Document:

Exhibit 4.1

GE CAPITAL CREDIT CARD MASTER NOTE TRUST,

as Issuer

And

DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Indenture
Trustee

Series 2007-4 INDENTURE SUPPLEMENT

Dated as of June 28, 2007

TABLE OF CONTENTS

	
  

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE I

  	
   

  	
  DEFINITIONS

  	
   

  	
  1

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 1.1.

  	
   

  	
  Definitions

  	
   

  	
  1

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 1.2.

  	
   

  	
  Incorporation of
  Terms

  	
   

  	
  17

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
   

  	
  CREATION OF THE SERIES 2007-4 NOTES

  	
   

  	
  17

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.1.

  	
   

  	
  Designation

  	
   

  	
  17

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
   

  	
  REPRESENTATIONS, WARRANTIES AND COVENANTS

  	
   

  	
  17

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.1.

  	
   

  	
  Representations,
  Warranties and Covenants with respect to Net Swap Receipts

  	
   

  	
  17

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.2.

  	
   

  	
  Representations,
  Warranties and Covenants with respect to Receivables

  	
   

  	
  17

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.3.

  	
   

  	
  Representations,
  Warranties and Covenants with respect to ERISA

  	
   

  	
  17

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
   

  	
  RIGHTS OF SERIES 2007-4 NOTEHOLDERS AND ALLOCATION
  AND APPLICATION OF COLLECTIONS

  	
   

  	
  18

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.1.

  	
   

  	
  Determination of
  Interest and Principal

  	
   

  	
  18

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.2.

  	
   

  	
  Establishment of
  Accounts

  	
   

  	
  20

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.3.

  	
   

  	
  Calculations and
  Series Allocations

  	
   

  	
  20

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.4.

  	
   

  	
  Application of
  Available Finance Charge Collections and Available Principal Collections

  	
   

  	
  23

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.5.

  	
   

  	
  Distributions

  	
   

  	
  27

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.6.

  	
   

  	
  Investor
  Charge-Offs

  	
   

  	
  27

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.7.

  	
   

  	
  Reallocated
  Principal Collections

  	
   

  	
  27

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.8.

  	
   

  	
  Excess Finance
  Charge Collections

  	
   

  	
  28

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.9.

  	
   

  	
  Shared Principal
  Collections

  	
   

  	
  28

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.10.

  	
   

  	
  Reserve Account

  	
   

  	
  28

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.11.

  	
   

  	
  Spread Account

  	
   

  	
  29

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.12.

  	
   

  	
  Investment of
  Accounts

  	
   

  	
  30

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.13.

  	
   

  	
  Controlled
  Accumulation Period

  	
   

  	
  30

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.14.

  	
   

  	
  Determination of
  LIBOR

  	
   

  	
  31

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.15.

  	
   

  	
  Swaps

  	
   

  	
  32

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.16.

  	
   

  	
  Deposit of
  Collections

  	
   

  	
  32

  

 

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  ARTICLE V

  	
   

  	
  DELIVERY OF SERIES 2007-4 NOTES; REPORTS TO SERIES 2007-4
  NOTEHOLDERS

  	
   

  	
  33

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.1.

  	
   

  	
  Delivery and
  Payment for the Series 2007-4 Notes

  	
   

  	
  33

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.2.

  	
   

  	
  Reports and
  Statements to Series 2007-4 Noteholders

  	
   

  	
  33

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
   

  	
  SERIES 2007-4 EARLY AMORTIZATION EVENTS

  	
   

  	
  33

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.1.

  	
   

  	
  Series 2007-4
  Early Amortization Events

  	
   

  	
  33

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VII

  	
   

  	
  REDEMPTION OF SERIES 2007-4 NOTES; FINAL
  DISTRIBUTIONS; SERIES TERMINATION

  	
   

  	
  35

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.1.

  	
   

  	
  Optional
  Redemption of Series 2007-4 Notes; Final Distributions

  	
   

  	
  35

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.2.

  	
   

  	
  Series
  Termination

  	
   

  	
  36

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VIII

  	
   

  	
  MISCELLANEOUS PROVISIONS

  	
   

  	
  37

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.1.

  	
   

  	
  Ratification of
  Indenture; Amendments

  	
   

  	
  37

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.2.

  	
   

  	
  Form of Delivery
  of the Series 2007-4 Notes

  	
   

  	
  37

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.3.

  	
   

  	
  Counterparts

  	
   

  	
  37

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.4.

  	
   

  	
  GOVERNING LAW

  	
   

  	
  37

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.5.

  	
   

  	
  Limitation of
  Liability

  	
   

  	
  38

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.6.

  	
   

  	
  Rights of the
  Indenture Trustee

  	
   

  	
  39

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.7.

  	
   

  	
  Notice Address
  for Rating Agencies

  	
   

  	
  39

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.8.

  	
   

  	
  Compliance with
  Applicable Anti-Terrorism and Anti-Money Laundering Regulations

  	
   

  	
  39

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IX

  	
   

  	
  FASIT MATTERS

  	
   

  	
  39

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 9.1.

  	
   

  	
  FASIT
  Administration

  	
   

  	
  39

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  EXHIBITS

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  EXHIBIT A-1

  	
   

  	
  FORM OF CLASS A NOTE

  	
   

  	
   

  
	
  EXHIBIT A-2

  	
   

  	
  FORM OF CLASS B NOTE

  	
   

  	
   

  
	
  EXHIBIT A-3

  	
   

  	
  FORM OF CLASS C NOTE

  	
   

  	
   

  
	
  EXHIBIT B

  	
   

  	
  FORM OF MONTHLY NOTEHOLDER’S STATEMENT

  	
   

  	
   

  
	
  EXHIBIT C-1

  	
   

  	
  FORM OF CLASS A SWAP

  	
   

  	
   

  
	
  EXHIBIT C-2

  	
   

  	
  FORM OF CLASS B SWAP

  	
   

  	
   

  
	
  EXHIBIT C-3

  	
   

  	
  FORM OF CLASS C SWAP

  	
   

  	
   

  

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  SCHEDULES

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULE I

  	
   

  	
  PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS
  (WITH RESPECT TO NET
  SWAP RECEIPTS)

  	
   

  	
   

  
	
  SCHEDULE II

  	
   

  	
  PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS
  (WITH RESPECT TO RECEIVABLES)

  	
   

  	
   

  

 

 iii

SERIES 2007-4 INDENTURE
SUPPLEMENT, dated as of June 28, 2007 (the “Indenture
Supplement”), between GE CAPITAL CREDIT CARD MASTER NOTE TRUST, a
Delaware statutory trust (herein, the “Issuer”
or the “Trust”), and DEUTSCHE BANK
TRUST COMPANY AMERICAS, a New York banking corporation, not in its individual
capacity, but solely as indenture trustee (herein, together with its successors
in the trusts thereunder as provided in the Master Indenture referred to below,
the “Indenture Trustee”) under the
Master Indenture, dated as of September 25, 2003 (the “Indenture”), between the Issuer and the
Indenture Trustee, as amended by the Omnibus Amendment No.1 to Securitization
Documents, dated as of February 9, 2004, among RFS Holding, L.L.C., RFS Funding
Trust, the Issuer, Deutsche Bank Trust Company Delaware, as trustee of RFS
Funding Trust, RFS Holding, Inc., and the Indenture Trustee, as further amended
by the Second Amendment to Master Indenture, dated as of June 17, 2004 between
the Issuer and the Indenture Trustee, as further amended by the Third Amendment
to Master Indenture, dated as of August 31, 2006 between the Issuer and the
Indenture Trustee, and as further amended by the Fourth Amendment to Master
Indenture, dated as of June 28, 2007 between the Issuer and the Indenture
Trustee (the Indenture, together with this Indenture Supplement, the “Agreement”).

The Principal Terms of
this Series are set forth in this Indenture Supplement to the Indenture.

ARTICLE I

DEFINITIONS

SECTION 1.1.  Definitions.

(a)           Capitalized terms used and not
otherwise defined herein are used as defined in Section
1.1 of the Indenture. This Indenture Supplement shall be interpreted
in accordance with the conventions set forth in Section
1.2 of the Indenture.

(b)           Each capitalized term defined herein
relates only to Series 2007-4 and to no other Series.  Whenever used in this Indenture Supplement,
the following words and phrases shall have the following meanings:

“Accumulation Shortfall” means (a) for the
first Payment Date during the Controlled Accumulation Period, zero; and (b)
thereafter, for any Payment Date during the Controlled Accumulation Period, the
excess, if any, of the Controlled Deposit Amount for the previous Payment Date
over the amount deposited into the Principal Accumulation Account pursuant to Section 4.4(c)(i) for the previous Payment
Date.

“Addition Date” means an “Addition Date” as
such term is defined in the Transfer Agreement.

“Additional Interest” means, for any Payment
Date, Class A Additional Interest, Class B Additional Interest and Class C
Additional Interest for such Payment Date.

“Administration Agreement” means the
Administration Agreement, dated as of September 25, 2003, between the
Administrator and the Issuer.

“Administrator” means General Electric Capital
Corporation, in its capacity as Administrator under the Administration
Agreement or any other Person designated as an Administrator under the
Administration Agreement.

“Agreement” is defined in the preamble.

“Allocation Percentage” means, with respect to
any Monthly Period, the percentage equivalent of a fraction:

(a)   the
numerator of which shall be equal to:

(i)  for
Principal Collections during the Revolving Period and for Finance Charge
Collections and Default Amounts at any time, the Collateral Amount at the end
of the last day of the prior Monthly Period (or, in the case of the first
Monthly Period, on the Closing Date); or

(ii)  for
Principal Collections during the Early Amortization Period and the Controlled
Accumulation Period, the Collateral Amount at the end of the last day of the
Revolving Period; provided that on and after the date on which the
Principal Accumulation Account Balance equals the Note Principal Balance, the
numerator shall equal zero; and

(b)   the
denominator of which shall be the greater of (x) the Aggregate Principal
Receivables determined as of the close of business on the last day of the prior
Monthly Period (or, in the case of the first Monthly Period, on the Closing
Date) and (y) the sum of the numerators used to calculate the allocation
percentages for allocations with respect to Finance Charge Collections,
Principal Collections or Default Amounts, as applicable, for all outstanding
Series on such date of determination; provided
that if one or more Reset Dates occur in a Monthly Period, the denominator
determined pursuant to clause (x) of this clause (b) shall be (A) the Aggregate
Principal Receivables as of the close of business on the last day of the prior
Monthly Period for the period from and including the first day of the current Monthly
Period, to but excluding such Reset Date and (B) the Aggregate Principal
Receivables as of the close of business on such Reset Date, for the period from
and including such Reset Date to the earlier of the last day of such Monthly
Period (in which case such period shall include such day) or the next
succeeding Reset Date (in which case such period shall not include such
succeeding Reset Date); and provided, further, that
notwithstanding the preceding proviso, if a Reset Date occurs during any
Monthly Period and the Issuer is permitted to make a single monthly deposit to
the Collection Account pursuant to Section 8.4 of the Indenture for such
Monthly Period, then the denominator determined pursuant to clause (x) of this
clause (b) for each day during such Monthly Period shall equal the Average
Principal Balance for such Monthly Period.

“Available Finance Charge Collections” means,
for any Monthly Period, an amount equal to the sum of (a) the Investor Finance
Charge Collections for such Monthly Period, (b) the Series 2007-4 Excess
Finance Charge Collections for such Monthly Period, (c) Principal Accumulation
Investment Proceeds, if any, with respect to the related Transfer Date, (d)
interest and earnings

 2
 

on funds on
deposit in the Reserve Account which will be deposited into the Finance Charge
Account on the related Payment Date to be treated as Available Finance Charge
Collections pursuant to Section 4.10(a),
(e) amounts, if any, to be withdrawn from the Reserve Account which will be
deposited into the Finance Charge Account on the related Transfer Date to be
treated as Available Finance Charge Collections pursuant to Section 4.10(c), and (f) any Net Swap
Receipts for the related Transfer Date.

“Available Principal Collections” means, for
any Monthly Period, an amount equal to the sum of (a) the Investor Principal
Collections for such Monthly Period, minus
(b) the amount of Reallocated Principal Collections with respect to such
Monthly Period which pursuant to Section 4.7
are required to be applied on the related Payment Date, plus (c) the sum
of (i) any Shared Principal Collections with respect to other Principal Sharing
Series (including any amounts on deposit in the Excess Funding Account that are
allocated to Series 2007-4 for application as Shared Principal Collections),
(ii) the aggregate amount to be treated as Available Principal Collections
pursuant to Sections 4.4(a)(vi),
(vii) and (x),
and (iii) during an Early Amortization Event, the amount of
Available Finance Charge Collections used to pay principal on the Notes
pursuant to Section 4.4(a)(xv) for the
related Payment Date.

“Available Reserve Account Amount” means, for
any Transfer Date, the lesser of (a) the amount on deposit in the Reserve
Account (after taking into account any interest and earnings retained in the
Reserve Account pursuant to Section 4.10(b)
on such date, but before giving effect to any deposit made or to be made
pursuant to Section 4.4(a)(viii) to the
Reserve Account on such date) and (b) the Required Reserve Account Amount.

“Available Spread Account Amount” means, for
any Transfer Date, an amount equal to the lesser of (a) the amount on deposit
in the Spread Account (exclusive of Investment Earnings on such date and before
giving effect to any deposit to, or withdrawal from, the Spread Account made or
to be made with respect to such date) and (b) the Required Spread Account
Amount, in each case on such Transfer Date.

“Average Principal
Balance” means for any Monthly Period in which a Reset Date occurs, the sum
of (i) the Aggregate Principal Receivables determined as of the close of
business on the last day of the prior Monthly Period, multiplied by a
fraction the numerator of which is the number of days from and including the
first day of such Monthly Period, to but excluding the related Reset Date, and
the denominator of which is the number of days in such Monthly Period, and (ii)
for each such Reset Date, the product of the Aggregate Principal Receivables
determined as of the close of business on such Reset Date, multiplied by
a fraction, the numerator of which is the number of days from and including
such Reset Date, to the earlier of the last day of such Monthly Period (in
which case such period shall include such date) or the next succeeding Reset
Date (in which case such period shall exclude such date), and the denominator
of which is the number of days in such Monthly Period.

“Base Rate” means, for any Monthly Period, the
annualized percentage equivalent of a fraction, the numerator of which is equal
to the sum of (a) the Net Interest Obligation, (b) the amount required to be
paid pursuant to Section 4.4(a)(i) and (c) the Noteholder Servicing Fee,
each with respect to the related Payment Date, and the denominator of which is
the Collateral

 3
 

Amount plus
amounts on deposit in the Principal Accumulation Account, each as of the close
of business on the last day of such Monthly Period.

“Benefit
Plan” means (i) an “employee benefit plan” as defined in Section 3(3) of
ERISA, which is subject to Title I of ERISA, (ii) a “plan” as defined in
Section 4975 of the Code, (iii) an entity whose underlying assets include plan
assets by reason of investment by an employee benefit plan or plans in such
entity, or (iv) a governmental plan subject to applicable law that is
substantially similar to the fiduciary responsibility provisions of ERISA or
Section 4975 of the Code.

“Business Day”
means any day that is not a Saturday, a Sunday or a day on which banks are
required or permitted to be closed in the State of New York or the State of
Connecticut.

“Class A Additional Interest” is defined in Section 4.1(a).

“Class A Counterparty” means Bank of America,
N.A. or the counterparty under any interest rate swap with respect to the Class
A Notes obtained pursuant to Section 4.15.

“Class A Deficiency Amount” is defined in Section 4.1(a).

“Class A Monthly Interest” is defined in Section 4.1(a).

“Class A Net Interest Obligation” means, for
any Payment Date, (a) if there are Class A Net Swap Payments due on that
Payment Date, the sum of the Class A Net Swap Payments and the Class A Monthly
Interest for that Payment Date; (b) if there are Class A Net Swap Receipts due
on that Payment Date, the result of the Class A Monthly Interest for that
Payment Date, minus the Class A Net
Swap Receipts for that Payment Date; and (c) if the Class A Swap has terminated
for any reason, the Class A Monthly Interest for that Payment Date.

“Class A Net Swap Payment” means, with respect
to any Payment Date, any net amount payable by the Issuer under the Class A
Swap as a result of LIBOR being less than the Class A Swap Rate.  For the avoidance of doubt, Class A Net Swap
Payments do not include early termination payments or payment of breakage or
other miscellaneous costs.

“Class A Net Swap Receipt” means, with respect
to any Payment Date, any net amount payable by the Class A Counterparty as a
result of LIBOR being greater than the Class A Swap Rate.  For the avoidance of doubt, Class A Net Swap
Receipts do not include early termination payments.

“Class A Note Initial Principal Balance” means
$406,250,000.

“Class A Note Interest Rate” means a per annum
rate of 0.05% in excess of LIBOR as determined on the LIBOR Determination Date
for the applicable Interest Period.

“Class A Note Principal Balance” means, on any
date of determination, an amount equal to (a) the Class A Note Initial
Principal Balance, minus (b) the
aggregate amount of principal payments made to the Class A Noteholders on or
prior to such date.

 4
 

“Class A Noteholder” means the Person in whose
name a Class A Note is registered in the Note Register.

“Class A Notes” means any one of the Notes
executed by the Issuer and authenticated by or on behalf of the Indenture
Trustee, substantially in the form of Exhibit A-1.

“Class A Regular
Interest” is defined in Section 9.1(b).

“Class A Required Amount” means, for any
Payment Date, an amount equal to the excess of the amounts described in Sections 4.4(a)(i), (ii) and (iii) over Available Finance Charge
Collections applied to pay such amount pursuant to Section
4.4(a).

“Class A Senior Swap
Payments” means Class A Net Swap Payments and Senior Termination Payments
payable to the Class A Counterparty pursuant to the Class A Swap.

“Class A Swap” means an interest rate swap
agreement between the Trust and the Class A Counterparty substantially in the
form of Exhibit C-1 to this Indenture
Supplement, or such other form as shall have satisfied the Rating Agency
Condition.

“Class A Swap Rate” means 5.3965% per annum.

“Class B Additional Interest” is defined in Section 4.1(b).

“Class B Counterparty” means Bank of America,
N.A. or the counterparty under any interest rate swap with respect to the Class
B Notes obtained pursuant to Section 4.15.

“Class B Deficiency Amount” is defined in Section 4.1(b).

“Class B Monthly Interest” is defined in Section 4.1(b).

“Class B Net Interest Obligation” means, for
any Payment Date (a) if there are Class B Net Swap Payments due on that Payment
Date, the sum of the Class B Net Swap Payments and the Class B Monthly Interest
for that Payment Date; (b) if there are Class B Net Swap Receipts due on that
Payment Date, the result of the Class B Monthly Interest for that Payment Date,
minus the Class B Net Swap Receipts for
that Payment Date; and (c) if the Class B Swap has terminated for any reason,
the Class B Monthly Interest for that Payment Date.

“Class B Net Swap Payment” means, with respect
to any Payment Date, any net amount payable by the Issuer under the Class B
Swap as a result of LIBOR being less than the Class B Swap Rate.  For the avoidance of doubt, Class B Net Swap
Payments do not include early termination payments or payment of breakage or
other miscellaneous costs.

“Class B Net Swap Receipt” means, with respect
to any Payment Date, any net amount payable by the Class B Counterparty as a
result of LIBOR being greater than the Class B Swap Rate.  For the avoidance of doubt, Class B Net Swap
Receipts do not include early termination payments.

“Class B Note Initial Principal Balance” means
$46,250,000.

 5
 

“Class B Note Interest Rate” means a per annum
rate of 0.20% in excess of LIBOR as determined on the LIBOR Determination Date
for the applicable Interest Period.

“Class B Note Principal Balance” means, on any
date of determination, an amount equal to (a) the Class B Note Initial
Principal Balance, minus (b) the aggregate
amount of principal payments made to the Class B Noteholders on or prior to
such date.

“Class B Noteholder” means the Person in whose
name a Class B Note is registered in the Note Register.

“Class B Notes” means any one of the Notes
executed by the Issuer and authenticated by or on behalf of the Indenture
Trustee, substantially in the form of Exhibit A-2.

“Class B Regular
Interest” is defined in Section 9.1(b).

“Class B Required Amount” means, for any
Payment Date, an amount equal to the excess of the amount described in Section 4.4(a)(iv) over Available
Finance Charge Collections applied to pay such amount pursuant to Section 4.4(a).

“Class B Senior Swap
Payments” means Class B Net Swap Payments and Senior Termination Payments
payable to the Class B Counterparty pursuant to the Class B Swap.

“Class B Swap” means an interest rate swap
agreement between the Trust and the Class B Counterparty substantially in the
form of Exhibit C-2 to this Indenture
Supplement, or such other form as shall have satisfied the Rating Agency
Condition.

“Class B Swap Rate” means 5.3965% per annum.

“Class C Additional Interest” is defined in Section 4.1(c).

“Class C Counterparty” means Bank of America,
N.A. or the counterparty under any interest rate swap with respect to the Class
C Notes obtained pursuant to Section 4.15.

“Class C Deficiency Amount” is defined in Section 4.1(c).

“Class C Monthly Interest” is defined in Section 4.1(c).

“Class C Net Interest Obligation” means, for
any Payment Date: (a) if there are Class C Net Swap Payments due on that
Payment Date, the sum of the Class C Net Swap Payments and the Class C Monthly
Interest for that Payment Date; (b) if there are Class C Net Swap Receipts due
on that Payment Date, the result of the Class C Monthly Interest for that Payment
Date, minus the Class C Net Swap
Receipts for that Payment Date; and (c) if the Class C Swap has terminated for
any reason, the Class C Monthly Interest for that Payment Date.

“Class C Net Swap Payment” means, with respect
to any Payment Date, any net amount payable by the Issuer under the Class C
Swap as a result of LIBOR being less than the Class C Swap Rate.  For the avoidance of doubt, Class C Net Swap
Payments do not include early termination payments or payment of breakage or
other miscellaneous costs.

 6
 

“Class C Net Swap Receipt” means, with respect
to any Payment Date, any net amount payable by the Class C Counterparty as a
result of LIBOR being greater than the Class C Swap Rate.  For the avoidance of doubt, Class C Net Swap
Receipts do not include early termination payments.

“Class C Note Initial Principal Balance” means
$32,500,000.

“Class C Note Interest Rate” means a per annum
rate of 0.42% in excess of LIBOR as determined on the LIBOR Determination Date
for the applicable Interest Period.

“Class C Note Principal Balance” means, on any
date of determination, an amount equal to (a) the Class C Note Initial
Principal Balance, minus (b) the
aggregate amount of principal payments made to the Class C Noteholders on or
prior to such date.

“Class C Noteholder” means the Person in whose
name a Class C Note is registered in the Note Register.

“Class C Notes” means any one of the Notes
executed by the Issuer and authenticated by or on behalf of the Indenture
Trustee, substantially in the form of Exhibit A-3.

“Class C Regular
Interest” is defined in Section 9.1(b).

“Class C Required Amount” means with respect
to any Payment Date, an amount equal to the excess of the amount described in Section 4.4(a)(v)  over Available
Finance Charge Collections applied to pay such amount pursuant to Section 4.4(a).

“Class C Senior Swap
Payments” means Class C Net Swap Payments and Senior Termination Payments
payable to the Class C Counterparty pursuant to the Class C Swap.

“Class C Swap” means an interest rate swap
agreement with respect to the Class C Notes between the Trust and the Class C
Counterparty substantially in the form of Exhibit
C-3 to this Indenture Supplement, or such other form as shall have
satisfied the Rating Agency Condition.

“Class C Swap Rate” means 5.3965% per annum.

“Closing Date” means June 28, 2007.

“Code” means the Internal Revenue Code of
1986, as amended.

“Collateral Amount” means, as of any date of
determination, an amount equal to the excess of (a) the Initial Collateral
Amount, over (b) the sum of (i) the
amount of principal previously paid to the Series 2007-4 Noteholders (other
than any principal payments made from funds on deposit in the Spread Account),
(ii) reductions in the Excess Collateral Amount due to reductions in the
Required Excess Collateral Amount, (iii) the Principal Accumulation Account
Balance, and (iv) the excess, if any, of the aggregate amount of Investor
Charge-Offs and Reallocated Principal Collections over
the reimbursements of such amounts pursuant to Section
4.4(a)(vii) prior to such date.

 7
 

“Controlled Accumulation Amount” means, for
any Payment Date with respect to the Controlled Accumulation Period,
$48,500,000 provided, however, that if the Controlled Accumulation
Period Length is determined to be less than or more than ten months pursuant to
Section 4.13, the Controlled
Accumulation Amount for each Payment Date with respect to the Controlled
Accumulation Period will be equal to (i) the initial Note Principal Balance divided by (ii) the Controlled Accumulation
Period Length; provided, further, that the Controlled Accumulation
Amount for any Payment Date shall not exceed the Note Principal Balance minus
any amount already on deposit in the Principal Accumulation Account on such
Payment Date.

“Controlled Accumulation Period” means, unless
an Early Amortization Event shall have occurred prior thereto, the period
commencing at the opening of business on July 22, 2011 or such other date as is
determined in accordance with Section 4.13
and ending on the first to occur of (a) the commencement of the Early
Amortization Period and (b) the Final Payment Date.

“Controlled Accumulation Period Length” is
defined in Section 4.13.

“Controlled Deposit Amount” means, for any
Payment Date with respect to the Controlled Accumulation Period, an amount
equal to the sum of the Controlled Accumulation Amount for such Payment Date
and any existing Accumulation Shortfall.

“Counterparty” means the Class A Counterparty,
the Class B Counterparty or the Class C Counterparty.

“Covered Amount” means an amount, determined
as of each Transfer Date for any Interest Period, equal to the sum of:

(a) the product of
(i) the Class A Net Interest Obligation and (ii) a fraction (A) the numerator
of which is equal to the lesser of the Principal Accumulation Account Balance
and the Class A Note Principal Balance, each as of the last day of the calendar
month preceding such Transfer Date, and (B) the denominator of which is equal
to the Class A Note Principal Balance as of the last day of the calendar month
preceding such Transfer Date;

(b) the product of
(i) the Class B Net Interest Obligation and (ii) a fraction (A) the numerator
of which is equal to the lesser of (x) the excess of the Principal Accumulation
Account Balance over the Class A Note Principal Balance as of the last day of
the calendar month preceding such Transfer Date and (y) the Class B Note
Principal Balance, as of the last day of the calendar month preceding such
Transfer Date, and (B) the denominator of which is equal to the Class B Note
Principal Balance as of the last day of the calendar month preceding such
Transfer Date; and

(c) the product of
(i) the Class C Net Interest Obligation and (ii) a fraction (A) the numerator
of which is equal to the lesser of (x) the excess of the Principal Accumulation
Account Balance over the sum of the Class A Note Principal Balance and the
Class B Note Principal Balance, each as of the last day of the calendar month
preceding such Transfer Date and (y) the Class C Note Principal Balance, as of
the last day of the calendar month preceding such Transfer Date, and (B) the
denominator of which is equal

 8
 

to the
Class C Note Principal Balance as of the last day of the calendar month
preceding such Transfer Date.

“Default Amount” means, as to any Defaulted
Account, the amount of Principal Receivables (other than Ineligible
Receivables, unless there is an Insolvency Event with respect to Originator or
the Transferor) in such Defaulted Account on the day it became a Defaulted
Account.

“Defaulted Account” means an Account in which
there are Charged-Off Receivables.

“Designated Maturity”
means, for any LIBOR Determination Date, one month; provided that LIBOR
for the initial Interest Period will be determined by straight-line
interpolation (based on the actual number of days in the initial Interest
Period) between two rates determined in accordance with the definition of
LIBOR, one of which will be determined for a Designated Maturity of one month
and the other of which will be determined for a Designated Maturity of two
months.

“Dilution” means any downward adjustment made
by Servicer in the amount of any Transferred Receivable (a) because of a
rebate, refund or billing error to an accountholder, (b) because such
Transferred Receivable was created in respect of merchandise which was refused
or returned by an accountholder or (c) for any other reason other than
receiving Collections therefor or charging off such amount as uncollectible.

“Distribution Account” means the account
designated as such, established and owned by the Issuer and maintained in
accordance with Section 4.2.

“Early Amortization Period” means the period
commencing on the date on which a Trust Early Amortization Event or a Series
2007-4 Early Amortization Event is deemed to occur and ending on the Final
Payment Date.

“ERISA” means the Employee Retirement Income
Security Act of 1974, as amended.

“Excess Collateral Amount” means, at any time,
the excess of (a) the sum of (i) the Collateral Amount, and (ii) the Principal
Accumulation Account Balance, over (b) the Note Principal Balance.

“Excess Spread Percentage” means, for any
Monthly Period, a percentage equal to (a) the Portfolio Yield for such Monthly
Period, minus (b) the Base Rate for such Monthly Period.

“Expected Principal Payment Date” means the
June 2012 Payment Date.

“FASIT” means a “financial
asset securitization investment trust” within the meaning of section 860L of
the Code.

“Final Payment Date” means the earliest to
occur of (a) the date on which the Note Principal Balance is paid in full, (b)
the date on which the Collateral Amount is reduced to zero and (c) the Series
Maturity Date.

 9
 

“Finance Charge Account” means the account
designated as such, established and owned by the Issuer and maintained in
accordance with Section 4.2.

“Finance Charge Shortfall” is defined in Section 4.8.

“Group One” means Series 2007-4 and each other
outstanding Series previously or hereafter specified in the related Indenture
Supplement to be included in Group One.

“Indenture” is defined in the preamble.

“Indenture Trustee” is defined in the preamble.

“Initial Collateral Amount” means
$500,000,000, which equals the sum of (i) the Class A Note Initial Principal
Balance, (ii) the Class B Note Initial Principal Balance, (iii) the Class
C Note Initial Principal Balance and (iv) the Initial Excess Collateral Amount.

“Initial Excess Collateral Amount” means
$15,000,000.

“Interest Period” means, for any Payment Date,
the period from and including the Payment Date immediately preceding such
Payment Date (or, in the case of the first Payment Date, from and including the
Closing Date) to but excluding such Payment Date.

“Investment Earnings” means, for any Payment
Date, all interest and earnings on Permitted Investments included in the Spread
Account (net of losses and investment expenses) during the period commencing on
and including the Payment Date immediately preceding such Payment Date and
ending on but excluding such Payment Date.

“Investor Charge-Offs” is defined in Section 4.6.

“Investor Default Amount” means, for any
Monthly Period, the sum for all Accounts that became Defaulted Accounts during
such Monthly Period, of the following amount: 
the product of (a) the Default Amount with respect to each such
Defaulted Account and (b) the Allocation Percentage on the day such Account
became a Defaulted Account.

“Investor Finance Charge Collections”
means, for any Monthly Period, an amount equal to the aggregate amount of
Finance Charge Collections retained or deposited in the Finance Charge Account
for Series 2007-4 pursuant to Section 4.3(b)(i)
for such Monthly Period.

“Investor Principal Collections” means, for
any Monthly Period, an amount equal to the aggregate amount of Principal
Collections retained or deposited in the Principal Account for Series 2007-4
pursuant to Section 4.3(b)(ii) for such
Monthly Period.

