Exhibit 4.4


 


EXECUTION
VERSION


 





 



 


ASSET
REPRESENTATIONS REVIEW AGREEMENT


 


Among


 


SYNCHRONY
BANK,

as Seller,


 


RFS
HOLDING, L.L.C.,

as Transferor,


 


SYNCHRONY
FINANCIAL,

Individually and as Servicer,


 


SYNCHRONY
CREDIT CARD MASTER NOTE TRUST,

as Issuer,


 


and


 


CLAYTON
FIXED INCOME SERVICES LLC,


 


as
Asset Representations Reviewer


 


Dated
as of March 4, 2016


 





 



 




     


     


    

 


Table
of Contents


 


 


 


	 	 	 	Page
	 	 	 	 
	ARTICLE I	USAGE
    AND DEFINITIONS	 	1
	 	 	 	 
	Section 1.1.	Usage and Definitions	 	1
	Section 1.2.	Additional Definitions	 	1
	 	 	 	 
	ARTICLE II	ENGAGEMENT
    OF ASSET REPRESENTATIONS REVIEWER	 	5
	 	 	 	 
	Section 2.1.	Engagement;
    Acceptance	 	5
	Section 2.2.	Confirmation
    of Status	 	5
	Section 2.3.	Subcontractors	 	5
	Section 2.4.	Timely and Quality
    Performance	 	6
	Section 2.5.	Synchrony Financial
    Review and Acceptance	 	6
	 	 	 	 
	ARTICLE III	ASSET
    REPRESENTATIONS REVIEW PROCESS	 	6
	 	 	 	 
	Section 3.1.	Review Notices	 	6
	Section 3.2.	Identification
    of Subject Receivables	 	6
	Section 3.3.	Review Materials	 	6
	Section 3.4.	Performance
    of Reviews	 	7
	Section 3.5.	Review Reports	 	8
	Section 3.6.	Review Representatives;
    Cooperation	 	8
	Section 3.7.	Dispute Resolution	 	8
	Section 3.8.	Limitations
    on Review Obligations	 	9
	 	 	 	 
	ARTICLE IV	ASSET
    REPRESENTATIONS REVIEWER	 	10
	 	 	 	 
	Section 4.1.	Representations
    and Warranties	 	10
	Section 4.2.	Covenants	 	12
	Section 4.3.	Fees and Expenses	 	15
	Section 4.4.	Invoices	 	16
	Section 4.5.	Taxes	 	16
	Section 4.6.	Delegation of
    Obligations	 	16
	 	 	 	 
	ARTICLE V	compliance	 	17
	 	 	 	 
	Section 5.1.	Synchrony Financial
    Policies and Directives	 	17
	Section 5.2.	Books, Records,
    Audit and Inspections	 	17
	 	 	 	 
	ARTICLE VI	security	 	18
	 	 	 	 
	Section 6.1.	Synchrony Financial
    Security	 	18
	Section 6.2.	Use of Synchrony
    Financial Resources	 	18
	Section 6.3.	PCI Compliance/GLB	 	19
	Section 6.4.	Notification
    of Security Breach	 	19
	Section 6.5.	Synchrony Financial
    PII	 	19
	 	 	 	 
	ARTICLE VII	CONFIDENTIALITY	 	20
	 	 	 	 
	Section 7.1.	Agreements of
    Vendor Personnel	 	20
	Section 7.2.	Confidentiality	 	20



 






    	 	i	 



     


    

 


TABLE
OF CONTENTS


(continued)


 


	 	 	 	Page
	 	 	 	 
	Section
    7.3.	Acknowledgements
    and Restrictions	 	21
	Section 7.4.	Return	 	21
	 	 	 	 
	ARTICLE VIII	RESIGNATION
    AND REMOVAL; SUCCESSOR ASSET REPRESENTATIONS REVIEWER	 	22
	 	 	 	 
	Section 8.1.	Eligibility
    Requirements for Vendor	 	22
	Section 8.2.	Resignation
    and Removal of Vendor	 	22
	Section 8.3.	Successor Vendor	 	23
	Section 8.4.	Merger, Consolidation
    or Succession	 	23
	 	 	 	 
	ARTICLE IX	OTHER
    AGREEMENTS	 	24
	 	 	 	 
	Section 9.1.	No Petition	 	24
	Section 9.2.	Limitation of
    Liability	 	24
	Section 9.3.	Termination
    of Agreement	 	24
	Section 9.4.	Independence
    of Vendor	 	24
	 	 	 	 
	ARTICLE X	indemnification	 	24
	 	 	 	 
	Section 10.1.	Indemnification
    by Vendor	 	24
	Section 10.2.	Procedure	 	25
	Section 10.3.	Indemnification
    by Synchrony Financial	 	25
	 	 	 	 
	ARTICLE XI	LIMITATIONS
    OF LIABILITY	 	25
	 	 	 	 
	Section 11.1.	Limitation of
    Liability	 	25
	 	 	 	 
	ARTICLE XII	MISCELLANEOUS
    PROVISIONS	 	26
	 	 	 	 
	Section 12.1.	Amendments	 	26
	Section 12.2.	Assignment;
    Benefit of Agreement; Third Party Beneficiaries	 	26
	Section 12.3.	Notices	 	26
	Section 12.4.	Language	 	27
	Section 12.5.	Governing Law	 	27
	Section 12.6.	No Waiver	 	27
	Section 12.7.	Entire Agreement	 	27
	Section 12.8.	Severability	 	28
	Section 12.9.	Independent
    Contractor	 	28
	Section 12.10.	Survival	 	28
	Section 12.11.	Use of Marks	 	28
	Section 12.12.	Interpretation	 	28
	Section 12.13.	Force Majeure	 	29
	Section 12.14.	Counterparts	 	29





	 
	Schedule A — Representations and Warranties,
    Review Materials and Tests
	 
	Attachment 1 –Required Insurance Coverage
	Attachment 2 –Form of Indemnification Agreement


 




    	 	ii	 



     


    

 


ASSET
REPRESENTATIONS REVIEW AGREEMENT, dated as of March 4, 2016, among SYNCHRONY BANK, a federal savings association, as Seller (“Seller”),
RFS HOLDING, L.L.C., a Delaware limited liability company, as Transferor (“Transferor”), SYNCHRONY FINANCIAL,
a Delaware corporation, individually (“Synchrony Financial”) and as Servicer (in such capacity, “Servicer”),
SYNCHRONY CREDIT CARD MASTER NOTE TRUST, a Delaware statutory trust, as Issuer (“Issuer”), and CLAYTON FIXED
INCOME SERVICES LLC, a Delaware limited liability company, as Asset Representations Reviewer (in such capacity, “Vendor”).


 


BACKGROUND


 


In
connection with its credit card securitization program, Seller transferred, and will transfer, receivables arising in certain
credit card accounts to Transferor. Transferor has transferred, and will transfer, such receivables to Issuer.


 


Issuer
has granted a security interest in such receivables to Deutsche Bank Trust Company Americas, as indenture trustee (“Indenture
Trustee”), as security for Issuer’s obligations under the Indenture (as defined herein).


 


Issuer
has determined to engage Vendor to perform reviews of compliance of Seller and Transferor with the representations and warranties
made by Seller and Transferor with respect to certain credit card accounts and receivables as set forth herein.


 


The
parties agree as follows.


 


ARTICLE
I

USAGE AND DEFINITIONS


 


Section
1.1.          Usage and Definitions. Capitalized terms used but not defined
in this Agreement shall have the meaning (if any) specified in the Indenture (including any supplement thereto).


 


Section
1.2.          Additional Definitions. The following terms have the meanings
given below:


 


“Affiliate”
of a person (the “first person”) means a person or entity controlled by, controlling or under common control with
the first person.


 


“Agreement”
means, collectively, this Agreement, and the schedules, attachments and exhibits attached hereto.


 


“Annual
Fee” has the meaning stated in Section 4.3(a).


 


“Asset
Representations Review” means the performance by Vendor of the testing procedures for each Test and each Subject Account
and Subject Receivable according to Section 3.4.


 




    	 	1	 



     


    

 


“Asset
Representations Reviewer” means Vendor, and any successor or permitted assign thereof, performing the obligations of
Vendor under this Agreement.


 


“Company”
means, collectively, Synchrony Financial and the Synchrony Affiliates.


 


“Deliverables”
individual items or combinations of Proprietary Materials, Synchrony Proprietary Materials, Vendor Materials, or Third Party Materials
delivered to Company under this Agreement.


 


“Designated
Persons” has the meaning stated in Section 5.2(a).


 


“Documentation”
means all written materials related to any Services or Deliverables that are supplied by Vendor to Company hereunder, including
any and all manuals, training materials, guides, functional and/or technical specifications, commentary, listings and other materials,
in any or all media, for use in conjunction with the applicable Services or Deliverables.


 


“Force
Majeure Events” has the meaning stated in Section 12.13.


 


“Good
Industry Practice” means, in relation to any undertaking and any circumstances, the exercise of a high degree of skill,
diligence, prudence and foresight that would reasonably be expected from a highly skilled and experienced Person engaged in the
same type of undertaking under the same or similar circumstances.


 


“Indenture”
means that certain Master Indenture, dated as of September 25, 2003, by and between Issuer and Indenture Trustee, as such agreement
may be amended, restated, amended and restated, supplemented, replaced or otherwise modified from time to time.


 


“Intellectual
Property Rights” means all right, title and interest, including all copyright rights, patent rights (including rights
under all patent applications, patents, letters patent, supplementary patent certificates, inventor’s certificates, continued
prosecution applications, requests for continued examination, and other similar filings or stages thereof) and trademark rights,
as well as all proprietary rights (including Trade Secrets) and moral rights (including the rights of authorship and attribution
and subsequent modification) throughout the world, whether under the laws of the United States, any of its several states or any
foreign jurisdiction and whether or not evidenced by certificates, applications or registrations therefor and whether granted
permanently, on initial issuance or granted upon reissue, re-examination, division, extension, provisionally, in continuation
or in continuation-in-part and at all times further including all goodwill associated with all such right.


 


“Issuer”
has the meaning stated in the initial paragraph of this Agreement.


 


“Notices”
has the meaning stated in Section 6.4.


 


“Permitted
Resignation Date” means the fifth anniversary of the date of this Agreement, as such date may be extended by agreement
of Issuer, Synchrony Financial and Vendor.


 




    	 	2	 



     


    

 


“Personal
Data” means any information relating to an identified or identifiable natural person.


 


“PII”
means information in any format about an identifiable individual, including, name, address, phone number, e-mail address, account
number(s), identification number(s), any other actual or assigned attribute associated with, or identifiable to, an individual
and any information that when used separately or in combination with other information could identify an individual.


 


“Processing”
of Personal Data shall mean and include any operation or set of operations which is performed upon Personal Data, whether or not
by automatic means, such as collections, recording, organization, storage, adaptation or alteration, retrieval, accessing, consultation,
use, disclosure by transmission, dissemination or otherwise making available, alignment or combination, blocking, erasure or destruction.
“Processed” shall have the correlative meaning.


 


“Proprietary
Materials” means: (a) all inventions and discoveries, whether or not patentable, reduced to practice or recorded in
a medium; (b) all published and unpublished works of authorship including audio-visual works, “look and feel,” artwork,
illustrations, images, photographs and printed or graphic matter; (c) all tangible materials, including all prototypes, models,
designs, files, templates, libraries, tools, graphics, screen displays and/or their other user interface components or “look
and feel” (as that phrase is understood and applied under Title 17 U.S.C.), creative content, algorithms, formulae data,
information, reports and technologies; and (d) business and technical requirements and system designs and architectures in any
form or medium.


 


“Review
Fee” has the meaning stated in Section 4.3(b).


 


“Review
Materials” means, for an Asset Representations Review and a Subject Account and Subject Receivable, the documents and
other materials for each Test listed under “Review Materials” in Schedule A or any additional documents or
other materials that Vendor may reasonably request.


 


“Review
Report” means, for an Asset Representations Review, the report of Vendor prepared according to Section 3.5.


 


“Review
Satisfaction Date” means the date on which the Noteholders have voted to cause Vendor to conduct an Asset Representations
Review pursuant to Section 5.18 of the Indenture.


 


“Security
Breach” has the meaning stated in Section 6.4.


 


“Servicer”
has the meaning stated in the initial paragraph of this Agreement.


 


“Services”
means the services to be performed by Vendor pursuant to this Agreement.


 


“Subject
Accounts” means, for any Asset Representations Review, the related credit card accounts in which the Subject Receivables
arose.


 




    	 	3	 



     


    

 


“Subject
Receivables” means, for any Asset Representations Review, all Transferred Receivables which are 60-Day Delinquent Receivables
as of the last day of the Monthly Period prior to the related Review Satisfaction Date.


 


“Synchrony
Affiliate” means any Affiliate of Synchrony Financial, including, for the avoidance of doubt, Issuer.


 


“Synchrony
Confidential Information” has the meaning stated in Section 7.2.


 


“Synchrony
Financial” has the meaning stated in the initial paragraph of this Agreement.


 


“Synchrony
Financial PII” means PII furnished by Company to Vendor and PII developed or otherwise collected or acquired by Vendor
in performing its obligations under this Agreement.


 


“Synchrony
Information Privacy Laws” has the meaning stated in Section 6.3.


 


“Synchrony
Personal Data” includes (i) Personal Data provided to Vendor by or on behalf of Company; (ii) Personal Data (from whatever
source) being Processed by Vendor on behalf of Company; (iii) Personal Data (from whatever source) pertaining to personnel of
Company; and (iv) Personal Data created by Vendor based on data in sub-section (i), (ii) or (iii) above.


 


“Synchrony
Proprietary Materials” shall mean any and all data, designs, specifications, inventions, discoveries, improvements,
ideas, know-how, techniques, materials, program materials, flow charts, notes, outlines, lists, compilations, manuscripts, writings,
pictorial materials, schematics, and other items, supplied by Synchrony to Vendor in connection with the Services hereunder.


 


“Test”
has the meaning stated in Section 3.4(a).


 


“Test
Complete” has the meaning stated in Section 3.4(c).


 


“Test
Fail” has the meaning stated in Section 3.4(a).


 


“Test
Pass” has the meaning stated in Section 3.4(a).


 


“Third
Party Auditor” means an independent public accounting firm that is not Affiliated with Vendor or Company.


 


“Third
Party Materials” means all Proprietary Materials the Intellectual Property Rights for which are owned, by an individual
or entity other than Issuer and/or Synchrony Affiliates and Vendor (including Affiliates of Vendor).


 


“Trade
Secrets” means any business, scientific or technical data, information, design, process, procedure, formula, or improvement
that is commercially valuable to either party and is not generally known in the industry. Each party acknowledges that the Trade
Secrets of the other party have been developed by that party at great expense and with the considerable effort of skilled professionals.
Each party also acknowledges that the Services and Deliverables under this Agreement may by necessity incorporate Trade Secrets.


 




    	 	4	 



     


    

 


“Transferor”
has the meaning stated in the initial paragraph of this Agreement.


 


“Vendor”
has the meaning stated in the initial paragraph of this Agreement.


 


“Vendor
Materials” means those concepts, ideas, models, know-how, software, methodologies, technologies or techniques owned
by Vendor that were not or are not created, developed or supplied specifically to Synchrony Financial.


 


“Work
Product” means all designs, specifications, inventions, discoveries, improvements, ideas, know-how, techniques, materials,
program materials, flow charts, notes, outlines, lists, compilations, manuscripts, writings, pictorial materials, schematics,
and other items, created, developed or supplied specifically for Synchrony Financial in connection with the Services, including,
without limitation, any improvements of any Vendor Materials (as defined below), any improvements on any Synchrony Proprietary
Materials, and, to the extent permitted, any improvements on materials of any third party.


 


ARTICLE
II

ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER


 


Section
2.1.          Engagement; Acceptance. Issuer engages Clayton Fixed Income
Services LLC to perform the obligations of Vendor hereunder. Clayton Fixed Income Services LLC accepts the engagement and agrees
to perform the obligations of Vendor hereunder on the terms set forth in this Agreement. For the avoidance of doubt, Vendor shall
be the Asset Representations Reviewer (as defined in the Indenture).


