Document:

Exhibit
4.5

Series 2006-1
(Class C)

SCHEDULE

to the

2002

Master Agreement

dated as of September
27, 2006

between BANK OF AMERICA, N.A.,

a national banking association organized under the laws of the United
States (“Party A”)

and

GE CAPITAL CREDIT CARD MASTER NOTE TRUST,

 a statutory trust organized under the laws of
the State of Delaware

(“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
“Credit Support Default”
provision of Section 5(a)(iii) will not apply to Party B.

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

(f)                                    The
“Default Under Specified Transactions”
provision of Section 5(a)(v) will not apply to Party A and will not apply to
Party B.

 

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

“Specified Indebtedness” will have the meaning
specified in Section 14, provided that Specified Indebtedness shall not include
deposits received in the course of a party’s ordinary banking business.

“Threshold Amount” means, with respect to
Party A (or its Credit Support Provider), 3% of shareholders’ equity of Bank of
America Corporation as described in its most recently published audited
financial statement or its equivalent in any currency.

(h)                                 The “Bankruptcy” provision of Section
5(a)(vii) is hereby amended by replacing “15” with “30” in the 16th and 23rd lines thereof; provided
that with respect to Party B clause (2) thereof shall not apply; clause (4)
excludes actions taken by Party A or its Affiliates; the words “seeks a”, “trustee,
custodian” are deleted from clause (6); clause (7) thereof shall not apply and
at the end of clause (8) the following language is added at the end “to the
extent (1) — (7) apply”.

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

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

(k)                                  The
“Automatic Early Termination”
provisions of Section 6(a) will not apply to Party A and will not apply to
Party B.

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

(m)                               Additional Termination Event  will
apply.  Each of the following shall
constitute an Additional Termination Event:

(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 “F1” (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 “P-1” (short term) or reduced
below “A1” (long 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 “Aa3” (any of the above referenced withdrawals or reductions in
credit status from the reference 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,
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;

 2
 

 

In addition, if at any time the unsecured debt rating of Party A is
withdrawn or reduced below “BBB-” (long term) by S&P, 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, within 10 Business Days of the
date of the Downgrade specified in this paragraph, enter into a “Qualifying
Substitute Arrangement” (as defined below) to assure performance by Party A of
its obligations under the Transactions or otherwise satisfy the Rating Agency
Condition.  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.

(ii)           Failure by
Party A to comply with or perform in all material respects any agreement or
undertaking to be complied with or performed by the Swap Provider in accordance
with the Indemnification and Disclosure Agreement dated as of September 20,
2006 between Party A and RFS Holding, L.L.C., with Party A as 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 “F1” 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 Party B: 
(i) providing Credit Support to Party B and procure a Ratings
Reaffirmation, where applicable or (ii) procuring a Replacement Transaction and
a Ratings Reaffirmation, where applicable or (iii) satisfying any
other remedy permitted by the applicable Rating Agency and procure a Ratings
Reaffirmation, where applicable.

“Ratings Reaffirmation” means a written acknowledgement from
each applicable Rating Agency (with the exception of Moody’s who shall be
notified in writing on any Qualifying Substitute Arrangement), (i) the then
current rating of the Notes will not be reduced notwithstanding the applicable
Downgrade or applicable assignments, amendment, modification or waiver in
respect of this Agreement, or (ii) the rating of the Notes in effect prior to a
Downgrade will be reinstated to the rating in effect prior to the Downgrade.

“Replacement Transaction” means a transaction,
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.

 3
 

 

(n)           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(m)(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 and the accuracy and effectiveness of any
document provided by the other party pursuant to Section 4(a)(i) or 4(a)(iii)
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/or Party B make the representations specified below:

(i)            Party A
represents that Party A is a national banking association organized under the
laws of the United States and the federal taxpayer identification number is
94-1687665.

(ii)           Party
A represents that 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 the United States Treasury Regulations.

 4
 

 

(iii)          Party
B represents that 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.

(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 and
  Party B

  	
   

  	
  IRS Form W-9

  	
   

  	
  (i) Upon execution of the Agreement, (ii) upon
  knowledge that such document is obsolete or inaccurate and (iii) thereafter,
  upon request of the other party.

  	
   

  	
  N/A

  

 

 5
 

 

(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 of Bank of
  America Corporation, as applicable, 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 10-K as filed with the
  Securities and Exchange Commission (if any such statement is produced).