“Investor Uncovered Dilution Amount” means,
for any Monthly Period, an amount equal to the product of (a) the Series
Allocation Percentage for such Monthly Period (determined on a weighted average
basis, if a Reset Date occurs during that Monthly Period), and (b) the
aggregate Dilutions occurring during such Monthly Period as to which any
deposit is required to be made but has not been made, provided that, if the Free Equity Amount is
greater than zero at

 10
 

the time the
deposit referred to in clause (b) is
required to be made, the Investor Uncovered Dilution Amount shall be deemed to
be zero.

“Issuer” is defined in the preamble.

“LIBOR” means, for any Interest Period, the
London interbank offered rate for the period of the Designated Maturity for
United States dollar deposits determined by the Indenture Trustee for each
Interest Period in accordance with the provisions of Section 4.14.

“LIBOR Determination Date” means (i) June 26,
2007 for the period from and including the Closing Date through and including
August 14, 2007 and (ii) the second London Business Day prior to the
commencement of the second and each subsequent Interest Period.

“London Business Day” means any day on which
dealings in deposits in United States dollars are transacted in the London
interbank market.

“Minimum Free Equity Percentage” means, for
purposes of Series 2007-4, 4%; provided that, at any time that GE Capital’s
long-term unsecured debt is rated Aa2 or lower by Moody’s or AA or lower by
S&P, the Minimum Free Equity Percentage shall be 7.0%.

“Monthly Interest” means, for any Payment
Date, the sum of the Class A Monthly Interest, the Class B Monthly Interest and
the Class C Monthly Interest for such Payment Date.

“Monthly Period” means, as to the August 2007
Payment Date, the period beginning on the Closing Date and ending on July 21,
2007, and as to each Payment Date thereafter, the period beginning on the 22nd day of the second preceding calendar month and
ending on the 21st day of the immediately preceding calendar
month.

“Monthly Principal” is defined in Section 4.1(d).

“Monthly Principal Reallocation Amount” means,
for any Monthly Period, an amount equal to the sum of:

(a)           the lesser of (i) the Class A
Required Amount and (ii) $93,750,000 minus
the sum of (x) the amount of unreimbursed Investor Charge-Offs (after giving
effect to Investor Charge-Offs for the related Monthly Period) and unreimbursed
Reallocated Principal Collections (as of the previous Payment Date) and (y) any
reductions to the Collateral Amount on account of reductions to the Required
Excess Collateral Amount, but not less than zero;

(b)           the lesser of (i) the Class B
Required Amount and (ii) $47,500,000 minus
the sum of (x) the amount of unreimbursed Investor Charge-Offs (after giving
effect to Investor Charge-Offs for the related Monthly Period) and unreimbursed
Reallocated Principal Collections (as of the previous Payment Date and as
required in clause (a) above) and (y)
any reductions to the Collateral Amount on account of reductions to the Required
Excess Collateral Amount, but not less than zero; and

 11
 

(c)           the lesser of (i) the Class C
Required Amount and (ii) $15,000,000 minus
the sum of (x) the amount of unreimbursed Investor Charge-Offs after giving
effect to Investor Charge-Offs for the related Monthly Period) and unreimbursed
Reallocated Principal Collections (as of the previous Payment Date and as
required in clauses (a) and (b) above) and (y) any reduction to the
Collateral Amount on account of reductions to the Required Excess Collateral Amount,
but not less than zero.

“Net Interest Obligation” means, for any
Payment Date, the sum of the Class A Net Interest Obligation, the Class B Net
Interest Obligation and the Class C Net Interest Obligation for such Payment
Date.

“Net Swap Payments” means, for any Payment
Date, collectively, the Class A Net Swap Payment, the Class B Net Swap Payment
and the Class C Net Swap Payment for such Payment Date.

“Net Swap Receipts” means, for any Payment
Date, collectively, the Class A Net Swap Receipt, the Class B Net Swap Receipt
and the Class C Net Swap Receipt for such Payment Date.

“Note Principal Balance” means, on any date of
determination, an amount equal to the sum of the Class A Note Principal
Balance, the Class B Note Principal Balance and the Class C Note Principal
Balance.

“Noteholder Servicing Fee” means, for any
Transfer Date, an amount equal to one-twelfth of the product of (a) the Series
Servicing Fee Percentage and (b) the Collateral Amount as of the last day of
the Monthly Period preceding such Transfer Date; provided, however,
that with respect to the first Transfer Date, the Noteholder Servicing Fee
shall be calculated based on the Collateral Amount as of the Closing Date and
shall be prorated for the number of days in the first Monthly Period.

“Ownership Interest”
means the interest issued by the RFS FASIT which (i) represents solely the
right to receive amounts specified in Section 4.4(a)(xv) to be paid to
the Issuer and (ii) represents the sole “ownership interest” in the RFS FASIT
within the meaning of section 860L of the Code.

“Payment Date” means August 15, 2007 and the
15th day of each calendar month thereafter, or if
such 15th day is not a Business Day, the next succeeding Business Day.

“Percentage Allocation” is defined in Section 4.3(b)(ii)(y).

“Portfolio Yield” means, for any Monthly
Period, the annualized percentage equivalent of a fraction, (a) the numerator
of which is equal to the excess of (i) the Available Finance Charge Collections
(excluding any Excess Finance Charge Collections and Net Swap Receipts), over
(ii) the Investor Default Amount and the Investor Uncovered Dilution Amount for
such Monthly Period and (b) the denominator of which is the Collateral Amount
plus amounts on deposit in Principal Accumulation Account, each as of the close
of business on the last day of such Monthly Period.

 12
 

“Principal Account” means the account
designated as such, established and owned by the Issuer and maintained in
accordance with Section 4.2.

“Principal Accumulation Account” means the
account designated as such, established and owned by the Issuer and maintained
in accordance with Section 4.2.

“Principal Accumulation Account Balance”
means, for any date of determination, the principal amount, if any, on deposit
in the Principal Accumulation Account on such date of determination.

“Principal Accumulation Investment Proceeds”
means, with respect to each Transfer Date, the investment earnings on funds in
the Principal Accumulation Account (net of investment expenses and losses) for
the period from and including the immediately preceding Transfer Date to but
excluding such Transfer Date.

“Principal Shortfall” is defined in Section 4.9.

“Qualifying Substitute
Arrangement” means, with respect to the Class A Notes, Class B Notes or
Class C Notes, as applicable, any interest rate swap agreement that shall have
satisfied the Rating Agency Condition or any other hedging arrangement or
alternative arrangement that shall have satisfied the Rating Agency Condition
in the event of the termination of any Class A Swap, Class B Swap or Class C
Swap.

“Quarterly Excess Spread Percentage” means (a)
with respect to the August 2007 Payment Date, the Excess Spread Percentage for
the Monthly Period relating to such Payment Date, (b) with respect to the
September 2007 Payment Date, the percentage equivalent of a fraction the
numerator of which is the sum of (i) the Excess Spread Percentage for the
Monthly Period relating to the August 2007 Payment Date and (ii) the Excess
Spread Percentage for the Monthly Period relating to the September 2007 Payment
Date and the denominator of which is two, and (c) with respect to the October
2007 Payment Date and each Payment Date thereafter, the percentage equivalent
of a fraction the numerator of which is the sum of the Excess Spread Percentages
determined with respect to the Monthly Periods relating to such Payment Date
and the immediately preceding two Payment Dates and the denominator of which is
three.

“Rating Agency” means each of Fitch, Moody’s
and S&P.

“Reallocated Principal Collections” means, for
any Transfer Date, Investor Principal Collections applied in accordance with Section 4.7  in an amount
not to exceed the Monthly Principal Reallocation Amount for the related Monthly
Period.

“Redemption Amount” means, for any Transfer
Date, after giving effect to any deposits and payments otherwise to be made on
the related Payment Date, the sum of (i) the Note Principal Balance on the
related Payment Date, (ii) Monthly Interest for the related Payment Date and
any Monthly Interest previously due but not distributed to the Series 2007-4
Noteholders, (iii) the amount of Additional Interest, if any, for the related
Payment Date and any Additional Interest previously due but not distributed to
the Series 2007-4 Noteholders on a prior Payment Date and (iv) any amounts
owing to any Counterparty pursuant to the terms of the Class A Swap, Class B
Swap or Class C Swap.

 13
 

“Reference Banks” means four major banks in
the London interbank market selected by the Servicer.

“Related Interest”
is defined in Section 9.1(b).

“Removal Date” means a “Removal Date” as such
term is defined in the Transfer Agreement.

“Required Excess Collateral Amount” means, at
any time, 3.00% of the Collateral Amount; provided that:

(a)           except as provided in clause (c), the Required Excess Collateral
Amount shall never be less than 3.00% of the Initial Collateral Amount;

(b)           except as provided in clause (c), the Required Excess Collateral
Amount shall not decrease during an Early Amortization Period; and

(c)           the Required Excess Collateral Amount
shall never be greater than the excess of the Note Principal Balance over the
balance on deposit in the Principal Accumulation Account.

“Required Reserve Account Amount” means, for
any Transfer Date on or after the Reserve Account Funding Date, an amount equal
to (a) 0.50% of the Note Principal Balance or (b) any other amount designated
by the 

Issuer; provided, however, that if such designation is of a
lesser amount, the Issuer shall (i) provide the Indenture Trustee with evidence
that the Rating Agency Condition shall have been satisfied and (ii) deliver to
the Indenture Trustee a certificate of an Authorized Officer to the effect
that, based on the facts known to such officer at such time, in the reasonable
belief of the Issuer, such designation will not cause an Early Amortization
Event or an event that, after the giving of notice or the lapse of time, would
cause an Early Amortization Event to occur with respect to Series 2007-4.

“Required Spread Account Amount” means, for
any Payment Date, the product of (i) the Spread Account Percentage in effect on
such date and (ii) during (x) the Revolving Period, the Collateral Amount, and
(y) during the Controlled Accumulation Period or the Early Amortization Period,
the Collateral Amount as of the last day of the Revolving Period; provided
that, prior to the occurrence of an Event of Default and acceleration of the
Series 2007-4 Notes the Required Spread Account Amount will never exceed the
Class C Note Principal Balance (after taking into account any payments to be
made on such Payment Date).

“Reserve Account” means the account designated
as such, established and owned by the Issuer and maintained in accordance with Section
4.2.

“Reserve Account Funding Date” means the
Payment Date selected by the Servicer on behalf of the Issuer which occurs not
later than the earliest of the Payment Date with respect to the Monthly Period
which commences three months prior to the commencement of the Controlled
Accumulation Period (which commencement shall be subject to postponement
pursuant to Section 4.14); provided, however,
if the Rating Agency Condition is satisfied, the Issuer may postpone the
Reserve Account Funding Date.

 14
 

“Reserve Account Surplus” means, as of any
Transfer Date following the Reserve Account Funding Date, the amount, if any,
by which the amount on deposit in the Reserve Account exceeds the Required
Reserve Account Amount.

“Reserve Draw Amount” means, with respect to
each Transfer Date relating to the Controlled Accumulation Period or the first
Transfer Date relating to the Early Amortization Period, the amount, if any, by
which the Principal Accumulation Investment Proceeds for such Payment Date are
less than the Covered Amount determined as of such Transfer Date.

“Reset Date” means:

(a)           each Addition Date;

(b)           each Removal Date on which, if any
Series of Notes has been paid in full, Principal Receivables for that Series
are removed from the Trust;

(c)           each date on which there is an
increase in the outstanding balance of any Variable Interest; and

(d)           each date on which a new Series or
Class of Notes is issued.

“Revolving Period” means the period beginning
on the Closing Date and ending at the close of business on the day immediately
preceding the earlier of the day the Controlled Accumulation Period commences
or the day the Early Amortization Period commences.

“RFS FASIT” means
the Trust Estate designated as a FASIT within the meaning of section 860L of
the Code.

“Senior
Termination Payments” means any termination payments payable by the Issuer
arising as a result of the early termination of the Class A Swap, the Class B
Swap or the Class C Swap, as applicable, due to (i) a Tax Event or Illegality
or (ii) any other Event of Default or Termination Event, unless, in the case of
this clause (ii), the applicable Counterparty (as defined in this
Indenture Supplement) is the Defaulting Party or sole Affected Party (unless
otherwise indicated, terms used in the foregoing clauses (i) and (ii)
shall have the respective meanings given to such terms in the Class A Swap, the
Class B Swap or the Class C Swap, as the context requires).

“Series Accounts”
means, collectively, the Finance Charge Account, the Principal Account, the
Principal Accumulation Account, the Distribution Account, the Reserve Account,
the Spread Account and the Swap Collateral Account (if any).

“Series Allocation Percentage” means, with
respect to any Monthly Period, the percentage equivalent of a fraction, the
numerator of which is the numerator used in determining the Allocation
Percentage for Finance Charge Collections for that Monthly Period and the
denominator of which is the sum of the numerators used in determining the
Allocation Percentage for Finance Charge Collections for all outstanding Series
on such date of determination; provided
that if one or more Reset Dates occur in a Monthly Period, the Series
Allocation Percentage for the portion of the Monthly Period falling on and
after each such Reset

 15
 

Date and prior to
any subsequent Reset Date will be determined using a denominator which is equal
to the sum of the numerators used in determining the Allocation Percentage for
Finance Charge Collections for all outstanding Series as of the close of
business on the subject Reset Date.

“Series Maturity Date” means, with respect to
Series 2007-4, the June 2015 Payment Date.

“Series Servicing Fee Percentage” means 2% per annum.

“Series 2007-4” means the Series of Notes the
terms of which are specified in this Indenture Supplement.

“Series 2007-4 Early Amortization Event” is
defined in Section 6.1.

“Series 2007-4 Excess Finance Charge
Collections” means Excess Finance Charge Collections allocated from other
Series in Group One to Series 2007-4 pursuant to Section 8.6 of the
Indenture.

“Series 2007-4 Note” means a Class A Note, a
Class B Note or a Class C Note.

“Series 2007-4 Noteholder” means a Class A
Noteholder, a Class B Noteholder or a Class C Noteholder.

“Spread Account” means the account designated
as such, established and owned by the Issuer and maintained in accordance with Section
4.2.

“Spread Account Deficiency” means the excess,
if any, of the Required Spread Account Amount over the Available Spread Account
Amount.

“Spread Account Percentage” means, (i) 0% if
the Quarterly Excess Spread Percentage on such Payment Date is greater than or
equal to 5.00%, (ii) 2.00% if the Quarterly Excess Spread Percentage on such
Payment Date is less than 5.00% and greater than or equal to 4.50%, (iii) 2.50%
if the Quarterly Excess Spread Percentage on such Payment Date is less than
4.50% and greater than or equal 4.00%, (iv) 3.50% if the Quarterly Excess
Spread Percentage on such Payment Date is less than 4.00% and greater than or
equal to 3.50%, (v) 4.50% if the Quarterly Excess Spread Percentage on such
Payment Date is less than 3.50% and greater than or equal to 3.00%, (vi) 5.50%
if the Quarterly Excess Spread Percentage on such Payment Date is less than
3.00% and greater than or equal to 2.50%, (vii) 6.50% if the Quarterly Excess
Spread Percentage on such Payment Date is less than 2.50% and greater than or equal
to 1.50%, (viii) 7.50% if the Quarterly Excess Spread Percentage on such
Payment Date is less than 1.50% and greater than or equal to 0.50% and (ix)
8.50% if the Quarterly Excess Spread Percentage on such Payment Date is less
than 0.50%.

“Subordinated
Termination Payments” means any termination payments other than Senior
Termination Payments payable by the Issuer arising as a result of the early
termination of the Class A Swap, the Class B Swap or the Class C Swap, as
applicable.

 16
 

“Surplus Collateral Amount” means, at any
time, the excess, if any, of the Excess Collateral Amount over the Required
Excess Collateral Amount.

“Swap Collateral Account” means the account
designated as such, established and owned by the Issuer and maintained in
accordance with Section 4.2.

“Target Amount” is defined in Section 4.3(b)(i).

“Trust” is defined in the preamble.

SECTION 1.2.  Incorporation of Terms.  The terms of the Indenture are incorporated
in this Supplement as if set forth in full herein. As supplemented by this
Supplement, the Indenture is in all respects ratified and confirmed and both
together shall be read, taken and construed as one and the same agreement. If
the terms of this Supplement and the terms of the Indenture conflict, the terms
of this Supplement shall control with respect to the Series 2007-4.

ARTICLE
II

CREATION OF THE SERIES 2007-4 NOTES

SECTION 2.1.  Designation.

(a)           There is hereby created and
designated a Series of Notes to be issued pursuant to the Indenture and this
Indenture Supplement to be known as “GE Capital
Credit Card Master Note Trust, Series 2007-4” or the “Series 2007-4 Notes.”  The Series 2007-4 Notes shall be issued in
three Classes, known as the “Class A Series 2007-4
Floating Rate Asset Backed Notes,” the “Class
B Series 2007-4 Floating Rate Asset Backed Notes,” and the “Class C Series 2007-4 Floating Rate Asset Backed Notes.”

(b)           Series 2007-4 shall be included in
Group One and shall be a Principal Sharing Series.  Series 2007-4 shall be an Excess Allocation
Series with respect to Group One only. 
Series 2007-4 shall not be subordinated to any other Series.

(c)           The Series 2007-4 Notes shall be
issued in minimum denominations of $100,000 and in integral multiples of
$1,000.

ARTICLE III

REPRESENTATIONS,
WARRANTIES AND COVENANTS

SECTION 3.1.  Representations, Warranties and Covenants
with respect to Net Swap Receipts. 
The parties hereto agree that the representations, warranties and
covenants set forth in Schedule I shall
be a part of this Indenture Supplement for all purposes.

SECTION 3.2.  Representations, Warranties and Covenants
with respect to Receivables.  The
parties hereto agree that the representations, warranties and covenants set
forth in Schedule II shall be a part of this Indenture Supplement for
all purposes.

SECTION 3.3.  Representations, Warranties and Covenants
with respect to ERISA.  By acquiring
a Series 2007-4 Note, each purchaser and transferee shall be deemed to
represent and

 17
 

warrant that either (i)
it is not (and for so long as it holds such Series 2007-4 Note will not be), is
not acting on behalf of (and for so long as it holds such Series 2007-4 Note)
will not be acting on behalf of), and is not investing the assets of a Benefit
Plan or (ii) its acquisition, continued holding and disposition of such Series 2007-4
Note will not result in a non-exempt prohibited transaction under Section 406
of ERISA or Section 4975 of the Code or a violation of any substantially
similar applicable law.

ARTICLE
IV

RIGHTS OF SERIES 2007-4 NOTEHOLDERS AND ALLOCATION
AND APPLICATION OF COLLECTIONS

SECTION 4.1.  Determination of Interest and Principal.

(a)           The amount of monthly interest (“Class A Monthly Interest”) due and payable
with respect to the Class A Notes on any Payment Date shall be an amount equal
to the product of (i) a fraction, the numerator of which is the actual number
of days in the related Interest Period and the denominator of which is 360,
(ii) the Class A Note Interest Rate in effect with respect to the related
Interest Period and (iii) the Class A Note Principal Balance as of the close of
business on the last day of the preceding Monthly Period (or, with respect to
the initial Payment Date, the Class A Note Initial Principal Balance).

With respect to each
Payment Date, the Issuer shall determine the excess, if any (the “Class A Deficiency Amount”), of (x) the
aggregate amount of Class A Monthly Interest payable pursuant to this Section
4.1(a) as of the prior Payment Date over
(y) the amount of Class A Monthly Interest actually paid on such Payment
Date.  If the Class A Deficiency Amount
for any Payment Date is greater than zero, on each subsequent Payment Date
until such Class A Deficiency Amount is fully paid, an additional amount (“Class A Additional Interest”) equal to the
product of (i) a fraction, the numerator of which is the actual number of days
in the related Interest Period and the denominator of which is 360, (ii) the
Class A Note Interest Rate in effect with respect to the related Interest
Period plus 2% per annum and (iii) such
Class A Deficiency Amount (or the portion thereof which has not been paid to
the Class A Noteholders) shall be payable as provided herein with respect to
the Class A Notes.  Notwithstanding
anything to the contrary herein, Class A Additional Interest shall be payable
or distributed to the Class A Noteholders only to the extent permitted by
applicable law.

(b)           The amount of monthly interest (“Class B Monthly Interest”) due and payable
with respect to the Class B Notes on any Payment Date shall be an amount equal
to the product of (i) a fraction, the numerator of which is the actual number
of days in the related Interest Period and the denominator of which is 360,
(ii) the Class B Note Interest Rate in effect with respect to the related
Interest Period and (iii) the Class B Note Principal Balance as of the close of
business on the last day of the preceding Monthly Period (or, with respect to
the initial Payment Date, the Class B Note Initial Principal Balance).

With respect to each
Payment Date, the Issuer shall determine the excess, if any (the “Class B Deficiency Amount”), of (x) the
aggregate amount of Class B Monthly Interest payable pursuant to this Section
4.1(b) as of the prior Payment Date over
(y) the amount of Class B Monthly Interest actually paid on such Payment
Date.  If the Class B Deficiency Amount
for any

 18
 

Payment Date is
greater than zero, on each subsequent Payment Date until such Class B
Deficiency Amount is fully paid, an additional amount (“Class B Additional Interest”) equal to the
product of (i) a fraction, the numerator of which is the actual number of days
in the related Interest Period and the denominator of which is 360, (ii) the
Class B Note Interest Rate in effect with respect to the related Interest
Period plus 2% per annum and (iii) such
Class B Deficiency Amount (or the portion thereof which has not been paid to
the Class B Noteholders) shall be payable as provided herein with respect to
the Class B Notes.  Notwithstanding
anything to the contrary herein, Class B Additional Interest shall be payable
or distributed to the Class B Noteholders only to the extent permitted by
applicable law.

(c)           The amount of monthly interest (“Class C Monthly Interest”) due and payable
with respect to the Class C Notes on any Payment Date shall be an amount equal
to the product of (i) a fraction, the numerator of which is the actual number
of days in the related Interest Period and the denominator of which is 360,
(ii) the Class C Interest Rate in effect with respect to the related Interest
Period and (iii) the Class C Note Principal Balance as of the close of business
on the last day of the preceding Monthly Period (or, with respect to the
initial Payment Date, the Class C Note Initial Principal Balance).

With respect to each
Payment Date, the Issuer shall determine the excess, if any (the “Class C Deficiency Amount”), of
(x) the aggregate amount of Class C Monthly Interest payable pursuant to
this Section 4.1(c) as of the prior Payment Date over (y) the amount of Class C Monthly
Interest actually paid on such Payment Date. 
If the Class C Deficiency Amount for any Payment Date is greater than
zero, on each subsequent Payment Date until such Class C Deficiency Amount is
fully paid, an additional amount (“Class C
Additional Interest”) equal to the product of (i) a fraction, the
numerator of which is the actual number of days in the related Interest Period
and the denominator of which is 360, (ii) the Class C Note Interest Rate in
effect with respect to the related Interest Period plus
2% per annum and (iii) such Class C Deficiency Amount (or the portion thereof
which has not been paid to the Class C Noteholders) shall be payable as
provided herein with respect to the Class C Notes.  Notwithstanding anything to the contrary
herein, Class C Additional Interest shall be payable or distributed to the
Class C Noteholders only to the extent permitted by applicable law.

(d)           The amount of monthly principal to be
transferred from the Principal Account with respect to the Notes on each
Payment Date (the “Monthly Principal”),
beginning with the Payment Date in the Monthly Period following the Monthly
Period in which the Controlled Accumulation Period or, if earlier, the Early
Amortization Period, begins, shall be equal to the least of (i) the Available
Principal Collections on deposit in the Principal Account with respect to the
related Monthly Period, (ii) for each Payment Date with respect to the
Controlled Accumulation Period, the Controlled Deposit Amount for such Payment
Date, (iii) the Collateral Amount (after taking into account any adjustments to
be made on such Payment Date pursuant to Sections
4.6 and 4.7) prior to any
deposit into the Principal Accumulation Account on such Payment Date, and (iv)
the Note Principal Balance, minus any amount already on deposit in the
Principal Accumulation Account on such Payment Date.

 19
 

SECTION 4.2.  Establishment of Accounts.

(a)           As of the Closing Date, the Issuer
covenants to have established and shall thereafter maintain the Finance Charge
Account, the Principal Account, the Principal Accumulation Account, the
Distribution Account, the Reserve Account and the Spread Account, each of which
shall be an Eligible Deposit Account.  In
the event that any Counterparty is required to post collateral pursuant to the
Class A Swap, Class B Swap or Class C Swap, the Issuer shall establish a Swap
Collateral Account, which shall be an Eligible Deposit Account.

(b)           If the depositary institution wishes
to resign as depositary of any of the Series Accounts for any reason or fails
to carry out the instructions of the Issuer for any reason, then the Issuer
shall promptly notify the Indenture Trustee on behalf of the Noteholders.

(c)           On or before the Closing Date, the
Issuer shall enter into a depositary agreement to govern the Series Accounts
pursuant to which such accounts are continuously identified in the depositary
institution’s books and records as subject to a security interest in favor of
the Indenture Trustee on behalf of the Noteholders and, except as may be
expressly provided herein to the contrary, in order to perfect the security
interest of the Indenture Trustee on behalf of the Noteholders under the UCC,
the Indenture Trustee on behalf of the Noteholders shall have the power to
direct disposition of the funds in the Series Accounts without further consent
by the Issuer; provided  however, that prior to the delivery by
the Indenture Trustee on behalf of the Noteholders of notice otherwise, the
Issuer shall have the right to direct the disposition of funds in the Series
Accounts; provided  further that the Indenture Trustee on behalf
of the Noteholders agrees that it will not deliver such notice or exercise its
power to direct disposition of the funds in the Series Accounts unless an Event
of Default has occurred and is continuing.

(d)           The Issuer shall not close any of the
Series Accounts unless it shall have (i) received the prior consent of the
Indenture Trustee on behalf of the Noteholders, (ii) established a new Eligible
Deposit Account with the depositary institution or with a new depositary
institution satisfactory to the Indenture Trustee on behalf of the Noteholders,
(iii) entered into a depositary agreement to govern such new account(s) with
such new depositary institution which agreement is satisfactory in all respects
to the Indenture Trustee on behalf of the Noteholders (whereupon such new
account(s) shall become the applicable Series Account(s) for all purposes of
this Indenture Supplement), and (iv) taken all such action as the Indenture
Trustee on behalf of the Noteholders shall reasonably require to grant and
perfect a first priority security interest in such account(s) under this
Indenture Supplement.

SECTION 4.3.  Calculations and Series Allocations.

(a)           Allocations.  Finance Charge Collections, Principal
Collections and Charged-Off Receivables allocated to Series 2007-4 pursuant to Article VIII of the Indenture shall be
allocated and distributed as set forth in this Article.  Notwithstanding anything to the contrary in Section
4.3(b), during any period when the Issuer is permitted by Section 8.4 of the Indenture to make a single
monthly deposit to the Collection Account, amounts allocated to the Noteholders
pursuant to Section 4.3(b) with respect
to any Monthly Period need not be deposited into the Collection Account or any
Series Account prior to the related Payment Date, and, when so deposited, (x)
may be deposited net of any amounts required to be distributed to Transferor
and, if the Originator is Servicer, any amounts owed to the Servicer, and (y)
shall be deposited into the Finance Charge Account (in the case of Collections
of Finance Charge Receivables) and the

 20

Principal Account (in the
case of Collections of Principal Receivables (not including any Shared
Principal Collections allocated to Series 2007-4 pursuant to Section 8.5 of the Indenture)).

(b)                                 Allocations
to the Series 2007-4 Noteholders. 
The Issuer shall on each Date of Processing, allocate to the Series
2007-4 Noteholders the following amounts as set forth below:

(i)                                     Allocations of Finance Charge Collections.  The Issuer shall allocate to the Series
2007-4 Noteholders an amount equal to the product of (A) the Allocation
Percentage and (B) the aggregate Finance Charge Collections processed on such
Date of Processing and, subject to Section 4.16, shall deposit such
amount into the Finance Charge Account; provided
that, with respect to each Monthly Period falling in the Revolving Period (and
with respect to that portion of each Monthly Period in the Controlled
Accumulation Period falling on or after the day on which Collections of
Principal Receivables equal to the related Controlled Deposit Amount have been
allocated pursuant to Section 4.3(b)(ii)  and deposited pursuant to Section 4.3(a)), Collections of Finance
Charge Receivables shall be transferred into the Finance Charge Account only
until such time as the aggregate amount so deposited equals the sum (the “Target Amount”) of (A) the fees payable to
the Indenture Trustee, the Trustee and the Administrator on the related Payment
Date, (B) the Net Interest Obligation on the related Payment Date, (C) if the
Originator is not the Servicer, the Noteholder Servicing Fee (and if the
Originator is the Servicer, then the Issuer covenants to pay directly to the
Servicer as payment of the Noteholder Servicing Fee amounts that otherwise
would have been transferred into the Finance Charge Account pursuant to this clause (C)), and (D) any
amount required to be deposited in the Reserve Account and the Spread Account
on the related Transfer Date; provided  further, that, notwithstanding the preceding
proviso, if on any Business Day the Issuer determines that the Target Amount
for a Monthly Period exceeds the Target Amount for that Monthly Period as
previously calculated by Issuer, then (x) Issuer shall (on the same Business
Day) inform Transferor of such determination, and (y) within two Business Days
thereafter cause Transferor to deposit into the Finance Charge Account funds in
an amount equal to the amount of Collections of Finance Charge Receivables
allocated to the Noteholders for that Monthly Period but not deposited into the
Finance Charge Account due to the operation of the preceding proviso (but not
in excess of the amount required so that the aggregate amount deposited for the
subject Monthly Period equals the Target Amount);  and provided, further, if on any Transfer Date the Free
Equity Amount is less than the Minimum Free Equity Amount after giving effect
to all transfers and deposits on that Transfer Date, the Issuer shall cause
Transferor, on that Transfer Date, to deposit into the Principal Account funds
in an amount equal to the amounts of Available Finance Charge Collections that
are required to be treated as Available Principal Collections pursuant to Section 4.4(a)(vi) and (vii) but are not available from funds in the
Finance Charge Account as a result of the operation of the second preceding
proviso.

With respect to any
Monthly Period when deposits of Collections of Finance Charge Receivables into
the Finance Charge Account are limited to deposits up to the Target Amount in
accordance with clause (i) above,
notwithstanding such limitation: (1) “Reallocated
Principal Collections” for the related Transfer Date shall be
calculated as if the full amount of Finance Charge Collections allocated to the
Noteholders during that Monthly Period had been deposited

 21
 

in the Finance
Charge Account and applied on the related Payment Date in accordance with Section 4.4(a); and (2) Collections of
Finance Charge Receivables released to Transferor pursuant to clause (i)
above shall be deemed, for purposes of all calculations under this Indenture
Supplement, to have been applied to the items specified in Section 4.4(a) to which such amounts would
have been applied (and in the priority in which they would have been applied)
had such amounts been available in the Finance Charge Account on the related
Payment Date.  To avoid doubt, the calculations
referred to in the preceding clause (2)
include the calculations required by clause
(b)(iv) of the definition of Collateral Amount.