 


Section
2.2.          Confirmation of Status. The parties confirm that Vendor
is not responsible for (a) reviewing the Transferred Receivables and Accounts for compliance with the representations and warranties
under the Transfer Agreement or the Bank Receivables Sales Agreement, except as described in this Agreement, or (b) determining
whether noncompliance with the representations or warranties constitutes a breach of the Transfer Agreement or the Bank Receivables
Sales Agreement.


 


Section
2.3.          Subcontractors. The unique abilities, knowledge and skills
of Vendor and its personnel constitute material consideration of this Agreement. Vendor agrees that it shall not employ any agent
or subcontractor in connection with the performance of any Services without the prior written consent of Synchrony Financial,
which will not be unreasonably withheld or delayed. If Synchrony Financial does consent, Vendor shall provide Synchrony Financial
with written evidence (reasonably acceptable to Synchrony Financial) of said agent’s or subcontractor’s compliance
with the confidentiality provisions of this Agreement prior to the disclosure of any Synchrony Confidential Information to, or
the performance by, any such agent or subcontractor in connection with or pursuant to this Agreement. Vendor shall have formal
written contracts with all subcontractors and shall ensure that all confidentiality, regulatory, and similar obligations of Vendor
are contractually undertaken by each subcontractor. Vendor shall include in its subcontracts as flow-down provisions, provisions
relating to, or in connection with, Vendor personnel, audit, security and safeguarding of data, confidentiality, work standards,
relationship of the parties of this Agreement, and any other provisions as necessary for Vendor to fulfill its obligations under
this Agreement. Even if there is no breach of the underlying obligation, a failure to obtain such written agreement shall constitute
a material breach of this Agreement.


 




    	 	5	 



     


    

 


Section
2.4.          Timely and Quality Performance. Vendor personnel shall
perform the Services with promptness and diligence and in accordance with Good Industry Practice. Vendor shall be responsible
for the management of all Vendor personnel in the performance of Services, the integrity and quality of all Services and Deliverables,
and the required periodic reporting of the status of all Services and Deliverables to Issuer.


 


Section
2.5.          Synchrony Financial Review and Acceptance. If any Vendor
personnel performing Services are found to be unacceptable to Synchrony Financial for cause, including demonstration that he or
she is not qualified to perform the Services assigned, Synchrony Financial shall notify Vendor of such fact and Vendor shall immediately
remove said Vendor personnel and, if requested by Synchrony Financial, provide a qualified replacement. If any Vendor personnel
are found to be unacceptable to Synchrony Financial for any other lawful reason, Synchrony Financial shall notify Vendor of such
fact in writing and Vendor shall promptly take reasonable and appropriate action.


 


ARTICLE
III

ASSET REPRESENTATIONS REVIEW PROCESS


 


Section
3.1.          Review Notices. On receipt of a Review Notice from Issuer
in accordance with Section 5.18 of the Indenture, Vendor will start an Asset Representations Review. Vendor will have no obligation
to start an Asset Representations Review until a Review Notice is received.


 


Section
3.2.          Identification of Subject Receivables. Within thirty (30)
calendar days after receipt of a Review Notice, Servicer will deliver to Vendor and the Indenture Trustee a list of the Accounts
in which the Subject Receivables arise.


 


Section
3.3.          Review Materials.


 


(a)          Access
to Review Materials. Servicer will give Vendor access to the Review Materials for all of the Subject Accounts and Subject
Receivables within sixty (60) calendar days after receipt of the Review Notice in one or more of the following ways: (i) by providing
access to Servicer’s receivables systems, either remotely or at one of the properties of Servicer, (ii) by electronic posting
to a password-protected website to which Vendor has access, (iii) by providing originals or photocopies of documents relating
to the Subject Accounts and Subject Receivables at one of the properties of Servicer or (iv) in another manner agreed by Servicer
and Vendor. Servicer may redact or remove PII from the Review Materials without changing the usefulness of the Review Materials
for the Asset Representations Review.


 




    	 	6	 



     


    

 


(b)          Missing
or Insufficient Review Materials. Vendor will review the Review Materials to determine if any Review Materials are missing
or insufficient for Vendor to perform any Test. If Vendor determines that any of the Review Materials are missing or insufficient
for Vendor to perform any Test, Vendor will notify Servicer promptly, and in any event no less than thirty (30) calendar days
before completing the Asset Representations Review. Servicer will have fifteen (15) calendar days to give Vendor access to such
missing Review Materials or other documents or information to correct the insufficiency. If the missing or insufficient Review
Materials or other documents have not been provided by Servicer within fifteen (15) calendar days after receipt of such notice,
the parties agree that each Subject Account and Subject Receivable subject to the applicable Test(s) will have a Test Fail for
the related Test(s) and the Test(s) will be considered completed and the Review Report will indicate the reason for the Test Fail.


 


Section
3.4.          Performance of Reviews.


 


(a)          Test
Procedures. For an Asset Representations Review, Vendor will perform for the Subject Accounts and Subject Receivables the
procedures listed under “Tests” in Schedule A for each representation and warranty (each, a “Test”),
using the Review Materials listed for each such Test in Schedule A. For each Test, Vendor will determine in its reasonable
judgment if the Test has been satisfied (a “Test Pass”) or if the Test has not been satisfied (a “Test
Fail”). Vendor will use such determination for all Subject Accounts and Subject Receivables that are subject to the
same Test. The Tests in Schedule A may be modified from time to time with the written consent of Issuer, Servicer and Vendor,
so long as such amendment provides an alternative Test and/or set of Review Materials that in the good faith determination of
the Servicer will test compliance with one or more of the applicable representations or warranties.


 


(b)          Review
Period. Vendor will complete the Asset Representations Review of all of the Subject Receivables within ninety (90) calendar
days after receiving access to the Review Materials as contemplated by Section 3.3(a). However, if additional Review
Materials are provided to Vendor under Section 3.3(b), the permissible period for the Asset Representations Review will
be extended for an additional thirty (30) calendar days (as such period may be extended, the “Asset Representations Review
Period”).


 


(c)          Completion
of Asset Representations Review for Certain Subject Receivables. Following the delivery of the list of the Subject Receivables
and before the delivery of the Review Report by Vendor, Servicer may notify Vendor if a Subject Receivable is paid in full by
the related Obligor or purchased by Servicer, Seller or Transferor according to the applicable Related Document. On receipt of
notice, Vendor will immediately terminate all Tests of such Subject Receivables and the Asset Representations Review of such Subject
Receivables will be considered complete (a “Test Complete”). In this case, the Review Report will indicate
a Test Complete for such Subject Receivables and the related reason.


 


(d)          Previously
Performed Test. If any Test was performed for a Subject Account or Subject Receivable included in a prior Asset Representations
Review, Vendor will not perform such Test again, but will include the results of such previous Tests for any such duplicate Subject
Account or Subject Receivable in the Review Report for the current Asset Representations Review. If the same Test is required
for more than one representation or warranty listed on Schedule A, Vendor will only perform the Test once but will report
the results of the Test for each applicable representations or warranty on the Review Report.


 




    	 	7	 



     


    

 


(e)          Termination
of Asset Representations Review. If an Asset Representations Review is in process and all Outstanding Notes of Issuer will
be paid in full on the next Payment Date, Servicer will notify Vendor and Indenture Trustee no less than ten (10) calendar days
before such Payment Date. On receipt of notice, Vendor will terminate the Asset Representations Review immediately and will have
no obligation to deliver a Review Report.


 


Section
3.5.          Review Reports. Within five (5) calendar days after the
end of the Asset Representations Review Period, Vendor will deliver to Indenture Trustee, Synchrony Financial, Servicer, Synchrony
Bank and Transferor a Review Report indicating for each Subject Account and Subject Receivables whether there was a Test Pass
or a Test Fail for each Test, or whether such Subject Account and Subject Receivable was assigned a Test Complete and the related
reason. The Review Report will contain a summary of the Asset Representations Review results, which may (in whole or in part)
be included in the Form 10-D report with respect to Issuer for the Monthly Period in which the Review Report is received. Vendor
will ensure that the Review Report does not contain any Synchrony Financial PII. On reasonable request of Servicer, Vendor will
provide additional detail on the Test results.


 


Section
3.6.          Review Representatives; Cooperation.


 


(a)          Servicer,
Seller, and Transferor Representatives. Each of Servicer, Seller and Transferor agrees to designate one or more representatives
who will be available to assist Vendor in performing the Asset Representations Review, including responding to requests and answering
questions from Vendor about access to Review Materials, obtaining missing or insufficient Review Materials and/or providing clarification
of any Review Materials or Tests.


 


(b)          Vendor
Representative. Vendor will designate one or more representatives who will be available to Issuer, Servicer, Seller, Transferor
and Indenture Trustee during the performance of an Asset Representations Review.


 


(c)          Seller
and Transferor Cooperation. Each of Seller and Transferor shall (i) cooperate with Vendor in completing procedures for an
Asset Representations Review and (ii) provide Vendor with reasonable access to its offices and information databases upon written
request from Vendor.


 


(d)          Questions
About Asset Representations Review. Vendor will make appropriate personnel available to respond in writing to written questions
or requests for clarification of any Review Report from Issuer, Indenture Trustee, Seller, Transferor or Servicer until the earlier
of (i) the payment in full of all of the Outstanding Notes of Issuer and (ii) one year after the delivery of the Review Report.
Vendor will not be obligated to respond to questions or requests for clarification from Noteholders or any other Person and will
direct such Persons to submit written questions or requests to Indenture Trustee.


 


Section
3.7.          Dispute Resolution. Vendor agrees and acknowledges that
any Review Report may be used by Issuer, Seller, Transferor, Indenture Trustee or Servicer in any dispute resolution proceeding
related to the Subject Receivables and/or Subject Accounts. No additional fees or reimbursement of expenses shall be paid to Vendor
regarding Issuer’s, Seller’s Transferor’s, Indenture Trustee’s or Servicer’s use of any Review Report;
provided that Vendor will be reimbursed for Vendor’s out of pocket expenses incurred in its participation in any dispute
resolution proceeding.


 




    	 	8	 



     


    

 


Section
3.8.          Limitations on Review Obligations.


 


(a)          Review
Process Limitations. Vendor will have no obligation:


 


(i)          to
determine whether a Delinquency Trigger has occurred or whether the required percentage of Noteholders has voted to direct an
Asset Representations Review under the Indenture, and may rely on the information in any Review Notice delivered to Vendor;


 


(ii)         to
determine which Accounts and Transferred Receivables are subject to an Asset Representations Review, and may rely on the lists
of Subject Accounts and Subject Receivables provided by Servicer;


 


(iii)        to
obtain or confirm the validity of the Review Materials;


 


(iv)        to
obtain missing or insufficient Review Materials from any party or any other source;


 


(v)         to
determine whether noncompliance with the representations or warranties constitutes a breach of the provisions of any of the Related
Documents;


 


(vi)        to
take any action or cause any other party to take any action under any of the Related Documents or otherwise to enforce any remedies
against any Person for breaches of representations or warranties about the Subject Accounts and Subject Receivables;


 


(vii)       to
determine the reason for the delinquency of any Transferred Receivable, the creditworthiness of any Obligor, the overall quality
of any Transferred Receivable or the compliance by Servicer with its covenants with respect to the servicing of such Transferred
Receivable; or


 


(viii)      to
establish cause, materiality or recourse for any failed Test.


 


(b)          Testing
Procedure Limitations. Vendor will only be required to perform the testing procedures listed under “Tests” in
Schedule A, and will not be obligated to perform additional procedures on any Subject Account or Subject Receivable or
to provide any information other than a Review Report indicated for each Subject Account and Subject Receivable whether there
was a Test Pass or a Test Fail for each Test, or whether the Subject Account or Subject Receivable was a Test Complete and the
related reason. However, Vendor may provide additional information about any Subject Account or Subject Receivable that it determines
in good faith to be material to the Review. Issuer expressly agrees that Vendor is not advising Issuer or any investor or future
investor in securities issued by Issuer concerning the suitability of Issuer or any investment strategy. Issuer expressly acknowledges
and agrees that Vendor is not an expert in accounting, tax, regulatory, or legal matters, and that Vendor does not provide legal
advice as to any matter.


 




    	 	9	 



     


    

 


ARTICLE
IV

ASSET REPRESENTATIONS REVIEWER


 


Section
4.1.          Representations and Warranties. Vendor represents and warrants
to Issuer as of the date hereof and at all times prior to the termination of this Agreement:


 


(a)          No
Proceedings. There are no proceedings or investigations pending or, to the best of Vendor’s knowledge, threatened in
writing before a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction
over Vendor or its properties (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the consummation of the
transactions contemplated by this Agreement or (iii) seeking any determination or ruling that would reasonably be expected to
have a material adverse effect on Vendor’s ability to perform its obligations under, or the validity or enforceability of,
this Agreement.


 


(b)          Eligibility.
Vendor meets the eligibility requirements in Section 8.1.


 


(c)          Safeguards.
Vendor has, and will continue to have, adequate administrative, technical and physical safeguards designed to: (i) ensure the
security and confidentiality of all Synchrony Confidential Information, (ii) protect against any anticipated threats or hazards
to the security or integrity of Synchrony Confidential Information and (iii) protect against any unauthorized acquisition of,
access to or use of Synchrony Confidential Information.


 


(d)          Interference
with Services. Vendor is under no obligation or restriction, nor will it assume any such obligation or restriction that does
or would in any way interfere or conflict with, or would prevent, limit, or impair in any way the performance by Vendor of any
of the terms of this Agreement or of the Services.


 


(e)          Performance.
All Services will be performed accurately, completely and in accordance with the terms of this Agreement. Additionally, Vendor
represents and warrants that its Services hereunder will be performed by qualified individuals in a professional, workmanlike
and timely manner conforming to Good Industry Practice, and in strict accordance with all applicable laws, regulations, codes
and standards of government agencies or authorities having jurisdiction.


 


(f)          Organizational
Existence. Vendor (i) is a corporation or organization duly organized, validly existing, and in good standing under the laws
of the jurisdiction of its organization; (ii) is duly qualified as a corporation and in good standing under the laws of each jurisdiction
where its ownership or lease of property or the conduct of its business requires such qualifications; (iii) has the requisite
corporate power and authority and the legal right to own, pledge, mortgage, and operate its properties, to lease the properties
it operates under lease, and to conduct its business as now conducted and hereafter contemplated to be conducted; (iv) has all
necessary licenses, permits, consents, or approvals from or by, and has made all necessary notices to, all authorities having
jurisdiction, to the extent required for such current ownership and operation or as proposed to be conducted; and (v) is in compliance
with its certificate of incorporation and by-laws.


 




    	 	10	 



     


    

 


(g)          Corporate
Power. The execution, delivery, and performance of this Agreement and all instruments and documents to be delivered hereunder:
(i) are within the party’s corporate power; (ii) have been duly authorized by all necessary or proper corporate action;
(iii) do not and will not contravene any provisions of its certificate of incorporation or by-laws; (iv) will not violate any
law or regulation or any order or decree of any court or governmental instrumentality; (v) will not conflict with or result in
the breach of, or constitute a default under any indenture, mortgage, deed of trust, lease, agreement, or other instrument to
which it is a party or by which any of its property is bound; and (vi) do not require any filing or registration with or the consent
or approval of any governmental body, agency, authority, or any other person which has not been made or obtained previously. This
Agreement has been duly executed and delivered, and constitutes a legal, valid, and binding obligation, enforceable in accordance
with its terms, subject to the extent that enforceability may be limited by applicable bankruptcy, reorganization, insolvency,
moratorium and other laws affecting creditors’ rights generally from time to time in effect and to the availability of equitable
remedies.


 


(h)          Solvency.
Vendor is solvent.


 


(i)          No
Default. Vendor is not in default with respect to any material contract, agreement, lease, or other instrument to which it
is a party, nor has it received any notice of default under any such material contract, agreement, lease or other instrument which
as a consequence of any such default, would materially and adversely affect the performance of its obligations under this Agreement.


 


(j)          No
Burdensome Restrictions. No contract, lease agreement, or other instrument to which Vendor is a party or by which it is bound,
and no provision of applicable law or governmental regulation, materially and adversely affects its business, operation, prospects,
property or financial condition such as to impair its ability to meet its obligations under this Agreement.


