# EDGAR Filing Document

**Accession Number:** 0001724786
**File Stem:** 0001104659-25-110469
**Filing Date:** 2025-11
**Character Count:** 176113
**Document Hash:** bfa24a2b64e49327eabe0ed7121fafb2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-110469.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001104659-25-110469

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 9

**CONFORMED PERIOD OF REPORT**: 20251110

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**ABS ASSET CLASS**: Credit card

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Synchrony Card Funding, LLC
- **CENTRAL INDEX KEY:** 0001724786
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 823295851
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-224689
- **FILM NUMBER:** 251473717

**BUSINESS ADDRESS:**
- **STREET 1:** 777 LONG RIDGE ROAD
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06902
- **BUSINESS PHONE:** (203) 585-2352

**MAIL ADDRESS:**
- **STREET 1:** 777 LONG RIDGE ROAD
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06902
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Synchrony Card Issuance Trust
- **CENTRAL INDEX KEY:** 0001724789
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-224689-01
- **FILM NUMBER:** 251473718

**BUSINESS ADDRESS:**
- **STREET 1:** 777 LONG RIDGE ROAD
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06902
- **BUSINESS PHONE:** (203) 585-2352

**MAIL ADDRESS:**
- **STREET 1:** 777 LONG RIDGE ROAD
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06902

---

| |
|:---|
| UNITED STATES |
| SECURITIES AND EXCHANGE COMMISSION |
| Washington, D.C. 20549 |
| **FORM 8-K** |
| **Current Report Pursuant** |
| **to Section 13 or 15(d) of the** |
| **Securities Exchange Act of 1934** |

---

Date of Report (Date of Earliest Event Reported) <u>November 10, 2025</u>

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| |
|:---|
|  Synchrony Card Issuance Trust<br> Synchrony Card Funding, LLC<br> Synchrony Bank |
| &nbsp;&nbsp;*(Exact Name of Issuing Entity, Depositor/Registrant and Sponsor <br> as Specified in their respective Charters)* |
| &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;*(State or Other Jurisdiction of Incorporation of Issuing Entity and Registrant)* |

---

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| | |
|:---|:---|
| &nbsp;&nbsp; <br> 333-280854, 333-280854-01 | &nbsp;&nbsp;82-3295851 (Synchrony Card Funding, LLC)<br> 32-6494512 (Synchrony Card Issuance Trust) |
| &nbsp;&nbsp;*(Commission File Numbers for Registrant and Issuing Entity, respectively)* | &nbsp;&nbsp;*(I.R.S. Employer Identification Nos. for Registrant and Issuing Entity, respectively)* |
| &nbsp;&nbsp;0001724786 (Synchrony Card Funding, LLC) and 0001724789 (Synchrony Card Issuance Trust) | &nbsp;&nbsp;0001724786 (Synchrony Card Funding, LLC) and 0001724789 (Synchrony Card Issuance Trust) |
| &nbsp;&nbsp;(*Central Index Key for Registrant and Issuing Entity, respectively)* | &nbsp;&nbsp;(*Central Index Key for Registrant and Issuing Entity, respectively)* |

---

<u> 777 Long Ridge Road Stamford, Connecticut</u> <u>06902</u> <br> *(Address of Principal Executive Offices)* *(Zip Code)*

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| |
|:---|
| &nbsp;&nbsp;(877) 441-5094 |
| &nbsp;&nbsp;*(Registrant's Telephone Number, Including Area Code)* |
| &nbsp;&nbsp;Not Applicable |
| &nbsp;&nbsp;*(Former Name or Former Address, if Changed Since Last Report)* |

---

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| |
|:---|
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |
| ◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br> **Symbol(s)** | **Name of each exchange on which registered** |
| N/A | N/A | N/A |

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| | |
|:---|:---|
| **Item 1.01.** | **Entry into Material Definitive Agreement.** |

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On November 10, 2025, Synchrony Card Funding, LLC ("<u>Funding</u>") and Synchrony Bank entered into an Underwriting Agreement by and among Funding, Synchrony Bank, Wells Fargo Securities, LLC, BofA Securities, Inc. and RBC Capital Markets, LLC (the "<u>Class A(2025-3) Underwriting Agreement</u>"), with respect to certain notes (the "<u>Class A(2025-3) Notes</u>") to be issued by Synchrony Card Issuance Trust (the "<u>Trust</u>") pursuant to the Amended and Restated Master Indenture, dated as of May 1, 2018, as supplemented by the SynchronySeries Indenture Supplement, dated as of September 26, 2018, and the Class A(2025-3) Terms Document (as defined below), each between the Trust and The Bank of New York Mellon, as indenture trustee (the "<u>Indenture Trustee</u>"). A copy of the Class A(2025-3) Underwriting Agreement is filed as <u>Exhibit 1.1</u> to this Form 8-K and is incorporated herein by reference.

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| | |
|:---|:---|
| **Item 8.01.** | **Other Events.** |

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On or about November 17, 2025, the Trust and the Indenture Trustee intend to enter into the Class A(2025-3) Terms Document (the "<u>Class A(2025-3) Terms Document</u>"). An unexecuted copy of the Class A(2025-3) Terms Document is filed as <u>Exhibit 4.1</u> to this Current Report on Form 8-K and is incorporated herein by reference.

On or about November 17, 2025, the Trust, Funding and Synchrony Bank intend to enter into a Risk Retention Agreement with respect to the SynchronySeries Class A(2025-3) Notes (the "<u>Class A(2025-3) Risk Retention Agreement</u>"). An unexecuted copy of the Class A(2025-3) Risk Retention Agreement is filed as <u>Exhibit 4.2</u> to this Current Report on Form 8-K and is incorporated herein by reference.

In connection with the issuance of the Class A(2025-3) Notes, the chief executive officer of Funding has made the certifications required by paragraph I.B.1(a) of Form SF-3. Such certifications are being filed with this Form 8-K as <u>Exhibit 36.1</u> in order to satisfy the requirements of Item 601(b)(36) or Regulation S-K.

The Registrant is also filing with this Form 8-K Exhibits 5.1 and 8.1 in connection with the issuance of the Class A(2025-3) Notes.

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| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

---

| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Document Description</u> |
| [Exhibit 1.1](tm2530159d7_ex1-1.htm) | [Underwriting Agreement, dated November 10, 2025, among Funding, Synchrony Bank, Wells Fargo Securities, LLC, BofA Securities, Inc. and RBC Capital Markets, LLC with respect to the Class A(2025-3) Notes](tm2530159d7_ex1-1.htm) |
| [Exhibit 4.1](tm2530159d7_ex4-1.htm) | [Form of Class A(2025-3) Terms Document, between the Trust and the Indenture Trustee](tm2530159d7_ex4-1.htm) |
| [Exhibit 4.2](tm2530159d7_ex4-2.htm) | [Form of Risk Retention Agreement, among Funding, Synchrony Bank and the Trust, with respect to the Class A(2025-3) Notes](tm2530159d7_ex4-2.htm) |
| [Exhibit 5.1](tm2530159d7_ex5-1.htm) | [Opinion of Mayer Brown LLP as to the legality of the Class A(2025-3) Notes](tm2530159d7_ex5-1.htm) |
| [Exhibit 8.1](tm2530159d7_ex8-1.htm) | [Opinion of Mayer Brown LLP as to certain federal tax matters concerning the Class A(2025-3) Notes](tm2530159d7_ex8-1.htm) |
| [Exhibit 36.1](tm2530159d7_ex36-1.htm) | [Depositor Certification for Shelf Offerings of Asset-Backed Securities, dated November 10, 2025, with respect to the Class A(2025-3) Notes](tm2530159d7_ex36-1.htm) |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| November 12, 2025 | Synchrony Card Funding, LLC | Synchrony Card Funding, LLC |
|  | By: | /s/ Christopher Coffey |
|  | Name: | Christopher Coffey |
|  | Title: | Vice President |

---

## Exhibit 1.1

**Exhibit 1.1**

SYNCHRONYSERIES Class A(2025-3)

SYNCHRONY CARD ISSUANCE TRUST

(Issuer)

SYNCHRONY CARD FUNDING, LLC<br> (Depositor)

<u>UNDERWRITING AGREEMENT</u>

Wells Fargo Securities, LLC<br> 550 South Tryon Street, 5<sup>th</sup> Floor

Charlotte, North Carolina 28202

BofA Securities, Inc.<br> One Bryant Park, 11<sup>th</sup> Floor

New York, New York 10036

RBC Capital Markets, LLC<br> Brookfield Place

200 Vesey Street, 8<sup>th</sup> Floor

New York, New York 10281

each acting on behalf of itself and

as Representative of the several

Underwriters named in Annex I

to this Agreement

(together, the "<u>Representatives</u>")

November 10, 2025

Ladies and Gentlemen:

Synchrony Card Funding, LLC, a limited liability company organized and existing under the laws of the State of Delaware (the "<u>Company</u>"), proposes to cause Synchrony Card Issuance Trust (the "<u>Issuer</u>") to issue and sell from time to time notes of the series, classes and tranches designated in <u>Annex I</u> (the "<u>Notes</u>"). The offering of the Notes by the Underwriters pursuant to this Agreement and the Terms Document is referred to herein as the "<u>Note Offering</u>." The Company is a wholly-owned subsidiary of Synchrony Bank (the "<u>Bank</u>").

The Issuer is a Delaware statutory trust operated pursuant to (a) an Amended and Restated Trust Agreement, dated as of May 1, 2018 (as amended, the "<u>Trust Agreement</u>"), among the Company, Citibank, N.A., as the Trustee (the "<u>Trustee</u>") and Citicorp Trust Delaware, National Association, as the Delaware Trustee (the "<u>Delaware Trustee</u>"), and (b) the filing of a certificate of trust with the Secretary of State of Delaware on November 30, 2017. The Notes will be issued pursuant to an Amended and Restated Master Indenture, dated as of May 1, 2018 (the "<u>Master Indenture</u>"), between the Issuer and The Bank of New York Mellon, as indenture trustee (the "<u>Indenture Trustee</u>"), as supplemented by the SynchronySeries Indenture Supplement, dated as of September 26, 2018 (as amended or supplemented from time to time, the "<u>Indenture Supplement</u>"), Supplement No. 1 to Amended and Restated Master Indenture, dated as of May 20, 2024 ("<u>Supplement No. 1</u>") and the Class A(2025-3) Terms Document to be dated on or about the Closing Date (the "<u>Terms Document</u>" and, together with the Master Indenture, the Indenture Supplement and Supplement No. 1, the "<u>Indenture</u>").

The assets of the Issuer include, among other things, certain amounts due (the "<u>Receivables</u>") on a pool of revolving credit card accounts of the Bank.

The Receivables are transferred by the Company to the Issuer pursuant to the Amended and Restated Transfer Agreement, dated as of May 1, 2018 (the "<u>Transfer Agreement</u>"), between the Company and the Issuer. The Receivables transferred to the Issuer by the Company were acquired by the Company from the Bank pursuant to an Amended and Restated Receivables Sale Agreement, dated as of May 1, 2018 (the "<u>Receivables Sale Agreement</u>"), between the Company and the Bank. The Bank, as servicer (the "<u>Servicer</u>"), has agreed to conduct the servicing, collection and administration of the Receivables owned by the Issuer pursuant to an Amended and Restated Servicing Agreement, dated as of May 1, 2018 (the "<u>Servicing Agreement</u>"), between the Issuer and the Servicer.

The Issuer will provide for the review of certain of the Receivables and Accounts for compliance with the representations and warranties made about them in certain circumstances under an Asset Representations Review Agreement, dated as of August 15, 2018 (the "<u>Asset Representations Review Agreement</u>") among the Issuer, the Company, the Bank and Clayton Fixed Income Services LLC, as asset representations reviewer (the "<u>Asset Representations Reviewer</u>").

The Bank, as an "originator" (as defined in each of the EU Securitization Regulation and the UK Securitization Framework) will also make certain representations, warranties and covenants to the Issuer in connection with the EU Securitization Regulation and the UK Securitization Framework (as defined below) in each case, as in effect and applicable on the Closing Date, (with the Indenture Trustee as a third party beneficiary solely for the purpose of obtaining the benefits of those representations, warranties and covenants) pursuant to a Risk Retention Agreement, having the date stated in <u>Annex I</u> (as amended or supplemented from time to time, the "<u>Risk Retention Agreement</u>"), among the Bank, the Company and the Issuer. As used in this paragraph (i) "<u>EU Securitization Regulation</u>" refers to Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitization and creating a specific framework for simple, transparent and standardized securitization and amending certain other European Union directives and regulations, as amended and (ii) "<u>UK Securitization Framework</u>" means, collectively, (A) the Securitisation Regulations 2024 (as amended), (B) the securitisation sourcebook of the handbook of rules and guidance adopted by the UK Financial Conduct Authority (as amended), (C) the securitisation part of the rulebook of published policy of the Prudential Regulation Authority of the Bank of England (as amended), and (D) relevant provisions of the Financial Services and Markets Act 2000 (as amended), in each case as further amended, supplemented or replaced.

The Bank has agreed to provide notices and perform on behalf of the Issuer certain other administrative obligations required by the Transfer Agreement, the Servicing Agreement, the Master Indenture and each indenture supplement for each series of notes issued by the Issuer, pursuant to an Administration Agreement, dated as of November 30, 2017 (the "<u>Administration Agreement</u>"), between the Bank, as administrator and the Issuer. The Trust Agreement, the Indenture, the Transfer Agreement, the Receivables Sale Agreement, the Servicing Agreement, the Asset Representations Review Agreement, the Risk Retention Agreement and the Administration Agreement are referred to herein, collectively, as the "<u>Transaction Documents</u>."

To the extent not defined herein, capitalized terms used herein have the meanings assigned in the Master Indenture, Indenture Supplement, Supplement No. 1 or Terms Document as applicable.

For purposes of this Agreement and all related documents, unless the context otherwise requires: (a) accounting terms not otherwise defined in this Agreement, and accounting terms partly defined in this Agreement to the extent not defined, shall have the respective meanings given to them under GAAP; (b) unless otherwise provided, references to any month, quarter or year refer to a calendar month, quarter or year; (c) terms defined in Article 9 of the UCC as in effect in the applicable jurisdiction and not otherwise defined in this Agreement are used as defined in that Article; (d) references to any amount as on deposit or outstanding on any particular date mean such amount at the close of business on such day; (e) the words "hereof", "herein" and "hereunder" and words of similar import refer to this Agreement (or the certificate or other document in which they are used) as a whole and not to any particular provision of this Agreement (or such certificate or document); (f) references to any Section, Schedule or Exhibit are references to Sections, Schedules and Exhibits in or to this Agreement (or the certificate or other document in which the reference is made), and references to any paragraph, subsection, clause or other subdivision within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (g) the term "including" means "including without limitation"; (h) references to any law or regulation refer to that law or regulation as amended from time to time and include any successor law or regulation; (i) references to any agreement refer to that agreement as from time to time amended, restated or supplemented or as the terms of such agreement are waived or modified in accordance with its terms; and (j) references to any Person include that Person's successors and permitted assigns.

The Company has prepared and filed with the Securities and Exchange Commission (the "<u>Commission</u>") in accordance with the provisions of the Securities Act of 1933, as amended (the "<u>Act</u>"), a registration statement on Form SF-3 (having the registration number 333-280854), including a form of prospectus and such amendments thereto as may have been filed prior to the date hereof, relating to the Notes and the offering thereof in accordance with Rule 415 under the Act. If any post-effective amendment to such registration statement has been filed with respect thereto, prior to the execution and delivery of this Agreement, the most recent such amendment has been declared effective by the Commission. For purposes of this Agreement, "<u>Effective Time</u>" means the date and time as of which such registration statement, or the most recent post-effective amendment thereto, if any, was declared effective by the Commission or the most recent effective date as of which the Prospectus (as defined below) is deemed to be part of such registration statement pursuant to Rule 430D under the Act, and "<u>Effective Date</u>" means the date of the Effective Time. Such registration statement, as amended at the Effective Time, including all material incorporated by reference therein and including all information (if any) deemed to be part of the registration statement at the time of effectiveness pursuant to Rule 430D under the Act, is referred to in this Agreement as the "<u>Registration Statement</u>." The Registration Statement has been declared effective by the Commission not more than three years prior to Date of Sale (as defined below).

