Document:

Exhibit 4.10

 

CONFIRMATION

 

	
  Date:

  	
   

  	
  June 30, 2005

  
	
   

  	
   

  	
   

  
	
  To:

  	
   

  	
  GE Capital Credit Card Master Note Trust (“Party B”)

  
	
   

  	
   

  	
   

  
	
  From:

  	
   

  	
  ABN Amro Bank N.V. (“Party A”)

  
	
   

  	
   

  	
   

  
	
  Transaction Reference Number:

  	
   

  	
  853199

  

 

The purpose of
this letter agreement is to set forth the terms and conditions of the
Transaction entered into between us on the Trade Date referred to below.  This letter constitutes a “Confirmation” as
referred to in the Master Agreement specified below.

 

The
definitions and provisions contained in the 2000 ISDA Definitions (as published
by the International Swaps and Derivatives Association, Inc., as such
definitions are modified and amended by the Schedule to the Master
Agreement) (the “Definitions”) are
incorporated into this Confirmation.  In
the event of any inconsistency between those definitions and provisions and
this Confirmation, this Confirmation will govern.

 

This
Confirmation supplements, forms a part of, and is subject to, the ISDA Master
Agreement dated as of June 30, 2005, as amended or supplemented from time
to time (the “Master Agreement”)
between you and us.  All provisions
contained in the Master Agreement shall govern this Confirmation except as
expressly modified below.

 

The
capitalized terms used herein and not otherwise defined herein, in the Master
Agreement or in the Definitions shall have the meanings assigned to them in the
Master Indenture, dated as of September 25, 2003, between Party B, as
Issuer, and Deutsche Bank Trust Company Americas, as Indenture Trustee, as
supplemented by the Indenture Supplement, dated as of June 30, 2005,
between Party B, as Issuer, and the Indenture Trustee, both as amended or
supplemented from time to time (collectively, the “Indenture”).

 

The terms of
the particular Transaction to which this Confirmation relates are as follows:

 

	
  Type of Transaction:

  	
   

  	
  Class C Notes Interest Rate Swap

  
	
   

  	
   

  	
   

  
	
  Notional Amount:

  	
   

  	
  As of any date, USD52,500,000, minus the aggregate amount of
  principal payments made to the Class C Noteholders on or prior to such
  date.

  
	
   

  	
   

  	
   

  
	
  Trade Date:

  	
   

  	
  June 28, 2005

  
	
   

  	
   

  	
   

  
	
  Effective Date:

  	
   

  	
  June 30, 2005

  
	
   

  	
   

  	
   

  
	
  Termination Date:

  	
   

  	
  The earlier of (i) the Payment Date in June 2011;
  (ii) the date on which the Notional Amount is reduced to zero and
  (iii) an Early Termination Date.

  

 

 

	
  Payment Date:

  	
   

  	
  August 15, 2005 and the 15th
  day of each calendar month thereafter, subject to the Business Day
  Convention.

  
	
   

  	
   

  	
   

  
	
  Calculation Period:

  	
   

  	
  Initially, the period from and including
  the Effective Date to but excluding, August 15, 2005, and for each
  period thereafter, from and including each Payment Date to but excluding the
  following Payment Date.

  
	
   

  	
   

  	
   

  
	
  Business Day Convention:

  	
   

  	
  Following

  
	
   

  	
   

  	
   

  
	
  Business Day:

  	
   

  	
  New York and London

  
	
   

  	
   

  	
   

  
	
  Fixed Rate Amounts:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Fixed Rate Payer:

  	
   

  	
  Party B

  
	
   

  	
   

  	
   

  
	
  Fixed Rate Payer

  	
   

  	
   

  
	
  Payment Date:

  	
   

  	
  Each Payment Date

  
	
   

  	
   

  	
   

  
	
  Fixed Rate Payer

  	
   

  	
   

  
	
  Period End Dates:

  	
   

  	
  Last day of each Calculation Period, with
  No Adjustment to Period End Date.