(ii)                                  Allocations of Principal Collections.  The Issuer shall allocate to the Series
2007-4 Noteholders the following amounts as set forth below:

(x)                                   Allocations During the Revolving Period.

(1)                                  During
the Revolving Period an amount equal to the product of the Allocation
Percentage and the aggregate amount of Principal Collections processed on such
Date of Processing, shall be allocated to the Series 2007-4 Noteholders and
first, if any other Principal Sharing Series is outstanding and in its
accumulation period or amortization period, retained in the Principal Account
for application, to the extent necessary, as Shared Principal Collections to
other Principal Sharing Series on the related Payment Date, second deposited in
the Excess Funding Account to the extent necessary so that the Free Equity
Amount is not less than the Minimum Free Equity Amount and third paid to the
holders of the Transferor Interest.

(2)                                  With
respect to each Monthly Period falling in the Revolving Period, to the extent
that Collections of Principal Receivables allocated to the Series 2007-4
Noteholders pursuant to this Section 4.3(b)(ii)
are paid to Transferor, the Issuer shall cause Transferor to make an amount
equal to the Reallocated Principal Collections for the related Transfer Date
available on that Transfer Date for application in accordance with Section  4.7.

(y)                                 Allocations During the Controlled Accumulation Period.  During the Controlled Accumulation Period an
amount equal to the product of  the
Allocation Percentage and the aggregate amount of Principal Collections
processed on such Date of Processing (the product for any such date is hereinafter
referred to as a “Percentage Allocation”)
shall be allocated to the Series 2007-4 Noteholders and transferred to the
Principal Account until applied as provided herein; provided, however,
that if the sum of such Percentage Allocation and all preceding Percentage
Allocations with respect to the same Monthly Period exceeds the Controlled
Deposit Amount during the Controlled Accumulation Period for the related
Payment Date, then such excess shall not be treated as a Percentage Allocation
and shall be first, if any other Principal Sharing Series is outstanding and in
its accumulation period or amortization period, retained

 22
 

in the Principal
Account for application, to the extent necessary, as Shared Principal
Collections to other Principal Sharing Series on the related Payment Date,
second deposited in the Excess Funding Account to the extent necessary so that
the Free Equity Amount is not less than the Minimum Free Equity Amount and
third paid to the holders of the Transferor Interest.

(z)                                   Allocations During the Early Amortization Period.  During the Early Amortization Period, an
amount equal to the product of  the
Allocation Percentage and the aggregate amount of Principal Collections
processed on such Date of Processing shall be allocated to the 2007-4
Noteholders and transferred to the Principal Account until applied as provided
herein; provided, however, that after the date on which an
amount of such Principal Collections equal to the Note Principal Balance has
been deposited into the Principal Account such amount shall be first, if any
other Principal Sharing Series is outstanding and in its accumulation period or
amortization period, retained in the Principal Account for application, to the
extent necessary, as Shared Principal Collections to other Principal Sharing
Series on the related Payment Date, second deposited in the Excess Funding
Account to the extent necessary so that the Free Equity Amount is not less than
the Minimum Free Equity Amount and third paid to the holders of the Transferor
Interest.

SECTION 4.4.  Application of Available Finance Charge
Collections and Available Principal Collections.  On each Transfer Date or related Payment
Date, as applicable, the Issuer shall withdraw, to the extent of available
funds, the amount required to be withdrawn from the Finance Charge Account, the
Principal Accumulation Account, the Principal Account and the Distribution
Account as follows:

(a)                                  On
each Payment Date, an amount equal to the Available Finance Charge Collections
with respect to the related Payment Date will be paid or deposited in the
following priority:

(i)                                     to
pay, on a pari passu basis, the following amounts, to the extent allocated to
Series 2007-4 pursuant to Section 8.4(d) of the Indenture: (A) the
payment to the Indenture Trustee of the accrued and unpaid fees and other
amounts owed to the Indenture Trustee up to a maximum amount of $25,000 for
each calendar year, (B) the payment to the Trustee of the accrued and unpaid
fees and other amounts owed to the Trustee up to a maximum amount of $25,000
for each calendar year and (C) the payment to the Administrator of the accrued
and unpaid fees and other amounts owed to the Administrator up to a maximum
amount of $25,000 for each calendar year;

(ii)                                  an
amount equal to the Noteholder Servicing Fee for such Transfer Date, plus the amount of any Noteholder Servicing
Fee previously due but not paid to the Issuer on a prior Transfer Date, shall
be paid to the Servicer;

 23
 

(iii)                               on a pari passu basis
based on the amounts owing to the Class A Noteholders and each Class A
Counterparty pursuant to this Section 4.4(a)(iii): (A) an amount equal
to Class A Monthly Interest for such Payment Date, plus
any Class A Deficiency Amount, plus the
amount of any Class A Additional Interest for such Payment Date, plus the amount of any Class A Additional
Interest previously due but not paid to Class A Noteholders on a prior Payment
Date, shall be deposited into the Distribution Account, and (B) any Class A
Senior Swap Payment for such Payment Date and any unpaid Class A Senior Swap
Payments owed to the Class A Counterparty in respect of any prior Payment Date
shall be paid to the Class A Counterparty;

(iv)                              on
a pari passu basis based on the amounts owing to the Class B Noteholders and
each Class B Counterparty pursuant to this Section 4.4(a)(iv): (A) an
amount equal to Class B Monthly Interest for such Payment Date, plus any Class B Deficiency Amount, plus the amount of any Class B Additional
Interest for such Payment Date, plus
the amount of any Class B Additional Interest previously due but not paid to
Class B Noteholders on a prior Payment Date, shall be deposited into the
Distribution Account, and (B) any Class B Senior Swap Payment for such Payment
Date and any unpaid Class B Senior Swap Payments owed to the Class B
Counterparty in respect of any prior Payment Date shall be paid to the Class B
Counterparty;

(v)                                 on
a pari passu basis based on the amounts owing to the Class C Noteholders and
each Class C Counterparty pursuant to this Section 4.4(a)(v): (A) an
amount equal to Class C Monthly Interest for such Payment Date, plus any
Class C Deficiency Amount, plus the amount of any Class C Additional
Interest for such Payment Date, plus the amount of any Class C
Additional Interest previously due but not paid to the Class C Noteholders on a
prior Payment Date shall be deposited into the Distribution Account, and (B)
any Class C Senior Swap Payment for such Payment Date and any unpaid Class C
Senior Swap Payments owed to the Class C Counterparty in respect of any prior Payment
Date shall be paid to the Class C Counterparty;

(vi)                              (A)
first, an amount equal to the Investor Default Amount for such Payment
Date shall be treated as a portion of Available Principal Collections for such
Payment Date and (B) second, an amount equal to any Investor Uncovered
Dilution Amount for such Payment Date shall be treated as a portion of
Available Principal Collections for such Payment Date, and any amounts treated
as Available Principal Collections pursuant to subclause (A) or (B) of this clause
(vi) during the Controlled Accumulation Period or the Early Amortization
Period, shall be deposited into the Principal Account on the related Payment
Date;

(vii)                           an amount equal to the sum
of the aggregate amount of Investor Charge-Offs and the amount of Reallocated
Principal Collections which have not been previously reimbursed pursuant to
this Section 4.4(a)(vii) shall be
treated as a portion of Available Principal Collections for such Payment Date
and during the Controlled Accumulation Period or Early Amortization Period
shall be deposited into the Principal Account on the related Payment Date;

 24
 

(viii)                        on each Transfer Date from and
after the Reserve Account Funding Date, but prior to the date on which the
Reserve Account terminates as described in Section
4.10(e), an amount up to the excess, if any, of the Required Reserve
Account Amount over the Available
Reserve Account Amount shall be deposited into the Reserve Account;

(ix)                                an
amount equal to the amounts required to be deposited in the Spread Account
pursuant to Section 4.11(e) shall
be deposited into the Spread Account;

(x)                                   without
duplication of the amount specified in clause (vi)(B) of this Section
4.4(a), an amount equal to the Series Allocation Percentage (calculated by
excluding all outstanding Series of Notes issued on any date prior to September
22, 2004 and any Series of Notes excluded from this calculation pursuant to the
terms of the Indenture Supplement for such Series) of the excess, if any, of
the Minimum Free Equity Amount over the Free Equity Amount, shall be treated as
a portion of Available Principal Collections for such Payment Date and, during
the Controlled Accumulation Period or the Early Amortization Period, deposited
into the Principal Account on the related Payment Date;

(xi)                                an
amount equal to any Subordinated Termination Payments owing to the Class A
Counterparty and any other amounts owing to the Class A Counterparty under the
Class A Swap shall be paid to the Class A Counterparty;

(xii)                             an amount equal to any
Subordinated Termination Payments owing to the Class B Counterparty and any
other amounts owing to the Class B Counterparty under the Class B Swap shall be
paid to the Class B Counterparty;

(xiii)                          an amount equal to any
Subordinated Termination Payments owing to the Class C Counterparty and any
other amounts owing to the Class C Counterparty under the Class C Swap shall be
paid to the Class C Counterparty;

(xiv)                         unless an Early Amortization
Event shall have occurred and be continuing, on a pari passu basis any amounts
owed to such Persons listed in clause (i) above that have been allocated
to Series 2007-4 pursuant to Section 8.4(d) of the Indenture and that
have not been paid pursuant to clause (i) above shall be paid to such
Persons; and

(xv)                            the
balance, if any, will constitute a portion of Excess Finance Charge Collections
for such Payment Date and will be applied in accordance with Section 8.6
of the Indenture; provided that during an Early Amortization Period, if
any such Excess Finance Charge Collections would be paid to the Transferor in
accordance with Section 8.6 of the Indenture, the portion of such Excess
Finance Charge Collections that would otherwise be payable to the Transferor, first
shall be used to pay Monthly Principal pursuant to Section 4.4(c) 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 (xv)), second, shall be used
to pay on a pari passu basis any amounts owed to such Persons listed in clause
(i) above that have been allocated to Series 2007-4 pursuant to Section
8.4(d) of the Indenture and that have not

 25
 

been paid pursuant
to clauses (i) and (xiv) above, and, third, any amounts
remaining after payment in full of the Monthly Principal and amounts owed to
such Persons listed in clause (i) above shall be paid to the Issuer in
respect of the Ownership Interest.

(b)                                 On
each Transfer Date with respect to the Revolving Period, an amount equal to the
Available Principal Collections for the related Monthly Period shall be treated
as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.

(c)                                  On
each Transfer Date or Payment Date, as applicable, with respect to the
Controlled Accumulation Period or the Early Amortization Period, an amount
equal to the Available Principal Collections for the related Monthly Period
shall be paid or deposited in the following order of priority:

(i)                                     during
the Controlled Accumulation Period, an amount equal to the Monthly Principal
for each Transfer Date shall be deposited into the Principal Accumulation
Account on the related Payment Date;

(ii)                                  during
the Early Amortization Period, an amount equal to the Monthly Principal for
each Transfer Date shall be deposited into the Distribution Account on the
related Payment Date and on such Payment Date shall be paid, first to
the Class A Noteholders on the related Payment Date until the Class A Note
Principal Balance has been paid in full; second to the Class B Noteholders
until the Class B Note Principal Balance has been paid in full; and third
to the Class C Noteholders until the Class C Note Principal Balance has been
paid in full; and

(iii)                               in the case of each of
the Controlled Accumulation Period and the Early Amortization Period, the
balance of such Available Principal Collections remaining after application in
accordance with clauses (i) and (ii) above shall be treated as
Shared Principal Collections and applied in accordance with Section 8.5
of the Indenture.  As of any Payment Date
during the Controlled Accumulation Period or Early Amortization Period on which
Available Principal Collections are treated as Shared Principal Collections,
the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the
amount of Available Principal Collections applied as Shared Principal
Collections and (y) the Surplus Collateral Amount.

(d)                                 On
each Payment Date, the Issuer shall pay in accordance with Section 4.5
to the Class A Noteholders from the Distribution Account, the amount deposited
into the Distribution Account pursuant to Section 4.4(a)(iii) on such
Payment Date, to the Class B Noteholders from the Distribution Account, the
amount deposited into the Distribution Account pursuant to Section
4.4(a)(iv) on such Payment Date and to the Class C Noteholders from the
Distribution Account, the amount deposited into the Distribution Account
pursuant to Section 4.4(a)(v) on such Payment Date.

(e)                                  On
the earlier to occur of (i) the first Payment Date with respect to the Early
Amortization Period and (ii) the Expected Principal Payment Date, the Issuer
shall withdraw from the Principal Accumulation Account and deposit into the
Distribution Account the amount deposited into the Principal Accumulation
Account pursuant to Section 4.4(c)(i)
and on such

 26
 

Payment Date shall pay
such amount first to the Class A
Noteholders, until the Class A Note Principal Balance is paid in full; second to the Class B Noteholders until the
Class B Principal Balance is paid in full; and third
to the Class C Noteholders until the Class C Note Principal Balance is paid in
full.

(f)                                    The
Issuer shall distribute any funds received in respect of the Ownership Interest
to RFS Holding, L.L.C. as a distribution on RFS Holding, L.L.C.’s beneficial
interest in the Issuer.

SECTION 4.5.  Distributions.

(a)                                  On
each Payment Date, the Issuer shall pay to each Class A Noteholder of record on
the related Record Date such Class A Noteholder’s pro  rata share
of the amounts on deposit in the Distribution Account that are allocated and
available on such Payment Date and as are payable to the Class A Noteholders
pursuant to this Indenture Supplement.

(b)                                 On
each Payment Date, the Issuer shall pay to each Class B Noteholder of record on
the related Record Date such Class B Noteholder’s pro  rata share
of the amounts on deposit in the Distribution Account that are allocated and
available on such Payment Date and as are payable to the Class B Noteholders
pursuant to this Indenture Supplement.

(c)                                  On
each Payment Date, the Issuer shall pay to each Class C Noteholder of record on
the related Record Date such Class C Noteholder’s pro  rata share
of the amounts on deposit in the Distribution Account (including amounts
withdrawn from the Spread Account (at the times and in the amounts specified in
Section 4.11)) that are allocated and available on such Payment Date and
as are payable to the Class C Noteholders pursuant to this Indenture
Supplement.

(d)                                 The
payments to be made pursuant to this Section 4.5 are subject to the
provisions of Section 7.1 of this Indenture Supplement.

(e)                                  All
payments to Noteholders hereunder shall be made by (i) check mailed to each
Series 2007-4 Noteholder (at such Noteholder’s address as it appears in the
Note Register), except that for any Series 2007-4 Notes registered in the name
of the nominee of a Clearing Agency, such payment shall be made by wire
transfer of immediately available funds and (ii) except as provided in Section
2.7(b) of the Indenture, without presentation or surrender of any Series
2007-4 Note or the making of any notation thereon.

SECTION 4.6.  Investor Charge-Offs.  On each Determination Date, the Issuer shall
calculate the Investor Default Amount and any Investor Uncovered Dilution
Amount for the preceding Monthly Period. 
If, on any Transfer Date, the sum of the Investor Default Amount and any
Investor Uncovered Dilution Amount for the preceding Monthly Period exceeds the
amount of Available Finance Charge Collections allocated with respect thereto
pursuant to Section 4.4(a)(vi) with
respect to such Transfer Date, the Collateral Amount will be reduced (but not
below zero) by the amount of such excess (such reduction, an “Investor Charge-Off”).

SECTION 4.7.  Reallocated Principal Collections.  On each Transfer Date, the Issuer shall apply
Reallocated Principal Collections with respect to that Transfer Date, to fund
any deficiency pursuant to and in the priority set forth in Sections 4.4(a)(i), (ii), (iii),
(iv) and (v).  On

 27
 

each Transfer Date, the
Collateral Amount shall be reduced by the amount of Reallocated Principal
Collections for such Transfer Date.

SECTION 4.8.  Excess Finance Charge Collections.  Series 2007-4 shall be an Excess Allocation
Series with respect to Group One only. 
Subject to Section 8.6 of
the Indenture, Excess Finance Charge Collections with respect to the Excess
Allocation Series in Group One for any Transfer Date will be allocated to
Series 2007-4 in an amount equal to the product of (x) the aggregate amount of
Excess Finance Charge Collections with respect to all the Excess Allocation
Series in Group One for such Payment Date and (y) a fraction, the numerator of
which is the Finance Charge Shortfall for Series 2007-4 for such Payment Date
and the denominator of which is the aggregate amount of Finance Charge Shortfalls
for all the Excess Allocation Series in Group One for such Payment Date.  The “Finance
Charge Shortfall” for Series 2007-4 for any Payment Date will be
equal to the excess, if any, of (a) the full amount required to be paid,
without duplication, pursuant to Sections
4.4(a)(i) through (xiv) on
such Payment Date over (b) the
Available Finance Charge Collections with respect to such Payment Date
(excluding any portion thereof attributable to Excess Finance Charge
Collections).

SECTION 4.9.  Shared Principal Collections.  Subject to Section 8.5
of the Indenture, Shared Principal Collections allocable to Series 2007-4 on
any Transfer Date will be equal to the product of (x) the aggregate amount of
Shared Principal Collections with respect to all Principal Sharing Series for
such Transfer Date and (y) a fraction, the numerator of which is the Principal
Shortfall for Series 2007-4 for such Transfer Date and the denominator of which
is the aggregate amount of Principal Shortfalls for all the Series which are Principal
Sharing Series for such Transfer Date. 
The “Principal Shortfall” for
Series 2007-4 will be equal to (a) for any Transfer Date with respect to the
Revolving Period or any Transfer Date during the Early Amortization Period
prior to the Transfer Date relating to the earlier of (i) the Expected
Principal Payment Date and (ii) the date on which all outstanding Series are in
early amortization periods, zero, (b) for any Transfer Date with respect to the
Controlled Accumulation Period, the excess, if any, of the Controlled Deposit
Amount with respect to such Transfer Date over
the amount of Available Principal Collections for such Transfer Date (excluding
any portion thereof attributable to Shared Principal Collections or amounts
available to be treated as Available Principal Collections pursuant to clause
(xv) of Section 4.4(a)) and (c) for any Transfer Date relating to
any Payment Date on or after the earlier of (i) the Expected Principal Payment
Date and (ii) the date on which all outstanding Series are in early
amortization periods, the Note Principal Balance.

SECTION 4.10.  Reserve Account.

(a)                                  On
each Transfer Date, all interest and earnings (net of losses and investment
expenses) accrued since the preceding Transfer Date on funds on deposit in the
Reserve Account shall be retained in the Reserve Account (to the extent that
the Available Reserve Account Amount is less than the Required Reserve Account
Amount) and any remaining interest and earnings (net of losses and investment
expenses) shall be deposited into the Finance Charge Account and included in
Available Finance Charge Collections for the related Monthly Period.  For purposes of determining the availability
of funds or the balance in the Reserve Account for any reason under this
Indenture Supplement, except as otherwise provided in the preceding sentence,
investment earnings on such funds shall be deemed not to be available or on
deposit.

 28
 

(b)                                 On
or before each Transfer Date with respect to the Controlled Accumulation Period
and on or before the first Transfer Date with respect to the Early Amortization
Period, the Issuer shall calculate the Reserve Draw Amount; provided, however,
that such amount will be reduced to the extent that funds otherwise would be
available for deposit in the Reserve Account under Section 4.4(a)(viii)  on the following Payment Date.

(c)                                  If
for any Transfer Date the Reserve Draw Amount is greater than zero, the Reserve
Draw Amount, up to the Available Reserve Account Amount, shall be withdrawn
from the Reserve Account on such Transfer Date by the Issuer and deposited into
the Finance Charge Account for application as Available Finance Charge
Collections on the following Payment Date.

(d)                                 If
the Reserve Account Surplus on any Transfer Date, after giving effect to all
deposits to and withdrawals from the Reserve Account with respect to such
Transfer Date, is greater than zero, the Indenture Trustee, acting in
accordance with the written instructions of the Issuer, shall withdraw from the
Reserve Account an amount equal to such Reserve Account Surplus and distribute
any such amounts to the holders of the Transferor Interest.

(e)                                  Upon
the earliest to occur of (i) the termination of the Trust pursuant to Article VIII of the Trust Agreement, (ii) the
first Transfer Date relating to the Early Amortization Period and (iii) the
Expected Principal Payment Date for the Class C Notes, the Issuer, after the
prior payment of all amounts owing to the Series 2007-4 Noteholders that are
payable from the Reserve Account as provided herein, shall withdraw from the
Reserve Account all amounts, if any, on deposit in the Reserve Account and
distribute any such amounts to the holders of the Transferor Interest.  The Reserve Account shall thereafter be
deemed to have terminated for purposes of this Indenture Supplement.

SECTION 4.11.  Spread Account.

(a)                                  On
or before each Transfer Date, if the aggregate amount of Available Finance
Charge Collections available for application pursuant to Section 4.4(a)(v)
is less than the aggregate amount required to be deposited pursuant to Section
4.4(a)(v), the Issuer shall withdraw from the Spread Account the amount of
such deficiency up to the Available Spread Account Amount and if the Available
Spread Account Amount is less than such deficiency, Investment Earnings
credited to the Spread Account and shall apply such amount in accordance with Section
4.4(a)(v).

(b)                                 Unless
an Early Amortization Event occurs, the Issuer will withdraw from the Spread
Account and deposit in the Collection Account for payment to the Class C
Noteholders on the Expected Principal Payment Date for the Class C Notes an
amount equal to the lesser of:  (i) the
amount on deposit in the Spread Account after application of any amounts set
forth in clause (a) above and (ii) the Class C Note Principal Balance.

(c)                                  Upon
an Early Amortization Event, the amount, if any, remaining on deposit in the
Spread Account, after making the payments described in clause (a) above, shall
be applied to pay principal on the Class C Notes on the earlier of the Series Maturity
Date and the first

 29
 

Payment Date on which the
Class A Note Principal Balance and the Class B Note Principal Balance have been
paid in full.

(d)                                 On
any day following the occurrence of an Event of Default with respect to Series
2007-4 that has resulted in the acceleration of the Series 2007-4 Notes, the
Issuer shall withdraw from the Spread Account the Available Spread Account
Amount and deposit such amount in the Distribution Account for payment to the
Series 2007-4 Notes in the following order of priority until all amounts owed
to such Noteholders have been paid in full: (i) the Class C Noteholders, (ii)
the Class A Noteholders and (iii) the Class B Noteholders.

(e)                                  If
on any Payment Date, after giving effect to all withdrawals from the Spread
Account, the Available Spread Account Amount is less than the Required Spread
Account Amount then in effect, Available Finance Charge Collections shall be
deposited into the Spread Account pursuant to Section
4.4(a)(ix) up to the amount of the Spread Account Deficiency.

(f)                                    If,
after giving effect to all deposits to and withdrawals from the Spread Account
with respect to any Payment Date, the amount on deposit in the Spread Account
exceeds the Required Spread Account Amount, the Issuer shall withdraw an amount
equal to such excess from the Spread Account and distribute such amount to the
Transferor.  On the date on which the
Class C Note Principal Balance has been paid in full, after making any payments
to the Noteholders required pursuant to Sections
4.11(a), (b), (c)
and (d), the Issuer shall withdraw from
the Spread Account all amounts then remaining in the Spread Account and pay
such amounts to the holders of the Transferor Interest.

SECTION 4.12.  Investment of Accounts.  (a)  To
the extent there are uninvested amounts deposited in the Series Accounts, the
Issuer shall cause such amounts to be invested in Permitted Investments
selected by the Issuer that mature no later than the immediately preceding
Transfer Date.

(b)                                 On
each Transfer Date with respect to the Controlled Accumulation Period and on
the first Transfer Date with respect to the Early Amortization Period, the
Issuer shall transfer from the Principal Accumulation Account to the Finance
Charge Account the Principal Accumulation Investment Proceeds on deposit in the
Principal Accumulation for application as Available Finance Charge Collections
in accordance with Section 4.4.

(c)                                  Principal
Accumulation Investment Proceeds (including reinvested interest) shall not be
considered part of the amounts on deposit in the Principal Accumulation Account
for purposes of this Indenture Supplement.

(d)                                 On
each Transfer Date (but subject to Section 4.11(a)),
the Investment Earnings, if any, credited since the preceding Transfer Date on
funds on deposit in the Spread Account shall be retained in the Spread Account
(to the extent that the Available Spread Account Amount is less than the
Required Spread Account Amount) and the balance, if any, shall be paid to the
holders of the Transferor Interest.  For
purposes of determining the availability of funds or the balance in the Spread
Account for any reason under this Indenture Supplement (subject to Section 4.11(a)), all Investment Earnings
shall be deemed not to be available or on deposit; provided
that after the maturity of the Series 2007-4 Notes has been accelerated as a
result of an

 30
 

Event of Default, all
Investment Earnings shall be added to the balance on deposit in the Spread
Account and treated like the rest of the Available Spread Account Amount.

SECTION 4.13.  Controlled Accumulation Period.  The Controlled Accumulation Period is
scheduled to commence at the beginning of business on July 22, 2011; provided that if the Controlled Accumulation
Period Length (determined as described below) on any Determination Date is less
than or more than the number of months in the scheduled Controlled Accumulation
Period, upon written notice to the Indenture Trustee, with a copy to each
Rating Agency, the Issuer shall either postpone or accelerate, as applicable,
the date on which the Controlled Accumulation Period actually commences, so
that, as a result, the number of Monthly Periods in the Controlled Accumulation
Period will equal the Controlled Accumulation Period Length; provided
that the length of the Controlled Accumulation Period will not be less than one
month.  The “Controlled
Accumulation Period Length” will mean a number of whole months such
that the amount available for payment of principal on the Notes on the Expected
Principal Payment Date is expected to equal or exceed the Note Principal
Balance, assuming for this purpose that (1) the payment rate with respect to
Principal Collections remains constant at the lowest level of such payment rate
during the twelve preceding Monthly Periods, (2) the total amount of Principal
Receivables in the Trust (and the principal amount on deposit in the Excess
Funding Account, if any) remains constant at the level on such date of
determination, (3) no Early Amortization Event with respect to any Series will
subsequently occur and (4) no additional Series (other than any Series being
issued on such date of determination) will be subsequently issued.  Any notice by Issuer modifying the
commencement of the Controlled Accumulation Period pursuant to this Section 4.13 shall specify (i) the Controlled
Accumulation Period Length, (ii) the commencement date of the Controlled
Accumulation Period and (iii) the Controlled Accumulation Amount with respect
to each Monthly Period during the Controlled Accumulation Period.

SECTION 4.14.  Determination of LIBOR.

(a)                                  On
each LIBOR Determination Date in respect of an Interest Period, the Indenture
Trustee shall determine LIBOR on the basis of the rate per annum displayed in
the Bloomberg Financial Markets system as the composite offered rate for London
interbank deposits for a period of the Designated Maturity, as of 11:00 a.m.,
London time, on that date.  If that rate
does not appear on that display page, LIBOR for that Interest Period will be
the rate per annum shown on page 3750 of the Moneyline Telerate Services Report
screen or any successor page as the composite offered rate for London interbank
deposits for a one-month period, as shown under the heading “USD” as of 11:00
a.m., London time, on the LIBOR Determination Date.  If no rate is shown as described in the
preceding two sentences, LIBOR for that Interest Period will be the rate per
annum based on the rates at which Dollar deposits for a period of the
Designated Maturity are displayed on page “LIBOR” of the Reuters Monitor Money
Rates Service or such other page as may replace the LIBOR page on that service
for the purpose of displaying London interbank offered rates of major banks as
of 11:00 a.m., London time, on the LIBOR Determination Date; provided
that if at least two rates appear on that page, the rate will be the arithmetic
mean of the displayed rates and if fewer than two rates are displayed, or if no
rate is relevant, the rate for that Interest Period shall be determined on the
basis of the rates at which deposits in United States dollars are offered by
the Reference Banks at approximately 11:00 a.m., London time, on that day to
prime banks in the London interbank market for the

 31
 

period of the Designated
Maturity.  The Indenture Trustee shall
request the principal London office of each of the Reference Banks to provide a
quotation of its rate.  If at least two
(2) such quotations are provided, the rate for that Interest Period shall be
the arithmetic mean of the quotations. 
If fewer than two (2) quotations are provided as requested, the rate for
that Interest Period will be the arithmetic mean of the rates quoted by major
banks in New York City, selected by the Servicer, at approximately 11:00 a.m.,
New York City time, on that day for loans in United States dollars to leading
European banks for a period of the Designated Maturity.

(b)                                 The
Class A Note Interest Rate, Class B Note Interest Rate and Class C Note
Interest Rate applicable to the then current and the immediately preceding
Interest Periods may be obtained by telephoning the Indenture Trustee at its
corporate trust office at (800) 735-7777 or such other telephone number as
shall be designated by the Indenture Trustee for such purpose by prior written
notice by the Indenture Trustee to each Series 2007-4 Noteholder from time to
time.

(c)                                  On
each LIBOR Determination Date, the Indenture Trustee shall send to the Issuer
by facsimile transmission, notification of LIBOR for the following Interest
Period.

SECTION 4.15.  Swaps. 
(a) On or prior to the Closing Date, the Issuer shall enter into a Class
A Swap with the Class A Counterparty, a Class B Swap with the Class B
Counterparty and a Class C Swap with the Class C Counterparty for the benefit
of the Class A Noteholders, the Class B Noteholders and the Class C
Noteholders, respectively.  The aggregate
notional amount under the Class A Swap shall, at any time, be equal to the
Class A Note Principal Balance at such time. 
The aggregate notional amount under the Class B Swap shall, at any time,
be equal to the Class B Note Principal Balance at such time.  The aggregate notional amount under the Class
C Swap shall, at any time, be equal to the Class C Note Principal Balance.  The Issuer shall cause the Class A
Counterparty, the Class B Counterparty or the Class C Counterparty to deposit
Net Swap Receipts payable in the Collection Account.  On any Payment Date when there shall be a
Class A Senior Swap Payment, the Issuer shall pay such Class A Senior Swap
Payment subject to the priority of payments set forth in Section 4.4(a)(iii).  On any Payment Date when there shall be a
Class B Senior Swap Payment, the Issuer shall pay such Class B Senior Swap
Payment subject to the priority of payments set forth in Section 4.4(a)(iv).  On any Payment Date when there shall be a
Class C Senior Swap Payment, the Issuer shall pay such Class C Senior Swap
Payment subject to the priority of payments set forth in Section 4.4(a)(v).  On any Payment Date when there shall be
Subordinated Termination Payments or any other miscellaneous payments payable
by the Issuer to the Counterparties, the Issuer shall pay such amounts subject
to the priority of payments set forth in Sections
4.4(a)(xi), (xii) and (xiii).

(b)                                 When
required under the terms of the existing Class A Swap, Class B Swap or Class C
Swap, the Issuer shall obtain a Qualifying Substitute Arrangement.

