Document:

Exhibit 4.1

 

REASSIGNMENT NO. 6 OF RECEIVABLES IN REMOVED ACCOUNTS

 

This REASSIGNMENT NO.
6 OF RECEIVABLES IN REMOVED ACCOUNTS, dated as of October 11, 2019 (this “Reassignment”), is entered into between
RFS HOLDING, L.L.C., a limited liability company organized under the laws of the State of Delaware, as Transferor (the “Transferor”),
and SYNCHRONY CREDIT CARD MASTER NOTE TRUST (the “Buyer”), pursuant to the Transfer Agreement referred to below.

 

WITNESSETH:

 

WHEREAS, Transferor
and Buyer are parties to the Transfer Agreement, dated as of September 25, 2003, as amended by the Omnibus Amendment No. 1 to Securitization
Documents, dated as of February 9, 2004, the Second Amendment to Transfer Agreement, dated as of June 17, 2004, the Third Amendment
to Transfer Agreement, dated as of November 21, 2004, the Fourth Amendment to Transfer Agreement, dated as of August 31, 2006,
the Fifth Amendment to Transfer Agreement, dated as of December 21, 2006, the Sixth Amendment to Transfer Agreement, dated as of
May 21, 2008, the Reassignment of Receivables in Removed Accounts and Seventh Amendment to Transfer Agreement, dated as of December
29, 2008, the Reassignment No. 4 of Receivables in Removed Accounts and Eighth Amendment to Transfer Agreement, dated as of February
26, 2009, the Ninth Amendment to Transfer Agreement, dated as of March 31, 2010, the Tenth Amendment to Transfer Agreement, dated
as of March 20, 2012, the Eleventh Amendment to Transfer Agreement, dated as of March 3, 2016, the Twelfth Amendment to Transfer
Agreement, dated as of February 23, 2017, and the Thirteenth Amendment to Transfer Agreement, dated as of April 21, 2017 (as amended,
the “Agreement”);

 

WHEREAS, the Accounts
relating to Wal-Mart Stores, Inc., Wal-Mart Stores East, Inc., Wal-Mart Stores East, L.P., Wal-Mart.com USA, LLC and their permitted
successors and assigns (collectively, the “Walmart Retailers”) under that certain Third Amended and Restated
Consumer Credit Card Program Agreement, dated as of December 23, 2013 (as modified, amended or supplemented from time to time,
the “Credit Card Program Agreement”), by and among Wal-Mart Stores, Inc., Wal-Mart Stores East, Inc., Wal-Mart
Stores East, L.P., Wal-Mart.com USA, LLC and Synchrony Bank (formerly known as GE Capital Retail Bank and GE Money Bank) that meet
certain eligibility criteria (collectively, the “Walmart Accounts”) have been designated for purchase by a designee
of the Walmart Retailers pursuant to the terms of the Credit Card Program Agreement;

 

WHEREAS, pursuant to
the Agreement, Transferor wishes to remove from Buyer all Transferred Receivables owned by Buyer in the Walmart Accounts and to
cause Buyer to reconvey the Transferred Receivables of such Removed Accounts, whether now existing or hereafter created, from Buyer
to Transferor;

 

WHEREAS, Buyer is willing
to accept such designation and to reconvey the Transferred Receivables in the Removed Accounts subject to the terms and conditions
hereof; and

 

     

     

    

 

WHEREAS, Buyer and Transferor desire to
amend the Agreement as set forth herein;

 

NOW, THEREFORE, Transferor
and Buyer hereby agree as follows:

 

1.       Defined
Terms. All terms defined in the Agreement and used herein shall have such defined meanings when used herein, unless otherwise
defined herein.

 

“Removal Date”
means, with respect to the Removed Accounts designated hereby, October 11, 2019.

 

“Removal Cut-Off
Date” means, with respect to the Removed Accounts designated hereby, October 10, 2019.

 

2.       Designation
of Removed Accounts. All Walmart Accounts are designated as Removed Accounts pursuant to this Reassignment. Schedule 1
to this Reassignment, as of the Removal Date, shall supplement Schedule 1 to the Agreement as required by Section 2.1(c)
of the Agreement.

 

3.       Conveyance
of Transferred Receivables. (a) Buyer does hereby transfer, assign, set over and otherwise convey to Transferor, without representation,
warranty or recourse, on and after the Removal Date, all right, title and interest of Buyer in, to and under the Transferred Receivables
existing at the close of business on the Removal Cut-Off Date and thereafter created from time to time in the Removed Accounts
designated hereby, the Related Security and Collections with respect thereto, together with all monies due or to become due and
all amounts received or receivable with respect thereto and all Insurance Proceeds related thereto and all proceeds of the foregoing.