The Company also prepared and filed with the Commission pursuant to Rule 424(h) under the Act ("<u>Rule 424(h)</u>") a preliminary prospectus relating to the Notes as described on <u>Annex I</u> (as amended or supplemented and including all documents incorporated by reference in the preliminary prospectus, together, the "<u>Preliminary Prospectus</u>"). The Company has delivered the Preliminary Prospectus to the Underwriters in accordance with the provisions hereof. The Preliminary Prospectus was filed with the Commission according to Rule 424(h), at least three Business Days prior to the Date of Sale, together with the information referred to under the caption "S*tatic Pool Information*" therein regardless of whether it is deemed a part of the Registration Statement or the Prospectus.

At or before the time that the Representatives entered into the first "<u>Contract of Sale</u>" (within the meaning of Rule 159 under the Act) with investors in the Notes (the "<u>Date of Sale</u>"), the Company prepared the Preliminary Prospectus and Permitted Additional Information listed on <u>Annex I</u> with respect to such Notes (collectively, the "<u>Date of Sale Information</u>"). If, subsequent to the Date of Sale and prior to the Closing Date, the Preliminary Prospectus included an untrue statement of material fact or omitted to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading and the Company has prepared and delivered to the Underwriters a Corrected Prospectus (as defined below), then "<u>Date of Sale</u>" will refer to the time of entry into the first new "<u>Contract of Sale</u>" and the "<u>Date of Sale Information</u>" will refer to the information available to purchasers at least 48 hours prior to the Date of Sale, including any information that corrects the material misstatements or omissions (the "<u>Corrected Prospectus</u>").

The Company will file with the Commission pursuant to Rule 424(b) under the Act ("<u>Rule 424(b)</u>") a prospectus included in the Registration Statement (such prospectus, in the form it appears in the Registration Statement, or in the form most recently revised and filed with the Commission pursuant to Rule 424(b), together with any amendment thereof or supplement thereto, hereinafter referred to as the "<u>Prospectus</u>") relating to the Notes and the method of distribution thereof.

1. <u>Representations and Warranties</u>. The Company represents and warrants to and agrees with each Underwriter, as of the date hereof, that:

(a) (i) The conditions to the use by the Company of a registration statement on Form SF-3 under the Securities Act, as stated in the Registrant Requirements in the General Instructions to Form SF-3, have been satisfied. The conditions to the offering of the Notes under a registration statement on Form SF-3 under the Securities Act, as stated in the Transaction Requirements in the General Instructions to Form SF-3, shall be satisfied as of the Closing Date. The Company has paid the registration fee for the Notes according to Rule 456 of the Securities Act. No stop order suspending the effectiveness of the Registration Statement has been issued, and no proceeding for that purpose has been instituted or threatened by the Commission.

(ii) As of the Closing Date, the Registration Statement, the Preliminary Prospectus, the Prospectus and the Ratings FWP (as defined below), except with respect to any modification as to which the Representatives have been notified, shall be in all substantive respects in the form furnished to the Representatives or their counsel before such date or, to the extent not completed on such date, shall contain only such specific additional information and other changes (beyond that contained in the Preliminary Prospectus that has previously been furnished to the Representatives) as the Company or the Bank has advised the Representatives, before such date, will be included or made therein.

(iii) (A) The Registration Statement, as of the Effective Date, conformed in all material respects to the requirements of the Act and the rules and regulations of the Commission thereunder; (B) on the date of this Agreement, the Registration Statement and the Prospectus conform, and as of the time of filing the Prospectus pursuant to Rule 424(b), the Prospectus will conform, in all material respects to the requirements of the Act and the rules and regulations of the Commission thereunder and of the Trust Indenture Act of 1939, as amended; (C) the Registration Statement, at the Effective Time, did not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; and (D) the Prospectus as of its date, and as of the time of filing pursuant to Rule 424(b), and as of the Closing Date, will not include any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they are made, not misleading; *provided*, *however*, that the Company makes no representations or warranties as to (I) that part of the Registration Statement which constitutes the Statements of Eligibility of Qualification (Form T-1) of the Indenture Trustee and (II) anything contained in or omitted from such Registration Statement or such Prospectus in reliance upon and in conformity with written information furnished to the Company by or on behalf of any Underwriter specifically for use in the preparation thereof, which information consists solely of the Underwriters' Information listed on <u>Annex I</u> (the "<u>Underwriters' Information</u>"); *provided*, *further*, that this <u>clause (a)(iii)</u> makes no representation and warranty as to the Date of Sale Information (the Date of Sale Information being covered by clause (b) below).

(iv) The Company filed with the Commission according to Rule 424(h) the Preliminary Prospectus, at least three Business Days prior to the Date of Sale.

(b) The Date of Sale Information, as of its date and at the Date of Sale did not, and at the Closing Date will not, include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading (it being understood that no representation or warranty is made with respect to the omission of pricing and price-dependent information, which information shall of necessity appear only in the final Prospectus); *provided*, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with information contained in or omitted from the Preliminary Prospectus based upon Underwriters' Information.

(c) Other than with respect to the Preliminary Prospectus, the Prospectus, the Permitted Additional Information (as defined below) and any Underwriter Additional Information (as defined in <u>Section 8(b)</u>), the Issuer (including its agents and representatives) has not made, used, authorized or approved and will not make, use, authorize or approve any "written communication" (as defined in Rule 405 under the Act) that constitutes an offer to sell or solicitation of any offer to buy the Notes.

(d) The Notes will conform to the description thereof contained in the Preliminary Prospectus and the Prospectus and as of the Closing Date will be duly and validly authorized and, when validly executed, countersigned, issued and delivered in accordance with the Indenture and sold to the Underwriters as provided herein, will be validly issued and outstanding and entitled to the benefits of the Indenture.

(e) Neither the issuance nor sale of the Notes nor the consummation of any other of the transactions herein contemplated, nor the fulfillment of the terms hereof, will conflict with any statute, order or regulation applicable to the Company with respect to the offering of the Notes by any court, regulatory body, administrative agency or governmental body having jurisdiction over the Company or with any organizational document of the Company or any instrument or any agreement under which the Company is bound or to which it is a party.

(f) This Agreement has been duly authorized, executed and delivered by the Company.

(g) The Company was not, on the date on which the first bona fide offer of the Notes sold pursuant to this Agreement was made, an "ineligible issuer" as defined in Rule 405 under the Act.

(h) The Company has provided a written representation (the "<u>17g-5 Representation</u>") to each nationally recognized statistical rating organization hired by the Company to rate the Notes (collectively, the "<u>Hired NRSROs</u>"), which satisfies the requirements of paragraph (a)(3)(iii) of Rule 17g-5 ("<u>Rule 17g-5</u>") of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"). The Company has complied with the 17g-5 Representation, other than any breach of the 17g-5 Representation (a) that would not have a material adverse effect on the Notes or (b) arising from a breach by any of the Underwriters of the representation, warranty and covenant set forth in Section 4(d).

(i) The Company has complied with Rule 193 of the Act in all material respects in connection with the offering of the Notes.

(j) Neither the Company nor any of its affiliates has engaged any third-party to provide due diligence services within the meaning of Rule 17g-10(d)(1) under the Exchange Act or obtained any third-party due diligence report within the meaning of Rule 15Ga-2(d) under the Exchange Act with respect to the Receivables in connection with the issuance and offering of the Notes.

(k) The Bank is the appropriate entity to comply, has complied and will continue to comply in all material respects with the requirements imposed on the sponsor of a securitization transaction in accordance with the final rules contained in Regulation RR, 17 C.F.R. § 246.1, et seq. (the "<u>Credit Risk Retention Rules</u>"), implementing the credit risk retention requirements of Section 15G of the Exchange Act either directly or (to the extent permitted by the Credit Risk Retention Rules) through a Wholly-Owned Affiliate (as defined in the Credit Risk Retention Rules). The Company, as a Wholly-Owned Affiliate (as defined in the Credit Risk Retention Rules) of the Bank, complies, as of the date hereof, and will comply, as of the Closing Date, with the Credit Risk Retention Rules with respect to the Notes, including (1) maintaining a "seller's interest" (as defined in the Credit Risk Retention Rules) in the Issuer in an amount not less than 5% of the aggregate unpaid principal balance of all outstanding investor "ABS interests" (as defined in the Credit Risk Retention Rules) in the Issuer, determined in accordance with the Credit Risk Retention Rules, without any impermissible transfer, hedging or financing of such retained interests and (2) satisfying the disclosure requirements of the Credit Risk Retention Rules. For the avoidance of doubt, no Underwriter shall have any obligation to provide disclosures under, or ensure the Bank's compliance with, the Credit Risk Retention Rules.

2. <u>Purchase and Sale</u>.

(a) On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein set forth, the Company agrees to sell to each of the Underwriters, and each of the Underwriters, severally and not jointly, agrees to purchase from the Company, at the purchase price specified in <u>Annex I</u>, the principal amount of Notes set forth opposite such Underwriter's name in <u>Annex I</u>.

(b) The parties hereto agree that the settlement for all securities pursuant to this Agreement shall take place on the terms set forth herein and not as set forth in Rule 15c6-1(a) under the Exchange Act.

3. <u>Delivery and Payment</u>. Delivery of and payment for the Notes to be purchased by each Underwriter hereunder shall be made by or on behalf of the Company to you for the account of such Underwriter, against payment by such Underwriter or on its behalf of the purchase price thereof in immediately available funds. Such delivery shall occur at the office of Mayer Brown LLP, New York, New York or such other place as the Representatives and the Company may agree upon in writing. The "Closing Date" as used herein shall be set forth in <u>Annex I</u>. The time and date of such delivery shall be set forth in <u>Annex I</u> or at such other time and date as the Representatives and the Company may agree upon in writing, such time and date being herein called the "<u>Time of Delivery</u>." The Notes shall be represented by global notes, registered in the name of Cede & Co., as nominee for The Depository Trust Company. Such global notes will be made available for inspection at least twenty-four hours prior to the Time of Delivery in New York, New York.

4. <u>Offering by the Underwriters</u>.

(a) It is understood that each Underwriter shall offer the Notes for sale to the public as set forth in the Preliminary Prospectus and the Prospectus.

(b) Each Underwriter, severally and not jointly, represents and warrants that it has complied in all material respects, and agrees that it will comply in all material respects, with all applicable securities laws and regulations in each jurisdiction in which it purchases, offers, sells or delivers the Notes or distributes the Prospectus. Furthermore, such Underwriter shall comply with all applicable laws and regulations in connection with all offers, solicitations and sales of the Notes and the use of Free Writing Prospectuses, including but not limited to Rules 164 and 433 under the Act.

(c) Each Underwriter, severally and not jointly, represents and agrees that, (a) it has not delivered, and will not deliver without the prior written consent of the Company, any written Rating Information to a Hired NRSRO or other nationally recognized statistical rating organization and (b) it has not communicated, and will not communicate without the prior written consent of the Company, orally any Rating Information to any Hired NRSRO or other nationally recognized statistical rating organization; *provided*, for the avoidance of doubt, that if an Underwriter receives an oral communication from a Hired NRSRO or any other nationally recognized statistical rating organization, such Underwriter is authorized to inform such Hired NRSRO or other nationally recognized statistical rating organization that it will respond to the oral communication with a designated representative from the Company or refer such Hired NRSRO or other nationally recognized statistical rating organization to the Company, who may respond to the oral communication. For purposes of this paragraph, "<u>Rating Information</u>" means any information, written or oral, provided to a Hired NRSRO that could reasonably be determined to be relevant to (a) determining the initial credit rating for the Notes, including information about the characteristics of the Receivables and the legal structure of the Notes and (b) undertaking credit rating surveillance on the Notes, including information about the characteristics and performance of the Receivables, in each case as contemplated by Rule 17g-5(a)(3)(iii)(C).

(d) Each Underwriter, severally and not jointly, represents and warrants to and agrees with the Company, as of the date hereof, that neither it nor any of its affiliates has engaged any third-party to provide due diligence services within the meaning of Rule 17g-10(d)(1) under the Exchange Act or obtained any third-party due diligence report within the meaning of Rule 15Ga-2(d) under the Exchange Act with respect to the Receivables in connection with the issuance and offering of the Notes.

5. <u>Agreements</u>. The Company agrees with each Underwriter that:

(a) The Company shall file pursuant to Rule 424(b) with the Commission the Prospectus and the certifications and transaction documents necessary to satisfy the conditions for the offering of the Notes under Form SF-3, as stated in the General Instructions to Form SF-3, and prior to the termination of the Note Offering, also shall advise the Representatives of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or preventing the offer and sale of the Notes.

(b) If, at any time when a prospectus relating to the Notes is required to be delivered under the Act, any event occurs as a result of which the Prospectus as then amended or supplemented would include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein in light of the circumstances under which they were made not misleading, or if it shall be necessary at any time to amend or supplement the Prospectus to comply with the Act or the rules thereunder, the Company promptly shall deliver the final Corrected Prospectus (and any information that corrects the material misstatements or omissions) to the Representatives before the new Date of Sale to allow the Underwriters to deliver the final Corrected Prospectus (and any information that corrects the material misstatements or omissions) to each investor at least 48 hours before the new Date of Sale, and the Company shall prepare and file with the Commission, an amendment or supplement that will correct such statement or omission or an amendment which will effect such compliance.

(c) The Company will furnish to the Representatives a copy of the related Registration Statement (including exhibits thereto) and, so long as delivery of a prospectus by the Underwriters or dealers may be required by the Act, as many copies of the Prospectus as the Underwriters may reasonably request.

(d) The Company will furnish such information, execute such instruments and take such actions as may be reasonably requested by the Representatives to qualify the Notes for sale under the laws of such jurisdictions as the Representatives may designate and to maintain such qualifications in effect so long as required for the initial distribution of the Notes; *provided*, *however*, that the Company shall not be required to qualify to do business in any jurisdiction where it is not now so qualified or to take any action which would subject it to general or unlimited service of process in any jurisdiction in which it is not now so subject.

(e) If the transactions contemplated by this Agreement are consummated, the Company will pay or cause to be paid all expenses incident to the performance of the obligations of the Company under this Agreement, and will reimburse the Underwriters for any reasonable expenses (excluding fees of the Underwriters' counsel) reasonably incurred by it in connection with qualification of the Notes for sale and determination of their eligibility for investment under the laws of such jurisdictions as the Representatives have reasonably requested pursuant to <u>Section 5(d)</u>, for any fees charged by investment rating agencies for the rating of the Notes, and for expenses incurred in distributing the Prospectus to the Underwriters. If the transactions contemplated by this Agreement are not consummated because any condition to the obligations of the Underwriters set forth in <u>Section 6</u> is not satisfied or because of any refusal, inability or failure on the part of the Company to perform any agreement herein or to comply with any provision hereof other than by reason of default by the Underwriters, the Company will reimburse the Underwriters upon demand for all out-of-pocket expenses (including reasonable fees and disbursements of counsel) that shall have been incurred by the Underwriters in connection with the proposed purchase, sale and offering of the Notes. Except as herein provided, the Underwriters shall be responsible for paying all costs and expenses incurred by them, including the fees and disbursements of their counsel, in connection with the purchase and sale of the Notes.

