period or (b) the Invested Amount of such Collateral
Certificate, and (ii) accrued and unpaid interest through the related Payment Date on Notes with an outstanding principal amount equal to the applicable amount specified in clause (i), which interest shall be determined based on the applicable note
interest rates of each such Series, Class or Tranche of Notes through the related Payment Date of such Series, Class or Tranche. 

“Receivables” means all amounts shown on the Servicer’s records as amounts payable by an Obligor on any Account from
time to time, including amounts payable for Principal Receivables and Finance Charge Receivables. Receivables that become Defaulted Receivables will cease to be included as Receivables as of the day on which they become Defaulted
Receivables. For purposes of the FDIC Rule and GAAP, Receivables are “financial assets.” 
 “Receivables Purchase
Agreement” means (i) any receivables purchase agreement entered into between an Account Owner and TRS for the sale of receivables which TRS then sells to a Transferor and (ii) any receivables purchase agreement entered into between a
Transferor and TRS or an Account Owner for the sale of receivables which such Transferor then transfers to the Trust. 
 “Record
Date” has the meaning specified in the Indenture. 
 “Recoveries” means all Recoveries as defined in the related
Receivables Purchase Agreement that are paid to a Transferor as provided in the related Receivables Purchase Agreement. 

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

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

  
 12 

 
9638, 79 Fed. Reg. 57,184 (September 24, 2014)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time. 

“Regulation RR” means the Credit Risk Retention rules published in the Federal Register (79 Fed. Reg. 77601) on December 24,
2014, and promulgated by, among other federal agencies, the Commission under 17 C.F.R. §§246.1-246.22, to implement Section 941(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. 

“Reinvestment Amount” means, for any Monthly Period, an amount equal to (i) the sum of (a) the Principal Collections for such
Monthly Period, (b) the Finance Charge Collections and similar amounts applied with respect to the Default Amount and the Nominal Liquidation Amount Deficit, if any, for all Series of Notes for such Monthly Period, (c) Collateral Certificate
Principal Shortfall Payments for such Monthly Period, (d) the portion of the Prefunding Excess Amount, if any, paid to the Issuer pursuant to the applicable Indenture Supplement for such Monthly Period, (e) Dollar payments which will be
received under Derivative Agreements with respect to principal for such Monthly Period, and (f) the aggregate amount of the accretion of principal on all Discount Notes for such Monthly Period paid pursuant to the applicable Indenture Supplement,
minus (ii) the sum of (a) the aggregate principal amount deposited into the Principal Funding Accounts for all Series of Notes with respect to such Monthly Period or paid to Noteholders with respect to such Monthly Period, and (b) the
aggregate amount of Principal Collections reallocated to pay the Monthly Interest, the Servicing Fee and the Default Amount for such Monthly Period. 

“Related Account” means each Account with respect to which a new account number has been issued by the applicable Account
Owner or the Servicer (i) in compliance with the Account Guidelines and the related Account Agreement, (ii) to the same Obligor or Obligors of such Account, and (iii) (a) as a result of the charge card with respect to such Account being lost or
stolen; (b) as a result of the related Obligor requesting a change in his or her billing cycle; (c) as a result of the related Obligor requesting the discontinuance of responsibility with respect to such Account; (d) as a result of the related
Obligor requesting a product change; or (e) for any other reasons permitted by the Account Guidelines; provided that such Account can be traced or identified by reference to or by way of the code designation in the securitization field of
such Account, which code designation is contained in the computer or other records of the applicable Account Owner or the Servicer used to generate the computer files or microfiche lists delivered to the Indenture Trustee pursuant to Article
II. 
 “Related Agreements” means, with respect to any Series, Class or Tranche of Notes, collectively, this Agreement,
the Servicing Agreement, the Indenture, any applicable Indenture Supplement, the Seller Agreement and the Trust Agreement. 

“Removal Date” has the meaning specified in subsection 2.14(a)(i). 

“Removal Notice Date” has the meaning specified in subsection 2.14(a)(i). 

“Removed Accounts” has the meaning specified in Section 2.14. 

“Representing Party” has the meaning specified in subsection 2.18(a). 

  
 13 

 “Requesting Party” has the meaning specified in subsection 2.18(a). 

“Required Pool Balance” means, for any Monthly Period, the sum of (i) for all Notes in their Revolving Period, the sum of the
Nominal Liquidation Amounts of such Notes as of the close of business on the last day of such Monthly Period and (ii) for all Notes in their Amortization Period or Accumulation Period, the sum of the Nominal Liquidation Amounts of such Notes as of
the close of business on the last day of the most recent Revolving Period for each of such Notes (exclusive of (a) any Notes that will be paid in full on the applicable Payment Date in the following Monthly Period and (b) any Notes that will have a
Nominal Liquidation Amount of zero on the applicable Payment Date in the following Monthly Period). 
 “Required Seller’s
Interest Amount” means, the amount of “seller’s interest” required to be maintained pursuant to Regulation RR by the “sponsor” or one or more of its “wholly-owned affiliates” (as such terms are defined in
Regulation RR. 
 “Required Transferor Amount” means, for any Monthly Period, the product of (i) the Principal Receivables
as of the close of business on the last day of such Monthly Period and (ii) the Required Transferor Amount Percentage. 
 “Required
Transferor Amount Percentage” means the highest Series Required Transferor Amount Percentage in effect for any Outstanding Series of Notes. 

“Requirements of Law” means any law, treaty, rule or regulation, or determination of an arbitrator or Governmental Authority,
whether federal, state or local (including usury laws, the Federal Truth in Lending Act and Regulation B and Regulation Z of the Board of Governors of the Federal Reserve System), and, when used with respect to any Person, the certificate of
incorporation and by-laws or other organizational or governing documents of such Person. 
 “Review Notice” has the meaning
specified in subsection 2.17(d). 
 “Revolving Credit Agreement” means the RFC VIII Revolving Credit Agreement, as the same
may be amended, supplemented or otherwise modified from time to time, and any substantially similar agreement entered into between any lender and a Transferor. 

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

“RFC VIII” means American Express Receivables Financing Corporation VIII LLC, a Delaware limited liability company, and its
successors and assigns. 
 “RFC VIII Revolving Credit Agreement” means the Revolving Credit Agreement by and between TRS
and RFC VIII, dated as of October 24, 2012, as such agreement may be amended from time to time in accordance therewith, or any substantially similar agreement entered into between any lender and RFC VIII. 

“Sarbanes Certification” has the meaning specified in Section 8.4. 

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

  
 14 

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

“Segregation Account” has the meaning specified in the Servicing Agreement. 

“Selection Date” means (i) with respect to each Initial Account, the opening of business on October 24, 2012, (ii) with
respect to each Aggregate Addition Account, the date specified as such in the notice delivered with respect thereto pursuant to subsection 2.13(c) and (iii) with respect to each New Account, the date on which such New Account is originated.

 “Seller Agreement” means the Seller Agreement, dated as of October 24, 2012, among Centurion, FSB, TRS and RFC VIII, as
amended, supplemented or restated from time to time. 
 “Seller’s Interest Amount” means, with respect to any date, an
amount of “seller’s interest” maintained by TRS or one or more of its “wholly-owned affiliates” (as such terms are defined in Regulation RR), determined in accordance with Section 246.5 of Regulation RR. 

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

“Series Required Transferor Amount Percentage” has, for any Series of Notes, the meaning specified in the related Indenture
Supplement. 
 “Series Supplement” has the meaning specified in the Indenture. 

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

“Servicing Agreement” means the Second Amended and Restated Servicing Agreement, dated as of July 29, 2016, among RFC VIII,
as Transferor, TRS, as Servicer and Administrator, the Issuer, and the Indenture Trustee, as further amended, supplemented or restated from time to time. 

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

“Standard & Poor’s” means Standard & Poor’s Ratings Services, or its successor. 

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

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

  
 15 

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

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

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

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

“Tranche” has the meaning specified in the Indenture. 

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

“Transfer Restriction Event” has the meaning specified in Section 2.15. 

“Transferor” means (a) RFC VIII or its successors under this Agreement and (b) any Additional Transferor or Additional
Transferors. References to “each Transferor” shall refer to each entity mentioned in the preceding sentence and references to “the Transferor” shall refer to all of such entities.

“Transferor Amount” means, for any Monthly Period, an amount, not less than zero, equal to (i) the Pool Balance for such
Monthly Period minus (ii) the aggregate Nominal Liquidation Amount of all Notes as of the close of business on the last day of such Monthly Period. 

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

“Transferor Invested Amount” means, as of any date of determination, the excess of (i) the sum of (a) in connection with the
aggregate amount of Receivables in the Trust as of such date, the purchase price paid by the Transferor for such Receivables pursuant to any Receivables Purchase Agreement to which the Transferor is a party, (b) in connection with the aggregate
amount of Receivables in the Trust as of such date, the Transferor’s funding expenses and other amounts owed by the Transferor pursuant to the Revolving Credit Agreement and any other agreements in connection with the purchase of such
Receivables, and (c) the additional costs incurred, but not otherwise recovered, by the Transferor in connection with the transactions 

  
 16 

 
contemplated by the Transaction Documents, over (ii) the sum of the Nominal Liquidation Amounts of all Outstanding Notes as of such date. 

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

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

“Trust Agreement” means the Second Amended and Restated Trust Agreement relating to the Trust, dated as of July 29, 2016,
between the Transferor and the Owner Trustee, as the same may be further amended, supplemented or otherwise modified from time to time. 

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

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

Section 1.2. Other Definitional Provisions.

(a) The terms defined in this Article have the meanings assigned to them in this Article, and, along with any other term defined in any
Section of this Agreement, include the plural as well as the singular. 
 (b) With respect to any Series of Notes, all terms used herein and
not otherwise defined herein shall have meanings ascribed to them in the applicable Transaction Document.
 (c) All terms defined in this
Agreement shall have the defined meanings when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. 

(d) As used in this Agreement and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not
otherwise defined in this Agreement or in any such certificate or other document, and accounting terms partly defined in this Agreement or in any such certificate or other document to the extent not defined, shall have the respective meanings
assigned to them in accordance with generally accepted accounting principles and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted
hereunder means such accounting principles as are generally accepted in the United States of America at the date of such computation. 
 (e)
The agreements, representations and warranties of RFC VIII in this Agreement in its capacity as a Transferor shall be deemed to be the agreements, representations and warranties of each such entity solely in such capacity for so long as such entity
acts in such capacity under this Agreement.
 (f) Any reference to each Note Rating Agency shall only apply to any nationally recognized
statistical rating organization if such nationally recognized statistical rating organization is then rating any Outstanding Series, Class or Tranche of Notes. 

  
 17 

 (g) Unless otherwise specified, references to any amount as on deposit or outstanding on any
particular date shall mean such amount at the close of business on such day. 
 (h) The words “hereof,” “herein,”
“hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement; references to any subsection, Section, Schedule or Exhibit are references
to subsections, Sections, Schedules and Exhibits in or to this Agreement unless otherwise specified; and the term “including” means “including without limitation.” Unless the context otherwise requires, terms used herein
that are defined in the UCC and not otherwise defined herein shall have the meanings set forth in the UCC. 
 [END OF ARTICLE I] 

  
 18 

 ARTICLE II 

TRUST ASSETS 
 Section
2.1. Conveyance of Trust Assets. 
 (a) By execution of this Agreement, each Transferor does hereby transfer, assign, set over and
otherwise convey to the Trust, without recourse except as provided herein, all of its right, title and interest in, to and under (i) the Receivables existing on the Initial Cut Off Date, in the case of Receivables arising in the Initial Accounts
(including Related Accounts with respect to such Initial Accounts), and thereafter created from time to time in such Accounts until the termination of the Trust, (ii) the Receivables existing at the close of business on each applicable Addition Cut
Off Date, in the case of Receivables arising in the Additional Accounts (including Related Accounts with respect to such Additional Accounts), and thereafter created from time to time in the Accounts until the termination of the Trust, (iii) each
Collateral Certificate as of each applicable Addition Date, (iv) the Recoveries allocable to the Trust as provided in this Agreement and the Servicing Agreement, (v) all monies due and to become due with respect to all of the foregoing, (vi) all
amounts received with respect to all of the foregoing and (vii) all proceeds thereof, but excluding any Issuer Rate Fees allocable to such Receivables. Each Transferor does hereby further transfer, assign, set over and otherwise convey to the
Trust all of its rights, remedies, powers, privileges and claims under or with respect to any related Receivables Purchase Agreement (whether arising pursuant to the terms of such Receivables Purchase Agreement or otherwise). The property
described in the two preceding sentences, together with all monies and other property on deposit in or credited to the Issuer Accounts established pursuant to this Agreement, the Servicing Agreement and each Indenture Supplement, the rights of the
Trust under this Agreement, the Servicing Agreement and the Trust Agreement and the property conveyed to the Trust under this Agreement, the Servicing Agreement and any Series Supplement shall constitute the assets of the Trust (the “Trust
Assets”). The foregoing does not constitute and is not intended to result in the creation or assumption by the Trust, the Owner Trustee, the Indenture Trustee or any Noteholder of any obligation of any Transferor, Credco, any Account
Owner or any other Person in connection with the Trust Assets or under any agreement or instrument relating thereto, including any obligation to Obligors, merchants, clearance systems or insurers. Each Account will continue to be owned by the
related Account Owner and will not be a Trust Asset. 
 (b) Each Transferor agrees to record and file, at its own expense, financing
statements (and amendments to such financing statements when applicable) with respect to the Trust Assets conveyed by such Transferor meeting the requirements of applicable state law in such manner and in such jurisdictions as are necessary to
perfect, and maintain the perfection of, the transfer, assignment, set-over or other conveyance of its interest in such Trust Assets to the Trust, and to deliver a file-stamped copy of each such financing statement or amendment or other evidence of
such filing to the Owner Trustee and the Indenture Trustee as soon as practicable after (i) the Execution Date, in the case of Trust Assets relating to the Initial Accounts, and (ii) if any additional filing is so necessary, the applicable Addition
Date, in the case of Trust Assets relating to Additional Accounts or Collateral Certificates. Neither the Owner Trustee nor the Indenture Trustee shall be under any obligation whatsoever to file such financing statements or

  
 19 

 
amendments to financing statements or to make any other filing under the UCC in connection with such transfer, assignment, set-over or other conveyance. 

(c) Each Transferor further agrees, at its own expense, on or prior to (i) the Execution Date, in the case of the Initial Accounts, (ii) the
applicable Addition Date, in the case of Additional Accounts or Collateral Certificates and (iii) the applicable Removal Date, in the case of Removed Accounts, with respect to such Transferor, to indicate in the appropriate computer files that
Receivables created (or reassigned, in the case of Removed Accounts) in connection with such Accounts and such Collateral Certificates have been conveyed to the Trust pursuant to this Agreement (or conveyed to such Transferor or its designee in
accordance with Section 2.14, in the case of Removed Accounts) by including (or deleting, in the case of Removed Accounts) in the securitization field of such computer files the code “E1” or “E2,” as applicable, in the
case of the Initial Accounts and, in the case of Additional Accounts, a similar code designation that shall be specified in the Account Assignment related thereto. Each Transferor further agrees not to alter the code referenced in this
paragraph with respect to any Account during the term of this Agreement unless and until such Account becomes a Removed Account. 
 (d) Each
Transferor further agrees, at its own expense, on or prior to (a) the date that is five Business Days after the Execution Date, in the case of the Initial Accounts, (b) the date that is five Business Days after the applicable Addition Date, in the
case of Aggregate Addition Accounts, (c) the applicable New Account Delivery Date, in the case of New Accounts and (d) the date that is five Business Days after the applicable Removal Date, in the case of Removed Accounts, to deliver to the Issuer
and the Indenture Trustee one or more computer files or microfiche lists containing a true and complete list of all such Accounts, specifying for each such Account, as of the Initial Cut Off Date, in the case of the Initial Accounts, as of the
applicable Addition Cut Off Date, in the case of Additional Accounts, and as of the applicable Removal Date, in the case of Removed Accounts, its account number and the aggregate amount outstanding in such Account. Such computer files or
microfiche lists also shall specify that the Receivables arising in each such Account have been transferred to the Trust. Each such file or list, as supplemented from time to time to reflect Related Accounts, Additional Accounts and Removed
Accounts, shall be marked as Schedule 1 to this Agreement and is hereby incorporated into and made a part of this Agreement. Schedule 1 shall be updated not later than semiannually, beginning October 2016, to include any new
Related Accounts. 
 (e) Each Transferor further agrees, at its own expense, on or prior to the date that is five Business Days after the
applicable Addition Date, in the case of Collateral Certificates, to deliver to the Issuer and the Indenture Trustee one or more schedules containing a true and complete list of all Collateral Certificates. Each such schedule, as supplemented
from time to time to reflect Collateral Certificates, shall be marked as Schedule 2 to this Agreement and is hereby incorporated into and made a part of this Agreement. Each Transferor further agrees (i) with respect to each Collateral
Certificate in certificated form, to cause the Issuer to acquire possession in the State of New York or the State of Delaware of the related security certificate, endorsed to the Issuer, or in blank by an effective endorsement, or registered in the
name of the Issuer upon original issue or registration of transfer by the issuer of such Collateral Certificate, and (ii) with respect to each Collateral Certificate in uncertificated form, to cause the issuer of such Collateral Certificate to
register the Issuer as the registered owner of such Collateral Certificate. 

  
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 (f) To the extent that a Transferor retains any interest in the Trust Assets, such Transferor
hereby grants to the Trust and the Indenture Trustee a first priority perfected security interest in all of such Transferor’s right, title and interest, whether now owned or hereafter acquired, in, to and under the Trust Assets and all proceeds
thereof, to secure such Transferor’s obligations hereunder. This Agreement shall constitute a security agreement under applicable law. 