 

(b)     In
connection with such transfer, Buyer agrees to execute and deliver to Transferor on or prior to the date this Reassignment is delivered,
applicable termination statements prepared by Transferor with respect to the Transferred Receivables existing at the close of business
on the Removal Cut-Off Date and thereafter created from time to time in the Removed Accounts reassigned hereby and the proceeds
thereof evidencing the release by Buyer of its interest in the Transferred Receivables in the Removed Accounts, and meeting the
requirements of applicable state law, in such manner and such jurisdictions as are necessary to terminate such interest.

 

4.       Representations
and Warranties of Transferor. Transferor hereby represents and warrants to Buyer as of the Removal Date:

 

(a)     Legal,
Valid and Binding Obligation. This Reassignment constitutes a legal, valid and binding obligation of Transferor enforceable
against Transferor in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws now or hereafter in effect affecting the enforcement of creditors’ rights
in general and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law
or in equity);

 

Walmart
Reassignment

 

    	 	2	 

     

    

 

(b)     Early
Amortization Event. Transferor reasonably believes that (i) the Transferor has used reasonable efforts to avoid having the
removal of the Transferred Receivables existing in the Removed Accounts designated hereby cause an Early Amortization Event to
occur with respect to any series, and (ii) no selection procedure believed by Transferor to be materially adverse to the interests
of Buyer or any of its creditors has been used in removing Removed Accounts designated hereby from among any pool of Accounts
of a similar type (it being understood that Transferor will not be deemed to have used such an adverse selection procedure in
connection with any Involuntary Removal) as of the Removal Date; and

 

(c)     List
of Removed Accounts. The list of Removed Accounts attached hereto, is an accurate and complete listing in all material respects
of all the Removed Accounts as of the Removal Cut-Off Date.

 

5.       Effectiveness.
This Reassignment shall become effective as of the date first written above; provided that (i) Buyer and Transferor shall
have executed a counterpart of this Reassignment and (ii) Transferor shall have used reasonable efforts to satisfy the Rating Agency
Condition with respect to this Reassignment.

 

6.       Binding
Effect; Ratification. (a) On and after the execution and delivery hereof, (i) this
Reassignment shall be a part of the Agreement and (ii) each reference in the Agreement
to “this Agreement”, “hereof”, “hereunder” or words of like import, and each reference in any
other Related Document to the Agreement, shall mean and be a reference to such Agreement as amended hereby.

 

(b)     Except
as expressly amended hereby, the Agreement shall remain in full force and effect and is hereby ratified and confirmed by the parties
hereto.

 

7.       Miscellaneous.
(a) THIS REASSIGNMENT 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.

 

(b)     Headings
used herein are for convenience of reference only and shall not affect the meaning of this Reassignment.

 

(c)     This
Reassignment may be executed in any number of counterparts, and by the parties hereto on separate counterparts, each of which
shall be an original and all of which taken together shall constitute one and the same agreement. Executed counterparts may be
delivered electronically.

 

8.       No Recourse.
It is expressly understood and agreed by the parties hereto that (a) this Reassignment is executed and delivered by BNY Mellon
Trust of Delaware, not individually or personally but solely as trustee of the Buyer, 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 Buyer is
made and intended not as personal representations, undertakings and agreements by BNY Mellon Trust of Delaware but is made and
intended for the purpose of binding only the Buyer, (c) nothing herein contained shall be construed as creating any liability on
BNY Mellon Trust of 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, (d) BNY Mellon Trust of Delaware has made no investigation as to the accuracy or completeness of any representations or
warranties made by the Buyer in this Reassignment and (e) under no circumstances shall BNY Mellon Trust of Delaware be personally
liable for the payment of any indebtedness or expenses of the Buyer or be liable for the breach or failure of any obligation, representation,
warranty or covenant made or undertaken by the Buyer under this Reassignment or any other related documents.