(f) The Company will file with the Commission any Underwriter Free Writing Prospectus delivered to it by the Underwriters for filing if such filing is required by Rule 433(d) under the Act.

(g) The Company will comply with the 17g-5 Representation, other than any breach of the 17g-5 Representation arising from a breach by any of the Underwriters of the representation, warranty and covenant set forth in <u>Section 4(c)</u>.

6. <u>Conditions to the Obligations of the Underwriters</u>. The obligations of the Underwriters to purchase the Notes hereunder shall be subject to the accuracy in all material respects of the representations and warranties on the part of the Company contained in this Agreement, to the accuracy of the statements of the Company made in any applicable officers' certificates pursuant to the provisions hereof, to the performance by the Company of its obligations under this Agreement and to the following additional conditions applicable to the Note Offering:

(a) No stop order suspending the effectiveness of the related Registration Statement shall have been issued and no proceedings for that purpose shall have been instituted, or to the knowledge of the Company, threatened by the Commission.

(b) The Company shall have furnished to the Representatives a certificate of the Company, signed by the President, any Vice President, or the principal financial or accounting officer of the Company, dated the Closing Date, to the effect that the signer of such certificate has carefully examined the Transaction Documents to which the Company is a party, and that, to the best of such person's knowledge after reasonable investigation, the representations and warranties of the Company in this Agreement and the Transaction Documents to which the Company is a party are true and correct in all material respects, and the Company has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date.

(c) The Representatives shall have received on the Closing Date a signed opinion of Mayer Brown LLP, special New York counsel for the Company, in form and substance reasonably satisfactory to the Representatives and counsel to the Representatives, dated the Closing Date and addressed to the Representatives, to the effect that:

(i) the Company is a limited liability company validly existing and in good standing under the laws of the State of Delaware, and has full power and authority to enter into and perform its obligations under this Agreement and the Transaction Documents to which it is a party and to consummate the transactions contemplated thereby;

(ii) the execution, delivery and performance by the Company of this Agreement and the Transaction Documents to which the Company is a party have been duly authorized by all necessary action on the part of the Company;

(iii) each of the Transaction Documents to which the Company, the Bank or the Issuer (each, a "<u>Specified Entity</u>" and collectively, the "<u>Specified Entities</u>") is a party constitutes a legal, valid and binding obligation of each such Specified Entity that is a party thereto, enforceable against each such Specified Entity in accordance with its terms; provided, that no such opinion need be expressed with respect to the Trust Agreement;

(iv) the execution and delivery by each Specified Entity of this Agreement and the Transaction Documents to which it is a party, and the consummation by each Specified Entity of the transactions contemplated thereby, will not violate any applicable statutory law or governmental rule or regulation;

(v) the execution and delivery by each Specified Entity of this Agreement and the Transaction Documents to which it is a party do not, or did not, as applicable, and the consummation by each Specified Entity of the transactions contemplated thereby to occur on the date of the opinion will not, require any consent, authorization or approval of, the giving of notice to or registration with any governmental entity, except such as may have been made and such as may be required under the Federal securities laws, the blue sky laws of any jurisdiction or the Uniform Commercial Code of any state;

(vi) the execution and delivery by the Company of this Agreement and the Transaction Documents to which it is a party do not, or did not, as applicable, and the consummation by the Company of the transactions contemplated thereby to occur on the date of the opinion will not violate or contravene or constitute a default under any term or provision of the certificate of formation or the limited liability company agreement of the Company;

(vii) each of the Notes is in due and proper form, and when executed, authenticated and delivered as specified in the Indenture, and delivered against payment of the consideration specified herein, each of the Notes will be validly issued and outstanding, will constitute the legal, valid and binding obligation of the Issuer, enforceable against the Issuer in accordance with its terms, and will be entitled to the benefits of the Indenture;

(viii) the Indenture has been duly qualified under the Trust Indenture Act of 1939, as amended (the "<u>TIA</u>"), and complies as to form with the TIA and the rules and regulations of the Commission thereunder;

(ix) the Registration Statement, as of its Effective Date and the Prospectus, as of its date, complied as to form in all material respects with the requirements of the Act and the rules and regulations under the Act, except that (i) such counsel need not express any opinion as to (A) the financial and statistical data included therein or excluded therefrom, (B) any other documents or information incorporated by reference in the Registration Statement or the Prospectus, (C) any exhibits to the Registration Statement and (D) compliance by the Company and each issuing entity previously established, directly or indirectly, by the Company or any affiliate of the Company with the registrant requirements set forth in General Instruction I.A.2 of Form SF-3 as of any required date and (ii) except as and to the extent set forth in <u>paragraphs (xi)</u> and <u>(xii)</u> below, such counsel need not assume any responsibility for the accuracy, completeness or fairness of the statements contained in the Registration Statement or the Prospectus;

(x) the Registration Statement became effective under the Act not more than three (3) years prior to the Closing Date, and the Prospectus has been filed with the Commission pursuant to Rule 424(b) thereunder in the manner and within the time period required by Rule 424(b); to the best of such counsel's knowledge, no stop order suspending the effectiveness of the Registration Statement and the Prospectus and no proceedings for that purpose have been instituted;

(xi) the statements in the Prospectus under the headings "*The Trust—Perfection and Priority of Security Interests*," "*—Conservatorship and Receivership of Synchrony Bank*," "*Certain Considerations for ERISA and Other U.S. Employee Benefit Plans*" and "*Structural Summary—Certain Considerations for ERISA and Other U.S. Employee Benefit Plans*," to the extent they constitute matters of federal law or legal conclusions with respect thereto, have been reviewed by such counsel and are correct in all material respects;

(xii) this Agreement, the Transaction Documents and the Notes conform in all material respects to the descriptions thereof contained in the Prospectus; and

(xiii) the Issuer (A) is not now, and immediately following the issuance of the Notes pursuant to the Indenture will not be, required to be registered as an "investment company" under the Investment Company Act of 1940, as amended (the "<u>Investment Company Act</u>"), and as of the Closing Date, the Issuer satisfies the requirements to rely on the exemption from the definition of "investment company" provided by Rule 3a-7 of the Investment Company Act, although there may be additional exclusions or exemptions available to the Issuer and (B) is not now, and immediately following the issuance of the Notes pursuant to the Indenture will not be, a "covered fund" as defined in the final regulations issued on December 10, 2013, implementing the "Volcker Rule" (Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act).

(d) The Representatives shall have received on the Closing Date a signed opinion of Paul Clancy, Special Transaction Counsel for the Bank, in form and substance reasonably satisfactory to the Representatives and counsel to the Representatives, dated the Closing Date and addressed to the Representatives, to the effect that:

(i) the Bank is duly organized and validly existing as a federal savings association in good standing under the laws of the United States of America;

(ii) the Bank is duly qualified to do business and is in good standing as a foreign corporation in each jurisdiction where the conduct of its business or the ownership, lease or operation of its property requires such qualification, except where the failure to be so qualified would not have a material adverse effect on its ability to perform its obligations under the Servicing Agreement, the Receivables Sale Agreement, the Administration Agreement, the Risk Retention Agreement, this Agreement and the Asset Representations Review Agreement;

(iii) the Bank has all requisite banking power and authority to execute, deliver and perform its obligations under the Servicing Agreement, the Receivables Sale Agreement, the Asset Representations Review Agreement, the Risk Retention Agreement, the Administration Agreement and this Agreement and to consummate the transactions provided for therein;

(iv) the execution, delivery and performance by the Bank of the Servicing Agreement, the Receivables Sale Agreement, the Risk Retention Agreement, the Asset Representations Review Agreement, this Agreement and the Administration Agreement and the consummation of the transactions provided for therein have been duly authorized by all requisite action on the part of the Bank;

(v) each of the Servicing Agreement, the Receivables Sale Agreement, the Risk Retention Agreement, the Asset Representations Review Agreement, this Agreement and the Administration Agreement has been duly executed and delivered by a duly authorized officer of the Bank;

(vi) the execution, delivery and performance by the Bank of each of the Servicing Agreement, the Receivables Sale Agreement, the Risk Retention Agreement, the Asset Representations Review Agreement, this Agreement and the Administration Agreement and the consummation of the transactions contemplated thereby do not and 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 charter of the Bank, (b) to such counsel's knowledge, and without any special investigation for this purpose, any material indenture, contract, lease, mortgage, deed of trust or other instrument or agreement to which the Bank is a party or by which the Bank is bound or (c) to such counsel's knowledge, and without any special investigation for this purpose, any judgment, writ, injunction, decree, order or ruling of any court or governmental authority having jurisdiction over the Bank;

(vii) the execution, delivery and performance by the Bank of each of the Servicing Agreement, the Receivables Sale Agreement, the Risk Retention Agreement, the Asset Representations Review Agreement, this Agreement and the Administration Agreement and the consummation of the transactions contemplated thereby do not and will not, to the best of such counsel's knowledge, result in the creation or imposition of any mortgage, lien, pledge, charge, security interest or other encumbrance upon any property or assets of the Bank, except as contemplated by the Servicing Agreement, the Receivables Sale Agreement, the Risk Retention Agreement, the Asset Representations Review Agreement, this Agreement and the Administration Agreement;

(viii) no authorization, approval, consent, order, registration, qualification or license of or filing with, any government, governmental instrumentality, agency, body or court, domestic or foreign, or third party is required for the performance by the Bank of all of its obligations under the Servicing Agreement, the Receivables Sale Agreement, the Risk Retention Agreement, the Asset Representations Review Agreement, this Agreement and the Administration Agreement, or the consummation by the Bank of the transactions contemplated by the Servicing Agreement, the Receivables Sale Agreement, the Risk Retention Agreement, the Asset Representations Review Agreement, this Agreement and the Administration Agreement; and

(ix) there is no action, suit or proceeding before or by any government, governmental instrumentality, agency, body or court, domestic or foreign, now pending or, to the best of such counsel's knowledge, threatened, against or affecting the Bank (a) asserting the invalidity of the Servicing Agreement, the Receivables Sale Agreement, the Risk Retention Agreement, the Asset Representations Review Agreement, this Agreement or the Administration Agreement or (b) that might materially and adversely affect the performance by the Bank of its obligations under, or the validity or enforceability of, the Servicing Agreement, the Receivables Sale Agreement, the Risk Retention Agreement, the Asset Representations Review Agreement, this Agreement or the Administration Agreement.

(e) The Representatives shall have received on the Closing Date a signed opinion of Richards, Layton & Finger, P.A., counsel for the Trustee, in form and substance reasonably satisfactory to the Representatives and counsel to the Representatives, dated the Closing Date and addressed to the Representatives, to the effect that:

(i) the Trustee is validly existing as a national banking association under the federal laws of the United States of America and has the corporate power and authority to execute, deliver and perform its obligations under the Trust Agreement and to consummate the transactions contemplated thereby;

(ii) the Trust Agreement has been duly authorized, executed and delivered by the Trustee;

(iii) neither the execution, delivery and performance by the Trustee of the Trust Agreement, nor the consummation of any of the transactions by the Trustee contemplated thereby, requires the consent or approval of, the withholding of objection on the part of, the giving of notice to, the filing, registration or qualification with, or the taking of any other action in respect of, any governmental authority or agency under the laws of the State of Delaware or the federal laws of the United States of America governing the trust powers of the Trustee; and

(iv) neither the execution, delivery and performance by the Trustee of the Trust Agreement, nor the consummation of any of the transactions by the Trustee contemplated thereby, is in violation of the articles of association or bylaws of the Trustee or of the laws of the State of Delaware or of the federal laws of the United States of America governing the trust powers of the Trustee.

(f) The Representatives shall have received on the Closing Date a signed opinion of Richards, Layton & Finger, P.A., counsel for the Delaware Trustee, in form and substance reasonably satisfactory to the Representatives and counsel to the Representatives, dated the Closing Date and addressed to the Representatives, to the effect that:

(i) the Delaware Trustee is validly existing as a national banking association under the federal laws of the United States of America and has the corporate power and authority to execute, deliver and perform its obligations under the Trust Agreement and to consummate the transactions contemplated thereby;

(ii) the Trust Agreement has been duly authorized, executed and delivered by the Delaware Trustee;

(iii) neither the execution, delivery and performance by the Delaware Trustee of the Trust Agreement, nor the consummation of any of the transactions by the Delaware Trustee contemplated thereby, requires the consent or approval of, the withholding of objection on the part of, the giving of notice to, the filing, registration or qualification with, or the taking of any other action in respect of, any governmental authority or agency under the laws of the State of Delaware or the federal laws of the United States of America governing the trust powers of the Delaware Trustee; and

(iv) neither the execution, delivery and performance by the Delaware Trustee of the Trust Agreement, nor the consummation of any of the transactions by the Delaware Trustee contemplated thereby, is in violation of the articles of association or bylaws of the Delaware Trustee or of the laws of the State of Delaware or of the federal laws of the United States of America governing the trust powers of the Delaware Trustee.

(g) The Representatives shall have received on the Closing Date a signed opinion of Richards, Layton & Finger, P.A., special Delaware counsel for the Issuer, in form and substance reasonably satisfactory to the Representatives and counsel to the Representatives, dated the Closing Date and addressed to the Representatives, to the effect that:

(i) the Issuer has been duly formed and is validly existing and in good standing as a statutory trust under the Delaware Statutory Trust Act, 12 <u>Del. C.</u> § 3801, <u>et seq</u>. (the "<u>Delaware Statutory Trust Act</u>"), and has the power and authority under the Trust Agreement and the Delaware Statutory Trust Act to execute, deliver and perform its obligations under the Indenture, the Servicing Agreement, the Transfer Agreement, the Administration Agreement and the Custody and Control Agreement, dated as of November 30, 2017, among the Indenture Trustee, the Issuer, and The Bank of New York Mellon, as Custodian (the "<u>Custody and Control Agreement</u>");

(ii) the Indenture, the Servicing Agreement, the Transfer Agreement, the Administration Agreement, the Asset Representations Review Agreement, the Risk Retention Agreement, the Custody and Control Agreement and the Notes have been duly authorized and executed by the Issuer;

(iii) the Trust Agreement is a legal, valid and binding obligation of the Company, the Trustee and the Delaware Trustee, enforceable against the Company, the Trustee and the Delaware Trustee, in accordance with its terms;

(iv) neither the execution, delivery or performance by the Issuer of the Indenture, the Servicing Agreement, the Transfer Agreement, the Administration Agreement or the Custody and Control Agreement, nor the consummation by the Issuer of any of the transactions contemplated thereby, requires the consent or approval of, the withholding of objection on the part of, the giving of notice to, the filing, registration or qualification with, or the taking of any other action in respect of, any governmental authority or agency of the State of Delaware, other than the filing of the certificate of trust with the Secretary of State;

(v) neither the execution, delivery or performance by the Issuer of the Indenture, the Servicing Agreement, the Transfer Agreement, the Administration Agreement or the Custody and Control Agreement, nor the consummation by the Issuer of the transactions contemplated thereby, is in violation of the Trust Agreement or of any law, rule or regulation of the State of Delaware applicable to the Issuer;

(vi) under § 3805(b) of the Delaware Statutory Trust Act, no creditor of any Holder shall have any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the property of the Issuer except in accordance with the terms of the Trust Agreement;

(vii) under § 3805(c) of the Delaware Statutory Trust Act, except to the extent otherwise provided in the Trust Agreement, a Holder (including the Company in its capacity as such) has no interest in specific Issuer property; and

(viii) under the Delaware Statutory Trust Act, the Issuer is a separate legal entity and the Issuer rather than the Holders will hold whatever title to the Issuer property as may be conveyed to it from time to time pursuant to the Transfer Agreement, except to the extent that the Issuer has taken action to dispose of or otherwise transfer or encumber any part of the Issuer property; and

(ix) under § 3808(a) and (b) of the Delaware Statutory Trust Act, the Issuer may not be terminated or revoked by any Holder, and the dissolution, termination or bankruptcy of any Holder shall not result in the termination or dissolution of the Issuer, except to the extent otherwise provided in the Trust Agreement.