  
	
   

  	
   

  	
   

  
	
  Fixed Rate:

  	
   

  	
  3.99000% per annum

  
	
   

  	
   

  	
   

  
	
  Fixed Rate Day

  	
   

  	
   

  
	
  Count Fraction:

  	
   

  	
  30/360

  
	
   

  	
   

  	
   

  
	
  LIBOR Floating Rate Amounts:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  LIBOR Floating Rate Payer:

  	
   

  	
  Party A

  
	
   

  	
   

  	
   

  
	
  LIBOR Floating Rate Payer

  	
   

  	
   

  
	
  Payment Dates:

  	
   

  	
  Each Payment Date

  
	
   

  	
   

  	
   

  
	
  LIBOR Floating Rate Payer

  	
   

  	
   

  
	
  Period End Dates:

  	
   

  	
  The last day of each Calculation Period,
  with Business Day Convention applicable.

  
	
   

  	
   

  	
   

  
	
  Reset Date:

  	
   

  	
  The first day of each Calculation Period

  
	
   

  	
   

  	
   

  
	
  LIBOR Floating Rate:

  	
   

  	
  USD-LIBOR-BBA

  
	
   

  	
   

  	
   

  
	
  Initial LIBOR Setting:

  	
   

  	
  3.376%

  
	
   

  	
   

  	
   

  
	
  Designated Maturity:

  	
   

  	
  One month, except for the first Calculation
  Period, which shall be determined by Linear Interpolation.

  
	
   

  	
   

  	
   

  
	
  Spread:

  	
   

  	
  None

  

 

2

 

	
  LIBOR Floating Rate Day

  	
   

  	
   

  
	
  Count Fraction:

  	
   

  	
  Actual/360

  
	
   

  	
   

  	
   

  
	
  Compounding:

  	
   

  	
  N/A

  
	
   

  	
   

  	
   

  
	
  Calculation Agent:

  	
   

  	
  Party A

  

 

Account Details

 

Payments to Party A:  To be
provided in written instructions.

 

 

Payments to Party B:  To be
provided in written instructions.

 

 

[Signature Page Follows]

 

3

 

Please confirm
that the foregoing correctly sets forth the terms of our agreement by executing
the copy of this Confirmation enclosed for that purpose and returning it to us.

 

 

	
   

  	
  ABN AMRO BANK N.V.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ CLIFFORD BULLOCK

  	
   

  
	
   

  	
   

  	
  Name: Clifford Bullock

  
	
   

  	
   

  	
  Title: Authorised Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ CHRISTOPHER BROWN

  	
   

  
	
   

  	
   

  	
  Name: Christopher Brown

  
	
   

  	
   

  	
  Title: Authorised Signatory

  
					

 

S-1

 

	
  Accepted and
  confirmed as of

  	
   

  
	
  the date
  first above written:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  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/ KRISTINE K. GULLO

  	
   

  	
   

  
	
   

  	
  Name: Kristine K. Gullo, Vice President

  	
   

  
				

 

S-2Exhibit 4.1

 

 

GE CAPITAL CREDIT CARD MASTER NOTE TRUST,

 

as Issuer

 

And

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,

 

as Indenture
Trustee

 

 

Series 2005-3 INDENTURE SUPPLEMENT

 

Dated as of June 30, 2005

 

 

TABLE OF CONTENTS

 

	
  ARTICLE
  I

  	
  DEFINITIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 1.1.

  	
  Definitions

  	
   

  
	
  SECTION 1.2.

  	
  Incorporation
  of Terms

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  II

  	
  CREATION
  OF THE SERIES 2005-3 NOTES

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2.1.

  	
  Designation

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  III

  	
  REPRESENTATIONS,
  WARRANTIES AND COVENANTS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3.1.

  	
  Representations,
  Warranties and Covenants with respect to Net Swap Receipts

  	
   

  
	
  SECTION 3.2.

  	
  Representations,
  Warranties and Covenants with respect to Receivables

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  IV

  	
  RIGHTS
  OF SERIES 2005-3 NOTEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 4.1.

  	
  Determination
  of Interest and Principal

  	
   

  
	
  SECTION 4.2.

  	
  Establishment
  of Accounts

  	
   

  
	
  SECTION 4.3.

  	
  Calculations
  and Series Allocations

  	
   

  
	
  SECTION 4.4.

  	
  Application
  of Available Finance Charge Collections and Available Principal Collections

  	
   

  
	
  SECTION 4.5.

  	
  Distributions

  	
   

  
	
  SECTION 4.6.

  	
  Investor
  Charge-Offs

  	
   

  
	
  SECTION 4.7.

  	
  Reallocated
  Principal Collections

  	
   

  
	
  SECTION 4.8.