Section 2.2. Acceptance by Issuer 

(a) The Issuer hereby acknowledges its acceptance of all right, title and interest to the Trust Assets conveyed to the Trust pursuant to
Section 2.1. The Issuer further acknowledges that, prior to or simultaneously with the execution and delivery of this Agreement, the Transferor delivered to the Issuer and the Indenture Trustee Schedule 1 identifying the Initial
Accounts.
 (b) The Owner Trustee and the Trust each hereby agrees (and the Indenture Trustee shall, pursuant to the Indenture, agree) not
to disclose to any Person any of the account numbers or other information contained in the computer files or microfiche lists marked as Schedule 1 and delivered to the Issuer and the Indenture Trustee from time to time except (i) to a
Successor Servicer or as required by a Requirement of Law applicable to the Owner Trustee or the Trust, (ii) in connection with the performance of the Owner Trustee’s or the Trust’s duties hereunder, (iii) to the Indenture Trustee in
connection with its duties in enforcing the rights of Noteholders and in connection with its duties under this Agreement and the Indenture or (iv) to bona fide creditors or potential creditors of any Account Owner or any Transferor for the limited
purpose of enabling any such creditor to identify Receivables or Accounts subject to this Agreement or the Receivables Purchase Agreements. The Owner Trustee and the Trust each agrees to take such measures as shall be reasonably requested by
any Account Owner or any Transferor to protect and maintain the security and confidentiality of such information and, in connection therewith, shall allow each Account Owner and each Transferor or their duly authorized representatives to inspect the
Owner Trustee’s security, data protection and confidentiality arrangements from time to time during normal business hours upon prior written notice. The Owner Trustee and the Trust shall provide the applicable Account Owner and the
applicable Transferor with notice 15 Business Days prior to disclosure of any information of the type described in this subsection 2.2(b). 

(c) The Owner Trustee shall have no power to create, assume or incur indebtedness or other liabilities in the name of the Trust other than as
contemplated in any Related Agreement. 
 Section 2.3. Representations and Warranties of Each Transferor Relating to Such
Transferor. Each Transferor hereby severally represents and warrants to the Trust (and agrees that the Owner Trustee and the Indenture Trustee may rely on each such representation and warranty in accepting the Receivables and Collateral
Certificates in trust under this Agreement or the Indenture, as applicable, and in authenticating the Notes) as of the Execution Date and each Issuance Date (but only if it was a Transferor on such date and only if it was a party to the applicable
Related Agreement on such date) that: 

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

(b) Due Qualification. Such Transferor is duly qualified to do business and is in good standing and has obtained all necessary
licenses and approvals, in each jurisdiction in which failure to so qualify or to obtain such licenses and approvals would (i) render any Account Agreement relating to an Account specified herein or any Receivable or any Collateral Certificate
conveyed by such Transferor to the Trust unenforceable by such Transferor, the Servicer, the Indenture Trustee or the Owner Trustee and (ii) have a material adverse effect on any Noteholders; provided, however, that no Transferor makes
any representation or warranty with respect to any qualifications, licenses or approvals that the Indenture Trustee or the Owner Trustee would have to obtain to do business in any state in which the Indenture Trustee or the Owner Trustee seeks to
enforce any Receivable or any Collateral Certificate. 
 (c) Due Authorization. The execution and delivery by such Transferor of
this Agreement, the Servicing Agreement, each applicable Receivables Purchase Agreement, if any, each applicable Pooling and Servicing Agreement, if any, and each applicable Series Supplement, if any, and the order to the Indenture Trustee to have
the Notes authenticated and delivered and the consummation by such Transferor of the transactions provided for in this Agreement, the Servicing Agreement, each applicable Receivables Purchase Agreement, if any, each applicable Pooling and Servicing
Agreement, if any, and each applicable Series Supplement, if any, have been duly authorized by such Transferor by all necessary corporate action on the part of such Transferor. 

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

(e) No Proceedings. There are no proceedings or investigations, pending or, to the best knowledge of such Transferor, threatened
against such Transferor before any Governmental Authority (i) asserting the invalidity of this Agreement, the Servicing Agreement, any applicable Receivables Purchase Agreement, any applicable Pooling and Servicing Agreement or any applicable Series
Supplement, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement, the Servicing Agreement, any applicable 

  
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Receivables Purchase Agreement, any applicable Pooling and Servicing Agreement or any applicable Series Supplement, (iii) seeking any determination or ruling that, in the reasonable judgment of
such Transferor, would materially and adversely affect the performance by such Transferor of its obligations under this Agreement, the Servicing Agreement, any applicable Receivables Purchase Agreement, any applicable Pooling and Servicing Agreement
or any applicable Series Supplement, (iv) seeking any determination or ruling that would materially and adversely affect the validity or enforceability of this Agreement, the Servicing Agreement, any applicable Receivables Purchase Agreement, any
applicable Pooling and Servicing Agreement or any applicable Series Supplement or (v) seeking to affect adversely the income or franchise tax attributes of the Trust under the United States federal or any state income or franchise tax systems. 

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

Section 2.4. Representations and Warranties of Each Transferor. Each Transferor hereby severally represents and warrants to the
Issuer, the Indenture Trustee and the Owner Trustee (but, in each case, only if it was a Transferor on such date and only if it was a party to the applicable Related Agreement on such date) that: 

(a) as of the Execution Date and each Issuance Date, each of this Agreement, the Servicing Agreement, each applicable Receivables Purchase
Agreement, if any, each applicable Pooling and Servicing Agreement, if any, and each applicable Series Supplement, if any, constitutes a legal, valid and binding obligation of such Transferor, enforceable against such Transferor in accordance with
its terms, except as such enforceability may be limited by applicable Debtor Relief Laws or general principles of equity. 
 (b) as of the
applicable Addition Date with respect to Additional Accounts, each of this Agreement and each applicable Receivables Purchase Agreement, if any, constitutes a legal, valid and binding obligation of such Transferor, enforceable against such
Transferor in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally from time to time in effect or
general principles of equity; 
 (c) as of the applicable Addition Date with respect to Additional Accounts, the related Account Assignment
constitutes a legal, valid and binding obligation of such Transferor, enforceable against such Transferor in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or
other similar laws affecting creditors’ rights generally from time to time in effect or general principles of equity; 

  
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 (d) as of the applicable Addition Date with respect to any Collateral Certificate, each of this
Agreement, any applicable Pooling and Servicing Agreement, any applicable Series Supplement and the related Certificate Assignment constitutes a legal, valid and binding obligation of such Transferor, enforceable against such Transferor in
accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally from time to time in effect or general
principles of equity; 
 (e) as of each Increase Date, each of this Agreement, any applicable Pooling and Servicing Agreement and any
applicable Series Supplement, constitutes a legal, valid and binding obligation of such Transferor, enforceable against such Transferor in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting creditors’ rights generally from time to time in effect or general principles of equity; 

(f) (A) as of the Execution Date, with respect to the Initial Accounts (and the Receivables arising therein), the portion of
Schedule 1 to this Agreement under such Transferor’s name, as supplemented to such date, is, as of the Initial Cut Off Date, an accurate and complete listing in all material respects of the Initial Accounts, the Receivables in which were
transferred by such Transferor as of the Execution Date; 
 (B) as of the applicable Addition Date, with respect to Aggregate
Addition Accounts (and the Receivables arising therein), the portion of Schedule 1 to this Agreement under such Transferor’s name, as supplemented to such date, is, as of the related Addition Cut Off Date, an accurate and complete
listing in all material respects of such Aggregate Addition Accounts, the Receivables in which were transferred by such Transferor as of the applicable Addition Date; 

(C) as of the applicable New Account Delivery Date, with respect to New Accounts (and the Receivables arising therein), the
portion of Schedule 1 to this Agreement under such Transferor’s name, as supplemented to such date, is, as of the related Addition Cut Off Date, an accurate and complete listing in all material respects of such New Accounts, the
Receivables in which were transferred by such Transferor as of the applicable Addition Date; and 
 (D) as of the applicable
Addition Date, with respect to Collateral Certificates, the portion of Schedule 2 to this Agreement under such Transferor’s name, as supplemented to such date, is, as of such Addition Date, an accurate and complete listing in all
material respects of each Collateral Certificate transferred to the Trust after the Execution Date that remains outstanding, including any Collateral Certificate transferred as of an Addition Date; 

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

(g) as of the Execution Date, each Issuance Date and each applicable Addition Date, the Receivables or the Collateral Certificates conveyed by
such Transferor to the Trust 

  
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have been conveyed free and clear of any Lien (other than as permitted by clause (iv) of the term “Eligible Receivable”); 

(h) as of (A) the Execution Date, with respect to the Initial Accounts (and the Receivables arising therein), (B) the applicable Addition
Date, with respect to Additional Accounts (and the Receivables arising therein), (C) the applicable Addition Date, with respect to a Collateral Certificate and (D) the applicable Increase Date, with respect to an increase in the Invested Amount of
an existing Collateral Certificate, all authorizations, consents, orders or approvals of or registrations or declarations with any Governmental Authority required to be obtained, effected or given by such Transferor in connection with the conveyance
by such Transferor of such Receivables or Collateral Certificates or the increase of the Invested Amount of any existing Collateral Certificate have been duly obtained, effected or given and are in full force and effect; 

(i) as of (A) the Execution Date, (B) each Issuance Date, (C) the applicable Addition Date with respect to Additional Accounts (and the
Receivables arising therein), (D) the applicable Addition Date with respect to a Collateral Certificate and (E) the applicable Increase Date with respect to an increase in the Invested Amount of an existing Collateral Certificate, subject, in each
case pertaining to proceeds, to Section 9-315 of the UCC, and further subject to any Liens permitted by clause (iv) of the term “Eligible Receivable,” each of this Agreement, the related Account Assignment (in the case of Additional
Accounts) and the related Certificate Assignment (in the case of Collateral Certificates) or any increased Invested Amount of an existing Collateral Certificate (a) constitutes a valid transfer and assignment to the Trust of all right, title and
interest of such Transferor in the Receivables, any additional Collateral Certificate or any increased Invested Amount of an existing Collateral Certificate, as applicable, conveyed to the Trust by such Transferor and the proceeds and Recoveries
thereof, or (b) constitutes a grant of a first-priority security interest (as defined in the applicable UCC) in such property to the Trust, which security interest is prior to all other Liens, and is enforceable as such against creditors of and
purchasers from such Transferor and which, in the case of existing Receivables and the proceeds and Recoveries thereof, is enforceable upon execution and delivery of this Agreement, or with respect to then existing Receivables in Additional Accounts
or additional Collateral Certificates, as of the applicable Addition Date, or, with respect to any increased Invested Amount of an existing Collateral Certificate, as of the applicable Increase Date, and which will be enforceable with respect to
such Receivables hereafter and thereafter created and the proceeds and Recoveries thereof upon such creation; 
 (j) as of (A) the Execution
Date with respect to the Initial Accounts (and the Receivables arising therein), (B) the applicable Addition Date with respect to Aggregate Addition Accounts (and the Receivables arising therein), (C) the applicable Addition Date with respect to a
Collateral Certificate and (D) the applicable Increase Date with respect to an increase in the Invested Amount of an existing Collateral Certificate, such Transferor has caused or will have caused within ten days, the filing of all appropriate
financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in such property granted to the Issuer under this Agreement and upon the filing of all such appropriate
financing statements, the Issuer will have a first priority perfected security or ownership interest in such property and proceeds; 

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

 (l) as of (A) the applicable Increase Date with respect to an existing Collateral Certificate which is to have its Invested Amount
increased on such date and (B) each Addition Date with respect to a Collateral Certificate, such existing Collateral Certificate or additional Collateral Certificate, as applicable, constitutes a “certificated security,” an
“uncertificated security,” an “instrument,” an “account” or a “general intangible,” in each case within the meaning of the applicable UCC; such Transferor has in its possession all original copies of each
certificate that constitutes or evidences such existing Collateral Certificate or additional Collateral Certificate, as applicable; the certificates that constitute or evidence such existing Collateral Certificate or additional Collateral
Certificate do not have any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Trust; and all financing statements filed or to be filed against such Transferor in favor of the Trust
in connection herewith describing such existing Collateral Certificate or additional Collateral Certificate, as applicable, contain a statement to the following effect: “A purchase of or security interest in any collateral described in this
financing statement will violate the rights of the Trust”; 
 (m) as of the applicable Addition Date with respect to a Collateral
Certificate, such Collateral Certificate is an Eligible Collateral Certificate; 
 (n) as of the applicable Selection Date, each Initial
Account and each applicable Additional Account is an Eligible Account; 
 (o) as of (A) the applicable Selection Date with respect to each
Receivable contained in the Initial Accounts conveyed to the Trust by such Transferor on the Execution Date, (B) the applicable Selection Date with respect to each Receivable contained in the related Additional Accounts to be conveyed to the Trust
by such Transferor on such Addition Date and (C) each Issuance Date with respect to all Receivables contained in Accounts which have been conveyed to the Trust by such Transferor and each new Receivable subsequently conveyed to the Trust by such
Transferor, such Receivable constitutes an “account” or a “general intangible” within the meaning of the applicable UCC; 

(p) as of (A) the Selection Date with respect to each Receivable contained in the Initial Accounts conveyed to the Trust by such Transferor on
the Execution Date, (B) the applicable Selection Date with respect to each Receivable contained in the related Additional Accounts to be conveyed to the Trust by such Transferor on the applicable Addition Date and

  
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(C) the date of the creation of any new Receivable conveyed to the Trust by such Transferor, such Receivable is an Eligible Receivable; 

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

(r) on each applicable Increase Date, the existing Collateral Certificate which is to have its Invested Amount increased is an Eligible
Collateral Certificate; 
 (s) such Transferor entered into this Agreement and, in the case of Additional Accounts, the related Account
Assignment, in the ordinary course of business and not with intent to hinder, delay or defraud any Account Owner or its creditors; and 

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

Section 2.5. Notice of Breach. The representations and warranties set forth in Section 2.3 and Section 2.4 shall
survive the transfers and assignments of the Trust Assets to the Trust, the pledge of the Receivables and the Collateral Certificates to the Indenture Trustee pursuant to the Indenture, and the issuance of the Notes. Upon discovery by any
Transferor, the Servicer, the Indenture Trustee or the Owner Trustee of a breach of any of the representations and warranties set forth in Section 2.3 or Section 2.4, the party discovering such breach shall give prompt written notice
to the other parties following such discovery. 
 Section 2.6. Transfer of Ineligible Receivables and Ineligible Collateral
Certificates. 
 (a) Reassignment of Collateral. In the event (i) any representation or warranty contained in subsection
2.4(f), (g), (h), (m), (n), (o), (p), (q) or (r) of this Agreement is not true and correct in any material respect as of the date specified therein with respect to any Receivable, any
Collateral Certificate or the related Account and such breach has a material adverse effect on any Noteholders unless cured within 60 days (or such longer period, not in excess of 120 days, as may be agreed to by the Indenture Trustee and the
Servicer) after the earlier to occur of the discovery thereof by the Transferor that conveyed such Receivable or Collateral Certificate to the Trust or receipt by such Transferor of written notice thereof given by the Indenture Trustee, the Owner
Trustee or the Servicer, or (ii) it is so provided in subsection 2.9(a) with respect to any Receivables conveyed to the Trust by such Transferor, then such Transferor shall accept reassignment of the Ineligible Receivables or the Ineligible
Collateral Certificates on the terms and conditions set forth in paragraph (b) below. 
 (b) Procedures for Removal. When the
provisions of subsection 2.6(a) above require (i) the removal of a Receivable, the applicable Transferor shall accept reassignment of such Receivable (each such Receivable, an “Ineligible Receivable”) by directing the
Servicer to deduct the principal balance of each such Ineligible Receivable from the Pool Balance and to decrease the Transferor Amount by the principal balance of such Ineligible Receivable or (ii) the removal of a Collateral Certificate, the
Indenture Trustee and the Issuer shall deliver such 

  
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Collateral Certificate (each such Collateral Certificate, an “Ineligible Collateral Certificate”) to the applicable Transferor with a valid assignment in the name of such
Transferor and direct the Servicer to deduct the Invested Amount of each such Ineligible Collateral Certificate from the Pool Balance and to decrease the Transferor Amount by the Invested Amount of each such Ineligible Collateral
Certificate. On and after the date of such removal, the principal balance of each Ineligible Receivable and the Invested Amount of each Ineligible Collateral Certificate shall be deducted from the Pool Balance and the Transferor Amount. In
the event that the exclusion of an Ineligible Receivable or an Ineligible Collateral Certificate from the calculation of the Transferor Amount and the Pool Balance would cause the Transferor Amount to be reduced below the Required Transferor Amount
or the Pool Balance to be reduced below the Required Pool Balance, the Transferor who conveyed such Ineligible Receivable or Ineligible Collateral Certificate shall immediately, but in no event later than 1:00 p.m., New York City time, on the first
Payment Date following the Monthly Period in which such reassignment obligation arises, make a deposit in the Excess Funding Account in immediately available funds in an amount equal to the greater of the amount by which (x) the Transferor Amount
would be reduced below the Required Transferor Amount or (y) the Pool Balance would be reduced below the Required Pool Balance. 
 Upon
reassignment of any Ineligible Receivable or Ineligible Collateral Certificate, the Indenture Trustee and the Trust shall automatically and without further action transfer, assign, set-over and otherwise convey to the applicable Transferor or its
designee, without recourse, representation or warranty, all the right, title and interest of the Indenture Trustee and the Trust in and to such Ineligible Receivable or Ineligible Collateral Certificate, all Recoveries related thereto, all monies
and amounts due or to become due and all proceeds thereof and such reassigned Ineligible Receivable or Ineligible Collateral Certificate shall be treated by the Indenture Trustee and the Trust as collected in full as of the date on which it was
reassigned. The obligation of each Transferor to accept reassignment of any Ineligible Receivable or Ineligible Collateral Certificate conveyed to the Trust by such Transferor, and to make the deposits, if any, required to be made to the Excess
Funding Account as provided in this Section 2.6, shall constitute the sole remedy respecting the event giving rise to such obligation available to the Trust or the Noteholders (or the Indenture Trustee on behalf of the Noteholders). The
Trust shall execute such documents and instruments of transfer or assignment and take such other actions as shall reasonably be requested and provided by the applicable Transferor to effect the conveyance of such Ineligible Receivable or Ineligible
Collateral Certificate pursuant to this subsection 2.6(b), but only upon receipt of an Officer’s Certificate from such Transferor that states that all conditions set forth in this Section 2.6 have been satisfied. 