(h) The Representatives shall have received on the Closing Date a signed opinion of Chapman and Cutler LLP, special New York counsel for The Bank of New York Mellon, in form and substance reasonably satisfactory to the Representatives and counsel to the Representatives, dated the Closing Date and addressed to the Representatives, to the effect that:

(i) The Bank of New York Mellon is validly existing as a New York banking corporation under the laws of the State of New York, and has full power and authority to execute, deliver and perform its obligations under the Indenture and the Custody and Control Agreement;

(ii) none of the execution, delivery or performance by The Bank of New York Mellon, in its respective capacities, as applicable, of the Indenture and the Custody and Control Agreement, nor the compliance with the terms and provisions thereof, or the performance of its obligations thereunder, conflicts with or results in a breach of or constitutes a default under any of the terms, conditions or provisions of any law, government rule or regulation, of the United States of America or the State of New York governing the banking and trust powers of The Bank of New York Mellon;

(iii) the execution and delivery by The Bank of New York Mellon, in its respective capacities, as applicable, of the Indenture and the Custody and Control Agreement does not, and the performance by it of its obligations thereunder will not, require approval from or any filing with any governmental authority under the federal law of the United States of America or the State of New York, that has not been given or obtained on or prior to the date of the opinion;

(iv) the performance by The Bank of New York Mellon, in its respective capacities, as applicable, of its obligations under the Indenture and the Custody and Control Agreement and the consummation of the transactions contemplated thereby will not result in any breach or violation of its organizational documents or bylaws;

(v) each of the Indenture and the Custody and Control Agreement has been duly authorized, executed and delivered by The Bank of New York Mellon, in its respective capacities, as applicable;

(vi) the Indenture and the Custody and Control Agreement are valid and legally binding agreements, enforceable in accordance with their terms against The Bank of New York Mellon, in its respective capacities; and

(vii) the Notes have been validly authenticated and delivered by the Indenture Trustee in accordance with the Master Indenture.

(i) The Representatives shall have received a signed negative assurance letter, dated as of the Closing Date, in form and substance reasonably satisfactory to the Representatives, by Orrick, Herrington & Sutcliffe LLP, counsel for the Underwriters, and such counsel shall have received such papers and information as they may reasonably request to enable them to pass upon such matters.

(j) The Representatives shall have received on the Closing Date (i) signed opinions of Mayer Brown LLP, special New York counsel for the Company, dated as of the Closing Date, in form and substance satisfactory to the Representatives, relating to (A) certain insolvency and bankruptcy matters and (B) federal income tax matters and (ii) a signed negative assurance letter, dated as of the Closing Date, in form and substance reasonably satisfactory to the Representatives, relating to the Registration Statement, the Preliminary Prospectus, the Prospectus and the Ratings FWP (as defined below).

(k) The Representatives shall have received on the Closing Date a signed opinion of Sheryl Johnson, General Counsel of the Asset Representations Reviewer, in form and substance reasonably satisfactory to the Representatives and counsel to the Representatives, dated as of the Closing Date and addressed to the Representatives to the effect that:

(i) the Asset Representations Reviewer is duly organized and validly existing as a Delaware limited liability company in good standing under the laws of Delaware;

(ii) the Asset Representations Reviewer is qualified as a foreign limited liability company in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its properties or the conduct of its activities requires the qualification, license or approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on the Asset Representations Reviewer's ability to perform its obligations under the Asset Representations Review Agreement;

(iii) the Asset Representations Reviewer has the power and authority to execute, deliver and perform its obligations under the Asset Representations Review Agreement and the Asset Representations Reviewer has authorized the execution, delivery and performance of the Asset Representations Review Agreement;

(iv) the Asset Representations Review Agreement has been duly executed and delivered by the Asset Representations Reviewer and the Asset Representations Review Agreement is the legal, valid and binding obligation of the Asset Representations Reviewer, enforceable against the Asset Representations Reviewer, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating to the enforcement of creditors' rights or by general equitable principles;

(v) the completion of the transactions contemplated by the Asset Representations Review Agreement and the performance of the Asset Representations Reviewer's obligations under the Asset Representations Review Agreement will not (i) conflict with, or be a breach or default under, any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document under which the Asset Representations Reviewer is a debtor or guarantor, (ii) result in the creation or imposition of a lien on the properties or assets of the Asset Representations Reviewer under the terms of any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document, (iii) violate the organizational documents of the Asset Representations Reviewer or (iv) violate a law, or to such counsel's knowledge, an order, rule or regulation of a federal or state court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its properties that applies to the Asset Representations Reviewer, which, in each case, would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer's ability to perform its obligations under the Asset Representations Review Agreement; and

(vi) to such counsel's knowledge, after due inquiry, there are no proceedings or investigations pending or threatened in writing before a federal or state court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its properties (i) asserting the invalidity of the Asset Representations Review Agreement, (ii) seeking to prevent the completion of the transactions contemplated by the Asset Representations Review Agreement or (iii) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer's ability to perform its obligations under, or the validity or enforceability of, the Asset Representations Review Agreement.

(l) The Representatives shall have received letters, dated on or before the Closing Date or such other date as may be agreed upon between the Representatives and the Company, from certified public accountants (who shall be satisfactory to the Representatives), substantially in the form previously approved by the Representatives.

(m) The Notes shall have received the ratings specified in the Ratings FWP (as defined below).

(n) Prior to the Closing Date, the Company shall have furnished to the Underwriters such further information, certificates and documents as the Representatives may reasonably request.

(o) Subsequent to the date of the Prospectus, there shall not have been any material adverse change in the business or properties of the Company which in the Representatives' reasonable judgment, after consultation with the Company, materially impairs the investment quality of the Notes so as to make it impractical or inadvisable to proceed with the public offering or the delivery of such Notes as contemplated by the Prospectus.

(p) The Company shall have timely complied with all requirements of Rules 15Ga-2 and 17g-10 under the Exchange Act, to the extent applicable to the transaction contemplated by this Agreement, to the satisfaction of the Representatives.

7. <u>Indemnification and Contribution</u>.

(a) The Company and the Bank, jointly and severally, agree to indemnify and hold harmless each Underwriter and each person who controls any Underwriter within the meaning of Section 15 of the Act or Section 20 of the Exchange Act (a "<u>Controlling Person</u>") against any and all losses, claims, damages or liabilities, joint or several, to which they or any of them may become subject under the Act, the Exchange Act, or other Federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) are caused by any untrue statement or alleged untrue statement of a material fact contained in (i) the Registration Statement, (ii) the Preliminary Prospectus (it being understood that such indemnification with respect to the Preliminary Prospectus does not include the omission of pricing and price-dependent information, which information shall of necessity appear only in the final Prospectus), (iii) the Prospectus or (iv) any Permitted Additional Information, or are caused by the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; and will reimburse each Underwriter and Controlling Person for any legal or other expenses reasonably incurred by such Underwriter or such Controlling Person in connection with investigating or defending any such loss, claim, damage, liability or action; *provided*, *however*, that (i) neither the Company nor the Bank will be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with the Underwriters' Information (as defined in Annex I) and (ii) such indemnity with respect to any Corrected Statement (as defined below) in such Prospectus shall not inure to the benefit of any Underwriter (or any Controlling Person) from whom the person asserting any loss, claim, damage or liability purchased the Notes that are the subject thereof if the untrue statement or omission of a material fact contained in such Prospectus was corrected (a "<u>Corrected Statement</u>") in a Corrected Prospectus and such Corrected Prospectus was furnished by the Company to such Underwriter prior to the delivery of the confirmation of the sale of such Notes, but such Underwriter did not furnish such Corrected Prospectus to such investor prior to the delivery of such confirmation. This indemnity agreement will be in addition to any liability which the Company or the Bank may otherwise have.

(b) Each Underwriter, severally and not jointly, agrees to indemnify and hold harmless the Company, the Bank, each of their respective directors and officers who signs the Registration Statement relating to the Notes, and each person who controls the Company or the Bank within the meaning of the Act or the Exchange Act (i) to the same extent as the foregoing indemnities from the Company and the Bank to such Underwriter, but only with reference to the Underwriters' Information; (ii) with respect to the failure on the part of such Underwriter to deliver to any investor with whom such Underwriter entered into a Contract of Sale, prior to the date such investor entered into such Contract of Sale, the Preliminary Prospectus and (iii) any and all losses, claims, damages or liabilities, joint or several, to which they or any of them may become subject under the Act, the Exchange Act, or other Federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) are caused by any untrue statement or alleged untrue statement of a material fact contained in any Underwriter Additional Information, or are caused by the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; and will reimburse the Company, the Issuer and the Bank, and each person who controls the Company, the Issuer or the Bank within the meaning of the Act or the Exchange Act for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action; provided that in the case of this subclause (iii), no Underwriter will be liable in any case to the extent that any such loss, claim, damage or liability arises out of or is based on any such untrue statement of a material fact or alleged untrue statement of a material fact or any such omission or alleged omission in any Underwriter Additional Information in reliance upon and in conformity with (x) any written information furnished to the related Underwriter by the Company or the Bank specifically for use therein or (y) the Preliminary Prospectus or Prospectus, which information was not corrected by information subsequently provided by the Company or the Bank to the related Underwriter within a reasonable period of time prior to the time of use of such Underwriter Additional Information that gave rise to the related loss, claim, damage or liability. This indemnity agreement will be in addition to any liability which any Underwriter may otherwise have.

(c) Promptly after receipt by an indemnified party under this <u>Section 7</u> of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this <u>Section 7</u>, notify the indemnifying party in writing of the commencement thereof; but the omission or failure to so notify the indemnifying party will not relieve it from any liability which it may have to any indemnified party under this <u>Section 7</u> or otherwise, except and to the extent of any prejudice to the indemnifying party arising from such failure to provide notice. In case any such action is brought against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein, and to the extent that it may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense thereof, with counsel 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 shall have reasonably concluded that there may be legal defenses available to it and/or other indemnified parties which 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 counsel, the indemnifying party will not be liable to such indemnified party under this <u>Section 7</u> 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 in connection with the assertion of legal defenses in accordance with the proviso to the next preceding sentence (<u>it being understood</u>, <u>however</u>, that the indemnifying party shall not be liable for the expenses of more than one separate counsel (in addition to local counsel deemed necessary by such separate counsel, if any) approved by the indemnified party in the case of paragraph (a) or (b) of this <u>Section 7</u>, representing the indemnified parties under paragraph (a) or (b), who are parties to such action), (ii) the indemnifying party shall not have employed counsel 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 has authorized the employment of counsel for the indemnified party at the expense of the indemnifying party; and except that, if clause (i) or (iii) is applicable, such liability shall be only in respect of the counsel referred to in such clause (i) or (iii). Unless it shall assume the defense of any proceeding, the indemnifying party shall not be liable for any settlement of any proceeding, effected without its written consent, but if settled with such consent or if there shall be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against any loss, claim, damage or liability by reason of such settlement or judgment. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened action in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party unless such settlement includes an unconditional release of such indemnified party from all liability on any claims that are the subject matter of such action and does not include a statement as to, or an admission of, fault, culpability or failure to act by or on behalf of any indemnified party.

(d) If the indemnification provided for in paragraph (a) or (b) of this <u>Section 7</u> is due in accordance with its terms but is for any reason held by a court to be unavailable from the Company, the Bank or the Underwriters, on grounds of policy or otherwise, then each indemnifying party shall contribute to the aggregate losses, claims, damages and liabilities to which the Company, the Bank and the Underwriters may be subject in such proportion as is appropriate to reflect not only the relative benefits received by the Company and the Bank on the one hand and the Underwriters on the other from the offering of the Notes but also the relative fault of the Company and the Bank on the one hand and of the Underwriters, on the other in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company and the Bank on the one hand and the Underwriters on the other shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses) of the Notes received by the Company and the Bank bear to the total underwriting discounts and commissions received by the Underwriters with respect to the Notes. The relative fault of the Company and the Bank on the one hand and of the Underwriters on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact in the Registration Statement, the Preliminary Prospectus, the Prospectus or the Permitted Additional Information or the omission or alleged omission to state a material fact therein necessary to make the statements contained therein, in light of the circumstances under which they were made, not misleading relates to information supplied by the Company or the Bank or by the Underwriters, and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. Notwithstanding the provisions of this <u>Section 7</u>, no Underwriter shall be required to contribute any amount pursuant to this Agreement in excess of the amount by which the total price at which the Notes underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages which such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission.

(e) The Company, the Bank and the Underwriters agree that it would not be just and equitable if contribution pursuant to <u>Section 7(d)</u> were determined by pro rata allocation or by any other method of allocation which does not take account of the considerations referred to above. The amount paid or payable by an indemnified party as a result of the losses, claims, damages and liabilities referred to in <u>Section 7(d)</u> shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim except where the indemnified party is required to bear such expenses pursuant to <u>Section 7(c)</u>; which expenses the indemnifying party shall pay as and when incurred, at the request of the indemnified party, to the extent that the indemnifying party reasonably believes that it will be ultimately obligated to pay such expenses. In the event that any expenses so paid by the indemnifying party are subsequently determined to not be required to be borne by the indemnifying party hereunder, the party which received such payment shall promptly refund the amount so paid to the party which made such payment.

Notwithstanding anything to the contrary in <u>Section 7(d)</u>, no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this <u>Section 7</u>, each Controlling Person shall have the same rights to contribution as that Underwriter, and each person who controls the Company or the Bank within the meaning of either the Act or the Exchange Act, each officer of the Company or the Bank who shall have signed the Registration Statement and each director of the Company or the Bank shall have the same rights to contribution as the Company or the Bank, as applicable, subject in each case to the immediately preceding sentence of this paragraph.

8. <u>Offering Communications</u>

(a) For purposes hereof, "<u>Free Writing Prospectus</u>" shall have the meaning given such term in Rule 405 under the Act. "<u>Permitted Additional Information</u>" shall mean the free writing prospectus dated November 5, 2025 with respect to the ratings on the Notes (the "<u>Ratings FWP</u>"), and any information that is included in any road show presentation the Issuer, the Company or the Bank has approved.

(b) Other than the Preliminary Prospectus, Prospectus and the Permitted Additional Information, each Underwriter represents, warrants and agrees with the Bank and the Company that: (i) it has not made, used, prepared, authorized, approved or referred to and will not make, use, prepare, authorize, approve or refer to any "written communication" (as defined in Rule 405 under the Act) that constitutes an offer to sell or solicitation of an offer to buy the Notes, including, but not limited to, any "ABS informational and computational materials" as defined in Item 1101(a) of Regulation AB under the Act; and (ii) it shall, for a period of at least three years after the date hereof, maintain written and/or electronic records regarding each Contract of Sale entered into by such Underwriter, the date, identity of the investor and the terms of such Contract of Sale, as set forth in the related confirmation of trade. Notwithstanding the foregoing, the Company agrees that (A) the Underwriters may disseminate information on Bloomberg to prospective investors relating solely to (i) information of the type identified in Rule 134 under the Act, (ii) information included in the Preliminary Prospectus, (iii) the status of allocations and subscriptions of the Notes, expected pricing parameters of the Notes and the yields and weighted average lives of the Notes, and (iv) information constituting final terms of the Notes within the meaning of Rule 433(d)(5)(ii) under the Act (each such communication, an "<u>Underwriter Free Writing Prospectus</u>"); *provided*, that in the case of the foregoing clauses (i) through (iv), other than the final pricing terms, such Underwriter Free Writing Prospectus would not be required to be filed with the Commission, and (B) each Underwriter is permitted to provide information customarily included in confirmations of sales of securities and notices of allocations and information delivered in compliance with Rule 172 under the Act (the information described in clauses (A) and (B), collectively, the "<u>Underwriter Additional Information</u>").