  	
  Excess
  Finance Charge Collections

  	
   

  
	
  SECTION 4.9.

  	
  Shared
  Principal Collections

  	
   

  
	
  SECTION 4.10.

  	
  Reserve
  Account

  	
   

  
	
  SECTION 4.11.

  	
  Spread
  Account

  	
   

  
	
  SECTION 4.12.

  	
  Investment
  of Accounts

  	
   

  
	
  SECTION 4.13.

  	
  Controlled
  Accumulation Period

  	
   

  
	
  SECTION 4.14.

  	
  Determination
  of LIBOR

  	
   

  
	
  SECTION 4.15.

  	
  Swaps

  	
   

  
	
  SECTION 4.16.

  	
  Deposit
  of Collections

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  V

  	
  DELIVERY
  OF SERIES 2005-3 NOTES; REPORTS TO SERIES 2005-3 NOTEHOLDERS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.1.

  	
  Delivery
  and Payment for the Series 2005-3 Notes

  	
   

  
	
  SECTION 5.2.

  	
  Reports
  and Statements to Series 2005-3 Noteholders

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  VI

  	
  SERIES
  2005-3 EARLY AMORTIZATION EVENTS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.1.

  	
  Series
  2005-3 Early Amortization Events

  	
   

  
				

 

i

 

	
  ARTICLE
  VII

  	
  REDEMPTION
  OF SERIES 2005-3 NOTES; FINAL DISTRIBUTIONS; SERIES TERMINATION

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 7.1.

  	
  Optional
  Redemption of Series 2005-3 Notes; Final Distributions

  	
   

  
	
  SECTION 7.2.

  	
  Series
  Termination

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  VIII

  	
  MISCELLANEOUS
  PROVISIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 8.1.

  	
  Ratification
  of Indenture; Amendments

  	
   

  
	
  SECTION 8.2.

  	
  Form
  of Delivery of the Series 2005-3 Notes

  	
   

  
	
  SECTION 8.3.

  	
  Counterparts

  	
   

  
	
  SECTION 8.4.

  	
  GOVERNING
  LAW

  	
   

  
	
  SECTION 8.5.

  	
  Limitation
  of Liability

  	
   

  
	
  SECTION 8.6.

  	
  Rights
  of the Indenture Trustee

  	
   

  
	
  SECTION 8.7.

  	
  Notice
  Address for Rating Agencies

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  IX

  	
  FASIT
  MATTERS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 9.1.

  	
  FASIT
  Administration

  	
   

  
				

 

	
  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 NOTEHOLDERS’ STATEMENT

  	
   

  
	
  EXHIBIT C-1

  	
  FORM OF CLASS B
  SWAP

  	
   

  
	
  EXHIBIT C-2

  	
  FORM OF CLASS C
  SWAP

  	
   

  
	
   

  	
   

  	
   

  
	
  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)

  	
   

  

 

ii

 

SERIES 2005-3 INDENTURE SUPPLEMENT, dated as of June 30, 2005 (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, and
as further amended by the Second Amendment to Master Indenture, dated as of
June 17, 2004 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 2005-3 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 2005-3
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 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

 

2

 

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 2005-3 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)(xiii)
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 Monthly Interest, (b) the Net
Swap Payments, (c) the amount required to be paid pursuant to Section
4.4(a)(i) and (d) the Noteholder Servicing Fee, each with respect to the
related Payment Date, and the denominator of which is the Collateral 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.

 

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

 

3

 

“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, the Class A Monthly
Interest for that Payment Date.

 

“Class A Note Initial Principal Balance”
means $592,500,000.

 

“Class A Note Interest
Rate” means a per annum rate of 4.13%.

 

“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.

 

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

 

“Class B Counterparty” means
ABN AMRO Bank N.V. 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.

 

4

 

“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 $82,500,000.

 

“Class B Note Interest Rate”
means a per annum rate of 0.30% 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 Swap” means an
interest rate swap agreement between the Trust and the Class B 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 B Swap Rate” means 4.09%
per annum.

 

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

 

“Class C Counterparty” means
ABN AMRO Bank N.V. 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.

 

5

 

“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.

 

“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 $39,375,000.

 

“Class C Note Interest Rate”
means a per annum rate of 0.40% 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 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-2 to this Indenture Supplement, or
such other form as shall have satisfied the Rating Agency Condition.