 


(k)          Accuracy
of Information Correct. To the best of Vendor’s knowledge and belief, all information furnished by Vendor for purposes
of or in connection with this Agreement or any information hereafter furnished by Vendor, is true and correct in all material
respects and no such information omits to state a material fact necessary to make the information so furnished not misleading.
Vendor further warrants that there is no fact known which has not been disclosed and which materially and adversely affects its
financial condition, business, property, or prospects.


 


(l)          No
Claims/No Infringement. Vendor has, and during the term of this Agreement will continue to have, all rights to any and all
intellectual property used in connection with the provision of the Services. No claim (whether or not embodied in an action, past
or present) that the Services infringe on any patent, copyright, trademark or service mark, or misappropriate any trade secret
or other proprietary right, has been threatened or asserted, and no such claim is pending against Vendor or against any entity
from which Vendor obtained such rights. To the best of the Vendor’s knowledge and belief, Issuer’s use of the Services
as contemplated in this Agreement will not infringe on any patent, copyright, trademark, or service mark or misappropriate any
trade secret or infringe any proprietary or Intellectual Property Right of any party, including Vendor, any employee or contractor
of Vendor or any third party. Synchrony Financial shall be notified in writing immediately of any such claim described in this
Section 4.1(l).


 




    	 	11	 



     


    

 


(m)          Sarbanes
Oxley. If applicable, Vendor is in compliance with Section 404 of the Sarbanes Oxley Act of 2002 (“Sarbanes-Oxley”)
and it will supply to Synchrony Financial, in a form and manner specified by Synchrony Financial, documents attesting that Vendor
has in place key controls that are effective and have been tested by a third party, such as a Third Party Auditor, that monitor
and ensure compliance with Section 404 of Sarbanes-Oxley. Upon Synchrony’s written request, Vendor shall certify such of
its internal systems and processes as Synchrony Financial deems necessary to support Synchrony Financial’s compliance with
Section 404 of Sarbanes Oxley.


 


(n)          Complaint
Tracking. To the extent not prohibited by law, rule or order, Vendor shall, as soon as reasonably practical upon Vendor’s
knowledge thereof, notify Synchrony Financial of all complaints, counterclaims, actions or suits received by Vendor relating to
any Services provided by Vendor to Issuer hereunder, including, but not limited to, complaints, counterclaims, actions or suits
received from or filed or made by any governmental agency or department, or other third party. Copies of all written materials
or communications relating to adverse claims and governmental investigations shall be forwarded to Synchrony Financial. Vendor
shall maintain a written log of all complaints received by Vendor, which shall be available for review by Synchrony Financial’s
auditors or any regulatory body. Without limiting the foregoing, with respect to any threatened or filed complaint, action, suit
or counterclaim relating to any Services provided by Vendor to Issuer hereunder, Vendor immediately shall forward a copy of all
related correspondence to Synchrony Financial within two (2) Business Days after receipt by Vendor.


 


(o)          Disclaimer.
EXCEPT AS EXPRESSLY STATED HEREIN, EACH PARTY DISCLAIMS ANY AND ALL REPRESENTATIONS AND WARRANTIES, INCLUDING BUT NOT LIMITED
TO WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.


 


(p)          Independent
Contractors. Vendor has complied with, and covenants that during the term of this Agreement, shall continue to comply with,
all laws, rules and regulations required by appropriate government authorities of independent contractors, including the appropriate
withholding, reporting and payment of all required taxes/


 


Section
4.2.          Covenants. Vendor covenants and agrees that:


 


(a)          Eligibility.
It will notify Issuer, Transferor, Seller, Synchrony Financial, Servicer and Indenture Trustee promptly if it no longer meets
the eligibility requirements in Section 8.1.


 


(b)          Review
Systems; Personnel. It will maintain business process management and/or other systems necessary to ensure that it can perform
each Test and, on execution of this Agreement, will load each Test into these systems. Vendor will ensure that these systems allow
for each Subject Account and Subject Receivable and the related Review Materials to be individually tracked and stored as contemplated
by this Agreement and in accordance with Good Industry Practice. Vendor will maintain adequate staff that is properly trained
to conduct Asset Representations Reviews as required by this Agreement.


 




    	 	12	 



     


    

 


(c)          Maintenance
of Review Materials. It will maintain copies of any Review Materials, Review Reports and other documents relating to an Asset
Representations Review, including internal correspondence and work papers, for a period of two (2) years after the delivery of
any Review Report. After such two (2) year period, Vendor shall (at Synchrony Financial’s option) either (i) promptly return
to Synchrony Financial all such information in its possession or (ii) destroy or erase permanently all such information and confirm
in writing to Synchrony Financial that it has done so.


 


(d)          Work
Product. Synchrony Financial shall be the sole owner of, and Vendor will assign, and does hereby assign, to Synchrony Financial,
all Work Product and all copyright, patent, trademark, trade secret and other proprietary rights in and to the Work Product, free
and clear of all mortgages, liens, pledges, custodianships, security interest or other encumbrances, restrictions, claims or charges
of any kind.


 


(e)          Business
Continuity. Vendor will prepare and maintain, at no additional cost to Synchrony Financial, a Business Continuity Plan (“BCP”)
designed to enable Vendor to continue to provide services in the event of a disaster or other BCP-triggering event. At Synchrony
Financial’s request, Vendor will provide Synchrony Financial with a copy of the BCP. Vendor will maintain the BCP, update
it and test it at least once every calendar year.


 


(f)          Opinion
of Counsel. On the date hereof and promptly upon written request, Vendor shall provide an opinion of counsel, which may be
an opinion of in-house counsel, addressed to Servicer, Synchrony Financial, Indenture Trustee, the owner trustee of Issuer, Issuer,
each Rating Agency and the underwriters or purchasers of asset-backed notes issued by, or lenders to, Issuer to the effect that:


 


(i)          Vendor
is validly existing and in good standing as a limited liability company under the laws of the State of Delaware and has the power
and authority to transact the business in which it is now engaged and to enter into and to perform all of its obligations under
this Agreement;


 


(ii)         the
execution, delivery and performance by Vendor of this Agreement and the consummation by Vendor of the Services contemplated hereby
have been duly authorized by all necessary corporate action;


 


(iii)        this
Agreement has been duly and validly executed and delivered by and constitutes the valid and binding obligation of Vendor, enforceable
against Vendor in accordance with its term; and


 


(iv)        the
execution and delivery by Vendor of this Agreement and the consummation of the Services contemplated hereby will not conflict
with, result in a breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default
under (A) the limited liability company agreement of Vendor, (B) to such counsel’s knowledge, any material indenture, contract,
lease, mortgage, deed of trust or other instrument of agreement to which Vendor is a party or by which Vendor is bound or (C)
to such counsel’s knowledge, any judgment, writ, injunction, decree, order or ruling of any court or governmental authority
having jurisdiction over Vendor.


 




    	 	13	 



     


    

 


(g)          Control.         It
will comply with all Company policies, including but not limited to, data security and data protection policies, provided to and
acknowledged and accepted in writing by it in connection with performing its duties under this Agreement and the Indenture. It
shall also adhere to reasonable quality assurance procedures to ensure that the performance of the Asset Representations Reviews
have been delivered in accordance with Good Industry Practice.


 


(h)          Insurance.    Vendor
shall obtain and keep in force, during the term of this Agreement, insurance coverage for the benefit of Vendor and Company, issued
by insurance carriers with a minimum A.M. Best rating of A, VII, as set forth in Attachment 1 as Attachment 1 may
be updated and modified from time to time. To the extent permitted by its respective policies of insurance, Vendor hereby waives
any right of recovery against Company for any loss or damage that is covered by any insurance policy maintained or required to
be maintained with respect to this Agreement. Vendor shall inform its insurers of this waiver and shall secure from them amendments
to the policies recognizing and providing such waiver. The insurance obtained and maintained by Vendor in accordance with this
Agreement shall in no way affect the limitations of Vendor’s liability or indemnification obligations under this Agreement.


 


(i)          Information.         


 


(i)          Vendor
shall (x) within 30 calendar days after prior written request from the Transferor, provide to the Transferor such information
regarding Vendor for purposes of compliance with Items 1109(b), 1117 and 1119 of Regulation AB in connection with the
Issuer’s Annual Report on Form 10-K, and (y) within five (5) Business Days after prior written request from the Transferor,
enter into an Indemnification Agreement in substantially the form of Attachment 2 hereto in connection with a Series of
Offered Notes (as such term is defined in the Indemnification Agreement referenced herein).


 


(ii)         As
promptly as practicable following notice to or discovery by Vendor of any material changes to the most recently provided information
for purposes of compliance with Items 1109(b), 1117 or 1119 of Regulation AB, provide to the Transferor, in writing, notice
of such material changes.


 


(iii)        Information
regarding Vendor for purposes of compliance with Items 1109(b), 1117 and 1119 of Regulation AB (“Regulation
AB Information”) shall include:


 


(a)          Vendor’s
name and form of organization;


 


(b)          a
description of the extent to which Vendor has had prior experience serving as an asset representations reviewer for asset-backed
securities involving credit card receivables;


 




    	 	14	 



     


    

 


(c)          a
description of any affiliation between Vendor and any of the following parties to a securitization transaction to which this Agreement
relates, as such parties are identified by name to Vendor by the Transferor in the written requests made to Vendor pursuant to
clause (i) of this Section 4.2(i);


 


(i)
the sponsor;


 


(ii)
any depositor;


 


(iii)
the issuing entity;


 


(iv)
any servicer;


 


(v)
any trustee;


 


(vi)
any originator;


 


(vii)
any significant obligor;


 


(viii)
any enhancement or support provider;


 


(ix)
any underwriter;


 


(x)
any person hired by the sponsor or an underwriter to perform due diligence on the Receivables; and


 


(xi)
any other material transaction party; and


 


(d)          a
description of any material pending legal or other proceedings involving Vendor or of which any property of Vendor is subject
that, individually or in the aggregate as to the Vendor, would have a material adverse impact on investors in the Notes.


 


(iv)        In
connection with each Report on Form 10-K and each Report on Form 10-D with respect to the Notes filed by or on behalf
of the Transferor, Vendor shall be deemed to represent and warrant, as of the date that is fifteen (15) days prior to the date
of filing for each Report on Form 10-K with respect to the Regulation AB Information most recently provided by Vendor, and
as of the related Payment Date for each Report on Form 10-D with respect to the Regulation AB Information most recently provided
by Vendor, that such Regulation AB Information is materially correct and does not have any material omissions (to the extent Transferor
has identified the transaction parties to Vendor), unless Vendor has provided an update to such Regulation AB Information.


 


Section
4.3.          Fees and Expenses.


 


(a)          Annual
Fee. Synchrony Financial will pay Vendor, as compensation for agreeing to act as Asset Representations Reviewer under this
Agreement, an annual fee as described in a letter agreement between Synchrony Financial and Vendor. The annual fee will be paid
as agreed by Synchrony Financial and Vendor until this Agreement is terminated.


 




    	 	15	 



     


    

 


(b)        
Review Fee. Following the completion of an Asset Representations Review and the delivery to Indenture Trustee,
Synchrony Financial, Servicer and Transferor of the Review Report, or the termination of an Asset Representations Review
according to Section 3.4(e), and the delivery to Synchrony Financial of a detailed invoice, Vendor will be entitled to
a fee as described in a letter agreement between Vendor and Synchrony Financial (the “Review Fee”).
However, no Review Fee will be charged for any Tests that were performed in a prior Asset Representations Review or for any
Asset Representations Review in which no Tests were completed prior to Vendor being notified of a termination of the Asset
Representations Review in accordance with Section 3.4(e). Synchrony Financial will pay the Review Fee to Vendor in
accordance with the terms of the detailed invoice from Vendor.


 


(c)          Reimbursement
of Travel Expenses. If the Servicer provides access to the Review Materials at one of its properties, Synchrony Financial
will reimburse Vendor for its reasonable travel expenses incurred in connection with the Asset Representations Review within thirty
(30) days of receipt of a detailed invoice.


 


(d)          Dispute
Resolution Expenses. If Vendor participates in a dispute resolution proceeding and its reasonable expenses for participating
in the proceeding are not paid by a party to the dispute resolution within ninety (90) days after the end of the proceeding, Synchrony
Financial will reimburse Vendor for such expenses within thirty (30) days of receipt of a detailed invoice.


 


(e)          No
Hidden Charges. Except as provided in Section 4.3(c) and (d), all Annual Fees and Review Fees shall be inclusive
of all overhead costs, payroll taxes, employee benefits, training, travel and living, supplies, administration, insurance and
other expenses or costs of any nature and all Vendor’s equipment.


 


Section
4.4.          Invoices. Vendor shall submit invoices in the month following
the month in which the services were furnished, and Synchrony Financial shall pay all undisputed correct invoices within sixty
(60) days following the receipt thereof by Synchrony Financial. Synchrony Financial reserves the right not to pay any invoice
issued more than one hundred eighty (180) days from delivery of the related Deliverable or completion of the related Services
and/or after such other mutually agreed payment date.


 


Section
4.5.          Taxes. All fees are exclusive of any taxes that may be
levied or assessed on the services (except for taxes which may be levied on Vendor’s gross revenues or net income or business
privileges, property, or license taxes of Vendor, which taxes shall not be the responsibility of either Synchrony Financial or
any Synchrony Affiliate). All taxes, duties, fees and other governmental charges of any kind (including sales, services and use
taxes, but excluding taxes based on the gross revenues or net income of Vendor or business privileges, property, or license taxes
of Vendor) which are imposed by or under the authority of any government or any political subdivision thereof on the fees for
any of the Services shall be borne by Synchrony Financial and shall not be considered a part of, a deduction from or an offset
against such fees. Vendor and Synchrony Financial shall cooperate with each other in minimizing any applicable tax and in obtaining
any exemption from or reduced rate of tax available under any applicable law or tax treaty.


 


Section
4.6.          Delegation of Obligations. Vendor may not delegate or subcontract
its obligations under this Agreement to any Person without the consent of Synchrony Financial, which may be withheld in Synchrony
Financial’s sole discretion.




 




    	 	16	 



     


    

 



ARTICLE
V

compliance


 


Section
5.1.          Synchrony Financial Policies and Directives. Except as
otherwise provided in Section 4.2(g), Vendor shall, and shall ensure that all Vendor personnel will, abide by all reasonable
directives issued by Synchrony Financial, including those relating to its Code of Conduct for Suppliers, Contractors and Consultants
as described at http://investors.synchronyfinancial.com/corporate-governance/code-of-conduct.aspx, all on-site rules of behavior,
work schedules, security procedures and other standards and procedures as may be established by Synchrony Financial from time
to time and as such are applicable to Vendor; provided that in the event of a conflict between such directives, including Synchrony
Financial’s Code of Conduct for Suppliers, Contractors and Consultants, the provisions of this Agreement will govern.


 


Section
5.2.          Books, Records, Audit and Inspections.


 


(a)          Vendor
shall use commercially reasonable efforts to assist Synchrony Financial in meeting its audit and regulatory requirements. During
the term of this Agreement, the records regarding Company that are maintained and/or produced by Vendor under this Agreement shall
be made available for examination and audit by any regulatory agency or government agency that has jurisdiction over Company’s
business. Notwithstanding the foregoing, nothing herein precludes or prevents Synchrony Financial from conducting an audit or
review arising from one or more questions or issues with respect to which Synchrony Financial has provided prior notice to Vendor.
Vendor shall permit (i) Synchrony Financial and any of its designated and identified employees; (ii) any existing customer whose
business is being directly supported by the Services and to whom Synchrony Financial is obligated to provide such access, provided,
that in each such instance, such individual(s) shall be subject to confidentiality requirements consistent with those in this
Agreement; and (iii) any regulatory body (collectively, the “Designated Persons”) to access (A) any Vendor
resource performing Services for Issuer; (B) any part of the premises where the Services are being performed for Issuer; (C) systems
used to perform Services for Issuer; and (D) any data and records owned or maintained by Vendor pursuant to this Agreement. Such
access shall include making copies of files. Such access shall be provided no more than once annually (unless circumstances arise
that warrant additional audits) at reasonable hours and in a manner designed to avoid unreasonable interference with the performance
of the Services. Vendor will cooperate fully with, and will provide reasonable assistance to, the Designated Persons in connection
with such access. If Synchrony Financial or Vendor learn, through any such audit or review or otherwise, that any invoice rendered
by Vendor to Synchrony Financial was not correct, then, as appropriate, Vendor shall promptly reimburse Synchrony Financial for
the amount of any overcharge or Synchrony Financial shall promptly pay to Vendor the amount of any undercharge. In addition, upon
reasonable request of Synchrony Financial, the Vendor shall provide an independent audit report from a nationally recognized Third
Party Auditor to Synchrony Financial as to the security, availability and processing integrity of Vendor’s third party data
center and backup tape storage center, which report shall, if Vendor is not otherwise obtaining such a report for itself or other
clients or in accordance with laws, rules and regulations applicable to it, be obtained at the expense of Synchrony Financial.
In the event Synchrony Financial finds it reasonably necessary in its sole discretion, based on any material deficiencies found
during audit(s) described in this Section, to perform follow-up audits or reviews, Vendor will be responsible for all reasonable
expenses incurred by Synchrony Financial, including without limitation, the auditor’s or review personnel’s salary
for such subsequent audits or reviews.