  	
   

  	
  To be made available on www.bankofamerica.com/investor
  and upon request by Party B after publicly available.

  	
   

  	
  Yes

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party A

  	
   

  	
  Quarterly Financial Statements of Bank of America
  Corporation containing unaudited, consolidated financial statements of such
  party’s fiscal quarter prepared in accordance with generally accepted
  accounting principles in the country in which Party A is organized.

  	
   

  	
  To be made available on www.bankofamerica.com/investor
  and upon request by Party B after publicly available.

  	
   

  	
  Yes

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party A and 

  Party B

  	
   

  	
  Incumbency certificate or other documents evidencing
  the authority of the party entering into this Agreement or any other document
  executed in connection with this Agreement.

  	
   

  	
  Concurrently with the execution of this Agreement or
  of any other documents executed in connection with this Agreement.

  	
   

  	
  Yes

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party A and 

  Party B

  	
   

  	
  Legal opinion in a form satisfactory to the other
  party.

  	
   

  	
  Upon or promptly following execution of the
  Agreement.

  	
   

  	
  No

  

 

 6
 

 

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:

Bank of America,
N.A.

Sears Tower

233 South Wacker
Drive, Suite 2800

Chicago, IL 60606

Attention:  Swap Operations

Telephone
No.:  312-234-2732

Facsimile
No.:  312-234-3603

with a copy to:

Bank of America,
N.A.

100 N. Tryon St.,
NC1-007-13-01

Charlotte, North
Carolina  28255

Attention:  Capital Markets Documentation

Facsimile
No.:  704-386-4113

(For all purposes).

Address for notices or communications to Party B:

	
  Address:

  	
   

  	
  GE Capital Credit Card Master Note Trust

  
	
   

  	
   

  	
  c/o General
  Electric Capital Corporation, as Administrator

  
	
   

  	
   

  	
  777 Long Ridge
  Road, Building B

  
	
   

  	
   

  	
  Stamford, CT
  06927

  
	
   

  	
   

  	
   

  
	
  Attention:

  	
   

  	
  Manager Operations - Securitization

  
	
  Telephone:

  	
   

  	
  203-585-6838

  
	
  Facsimile:

  	
   

  	
  203-585-6564

  

 

Address for notices or communications to Fitch:

Fitch Ratings

Attn:  Cynthia Ullrich

1 State Street Plaza 32
FL

New York, NY 10004

cynthia.ullrich@fitchratings.com

cc:  surveillance-abs-consumer@fitchratings.com

Fax:212-514-9879

Telephone:212-908-0609

 7
 

 

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

Party A appoints as its Process Agent: Not applicable.

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
Charlotte, North Carolina, Chicago, Illinois, San Francisco, California, New
York, New York, Boston, Massachusetts or London, England Office or such other
Office as may be agreed to by the parties in connection with a
Transaction.  Party B is not a
Multibranch Party.

(e)                                  Calculation
Agent.  The Calculation
Agent shall be Party A.

(f)                                    Credit Support Document.  Details of any Credit Support Document:

Party
A:         Not applicable.

Party B:         Not
applicable.

(g)                                 Credit
Support Provider.

Credit Support Provider
means in relation to Party A:  Not
applicable.

Credit Support
Provider means in relation to Party B: 
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 B is deemed to have no Affiliates.

(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 Representations 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

 8
 

 

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 la(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;
and, following realization of the Trust Estate, any claims of Party A against
Party B shall be extinguished. 
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 Party B.  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

 9
 

 

under
the Indenture 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.

(d)                                 Transfers.  Party
A consents to the pledge and assignment by Party B of its rights hereunder and
under any Transaction to the Indenture Trustee.

(e)                                  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.

(f)                                    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 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 supplemented by the Series 2006-VFN3
Indenture Supplement, dated as of the date hereof, as amended or supplemented
from time to time (collectively, the “Indenture”).

(g)                                 Jurisdiction.  Section 13(b) of this Agreement is hereby
amended by: (i) deleting the word “non-“ in the second line of
subparagraph (i)(2) thereof; (ii) adding the words “except as necessary to
pursue enforcement of the judgment of any such court in other jurisdictions” to
the last line of subparagraph (i)(2) thereof and (iii), deleting paragraph
(iii) thereof.