(c) Each Underwriter severally represents, warrants and agrees with the Company, the Issuer and the Bank that:

(i) each Underwriter Additional Information prepared by it will not, as of the date such Underwriter Additional Information was conveyed or delivered to any prospective purchaser of the Notes, include any untrue statement of a material fact or omit any material fact necessary to make the statements contained therein, in light of the circumstances under which they were made, not misleading; *provided*, *however*, that no Underwriter makes such representation, warranty or agreement to the extent such misstatements or omissions were the result of any inaccurate information which was included in the Preliminary Prospectus, the Prospectus or any written information furnished to the related Underwriter by the Company or the Issuer expressly for use therein, which information was not corrected by information subsequently provided by the Company or the Issuer to the related Underwriter prior to the time of use of such Underwriter Additional Information;

(ii) each Underwriter Free Writing Prospectus prepared by it shall contain a legend substantially in the form of and in compliance with Rule 433(c)(2)(i) under the Act, and shall otherwise conform to any requirements for "free writing prospectuses" under the Act; and

(iii) except as otherwise agreed to by the Company, each Underwriter Free Writing Prospectus prepared by it shall be delivered to the Company no later than the date of first use and, unless otherwise agreed to by the Company and the related Underwriter, such delivery shall occur no later than the close of business for the Bank (Eastern Time) on the date of first use; *provided*, *however*, that if the date of first use is not a Business Day, such delivery shall occur no later than the close of business for the Bank (Eastern Time) on the first Business Day preceding such date of first use.

(d) In the event that any Underwriter uses the Internet or other electronic means to offer or sell the Notes, it severally represents that it has in place, and covenants that it shall maintain, internal controls and procedures which it reasonably believes to be sufficient to ensure compliance in all material respects with all applicable legal requirements under the Act.

9. <u>Agreement of each Underwriter</u>. (a) Each Underwriter agrees that (i) if the Prospectus is not delivered with the confirmation in reliance on Rule 172 under the Act, it will include in every confirmation sent out by such Underwriter the notice required by Rule 173 under the Act informing the investor that the sale was made pursuant to the Registration Statement and that the investor may request a copy of the Prospectus from such Underwriter; (ii) if a paper copy of the Prospectus is requested by a person who receives a confirmation, such Underwriter shall deliver a printed or paper copy of such Prospectus; and (iii) if an electronic copy of the Prospectus is delivered by an Underwriter for any purpose, such copy shall be the same electronic file containing the Prospectus in the identical form transmitted electronically to such Underwriter by or on behalf of the Company specifically for use by such Underwriter pursuant to this <u>Section 9(a)</u>; for example, if the Prospectus is delivered to an Underwriter by or on behalf of the Company in a single electronic file in .pdf format, then such Underwriter will deliver the electronic copy of the Prospectus in the same single electronic file in .pdf format. Each Underwriter further agrees that if it delivers to an investor the Prospectus in .pdf format, upon such Underwriter's receipt of a request from the investor within the period for which delivery of the Prospectus is required, such Underwriter will promptly deliver or cause to be delivered to the investor, without charge, a paper copy of the Prospectus.

(b) Prior to the Closing Date, each Underwriter shall notify the Bank and the Company of (i) the date on which the Preliminary Prospectus is first used and (ii) the date of the first Contract of Sale to which such Preliminary Prospectus relates.

(c) Each Underwriter represents and agrees (i) that it did not enter into any commitment to sell any Notes prior to the Date of Sale, it did not enter into any Contract of Sale for any Notes prior to the Date of Sale and, without limiting the foregoing, it did not enter into a Contract of Sale with an investor in the Notes prior to forty-eight (48) hours after the delivery of the Preliminary Prospectus to such investor and (ii) that it will, at any time that such Underwriter is acting as an "underwriter" (as defined in Section 2(a)(11) of the Act) with respect to the Notes, deliver to each investor to whom Notes are sold by it during the period prior to the filing of the final Prospectus (as notified to such Underwriter by the Company or by the Bank), prior to the applicable date of any such Contract of Sale with respect to such investor, the Preliminary Prospectus.

(d) In the event the Company or any Underwriter becomes aware that, as of the Date of Sale, any Date of Sale Information contains or contained any untrue statement of material fact or omits or omitted to state any material fact necessary in order to make the statements contained therein in light of the circumstances under which they were made, not misleading (a "<u>Defective Prospectus</u>"), the party making such discovery shall promptly notify the other party of such untrue statement or omission no later than one Business Day after discovery and the Company shall prepare and deliver to the Underwriters a Corrected Prospectus. Each Underwriter shall deliver such Corrected Prospectus in a manner reasonably acceptable to both parties, to any Person with whom a Contract of Sale was entered into based on such Defective Prospectus, and such Underwriter shall provide any such Person with adequate disclosure of the Person's rights under the existing Contract of Sale and a meaningful ability to elect to terminate or not terminate the prior Contract of Sale and to elect to enter into or not enter into a new Contract of Sale based on the information set forth in the Corrected Prospectus

(e) With respect to any Notes to be sold to investors located in Canada by an Underwriter, such Notes have been and will be offered (i) only in a manner exempt from the prospectus requirements of the applicable securities laws in the province or territory of Canada in which such Notes are sold and the respective regulations and rules under such laws together with applicable published policy statements and orders of the applicable securities commission or securities regulatory authority in such province or territory, and (ii) only to purchasers in the Provinces of Alberta, British Columbia, Ontario and Québec (the "<u>Qualifying Provinces</u>") purchasing, or deemed to be purchasing, as principals that are "accredited investors", as defined in National Instrument 45-106 *Prospectus Exemptions* or subsection 73.3(1) of the *Securities Act* (Ontario), and are "permitted clients", as defined in National Instrument 31-103 *Registration Requirements, Exemptions and Ongoing Registrant Obligations*.

(f) With respect to any Notes to be sold to investors located in the Qualifying Provinces by an Underwriter, such Underwriter will provide to the Issuer all information with respect to the purchasers of the Notes in the Qualifying Provinces as may be requested by the Issuer for purposes of completing and filing a Form 45-106F1 in connection with the sale of the Notes in the Qualifying Provinces.

10. <u>Default by an Underwriter</u>. If any Underwriter shall fail to purchase and pay for any of the Notes agreed to be purchased by such Underwriter hereunder and such failure to purchase shall constitute a default in the performance of its obligations under this Agreement, the remaining Underwriters shall be obligated to take up and pay for the Notes that the defaulting Underwriter agreed but failed to purchase; *provided*, *however*, that in the event that the initial principal balance of Notes that the defaulting Underwriter agreed but failed to purchase shall exceed 10% of the aggregate principal balance of all of the Notes set forth in <u>Schedule A</u> hereto, the remaining Underwriters shall have the right to purchase all, but shall not be under any obligation to purchase any, of the Notes, and if such nondefaulting Underwriters do not purchase all of the Notes, this Agreement will terminate without liability to the nondefaulting Underwriters or the Company. In the event of a default by any Underwriter as set forth in this <u>Section 10</u>, the Closing Date for the Notes shall be postponed for such period, not exceeding seven days, as the nondefaulting Underwriters shall determine in order that the required changes in the Registration Statement, the Prospectus or in any other documents or arrangements may be effected. Nothing contained in this Agreement shall relieve any defaulting Underwriter of its liability, if any, to the Company and to any nondefaulting Underwriters for damages occasioned by its default hereunder.

11. <u>Termination</u>. (a) This Agreement shall be subject to termination by notice given to the Company, if the sale of the Notes provided for herein is not consummated because of any failure or refusal on the part of the Company to comply with the terms or to fulfill any of the conditions of this Agreement or if for any reason the Company shall be unable to perform its obligations under this Agreement. If the Underwriters terminate this Agreement in accordance with this <u>Section 11</u>, the Company will reimburse the Underwriters for all reasonable out-of-pocket expenses (including reasonable fees and disbursements of counsel) that shall have been reasonably incurred by the Underwriters in connection with the proposed purchase and sale of the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The obligations of the Underwriters to purchase the Notes on the Closing Date shall be terminable by an Underwriter by written notice delivered by the Representatives to the Company and the Bank if at any time on or before the Closing Date (a) a general moratorium on commercial banking activities in New York shall have been declared by any of Federal or New York state authorities, (b) trading in securities generally on the New York Stock Exchange shall have been suspended, or minimum or maximum prices or ranges of prices, shall be established by such exchange or by order of the Commission, (c) there shall have occurred any outbreak or material escalation of hostilities or other calamity or crisis, the effect of which on the financial markets of the United States is such as to make it, in the Underwriters' reasonable judgment, impracticable or inadvisable to market the Notes on the terms and in the manner contemplated in the Prospectus. Upon such notice being given, the parties to this Agreement shall (except for the liability of the Company under <u>Section 5(e)</u> and <u>Section 7</u>) be released and discharged from their respective obligations under this Agreement.

12. <u>Representations and Indemnities to Survive Delivery</u>. The agreements, representations, warranties, indemnities and other statements of the Company, the Bank or their respective officers and of the Representatives set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by or on behalf of the Underwriters or the Company or any of the officers, directors or Controlling Persons, and will survive delivery of and payment for the related Notes. The provisions of <u>Section 7</u> hereof shall survive the termination or cancellation of this Agreement.

13. <u>Successors</u>. This Agreement will inure to the benefit of and be binding upon the parties hereto and thereto and their respective successors and the officers, directors and controlling persons referred to in <u>Section 7</u> hereof, and their successors and assigns, and no other person will have any right or obligation hereunder or thereunder. No purchaser of any Note from the Underwriters shall be deemed a successor or assign by reason of such purchase.

14. <u>APPLICABLE LAW</u>. (a) THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) EACH PARTY HERETO HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THEM PERTAINING TO THIS AGREEMENT OR TO ANY MATTER ARISING OUT OF OR RELATING TO THIS AGREEMENT; *PROVIDED*, THAT EACH PARTY HERETO ACKNOWLEDGES THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF THE BOROUGH OF MANHATTAN IN NEW YORK CITY. EACH PARTY HERETO SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH PARTY HERETO HEREBY WAIVES ANY OBJECTION THAT SUCH PARTY MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR <u>FORUM NON CONVENIENS</u> AND HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. EACH PARTY HERETO HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH PARTY AT ITS ADDRESS DETERMINED IN ACCORDANCE WITH SECTION 17 AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF SUCH PARTY'S ACTUAL RECEIPT THEREOF OR THREE DAYS AFTER DEPOSIT IN THE UNITED STATES MAIL, PROPER POSTAGE PREPAID. NOTHING IN THIS SECTION SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY**.

15. <u>Miscellaneous</u>. This Agreement supersedes all prior and contemporaneous agreements and understandings relating to the subject matter hereof. This Agreement may not be changed, waived, discharged or terminated except by an affirmative written agreement made by the party against whom enforcement of the change, waiver, discharge or termination is sought. The headings in this Agreement are for purposes of reference only and shall not limit or otherwise affect the meaning hereof or thereof.

16. <u>Counterparts</u>. This Agreement may be executed in any number of separate counterparts, including by e-signature, each of which shall collectively and separately constitute one agreement. Executed counterparts may be delivered electronically.

17. <u>Notices</u>. All communications hereunder will be in writing and effective only on receipt, and, if sent to the Representatives, will be delivered to each of them at the address first above written; or if sent to the Company, will be delivered to Synchrony Card Funding, LLC, 777 Long Ridge Road, Stamford, Connecticut 06902, Attention: Paul Clancy, Vice President.

18. <u>Non-Petition Covenant</u>. Notwithstanding any prior termination of this Agreement, the Underwriters, prior to the date which is one year and one day after the payment in full of all obligations issued by the Issuer or any other special purpose entity formed by the Company, shall not acquiesce, petition or otherwise invoke or cause the Company or the Bank to invoke the process of any court or governmental authority for the purpose of commencing or sustaining a case against the Company or the Bank under any federal or state bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Company or the Bank, as applicable, or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Company or the Bank.

19. <u>Financial Services Act</u>. Each Underwriter represents and agrees:

(a) that it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000, as amended (the "<u>FSMA</u>")) received by it in connection with the issue or sale of any Notes in circumstances in which Section 21(1) of the FSMA does not apply to the Issuer or the Company;

(b) that it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to any Notes in, from or otherwise involving the United Kingdom;

(c) it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any offered notes to any UK Retail Investor in the United Kingdom; and

(d) it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Notes to any EEA Retail Investor in the European Economic Area.

For purposes of clauses (c) and (d) above, (i) the expression "UK Retail Investor" means a person who is one (or more) of the following: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of UK law, (ii) a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97 (as amended), where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of UK law or (iii) not a qualified investor as defined in Regulation (EU) 2017/1129 (as amended) as it forms part of UK law, (ii) the expression "EEA Retail Investor" means a person who is one (or more) of the following: (A) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "<u>MiFID II</u>"), (B) a customer within the meaning of Directive (EU) 2016/97 (as amended), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II or (C) not a qualified investor as defined in Regulation (EU) 2017/1129 (as amended), and (iii) the expression "offer" includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe the Notes.

20. <u>Absence of Fiduciary Relationship</u>. Each of the Company and the Bank acknowledges and agrees that:

(a) the Underwriters have been retained solely to act as underwriters in connection with the sale of the Notes and that no fiduciary, advisory or agency relationship between the Company or the Bank and the Underwriters has been created in respect of any of the transactions contemplated by this Agreement, irrespective of whether the Underwriters have advised or are advising the Company or the Bank on other matters and the Company and the Bank agree that they are solely responsible for making their own judgments in connection with the offering;

(b) the price of the Notes set forth in this Agreement was established by the Company following discussions and arms-length negotiations with the Underwriters and each of the Company and the Bank is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated by this Agreement;

(c) it has been advised that the Underwriters and their affiliates are engaged in a broad range of transactions which may involve interests that differ from those of the Company and the Bank and that the Underwriters have no obligation to disclose such interests and transactions to the Company or the Bank by virtue of any fiduciary, advisory or agency relationship; and

(d) it waives, to the fullest extent permitted by law, any claims it may have against the Underwriters for breach of fiduciary duty or alleged breach of fiduciary duty and agrees that the Underwriters shall have no liability (whether direct or indirect) to the Company or the Bank in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf of or in right of the Company or the Bank, including stockholders, employees or creditors of the Company or the Bank.

21. <u>Recognition of the U.S. Special Resolution Regimes</u>.

(a) In the event that any Underwriter that is a Covered Entity (as defined below) becomes subject to a proceeding under a U.S. Special Resolution Regime (as defined below), the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.

