Document:

Exhibit 4.6

 

SCHEDULE

to the

2002

Master Agreement

dated as of June 30, 2005

between ABN AMRO BANK N.V. (“Party A”)

and

GE CAPITAL CREDIT CARD MASTER NOTE TRUST (“Party B”)

Part 1

Termination Provisions

 

The only Transaction that will be governed by the
terms of this Agreement will be the Class B Swap (as defined in the
Indenture Supplement) as documented in the Confirmation, dated as of the date
hereof.  Reference to “Transactions” or “Transaction”
shall be deemed to be reference to the Class B Swap.

 

In this Agreement —

 

(a)                                  “Specified Entity” means in relation to
Party A and Party B for the purpose of Sections 5(a)(v), (vi), (vii) and Section 5(b)(v):
Not applicable.

 

(b)                                 “Specified Transaction” will have the
meaning specified in Section 14 of this Agreement.

 

(c)                                  The
“Breach of Agreement”
provision of Section 5(a)(ii) will not apply
to Party B.

 

(d)                                 The
“Misrepresentation”
provision of Section 5(a)(iv) will not apply
to Party A and will not apply to Party B.

 

(e)                                  The
“Cross Default” provisions
of Section 5(a)(vi) will not apply to Party
A and will not apply to Party B.

 

(f)                                    The
“Bankruptcy” provision of Section 5(a)(vii) is hereby amended by replacing “15” with “30” in
the 16th and 23rd lines thereof.

 

 

(g)                                 The
Force Majeure Event”
provision of Section 5(b)(ii) will not apply to Party A and will not
apply to Party B.

 

(h)                                 The “Credit Event Upon Merger” provisions of
Section 5(b)(v) will not apply to Party A and will not apply to Party
B.

 

(i)                                     The
“Automatic Early Termination”
provisions of Section 6(a) will not apply to Party A and will not
apply to Party B, provided, however, that
where the Event of Default is specified in Section 5(a)(vii)(1), (3), (4),
(5), (6) or, to the extent analogous thereto, (8) and is governed by
a system of laws that does not permit termination to take place upon or after
the occurrence of the relevant Event of Default in accordance with the terms of
this Agreement, then the Automatic Early Termination provisions of Section 6(a) will
apply to Party A and Party B. .

 

(j)                                     “Termination Currency” means United
States Dollars.

 

(l)                                     Additional Termination Event  will
apply.  Failure to comply with the
following shall constitute an Additional Termination Event in which Party A
shall be the sole Affected Party:

 

(i)                                     Credit Downgrade
– Party A.  If at any
time (i) the unsecured debt rating of Party A, or its Credit Support
Provider, is withdrawn by or reduced below “A” (long term) or “F-1” (short
term) if Party A is rated by Fitch Ratings (“Fitch”); or (ii) the
unsecured debt ratings of Party A, or its Credit Support Provider, are
withdrawn or reduced below “A+” (long term) or, if a short term rating is in
effect for Party A, or its Credit Support Provider, below “A-1” (short term) by
Standard & Poor’s Rating Services (“S&P”); or (iii) (a) Party
A, or its Credit Support Provider, has both long and short term unsecured debt
ratings from Moody’s Investors Service, Inc. (“Moody’s”), and any
such rating is withdrawn, reduced below (or put on watch for downgrade at) “A1”
(long term) or “P-1” (short-term) or (b) Party A, or its Credit Support
Provider, has only a long-term unsecured debt rating from Moody’s and such
rating is withdrawn, reduced below (or put on watch for downgrade at) “Aa3”
(any of the above referenced withdrawals or reductions in credit status from
the referenced agencies being herein referred to as a “Downgrade”); then
Party A shall promptly notify Party B by telephone (promptly confirmed in
writing), and Party B then shall notify the Rating Agencies.  Party A shall then, at its own expense, in
consultation with Party B, within 30 days of the date of the Downgrade, enter
into a “Qualifying Substitute Arrangement” (as defined below) to assure
performance by Party A of its obligations under the Transactions.  If Party A fails to enter into a Qualifying
Substitute Arrangement pursuant to this provision, it shall be an Additional
Termination Event in which Party A is the sole Affected Party.

 

“Credit
Support” shall mean an unconditional letter of credit, guaranty, surety
bond or insurance policy providing for prompt payment of the obligations of
Party A and its successors under this Agreement, as amended from time to time,
and all Transactions hereunder for their duration from a Credit Support
Provider meeting the Counterparty Ratings Requirements, that is valid, binding
and enforceable in accordance with its terms.

 

“Counterparty Ratings Requirement” means with
respect to any entity, that either such entity or the Credit Support Provider,
has (i) (a) a Moody’s long-term unsecured debt rating or counterparty
rating of at least “Aa3”, and if a short term rating has been provided, such
rating shall be at least “P-1”, and (ii) an S&P long-term unsecured
debt rating or counterparty rating of at least “AA-”, and if a short term
rating has been provided, such rating shall be at least “A-1”; and,
notwithstanding the foregoing, if such entity or its Credit Support Provider,
has a Fitch 

 

 

short-term unsecured debt
rating, such rating shall be at least “F-1 and if such entity or its Credit Support
Provider has a Fitch long-term unsecured debt rating, such rating shall be at
least “A”.

 

“Qualifying Substitute Arrangement” shall
mean one of the following arrangements satisfactory to the Rating
Agencies:  (i) providing Credit
Support to Party B reasonably satisfactory to Party B and procuring a Ratings
Reaffirmation or (ii) procuring a Replacement Transaction reasonably
satisfactory to Party B and a Ratings Reaffirmation.

 

“Ratings Reaffirmation” means a written
acknowledgement from each Rating Agency whose rating on Party A was reduced or
withdrawn that, taking into account the Credit Support or the Replacement
Transaction provided, as applicable, (i) the then current rating of the
Notes will not be reduced notwithstanding the applicable Downgrade, or (ii) the
rating of the Notes in effect prior to the Downgrade will be reinstated to the
rating in effect prior to the Downgrade.

 

“Replacement Transaction” means a transaction,
reasonably satisfactory to Party B, with a replacement counterparty meeting the
Counterparty Rating Requirement who, at no cost to Party B, shall assume Party
A’s position under this Agreement and all Transactions hereunder or  replace all Transactions outstanding under
this Agreement with Transactions between said replacement counterparty and
Party B on identical terms.