Section 2.7. Reassignment of Trust Assets. (a) In the event any representation or warranty of a Transferor set forth in
subsection 2.3(a) or (c) or subsection 2.4(a), (b), (c), (d), (e) or (i) of this Agreement is not true and correct in any material respect and such breach has a material adverse effect on the
Receivables or a particular Collateral Certificate conveyed to the Trust by such Transferor or the availability of the proceeds thereof to the Trust then, either the Owner Trustee, the Indenture Trustee or Noteholders evidencing more than 50% of the
aggregate unpaid principal amount of all Outstanding Notes, by notice then given to the applicable Transferor, the Administrator and the Servicer (and to the Owner Trustee and the Indenture Trustee, if given by the Noteholders), may direct such
Transferor to accept a reassignment of the Receivables and/or any such Collateral Certificate conveyed to the Trust by such Transferor 

  
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pursuant to this Agreement, if such breach and any material adverse effect caused by such breach is not cured within 60 days of such notice (or within such longer period as may be specified in
such notice), and upon those conditions such Transferor shall be obligated to accept such reassignment on the terms set forth below; provided, however, that the affected Receivables and the affected Collateral Certificates will not be
reassigned to such Transferor if, on any day during such applicable period the relevant representation and warranty shall be true and correct in all material respects as if made on such day. The applicable Transferor shall deposit the portion
of the Reassignment Amount attributable to the applicable Receivables and Collateral Certificates in the Collection Account to be treated (i) in connection with amounts determined under clause (a) of the definition of “Reassignment
Amount,” as Principal Collections for each Series of Notes and (ii) in connection with the amounts determined under clause (b) of the definition of “Reassignment Amount,” as Finance Charge Collections for each Series of Notes, in
either case, in immediately available funds not later than 1:00 p.m., New York City time, on the First Note Transfer Date following the Monthly Period in which such reassignment obligation arises, in payment for such reassignment. 

(b) If the Owner Trustee, the Indenture Trustee or the Noteholders give notice directing the applicable Transferor to accept a
reassignment of any Receivables or any Collateral Certificate as provided above, the obligation of such Transferor to accept such reassignment pursuant to this Section 2.7 and to make the deposit required to be made to the Collection Account
for each Series of Notes as provided in this Section 2.7 shall constitute the sole remedy respecting an event of the type specified above in this Section 2.7 available to the Noteholders (or the Indenture Trustee on behalf of the
Noteholders). Upon reassignment of the affected Receivables and any affected Collateral Certificate on the First Note Transfer Date following the Monthly Period in which such obligation arises, the Indenture Trustee and the Trust shall
automatically and without further action transfer, assign, set-over and otherwise convey to the applicable Transferor, without recourse, representation or warranty, all the right, title and interest of the Indenture Trustee and the Trust in and to
the affected Receivables and affected Collateral Certificates, all Recoveries allocable thereto, all monies and amounts due or to become due with respect thereto and all proceeds thereof (and any costs or expenses incurred by the Indenture Trustee
in connection with such reassignment shall be reimbursed by the applicable Transferor). The Indenture Trustee and the Trust shall execute such documents and instruments of transfer or assignment and take such other actions as shall reasonably
be requested by the applicable Transferor to effect the conveyance of such property pursuant to this Section 2.7. 
 Section
2.8. Additional Transferors. The Transferor may designate Affiliates of the Transferor or of any Account Owner to be included as Transferors (each, an “Additional Transferor”) under this Agreement in an amendment hereto
pursuant to subsection 7.1(a) and, in connection with such designation, such Transferor shall (i) if the Transferor Interest is evidenced in uncertificated form, direct the Owner Trustee to register in the books and records of the Trust
such Additional Transferor’s interest in the Transferor Interest or (ii) if the Transferor Interest is evidenced in certificated form, surrender such certificate to the Owner Trustee in exchange for a newly issued certificate modified to
reflect such Additional Transferor’s interest in the Transferor Interest; provided, however, that each Additional Transferor shall agree in such amendment hereto to assume all of the duties and obligations of a Transferor
hereunder; and provided further that prior to any such designation and exchange, (i) the Owner Trustee shall have received an Issuer Tax Opinion, (ii) the Note Rating Agency Condition shall have been

  
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satisfied, (iii) the Master Trust Trustee shall have received the Master Trust Tax Opinion, if applicable, and (iv) any additional conditions to the transfer of a Beneficial Interest provided in
Section 3.02 of the Trust Agreement shall have been satisfied. 
 Section 2.9. Covenants of Each Transferor. Each
Transferor hereby severally covenants that: 
 (a) Receivables Not To Be Evidenced by Promissory Notes. Except in connection
with its enforcement or collection of an Account, such Transferor will take no action to cause any Receivable conveyed by it to the Trust to be evidenced by any instrument (as defined in the UCC) and, if any such Receivable is so evidenced as a
result of any action taken by such Transferor, it shall be deemed to be an Ineligible Receivable in accordance with subsection 2.7(a) and shall be reassigned to such Transferor in accordance with subsection 2.7(b).

(b) Security Interests. Except for the conveyances hereunder, such Transferor will not sell, pledge, assign or transfer to any
other Person, or grant, create, incur, assume or suffer to exist any Lien (except as permitted by clause (iv) of the definition of the term “Eligible Receivable”) on any Receivable or Collateral Certificate conveyed by it to the Trust
whether now existing or hereafter created, or any interest therein; and such Transferor shall defend the right, title and interest of the Trust and the Indenture Trustee in, to and under the Receivables and any Collateral Certificate, whether now
existing or hereafter created, against all claims of third parties claiming through or under such Transferor. 
 (c) Transferor
Interest. Except for (i) the conveyances hereunder, in connection with any transaction permitted by Section 3.2 and as provided in Section 2.8 of this Agreement and Section 4.04 of the Trust Agreement or (ii)
conveyances with respect to which the Note Rating Agency Condition shall have been satisfied and an Issuer Tax Opinion shall have been delivered to the Indenture Trustee and the Owner Trustee, such Transferor agrees, to the fullest extent permitted
by applicable law, not to Transfer (as defined in the Trust Agreement) any interest in the Transferor Interest and any such attempted Transfer shall be void. Nothing contained in this subsection 2.9(c) shall be interpreted to prohibit or
in any way limit any Transferor’s ability to grant to another Person a participation interest in the Transferor Interest upon the delivery to the Indenture Trustee and the Owner Trustee of an Issuer Tax Opinion; provided that any
transfer by a Transferor of all or any part of its right, title and interest in and to the Transferor Interest to Credco will not require delivery of an Issuer Tax Opinion. 

(d) Delivery of Collections or Recoveries. In the event that such Transferor receives Collections or Recoveries, such Transferor
agrees to pay the Servicer all such Collections and Recoveries as soon as practicable after receipt thereof. 
 (e) Notice of
Liens. Such Transferor shall notify the Owner Trustee and the Indenture Trustee promptly after becoming aware of any Lien (except as permitted by clause (iv) of the definition of the term “Eligible Receivable”) on any Receivable
or Collateral Certificate conveyed by it to the Trust other than the conveyances hereunder and under the Indenture. 
 (f) Account
Agreements and Guidelines. Each Transferor that is an Account Owner covenants that it shall comply with and perform its obligations under the Account 

  
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Agreements relating to the Accounts and the Account Guidelines and all applicable rules and regulations of such Transferor except insofar as any failure to comply or perform would not materially
and adversely affect the rights of the Trust or the Noteholders; provided, however, the applicable Transferor may change the terms and provisions of the applicable Account Agreements or the applicable Account Guidelines in any respect
(including the calculation of the amount, or the timing, of charge-offs and other fees to be assessed thereon) only if such change (i) would not, in the reasonable belief of such applicable Transferor, cause an Early Amortization Event or Event of
Default to occur, and (ii) is made applicable to any comparable segment of the charge accounts owned by such applicable Transferor which have characteristics the same as, or substantially similar to, the Accounts that are the subject of such change,
except as otherwise restricted by an endorsement, sponsorship, or other agreement between such applicable Transferor and an unrelated third party or by the terms of the Account Agreements. 

(g) Separate Corporate Existence. Each Transferor that is a securitization special purpose entity shall: 

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

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

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

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

(vi) Maintain a principal executive and administrative office through which its business is conducted and a telephone number
separate from those of its members and other Affiliates. To the extent that such Transferor and any of its members or other Affiliates have offices in contiguous space, there shall be fair and appropriate allocation of overhead costs (including
rent) among them, and each such entity shall bear its fair share of such expenses. 
 (vii) Conduct its affairs strictly in
accordance with its certificate of formation and limited liability company agreement or its certificate of incorporation and bylaws and observe all necessary, appropriate and customary company formalities, including, but not limited to, holding all
regular and special members’ and directors’ meetings appropriate to authorize all action, keeping separate and accurate minutes of such meetings, passing all resolutions or consents necessary to authorize actions taken or to be taken, and
maintaining accurate and separate books, records and accounts, including, but not limited to, intercompany transaction accounts. Regular members’ and directors’ meetings shall be held at least annually. 

(viii) Ensure that its board of directors shall at all times include at least one Independent Director (for purposes hereof,
“Independent Director” shall mean any member of the board of directors of such Transferor that is not and has not at any time been (x) an officer, agent, advisor, consultant, attorney, accountant, employee, member or shareholder of any
Affiliate of such Transferor which is not a special purpose entity, (y) a director of any Affiliate of such Transferor other than an independent director of any Affiliate which is a special purpose entity or (z) a member of the immediate family of
any of the foregoing). 
 (ix) Ensure that decisions with respect to its business and daily operations shall be independently
made by such Transferor (although the officer making any particular decision may also be an officer or director of an Affiliate of such Transferor) and shall not be dictated by an Affiliate of such Transferor. 

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

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

  
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 (xii) Other than organizational expenses and as expressly provided herein, pay
all expenses, indebtedness and other obligations incurred by it using its own funds. 
 (xiii) Not enter into any guaranty,
or otherwise become liable, with respect to or hold its assets or creditworthiness out as being available for the payment of any obligation of any Affiliate of such Transferor nor shall such Transferor make any loans to any Person. 

(xiv) Ensure that any financial reports required of such Transferor shall comply with generally accepted accounting principles
and shall be issued separately from, but may be consolidated with, any reports prepared for any of its Affiliates so long as such consolidated reports contain footnotes describing the effect of the transactions between such Transferor and such
Affiliate and also state that the assets of such Transferor are not available to pay creditors of the Affiliate. 
 (xv)
Ensure that at all times it is adequately capitalized to engage in the transactions contemplated in its certificate of formation and its limited liability company agreement or in its certificate of incorporation and bylaws. 

(h) Compliance with the FDIC Rule. Such Transferor shall (i) perform the obligations of the FDIC Rule applicable to it and (ii)
facilitate compliance with the FDIC Rule by each Account Owner and the Trust. 
 Section 2.10. Covenants of Each Transferor With Respect
to Any Applicable Receivables Purchase Agreement. Each Transferor, if such Transferor is a party to a Receivables Purchase Agreement, in its capacity as purchaser of Receivables from any Account Owner pursuant to any such Receivables
Purchase Agreement, hereby covenants that such Transferor will at all times enforce the covenants and agreements of any Account Owner in such Receivables Purchase Agreement, including covenants that the Account Owner shall at all times enforce the
covenants and agreements of it, as the case may be, in any Receivables Purchase Agreement. Each Transferor further covenants that it will not enter into any amendment to any Receivables Purchase Agreement to which it is a party, or enter into a
new Receivables Purchase Agreement unless the Note Rating Agency Condition shall have been satisfied; provided, however, that such Transferor may enter into an amendment to a Receivables Purchase Agreement to which it is a party
without the Note Rating Agency Condition having been satisfied if the “Note Rating Agency Condition” (as defined in such Receivables Purchase Agreement) need not be satisfied in connection with such amendment pursuant to the terms of such
Receivables Purchase Agreement. 
 Section 2.11. Reinvestment in Trust Assets. (a) On each First Note Transfer Date, the
Reinvestment Amount for the immediately preceding Monthly Period shall be applied in the following order of priority: 
 (i) if the Trust
Assets include one or more Collateral Certificates, the Transferor, on behalf of the Issuer, shall specify the amount of the Reinvestment Amount to be reinvested in each existing Collateral Certificate, which amount shall be determined by the
Transferor, on behalf of the Issuer, in its own discretion, and no such reinvestment shall be 

  
 33 

 
required; provided, however, that, subject to the restrictions specified in subsection 2.12(c), the Transferor, on behalf of the Issuer, shall be required to increase the
Invested Amount of an existing Collateral Certificate if Trust Assets are required to be added pursuant to subsection 2.13(a) and the Transferor elects to cause to be increased the Invested Amount of one or more existing Collateral
Certificates as specified in such Section (so long as the applicable Series Supplement allows such reinvestment and the transferor or seller for the related Master Trust agrees to such reinvestment); and 

(ii) the remainder of such amounts shall be paid to the holders of the Transferor Interest; provided, however, that if (A) the
Transferor Amount is, or as a result of such payment would become, less than the Required Transferor Amount or (B) the Pool Balance is, or as a result of such payment would become, less than the Required Pool Balance (after taking into consideration
the application of the Reinvestment Amount, if any, pursuant to this Section 2.11), the lesser of (1) such remaining amount and (2) the greater of the amount by which (x) the Required Transferor Amount is greater than the Transferor Amount or
(y) the Required Pool Balance is greater than the Pool Balance, shall be deposited by the Servicer into the Excess Funding Account. 
 (b)
Pursuant to this Agreement, each Receivable shall be transferred to the Trust and pledged to secure the Notes on the day that such Receivable arises. 

Section 2.12. Increases in the Invested Amount of an Existing Collateral Certificate. 

(a) In addition to the increases described in Section 2.11 above, the applicable Transferor may cause to be increased the Invested
Amount of any existing Collateral Certificate on any Business Day in connection with: 
 (i) the issuance of an additional
Series, Class or Tranche of Notes; or 
 (ii) the increase of the Transferor Amount. 

(b) In connection with any increase in the Invested Amount of an existing Collateral Certificate, such increase shall either be funded from
the proceeds of the issuance of an additional Series, Class or Tranche of Notes or be funded by the applicable Transferor. 
 (c)
Notwithstanding any other provision of this Agreement, with respect to any Monthly Period, the Invested Amount of an existing Collateral Certificate shall not be increased, including increases pursuant to Section 2.11 and this Section
2.12, if (i) an Early Amortization Event shall have occurred with respect to any Notes as a result of a failure to add Receivables and/or Collateral Certificates to the Trust or a failure to increase the Invested Amount of an existing Collateral
Certificate at a time when the Pool Balance for the prior Monthly Period is less than the Required Pool Balance for such prior Monthly Period and (ii) increasing the Invested Amount of or reinvesting in an existing Collateral Certificate would
result in a reduction in the allocation percentage applicable for principal collections for such existing Collateral Certificate. 

  
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 Section 2.13. Addition of Trust Assets. 

(a) Required Additions. 

(i) If, at the end of any Monthly Period, (a) the Transferor Amount for such Monthly Period is less than the Required
Transferor Amount for such Monthly Period, (b) the Pool Balance for such Monthly Period is less than the Required Pool Balance for such Monthly Period or (c) the Seller’s Interest Amount for such Monthly Period is less than the Required
Sellers’ Amount, the Transferor shall (1) transfer Receivables in Aggregate Addition Accounts to the Trust, (2) transfer one or more Collateral Certificates to the Trust or (3) cause to be increased the Invested Amount of one or more existing
Collateral Certificates pursuant to Section 2.11 or Section 2.12 in a sufficient amount such that, after giving effect to such addition or increase, the Transferor Amount for such Monthly Period is at least equal to the Required
Transferor Amount for such Monthly Period, the Pool Balance is at least equal to the Required Pool Balance for such Monthly Period and the Seller’s Interest Amount is at least equal to the Required Seller’s Interest Amount for such Monthly
Period. 
 Any transfer of Receivables in any Aggregate Addition Accounts to the Trust and/or any transfer of Collateral
Certificates to the Trust and/or any increase in the Invested Amount of one or more existing Collateral Certificates shall occur on or before the thirtieth calendar day following the end of such Monthly Period. The failure of the Transferor to
increase the Transferor Amount or the Pool Balance as provided in this clause (i) solely as a result of the unavailability to the Transferor of a sufficient amount of Receivables and/or Collateral Certificates and/or the inability to cause to be
increased the Invested Amount of one or more existing Collateral Certificates shall not constitute a breach of this Agreement; provided that any such failure which has not been timely cured (as specified in the related Indenture Supplement)
may nevertheless result in the occurrence of an Early Amortization Event with respect to each Series for which, pursuant to the Indenture Supplement therefor, a failure by the Transferor to convey additional Trust Assets to the Trust or cause to be
increased the Invested Amount of an existing Collateral Certificate by the day on which it is required to do so pursuant to this subsection 2.13(a) constitutes an “Early Amortization Event” (as defined in such Indenture
Supplement). 
 (ii) Any Aggregate Addition Accounts or Collateral Certificates designated to be included as part of the
Trust Assets pursuant to clause (i) above may only be so included if the applicable conditions specified in subsection (c) below have been satisfied. 

(b) Permitted Aggregate Additions, Additional Collateral Certificates and Increases in the Invested Amount of Existing Collateral
Certificates. In addition to its obligation under subsection 2.13(a), each Transferor may, but shall not be obligated to, subject to the conditions in paragraph (c) below, (i) cause to be designated from time to time Receivables in
Aggregate Addition Accounts to be included as part of the Trust Assets and/or additional Collateral Certificates to be included as part of the Trust Assets and (ii) cause to be increased the Invested Amount of an existing Collateral
Certificate. Such additional Trust Assets shall be transferred to the Trust on the Addition Date or the Increase Date, as applicable. 