(b) In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate (as defined below) of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights (as defined below) under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

For the purposes of this Section 21, (i) "<u>BHC Act Affiliate</u>" has the meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k), (ii) "<u>Covered Entity</u>" means any of the following: (A) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b), (B) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b), or (C) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b), (iii) "<u>Default Right</u>" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable, and (iv) "<u>U.S. Special Resolution Regime</u>" means each of (A) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (B) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

If the foregoing is in accordance with your understanding of our agreement, please sign and return to the undersigned a counterpart hereof, whereupon this letter and your acceptance shall represent a binding agreement among the Company, the Bank and the Representatives.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| SYNCHRONY CARD FUNDING, LLC | SYNCHRONY CARD FUNDING, LLC |
| By: | /s/ Christopher Coffey |
|  | Name: Christopher Coffey |
|  | Title: Vice President |
| SYNCHRONY BANK | SYNCHRONY BANK |
| By: | /s/ Eric Duenwald |
|  | Name: Eric Duenwald |
|  | Title: Senior Vice President & Treasurer |

---

---

| | |
|:---|:---|
| The foregoing Agreement is | The foregoing Agreement is |
| hereby confirmed and accepted | hereby confirmed and accepted |
| as of the date first above written. | as of the date first above written. |
| Wells Fargo Securities, LLC, | Wells Fargo Securities, LLC, |
| individually and as Representative of the several Underwriters | individually and as Representative of the several Underwriters |
| By: | /s/ Joseph Thompson |
| Name: Joseph Thompson | Name: Joseph Thompson |
| Title: Vice President | Title: Vice President |
| BofA Securities, Inc., | BofA Securities, Inc., |
| individually and as Representative of the several Underwriters | individually and as Representative of the several Underwriters |
| By: | /s/ John Whitney |
| Name: John Whitney | Name: John Whitney |
| Title: Director | Title: Director |
| RBC Capital Markets, LLC, | RBC Capital Markets, LLC, |
| individually and as Representative of the several Underwriters | individually and as Representative of the several Underwriters |
| By: | /s/ Nicole Nowak |
| Name: Nicole Nowak | Name: Nicole Nowak |
| Title: Director | Title: Director |

---

<u>Annex I to Underwriting Agreement</u>

**SYNCHRONY CARD ISSUANCE TRUST**

**SYNCHRONYSERIES**

**Class A(2025-3)**

**ASSET BACKED NOTES**

---

| |
|:---|
| <u>Series Designation</u>: |
| SynchronySeries. |
| <u>Registration Statement</u>: |
| No. 333-280854. |
| <u>Title of Securities</u>: |
| Synchrony Card Issuance Trust, SynchronySeries Class A(2025-3) Notes (the "<u>Notes</u>"). |
| <u>Initial Principal Amount of Notes</u>: |
| $750000000. |
| <u>Expected Date of Terms Document</u>: November 17, 2025.<br><u>Expected Date of Risk Retention Agreement</u>: November 17, 2025. |
| <u>Interest Rate or Formula</u>: 4.06%. |
| <u>Date of Sale</u>: |
| 1:31 p.m., New York City time on November 10, 2025. |

---

<u>Date of Sale Information</u>:

(1) The Preliminary Prospectus dated November 5, 2025 for the SynchronySeries Class A(2025-3) Notes (the "<u>Preliminary Prospectus</u>"), filed pursuant to Rule 424(h) of the Securities Act of 1933 on November 5, 2025, including the reports and documents incorporated by reference into the Preliminary Prospectus and (2) the Ratings FWP dated November 5, 2025, filed in accordance with Rule 433 of the Securities Act of 1933 on November 5, 2025, which discloses the expected ratings to be assigned to the Notes by the nationally recognized statistical rating organizations hired by Synchrony Bank.

Annex-I

<u>Underwriter Information</u>:

"Underwriters' Information" shall mean the statements set forth on the cover page of the Prospectus on the line across from "Price to public," in the table listing the Underwriters and the "Principal Amount of Offered Notes" under the heading "Underwriting" in the Prospectus, in the table listing the concession and reallowance percentages under the heading "Underwriting" in the Prospectus, in the table listing the amount of the Underwriter's discounts and commissions under the heading "Underwriting" in the Prospectus and in the penultimate paragraph under the heading "Underwriting" in the Prospectus.

<u>Terms of Sale</u>:

The purchase price for the Notes to the Underwriters will be 99.74864% of the aggregate principal amount of the Notes.

The Underwriters will offer the Notes to the public at a price equal to 99.99864% of the aggregate principal amount of the Notes.

<u>Closing Date</u>: November 17, 2025, or such other date as may be agreed upon in writing.

<u>Time of Delivery</u>: 10:30 a.m., New York Time, on the Closing Date, or at such other time as may be agreed upon in writing.

<u>Underwriter Allocations</u>

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br> AMOUNT | PURCHASE<br> PRICE |
| Wells Fargo Securities, LLC | $212500000 | $211965860 |
| BofA Securities, Inc. | $212500000 | $211965860 |
| RBC Capital Markets, LLC | $212500000 | $211965860 |
| Academy Securities, Inc. | $22500000 | $22443444 |
| Barclays Capital Inc. | $22500000 | $22443444 |
| CastleOak Securities, L.P. | $22500000 | $22443444 |
| Mizuho Securities USA LLC | $22500000 | $22443444 |
| R. Seelaus & Co., LLC | $22500000 | $22443444 |

---

Annex-I

## Exhibit 4.1

**Exhibit 4.1**

**SYNCHRONY CARD ISSUANCE TRUST**<br> **as Issuer**

**CLASS A(2025-3) TERMS DOCUMENT<br> dated as of November 17, 2025**

**to**

**SYNCHRONYSERIES INDENTURE SUPPLEMENT<br> dated as of September 26, 2018**

**to**

**AMENDED AND RESTATED MASTER INDENTURE<br> dated as of May 1, 2018**

**THE BANK OF NEW YORK MELLON<br> as Indenture Trustee**

**Table of Contents**

Page

---

| | | |
|:---|:---|:---|
| ARTICLE I | Definitions and Other Provisions of General Application | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.01 | Definitions and Interpretive Matters | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.02 | Governing Law | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.03 | Counterparts | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.04 | Ratification of Indenture and Indenture Supplement | 3 |
| ARTICLE II | The Class A(2025-3) Notes | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.01 | Creation and Designation | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.02 | Form of Delivery of Class A(2025-3) Notes; Depository; Denominations | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.03 | Delivery and Payment for the Class A(2025-3) Notes | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.04 | Specification of SynchronySeries Subordinated Transferor Amount | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.05 | ERISA | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.06 | Maximum Delinquency Percentage | 5 |
| ARTICLE III | Allocations, Deposits and Payments | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.01 | Targeted Deposits into the Class A(2025-3) Interest Funding Sub-Account | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.02 | [Reserved.] | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.03 | Withdrawals from Class A(2025-3) Interest Funding Sub-Account | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.04 | Withdrawals from Class A(2025-3) Principal Funding Sub-Account | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.05 | Payments of Interest and Principal | 5 |
| ARTICLE IV | Miscellaneous provisions | <br> 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.01 | Limitation of Liability | 6 |

---

THIS CLASS A(2025-3) TERMS DOCUMENT (this "Terms Document"), among the Synchrony CARD ISSUANCE TRUST, a statutory trust created under the laws of the State of Delaware (the "Issuer"), having its principal office at c/o Citibank, N.A., 388 Greenwich Street, New York, New York 10013, and THE BANK OF NEW YORK MELLON, a New York state-chartered bank, as indenture trustee (the "Indenture Trustee"), is made and entered into as of November 17, 2025.

Pursuant to this Terms Document, the Issuer and the Indenture Trustee shall create a new Tranche of SynchronySeries Class A Notes and shall specify the principal terms thereof.

**ARTICLE I<br> Definitions and Other Provisions of General Application**

Section 1.01 <u>Definitions and Interpretive Matters</u>. For all purposes of this Terms Document, except as otherwise expressly provided or unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All terms used herein and not otherwise defined herein shall have meanings ascribed to them in the Indenture or the Indenture Supplement. This Terms Document shall be interpreted in accordance with the conventions set forth in Sections 1.01(a) through (g) of the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All terms defined in this Terms Document shall have the defined meanings when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture or the Indenture Supplement, the terms and provisions of this Terms Document shall be controlling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each capitalized term defined herein shall relate only to the Class A(2025-3) Notes and no other Tranche of SynchronySeries Notes issued by the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Whenever used in this Terms Document, the following words and phrases shall have the following meanings, and the definitions of such terms and phrases are applicable to the singular as well as the plural forms of such terms and to the masculine as well as the neuter genders of such terms:

"<u>Accumulation Commencement Date</u>" means August 1, 2028; provided, however, that if the Accumulation Period Length for the Class A(2025-3) Notes is more or less than the Initial Accumulation Period Length for the Class A(2025-3) Notes, the Accumulation Commencement Date for the Class A(2025-3) Notes will be the date determined pursuant to the definition of "Accumulation Commencement Date" in the Indenture Supplement.

"<u>Benefit Plan</u>" means an "employee benefit plan" as defined in Section 3(3) of ERISA that is subject to Title I of ERISA, a "plan" defined in and subject to Section 4975 of the Internal Revenue Code or an entity or account deemed to hold "plan assets" of any of the foregoing.

"<u>Class A(2025-3) Note</u>" means any Note, substantially in the form set forth in Exhibit A-1 to the Indenture Supplement, designated therein as a Class A(2025-3) Note and duly executed and authenticated in accordance with the Indenture.

"<u>Class A(2025-3) Noteholder</u>" means a Person in whose name a Class A(2025-3) Note is registered in the Note Register.

"<u>Class A(2025-3) Termination Date</u>" means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2025-3) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to Article V thereof.

"<u>Controlled Accumulation Amount</u>" means $250,000,000.00; provided, however, if the Accumulation Period Length is determined to be more or less than twelve months pursuant to Section 3.11(b)(ii) of the Indenture Supplement, the Controlled Accumulation Amount for any Transfer Date with respect to the Class A(2025-3) Notes will be the amount specified in the definition of "Controlled Accumulation Amount" in the Indenture Supplement; provided, further, that the Controlled Accumulation Amount for any Monthly Period shall not exceed the Outstanding Dollar Principal Amount for the Class A(2025-3) Notes *minus* the amount on deposit in the Class A(2025-3) Principal Funding Sub-Account.

"<u>Indenture</u>" means the Amended and Restated Master Indenture, dated as of May 1, 2018, as amended, between the Issuer and the Indenture Trustee, as supplemented by Supplement No. 1 to Amended and Restated Master Indenture, dated as of May 20, 2024.

"<u>Indenture Supplement</u>" means the SynchronySeries Indenture Supplement, dated as of September 26, 2018, between the Issuer and the Indenture Trustee, as amended or supplemented from time to time.

"<u>Initial Dollar Principal Amount</u>" means $750,000,000.

"<u>Interest Payment Date</u>" means December 15, 2025 and the 15th day of each month thereafter, or if such 15th day is not a Business Day, the next succeeding Business Day.

"<u>Interest Period</u>" means, with respect to any Interest Payment Date, the period from and including the previous Interest Payment Date (or in the case of the initial Interest Payment Date, from and including the Issuance Date) to but excluding such Interest Payment Date.

"<u>Issuance Date</u>" means November 17, 2025.

"<u>Legal Maturity Date</u>" means the November 2031 Interest Payment Date.

"<u>Note Interest Rate</u>" means a rate per annum equal to 4.06%.

"<u>Paying Agent</u>" means Indenture Trustee.

"<u>Predecessor Note</u>" means, with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 3.06 of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note.

"<u>Scheduled Principal Payment Date</u>" means the November 2028 Interest Payment Date.

"<u>Similar Law</u>" means any local, state or other laws that are similar to Title I of ERISA or Section 4975 of the Internal Revenue Code.

"<u>Stated Principal Amount</u>" means $750,000,000.

Section 1.02 <u>Governing Law</u>. THIS TERMS DOCUMENT 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 (INCLUDING SECTION 5-1401(1) OF THE GENERAL OBLIGATIONS LAW, BUT WITHOUT REGARD TO ANY OTHER CONFLICT OF LAW PROVISIONS THEREOF).

Section 1.03 <u>Counterparts</u>. This Terms Document may be executed in any number of counterparts, including by e-signature, each of which so executed will be deemed to be an original, but all such counterparts will together constitute but one and the same instrument.

Section 1.04 <u>Ratification of Indenture and Indenture Supplement</u>. As supplemented by this Terms Document, each of the Indenture and the Indenture Supplement is in all respects ratified and confirmed and the Indenture as so supplemented by the Indenture Supplement as so supplemented by this Terms Document shall be read, taken and construed as one and the same instrument.

[END OF ARTICLE I]

**ARTICLE II<br> The Class A(2025-3) Notes**

Section 2.01 <u>Creation and Designation</u>. There is hereby created a Tranche of SynchronySeries Class A Notes to be issued pursuant to the Indenture and the Indenture Supplement to be known as the "SynchronySeries Class A(2025-3) Notes."

Section 2.02 <u>Form of Delivery of Class A(2025-3) Notes; Depository; Denominations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Class A(2025-3) Notes shall be delivered in the form of a Global Note as provided in Sections 2.02 and 3.01(g) of the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Depository for the Class A(2025-3) Notes shall be The Depository Trust Company, and the Class A(2025-3) Notes shall initially be registered in the name of Cede & Co., its nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Class A(2025-3) Notes will be issued in minimum denominations of $10,000 and integral multiples of $1,000 in excess of $10,000.

Section 2.03 <u>Delivery and Payment for the Class A(2025-3) Notes</u>. The Issuer shall execute and deliver the Class A(2025-3) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2025-3) Notes when authenticated, each in accordance with Section 3.03 of the Indenture.

Section 2.04 <u>Specification of SynchronySeries Subordinated Transferor Amount</u>. As of the date of this Terms Document, after giving effect to the issuance of the Class A(2025-3) Notes but prior to any adjustments pursuant to the terms of the Indenture Supplement, the SynchronySeries Subordinated Transferor Amount will equal $1,932,432,433.

Section 2.05 <u>ERISA</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) By its acquisition of a Class A(2025-3) Note (or interest therein), each purchaser and transferee (and its fiduciary, if applicable) will be deemed to represent and warrant that either (i) it is not acquiring and will not hold such Note (or interest therein) with the assets of a Benefit Plan or other plan that is subject to Similar Law or (ii) (A) its acquisition and holding of such Note (or interest therein) will not give rise to a non-exempt prohibited transaction under Title I of ERISA or Section 4975 of the Internal Revenue Code or a violation of Similar Law and (B) such Note is rated at least "BBB-" or its equivalent by a nationally recognized statistical rating agency at the time of acquisition and such Note has not been characterized as other than indebtedness under applicable local law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In lieu of the ERISA legend in the SynchronySeries Indenture Supplement, dated as of May 1, 2018, the following will apply:

BY ACQUIRING THIS NOTE (OR ANY INTEREST HEREIN), EACH PURCHASER AND TRANSFEREE (AND, ITS FIDUCIARY, IF APPLICABLE) WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (A) IT IS NOT ACQUIRING AND WILL NOT HOLD THIS NOTE (OR INTEREST HEREIN) WITH THE ASSETS OF AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA") THAT IS SUBJECT TO TITLE I OF ERISA, A "PLAN" AS DEFINED IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "INTERNAL REVENUE CODE"), AN ENTITY OR ACCOUNT DEEMED TO HOLD PLAN ASSETS OF ANY OF THE FOREGOING, OR ANY OTHER PLAN THAT IS SUBJECT TO A LOCAL, STATE OR OTHER LAW THAT IS SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE ("SIMILAR LAW") OR (B)(1) THE ACQUISITION AND HOLDING OF THIS NOTE (OR INTEREST HEREIN) WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER TITLE I OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE OR A VIOLATION OF SIMILAR LAW AND (2) THIS NOTE IS RATED AT LEAST "BBB-" OR ITS EQUIVALENT BY A NATIONALLY RECOGNIZED STATISTICAL RATING AGENCY AT THE TIME OF ACQUISITION AND THIS NOTE HAS NOT BEEN CHARACTERIZED AS OTHER THAN INDEBTEDNESS UNDER APPLICABLE LOCAL LAW.

Section 2.06 <u>Maximum Delinquency Percentage</u>. The Maximum Delinquency Percentage for the Class A(2025-3) Notes is 9.00%.