 

Walmart
Reassignment

 

    	 	3	 

     

    

 

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

 

	 	RFS HOLDING, L.L.C., Transferor
	 	 	 
	 	 	 
	 	By: 	/s/ Andrew Lee 
	 	Name:	Andrew Lee 
	 	Title: 	Vice President

 

Walmart
Reassignment

 

    	 	S-1	 

     

    

 

		SYNCHRONY CREDIT CARD MASTER NOTE TRUST, Buyer
	 	 	 
	 	By:	BNY MELLON TRUST OF DELAWARE,
	 	 	not in its individual capacity but solely
	 	 	as Trustee
on behalf of the Buyer
	 	 	 
	 	 	 
	 	By: 	/s/ JoAnn C. DiOssi
	 	Name:	JoAnn C. DiOssi
	 	Title: 	Vice President

 

Walmart
Reassignment

 

    	 	S-2	 

     

    

 

Schedule 1

 

REMOVED ACCOUNTS

 

[On file with Synchrony Financial.]

 

Walmart
ReassignmentExhibit 4.2

 

DESIGNATION
OF REMOVED ACCOUNTS AND FOURTEENTH AMENDMENT TO RECEIVABLES SALE AGREEMENT

 

This DESIGNATION OF
REMOVED ACCOUNTS AND FOURTEENTH AMENDMENT TO RECEIVABLES SALE AGREEMENT, dated as of October 11, 2019 (this “Designation”),
is entered into between SYNCHRONY BANK, a federal savings association organized under the laws of the United States (“Bank”),
and RFS HOLDING, L.L.C., a limited liability company organized under the laws of the State of Delaware (“Buyer”),
pursuant to the Receivables Sale Agreement referred to below.

 

WITNESSETH:

 

WHEREAS, Bank and Buyer
are parties to the Receivables Sale Agreement, dated as of June 27, 2003, as amended by the Omnibus Amendment No. 1 to Securitization
Documents, dated as of February 9, 2004, the RSA Assumption Agreement and Second Amendment to Receivables Sale Agreement, dated
as of February 7, 2005, the Third Amendment to Receivables Sale Agreement, dated as of December 21, 2006, the Fourth Amendment
to Receivables Sale Agreement, dated as of May 21, 2008, the Designation of Removed Accounts and Fifth Amendment to Receivables
Sale Agreement, dated as of December 29, 2008, the Designation of Removed Accounts and Sixth Amendment to Receivables Sale Agreement,
dated as of February 26, 2009, the Seventh Amendment to Receivables Sale Agreement, dated as of November 23, 2010, the Eighth Amendment
to Receivables Sale Agreement, dated as of March 20, 2012, the Ninth Amendment to Receivables Sale Agreement, dated as of March
11, 2014, the Designation of Removed Accounts and Tenth Amendment to Receivables Sale Agreement, dated as of November 7, 2014,
the Eleventh Amendment to Receivables Sale Agreement, dated as of March 3, 2016, the Twelfth Amendment to Receivables Sale Agreement,
dated as of April 21, 2017, and the Thirteenth Amendment to Receivables Sale Agreement, dated as of May 31, 2017 (as amended, the
 “Agreement”);

 

WHEREAS, the Accounts
relating to Wal-Mart Stores, Inc., Wal-Mart Stores East, Inc., Wal-Mart Stores East, L.P., Wal-Mart.com USA, LLC and their permitted
successors and assigns (collectively, “Walmart”) under that certain Third Amended and Restated Consumer Credit
Card Program Agreement, dated as of December 23, 2013 (as modified, amended or supplemented from time to time, the “Credit
Card Program Agreement”), by and among Wal-Mart Stores, Inc., Wal-Mart Stores East, Inc., Wal-Mart Stores East, L.P.,
Wal-Mart.com USA, LLC and Synchrony Bank (formerly known as GE Capital Retail Bank and GE Money Bank) that meet certain eligibility
criteria (collectively, the “Walmart Accounts”) have been designated for purchase by a designee of Walmart pursuant
to the terms of the Credit Card Program Agreement;

 

WHEREAS, pursuant to
the Agreement, Bank wishes to remove from Buyer all Transferred Receivables owned by Buyer in the Walmart Accounts and to cause
Buyer to convey the Transferred Receivables of such Removed Accounts, whether now existing or hereafter created, from Buyer to
RFS Holding, Inc. (“RFSHI”) as the designee of Seller;

 

     

     

    

 

WHEREAS, Buyer is willing
to accept such designation and to convey the Transferred Receivables in the Removed Accounts to RFSHI as a designee of Bank subject
to the terms and conditions hereof; and

 

WHEREAS, Buyer and
Bank desire to amend the Agreement as set forth herein;

 

NOW, THEREFORE, Buyer
and Bank hereby agree as follows:

 

1.       Defined
Terms. All terms defined in the Agreement and used herein shall have such defined meanings when used herein, unless otherwise
defined herein.