 

(m)                               Discontinued Agency.  If one of the foregoing credit rating
agencies ceases to be in the business of rating Debt Securities and such
business is not continued by a successor or assign of such agency (“Discontinued
Agency”) ratings shall not be deemed withdrawn hereunder, and Party A and Party
B shall use their best efforts to 
jointly (i) select a nationally-recognized credit rating agency in
substitution thereof and (ii) agree on the rating level issued by such
substitute agency that is equivalent to the ratings specified herein of the
Discontinued Agency, whereupon such substitute agency and equivalent rating
shall replace the Discontinued Agency and the rating level thereof for the
purposes of this Agreement. If at any time all of the agencies specified herein
with respect to a party have become Discontinued Agencies and Party A and Party
B have not previously agreed in good faith on at least one agency and
equivalent rating in substitution for each Discontinued Agency and the
applicable rating thereof, the Downgrade provisions of Part 1(l)(i) shall
cease to apply to the parties until a substitute agency is agreed upon as
described above.

 

Part 2

Tax Representations

 

(a)                                  Payer Tax Representation.  For the purpose of Section 3(e) of
this Agreement, Party A and Party B make the following representation:

 

It is
not required by applicable law, as modified by the practice of any relevant
governmental revenue authority, of any Relevant Jurisdiction to make any deduction
or withholding for or on account of any Tax from any payment (other than
interest under Section9(h) of this Agreement) to be made by it to the
other party under this Agreement.  In
making this representation, it may rely on:

 

(i)                                     the
accuracy of any representations made by the other party pursuant to Section 3(f) of
this Agreement;

 

 

(ii)                                  the
satisfaction of the agreement of the other party contained in Section 4(a)(i) or
4(a)(iii) of this Agreement (as such Section 4(a)(iii) is
modified in Part 5(b)(ii) hereof) and the accuracy and effectiveness
of any document provided by the other party pursuant to Section 4(a)(i) or
4(a)(iii) (as such Section 4(a)(iii) is modified in Part 5(b)(ii) hereof)
of this Agreement; and

 

(iii) the satisfaction of the agreement of the
other party contained in Section 4(d) of this Agreement;

 

except
that it will not be a breach of this representation where reliance is placed on
clause (ii) above and the other party does not deliver a form or document
under Section 4(a)(iii) of this Agreement by reason of prejudice to
its legal or commercial position.

 

(b)                                 Payee Tax Representations.  For the purpose of Section 3(f) of
this Agreement, Party A and Party B make the representations specified below,
if any:

 

(i)                                     For
the purpose of Section 3(f), Party A will make the following
representations:

 

(x)                                   It
is acting as a principal and not as an agent or intermediary with respect to
the payments received or to be received by it in connection with this
Agreement.

 

(y)                                 The
following representations will apply to Party A with respect to Transactions as
to which Party A is not acting through a branch, office or agency
located in the United States:

 

(A)                              It
is fully eligible for the benefits of the “Business Profits” or “Industrial and
Commercial Profits” provision, as the case may be, the “Interest” provision or
the “Other Income” provision (if any) of the applicable Specified Treaty with
respect to any payment described in such provisions and received or to be
received by it in connection with this Agreement and no such payment is
attributable to a trade or business carried on by it through a permanent
establishment in the United States;

 

(B)                                Each
payment received or to be received by it in connection with this Agreement will
not be effectively connected with its conduct of a trade or business in the
United States; and

 

(C)                                It
is a foreign person and is not acting through a U.S. branch.

 

For
purposes of Payee Representation (b)(ii)(A), “Specified Treaty” means the
Income Tax Treaty between The Netherlands and the United States of America.

 

(z)                                   The
following representation will apply to Party A with respect to Transactions as
to which Party A is acting through a branch, office or agency located in
the United States:

 

It is
a foreign person and each payment received or to be received by it in
connection with this Agreement will be effectively connected with its conduct
of a trade or business in the United States.

 

 

(ii)                                  For
the purpose of Section 3(f), Party B will make the following
representation:

 

It is
a “U.S. person” (as that term is used in section 1.1441-4(a)(3)(ii) of
United States Treasury Regulations) for United States federal income tax
purposes and an “Exempt recipient” within the meaning of section 1.6049-4(c)(1)(ii) of
United States Treasury Regulations.

 

(c)                                  Modified Tax Provisions. 
Party B’s obligations under Section 2(d)(i) of this Agreement
shall be limited to complying with clauses (1), (2) and (3) thereof
and Party B shall not be obligated to pay any amount owing by it under clause
(4).

 

Part 3

Agreement to Deliver Documents

 

For the purpose of
Sections 4(a)(i) and (ii) of this Agreement, each Party agrees to
deliver the following documents, as applicable:

 

(a)                                  Tax
forms, documents or certificates to be delivered are:

 

	
  Party Required

  to Deliver

  Documents

  	
   

  	
  Form/Document/

  Certificate

  	
   

  	
  Date by

  which to be

  delivered

  	
   

  	
  Covered by

  §(3)(d)

  Representation

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party A

  	
   

  	
  A duly executed
  United States Internal Revenue Service Form W-8BEN and W-8ECI (or
  successor thereto)

  	
   

  	
  (i) Upon
  execution of the Agreement; (ii) and upon request thereafter; (iii) promptly
  upon learning that any Form W-8BEN, or W-8ECI (or any successor thereto)
  has become obsolete or incorrect; and (iv) upon request of Party B

  	
   

  	
  N/A

  

 

 

(b)                                 Other
documents to be delivered are:

 

	
  Party

  Required

  to Deliver

  Documents

  	
   

  	
  Form/Document/

  Certificate

  	
   

  	
  Date by

  which to be

  delivered

  	
   

  	
  Covered by

  §(3)(d)

  Representation

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party A

  	
   

  	
  A copy of the
  most recent annual report (which shall be the Annual Report of ABN AMRO
  Holding N.V). containing audited consolidated financial statements for such
  fiscal year certified by independent certified public accountants and
  prepared in accordance with generally accepted accounting principles (“GAAP”)
  in the party’s country of organization, or, in lieu thereof, a copy of such
  party’s most recent Form 20-F as filed by ABN AMRO Holding N.V with the
  Securities and Exchange Commission (if any such statement is produced).

  	
   

  	
  Upon request of
  the other party.

  	
   

  	
  Yes

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party A &
  B

  	
   

  	
  Evidence,reasonably
  satisfactory in form and substance to the receiving party, concerning the due
  execution and delivery of this Agreement or any Confirmation, including,
  without limitation, signing authority and specimen signatures for each
  individual executing the Agreement and any Confirmation.

  	
   

  	
  At or promptly
  following the execution and delivery of this Agreement .