 

“Class C Swap Rate” means 4.09%
per annum.

 

“Closing Date” means June 30,
2005.

 

“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 2005-3 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.

 

6

 

“Controlled Accumulation Amount”
means, for any Payment Date with respect to the Controlled Accumulation Period,
$71,437,500; 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, 2009 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
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 to the Class C Note Principal Balance as of the
last day of the calendar month preceding such Transfer Date.

 

7

 

“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 Distribution 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 2005-3 Early Amortization Event is deemed to occur and ending
on the Final Payment Date.

 

“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 2010 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.

 

“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.

 

8

 

“Group One” means Series 2005-3
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 $750,000,000, 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 $35,625,000.

 

“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 2005-3 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
2005-3 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 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.

 

9

 

“LIBOR” means, for any Interest
Period, the London interbank offered rate for one-month 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 28, 2005 for the period from and including the Closing Date
through and including August 14, 2005 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 2005-3, 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 first Payment Date, the period beginning on the Closing Date and ending on
August 21, 2005, 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) $157,500,000 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 (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) $75,000,000 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 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

 

(c)           the lesser of (i)
the Class C Required Amount and (ii) $35,625,000 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.

 

10

 

“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 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 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)(xiii) 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, 2005 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), 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.

 

“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.

 

11

 

“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.

 

“Quarterly Excess Spread Percentage”
means (a) with respect to the August 2005 Payment Date, the Excess Spread
Percentage for the Monthly Period relating to such Payment Date, (b) with
respect to the September 2005 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 2005 Payment Date and (ii) the
Excess Spread Percentage for the Monthly Period relating to the September 2005
Payment Date and the denominator of which is two, and (c) with respect to the
October 2005 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 2005-3 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 2005-3 Noteholders on a prior Payment Date and (iv)
any amounts owing to any Counterparty pursuant to the terms of the Class B Swap
or Class C Swap.

 

“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, 4.75% of the Collateral
Amount; provided that:

 

(a)           except as provided in clause (c), the Required Excess Collateral
Amount shall never be less than 3.0% of the Initial Collateral Amount;

 

12

 

(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 2005-3.

 

“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 2005-3 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 Transfer Date selected by the Servicer on behalf of the Issuer which
occurs not later than the earliest of the Transfer 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.

 

“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;

 

13

 

(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.

 

“Series Accounts” is defined in Section
4.2.

 

“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 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 2005-3, the June 2013 Payment Date.

 

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

 

“Series 2005-3” means the
Series of Notes the terms of which are specified in this Indenture Supplement.

 

“Series 2005-3 Early Amortization Event”
is defined in Section 6.1.

 

“Series 2005-3 Excess
Finance Charge Collections” means Excess Finance Charge Collections
allocated from other Series in Group One to Series 2005-3 pursuant to Section
8.6 of the Indenture.

 

“Series 2005-3 Note” means a
Class A Note, a Class B Note or a Class C Note.

 

“Series 2005-3 Noteholder”
means a Class A Noteholder, a Class B Noteholder or a
Class C Noteholder.

 

14

 

“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%.

 

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

 

“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 2005-3.

 

ARTICLE II

CREATION OF THE SERIES 2005-3 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 2005-3” or the “Series 2005-3 Notes.”  The Series 2005-3 Notes shall be issued in
three Classes, known as the “Class A Series 2005-3 4.13% Asset Backed Notes,” the “Class B Series 2005-3 Floating Rate Asset Backed Notes,”
and the “Class C Series 2005-3 Floating Rate Asset
Backed Notes.”

 

(b)           Series 2005-3 shall
be included in Group One and shall be a Principal Sharing Series.  Series 2005-3 shall be an Excess Allocation
Series with respect to Group One only. 
Series 2005-3 shall not be subordinated to any other Series.

 

15

 

(c)           The Series 2005-3
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.

 

ARTICLE IV

RIGHTS OF SERIES 2005-3 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 30
and the denominator of which is 360, (ii) the Class A Note Interest Rate 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); provided,
that the Class A Monthly Interest for the August 2005 Payment Date shall be
$3,058,781.25.

 

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 30 and the denominator of which is 360, (ii) the Class A
Note Interest Rate 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).

 

16

 

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 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.

 

17

 

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
(collectively, the “Series Accounts”) each of 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 2005-3 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

 

18

 

Principal
Account (in the case of Collections of Principal Receivables (not including any
Shared Principal Collections allocated to Series 2005-3 pursuant to Section 8.5 of the Indenture)).