SECTION 4.16.  Deposit of Collections.  Notwithstanding anything to the contrary in
the Indenture, for any Monthly Period during which the Issuer is permitted to
make a single monthly deposit to the Collection Account pursuant to Section
8.4 of the Indenture for such Monthly Period, the Issuer need not make the
daily deposits of Collections into the Collection Account as provided in Section
8.4 of the Indenture, but may make a single deposit in the Collection

 32
 

Account in immediately
available funds not later than 12:00 noon., New York City time, on the related
Payment Date.

ARTICLE V

DELIVERY OF SERIES 2007-4 NOTES;

REPORTS TO SERIES 2007-4 NOTEHOLDERS

SECTION 5.1.  Delivery and Payment for the Series 2007-4
Notes.

The Issuer shall execute
and issue, and the Indenture Trustee shall authenticate, the Series 2007-4
Notes in accordance with Section 2.2
of the Indenture.  The Indenture Trustee
shall deliver the Series 2007-4 Notes to or upon the written order of the
Issuer when so authenticated.

SECTION 5.2.  Reports and Statements to Series 2007-4
Noteholders.

(a)                                  Not
later than the second Business Day preceding each Payment Date, the Issuer
shall deliver or cause the Servicer to deliver to the Trustee, the Indenture
Trustee and each Rating Agency a statement substantially in the form of Exhibit B prepared by the Servicer; provided that the Issuer may amend the form
of Exhibit B from time to time, with the
prior written consent of the Indenture Trustee. 
On each Payment Date, the Issuer shall forward to each Series 2007-4
Noteholder a statement substantially in the form of Exhibit
B.

(b)                                 A
copy of each statement or certificate provided pursuant to Section 5.2(a)
may be obtained by any Series 2007-4 Noteholder by a request in writing to the
Issuer.

(c)                                  On
or before January 31 of each calendar year, beginning with January 31, 2007,
the Issuer shall furnish or cause to be furnished to each Person who at any
time during the preceding calendar year was a Series 2007-4 Noteholder the
information for the preceding calendar year, or the applicable portion thereof
during which the Person was a Noteholder, as is required to be provided by an
issuer of indebtedness under the Code to the holders of the Issuer’s
indebtedness and such other customary information as is necessary to enable
such Noteholder to prepare its federal income tax returns.  Notwithstanding anything to the contrary
contained in this Agreement, the Issuer shall, to the extent required by applicable
law, from time to time furnish to the appropriate Persons, at least five
Business Days prior to the end of the period required by applicable law, the
informed required to complete a Form 1099-INT.

ARTICLE
VI

SERIES 2007-4 EARLY AMORTIZATION EVENTS

SECTION 6.1.  Series 2007-4 Early Amortization Events.  If any one of the following events shall
occur with respect to the Series 2007-4 Notes:

(a)                                  (i)  failure on the part of Transferor to make any
payment or deposit required to be made by it by the terms of the Trust
Receivables Purchase Agreement or the Transfer Agreement on or before the date
occurring five (5) Business Days after the date such payment or deposit is
required to be made therein or herein or (ii) failure of the Transferor duly to
observe or perform in any material respect any other of its covenants or
agreements set forth in the Trust Receivables Purchase Agreement or the
Transfer Agreement which failure has a material adverse effect on

 33
 

the Series 2007-4
Noteholders and which continues unremedied for a period of sixty days after the
date on which written notice of such failure, requiring the same to be
remedied, shall have been given to the Transferor by the Indenture Trustee, or
to the Transferor and the Indenture Trustee by any Noteholder of the Series
2007-4 Notes;

(b)                                 any
representation or warranty made by Transferor in the Transfer Agreement or the
Trust Receivables Purchase Agreement or any information contained in an account
schedule required to be delivered by it pursuant to Section 2.1
or Section 2.6(c) of the Transfer Agreement,
Trust Agreement or the Bank Receivables Sale Agreement shall prove to have been
incorrect in any material respect when made or when delivered, which continues
to be incorrect in any material respect for a period of sixty days after the
date on which written notice of such failure, requiring the same to be
remedied, shall have been given to the Transferor by the Indenture Trustee, or
to the Transferor and the Indenture Trustee by any Noteholder of the Series
2007-4 Notes and as a result of which the interests of the Series 2007-4
Noteholders are materially and adversely affected for such period; provided,
however, that a Series 2007-4 Early Amortization Event pursuant to
this Section 6.1(b) shall not be deemed
to have occurred hereunder if the Transferor has accepted reassignment of the
related Transferred Receivable, or all of such Transferred Receivables, if
applicable, during such period in accordance with the provisions of the
Transfer Agreement or the Trust Receivables Purchase Agreement;

(c)                                  a
failure by Transferor under the Transfer Agreement to convey Transferred
Receivables in Additional Accounts or Participations to the Trust when it is
required to convey such Transferred Receivables pursuant to Section 2.6(a) of the Transfer Agreement;

(d)                                 any
Servicer Default or any Indenture Servicer Default shall occur;

(e)                                  the
Portfolio Yield averaged over three consecutive Monthly Periods is less than
the Base Rate averaged over the same Monthly Periods;

(f)                                    the
Note Principal Balance shall not be paid in full on the Expected Principal
Payment Date;

(g)                                 the
Class A Counterparty, the Class B Counterparty or the Class C Counterparty
shall fail to pay any net amount payable by such Counterparty under the Class A
Swap, the Class B Swap or the Class C Swap, as applicable, as a result of LIBOR
being greater than the Class A Swap Rate, the Class B Swap Rate or the Class C
Swap Rate, as applicable, and such failure is not cured within five Business
Days;

(h)                                 the
Class A Swap shall terminate prior to the earlier of the payment in full of the
Class A Notes and the Series Maturity Date if the Issuer shall fail to enter
into a replacement Class A Swap or other Qualifying Substitute Arrangement in
accordance with subsection 4.15(b) within ten Business Days; the Class B
Swap shall terminate prior to the earlier of the payment in full of the Class B
Notes and the Series Maturity Date if the Issuer shall fail to enter into a
replacement Class B Swap or other Qualifying Substitute Arrangement in
accordance with subsection 4.15(b) within ten Business Days; or the
Class C Swap shall terminate prior to the earlier of the payment in full of the
Class C Notes and the Series Maturity Date if the Issuer shall

 34
 

fail to enter into a
replacement Class C Swap or other Qualifying Substitute Arrangement in
accordance with subsection 4.15(b) within ten Business Days; or

(i)                                     without
limiting the foregoing, the occurrence of an Event of Default with respect to
Series 2007-4 and acceleration of the maturity of the Series 2007-4 Notes
pursuant to Section 5.3 of the
Indenture;

then, in the case of any
event described in subsection (a), (b) or (d),
after the applicable grace period, if any, set forth in such subparagraphs,
either the Indenture Trustee or the holders of Series 2007-4 Notes evidencing
more than 50% of the aggregate unpaid principal amount of Series 2007-4 Notes
by notice then given in writing to the Issuer (and to the Indenture Trustee if
given by the Series 2007-4 Noteholders) may declare that a “Series Early
Amortization Event” with respect to Series 2007-4 (a “Series 2007-4 Early Amortization Event”) has
occurred as of the date of such notice, and, in the case of any event described
in subsection (c), (e), (f), (g), (h) or (i)
a Series 2007-4 Early Amortization Event shall occur without any notice or
other action on the part of the Indenture Trustee or the Series 2007-4
Noteholders immediately upon the occurrence of such event.

ARTICLE
VII

REDEMPTION OF SERIES 2007-4 NOTES; FINAL
DISTRIBUTIONS; SERIES TERMINATION

SECTION 7.1.  Optional Redemption of Series 2007-4
Notes; Final Distributions.

(a)                                  On
any day occurring on or after the date on which the outstanding principal
balance of the Series 2007-4 Notes is reduced to 10% or less of the initial
outstanding principal balance of Series 2007-4 Notes, Transferor has the option
pursuant to the Trust Agreement to reduce the Collateral Amount to zero by
paying a purchase price equal to the greater of (x) the Collateral Amount, plus
the applicable Allocation Percentage of outstanding Finance Charge Receivables
and (y) a minimum amount equal to (i) if such day is a Payment Date, the
Redemption Amount for such Payment Date or (ii) if such day is not a Payment
Date, the Redemption Amount for the Payment Date following such day.  If Transferor exercises such option, Issuer
will apply such purchase price to repay the Notes in full as specified below.

(b)                                 Issuer
shall give the Indenture Trustee at least thirty (30) days prior written notice
of the date on which Transferor intends to exercise such optional
redemption.  Not later than 12:00 noon,
New York City time, on such day Transferor shall deposit into the Distribution
Account in immediately available funds the excess of the Redemption Amount over
the amount, if any, on deposit in the Principal Accumulation Account.  Such redemption option is subject to payment
in full of the Redemption Amount. 
Following such deposit into the Distribution Account in accordance with
the foregoing, the Collateral Amount for Series 2007-4 shall be reduced to zero
and the Series 2007-4 Noteholders shall have no further security interest in
the Transferred Receivables.  The
Redemption Amount shall be paid as set forth in Section
7.1(d).

(c)                                  (i)  The amount to be paid by the Transferor with
respect to Series 2007-4 in connection with a reassignment of Transferred
Receivables to the Transferor pursuant to Section 6.1(e)
of the Transfer Agreement shall not be less than the Redemption
Amount for the

 35
 

first Payment Date
following the Monthly Period in which the reassignment obligation arises under
the Transfer Agreement.

(ii)                                  The
amount to be paid by the Issuer with respect to Series 2007-4 in connection
with a repurchase of the Notes pursuant to Section
10.1 of the Trust Agreement shall not be less than the Redemption
Amount for the Payment Date of such repurchase.

(d)                                 With
respect to (i) the Redemption Amount deposited into the Distribution Account
pursuant to Section 7.1 or (ii)
the proceeds of any sale of Transferred Receivables pursuant to Section 5.3 of the Indenture with respect to
Series 2007-4, the Indenture Trustee shall, in accordance with the written
direction of the Issuer, not later than 12:00 noon, New York City time, on the
related Payment Date, make payments of the following amounts (in the priority
set forth below and, in each case, after giving effect to any deposits and
payments otherwise to be made on such date) in immediately available
funds:  (i) an amount equal to the Class
A Senior Swap Payments, if any, payable to the Class A Counterparty will be
paid to the Class A Counterparty, (ii) (x) the Class A Note Principal Balance
on such Payment Date will be paid to the Class A Noteholders and (y) an amount
equal to the sum of (A) Class A Monthly Interest due and payable on such
Payment Date or any prior Payment Date, (B) any Class A Deficiency Amount
for such Payment Date and (C) the amount of Class A Additional Interest, if
any, for such Payment Date and any Class A Additional Interest previously due
but not paid to the Class A Noteholders on any prior Payment Date, will be paid
to the Class A Noteholders, (iii) an amount equal to the Class B Senior Swap
Payments, if any, payable to the Class B Counterparty will be paid to the Class
B Counterparty, (iv) (x) the Class B Note Principal Balance on such Payment
Date will be paid to the Class B Noteholders and (y) an amount equal to the sum
of (A) Class B Monthly Interest due and payable on such Payment Date or any
prior Payment Date, (B) any Class B Deficiency Amount for  such Payment Date and (C) the amount of Class
B Additional Interest, if any, for such Payment Date and any Class B Additional
Interest previously due but not paid to the Class B Noteholders on any prior
Payment Date, will be paid to the Class B Noteholders, (v) an amount equal to
the Class C Senior Swap Payments, if any, payable to the Class C Counterparty
will be paid to the Class C Counterparty, (vi)  (x) the Class C Note
Principal Balance on such Payment Date will be paid to the Class C Noteholders
and (y) an amount equal to the sum of (A) Class C Monthly Interest due and
payable on such Payment Date or any prior Payment Date, (B) any Class C
Deficiency Amount for such Payment Date, and (C) the amount of Class C
Additional Interest, if any, for such Payment Date and any Class C Additional
Interest previously due but not paid to the Class C Noteholders on any prior
Payment Date will be paid to the Class C Noteholders, (vii) an amount equal to
the Subordinated Termination Payments, if any, payable to the Class A
Counterparty will be paid to the Class A Counterparty; (viii) an amount equal
to the Subordinated Termination Payments, if any, payable to the Class B
Counterparty will be paid to the Class B Counterparty; (ix) an amount equal to
the Subordinated Termination Payments, if any, payable to the Class C
Counterparty will be paid to the Class C Counterparty, and (x) any excess shall
be released to the Issuer.

SECTION 7.2.  Series Termination.

On the Series Maturity
Date, the unpaid principal amount of the Series 2007-4 Notes shall be due and
payable.

 36
 

ARTICLE
VIII

MISCELLANEOUS PROVISIONS

SECTION 8.1.  Ratification of Indenture; Amendments.  (a)                          As supplemented by this
Indenture Supplement, the Indenture is in all respects ratified and confirmed
and the Indenture as so supplemented by this Indenture Supplement shall be
read, taken and construed as one and the same instrument.  This Indenture Supplement may be amended only
by a Supplemental Indenture entered in accordance with the terms of Section 9.1 or 9.2
of the Indenture.  For purposes of the
application of Section 9.2 to any
amendment of this Indenture Supplement, the Series 2007-4 Noteholders shall be
the only Noteholders whose vote shall be required.

(b)                                 The
Issuer shall not amend the Class A Swap, the Class B Swap or the Class C Swap
unless (i)(A) the amendment is being entered into to cure any ambiguity or
correct or supplement any provision of or to add or change any provisions
concerning matters or questions raised under the Class A Swap, the Class B Swap
or the Class C Swap, as applicable, (B) the Rating Agency Condition is
satisfied and (C) the Transferor has delivered an Officer’s Certificate to the
Issuer certifying the amendment will not cause an Adverse Effect; (ii) the
Rating Agency Condition is satisfied and the amendment is being entered into to
add, modify or eliminate provisions necessary or advisable in order to enable
(A) a FASIT election to be made with respect to all or part of RFS Funding
Trust or the Issuer, (B) so long as a FASIT Election is in effect, all or part
of RFS Funding Trust or the Issuer to qualify as a FASIT under the code, (C)
the termination of a FASIT election with respect to all or part of the Issuer
or (D) the Issuer to avoid the imposition of state or local income or franchise
taxes on the Issuer’s property or its income or (iii) the Issuer obtains the
consent of the 66 2/3% of the Outstanding Principal Balance of the Series
2007-4 Notes; provided that any such amendment shall not affect any cash
payment or receipt required under the existing terms of the affected Class A
Swap, Class B Swap or Class C Swap.

SECTION 8.2.  Form of Delivery of the Series 2007-4
Notes.  The Class A Notes, the Class
B Notes and the Class C Notes shall be Book-Entry Notes and shall be delivered
as provided in Sections 2.1 and 2.2 of the Indenture.

SECTION 8.3.  Counterparts.  This Indenture Supplement may be executed in
two or more counterparts, and by different parties on separate counterparts,
each of which shall be an original, but all of which shall constitute one and
the same instrument.

SECTION 8.4.  GOVERNING LAW.  (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.  THIS INDENTURE
SUPPLEMENT IS SUBJECT TO THE TRUST INDENTURE ACT OF 1939, AS AMENDED, AND SHALL
BE GOVERNED THEREBY AND CONSTRUED IN ACCORDANCE THEREWITH.

 37
 

(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; PROVIDED,
FURTHER, THAT NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO
PRECLUDE THE INDENTURE TRUSTEE FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION
IN ANY OTHER JURISDICTION TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY
FOR THE NOTES, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE
INDENTURE TRUSTEE.  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 FORUM NON CONVENIENS 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 11.4 OF THE INDENTURE 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.

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 INDENTURE SUPPLEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY.

SECTION 8.5.  Limitation of Liability.  Notwithstanding any other provision herein or
elsewhere, this Agreement has been executed and delivered by The Bank of New
York

 38
 

(Delaware), not in its
individual capacity, but solely in its capacity as Trustee of the Trust, in no
event shall The Bank of New York (Delaware) in its individual capacity have any
liability in respect of the representations, warranties, or obligations of the
Issuer hereunder or under any other document, as to all of which recourse shall
be had solely to the assets of the Trust, and for all purposes of this
Agreement and each other document, the Trustee (as such or in its individual
capacity) shall be subject to, and entitled to the benefits of, the terms and
provisions of the Trust Agreement.

SECTION 8.6.  Rights of the Indenture Trustee.  The Indenture Trustee shall have herein the
same rights, protections, indemnities and immunities as specified in the Master
Indenture.

SECTION 8.7.  Notice Address
for Rating Agencies.  Notices,
if any, required to be delivered to the Rating Agencies by the Issuer, the
Indenture Trustee or the Trustee shall be sent to the following address:

Fitch Ratings

One State Street Plaza

New York, NY 10004 

Facsimile: (212)-514-9879

Moody’s Rating Service

99 Church Street

New York, NY 10007 

Facsimile:  (212) 553-3856

Standard & Poor’s

Structured Finance Surveillance

55 Water Street

New York, NY 10041

Attention:  ABS Surveillance Group

Facsimile: (212) 438-264

SECTION 8.8.  Compliance with Applicable Anti-Terrorism
and Anti-Money Laundering Regulations.  In order to comply with laws, rules and
regulations applicable to banking institutions, including those relating to the
funding of terrorist activities and money laundering, the Indenture Trustee is
required to obtain, verify and record certain information relating to
individuals and entities which maintain a business relationship with the
Indenture Trustee.  Accordingly, each of
the parties hereto agrees to provide to the Indenture Trustee upon its request
from time to time such  identifying information  and documentation as may be available for
such party in order to enable the Indenture Trustee to comply with applicable
law.

ARTICLE
IX

FASIT MATTERS

SECTION 9.1.  FASIT Administration.

(a)                                  FASIT
Matters.  An election has been made
to treat the Trust Estate as a FASIT known as the RFS FASIT.  December 30, 2002 was designated as the “Startup
Day” of the RFS

 39
 

FASIT within the meaning
of section 860L(d)(1) of the Code.  The
Ownership Interest was designated as the single class of “ownership interest” (within
the meaning of section 860L(b)(2) of the Code) in the RFS FASIT.  Notwithstanding any provision of the
Indenture or this Indenture Supplement to the contrary, each class of Series
2007-4 Regular Interests shall mature on or before December 1, 2020.

(b)                                 Series
2007-4 Regular Interests.  Each Class
of Notes is hereby designated a separate class of “regular interests” in the
RFS FASIT within the meaning of section 860L(b)(1)(A) of the Code and each Note
is hereby designated a separate “regular interest” within such Class.  Each of the Class A Notes is hereby
designated a “Class A Regular Interest,” each of the Class B Notes is
hereby designated a “Class B Regular Interest” and each of the Class C
Notes is hereby designated a “Class C Regular Interest” (the Class A
Regular Interests, the Class B Regular Interests and the Class C Regular
Interests being referred to collectively as the “Series 2007-4 Regular
Interests”).  The Series 2007-4
Regular Interest shall bear interest at a rate equal to the rate of interest on
the related Class A Note, Class B Note or Class C Note, as applicable (such
related interest, a “Related Interest”). 
The rate of interest on each Related Interest is intended to qualify as
a qualifying variable rate under section 860L(b)(1)(A)(ii) of the Code.  Interest shall be paid on each Class of
Series 2007-4 Regular Interest at the same times as Interest is paid on the
Class A Notes, Class B Notes and Class C Notes (which Interest shall be
allocated among the Series 2007-4 Regular Interests in proportion to the amount
of Interest owning on the respective Related Interests if there is more than
one class of such Series 2007-4 Regular Interests and Interest with respect to
each class is not paid in full).  The
principal amount of each Series 2007-4 Regular Interest shall equal the
respective amount of the Class A Note Principal Balance, Class B Note Principal
Balance or Class C Note Principal Balance, as applicable, with respect to the
Related Interest for such Series 2007-4 Regular Interest.

(c)                                  Payment
of Principal on Class A Regular Interests. 
On each Payment Date, beginning with the Payment Date in the Monthly
Period following the Monthly Period in which the Controlled Accumulation Period
or, if earlier, the Early Amortization Period, begins, the principal amount of
each Class A Regular Interest related to a Class A Note shall be reduced by
such Class A Note’s pro rata share of an amount equal to the least of (i) the
Available Principal Collections on deposit in the Principal Account with respect
to such Payment Date, (ii) for each Payment Date with respect to the Controlled
Accumulation Period, the Controlled Deposit Amount for such Payment Date, (iii)
the Collateral Amount (after taking into account any adjustments to be made on
such Payment Date pursuant to Sections 4.6 and 4.7) prior to any
deposit into the Principal Accumulation Account on such Payment Date, and (iv)
the Note Principal Balance, minus any amount already on deposit in the
Principal Accumulation Account on such Payment Date.

(d)                                 Payment
of Principal on Class B Regular Interests. 
On each Payment Date, beginning with the Payment Date in the Monthly
Period following the Monthly Period in which the Controlled Accumulation Period
or, if earlier, the Early Amortization Period, begins, the principal amount of
each Class B Regular Interest related to a Class B Note shall be reduced by
such Class B Note’s pro rata share of an amount equal to the least of (i) the
Available Principal Collections on deposit in the Principal Account with
respect to such Payment Date, (ii) for each Payment Date with respect to the
Controlled Accumulation Period, the Controlled Deposit Amount for such Payment
Date, (iii) the Collateral Amount (after taking into account any

 40
 

adjustments to be made on
such Payment Date pursuant to Sections 4.6 and 4.7) prior to any
deposit into the Principal Accumulation Account on such Payment Date, and (iv)
the Note Principal Balance, minus any amount already on deposit in the
Principal Accumulation Account on such Payment Date.

(e)                                  Payment
of Principal on Class C Regular Interests. On each Payment Date, beginning
with the Payment Date in the Monthly Period following the Monthly Period in
which the Controlled Accumulation Period or, if earlier, the Early Amortization
Period, begins, the principal amount of each Class C Regular Interest related
to a Class C Note shall be reduced by such Class C Note’s pro rata share of an
amount equal to the least of (i) the Available Principal Collections on deposit
in the Principal Account with respect to such Payment Date, (ii) for each
Payment Date with respect to the Controlled Accumulation Period, the Controlled
Deposit Amount for such Payment Date, (iii) the Collateral Amount (after taking
into account any adjustments to be made on such Payment Date pursuant to Sections
4.6 and 4.7) prior to any deposit into the Principal Accumulation
Account on such Payment Date, and (iv) the Note Principal Balance, minus any
amount already on deposit in the Principal Accumulation Account on such Payment
Date.

(f)                                    The
Issuer hereby agrees to take such further actions as may be required to
effectuate this Article IX and the intent that the RFS FASIT be treated
as a FASIT.

(g)                                 Alternative
Characterization.  The Issuer
acknowledges that the American Jobs Creation Act of 2004 (the “Jobs Act”)
repealed the provisions of the Code governing FASITs.  In the event that the Internal Revenue
Service issues guidance in the form of a Notice, Revenue Procedure, Revenue
Ruling, or Private Letter Ruling providing for FASITs existing prior to October
22, 2004 to terminate and/or cease issuing regular interests, then it is the
intent of the parties hereto that, for federal income tax purposes, (i) the
Trust Estate be disregarded as an entity separate from RFS Holding L.L.C. and
(ii) the Notes be treated as debt.

[SIGNATURE PAGE FOLLOWS]

 41

IN WITNESS WHEREOF, the
undersigned have caused this Indenture Supplement to be duly executed and
delivered by their respective duly authorized officers on the day and year
first above written.

	
  

  	
  GE CAPITAL
  CREDIT CARD MASTER NOTE

  
	
   

  	
  TRUST, as Issuer

  
	
   

  	
   

  
	
   

  	
  By:

  	
  The Bank of New York (Delaware), not in

  its individual capacity, but solely as Trustee

  on behalf of Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kristine K. Gullo

  	
   

  
	
   

  	
   

  	
  Name: Kristine K. Gullo

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DEUTSCHE BANK TRUST COMPANY 

  
	
   

  	
  AMERICAS, as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michele Hy Voon

  	
   

  
	
   

  	
   

  	
  Name: Michele Hy Voon

  
	
   

  	
   

  	
  Title: Attorney in Fact

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dorit Ritter Haddad

  	
   

  
	
   

  	
   

  	
  Name: Dorit Ritter Haddad

  
	
   

  	
   

  	
  Title: Attorney in Fact

  
								

 

 S-1

EXHIBIT A-1

FORM OF CLASS A SERIES 2007-4 FLOATING RATE ASSET BACKED NOTE

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES
THAT IT WILL NOT AT ANY TIME DIRECTLY OR INDIRECTLY INSTITUTE OR CAUSE TO BE
INSTITUTED AGAINST THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT,
INSOLVENCY OR LIQUIDATION PROCEEDING OR OTHER PROCEEDING UNDER ANY FEDERAL OR
STATE BANKRUPTCY LAW UNLESS NOTEHOLDERS OF NOT LESS THAN 662¤3%
OF THE OUTSTANDING PRINCIPAL AMOUNT OF EACH CLASS OF EACH SERIES HAS APPROVED
SUCH FILING AND IT WILL NOT DIRECTLY OR INDIRECTLY INSTITUTE OR CAUSE TO BE
INSTITUTE AGAINST THE TRANSFEROR ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT,
INSOLVENCY OR LIQUIDATION PROCEEDING OR OTHER PROCEEDING UNDER ANY FEDERAL OR
STATE BANKRUPTCY LAW IN ANY INSTANCE; PROVIDED, THAT THE FOREGOING SHALL
NOT IN ANYWAY LIMIT THE NOTEHOLDER’S RIGHTS TO PURSUE ANY OTHER CREDITOR RIGHTS
OR REMEDIES THAT THE NOTEHOLDERS MAY HAVE FOR CLAIMS AGAINST THE ISSUER.

THE HOLDER OF THIS CLASS A NOTE, BY ACCEPTANCE OF THIS
NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE
CLASS A NOTES AS INDEBTEDNESS OF THE ISSUER FOR APPLICABLE FEDERAL, STATE, AND
LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED
ON, OR MEASURED BY, INCOME.

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE OF THIS
NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, SHALL BE DEEMED TO REPRESENT
AND WARRANT THAT EITHER (I) SUCH HOLDER IS NOT (AND FOR SO LONG AS IT HOLDS
SUCH NOTE WILL NOT BE), IS NOT ACTING ON BEHALF OF (AND FOR SO LONG AS IT HOLDS
SUCH NOTE WILL NOT BE ACTING ON BEHALF OF), AND IS NOT INVESTING THE ASSETS OF
(A) 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, (B) A “PLAN” (AS DEFINED IN SECTION 4975 OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)), (C) AN ENTITY WHOSE UNDERLYING
ASSETS ARE DEEMED TO BE PLAN ASSETS OF A PLAN DESCRIBED IN (A) OR (B)

 A-1-1
 

ABOVE OR (D) OTHER PLAN THAT IS SUBJECT TO ANY APPLICABLE LAW THAT IS
SUBSTANTIALLY SIMILAR TO ERISA OR SECTION 4975 OF THE CODE OR (II) ITS ACQUISITION,
CONTINUED HOLDING AND DISPOSITION OF THIS NOTE WILL NOT RESULT IN A NON-EXEMPT
PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE
OR A VIOLATION OF ANY SUBSTANTIALLY SIMILAR APPLICABLE LAW.

 A-1-2
 

 

	
  REGISTERED

  	
  $

  	
   

  
	
  No. R-

  	
   

  	
   

  	
  CUSIP NO.

  	
   

  
						

 

GE
CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2007-4

CLASS A
SERIES 2007-4 FLOATING RATE ASSET BACKED NOTE

GE Capital Credit Card Master Note Trust (herein
referred to as the “Issuer” or the “Trust”), a Delaware statutory trust
governed by a Trust Agreement dated as of September 25, 2003, for value
received, hereby promises to pay to Cede & Co., or registered assigns,
subject to the following provisions, the principal sum of                        DOLLARS, or such greater or lesser amount as
determined in accordance with the Indenture, on the June 2015 Payment Date,
except as otherwise provided below or in the Indenture.  The Issuer will pay interest on the unpaid
principal amount of this Note at the Class A Note Interest Rate on each Payment
Date until the Final Payment Date (which is the earlier to occur of (a) the
Payment Date on which the Note Principal Balance is paid in full, (b) the date
on which the Collateral Amount is reduced to zero and (c) the June 2015 Payment
Date). Interest on this Note will accrue for each Payment Date from and
including the most recent Payment Date on which interest has been paid to but
excluding such Payment Date or, for the initial Payment Date, from and
including the Closing Date to but excluding such Payment Date.  Interest will be computed on the basis of a
360-day year and the actual number of days elapsed.  Principal of this Note shall be paid in the
manner specified in the Indenture Supplement referred to on the reverse hereof.

The principal of and interest on this Note are payable
in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts.

Reference is made to the further provisions of this
Note set forth on the reverse hereof, which shall have the same effect as
though fully set forth on the face of this Note.

Unless the certificate of authentication hereon has
been executed by or on behalf of the Indenture Trustee, by manual signature,
this Note shall not be entitled to any benefit under the Indenture or the
Indenture Supplement referred to on the reverse hereof, or be valid for any
purpose.

 A-1-3
 

IN WITNESS WHEREOF, the Issuer has caused this Class A
Note to be duly executed.

	
  

  	
  GE CAPITAL
  CREDIT CARD MASTER NOTE 

  
	
   

  	
  TRUST, as Issuer

  
	
   

  	
   

  
	
   

  	
  By:

  	
  THE BANK OF NEW YORK (DELAWARE),

  
	
   

  	
   

  	
  not in its individual capacity but solely as

  
	
   

  	
   

  	
  Trustee on behalf of Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
  Dated:

  	
   

  	
  ,

  	
   

  	
   

  
								

 

 A-1-4
 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Class A Notes described in the
within-mentioned Indenture.

	
  

  	
  DEUTSCHE BANK
  TRUST COMPANY

  
	
   

  	
  AMERICAS, as
  Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

 A-1-5
 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2007-4

CLASS A SERIES 2007-4 FLOATING RATE ASSET BACKED NOTE

Summary of Terms and Conditions

This Class A Note is one of a duly authorized issue of
Notes of the Issuer, designated as GE Capital Credit Card Master Note Trust,
Series 2007-4 (the “Series 2007-4 Notes”),
issued under a Master Indenture dated as of September 25, 2003 (as amended, the
“Master Indenture”), between the Issuer
and Deutsche Bank Trust Company Americas, as indenture trustee (the “Indenture Trustee”), as supplemented by the
Indenture Supplement dated as of June 28, 2007 (the “Indenture
Supplement”), and representing the right to receive certain payments
from the Issuer.  The term “Indenture,”
unless the context otherwise requires, refers to the Master Indenture as
supplemented by the Indenture Supplement. 
The Notes are subject to all of the terms of the Indenture.  All terms used in this Note that are defined
in the Indenture shall have the meanings assigned to them in or pursuant to the
Indenture.  In the event of any conflict
or inconsistency between the Indenture and this Note, the Indenture shall
control.

The Class B Notes and the Class C Notes will also be
issued under the Indenture.

