# EDGAR Filing Document

**Accession Number:** 0001290098
**File Stem:** 0001104659-23-022155
**Filing Date:** 2023-2
**Character Count:** 39674
**Document Hash:** 513211aef545de381c4ae8c6d817de6a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-022155.hdr.sgml**: 20230215

**ACCESSION NUMBER**: 0001104659-23-022155

**CONFORMED SUBMISSION TYPE**: 10-D

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230215

**DATE AS OF CHANGE**: 20230215

**ABS ASSET CLASS**: Credit card

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RFS HOLDING LLC
- **CENTRAL INDEX KEY:** 0001226006
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **IRS NUMBER:** 571173164
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-107495
- **FILM NUMBER:** 23633507

**BUSINESS ADDRESS:**
- **STREET 1:** 777 LONG RIDGE RD,BUILDING B, 3RD FLOOR
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06902
- **BUSINESS PHONE:** 2035856669

**MAIL ADDRESS:**
- **STREET 1:** 777 LONG RIDGE RD,BUILDING B, 3RD FLOOR
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06902
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Synchrony Credit Card Master Note Trust
- **CENTRAL INDEX KEY:** 0001290098
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **IRS NUMBER:** 200268039
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-107495-02
- **FILM NUMBER:** 23633508

**BUSINESS ADDRESS:**
- **STREET 1:** 777 LONG RIDGE RD,BUILDING B, 3RD FLOOR
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06902
- **BUSINESS PHONE:** 2035852351

**MAIL ADDRESS:**
- **STREET 1:** 777 LONG RIDGE RD,BUILDING B, 3RD FLOOR
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06902

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GE Capital Credit Card Master Note Trust
- **DATE OF NAME CHANGE:** 20040512

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM 10-D**

**ASSET-BACKED ISSUER**

**DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF**

**THE SECURITIES EXCHANGE ACT OF 1934**

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| | |
|:---|:---|
| For the monthly distribution period from | **January 1, 2023 to January 31, 2023** |

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| | |
|:---|:---|
| Commission File Number of issuing entity: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**333-206176-01, 333-181466,**<br> **333-229815-01** |

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| | |
|:---|:---|
| Central Index Key Number of issuing entity: | **0001290098** |

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| |
|:---|
| **Synchrony Credit Card Master Note Trust** |
| *(Exact Name of issuing entity as specified in its charter)* |

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| | |
|:---|:---|
| Commission File Number of depositor: | **333-206176,**<br> **333-181466-01, 333-229815** |
| Central Index Key Number of depositor: | **0001226006** |

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| |
|:---|
| **RFS Holding, L.L.C.** |
| *(Exact Name of Registrant as Specified in its Charter)* |

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| |
|:---|
| **Synchrony Bank** |
| *(Exact Name of Sponsor as Specified in its Charter)* |
| *Central Index Key Number of Sponsor:* 0001602566 |

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| |
|:---|
| **Delaware** |
| *(State or Other Jurisdiction of Incorporation or organization of the issuing entity)* |

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| |
|:---|
| **57-1173164 (RFS Holding, L.L.C.) 20-0268039 (Synchrony Credit Card Master Note Trust)** |
| *(I.R.S. Employer Identification No.)* |

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| | |
|:---|:---|
| **c/o Synchrony Financial**<br>**777 Long Ridge Rd, Building S, 3rd Floor**<br>**Stamford, CT** | **06902** |
| *(Address of Principal Executive Office of the issuing entity)* | *(Zip Code)* |

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| |
|:---|
| **(877) 441-5094** |
| *(Telephone Number, Including Area Code)* |
| *(Former Name or Former Address, if Changed Since Last Report)* |

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*Registered reporting pursuant to (check one)*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Section 12(b) | Section 12(g) | Section 15(d) | Name of Exchange<br> (If Section 12(b)) |
| Title of Class |  |  |  |  |
| Series 2018-2, Class A | ◻ | ◻ | ⌧ | _________ |
| Series 2018-2, Class B | ◻ | ◻ | ⌧ | _________ |
| Series 2018-2, Class C | ◻ | ◻ | ⌧ | _________ |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such requirements for the past 90 days. Yes: ⌧ No: ◻

**PART I - Distribution Information.**

**Item 1. Distribution and Pool Performance Information.**

The response to Item 1 is set forth herein and in Exhibit 99.1.