 




    	 	17	 



     


    

 


ARTICLE
VI

security


 


Section
6.1.          Synchrony Financial Security. Vendor is responsible for
providing network security and security for such of its facilities where its servers or other network equipment are located and
at facilities where work on the Services is conducted. If applicable and as mutually agreed by Synchrony Financial and Vendor
from time to time pursuant to Section 4.2(g), Vendor will ensure that such security materially meets Synchrony Financial
standards as to network and physical level security as described in the assessment questionnaires. Vendor will implement and maintain
physical, technical and organizational measures designed to ensure the security and confidentiality of Synchrony Confidential
Information in order to prevent, among other things, accidental, unauthorized or unlawful access, use, modification, disclosure,
loss, or destruction of Synchrony Confidential Information. The security measures taken will be in compliance with applicable
data protection laws and will be implemented and maintained as appropriate to the risks represented by the processing and the
nature of the Synchrony Confidential Information.


 


Section
6.2.          Use of Synchrony Financial Resources. In the course of
performing Services, Vendor may have access to Synchrony Financial’s or a Synchrony Affiliate’s information technology
resources. In such event, Vendor shall use such resources exclusively for performing Services on authorized efforts. Unauthorized
use of Synchrony Financial’s or a Synchrony Affiliate’s information technology resources includes, but is not limited
to, the following:


 


(a)          failure
to reasonably safeguard resources from damage, misuse or theft;


 


(b)          circumventing
or attempting to compromise, for any reason, computer security regulations such as security software, computer dial-up controls
and administrative or operational procedures, without consent of Synchrony Financial;


 


(c)          tampering
with a computer system in a manner which is generally believed to (i) cause harm to computer information, or (ii) lead to the
unavailability of the computer resources; and


 


(d)          performing
work of a personal or business nature not directly related to the work required to be performed under this Agreement.


 




    	 	18	 



     


    

 


Section
6.3.          PCI Compliance/GLB. If Vendor receives PCI Data from Synchrony
Financial or a Synchrony Affiliate, Vendor agrees to comply with and adhere to the Payment Card Industry (“PCI”)
Data Security Standards promulgated by the PCI Data Security Standards Council and available at https://www.pcisecuritystandards.org.
If at any time during the term hereof, Vendor is required to receive PCI Data in order to perform Services and fails to be in
full compliance with the then current PCI Data Security Standards, Synchrony Financial shall have the right to terminate this
Agreement, subject to Section 8.2(b), upon immediate written notice to Vendor, without penalty or further obligation of
any kind. If Vendor shall process any Synchrony Confidential Information (including but not limited to Personal Data) that is
subject to Title V of the Gramm-Leach-Bliley Financial Services Modernization Act of 1999 and regulations promulgated thereunder
or other federal, state, and local laws, rules, regulations, and ordinances governing the privacy and security of Synchrony Confidential
Information (collectively “Synchrony Information Privacy Laws”), Vendor agrees to comply with Synchrony Information
Privacy Laws, and to protect and maintain the privacy of such Synchrony Confidential Information accordingly.


 


Section
6.4.          Notification of Security Breach. Vendor shall notify Synchrony
Financial as soon as reasonably practical, but in no event less than forty-eight (48) hours upon discovery or notification of
any actual, suspected, potential or threatened Security Breach (as defined below). Vendor agrees to take action immediately, at
its own expense, to identify and eradicate (or to equip Synchrony Financial to identify and eradicate) any further Security Breach
and carry out any recovery reasonably necessary to remedy any impact of such Security Breach. Vendor shall also provide Synchrony
Financial with a detailed description of the Security Breach, the type of data that was the subject of the Security Breach, the
identity of each affected Person, and any other information Synchrony Financial may request concerning such affected Persons and
the details of the breach, as soon as such information can be collected or otherwise becomes available. Vendor shall also carry
out any recovery actions and notify, at its expense, all affected Persons as required by applicable law or by Synchrony Financial
in its sole discretion. The foregoing does not relieve Vendor or prohibit Vendor from commencing any actions related to any notice
or other obligations it may have under the law. The content of any filings, communications, notices, press releases, or reports
related to any Security Breach (“Notices”) must first be approved by Synchrony Financial prior to any publication
or communication thereof to any third party, except that the foregoing shall not prohibit Vendor from communicating with local,
state or federal law enforcement when required to do so by law. Vendor shall pay for or reimburse Synchrony Financial for all
costs, losses and expenses relating to any Security Breach, including without limitation, the cost of Notices; any such costs,
losses and/or expenses shall not in any way be limited under this Agreement. “Security Breach” means any event
or circumstances that involve unauthorized access, use, or acquisition of data that compromises the confidentiality, integrity
or availability of any Synchrony Confidential Information (including any Personal Data) maintained, processed or transmitted by
Vendor or any Affiliate of Vendor or subcontractors, or the loss or inability to account for any medium or equipment containing
such Synchrony Confidential Information in an unencrypted state or any other circumstances as defined in any applicable local
law.


 


Section
6.5.          Synchrony Financial PII. Company does not grant Vendor
any rights to Synchrony Financial PII. Company does not intend to share, provide or supply any Synchrony Financial PII to Vendor.
However, if Vendor receives any Synchrony Financial PII, Vendor will immediately (i) notify Synchrony Financial and (ii) indefeasibly
delete and destroy such Synchrony Financial PII subject to Section 7.4.


 




    	 	19	 



     


    

 


ARTICLE
VII

CONFIDENTIALITY


 


Section
7.1.          Agreements of Vendor Personnel. Vendor represents, warrants,
and covenants that prior to the commencement of any Services, all Vendor personnel shall have executed a confidentiality and assignment
agreement that is at least as restrictive as this Article VII, and that assigns full ownership of all Work Product and
rights therein to Vendor, so that Vendor may transfer the relevant rights in the Work Product (other than those owned by Vendor
under the express terms of Article VII) to Synchrony Financial in accordance with Article VII. Vendor shall not
allow any Vendor personnel to provide any Services or to access Synchrony Confidential Information unless such Vendor personnel
has signed such an agreement.


 


Section
7.2.          Confidentiality.


 


(a)          Non-Disclosure.
Vendor shall keep in strictest confidence all information of Synchrony Financial or any Synchrony Affiliate that is confidential
or proprietary in nature, including all such information identified as confidential at the time of disclosure or that, from the
circumstances, in good faith should be treated as confidential, and that relates in any way to the business and affairs of Synchrony
Financial, Synchrony Affiliates or their vendors or customers, that Vendor or Vendor personnel may acquire or develop in connection
with or as a result of this Agreement or the Services to be provided hereunder (“Synchrony Confidential Information”).
Synchrony Confidential Information expressly includes, but is not limited to, (i) the Work Product other than any Work Product
filed with the Securities and Exchange Commission, (ii) all non-public financial information, business records, Synchrony Financial
data, business processes, employee information, marketing plans, databases, reports, diagrams, schematics, log files, flow charts,
software programs, hardware configurations, network architecture, security protocols, firewall settings and other technical information
and (iii) Synchrony Personal Data. Vendor shall handle all Synchrony Confidential Information with the same degree of care as
it uses to maintain the confidentiality of its own confidential information, which shall in no event be less than the highest
degree of care.


 


(b)          Exclusions.
Vendor’s obligations under this Article VII shall not apply to any portion of Synchrony Confidential Information
that: (i) at the time of its disclosure to Vendor was in the public domain or subsequently becomes a part of the public domain
other than by breach of a confidentiality obligation, (ii) Vendor had in its possession at the time of disclosure by Synchrony
Financial, as established by written documentation in existence at that time, and that was not acquired directly or indirectly
from Synchrony Financial or with knowledge of confidentiality restrictions; or (iii) Vendor subsequently independently acquires
by lawful means from a third party whose disclosure to Vendor does not violate a duty of confidentiality.


 


(c)          Compelled
Disclosure. Should Vendor become compelled by a court or other body of competent jurisdiction to disclose any portion of Synchrony
Confidential Information in connection with a lawsuit or similar proceeding or to any governmental agency, Vendor shall, to the
extent not prohibited by law, rule or order, give Synchrony Financial prompt prior written notice of such fact, including in its
notice the legal basis for the required disclosure and the nature of the Synchrony Confidential Information that must be disclosed.
Vendor shall cooperate fully with Synchrony Financial in obtaining a protective order or other appropriate protection relating
to the disclosure and subsequent use of the Synchrony Confidential Information. Vendor will disclose only that portion of the
Synchrony Confidential Information that is legally required to be disclosed.


 




    	 	20	 



     


    

 


Section
7.3.          Acknowledgements and Restrictions. Vendor acknowledges
that all Synchrony Confidential Information is valuable, is deemed to be a Trade Secret, and will be protected by civil and criminal
law, including where appropriate, copyright law. As between the parties, all Synchrony Confidential Information shall remain the
sole and exclusive property of Synchrony Financial or Synchrony Affiliates and other than the licenses expressly granted herein,
no disclosure or permitted use of Synchrony Confidential Information under this Agreement shall be construed as the grant of any
right, title or interest, by license or otherwise, in or to Synchrony Confidential Information. Except where Synchrony Financial
is required by applicable law to permit it, neither Vendor nor any Vendor personnel may reverse engineer, decompile or disassemble
Synchrony Confidential Information nor circumvent any protection schemes or devices supplied with any Synchrony Confidential Information.
If Synchrony Financial grants Vendor or any Vendor personnel access to a Company computer network, Vendor or such Vendor personnel
(as applicable) shall abide by all Company network use policies. Vendor shall access and use Synchrony Confidential Information
only to the minimum extent necessary to exercise its rights or fulfill its obligations under this Agreement. Vendor agrees to
protect the confidentiality of the applicable access password(s) and agrees to be strictly liable for any unauthorized access
using such password(s). Vendor will not use or permit the use of any Synchrony Confidential Information for the benefit of anyone
other than Company or as required to perform its obligations under this Agreement. Neither Vendor nor any Vendor personnel will
use, copy, reprint, duplicate, or recreate in whole or in part, alone or in combination with anything else, any Synchrony Confidential
Information, except as required for Vendor’s performance pursuant to this Agreement. Vendor agrees that the remedy at law
for any breach or threatened breach of this Article VII shall be inadequate, and in addition to any other remedy available
at law, in equity or under this Agreement, Synchrony Financial shall be entitled to seek injunctive relief.


 


Section
7.4.          Return. Vendor covenants that upon demand therefor, upon
the completion of any Services or as otherwise set forth in this Agreement, and upon termination or expiration of this Agreement,
it will deliver to Synchrony Financial (or, to the extent lawful, destroy and certify to Synchrony Financial the destruction of)
all copies of any and all Synchrony Confidential Information and all materials related or pertaining to this Agreement, including
relevant planning data, or any technical and programming documentation and files, and will not retain any Synchrony Confidential
Information in any form without the prior written consent of Synchrony Financial. Notwithstanding the foregoing, Vendor (a) may
retain copies of Synchrony Confidential Information for the purposes of maintaining legal or regulatory compliance to which it
may be subject or in connection with its internal document retention or corporate governance policies, and (b) is not required
to destroy any computer records or files containing Synchrony Confidential Information which have been created pursuant to automatic
archiving and back-up procedures. The terms and conditions set forth herein shall survive termination of this Agreement with respect
to Synchrony Confidential Information retained pursuant to this Section 7.4.


 




    	 	21	 



     


    

 


ARTICLE
VIII

RESIGNATION AND REMOVAL;

SUCCESSOR ASSET REPRESENTATIONS REVIEWER


 


Section
8.1.          Eligibility Requirements for Vendor. Vendor must be a Person
who (a) is not an Affiliate of Seller, Transferor, Servicer, Indenture Trustee, Trustee or any of their Affiliates and (b) was
not, and is not an Affiliate of a Person that was, engaged by Seller or any underwriter to perform any due diligence on the Transferred
Receivables.


 


Section
8.2.          Resignation and Removal of Vendor.


 


(a)          No
Resignation of Vendor. Vendor will not resign as Asset Representations Reviewer unless (i) Vendor no longer meets the eligibility
requirements in Section 8.1; (ii) upon determination that the performance of its duties under this Agreement is no longer
permissible under applicable law, (iii) with the consent of Synchrony Financial; (iv) in the event of non-receipt of payment,
as described in this Section 8.2 or (v) upon one year’s (or such shorter period of time to which Issuer may agree)
written notice to the other parties hereto, which notice may be delivered at any time on or after the Permitted Resignation Date.
Except as otherwise provided in clause (v) of the immediately preceding sentence, Vendor will deliver ninety (90) days’
prior written notice of its resignation to the other parties hereto, and, in the case of a resignation pursuant to clause (i)
or (ii) of the immediately preceding sentence, the Vendor shall deliver with such notice of resignation, an Opinion of Counsel
supporting its determination.


 


Subject
to the terms of this Agreement, Vendor may resign and terminate this Agreement if it does not receive any payment required to
be made in connection with an undisputed invoice under the terms of this Agreement, which failure continues un-remedied for a
period of ninety (90) days after written notice of such failure shall have been given to Synchrony Financial.


 


(b)          Removal
of Vendor for Cause. Subject to Section 8.2(e), Issuer, by notice to Vendor, may immediately remove Vendor and terminate
its rights and obligations under this Agreement if any of the following events shall occur:


 


(i)          Vendor
no longer meets the eligibility requirements in Section 8.1;


 


(ii)         Vendor
breaches any of its representations, warranties, covenants or obligations in this Agreement; or


 


(iii)        an
Insolvency Event of Vendor occurs.


 


(c)          Voluntary
Removal of Vendor. Subject to Section 8.2(e), Issuer, in its sole discretion, may remove Vendor and terminate its rights
and obligations under this Agreement by providing Vendor with at least thirty (30) calendar days’ prior written notice (or,
in the case of any violation of Section 6.3, immediately); provided, however, that any such termination without
cause shall not be effective until the Vendor has completed and delivered all Review Reports for any then in-progress Asset Representations
Review.


 




    	 	22	 



     


    

 


(d)          Notice
of Resignation or Removal. Issuer will notify Synchrony Financial, Transferor, Seller, Servicer, Trustee and Indenture Trustee
of any resignation or removal of Vendor.


 


(e)          Continue
to Perform After Resignation or Removal. No resignation or removal of Vendor will be effective, and Vendor will continue to
perform its obligations under this Agreement, until a successor Vendor has accepted its engagement according to Section 8.3(b).


 


Section
8.3.          Successor Vendor.


 


(a)          Engagement
of Successor Vendor. Following the resignation or removal of Vendor, Issuer will engage a successor Vendor who meets the eligibility
requirements of Section 8.1.


 


(b)          Effectiveness
of Resignation or Removal. No resignation or removal of Vendor will be effective until the successor Vendor has executed and
delivered to Issuer, Seller, Synchrony Financial, Servicer and Transferor an agreement accepting its engagement and agreeing to
perform the obligations of Vendor under this Agreement or entering into a new agreement with Issuer, Servicer, Seller, Synchrony
Financial and Transferor on substantially the same terms as this Agreement.