  	
   

  	
  Yes

  

 

Part 4

Miscellaneous

 

(a)                                  Addresses for Notices.  For the purpose of Section 12(a) of
this Agreement: 

Address for notices or communications to Party A:

 

For
the purposes of Sections 5, 6 and 7 under this Agreement:

 

 

ABN AMRO
Bank N.V., Chicago Branch

Global
Documentation Unit

540 W. Madison Street, 22nd Floor

Chicago, IL   60661

	
  Attention:

  	
   

  	
  Treasury
  Documentation

  
	
  Telephone:

  	
   

  	
  312-904-5214

  
	
  Fax:

  	
   

  	
  312-904-0392

  

 

For all other purposes to the Office through which
Party A is acting for the purposes of the relevant Transactions:

 

ABN AMRO
Bank N.V., Amsterdam Head Office

P.O. Box 283

1000 AE  Amsterdam

The Netherlands

	
  Attention:

  	
   

  	
  Operations
  Derivatives Markets

  

 

Swaps

	
  Telephone:

  	
   

  	
  31-20-6284448

  
	
  Telefax:

  	
   

  	
  31-20-6281679

  

 

Interest
Related Products

	
  Telephone

  	
   

  	
  31-20-3831226

  
	
  Telefax:

  	
   

  	
  31-20-6282462

  

 

	
  Telex:

  	
   

  	
  16021
  Answerback: ABAM NL

  
	
  Electronic
  Messaging System Details: Swift ABNA NL 2A

  

 

ABN AMRO
Bank, N.V., Chicago Branch

540 West Madison Avenue, Suite 2132

Chicago, IL  60661

	
  Attention:

  	
  Treasury
  Operations

  
	
  Facsimile No.:

  	
  312-855-5852

  
	
  Telephone No.:

  	
  312-992-5816

  

Electronic
Messaging System Details:   ABNA US 33a
XXX

 

ABN AMRO
Bank N.V., London Branch

199 Bishopsgate,

London EC2M 3XW,

United Kingdom

	
  Attention:

  	
   

  	
  Fixed Income
  Derivatives Documentation

  
	
  Telex:

  	
   

  	
  887366
  Answerback: ABNALN G

  
	
  Fax:

  	
   

  	
  44 20 7857 9428

  
	
  Telephone:

  	
   

  	
  44 20 7678 3311

  

Electronic
Messaging System Details: Swift ABNA GB 2L

 

Address
for notices or communications to Party B:

 

	
  Address:

  	
   

  	
  Address:      GE
  Capital Credit Card Master Note Trust

  
	
   

  	
   

  	
  c/o General Electric Capital Corporation, as
  Administrator

  
	
   

  	
   

  	
  1600 Summer
  Street, 6th Floor

  
	
   

  	
   

  	
  Stamford, CT
  06927

  

 

 

	
  Attention:

  	
   

  	
  Manager
  Operations - Securitization

  
	
  Telephone:

  	
   

  	
  203-585-6838

  
	
  Facsimile:

  	
   

  	
  203-585-6564

  

 

(b)                                 Process Agent.  For the purpose of Section 13(c) of
this Agreement:

 

Party
A appoints as its Process Agent:

 

ABN AMRO Bank N.V., New York Branch

55 East 52nd Street

New York, NY   10055

Attention: Legal Department

Facsimile:  212-409-7303

 

Party
B appoints as its Process Agent:  Not
applicable

 

(c)                                  Offices.  The provisions of Section 10(a) shall
apply to this Agreement.

 

(d)                                 Multibranch Party.  For the purpose of Section 10(b), Party
A is a Multibranch Party and may act through its Amsterdam, Chicago and London
Offices; and Party B is not a Multibranch Party.

 

(e)                                  Calculation Agent.  The Calculation Agent shall be Party A unless
Party A is a Defaulting Party in which case the Calculation Agent will be Party
B.

 

(f)                                    Credit Support Document.  Details of any Credit Support Document: Not
applicable.

 

(g)                                 Credit Support Provider.  Not
applicable.

 

(h)                                 Governing Law.  This Agreement will be governed by and
construed in accordance with the laws of the State of New York without
reference to choice of law doctrine.

 

(i)                                     Netting of Payments.  “Multiple Transaction
Payment Netting” will not apply for the purpose of Section 2(c) of
this Agreement to all Transactions (in each case starting from the date of this
Agreement).

 

(j)                                     “Affiliate” will have the meaning
specified in Section 14 provided that Party A and Party B shall not have,
or be deemed to have, any Affiliates for purposes of this Agreement

 

(k)                                  Absence of Litigation. For the purpose
of Section 3(c):

 

“Specified
Entity” means in relation to Party A: Not applicable.

 

“Specified
Entity” means in relation to Party B: Not applicable.

 

 

(l)                                     No Agency.  The provisions of Section 3(g) will
apply to this Agreement.

 

(m)                               Additional Representation will apply.  For the purpose of Section 3 of this
Agreement, the following will constitute an Additional Representation:

 

(i)                                     Non-Reliance.  It is acting for its own account, and it has
made its own independent decisions to enter into that Transaction and as to whether
that Transaction is appropriate or proper for it based upon its own judgment
and upon advice from such advisers as it has deemed necessary.  It is not relying on any communication
(written or oral) or the other party as investment advice or as a recommendation
to enter into that Transaction, it being understood that information and
explanations related to the terms and conditions of a Transaction will not be
considered investment advice or a recommendation to enter into that
Transaction.  No communication (written
or oral) received from the other party will be deemed to be an assurance or
guarantee as to the expected results of that Transaction.

 

(ii)                                  Assessment and Understanding.  It is capable of assessing the merits of and
understanding (on its own behalf or through independent professional advice),
and understands and accepts, the terms, conditions and risks of that
Transaction.  It is also capable of
assuming, and assumes, the risks of that Transaction.

 

(iii)                               Status of Parties. The other party is
not acting as a fiduciary for or an adviser to it in respect of that
Transaction.

 

(iv)                              Eligible Contract Participant. It is
an “eligible contract participant” as defined in Section 1a(12) of the
Commodity Exchange Act, as amended.

 

(n)                                 Consent to Recording.  Each party (i) consents to the recording
of the telephone conversations of trading and marketing personnel of the
parties in connection with this Agreement or any potential Transaction, (ii) agrees
to obtain any necessary consent of, and give notice of such recording to, such
personnel and (iii) agrees, to the extent permitted by applicable law,
that recordings may be submitted in evidence in any Proceedings.