  
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 (c) Conditions to Aggregate Additions and Additional Collateral Certificates. On each
Addition Date with respect to any Aggregate Addition Accounts and/or additional Collateral Certificates, the applicable Receivables in Aggregate Addition Accounts (and such Aggregate Addition Accounts shall be Accounts for purposes of this
Agreement) or the applicable Collateral Certificate shall be designated as additional Trust Assets, subject to the satisfaction of the following conditions (which shall not apply with respect to any increase in the Invested Amount of any existing
Collateral Certificate except as specified in clause (i) below): 
 (i) on or before the eighth Business Day prior to the
Addition Date or Increase Date, as applicable (the “Notice Date”), the applicable Transferor shall have delivered to the Owner Trustee, the Indenture Trustee, the Servicer, the other Transferors, if any, and each Note Rating Agency
written notice (unless such notice requirement is otherwise waived) that the Receivables in Aggregate Addition Accounts and/or additional Collateral Certificates will be transferred to the Trust or an increased Invested Amount of an existing
Collateral Certificate will be included as part of the Trust Assets (the latter notice requirement shall only apply to increases made pursuant to subsection 2.13(a); provided, however, that notice shall be delivered to the Owner
Trustee and the Indenture Trustee in connection with any increase in the Invested Amount of an existing Collateral Certificate), which notice shall specify, as applicable, (x) the approximate aggregate amount of the Principal Receivables to be
transferred to the Trust (y) the Invested Amount of the additional Collateral Certificates to be transferred to the Trust and (z) the amount by which the Invested Amount of an existing Collateral Certificate is to be increased, as well as the
applicable Addition Date or Increase Date and, in connection with the Aggregate Addition Accounts, the applicable Addition Cut Off Date and Selection Date; 

(ii) the applicable Transferor shall represent and warrant that, as of the applicable Selection Date, each Aggregate Addition
Account is an Eligible Account; 
 (iii) the applicable Transferor shall represent and warrant as of the applicable Addition
Date, each additional Collateral Certificate is an Eligible Collateral Certificate; 
 (iv) the applicable Transferor shall
have delivered to the Owner Trustee and the Indenture Trustee copies of UCC financing statements covering the Receivables in such Aggregate Addition Accounts and/or additional Collateral Certificates, if necessary to perfect the interest of the
Trust therein; 
 (v) the applicable Transferor shall have deposited, or shall have caused the Servicer to deposit, into the
Segregation Account all Collections with respect to such (a) Aggregate Addition Accounts since the applicable Addition Cut Off Date or (b) additional Collateral Certificates as of such Addition Date; 

(vi) as of each of the Addition Cut Off Date and the Addition Date, no Insolvency Event shall have occurred nor shall the
transfer to the Trust of the Receivables arising in the Aggregate Addition Accounts have been made in contemplation of the occurrence thereof; 

  
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 (vii) as of the Addition Date, no Insolvency Event shall have occurred nor shall
the transfer to the Trust of the additional Collateral Certificates have been made in contemplation of the occurrence thereof; 

(viii) on or before the Addition Date with respect to Aggregate Addition Accounts and the Receivables arising thereunder, the
applicable Transferor shall have delivered to the Owner Trustee, on behalf of the Trust, and the Servicer a written assignment in substantially the form of Exhibit A (the “Aggregate Addition Account
Assignment”), and the applicable Transferor shall deliver or cause to be delivered to the Issuer and the Indenture Trustee the computer file or microfiche list required to be delivered pursuant to Section 2.1 on the date such file or
list is required to be delivered pursuant thereto, which file or list shall be incorporated into and made a part of such Aggregate Addition Account Assignment and this Agreement; 

(ix) on or before the Addition Date with respect to Collateral Certificates, the applicable Transferor shall have delivered to
the Owner Trustee, on behalf of the Trust, and the Servicer a written assignment in substantially the form of Exhibit B (the “Certificate Assignment”) and each Collateral Certificate shall be delivered and registered in the
name of the Trust, and the applicable Transferor shall deliver or cause to be delivered to the Issuer and the Indenture Trustee the schedule required to be delivered pursuant to Section 2.1 on the date such file or list is required to be
delivered pursuant thereto, which file or list shall be incorporated into and made a part of such Certificate Assignment and this Agreement; 

(x) the addition to the Trust of the Receivables arising in the Aggregate Addition Accounts or of the Collateral Certificates
shall not, in the reasonable belief of the applicable Transferor, result in an Adverse Effect; 
 (xi) if prior to the
applicable Addition Date, with respect to any three consecutive Monthly Periods or with respect to any twelve consecutive Monthly Periods, the Addition Limit shall have been exceeded, the Note Rating Agency Condition shall have been satisfied with
respect to the addition pursuant to subsection 2.13(b) of such Aggregate Addition Accounts in excess of the Addition Limit, and the Transferor shall have delivered to each Note Rating Agency an Opinion of Counsel, dated the Addition Date, in
accordance with subsection 7.2(d); 
 (xii) with respect to the addition of additional Collateral Certificates, the
Note Rating Agency Condition shall have been satisfied with respect to such addition, and the Transferor shall have delivered any related notice received from the Note Rating Agencies to the Owner Trustee and the Indenture Trustee; 

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

  
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 (xiv) the Transferor shall have delivered to the Owner Trustee and the Indenture
Trustee an Opinion of Counsel, dated the Addition Date, in accordance with subsection 7.2(d). 
 (d) New Accounts. Each
Transferor may, from time to time, at its sole discretion, subject to the conditions specified in paragraph (e) below, voluntarily designate newly originated Eligible Accounts to be included as New Accounts. For purposes of this paragraph,
Eligible Accounts shall be deemed to include only charge accounts of the same nature as those included as Initial Accounts or which have previously been included in any Aggregate Addition. 

(e) Conditions to Addition of New Accounts. On the Addition Date with respect to any New Accounts, the Trust shall acquire the
applicable Receivables in such New Accounts (and such New Accounts shall be Accounts for purposes of this Agreement), subject to the satisfaction of the following conditions: 

(i) as of the applicable Selection Date, each New Account shall be an Eligible Account; 

(ii) the applicable Transferor shall have delivered to the Owner Trustee and the Indenture Trustee copies of UCC financing
statements covering the Receivables in such New Accounts, if necessary to perfect the interest of the Trust therein; 
 (iii)
the applicable Transferor shall have deposited, or shall have caused the Servicer to deposit, into the Segregation Account all Collections with respect to such New Accounts since the applicable Addition Cut Off Date; 

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

(v) the addition to the Trust of the Receivables arising in the New Accounts shall not, in the reasonable belief of the
applicable Transferor, result in an Adverse Effect; 
 (vi) on or before the Addition Date with respect to New Accounts and
the Receivables arising thereunder, the applicable Transferor shall have delivered to the Owner Trustee, on behalf of the Trust, and the Servicer a written assignment in substantially the form of Exhibit C (the “New Account
Assignment”), and the applicable Transferor shall deliver to the Issuer and the Indenture Trustee the computer file or microfiche list required to be delivered pursuant to Section 2.1 on the date such file or list is required to be
delivered pursuant thereto, which file or list shall be incorporated into and made a part of such New Account Assignment and this Agreement; 

(vii) if on or prior to the applicable Addition Date, with respect to any three-month period or with respect to any
twelve-month period, the Addition Limit shall have been exceeded, the Note Rating Agency Condition shall have been satisfied with 

  
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respect to the addition pursuant to subsection 2.13(d) of such New Accounts in excess of the Addition Limit, and the Transferor shall have delivered any related notice received from the
Note Rating Agencies to the Owner Trustee and the Indenture Trustee; 
 (viii) the applicable Transferor shall have delivered
to the Owner Trustee and the Indenture Trustee an Officer’s Certificate of such Transferor, dated the applicable Addition Date, confirming, to the extent applicable, the items set forth in clauses (i) through (v) above; and 

(ix) the applicable Transferor shall have delivered to the Owner Trustee and the Indenture Trustee an Opinion of Counsel in
accordance with subsection 7.2(d). 
 Section 2.14. Removal of Accounts.

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

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

(ii) such Transferor shall amend Schedule 1 by delivering to the Issuer and the Indenture Trustee the computer file or
microfiche list required to be delivered pursuant to Section 2.01(d) with respect to the Removed Accounts on the date such file or list is required to be delivered pursuant thereto; 

(iii) such Transferor shall have represented and warranted as of the Removal Date that the list of Removed Accounts delivered
pursuant to paragraph (ii) above, as of the Removal Date, is true and complete in all material respects; 
 (iv) the Note
Rating Agency Condition shall have been satisfied with respect to the removal of the Removed Accounts; and 
 (v) such
Transferor shall have delivered to the Owner Trustee and the Indenture Trustee an Officer’s Certificate of such Transferor, dated the Removal Date, to the effect that such Transferor reasonably believes that (a) such removal of any Receivable
of any Removed Account will not result in an Adverse Effect with respect to any Series, Class or Tranche of Notes and (b) no selection procedures believed by such Transferor to be materially adverse to, or materially beneficial to, the interests of
any 

  
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Noteholders have been used in selecting the Removed Accounts from among any pool of Accounts of a similar type. 

(b) In addition to the terms and conditions contained in clauses (a)(i)-(v) above, the Transferor’s right to require the reassignment to
it or its designees of all the Trust’s right, title and interest of the Indenture Trustee and the Trust in, to and under the Receivables in Removed Accounts shall be subject to the following restrictions: 

(i) Except for Removed Accounts described in clause (ii) below: 

(A) there shall be no less than 90 days between Removal Dates; 

(B) the Accounts to be designated as Removed Accounts shall be selected at random by the applicable Transferor; and 

(C) the book value of the Receivables in the Accounts to be designated as Removed Accounts shall not exceed 10% of book value
of the Receivables in the Trust as of the related Removal Date. 
 (ii) The Transferor may designate Removed Accounts as
provided in and subject to the terms and conditions contained in this Section 2.14 without being subject to the conditions set forth is clauses (a)(iv) or (a)(v)(b) above or the restrictions set forth in clause (b)(i) above if the Removed
Accounts are Accounts (i) originated or acquired under a specific affinity agreement, private label agreement, merchant agreement, co-branding agreement or other program which is co-owned, operated or promoted, provided that such agreement has
terminated in accordance with the terms therein or (ii) being removed due to other circumstances caused by requirements of agreements in which the right to such Removed Accounts or control thereof is determined by a party or parties to such
agreements other than the Transferor, any Affiliate of the Transferor or any agent of the Transferor. 
 (c) Upon satisfaction of the above
conditions, the Owner Trustee, on behalf of the Trust, shall execute and deliver to such Transferor a written reassignment in substantially the form of Exhibit D (the “Reassignment”) and shall, without further action, sell,
transfer, assign, set over and otherwise convey to such Transferor or its designee, effective as of the Removal Date, without recourse, representation or warranty, all the right, title and interest of the Indenture Trustee and the Trust in, to and
under the Receivables arising in the Removed Accounts, all Recoveries related thereto, all monies due and to become due and all amounts received with respect thereto and all proceeds thereof, and the Receivables from the Removed Accounts shall no
longer constitute a part of the Trust Assets. The Indenture Trustee and the Owner Trustee may conclusively rely on the Officer’s Certificate delivered pursuant to this Section 2.14 and shall have no duty to make inquiries with
regard to the matters set forth therein and shall incur no liability in so relying.
 (d) In addition to the foregoing, on the date when any
Receivable in an Account becomes a Defaulted Receivable (including any related Finance Charge Receivables), the Indenture Trustee and the Trust shall automatically and without further action or consideration transfer, set over and otherwise convey
to the applicable Transferor, without 

  
 40 

 
recourse, representation or warranty, all right, title and interest of the Indenture Trustee and the Trust in, to and under the Defaulted Receivables (including any related Finance Charge
Receivables) in such Account, all monies due or to become due, all amounts received or receivable with respect thereto and all proceeds thereof; provided that Recoveries of such Defaulted Receivables shall be applied as provided in the
Servicing Agreement. The Indenture Trustee and the Owner Trustee, on behalf of the Trust, shall execute and deliver such instruments of transfer and assignment (including any UCC termination statements), in each case without recourse, as shall
be reasonably requested by the applicable Transferor to vest in such Transferor or its designee all right, title and interest that the Indenture Trustee and the Trust had in such Defaulted Receivables (including any related Finance Charge
Receivables). 
 Section 2.15. Account Allocations. In the event that any Transferor is unable for any reason to transfer
Receivables to the Trust in accordance with the provisions of this Agreement, including by reason of the application of the provisions of Section 4.1 or any order of any Governmental Authority (a “Transfer Restriction
Event”), then, in any such event, (a) such Transferor agrees (except as prohibited by any such order) to allocate and pay to the Trust, after the date of such inability, all Collections, including Collections of Receivables transferred to
the Trust prior to the occurrence of such event, and all amounts which would have constituted Collections with respect to Receivables but for such Transferor’s inability to transfer Receivables (up to an aggregate amount equal to the amount of
Receivables included as part of the Trust Assets on such date transferred to the Trust by such Transferor), (b) such Transferor and the Servicer agree that such amounts will be applied as Collections in accordance with the terms of the Servicing
Agreement, the Indenture and each Indenture Supplement and (c) for so long as the allocation and application of all Collections and all amounts that would have constituted Collections are made in accordance with clauses (a) and (b) above,
Receivables (and all amounts which would have constituted Receivables but for such Transferor’s inability to transfer Receivables to the Trust) which are written off as uncollectible in accordance with the Servicing Agreement shall continue to
be allocated in accordance with the terms of this Agreement, the Servicing Agreement, the Indenture and each Indenture Supplement. For the purpose of the immediately preceding sentence, such Transferor and the Servicer shall treat the first
received Collections with respect to the Accounts as allocable to the Trust until the Trust shall have been allocated and paid Collections in an amount equal to the aggregate amount of Receivables included in the Trust as of the date of the
occurrence of such event. If such Transferor and the Servicer are unable pursuant to any Requirements of Law to allocate Collections as described above, such Transferor and the Servicer agree that, after the occurrence of such event, payments
on each Account with respect to the principal balance of such Account shall be allocated first to the oldest principal balance of such Account and shall have such payments applied as Collections in accordance with the terms of this Agreement, the
Servicing Agreement, the Indenture and each Indenture Supplement.
 Section 2.16. Discount Option Receivables. 

(a) The Transferor shall have the option to designate at any time and from time to time a percentage or percentages, which may be a fixed
percentage or a variable percentage based on a formula (the “Discount Option Percentage”), of all or any specified portion of Receivables conveyed on or after the Discount Option Date (“Discount Option Receivables”)
to be treated as Finance Charge Receivables. The aggregate amount of Discount Option Receivables outstanding on any Date of Processing occurring on or after the initial 

  
 41 

 
Discount Option Date shall equal (a) the aggregate Discount Option Receivables at the end of the prior Date of Processing, plus (b) any new Discount Option Receivables created on such Date
of Processing, minus (c) any Discount Option Receivables Collections received on such Date of Processing. Discount Option Receivables created on any Date of Processing shall mean the product of the amount of any Receivables created on
such Date of Processing and the applicable Discount Option Percentage. The Transferor shall also have the option of increasing, reducing or withdrawing the Discount Option Percentage, at any time and from time to time, without notice to or the
consent of any Noteholder, on or after such Discount Option Date. The Transferor shall provide to the Servicer, the Owner Trustee, the Indenture Trustee and any Note Rating Agency 30 days prior written notice of the Discount Option Date and any
such designation or increase, reduction or withdrawal. Such designation, increase, reduction or withdrawal shall become effective on the Discount Option Date specified therefor upon satisfaction of the following conditions: 

(i) each Transferor shall have delivered to the Owner Trustee and the Indenture Trustee an Officer’s Certificate of such
Transferor certifying that, in the reasonable belief of such Transferor based on facts known to such Transferor at such time, such designation, increase, reduction or withdrawal will not, at the time of its occurrence, cause an Early Amortization
Event or Event of Default with respect to any Series, Class or Tranche of Notes to occur or an event which, with notice or lapse of time or both, would constitute an Early Amortization Event or Event of Default with respect to any Series, Class or
Tranche of Notes; 
 (ii) the Note Rating Agency Condition shall have been satisfied with respect to such designation,
increase, reduction or withdrawal; and 
 (iii) the Transferor shall have caused an Issuer Tax Opinion to be delivered to the
Owner Trustee and the Indenture Trustee. 
 (b) Following a change in the Discount Option Percentage, the Transferor shall apply the new
Discount Option Percentage to all or the portion of the Receivables to which the Discount Option Percentage is to be applied. The initial Discount Option Percentage is 3%.

(c) After the Discount Option Date, Discount Option Receivables Collections received with respect to Discount Option Receivables shall be
treated as Finance Charge Collections. 
 Section 2.17. Asset Representations Review. 

(a) Pursuant to the Asset Representations Review Agreement, the Transferor has appointed Clayton Fixed Income Services LLC, a limited
liability company organized under the laws of Delaware, as the Asset Representations Reviewer to perform the obligations of the Asset Representations Reviewer as set forth therein and herein. The Transferor hereby confirms the engagement of the
Asset Representations Reviewer with respect to all Series outstanding as of July 29, 2016. The Transferor hereby represents and warrants that the Asset Representations Reviewer (i) is not an Affiliate of the Transferor, any Account Owner, or
the Servicer and (ii) has not been hired by any Account Owner to perform pre-closing due diligence work relating to 

  
 42 

 
the Receivables. The Indenture Trustee hereby represents and warrants that the Asset Representations Reviewer is not an Affiliate of the Indenture Trustee. 

(b) Upon the occurrence of a 60-Day Delinquency Event with respect to any Monthly Period, the Transferor shall include disclosure of such
60-Day Delinquency Event in the Distribution Report on Form 10-D filed with the Commission relating to such Monthly Period. Within 90 days following the date of such disclosure, the Holders of Notes shall be entitled to direct the Indenture
Trustee to initiate a vote on whether to direct an Asset Representations Review. The Indenture Trustee may require any Noteholder providing such direction to provide verification that it is in fact a Holder of a beneficial interest in the Notes
in the form of (x) a written certification from such Noteholder that it is a Holder of a beneficial interest in a Note, and (y) one other form of documentation such as a trade confirmation, an account statement, a letter from the broker or dealer,
or other similar document; provided, however, that if the requesting Noteholder is a Noteholder of record on the related Record Date, no such verification of ownership shall be required. 