The Noteholder, by its acceptance of this Note, agrees
that it will look solely to the property of the Issuer allocated to the payment
of this Note for payment hereunder and that neither the Owner Trustee nor the
Indenture Trustee is liable to the Noteholders for any amount payable under the
Notes or the Indenture or, except in the case of the Indenture Trustee as
expressly provided in the Indenture, subject to any liability under the
Indenture.

This Note does not purport to summarize the Indenture
and reference is made to the Indenture for the interests, rights and
limitations of rights, benefits, obligations and duties evidenced thereby, and
the rights, duties and immunities of the Indenture Trustee.

THIS CLASS A NOTE DOES NOT REPRESENT AN OBLIGATION OF,
OR AN INTEREST IN, THE ISSUER, GE MONEY BANK, RFS HOLDING, L.L.C., OR ANY OF
THEIR AFFILIATES, AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

The Issuer, the Indenture Trustee and any agent of the
Issuer or the Indenture Trustee shall treat the person in whose name this Class
A Note is registered as the owner hereof for all purposes, and neither the
Issuer, the Indenture Trustee nor any agent of the Issuer or the Indenture
Trustee shall be affected by notice to the contrary.

THIS CLASS A NOTE SHALL BE CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF
LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 A-1-6
 

ASSIGNMENT

Social Security or other identifying number of
assignee

FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto                                   (name and address of assignee) the within
certificate and all rights thereunder, and hereby irrevocably constitutes and
appoints
                               attorney, to transfer said certificate on the
books kept for registration thereof, with full power of substitution in the
premises.

	
  Dated:

  	
   

  	
   

  	
   

  	
  **

  
	
   

  	
   

  	
  Signature Guaranteed:

  	
   

  

 

**          The signature to this
assignment must correspond with the name of the registered owner as it appears
on the face of the within Note in every particular, without alteration,
enlargement or any change whatsoever.

 A-1-7

EXHIBIT A-2

FORM OF CLASS B SERIES 2007-4 FLOATING RATE ASSET BACKED NOTE

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF
COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME DIRECTLY OR INDIRECTLY
INSTITUTE OR CAUSE TO BE INSTITUTED AGAINST THE ISSUER ANY BANKRUPTCY,
REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDING OR OTHER
PROCEEDING UNDER ANY FEDERAL OR STATE BANKRUPTCY LAW UNLESS NOTEHOLDERS OF NOT
LESS THAN 662¤3% OF THE
OUTSTANDING PRINCIPAL AMOUNT OF EACH CLASS OF EACH SERIES HAS APPROVED SUCH
FILING AND IT WILL NOT DIRECTLY OR INDIRECTLY INSTITUTE OR CAUSE TO BE
INSTITUTE AGAINST THE TRANSFEROR ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT,
INSOLVENCY OR LIQUIDATION PROCEEDING OR OTHER PROCEEDING UNDER ANY FEDERAL OR
STATE BANKRUPTCY LAW IN ANY INSTANCE; PROVIDED, THAT
THE FOREGOING SHALL NOT IN ANYWAY LIMIT THE NOTEHOLDER’S RIGHTS TO PURSUE ANY
OTHER CREDITOR RIGHTS OR REMEDIES THAT THE NOTEHOLDERS MAY HAVE FOR CLAIMS
AGAINST THE ISSUER.

THE HOLDER OF THIS CLASS B NOTE, BY ACCEPTANCE OF THIS
NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE
CLASS B NOTES AS INDEBTEDNESS OF THE ISSUER FOR APPLICABLE FEDERAL, STATE, AND
LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED
ON, OR MEASURED BY, INCOME.

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE OF THIS
NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, SHALL BE DEEMED TO REPRESENT
AND WARRANT THAT EITHER (I) SUCH HOLDER IS NOT (AND FOR SO LONG AS IT HOLDS
SUCH NOTE WILL NOT BE), IS NOT ACTING ON BEHALF OF (AND FOR SO LONG AS IT HOLDS
SUCH NOTE WILL NOT BE ACTING ON BEHALF OF), AND IS NOT INVESTING THE ASSETS OF
(A) 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, (B) A “PLAN” (AS DEFINED IN SECTION 4975 OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)), (C) AN ENTITY WHOSE UNDERLYING
ASSETS ARE DEEMED TO BE PLAN ASSETS OF A PLAN DESCRIBED IN (A) OR (B)

 A-2-1
 

ABOVE OR (D) OTHER PLAN
THAT IS SUBJECT TO ANY APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO ERISA OR
SECTION 4975 OF THE CODE OR (II) ITS ACQUISITION, CONTINUED HOLDING AND
DISPOSITION OF THIS NOTE WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION
UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY
SUBSTANTIALLY SIMILAR APPLICABLE LAW.

 A-2-2
 

 

	
  REGISTERED

  	
  $

  	
   

  
	
  No. R-

  	
   

  	
   

  	
  CUSIP NO.

  	
   

  
						

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2007-4

CLASS B SERIES 2007-4 FLOATING RATE ASSET BACKED NOTE

GE Capital Credit Card Master Note Trust (herein
referred to as the “Issuer” or the “Trust”), a Delaware statutory trust
governed by a Trust Agreement dated as of September 25, 2003, for value
received, hereby promises to pay to Cede & Co., or registered assigns,
subject to the following provisions, the principal sum of                 DOLLARS, or such greater or lesser amount as
determined in accordance with the Indenture, on the June 2015 Payment Date,
except as otherwise provided below or in the Indenture.  The Issuer will pay interest on the unpaid
principal amount of this Note at the Class B Note Interest Rate on each Payment
Date until the Final Payment Date (which is the earlier to occur of (a) the
Payment Date on which the Note Principal Balance is paid in full, (b) the date
on which the Collateral Amount is reduced to zero and (c) the June 2015 Payment
Date).  Interest on this Note will accrue
for each Payment Date from and including the most recent Payment Date on which
interest has been paid to but excluding such Payment Date or, for the initial
Payment Date, from and including the Closing Date to but excluding such Payment
Date.  Interest will be computed on the
basis of a 360-day year and the actual number of days elapsed.  Principal of this Note shall be paid in the
manner specified in the Indenture Supplement referred to on the reverse hereof.

The principal of and interest on this Note are payable
in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts.

Reference is made to the further provisions of this
Note set forth on the reverse hereof, which shall have the same effect as
though fully set forth on the face of this Note.

Unless the certificate of authentication hereon has
been executed by or on behalf of the Indenture Trustee, by manual signature,
this Note shall not be entitled to any benefit under the Indenture or the
Indenture Supplement referred to on the reverse hereof, or be valid for any
purpose.

THIS CLASS B NOTE IS SUBORDINATED TO THE EXTENT
NECESSARY TO FUND PAYMENTS ON THE CLASS A NOTES TO THE EXTENT SPECIFIED IN THE
INDENTURE SUPPLEMENT.

 A-2-3
 

IN WITNESS WHEREOF, the Issuer has caused this Class B
Note to be duly executed.

	
  

  	
  GE CAPITAL
  CREDIT CARD MASTER NOTE 

  
	
   

  	
  TRUST, as Issuer

  
	
   

  	
   

  
	
   

  	
  By:

  	
  THE BANK OF NEW YORK (DELAWARE),

  
	
   

  	
   

  	
  not in its individual capacity but solely as

  
	
   

  	
   

  	
  Trustee on behalf of Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
  Dated:

  	
   

  	
  ,

  	
   

  	
   

  
								

 A-2-4
 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Class B Notes described in the
within-mentioned Indenture.

	
  

  	
  DEUTSCHE BANK
  TRUST COMPANY

  
	
   

  	
  AMERICAS, as
  Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

 A-2-5
 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2007-4

CLASS B SERIES 2007-4 FLOATING RATE ASSET BACKED NOTE

Summary of Terms and Conditions

This Class B Note is one of a duly authorized issue of
Notes of the Issuer, designated as GE Capital Credit Card Master Note Trust,
Series 2007-4 (the “Series 2007-4 Notes”),
issued under a Master Indenture dated as of September 25, 2003 (as amended, the
“Master Indenture”), between the Issuer
and Deutsche Bank Trust Company Americas, as indenture trustee (the “Indenture Trustee”), as supplemented by the
Indenture Supplement dated as of June 28, 2007 (the “Indenture
Supplement”), and representing the right to receive certain payments
from the Issuer.  The term “Indenture,”
unless the context otherwise requires, refers to the Master Indenture as
supplemented by the Indenture Supplement. 
The Notes are subject to all of the terms of the Indenture.  All terms used in this Note that are defined
in the Indenture shall have the meanings assigned to them in or pursuant to the
Indenture.  In the event of any conflict
or inconsistency between the Indenture and this Note, the Indenture shall
control.

The Class A Notes and the Class C Notes will also be
issued under the Indenture.

The Noteholder, by its acceptance of this Note, agrees
that it will look solely to the property of the Issuer allocated to the payment
of this Note for payment hereunder and that neither the Owner Trustee nor the
Indenture Trustee is liable to the Noteholders for any amount payable under the
Notes or the Indenture or, except in the case of the Indenture Trustee as
expressly provided in the Indenture, subject to any liability under the
Indenture.

This Note does not purport to summarize the Indenture
and reference is made to the Indenture for the interests, rights and
limitations of rights, benefits, obligations and duties evidenced thereby, and
the rights, duties and immunities of the Indenture Trustee.

THIS CLASS B NOTE DOES NOT REPRESENT AN OBLIGATION OF,
OR AN INTEREST IN, THE ISSUER, GE MONEY BANK, RFS HOLDING, L.L.C., OR ANY OF
THEIR AFFILIATES, AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

The Issuer, the Indenture Trustee and any agent of the
Issuer or the Indenture Trustee shall treat the person in whose name this Class
B Note is registered as the owner hereof for all purposes, and neither the
Issuer, the Indenture Trustee nor any agent of the Issuer or the Indenture
Trustee shall be affected by notice to the contrary.

THIS CLASS B NOTE SHALL BE CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF
LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 A-2-6
 

ASSIGNMENT

Social Security or other identifying number of
assignee                                                

FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers unto                         
(name and address of assignee) the within certificate and all rights
thereunder, and hereby irrevocably constitutes and appoints                      
attorney, to transfer said certificate on the books kept for registration
thereof, with full power of substitution in the premises.

	
  Dated:

  	
   

  	
   

  	
   

  	
  **

  
	
   

  	
   

  	
   

  	
  Signature
  Guaranteed:

  	
   

  

 

**          The signature to this
assignment must correspond with the name of the registered owner as it appears
on the face of the within Note in every particular, without alteration,
enlargement or any change whatsoever.

 A-2-7

EXHIBIT A-3

FORM OF CLASS C SERIES 2007-4 FLOATING RATE ASSET BACKED NOTE

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THE HOLDER OF THIS NOTE
BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME
DIRECTLY OR INDIRECTLY INSTITUTE OR CAUSE TO BE INSTITUTED AGAINST THE ISSUER
ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION
PROCEEDING OR OTHER PROCEEDING UNDER ANY FEDERAL OR STATE BANKRUPTCY LAW UNLESS
NOTEHOLDERS OF NOT LESS THAN 662¤3%
OF THE OUTSTANDING PRINCIPAL AMOUNT OF EACH CLASS OF EACH SERIES HAS APPROVED
SUCH FILING AND IT WILL NOT DIRECTLY OR INDIRECTLY INSTITUTE OR CAUSE TO BE
INSTITUTE AGAINST THE TRANSFEROR ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT,
INSOLVENCY OR LIQUIDATION PROCEEDING OR OTHER PROCEEDING UNDER ANY FEDERAL OR
STATE BANKRUPTCY LAW IN ANY INSTANCE; PROVIDED, THAT THE FOREGOING SHALL
NOT IN ANYWAY LIMIT THE NOTEHOLDER’S RIGHTS TO PURSUE ANY OTHER CREDITOR RIGHTS
OR REMEDIES THAT THE NOTEHOLDERS MAY HAVE FOR CLAIMS AGAINST THE ISSUER.

THE HOLDER OF THIS CLASS C NOTE, BY ACCEPTANCE OF THIS
NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE
CLASS C NOTES AS INDEBTEDNESS OF THE ISSUER FOR APPLICABLE FEDERAL, STATE, AND
LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED
ON, OR MEASURED BY, INCOME.

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE OF THIS
NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, SHALL BE DEEMED TO REPRESENT
AND WARRANT THAT EITHER (I) SUCH HOLDER IS NOT (AND FOR SO LONG AS IT HOLDS
SUCH NOTE WILL NOT BE), IS NOT ACTING ON BEHALF OF (AND FOR SO LONG AS IT HOLDS
SUCH NOTE WILL NOT BE ACTING ON BEHALF OF), AND IS NOT INVESTING THE ASSETS OF
(A) 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, (B) A “PLAN” (AS DEFINED IN SECTION 4975 OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)), (C) AN ENTITY WHOSE UNDERLYING
ASSETS ARE DEEMED TO BE PLAN ASSETS OF A PLAN DESCRIBED IN (A) OR (B)

 A-3-1
 

ABOVE OR (D) OTHER PLAN
THAT IS SUBJECT TO ANY APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO ERISA OR
SECTION 4975 OF THE CODE OR (II) ITS ACQUISITION, CONTINUED HOLDING AND
DISPOSITION OF THIS NOTE WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION
UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY
SUBSTANTIALLY SIMILAR APPLICABLE LAW.

 A-3-2
 

OP

	
  REGISTERED 

  	
  $

  	
   

  
	
  No. R-

  	
   

  	
   

  	
  CUSIP NO.

  	
   

  
						

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2007-4

CLASS C SERIES 2007-4 FLOATING RATE ASSET BACKED NOTE

GE Capital Credit Card Master Note Trust (herein
referred to as the “Issuer” or the “Trust”), a Delaware statutory trust governed
by a Trust Agreement dated as of September 25, 2003, for value received, hereby
promises to pay to Cede & Co., or registered assigns, subject to the
following provisions, the principal sum of                 DOLLARS,
or such greater or lesser amount as determined in accordance with the
Indenture, on the June 2015 Payment Date, except as otherwise provided below or
in the Indenture.  The Issuer will pay
interest on the unpaid principal amount of this Note at the Class C Note
Interest Rate on each Payment Date until the Final Payment Date (which is the
earlier to occur of (a) the Payment Date on which the Note Principal Balance is
paid in full, (b) the date on which the Collateral Amount is reduced to zero
and (c) the June 2015 Payment Date). 
Interest on this Note will accrue for each Payment Date from and
including the most recent Payment Date on which interest has been paid to but
excluding such Payment Date or, for the initial Payment Date, from and
including the Closing Date to but excluding such Payment Date.  Interest will be computed on the basis of a
360-day year and the actual number of days elapsed.  Principal of this Note shall be paid in the
manner specified in the Indenture Supplement referred to on the reverse hereof.

The principal of and interest on this Note are payable
in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts.

Reference is made to the further provisions of this
Note set forth on the reverse hereof, which shall have the same effect as
though fully set forth on the face of this Note.

Unless the certificate of authentication hereon has
been executed by or on behalf of the Indenture Trustee, by manual signature,
this Note shall not be entitled to any benefit under the Indenture or the
Indenture Supplement referred to on the reverse hereof, or be valid for any
purpose.

THIS CLASS C NOTE IS SUBORDINATED TO THE EXTENT
NECESSARY TO FUND PAYMENTS ON THE CLASS A AND CLASS B NOTES TO THE EXTENT
SPECIFIED IN THE INDENTURE SUPPLEMENT.

 A-3-3
 

IN WITNESS WHEREOF, the Issuer has caused this Class C
Note to be duly executed.

	
   

  	
  GE CAPITAL CREDIT
  CARD MASTER NOTE TRUST, as Issuer

  
	
   

  	
   

  	
   

  
	
     

  	
   

  	
   

  
	
   

  	
  By:

  	
  THE BANK OF NEW YORK (DELAWARE),

  not in its individual capacity but solely as

  
	
   

  	
   

  	
  Trustee on behalf of Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
  ,

  	
   

  	
   

  	
   

  	
   

  
							

 

 A-3-4
 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Class C Notes described in the
within-mentioned Indenture.

	
   

  	
  DEUTSCHE BANK TRUST COMPANY

  AMERICAS, as Indenture Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

 A-3-5
 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2007-4

CLASS C SERIES 2007-4 FLOATING RATE ASSET BACKED NOTE

Summary of Terms and Conditions

This Class C Note is one of a duly authorized issue of
Notes of the Issuer, designated as GE Capital Credit Card Master Note Trust,
Series 2007-4 (the “Series 2007-4 Notes”),
issued under a Master Indenture dated as of September 25, 2003 (as amended, the
“Master Indenture”), between the Issuer
and Deutsche Bank Trust Company Americas, as indenture trustee (the “Indenture Trustee”), as supplemented by the
Indenture Supplement dated as of June 28, 2007 (the “Indenture
Supplement”), and representing the right to receive certain payments
from the Issuer.  The term “Indenture,”
unless the context otherwise requires, refers to the Master Indenture as
supplemented by the Indenture Supplement. 
The Notes are subject to all of the terms of the Indenture.  All terms used in this Note that are defined
in the Indenture shall have the meanings assigned to them in or pursuant to the
Indenture.  In the event of any conflict
or inconsistency between the Indenture and this Note, the Indenture shall
control.

The Class A Notes and the Class B Notes will also be
issued under the Indenture.

The Noteholder, by its acceptance of this Note, agrees
that it will look solely to the property of the Issuer allocated to the payment
of this Note for payment hereunder and that neither the Owner Trustee nor the
Indenture Trustee is liable to the Noteholders for any amount payable under the
Notes or the Indenture or, except in the case of the Indenture Trustee as
expressly provided in the Indenture, subject to any liability under the
Indenture.

This Note does not purport to summarize the Indenture
and reference is made to the Indenture for the interests, rights and
limitations of rights, benefits, obligations and duties evidenced thereby, and
the rights, duties and immunities of the Indenture Trustee.

THIS CLASS C NOTE DOES NOT REPRESENT AN OBLIGATION OF,
OR AN INTEREST IN, THE ISSUER, GE MONEY BANK, RFS HOLDING, L.L.C., OR ANY OF
THEIR AFFILIATES, AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

The Issuer, the Indenture Trustee and any agent of the
Issuer or the Indenture Trustee shall treat the person in whose name this Class
C Note is registered as the owner hereof for all purposes, and neither the Issuer,
the Indenture Trustee nor any agent of the Issuer or the Indenture Trustee
shall be affected by notice to the contrary.

THIS CLASS C NOTE SHALL BE CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF
LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 A-3-6
 

ASSIGNMENT

Social Security or other identifying number of
assignee 

FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto                                   (name and address of assignee) the within
certificate and all rights thereunder, and hereby irrevocably constitutes and
appoints 
                              attorney, to transfer said certificate on the
books kept for registration thereof, with full power of substitution in the
premises.

	
  Dated: 

  	
  ,

  	
   

  	
   

  	
   

  	
  **

  
	
   

  	
   

  	
  Signature Guaranteed:

  	
   

  

 

**                          The signature to this assignment must correspond
with the name of the registered owner as it appears on the face of the within
Note in every particular, without alteration, enlargement or any change
whatsoever.

 A-3-7

EXHIBIT B

FORM OF MONTHLY NOTEHOLDER’S STATEMENT

Monthly Noteholder’s Statement

GE Capital Credit Card Master Note Trust

Series 2007 – 3

Class A LIBOR + 0.05% Notes

Class B LIBOR +
0.20% Notes

Class C LIBOR + 0.42% Notes

Pursuant to the Master Indenture, dated as of
September 25, 2003 (as amended and supplemented, the “Indenture”)
between GE Capital Credit Card Master Note Trust (the “Issuer”) and
Deutsche Bank Trust Company Americas, as indenture trustee (the “Indenture
Trustee”), as supplemented by the Series 2007-4 Indenture Supplement (the “Indenture
Supplement”), dated as of June 28, 2007, 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 2007-4 Noteholders and the performance of the Trust during the previous
month.  The information required to be
prepared with respect to the Payment Date of [  ·  ],
20[  ·  ],
and with respect to the performance of the Trust during the Monthly Period
ended [ 
·  ], 20[ 
·  ] is set forth below.  Capitalized terms used herein are defined in
the Indenture and the Indenture Supplement. The undersigned, an Authorized
Officer of the Servicer, does hereby certify as follows:

	
  Record Date:

  	
  [ ·
  ], 20[ · ]

  
	
  Monthly Period
  Beginning:

  	
  [ ·
  ], 20[ · ]

  
	
  Monthly Period
  Ending:

  	
  [ ·
  ], 20[ · ]

  
	
  Previous Payment
  Date:

  	
  [ ·
  ], 20[ · ]

  
	
  Payment Date:

  	
  [ ·
  ], 20[ · ]

  
	
  Interest Period
  Beginning:

  	
  [ ·
  ], 20[ · ]

  
	
  Interest Period
  Ending:

  	
  [ ·
  ], 20[ · ]

  
	
  Days in Monthly
  Period:

  	
  [ ·
  ]

  
	
  Days in Interest
  Period:

  	
  [ ·
  ]

  
	
  LIBOR
  Determination Date

  	
  [ ·
  ], 20[ · ]

  
	
  LIBOR Rate

  	
  [ ·
  ]

  
	
  Is there a Reset
  Date?

  	
  [No][Yes]

  

 

I.                                         Trust Receivables Information

a.               Number of Obligors (Total Securitized) Beginning

b.              Number of Obligors
(Total Securitized) Ending

c.               Average
Obligor Balance (q / b)

d.              BOP Principal Receivables

 1
 

e.               BOP Finance Charge
Receivables

f.                 BOP
Total Receivables

g.              Increase in Principal Receivables from
Additional Accounts

h.              Increase in Principal
Activity on Existing Securitized Accounts

i.                  Increase in
Finance Charge Receivables from Additional Accounts

j.                  Increase in
Finance Charge Activity on Existing Securitized Accounts

k.               Increase
in Total Receivables

l.                  Decrease in Principal Receivables due to
Account Removal

m.            Decrease in Principal
Activity on Existing Securitized Accounts

n.              Decrease in Finance
Charge Receivables due to Account Removal

o.              Decrease in Finance
Charge Activity on Existing Securitized Accounts

p.              Decrease
in Total Receivables

q.              EOP Aggregate Principal Receivables

r.                 EOP Finance
Charge Receivables

s.               EOP
Total Receivables

t.                 Excess Funding Account Balance

u.              Required Principal Balance

v.              Minimum Free Equity
Amount (EOP Aggregate Principal Receivables * 4.0%)

w.            Free
Equity Amount (EOP Principal Receivables - EOP Collateral Amount
(II.c.ii+II.a.ii+II.b.iii))

II.                                     Investor Information (Trust
Level)

a.               Note Principal Balance (Sum of all Series)

i.                  Beginning of Interest Period

ii.               Increase in Note Principal Balance due to New
Issuance

iii.            Decrease in Note Principal Balance due to
Principal Paid

iv.           End of Interest Period

b.              Excess Collateral Amount (Sum of all Series)

i.                  Beginning of Interest Period

ii.               Additional Enhancement Amount

iii.            Increase in Excess Collateral Amount due to
New Issuance

iv.           Reductions in Required Excess Collateral Amount

v.              Increase in Unreimbursed Investor Charge-Off

vi.           Decrease in Unreimbursed Investor Charge-Off

vii.        Increase in Unreimbursed Reallocated Principal Collections

viii.     Decrease in Unreimbursed Reallocated Principal Collections

ix.             End of Interest Period

 2
 

c.               Collateral Amount (Sum of all Series)

i.                  End of Prior Monthly Period

ii.               Beginning of Interest Period (a.i + b.i)

iii.            Increase in Unreimbursed Investor Charge-Off

iv.           Decrease in Unreimbursed Investor Charge-Off

v.              Increase in Unreimbursed Reallocated
Principal Collections

vi.           Decrease in Unreimbursed Reallocated Principal Collections

vii.        End of Interest Period (c.ii + a.ii-a.iii + (b.ii through b.iv) - c.iii
- c.iv)

III.                                 Trust Performance Data (Monthly
Period)

a.               Gross Trust Yield (Finance Charge Collections
+ Recoveries / BOP Principal Receivables)

i.                  Current

ii.               Prior Monthly Period

iii.            Two Months Prior Monthly Period

iv.           Three-Month Average

b.              Payment Rate (Principal Collections / BOP
Principal Receivables)

i.                  Current

ii.               Prior Monthly Period

iii.            Two Months Prior Monthly Period

iv.           Three-Month Average

c.               Charge-Off Rate (Default Amount for Defaulted
Accounts / BOP Principal Receivables)

i.                  Current

ii.               Prior Monthly Period

iii.            Two Months Prior Monthly Period

iv.           Three-Month Average

d.              Default Amount for Defaulted Accounts

e.               Collections

i.                  Total Trust Finance Charge Collections

ii.               Total Trust Principal Collections

iii.            Total Trust Collections

f.                 Delinquency Data

 

	
   

  	
   

  	
  Percentage

  	
   

  	
  Amount

  	
   

  
	
  i.      15-29 Days Delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ii.     30-59
  Days Delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  iii.    60-89
  Days Delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  iv.    90-119
  Days Delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  v.     120-149
  Days Delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  vi.    150 or
  Greater Days Delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 3
 

IV.                                Series Performance Data

a.               Portfolio Yield (Finance Charge Collections +
Recoveries – Aggregate Investor Default Amount + PAA Inv Proceeds / BOP
Collateral)

i.                  Current

ii.               Prior Monthly Period

iii.            Two Months Prior Monthly Period

iv.           Three-Month Average

b.              Base Rate (Noteholder Servicing Fee + Admin
Fee + Monthly Interest + Swap Payments – Swap Receipts / BOP Collateral)

i.                  Current

ii.               Prior Monthly Period

iii.            Two Months Prior Monthly Period

iv.           Three-Month Average

c.               Excess Spread Percentage (Portfolio Yield –
Base Rate)

i.                  Current

ii.               Prior Monthly Period

iii.            Two Months Prior Monthly Period

iv.           Quarterly Excess Spread Percentage

V.                                    Investor Information Regarding
Distributions to Noteholders

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

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.

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.

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

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.

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.

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

 4
 

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.

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.

VI.                                Investor Information

a.               Class A Note Initial Principal Balance

b.              Class B Note Initial
Principal Balance

c.               Class C Note
Initial Principal Balance

d.              Initial Excess
Collateral Amount

e.               Initial
Collateral Amount

f.                 Class A Note Principal Balance

i.                  Beginning of Interest Period

ii.               Principal Payment

iii.            End of Interest Period

g.              Class B Note Principal Balance

i.                  Beginning of Interest Period

ii.               Principal Payment

iii.            End of Interest Period

h.              Class C Note Principal Balance

i.                  Beginning of Interest Period

ii.               Principal Payment

iii.            End of Interest Period

i.                  Excess Collateral Amount

i.                  Beginning of Interest Period

ii.               Reduction in Excess Collateral Amount

iii.            End of Interest Period

j.                  Collateral Amount

i.                  Beginning of Interest Period

ii.               Increase/Decrease in Unreimbursed Investor
Charge-Offs

iii.            Increase/Decrease in Reallocated Principal
Collections

iv.           Reduction in Excess Collateral Amount

v.              Principal Accumulation Account Deposit

vi.           End of Interest Period

vii.        Collateral Amount as a Percentage of Note Trust Principal Balance

viii.     Amount by which Note Principal Balance exceeds Collateral Amount

k.               Required Excess Collateral Amount

 5
 

VII.                            Investor Charge-Offs and
Reallocated Principal Collections

(Section references relate to Indenture Supplement)

a.               Beginning Unreimbursed Investor Charge-Offs

b.              Current Unreimbursed
Investor Defaults

c.               Current
Unreimbursed Investor Uncovered Dilution Amount

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

e.               Ending Unreimbursed
Investor Charge-Offs

f.                 Beginning
Unreimbursed Reallocated Principal Collections

g.              Current Reallocated
Principal Collections pursuant to Section 4.7

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

i.                  Ending
Unreimbursed Reallocated Principal Collections

VIII.                        Investor Percentages –BOP Balance
and Series Account Information

a.               Allocation Percentage
Numerator – for Finance Charge Collections and Default Amounts

b.              Allocation
Percentage Numerator – for Principal Collections

c.               Allocation
Percentage Denominator

i.                  Aggregate Principal Receivables Balance

ii.               Number of Days at Balance

iii.            Average Principal Balance

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

e.               Sum of Allocation
Percentage Numerators for all outstanding Series with respect to Principal
Collections

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

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

h.              Series
Allocation Percentage

IX.                                Collections and Allocations

	
   

  	
   

  	
  Trust

  	
   

  	
  Series

  	
   

  
	
  a.               Finance Charge
  Collections

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  b.              Recoveries

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  c.               Principal
  Collections

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  d.              Default Amount

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  e.               Dilution

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  f.                 Investor
  Uncovered Dilution Amount

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  g.              Available Finance
  Charge Collections

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 6
 

i.                  Investor Finance Charge Collections

ii.               Excess Finance Charge Collections allocable
to Series 2007-4

iii.            Principal Accumulation Account Investment
Proceeds

iv.           Investment earnings in the Reserve Account

v.              Reserve Account Draw Amount

vi.           Net Swap Receipts

vii.        Recoveries

h.              Available Finance
Charge Collections (Sum of g.i through g.vii)

i.                  Total
Collections to Series

j.                  Total
Finance Charge Collections deposited in the Collection Account (net of any
amounts distributed to Transferor and owed to Servicer)

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

a.               Available Finance Charge Collections

i.                  On a pari passu basis:

a.               Payment to the Indenture Trustee, to a
maximum of $25,000

b.              Payment to the Trustee, to a maximum of
$25,000

c.               Payment to the Administrator, to a maximum of
$25,000

ii.               To the Servicer:

a.               Noteholder Servicing Fee

b.              Noteholder Servicing Fee previously due but
not paid

c.               Total Noteholder Servicing Fee

iii.            On a pari passu basis:

a.               Class A Monthly Interest

b.              Class A Deficiency Amount

c.               Class A Additional Interest

d.              Class A Additional Interest not paid on prior
Payment Date

e.               Class A Senior Swap Payments

f.                 Class A Senior Swap Payments not paid on a
prior Payment Date

iv.           On a pari passu basis:

a.               Class B Monthly Interest

b.              Class B Deficiency Amount

c.               Class B Additional Interest

d.              Class B Additional Interest not paid on prior
Payment Date

e.               Class B Senior Swap Payments

 7
 

f.                 Class B Senior Swap Payments not paid on a
prior Payment Date

v.              On a pari passu
basis:

a.               Class C Monthly Interest

b.              Class C Deficiency Amount

c.               Class C Additional Interest

d.              Class C Additional Interest not paid on prior
Payment Date

e.               Class C Senior Swap Payments

f.                 Class C Senior Swap Payments not paid on a
prior Payment Date

vi.           To be treated as
Available Principal Collections

a.               Aggregate Investor Default Amount

b.              Aggregate Investor Uncovered Dilution Amount

vii.        To be treated as Available
Principal Collections, to the extent not previously reimbursed

a.               Investor Charge-offs

b.              Reallocated Principal Collections

viii.     Excess of Required Reserve Account Amount Over
Available Reserve Account Amount

ix.             Amounts
required to be deposited to the Spread Account

x.                To be treated as
Available Principal Collections:  Series
Allocation Percentage of Minimum Free Equity Shortfall

xi.             Subordinated Termination Payments and other
additional amount owed to Class A Swap Counterparty

xii.          Subordinated Termination Payments and other additional amount owed to
Class B Swap Counterparty

xiii.       Subordinated Termination Payments and other additional amount owed to
Class C Swap Counterparty

xiv.      Unless
an Early Amortization Event has occurred, amounts that have not been paid
pursuant to (a)(i) above

xv.         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,
second, paid to the Transferor, to be applied in accordance with Section 8.6 of
the Indenture unless:

a.               There is an Early Amortization Period, in
which case Excess Finance Charge Collections will be used to pay Monthly
Principal; or