 

“Removal Date”
means, with respect to the Removed Accounts designated hereby, October 11, 2019.

 

“Removal Cut-Off
Date” means, with respect to the Removed Accounts designated hereby, October 10, 2019.

 

2.       Designation
of Removed Accounts. All Walmart Accounts are designated as Removed Accounts pursuant to this Designation. Schedule 1
to this Designation, as of the Removal Date, shall supplement Schedule 1 to the Agreement as required by Section 2.1(b)
of the Agreement.

 

3.       Agreement
to Convey of Transferred Receivables to Seller’s Designee. Buyer hereby agrees to transfer, assign, set over and otherwise
convey to RFSHI, pursuant to the execution of an assignment agreement substantially in the form of Exhibit A attached
hereto, on and after the Removal Date, all right, title and interest of Buyer in, to and under the Transferred Receivables existing
at the close of business on the Removal Cut-Off Date and thereafter created from time to time in the Removed Accounts designated
hereby, the Related Security and Collections with respect thereto, together with all monies due or to become due and all amounts
received or receivable with respect thereto and all Insurance Proceeds related thereto and all proceeds of the foregoing (collectively,
the “Conveyed Property”).

 

4.       Amendments
to Agreement. (a) Section 1.1 of the Agreement is hereby amended by deleting the definition of “Account Schedule”
and replacing it with the following:

 

  “Account
Schedule” means a computer file or microfiche list containing a true and complete list of Accounts, identified by
account number (or by an alpha-numeric identifier that uniquely and objectively identifies the applicable account number
pursuant to a protocol that has been provided to the Buyer) and setting forth the receivables balance for each as of (i) the
applicable Addition Cut-Off Date, in the case of an Account Schedule relating to Additional Accounts, (ii) either the Removal
Notice Date or Removal Cut-Off Date as specified in the related Removal Notice, in the case of an Account Schedule relating
to Removed Accounts or (iii) the date specified therein, in the case of any Account Schedule relating to Transferred Accounts
or any other Account Schedule. Notwithstanding the foregoing. the initial Account Schedule does not set forth receivables
balances, and any failure to set forth receivables balances in such a file or list shall not impair the file’s or
list’s effectiveness as an Account Schedule.”

 

Walmart
Designation and

Fourteenth Amendment to

Receivables Sale Agreement

 

     

     

    

 

(b)     Notwithstanding
anything to the contrary in the Agreement, Buyer and RFSHI, as designee of Seller, may agree, pursuant to the execution of an assignment
agreement substantially in the form of Exhibit a attached hereto, that
the Transferred Receivables existing at the close of business on the Removal Cut-Off Date and thereafter created from time to time
in the Removed Accounts designated hereby, the Related Security and Collections with respect thereto, together with all monies
due or to become due and all amounts received or receivable with respect thereto and all Insurance Proceeds related thereto and
all proceeds of the foregoing, will be assigned by Buyer to RFSHI.

 

5.       Representations
and Warranties of Sellers. Bank hereby represents and warrants to Buyer as of the Removal Date:

 

(a)     Legal,
Valid and Binding Obligation. This Designation constitutes its legal, valid and binding obligation, enforceable against Bank
in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws now or hereafter in effect affecting the enforcement of creditors’ rights in general and
except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity);
and

 

(b)     List
of Removed Accounts. The list of Removed Accounts attached hereto is an accurate and complete listing in all material respects
of all the Removed Accounts as of the Removal Cut-Off Date.

 

6.       Effectiveness.
This Designation shall become effective as of the date first written above; provided that Buyer and Bank shall have executed
a counterpart of this Designation.

 

7.       Binding
Effect; Ratification. (a) On and after the execution and delivery hereof, (i) this
Designation shall be a part of the Agreement and (ii) each reference in the Agreement
to “this Agreement”, “hereof”, “hereunder” or words of like import, and each reference in any
other Related Document to the Agreement, shall mean and be a reference to such Agreement as amended hereby.

 

(b)     Except
as expressly amended hereby, the Agreement shall remain in full force and effect and is hereby ratified and confirmed by the parties
hereto.