 


(c)          Transition
and Expenses. If Vendor resigns or is removed, Vendor will cooperate with Synchrony Financial, Seller, Servicer, Transferor
and Indenture Trustee and take all actions reasonably requested to assist Synchrony Financial, Servicer, Transferor and Indenture
Trustee in making an orderly transition of Vendor’s rights and obligations under this Agreement to the successor Vendor.
Vendor will pay the reasonable expenses of transitioning Vendor’s obligations under this Agreement and preparing the successor
Vendor to take on the obligations on receipt of an invoice with reasonable detail of the expenses from Synchrony Financial, Transferor
or the successor Vendor; provided that Vendor will not be responsible for paying the transition expenses as described in this
Section 8.3(c) if Vendor is removed by Issuer without cause or if Vendor is removed in accordance with clause (iv) of the
first sentence of Section 8.2(a). Synchrony Financial will pay any reasonable expenses of transitioning Vendor’s
obligations under this Agreement and preparing a successor Asset Representations Reviewer to take on the obligations of Vendor
to the extent not paid by Vendor.


 


Section
8.4.          Merger, Consolidation or Succession. Any Person (a) into
which Vendor is merged or consolidated, (b) resulting from any merger or consolidation to which Vendor is a party or (c) succeeding
to the business of Vendor, if that Person meets the eligibility requirements in Section 8.1, will be the successor to Vendor
under this Agreement. Such Person will execute and deliver to Issuer and Servicer an agreement to assume Vendor’s obligations
under this Agreement (unless the assumption happens by operation of law).


 




    	 	23	 



     


    

 


ARTICLE
IX

OTHER AGREEMENTS


 


Section
9.1.          No Petition. Each of the parties, by entering into this
Agreement, agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after payment
in full of (a) all securities issued by Transferor or by a trust for which Transferor was a depositor or (b) the Notes, it will
not start or pursue against, or join any other Person in starting or pursuing against (i) Transferor or (ii) Issuer, respectively,
any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or
similar law. This Section 9.1 will survive the termination of this Agreement.


 


Section
9.2.          Limitation of Liability. It is expressly understood and
agreed by the parties hereto that (a) this document is executed and delivered by BNY Mellon Trust of Delaware, not individually
or personally, but solely as Trustee of Issuer, (b) each of the representations, undertakings and agreements herein made on the
part of Issuer is made and intended not as a personal representation, undertaking and agreement by BNY Mellon Trust of Delaware
but is made and intended for the purpose of binding only Issuer, (c) nothing herein contained shall be construed as creating any
liability on BNY Mellon Trust of Delaware, individually or personally, to perform any covenant either expressed or implied contained
herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under
the parties hereto, (d) BNY Mellon Trust of Delaware has made no investigation as to the accuracy or completeness of any representations
and warranties made by the Issuer in this Agreement and (e) under no circumstances shall BNY Mellon Trust of Delaware be personally
liable for the payment of any indebtedness or expenses of Issuer or be liable for the breach or failure of any obligation, representation,
warranty or covenant made or undertaken by Issuer under this document.


 


Section
9.3.          Termination of Agreement. This Agreement will terminate,
except as provided in Section 12.10 or as otherwise stated in this Agreement, on the earlier of (a) the payment in full
of all outstanding Notes and the satisfaction and discharge of the Indenture and (b) the date Issuer is terminated under the Trust
Agreement.


 


Section
9.4.          Independence of Vendor. Vendor will be an independent contractor
and will not be subject to the supervision of Issuer for the manner in which it accomplishes the performance of its obligations
under this Agreement. Unless authorized by Issuer, Vendor will have no authority to act for or represent Issuer and will not be
considered an agent of Issuer. Nothing in this agreement will make Vendor and Issuer members of any partnership, joint venture
or other separate entity or impose any liability of such on either of them.


 


ARTICLE
X

indemnification


 


Section
10.1.          Indemnification by Vendor. Vendor agrees to indemnify,
defend and hold Synchrony Financial, Synchrony Affiliates and assigns and their respective officers, directors, trustees, employees
and agents harmless against any and all suits, claims, actions, proceedings, demands, damages, judgments, liabilities, costs,
expenses (including reasonable attorneys’ fees and costs of investigation and settlement awards) of any kind (collectively,
“Losses”) asserted by any person or entity (including, without limitation, relating to injury or death of any
person or destruction of any property, real or personal) arising out of, connected with or resulting from (i) the material or
intentional breach or violation by Vendor of any representation, warranty, covenant or obligation under this Agreement (including
without limitation any other agreement or instrument delivered by it in connection with this Agreement or any applicable policy
of Synchrony Financial provided to and acknowledged and accepted in writing by Vendor); (ii) the negligence, willful misconduct
or bad faith of Vendor in the performance of its duties under this Agreement; (iii) the failure of Vendor or any subcontractor
to properly and securely handle and manage Synchrony Confidential Information, including any Personal Data, or any breach of data
security or confidentiality relating thereto; or (iv) any and all lien notices, lien claims, liens, encumbrances, security interests,
or other lien rights of any kind filed by any party, including without limitation any subcontractor, which in whole or in part
are based on any work, goods, services, material or equipment provided or to be provided under this Agreement.


 




    	 	24	 



     


    

 


Section
10.2.          Procedure. With respect to any claim for indemnification
hereunder, the indemnified party shall send a written notice to the indemnifying party promptly upon becoming aware of any claim
covered hereunder; provided, however, that the indemnified party’s failure to notify the indemnifying party of any such
claim shall not relieve indemnifying party of its obligations hereunder. Indemnifying party shall have the obligation to assume
the defense of any such claim if it gives written notice of its intent to assume the defense of such claim within twenty (20)
days of receipt of indemnified party’s notice of such claim. If indemnifying party does so assume the defense of such claim,
it may control such defense and any action related to such claim, and may enter into any settlement or compromise of such claim,
provided that such settlement or compromise requires only the payment of money damages, all of which shall be paid by indemnifying
party. Any other settlement or compromise shall require the prior written consent of indemnified party, which consent may be given
or withheld in its sole discretion. Indemnified Party may also participate in such defense through its own counsel at its own
expense. If indemnifying party fails to diligently defend any claim, or it fails to give notice of its assumption of the control
and defense of any such claim within the requisite notice period as herein provided, then indemnified party shall have the right
to defend any such claim in its sole discretion and with counsel of its own choosing, all at indemnifying party’s expense.


 


Section
10.3.          Indemnification by Synchrony Financial. Synchrony Financial
agrees to indemnify, defend and hold Vendor, Affiliates of Vendor and assigns and their respective officers, directors, employees
and agents harmless against any and all Losses of any kind asserted by any person or entity (including, without limitation, relating
to injury or death of any person or destruction of any property, real or personal), arising out of, connected with or resulting
from any act taken by Vendor (acting in good faith) under this Agreement or the Indenture, unless such Losses are the result of
(a) the material breach of this Agreement or the Indenture, as applicable, by Vendor, (b) Vendor’s failure to comply with
requirements of applicable federal, state and local laws and regulations, in performing its duties as Vendor hereunder or the
Indenture, as applicable, (c) the negligence, willful misconduct or bad faith of Vendor, or (d) any material failure of the representations,
warranties or covenants made by Vendor hereunder or in connection herewith to be true and correct.


 


ARTICLE
XI

LIMITATIONS OF LIABILITY.


 


Section
11.1.          Limitation of Liability. Vendor will not be liable to
any person for any action taken, or not take, in good faith under this Agreement or for error in judgment; however, Vendor will
be liable for its willful misconduct, bad faith or negligence in performing its obligations under this Agreement and the Indenture.
In no event will any party hereto be liable for special, indirect or consequential damages (including loss of profit).


 




    	 	25	 



     


    

 


ARTICLE
XII

MISCELLANEOUS PROVISIONS


 


Section
12.1.          Amendments.


 


(a)          This
Agreement only can be modified in a written document executed by the parties hereto without the consent of the Noteholders or
any other Person; provided, that, except with respect to amendments (i) to clarify an ambiguity, correct an error or correct or
supplement any term of this Agreement that may be defective or inconsistent with the other terms of this Agreement or to provide
for, or facilitate the acceptance of this Agreement by, a successor Vendor, (ii) to the Tests set forth on Schedule A executed
pursuant to Section 3.4 of this Agreement or (iii) to convert or supplement any provision in a manner consistent with the intent
of this Agreement, either (a) such amendment shall not, as evidenced by an opinion of counsel or officer’s certificate,
in each case addressed and delivered to Issuer and the Indenture Trustee, materially and adversely affect the interests of the
holders of any outstanding Note or (b) the Rating Agency Condition is satisfied with respect to such amendment. With respect to
any amendment for which clauses (a) or (b) of the immediately preceding sentence cannot be satisfied, this Agreement can be amended
with the consent of the Noteholders of a majority of the Outstanding Principal Balance of the Notes of each adversely affected
Series.


 


(b)          Notice
of Amendments. Transferor will notify the Rating Agencies and the Indenture Trustee in advance of any amendment. Promptly
after the execution of an amendment, Transferor will deliver a copy of the amendment to the Rating Agencies.


 


Section
12.2.          Assignment; Benefit of Agreement; Third Party Beneficiaries.


 


(a)          Assignment.
Except as stated in Section 8.4, this Agreement may not be assigned by Vendor without the consent of Synchrony Financial,
Seller, Servicer and Transferor. Any Synchrony Affiliate party to this Agreement may assign, upon notice to Vendor, any of its
rights and delegate any of its duties under this Agreement, either in whole or in part at anytime, to any Synchrony Affiliate
or successor of any Synchrony Affiliate. Subject to the preceding sentence, this Agreement shall inure to the benefit of and be
binding upon the parties hereto, and their respective successors and permitted assigns.


 


(b)          Benefit
of Agreement; Third-Party Beneficiaries. This Agreement is for the benefit of and will be binding upon the parties hereto
and their permitted successors and assigns. Indenture Trustee, for the benefit of the Noteholders, BNY Mellon Trust of Delaware,
as owner trustee of the Issuer, and the Synchrony Affiliates will be third-party beneficiaries of this Agreement and entitled
to enforce this Agreement against Vendor. No other Person will have any right or obligation under this Agreement.


 


Section
12.3.          Notices.


 


(a)          Notice.
All notices to be given to the parties hereunder shall be in writing and shall be deemed to have been given and be effective when
delivered personally or if sent by certified mail, return receipt requested, postage prepaid addressed to the parties at the addresses
set forth in Section 12.3(b), or to such other address as either party may designate by notice to the other parties pursuant
to this Section.


 




    	 	26	 



     


    

 


(b)          Notice
Addresses. Any notice, request, demand, consent, waiver or other communication will be delivered or addressed to (i) (a) in
the case of Synchrony Financial, 777 Long Ridge Road, Stamford, Connecticut 06902, Attention: Manager – Securitization,
(b) in the case of Transferor, 777 Long Ridge Road, Stamford, Connecticut 06902, Attention: Manager – Securitization, (c)
in the case of Indenture Trustee, 60 Wall Street, 16th Floor, Mail Stop NYC60-1625, New York, New York 10005, Attention:
Corporate Trust and Agency Services, (d) in the case of Servicer, 777 Long Ridge Road, Stamford, Connecticut 06902, Attention:
Manager – Securitization, (e) in the case of Vendor, Clayton Fixed Income Services LLC, 1700 Lincoln Street, Suite 2600,
Denver, Colorado 80203, Attention: SVP, Surveillance; with a copy to Clayton Fixed Income Services LLC, 100 Beard Sawmill Road,
Ste. 200, Shelton, CT 06484, Attention: General Counsel, and (f) in the case of Issuer, Synchrony Credit Card Master Note Trust,
c/o BNY Mellon Trust of Delaware, 301 Bellevue Parkway, 3rd Floor, Wilmington, Delaware 19809, Attention: Corporate
Trust Administration, with a copy to Synchrony Financial, 777 Long Ridge Road, Stamford, Connecticut 06902, Attention: Manager
– Securitization; or (ii) as to each party, at such other address as shall be designated by such party in a written notice
to each other party.


 


Section
12.4.          Language. Regardless of any language into which this Agreement
may be translated and/or thereafter executed, the official, controlling and governing version of this Agreement shall be exclusively
the English language version. The headings as to the contents of particular sections of this Agreement are inserted for convenience
of reference only and shall in no way define, limit, expand, or otherwise affect the construction or interpretation of any provision
of this Agreement. The language of all parts of this Agreement shall in all cases be construed as a whole according to its fair
meaning and not strictly for or against either of the parties.


 


Section
12.5.          Governing Law. This Agreement shall be interpreted and
construed under the laws of the State of New York, U.S.A., without regard to its conflicts of law principles. The United Nations
Convention on Contracts for the International Sale of Goods is excluded. Any judicial action or proceeding between the parties
relating to this Agreement must be brought in the courts of the State of New York, U.S.A., or the United States District Court
for New York. Each party consents to the jurisdiction of such courts, agrees to accept service of process by mail, and hereby
waives all jurisdictional and venue defenses otherwise available to it.


 


Section
12.6.          No Waiver. The failure of either party at any time or
times to enforce or require performance of any provision contained in this Agreement shall in no way operate as a waiver or affect
the right of such party at a later time to enforce such provision.


 


Section
12.7.          Entire Agreement. This Agreement constitutes the entire
agreement between the parties hereto with respect to the subject matter hereof. This Agreement supersedes all prior written agreements
and contemporaneous oral agreements with respect to the subject matter hereof; provided, that if the parties have entered into
a confidentiality and non-disclosure agreement, the terms of such agreement shall survive and govern the parties’ obligations
as set forth in such agreement between the execution date thereof and the effective date of this Agreement. Neither party has
relied upon any representation of the other not set forth herein as an inducement to enter into this Agreement.


 




    	 	27	 



     


    

 


Section
12.8.          Severability. Each provision herein shall be treated as
a separate and independent clause, and the unenforceability of any one clause shall in no way impair the enforceability of any
of the other clauses of the Agreement. Moreover, if any provision contained in this Agreement shall for any reason be held to
be excessively broad as to scope, activity, subject, or otherwise unenforceable, such provision shall be construed by the appropriate
judicial body by limiting or reducing it or them so as to be enforceable to the maximum extent compatible with the applicable
law.


 


Section
12.9.          Independent Contractor. Vendor and all Vendor personnel
are independent contractors and neither Vendor nor any Vendor personnel shall be deemed an employee of Company. Nothing in this
Agreement shall be construed to create a partnership, joint venture, or agency relationship between the parties. Neither Vendor
nor any Vendor personnel shall have the right to bind Company to any contract, agreement, or obligation.


 


Section
12.10.         Survival. All provisions of this Agreement related to confidentiality,
indemnification, intellectual property rights, warranties, non-solicitation, and limitations on liability shall expressly survive
any termination or expiration of this Agreement.


 


Section
12.11.         Use of Marks. Vendor parties shall not use Synchrony Financial’s
or any Synchrony Affiliate’s name, photographs, logo, trademark, or other identifying characteristics or that of any Synchrony
Affiliate without Synchrony Financial’s prior written approval.


 


Section
12.12.         Interpretation. Whenever any provision of this Agreement uses
the term “including” (or “includes”), such term shall be deemed to mean “including without limitation”
and “including but not limited to” (or “includes without limitations” and “includes but is not limited
to”) regardless of whether the words “without limitation” or “but not limited to” actually follow
the term “including” (or “includes”). The words, “Herein,” “hereby,” “hereunder,”
“hereof” and other equivalent words shall refer to this Agreement in its entirety and not solely to the particular
portion of this Agreement in which any such word is used. All definitions set forth herein shall be deemed applicable whether
the words defined are used herein in the singular or the plural. Wherever used herein, any pronoun or pronouns shall be deemed
to include both the singular and plural and to cover all genders.


 




    	 	28	 



     


    

 


Section
12.13.         Force Majeure. Subject to paragraph (b) below, neither party
shall be liable for any failure or delay in the performance of its obligations under this Agreement to the extent such failure
or delay both: (i) is caused by any of the following: acts of war, terrorism, civil riots or rebellions; quarantines, embargoes
and other similar unusual governmental action; extraordinary elements of nature or acts of God (other than localized fire, hurricane,
tornado or flood); and (ii) could not have been prevented by the non-performing party’s reasonable precautions or commercially
accepted processes, or could not reasonably be circumvented by the non-performing party through the use of substitute services,
alternate sources, work-around plans or other means by which the requirements of a customer of services substantively similar
to the Services hereunder would be satisfied. Events meeting both of the criteria set forth in clauses (i) and (ii) above are
referred to individually and collectively as “Force Majeure Events.” The parties expressly acknowledge that
Force Majeure Events do not include vandalism, the regulatory acts of governmental agencies, labor strikes, or the non-performance
of third parties or subcontractors relied on for the delivery of the Services, unless such failure or non-performance by a third
party or subcontractor is itself caused by a Force Majeure Event, as defined above. Upon the occurrence of a Force Majeure Event,
the non-performing party shall be excused from any further performance or observance of the affected obligation(s) for as long
as such circumstances prevail, and such party continues to attempt to recommence performance or observance to the greatest extent
possible without delay provided that the non-performing party shall provide the other party with written notice immediately upon
becoming actually aware of its occurrence.