 8
 

b.              GE Capital’s long-term unsecured debt rating
is Aa2 or lower by Moody’s or AA or lower by S&P and the Free Equity Amount
is less than the Minimum Free Equity Amount, in which case Excess Finance
Charge Collections will be deposited to the Excess Funding Account up to such
shortfall

XI.           Excess Finance Charge Collections
(Group One)

a.               Total Excess Finance Charge Collections in
Group One

b.              Finance Charge Shortfall for Series 2007–3

c.               Finance Charge Shortfall for all Series in
Group One

d.              Excess Finance Charges Collections Allocated
to Series 2007–3

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

a.               Investor Principal Collections

b.              Less: 
Reallocated Principal Collections for the Monthly Period pursuant to
Section 4.7

c.               Plus: 
Shared Principal Collections allocated to this Series

d.              Plus: 
Aggregate amount to be treated as Available Principal Collections pursuant
to Section 4.4(a)(vi)

e.               Plus: 
Aggregate amount to be treated as Available Principal Collections
pursuant to Section 4.4(a)(vii)

f.                 Plus: 
Unless there is an Early Amortization Period, the amount of Available
Finance Charge Collections used to pay principal on the Notes pursuant to
Section 4.4(a)(xv)

g.              Available Principal Collections (Deposited to
Principal Account)

i.                  During the Revolving Period, Available
Principal Collections treated as Shared Principal Collections Pursuant to
Section 4.4(b)

ii.               During the Controlled Accumulation Period,
Available Principal Collections deposited to the Principal Accumulation Account
pursuant to Section 4.4(c)(i), (ii)

iii.            During the Early Amortization Period,
Available Principal Collections deposited to the Distribution Account pursuant
to Section 4.4(c)

iv.           Series Shared Principal Collections available to Group One pursuant to
Section 4.4(c)(iii)

v.              Principal Distributions pursuant to Section
4.4(e) in order of priority

a.               Principal paid to Class A Noteholders

 9
 

b.              Principal paid to Class B Noteholders

c.               Principal paid  to class C Noteholders

vi.           Total Principal Collections Available to Share (Inclusive of Series
2007–3)

vii.        Series Principal Shortfall

viii.     Shared Principal Collections allocated to this Series from other Series

XIII.        Series 2007-4 Accumulation

a.               Controlled Accumulation Period Length in
months (scheduled)

b.              Controlled Accumulation Amount

c.               Controlled Deposit Amount

d.              Accumulation Shortfall

e.               Principal Accumulation Account Balance

i.                  Beginning of Interest Period

ii.               Controlled Deposit Amount

iii.            Withdrawal for Principal Payment

iv.           End of Interest Period

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

a.               Reserve Account Funding Date (scheduled)

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

c.               Beginning Available Reserve Account Amount

d.              Reserve Draw Amount

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

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

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

h.              Ending Available Reserve Account Amount

XV.         Spread Account Funding (Section
references relate to Indenture Supplement)

a.               Spread Account Percentage

b.              Required Spread Account Amount

c.               Beginning Available Spread Account Amount

d.              Withdrawal pursuant to 4.11(a) – Section
4.4(a)(v) Shortfall

 10
 

e.               Withdrawal pursuant to 4.11(b) – Class C
Expected Principal Payment Date

f.                 Withdrawal pursuant to 4.11(c) – Early
Amortization Event

g.              Withdrawal pursuant to 4.11(d) – Event of
Default

h.              Deposit pursuant to 4.4(a)(ix) – Spread
Account Deficiency

i.                  Withdrawal pursuant to 4.11(f) – Spread
Account Surplus Amount

j.                  Ending Available Spread Account Amount

XVI.                      Series Early Amortization Events

a.               The Free Equity Amount is less than the
Minimum Free Equity Amount

Free Equity:

i.                  Free Equity
Amount

ii.               Minimum Free Equity Amount

iii.            Excess Free Equity Amount

b.              The Note Trust Principal Balance is less than
the Required Principal Balance Note Trust Principal Balance:

i.                  Note Trust Principal Balance

ii.               Required Principal Balance

iii.            Excess Principal Balance

c.               The three-month average Portfolio Yield is
less than three-month average Base Rate Portfolio Yield:

i.                  Three month Average Portfolio Yield

ii.               Three month Average Base Rate

iii.            Excess Spread over Base Rate

d.              The Note Principal Balance is outstanding
beyond the Expected Principal Payment Date

i.                  Expected Principal Payment Date

ii.               Current Payment Date

IN WITNESS WHEREOF, the
undersigned has duly executed this Monthly Noteholder’s Statement as of the         day
of                        .

	
  

  	
  GE MONEY BANK, as Servicer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 11

EXHIBIT C-1

FORM OF CLASS A SWAP

[See Exhibits 4.2, 4.5, 4.8 and 4.11]

 1

EXHIBIT C-2

FORM OF CLASS B SWAP

[See Exhibits 4.3, 4.6, 4.9 and 4.12]

 1

EXHIBIT C-3

FORM OF CLASS C SWAP

[See Exhibits 4.4, 4.7, 4.10 and 4.13]

 1

SCHEDULE I

PERFECTION REPRESENTATIONS, WARRANTIES

AND COVENANTS (WITH RESPECT TO NET SWAP RECEIPTS)

(a)                                  In
addition to the representations, warranties and covenants contained in the
Indenture, the Issuer hereby represents, warrants and covenants to the Indenture
Trustee as follows as of the Closing Date:

(1)                                  The
Indenture creates a valid and continuing security interest (as defined in the
applicable UCC) in the Net Swap Receipts in favor of the Indenture Trustee,
which security interest is prior to all other Liens, and is enforceable as such
against creditors of and purchasers from Issuer.

(2)                                  The
Net Swap Receipts constitute “general intangibles” within the meaning of the
applicable UCC.

(3)                                  The
Issuer owns and has good and marketable title to the Net Swap Receipts free and
clear of any Lien, claim or encumbrance of any Person.

(4)                                  There
are no consents or approvals required by the terms of the Class A Swap, Class B
Swap or Class C Swap for the pledge of the Net Swap Receipts to the Indenture
Trustee pursuant to the Indenture.

(5)                                  The
Issuer (or the Administrator on behalf of the Issuer) has caused the filing of
all appropriate financing statements in the proper filing office in the
appropriate jurisdictions under applicable law in order to perfect the security
interest granted to the Indenture Trustee under the Indenture in the Net Swap
Receipts.

(6)                                  Other
than the pledge of the Net Swap Receipts to the Indenture Trustee pursuant to
the Indenture, the Issuer has not pledged, assigned, sold, granted a security
interest in, or otherwise conveyed the Net Swap Receipts.  The Issuer has not authorized the filing of
and is not aware of any financing statements against the Issuer that include a
description of the Net Swap Receipts, except for the financing statement filed
pursuant to the Indenture.

(7)                                  Notwithstanding
any other provision of the Indenture, the representations and warranties set
forth in this Schedule I shall be
continuing, and remain in full force and effect, until such time as the Series
2007-4 Notes are retired.

(b)                                 The
Indenture Trustee covenants that it shall not, without satisfying the Rating
Agency Condition, waive a breach of any representation or warranty set forth in
this Schedule I.

(c)                                  The
Issuer covenants that in order to evidence the interests of the Issuer and the
Indenture Trustee under the Indenture, the Issuer shall take such action, or
execute and deliver such instruments as may be necessary or advisable
(including, without limitation, such actions as are requested by the Indenture
Trustee) to maintain and perfect, as a first priority interest, the Indenture
Trustee’s security interest in the Net Swap Receipts.

 1

SCHEDULE II

PERFECTION REPRESENTATIONS, WARRANTIES

AND COVENANTS (WITH RESPECT TO RECEIVABLES)

(a)                                  In
addition to the representations, warranties and covenants contained in the
Indenture, the Issuer hereby represents, warrants and covenants to the Indenture
Trustee as follows as of the Closing Date:

(1)                                  The
Indenture creates a valid and continuing security interest (as defined in the
applicable UCC) in the Receivables in favor of the Indenture Trustee, which
security interest is prior to all other Liens, and is enforceable as such
against creditors of and purchasers from the Issuer.

(2)                                  The
Receivables constitute either “accounts” or “general intangibles” within the
meaning of the applicable UCC.

(3)                                  The
Issuer owns and has good and marketable title to the Receivables free and clear
of any Lien, claim or encumbrance of any Person.

(4)                                  There
are no consents or approvals required for the pledge of the Receivables to the
Indenture Trustee pursuant to the Indenture.

(5)                                  The
Issuer (or the Administrator on behalf of the Issuer) has caused the filing of
all appropriate financing statements in the proper filing office in the
appropriate jurisdictions under applicable law in order to perfect the security
interest granted to the Indenture Trustee under the Indenture in the
Receivables.

(6)                                  Other
than the pledge of the Receivables to the Indenture Trustee pursuant to the
Indenture, the Issuer has not pledged, assigned, sold, granted a security
interest in, or otherwise conveyed the Receivables.  The Issuer has not authorized the filing of
and is not aware of any financing statements against the Issuer that include a
description of the Receivables, except for the financing statement filed
pursuant to the Indenture.

(7)                                  Notwithstanding
any other provision of the Indenture, the representations and warranties set
forth in this Schedule II shall be
continuing, and remain in full force and effect, until such time as the Series
2007-4 Notes are retired.

(b)                                 The
Indenture Trustee covenants that it shall not, without satisfying the Rating
Agency Condition, waive a breach of any representation or warranty set forth in
this Schedule II.

(c)                                  The
Issuer covenants that in order to evidence the interests of the Issuer and the
Indenture Trustee under the Indenture, the Issuer shall take such action, or
execute and deliver such instruments as may be necessary or advisable
(including, without limitation, such actions as are requested by the Indenture
Trustee) to maintain and perfect, as a first priority interest, the Indenture
Trustee’s security interest in the Receivables.

 1Exhibit 4.2

Series
2007-4 (Class A)

International Swaps and Derivatives Association, Inc.

2002
MASTER AGREEMENT

dated as
of June 28, 2007

BANK OF AMERICA, N.A.
and GE CAPITAL CREDIT CARD MASTER NOTE TRUST
have entered and/or anticipate entering into one or more transactions (each a “Transaction”)
that are or will be governed by this 2002 Master Agreement, which includes the
schedule (the “Schedule”), and the documents and other confirming evidence
(each a “Confirmation”) exchanged between the parties or otherwise effective
for the purpose of confirming or evidencing those Transactions. This 2002
Master Agreement and the Schedule are together referred to as this “Master
Agreement”.

Accordingly, the parties agree as follows:-

1.                                      Interpretation

(a)                                  Definitions. The terms defined in Section 14 and
elsewhere in this Master Agreement will have the meanings therein specified for
the purpose of this Master Agreement.

(b)                                  Inconsistency. In
the event of any inconsistency between the provisions of the Schedule and the
other provisions of this Master Agreement, the Schedule will prevail. In the
event of any inconsistency between the provisions of any Confirmation and this
Master Agreement, such Confirmation will prevail for the purpose of the
relevant Transaction.

(c)                                  Single Agreement. All
Transaction are entered into the reliance on the fact that this Master
Agreement and all Confirmations form a single agreement between the parties
(collectively referred to as this “Agreement”), and the parties would not
otherwise enter into any Transactions.

2.                                      Obligations

(a)                                  General Conditions.

(i)                                     Each
party will make each payment or delivery specified in each Confirmation to be
made by it, subject to the other provisions of this Agreement.

(ii)                                  Payments
under this Agreement will be made on the due date for value on that date in the
place of the account specified in the relevant Confirmation or otherwise
pursuant to this Agreement, in freely transferable funds and in the manner
customary for payments in the required currency. Where settlement is by
delivery (that is, other than by payment), such delivery will be made for
receipt on the due date in the manner customary for the relevant obligation
unless otherwise specified in the relevant Confirmation or elsewhere in this
Agreement.

Copyright
© 2002 by International Swaps and Derivative Association, Inc.

 

(iii)                               Each obligation of each
party under Section 2(a)(i) is subject to (1) the condition precedent that no
Event of Default or Potential Event of Default with respect to the other party
has occurred and is continuing, (2) the condition precedent that no Early
Termination Date in respect of the relevant Transaction has occurred or been
effectively designated and (3) each other condition specified in this Agreement
to be a condition precedent for the purpose of this Section 2(a)(iii).

(b)                                  Change of
Account. Either party may change
its account for receiving a payment or delivery by giving notice to the other
party at least five Local Business Days prior to the Scheduled Settlement Date
for the payment or delivery to which such change applies unless such other
party gives timely notice of a reasonable objection to such change.

(c)                                  Netting of
Payments. If
on any date amounts would otherwise be payable: —

(i)                                     in the same currency; and

(ii)                                  in respect of the same Transaction,

by each party to the other,
then, on such date, each party’s obligation to make payment of any such amount
will be automatically satisfied and discharged and, if the aggregate amount
that would otherwise have been payable by one party exceeds the aggregate
amount that would otherwise have been payable by the other party, replaced by
an obligation upon the party by which the larger aggregate amount would have
been payable to pay to the other party the excess of the larger aggregate
amount over the smaller aggregate amount.

The parties may elect in
respect of two or more Transactions that a net amount and payment obligation
will be determined in respect of all amounts payable on the same date in the
same currency in respect of those Transactions, regardless of whether such
amounts are payable in respect of the same Transaction. The election may be
made in the Schedule or any Confirmation by specifying that “Multiple
Transaction Payment Netting” applies to the Transactions identified as being
subject to the election (in which case clause (ii) above will not apply to such
Transactions). If Multiple Transaction Payment Netting is applicable to
Transactions, it will apply to those Transactions with effect from the starting
date specified in the Schedule or such Confirmation, or, if a starting date is
not specified in the Schedule or such Confirmation, the starting date otherwise
agreed by the parties in writing. This election may be made separately for
different groups of Transactions and will apply separately to each pairing of
Offices through which the parties make and receive payments or deliveries.

(d)                                  Deduction or
Withholding for Tax.

(i)                                     Gross-Up. All payments under this Agreement will be made
without any deduction or withholding for or on account of any Tax unless such
deduction or withholding is required by any applicable law, as modified by the
practice of any relevant governmental revenue authority, then in effect. If a
party is so required to deduct or withhold, then that party (“X”) will: —

(1)                                  promptly notify the other party (“Y”) of such
requirement;

(2)                                  pay to the relevant authorities the full
amount required to be deducted or withheld (including the full amount required
to be deducted or withheld from any additional amount paid by X to Y under this
Section 2(d)) promptly upon the earlier of determining that such deduction or
withholding is required or receiving notice that such amount has been assessed
against Y;

(3)                                  promptly forward to Y an official receipt (or
a certified copy), or other documentation reasonably acceptable to Y,
evidencing such payment to such authorities; and

 2
 

(4)                                  if such Tax is an Indemnifiable Tax, pay to Y,
in addition to the payment to which Y is otherwise entitled under this
Agreement, such additional amount as is necessary to ensure that the net amount
actually received by Y (free and clear of Indemnifiable Taxes, whether assessed
against X or Y) will equal the full amount Y would have received had no such
deduction or withholding been required. However, X will not be required to pay
any additional amount to Y to the extent that it would not be required to be
paid but for: —

(A)                              the failure by Y to comply with or perform any
agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d); or

(B)                                the failure of a representation made by Y
pursuant to Section 3(f) to be accurate and true unless such failure would not
have occurred but for (I) any action taken by a taxing authority, or brought in
a court of competent jurisdiction, after a Transaction is entered into
(regardless of whether such action is taken or brought with respect to a party
to this Agreement) or (II) a Change in Tax Law.

(ii)                                  Liability. If:—

(1)                                  X is required by any applicable law, as
modified by the practice of any relevant governmental revenue authority, to
make any deduction or withholding in respect of which X would not be required
to pay an additional amount to Y under Section 2(d)(i)(4);

(2)                                  X does not so deduct or withhold; and

(3)                                  a liability resulting from such Tax is
assessed directly against X.

then, except to the extent Y
has satisfied or then satisfies the liability resulting from such Tax, Y will
promptly pay to X the amount of such liability (including any related liability
for interest, but including any related liability for penalties only if Y has
failed to comply with or perform any agreement contained in Section 4(a)(i),
4(a)(iii) or 4(d)).

3.                                      Representations

Each party makes the representations contained in
Sections 3(a), 3(b), 3(c), 3(d), 3(e) and 3(f) and, if specified in the
Schedule as applying, 3(g) to the other party (which representations will be
deemed to be repeated by each party on each date on which a Transaction is
entered into and, in the case of the representations in Section 3(f), at all
times until the termination of this Agreement). If any “Additional
Representation” is specified in the Schedule or any Confirmation as applying,
the party or parties specified for such Additional Representation will make
and, if applicable, be deemed to repeat such Additional Representation at the
time or times specified for such Additional Representation.

(a)                                  Basic
Representations.

(i)                                     Status. It is duly organised and validly existing
under the laws of the jurisdiction of its organisation or incorporation and, if
relevant under such laws, in good standing;

(ii)                                  Powers. It has the power to execute this Agreement and
any other documentation relating to this Agreement to which it is a party, to
deliver this Agreement and any other documentation relating to this Agreement
that it is required by this Agreement to deliver and to perform its obligations
under this Agreement and any obligations it has under any Credit Support
Document to which it is a party and has taken all necessary action to authorise
such execution, delivery and performance;

 3
 

(iii)                               No Violation or
Conflict. Such execution, delivery
and performance do not violate or conflict with any law applicable to it, any
provision of its constitutional documents, any order or judgment of any court
or other agency of government applicable to it or any of its assets or any
contractual restriction binding on or affecting it or any of its assets;

(iv)                              Consents. All governmental and other consents that are
required to have been obtained by it with respect to this Agreement or any
Credit Support Document to which it is a party have been obtained and are in
full force and effect and all conditions of any such consents have been
complied with; and

(v)                                 Obligations
Binding. Its obligations under
this Agreement and any Credit Support Document to which it is a party
constitute its legal, valid and binding obligations, enforceable in accordance
with their respective terms (subject to applicable bankruptcy, reorganisation,
insolvency, moratorium or similar laws affecting creditors’ rights generally
and subject, as to enforceability, to equitable principles of general
application (regardless of whether enforcement is sought in a proceeding in
equity or at law)).

(b)                                  Absence of
Certain Events. No Event of Default or
Potential Event of Default or, to its knowledge, Termination Event with respect
to it has occurred and is continuing and no such event or circumstance would
occur as a result of its entering into or performing its obligations under this
Agreement or any Credit Support Document to which it is a party.

(c)                                  Absence of
Litigation. There is not pending or,
to its knowledge, threatened against it, any of its Credit Support Providers or
any of its applicable Specified Entities any action, suit or proceeding at law
or in equity or before any court, tribunal, governmental body, agency or
official or any arbitrator that is likely to affect the legality, validity or
enforceability against it of this Agreement or any Credit Support Document to
which it is a party or its ability to perform its obligations under this
Agreement or such Credit Support Document.

(d)                                  Accuracy of
Specified Information. All
applicable information that is furnished in writing by or on behalf of it to
the other party and is identified for the purpose of this Section 3(d) in the
Schedule is, as of the date of the information, true, accurate and complete in
every material respect.

(e)                                  Payer Tax
Representation. Each representation
specified in the Schedule as being made by it for the purpose of this Section
3(e) is accurate and true.

(f)                                    Payee Tax
Representations. Each
representation specified in the Schedule as being made by it for the purpose of
this Section 3(f) is accurate and true.

(g)                                 No Agency. It is entering into this Agreement, including
each Transaction, as principal and not as agent of any person or entity.

4.                                       Agreements

Each party agrees with the
other that, so long as either party has or may have any obligation under this
Agreement or under any Credit Support Document to which it is a party: —

(a)                                  Furnish
Specified Information. It
will deliver to the other party or, in certain cases under clause (iii) below,
to such government or taxing authority as the other party reasonably directs: —

(i)                                     any forms, documents or certificates relating
to taxation specified in the Schedule or any Confirmation;

(ii)                                  any other documents specified in the Schedule
or any Confirmation; and

 4
 

(iii)                               upon reasonable demand by such other party,
any form or document that may be required or reasonably requested in writing in
order to allow such other party or its Credit Support Provider to make a
payment under this Agreement or any applicable Credit Support Document without
any deduction or withholding for or on account of any Tax or with such
deduction or withholding at a reduced rate (so long as the completion,
execution or submission of such form or document would not materially prejudice
the legal or commercial position of the party in receipt of such demand), with
any such form or document to be accurate and completed in a manner reasonably
satisfactory to such other party and to be executed and to be delivered with
any reasonably required certification,

in each case by the date
specified in the Schedule or such Confirmation or, if none is specified, as
soon as reasonably practicable.

(b)                                  Maintain Authorisations. It will use all reasonable efforts to maintain
in full force and effect all consents of any governmental or other authority
that are required to be obtained by it with respect to this Agreement or any
Credit Support Document to which it is a party and will use all reasonable
efforts to obtain any that may become necessary in the future.

(c)                                  Comply With
Laws. It will comply in all
material respects with all applicable laws and orders to which it may be
subject if failure so to comply would materially impair its ability to perform
its obligations under this Agreement or any Credit Support Document to which it
is a party.

(d)                                  Tax Agreement. It will give notice of any failure of a
representation made by it under Section 3(f) to be accurate and true promptly
upon learning of such failure.

(e)                                  Payment of Stamp
Tax. Subject to Section 11,
it will pay any Stamp Tax levied or imposed upon it or in respect of its
execution or performance of this Agreement by a jurisdiction in which it is
incorporated, organised, managed and controlled or considered to have its seat,
or where an Office through which it is acting for the purpose of this Agreement
is located (“Stamp Tax Jurisdiction”), and will indemnify the other party
against any Stamp Tax levied or imposed upon the other party or in respect of
the other party’s execution or performance of this Agreement by any such Stamp
Tax Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the
other party.

5.                                      Events of Default and
Termination Events

(a)                                  Events of
Default. The occurrence at any
time with respect to a party or, if applicable, any Credit Support Provider of
such party or any Specified Entity of such party of any of the following events
constitutes (subject to Sections 5(c) and 6(e)iv)) an event of default (an “Event
of Default”) with respect to such party: —

(i)                                     Failure to Pay
or Deliver. Failure by the party to
make, when due, any payment under this Agreement or delivery under Section 2(a)(i) or 9(h)(i)(2) or (4) required to be made by it if
such failure is not remedied on or before the first Local Business Day in the
case of any such payment or the first Local Delivery Day in the case of any
such delivery after, in each case, notice of such failure is given to the
party;

(ii)                                  Breach of Agreement;
Repudiation of Agreement.

(1)                                  Failure by the party to comply with or perform
any agreement or obligation (other than an obligation to make any payment under
this Agreement or delivery under Section 2(a)(i) or
9(h)(i)(2) or (4) or to give notice of a Termination Event or any agreement or
obligation under Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the
party in accordance with this Agreement if such failure is not remedied within
30 days after notice of such failure is given to the party; or

(2)                                  the party disaffirms, disclaims, repudiates or
rejects, in whole or in part, or challenges the validity of, this Master
Agreement, any Confirmation executed and delivered by that party or any

 5
 

Transaction evidenced by such a Confirmation (or such action is taken by any person or entity
appointed or empowered to operate it or act on its behalf);

(iii)                               Credit Support Default.

(1)                                  Failure by the party or any Credit Support
Provider of such party to comply with or perform any agreement or obligation to
be complied with or performed by it in accordance with any Credit Support
Document if such failure is continuing after any applicable grace period has
elapsed;

(2)                                  the expiration or termination of such Credit
Support Document or the failing or ceasing of such Credit Support Document, or
any security interest granted by such party or such Credit Support Provider to
the other party pursuant to any such Credit Support Document, to be in full
force and effect for the purpose of this Agreement (in each case other than in
accordance with its terms) prior to the satisfaction of all obligations of such
party under each Transaction to which such Credit Support Document relates
without the written consent of the other party; or

(3)                                  the party or such Credit Support Provider
disaffirms, disclaims, repudiates or rejects, in whole or in part, or
challenges the validity of, such Credit Support Document (or such action is
taken by any person or entity appointed or empowered to operate it or act on
its behalf);

(iv)                              Misrepresentation. A representation (other than a representation
under Section 3(e) or 3(f)) made or repeated or deemed to have been made or
repeated by the party or any Credit Support Provider of such party in this
Agreement or any Credit Support Document proves to have been incorrect or
misleading in any material respect when made or repeated or deemed to have been
made or repeated;

(v)                                 Default Under
Specified Transaction. The
party, any Credit Support Provider of such party or any applicable Specified
Entity of such party: —

(1)                                  defaults (other than by failing to make a
delivery) under a Specified Transaction or any credit support arrangement
relating to a Specified Transaction and, after giving effect to any applicable
notice requirement or grace period, such default results in a liquidation of,
an acceleration of obligations under, or an early termination of, that
Specified Transaction;

(2)                                  defaults, after giving effect to any
applicable notice requirement or grace period, in making any payment due on the
last payment or exchange date of, or any payment on early termination of, a
Specified Transaction (or, if there is no applicable notice requirement or
grace period, such default continues for at least one Local Business Day);

(3)                                  defaults in making any delivery due under
(including any delivery due on the last delivery or exchange date of) a
Specified Transaction or any credit support arrangement relating to a Specified
Transaction and, after giving effect to any applicable notice requirement or grace
period, such default results in a liquidation of, an acceleration of
obligations under, or an early termination of, all transactions outstanding
under the documentation applicable to that Specified Transaction; or

(4)                                  disaffirms, disclaims, repudiates or rejects,
in whole or in part, or challenges the validity of, a Specified Transaction or
any credit support arrangement relating to a Specified Transaction that is, in
either case, confirmed or evidenced by a document or other confirming evidence
executed and delivered by that party, Credit Support Provider or Specified
Entity (or such action is taken by any person or entity appointed or empowered
to operate it or act on its behalf);

 6
 

(vi)                              Cross-Default. If “Cross-Default” is specified in
the Schedule as applying to the party, the occurrence or existence of: —

(1)                                  a
default, event of default or other similar condition or event (however
described) in respect of such party, any Credit Support Provider of such party
or any applicable Specified Entity of such party under one or more agreements
or instruments relating to Specified Indebtedness of any of them (individually
or collectively) where the aggregate principal amount of such agreements or
instruments, either alone or together with the amount, if any, referred to in
clause (2) below, is not less than the applicable Threshold Amount (as
specified in the Schedule) which has resulted in such Specified Indebtedness
becoming, or becoming capable at such time of being declared, due and payable
under such agreements or instruments before it would otherwise have been due
and payable; or

(2)                                  a
default by such party, such Credit Support Provider or such Specified Entity
(individually or collectively) in making one or more payments under such
agreements or instruments on the due date for payment (after giving effect to
any applicable notice requirement or grace period) in an aggregate amount,
either alone or together with the amount, if any, referred to in clause (1)
above, of not less than the applicable Threshold Amount;

(vii)                           Bankruptcy. The
party, any Credit Support Provider of such party or any applicable Specified
Entity of such party: —

(1)                                  is
dissolved (other than pursuant to a consolidation, amalgamation or merger); (2)
becomes insolvent or is unable to pay its debts or fails or admits in writing
its inability generally to pay its debts as they become due; (3) makes a
general assignment, arrangement or composition with or for the benefit of its
creditors; (4)(a) institutes or has instituted
against it, by a regulator, supervisor or any similar official with primary
insolvency, rehabilitative or regulatory jurisdiction over it in the
jurisdiction of its incorporation or organisation or the jurisdiction of its
head or home office, a proceeding seeking a judgment of insolvency or
bankruptcy or any other relief under any bankruptcy or insolvency law or other
similar law affecting creditors’ rights, or a petition is presented for its
winding-up or liquidation by it or such regulator, supervisor or similar
official, or (B) has instituted against it a proceeding seeking a judgment of
insolvency or bankruptcy or any other relief under any bankruptcy or insolvency
law or other similar law affecting creditors’ rights, or a petition is
presented for its winding-up or liquidation, and such proceeding or petition is
instituted or presented by a person or entity not described in clause (a) above and either (I) results in a judgment of insolvency
or bankruptcy or the entry of an order for relief or the making of an order for
its winding-up or liquidation or (II) is not dismissed, discharged, stayed or
restrained in each case within 15 days of the institution or presentation
thereof; (5) has a resolution passed for its winding-up, official management or
liquidation (other than pursuant to a consolidation, amalgamation or merger);
(6) seeks or becomes subject to the appointment of an administrator,
provisional liquidator, conservator, receiver, trustee, custodian or other
similar official for it or for all or substantially all its assets; (7) has a
secured party take possession of all or substantially all its assets or has a
distress, execution, attachment, sequestration or other legal process levied,
enforced or sued on or against all or substantially all its assets and such
secured party maintains possession, or any such process is not dismissed,
discharged, stayed or restrained, in each case within 15 days thereafter; (8)
causes or is subject to any event with respect to it which, under the
applicable laws of any jurisdiction, has an analogous effect to any of the
events specified in clauses (1) to (7) above (inclusive); or (9) takes any
action in furtherance of, or indicating its consent to, approval of, or
acquiescence in, any of the foregoing acts; or

 7
 

(viii)                                     Merger Without Assumption. The party or any Credit Support Provider of such party
consolidates or amalgamates with, or merges with or into, or transfers all or
substantially all its assets to, or reorganises, reincorporates or
reconstitutes into or as, another entity and, at the time of such
consolidation, amalgamation, merger, transfer, reorganisation, reincorporation
or reconstitution: —

(1)                                  the
resulting, surviving or transferee entity fails to assume all the obligations
of such party or such Credit Support Provider under this Agreement or any
Credit Support Document to which it or its predecessor was a party; or

(2)                                  the
benefits of any Credit Support Document fail to extend (without the consent of
the other party) to the performance by such resulting, surviving or transferee
entity of its obligations under this Agreement.