**Trust Performance**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 2023** | **December 2022** | **November 2022** | **3-Month Avg** |
| **Gross Trust Yield** | 25.65% | 24.51% | 25.37% | 25.18% |
| **Gross Charge-Off Rate** | 3.77% | 3.24% | 3.40% | 3.47% |
| **Gross Charge-Off Rate Excluding Fraud** | 3.57% | 3.07% | 3.24% | 3.29% |
| **Net Charge-Off Rate Excluding Fraud** | 2.69% | 2.32% | 2.47% | 2.49% |
| **Trust Excess Spread Percentage** | 17.05% | 16.11% | 17.23% | 16.80% |
| **Payment Rate** | 21.89% | 21.00% | 20.62% | 21.17% |
| **Delinquency Data** |  |  |  |  |
| **1-29 Days Delinquent** | 1.93% | 2.13% | 1.96% | 2.01% |
| **30-59 Days Delinquent** | 0.54% | 0.55% | 0.52% | 0.54% |
| **60-89 Days Delinquent** | 0.41% | 0.38% | 0.40% | 0.39% |
| **90-119 Days Delinquent** | 0.35% | 0.34% | 0.32% | 0.33% |
| **120-149 Days Delinquent** | 0.30% | 0.28% | 0.27% | 0.28% |
| **150-179 Days Delinquent** | 0.24% | 0.24% | 0.22% | 0.23% |
| **180 or Greater Days Delinquent** | 0.00% | 0.00% | 0.00% | 0.00% |
| **BOP Principal Receivables ($B)** | $5.1 | $5.0 | $4.9 | $5.0 |

---

Charge-offs are executed on charge-off cycle dates which occur on various days during each distribution period. The number of different charge-off cycle dates in each distribution period varies based on such factors as the calendar and the timing of billing cycles. As a result, the amount of charged-off receivables can vary between distribution periods with no corresponding change in the performance of the trust portfolio. The following table sets forth the number of different charge-off cycle dates for each distribution period ending in the months indicated. Each distribution period begins on the first calendar day and ends on the last calendar day of the calendar month indicated below.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2023** | **2023** |
| **January** |  | 28 |  | 30 |
| **February** |  | 28 |  | 28 |
| **March** |  | 28 |  | 28 |
| **April** |  | 26 |  | 28 |
| **May** |  | 30 |  | 29 |
| **June** |  | 28 |  | 27 |
| **July** |  | 28 |  | 28 |
| **August** |  | 29 |  | 28 |
| **September** |  | 27 |  | 26 |
| **October** |  | 28 |  | 30 |
| **November** |  | 29 |  | 28 |
| **December** |  | 25 |  | 28 |

---

No assets securitized by RFS Holding, L.L.C. (the "Securitizer") and held by Synchrony Credit Card Master Note Trust were the subject of a demand to repurchase or replace for breach of the representations and warranties during the distribution period January 1, 2023 through January 31, 2023. The most recent Form ABS-15G filed by the Securitizer was filed on February 1, 2023. The CIK number of the Securitizer is 0001226006.

**ITEM 1A – Asset-Level Information.**

Inapplicable.

**ITEM 1B – Asset Representations Reviewer and Investor Communication.**

Nothing to report.

**PART II - Other Information**

ITEM 2 – Legal Proceedings.

Nothing to report.

ITEM 3 – Sales of Securities and Use of Proceeds.

Nothing to report.

ITEM 4 – Defaults Upon Senior Securities.

Nothing to report.

ITEM 5 – Submission of Matters to a Vote of Security Holders.

Nothing to report.

ITEM 6 – Significant Obligors of Pool Assets.

Nothing to report.

ITEM 7 – Change in Sponsor Interest in the Securities.

Nothing to report.

ITEM 8 – Significant Enhancement Provider Information.

Inapplicable.

ITEM 9 – Other Information.

Nothing to report.

**ITEM 10 – Exhibits**

**(a)** **The exhibit listed below is filed as a part of this report**.

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| | |
|:---|:---|
| **Exhibit No.** | **Document Description** |
| [99.1](tm235606d1_ex99-1.htm) | [Monthly Noteholder's Statement for Synchrony Credit Card Master Note Trust, Series 2018-2, for February 15, 2023 Payment Date.](tm235606d1_ex99-1.htm) |

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**(b)** **See (a) above for the exhibit filed in response to Item 601 of Regulations S-K.** 

**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 thereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | RFS Holding, L.L.C., as depositor | RFS Holding, L.L.C., as depositor |
| Dated: February 15, 2023 | By: | /s/ Chris Coffey |
|  | Name: Chris Coffey | Name: Chris Coffey |
|  | Title: Vice President | Title: Vice President |

---

## Exhibit 99.1

**Exhibit 99.1**

**Monthly Noteholder's Statement** 

**Synchrony Credit Card Master Note Trust**

**Series 2018-2**

Class A 3.4700% Notes<br> Class B 3.6700% Notes<br> Class C 3.8700% Notes

Pursuant to the Master Indenture, dated as of September 25, 2003 (as amended and supplemented, the "<u>Indenture</u>") between Synchrony Credit Card Master Note Trust (the "<u>Issuer</u>") and Deutsche Bank Trust Company Americas, as indenture trustee (the "<u>Indenture Trustee</u>"), as supplemented by the Series 2018-2 Indenture Supplement (the "<u>Indenture Supplement</u>"), dated as of June 01, 2018, between the Issuer and the Indenture Trustee, the Issuer is required to prepare, or cause the Servicer to prepare, certain information each month regarding current distributions to the Series 2018-2 Noteholders and the performance of the Trust during the previous month. The information required to be prepared with respect to the Payment Date of February 15, 2023, and with respect to the performance of the Trust during the Monthly Period ended January 31, 2023 is set forth below. Capitalized terms used herein are defined in the Indenture and the Indenture Supplement. The Discount Percentage (as defined in the Transfer Agreement) remains at 0% for all the Receivables in the Trust until otherwise indicated. The undersigned, an Authorized Officer of the Servicer, does hereby certify as follows:

---

| | | | |
|:---|:---|:---|:---|
| Record Date: | 01/31/2023 | Interest Period Beginning: | 01/17/2023 |
| Monthly Period Beginning: | 01/01/2023 | Interest Period Ending: | 02/14/2023 |
| Monthly Period Ending: | 01/31/2023 | Days in Interest Period: | **29** |
| Previous Payment Date: | 01/17/2023 | Days in Monthly Period: | **31** |
| Payment Date: | 02/15/2023 | Loss Cycles in Period: | **30** |
| Is there a Reset Date? | No |  |  |

---

---

| | | |
|:---|:---|:---|
| **I. Trust Receivables Information** | **I. Trust Receivables Information** |  |
| a. | Number of Accounts Beginning | 5462119 |
| b. | Number of Accounts Ending | 5406174 |
| c. | Average Account Balance (q / b) | 899.66 |
| d. | BOP Principal Receivables | 5103007957.61 |
| e. | BOP Finance Charge Receivables | 225369082.61 |
| f. | BOP Total Receivables | 5328377040.22 |
| g. | Increase in Principal Receivables from Additional Accounts | 0 |
| h. | Increase in Principal Activity on Existing Securitized Accounts | 894001410.05 |
| i. | Increase in Finance Charge Receivables from Additional Accounts | 0 |
| j. | Increase in Finance Charge Activity on Existing Securitized Accounts | 102343476.68 |
| k. | Increase in Total Receivables | 996344886.73 |
| l. | Decrease in Principal Receivables due to Account Removal | 0 |
| m. | Decrease in Principal Activity on Existing Securitized Accounts | 1133301828.79 |
| n. | Decrease in Finance Charge Receivables due to Account Removal | 0 |
| o. | Decrease in Finance Charge Activity on Existing Securitized Accounts | 103532833.2 |
| p. | Decrease in Total Receivables | 1236834661.99 |
| q. | EOP Aggregate Principal Receivables | 4863707538.87 |
| r. | EOP Finance Charge Receivables | 224179726.09 |
| s. | EOP Total Receivables | 5087887264.96 |
| t. | Excess Funding Account Balance | 0 |
| u. | Required Principal Balance | 3668399158.87 |
| v. | Minimum Free Equity Amount (EOP Aggregate Principal Receivables \* 5.5%) | 267503914.64 |
| w. | Free Equity Amount | 1195308380 |
| x. | Risk Retention - Dodd-Frank |  |
|  | i. Required Seller's Interest (as of EOP) | 153412641.15 |
|  | ii. Seller's Interest (as of EOP) | 1795454715.86 |

---

Page 1 of 9

**II. Investor Information (Sum of all Series)**

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| | | | |
|:---|:---|:---|:---|
| a. | Note Principal Balance | Note Principal Balance |  |
|  | i. | Beginning of Interest Period | 3068252823.0 |
|  | ii. | Increase in Note Principal Balance due to New Issuance / Additional draws | 0.0 |
|  | iii. | Decrease in Note Principal Balance due to Principal Paid and Notes Retired | 0.0 |
|  | iv. | As of Payment Date | 3068252823.0 |
| b. | Excess Collateral Amount | Excess Collateral Amount |  |
|  | i. | Beginning of Interest Period | 600146335.87 |
|  | ii. | Change to Excess Collateral Amount in connection with the Supplemental Indenture | 0.0 |
|  | iii. | Increase in Excess Collateral Amount due to New Issuance / Additional draws | 0.0 |
|  | iv. | Reductions in Required Excess Collateral Amount | 0.0 |
|  | v. | Increase in Unreimbursed Investor Charge-Off | 0.0 |
|  | vi. | Decrease in Unreimbursed Investor Charge-Off | 0.0 |
|  | vii. | Increase in Unreimbursed Reallocated Principal Collections | 0.0 |
|  | viii. | Decrease in Unreimbursed Reallocated Principal Collections | 0.0 |
|  | ix. | As of Payment Date | 600146335.87 |
| c. | Principal Accumulation Account Balance | Principal Accumulation Account Balance |  |
|  | i. | Beginning of Interest Period | 0.0 |
|  | ii. | Controlled Deposit Amount | 0.0 |
|  | iii. | Withdrawal for Principal Payment | 0.0 |
|  | iv. | As of Payment Date | 0.0 |
| d. | Collateral Amount | Collateral Amount |  |
|  | i. | Beginning of Interest Period | 3668399158.87 |
|  | ii. | As of Payment Date | 3668399158.87 |