(h)                                 Waiver of Contractual Right of Setoff.  Without affecting the provisions of this
Agreement requiring the calculation of certain net payment or closeout amounts,
notwithstanding any provision of this Agreement or any other existing or future
agreement, each party irrevocably waives any and all contractual rights it may
have to set off, 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.

(i)                                     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.

 10
 

 

(j)                                     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.

(k)                                  Amendment to Indenture.  Party B agrees that it shall not amend,
modify or waive any provisions in the Indenture (or the Servicing Agreement)
without the consent of Party A if such amendment, modification or waiver would
materially adversely affect the value of any Transactions to Party A or any of
Party A’s rights or obligations under this Agreement or any Transaction, modify
the obligations of Party B under this Agreement or any Transaction, or impair
the ability of Party B to fully perform any of Party B’s obligations, under
this Agreement or any Transaction.

(l)                                     Method of Notice. 
Section 12(a)(ii) of this Agreement is deleted in its entirety.

(m)                               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.

(n)                                 Payment and Consent Notices.  Party B shall provide Party A with copies of
all notices given under the Indenture (i) pertaining to payment(s) that relate
to or mention Party A and/or (ii) concerning matters requiring the consent of
Party A.  Additionally, upon request,
Party B shall provide Party A with any other notices which could be requested
by the holders of any Note.

(o)                                 Part 1(m)(i).  Party A acknowledges the various provisions
set forth in Part 1(m) 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.

(p)                                 Notice.  Party B agrees to provide notice to S&P
and Moody’s of any transfers or amendments to this Agreement.

(q)                                 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.

 11

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

	
   

  	
  BANK OF AMERICA, N.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Roger
  Heintzelman

  	
   

  
	
   

  	
   

  	
  Name: Roger
  Heintzelman

  
	
   

  	
   

  	
  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 Gullo

  	
   

  
	
   

  	
   

  	
  Name: Kristine
  K. Gullo

  
	
   

  	
   

  	
  Title: Vice
  President

  

 

 Series 2006-1 (Class C)Exhibit 4.6

CONFIRMATION

	
  Date:

  	
   

  	
  September 27, 2006

  
	
   

  	
   

  	
   

  
	
  To:

  	
   

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

  
	
   

  	
   

  	
   

  
	
  From:

  	
   

  	
  Bank of America, N.A. (“Party A”)

  
	
   

  	
   

  	
   

  
	
  Transaction Reference Number:

  	
   

  	
  24836/40263

  

 

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 September 27, 2006, 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 Series 2006-1 Indenture Supplement,
dated as of the date hereof, 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 B Notes Interest Rate Swap

  
	
   

  	
   

  	
   

  
	
  Notional Amount:

  	
   

  	
  As of any date, USD92,500,000, minus the aggregate
  amount of principal payments made to the Class B Noteholders on or prior to
  such date.

  
	
   

  	
   

  	
   

  
	
  Trade Date:

  	
   

  	
  September 22, 2006

  
	
   

  	
   

  	
   

  
	
  Effective Date:

  	
   

  	
  September 27, 2006

  
	
   

  	
   

  	
   

  
	
  Termination Date:

  	
   

  	
  The earlier of (i) the Payment Date in September
  2012; (ii) the date on which the Notional Amount is reduced to zero and (iii)
  an Early Termination Date.

  

 

 2006-1 (Class B)
 

 

 

 

	
  Payment Date:

  	
   

  	
  November 15, 2006 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, November 15, 2006, 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 Connecticut

  
	
   

  	
   

  	
   

  
	
  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:

  	
   

  	
  4.9905% 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:

  	
   

  	
  5.34071%

  
	
   

  	
   

  	
   

  
	
  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.

	
   

  	
  BANK OF AMERICA, N.A.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Roger Heintzelman

  	
   

  
	
   

  	
   

  	
  Name: Roger Heintzelman

  
	
   

  	
   

  	
  Title: Senior Vice President

  

 

 	 
 	 S-1
 	 2006-1 (Class B)
 

  
 

 

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 Gullo

  	
   

  
	
   

  	
  Name:

  	
  Kristine K. Gullo

  
	
   

  	
   

  	
  Vice President

  
				

 

 	 
 	 S-2
 	 2006-1 (Class B)

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