 

Part 5

Other Provisions

 

(a)                                  Recourse and Ranking.  The obligations of Party B under this Agreement,
and under any Transaction executed hereunder, are solely the obligations of
Party B.  No recourse shall be had for
the payment of any amount owing in respect of any Transaction or any other
obligation or claim arising out of or based upon this Agreement against any
member, employee, officer, director or agent of Party B.  Any accrued obligations owing by Party B
under this Agreement and any Transaction shall be payable by Party B solely to
the extent that funds are available therefor from time to time in accordance
with the provisions of the Indenture; provided that such accrued obligations
shall not be extinguished until paid in full. 
Notwithstanding any provisions contained in this Agreement to the
contrary, Party B shall not be obligated to pay any amount pursuant to this
Agreement unless Party B has received funds which may be used to make such
payment in accordance with the Indenture. 
Any amount which Party B does not pay pursuant to the operation of the preceding
sentence shall not constitute a claim (as defined in §101 of the Bankruptcy
Code) against or corporate obligation of Party B for any such insufficiency
unless and until such payment is permitted under such preceding sentence.

 

 

(b)                                 Limitation of Defaults and Termination.   Notwithstanding the terms of Sections 5 and
6 of this Agreement, Party A shall be entitled to designate an Early
Termination Date pursuant to Section 6 of this Agreement only as a result
of the occurrence of an Event of Default set forth in Section 5(a)(i) or
5(a)(vii)(4), with respect to Party B as the Defaulting Party or a Termination
Event set forth in Sections 5(b)(i) or 5(b)(iii) of this Agreement
with respect to Party A as the Affected Party.

 

(c)                                  No Bankruptcy Petition Against the Company.  Party A hereby covenants and agrees that,
prior to the date which is one year and one day after all the Notes (or any
rated securities) issued by Party B have been paid in full it will not
institute against, or join any other Person in instituting against, Party B any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
or other similar proceeding under the laws of the United States or any state of
the United States.  Nothing herein shall
prevent Party A from participating in any such proceeding once commenced.

 

(d)                                 Additional Tax Provisions.  The definition of “Indemnifiable Tax” in Section 14
of this Agreement is modified by adding the following at the end thereof:

 

Notwithstanding
the foregoing, “Indemnifiable Tax” also means any Tax imposed in respect of a
payment under this Agreement by reason of a Change in Tax Law by a government
or taxing authority of a Relevant Jurisdiction of the party making such
payment, unless the other party is incorporated, organized, managed and
controlled or considered to have its seat in such jurisdiction, or is acting
for purposes of this Agreement through a branch or office located in such
jurisdiction.

 

(e)                                  Definitions.  Reference is hereby made to the 2000 ISDA
Definitions (the “2000 Definitions”), as published by the International Swaps
and Derivatives Association, Inc. (“ISDA”), which are hereby incorporated
by reference herein and shall be deemed to be incorporated in each Confirmation
hereunder, unless otherwise specified in a Confirmation. Any terms used and not
otherwise defined herein which are contained in the 2000 Definitions shall have
the meaning set forth therein. 
Capitalized terms used and not otherwise defined herein or in the
Agreement or the 2000 Definitions (hereinafter defined) shall have the meanings
assigned to them in the Indenture, dated as of September 25, 2003, among
Party B, as Issuer, and Deutsche Bank Trust Company Americas, as Indenture
Trustee, as amended or supplemented from time to time (the “Indenture”).

 

 

(f)                                    Waiver of Contractual Right of Setoff.  Notwithstanding any provision of this
Agreement or any other existing or future agreement but without affecting the
netting provisions of Section 2(c), each party irrevocably waives any and
all contractual rights it may have to set off, net, recoup or otherwise
withhold or suspend or condition payment or performance of any obligation
between the two parties hereunder against any obligations between the two
parties under any other agreements or otherwise.  The words “and will be subject to Section 6(f)”
in the third line of the first paragraph of Section 6(e), and Section 6(f) of
this Agreement, are deleted.

 

(g)                                 Waiver of Right to Trial by Jury.  Each party irrevocably waives, to the fullest
extent permitted by applicable law, any right it may have to trial by jury of
any claim, demand or cause of action relating in any way to this Agreement or
any Credit Support Document, whether sounding in contract or tort or otherwise,
and agrees that either party may file a copy of this section with any court
as evidence of the waiver of its jury trial rights.

 

(h)                                 Conditions Precedent.  Section 2(a)(iii)(1) of the
Agreement shall not apply to the obligations of Party A unless an Event of
Default set forth in Sections 5(a)(i) or 5(a)(vii)(4) with respect to
Party B has occurred and is continuing.

 

(i)                                     Rating Agency Condition.  No assignments, amendment, modification
or waiver in respect of this Agreement will be effective unless, in addition to
meeting the requirements otherwise set forth herein, a Ratings Reaffirmation
has been obtained.

 

(j)                                     Amendment to Indenture.  Party B agrees that it shall not amend,
modify or waive any provisions in the Indenture without the consent of Party A
if such amendment, modification or waiver would have a material adverse effect
on Party A’s rights under this Agreement.

 

(k)                                  Limitation on Liability of Trustee.  It is expressly understood and agreed by the
parties hereto that (a) this Agreement is executed and delivered by The
Bank of New York (Delaware), not individually or personally but solely as
trustee of GE Capital Credit Card Master Note Trust (the “Trust”), in the
exercise of the powers and authority conferred and vested in it, (b) each
of the representations, undertakings and agreements herein made on the part of
the Trust is made and intended not as personal representations, undertakings
and agreements by The Bank of New York (Delaware) but is made and intended for
the purpose of binding only the Trust, (c) nothing herein contained shall
be construed as creating any liability on The Bank of New York (Delaware),
individually or personally, to perform any covenant either expressed or implied
contained herein, all such liability, if any, being expressly waived by the
parties hereto and by any Person claiming by, through or under the parties
hereto and (d) under no circumstances shall The Bank of New York
(Delaware) be personally liable for the payment of any indebtedness or expenses
of the Trust or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the Trust under this
Master Agreement or any other related documents.

 

(l)                                     Part 1(k)(i).  Party A acknowledges the various provisions
set forth in Part 1(l) hereof in connection with a Downgrade (as set forth
therein).  Party A agrees to act in good
faith and in a commercially reasonable manner in this regard.

 

 

Please
confirm your agreement to the terms of the foregoing Schedule by signing
below.