---

**III. Trust Performance Data (Monthly Period)**

---

| | | | |
|:---|:---|:---|:---|
| a. | Gross Trust Yield (Finance Charge Collections + Recoveries / BOP Principal Receivables) | Gross Trust Yield (Finance Charge Collections + Recoveries / BOP Principal Receivables) |  |
|  | i. | Current | 25.6545% |
|  | ii. | Prior Monthly Period | 24.5119% |
|  | iii. | Two Months Prior Monthly Period | 25.3716% |
|  | iv. | Three-Month Average | 25.1793% |
| b. | Payment Rate (Principal Collections / BOP Principal Receivables) | Payment Rate (Principal Collections / BOP Principal Receivables) |  |
|  | i. | Current | 21.8944% |
|  | ii. | Prior Monthly Period | 20.9950% |
|  | iii. | Two Months Prior Monthly Period | 20.6180% |
|  | iv. | Three-Month Average | 21.1691% |
| c. | Gross Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts - Fraud Amount / BOP Principal Receivables) | Gross Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts - Fraud Amount / BOP Principal Receivables) |  |
|  | i. | Current | 3.5719% |
|  | ii. | Prior Monthly Period | 3.0656% |
|  | iii. | Two Months Prior Monthly Period | 3.2394% |
|  | iv. | Three Months Prior Monthly Period | 3.3877% |
|  | v. | Three-Month Average | 3.2923% |
|  | vi. | Four-Month Average | 3.3162% |
| d. | Gross Charge-Off Rate (Default Amount for Defaulted Accounts / BOP Principal Receivables) | Gross Charge-Off Rate (Default Amount for Defaulted Accounts / BOP Principal Receivables) |  |
|  | i. | Current | 3.7695% |
|  | ii. | Prior Monthly Period | 3.2407% |
|  | iii. | Two Months Prior Monthly Period | 3.4040% |
|  | iv. | Three Months Prior Monthly Period | 3.5196% |
|  | v. | Three-Month Average | 3.4714% |
|  | vi. | Four-Month Average | 3.4834% |

---

Page 2 of 9

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| | | | |
|:---|:---|:---|:---|
| e. | Net Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts - Recoveries - Fraud Amount / BOP Principal Receivables) | Net Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts - Recoveries - Fraud Amount / BOP Principal Receivables) |  |
|  | i. | Current | 2.6892% |
|  | ii. | Prior Monthly Period | 2.3197% |
|  | iii. | Two Months Prior Monthly Period | 2.4663% |
|  | iv. | Three Months Prior Monthly Period | 2.6083% |
|  | v. | Three-Month Average | 2.4917% |
|  | vi. | Four-Month Average | 2.5209% |
| f. | Net Charge-Off Rate (Default Amount for Defaulted Accounts - Recoveries/ BOP Principal Receivables) | Net Charge-Off Rate (Default Amount for Defaulted Accounts - Recoveries/ BOP Principal Receivables) |  |
|  | i. | Current | 2.8867% |
|  | ii. | Prior Monthly Period | 2.4949% |
|  | iii. | Two Months Prior Monthly Period | 2.6308% |
|  | iv. | Three Months Prior Monthly Period | 2.7402% |
|  | v. | Three-Month Average | 2.6708% |
|  | vi. | Four-Month Average | 2.6881% |
| g. | Trust excess spread percentage ((FC Coll - Charged-Off Rec - Monthly Interest +/- Net Swaps - Monthly Servicing Fee) / BOP Principal Receivables) | Trust excess spread percentage ((FC Coll - Charged-Off Rec - Monthly Interest +/- Net Swaps - Monthly Servicing Fee) / BOP Principal Receivables) | 17.0471% |
| h. | Default Amount for Defaulted Accounts | Default Amount for Defaulted Accounts | 16029619.99 |
| i. | Recovery Amount | Recovery Amount | 3753859.02 |
| j. | Net Charge-Off (Default Amount for Defaulted Accounts - Recoveries) | Net Charge-Off (Default Amount for Defaulted Accounts - Recoveries) | 12275760.97 |
| k. | Number of Accounts Charged Off | Number of Accounts Charged Off | 9139 |
| l. | Average Account Charge-Off (Net Charge-Off / Number of Accounts Charged Off) | Average Account Charge-Off (Net Charge-Off / Number of Accounts Charged Off) | 1343.23 |
| m. | Collections | Collections |  |
|  | i. | Total Trust Finance Charge Collections | 105341952.72 |
|  | ii. | Total Trust Principal Collections | 1117272208.80 |
|  | iii. | Total Trust Collections | 1222614161.52 |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| n. | Delinquency Data | Delinquency Data | Accounts | Pctg. of Tot. Accts. | Total Receivables | Pctg. of Tot. Recv. |
|  | i. | 1-29 Days Delinquent | 62979 | 1.1649% | 98096101.49 | 1.9280% |
|  | ii. | 30-59 Days Delinquent | 13009 | 0.2406% | 27526984.75 | 0.5410% |
|  | iii. | 60-89 Days Delinquent | 8441 | 0.1561% | 20639010.65 | 0.4056% |
|  | iv. | 90-119 Days Delinquent | 6508 | 0.1204% | 17576449.85 | 0.3455% |
|  | v. | 120-149 Days Delinquent | 5397 | 0.0998% | 15340179.12 | 0.3015% |
|  | vi. | 150-179 Days Delinquent | 4239 | 0.0784% | 12333698.39 | 0.2424% |
|  | vii. | 180 or Greater Days Delinquent | 0 | 0.0000% | 0.00 | 0.0000% |
|  |  | Total | 100573 | 1.8603% | 191512424.25 | 3.7641% |