[END OF ARTICLE II]

**ARTICLE III<br> Allocations, Deposits and Payments**

Section 3.01 <u>Targeted Deposits into the Class A(2025-3) Interest Funding Sub-Account</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The amount targeted to be deposited into the Class A(2025-3) Interest Funding Sub-Account pursuant to Sections 3.02(b) and 3.03 of the Indenture Supplement shall be the sum of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On the Transfer Date related to each Interest Payment Date, the amount of interest targeted to be deposited in the Class A(2025-3) Interest Funding Sub-Account shall be an amount equal to one-twelfth of the product of (i) the Note Interest Rate, and (ii) (A) the Outstanding Dollar Principal Amount of the Class A(2025-3) Notes determined as of the close of business on the Interest Payment Date preceding the related Transfer Date for the Class A(2025-3) Notes plus (B) any interest due but unpaid on any prior Interest Payment Date; <u>provided</u>, <u>however</u>, that for the first Interest Payment Date, the amount of interest due with respect to the Class A(2025-3) Notes shall be $2,368,334. Interest on the Class A(2025-3) Notes will be calculated on the basis of a 360-day year consisting of twelve 30-day months. Notwithstanding Section 3.03(d) of the Indenture Supplement, the interest targeted to be deposited in the Class A(2025-3) Interest Funding Sub-Account shall not include interest accrued on any overdue interest.

Section 3.02 [Reserved.]

Section 3.03 <u>Withdrawals from Class A(2025-3) Interest Funding Sub-Account</u>. On each Interest Payment Date, the interest due on the Class A(2025-3) Notes, calculated pursuant to Section 3.01(a)(i) of this Terms Document, will be withdrawn from the Class A(2025-3) Interest Funding Sub-Account and remitted to the Paying Agent for distribution pursuant to Section 3.05 of this Terms Document.

Section 3.04 <u>Withdrawals from Class A(2025-3) Principal Funding Sub-Account</u>. On each Principal Payment Date, an amount up to the Nominal Liquidation Amount of the Class A(2025-3) Notes will be withdrawn from the Class A(2025-3) Principal Funding Sub-Account and remitted to the Paying Agent for distribution pursuant to Section 3.05 of this Terms Document.

Section 3.05 <u>Payments of Interest and Principal</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any installment of interest or principal payable on any Class A(2025-3) Note which is punctually paid or duly provided for by the Issuer and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to the Person in whose name such Class A(2025-3) Note (or one or more Predecessor Notes) is registered on the Record Date, by wire transfer of immediately available funds to such Person's account as has been designated by written instructions received by the Paying Agent from such Person not later than the close of business on the third Business Day preceding the date of payment or, if no such account has been so designated, by check mailed first-class, postage prepaid to such Person's address as it appears on the Note Register on such Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of Cede & Co., payment shall be made by wire transfer in immediately available funds to the account designated by such nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The right of the Class A(2025-3) Noteholders to receive payments from the Issuer will terminate on the first Business Day following the Class A(2025-3) Termination Date.

[END OF ARTICLE III]

**ARTICLE IV<br> Miscellaneous provisions**

Section 4.01 <u>Limitation of Liability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is expressly understood and agreed by the parties hereto that (a) this document is executed and delivered by Citibank, N.A., not individually or personally, but solely as Trustee of the Issuer, (b) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as a personal representation, undertaking and agreement by Citibank, N.A. 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 Citibank, N.A., 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) Citibank, N.A. has made no investigation as to the accuracy or completeness of any representations and warranties made by the Issuer or any other party in this Agreement, and (e) under no circumstances shall Citibank, N.A. 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 document or any other related documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Indenture Trustee shall be entitled to the same protections and indemnities under this Terms Document that it is entitled to under the Indenture.

[END OF ARTICLE IV]

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

---

| | |
|:---|:---|
| SYNCHRONY CARD ISSUANCE TRUST | SYNCHRONY CARD ISSUANCE TRUST |
| By: CITIBANK, N.A., not in its individual capacity but solely as Trustee on behalf of the Issuer | By: CITIBANK, N.A., not in its individual capacity but solely as Trustee on behalf of the Issuer |
| By: |  |
|  | Name: |
|  | Title: |
| THE BANK OF NEW YORK MELLON, | THE BANK OF NEW YORK MELLON, |
| as Indenture Trustee | as Indenture Trustee |
| By: |  |
|  | Name: |
|  | Title: |

---

*Synchrony Card Issuance Trust<br> SynchronySeries Class A(2025-3) Terms Document*

## Exhibit 4.2

**Exhibit 4.2**

RISK RETENTION AGREEMENT, dated as of November 17, 2025 (this "<u>Agreement</u>"), by and among SYNCHRONY BANK, a federal savings association organized under the laws of the United States ("<u>Synchrony Bank</u>"), SYNCHRONY CARD FUNDING, LLC, a Delaware limited liability company ("<u>Synchrony Card Funding</u>"), and SYNCHRONY CARD ISSUANCE TRUST, a Delaware statutory trust (the "<u>Issuer</u>").

W I T N E S S E T H:

WHEREAS, Synchrony Bank and Synchrony Card Funding have entered into an Amended and Restated Receivables Sale Agreement, dated as of May 1, 2018 (the "<u>Receivables Sale Agreement</u>"), pursuant to which Synchrony Bank sells Receivables arising under certain Accounts to Synchrony Card Funding;

WHEREAS, Synchrony Card Funding and the Issuer have entered into an Amended and Restated Transfer Agreement, dated as of May 1, 2018 (as amended, restated, supplemented or otherwise modified, the "<u>Transfer Agreement</u>"), pursuant to which Synchrony Card Funding conveyed to the Issuer all of its right, title and interest in and to the Receivables arising under certain Accounts;

WHEREAS, Synchrony Card Funding, Citibank, N.A., as the trustee (in such capacity, the "<u>Trustee</u>") and Citicorp Trust Delaware, National Association, as the Delaware trustee, have entered into an Amended and Restated Trust Agreement, dated as of May 1, 2018 (as amended, restated, supplemented or otherwise modified, the "<u>Trust Agreement</u>"), pursuant to which the Issuer issued the Transferor Interest to Synchrony Card Funding;

WHEREAS, the Issuer and The Bank of New York Mellon (the "<u>Indenture Trustee</u>") have entered into an Amended and Restated Master Indenture, dated as of May 1, 2018 (as amended, restated, supplemented or otherwise modified, the "<u>Master Indenture</u>"), a SynchronySeries Indenture Supplement, dated as of September 26, 2018, (as amended, restated, supplemented or otherwise modified, the "<u>Indenture Supplement</u>"), and Supplement No. 1 to Amended and Restated Master Indenture, dated as of May 20, 2024 ("<u>Supplement No. 1</u>" and, together with the Master Indenture and the Indenture Supplement, the "<u>Indenture</u>"), pursuant to which the Issuer has issued and may from time to time issue the SynchronySeries Notes; and

WHEREAS, Synchrony Card Funding intends to cause the Issuer to issue the Class A(2025-3) Notes pursuant to the Indenture and the Class A(2025-3) Terms Document, dated as of November 17, 2025 (the "<u>Terms Document</u>"), between the Issuer and the Indenture Trustee.

NOW, THEREFORE, it is hereby agreed by and among Synchrony Bank, Synchrony Card Funding and the Issuer as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>DEFINITIONS</u>. All capitalized terms used but not defined herein shall have the meanings given to such terms in the Terms Document and, if not defined therein, in the Indenture. The following capitalized terms shall have the following meanings:

"**Applicable Investor**" means each holder of a beneficial interest in any Class A(2025-3) Note that is (i) an "institutional investor" as defined in the EU Securitization Regulation and to which the EU Securitization Regulation applies or (ii) an "institutional investor" as defined in the UK Securitization Framework and to which the UK Securitization Framework applies.

"**EU Securitization Regulation**" means Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitization and creating a specific framework for simple, transparent and standardized securitization and amending certain other European Union directives and regulations, as amended.

"**EU Securitization Rules**" means the EU Securitization Regulation, together with all regulatory and/or implementing technical standards in relation thereto and any relevant guidance published in relation thereto by the European Banking Authority, the European Securities and Markets Authority and the European Insurance and Occupational Pensions Authority (or, in either case, any predecessor or any other applicable regulatory authority) or by the European Commission.

"**FCA**" means the UK's Financial Conduct Authority.

"**FSMA**" means the UK's Financial Services and Markets Act 2000.

"**SECN**" means the securitisation sourcebook of the the handbook of rules and guidance adopted by the FCA.

"**PRA**" means the Prudential Regulation Authority of the Bank of England.

"**PRASR**" means the securitisation part of the rulebook of published policy of the PRA.

"**SR 2024**" means the UK's Securitisation Regulations 2024 (SI 2024/102).

"**UK**" means the United Kingdom of Great Britain and Northern Ireland.

"**UK Securitization Framework**" means SR 2024, SECN, PRASR, and the relevant provisions of FSMA, in each case as further amended, supplemented or replaced.

"**UK Securitization Rules**" means the UK Securitization Framework, together with (a) all relevant guidance, policy statements and directions relating to the application of the UK Securitization Framework published by the FCA and/or the PRA and/or the Pensions Regulator (or their successors), (b) any guidelines relating to the application of the EU Securitization Regulation which are applicable in the UK, and (c) any other applicable laws, acts, statutory instruments, rules, guidance or policy statements published or enacted relating to the UK Securitization Framework, in each case as amended, supplemented or replaced from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>REPRESENTATIONS</u>. Synchrony Bank represents and warrants to the Issuer and the Indenture Trustee (solely for the benefit of the Applicable Investors) that as of the date hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Synchrony Bank has all requisite power and authority to execute, deliver and perform its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance of this Agreement have been duly authorized by all necessary action, and do not violate any provision of any law or regulation of any Governmental Authority, or contractual or other restrictions binding on Synchrony Bank, except where such violations, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement is the valid, binding and enforceable obligation of Synchrony Bank, except as the same 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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>COVENANTS</u>. With reference to the EU Securitization Rules and the UK Securitization Rules, in each case as in effect and applicable on the date hereof, Synchrony Bank hereby confirms, represents and warrants to and agrees with, and irrevocably and unconditionally undertakes to the Issuer and the Indenture Trustee, solely for the benefit of each Applicable Investor, on an ongoing basis, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Synchrony Bank, as an "originator" for the purposes of the EU Securitization Rules and the UK Securitization Rules, will retain upon issuance of the Notes, continually and on an ongoing basis for so long as the Notes remain outstanding, a material net economic interest in the securitization transaction described in the Offering Memorandum (the "<u>Retained Interest</u>") that is not less than 5% of the nominal value of the securitized exposures, in a form that is intended to qualify as an originator's interest as provided in (i) option (b) of Article 6(3) of the EU Securitization Regulation, (ii) paragraph (1)(b) of SECN 5.2.8R and (iii) paragraph (b) of Article 6(3) of Chapter 2 of the PRASR, in each case, as in effect and applicable on the closing date, by holding all the membership interests in Synchrony Card Funding, which in turn holds all or part of the Transferor Interest (the "<u>Retained Interest</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Synchrony Bank will not (and will not permit Synchrony Card Funding or any of its other affiliates to) hedge or otherwise mitigate its credit risk under or associated with the Retained Interest, or sell, transfer or otherwise surrender all of part of the rights, benefits or obligations arising from the Retained Interest, except, to the extent permitted in accordance with the EU Securitization Rules and the UK Securitization Rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Synchrony Bank will not change the manner or form in which it retains its Retained Interest while any of the Class A(2025-3) Notes are outstanding, except as permitted by the EU Securitization Rules and the UK Securitization Rules; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Synchrony Bank will provide ongoing confirmation of Synchrony Bank's continued compliance with its obligations described in (a), (b) and (c) above in or concurrently with the delivery of each Monthly Noteholders' Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>AGREEMENTS OF SYNCHRONY CARD FUNDING</u>. Synchrony Card Funding hereby acknowledges the terms and conditions of this Agreement and, further, covenants that it will not subject the Retained Interest to any credit risk mitigation or other hedge, or sell, transfer or otherwise surrender all or part of the rights, benefits or obligations arising from the Retained Interest, other than as directed by Synchrony Bank and as permitted in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>LIMITATION OF LIABILITY</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is expressly understood and agreed by the parties hereto that (i) this Agreement is executed and delivered by Citibank, N.A., not individually or personally, but solely as Trustee of the Issuer, (ii) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as a personal representation, undertaking and agreement by Citibank, N.A. but is made and intended for the purpose of binding only the Issuer, (iii) nothing herein contained shall be construed as creating any liability on Citibank, N.A., 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, (iv) Citibank, N.A. has made no investigation as to the accuracy or completeness of any representations and warranties made by the Issuer or any other party in this Agreement, and (v) under no circumstances shall Citibank, N.A. 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 Agreement or any other related documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Notwithstanding anything to the contrary contained herein or in any other document or agreement relating to the Class A(2025-3) Notes, in no event shall Synchrony Bank or Synchrony Card Funding be liable to the Indenture Trustee, the Issuer, the Trustee, any Applicable Investor or any other Noteholder, or responsible for, losses in respect of the Class A(2025-3) Notes or any interest therein, including, without limitation any loss of value of any Class A(2025-3) Notes or any interest therein, due to the failure of the Retained Interest and compliance by Synchrony Bank and Synchrony Card Funding with the terms of this Agreement to satisfy the EU Securitization Rules, the UK Securitization Rules or other similar or equivalent provisions now or hereafter in effect.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without limiting Section 5(b) of this Agreement, except as specifically provided in Sections 3 and 4 of this Agreement, neither Synchrony Bank nor Synchrony Card Funding undertakes, or intends, to take or refrain from taking any action with regard to the Class A(2025-3) Notes in a manner prescribed or contemplated by the EU Securitization Rules or the UK Securitization Rules, or to take any action for purposes of, or in connection with, compliance by any Applicable Investor or other person with any applicable EU Securitization Rules or UK Securitization Rules. In particular, neither of them makes any undertaking in this Agreement or otherwise with respect to the transparency requirements in Article 7 of the EU Securitization Regulation, SECN 6 or Article 7 of Chapter 2 of the PRASR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>MISCELLANEOUS</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **THIS AGREEMENT 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 (INCLUDING SECTION 5-1401(1) OF THE GENERAL OBLIGATIONS LAW, BUT WITHOUT REGARD TO ANY OTHER CONFLICT OF LAW PROVISIONS THEREOF) AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **EACH PARTY HERETO HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THEM PERTAINING TO THE INDENTURE OR TO ANY MATTER ARISING OUT OF OR RELATING TO THE INDENTURE; <u>PROVIDED</u>, THAT EACH PARTY HERETO ACKNOWLEDGES THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF THE BOROUGH OF MANHATTAN IN NEW YORK CITY. EACH PARTY HERETO SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH PARTY HERETO HEREBY WAIVES ANY OBJECTION THAT SUCH PARTY MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR <u>FORUM NON CONVENIENS</u> AND HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. EACH PARTY HERETO HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH PARTY AT ITS ADDRESS DETERMINED IN ACCORDANCE WITH <u>SECTION 6(d)</u> AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF SUCH PARTY'S ACTUAL RECEIPT THEREOF OR THREE DAYS AFTER DEPOSIT IN THE UNITED STATES MAIL, PROPER POSTAGE PREPAID. NOTHING IN THIS SECTION SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM, THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.**

If to Synchrony Bank:

777 Long Ridge Road

Stamford, Connecticut 06902

Attention: Eric Duenwald – Treasurer

If to Synchrony Card Funding:

777 Long Ridge Road

Stamford, Connecticut 06902

Attention: Eric Duenwald – President

If to the Issuer:

388 Greenwich Street

New York, New York 10013

Attn: Synchrony Card Issuance Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Neither this Agreement nor any term or provision hereof may be changed, waived, discharged or terminated except by a writing signed by a duly authorized officer of the party against whom enforcement of such change, waiver, discharge or termination is sought to be enforced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any part, provision, representation, warranty or covenant of this Agreement that is prohibited or is held to be void or unenforceable shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof.