(c) If, prior to the end of such 90-day period, Holders of Notes evidencing not less than 5% of the aggregate unpaid principal amount of all
Notes (excluding Notes held by any Account Owner, the Transferor, the Servicer or any of their Affiliates) shall have directed the Indenture Trustee in writing to initiate a vote on whether to direct an Asset Representations Review, (i) the
Indenture Trustee shall promptly provide notice of such 5% threshold being reached to all Noteholders, the Transferor and the Servicer, (ii) within 10 Business Days of such 5% threshold being reached, the Indenture Trustee shall commence a
solicitation of votes of all Noteholders on whether to direct an Asset Representations Review and (iii) the Transferor shall include disclosure of such solicitation of votes in the Distribution Report on Form 10-D filed with the Commission relating
to the Monthly Period during which such 5% threshold was reached. With respect to any Notes that are Registered Notes, such solicitation of votes shall be conducted through the Depository. 

(d) The vote on whether to direct an Asset Representations Review will be completed within 90 days of the delivery by the Indenture Trustee of
notice to Noteholders that the solicitation of votes has commenced. If, at the end of such 90-day voting period, Holders of Notes evidencing more than 50% of the aggregate unpaid principal amount of all Notes participating in such vote
(excluding Notes held by any Account Owner, the Transferor, the Servicer or any of their Affiliates) elect to direct an Asset Representations Review, the Indenture Trustee shall promptly provide notice of such occurrence to the Transferor, the
Servicer and the Account Owners, and the Servicer shall provide notice to the Asset Representations Reviewer that an Asset Representations Review has been demanded (such notice, a “Review Notice”). The Transferor shall disclose
the results of such vote in the Distribution Report on Form 10-D filed with the Commission relating to the Monthly Period during which the voting period ended. 

(e) Upon the completion of an Asset Representations Review and the delivery by the Asset Representations Reviewer of its report on the
findings and conclusions of the Asset Representations Review in accordance with the provisions of the Asset Representations Review Agreement, the Transferor shall include a summary of such report in the Distribution Report on Form 10-D filed
with the Commission relating to the Monthly Period during which such report is delivered. 

  
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 (f) The Transferor shall review, and shall be entitled to adjust, the Delinquency Threshold upon
the occurrence of either of the following events: 
 (i) the filing of a registration statement with the
Commission relating to any Notes to be offered and sold from time to time thereunder; and 
 (ii) a change in law or
regulation (including any new or revised interpretation of an existing law or regulation) that, in the judgment of the Transferor, could reasonably be expected to have a material effect on the delinquency rate for payments by Obligors on the
Accounts or the manner by which delinquencies are defined or determined; 
 provided, however, that, once a 60-Day Delinquency Event has
occurred and is continuing, a review of the Delinquency Threshold that would otherwise be undertaken as described above shall be delayed until the date on which the Transferor first reports in the Distribution Report on Form 10-D filed with the
Commission that the 60-Day Delinquency Percentage for the related Monthly Period no longer exceeds the Delinquency Threshold. With respect to a review undertaken upon the occurrence of an event described in clause (i) above, the Transferor may
increase or decrease the Delinquency Threshold by any amount the Transferor reasonably determines to be appropriate based on the composition of the Receivables at the time of the review. With respect to a review undertaken upon the occurrence
of an event described in clause (ii) above, the Transferor may increase or decrease the Delinquency Threshold by any amount the Transferor reasonably determines to be appropriate as a result of the related change in law or regulation. The
Transferor shall disclose any adjustment to the Delinquency Threshold in the Distribution Report on Form 10-D filed with the Commission relating to the Monthly Period in which the adjustment occurs. 

Section 2.18. Resolution of Repurchase Disputes. 

(a) If the Indenture Trustee or any Noteholder (the “Requesting Party”) requests that (i) the Transferor accept
reassignment of any Receivable pursuant to the terms of this Agreement due to an alleged breach of a representation or warranty herein or (ii) an Account Owner or TRS accepts reassignment of any Receivable pursuant to the terms of the applicable
Receivables Purchase Agreement due to an alleged breach of a representation or warranty therein (such Transferor, Account Owner or TRS, as applicable, the “Representing Party”), and the repurchase request has not been fulfilled or
otherwise resolved within 180 days of the receipt of notice of such repurchase request by the Representing Party, then the Requesting Party shall have the right to refer the matter, at its discretion, to either mediation or third-party non-binding
arbitration or to binding third-party arbitration, and the Representing Party shall agree to the selected resolution method.
 (b) At
the conclusion of the 180-day period described in clause (a) above, the Representing Party shall provide notice informing the Requesting Party of the status of its request. However, in the absence of any such notice, the Requesting Party is
permitted to presume that its request remains unresolved. 
 (c) In order to exercise its right under clause (a) above, the Requesting
Party must provide the Representing Party written notice of its intention to refer an unresolved 

  
 44 

 
repurchase request to mediation or arbitration within 30 days of the conclusion of the 180-day period described in clause (a) above. If the Requesting Party is a Noteholder, the Representing
Party shall have the right to request from such Requesting Party verification that such Requesting Party is in fact a Holder of a beneficial interest in the Notes in the form of (x) a written certification from such Noteholder that it is a Holder of
a beneficial interest in a Note, and (y) one other form of documentation such as a trade confirmation, an account statement, a letter from the broker or dealer, or other similar document; provided, however, that if the requesting
Noteholder is a Noteholder of record on the related Record Date, no such verification of ownership shall be required. 
 (d) If the
Requesting Party selects mediation as the resolution method, the mediation shall be administered by a nationally recognized mediation association mutually agreed upon by the Representing Party and the Requesting Party and shall be conducted in
accordance with such association’s mediation procedures in effect at such time. The fees and expenses of the mediation shall be allocated as mutually agreed upon by the Representing Party and the Requesting Party as part of the
mediation. The mediator(s) shall be impartial and knowledgeable about and experienced with the laws of the State of New York that are relevant to the repurchase dispute and shall be appointed from a list of neutrals maintained by the American
Arbitration Association (the “AAA”). 
 (e) If the Requesting Party selects third-party arbitration as the resolution
method, the third-party arbitration shall be administered by a nationally recognized arbitration association mutually agreed upon by the Representing Party and the Requesting Party and shall be conducted in accordance with such association’s
arbitration procedures in effect at such time. The arbitrator(s) shall be impartial and knowledgeable about and experienced with the laws of the State of New York that are relevant to the repurchase dispute and shall be appointed from a list of
neutrals maintained by AAA. The arbitrator(s) shall allocate the costs and expenses of the third-party arbitration.
 (f) A
failure by the Requesting Party and the Representing Party to resolve a disputed matter through mediation or non-binding arbitration shall not preclude either party from seeking a resolution through other options available to it, including the
initiation of judicial proceeding in a court of competent jurisdiction, subject to the provisions specified below as applicable to both mediations and arbitrations. By selecting binding arbitration, the Requesting Party shall give up the right to
sue in court, including the right to a trial by jury. No person may bring a putative or certified class action to arbitration. 

(g) The following provisions shall apply to both mediations and third-party arbitrations: 

(i) Any mediation or arbitration shall be held in New York, New York or such other location mutually agreed to by the
Requesting Party and the Representing Party. 
 (ii) Notwithstanding this dispute resolution provision, the parties shall
have the right to seek provisional or ancillary relief from a competent court of law, including a temporary restraining order, preliminary injunction or attachment order, provided such relief would otherwise be available by law. 

  
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 (iii) The details and/or existence of any unfulfilled repurchase request, any
informal meetings, mediations or arbitration proceedings conducted under this Section 2.18, including all offers, promises, conduct and statements, whether oral or written, made in the course of the parties’ attempt to informally resolve an
unfulfilled repurchase request, and any discovery taken in connection with any arbitration, shall be confidential, privileged and inadmissible for any purpose, including impeachment, in any mediation, arbitration or litigation, or other proceeding;
provided, however, that any discovery taken in any arbitration shall be admissible in that particular arbitration. Such information shall be kept strictly confidential and shall not be disclosed or discussed with any third party
(excluding a party’s attorneys, experts, accountants and other agents and representatives, as reasonably required in connection with the related resolution procedure and who are bound by substantially equivalent confidentiality
obligations). Information shall not be subject to the foregoing obligation of confidentiality (a) to the extent that such information is or becomes publicly available through no wrongful act of the party making the disclosure and (b) to the
extent a party is required to disclose such information under applicable law, regulatory requirement or court order; provided that such party where reasonably practicable and to the extent legally permissible, provides the other party to the
resolution procedure with prompt prior notice of the required disclosure so that such other party may object to the production of its confidential information or seek a protective order or other appropriate remedy. 

(h) A Requesting Party may not initiate a mediation or arbitration as described above with respect to a receivable that is, or has been,
the subject of an ongoing or previous mediation or arbitration (whether by that Requesting Party or another Requesting Party) but shall have the right to join an existing mediation or arbitration with respect to that receivable if the mediation or
arbitration has not yet concluded. 
 Section 2.19. Credit Risk Retention. For compliance with Regulation RR, the Transferor shall
maintain a seller’s interest in the Trust in an amount at least equal to the Required Seller’s Interest Amount through its ownership of the Transferor Interest. 

On or after the date compliance with respect to Regulation RR is required , to assist the Transferor’s compliance with the provisions of
Regulation RR, the Servicer shall, on the Closing Date of any Securitization Transaction and on each Note Transfer Date thereafter, calculate the Required Seller’s Interest Amount, the Seller’s Interest Amount and such other information as
required under Regulation RR as of the last day of the immediately preceding Monthly Period (or such other date as is permitted under Regulation RR). The Transferor shall include the Required Seller’s Interest Amount, the Seller’s Interest
Amount and such other information as is required under Regulation RR so calculated in the Distribution Report on Form 10-D filed with the Commission relating to such Monthly Period. 

[END OF ARTICLE II] 

  
 46 

 ARTICLE III 

OTHER MATTERS RELATING TO EACH TRANSFEROR 

Section 3.1. Liability of Each Transferor. Each Transferor shall be severally, and not jointly, liable for all obligations,
covenants, representations and warranties of such Transferor arising under or related to this Agreement. Each Transferor shall be liable only to the extent of the obligations specifically undertaken by it in its capacity as a Transferor. 

Section 3.2. Merger or Consolidation of, or Assumption of the Obligations of, a Transferor. 

(a) No Transferor shall dissolve, liquidate, consolidate with or merge into any other Person or convey, transfer or sell its properties and
assets substantially as an entirety to any Person (in each case, a “Surviving Entity”) unless: 
 (i) (x) the Surviving
Entity is organized and existing under the laws of the United States of America or any state or the District of Columbia, and either is a savings association, national banking association, bank or other entity which is not eligible to be a debtor in
a case under the United States Bankruptcy Code or is a special purpose entity whose powers and activities are limited, and shall expressly assume, by an agreement supplemental hereto, executed and delivered to the Trust and the Indenture Trustee, in
form reasonably satisfactory to the Trust and the Indenture Trustee, the performance of every covenant and obligation of such Transferor hereunder and shall benefit from all the rights granted to such Transferor, as applicable hereunder; and (y)
such Transferor has delivered to the Owner Trustee and the Indenture Trustee an Officer’s Certificate of such Transferor and an Opinion of Counsel to the effect that such consolidation, merger, conveyance, transfer or sale and such supplemental
agreement comply with this Section 3.2 and that such supplemental agreement is a valid and binding obligation of the Surviving Entity, enforceable against such Surviving Entity in accordance with its terms, except as such enforceability
may be limited by applicable Debtor Relief Laws and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity); 

(ii) all UCC filings, if any, required to perfect the interest of the Trust in any Receivables and Collateral Certificates to be conveyed by
the Surviving Entity shall have been made and copies thereof shall have been delivered to the Owner Trustee and the Indenture Trustee; 

(iii) the Owner Trustee and the Indenture Trustee shall have received one or more Opinions of Counsel to the effect that (a) under the UCC,
the transfer of Receivables and/or Collateral Certificates by the Surviving Entity shall constitute either a sale of, or the granting of a security interest in, such Receivables or Collateral Certificates, as the case may be, by the Surviving Entity
to the Trust and (b) the condition specified in paragraph (ii) above shall have been satisfied; 
 (iv) the Owner Trustee and the Indenture
Trustee shall have received an Issuer Tax Opinion and any applicable Master Trust Tax Opinion; and 

  
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 (v) the Note Rating Agency Condition shall have been satisfied with respect to such
consolidation, merger, conveyance, transfer or sale. 
 (b) The obligations of each Transferor hereunder shall not be assignable nor shall
any Person succeed to the obligations of any Transferor hereunder except in each case in accordance with the provisions of the foregoing paragraph or Section 3.4. 

Section 3.3. Limitations on Liability of Each Transferor. Subject to Section 3.1, no Transferor nor any of the directors,
officers, employees, members, incorporators or agents of any Transferor acting in such capacities shall be under any liability to the Trust, the Owner Trustee, the Indenture Trustee, the Noteholders, the Servicer, any Supplemental Credit Enhancement
Provider, any other Transferor or any other Person for any action taken, or for refraining from the taking of any action, in good faith in such capacities pursuant to this Agreement, it being expressly understood that all such liability is expressly
waived and released as a condition of, and consideration for, the execution of this Agreement, the Indenture and any Indenture Supplement and the issuance of the Notes; provided, however, that this provision shall not protect any
Transferor or any director, officer, employee, member, incorporator or agent of any Transferor against any liability which would otherwise be imposed by reason of willful misfeasance, bad faith or gross negligence in the performance of duties or by
reason of reckless disregard of obligations and duties hereunder. Each Transferor and any director, officer, employee, member, incorporator or agent of such Transferor may rely in good faith on any document of any kind prima facie
properly executed and submitted by any Person (other than such Transferor) respecting any matters arising hereunder. 
 Section 3.4.
Assumption of a Transferor’s Obligations. Notwithstanding the provisions of Section 3.2, each Transferor may assign, convey, transfer or sell all of its right, title and interest in, to and under the Receivables and the
Collateral Certificates in which it has an interest and/or its interest in the Transferor Interest (collectively, the “Assigned Assets”), together with all servicing functions and other obligations, if any, under this Agreement or
relating to the transactions contemplated hereby (collectively, the “Assumed Obligations”), to another entity (the “Assuming Entity”) which may be an entity that is not affiliated with such Transferor, and such
Transferor may assign, convey and transfer the Assigned Assets and the Assumed Obligations to the Assuming Entity, without the consent or approval of the holders of any Notes, upon satisfaction of the following conditions: 

(a) the Assuming Entity, such Transferor, the Trust and the Indenture Trustee shall have entered into a supplement to this Agreement or an
assumption agreement (in form and substance reasonably satisfactory to the Trust and the Indenture Trustee) (either, the “Assumption Agreement”) providing for the Assuming Entity to assume the Assumed Obligations, including the
obligation under this Agreement to transfer the Receivables arising under the Accounts, the Receivables arising under any Additional Accounts and any Collateral Certificates to the Trust, and such Transferor shall have delivered to the Owner Trustee
and the Indenture Trustee an Officer’s Certificate of such Transferor and an Opinion of Counsel each stating that such transfer and assumption comply with this Section 3.4, that such Assumption Agreement is a valid and binding obligation
of such Assuming Entity, enforceable against such Assuming Entity in accordance with its terms, except as such enforceability may be limited by applicable Debtor Relief Laws and except as such enforceability may be limited by general

  
 48 

 
principles of equity (whether considered in a suit at law or in equity), and that all conditions precedent herein provided for relating to such transaction have been complied with; 

(b) all UCC filings required to perfect the interest of the Trust in the Receivables and/or the Collateral Certificates to be conveyed by the
Assuming Entity shall have been duly made and copies thereof shall have been delivered to the Owner Trustee and the Indenture Trustee; 

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

(d) the Owner Trustee and the Indenture Trustee shall have received one or more Opinions of Counsel to the effect that (i) the transfer of
Receivables and/or Collateral Certificates by the Assuming Entity shall constitute either a sale of, or the granting of a security interest in, such Receivables or Collateral Certificates, as the case may be, by the Assuming Entity to the Trust and
(ii) the condition specified in paragraph (b) above shall have been satisfied; and 
 (e) the Owner Trustee and the Indenture Trustee shall
have received an Issuer Tax Opinion and any applicable Master Trust Tax Opinion. 
 Upon such transfer to and assumption by the Assuming
Entity, such Transferor shall surrender the certificate, if applicable, evidencing its interest in the Transferor Interest to the Note Registrar for registration of transfer and the Note Registrar shall issue a new certificate, if applicable,
evidencing the Transferor Interest in the name of the Assuming Entity (or, if applicable, register such Assuming Entity’s uncertificated interest in the Transferor Interest). Notwithstanding such assumption, such Transferor shall continue
to be liable for all representations and warranties and covenants made by it and all obligations performed or to be performed by it in its capacity as Transferor prior to such transfer.