---

---

| | | | |
|:---|:---|:---|:---|
| **IV. Series Performance Data** | **IV. Series Performance Data** | **IV. Series Performance Data** | **IV. Series Performance Data** |
| a. | Portfolio Yield | Portfolio Yield |  |
|  | i. | Current | 21.9029% |
|  | ii. | Prior Monthly Period | 21.2805% |
|  | iii. | Two Months Prior Monthly Period | 22.0623% |
|  | iv. | Three-Month Average | 21.7485% |
| b. | Base Rate | Base Rate |  |
|  | i. | Current | 5.0223% |
|  | ii. | Prior Monthly Period | 5.0223% |
|  | iii. | Two Months Prior Monthly Period | 5.0223% |
|  | iv. | Three-Month Average | 5.0223% |
| c. | Excess Spread Percentage | Excess Spread Percentage |  |
|  | i. | Current | 16.8805% |
|  | ii. | Prior Monthly Period | 16.2582% |
|  | iii. | Two Months Prior Monthly Period | 17.0399% |
|  | iv. | Quarterly Excess Spread Percentage | 16.7262% |

---

Page 3 of 9

**V. Investor Information Regarding Distributions to Noteholders**

a. The total amount of the distribution
 to Class A Noteholders per $1000 Note Initial Principal Balance. 2.891667

b. The amount of the distribution set forth in paragraph
 a. above in respect of interest on the Class A Notes, per $1000 Note Initial Principal Balance. 2.891667

c. The amount of the distribution set forth in paragraph
 a. above in respect of principal on the Class A Notes, per $1000 Note Initial Principal Balance. 0.000000

d. The total amount of the distribution to Class B Noteholders
 per $1000 Note Initial Principal Balance. 3.058333

e. The amount of the distribution set forth in paragraph
 d. above in respect of interest on the Class B Notes, per $1000 Note Initial Principal Balance. 3.058333

f. The amount of the distribution set forth in paragraph
 d. above in respect of principal on the Class B Notes, per $1000 Note Initial Principal Balance. 0.000000

g. The total amount of the distribution to Class C Noteholders
 per $1000 Note Initial Principal Balance. 3.225000

h. The amount of the distribution set forth in paragraph
 g. above in respect of interest on the Class C Notes, per $1000 Note Initial Principal Balance. 3.225000

i. The amount of the distribution set forth in paragraph
 g. above in respect of principal on the Class C Notes, per $1000 Note Initial Principal Balance. 0.000000

**VI. Investor Information**

a. Class A Note Initial Principal Balance 600,000,000.00

b. Class B Note Initial Principal Balance 57,534,246.00

c. Class C Note Initial Principal Balance 49,315,069.00

d. Initial Excess Collateral Amount (As of
 Payment Date) 115,068,494.00

e. Initial Collateral Amount (As of Payment
 Date) 821,917,809.00

f. Class A Note Principal Balance

i. Beginning of Interest Period 600,000,000.00

ii. Principal Payment 0.00

iii. As of Payment Date 600,000,000.00

g. Class B Note Principal Balance

i. Beginning of Interest Period 57,534,246.00

ii. Principal Payment 0.00

iii. As of Payment Date 57,534,246.00

Page 4 of 9

h. Class C Note Principal Balance

i. Beginning of Interest Period 49,315,069.00

ii. Principal Payment 0.00

iii. As of Payment Date 49,315,069.00

i. Excess Collateral Amount

i. Beginning of Interest Period 115,068,494.00

ii. Increase in Excess Collateral Amount in connection
 with the Supplemental Indenture 0.00

iii. Reduction in Excess Collateral Amount 0.00

iv. As of Payment Date 115,068,494.00

j. Collateral Amount

i. Beginning of Interest Period 821,917,809.00

ii. Increase in Excess Collateral Amount in connection
 with the Supplemental Indenture 0.00

iii. Increase/Decrease in Unreimbursed Investor Charge-Offs 0.00

iv. Increase/Decrease in Reallocated Principal Collections 0.00

v. Reduction in Excess Collateral Amount 0.00

vi. Principal Accumulation Account Deposit 0.00

vii. As of Payment Date 821,917,809.00

viii. Collateral Amount as a Percentage of Note Trust Principal
 Balance 16.8990%

ix. Amount by which Note Principal Balance exceeds Collateral
 Amount N/A

k. Required Excess Collateral Amount (As of
 Payment Date) 115,068,494.00

**VII. Investor Charge-Offs and Reallocated Principal Collections**

**(Section references relate to Indenture Supplement)**

a. Beginning Unreimbursed Investor
 Charge-Offs 0.00

b. Current Unreimbursed Investor Defaults 0.00

c. Current Unreimbursed Investor Uncovered Dilution Amount 0.00

d. Current Reimbursement of Investor Charge-Offs pursuant
 to Section 4.4(a)(vii) 0.00

e. Ending Unreimbursed Investor Charge-Offs 0.00

f. Beginning Unreimbursed Reallocated Principal Collections 0.00

g. Current Reallocated Principal Collections pursuant
 to Section 4.7 0.00

h. Current Reimbursement of Reallocated Principal Collections
 pursuant to Section 4.4(a)(vii) 0.00

