Document:

Exhibit 4.1

 

EXECUTION VERSION

 

FIFTH AMENDMENT TO MASTER INDENTURE

 

This FIFTH AMENDMENT TO MASTER INDENTURE, dated as of May 22,
2008 (this “Amendment”), is entered into between:  (i) GE Capital Credit Card Master Note
Trust, a Delaware statutory trust (the “Issuer”); and (ii) Deutsche
Bank Trust Company Americas, as indenture trustee under the Indenture referred
to below (in such capacity, the “Indenture Trustee”).

 

BACKGROUND

 

1.             The Indenture
Trustee and the Issuer are parties to the Master Indenture, dated as of September 25,
2003, and as amended by the Omnibus Amendment No. 1 to Securitization
Documents, dated as of February 9, 2004, among the Indenture Trustee, the
Issuer and certain other parties, the Second Amendment to Master Indenture,
dated as of June 17, 2004, between the Issuer and the Indenture Trustee,
the Third Amendment to Master Indenture, dated as of August 31, 2006,
between the Issuer and the Indenture Trustee and the Fourth Amendment to Master
Indenture, dated as of June 28, 2007, between the Issuer and the Indenture
Trustee (as amended, the “Indenture”).

 

2.             The Indenture Trustee and the
Issuer desire to amend the Indenture as set forth herein.

 

AMENDMENTS

 

The
parties hereto agree as follows:

 

SECTION 1.  DEFINITIONS.  As used herein, (a) capitalized terms
which are defined in the preamble hereto shall have the meanings as so defined
and (b) capitalized terms not so defined shall have the meanings set forth
in the Indenture as amended hereby.

 

SECTION 2.  AMENDMENTS TO INDENTURE.

 

(a) The definitions of “FDIC” and “Servicer
Guaranty” in Section 1.1 of the Indenture shall be deleted.

 

(b) The first sentence of the second paragraph of
Section 8.4(a) of the Indenture shall be amended by removing the
following phrases where they appear therein:

 

(i) “(or, so long as the Servicer Guaranty remains in effect, GE
Capital)”; and

 

(ii) “and has deposit insurance as required by law and by the FDIC”.

 

SECTION 3.  EFFECTIVENESS.  This Amendment shall become effective as of
the date first written above; provided that (i) each of the
Indenture Trustee and the Issuer shall have executed a counterpart of this
Amendment, (ii) the Rating Agency Condition shall have been satisfied, and
(iii) the Issuer shall have delivered to the Indenture Trustee (x) an
Officer’s Certificate to the effect that all requirements for such Amendment
contained in the Indenture 

 

 

have
been met and the Issuer reasonably believes that such action will not result in
an Adverse Effect and (y) a Tax Opinion.  The Issuer shall
provide written notice to the Indenture Trustee upon satisfaction of the
conditions in the preceding sentence.

 

SECTION 4.  BINDING EFFECT; RATIFICATION.  (a)    On
and after the execution and delivery hereof, (i) this
Amendment shall be a part of the Indenture and (ii) each
reference in the Indenture to “this Agreement”, “this Indenture”, “hereof”, “hereunder”
or words of like import, and each reference in any other Related Document to
the Indenture, shall mean and be a reference to such Indenture as amended hereby.

 

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

 

SECTION 5. 
NO RECOURSE.  It is
expressly understood and agreed by the parties hereto that (a) this
Agreement is executed and delivered by BNYM (Delaware), not individually or
personally but solely as trustee of the Issuer, 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 Issuer is made and
intended not as personal representations, undertakings and agreements by BNYM
(Delaware) but is made and intended for the purpose of binding only the Issuer,
(c) nothing herein contained shall be construed as creating any liability
on BNYM (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 BNYM
(Delaware) be personally liable for the payment of any indebtedness or expenses
of the Issuer or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the Issuer under
this Agreement or any other related documents.

 

SECTION 6.  MISCELLANEOUS.  (a) THIS AMENDMENT AND THE OBLIGATIONS
ARISING HEREUNDER SHALL IN ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION,
VALIDITY, AND PERFORMANCE, BE GOVERNED BY AND CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (WITHOUT REGARDING
TO THE CONFLICT OF LAWS PROVISIONS THEREOF) AND ANY APPLICABLE LAWS OF THE
UNITED STATES OF AMERICA.

 

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

 

(c)           This
Amendment 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.

 

*     *    
*     *     *    
*

 

2

 

IN WITNESS WHEREOF, the parties have executed this
Amendment by their respective officers thereunto duly authorized as of the date
first above written.