 

(b)           Allocations to
the Series 2005-3 Noteholders.  The
Issuer shall on each Date of Processing, allocate to the Series 2005-3
Noteholders the following amounts as set forth below:

 

(i)            Allocations of Finance Charge Collections.  The Issuer shall allocate to the Series
2005-3 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

 

19

 

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
2005-3 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 2005-3 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 2005-3 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 2005-3 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

 

20

 

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 2005-3
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 2005-3
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;

 

21

 

(iii)          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;

 

(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 Net
Swap Payment for such Payment Date shall be paid to the Class B Counterparty
and any unpaid Class B Net Swap Payments owed to the Class B Counterparty in
respect of any prior Payment Date;

 

(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 Net Swap Payment for such Payment Date and any unpaid Class C
Net 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;

 

(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;

 

22

 

(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)           on a pari passu
basis (A) an amount equal to any partial or early termination payments or other
additional payments owed to the Class B Counterparty under the Class B Swap
shall be paid to the Class B Counterparty and (B) an amount equal to any
partial or early termination payments or other additional payments owed to the
Class C Counterparty under the Class C Swap shall be paid to the Class C
Counterparty;

 

(xii)          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 2005-3 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

 

(xiii)         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 (xiii)), 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 2005-3 pursuant to Section
8.4(d) of the Indenture and that have not been paid pursuant to clauses (i)
and (xii) 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

 

23

 

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
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.

 

24

 

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 2005-3
Noteholder (at such Noteholder’s address as it appears in the Note Register),
except that for any Series 2005-3 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 2005-3 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 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 2005-3
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 2005-3 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

 

25

 

which is the Finance Charge Shortfall for
Series 2005-3 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 2005-3 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 (xii) 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 2005-3 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 2005-3 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 2005-3 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
(xiii) 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 such Transfer Date.  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.

 

(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) with respect to such Transfer 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

 

26

 

the Reserve Account on such Transfer Date
by the Issuer and deposited into the Finance Charge Account for application as
Available Finance Charge Collections for such Transfer 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 2005-3 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 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 2005-3 that has
resulted in the acceleration of the Series 2005-3 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
2005-3 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.

 

27

 

(e)           If on any Transfer
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 Transfer 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 2005-3 Notes has been accelerated as a
result of an 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, 2009; 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

 

28

 

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 Bridge 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 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 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

 

29

 

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
2005-3 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 B Swap with the Class B Counterparty and a
Class C Swap with the Class C Counterparty for the benefit of the Class B
Noteholders and the Class C Noteholders, respectively.  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 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 B Net Swap Payment, the
Issuer shall pay such Class B Net 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 Net Swap Payment, the Issuer
shall pay such Class C Net Swap Payment subject to the priority of payments set
forth in Section 4.4(a)(v).  On any Payment Date when there shall be early
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 Section 4.4(a)(xi).

 

(b)           When required under
the terms of the existing Class B Swap or Class C Swap, the Issuer shall obtain
a replacement Class B Swap or Class C Swap, as applicable, upon satisfaction of
the Rating Agency Condition.

 

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
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 2005-3 NOTES;

REPORTS TO SERIES 2005-3 NOTEHOLDERS

 

SECTION 5.1.  Delivery and Payment for
the Series 2005-3 Notes.

 

The Issuer shall execute and issue, and the Indenture Trustee shall
authenticate, the Series 2005-3 Notes in accordance with Section 2.2 of the Indenture.  The Indenture Trustee shall deliver the
Series 2005-3 Notes to or upon the written order of the Issuer when so
authenticated.

 

SECTION 5.2.  Reports and Statements
to Series 2005-3 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

 

30

 

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 2005-3 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 2005-3 Noteholder by a request in writing to the Issuer.