i. Ending Unreimbursed Reallocated Principal Collections 0.00

**VIII. Investor Percentages - BOP Balance and Series Account Information**

---

| | | | |
|:---|:---|:---|:---|
| a. | Allocation Percentage Numerator - for Finance Charge Collections and Default Amounts | Allocation Percentage Numerator - for Finance Charge Collections and Default Amounts | 821917809.0 |
| b. | Allocation Percentage Numerator - for Principal Collections | Allocation Percentage Numerator - for Principal Collections | 821917809.0 |
| c. | Allocation Percentage Denominator | Allocation Percentage Denominator |  |
|  | i. | Aggregate Principal Receivables Balance as of Prior Monthly Period | 5103007957.6 |
|  | ii. | Number of Days at Balance | 31.0 |
|  | iii. | Average Principal Balance | 5103007957.6 |

---

d. Sum of Allocation Percentage Numerators
 for all outstanding Series with respect to Finance Charge Collections and Default Amounts 3,668,399,158.87

e. Sum of Allocation Percentage Numerators for all outstanding
 Series with respect to Principal Collections 3,668,399,158.87

f. Average Daily Allocation Percentage, Finance Charge
 Collections and Default Amount (a. / greater of c.iii. or d.) 16.1065%

g. Average Daily Allocation Percentage, Principal Collections
 (b. / greater of c.iii. or e.) 16.1065%

h. Series Allocation Percentage 22.4054%

Page 5 of 9

---

| | | | |
|:---|:---|:---|:---|
| **IX. Collections and Allocations** | **IX. Collections and Allocations** | **Trust** | **Series** |
| a. | Finance Charge Collections | 105341952.72 | 16966939.55 |
| b. | Recoveries | 3753859.02 | 604616.66 |
| c. | Principal Collections | 1117272208.80 | 179953850.53 |
| d. | Default Amount | 16029619.99 | 2581816.50 |
| e. | Dilution | 86379490.46 | 13912743.73 |
| f. | Investor Uncovered Dilution Amount | 0.00 | 0.00 |
| g. | Dilution including Fraud Amount | 87219546.26 |  |

---

h. Available Finance Charge Collections

i. Investor Finance Charge Collections 16,966,939.55

ii. Excess Finance Charge Collections allocable to Series 2018-2 0.00

iii. Principal Accumulation Account Investment Proceeds 0.00

iv. Investment earnings in the Reserve Account 12,219.25

v. Reserve Account Draw Amount 0.00

vi. Net Swap Receipts N/A

vii. Recoveries 604,616.66

i. Available Finance Charge Collections (Sum of h.i through h.vii) 17,583,775.46

j. Total Collections (c.Series + i.) 197,537,625.99

k. Total Finance Charge Collections deposited in the Collection Account<br>
 (net of any amounts distributed to Transferor and owed to Servicer) 2,070,078.42

**X. Application of Available Funds pursuant to Section 4.4(a) of the Indenture Supplement**

---

| | | | |
|:---|:---|:---|:---|
| a. | Available Finance Charge Collections | Available Finance Charge Collections | 17583775.46 |
| i. | On a pari passu basis: | On a pari passu basis: |  |
|  | a. | Payment to the Indenture Trustee, to a maximum of $25,000 | 0.0 |
|  | b. | Payment to the Trustee, to a maximum of $25,000 | 0.0 |
|  | c. | Payment to the Administrator, to a maximum of $25,000 | 78.42 |
| ii. | To the Servicer: | To the Servicer: |  |
|  | a. | Noteholder Servicing Fee | 1369863.02 |
|  | b. | Noteholder Servicing Fee previously due but not paid | 0.0 |
|  | c. | Total Noteholder Servicing Fee | 1369863.02 |
| iii. | On a pari passu basis: | On a pari passu basis: |  |
|  | a. | Class A Monthly Interest | 1735000.0 |
|  | b. | Class A Deficiency Amount | 0.0 |
|  | c. | Class A Additional Interest | 0.0 |
|  | d. | Class A Additional Interest not paid on prior Payment Date | 0.0 |
| iv. | On a pari passu basis: | On a pari passu basis: |  |
|  | a. | Class B Monthly Interest | 175958.9 |
|  | b. | Class B Deficiency Amount | 0.0 |
|  | c. | Class B Additional Interest | 0.0 |
|  | d. | Class B Additional Interest not paid on prior Payment Date | 0.0 |
| v. | On a pari passu basis: | On a pari passu basis: |  |
|  | a. | Class C Monthly Interest | 159041.1 |
|  | b. | Class C Deficiency Amount | 0.0 |
|  | c. | Class C Additional Interest | 0.0 |
|  | d. | Class C Additional Interest not paid on prior Payment Date | 0.0 |
| vi. | To be treated as Available Principal Collections | To be treated as Available Principal Collections |  |
|  | a. | Aggregate Investor Default Amount | 2581816.5 |
|  | b. | Aggregate Investor Uncovered Dilution Amount | 0.0 |
| vii. | To be treated as Available Principal Collections, to the extent not previously reimbursed | To be treated as Available Principal Collections, to the extent not previously reimbursed |  |
|  | a. | Investor Charge-offs | 0.0 |
|  | b. | Reallocated Principal Collections | 0.0 |
| viii. | Excess of Required Reserve Account Amount Over Available Reserve Account Amount | Excess of Required Reserve Account Amount Over Available Reserve Account Amount | 0.0 |

