Exhibit 4.8


 


EXECUTION VERSION


 


SUPPLEMENTAL INDENTURE NO. 2

TO SERIES 2012-7 INDENTURE SUPPLEMENT


 


THIS SUPPLEMENTAL INDENTURE
NO. 2 TO SERIES 2012-7 INDENTURE SUPPLEMENT, dated as of October 7, 2014 (this “Amendment”), is between Synchrony
Credit Card Master Note Trust, a Delaware statutory trust, as issuer (the “Issuer”) and Deutsche Bank Trust
Company Americas, a New York banking corporation, as indenture trustee under the Master Indenture referred to below (in such capacity,
the “Indenture Trustee”).


 


BACKGROUND


 


WHEREAS, the Issuer
and the Indenture Trustee are parties to (i) the Master Indenture, dated as of September 25, 2003, as amended by the Omnibus
Amendment No. 1 to Securitization Documents, dated as of February 9, 2004, among the Indenture Trustee, the Issuer and certain
other parties, the Second Amendment to Master Indenture, dated as of June 17, 2004, between the Issuer and the Indenture Trustee,
the Third Amendment to Master Indenture, dated as of August 31, 2006, between the Issuer and the Indenture Trustee, the Fourth
Amendment to Master Indenture, dated as of June 28, 2007, between the Issuer and the Indenture Trustee, the Fifth Amendment
to Master Indenture, dated as of May 22, 2008, between the Issuer and the Indenture Trustee, the Sixth Amendment to Master
Indenture, dated as of August 7, 2009, between the Issuer and the Indenture Trustee, the Seventh Amendment to Master Indenture,
dated as of January 21, 2014, between the Issuer and the Indenture Trustee, and the Eighth Amendment to Master Indenture and
Omnibus Supplement to Specified Indenture Supplements, dated as of March 11, 2014 (the “March 2014 Omnibus Amendment”),
between the Issuer and the Indenture Trustee (as amended, the “Master Indenture”); (ii) the Omnibus Supplement
to Specified Indenture Supplements, dated as of January 21, 2014 (the “January 2014 Omnibus Amendment”),
between the Issuer and the Indenture Trustee; and (iii) the Series 2012-7 Indenture Supplement, dated as of October 17, 2012
(as supplemented by the January 2014 Omnibus Amendment, the March 2014 Omnibus Amendment and Supplemental Indenture No. 1 to Series
2012-7 Indenture Supplement, dated as of July 16, 2014, between the Issuer and the Indenture Trustee, the “Series 2012-7
Indenture Supplement”), between the Issuer and the Indenture Trustee;


 


WHEREAS, the parties
hereto desire to amend the Series 2012-7 Indenture Supplement as set forth herein; and


 


WHEREAS, this Amendment
is being entered into pursuant to Section 9.1(b) of the Master Indenture and Section 8.1 of the Series 2012-7 Indenture Supplement,
and all conditions precedent to the execution of this Amendment, as set forth in such Section 9.1(b) and such Section 8.1, have
been satisfied.


 







    	 



    	 



    

 


 


NOW, THEREFORE, in
consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto hereby agree as follows:


 


SECTION
1. Definitions. As used herein, (a) capitalized terms which are defined in the preamble hereto shall have the
meanings as so defined and (b) capitalized terms not so defined shall have the meanings set forth in the Master Indenture or the
Series 2012-7 Indenture Supplement, as amended hereby.


 


SECTION
2. Amendments to Series 2012-7 Indenture Supplement.


 


(a)          The
reference to “$657,894,737” in the definition of “Initial Collateral Amount” in Section 1.1 of the
Series 2012-7 Indenture Supplement is hereby replaced with “$694,444,445”.


 


(b)          The
reference to “$52,216,504” in the definition of “Initial Excess Collateral Amount” in Section 1.1
of the Series 2012-7 Indenture Supplement is hereby replaced with “$88,766,212”.


 


(c)          The
reference to “7.94%” in the first sentence of the definition of “Required Excess Collateral Amount” in
Section 1.1 of the Series 2012-7 Indenture Supplement is hereby replaced with “12.78%”.


 


(d)          The
definition of “Monthly Principal Reallocation Amount” in Section 1.1 of the Series 2012-7 Indenture Supplement
is amended as follows:


 


(i)          The
reference to “24.00%” in clause (a) is hereby replaced with “28.00%”;


 


(ii)         The
reference to “14.41%” in clause (b) is hereby replaced with “18.91%”; and


 


(iii)        The
reference to “7.94%” in clause (c) is hereby replaced with “12.78%”.


 


SECTION
3. Binding Effect; Ratification.


 


(a)          This
Amendment shall become effective as of the date first set forth above when counterparts hereof shall have been executed and delivered
by the parties hereto, and thereafter shall be binding on the parties hereto and their respective successors and assigns.


 


(b)          The
Series 2012-7 Indenture Supplement, as supplemented hereby, remains in full force and effect. Any reference to the Series 2012-7
Indenture Supplement from and after the date hereof shall be deemed to refer to the Series 2012-7 Indenture Supplement as supplemented
hereby, unless otherwise expressly stated.


 


(c)          Except
as expressly supplemented hereby, the Series 2012-7 Indenture Supplement shall remain in full force and effect and is hereby ratified
and confirmed by the parties hereto.


 


SECTION
4. No Recourse. It is expressly understood and agreed by the parties hereto that (a) this Amendment is executed
and delivered by BNY Mellon Trust of Delaware, not individually or personally but solely as trustee of the Issuer, in the exercise
of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made
on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by BNY Mellon Trust
of Delaware but is made and intended for the purpose of binding only the 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 and (d) under no circumstances shall BNY Mellon Trust of Delaware be personally liable
for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation,
warranty or covenant made or undertaken by the Issuer under this Amendment or any other related documents.


 




    	2



    	 



    

 


 


SECTION
5. Miscellaneous.


 


(a)          THIS
AMENDMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL IN ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY, AND PERFORMANCE,
BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (WITHOUT REGARDING TO
THE CONFLICT OF LAWS PROVISIONS THEREOF) AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.


 


(b)          Headings
used herein are for convenience of reference only and shall not affect the meaning of this Amendment.


 


(c)          This
Amendment may be executed in any number of counterparts, and by the parties hereto on separate counterparts, each of which shall
be an original and all of which taken together shall constitute one and the same agreement. Executed counterparts may be delivered
electronically.


 




    	3



    	 



    

 


 


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


 


	 	SYNCHRONY CREDIT CARD MASTER NOTE TRUST, as

Issuer
	 	 
	 	By:  	BNY mellon trust of delaware, not in 

its individual capacity, but solely on behalf of the

Issuer
	 	 	 
	 	By: 	/s/ Kristine K. Gullo
	 	 	Name: Kristine K. Gullo
	 	 	Title:   Vice President


 


Supplemental Indenture No. 2 to Series


2012-7 Indenture Supplement


 




    	S-1



    	 



    

 


 


	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in

its individual capacity, but solely as the 
	 	Indenture Trustee
	 	 	 
	 	By:	/s/ Louis Bodi
	 	 	Name: Louis Bodi
	 	 	Title: Vice President
	 	 	 
	 	By:	/s/ Diana Vasconez
	 	 	Name: Diana Vasconez
	 	 	Title: Associate


 


Supplemental Indenture No. 2 to Series


2012-7 Indenture Supplement



 




    	S-2