Section 3.5. Expenses. The Transferor shall pay out of its own funds, without reimbursement, all expenses incurred in connection
with the Trust, including the costs of filing any amendment to UCC financing statements, the costs and expenses relating to obtaining and maintaining the listing of any Notes on any stock exchange, the fees and disbursements of the Administrator as
provided in Section 7.3, and any stamp, documentary, excise, property (whether on real, personal or intangible property) or any similar tax levied on the Trust or the Trust’s assets that are not expressly stated in this Agreement to be
payable by the Trust or a Transferor. A Transferor’s obligations pursuant to this Section 3.5 shall not constitute a claim against such Transferor to the extent such Transferor does not have funds sufficient to make payment of such
obligations. 
 [END OF ARTICLE III] 

  
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 ARTICLE IV 

INSOLVENCY EVENTS 

Section 4.1. Rights Upon the Occurrence of an Insolvency Event. If any Transferor or holder of the Transferor Interest shall
consent to or fail to object to the appointment of a bankruptcy trustee or conservator, receiver or liquidator in any bankruptcy proceeding or other insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or
relating to such Transferor or such holder of the Transferor Interest or of or relating to all or substantially all of such Person’s respective property, or a decree or order of a court or agency or supervisory authority having jurisdiction in
the premises for the appointment of a bankruptcy trustee or conservator, receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up, insolvency, bankruptcy,
reorganization, conservatorship, receivership or liquidation of such Person’s respective affairs, shall have been entered against such Transferor or any holder of the Transferor Interest; or such Transferor or such holder of the Transferor
Interest shall admit in writing its respective inability, or shall be unable, to pay its debts generally as they become due, or file a petition to take advantage of any applicable bankruptcy, insolvency, reorganization, receivership or
conservatorship statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations; or such Transferor or holder of the Transferor Interest shall consent to, or fail to object to, the filing of any such
petition, or, if such Transferor or holder of the Transferor Interest shall so object to the filing of any such petition, such petition shall not have been dismissed within 60 days of the filing thereof (any such act or occurrence being an
“Insolvency Event”); then each Transferor shall on the day any such Insolvency Event occurs, immediately cease to (i) transfer Receivables or Collateral Certificates and (ii) cause to be increased any Invested Amount of an existing
Collateral Certificate transferred to the Trust by such Transferor and shall promptly give notice to the Owner Trustee, the Indenture Trustee and the Servicer of such Insolvency Event. Notwithstanding any cessation of the transfer to the Trust of
additional Receivables, (i) Receivables transferred to the Trust prior to the occurrence of such Insolvency Event, (ii) Collections in respect of such Receivables and (iii) Collateral Certificates transferred to the Trust prior to the occurrence of
such Insolvency Event, shall continue to be a part of the Trust Assets, and Collections with respect thereto shall continue to be allocated to Noteholders in accordance with the terms of this Agreement, the Servicing Agreement, the Indenture and
each Indenture Supplement.
 [END OF ARTICLE IV] 

  
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 ARTICLE V 

ACQUISITION OF TRUST ASSETS 

Section 5.1. Acquisition of Trust Assets. If a Master Trust Transferor exercises its option to accept retransfer of any Collateral
Certificate pursuant to the terms of the related Series Supplement, the Transferor shall cause such Master Trust Transferor to (a) acquire the Collateral Certificate, which acquisition shall be effective as of the date on which such retransfer
occurs, (b) deliver notice of such acquisition to the Owner Trustee, the Indenture Trustee, the other Master Trust Transferors, if any, the Transferor and the Servicer on or prior to the Note Transfer Date following the applicable Monthly Period for
which the option is deemed exercised, and (c) deposit in the Collection Account on or prior to the First Note Transfer Date following the applicable Monthly Period an amount equal to the Invested Amount of the existing Collateral Certificate on such
date and all other amounts payable to the Noteholders of each related Outstanding Series of Notes including otherwise unpaid principal and accrued interest on the Notes. Upon the completion of the foregoing condition, the applicable Master
Trust shall succeed to all interests of the Trust with respect to such Collateral Certificate. 
 [END OF ARTICLE V] 

  
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 ARTICLE VI 

TERMINATION 
 Section 6.1.
Termination of Agreement. This Agreement and the respective obligations and responsibilities of the Trust and each Transferor under this Agreement shall terminate on the date on which the Trust is dissolved in accordance with Article
IX of the Trust Agreement. 
 Notwithstanding anything contained in the Transaction Documents to the contrary, in connection with the
liquidation of the Trust Assets or wind down of the Trust, following the application of the proceeds of such liquidation or wind down to the payment of amounts due to the Noteholders, the holder of the Transferor Interest shall have the absolute and
unconditional right to receive the remaining proceeds of such liquidation or wind down in an amount not less than all amounts owing to the holder of the Transferor Interest in accordance with the Transaction Documents, including the Transferor
Invested Amount. 
 [END OF ARTICLE VI] 

  
 52 

 ARTICLE VII 

MISCELLANEOUS PROVISIONS 

Section 7.1. Amendment; Waiver of Past Defaults. 

(a) This Agreement may be amended from time to time by the Transferor, the Issuer and the Indenture Trustee, by a written instrument signed by
each of them, without the consent of any of the Noteholders; provided that (i) each Transferor shall have delivered to the Indenture Trustee and the Owner Trustee an Officer’s Certificate of such Transferor, dated the date of any such
amendment, stating that such Transferor reasonably believes that such amendment will not have an Adverse Effect and (ii) the Note Rating Agency Condition shall have been satisfied with respect to any such amendment.

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

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

  
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provided, however, that the Transferor or the Issuer shall have provided 10 Business Days’ prior written notice of the substance of such amendment to each Note Rating Agency.

 A copy of any amendment to this Agreement pursuant to this subsection (a) shall be sent to each Note Rating Agency. Any amendments
regarding the addition or removal of Receivables or Collateral Certificates from the Trust as provided herein, executed in accordance with the provisions hereof, shall not be considered amendments to this Agreement for the purpose of
subsections 7.1(a) and (b). 
 (b) This Agreement may also be amended in writing from time to time by the Transferor, the
Indenture Trustee and the Trust with the consent of Noteholders evidencing not less than 662/3% of the aggregate unpaid principal amount of
all affected Series, Classes or Tranches of Notes for which the Transferor has not delivered an Officer’s Certificate stating that there is no Adverse Effect, for the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Agreement or of modifying in any manner the rights of any Noteholders; provided, however, that no such amendment shall (i) reduce in any manner the amount of or delay the timing of any distributions
(changes in Early Amortization Events or Events of Default that decrease the likelihood of the occurrence thereof shall not be considered delays in the timing of distributions for purposes of this clause) to be made to Noteholders or deposits of
amounts to be so distributed or the amount available under any Supplemental Credit Enhancement Agreement and any Derivative Agreement without the consent of each affected Noteholder, (ii) change the definition of or the manner of calculating the
interest of any Noteholder without the consent of each affected Noteholder, (iii) reduce the aforesaid percentage required to consent to any such amendment without the consent of each Noteholder or (iv) adversely affect the rating of any Series,
Class or Tranche of Notes by each Note Rating Agency without the consent of Noteholders evidencing not less than 662/3% of the aggregate
unpaid principal amount of such Series, Class or Tranche (which shall not be deemed to occur if the Note Rating Agency Condition shall have been satisfied with respect to such amendment). 

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

(d) It shall not be necessary for the consent of Noteholders under this Section 7.1 to approve the particular form of any proposed
amendment, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents and of evidencing the authorization of the execution thereof by Noteholders shall be subject to such reasonable
requirements as the Indenture Trustee may prescribe. 
 (e) Notwithstanding anything in this Section 7.1 to the contrary, no
amendment may be made to this Agreement which would adversely affect in any material respect the interests of any Supplemental Credit Enhancement Provider without the consent of such Supplemental Credit Enhancement Provider. 

  
 54 

 (f) Any Indenture Supplement executed in accordance with the provisions of Article X of
the Indenture shall not be considered an amendment of this Agreement for the purposes of this Section 7.1. Any supplemental agreement executed in accordance with the provisions of Section 3.2 or any Assumption Agreement executed
in accordance with the provisions of Section 3.4 shall not be considered an amendment to this Agreement for purposes of this Section 7.1. 

(g) The Owner Trustee and the Indenture Trustee may, but shall not be obligated to, enter into any such amendment which adversely affects in
any material respect the rights, duties, benefits, protections, privileges or immunities of the Owner Trustee or the Indenture Trustee, as applicable, under this Agreement or otherwise. In connection with the execution of any amendment
hereunder, the Owner Trustee and the Indenture Trustee shall be entitled to receive the Opinion of Counsel described in subsection 7.2(d). 

Section 7.2. Protection of Right, Title and Interest in and to Trust Assets. 

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

(b) Within 30 days after any Transferor makes any change in its name or its type or jurisdiction of organization, such Transferor shall give
the Owner Trustee and the Indenture Trustee notice of any such change and shall file such financing statements or amendments as may be necessary to continue the perfection of the security interest or ownership interest of the Trust in the Trust
Assets. 
 (c) Each Transferor shall give the Owner Trustee and the Indenture Trustee prompt written notice of any relocation of any office
from which it services Receivables or keeps records concerning the Receivables and the Collateral Certificates or of its chief executive office and whether, as a result of such relocation, the applicable provisions of the UCC would require the
filing of any amendment of any previously filed financing statement or amendment thereto or of any new financing statement and shall file such financing statements or amendments as may be necessary to perfect or to continue the perfection of the
security interest or ownership interest of the Trust in the Trust Assets. Each Transferor shall at all times maintain each office from which it services Receivables and its chief executive offices within the United States and shall at all times
be organized under the laws of a jurisdiction located within the United States. Each of the Owner Trustee and the Indenture Trustee shall give each Transferor prompt notice of any change in its name or any change in its address as shown on any
financing statement filed in connection with the transactions contemplated by any Related Agreement if the address so shown ceases to be an address from which information concerning the Trust Assets can be obtained.

  
 55 

 (d) The Transferor shall deliver to the Owner Trustee and the Indenture Trustee (i) upon the
execution and delivery of each amendment of this Agreement pursuant to Section 7.1, an Opinion of Counsel to the effect specified in Exhibit E-1; (ii) on each Addition Date with respect to the addition of Aggregate Addition Accounts to
be designated to the Trust pursuant to subsection 2.13(a) or (b), an Opinion of Counsel substantially in the form of Exhibit E-2; (iii) semi-annually (or, if the applicable Account Owner has a long-term rating below
“A” by Moody’s, “AA-” by Standard & Poor’s or, if rated by Fitch, “AA-” by Fitch, quarterly), beginning six months following the end of the first Monthly Period in which New Accounts are designated to the
Trust pursuant to subsection 2.13(d), an Opinion of Counsel substantially in the form of Exhibit E-3; (iv) on each Addition Date on which any Collateral Certificate is included as part of the Trust Assets pursuant to
subsection 2.13(a) or (b), an Opinion of Counsel covering the same substantive legal issues addressed by Exhibit E-2; (v) on or before March 31 of each year, beginning with March 31, 2017, an Opinion of Counsel
substantially in the form of Exhibit E-4; and (vi) in connection with the occurrence of any event contemplated in Section 3.2 or 3.4, the Opinions of Counsel, the Issuer Tax Opinion and the Master Trust Tax Opinion specified
therein. 
 Section 7.3. Fees Payable by the Transferor. Notwithstanding anything contained in any other Transaction Document
(unless such document specifically refers to this Section 7.3), the Transferor shall pay out of its own funds, without reimbursement, all expenses incurred, fees and disbursements of the Owner Trustee (as such and in its individual capacity),
the Administrator and the Indenture Trustee (including, in each case, the reasonable fees and expenses of its outside counsel) and independent accountants and all other fees and expenses relating to the Trust, including the costs of filing UCC
continuation statements, the costs and expenses relating to obtaining and maintaining the listing of any Notes on any stock exchange, the costs and expenses relating to maintaining Issuer Accounts, and any stamp, documentary, excise, property
(whether on real, personal or intangible property) or any similar tax levied on the Trust or the Trust’s assets that are not expressly stated in this Agreement to be payable by the Trust (other than federal, state, local and foreign income and
franchise taxes, if any, or any interest or penalties with respect thereto, assessed on the Trust, which shall be paid by the Trust).

Section 7.4. Governing Law; Submission to Jurisdiction; Appointment of Agent for Service of Process. This Agreement shall be governed
by and construed in accordance with the laws of the State of Delaware, without regard to principles of conflict of laws. The parties hereto hereby declare that it is their intention that this Agreement shall be regarded as made under the laws of the
State of Delaware and that the laws of said State shall be applied in interpreting its provisions in all cases where legal interpretation shall be required. Each of the parties hereto agrees (a) that this Agreement involves at least $100,000.00, and
(b) that this Agreement has been entered into by the parties hereto in express reliance upon 6 Del. C. § 2708. Each of the parties hereto hereby irrevocably and unconditionally agrees (a) to be subject to the jurisdiction of the courts
of the State of Delaware and of the federal courts sitting in the State of Delaware, and (b) (1) to the extent such party is not otherwise subject to service of process in the State of Delaware, to appoint and maintain an agent in the State of
Delaware as such party’s agent for acceptance of legal process, and (2) that, to the fullest extent permitted by applicable law, service of process may also be made on such party by prepaid certified mail with a proof of mailing receipt
validated by the United States Postal Service constituting evidence of valid 

  
 56 

 
service, and that service made pursuant to (b) (1) or (2) above shall, to the fullest extent permitted by applicable law, have the same legal force and effect as if served upon such party
personally within the State of Delaware. 
 Section 7.5. Notices; Payments. 

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

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

American Express Receivables Financing Corporation VIII LLC 

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

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

American Express Travel Related Services Company, Inc. 

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

Fax: (212) 640-0405 

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

Wilmington Trust Company 
 Rodney
Square North 
 1100 North Market Street 

Wilmington, Delaware 19890-0001 

Attention: Corporate Trust Administration 

Fax: (302) 636-4140 

esoriano@wilmingtontrust.com 

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

The Bank of New York Mellon 
 101
Barclay Street, Floor 7 West 
 New York, New York 10286 

Attention: Corporate Trust Administration – Asset Backed Securities 

Fax: (212) 815-2493 

catherine.cerilles@bnymellon.com 

(iv) in the case of the Note Rating Agency for a particular Series, the address, if any, specified in the Indenture Supplement relating
to such Series, and 

  
 57 

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

Section 7.6. Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement
shall for any reason whatsoever be held invalid, then such provisions shall be deemed severable from the remaining provisions of this Agreement and shall in no way affect the validity or enforceability of the remaining provisions or of the Notes or
the rights of any Noteholders. 
 Section 7.7. Further Assurances. Each Transferor agrees to do and perform, from time to time,
any and all acts and to execute any and all further instruments required or reasonably requested by the Owner Trustee and the Indenture Trustee more fully to effect the purposes of this Agreement, including the authorization and/or filing of any
financing statements or amendments thereto relating to the Receivables and/or the Collateral Certificates for filing under the provisions of the UCC of any applicable jurisdiction. 

Section 7.8. No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Trust, the
Owner Trustee, the Indenture Trustee or any Noteholders, any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege under this
Agreement preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges provided under this Agreement are cumulative and not exhaustive of any rights,
remedies, powers and privileges provided by law. 
 Section 7.9. Counterparts. This Agreement may be executed in two or more
counterparts (and by different parties on separate counterparts), each of which shall be an original, but all of which together shall constitute one and the same instrument. 

Section 7.10. Third-Party Beneficiaries. This Agreement will inure to the benefit of and be binding upon the parties hereto, the
Noteholders, any Supplemental Credit Enhancement Providers, any Derivative Counterparties and their respective successors and 

  
 58 

 
assigns. Except as otherwise expressly provided in this Agreement, no other Person will have any right or obligation hereunder. 

Section 7.11. Actions by Noteholders. 

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

(b) Any Notice, request, demand, authorization, direction, consent, waiver or other act by a Noteholder shall bind such Noteholder and every
subsequent Holder of such Note and of any Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done or omitted to be done by the Owner Trustee, the Indenture Trustee or any
Transferor in reliance thereon, whether or not notation of such action is made upon such Note. 
 Section 7.12. Rule 144A
Information. For so long as any of the Notes are “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, each Transferor and each of the Owner Trustee, the Indenture Trustee and the Servicer
agree to cooperate with each other to provide to any Holders of such Series, Class or Tranche and to any prospective purchaser of Assets Pool One Notes designated by such Noteholder, upon the request of such Noteholder or prospective purchaser, any
information required to be provided to such Holder or prospective purchaser to satisfy the condition set forth in Rule 144A(d)(4) under the Securities Act. 

Section 7.13. Merger and Integration. Except as specifically stated otherwise herein, this Agreement sets forth the entire
understanding of the parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded by this Agreement. This Agreement may not be modified, amended, waived or supplemented except as provided herein.

 Section 7.14. Headings. The headings herein are for purposes of reference only and shall not otherwise affect the meaning or
interpretation of any provision hereof. 
 Section 7.15. Limitation of Liability. Notwithstanding any other provision herein or
elsewhere, this Agreement has been executed and delivered by Wilmington Trust Company, not in its individual capacity, but solely in its capacity as Owner Trustee of the Trust. In no event shall Wilmington Trust Company in its individual
capacity have any liability in respect of the representations, warranties, or obligations of the Trust hereunder or under any other document, as to all of which recourse shall be had solely to the Trust Assets, and for all purposes of this Agreement
and each other document, the Owner Trustee (as such or in its individual capacity) shall be subject to, and entitled to the benefits of, the terms and provisions of the Trust Agreement. 

Section 7.16. No Petition. To the fullest extent permitted by applicable law, the Indenture Trustee and each Transferor, by
entering into this Agreement, and each Noteholder, by accepting a Note, agrees that it will not at any time institute against any Master Trust or the 

  
 59 

 
Issuer, or join in any institution against any Master Trust or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any
United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes and this Agreement. 

Section 7.17. Force Majeure. In no event shall the Indenture Trustee or the Owner Trustee be responsible or liable for any failure
or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military
disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Indenture Trustee and the Owner Trustee
shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

[END OF ARTICLE VII] 

  
 60 

 ARTICLE VIII 

COMPLIANCE WITH REGULATION AB 

Section 8.1. Intent of the Parties; Reasonableness. The Transferor, the Issuer and the Indenture Trustee acknowledge and agree
that the purpose of this Article VIII is to facilitate compliance by the Transferor with the provisions of Regulation AB and related rules and regulations of the Commission. The Transferor shall not exercise its right to request delivery of
information or other performance under these provisions other than in good faith, or for purposes other than the Transferor’s compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder (or
the provision in a private offering of disclosure comparable to that required under the Securities Act). The Indenture Trustee acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due to
interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to comply with requests made by the Transferor in good faith for delivery
of information under these provisions on the basis of evolving interpretations of Regulation AB. The Indenture Trustee agrees to cooperate in good faith with any reasonable request by the Transferor for information regarding the Indenture
Trustee which is required in order to enable the Transferor to comply with the provisions of Items 1103(a)(1), 1104(e), 1109(a)(1), 1109(a)(2), 1117, 1118, 1119, 1121 and 1122 of Regulation AB as it relates to the Indenture Trustee or to the
Indenture Trustee’s obligations under this Agreement. 
 Section 8.2. Additional Representations and Warranties of the Indenture
Trustee. The Indenture Trustee shall be deemed to represent to the Transferor, as of the date on which information is provided to the Transferor under Section 8.3 that, except as disclosed in writing to the Transferor prior to such date to
the best of its knowledge, but without independent investigation: (i) neither the execution, delivery and performance by the Indenture Trustee of this Agreement, the performance by the Indenture Trustee of its obligations under this Agreement
nor the consummation of any of the transactions by the Indenture Trustee contemplated thereby, is in violation of any indenture, mortgage, bank credit agreement, note or bond purchase agreement, long-term lease, license or other agreement or
instrument to which the Indenture Trustee is a party or by which it is bound, which violation would have a material adverse effect on the Indenture Trustee’s ability to perform its obligations under this Agreement, or of any judgment or order
applicable to the Indenture Trustee; and (ii) there are no proceedings pending or threatened against the Indenture Trustee in any court or before any governmental authority, agency or arbitration board or tribunal which, individually or in the
aggregate, would have a material adverse effect on the right, power and authority of the Indenture Trustee to enter into this Agreement or to perform its obligations under this Agreement. 