 

	
   

  	
   

  	
  ABN
  AMRO BANK N.V.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ FREDERICK P. ENGLER

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Frederick P. Engler

  
	
   

  	
   

  	
   

  	
  Title:   Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ DANIEL H. BLEY

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Daniel H. Bley

  
	
   

  	
   

  	
   

  	
  Title:   Senior
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  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

  
	
   

  	
   

  	
   

  	
  Title: Vice
  PresidentExhibit 4.7

 

SCHEDULE

to the

2002

Master Agreement

dated as of June 30, 2005

between ABN AMRO BANK N.V. (“Party A”)

and

GE CAPITAL CREDIT CARD MASTER NOTE TRUST (“Party B”)

Part 1

Termination Provisions

 

The only Transaction that will be governed by the
terms of this Agreement will be the Class C Swap (as defined in the
Indenture Supplement) as documented in the Confirmation, dated as of the date
hereof.  Reference to “Transactions” or “Transaction”
shall be deemed to be reference to the Class C Swap.

 

In this Agreement —

 

(a)                                  “Specified Entity” means in relation to
Party A and Party B for the purpose of Sections 5(a)(v), (vi), (vii) and Section 5(b)(v):
Not applicable.

 

(b)                                 “Specified Transaction” will have the
meaning specified in Section 14 of this Agreement.

 

(c)                                  The
“Breach of Agreement”
provision of Section 5(a)(ii) will not apply
to Party B.

 

(d)                                 The
“Misrepresentation”
provision of Section 5(a)(iv) will not apply
to Party A and will not apply to Party B.

 

(e)                                  The
“Cross Default” provisions
of Section 5(a)(vi) will not apply to Party
A and will not apply to Party B.

 

(f)                                    The
“Bankruptcy” provision of Section 5(a)(vii) is hereby amended by replacing “15” with “30” in
the 16th and 23rd lines thereof.

 

 

(g)                                 The
Force Majeure Event”
provision of Section 5(b)(ii) will not apply to Party A and will not
apply to Party B.

 

(h)                                 The
“Credit Event Upon Merger”
provisions of Section 5(b)(v) will not apply to Party A and will not
apply to Party B.

 

(i)                                     The
“Automatic Early Termination”
provisions of Section 6(a) will not apply to Party A and will not
apply to Party B, provided, however, that
where the Event of Default is specified in Section 5(a)(vii)(1), (3), (4),
(5), (6) or, to the extent analogous thereto, (8) and is governed by
a system of laws that does not permit termination to take place upon or after
the occurrence of the relevant Event of Default in accordance with the terms of
this Agreement, then the Automatic Early Termination provisions of Section 6(a) will
apply to Party A and Party B. .

 

(j)                                     “Termination Currency” means United
States Dollars.

 

(l)                                     Additional Termination Event  will
apply.  Failure to comply with the
following shall constitute an Additional Termination Event in which Party A
shall be the sole Affected Party:

 

(i)                                     Credit Downgrade
– Party A.  If at any
time (i) the unsecured debt rating of Party A, or its Credit Support
Provider, is withdrawn by or reduced below “A” (long term) or “F-1” (short
term) if Party A is rated by Fitch Ratings (“Fitch”); or (ii) the
unsecured debt ratings of Party A, or its Credit Support Provider, are
withdrawn or reduced below “A+” (long term) or, if a short term rating is in
effect for Party A, or its Credit Support Provider, below “A-1” (short term) by
Standard & Poor’s Rating Services (“S&P”); or (iii) (a) Party
A, or its Credit Support Provider, has both long and short term unsecured debt
ratings from Moody’s Investors Service, Inc. (“Moody’s”), and any
such rating is withdrawn, reduced below (or put on watch for downgrade at) “A1”
(long term) or “P-1” (short-term) or (b) Party A, or its Credit Support
Provider, has only a long-term unsecured debt rating from Moody’s and such
rating is withdrawn, reduced below (or put on watch for downgrade at) “Aa3”
(any of the above referenced withdrawals or reductions in credit status from
the referenced agencies being herein referred to as a “Downgrade”); then
Party A shall promptly notify Party B by telephone (promptly confirmed in
writing), and Party B then shall notify the Rating Agencies.  Party A shall then, at its own expense, in
consultation with Party B, within 30 days of the date of the Downgrade, enter
into a “Qualifying Substitute Arrangement” (as defined below) to assure
performance by Party A of its obligations under the Transactions.  If Party A fails to enter into a Qualifying
Substitute Arrangement pursuant to this provision, it shall be an Additional
Termination Event in which Party A is the sole Affected Party.

 

“Credit
Support” shall mean an unconditional letter of credit, guaranty, surety
bond or insurance policy providing for prompt payment of the obligations of
Party A and its successors under this Agreement, as amended from time to time,
and all Transactions hereunder for their duration from a Credit Support
Provider meeting the Counterparty Ratings Requirements, that is valid, binding
and enforceable in accordance with its terms.

 

“Counterparty Ratings Requirement” means with
respect to any entity, that either such entity or the Credit Support Provider,
has (i) (a) a Moody’s long-term unsecured debt rating or counterparty
rating of at least “Aa3”, and if a short term rating has been provided, such
rating shall be at least “P-1”, and (ii) an S&P long-term unsecured
debt rating or counterparty rating of at least “AA-”, and if a short term
rating has been provided, such rating shall be at least “A-1”; and,
notwithstanding the foregoing, if such entity or its Credit Support Provider,
has a Fitch 

 

 

short-term unsecured debt
rating, such rating shall be at least “F-1 and if such entity or its Credit Support
Provider has a Fitch long-term unsecured debt rating, such rating shall be at
least “A”.

 

“Qualifying Substitute Arrangement” shall
mean one of the following arrangements satisfactory to the Rating
Agencies:  (i) providing Credit
Support to Party B reasonably satisfactory to Party B and procuring a Ratings
Reaffirmation or (ii) procuring a Replacement Transaction reasonably
satisfactory to Party B and a Ratings Reaffirmation.

 

“Ratings Reaffirmation” means a written
acknowledgement from each Rating Agency whose rating on Party A was reduced or
withdrawn that, taking into account the Credit Support or the Replacement
Transaction provided, as applicable, (i) the then current rating of the
Notes will not be reduced notwithstanding the applicable Downgrade, or (ii) the
rating of the Notes in effect prior to the Downgrade will be reinstated to the
rating in effect prior to the Downgrade.

 

“Replacement
Transaction” means a transaction, reasonably satisfactory to Party B, with
a replacement counterparty meeting the Counterparty Rating Requirement who, at
no cost to Party B, shall assume Party A’s position under this Agreement and
all Transactions hereunder or  replace
all Transactions outstanding under this Agreement with Transactions between
said replacement counterparty and Party B on identical terms.