 


Section
12.14.         Counterparts. This Agreement may be executed in any number
of separate counterparts, each of which shall collectively and separately constitute one Agreement.


 


[Remainder
of Page Left Blank]


 




    	 	29	 



     


    

 


EXECUTED
BY:


 


	 	SYNCHRONY FINANCIAL
	 	 	 
	 	By:	/s/ Eric Duenwald
	 	 	Name:  Eric Duenwald
	 	 	Title:    Treasurer
	 	 	 
	 	SYNCHRONY BANK, as Seller
	 	 	 
	 	By:	/s/ Eric Duenwald
	 	 	Name:  Eric Duenwald
	 	 	Title:    Treasurer
	 	 	 
	 	RFS HOLDING, L.L.C., as Transferor
	 	 	 
	 	By:	/s/ Andrew Lee
	 	 	Name:  Andrew Lee
	 	 	Title:    Vice President
	 	 	 
	 	SYNCHRONY FINANCIAL, as Servicer
	 	 	 
	 	By:	/s/ Eric Duenwald
	 	 	Name:  Eric Duenwald
	 	 	Title:    Treasurer


 


[Signature
Page to Asset Representations Review Agreement]


 




     


     


    

 


	 	SYNCHRONY CREDIT CARD MASTER NOTE TRUST, as Issuer
	 	 
	 	By: BNY MELLON TRUST OF DELAWARE, not in its individual
    capacity but solely as Trustee of the Issuer
	 	 	 
	 	By:	/s/ Kristine K. Gullo
	 	 	Name:  Kristine K. Gullo
	 	 	Title:    Vice President


 


[Signature
Page to Asset Representations Review Agreement]


 




     


     


    

 


	 	CLAYTON FIXED INCOME SERVICES LLC, as Vendor
	 	 
	 	By:	/s/ Robert
    Harris
	 	 	Name:  Robert Harris
	 	 	Title:    Secretary


 


[Signature
Page to Asset Representations Review Agreement]


 




     


     


    

 


Schedule
A


 


Representations
and Warranties, Review Materials and Tests


 


	Section

    Reference	 	Representations
    and Warranty	 	Review
    Materials	 	Tests
	 	 	 	 	 	 	 
	RSA
        Section 6.1(a)(viii)(A)

         

        TSA
        Section 6.1(a)(ix)(A)
	 	Each
    Transferred Receivable satisfies the criteria for an Eligible Receivable as of the applicable Transfer Date;	 	See below
    for testing of each component of “Eligible Receivable”.	 	See below
    for testing of each component of “Eligible Receivable”.
	 	 	 	 	 	 	 
	RSA Section 1.1	 	“Eligible Receivable”
    means a Receivable:	 	 	 	 
	 	 	 	 	 	 	 
	RSA Section 1.1 - Definition
    of “Eligible Receivable”	 	(a)    that
    has arisen under an Eligible Account;	 	See below
    for testing of each component of “Eligible Account”.	 	See below
    for testing of each component of “Eligible Account”.
	 	 	 	 	 	 	 
	RSA Section 1.1 - Definition
    of “Eligible Receivable”	 	(b)    that
    was created in compliance with the Credit and Collection Policies and all Requirements of Law applicable to Originator the
    failure to comply with which would have a material adverse effect on Buyer or any of its creditors, and pursuant to a Credit
    Card Program Agreement that complies with all Requirements of Law applicable to Originator, the failure to comply with which
    would have a material adverse effect on Buyer or its assigns;	 	·    Public
                                         filings of litigation and judgments against Originator, Transferor and Issuer from the
                                         Start Date to the date of the Review Notice.

                                                                          

                                                                       ·    Copies
                                         of Originator’s Regulatory Monitoring Process, the Credit and Collection Policies
                                         and the related Credit Card Program Agreements1 (i) if the Effective Date
                                         is later than the Start Date, to the extent available from the Start Date2
                                         to the Effective Date and (ii) from the later of (x) the Effective Date and (y) the Start
                                         Date to the date of the Review Notice.

                                                                        

        ·    Reports
        from the Law Monitoring System (or any successor system) showing proposed and enacted federal and state laws that were
        reviewed in connection with the Regulatory Monitoring Process and related Change Control Action Plans (i) if the Effective
        Date is later than the Start Date, to the extent available from the Start Date to the Effective Date and (ii) from the
        later of (x) the Effective Date and (y) the Start Date to the date of the Review Notice.

         

        ·    To
        the extent available from the Start Date to the date of the Review Notice, internal audit reports regarding compliance
        with the Regulatory Monitoring Process or the Credit and Collection Policies.
	 	·    Vendor
                                         shall review all litigation and judgments disclosed in any public filings made by Originator,
                                         Transferor and Issuer since the Start Date for disclosure of any litigation alleging
                                         that Originator failed to comply with any Requirement of Law in connection with any Subject
                                         Receivable or related Credit Card Program Agreement.

                                                                        

·    Vendor
                                         shall review Originator’s policies and procedures for monitoring, evaluation and
                                         communicating changes in law applicable to the origination of credit card receivables,
                                         the Contracts and the related Credit Card Program Agreements that were in place from
                                         the Start Date to the date of the review. The policies and procedures referred to in
                                         the immediately preceding sentence are referred to herein as the “Regulatory
                                         Monitoring Process”.

         

        ·    If
        (i) no litigation or judgments disclosed in public filings indicates a failure to comply in all material respects with
        all Requirements of Law applicable to Originator or Servicer and (ii) the Regulatory Monitoring Process is materially
        maintained, each Subject Receivable shall receive a “Test Pass” for this Test.

	 	 	 	 	 	 	 








 



 


1
Any Credit Card Program Agreements required to be delivered to Vendor pursuant to this Schedule A may be redacted in Synchrony
Financial’s sole discretion.


2
For purposes of this Schedule A: “Start Date” shall mean the later of (a) the earliest date of which the Account
related to the Subject Receivables was opened and (b) a date determined by Synchrony Financial, in its reasonable judgment, to
be the date of the oldest date of processing of the oldest Subject Receivable;“Effective Date” shall mean the date
of this Agreement.



 




    	 	1	 



     


    

 


	Section
    

    Reference	 	Representations
    and Warranty	 	Review
    Materials	 	Tests
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	RSA
        Section 1.1 - Definition of “Eligible Receivable”

                                                                                        

        RSA
        Section 6.1(a)(viii)(E)

         

        TSA
        Section 6.1(a)(viii)(E)
	 	(c)    with
    respect to which all consents, licenses, approvals or authorizations of, or registrations with, any Governmental Authority
    required to be obtained or made by Originator in connection with the creation of such Receivable or the execution, delivery
    and performance by Originator of the related Credit Card Program Agreement, have been duly obtained or made and are in full
    force and effect as of the date of creation of such Receivable, but failure to comply with this clause (c) shall not
    cause a Receivable not to be an Eligible Receivable if, and to the extent that, the failure to so obtain or make any such
    consent, license, approval, authorization or registration would not have a material adverse effect on Buyer or its assigns;	 	·    Public
                                         filings of litigation and judgments against Originator, Transferor and Issuer from the
                                         Start Date to the date of the Review Notice.

         

        ·    Copies
        of Originator’s Regulatory Monitoring Process, the Credit and Collection Policies and the related Credit Card Program
        Agreements (i) if the Effective Date is later than the Start Date, to the extent available from the Start Date to the
        Effective Date and (ii) from the later of (x) the Effective Date and (y) the Start Date to the date of the Review Notice.

         

        ·    All
        licenses and charters of Originator as of the date of the Review Notice.

         

        ·    Confirmation
                                         from an appropriate employee or officer of Originator that, to the best of such person’s
                                         knowledge, (i) no Governmental Authority has take any action against Originator with
                                         respect to any consent, license, approval or authorization of, or registration with,
                                         any Governmental Authority that was required to be obtained or made by Originator in
                                         connection with the creation of the Subject Receivables or the execution, delivery or
                                         performance of its obligations under the Credit Card Program Agreements pursuant to which
                                         the Subject Receivables were created or (ii) to the extent any such Governmental Authority
                                         action has been taken, such action has been resolved (the “Confirmation”).

         

        ·    To
        the extent available from the Start Date to the date of the Review Notice, internal audit reports regarding compliance
        with the Regulatory Monitoring Process or the Credit and Collection Policies.
	 	·    Vendor
                                         shall review all litigation and judgments disclosed in any public filings made by Originator,
                                         Transferor and Issuer for disclosure of any allegations that Originator failed to obtain
                                         a consent, license or approval from a Governmental Authority.

         

        ·    Vendor
        shall review copies of the Regulatory Monitoring Process, the Credit and Collection Policies and the related Credit Card
        Program Agreements.

         

        ·    Vendor
        shall review copies of the Originator’s licenses and charters.

         

        ·    Vendor
                                         shall review the Confirmation.

         

        ·    If
(i) no litigation or judgments disclosed in public filings indicates a material failure of Originator to obtain any necessary
consent, license, approval or authorization of a Governmental Authority, (ii) the Regulatory Monitoring Process is materially
maintained, (iii) the licenses and charters of Originator are in full force and effect and have not expired or been revoked as
of the date of the Review and (iv) the Confirmation is obtain, each Subject Receivable shall receive a “Test Pass”
for this Test.



 




    	 	2	 



     


    

  





	Section

    Reference	 	Representations
    and Warranty	 	Review
    Materials	 	Tests
	 	 	 	 	 	 	 
	RSA
        Section 1.1 - Definition of “Eligible Receivable”

                                                                                        

        RSA
        Section 6.1(a)(viii)(D)

         

        TSA
        Section 6.1(a)(ix)(D)
	 	(d)    as
    to which, at the time of its transfer to Buyer, Seller or Buyer will have good and marketable title free and clear of all
    Liens (other than Permitted Encumbrances);	 	·    UCC
                                         Search Results

         

        ·    Account
        Assignments
	 	·    Vendor
                                         shall perform a UCC search on Originator in Utah, Transferor in Delaware and the Issuer
                                         in Delaware and review the results of such search to determine whether any lien on any
                                         Subject Receivables (other than evidencing the interest of the Transferor, the Issuer
                                         or the Indenture Trustee) exists or has existed since the Start Date.

         

        ·    If,
        based on UCC searches, Vendor has found the existence of any lien on the Subject Receivables, Vendor shall determine whether
        such lien was Permitted Encumbrance.

         

        ·    Vendor
        shall review the Account Assignments.

         

        ·    If
        (i) no liens other than Permitted Encumbrances are discovered and (ii) executed Account Assignments for the related accounts
        are delivered, each Subject Receivable shall receive a “Test Pass” for this Test.



 




    	 	3	 



     


    

 


	Section

    Reference	 	Representations
    and Warranty	 	Review
    Materials	 	Tests
	 	 	 	 	 	 	 
	RSA Section
    1.1 - Definition of “Eligible Receivable”	 	(e)    that
    is the subject of a valid transfer and assignment (or the grant of a security interest) from Seller to Buyer of all Seller’s
    right, title and interest therein;	 	Same
        as Clause (d) above.

         
	 	Same
    as Clause (d) above.
	 	 	 	 	 	 	 
	RSA Section
    1.1 - Definition of “Eligible Receivable”	 	(f)    that
    at and after the time of transfer to Buyer is the legal, valid and binding payment obligation of the Obligor thereof, legally
    enforceable against such Obligor in accordance with its terms, except as enforceability may be limited by applicable Debtor
    Relief Laws, and by general principles of equity (whether considered in a suit at law or in equity);	 	·    Copies
                                         of Originator’s Regulatory Monitoring Process, the Credit and Collection Policies
                                         and the related Credit Card Program Agreements (i) if the Effective Date is later than
                                         the Start Date, to the extent available from the Start Date to the Effective Date and
                                         (ii) from the later of (x) the Effective Date and (y) the Start Date to the date of the
                                         Review Notice.

         

        ·    Reports
        from the Law Monitoring System (or any successor system) showing proposed and enacted federal and state laws that were
        reviewed in connection with the Regulatory Monitoring Process and related Change Control Action Plans (i) if the Effective
        Date is later than the Start Date, to the extent available from the Start Date to the Effective Date and (ii) from the
        later of (x) the Effective Date and (y) the Start Date to the date of the Review Notice.

         

        ·    To
                                         the extent available from the Start Date to the date of the Review Notice, internal audit
                                         reports regarding compliance with the Regulatory Monitoring Process or the Credit and
                                         Collection Policies.

        
	 	·    Vendor
                                         shall review copies of the Regulatory Monitoring Process, the Credit and Collection Policies
                                         and the related Credit Card Program Agreements.

         

        ·    If
        the Regulatory Monitoring Process is materially maintained, each Subject Receivable shall receive a “Test Pass”
        for this Test.



 




    	 	4	 



     


    

 


	Section

    Reference	 	Representations
    and Warranty	 	Review
    Materials	 	Tests
	 	 	 	 	 	 	 
	RSA
        Section 1.1 - Definition of “Eligible Receivable”

                                                                                        

        RSA
        Section 6.1(a)(viii)(C)

         
	 	(g)    that
    constitutes an “account” within the meaning of UCC Section 9-102;	 	·    System
                                         Report3 showing code for whether a credit card has been issued for each
                                         Account in which a Subject Receivable arises as of the System Report Date.

         
	 	·    Vendor
                                         shall review a System Report to confirm that each Account in which a Subject Receivable
                                         arises is represented by a credit card.

         

        ·    If
        the System Report indicates a credit card has been issued, the related Subject Receivable shall receive a “Test
        Pass” for this Test.

	 	 	 	 	 	 	 
	RSA Section
    1.1 - Definition of “Eligible Receivable”	 	(h)    as
    to which, at the time of its transfer to Buyer, Seller has not taken any action which, or failed to take any action the omission
    of which, would, at the time of transfer to Buyer, impair Buyer’s rights therein;	 	·     Credit
                                         and Collection Policies and the related Credit Card Program Agreements (i) if the Effective
                                         Date is later than the Start Date, to the extent available from the Start Date to the
                                         Effective Date and (ii) from the later of (x) the Effective Date and (y) the Start Date
                                         to the date of the Review Notice.

         

        ·     Reports
                                         from the Law Monitoring System (or any successor system) showing proposed and enacted
                                         federal and state laws that were reviewed in connection with the Regulatory Monitoring
                                         Process and related Change Control Action Plans (i) if the Effective Date is later than
                                         the Start Date, to the extent available from the Start Date to the Effective Date and
                                         (ii) from the later of (x) the Effective Date and (y) the Start Date to the date of the
                                         Review Notice.

         

        ·   To
        the extent available from the Start Date to the date of the Review Notice, internal audit reports regarding compliance
        with the Regulatory Monitoring Process or the Credit and Collection Policies.
	 	·    Vendor
shall review copies of the Credit and Collection Policies and the related Credit Card Program Agreements. 

                                                                                        

                                                                                       ·   If
    the Regulatory Monitoring Process is materially maintained, each Subject Receivable shall receive a “Test Pass”
    for this Test.



 





 



 


3
Except for Account Selection Reports, all System Reports referred to in this Schedule A shall be dated as of a date selected
by Synchrony Financial, which date shall be within sixty days of the applicable Review Notice (the “System Report Date”).
A “System Report” shall means a report from the FDR system or from archives of such platform stored on Synchrony
Financial’s physical or electronic data warehouse; provided that any successor data management system utilized by Synchrony
Financial may be substituted for FDR upon notice from Synchrony Financial to Vendor.


 




    	 	5	 



     


    

 


	Section

    Reference	 	Representations
    and Warranty	 	Review
    Materials	 	Tests
	 	 	 	 	 	 	 
	RSA Section
    1.1 - Definition of “Eligible Receivable”	 	(i)          that,
    at the time of its transfer to Buyer, has not been waived or modified except as permitted by this Agreement;	 	Same
    as clause (h) above.	 	Same as clause
    (h) above.
	 	 	 	 	 	 	 