(b)                                  Termination Events. The occurrence at any time with respect to a party or, if
applicable, any Credit Support Provider of such party or any Specified Entity
of such party of any event specified below constitutes (subject to Section
5(c)) an Illegality if the event is specified in clause (i) below, a Force
Majeure Event if the event is specified in clause (ii) below, a Tax Event if
the event is specified in clause (iii) below, a Tax Event Upon Merger if the event
is specified in clause (iv) below, and, if specified to be applicable, a Credit
Event Upon Merger if the event is specified pursuant to clause (v) below or an
Additional Termination Event if the event is specified pursuant to clause (vi)
below:—

(i)                                     Illegality. After
giving effect to any applicable provision, disruption fallback or remedy
specified in, or pursuant to, the relevant Confirmation or elsewhere in this
Agreement, due to an event or circumstance (other than any action taken by a
party or, if applicable, any Credit Support Provider of such party) occurring
after a Transaction is entered into, it becomes unlawful under any applicable
law (including without limitation the laws of any country in which payment,
delivery or compliance is required by either party or any Credit Support
Provider, as the case may be), on any day, or it would be unlawful if the
relevant payment, delivery or compliance were required on that day (in each
case, other than as a result of a breach by the party of Section 4(b)): —

(1)                                  for
the Office through which such party (which will be the Affected Party) makes
and receives payments or deliveries with respect to such Transaction to perform
any absolute or contingent obligation to make a payment or delivery in respect
of such Transaction, to receive a payment or delivery in respect of such
Transaction or to comply with any other material provision of this Agreement
relating to such Transaction; or

(2)                                  for
such party or any Credit Support Provider of such party (which will be the
Affected Party) to perform any absolute or contingent obligation to make a
payment or delivery which such party or Credit Support Provider has under any
Credit Support Document relating to such Transaction, to receive a payment or
delivery under such Credit Support Document or to comply with any other
material provision of such Credit Support Document;

(ii)                                  Force Majeure Event. After giving effect to any
applicable provision, disruption fallback or remedy specified in, or pursuant
to, the relevant Confirmation or elsewhere in this Agreement, by reason of
force majeure or act of state occurring after a Transaction is entered into, on
any day: —

(1)                                  the
Office through which such party (which will be the Affected Party) makes and
receives payments or deliveries with respect to such Transaction is prevented
from performing any absolute or contingent obligation to make a payment or
delivery in respect of such Transaction, from receiving a payment or delivery
in respect of such Transaction or from complying with any other material
provision of this Agreement relating to such Transaction (or would be so
prevented if such payment, delivery or compliance were required on that day),
or it becomes impossible or

 8
 

impracticable for such Office so to perform, receive
or comply (or it would be impossible or impracticable for such Office so to
perform, receive or comply if such payment, delivery or compliance were
required on that day); or

(2)                                  such
party or any Credit Support Provider of such party (which will be the Affected
Party) is prevented from performing any absolute or contingent obligation to
make a payment or delivery which such party or Credit Support Provider has
under any Credit Support Document relating to such Transaction, from receiving
a payment or delivery under such Credit Support Document or from complying with
any other material provision of such Credit Support Document (or would be so
prevented if such payment, delivery or compliance were required on that day),
or it becomes impossible or impracticable for such party or Credit Support
Provider so to perform, receive or comply (or it would be impossible or
impracticable for such party or Credit Support Provider so to perform, receive
or comply if such payment, delivery or compliance were required on that day),

so long as the force majeure or act of state is beyond
the control of such Office, such party or such Credit Support Provider, as
appropriate, and such Office, party or Credit Support Provider could not, after
using all reasonable efforts (which will not require such party or Credit
Support Provider to incur a loss, other than immaterial, incidental expenses),
overcome such prevention, impossibility or impracticability;

(iii)                               Tax Event. Due
to (1) any action taken by a taxing authority, or brought in a court of
competent jurisdiction, after a Transaction is entered into (regardless of
whether such action is taken or brought with respect to a party to this
Agreement) or (2) a Change in Tax Law, the party (which will be the Affected
Party) will, or there is a substantial likelihood that it will, on the next
succeeding Scheduled Settlement Date (a) be required
to pay to the other party an additional amount in respect of an Indemnifiable
Tax under Section 2(d)(i)(4) (except in respect of interest under Section 9(h))
or (B) receive a payment from which an amount is required to be deducted or
withheld for or on account of a Tax (except in respect of interest under
Section 9(h)) and no additional amount is required to be paid in respect of
such Tax under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(a) or (B));

(iv)                              Tax Event Upon Merger. The party (the “Burdened Party”) on
the next succeeding Scheduled Settlement Date will either (1) be required to
pay an additional amount in respect of an Indemnifiable Tax under Section
2(d)(i)(4) (except in respect of interest under Section 9(h)) or (2) receive a
payment from which an amount has been deducted or withheld for or on account of
any Tax in respect of which the other party is not required to pay an additional
amount (other than by reason of Section 2(d)(i)(4)(a)
or (B)), in either case as a result of a party consolidating or amalgamating
with, or merging with or into, or transferring all or substantially all its
assets (or any substantial part of the assets comprising the business conducted
by it as of the date of this Master Agreement) to, or reorganising,
reincorporating or reconstituting into or as, another entity (which will be the
Affected Party) where such action does not constitute a Merger Without
Assumption;

(v)                                 Credit Event Upon Merger. If “Credit Event Upon Merger” is
specified in the Schedule as applying to the party, a Designated Event (as
defined below) occurs with respect to such party, any Credit Support Provider
of such party or any applicable Specified Entity of such party (in each case, “X”)
and such Designated Event does not constitute a Merger Without Assumption, and
the creditworthiness of X or, if applicable, the successor, surviving or
transferee entity of X, after taking into account any applicable Credit Support
Document, is materially weaker immediately after the occurrence of such
Designated Event than that of X immediately prior to the occurrence of such
Designated Event (and, in any such event, such party or its successor, surviving
or transferee entity, as appropriate, will be the Affected Party). A “Designated
Event” with respect to X means that: —

(1)                                  X
consolidates or amalgamates with, or merges with or into, or transfers all or
substantially all its assets (or any substantial part of the assets comprising
the business conducted by X as of the

 9
 

date of this Master Agreement) to, or reorganises,
reincorporates or reconstitutes into or as, another entity;

(2)                                  any
person, related group of persons or entity acquires directly or indirectly the
beneficial ownership of (a) equity
securities having the power to elect a majority of the board of directors (or
its equivalent) of X or (B) any other ownership interest enabling it to
exercise control of X; or

(3)                                  X
effects any substantial change in its capital structure by means of the
issuance, incurrence or guarantee of debt or the issuance of (a) preferred stock or other securities convertible into or
exchangeable for debt or preferred stock or (B) in the case of entities other
than corporations, any other form of ownership interest; or

(vi)                              Additional Termination Event. If any “Additional Termination Event”
is specified in the Schedule or any Confirmation as applying, the occurrence of
such event (and, in such event, the Affected Party or Affected Parties will be
as specified for such Additional Termination Event in the Schedule or such
Confirmation).

(c)                                  Hierarchy of Events.

(i)                                     An
event or circumstance that constitutes or gives rise to an Illegality or a
Force Majeure Event will not, for so long as that is the case, also constitute
or give rise to an Event of Default under Section 5(a)(i),
5(a)(ii)(l) or 5(a)(iii)(l)
insofar as such event or circumstance relates to the failure to make any
payment or delivery or a failure to comply with any other material provision of
this Agreement or a Credit Support Document, as the case may be.

(ii)                                  Except
in circumstances contemplated by clause (i) above, if an event or circumstance
which would otherwise constitute or give rise to an Illegality or a Force
Majeure Event also constitutes an Event of Default or any other Termination
Event, it will be treated as an Event of Default or such other Termination
Event, as the case may be, and will not constitute or give rise to an
Illegality or a Force Majeure Event.

(iii)                               If an event or
circumstance which would otherwise constitute or give rise to a Force Majeure
Event also constitutes an Illegality, it will be treated as an Illegality,
except as described in clause (ii) above, and not a Force Majeure Event.

(d)                                  Deferral of Payments and Deliveries During
Waiting Period. If an Illegality or a Force Majeure Event has
occurred and is continuing with respect to a Transaction, each payment or
delivery which would otherwise be required to be made under that Transaction
will be deferred to, and will not be due until: —

(i)                                     the
first Local Business Day or, in the case of a delivery, the first Local
Delivery Day (or the first day that would have been a Local Business Day or
Local Delivery Day, as appropriate, but for the occurrence of the event or
circumstance constituting or giving rise to that Illegality or Force Majeure
Event) following the end of any applicable Waiting Period in respect of that
Illegality or Force Majeure Event, as the case may be; or

(ii)                                  if
earlier, the date on which the event or circumstance constituting or giving
rise to that Illegality or Force Majeure Event ceases to exist or, if such date
is not a Local Business Day or, in the case of a delivery, a Local Delivery
Day, the first following day that is a Local Business Day or Local Delivery
Day, as appropriate.

(e)                                  Inability of Head or Home Office to Perform
Obligations of Branch. If (i) an Illegality or a Force Majeure
Event occurs under Section 5(b)(i )(1) or 5(b)(ii)(l) and the relevant Office
is not the Affected Party’s head or home office, (ii) Section 10(a) applies,
(iii) the other party seeks performance of the relevant obligation or

 10
 

compliance with the relevant provision by the Affected
Party’s head or home office and (iv) the Affected Party’s head or home office
fails so to perform or comply due to the occurrence of an event or circumstance
which would, if that head or home office were the Office through which the
Affected Party makes and receives payments and deliveries with respect to the relevant
Transaction, constitute or give rise to an Illegality or a Force Majeure Event,
and such failure would otherwise constitute an Event of Default under Section 5(a)(i)
or 5(a)(iii)(l) with respect to such party, then, for so long as the relevant
event or circumstance continues to exist with respect to both the Office
referred to in Section 5(b)(i)(l) or 5(b)(ii)(l), as the case may be, and the
Affected Party’s head or home office, such failure will not constitute an Event
of Default under Section 5(a)(i) or 5(a)(iii)(l).

6.                                      Early
Termination; Close-Out Netting

(a)                                  Right to Terminate Following Event of
Default. If at any time an Event of Default with respect to a
party (the “Defaulting Party”) has occurred and is then continuing, the other
party (the “Non-defaulting Party”) may, by not more than 20 days notice to the
Defaulting Party specifying the relevant Event of Default, designate a day not
earlier than the day such notice is effective as an Early Termination Date in
respect of all outstanding Transactions. If, however, “Automatic Early
Termination” is specified in the Schedule as applying to a party, then an Early
Termination Date in respect of all outstanding Transactions will occur
immediately upon the occurrence with respect to such party of an Event of
Default specified in Section 5(a) (vii)(l), (3), (5), (6) or, to the extent
analogous thereto, (8), and as of the time immediately preceding the
institution of the relevant proceeding or the presentation of the relevant
petition upon the occurrence with respect to such party of an Event of Default
specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8).

(b)                                  Right to Terminate Following Termination
Event.

(i)                                     Notice. If a Termination
Event other than a Force Majeure Event occurs, an Affected Party will, promptly
upon becoming aware of it, notify the other party, specifying the nature of
that Termination Event and each Affected Transaction, and will also give the
other party such other information about that Termination Event as the other
party may reasonably require. If a Force Majeure Event occurs, each party will,
promptly upon becoming aware of it, use all reasonable efforts to notify the
other party, specifying the nature of that Force Majeure Event, and will also
give the other party such other information about that Force Majeure Event as
the other party may reasonably require.

(ii)                                  Transfer to Avoid Termination Event. If a Tax Event occurs and there is
only one Affected Party, or if a Tax Event Upon Merger occurs and the Burdened
Party is the Affected Party, the Affected Party will, as a condition to its
right to designate an Early Termination Date under Section 6(b)(iv), use all
reasonable efforts (which will not require such party to incur a loss, other
than immaterial, incidental expenses) to transfer within 20 days after it gives
notice under Section 6(b)(i) all its rights and obligations under this
Agreement in respect of the Affected Transactions to another of its Offices or
Affiliates so that such Termination Event ceases to exist.

If the Affected Party is not able to make such a
transfer it will give notice to the other party to that effect within such 20
day period, whereupon the other party may effect such a transfer within 30 days
after the notice is given under Section 6(b)(i).

Any such transfer by a party under this Section
6(b)(ii) will be subject to and conditional upon the prior written consent of
the other party, which consent will not be withheld if such other party’s
policies in effect at such time would permit it to enter into transactions with
the transferee on the terms proposed.

(iii)                               Two Affected Parties. If a Tax Event occurs and there
are two Affected Parties, each party will use all reasonable efforts to reach
agreement within 30 days after notice of such occurrence is given under Section
6(b)(i) to avoid that Termination Event.

 11
 

(iv)                              Right to Terminate.

(1)                                  If:
—

(a)                                  a
transfer under Section 6(b)(ii) or an agreement under Section 6(b)(iii), as the
case may be, has not been effected with respect to all Affected Transactions
within 30 days after an Affected Party gives notice under Section 6(b)(i); or

(B)                                a
Credit Event Upon Merger or an Additional Termination Event occurs, or a Tax
Event Upon Merger occurs and the Burdened Party is not the Affected Party.

the Burdened Party in the case of a Tax Event Upon
Merger, any Affected Party in the case of a Tax Event or an Additional
Termination Event if there are two Affected Parties, or the Non-affected Party
in the case of a Credit Event Upon Merger or an Additional Termination Event if
there is only one Affected Party may, if the relevant Termination Event is then
continuing, by not more than 20 days notice to the other party, designate a day
not earlier than the day such notice is effective as an Early Termination Date
in respect of all Affected Transactions.

(2)                                  If
at any time an Illegality or a Force Majeure Event has occurred and is then
continuing and any applicable Waiting Period has expired: —

(a)                                  Subject
to clause (B) below, either party may, by not more than 20 days notice to the
other party, designate (I) a day not earlier than the day on which such notice
becomes effective as an Early Termination Date in respect of all Affected
Transactions or (II) by specifying in that notice the Affected Transactions in respect
of which it is designating the relevant day as an Early Termination Date, a day
not earlier than two Local Business Days following the day on which such notice
becomes effective as an Early Termination Date in respect of less than all
Affected Transactions. Upon receipt of a notice designating an Early
Termination Date in respect of less than all Affected Transactions, the other
party may, by notice to the designating party, if such notice is effective on
or before the day so designated, designate that same day as an Early
Termination Date in respect of any or all other Affected Transactions.

(B)                                An
Affected Party (if the Illegality or Force Majeure Event relates to performance
by such party or any Credit Support Provider of such party of an obligation to
make any payment or delivery under, or to compliance with any other material
provision of, the relevant Credit Support Document) will only have the right to
designate an Early Termination Date under Section 6(b)(iv)(2)(a) as a result of
an Illegality under Section 5(b)(i)(2) or a Force Majeure Event under Section
5(b)(ii)(2) following the prior designation by the other party of an Early
Termination Date, pursuant to Section 6(b)(iv)(2)(a), in respect of less than
all Affected Transactions.

(c)                                  Effect of Designation.

(i)                                     If
notice designating an Early Termination Date is given under Section 6(a) or
6(b), the Early Termination Date will occur on the date so designated, whether
or not the relevant Event of Default or Termination Event is then continuing.

(ii)                                  Upon
the occurrence or effective designation of an Early Termination Date, no
further payments or deliveries under Section 2(a)(i) or 9(h)(i) in respect of
the Terminated Transactions will be required to be made, but without prejudice
to the other provisions of this Agreement. The amount, if any, payable in
respect of an Early Termination Date will be determined pursuant to Sections
6(e) and 9(h)(ii).

 12
 

(d)                                  Calculations; Payment Date.

(i)                                     Statement. On or as
soon as reasonably practicable following the occurrence of an Early Termination
Date, each party will make the calculations on its part, if any, contemplated
by Section 6(e) and will provide to the other party a statement (1) showing, in
reasonable detail, such calculations (including any quotations, market data or
information from internal sources used in making such calculations), (2)
specifying (except where there are two Affected Parties) any Early Termination
Amount payable and (3) giving details of the relevant account to which any
amount payable to it is to be paid. In the absence of written confirmation from
the source of a quotation or market data obtained in determining a Close-out
Amount, the records of the party obtaining such quotation or market data will
be conclusive evidence of the existence and accuracy of such quotation or
market data.

(ii)                                  Payment Date. An
Early Termination Amount due in respect of any Early Termination Date will,
together with any amount of interest payable pursuant to Section 9(h)(ii)(2),
be payable (1) on the day on which notice of the amount payable is effective in
the case of an Early Termination Date which is designated or occurs as a result
of an Event of Default and (2) on the day which is two Local Business Days
after the day on which notice of the amount payable is effective (or, if there
are two Affected Parties, after the day on which the statement provided
pursuant to clause (i) above by the second party to provide such a statement is
effective) in the case of an Early Termination Date which is designated as a
result of a Termination Event.

(e)                                  Payments on Early  Termination. If an
Early Termination Date occurs, the amount, if any, payable in respect of that
Early Termination Date (the “Early Termination Amount”) will be determined
pursuant to this Section 6(e) and will be subject to Section 6(f).

(i)                                     Events of Default. If
the Early Termination Date results from an Event of Default, the Early
Termination Amount will be an amount equal to (1) the sum of (a) the
Termination Currency Equivalent of the Close-out Amount or Close-out Amounts
(whether positive or negative) determined by the Non-defaulting Party for each
Terminated Transaction or group of Terminated Transactions, as the case may be,
and (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the
Non-defaulting Party less (2) the Termination Currency Equivalent of the Unpaid
Amounts owing to the Defaulting Party. If the Early Termination Amount is a
positive number, the Defaulting Party will pay it to the Non-defaulting Party;
if it is a negative number, the Non-defaulting Party will pay the absolute
value of the Early Termination Amount to the Defaulting Party.

(ii)                                  Termination Events.
If the Early Termination Date results from a Termination Event: —

(1)                                  One Affected Party. Subject to clause (3)
below, if there is one Affected Party, the Early Termination Amount will be
determined in accordance with Section 6(e)(i), except that references to the
Defaulting Party and to the Non-defaulting Party will be deemed to be
references to the Affected Party and to the Non-affected Party, respectively.

(2)                                  Two Affected Parties. Subject to clause
(3) below, if there are two Affected Parties, each party will determine an
amount equal to the Termination Currency Equivalent of the sum of the Close-out
Amount or Close-out Amounts (whether positive or negative) for each Terminated
Transaction or group of Terminated Transactions, as the case may be, and the
Early Termination Amount will be an amount equal to (a) the sum of (I) one-half
of the difference between the higher amount so determined (by party “X”) and
the lower amount so determined (by party “Y”) and (II) the Termination Currency
Equivalent of the Unpaid Amounts owing to X less (B) the Termination Currency
Equivalent of the Unpaid Amounts owing to Y. If the Early Termination Amount is
a positive number, Y will pay it to X; if it is a negative number, X will pay
the absolute value of the Early Termination Amount to Y.

 13
 

(3)                                  Mid-Market Events. If that Termination Event is an Illegality
or a Force Majeure Event, then the Early Termination Amount will be determined
in accordance with clause (1) or (2) above, as appropriate, except that, for
the purpose of determining a Close-out Amount or Close-out Amounts, the
Determining Party will: —

(a)                                  if obtaining quotations from one or more third
parties (or from any of the Determining Party’s Affiliates), ask each third
party or Affiliate (I) not to take account of the current creditworthiness of
the Determining Party or any existing Credit Support Document and (II) to
provide mid-market quotations; and

(B)                                in any other case, use mid-market values
without regard to the creditworthiness of the Determining Party.

(iii)                               Adjustment
for Bankruptcy. In
circumstances where an Early Termination Date occurs because Automatic Early
Termination applies in respect of a party, the Early Termination Amount will be
subject to such adjustments as are appropriate and permitted by applicable taw
to reflect any payments or deliveries made by one party to the other under this
Agreement (and retained by such other party) during the period from the
relevant Early Termination Date to the date for payment determined under
Section 6(d)(ii).

(iv)                              Adjustment
for Illegality or Force Majeure Event. The failure by a party or any Credit Support Provider of such party to
pay, when due, any Early Termination Amount will not constitute an Event of
Default under Section 5(a)(i) or 5(a)(iii)(I) if such failure is due to the
occurrence of an event or circumstance which would, if it occurred with respect
to payment, delivery or compliance related to a Transaction, constitute or give
rise to an Illegality or a Force Majeure Event. Such amount will (1) accrue
interest and otherwise be treated as an Unpaid Amount owing to the other party
if subsequently an Early Termination Date results from an Event of Default, a
Credit Event Upon Merger or an Additional Termination Event in respect of which
all outstanding Transactions are Affected Transactions and (2) otherwise accrue
interest in accordance with Section 9(h)(ii)(2).

(v)                                 Pre-Estimate. The parties agree that an amount recoverable
under this Section 6(e) is a reasonable pre-estimate of loss and not a penalty.
Such amount is payable for the loss of bargain and the loss of protection
against future risks, and, except as otherwise provided in this Agreement,
neither party will be entitled to recover any additional damages as a
consequence of the termination of the Terminated Transactions.

(f)                                    Set-Off. Any Early Termination Amount payable to one
party (the “Payee”) by the other party (the “Payer”), in circumstances where
there is a Defaulting Party or where there is one Affected Party in the case
where either a Credit Event Upon Merger has occurred or any other Termination
Event in respect of which all outstanding Transactions are Affected
Transactions has occurred, will, at the option of the Non-defaulting Party or
the Non-affected Party, as the case may be (“X”) (and without prior notice to
the Defaulting Party or the Affected Party, as the case may be), be reduced by
its set-off against any other amounts (“Other Amounts”) payable by the Payee to
the Payer (whether or not arising under this Agreement, matured or contingent
and irrespective of the currency, place of payment or place of booking of the
obligation). To the extent that any Other Amounts are so set off, those Other
Amounts will be discharged promptly and in all respects. X will give notice to
the other party of any set-off effected under this Section 6(f).

For this purpose, either the
Early Termination Amount or the Other Amounts (or the relevant portion of such
amounts) may be converted by X into the currency in which the other is
denominated at the rate of exchange at which such party would be able, in good
faith and using commercially reasonable procedures, to purchase the relevant
amount of such currency.

 14
 

If an obligation is
unascertained, X may in good faith estimate that obligation and set off in
respect of the estimate, subject to the relevant party accounting to the other
when the obligation is ascertained.

Nothing in this Section 6(f)
will be effective to create a charge or other security interest. This Section
6(f) will be without prejudice and in addition to any right of set-off, offset,
combination of accounts, lien, right of retention or withholding or similar
right or requirement to which any party is at any time otherwise entitled or
subject (whether by operation of law, contract or otherwise).

7.                                      Transfer

Subject to Section 6(b)(ii)
and to the extent permitted by applicable law, neither this Agreement nor any
interest or obligation in or under this Agreement may be transferred (whether
by way of security or otherwise) by either party without the prior written
consent of the other party, except that: —

(a)                                  a party may make such a transfer of this Agreement
pursuant to a consolidation or amalgamation with, or merger with or into, or
transfer of all or substantially all its assets to, another entity (but without
prejudice to any other right or remedy under this Agreement); and

(b)                                  a party may make such a transfer of all or any
part of its interest in any Early Termination Amount payable to it by a
Defaulting Party, together with any amounts payable on or with respect to that
interest and any other rights associated with that interest pursuant to Sections
8.9(h) and 11.

Any purported transfer that
is not in compliance with this Section 7 will be void.

8.                                      Contractual
Currency

(a)                                  Payment in
the Contractual Currency.
Each payment under this Agreement will be made in the relevant currency
specified in this Agreement for that payment (the “Contractual Currency”). To
the extent permitted by applicable law, any obligation to make payments under
this Agreement in the Contractual Currency will not be discharged or satisfied
by any tender in any currency other than the Contractual Currency, except to
the extent such tender results in the actual receipt by the party to which
payment is owed, acting in good faith and using commercially reasonable
procedures in converting the currency so tendered into the Contractual Currency,
of the full amount in the Contractual Currency of all amounts payable in
respect of this Agreement. If for any reason the amount in the Contractual
Currency so received falls short of the amount in the Contractual Currency
payable in respect of this Agreement, the party required to make the payment
will, to the extent permitted by applicable law, immediately pay such
additional amount in the Contractual Currency as may be necessary to compensate
for the shortfall. If for any reason the amount in the Contractual Currency so
received exceeds the amount in the Contractual Currency payable in respect of
this Agreement, the party receiving the payment will refund promptly the amount
of such excess.

(b)                                  Judgments. To the extent permitted by applicable law, if
any judgment or order expressed in a currency other than the Contractual
Currency is rendered (i) for the payment of any amount owing in respect of this
Agreement, (ii) for the payment of any amount relating to any early termination
in respect of this Agreement or (iii) in respect of a judgment or order of
another court for the payment of any amount described in clause (i) or (ii)
above, the party seeking recovery, after recovery in full of the aggregate
amount to which such party is entitled pursuant to the judgment or order, will
be entitled to receive immediately from the other party the amount of any
shortfall of the Contractual Currency received by such party as a consequence
of sums paid in such other currency and will refund promptly to the other party
any excess of the Contractual Currency received by such party as a consequence
of sums paid in such other currency if such shortfall or such excess arises or
results from any variation between the rate of exchange at which the
Contractual Currency is converted into the currency of the judgment or order
for the purpose of such judgment or order and the rate of exchange at which
such party is able, acting in good faith and using

 15
 

commercially reasonable
procedures in converting the currency received into the Contractual Currency,
to purchase the Contractual Currency with the amount of the currency of the
judgment or order actually received by such party.

(c)                                  Separate
Indemnities. To
the extent permitted by applicable law, the indemnities in this Section 8
constitute separate and independent obligations from the other obligations in
this Agreement, will be enforceable as separate and independent causes of
action, will apply notwithstanding any indulgence granted by the party to which
any payment is owed and will not be affected by judgment being obtained or
claim or proof being made for any other sums payable in respect of this
Agreement.

(d)                                  Evidence of Loss. For the purpose of this Section 8, it will he
sufficient for a party to demonstrate that it would have suffered a loss had an
actual exchange or purchase been made.

9.                                      Miscellaneous

(a)                                  Entire Agreement. This Agreement constitutes the entire
agreement and understanding of the parties with respect to its subject matter.
Each of the parties acknowledges that in entering into this Agreement it has
not relied on any oral or written representation, warranty or other assurance
(except as provided for or referred to in this Agreement) and waives all rights
and remedies which might otherwise be available to it in respect thereof,
except that nothing in this Agreement will limit or exclude any liability of a
party for fraud.

(b)                                  Amendments. An amendment, modification or waiver in
respect of this Agreement will only be effective if in writing (including a
writing evidenced by a facsimile transmission) and executed by each of the
parties or confirmed by an exchange of telexes or by an exchange of electronic
messages on an electronic messaging system.

(c)                                  Survival of
Obligations. Without
prejudice to Sections 2(a)(iii) and 6(c)(ii), the obligations of the parties
under this Agreement will survive the termination of any Transaction.

(d)                                  Remedies
Cumulative. Except
as provided in this Agreement, the rights, powers, remedies and privileges
provided in this Agreement are cumulative and not exclusive of any rights,
powers, remedies and privileges provided by law.

(e)                                  Counterparts and
Confirmations.

(i)                                     This Agreement (and each amendment,
modification and waiver in respect of it) may be executed and delivered in
counterparts (including by facsimile transmission and by electronic messaging
system), each of which will be deemed an original.

(ii)                                  The parties intend that they are legally bound
by the terms of each Transaction from the moment they agree to those terms
(whether orally or otherwise). A Confirmation will be entered into as soon as
practicable and may be executed and delivered in counterparts (including by
facsimile transmission) or be created by an exchange of telexes, by an exchange
of electronic messages on an electronic messaging system or by an exchange of
e-mails, which in each case will be sufficient for all purposes to evidence a
binding supplement to this Agreement. The parties will specify therein or
through another effective means that any such counterpart, telex, electronic
message or e-mail constitutes a Confirmation.

(f)                                    No Waiver of
Rights. A
failure or delay in exercising any right, power or privilege in respect of this
Agreement will not be presumed to operate as a waiver, and a single or partial
exercise of any right, power or privilege will not be presumed to preclude any
subsequent or further exercise, of that right, power or privilege or the
exercise of any other right, power or privilege.

(g)                                 Headings. The headings used in this Agreement are for
convenience of reference only and are not to affect the construction of or to
be taken into consideration in interpreting this Agreement.

 16

(h)                                 Interest and
Compensation.

(i)                                     Prior to Early
Termination. Prior
to the occurrence or effective designation of an Early Termination Date in
respect of the relevant Transaction: —

(1)                                  Interest on Defaulted Payments. If a party defaults in the performance of any
payment obligation, it will, to the extent permitted by applicable law and
subject to Section 6(c), pay interest (before as well as after judgment) on the
overdue amount to the other party on demand in the same currency as the overdue
amount, for the period from (and including) the original due date for payment
to (but excluding) the date of actual payment (and excluding any period in
respect of which interest or compensation in respect of the over due amount is
due pursuant to clause (3)(B) or (C) below), at the Default Rate.

(2)                                  Compensation for Defaulted
Deliveries. If a party defaults in
the performance of any obligation required to be settled by delivery, it will
on demand (A) compensate the other party to the extent provided for in the
relevant Confirmation or elsewhere in this Agreement and (B) unless otherwise
provided in the relevant Confirmation or elsewhere in this Agreement, to the
extent permitted by applicable law and subject to Section 6(c), pay to the
other party interest (before as well as after judgment) on an amount equal to
the fair market value of that which was required to be delivered in the same
currency as that amount, for the period from (and including) the originally
scheduled date for delivery to (but excluding) the date of actual delivery (and
excluding any period in respect of which interest or compensation in respect of
that amount is due pursuant to clause (4) below), at the Default Rate. The fair
market value of any obligation referred to above will be determined as of the
originally scheduled date for delivery, in good faith and using commercially
reasonable procedures, by the party that was entitled to take delivery.

(3)                                  Interest on Deferred Payments. If:—

(A)                              a party does not pay any amount that, but for
Section 2(a)(iii), would have been payable, it will, to the extent permitted by
applicable law and subject to Section 6(c) and clauses (B) and (C) below, pay
interest (before as well as after judgment) on that amount to the other party
on demand (after such amount becomes payable) in the same currency as that
amount, for the period from (and including) the date the amount would, but for
Section 2(a)(iii), have been payable to (but excluding) the date the amount
actually becomes payable, at the Applicable Deferral Rate;

(B)                                a payment is deferred pursuant to Section
5(d), the party which would otherwise have been required to make that payment
will, to the extent permitted by applicable law, subject to Section 6(c) and
for so long as no Event of Default or Potential Event of Default with respect
to that party has occurred and is continuing, pay interest (before as well as
after judgment) on the amount of the deferred payment to the other party on
demand (after such amount becomes payable) in the same currency as the deferred
payment, for the period from (and including) the date the amount would, but for
Section 5(d), have been payable to (but excluding) the earlier of the date the
payment is no longer deferred pursuant to Section 5(d) and the date during the
deferral period upon which an Event of Default or Potential Event of Default
with respect to that party occurs, at the Applicable Deferral Rate; or

(C)                                a party fails to make any payment due to the
occurrence of an Illegality or a Force Majeure Event (after giving effect to
any deferral period contemplated by clause (B) above), it will, to the extent
permitted by applicable law, subject to Section 6(c) and for so long as the
event or circumstance giving rise to that Illegality or Force Majeure Event

 17
 

continues and no Event of
Default or Potential Event of Default with respect to that party has occurred
and is continuing, pay interest (before as well as after judgment) on the
overdue amount to the other party on demand in the same currency as the overdue
amount, for the period from (and including) the date the party fails to make
the payment due to the occurrence of the relevant Illegality or Force Majeure
Event (or, if later, the date the payment is no longer deferred pursuant to
Section 5(d)) to (but excluding) the earlier of the date the event or
circumstance giving rise to that Illegality or Force Majeure Event ceases to
exist and the date during the period upon which an Event of Default or
Potential Event of Default with respect to that party occurs (and excluding any
period in respect of which interest or compensation in respect of the overdue
amount is due pursuant to clause (B) above), at the Applicable Deferral Rate.