 

8.       No
Proceedings. Until the date one year plus one day following the date on which all amounts due with respect to
securities rated by a Rating Agency that were issued by any entity holding Transferred Assets or an interest therein have
been paid in full in cash, Bank shall not, directly or indirectly, institute or cause to be instituted against Buyer any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other proceeding under any federal or state
bankruptcy or similar law; provided that the foregoing shall not in any way limit Bank’s right to pursue any
other creditor rights or remedies that Bank may have under any applicable law. The Agreement and obligations of the Bank
under this Section 8 shall survive the termination of the Agreement.

 

Walmart Designation and

Fourteenth Amendment to

Receivables Sale Agreement

 

     

     

    

 

9.       Miscellaneous.
(a) THIS DESIGNATION 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.

 

(b)     Headings
used herein are for convenience of reference only and shall not affect the meaning of this Designation.

 

(c)     This
Designation may be executed in any number of counterparts, and by the parties hereto on separate counterparts, each of which shall
be an original and all of which taken together shall constitute one and the same agreement. Executed counterparts may be delivered
electronically.

 

Walmart
Designation and

Fourteenth Amendment to

Receivables Sale Agreement

 

     

     

    

 

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

 

	 	RFS HOLDING, L.L.C., as Buyer
	 	 
	 	By:	/s/ Andrew Lee
	 	Name:	Andrew Lee
	 	Title:	Vice President

 

Walmart Designation and

Fourteenth Amendment to

Receivables Sale Agreement

 

     

     

    

 

		SYNCHRONY
    BANK, as a Seller
	 	 
	 	By:	/s/ Eric Duenwald
	 	Name:	 Eric Duenwald
	 	Title:	Senior Vice President & Treasurer

 

Walmart Designation
and

Fourteenth Amendment to

Receivables Sale Agreement

 

    	 		

     

    

 

Schedule 1 

 

REMOVED ACCOUNTS

 

[On file with Synchrony Financial.]

 

 

Walmart Designation and

Fourteenth Amendment to

Receivables Sale Agreement

 

     

     

    

 

Exhibit A

 

Form of
Assignment of Receivables in Removed Accounts

 

Walmart Designation and

Fourteenth Amendment to

Receivables Sale Agreement

 

     

     

    

 

ASSIGNMENT
OF RECEIVABLES IN REMOVED ACCOUNTS

 

This ASSIGNMENT OF
RECEIVABLES IN REMOVED ACCOUNTS, dated as of October 11, 2019 (this “Assignment”), is entered into between RFS
HOLDING, INC., a corporation organized under the laws of the State of Delaware (“RFSHI”), and RFS HOLDING, L.L.C.,
a limited liability company organized under the laws of the State of Delaware (“RFSHL”), pursuant to the Receivables
Sale Agreement referred to below.

 

WITNESSETH:

 

WHEREAS, RFSHL and
Synchrony Bank, a federal savings bank organized under the laws of the United States (“Bank”), are parties to
the Receivables Sale Agreement, dated as of June 27, 2003, as amended by the Omnibus Amendment No. 1 to Securitization Documents,
dated as of February 9, 2004, the RSA Assumption Agreement and Second Amendment to Receivables Sale Agreement, dated as of February
7, 2005, the Third Amendment to Receivables Sale Agreement, dated as of December 21, 2006, the Fourth Amendment to Receivables
Sale Agreement, dated as of May 21, 2008, and the Designation of Removed Accounts and Fifth Amendment to Receivables Sale Agreement,
dated as of December 29, 2008, the Designation of Removed Accounts and Sixth Amendment to Receivables Sale Agreement, dated as
of February 26, 2009, the Seventh Amendment to Receivables Sale Agreement, dated as of November 23, 2010, the Eighth Amendment
to Receivables Sale Agreement, dated as of March 20, 2012, and the Ninth Amendment to Receivables Sale Agreement, dated as of March
11, 2014, the Designation of Removed Accounts and Tenth Amendment to Receivables Sale Agreement, dated as of November 7, 2014,
the Eleventh Amendment to Receivables Sale Agreement, dated as of March 3, 2016, the Twelfth Amendment to Receivables Sale Agreement,
dated as of April 21, 2017, the Thirteenth Amendment to Receivables Sale Agreement, dated as of May 31, 2017, and the Designation
of Removed Accounts and Fourteenth Amendment to Receivables Sale Agreement, dated as of October 11, 2019 (as amended, the “Agreement”);

 

WHEREAS, Bank has designated
all Walmart Accounts (as defined in the Designation of Removed Accounts and Fourteenth Amendment to Receivables Sale Agreement,
dated as of October 11, 2019 (the “Designation”), between RFSHL and Bank) (collectively, the “Removed
Accounts”) as “Removed Accounts” under the Agreement pursuant to the Designation;