	RSA Section
    1.1 - Definition of “Eligible Receivable”	 	(j)     that,
    at the time of its transfer to Buyer, is not subject to any right of rescission, setoff, counterclaim or any other defense
    of the Obligor (including the defense of usury), other than defenses arising out of Debtor Relief Laws and except as such
    enforceability may be limited by general principles of equity (whether considered in a suit at law or equity) or as to which
    Seller makes an adjustment pursuant to Section 2.5; 	 	·     System
                                         Report showing the status of each Account in which a Subject Receivable arises as of
                                         the System Report Date.

         
	 	·     Vendor
                                         shall review System Report to confirm that each Account in which a Subject Receivable
                                         arises is has a “normal” status.

         

        ·     If
        the System Report indicates the Account has a “normal” status, the related Subject Receivable shall receive
        a “Test Pass” for this Test.

	 	 	 	 	 	 	 
	RSA Section
    1.1 - Definition of “Eligible Receivable”	 	(k)     as
    to which, at the time of its transfer to Buyer, Seller has satisfied all obligations to be fulfilled at the time it is transferred
    to Buyer; and	 	·     UCC
                                         Search Results

         

        ·     System
        Report showing securitization designation code for each Account in which a Subject Receivable arises as of the System
        Report Date.
	 	·     Vendor
                                         shall perform a UCC search on Originator in Utah, Transferor in Delaware and the Issuer
                                         in Delaware and review the results of such search to determine whether any lien on any
                                         Subject Receivables (other than evidencing the interest of the Transferor, the Issuer
                                         or the Indenture Trustee) exists or has existed since the Start Date.

         

        ·     If
    (i) the UCC Search Results indicate that there are UCC filings that name each of Originator and Transferor as a debtor, which
    describe the Receivables as part of the collateral description and (ii) a System Report indicates that the Account has been
    designated for inclusion in the securitization, each Subject Receivable shall receive a “Test Pass” for this Test.



 






    	 	6	 



     


    

 


	Section

    Reference	 	Representations
    and Warranty	 	Review
    Materials	 	Tests
	 	 	 	 	 	 	 
	RSA
    Section 1.1	 	“Eligible
    Account” means a credit card account that (x) in the case of any Initial Account, satisfied each of the requirements
    below as of the date that such account was first designated as a “Designated Account” under (and as defined in)
    the Prior Transfer Agreement and (y) in the case of any Additional Account, satisfies each of the requirements below as of
    the applicable Addition Cut-Off Date:	 	 	 	 
	 	 	 	 	 	 	 
	RSA
    Section 1.1 - Definition of “Eligible Account”	 	(a)     the
    account (i) is established or acquired by Originator pursuant to a Retailer’s Credit Card Program Agreement or is otherwise
    established or acquired by Originator and (ii) is in existence and is serviced by Servicer or any Sub-Servicer;	 	·    For
                                         any Account in which a Subject Receivable arises that was designated to the trust after
                                         January 1, 2006 (a “System Selected Account”), the System Report showing
                                         the criteria used to select such account (the “Account Selection Report”).

                                                                                        

                                                                                       ·    System
                                         Report showing retailer code for each Account in which a Subject Receivable arises other
                                         than a System Selected Account as of the System Report Date.

         

        ·    System
        Report showing securitization designation code for each Account in which a Subject Receivable arises as of the System
        Report Date.
	 	
    ·     Vendor
shall review the Account Selection Report and the provided System Reports.

 

                                                     ·     If
    (i) (x) with respect to any System Selected Account, the Account Selection Report indicates that the selection criteria included
    that the related Account was governed by a Credit Card Program Agreement or (y) with respect to any Account other than a System
    Selected Account, a System Report indicates that the related Account is governed by a Credit Card Program Agreement and (ii)
    a System Report indicates that the Account has been designated for inclusion in the securitization, the related Subject Receivable
    shall receive a “Test Pass” for this Test.



 




    	 	7	 



     


    

 


	Section

    Reference	 	Representations
    and Warranty	 	Review
    Materials	 	Tests
	 	 	 	 	 	 	 
	RSA
    Section 1.1 - Definition of “Eligible Account”	 	(b)     the
    account has not been cancelled;	 	·    For
                                         each System Selected Account, the Account Selection Report.

         

        ·    System
        Report showing status for each Account in which a Subject Receivable arises other than a System Selected Account as of
        the System Report Date.
	 	·    Vendor
                                         shall review the Account Selection Report and the provided System Reports.

         

        ·    If
        (i) with respect to any System Selected Account, the Account Selection Report indicates that the selection criteria included
        that the related Account was active or (ii) with respect to any Account other than a System Selected Account, a System
        Report indicates that the related Account is “active”, the related Subject Receivable shall receive a “Test
        Pass” for this Test.

         

	 	 	 	 	 	 	 
	RSA
    Section 1.1 - Definition of “Eligible Account”	 	(c)     the
    account is payable in United States dollars;	 	·    For
                                         each System Selected Account, the Account Selection Report.

         

        ·    System
        Report showing related currency cost center for each Account in which a Subject Receivable arises other than a System
        Selected Account as of the System Report Date.

         
	 	·    Vendor
                                         shall review the Account Selection Report and the provided System Reports.

         

        ·    If
    (i) with respect to any System Selected Account, the Account Selection Report indicates that the selection criteria included
    that the related Account was denominated in USD or (ii) with respect to any Account other than a System Selected Account,
    a System Report indicates that the related Account is included in a USD cost center, the related Subject Receivable shall
    receive a “Test Pass” for this Test.



 




    	 	8	 



     


    

 


	Section
    Reference	 	Representations
    and Warranty	 	Review
    Materials	 	Tests
	 	 	 	 	 	 	 
	RSA
    Section 1.1 - Definition of “Eligible Account”	 	(d)     the
    account is not a closed-end account;	 	·    For
                                         each System Selected Account, the Account Selection Report.

         

        ·    System
        Report showing related status for each Account in which a Subject Receivable arises other than a System Selected Account
        as of the System Report Date.
	 	·    Vendor
                                         shall review the Account Selection Report and the provided System Reports.

         

        ·    If
        (i) with respect to any System Selected Account, the Account Selection Report indicates that the selection criteria included
        that the related Account was not closed-end or (ii) with respect to any Account other than a System Selected Account,
        a System Report indicates that the related Account was not closed-end, the related Subject Receivable shall receive a
        “Test Pass” for this Test.

	 	 	 	 	 	 	 
	RSA
    Section 1.1 - Definition of “Eligible Account”	 	(e)     except
    as provided below, the account has not been identified as an account (i) the credit cards for which have been reported to
    Originator as lost or stolen or (ii) the Obligor of which is the subject of a bankruptcy proceeding;	 	·    For
                                         each System Selected Account, the Account Selection Report.

         

        ·    System
        Report showing related status for each Account in which a Subject Receivable arises other than a System Selected Account
        as of the System Report Date.
	 	·    Vendor
                                         shall review the Account Selection Report and the provided System Reports.

         

        ·    If
        (i) with respect to any System Selected Account, the Account Selection Report indicates that the selection criteria included
        that (x) the credit card was not lost or stolen and (y) the related Obligor was not subject to a bankruptcy proceeding
        or (ii) with respect to any Account other than a System Selected Account, a System Report indicates that the related Account
        has a “normal” status, the related Subject Receivable shall receive a “Test Pass” for this Test.

	




    	 	9	 



     


    


	Section
    Reference	 	Representations
    and Warranty	 	Review
    Materials	 	Tests
	 	 	 	 	 	 	 
	RSA
    Section 1.1 - Definition of “Eligible Account”	 	(f)     none
    of the Receivables in the account have been, sold, pledged, assigned or otherwise conveyed to any Person, unless any such
    pledge or assignment is released on or before the Closing Date or the Addition Date, as applicable;	 	·    UCC
                                         Search Results

         

        ·    Account
        Assignments

         
	 	·    Vendor
                                         shall perform a UCC search on Originator in Utah, Transferor in Delaware and the Issuer
                                         in Delaware and review the results of such search to determine whether any lien on any
                                         Subject Receivables (other than evidencing the interest of the Transferor, the Issuer
                                         or the Indenture Trustee) exists or has existed since the Start Date.

         

        ·    If,
        based on UCC searches, Vendor has found the existence of any lien on the Subject Receivables, Vendor shall determine whether
        such lien was Permitted Encumbrance.

         

        ·    If
    (i) no liens other than Permitted Encumbrances are discovered and (ii) executed Account Assignments for the related accounts
    are delivered, each Subject Receivable shall receive a “Test Pass” for this Test.



 




    	 	10	 



     


    

 


	Section

    Reference	 	Representations
    and Warranty	 	Review
    Materials	 	Tests
	 	 	 	 	 	 	 
	 	 	 	 	 	 	
	RSA
    Section 1.1 - Definition of “Eligible Account”	 	(g)     except
    as provided below, none of the Receivables in the account are Charged-Off Receivables or have been identified by Originator,
    or by the relevant Obligor to Originator, as having been incurred as a result of fraudulent use of a credit card;	 	·    For
                                         each System Selected Account, the Account Selection Report.

         

        ·    System
        Report showing related status for each Account in which a Subject Receivable arises other than a System Selected Account
        as of the System Report Date.
	 	·    Vendor
                                         shall review the Account Selection Report and the provided System Reports.

        

        ·    If
        (i) with respect to any System Selected Account, the Account Selection Report indicates that the selection criteria included
        that the Account was not charged-off or subject to fraudulent activity or (ii) with respect to any Account other than
        a System Selected Account, a System Report indicates that the related Account has a “normal” status, the related
        Subject Receivable shall receive a “Test Pass” for this Test.

	 	 	 	 	 	 	 
	RSA
    Section 1.1 - Definition of “Eligible Account”	 	(h)     the
    account has an Obligor who has provided as his or her most recent billing address, an address located in the United States
    or a United States military address;	 	·    For
                                         each System Selected Account, the Account Selection Report.

         

        ·    System
        Report showing the billing address of the Obligor of each Account in which a Subject Receivable arises other than a System
        Selected Account as of the System Report.
	 	·    Vendor
                                         shall review the Account Selection Report and the provided System Reports.

         

        ·    If
        (i) with respect to any System Selected Account, the Account Selection Report indicates that the selection criteria included
        that the Obligor or of the related Account had a billing address in the U.S. or a U.S. military address or (ii) with respect
        to any Account other than a System Selected Account, a System Report indicates that the Obligor of the related Account
        has a billing address in the U.S. or a U.S. military address, the related Subject Receivable shall receive a “Test
        Pass” for this Test.

	 	 	 	 	 	 	 


 




    	 	11	 



     


    

 


	Section

    Reference	 	Representations
    and Warranty	 	Review
    Materials	 	Tests
	RSA
    Section 1.1 - Definition of “Eligible Account”	 	(i)          none
    of the Receivables in the account is an obligation of the United States, any state or agency or instrumentality or political
    subdivision thereof; and	 	·    For
                                         each System Selected Account, the Account Selection Report.

         

        ·    System
        Report showing Obligor type for each Account in which a Subject Receivable arises other than a System Selected Account
        as of the System Report Date.
	 	·   Vendor
shall review the Account Selection Report and the provided System Reports.

                                                                                                      

                                                                                                     ·    If
    (i) with respect to any System Selected Account, the Account Selection Report indicates that the selection criteria included
    that the Obligor of the Account was not the United States, any state or agency or instrumentality or political subdivision
    thereof or (ii) with respect to any Account other than a System Selected Account, a System Report indicates that the Obligor
    of the related Account is a natural Person, the related Subject Receivable shall receive a “Test Pass” for this
    Test.

	 	 	 	 	 	 	 
	RSA
    Section 1.1 - Definition of “Eligible Account”	 	(j)          the
    account satisfies any additional requirements agreed upon between Seller and Buyer from time to time.	 	·    Account
                                         Assignments

         

        ·    If
        any additional requirement is identified, for each System Selected Account, the Account Selection Report.

         

        ·    If
        any additional requirement is identified, a System Report showing such criteria for each Account in which a Subject Receivable
        arises other than a System Selected Account as of the System Report Date.
	 	·    Vendor
                                         shall review the Account Assignments to determine if any Subject Receivable is subject
                                         to any additional requirements.

         

        ·    If
        any additional requirements are noted based on review of the Account Assignments, Vendor shall review the Account Selection
        Report and the provided System Reports.

         

        ·    If
                                         no additional requirements are noted, each Subject Receivable shall receive a “Test
                                         Pass” for this Test.

         

        ·    If
        additional requirements are noted, if (i) with respect to any System Selected Account, the Account Selection Report indicates
        that the selection criteria included such additional criteria or (ii) with respect to any Account other than a System
        Selected Account, a System Report indicates that the related Account has such criteria, the related Subject Receivable
        shall receive a “Test Pass” for this Test.



 




    	 	12	 



     


    

 


	Section

    Reference	 	Representations
    and Warranty	 	Review
    Materials	 	Tests
	 	 	 	 	 	 	
	RSA
        Section 6.1(a)(viii)(B)

                                                                                   

        TSA
        Section 6.1(a)(ix)(B)
	 	This
    Agreement creates a valid and continuing security interest in the Transferred Receivables in favor of Buyer, which (x) with
    respect to Transferred Receivables existing as of the Closing Date and thereafter created in the Initial Accounts and the
    Related Security and Collections and Recoveries with respect thereto, together with all monies due or to become due and all
    amounts received or receivable with respect thereto and Insurance Proceeds relating thereto and the proceeds thereof, will
    be enforceable upon execution of this Agreement against Seller and with respect to Transferred Receivables in Additional Accounts
    as of the applicable Addition Date and thereafter created, and the Related Security and Collections and Recoveries with respect
    thereto, together with all monies due or to become due and all amounts received or receivable with respect thereto and Insurance
    Proceeds relating thereto and the proceeds thereof, will be enforceable against Seller as of the Addition Date, in each case
    as such enforceability may be limited by applicable Debtor Relief Laws, now or hereafter in effect, and by general principles
    of equity (whether considered in a suit at law or in equity) and (y) upon filing of the financing statements described in
    Section 2.1 and, in the case of Transferred Receivables thereafter created, upon the creation thereof, will be prior
    to all other Liens (other than Permitted Encumbrances); 4	 	UCC
        Search Results

         
	 	·    Vendor
                                         shall perform a UCC search on Originator in Utah, Transferor in Delaware and the Issuer
                                         in Delaware and review the results of such search to determine whether any lien on any
                                         Subject Receivables (other than evidencing the interest of the Transferor, the Issuer
                                         or the Indenture Trustee) exists or has existed since the Start Date.

         

        ·    If,
        based on UCC searches, Vendor has found the existence of any lien on the Subject Receivables, Vendor shall determine whether
        such lien was Permitted Encumbrance.

         

        ·    If
        no liens other than Permitted Encumbrances are discovered, each Subject Receivable shall receive a “Test Pass”
        for this Test.

	 	 	 	 	 	 	 
	RSA
        Section 6.1(a)(viii)(F)

                                                                                   

        TSA
        Section 6.1(a)(viii)(F)
	 	Seller
    has caused or will have caused, within ten (10) days of the Closing Date or the applicable Addition Date, 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 granted to Buyer under this Agreement in the Transferred Receivables arising in the Initial
    Accounts and Additional Accounts, respectively;	 	Same
        as clause (k) of Eligible Receivable

         
	 	Same
        as clause (k) of Eligible Receivable

         

	 	 	 	 	 	 	 


 





 



 


4 Note – TSA representations correspond to RSA
representations but are not set forth in this chart.


 




    	 	13	 



     


    

 


	Section

    Reference	 	Representations
    and Warranty	 	Review
    Materials	 	Tests
	 	 	 	 	 	 	 
	RSA
        Section 6.1(a)(viii)(G)

                                                                                   

        TSA
        Section 6.1(a)(viii)(G)
	 	subject
    to Permitted Encumbrances, other than the transfer and assignment and the security interest granted to Buyer pursuant to this
    Agreement, Seller has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Transferred
    Receivables and Seller has not authorized the filing of and is not aware of any financing statements against Seller that included
    a description of collateral covering the Transferred Receivables;	 	UCC
    Search Results	 	  ·   Vendor
    shall perform a UCC search on Originator in Utah, Transferor in Delaware and the Issuer in Delaware and review the results
    of such search to determine whether any lien on any Subject Receivables (other than evidencing the interest of the Transferor,
    the Issuer or the Indenture Trustee) exists or has existed since the Start Date.
	 	 	 	 	 	 	 