---

Page 6 of 9

---

| | | | |
|:---|:---|:---|:---|
| ix. | Amounts required to be deposited to the Reserve Account | Amounts required to be deposited to the Reserve Account | 0.00 |
| x. | To be treated as Available Principal Collections: Series Allocation Percentage of Minimum Free Equity Shortfall | To be treated as Available Principal Collections: Series Allocation Percentage of Minimum Free Equity Shortfall | 0.00 |
| xi. | On a pari passu basis: | On a pari passu basis: |  |
|  | a. | Partial or early termination or other additional amount owed to Class A Swap Counterparty | N/A |
|  | b. | Partial or early termination or other additional amount owed to Class B Swap Counterparty | N/A |
|  | c. | Partial or early termination or other additional amount owed to Class C Swap Counterparty | N/A |
| xii. | Unless an Early Amortization Event has occurred, amounts that have not been paid pursuant to (a)(i) above | Unless an Early Amortization Event has occurred, amounts that have not been paid pursuant to (a)(i) above | 0.00 |
| xiii. | The balance, if any, will constitute a portion of Excess Finance Charge Collections for such Payment Date and first will be available for allocation to other Series in Group One and, then: | The balance, if any, will constitute a portion of Excess Finance Charge Collections for such Payment Date and first will be available for allocation to other Series in Group One and, then: | 11562017.52 |
|  | a. | Unless an Early Amortization Event has occurred, to the Transferor; and or | 11562017.52 |
|  | b. | If an Early Amortization Event has occurred, first, to pay Monthly Principal in accordance with Section 4.4(c) of the Indenture to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause), second, to pay on a pari passu basis any amounts owed to such Persons listed in clause (a)(i) above that have been allocated to Series 2018_2 in accordance with Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (a)(i) and (a)(xi) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (a)(i) above shall be paid to the Issuer. | 0.00 |

---

**XI. Excess Finance Charge Collections (Group One)**

a. Total Excess Finance Charge Collections in Group One 48,732,556.92

b. Finance Charge Shortfall for Series 2018-2 0.00

c. Finance Charge Shortfall for all Series in Group One 0.00

d. Excess Finance Charges Collections Allocated to Series 2018-2 0.00

**XII. Available Principal Collections and Distributions (Section references relate to Indenture Supplement)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| a. | Investor Principal Collections | Investor Principal Collections | Investor Principal Collections | 179953850.53 |
| b. | Less: Reallocated Principal Collections for the Monthly Period pursuant to Section 4.7 | Less: Reallocated Principal Collections for the Monthly Period pursuant to Section 4.7 | Less: Reallocated Principal Collections for the Monthly Period pursuant to Section 4.7 | 0.0 |
| c. | Plus: Shared Principal Collections allocated to this Series | Plus: Shared Principal Collections allocated to this Series | Plus: Shared Principal Collections allocated to this Series | 0.0 |
| d. | Plus: Aggregate amount to be treated as Available Principal Collections pursuant to Section 4.4(a)(vii) | Plus: Aggregate amount to be treated as Available Principal Collections pursuant to Section 4.4(a)(vii) | Plus: Aggregate amount to be treated as Available Principal Collections pursuant to Section 4.4(a)(vii) | 2581816.5 |
| e. | Plus: Aggregate amount to be treated as Available Principal Collections pursuant to Section 4.4(a)(viii) | Plus: Aggregate amount to be treated as Available Principal Collections pursuant to Section 4.4(a)(viii) | Plus: Aggregate amount to be treated as Available Principal Collections pursuant to Section 4.4(a)(viii) | 0.0 |
| f. | Plus: During an Early Amortization Period, the amount of Available Finance Charge Collections used to pay principal on the Notes pursuant to Section 4.4(a)(xiv) | Plus: During an Early Amortization Period, the amount of Available Finance Charge Collections used to pay principal on the Notes pursuant to Section 4.4(a)(xiv) | Plus: During an Early Amortization Period, the amount of Available Finance Charge Collections used to pay principal on the Notes pursuant to Section 4.4(a)(xiv) | 0.0 |
| g. | Available Principal Collections (Deposited to Principal Account) | Available Principal Collections (Deposited to Principal Account) | Available Principal Collections (Deposited to Principal Account) | 182535667.03 |
|  | i. | During the Revolving Period, Available Principal Collections treated as Shared Principal Collections Pursuant to Section 4.4(b) | During the Revolving Period, Available Principal Collections treated as Shared Principal Collections Pursuant to Section 4.4(b) | 182535667.03 |
|  | ii. | During the Controlled Accumulation Period, Available Principal Collections deposited to the Principal Accumulation Account pursuant to Section 4.4(c)(i) | During the Controlled Accumulation Period, Available Principal Collections deposited to the Principal Accumulation Account pursuant to Section 4.4(c)(i) | 0.0 |
|  | iii. | During the Early Amortization Period, Available Principal Collections deposited to the Distribution Account pursuant to Section 4.4(c)(ii) | During the Early Amortization Period, Available Principal Collections deposited to the Distribution Account pursuant to Section 4.4(c)(ii) | 0.0 |
|  | iv. | Series Shared Principal Collections available to Group One pursuant to Section 4.4(c)(iii) | Series Shared Principal Collections available to Group One pursuant to Section 4.4(c)(iii) | 182535667.03 |
|  | v. | Principal Distributions pursuant to Section 4.4(e) in order of priority | Principal Distributions pursuant to Section 4.4(e) in order of priority |  |
|  |  | a. | Principal paid to Class A Noteholders | 0.0 |
|  |  | b. | Principal paid to Class B Noteholders | 0.0 |
|  |  | c. | Principal paid to Class C Noteholders | 0.0 |
|  | vi. | Total Principal Collections Available to Share (Inclusive of Series 2018-2) | Total Principal Collections Available to Share (Inclusive of Series 2018-2) | 814696640.31 |
|  | vii. | Series Principal Shortfall | Series Principal Shortfall | 0.0 |
|  | viii. | Shared Principal Collections allocated to this Series from other Series | Shared Principal Collections allocated to this Series from other Series | 0.0 |