(4)                                  Compensation for Deferred
Deliveries. If:—

(A)                              a party does not perform any obligation that,
but for Section 2(a)(iii), would have been required to be settled by delivery;

(B)                                a delivery is deferred pursuant to Section
5(d); or

(C)                                a party fails to make a delivery due to the
occurrence of an Illegality or a Force Majeure Event at a time when any
applicable Waiting Period has expired,

the party required (or that
would otherwise have been required) to make the delivery will, to the extent
permitted by applicable law and subject to Section 6(c), compensate and pay
interest to the other party on demand (after, in the case of clauses (A) and
(B) above, such delivery is required) if and to the extent provided for in the
relevant Confirmation or elsewhere in this Agreement.

(ii)                                  Early
Termination. Upon
the occurrence or effective designation of an Early Termination Date in respect
of a Transaction: —

(1)                                  Unpaid Amounts. For the purpose of determining an Unpaid
Amount in respect of the relevant Transaction, and to the extent permitted by
applicable law, interest will accrue on the amount of any payment obligation or
the amount equal to the fair market value of any obligation required to be
settled by delivery included in such determination in the same currency as that
amount, for the period from (and including) the date the relevant obligation
was (or would have been but for Section 2(a)(iii) or 5(d)) required to have
been performed to (but excluding) the relevant Early Termination Date, at the
Applicable Close-out Rate.

(2)                                  Interest on Early Termination
Amounts. If an Early Termination
Amount is due in respect of such Early Termination Date, that amount will, to
the extent permitted by applicable law, be paid together with interest (before
as well as after judgment) on that amount in the Termination Currency, for the
period from (and including) such Early Termination Date to (but excluding) the
date the amount is paid, at the Applicable Close-out Rate.

(iii)                               Interest
Calculation. Any interest pursuant to
this Section 9(h) will be calculated on the basis of daily compounding and the
actual number of days elapsed.

 18
 

10.                               Offices;
Multibranch Parties

(a)                                  If Section 10(a) is
specified in the Schedule as applying, each party that enters into a
Transaction through an Office other than its head or home office represents to
and agrees with the other party that, notwithstanding the place of booking or
its jurisdiction of incorporation or organisation, its obligations are the same
in terms of recourse against it as if it had entered into the Transaction
through its head or home office, except that a party will not have recourse to
the head or home office of the other party in respect of any payment or
delivery deferred pursuant to Section 5(d) for so long as the payment or
delivery is so deferred. This representation and agreement will be deemed to be
repeated by each party on each date on which the parties enter into a
Transaction.

(b)                                  If a party is
specified as a Multibranch Party in the Schedule, such party may, subject to
clause (c) below, enter into a Transaction through, book a Transaction in and
make and receive payments and deliveries with respect to a Transaction through
any Office listed in respect of that party in the Schedule (but not any other
Office unless otherwise agreed by the parties in writing).

(c)                                  The Office through
which a party enters into a Transaction will be the Office specified for that
party in the relevant Confirmation or as otherwise agreed by the parties in
writing, and, if an Office for that party is not specified in the Confirmation
or otherwise agreed by the parties in writing, its head or home office. Unless
the parties otherwise agree in writing, the Office through which a party enters
into a Transaction will also be the Office in which it books the Transaction
and the Office through which it makes and receives payments and deliveries with
respect to the Transaction. Subject to Section 6(b)(ii), neither party may
change the Office in which it books the Transaction or the Office through which
it makes and receives payments or deliveries with respect to a Transaction
without the prior written consent of the other party.

11.                               Expenses

A Defaulting Party will on demand indemnify and hold
harmless the other party for and against all reasonable out-of-pocket expenses,
including legal fees, execution fees and Stamp Tax, incurred by such other
party by reason of the enforcement and protection of its rights under this
Agreement or any Credit Support Document to which the Defaulting Party is a
party or by reason of the early termination of any Transaction, including, but
not limited to, costs of collection.

12.                               Notices

(a)                                  Effectiveness. Any
notice or other communication in respect of this Agreement may be given in any
manner described below (except that a notice or other communication under
Section 5 or 6 may not be given by electronic messaging system or e-mail) to
the address or number or in accordance with the electronic messaging system or
e-mail details provided (see the Schedule) and will be deemed effective as
indicated: —

(i)                                     if
in writing and delivered in person or by courier, on the date it is delivered;

(ii)                                  if
sent by telex, on the date the recipient’s answerback is received;

(iii)                               if sent by facsimile
transmission, on the date it is received by a responsible employee of the
recipient in legible form (it being agreed that the burden of proving receipt
will be on the sender and will not be met by a transmission report generated by
the sender’s facsimile machine);

(iv)                              if
sent by certified or registered mail (airmail, if overseas) or the equivalent
(return receipt requested), on the date it is delivered or its delivery is
attempted;

(v)                                 if
sent by electronic messaging system, on the date it is received; or

 19
 

(vi)                              if
sent by e-mail, on the date it is delivered,

unless the date of that delivery (or attempted
delivery) or that receipt, as applicable, is not a Local Business Day or that
communication is delivered (or attempted) or received, as applicable, after the
close of business on a Local Business Day, in which case that communication
will be deemed given and effective on the first following day that is a Local
Business Day.

(b)                                  Change of Details. Either party may by notice to the
other change the address, telex or facsimile number or electronic messaging
system or e-mail details at which notices or other communications are to be
given to it.

13.                               Governing
Law and Jurisdiction

(a)                                  Governing Law. This Agreement will be governed by and
construed in accordance with the law specified in the Schedule.

(b)                                  Jurisdiction. With respect to any suit, action or
proceedings relating to any dispute arising out of or in connection with this
Agreement (“Proceedings”), each party irrevocably: —

(i)                                     submits:
—

(1)                                  if
this Agreement is expressed to be governed by English law, to (A) the
non-exclusive jurisdiction of the English courts if the Proceedings do not
involve a Convention Court and (B) the exclusive jurisdiction of the English
courts if the Proceedings do involve a Convention Court; or

(2)                                  if
this Agreement is expressed to be governed by the laws of the State of New
York, to the non-exclusive jurisdiction of the courts of the State of New York
and the United States District Court located in the Borough of Manhattan in New
York City;

(ii)                                  waives
any objection which it may have at any time to the laying of venue of any
Proceedings brought in any such court, waives any claim that such Proceedings
have been brought in an inconvenient forum and further waives the right to
object, with respect to such Proceedings, that such court does not have any
jurisdiction over such party; and

(iii)                               agrees, to the extent
permitted by applicable law, that the bringing of Proceedings in any one or
more jurisdictions will not preclude the bringing of Proceedings in any other
jurisdiction.

(c)                                  Service of Process. Each party irrevocably appoints the
Process Agent, if any, specified opposite its name in the Schedule to receive,
for it and on its behalf, service of process in any Proceedings. If for any
reason any party’s Process Agent is unable to act as such, such party will
promptly notify the other party and within 30 days appoint a substitute process
agent acceptable to the other party. The parties irrevocably consent to service
of process given in the manner provided for notices in Section 12(a)(i),
12(a)(iii) or 12(a)(iv). Nothing in this Agreement will affect the right of
either party to serve process in any other manner permitted by applicable law.

(d)                                  Waiver of Immunities. Each party irrevocably waives, to
the extent permitted by applicable law, with respect to itself and its revenues
and assets (irrespective of their use or intended use), all immunity on the
grounds of sovereignty or other similar grounds from (i) suit, (ii)
jurisdiction of any court, (iii) relief by way of injunction or order for
specific performance or recovery of property, (iv) attachment of its assets
(whether before or after judgment) and (v) execution or enforcement of any
judgment to which it or its revenues or assets might otherwise be entitled in
any Proceedings in the courts of any jurisdiction and irrevocably agrees, to
the extent permitted by applicable law, that it will not claim any such
immunity in any Proceedings.

 20
 

14.                               Definitions

As used in this Agreement: —

“Additional Representation” has
the meaning specified in Section 3.

“Additional Termination Event” has the meaning specified in Section
5(b).

“Affected Party” has the meaning specified in Section
5(b).

“Affected Transactions” means (a) with respect to any
Termination Event consisting of an Illegality, Force Majeure Event, Tax Event
or Tax Event Upon Merger, all Transactions affected by the occurrence of such
Termination Event (which, in the case of an Illegality under Section 5(b)(i)(2)
or a Force Majeure Event under Section 5(b)(ii)(2), means all Transactions
unless the relevant Credit Support Document references only certain
Transactions, in which case those Transactions and, if the relevant Credit
Support Document constitutes a Confirmation for a Transaction, that
Transaction) and (b) with respect to any other Termination Event, all
Transactions.

“Affiliate” means,
subject to the Schedule, in relation to any person, any entity controlled,
directly or indirectly, by the person, any entity that controls, directly or
indirectly, the person or any entity directly or indirectly under common
control with the person. For this purpose, “control” of any entity or person means
ownership of a majority of the voting power of the entity or person.

“Agreement” has the meaning specified in Section 1(c).

“Applicable
Close-out Rate” means:
—

(a)                                  in respect of the determination of an Unpaid
Amount: —

(i)                                     in respect of obligations payable or
deliverable (or which would have been but for Section 2(a)(iii)) by a
Defaulting Party, the Default Rate;

(ii)                                  in respect of obligations payable or
deliverable (or which would have been but for Section 2(a)(iii)) by a
Non-defaulting Party, the Non-default Rate;

(iii)                               in respect of obligations deferred pursuant to
Section 5(d), if there is no Defaulting Party and for so long as the deferral
period continues, the Applicable Deferral Rate; and

(iv)                              in all other cases following the occurrence of
a Termination Event (except where interest accrues pursuant to clause (iii)
above), the Applicable Deferral Rate; and

(b)                                  in respect of an Early Termination Amount: —

(i)                                     for the period from (and including) the
relevant Early Termination Date to (but excluding) the date (determined in
accordance with Section 6(d) (ii)) on which that amount is payable: —

(1)                                  if the Early Termination Amount is payable by
a Defaulting Party, the Default Rate;

(2)                                  if the Early Termination Amount is payable by
a Non-defaulting Party, the Non-default Rate; and

(3)                                  in all other cases, the Applicable Deferral
Rate; and

 21
 

(ii)                                  for the period from (and including) the date
(determined in accordance with Section 6(d)(ii)) on which that amount is
payable to (but excluding) the date of actual payment: —

(1)                                  if a party fails to pay the Early Termination
Amount due to the occurrence of an event or circumstance which would, if it
occurred with respect to a payment or delivery under a Transaction, constitute
or give rise to an Illegality or a Force Majeure Event, and for so long as the
Early Termination Amount remains unpaid due to the continuing existence of such
event or circumstance, the Applicable Deferral Rate;

(2)                                  if the Early Termination Amount is payable by
a Defaulting Party (but excluding any period in respect of which clause (1)
above applies), the Default Rate;

(3)                                  if the Early Termination Amount is payable by
a Non-defaulting Party (but excluding any period in respect of which clause (1)
above applies), the Non-default Rate; and

(4)                                  in all other cases, the Termination Rate.

“Applicable
Deferral Rate”  means:—

(a)                                  for the purpose of Section 9(h)(i)(3)(A), the
rate certified by the relevant payer to be a rate offered to the payer by a
major bank in a relevant interbank market for overnight deposits in the
applicable currency, such bank to be selected in good faith by the payer for
the purpose of obtaining a representative rate that will reasonably reflect
conditions prevailing at the time in that relevant market;

(b)                                  for purposes of Section 9(h)(i)(3)(B) and
clause (a)(iii) of the definition of Applicable Close-out Rate, the rate
certified by the relevant payer to be a rate offered to prime banks by a major
bank in a relevant interbank market for overnight deposits in the applicable
currency, such bank to be selected in good faith by the payer after
consultation with the other party, if practicable, for the purpose of obtaining
a representative rate that will reasonably reflect conditions prevailing at the
time in that relevant market; and

(c)                                  for purposes of Section 9(h)(i)(3)(C) and
clauses (a)(iv), (b)(i)(3) and (b)(ii)(1) of the definition of Applicable
Close-out Rate, a rate equal to the arithmetic mean of the rate determined
pursuant to clause (a) above and a rate per annum equal to the cost (without
proof or evidence of any actual cost) to the relevant payee (as certified by
it) if it were to fund or of funding the relevant amount.

“Automatic
Early Termination” has
the meaning specified in Section 6(a).

“Burdened
Party” has the meaning specified
in Section 5(b)(iv).

“Change in
Tax Law” means the enactment,
promulgation, execution or ratification of, or any change in or amendment to,
any law (or in the application or official interpretation of any law) that
occurs after the parties enter into the relevant Transaction.

“Close-out
Amount” means, with respect to
each Terminated Transaction or each group of Terminated Transactions and a
Determining Party, the amount of the losses or costs of the Determining Party
that are or would be incurred under then prevailing circumstances (expressed as
a positive number) or gains of the Determining Party that are or would be
realised under then prevailing circumstances (expressed as a negative number)
in replacing, or in providing for the Determining Party the economic equivalent
of, (a) the material terms of that Terminated Transaction or group of
Terminated Transactions, including the payments and deliveries by the parties
under Section 2(a)(i) in respect of that Terminated Transaction or group of
Terminated Transactions that would, but for the occurrence of the relevant
Early Termination Date, have been required after that date (assuming
satisfaction of the conditions precedent in

 22
 

Section 2(a)(iii)) and (b)
the option rights of the parties in respect of that Terminated Transaction or
group of Terminated Transactions.

Any Close-out Amount will be
determined by the Determining Party (or its agent), which will act in good
faith and use commercially reasonable procedures in order to produce a
commercially reasonable result. The Determining Party may determine a Close-out
Amount for any group of Terminated Transactions or any individual Terminated
Transaction but, in the aggregate, for not less than all Terminated
Transactions. Each Close-out Amount will be determined as of the Early
Termination Date or, if that would not be commercially reasonable, as of the
date or dates following the Early Termination Date as would be commercially
reasonable.

Unpaid Amounts in respect of
a Terminated Transaction or group of Terminated Transactions and legal fees and
out-of-pocket expenses referred to in Section 11 are to be excluded in all
determinations of Close-out Amounts.

In determining a Close-out
Amount, the Determining Party may consider any relevant information, including,
without limitation, one or more of the following types of information: —

(i)                                     quotations (either firm or indicative) for
replacement transactions supplied by one or more third parties that may take
into account the creditworthiness of the Determining Party at the time the
quotation is provided and the terms of any relevant documentation, including
credit support documentation, between the Determining Party and the third party
providing the quotation;

(ii)                                  information consisting of relevant market data
in the relevant market supplied by one or more third parties including, without
limitation, relevant rates, prices, yields, yield curves, volatilities,
spreads, correlations or other relevant market data in the relevant market; or

(iii)                               information of the types described in clause
(i) or (ii) above from internal sources (including any of the Determining Party’s
Affiliates) if that information is of the same type used by the Determining
Party in the regular course of its business for the valuation of similar transactions.

The Determining Party will
consider, taking into account the standards and procedures described in this
definition, quotations pursuant to clause (i) above or relevant market data
pursuant to clause (ii) above unless the Determining Party reasonably believes
in good faith that such quotations or relevant market data are not readily
available or would produce a result that would not satisfy those standards.
When considering information described in clause (i), (ii) or (iii) above, the
Determining Party may include costs of funding, to the extent costs of funding
are not and would not be a component of the other information being utilised.
Third parties supplying quotations pursuant to clause (i) above or market data
pursuant to clause (ii) above may include, without limitation, dealers in the
relevant markets, end-users of the relevant product, information vendors,
brokers and other sources of market information.

Without duplication of
amounts calculated based on information described in clause (i), (ii) or (iii)
above, or other relevant information, and when it is commercially reasonable to
do so, the Determining Party may in addition consider in calculating a
Close-out Amount any loss or cost incurred in connection with its terminating,
liquidating or re-establishing any hedge related to a Terminated Transaction or
group of Terminated Transactions (or any gain resulting from any of them).

Commercially reasonable
procedures used in determining a Close-out Amount may include the following: —

(1)                                  application to relevant market data from third
parties pursuant to clause (ii) above or information from internal sources
pursuant to clause (iii) above of pricing or other valuation models that are,
at the time of the determination of the Close-out Amount, used by the
Determining Party in the regular course of its business in pricing or valuing
transactions between the Determining Party and unrelated third parties that are
similar to the Terminated Transaction or group of Terminated Transactions; and

 23
 

(2)                                  application of different valuation methods to
Terminated Transactions or groups of Terminated Transactions depending on the
type, complexity, size or number of the Terminated Transactions or group of
Terminated Transactions.

“Confirmation” has the meaning specified in the preamble.

“consent” includes a consent, approval, action,
authorisation, exemption, notice, filing, registration or exchange control
consent.

“Contractual
Currency” has
the meaning specified in Section 8(a).

“Convention
Court” means any court which is
bound to apply to the Proceedings either Article 17 of the 1968 Brussels
Convention on Jurisdiction and the Enforcement of Judgments in Civil and
Commercial Matters or Article 17 of the 1988 Lugano Convention on Jurisdiction
and the Enforcement of Judgments in Civil and Commercial Matters.

“Credit
Event Upon Merger” has
the meaning specified in Section 5(b).

“Credit
Support Document” means
any agreement or instrument that is specified as such in this Agreement.

“Credit
Support Provider” has
the meaning specified in the Schedule.

“Cross-Default” means the event specified in Section 5(a)(vi).

“Default
Rate” means a rate per annum
equal to the cost (without proof or evidence of any actual cost) to the
relevant payee (as certified by it) if it were to fund or of funding the
relevant amount plus 1% per annum.

“Defaulting
Party” has the meaning
specified in Section 6(a).

“Designated
Event” has the meaning
specified in Section 5(b)(v).

“Determining
Party” means the party
determining a Close-out Amount.

“Early
Termination Amount” has
the meaning specified in Section 6(e).

“Early
Termination Date” means
the date determined in accordance with Section 6(a) or 6(b)(iv).

“electronic
messages” does
not include e-mails but does include documents expressed in markup languages,
and “electronic messaging system” will be construed accordingly.

“English
law” means the law of England
and Wales, and “English” will
be construed accordingly.

“Event of Default” has the meaning specified in Section 5(a) and,
if applicable, in the Schedule.

“Force Majeure Event” has the meaning specified in Section 5(b).

“General
Business Day” means
a day on which commercial banks are open for general business (including
dealings in foreign exchange and foreign currency deposits).

“Illegality” has the meaning specified in Section 5(b).

 24
 

“Indemnifiable
Tax” means any Tax other than
a Tax that would not be imposed in respect of a payment under this Agreement
but for a present or former connection between the jurisdiction of the
government or taxation authority imposing such Tax and the recipient of such
payment or a person related to such recipient (including, without limitation, a
connection arising from such recipient or related person being or having been a
citizen or resident of such jurisdiction, or being or having been organised,
present or engaged in a trade or business in such jurisdiction, or having or
having had a permanent establishment or fixed place of business in such
jurisdiction, but excluding a connection arising solely from such recipient or
related person having executed, delivered, performed its obligations or
received a payment under, or enforced, this Agreement or a Credit Support
Document).

“law” includes any treaty, law, rule or regulation
(as modified, in the case of tax matters, by the practice of any relevant
governmental revenue authority), and “unlawful” will be construed accordingly.

“Local
Business Day” means
(a) in relation to any obligation under Section 2(a)(i), a General Business Day
in the place or places specified in the relevant Confirmation and a day on
which a relevant settlement system is open or operating as specified in the
relevant Confirmation or, if a place or a settlement system is not so
specified, as otherwise agreed by the parties in writing or determined pursuant
to provisions contained, or incorporated by reference, in this Agreement, (b)
for the purpose of determining when a Waiting Period expires, a General
Business Day in the place where the event or circumstance that constitutes or
gives rise to the Illegality or Force Majeure Event, as the case may be,
occurs, (c) in relation to any other payment, a General Business Day in the
place where the relevant account is located and, if different, in the principal
financial centre, if any, of the currency of such payment and, if that currency
does not have a single recognised principal financial centre, a day on which
the settlement system necessary to accomplish such payment is open, (d) in
relation to any notice or other communication, including notice contemplated
under Section 5(a) (i), a General Business Day (or a day that would have been a
General Business Day but for the occurrence of an event or circumstance which
would, if it occurred with respect to payment, delivery or compliance related
to a Transaction, constitute or give rise to an Illegality or a Force Majeure
Event) in the place specified in the address for notice provided by the
recipient and, in the case of a notice contemplated by Section 2(b), in the
place where the relevant new account is to be located and (e) in relation to
Section 5(a)(v)(2), a General Business Day in the relevant locations for
performance with respect to such Specified Transaction.

“Local
Delivery Day” means,
for purposes of Sections 5(a)(i) and 5(d), a day on which settlement systems
necessary to accomplish the relevant delivery are generally open for business
so that the delivery is capable of being accomplished in accordance with
customary market practice, in the place specified in the relevant Confirmation
or, if not so specified, in a location as determined in accordance with
customary market practice for the relevant delivery.

“Master
Agreement” has
the meaning specified in the preamble.

“Merger
Without Assumption” means
the event specified in Section 5(a)(viii).

“Multiple
Transaction Payment Netting” has
the meaning specified in Section 2(c).

“Non-affected
Party” means, so long as there
is only one Affected Party, the other party.

“Non-default
Rate” means the rate certified
by the Non-defaulting Party to be a rate offered to the Non-defaulting Party by
a major bank in a relevant interbank market for overnight deposits in the
applicable currency, such bank to be selected in good faith by the
Non-defaulting Party for the purpose of obtaining a representative rate that will
reasonably reflect conditions prevailing at the time in that relevant market.

“Non-defaulting
Party” has the meaning
specified in Section 6(a).

“Office” means a branch or office of a party, which may
be such party’s head or home office.

“Other
Amounts” has the meaning
specified in Section 6(f).

 25
 

“Payee” has the meaning specified in Section 6(f).

“Payer” has the meaning specified in Section 6(f).

“Potential
Event of Default” means
any event which, with the giving of notice or the lapse of time or both, would
constitute an Event of Default.

“Proceedings” has the meaning specified in Section 13(b).

“Process
Agent” has the meaning
specified in the Schedule.

“rate of
exchange” includes,
without limitation, any premiums and costs of exchange payable in connection
with the purchase of or conversion into the Contractual Currency.

“Relevant
Jurisdiction” means,
with respect to a party, the jurisdictions (a) in which the party is
incorporated, organised, managed and controlled or considered to have its seat,
(b) where an Office through which the party is acting for purposes of this
Agreement is located, (c) in which the party executes this Agreement and (d) in
relation to any payment, from or through which such payment is made.

“Schedule” has the meaning specified in the preamble.

“Scheduled
Settlement Date” means
a date on which a payment or delivery is to be made under Section 2(a)(i) with
respect to a Transaction.

“Specified
Entity” has the meaning
specified in the Schedule.

“Specified
Indebtedness” means,
subject to the Schedule, any obligation (whether present or future, contingent
or otherwise, as principal or surety or otherwise) in respect of borrowed
money.

“Specified
Transaction” means,
subject to the Schedule, (a) any transaction (including an agreement with respect
to any such transaction) now existing or hereafter entered into between one
party to this Agreement (or any Credit Support Provider of such party or any
applicable Specified Entity of such party) and the other party to this
Agreement (or any Credit Support Provider of such other party or any applicable
Specified Entity of such other party) which is not a Transaction under this
Agreement but (i) which is a rate swap transaction, swap option, basis swap,
forward rate transaction, commodity swap, commodity option, equity or equity
index swap, equity or equity index option, bond option, interest rate option,
foreign exchange transaction, cap transaction, floor transaction, collar
transaction, currency swap transaction, cross-currency rate swap transaction,
currency option, credit protection transaction, credit swap, credit default
swap, credit default option, total return swap, credit spread transaction,
repurchase transaction, reverse repurchase transaction, buy/sell-back
transaction, securities lending transaction, weather index transaction or
forward purchase or sale of a security, commodity or other financial instrument
or interest (including any option with respect to any of these transactions) or
(ii) which is a type of transaction that is similar to any transaction referred
to in clause (i) above that is currently, or in the future becomes, recurrently
entered into in the financial markets (including terms and conditions
incorporated by reference in such agreement) and which is a forward, swap, future,
option or other derivative on one or more rates, currencies, commodities,
equity securities or other equity instruments, debt securities or other debt
instruments, economic indices or measures of economic risk or value, or other
benchmarks against which payments or deliveries are to be made, (b) any
combination of these transactions and (c) any other transaction identified as a
Specified Transaction in this Agreement or the relevant confirmation.

“Stamp Tax” means any stamp, registration, documentation or
similar tax.

“Stamp Tax
Jurisdiction” has
the meaning specified in Section 4(e).

 26
 

“Tax” means any present or future tax, levy, impost,
duty, charge, assessment or fee of any nature (including interest, penalties
and additions thereto) that is imposed by any government or other taxing
authority in respect of any payment under this Agreement other than a stamp,
registration, documentation or similar tax.

“Tax Event” has the meaning specified in Section 5(b).

“Tax Event
Upon Merger” has
the meaning specified in Section 5(b).

“Terminated
Transactions” means,
with respect to any Early Termination Date, (a) if resulting from an Illegality
or a Force Majeure Event, all Affected Transactions specified in the notice
given pursuant to Section 6(b)(iv), (b) if resulting from any other Termination
Event, all Affected Transactions and (c) if resulting from an Event of Default,
all Transactions in effect either immediately before the effectiveness of the
notice designating that Early Termination Date or, if Automatic Early
Termination applies, immediately before that Early Termination Date.

“Termination
Currency” means
(a) if a Termination Currency is specified in the Schedule and that currency is
freely available, that currency, and (b) otherwise, euro if this Agreement is
expressed to be governed by English law or United States Dollars if this
Agreement is expressed to be governed by the laws of the State of New York.

“Termination
Currency Equivalent” means,
in respect of any amount denominated in the Termination Currency, such
Termination Currency amount and, in respect of any amount denominated in a
currency other than the Termination Currency (the “Other Currency”), the amount
in the Termination Currency determined by the party making the relevant
determination as being required to purchase such amount of such Other Currency
as at the relevant Early Termination Date, or, if the relevant Close-out Amount
is determined as of a later date, that later date, with the Termination
Currency at the rate equal to the spot exchange rate of the foreign exchange
agent (selected as provided below) for the purchase of such Other Currency with
the Termination Currency at or about 11:00 a.m. (in the city in which such
foreign exchange agent is located) on such date as would be customary for the
determination of such a rate for the purchase of such Other Currency for value
on the relevant Early Termination Date or that later date. The foreign exchange
agent will, if only one party is obliged to make a determination under Section
6(e), be selected in good faith by that party and otherwise will be agreed by
the parties.

“Termination
Event” means an Illegality, a
Force Majeure Event, a Tax Event, a Tax Event Upon Merger or, if specified to
be applicable, a Credit Event Upon Merger or an Additional Termination Event.

“Termination
Rate” means a rate per annum
equal to the arithmetic mean of the cost (without proof or evidence of any
actual cost) to each party (as certified by such party) if it were to fund or
of funding such amounts.

“Threshold
Amount” means the amount, if
any, specified as such in the Schedule.

“Transaction” has the meaning specified in the preamble.

“Unpaid
Amounts” owing to any party
means, with respect to an Early Termination Date, the aggregate of (a) in
respect of all Terminated Transactions, the amounts that became payable (or
that would have become payable but for Section 2(a)(iii) or due but for Section
5(d)) to such party under Section 2(a)(i) or 2(d)(i)(4) on or prior to such
Early Termination Date and which remain unpaid as at such Early Termination
Date, (b) in respect of each Terminated Transaction, for each obligation under
Section 2(a)(i) which was (or would have been but for Section 2(a)(iii) or
5(d)) required to be settled by delivery to such party on or prior to such
Early Termination Date and which has not been so settled as at such Early
Termination Date, an amount equal to the fair market value of that which was
(or would have been) required to be delivered and (c) if the Early Termination
Date results from an Event of Default, a Credit Event Upon Merger or an
Additional Termination Event in respect of which all outstanding Transactions
are Affected Transactions, any Early Termination Amount due prior to such Early
Termination Date and which remains unpaid as of such Early Termination Date, in
each case together with any amount of interest accrued or other

 27
 

compensation in respect of that obligation or deferred
obligation, as the case may be, pursuant to Section 9(h)(ii)(1) or (2), as
appropriate. The fair market value of any obligation referred to in clause (b)
above will be determined as of the originally scheduled date for delivery, in
good faith and using commercially reasonable procedures, by the party obliged
to make the determination under Section 6(e) or, if each party is so obliged,
it will be the average of the Termination Currency Equivalents of the fair
market values so determined by both parties.

“Waiting Period” means:-

(a)                                  in respect of an
event or circumstance under Section 5(b)(i), other than in the case of Section
5(b)(i)(2) where the relevant payment, delivery or compliance is actually
required on the relevant day (in which case no Waiting Period will apply), a
period of three Local Business Days (or days that would have been Local
Business Days but for the occurrence of that event or circumstance) following
the occurrence of that event or circumstance; and

(b)                                  in respect of an
event or circumstance under Section 5(b)(ii), other than in the case of Section
5(b)(ii)(2) where the relevant payment, delivery or compliance is actually
required on the relevant day (in which case no Waiting Period will apply), a
period of eight Local Business Days (or days that would have been Local
Business Days but for the occurrence of that event or circumstance) following
the occurrence of that event or circumstance.

IN WITNESS WHEREOF the parties have executed this
document on the respective dated specified below with effect from the date
specified on the first page of this document.

	
  BANK OF AMERICA, N.A.

  	
  GE
  CAPITAL CREDIT CARD MASTER NOTE

  TRUST

  
	
   

  	
  By: The Bank of New
  York (Delaware), not in its

  individual capacity, but solely as Trustee

  
	
   

  
	
   

  
	
  By: 

  	
  /s/ Shirley de la Canal

  	
   

  	
  By:

  	
  /s/ Kristine K. Gullo

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Shirley de la Canal

  	
   

  	
   

  	
  Name:

  	
  Kristine K. Gullo

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President

  	
   

  	
   

  	
  Title:

  	
  Vice President

  	
   

  
	
   

  	
  Date:

  	
  6/28/07

  	
   

  	
   

  	
  Date:

  	
  6/28/07

  	
   

  
											

 

 28

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