Section 8.3. Information to Be Provided by the Indenture Trustee. The Indenture Trustee shall (i) on or before the fifth
Business Day of each month, provide to the Transferor, in writing, such information regarding the Indenture Trustee as is requested for the purpose of compliance with Item 1117 of Regulation AB, and (ii) as promptly as practicable following notice
to or discovery by the Indenture Trustee of any changes to such information, provide to the Transferor, in writing, such updated information. 

  
 61 

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

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

(B) a description of the extent to which the Indenture Trustee has had prior experience serving as an Indenture Trustee for
asset-backed securities transactions involving credit or charge card receivables; 
 (C) a description of any affiliation
between the Indenture Trustee and any of the following parties to a Securitization Transaction, as such parties are identified to the Indenture Trustee by the Transferor in writing in advance of such Securitization Transaction: 

 

	 	(1)	the sponsor; 

  

	 	(2)	any depositor; 

  

	 	(3)	the issuing entity; 

  

	 	(4)	any servicer; 

  

	 	(5)	any trustee; 

  

	 	(6)	any originator; 

  

	 	(7)	any significant obligor; 

  

	 	(8)	any enhancement or support provider; and 

  

	 	(9)	any other material transaction party. 

 In connection with the above-listed parties, a
description of whether there is, and if so the general character of, any business relationship, agreement, arrangement, transaction or understanding that is entered into outside the ordinary course of business or is on terms other than would be
obtained in an arm’s length transaction with an unrelated third party, apart from the asset-backed securities transaction, that currently exists or that existed during the past two years and that is material to an investor’s understanding
of the asset-backed securities. 
 Section 8.4. Report on Assessment of Compliance and Attestation. On or before the earlier of
(a) March 1 and (b) 30 days prior to the date on which the Trust is required to file the report on Form 10-K in each calendar year, commencing in 2017, the Indenture Trustee shall: 

(i) deliver to the Transferor a report regarding the Indenture Trustee’s assessment of compliance with the Servicing
Criteria during the immediately preceding calendar year, as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such report shall be addressed to the Transferor or the Servicer, as applicable, and signed
by an authorized officer of the Indenture Trustee, and shall address each of the Servicing Criteria specified in Exhibit G or such criteria as mutually agreed upon by the Transferor and the Indenture Trustee; 

  
 62 

 (ii) deliver to the Transferor a report of a registered public accounting firm
reasonably acceptable to the Transferor that attests to, and reports on, the assessment of compliance made by the Indenture Trustee and delivered pursuant to the preceding paragraph. Such attestation shall be in accordance with Rules 1-02(a)(3)
and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act; and 
 (iii) deliver to the Transferor and any
other Person that will be responsible for signing the certification (a “Sarbanes Certification”) required by Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) on
behalf of the Trust or the Transferor with respect to a Securitization Transaction a certification substantially in the form attached hereto as Exhibit F or such form as mutually agreed upon by the Transferor and the Indenture Trustee. 

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

  
 63 

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

					
	 AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION VIII LLC,

as Transferor

		
	By:	 	 /s/ Kerri S. Bernstein

		 	Name:	 	Kerri S. Bernstein
		 	Title:	 	President
	
	AMERICAN EXPRESS ISSUANCE TRUST II
		
	By:	 	 WILMINGTON TRUST COMPANY,
 not in
its individual capacity but solely as Owner Trustee on behalf of the Trust

		
	By:	 	 /s/ Erwin M. Soriano

		 	Name:	 	Erwin M. Soriano
		 	Title:	 	Vice President
	
	THE BANK OF NEW YORK MELLON,
	as Indenture Trustee
		
	By:	 	 /s/ Esther Antoine

		 	Name:	 	Esther Antoine
		 	Title:	 	Vice President

 Acknowledged and Accepted: 
  

					
	AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.,
	as Servicer and Administrator
		
	By:	 	 /s/ David L. Yowan

		 	Name:	 	David L. Yowan
		 	Title:	 	Treasurer

  
 [Second Amended and
Restated Transfer Agreement] 

 EXHIBIT A 

FORM OF ASSIGNMENT OF RECEIVABLES IN AGGREGATE ADDITION 

ACCOUNTS 
 INCLUDED IN
AMERICAN EXPRESS ISSUANCE TRUST II 
 (as required by Section 2.13(c)(viii) of the Transfer Agreement) 

ASSIGNMENT No. [            ] OF RECEIVABLES IN AGGREGATE ADDITION ACCOUNTS
INCLUDED IN AMERICAN EXPRESS ISSUANCE TRUST II (this “Assignment”), dated as of [                    ],1 by and between AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION VIII LLC (“RFC VIII”), as transferor (the “Transferor”), and AMERICAN EXPRESS ISSUANCE TRUST II
(the “Trust”), as issuer, pursuant to the Transfer Agreement referred to below. 
 W I T N
E S S E T H: 
 WHEREAS, RFC VIII, as Transferor, the Trust and The Bank of New York Mellon, as
Indenture Trustee (the “Indenture Trustee”), are parties to the Second Amended and Restated Transfer Agreement, dated as of July 29, 2016 (hereinafter as such agreement may have been, or may from time to time be, amended,
supplemented or otherwise modified, the “Transfer Agreement”); 
 WHEREAS, pursuant to the Transfer Agreement, the
Transferor wishes to designate Aggregate Addition Accounts to be included as Accounts and to convey its right, title and interest in the Receivables of such Aggregate Addition Accounts, whether existing at the Addition Cut-Off Date or thereafter
created, to the Trust pursuant to the Transfer Agreement; and 
 WHEREAS, the Trust is willing to accept such designation and pledge subject
to the terms and conditions hereof. 
 NOW, THEREFORE, the Transferor and the Trust hereby agree as follows: 

1. Defined Terms. All capitalized terms used herein shall have the meanings ascribed to them in the Transfer Agreement unless
otherwise defined herein. 
 “Addition Cut Off Date” shall mean, with respect to the Aggregate Addition Accounts,
[            ,         ]. 

“Addition Date” shall mean, with respect to the Aggregate Addition Accounts,
[            ,         ]. 

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

“Aggregate Addition Accounts” shall mean the Aggregate Addition Accounts, as defined in the Transfer Agreement, that are
designated hereby and listed on Schedule 1 hereto. 
  

	1 	To be dated as of the applicable Addition Date. 

  
 A-1 

 “Selection Date” shall mean [(i)] for the added accounts with the code
designation “[    ],” the close of business on the cycle billing date for such added accounts occurring in the period beginning on the close of business on
[                    ] and ending at the close of business on
[                    ] [and (ii) for the added accounts with the code designation “[    ],” the close of business on
the cycle billing date for such added accounts occurring in the period beginning on the close of business on [                    ] and ending at the
close of business on [                    ]]. 

2. Designation of Aggregate Addition Accounts. The Transferor shall deliver or cause to be delivered to the Trust and the
Indenture Trustee not later than five Business Days after the Addition Date, a computer file or microfiche list containing a true and complete list of the Aggregate Addition Accounts. Such list is incorporated into and made part of this
Assignment, shall be Schedule 1 to this Assignment and shall supplement Schedule 1 to the Transfer Agreement. 

3. Conveyance of Receivables. (a) The Transferor does hereby transfer, assign, set over and otherwise convey to the
Trust, without recourse except as provided in the Transfer Agreement, all of its right, title and interest, whether now owned or hereafter acquired, in, to and under the Receivables existing at the Addition Cut Off Date and thereafter created and
arising in the Aggregate Addition Accounts (including Related Accounts with respect to such Aggregate Addition Accounts), all Recoveries allocable to such Receivables, all monies due or to become due and all amounts received or receivable with
respect thereto, all Collections with respect thereto, and all proceeds (including “proceeds” as defined in the UCC) thereof (collectively, the “Additional Trust Assets”). The foregoing does not constitute and is not
intended to result in the creation or assumption by the Trust, the Owner Trustee (as such or in its individual capacity), the Indenture Trustee, any Noteholders or any Supplemental Credit Enhancement Providers of any obligation of the Servicer, the
Transferor or any other Person in connection with the Additional Trust Assets or under any agreement or instrument relating thereto, including any obligation to Obligors, merchants clearance systems or insurers.

(b) If necessary, the Transferor shall record and file, at its own expense, any financing statements (and amendments with
respect to such financing statements when applicable) with respect to the Additional Trust Assets meeting the requirements of applicable state law in such manner and in such jurisdictions as are necessary to perfect, and maintain perfection of, the
transfer, assignment, set-over or other conveyance of its interest in such Additional Trust Assets to the Trust and to deliver a file-stamped copy of each such financing statement or other evidence of such filing to the Trust and the Indenture
Trustee as soon as practicable after the Addition Date. Neither the Trust nor the Indenture Trustee shall be under any obligation whatsoever to file such financing statements or amendments to statements or to make any filing under the UCC in
connection with such transfer, assignment, set-over or other conveyance. 
 (c) The Transferor shall, at its own expense, on
or prior to the Addition Date, indicate in the appropriate computer files that all Receivables created in connection with the Aggregate Addition Accounts and the related Additional Trust Assets have been conveyed to the Trust pursuant to the
Transfer Agreement and this 

  
 A-2 

 
Assignment by including in the securitization field of such computer files the code “[    ]” [or “[    ],” as applicable,] for each
such Aggregate Addition Account. 
 (d) The Transferor does hereby grant to the Trust and the Indenture Trustee a security interest in all
of such Transferor’s right, title and interest, whether now owned or hereafter acquired, in, to and under the Additional Trust Assets. This Assignment shall constitute a security agreement under applicable law. 

4. Acceptance by Trust. The Trust hereby acknowledges its acceptance of all right, title and interest in and to the Additional
Trust Assets conveyed to the Trust pursuant to Section 3(a) of this Assignment.
 5. Representations and Warranties of the
Transferor. The Transferor hereby acknowledges on the Addition Date that it makes the representations and warranties in Sections 2.3 and 2.4 of the Transfer Agreement with respect to the Aggregate Addition Accounts. 

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

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

  
 A-3 

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

			
	AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION VIII LLC,
	as Transferor
		
	By:	 	  

		 	Name:
		 	Title:
	
	AMERICAN EXPRESS ISSUANCE TRUST II
		
	By:	 	 WILMINGTON TRUST COMPANY,
 not in its individual
capacity but solely
 as Owner Trustee on behalf of the Trust

		
	By:	 	  

		 	Name:
		 	Title:

  

			
	ACCEPTED AND ACKNOWLEDGED:
	
	 THE BANK OF NEW YORK MELLON,
 as
Indenture Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

 Schedule 1 (to Exhibit A) 

LIST OF AGGREGATE ADDITION ACCOUNTS 

 EXHIBIT B 

FORM OF ASSIGNMENT OF AN ADDITIONAL COLLATERAL CERTIFICATE 

INCLUDED IN AMERICAN EXPRESS ISSUANCE TRUST II 

(as required by Section 2.13(c)(viii) of the Transfer Agreement) 

ASSIGNMENT No. [    ] OF AN ADDITIONAL COLLATERAL CERTIFICATE INCLUDED IN AMERICAN EXPRESS ISSUANCE TRUST II (this
“Assignment”), dated as of [                    ],2 by and between AMERICAN
EXPRESS RECEIVABLES FINANCING CORPORATION VIII LLC (“RFC VIII”), as transferor (the “Transferor”), and AMERICAN EXPRESS ISSUANCE TRUST II (the “Trust”), as issuer, pursuant to the Transfer Agreement
referred to below. 
 W I T N E S S E T H: 

WHEREAS, RFC VIII, as Transferor, the Trust and The Bank of New York Mellon, as Indenture Trustee (the “Indenture Trustee”),
are parties to the Second Amended and Restated Transfer Agreement, dated as of July 29, 2016 (hereinafter as such agreement may have been, or may from time to time be, amended, supplemented or otherwise modified, the “Transfer
Agreement”); 
 WHEREAS, pursuant to the Transfer Agreement, the Transferor wishes to designate an additional Collateral
Certificate to be included as a Collateral Certificate and to convey its right, title and interest in such additional Collateral Certificate to the Trust pursuant to the Transfer Agreement; and 

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

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

1. Defined Terms. All capitalized terms used herein shall have the meanings ascribed to them in the Transfer Agreement unless
otherwise defined herein. 
 “Addition Date” shall mean, with respect to the Collateral Certificate designated on Schedule
1 hereto, [                    ,        ]. 

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

2. Designation of Additional Collateral Certificate. The Transferor shall deliver or cause to be delivered to the Trust and the
Indenture Trustee not later than five Business Days after the Addition Date, one or more lists containing a true and complete list of the Collateral Certificates. Such list is incorporated into and made part of this Assignment, shall be
Schedule 1 to this Assignment and shall supplement Schedule 2 to the Transfer Agreement. 
  

	2 	To be dated as of the applicable Addition Date. 

  
 B-1 

 3. Conveyance of Additional Collateral Certificate. (a) The Transferor does hereby
transfer, assign, set over and otherwise convey to the Trust, without recourse except as provided in the Transfer Agreement, all of its right, title and interest, whether now owned or hereafter acquired, in, to and under the additional Collateral
Certificate as of the Addition Date, all monies due or to become due and all amounts received or receivable with respect thereto, all Collections with respect thereto, and all proceeds (including “proceeds” as defined in the UCC) thereof
(collectively, the “Additional Trust Assets”). The foregoing does not constitute and is not intended to result in the creation or assumption by the Trust, the Owner Trustee (as such or in its individual capacity), the Indenture
Trustee, any Noteholders or any Supplemental Credit Enhancement Providers of any obligation of the Servicer, the Transferor or any other Person in connection with the Additional Trust Assets or under any agreement or instrument relating thereto,
including any obligation to Obligors, merchants clearance systems or insurers.
 (b) If necessary, the Transferor shall record and file, at
its own expense, financing statements (and amendments with respect to such financing statements when applicable) with respect to the Additional Trust Assets meeting the requirements of applicable state law in such manner and in such jurisdictions as
are necessary to perfect, and maintain perfection of, the transfer, assignment, set-over or other conveyance of its interest in such Additional Trust Assets to the Trust and to deliver a file-stamped copy of each such financing statement or other
evidence of such filing to the Trust and the Indenture Trustee as soon as practicable after the Addition Date. Neither the Trust nor the Indenture Trustee shall be under any obligation whatsoever to file such financing statements or amendments
to statements or to make any filing under the UCC in connection with such transfer, assignment, set-over or other conveyance. 
 (c) The
Transferor does hereby grant to the Trust and the Indenture Trustee a security interest in all of such Transferor’s right, title and interest, whether now owned or hereafter acquired, in, to and under the Additional Trust Assets. This
Assignment shall constitute a security agreement under applicable law. 
 4. Acceptance by Trust. The Trust hereby acknowledges
its acceptance of all right, title and interest in and to the Additional Trust Assets conveyed to the Trust pursuant to Section 3(a) of this Assignment. 

5. Representations and Warranties of the Transferor. The Transferor hereby acknowledges on the Addition Date that it makes the
representations and warranties in Sections 2.3 and 2.4 of the Transfer Agreement with respect to the additional Collateral Certificate. 

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

  
 B-2 

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

  
 B-3 

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

			
	AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION VIII LLC,
	as Transferor
		
	By:	 	  

		 	Name:
		 	Title:
	
	AMERICAN EXPRESS ISSUANCE TRUST II
		
	By:	 	 WILMINGTON TRUST COMPANY,
 not in its individual
capacity but solely
 as Owner Trustee on behalf of the Trust

		
	By:	 	  

		 	Name:
		 	Title:

  

			
	ACCEPTED AND ACKNOWLEDGED:
	
	 THE BANK OF NEW YORK MELLON,
 as
Indenture Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

 Schedule 1 (to Exhibit B) 

LIST OF COLLATERAL CERTIFICATES 

 EXHIBIT C 

FORM OF ASSIGNMENT OF RECEIVABLES IN NEW ACCOUNTS 

INCLUDED IN AMERICAN EXPRESS ISSUANCE TRUST II 

(as required by Section 2.13(e)(vi) of the Transfer Agreement) 

ASSIGNMENT No. [    ] OF RECEIVABLES IN NEW ACCOUNTS INCLUDED IN AMERICAN EXPRESS ISSUANCE TRUST II (this
“Assignment”), dated as of the Addition Date set forth below, by and between AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION VIII LLC (“RFC VIII”), as transferor (the “Transferor”), and AMERICAN
EXPRESS ISSUANCE TRUST II (the “Trust”), as issuer, pursuant to the Transfer Agreement referred to below. 
 W
I T N E S S E T H: 
 WHEREAS, RFC VIII, as Transferor, the Trust and The
Bank of New York Mellon, as Indenture Trustee (the “Indenture Trustee”), are parties to the Second Amended and Restated Transfer Agreement, dated as of July 29, 2016 (hereinafter as such agreement may have been, or may from time to
time be, amended, supplemented or otherwise modified, the “Transfer Agreement”); 
 WHEREAS, pursuant to the Transfer
Agreement, the Transferor wishes to designate New Accounts to be included as Accounts and to convey its right, title and interest in the Receivables of such New Accounts (as each such term is defined in the Transfer Agreement), whether existing at
the Addition Cut-Off Date of each New Account or thereafter created, to the Trust pursuant to the Transfer Agreement; and 
 WHEREAS, the
Trust is willing to accept such designation and pledge subject to the terms and conditions hereof. 
 NOW, THEREFORE, the Transferor and the
Trust hereby agree as follows: 
 1. Defined Terms. All capitalized terms used herein shall have the meanings ascribed to them
in the Transfer Agreement unless otherwise defined herein. 
 “Addition Cut Off Date” shall mean, with respect to each New
Account, the date on which such New Account is originated. 
 “Addition Date” shall mean, with respect to each New Account,
[                    ]. 