 

WHEREAS, pursuant to
the Designation, Bank has directed RFSHL to sell the Transferred Receivables arising in such Removed Accounts, whether now existing
or hereafter created, to RFSHI, as the designee of Bank; and

 

WHEREAS, RFSHL is willing
to sell the Transferred Receivables in the Removed Accounts to RFSHI, and RFSHI is willing to purchase the Transferred Receivables
in the Removed Accounts, in each case subject to the terms and conditions hereof;

 

     

     

    

 

NOW, THEREFORE, RFSHI
and RFSHL hereby agree as follows:

 

1.       Defined
Terms. All terms defined in the Agreement and used herein shall have such defined meanings when used herein, unless otherwise
defined herein. The terms “Removal Date” and “Removal Cut-Off Date” shall have the respective meanings
assigned to such terms in the Designation.

 

2.       Conveyance
of Transferred Receivables. (a) In consideration of the payment of the Purchase Price on the Removal Date pursuant to Section
2(c), RFSHL does hereby sell, transfer, assign, set over and otherwise convey to RFSHI, without representation, warranty or
recourse, and RFSHI does hereby purchase and accept, on and after the Removal Date, all right, title and interest of RFSHL in,
to and under the Transferred Receivables existing at the close of business on the Removal Cut-Off Date and thereafter created from
time to time in the Removed Accounts, the Related Security and Collections with respect thereto, together with all monies due or
to become due and all amounts received or receivable with respect thereto and all Insurance Proceeds related thereto and all proceeds
of the foregoing (the “Conveyed Property”).

 

(b)     In
connection with such transfer, RFSHL agrees to execute and deliver to RFSHI on or prior to the date this Assignment is delivered,
applicable UCC-1 financing statements prepared by RFSHL with respect to the Conveyed Property meeting the requirements of applicable
state law, in such manner and such jurisdictions as are necessary to perfect the interest of RFSHI in the Conveyed Property.

 

(c)     On
the Removal Date, RFSHI shall reduce the amount payable by RFSHL pursuant to that certain Amended and Restated USD Revolving Credit
Agreement, dated as of April 1, 2017, between RFSHL and RFSHI, by the price determined in accordance with Section 2.7(b) of the
Agreement (the “Purchase Price”).

 

3.       Representations
and Warranties. Each of RFSHI and RFSHL hereby represents and warrants as of the Removal Date that this Assignment constitutes
a legal, valid and binding obligation of such party enforceable against such party in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter
in effect affecting the enforcement of creditors’ rights in general and except as such enforceability may be limited by general
principles of equity (whether considered in a suit at law or in equity).

 

4.       Effectiveness.
This Assignment shall become effective as of the date first written above; provided that RFSHL and RFSHI shall have executed
a counterpart of this Assignment.

 

5.       No
Proceedings. Until the date one year plus one day following the date on which all amounts due with respect to securities
rated by a Rating Agency that were issued by any entity holding Transferred Assets or an interest therein have been paid in
full in cash, RFSHI shall not, directly or indirectly, institute or cause to be instituted against RFSHL any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceeding or other proceeding under any federal or state bankruptcy
or similar law; provided that the foregoing shall not in any way limit RFSHI’s right to pursue any other
creditor rights or remedies that RFSHI may have under any applicable law. The agreements and obligations of RFSHI under this Section
5 shall survive the assignment of the Conveyed Property and the termination of this Agreement.

 

Walmart Assignment to RFSHI

 

    2

     

    

 

 

6.       Miscellaneous.
(a) THIS ASSIGNMENT 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.

 

(b)     Headings
used herein are for convenience of reference only and shall not affect the meaning of this Assignment.

 

(c)     This
Assignment may be executed in any number of counterparts, and by the parties hereto on separate counterparts, each of which shall
be an original and all of which taken together shall constitute one and the same agreement. Executed counterparts may be delivered
electronically.

 

Walmart Assignment
to RFSHI

 

    3 

     

    

 

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

 

	 	RFS HOLDING, L.L.C.

 

 

	 	By:	
	 	Name:	
	 	Title:	

 

 

Walmart Assignment to RFSHI

 

    S-1

     

    

 

	 	RFS HOLDING, INC.

 

 

	 	By:	
	 	Name:	
	 	Title:	

 

 

Walmart Assignment to RFSHI

 

    S-2

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