 

	
   

  	
   

  	
  GE CAPITAL CREDIT CARD MASTER NOTE TRUST

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: BNYM (Delaware), not in its individual capacity but

  
	
   

  	
   

  	
  solely on behalf of the Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  James Ambagis

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:
  James Ambagis

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:
  Assistant Vice President

  

 

 

 

	
   

  	
   

  	
  DEUTSCHE BANK TRUST COMPANY AMERICAS, as 

  
	
   

  	
   

  	
  Indenture Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Michele Hy Voon

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:
  Michele Hy Voon

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:
  Attorney-in-fact

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Dorit Ritter-Haddad

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:
  Dorit Ritter-Haddad

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:
  Attorney-in-factExhibit 4.2

 

EXECUTION VERSION

 

FOURTH
AMENDMENT TO RECEIVABLES SALE AGREEMENT

 

This FOURTH AMENDMENT TO RECEIVABLES SALE AGREEMENT,
dated as of May 21, 2008 (this “Amendment”), is entered into among:
(i) GE MONEY BANK, a federal savings bank (“Seller”); and (ii) RFS
HOLDING, L.L.C., a Delaware limited liability company (“Buyer”).

 

BACKGROUND

 

1.             Seller and Buyer
are parties to the Receivables Sale Agreement, dated as of June 27, 2003,
between GE Money Bank, as seller, and RFS Holding, L.L.C., as buyer, as amended
by the Omnibus Amendment No. 1 to Securitization Documents, dated as of February 9,
2004, by and among Buyer, Seller, RFS Funding Trust, GE Capital Credit Card
Master Note Trust, Deutsche Bank Trust Company Delaware, RFS Holding, Inc.
and Deutsche Bank Trust Company Americas, and as further amended by the RSA
Assumption Agreement and Second Amendment to Receivables Sale Agreement, dated
as of February 7, 2005, by and between Buyer and Seller and as further
amended by the Third Amendment to the Receivables Sale Agreement, dated as of December 21,
2006, by and between Buyer and Seller (the “Receivables Sale Agreement”).

 

2.             Buyer and Seller
desire to amend the Receivables Sale Agreement as set forth herein.

 

AMENDMENTS

 

The
parties hereto agree as follows:

 

SECTION 1.  DEFINITIONS.  As used herein, (a) capitalized terms
which are defined in the preamble hereto shall have the meanings as so
defined, and (b) capitalized terms not so defined shall have the meanings
set forth in the Receivables Sale Agreement as amended hereby.

 

SECTION 2.  AMENDMENTS TO RECEIVABLES SALE AGREEMENT.  The Receivables Sale Agreement shall be
amended as follows:

 

(a)           Section 2.1(c) of
the Receivables Sale Agreement is deleted in its entirety and replaced with the
following:

 

“(c)  For as long as GE Capital acts as
Servicer and Seller continues to act as a Sub-Servicer, Buyer shall be
allocated Recoveries for each Monthly Period as follows:  separately for each Retailer, the Average
Recovery Price Ratio for such Retailer multiplied by the aggregate Outstanding
Balance (immediately prior to charge-off) of Principal Receivables in that
Retailer’s program that became Charged-Off Receivables during such Monthly
Period.  At or before the first time that
any accounts relating to a Dual Card Program are designated as Additional
Accounts, Buyer and Seller shall agree whether the foregoing calculation will
be performed separately for the Accounts in that Dual Card Program and for
Accounts in the related Private Label Program.”

 

 

 

 

 

 

                                (b)           A new Section 2.7(d) shall
be added to the Receivables Sale Agreement as follows:

 

                                                                                                                “(d)         Notwithstanding anything to the contrary in this Agreement,
Seller and Buyer may agree, pursuant to the execution of an agreement
substantially in the form of Exhibit F attached hereto, that all
Accounts that were originated under the CareCredit Consumer Revolving Credit
Card Plan Agreement, between CareCredit LLC and Seller, dated as of October 26,
1995, and amended and restated as of October 26, 2001, that have been
designated as “Removed Accounts” according to the terms of the Transfer
Agreement will be Removed Accounts pursuant to this Agreement.  The conditions described in Section 2.7(a) shall
not apply to a designation of Removed Accounts pursuant to this Section 2.7(d).  Seller and Buyer hereby agree that the Buyer’s
right, title and interest in, to and under the Transferred Receivables in such
Removed Accounts, together with the Related Security and Collections with
respect thereto, will not be reassigned by Buyer to Seller or its designee
unless so provided in a separate agreement between Seller and Buyer.”

 

                                (c)           A new Exhibit F shall be added
to the Receivables Sale Agreement as attached to this Amendment as Schedule I.

 

SECTION 3.  EFFECTIVENESS.  Sections 2(b) and 2(c) shall become
effective as of the date first written above and Section 2(a) shall
before effective on May 22, 2008; provided that (i) Buyer and
Seller shall have executed a counterpart of this Amendment and (ii) Seller
shall have delivered to Buyer an Opinion of Counsel to the effect specified in Exhibit C
of the Receivables Sale Agreement, as such Exhibit is amended hereby.