Any part, provision, representation, warranty or covenant of this Agreement that is prohibited or is held to be void or unenforceable in any particular jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

To the extent permitted by applicable law, the parties hereto waive any provision of law which prohibits or renders void or unenforceable any provision hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Agreement constitutes the entire agreement and understanding of the parties with respect to the matters addressed herein, and this Agreement supersedes any prior agreements and/or understandings, written or oral, with respect to such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Issuer is a party to this Agreement solely for the purposes of obtaining the benefit of the representations, warranties and covenants contained therein and under no circumstances shall it be deemed to have undertaken any obligations thereunder or by virtue of its entry into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Indenture Trustee is a third party beneficiary of this Agreement solely for the purpose of obtaining the benefit of the representations, warranties and covenants contained herein and under no circumstances shall it be deemed to have undertaken any obligations hereunder. For the avoidance of doubt, in no event shall the Indenture Trustee have any responsibility to monitor compliance with or be charged with knowledge of the EU Securitization Rules or the UK Securitization Rules, nor shall it be liable to any Applicable Investor, Noteholder or any party whatsoever for any violation of such EU Securitization Rules or such UK Securitization Rules or such similar provisions now or hereafter in effect or for any breach of any term of this Agreement.

Synchrony Bank, Synchrony Card Funding and the Issuer have caused this Agreement to be duly executed by their respective officers as of the date first above written.

---

| |
|:---|
| SYNCHRONY BANK |
| By: |
| Name: Eric Duenwald |
| Title: Senior Vice President and Treasurer |
| SYNCHRONY CARD FUNDING, LLC |
| By: |
| Name: Christopher Coffey |
| Title: Vice President |
| SYNCHRONY CARD ISSUANCE TRUST |
| By: Citibank, N.A., not in its individual capacity, but solely as Trustee |
| By: |
| Name: |
| Title: |

---

*Synchrony Card Issuance Trust*<br> SynchronySeries Class A(2025-3) Risk Retention Agreement

## Exhibit 5.1

**Exhibit 5.1**

![](tm2530159d7_ex5-1img0101.jpg)

---

| | |
|:---|:---|
| November 12, 2025 |  |
| Synchrony Card Issuance Trust<br> c/o Citibank, N.A.,<br> 388 Greenwich Street, <br> New York, New York 10013 | Mayer Brown LLP <br> 71 South Wacker Drive<br> Chicago, IL 60606<br> United States of America |
| Synchrony Card Funding, LLC<br> 777 Long Ridge Road <br> Stamford, Connecticut 06902 | T: +1 312 782 0600 <br> F: +1 312 701 7711 <br> mayerbrown.com |

---

Re: Synchrony Card Issuance Trust, SynchronySeries<br> Class A(2025-3) Notes<br> Registration Statement on Form SF-3 <br> <u>(Nos. 333-280854 and 333-280854-01)</u>

We have acted as special counsel to Synchrony Card Funding, LLC, a Delaware limited liability company ("<u>SCF</u>") and Synchrony Card Issuance Trust (the "<u>Trust</u>"), in connection with (i) the filing by SCF with the Securities and Exchange Commission (the "<u>Commission</u>") under the Securities Act of 1933, as amended (the "<u>Act</u>"), of the above captioned Registration Statement, as amended (the "<u>Registration Statement</u>"), registering asset-backed notes representing debt of the Trust (the "<u>Notes</u>") and (ii) the offering of the SynchronySeries Class A(2025-3) Notes (the "<u>Offered Notes</u>") described in the prospectus, dated November 10, 2025 (the "<u>Prospectus</u>"), which has been filed with the Commission pursuant to Rule 424(b) of the Act. The Offered Notes will be sold pursuant to an Underwriting Agreement, dated as of November 10, 2025, by and among Synchrony Bank, SCF, Wells Fargo Securities, LLC, BofA Securities, Inc. and RBC Capital Markets, LLC. The Offered Notes will be issued pursuant to the Amended and Restated Master Indenture, dated as of May 1, 2018 (the "<u>Master Indenture</u>"), between the Trust and The Bank of New York Mellon, as indenture trustee (the "<u>Indenture Trustee</u>"), as supplemented by a related Indenture Supplement (as amended or supplemented from time to time, the "<u>Indenture Supplement</u>"), between the Trust and the Indenture Trustee, dated as of September 26, 2018, Supplement No. 1 to Amended and Restated Master Indenture, between the Trust and the Indenture Trustee, dated as of May 20, 2024 ("<u>Supplement No. 1</u>") and a related Terms Document, to be dated as of November 17, 2025 (the "<u>Terms Document</u>", and together with the Master Indenture, the Indenture Supplement and Supplement No. 1, the "<u>Indenture</u>"), between the Trust and the Indenture Trustee. Unless otherwise defined herein, all capitalized terms used herein shall have the meanings assigned to them in the Indenture.

Mayer Brown is a global services provider comprising an association of legal practices that are separate entities including<br> Mayer Brown LLP (Illinois, USA), Mayer Brown International LLP (England & Wales), Mayer Brown Hong Kong LLP (a Hong Kong limited liability partnership) and Tauil & Chequer Advogados (a Brazilian law partnership).

Mayer Brown LLP

Synchrony Card Funding, LLC <br>November 12, 2025

We have examined executed copies of the Registration Statement, the Master Indenture, the Amended and Restated Transfer Agreement, dated as of May 1, 2018 (the "<u>Transfer Agreement</u>"), between SCF and the Trust, a form of the Indenture Supplement, the Terms Document and such other documents as we have deemed necessary for the purposes of this opinion (collectively, the "<u>Transaction Documents</u>"). We are familiar with the proceedings taken by SCF in connection with the authorization of the issuance and sale of the Offered Notes, and have examined such documents and such questions of law and fact as we have deemed necessary in order to express the opinion hereinafter stated.

We are opining herein as to the effect on the subject transactions of only United States federal law, the laws of the State of New York, the Limited Liability Company Act of the State of Delaware and the Delaware Statutory Trust Act and we express no opinion with respect to the applicability thereto or the effect thereon of the laws of any other jurisdiction or as to any matters of municipal law or the laws of any local agencies within any state.

We have assumed that the purchase price for the Offered Notes will be paid to SCF by the underwriters named in the Prospectus.

In rendering the opinions set forth herein, we have relied upon and assumed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The genuineness of all signatures, the authenticity of all writings submitted to us as originals, the
conformity to original writings of all copies submitted to us as certified or photostatic copies, and the legal competence and capacity
of all natural persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The truth and accuracy of all certificates and representations, writings and records reviewed by us and
referred to above, including the representations and warranties made in the Transaction Documents, in each case with respect to the factual
matters set forth therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. All parties to the Transaction Documents (other than SCF and the Trust) are validly existing, and in good
standing under the laws of their respective jurisdictions of organization and have the requisite organizational power to enter into such
Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Except to the extent that we expressly opine as to any of the following matters with respect to a particular
party below: (i) the execution and delivery of the Transaction Documents have been duly authorized by all necessary organizational
proceedings on the part of all parties (other than SCF and the Trust) to each such document; and (ii) the Transaction Documents constitute
the legal, valid and binding obligations of all such parties (other than SCF and the Trust), enforceable against such parties in accordance
with their respective terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. There are no other agreements or understandings, whether oral or written, among any or all of the parties
that would alter the agreements set forth in the Transaction Documents.

On the basis of the foregoing examination and assumptions, and upon consideration of applicable law, it is our opinion that the Offered Notes are in proper form, and when executed, authenticated and delivered as specified in the Indenture and delivered against the payment of consideration specified in the Underwriting Agreement, will be legal and binding obligations of the Trust, enforceable against the Trust in accordance with their terms.

Mayer Brown LLP

Synchrony Card Funding, LLC<br> November 12, 2025

Our opinion set forth above is subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors' rights generally and general equitable principles (whether considered in a proceeding in equity or at law) and by the discretion of the court before which any proceeding therefore may be brought.

We hereby consent to the filing of this letter as part of SCF's Current Report on Form 8-K, dated of even date herewith for incorporation in the Registration Statement and to the references to this firm under the heading "*Legal Matters*" in the Prospectus, without admitting that we are "experts" within the meaning of the Act or the rules and regulations of the Commission issued thereunder, with respect to any part of the Registration Statement.

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|:---|
| Very truly yours, |
| /s/ Mayer Brown LLP |
| Mayer Brown LLP |

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## Exhibit 8.1

**Exhibit 8.1**

![](tm2530159d7_ex8-1img01.jpg)

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| | |
|:---|:---|
| November 12, 2025 |  |
| Synchrony Card Issuance Trust<br> c/o Citibank, N.A.,<br> 388 Greenwich Street, <br> New York, New York 10013 | Mayer Brown LLP <br> 71 South Wacker Drive<br> Chicago, IL 60606<br> United States of America |
| Synchrony Card Funding, LLC<br> 777 Long Ridge Road <br> Stamford, Connecticut 06902 | T: +1 312 782 0600 <br> F: +1 312 701 7711 <br> mayerbrown.com |

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Re: Synchrony Card Issuance Trust, SynchronySeries<br> Class A(2025-3) Notes<br> Registration Statement on Form SF-3 <br> <u>(Nos. 333-280854 and 333-280854-01)</u>

We have acted as special federal tax counsel to Synchrony Card Funding, LLC, a Delaware limited liability company ("<u>SCF</u>") and Synchrony Card Issuance Trust (the "<u>Trust</u>"), in connection with (i) the filing by SCF with the Securities and Exchange Commission (the "<u>Commission</u>") under the Securities Act of 1933, as amended (the "<u>Act</u>"), of the above captioned registration statement, as amended (the "<u>Registration Statement</u>"), registering asset-backed notes representing debt of the Trust (the "<u>Notes</u>") and (ii) the offering of the SynchronySeries Class A(2025-3) Notes (the "<u>Offered Notes</u>") described in the prospectus, dated November 10, 2025 (the "<u>Prospectus</u>"), which has been filed with the Commission pursuant to Rule 424(b) of the Act. The Offered Notes will be sold pursuant to an Underwriting Agreement, dated as of November 10, 2025, by and among Synchrony Bank, SCF, Wells Fargo Securities, LLC, BofA Securities, Inc. and RBC Capital Markets, LLC. The Offered Notes will be issued pursuant to the Amended and Restated Master Indenture, dated as of May 1, 2018 (the "<u>Master Indenture</u>"), between the Trust and The Bank of New York Mellon, as indenture trustee (the "<u>Indenture Trustee</u>"), as supplemented by a related Indenture Supplement (as amended or supplemented from time to time, the "<u>Indenture Supplement</u>"), between the Trust and the Indenture Trustee, dated as of September 26, 2018, Supplement No. 1 to Amended and Restated Master Indenture, dated as of May 20, 2024 ("<u>Supplement No. 1</u>") and a related Terms Document, to be dated as of November 17, 2025 (the "<u>Terms Document</u>", and together with the Master Indenture, the Indenture Supplement and Supplement No. 1, the "<u>Indenture</u>"), between the Trust and the Indenture Trustee. Unless otherwise defined herein, all capitalized terms used herein shall have the meanings assigned to them in the Indenture.

Mayer Brown is a global services provider comprising an association of legal practices that are separate entities including<br> Mayer Brown LLP (Illinois, USA), Mayer Brown International LLP (England & Wales), Mayer Brown Hong Kong LLP (a Hong Kong limited liability partnership) and Tauil & Chequer Advogados (a Brazilian law partnership).

Mayer Brown LLP

Synchrony Card Funding, LLC <br>November 12, 2025

Our opinion is based on our examination of the Prospectus, the Indenture and such other documents, instruments and information as we considered necessary. Our opinion is also based on (i) the assumption that neither the Indenture Trustee nor any affiliate thereof will become either the servicer or the delegee of the servicer; (ii) the assumption that all agreements relating to the creation of the Trust and the issuance and sale of the Offered Notes will remain in full force and effect; (iii) the assumption that all agreements and documents required to be executed and delivered in connection with the issuance and sale of the Offered Notes will be so executed and delivered by properly authorized persons in substantial conformity with the drafts thereof as described in the Prospectus, and the transactions contemplated to occur under such agreements and documents in fact occur in accordance with the terms thereof; and (iv) currently applicable provisions of the Internal Revenue Code of 1986, as amended, Treasury regulations promulgated and proposed thereunder, current positions of the Internal Revenue Service (the "<u>IRS</u>") contained in published Revenue Rulings and Revenue Procedures, current administrative positions of the IRS and existing judicial decisions. This opinion is subject to the explanations and qualifications set forth under the headings "*U.S. Federal Income Tax Consequences*" and "*Structural Summary—Tax Status*" in the Prospectus. No tax rulings will be sought from the IRS with respect to any of the matters discussed herein.

While the tax description does not purport to discuss all possible federal income tax ramifications of the purchase, ownership, and disposition of the Notes, particularly to U.S. purchasers subject to special rules under the Internal Revenue Code of 1986, as amended, based on the foregoing, as of the date hereof, we hereby adopt and confirm the statements set forth in the Prospectus under the headings "*U.S. Federal Income Tax Consequences*" and "*Structural Summary—Tax Status*," which discuss the federal income tax consequences of the purchase, ownership and disposition of the Offered Notes. There can be no assurance, however, that the tax conclusions presented therein will not be successfully challenged by the IRS, or significantly altered by new legislation, changes in IRS positions or judicial decisions, any of which challenges or alterations may be applied retroactively with respect to completed transactions.

We hereby consent to the use of our name therein and to the filing of this letter as part of SCF's Current Report on Form 8-K, dated of even date herewith for incorporation to the Registration Statement and to the references to this firm under the headings "*U.S. Federal Income Tax Consequences*" and "*Structural Summary—Tax Status*" in the Prospectus, without admitting we are "experts" within the meaning of the Act or the rules and regulations of the Commission issued thereunder, with respect to any part of the Registration Statement, including this Form 8-K.

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| |
|:---|
| Very truly yours, |
| /s/ Mayer Brown LLP |
| Mayer Brown LLP |

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## Exhibit 36.1

**Exhibit 36.1**

**<u>OFFICER'S CERTIFICATE</u>**

I, Eric Duenwald, certify as of November 10, 2025 that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed the prospectus, dated of November 10, 2025, relating to the Synchrony Card Issuance Trust, SynchronySeries Class A(2025-3) Notes (the "securities") and am familiar with, in all material respects, the following: the characteristics of the securitized assets underlying the offering (the "securitized assets"), the structure of the securitization, and all material underlying transaction agreements as described in the prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, the prospectus does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the prospectus and other information included in the registration statement of which it is a part fairly present, in all material respects, the characteristics of the securitized assets, the structure of the securitization and the risks of ownership of the securities, including the risks relating to the securitized assets that would affect the cash flows available to service payments or distributions on the securities in accordance with their terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Based on my knowledge, taking into account all material aspects of the characteristics of the securitized assets, the structure of the securitization, and the related risks as described in the prospectus, there is a reasonable basis to conclude that the securitization is structured to produce, but is not guaranteed by this certification to produce, expected cash flows at times and in amounts to service scheduled payments of interest and the ultimate repayment of principal on the securities (or other scheduled or required distributions on the securities, however denominated) in accordance with their terms as described in the prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The foregoing certifications are given subject to any and all defenses available to me under the federal securities laws, including any and all defenses available to an executive officer that signed the registration statement of which the prospectus referred to in this certification is part.

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|:---|:---|
| By: | /s/ Eric Duenwald |
| Name: | Eric Duenwald |
| Title: | Chief Executive Officer of Synchrony Card Funding, LLC |

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*SynchronySeries Class A(2025-3):<br> Depositor CEO Certification*