 

(m)                               Discontinued Agency.  If one of the foregoing credit rating
agencies ceases to be in the business of rating Debt Securities and such
business is not continued by a successor or assign of such agency (“Discontinued
Agency”) ratings shall not be deemed withdrawn hereunder, and Party A and Party
B shall use their best efforts to 
jointly (i) select a nationally-recognized credit rating agency in
substitution thereof and (ii) agree on the rating level issued by such
substitute agency that is equivalent to the ratings specified herein of the
Discontinued Agency, whereupon such substitute agency and equivalent rating
shall replace the Discontinued Agency and the rating level thereof for the
purposes of this Agreement. If at any time all of the agencies specified herein
with respect to a party have become Discontinued Agencies and Party A and Party
B have not previously agreed in good faith on at least one agency and
equivalent rating in substitution for each Discontinued Agency and the
applicable rating thereof, the Downgrade provisions of Part 1(l)(i) shall
cease to apply to the parties until a substitute agency is agreed upon as
described above.

 

Part 2

Tax Representations

 

(a)                                  Payer Tax Representation.  For the purpose of Section 3(e) of
this Agreement, Party A and Party B make the following representation:

 

It is not required by applicable law, as
modified by the practice of any relevant governmental revenue authority, of any
Relevant Jurisdiction to make any deduction or withholding for or on account of
any Tax from any payment (other than interest under Section9(h) of this
Agreement) to be made by it to the other party under this Agreement.  In making this representation, it may rely
on:

 

(i)                                     the
accuracy of any representations made by the other party pursuant to Section 3(f) of
this Agreement;

 

 

(ii)                                  the
satisfaction of the agreement of the other party contained in Section 4(a)(i) or
4(a)(iii) of this Agreement (as such Section 4(a)(iii) is
modified in Part 5(b)(ii) hereof) and the accuracy and effectiveness
of any document provided by the other party pursuant to Section 4(a)(i) or
4(a)(iii) (as such Section 4(a)(iii) is modified in Part 5(b)(ii) hereof)
of this Agreement; and

 

(iii) the satisfaction of the agreement
of the other party contained in Section 4(d) of this Agreement;

 

except that it will not be a breach of this
representation where reliance is placed on clause (ii) above and the other
party does not deliver a form or document under Section 4(a)(iii) of
this Agreement by reason of prejudice to its legal or commercial position.

 

(b)                                 Payee Tax Representations.  For the purpose of Section 3(f) of
this Agreement, Party A and Party B make the representations specified below,
if any:

 

(i)                                     For the purpose of
Section 3(f), Party A will make the following representations:

 

(x)                                   It is acting as a
principal and not as an agent or intermediary with respect to the payments
received or to be received by it in connection with this Agreement.

 

(y)                                 The following representations
will apply to Party A with respect to Transactions as to which Party A is not
acting through a branch, office or agency located in the United States:

 

(A)                              It is fully eligible for
the benefits of the “Business Profits” or “Industrial and Commercial Profits”
provision, as the case may be, the “Interest” provision or the “Other Income”
provision (if any) of the applicable Specified Treaty with respect to any
payment described in such provisions and received or to be received by it in
connection with this Agreement and no such payment is attributable to a trade
or business carried on by it through a permanent establishment in the United
States;

 

(B)                                Each payment received
or to be received by it in connection with this Agreement will not be
effectively connected with its conduct of a trade or business in the United
States; and

 

(C)                                It is a foreign person
and is not acting through a U.S. branch.

 

For purposes of Payee Representation
(b)(ii)(A), “Specified Treaty” means the Income Tax Treaty between The Netherlands
and the United States of America.

 

(z)                                   The following
representation will apply to Party A with respect to Transactions as to which
Party A is acting through a branch, office or agency located in the
United States:

 

It is a foreign person and each payment
received or to be received by it in connection with this Agreement will be
effectively connected with its conduct of a trade or business in the United
States.

 

 

(ii)                                  For the purpose of Section 3(f),
Party B will make the following representation:

 

It is a “U.S. person” (as that term is used
in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations)
for United States federal income tax purposes and an “Exempt recipient” within
the meaning of section 1.6049-4(c)(1)(ii) of United States Treasury
Regulations.

 

(c)                                  Modified Tax Provisions. 
Party B’s obligations under Section 2(d)(i) of this Agreement
shall be limited to complying with clauses (1), (2) and (3) thereof
and Party B shall not be obligated to pay any amount owing by it under clause
(4).

 

Part 3

Agreement to Deliver Documents

 

For the purpose of Sections 4(a)(i) and (ii) of this
Agreement, each Party agrees to deliver the following documents, as applicable:

 

(a)                                  Tax forms, documents
or certificates to be delivered are:

 

	
  Party Required

  to Deliver

  Documents

  	
   

  	
  Form/Document/

  Certificate

  	
   

  	
  Date by

  which to be

  delivered

  	
   

  	
  Covered by

  §(3)(d)

  Representation

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party A

  	
   

  	
  A duly executed United States Internal
  Revenue Service Form W-8BEN and W-8ECI (or successor thereto)

  	
   

  	
  (i) Upon execution of the Agreement; (ii) and
  upon request thereafter; (iii) promptly upon learning that any Form W-8BEN,
  or W-8ECI (or any successor thereto) has become obsolete or incorrect; and (iv) upon
  request of Party B

  	
   

  	
  N/A

  

 

 

(b)                                 Other documents to be
delivered are:

 

	
  Party

  Required

  to Deliver

  Documents

  	
   

  	
  Form/Document/

  Certificate

  	
   

  	
  Date by

  which to be

  delivered

  	
   

  	
  Covered by

  §(3)(d)

  Representation

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party A

  	
   

  	
  A copy of the most recent annual report
  (which shall be the Annual Report of ABN AMRO Holding N.V). containing
  audited consolidated financial statements for such fiscal year certified by
  independent certified public accountants and prepared in accordance with
  generally accepted accounting principles (“GAAP”) in the party’s country of
  organization, or, in lieu thereof, a copy of such party’s most recent Form 20-F
  as filed by ABN AMRO Holding N.V with the Securities and Exchange Commission
  (if any such statement is produced).

  	
   

  	
  Upon request of the other party.

  	
   

  	
  Yes

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party A & B

  	
   

  	
  Evidence,reasonably satisfactory in form
  and substance to the receiving party, concerning the due execution and
  delivery of this Agreement or any Confirmation, including, without
  limitation, signing authority and specimen signatures for each individual
  executing the Agreement and any Confirmation.

  	
   

  	
  At or promptly following the execution and
  delivery of this Agreement .