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

“New Account Delivery Date” shall mean the fifteenth calendar day of the month (or, if such fifteenth calendar day is not a
Business Day, the next succeeding Business Day) following the Monthly Period in which the Addition Date occurs. 
 “New
Accounts” shall mean the New Accounts, as defined in the Transfer Agreement, that are designated hereby and to be listed on Schedule 1 hereto. 

  
 C-1 

 “Selection Date” shall mean, with respect to each New Account, the date on which
such New Account is originated. 
 2. Designation of New Accounts. The New Accounts are designated hereby. On the New
Account Delivery Date, the Transferor shall deliver or cause to be delivered to the Trust and the Indenture Trustee a computer file or microfiche list containing a true and complete list of the New Accounts. Such list is incorporated into and
made part of this Assignment, shall be Schedule 1 to this Assignment and shall supplement Schedule 1 to the Transfer Agreement. 

3. Pledge of Receivables. (a) The Transferor does hereby transfer, assign, set over and otherwise convey to the
Trust, without recourse except as provided in the Transfer Agreement, all of its right, title and interest, whether now owned or hereafter acquired, in, to and under the Receivables existing at the close of business at the applicable Addition Cut
Off Date of each New Account and thereafter created and arising in the New Accounts (including Related Accounts with respect to such Aggregate Addition Accounts), all Recoveries allocable to such Receivables, all monies due or to become due and all
amounts received or receivable with respect thereto, all Collections with respect thereto, and all proceeds (including “proceeds” as defined in the UCC) thereof (collectively, the “Additional Trust Assets”). The
foregoing does not constitute and is not intended to result in the creation or assumption by the Trust, the Owner Trustee (as such or in its individual capacity), the Indenture Trustee, any Noteholders or any Supplemental Credit Enhancement
Providers of any obligation of the Servicer, the Transferor or any other Person in connection with the Additional Trust Assets or under any agreement or instrument relating thereto, including any obligation to Obligors, merchants clearance systems
or insurers.
 (b) If necessary, the Transferor shall record and file, at its own expense, financing statements (and
amendments with respect to such financing statements when applicable) with respect to the Additional Trust Assets meeting the requirements of applicable state law in such manner and in such jurisdictions as are necessary to perfect, and maintain
perfection of, the transfer, assignment, set-over or other conveyance of its interest in such Additional Trust Assets to the Trust, and to deliver a file-stamped copy of each such financing statement or other evidence of such filing to the Trust and
the Indenture Trustee as soon as practicable after the Addition Date. Neither the Trust nor the Indenture Trustee shall be under any obligation whatsoever to file such financing statements or amendments to statements or to make any filing under
the UCC in connection with such transfer, assignment, set-over or other conveyance. 
 (c) The Transferor shall, at its own
expense, on or prior to the Addition Date, indicate in the appropriate computer files that all Receivables created in connection with the New Accounts and the related Additional Trust Assets have been conveyed to the Trust pursuant to this
Assignment by including in the securitization field of such computer files the code “[    ]” [or “[    ],” as applicable,] for each such New Account. 

  
 C-2 

 (d) The Transferor does hereby grant to the Trust and the Indenture Trustee a
security interest in all of such Transferor’s right, title and interest, whether now owned or hereafter acquired, in, to and under the Additional Trust Assets. This Assignment shall constitute a security agreement under applicable law.

 4. Acceptance by Trust. The Trust hereby acknowledges its acceptance of all right, title and interest in and to the
Additional Trust Assets conveyed to the Trust pursuant to Section 3(a) of this Assignment. 
 5. Representations and Warranties of the
Transferor. The Transferor hereby acknowledges on the Addition Date that it makes the representations and warranties in Sections 2.3 and 2.4 of the Transfer Agreement with respect to the New Accounts. 

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

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

  
 C-3 

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

			
	AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION VIII LLC,
	as Transferor
		
	By:	 	  

		 	Name:
		 	Title:
	
	AMERICAN EXPRESS ISSUANCE TRUST II
		
	By:	 	 WILMINGTON TRUST COMPANY,
 not in its individual
capacity but solely as Owner Trustee on behalf of the Trust

		
	By:	 	  

		 	Name:
		 	Title:

  

			
	 ACCEPTED AND ACKNOWLEDGED:

	
	 THE BANK OF NEW YORK MELLON,
 as
Indenture Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

 Schedule 1 (to Exhibit C) 

LIST OF NEW ACCOUNTS 

 EXHIBIT D 

FORM OF REASSIGNMENT OF RECEIVABLES IN REMOVED ACCOUNTS 

FROM AMERICAN EXPRESS ISSUANCE TRUST II 

(as required by Section 2.14(c) of the Transfer Agreement) 

REASSIGNMENT No. [    ] OF RECEIVABLES INCLUDED IN AMERICAN EXPRESS ISSUANCE TRUST II (this
“Reassignment”), dated as of [                    ],3 by and between AMERICAN
EXPRESS RECEIVABLES FINANCING CORPORATION VIII LLC (“RFC VIII”), as transferor (the “Transferor”), and AMERICAN EXPRESS ISSUANCE TRUST II (the “Trust”), as issuer, pursuant to the Transfer Agreement
referred to below. 
 W I T N E S S E T H: 

WHEREAS, RFC VIII, as Transferor, the Trust and The Bank of New York Mellon, as Indenture Trustee (the “Indenture Trustee”),
are parties to the Second Amended and Restated Transfer Agreement, dated as of July 29, 2016 (hereinafter as such agreement may have been, or may from time to time be, amended, supplemented or otherwise modified, the “Transfer
Agreement”); 
 WHEREAS, pursuant to the Transfer Agreement, the Trust wishes to remove from the Trust all Receivables in certain
designated Accounts (the “Removed Accounts”) and to cause the Trust to reassign the Receivables of such Removed Accounts, whether now existing or hereafter created, from the Trust to the Transferor; and 

WHEREAS, the Trust is willing to accept such designation and to reconvey the Receivables in the Removed Accounts subject to the terms and
conditions hereof. 
 NOW, THEREFORE, the Trust and the Transferor hereby agree as follows: 

1. Defined Terms. All terms defined in the Transfer Agreement and used herein shall have such defined meanings when used herein,
unless otherwise defined herein. 
 “Removal Date” shall mean, with respect to the Removed Accounts,
[            ,         ]. 

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

“Removed Accounts” shall mean the Removed Accounts, as defined in the Transfer Agreement, that are designated hereby and
listed on Schedule 1 hereto. 
 2. Designation of Removed Accounts. On or prior to the date that is five business days
following the Removal Date, the Transferor shall deliver or cause to be delivered to the Trust and the Indenture Trustee a computer file or microfiche list containing a true and complete list of the Removed Accounts. Such list is incorporated
into and made part of this  

 

	3 	 To be dated as of the Removal Date. 

  
 D-1 

 
Assignment, shall be Schedule 1 to this Reassignment and shall supplement Schedule 1 to the Transfer Agreement. 

3. Conveyance of Receivables. (a) The Trust does hereby sell, transfer, assign, set over and otherwise convey to the
Transferor, effective as of the Removal Date, without recourse, representation or warranty, all the right, title and interest of the Trust in, to and under the Receivables arising in the Removed Accounts, all Recoveries allocable to such
Receivables, all monies due or to become due and all amounts received or receivable with respect thereto, all Collections with respect thereto, and all proceeds (including “proceeds” as defined in the UCC) thereof (collectively, the
“Removed Trust Assets”). 
 (b) In connection with such reassignment, the Trust agrees to execute and
deliver to the Transferor, on or prior to the date this Reassignment is delivered, applicable termination statements prepared by the Trust with respect to the Removed Trust Assets evidencing the release by the Trust of its security interest in the
Receivables in the Removed Accounts, and meeting the requirements of applicable state law, in such manner and such jurisdictions as necessary to terminate such interest. 

(c) The Transferor shall, at its own expense, on or prior to the Removal Date, indicate in the appropriate computer files that
all Receivables reassigned in connection with the Removed Accounts and the related Removed Trust Assets have been conveyed to the Transferor pursuant to this Reassignment by deleting in the securitization field of such computer files the code
“[    ]”[or “[    ],” as applicable,] for each such Removed Account. 
 4.
Representations and Warranties. The Transferor hereby represents and warrants to the Indenture Trustee as of the Removal Date: 

(a) Legal Valid and Binding Obligation. This Reassignment constitutes a legal, valid and binding obligation of the
Transferor enforceable against the Transferor, in accordance with its terms, except as such enforceability may be limited by applicable Debtor Relief Laws and except as such enforceability may be limited by general principles of equity (whether
considered in a suit at law or in equity); and 
 (b) List of Removed Accounts. The list of Removed Accounts
delivered pursuant to subsection 2.14(a)(ii) of the Transfer Agreement, as of the Removal Date, is true and complete in all material respects. 

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

  
 D-2 

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

  
 D-3 

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

			
	AMERICAN EXPRESS ISSUANCE TRUST II
		
	By:	 	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee on behalf of the Trust
		
	By:	 	  

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

		 	Name:
		 	Title:

  

			
	ACCEPTED AND ACKNOWLEDGED:
	
	 THE BANK OF NEW YORK MELLON,
 as
Indenture Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 D-4 

 Schedule 1 (to Exhibit D) 

REMOVED ACCOUNTS 

  
 D-5 

 EXHIBIT E-1 

FORM OF OPINION OF COUNSEL 

WITH RESPECT TO AMENDMENTS 

Provisions to be included in 

Opinion of Counsel to be 
 delivered
pursuant to  
 subsection 7.2(d)(i) 

The opinions set forth below may be subject to all the qualifications, assumptions, limitations and exceptions taken or made in the Opinions
of Counsel delivered on any applicable amendment date. 
 (i) The amendment to the Transfer Agreement, attached hereto as
Schedule 1 (the “Amendment”), has been duly authorized, executed and delivered by the Transferor and constitutes the legal, valid and binding agreement of the Transferor, enforceable in accordance with its terms, except as such
enforceability may be limited by Debtor Relief Laws and except as such enforceability may be limited to general principles of equity (whether considered in a suit at law or in equity). The enforceability of the Transferor’s obligations is
also subject to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

(ii) The Amendment has been entered into in accordance with the terms and provisions of Section 7.1 of the Transfer Agreement.

  
 E-1-1 

 EXHIBIT E-2 

FORM OF OPINION OF COUNSEL 

WITH RESPECT TO AGGREGATE ADDITION ACCOUNTS 

Provisions to be included in 

Opinion of Counsel to be 
 delivered
pursuant to 
 subsection 7.2(d)(ii) or (iv) 

The opinions set forth below may be subject to all the qualifications, assumptions, limitations and exceptions taken or made in the Opinions
of Counsel delivered on any applicable Issuance Date. 
 1. The Transfer Agreement creates in favor of the Trust a security interest in the
rights of the Transferor in the Receivables identified in Schedule 1 to the Transfer Agreement and the identifiable proceeds thereof. 

2. The security interest described in the paragraph above is perfected. 

3. The UCC search report obtained from the Secretary of State of the State of Delaware (Uniform Commercial Code Section) (the
“Division”) against the Transferor sets forth the proper filing office and the proper debtor necessary to identify those persons who under the Delaware Uniform Commercial Code have on file financing statements against the Transferor
covering the Receivables as of the effective time of the UCC search report. The UCC search report identifies no secured party (other than The Bank of New York Mellon) who has on file with the Division a currently effective financing statement
naming the Transferor as debtor. 

  
 E-2-1 

 EXHIBIT E-3 

FORM OF OPINION OF COUNSEL 

WITH RESPECT TO NEW ACCOUNTS 

Provisions to be included in 

Opinion of Counsel to be 
 delivered
pursuant to 
 subsection 7.2(d)(iii) 

The opinions set forth below may be subject to all the qualifications, assumptions, limitations and exceptions taken or made in the Opinions
of Counsel delivered on any applicable Issuance Date. 
 1. The Transfer Agreement creates in favor of the Trust a security interest in the
rights of the Transferor in the Receivables identified in Schedule 1 to the Transfer Agreement and the identifiable proceeds thereof. 

2. The security interest described in the paragraph above is perfected. 

3. The UCC search report obtained from the Secretary of State of the State of Delaware (Uniform Commercial Code Section) (the
“Division”) against the Transferor sets forth the proper filing office and the proper debtor necessary to identify those persons who under the Delaware Uniform Commercial Code have on file financing statements against the Transferor
covering the Receivables as of the effective time of the UCC search report. The UCC search report identifies no secured party (other than The Bank of New York Mellon) who has on file with the Division a currently effective financing statement
naming the Transferor as debtor. 

  
 E-3-1 

 EXHIBIT E-4 

PROVISIONS TO BE INCLUDED IN 

ANNUAL OPINION OF COUNSEL 

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

1. The security interest created by the Transfer Agreement in favor of the Trust in the rights of the Transferor in the Receivables identified
in Schedule 1 to the Transfer Agreement and the identifiable proceeds thereof is perfected. 
 2. A UCC search report has been
obtained from the Secretary of State of the State of Delaware (Uniform Commercial Code Division) (the “Division”) that confirms that the financing statement(s) filed to perfect the security interest of the Trust in the Receivables
is(are) still effective and of record with the Division. 

  
 E-4-1 

 EXHIBIT F 

FORM OF ANNUAL CERTIFICATION 
  

	 	Re:	The Second Amended and Restated Transfer Agreement, dated as of July 29, 2016 (the “Agreement”), among American Express Receivables Financing Corporation VIII LLC, as transferor, American Express Issuance
Trust II, as issuer, and The Bank of New York Mellon, as indenture trustee 

 I,
                                        , the
                                         of THE
BANK OF NEW YORK MELLON (the “Company”), certify to the Transferor, and its officers, with the knowledge and intent that they will rely upon this certification, that: 

(1) I have reviewed the report on assessment of the Company’s compliance provided in accordance with Rules 13a-18 and
15d-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing Assessment”), and the registered public accounting firm’s attestation report provided in
accordance with Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b) of Regulation AB (the “Attestation Report”), that were delivered by the Company to the Transferor pursuant to the Agreement (collectively, the “Company
Information”); 
 (2) To the best of my knowledge, the Company Information, taken as a whole, does not contain any
untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period of time covered by the
Company Information; 
 (3) To the best of my knowledge, all of the Company Information required to be provided by the
Company under the Agreement has been provided to the Transferor; and 
 (4) To the best of my knowledge, except as disclosed
in the Servicing Assessment or the Attestation Report, the Company has fulfilled its obligations in all material respects under the Agreement. 
  

			
	Date:	 	  

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 F-1 

 EXHIBIT G 

SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE 

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

					
	 Servicing
Criteria
	  	
Applicable
Servicing Criteria

			
	 Reference
	  	 Criteria
	  	 
			
		  	General Servicing Considerations	  	
			
	1122(d)(1)(i)	  	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	  	
			
	1122(d)(1)(ii)	  	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.	  	
			
	1122(d)(1)(iii)	  	Any requirements in the transaction agreements to maintain a back-up servicer for the credit card accounts or accounts are maintained.	  	
			
	1122(d)(1)(iv)	  	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of
the transaction agreements.	  	
			
	1122(d)(1)(v)	  	Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	  	
			
		  	Cash Collection and Administration	  	
			
	1122(d)(2)(i)	  	Payments on credit card accounts are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the
transaction agreements.	  	ü1
			
	1122(d)(2)(ii)	  	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	  	ü
			
	1122(d)(2)(iii)	  	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.	  	
			
	1122(d)(2)(iv)	  	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the
transaction agreements.	  	ü
			
	1122(d)(2)(v)	  	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a
foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	  	ü
			
	1122(d)(2)(vi)	  	Unissued checks are safeguarded so as to prevent unauthorized access.	  	
			
	1122(d)(2)(vii)	  	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B)
prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain
explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	  	

	

	 	

  

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

  
 G-1 

					
	 Servicing
Criteria
	  	
Applicable
Servicing Criteria

			
	 Reference
	  	 Criteria
	  	 
			
		  	Investor Remittances and Reporting	  	
			
	1122(d)(3)(i)	  	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance
with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and
regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of credit card accounts serviced by the servicer.	  	ü2
			
	1122(d)(3)(ii)	  	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	  	ü
			
	1122(d)(3)(iii)	  	Disbursements made to an investor are posted within two business days to the servicer’s investor records, or such other number of days specified in the transaction agreements.	  	ü
			
	1122(d)(3)(iv)	  	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	  	ü
			
		  	Pool Asset Administration	  	
			
	1122(d)(4)(i)	  	Collateral or security on credit card accounts is maintained as required by the transaction agreements or related asset pool documents.	  	ü3
			
	1122(d)(4)(ii)	  	Account and related documents are safeguarded as required by the transaction agreements	  	
			
	1122(d)(4)(iii)	  	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	  	
			
	1122(d)(4)(iv)	  	Payments on credit card accounts, including any payoffs, made in accordance with the related credit card accounts documents are posted to the servicer’s obligor records maintained no more than two business days after receipt,
or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related asset pool documents.	  	
			
	1122(d)(4)(v)	  	The servicer’s records regarding the accounts and the accounts agree with the servicer’s records with respect to an obligor’s unpaid principal balance.	  	
			
	1122(d)(4)(vi)	  	Changes with respect to the terms or status of an obligor’s account (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related
pool asset documents.	  	
			
	1122(d)(4)(vii)	  	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or
other requirements established by the transaction agreements.	  	
			
	1122(d)(4)(viii)	  	Records documenting collection efforts are maintained during the period a Account is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified
in the transaction agreements, and describe the entity’s activities in monitoring delinquent Accounts including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or
unemployment).	  	
			
	1122(d)(4)(ix)	  	Adjustments to interest rates or rates of return for Accounts with variable rates are computed based on the related Account documents.	  	

  

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

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

  
 G-2 

					
	 Servicing
Criteria
	  	
Applicable
Servicing Criteria

			
	 Reference
	  	 Criteria
	  	 

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

  

			
	[NAME OF INDENTURE TRUSTEE]
		
	Date:	 	  

		
	By:	 	  

	Name:
	Title:

  
 G-3 

 SCHEDULE 1 

List of Accounts 
 [Delivered to
Indenture Trustee] 

 SCHEDULE 2 

List of Collateral Certificates 

[Delivered to Indenture Trustee]

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