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Page 7 of 9

**XIII. Series 2018-2 Accumulation**

a. Controlled Accumulation Period Length in months 3

b. Controlled Accumulation Amount 0.00

c. Controlled Deposit Amount 0.00

d. Accumulation Shortfall 0.00

e. Principal Accumulation Account Balance

i. Beginning of Interest Period 0.00

ii. Controlled Deposit Amount 0.00

iii. Withdrawal for Principal Payment 0.00

iv. As of Payment Date 0.00

**XIV. Reserve Account Funding (Section references relate to Indenture Supplement)**

a. Reserve Account Funding Date 12/15/2022

b. Required Reserve Account Amount (.50% of Note Principal Balance beginning on Reserve Account Funding Date) 3,534,246.58

c. Beginning Available Reserve Account Amount 3,534,246.58

d. Reserve Draw Amount 0.00

e. Deposit pursuant to 4.4(a)(viii) the excess of b. over c. 0.00

f. Withdrawal for Reserve Account Surplus paid to Transferor pursuant to Section 4.10(d) 0.00

g. Withdrawal for Reserve Account Surplus paid to Transferor pursuant to Section 4.10(e) 0.00

h. Ending Available Reserve Account Amount 3,534,246.58

Page 8 of 9

**XV. Series Early Amortization Events**

---

| | | | |
|:---|:---|:---|:---|
| a. | The Free Equity Amount is less than the Minimum Free Equity Amount | The Free Equity Amount is less than the Minimum Free Equity Amount | No |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Free Equity: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Free Equity: |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. | Free Equity Amount | 1195308380.00 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. | Minimum Free Equity Amount | 267503914.64 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. | Excess Free Equity Amount | 927804465.36 |
| b. | The Note Trust Principal Balance is less than the Required Principal Balance\* | The Note Trust Principal Balance is less than the Required Principal Balance\* | No |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note Trust Principal Balance: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note Trust Principal Balance: |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. | Note Trust Principal Balance | 4863707538.87 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. | Required Principal Balance | 3668399158.87 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. | Excess Principal Balance | 1195308380.00 |
| c. | The three-month average Portfolio Yield is less than three-month average Base Rate | The three-month average Portfolio Yield is less than three-month average Base Rate | No |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio Yield: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio Yield: |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. | Three month Average Portfolio Yield | 21.7485% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. | Three month Average Base Rate | 5.0223% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. | Three month Average Excess Spread | 16.7262% |
| d. | The Note Principal Balance is outstanding beyond the Expected Principal Payment Date | The Note Principal Balance is outstanding beyond the Expected Principal Payment Date | No |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. | Expected Principal Payment Date | 05/15/2023 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. | Current Payment Date | 02/15/2023 |
| e. | Are there any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments? | Are there any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments? | No |
| f. | Are there any material breaches or pool of assets representations and warranties or covenants? | Are there any material breaches or pool of assets representations and warranties or covenants? | No |
| g. | Are there any material changes in criteria used to originate, acquire, or select new pool assets? | Are there any material changes in criteria used to originate, acquire, or select new pool assets? | No |
| h. | Has an early amortization event occurred? | Has an early amortization event occurred? | No |

---

IN WITNESS WHEREOF, the undersigned has duly executed this Monthly Noteholder's Statement as of the 13th day of February 2023.

---

| | |
|:---|:---|
| **Synchrony Financial,** as Servicer | **Synchrony Financial,** as Servicer |
| By: | /s/ Chris Coffey |
| Name: | Chris Coffey |
| Its: | Authorized Signatory |

---

\*Calculated after giving effect to any payment of principal on Notes to occur on the related Payment Date.

Page 9 of 9