	 	 	 	 	 	 	·    If,
                                         based on UCC searches, Vendor has found the existence of any lien on the Subject Receivables,
                                         Vendor shall determine whether such lien was Permitted Encumbrance.

         

        ·    If
        no liens other than Permitted Encumbrances are discovered, each Subject Receivable shall receive a “Test Pass”
        for this Test.

	 	 	 	 	 	 	 
	RSA Section 6.1(a)(viii)(H)	 	Seller
    has received all consents and approvals required by the terms of the Transferred Receivables to the sale of the Transferred
    Receivables hereunder to Buyer.	 	·     Credit
    and Collection Policies and the related Credit Card Program Agreements (i) if the Effective Date is later than the Start Date,
    to the extent available from the Start Date to the Effective Date and (ii) from the later of (x) the Effective Date and (y)
    the Start Date to the date of the Review Notice.
	 	
        ·   Vendor
shall review copies of the Credit and Collection Policies and the related Credit Card Program Agreements.

         

        ·    If
    the Regulatory Monitoring Process is materially maintained, each Subject Receivable shall receive a “Test Pass”
    for this Test.

	 	 	 	 	 	 	 
	 	 	 	 	·    Reports
                                         from the Law Monitoring System (or any successor system) showing proposed and enacted
                                         federal and state laws that were reviewed in connection with the Regulatory Monitoring
                                         Process and related Change Control Action Plans (i) if the Effective Date is later than
                                         the Start Date, to the extent available from the Start Date to the Effective Date and
                                         (ii) from the later of (x) the Effective Date and (y) the Start Date to the date of the
                                         Review Notice.

         

        ·    To
        the extent available from the Start Date to the date of the Review Notice, internal audit reports regarding compliance
        with the Regulatory Monitoring Process or the Credit and Collection Policies.
	 	



 




    	 	14	 



     


    

 


EXHIBIT
A 


 


Attachment
1


 


REQUIRED
INSURANCE COVERAGE

As Required by Article IV of the Agreement


 


Vendor,
shall at its own expense provide and maintain throughout the performance of Services, the following insurance coverages and limits:


 


Employer’s
Liability Insurance/Workers’ Compensation Insurance, including coverage for occupational injury, illness and disease, and
other similar social insurance as prescribed by the law of the state in which the Services are to be performed with minimum limits
per employee and per event of $1,000,000 USD or the minimum limits required by law, whichever limits are greater;


 


Commercial
General liability Insurance, including Products, Completed Operations, Premises Operations, Personal and Advertising Injury, Contractual
and Broad Form Property Damage liability coverages, on an occurrence basis, with a minimum combined single limit of $1,000,000
per occurrence and $2,000,000 in the aggregate;


 


Automotive
Liability Insurance covering use of all owned (if any), non-owned and hired automobiles for bodily injury, property damage, uninsured
motorist and underinsured motorist liability with a minimum combined single limit per accident of $1,000,000 USD or the minimum
limit required by law, whichever limit is greater;


 


Comprehensive
Crime, Employee Dishonesty and Computer Theft coverage, for loss arising out of or in connection with any fraudulent or dishonest
acts committed by the employees of Vendor, acting alone or in collusion with others, including the property and funds of others
in their possession, care, custody or control, and such policy extends to Company’s property in the event of any theft of
Company money or property, or money or property of others for which Company is responsible and in the possession of Vendor, with
a minimum limit per event of not less than $1,000,000 USD;


 


Professional
Errors & Omission insurance covering the activities of Vendor, with coverage limits of not less than Five Million Dollars
per claim or per occurrence/Five Million Dollars aggregate ($5,000,000/$5,000,000). Policy may be placed either on an “occurrence”
basis with full prior acts coverage for claims arising out of services rendered on a “claims made” basis, providing
coverage for claims arising out of services rendered without any limitations for prior acts, and which may provide a one (1) year
tail or grace period for claims made after the expiration date of the policy.


 


If
Vendor will have access to IT systems or Personal or Synchrony Personal Data, Privacy Liability and Network Risk Insurance covering
the activities of the contractor, including loss of, mishandling of or failure to prevent unauthorized access to, or use of, systems
or data, including data containing private or confidential information of Company or others for which Company is responsible,
with coverage limits of not less than $10,000,000 in the aggregate. Policy may be placed either on an “occurrence”
basis with full prior acts coverage for claims arising out of services rendered on a “claims made” basis, providing
coverage for claims arising out of services rendered without any limitations for prior acts, and which may provide a one (1) year
tail or grace period for claims made after the expiration date of the policy.


 




    	 	 	 



     


    

 


Umbrella
Liability Insurance with a minimum limit of $5,000,000 USD in excess of the insurance coverage described in, Section 13.05
(b) and (c) above;


 


Vendor
will add Company as an additional insured to the insurance policies noted in this section of the agreement with the exception
of errors and omissions, workers compensation insurance and Crime Insurance , and provide Company at least thirty (30) days’
prior written notice prior to lapse or termination of any of the above insurance coverages. Upon Company’s request, Vendor
shall provide Company with a certificate of insurance certifying that minimum insurance coverages as required above are in effect.
Vendor shall notify Company promptly of any modification, cancellation or lapse of any insurance coverage required by this Attachment
1 to the Agreement.


 


Insurance
companies affording coverage hereunder must have an A-VII or better rating, as rated in the A.M. Best Key Rating Guide for Property
and Casualty Insurance Companies. If during the term of this Agreement an Vendor insurer fails to meet or exceed such rating,
Vendor will place such coverage with an insurer with such rating as soon as commercially reasonable. Vendor will require that
its Subcontractors maintain adequate levels of insurance coverage, with limits commensurate with the nature and extent of the
services being performed by such Subcontractor.


 


All
insurance maintained by Vendor in compliance with this Agreement, shall be primary to any other insurance owned, secured or placed
on behalf of Company, which insurance shall not be called upon by Vendor’s insurer to contribute in any way. Vendor shall
secure endorsements to this effect from all insurers of such policies.


 




    	 	2	 



     


    

 


Attachment
2





 


FORM
OF INDEMNIFICATION AGREEMENT


 


THIS
INDEMNIFICATION AGREEMENT, dated as of [_____], 20[__], is between RFS Holding, L.L.C. and Clayton Fixed Income Services LLC.


 


In
consideration of good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:


 


ARTICLE
I. DEFINITIONS


 


Section
1.1           Certain Defined Terms. The following terms shall have the
meanings set forth below, unless the context clearly indicates otherwise:


 


“Agreement”
means this Indemnification Agreement, as the same may be amended in accordance with the terms hereof.


 


“Asset
Representations Review Agreement” means the Asset Representations Review Agreement, dated March 4, 2016, among Synchrony
Bank, as Seller, RFS Holding, L.L.C., as Transferor, Synchrony Financial, individually and as Servicer, Synchrony Credit Card
Master Note Trust, as Issuer, and Clayton Fixed Income Services LLC, as Asset Representations Reviewer, as such agreement may
be amended, restated, amended and restated, supplemented, replaced or otherwise modified from time to time.


 


“Depositor”
means RFS Holding, L.L.C., a limited liability company organized under the laws of the State of Delaware.


 


“Offered
Notes” means the (Series 20[__]-[__]) Notes referred to as offered notes by the Prospectus.


 


“Person”
means any individual, corporation, partnership, limited liability company, joint venture, estate, trust, unincorporated association,
any other entity, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary
acting in such capacity on behalf of any of the foregoing.


 


“Prospectus”
means the prospectus, dated [_____], 20[__], relating to the offering of the Offered Notes.


 


“Securities
Act” means the provisions of the Securities Act of 1933, 15 U.S.C. Sections 77a et seq., and any regulations
promulgated thereunder, as may be amended or modified from time to time.


 


“Securities
Exchange Act” means the provisions of the Securities Exchange Act of 1934 15 U.S.C. Sections 78a et seq., and
any regulations promulgated thereunder, as may be amended or modified from time to time.


 




    	 	1	Form of Indemnification Agreement




     


    

 


“Vendor”
means Clayton Fixed Income Services LLC, Delaware limited liability company.


 


“Vendor
Information” means the information attached hereto as Exhibit A.


 


ARTICLE
II. REPRESENTATIONS AND WARRANTIES


 


Section
2.1           Each party hereto represents and warrants that:


 


(a)          it
has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement;


 


(b)          this
Agreement has been duly authorized, executed and delivered by such party; and


 


(c)          assuming
the due authorization, execution and delivery by each other party hereto, this Agreement constitutes the legal, valid and binding
obligation of such party.


 


Section
2.2           Vendor represents and warrants to the Depositor that as of
the date of the Prospectus, there are no material pending legal or other proceedings involving Vendor or of which any property
of Vendor is the subject that, individually or in the aggregate as to the Vendor, would have a material adverse impact on investors
in the Offered Notes. As promptly as possible following notice to or discovery by Vendor of any event or circumstance that would
make the representation and warranty in the previous sentence untrue, Vendor shall provide the Depositor notice of such event
or circumstance.


 


ARTICLE
III. INDEMNIFICATION


 


Section
3.1           Indemnification. Vendor agrees to indemnify and hold
harmless the Depositor and its officers, directors, shareholders, employees, agents and each Person, if any, who controls the
Depositor within the meaning of either Section 15 of the Securities Act or Section 20 of the Securities Exchange
Act from and against, any and all claims, losses, liabilities, actions, suits, judgments, demands, damages, costs or expenses
(including reasonable fees and expenses of attorneys) of any nature resulting from or directly related to (i) any untrue statement
of a material fact contained in the Vendor Information, (ii) any omission to state therein a material fact required to be stated
therein or necessary to make the statements therein, in the light of the circumstances in which they were made, not misleading
or (iii) a breach of any of the representations and warranties of Vendor contained in Section 2.2 of this Agreement, in
each case solely to the extent such claims, losses, liabilities, actions, suits, judgments, demands, damages, costs or expenses
are not incurred as a result of the Depositor’s misfeasance, bad faith, fraud or negligence. In no event shall Vendor be
responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited
to, loss of profit) irrespective of whether Vendor has been advised of the likelihood of such loss or damage and regardless of
the form of action.


 




    	 	2	Form of Indemnification Agreement




     


    

 


Section
3.2           Notification; Procedural Matters. Promptly after receipt
by any indemnified party under Section 3.1 of notice of any claim or the commencement of any action, such indemnified party
shall, if a claim in respect thereof is to be made against any indemnifying party under Section 3.1, notify the indemnifying
party in writing of the claim or the commencement of that action; provided, however, that the failure to notify
the indemnifying party shall not relieve it from any liability which it may have under Section 3.1 except to the extent
it has been materially prejudiced by such failure; and provided further, however, that the failure to notify the
indemnifying party shall not relieve it from any liability which it may have to any indemnified party otherwise than under Section
3.1. In case any such action is brought against any indemnified party and it notifies the indemnifying party of the commencement
thereof, the indemnifying party shall be entitled to participate therein and, to the extent that, by written notice delivered
to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, the indemnifying party elects
to assume the defense thereof, it may participate with counsel reasonably satisfactory to such indemnified party; provided,
however, that if the defendants in any such action include both the indemnified party and the indemnifying party and the
indemnified party or parties shall reasonably have concluded that there may be legal defenses available to it or them and/or other
indemnified parties that are different from or additional to those available to the indemnifying party, the indemnified party
or parties shall have the right to select separate counsel to assert such legal defenses and to otherwise participate in the defense
of such action on behalf of such indemnified party or parties. Upon receipt of notice from the indemnifying party to such indemnified
party of its election so to assume the defense of such action and approval by the indemnified party of such counsel, the indemnifying
party shall not be liable to such indemnified party under this paragraph for any legal or other expenses subsequently incurred
by such indemnified party in connection with the defense thereof, unless (i) the indemnified party shall have employed separate
counsel (plus any local counsel) in connection with the assertion of legal defenses in accordance with the proviso to the immediately
preceding sentence, (ii) the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party
to represent the indemnified party within a reasonable time after notice of commencement of the action or (iii) the indemnifying
party shall have authorized the employment of counsel for the indemnified party at the expense of the indemnifying party. No party
shall be liable for contribution with respect to any action or claim settled without its consent, which consent shall not be unreasonably
withheld. In no event shall the indemnifying party be liable for the fees and expenses of more than one counsel (in addition to
any local counsel) representing an indemnified party separate from its own counsel for all indemnified parties in connection with
any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations
or circumstances.         


 


ARTICLE
IV. GENERAL


 


Section
4.1           Successors. This Agreement shall inure to the benefit
of and be binding upon the parties hereto, their affiliates and their respective successors and assigns and the officers, directors,
partners and controlling Persons referred to in Article III hereof and their respective successors and assigns, and no
other Person shall have any right or obligation hereunder.


 


Section
4.2           Applicable Law. This Agreement shall be governed by
and construed in accordance with the laws of the State of New York without giving effect to principles of conflict of laws.


 




    	 	3	Form of Indemnification Agreement




     


    

 


Section
4.3           Acknowledgement. Vendor hereby acknowledges and agrees
that the Vendor Information shall be used in the Prospectus.


 


Section
4.4           Miscellaneous. Neither this Agreement nor any term
hereof may be changed, waived, discharged or terminated except by a writing signed by the party against which enforcement of such
change, waiver, discharge or termination is sought. This Agreement may be signed in any number of counterparts, each of which
shall be deemed an original, which taken together shall constitute one and the same instrument.


 


Section
4.5           Notices. All communications hereunder shall be in
writing and shall be deemed to have been duly given when delivered to (a) in the case of the Depositor, RFS Holding, L.L.C., [______],
Attention: [______]; and (b) in the case of Vendor, Clayton Fixed Income Services LLC, [______], Attention: [_______]; or, in
each case, to such other address as to which the applicable party has notified the other parties in writing pursuant to this Section.


 


Section
4.6           Waiver of Jury Trial. EACH PARTY HEREBY KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVES (TO THE EXTENT PERMITTED BY APPLICABLE LAW) ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY OF ANY
DISPUTE ARISING UNDER OR RELATING TO THIS AGREEMENT AND AGREES THAT ANY SUCH DISPUTE SHALL BE TRIED BEFORE A JUDGE SITTING WITHOUT
A JURY.


 


Section
4.7           Submission to Jurisdiction; Waivers. Each of the parties
hereto hereby irrevocably and unconditionally:


 


(a)          SUBMITS
FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT, OR FOR RECOGNITION AND ENFORCEMENT OF
ANY JUDGMENT IN RESPECT THEREOF, TO THE NON-EXCLUSIVE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF DELAWARE, THE FEDERAL
COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF; AND


 


(b)          CONSENTS
THAT ANY SUCH ACTION OR PROCEEDING MAY BE BROUGHT IN SUCH COURTS AND, TO THE EXTENT PERMITTED BY LAW, WAIVES ANY OBJECTION THAT
IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING
WAS BROUGHT IN AN INCONVENIENT COURT AND AGREES NOT TO PLEAD OR CLAIM THE SAME.


 


*
* * * *


 




    	 	4	Form of Indemnification Agreement




     


    

 


IN
WITNESS WHEREOF, the parties have executed this Agreement by their duly authorized officers as of the date first above written.


 


	 	RFS HOLDING, L.L.C.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 


 


	 	CLAYTON FIXED INCOME SERVICES LLC
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 


 




    	 	5	Form of Indemnification Agreement




     


    

 


Exhibit
A


 


VENDOR
INFORMATION


 


Item
1109(b)(1)-(2)


 


 


 


 


 


Item
1117: See Representation 2.2 of this Indemnification Agreement.


 


 


 


 


 


Item
1119: The following is a description of Vendor’s affiliation, if any, with any of the following persons, in each case,
to the extent that the identity of such persons has been identified to Vendor: the sponsor, the depositor, the issuing entity,
each servicer, each trustee and each person hired by Synchrony Bank or an underwriter to perform due diligence on the Receivables,
any originator, any significant obligor, any enhancement or support provider, any underwriter, or any other material transaction
party.


 




    	 	6	Form of Indemnification Agreement