  	
   

  	
  Yes

  

 

Part 4

Miscellaneous

 

(a)                                  Addresses for Notices.  For the purpose of Section 12(a) of
this Agreement: 

Address for notices or communications to Party A:

 

For the purposes of Sections 5, 6 and 7 under
this Agreement:

 

 

ABN AMRO Bank N.V., Chicago Branch

Global Documentation Unit

540 W. Madison Street, 22nd Floor

Chicago, IL  
60661

	
  Attention:

  	
  Treasury Documentation

  
	
  Telephone:

  	
  312-904-5214

  
	
  Fax:

  	
  312-904-0392

  

 

For all other purposes to the Office through which
Party A is acting for the purposes of the relevant Transactions:

 

ABN AMRO Bank N.V., Amsterdam Head Office

P.O. Box 283

1000 AE 
Amsterdam

The Netherlands

	
  Attention:

  	
  Operations Derivatives Markets

  

 

Swaps

	
  Telephone:

  	
  31-20-6284448

  
	
  Telefax:

  	
  31-20-6281679

  

 

Interest Related Products

	
  Telephone

  	
  31-20-3831226

  
	
  Telefax:

  	
  31-20-6282462

  

 

	
  Telex:

  	
  16021 Answerback: ABAM NL

  
	
  Electronic Messaging System Details: Swift
  ABNA NL 2A

  

 

ABN AMRO Bank, N.V., Chicago Branch

540 West Madison Avenue, Suite 2132

Chicago, IL 
60661

	
  Attention:

  	
  Treasury Operations

  
	
  Facsimile No.:

  	
  312-855-5852

  
	
  Telephone No.:

  	
  312-992-5816

  
	
  Electronic Messaging System Details:   ABNA US 33a XXX

  

 

ABN AMRO Bank N.V., London Branch

199 Bishopsgate,

London EC2M 3XW,

United Kingdom

	
  Attention:

  	
  Fixed Income Derivatives Documentation

  
	
  Telex:

  	
  887366 Answerback: ABNALN G

  
	
  Fax:

  	
  44 20 7857 9428

  
	
  Telephone:

  	
  44 20 7678 3311

  

Electronic Messaging System Details: Swift
ABNA GB 2L

 

Address for notices or communications to
Party B:

 

	
  Address:

  	
   

  	
  Address:                                 GE Capital Credit
  Card Master Note Trust

  
	
   

  	
   

  	
  c/o General Electric Capital Corporation, as
  Administrator

  
	
   

  	
   

  	
  1600 Summer Street, 6th Floor

  
	
   

  	
   

  	
  Stamford, CT 06927

  

 

 

	
  Attention:

  	
   

  	
  Manager Operations - Securitization

  
	
  Telephone:

  	
   

  	
  203-585-6838

  
	
  Facsimile:

  	
   

  	
  203-585-6564

  

 

(b)                                 Process Agent.  For the purpose of Section 13(c) of
this Agreement:

 

Party A appoints as its Process Agent:

 

ABN AMRO
Bank N.V., New York Branch

55 East 52nd
Street

New York,
NY   10055

Attention:
Legal Department

Facsimile:  212-409-7303

 

Party B appoints as its Process Agent:  Not applicable

 

(c)                                  Offices.  The provisions of Section 10(a) shall
apply to this Agreement.

 

(d)                                 Multibranch Party.  For the purpose of Section 10(b), Party
A is a Multibranch Party and may act through its Amsterdam, Chicago and London
Offices; and Party B is not a Multibranch Party.

 

(e)                                  Calculation Agent.  The Calculation Agent shall be Party A unless
Party A is a Defaulting Party in which case the Calculation Agent will be Party
B.

 

(f)                                    Credit Support Document.  Details of any Credit Support Document: Not
applicable.

 

(g)                                 Credit Support Provider.  Not
applicable.

 

(h)                                 Governing Law.  This Agreement will be governed by and
construed in accordance with the laws of the State of New York without
reference to choice of law doctrine.

 

(i)                                     Netting of Payments.  “Multiple Transaction
Payment Netting” will not apply for the purpose of Section 2(c) of
this Agreement to all Transactions (in each case starting from the date of this
Agreement).

 

(j)                                     “Affiliate” will have the meaning
specified in Section 14 provided that Party A and Party B shall not have,
or be deemed to have, any Affiliates for purposes of this Agreement

 

(k)                                  Absence of Litigation. For the purpose
of Section 3(c):

 

“Specified Entity” means in relation to Party
A: Not applicable.

 

“Specified Entity” means in relation to Party
B: Not applicable.

 

 

(l)                                     No Agency.  The provisions of Section 3(g) will
apply to this Agreement.

 

(m)                               Additional Representation will apply.  For the purpose of Section 3 of this
Agreement, the following will constitute an Additional Representation:

 

(i)                                     Non-Reliance.  It is acting for its own account, and it has
made its own independent decisions to enter into that Transaction and as to
whether that Transaction is appropriate or proper for it based upon its own
judgment and upon advice from such advisers as it has deemed necessary.  It is not relying on any communication
(written or oral) or the other party as investment advice or as a
recommendation to enter into that Transaction, it being understood that
information and explanations related to the terms and conditions of a
Transaction will not be considered investment advice or a recommendation to
enter into that Transaction.  No
communication (written or oral) received from the other party will be deemed to
be an assurance or guarantee as to the expected results of that Transaction.

 

(ii)                                  Assessment and Understanding.  It is capable of assessing the merits of and
understanding (on its own behalf or through independent professional advice),
and understands and accepts, the terms, conditions and risks of that
Transaction.  It is also capable of
assuming, and assumes, the risks of that Transaction.

 

(iii)                               Status of Parties. The other party is
not acting as a fiduciary for or an adviser to it in respect of that
Transaction.

 

(iv)                              Eligible Contract Participant. It is
an “eligible contract participant” as defined in Section 1a(12) of the
Commodity Exchange Act, as amended.

 

(n)                                 Consent to Recording.  Each party (i) consents to the recording
of the telephone conversations of trading and marketing personnel of the
parties in connection with this Agreement or any potential Transaction, (ii) agrees
to obtain any necessary consent of, and give notice of such recording to, such
personnel and (iii) agrees, to the extent permitted by applicable law,
that recordings may be submitted in evidence in any Proceedings.