 

(c)           On or before January
31 of each calendar year, beginning with January 31, 2006, the Issuer shall
furnish or cause to be furnished to each Person who at any time during the
preceding calendar year was a Series 2005-3 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 2005-3 EARLY AMORTIZATION EVENTS

 

SECTION 6.1.  Series 2005-3 Early
Amortization Events.  If any
one of the following events shall occur with respect to the Series 2005-3
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 the Series 2005-3 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 2005-3
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 2005-3 Notes and as a result of which the interests of the Series 2005-3
Noteholders are materially and adversely affected for such period; provided,
however, that a Series 2005-3 Early Amortization Event pursuant to
this Section 6.1(b) shall not be deemed
to have occurred

 

31

 

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 B
Counterparty or the Class C Counterparty shall fail to pay any net amount
payable by such Counterparty under the Class B Swap or the Class C Swap, as
applicable, as a result of LIBOR being greater than 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 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 interest rate hedging arrangement in
accordance with subsection 4.15(b) within five 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 fail to enter
into a replacement Class C Swap or other interest rate hedging arrangement in
accordance with subsection 4.15(b) within five Business Days; or

 

(i)            without limiting
the foregoing, the occurrence of an Event of Default with respect to Series
2005-3 and acceleration of the maturity of the Series 2005-3 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 2005-3 Notes evidencing more than 50% of the aggregate unpaid
principal amount of Series 2005-3 Notes by notice then given in writing to the
Issuer (and to the Indenture Trustee if given by the Series 2005-3 Noteholders)
may declare that a “Series Early Amortization Event” with respect to Series
2005-3 (a “Series 2005-3 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 2005-3 Early Amortization Event shall occur without any notice or
other action on the part of the Indenture Trustee or the Series 2005-3
Noteholders immediately upon the occurrence of such event.

 

32

 

ARTICLE
VII

REDEMPTION OF SERIES 2005-3 NOTES; FINAL
DISTRIBUTIONS; SERIES TERMINATION

 

SECTION 7.1.  Optional Redemption of
Series 2005-3 Notes; Final Distributions.

 

(a)           On any day occurring
on or after the date on which the outstanding principal balance of the Series
2005-3 Notes is reduced to 10% or less of the initial outstanding principal
balance of Series 2005-3 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 2005-3 shall be reduced to zero
and the Series 2005-3 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 2005-3 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 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 2005-3 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 2005-3, 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) (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

 

33

 

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, (ii) (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, (iii)  (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,
(iv) on a pari passu basis, (A) any amounts owed to the Class  B Counterparty under the Class B Swap will be
paid to the Class B Counterparty and (B) any amounts owed to the Class C
Counterparty under the Class C Swap will be paid to the Class C Counterparty
and (v) 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
2005-3 Notes shall be due and payable.

 

ARTICLE
VIII

MISCELLANEOUS PROVISIONS

 

SECTION 8.1.  Ratification of Indenture;
Amendments.  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 2005-3 Noteholders shall be
the only Noteholders whose vote shall be required.

 

SECTION 8.2.  Form of Delivery of the
Series 2005-3 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

 

34

 

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.

 

(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

 

35

 

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 (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) 438-2648-0003

 

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 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)

 

36

 

of the Code)
in the RFS FASIT.  Notwithstanding any
provision of the Indenture or this Indenture Supplement to the contrary, each
class of Series 2005-3 Regular Interests shall mature on or before December 1,
2020.

 

(b)                                 Series
2005-3 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 2005-3 Regular
Interests”).  The Series 2005-3
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 2005-3 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 2005-3 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 2005-3 Regular Interests and Interest with respect to
each class is not paid in full).  The
principal amount of each Series 2005-3 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 2005-3 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 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

 

37

 

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]

 

38

 

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 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/ SUSAN
  BARSTOCK

  	
   

  
	
   

  	
   

  	
  Name: Susan
  Barstock

  
	
   

  	
   

  	
  Title: Vice
  President

  
						

 

S-1

 

EXHIBIT A-1

FORM OF CLASS A SERIES 2005-3 4.13% 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”)) OR (C) AN ENTITY WHOSE UNDERLYING ASSETS ARE
DEEMED TO BE PLAN ASSETS OF A PLAN DESCRIBED

 

A-1-1

 

IN (A) OR (B) ABOVE 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.

 

A-1-2

 

	
  REGISTERED

  No. R-
                                   

  	
   

  	
  $                                                               

  CUSIP NO.                 

  

 

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2005-3

 

CLASS A SERIES 2005-3 4.13% 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 2013 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 2013 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 of twelve 30-day months.  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 2005-3

 

CLASS A SERIES 2005-3 4.13% 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 2005-3
(the “Series 2005-3 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 30, 2005 (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 2005-3 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”)) OR (C) AN ENTITY WHOSE UNDERLYING ASSETS ARE
DEEMED TO BE PLAN ASSETS OF A PLAN DESCRIBED

 

A-2-1

 

IN (A) OR (B) ABOVE 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.