 

SECTION 4. 
BINDING EFFECT; RATIFICATION. 
(a)    On and after the
execution and delivery hereof, (i) this
Amendment shall be a part of the Receivables Sale Agreement and (ii) each reference in the Receivables Sale
Agreement to “this Agreement”, “hereof”, “hereunder” or words of like import,
and each reference in any other Related Document to the Receivables Sale
Agreement, shall mean and be a reference to such Receivables Sale Agreement as
amended hereby.

 

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

 

SECTION 5.  GOVERNING LAW. THIS AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER
SHALL IN ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND
PERFORMANCE, BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE
INTERNAL LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICT OF
LAW PROVISIONS THEREOF) AND ANY APPLICABLE LAWS OF THE UNITED STATES OF
AMERICA.

 

SECTION 6.  HEADINGS. Headings used herein are
for convenience of reference only and shall not affect the meaning of this Amendment.

 

 

 

 

 

 

SECTION 7.  COUNTERPARTS.   This Amendment 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.  Delivery of an
executed counterpart of this Agreement by telefacsimile or other electronic
method of transmission shall be equally as effective as delivery of an original
executed counterpart of this Agreement.

 

*     *    
*     *     *

 

 

 

 

 

 

 

 

IN WITNESS WHEREOF, the parties have executed this
Amendment by their respective officers thereunto duly authorized as of the date
first above written.

 

 

	
   

  	
  GE MONEY BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brent P. Wallace

  
	
   

  	
   

  	
  Name:

  	
  Brent P. Wallace

  
	
   

  	
   

  	
  Title:

  	
  President and Chief Executive Officer

  

 

 

 

	
   

  	
  RFS HOLDING, L.L.C.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ravi Ramanujam

  
	
   

  	
   

  	
  Name:

  	
  Ravi Ramanujam

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  

 

 

 

 

 

 

 

SCHEDULE I TO FOURTH AMENDMENT TO RECEIVABLES SALE AGREEMENT

 

EXHIBIT F

 

FORM OF
DESIGNATION OF REMOVED ACCOUNTS

 

(As required by Section 2.7
of the Sale Agreement)

 

DESIGNATION OF REMOVED
ACCOUNTS dated as of
[                  ]
(this “Agreement”) by and among GE MONEY BANK, a federal savings bank
organized under the laws of the United States, as Seller (the “Seller”),
and RFS HOLDING, L.L.C. (the “Buyer”),
pursuant to the Sale Agreement referred to below.

 

WITNESSETH:

 

WHEREAS Seller and Buyer are parties to the
Receivables Sale Agreement, dated as of June 27, 2003 (as it may be
amended and supplemented from time to time the “Sale Agreement”);
and

 

WHEREAS pursuant to the Sale Agreement, Seller and
Buyer wish to treat all Accounts that were originated under the CareCredit
Consumer Revolving Credit Card Plan Agreement, between CareCredit LLC and
Seller, dated as of October 26, 1995, and amended and restated as of October 26,
2001, as “Removed Accounts” under the Sale Agreement;

 

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

 

1.             Defined Terms. 
All terms defined in the Sale 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,
                      ,
        .

 

“Removed Accounts” means the Accounts listed on
Schedule 1 to this Agreement.

 

2.             Designation of Removed Accounts.  Schedule 1 to this Agreement lists the
Removed Accounts.  Schedule 1 to this Agreement, as of the
Removal Date, shall supplement Schedule 1
to the Sale Agreement as required by Section 2.1(b) of
the Sale Agreement.

 

3.             No Reassignment. 
Seller and Buyer hereby agree that the Buyer’s right, title and interest
in, to and under the Transferred Receivables then existing and thereafter
created in such Removed Accounts, together with the Related Security and Collections
with respect thereto, are not being reassigned to Seller pursuant to this
Agreement.

 

 

 

 

 

 

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

 

(a)           Legal Valid and Binding Obligation.  This Agreement constitutes a legal, valid and
binding obligation of Seller enforceable against Seller 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
as Schedule 1, is an accurate and complete listing in all material respects of
all the Accounts as of the Removal Date.

 

5.             Amendment
of the Sale Agreement. The Sale Agreement is hereby amended to provide that
all references therein to “this Agreement” and “herein” shall be deemed from
and after the Removal Date to be a dual reference to the Sale Agreement as
supplemented by this Agreement.  Except
as expressly amended hereby, all of the representations, warranties, terms and
covenants and conditions of the Sale Agreement shall remain unamended and shall
continue to be and shall remain in full force and effect in accordance with its
terms.

 

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

 

7.             GOVERNING LAW. 
THIS AGREEMENT 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.

 

 

 

 

 

 

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

 

	
   

  	
  GE MONEY BANK, Seller

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

	
   

  	
  RFS HOLDING, L.L.C., Buyer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

 

 

 

 

 

SCHEDULE 1

 

LIST OF REMOVED ACCOUNTS

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