 

Part 5

Other Provisions

 

(a)                            Recourse and Ranking.  The obligations of Party B under this
Agreement, and under any Transaction executed hereunder, are solely the
obligations of Party B.  No recourse
shall be had for the payment of any amount owing in respect of any Transaction
or any other obligation or claim arising out of or based upon this Agreement
against any member, employee, officer, director or agent of Party B.  Any accrued obligations owing by Party B
under this Agreement and any Transaction shall be payable by Party B solely to
the extent that funds are available therefor from time to time in accordance with
the provisions of the Indenture; provided that such accrued obligations shall
not be extinguished until paid in full. 
Notwithstanding any provisions contained in this Agreement to the
contrary, Party B shall not be obligated to pay any amount pursuant to this
Agreement unless Party B has received funds which may be used to make such
payment in accordance with the Indenture. 
Any amount which Party B does not pay pursuant to the operation of the
preceding sentence shall not constitute a claim (as defined in §101 of the
Bankruptcy Code) against or corporate obligation of Party B for any such
insufficiency unless and until such payment is permitted under such preceding
sentence.

 

 

(b)                                 Limitation of Defaults and Termination.   Notwithstanding the terms of Sections 5 and
6 of this Agreement, Party A shall be entitled to designate an Early
Termination Date pursuant to Section 6 of this Agreement only as a result
of the occurrence of an Event of Default set forth in Section 5(a)(i) or
5(a)(vii)(4), with respect to Party B as the Defaulting Party or a Termination
Event set forth in Sections 5(b)(i) or 5(b)(iii) of this Agreement
with respect to Party A as the Affected Party.

 

(c)                                  No Bankruptcy Petition Against the Company.  Party A hereby covenants and agrees that,
prior to the date which is one year and one day after all the Notes (or any
rated securities) issued by Party B have been paid in full it will not
institute against, or join any other Person in instituting against, Party B any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
or other similar proceeding under the laws of the United States or any state of
the United States.  Nothing herein shall
prevent Party A from participating in any such proceeding once commenced.

 

(d)                                 Additional Tax Provisions.  The definition of “Indemnifiable Tax” in Section 14
of this Agreement is modified by adding the following at the end thereof:

 

Notwithstanding the foregoing, “Indemnifiable
Tax” also means any Tax imposed in respect of a payment under this Agreement by
reason of a Change in Tax Law by a government or taxing authority of a Relevant
Jurisdiction of the party making such payment, unless the other party is
incorporated, organized, managed and controlled or considered to have its seat in
such jurisdiction, or is acting for purposes of this Agreement through a branch
or office located in such jurisdiction.

 

(e)                                  Definitions.  Reference is hereby made to the 2000 ISDA
Definitions (the “2000 Definitions”), as published by the International Swaps
and Derivatives Association, Inc. (“ISDA”), which are hereby incorporated
by reference herein and shall be deemed to be incorporated in each Confirmation
hereunder, unless otherwise specified in a Confirmation. Any terms used and not
otherwise defined herein which are contained in the 2000 Definitions shall have
the meaning set forth therein. 
Capitalized terms used and not otherwise defined herein or in the
Agreement or the 2000 Definitions (hereinafter defined) shall have the meanings
assigned to them in the Indenture, dated as of September 25, 2003, among
Party B, as Issuer, and Deutsche Bank Trust Company Americas, as Indenture
Trustee, as amended or supplemented from time to time (the “Indenture”).

 

 

(f)                                    Waiver of Contractual Right of Setoff.  Notwithstanding any provision of this
Agreement or any other existing or future agreement but without affecting the
netting provisions of Section 2(c), each party irrevocably waives any and
all contractual rights it may have to set off, net, recoup or otherwise
withhold or suspend or condition payment or performance of any obligation
between the two parties hereunder against any obligations between the two
parties under any other agreements or otherwise.  The words “and will be subject to Section 6(f)”
in the third line of the first paragraph of Section 6(e), and Section 6(f) of
this Agreement, are deleted.

 

(g)                                 Waiver of Right to Trial by Jury.  Each party irrevocably waives, to the fullest
extent permitted by applicable law, any right it may have to trial by jury of
any claim, demand or cause of action relating in any way to this Agreement or
any Credit Support Document, whether sounding in contract or tort or otherwise,
and agrees that either party may file a copy of this section with any
court as evidence of the waiver of its jury trial rights.

 

(h)                                 Conditions Precedent.  Section 2(a)(iii)(1) of the
Agreement shall not apply to the obligations of Party A unless an Event of
Default set forth in Sections 5(a)(i) or 5(a)(vii)(4) with respect to
Party B has occurred and is continuing.

 

(i)                                     Rating Agency Condition.  No assignments, amendment, modification
or waiver in respect of this Agreement will be effective unless, in addition to
meeting the requirements otherwise set forth herein, a Ratings Reaffirmation
has been obtained.

 

(j)                                     Amendment to Indenture.  Party B agrees that it shall not amend,
modify or waive any provisions in the Indenture without the consent of Party A
if such amendment, modification or waiver would have a material adverse effect
on Party A’s rights under this Agreement.

 

(k)                                  Limitation on Liability of Trustee.  It is expressly understood and agreed by the
parties hereto that (a) this Agreement is executed and delivered by The
Bank of New York (Delaware), not individually or personally but solely as
trustee of GE Capital Credit Card Master Note Trust (the “Trust”), in the
exercise of the powers and authority conferred and vested in it, (b) each
of the representations, undertakings and agreements herein made on the part of
the Trust is made and intended not as personal representations, undertakings
and agreements by The Bank of New York (Delaware) but is made and intended for
the purpose of binding only the Trust, (c) nothing herein contained shall
be construed as creating any liability on The Bank of New York (Delaware),
individually or personally, to perform any covenant either expressed or implied
contained herein, all such liability, if any, being expressly waived by the
parties hereto and by any Person claiming by, through or under the parties
hereto and (d) under no circumstances shall The Bank of New York
(Delaware) be personally liable for the payment of any indebtedness or expenses
of the Trust or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the Trust under this
Master Agreement or any other related documents.

 

(l)                                     Part 1(k)(i).  Party A acknowledges the various provisions
set forth in Part 1(l) hereof in connection with a Downgrade (as set forth
therein).  Party A agrees to act in good
faith and in a commercially reasonable manner in this regard.

 

 

Please confirm your agreement to the terms of
the foregoing Schedule by signing below.

 

	
   

  	
   

  	
  ABN AMRO BANK N.V.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ FREDERICK P. ENGLER

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Frederick P. Engler

  
	
   

  	
   

  	
   

  	
  Title:   Senior
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ DANIEL H. BLEY

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Daniel H. Bley

  
	
   

  	
   

  	
   

  	
  Title:   Senior
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  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

  
	
   

  	
   

  	
   

  	
  Title: Vice President

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"}]]