 

A-2-2

 

	
  REGISTERED

  No. R-
                                   

  	
   

  	
  $                                                               

  CUSIP NO.                 

  

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2005-3

 

CLASS B SERIES 2005-3 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 2013 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 2013 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 2005-3

 

CLASS B SERIES 2005-3 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 2005-3
(the “Series 2005-3 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 30, 2005 (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 2005-3 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”)) OR (C) AN ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED TO
BE PLAN ASSETS OF A PLAN DESCRIBED

 

A-3-1

 

IN (A) OR (B) ABOVE 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.

 

A-3-2

 

	
  REGISTERED

  No. R-
                                   

  	
   

  	
  $                                                               

  CUSIP NO.                 

  

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2005-3

 

CLASS C SERIES 2005-3 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 2013 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 2013 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 2005-3

 

CLASS C SERIES 2005-3 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 2005-3
(the “Series 2005-3 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 30, 2005 (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 NOTEHOLDERS’ STATEMENT

 

Monthly Noteholder’s Statement

GE Capital Credit Card Master Note Trust

 

Series 2005 –3

Class A 4.13 %Notes

Class B LIBOR + 0.30% Notes

Class C LIBOR + 0.40% 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 2005-3 Indenture Supplement (the “Indenture Supplement”), dated
as of June 30, 2005, 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 2005-3 Noteholders and
the performance of the Trust during the previous month.  The information required to be prepared with
respect to the Payment Date of August 15, 2005, and with respect to the
performance of the Trust during the Monthly Period ended July 21, 2005 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:

 

Monthly Period
Beginning:

Monthly Period
Ending:

Previous
Payment Date:

Payment Date:

Days in
Monthly Period:

Days in
Interest Period:

LIBOR Reset
Date

LIBOR Rate

 

I.                                         TRUST RECEIVABLES INFORMATION

 

(a)                                  Number
of Obligors (Total Securitized)

 

(b)                                 Average
Obligor Balance (Total Securitized)

 

(c)                                  BOP
Principal Receivables

 

(d)                                 BOP
Finance Charge Receivables

 

(e)                                  BOP
Total Receivables

 

(f)                                    Increase
in Principal Receivables from Additional Accounts

 

(g)                                 Increase
in Principal Activity on Existing Securitized Accounts

 

(h)                                 Increase
in Finance Charge Receivables from Additional Accounts

 

B-1

 

(i)                                     Increase
in Finance Charge Activity on Existing Securitized Accounts

 

(j)                                     Increase
in Total Receivables

 

(k)                                  Decrease
in Principal Receivables due to Account Removal

 

(l)                                     Decrease
in Principal Activity on Existing Securitized Accounts

 

(m)                               Decrease
in Finance Charge Receivables due to Account Removal

 

(n)                                 Decrease
in Finance Charge Activity on Existing Securitized Accounts

 

(o)                                 Decrease
in Total Receivables

 

(p)                                 EOP
Aggregate Principal Receivables

 

(q)                                 EOP
Finance Charge Receivables

 

(r)                                    EOP
Total Receivables

 

(s)                                  Excess
Funding Account Balance

 

(t)                                    Required
Principal Balance

 

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

 

(v)                                 Free
Equity Amount (Note Trust Principal Balance - EOP Collateral

                                                Amount)

 

II.                                     INVESTOR INFORMATION (TRUST LEVEL)

 

(a)                                  Note
Principal Balance (Sum of all Series)

 

(b)                                 Beginning
of Interest Period

 

(c)                                  Increase
in Note Principal Balance due to New Issuance

 

(d)                                 Decrease
in Note Principal Balance due to Principal Paid

 

(i)                                     End
of Interest Period

 

(e)                                  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/Decrease
in Unreimbursed Investor Charge-Off

 

(vi)                              Increase/Decrease
in Unreimbursed Reallocated Principal Collections

 

(vii)                           End of
Interest Period

 

(f)                                    Collateral
Amount (Sum of all Series)

 

(i)                                     End
of Prior Monthly Period

 

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

 

(iii)                               Increase/Decrease
in Unreimbursed Investor Charge-Off

 

B-2

 

(iv)                              Increase/Decrease
in Unreimbursed Reallocated Principal Collections

 

(v)                                 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 / 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 F/C 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

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

IV.                                 SERIES PERFORMANCE DATA

 

(a)                                  Portfolio
Yield

 

B-3

 

(i)                                     Current

 

(ii)                                  Prior
Monthly Period

 

(iii)                               Two
Months Prior Monthly Period

 

(iv)                              Three-Month
Average

 

(b)                                 Base
Rate

 

(i)                                     Current

 

(ii)                                  Prior
Monthly Period

 

(iii)                               Two
Months Prior Monthly Period

 

(iv)                              Three-Month
Average

 

(c)                                  Excess
Spread Percentage

 

(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.

 

(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.

 

B-4

 

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)                                     Principal
Accumulation Account Balance

 

(i)                                     Beginning
of Interest Period

 

(ii)                                  Controlled
Deposit Amount

 

(iii)                               Withdrawal
for Principal Payment

 

(iv)                              End
of Interest Period

 

(k)                                  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
Payments

 

(vi)                              End
of Interest Period

 

B-5

 

(vii)                           Collateral
Amount as a Percentage of Note Trust Principal Balance

 

(viii)                        Amount by
which Note Principal Balance exceeds Collateral Amount

 

(l)                                     Required
Excess Collateral Amount

 

VII.                             INVESTOR CHARGE-OFFS AND REALLOCATED PRINCIPAL COLLECTIONS (SECTION
REFERENCES RELATED 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 (a. / d.)

 

B-6

 

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

 

(i)                                     Investor
Finance Charge Collections

 

(ii)                                  Excess
Finance Charge Collections allocable to Series 2005 - 3

 

(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 (c.Series + h.)

 

(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

 

B-7

 

d.                                      Class
A Additional Interest not paid on 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 Net Swap Payments

 

f.                                         Class
B Net 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 Net Swap Payments

 

f.                                         Class
C Net 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)                                   On
a pari passu basis:

 

a.                                       Partial
or early termination or other additional amount owed to Class B Swap
Counterparty

 

b.                                      Partial
or early termination or other additional amount owed to Class C Swap
Counterparty

 

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

 

(xii)                             The
balance, if any, will constitute a portion of Excess Finance Charge Collections
for such Payment Date and first will be available for allocation 

 

B-8

 

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

 

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 2005 - 3

 

(c)                                  Finance
Charge Shortfall for all Series in Group One

 

(d)                                 Excess
Finance Charges Collections Allocated to Series 2005 - 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: During an
Early Amortization Period, the amount of Available Finance Charge Collections
used to pay principal on the Notes
pursuant to Section 4.4(a)(xix)

 

(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)

 

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

 

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

 

B-9

 

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

 

a.                                       Principal
paid to Class A Noteholders

 

b.                                      Principal
paid to Class B Noteholders

 

c.                                       Principal
paid to Class C Noteholders

 

(vi)                              Total
Principal Collections Available to Share (Inclusive of Series 2005 3)

 

(vii)                           Series
Principal Shortfall

 

(viii)                        Shared
Principal Collections allocated to this Series from other Series

 

XIII.                        SERIES 2005
- 3 ACCUMULATION

 

(a)                                  Controlled
Accumulation Period Length in months (scheduled)

 

(b)                                 Controlled
Accumulation Amount

 

(c)                                  Controlled
Deposit Amount

 

(d)                                 Accumulation
Shortfall

 

XIV.                        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

 

(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

 

XV.                            SERIES EARLY AMORTIZATION EVENTS

 

(a)                                  Failure
to convey Transferred Receivables in the event:

 

(i)                                     The
Free Equity Amount is less than the Minimum Free Equity Amount; or

 

(ii)                                  The
Note Trust Principal Balance is less than the Required Principal Balance

 

(b)                                 The
three-month average Portfolio Yield is less than three-month average Base Rate

 

(c)                                  The
Note Principal Balance is outstanding beyond the Expected Principal Payment
Date

 

B-10

 

IN WITNESS WHEREOF, the undersigned has duly executed
this Monthly Noteholder’s Statement as of the 14th day of August 2005.

 

	
   

  	
  GE MONEY
  BANK, as Servicer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
					

 

B-11

 

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 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
2005-3 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

 

I-1

 

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.

 

I-2

 

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
2005-3 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.

 

II-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}]]