Document:

Exhibit
4.7

SCHEDULE

to
the

2002

Master
Agreement

dated
as of June 28, 2007

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%) three percent of the
Shareholders’ Equity of Bank of America Corporation as described in its most
recently published audited financial statement or its equivalent in any
currency.

“Shareholders’ Equity”  means with respect to an entity, at any time,
the sum (as shown in the most recent annual audited financial statements of
such entity) of (i) its capital stock (including preferred stock) outstanding,
taken at par value, (ii) its capital surplus and (iii) its retained earnings,
minus (iv) treasury stock, each to be determined in accordance with generally
accepted accounting principles.

(h)           The “Bankruptcy” provision of Section 5(a)(vii) will apply; provided
that with respect to Party B the provisions of Section 5(a)(vii) clauses (2),
(7) and (9) will not be applicable as an Event of Default; clause (3) will not
apply to Party B to the extent it refers to any assignment, arrangement or
composition that is effected by or pursuant to the Indenture; clause (4) will
not apply to Party B to the extent that it refers to proceedings or petitions
instituted or presented by Party A or any of its Affiliates; clause(6) will not
apply to Party B to the extent that it refers to (i) any appointment that is
contemplated or effected by the Indenture (as defined herein) or (ii) any
appointment that Party B has not become subject to); clause (8) will not apply
to Party B to the extent that it applies to Section 5(a)(vii)(2), (4), (6), and
(7) (except to the extent that such provisions are not disapplied with respect
to Party B).

(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)           “Tax Event Upon Merger” does not apply to Party A but does apply to
Party B as Burdened Party.  Section
6(b)(ii) will apply, provided that the words “or if a Tax Event Upon Merger
occurs and the Burdened Party is the Affected Party” shall be deleted.

(l)            The “Tax
Event” provisions of Section 5(b)(iii) will apply, provided that
the words “(x) any action taken by a taxing authority, or brought in a court of
competent jurisdiction, on or after the date on which a Trasanction is entered
into (regardless of whether such action is taken or brought with respect to a
party to this Agreement) or (y)” shall be deleted.

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

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

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

(i)              Fitch
Credit Downgrade.  If at
any time 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”); (a “Fitch 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 Fitch Downgrade, subject to Part 5(r), 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.

(ii)           S&P Credit Downgrade.

(A)  With respect to Party A, or its Credit
Support Provider, if such entity is a Financial Institution, if at any time the
unsecured debt ratings of such entity, are reduced below “A+” (long term) or,
if a short term rating is in effect for such party, below “A-1” (short term) by
Standard & Poor’s Rating Services (“S&P”) (an “S&P
Approved Ratings 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, comply with or perform any obligation to be complied with or
performed by Party A in accordance with the Credit Support Annex.  At any time during the continuance of an
S&P Approved Ratings Downgrade, in addition to complying with the Credit
Support Annex, Party A may, at its own expense, subject to Part 5(r), enter
into any other “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 within 10 Business Days pursuant to this provision, it shall
be an Additional Termination Event in which Party A is the sole Affected Party.

(B)  In addition, (i) with respect to Party A, or
its Credit Support Provider, if such entity is a Financial Institution, if at
any time the unsecured debt rating of such entity is withdrawn or reduced below
“BBB+” (long term) or “A-2” (short term) by S&P or (ii) with respect to
such party, that is not a Financial Institution, if at any time the unsecured
debt rating of Party A is withdrawn or reduced below “A+” (long term) or “A-1”
(short term) by S&P (an “S&P Required Ratings 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, (x) comply
with or perform any obligation to be complied with or performed by Party A in
accordance with the Credit Support Annex and (y) within 60 days of the date of
the S&P Required Ratings Downgrade subject to Part 5(r), enter into a
Qualifying Substitute Arrangement to assure performance by Party A of its
obligations under the Transactions or otherwise procure the Ratings
Reaffirmation.  If Party A fails to
comply with the Credit Support Annex or 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 (i) collateral posted pursuant to
the Credit Support Annex or (ii) 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. Notwithstanding the forgoing
sentence, posting collateral pursuant the Credit Support Annex shall not be
sufficient “Credit Support” for Party A 

if
at any time the unsecured debt rating of Party A, or its Credit Support
Provider, that is a Financial Institution is withdrawn or reduced below “BBB+”
(long term) or “A-2” (short term) by S&P and if Party A, or its Credit
Support Provider, is not a Financial Institution; the unsecured debt rating is
withdrawn or reduced below “A+” (long term) or “A-1” (short term) by S&P as
set forth in the immediately preceding paragraph.

“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 “A+”,
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”.

“Financial
Institution” means a bank, broker/dealer, insurance company, structured
investment vehicle or derivative product company.

“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 or (ii) procuring
a Replacement Transaction and a Ratings Reaffirmation or (iii) satisfying any
other remedy permitted by the applicable Rating Agency and procure a Ratings
Reaffirmation.

“Ratings
Reaffirmation” means a written acknowledgement from each 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 or withdrawn 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.

(iii)          Moody’s First Rating Trigger
Collateral.  Party A has failed to comply with or perform
any obligation to be complied with or performed by Party A in accordance with
the Credit Support Annex entered into between Party A and Party B in relation
to this Agreement and either (x) the Moody’s Second Rating Trigger Requirements
do not apply or (y) less than 30 Local Business Days have elapsed since the
last time the Moody’s Second Rating Trigger Requirements did not apply.

(iv)          (Moody’s Second Rating Trigger
Replacement.  (x) The
Moody’s Second Rating Trigger Requirements apply and 30 or more Local Business
Days have elapsed since the last time the Moody’s Second Rating Trigger
Requirements did not apply and (y) at least one Eligible Replacement has made a
Firm Offer that would, assuming the occurrence of an Early Termination Date,
qualify as an Eligible Firm Offer (on the basis 

that paragraphs (ii) and
(iii) in Part 5(s) below apply) and which remains capable of becoming legally
binding upon acceptance.

“Eligible Guarantee”
means an unconditional and irrevocable guarantee that is provided by a
guarantor as principal debtor rather than surety and is directly enforceable by
Party B, where either (A) a law firm has given a legal opinion confirming that
none of the guarantor’s payments to Party B under such guarantee will be
subject to withholding for Tax and such opinion has been delivered to Moody’s,
(B) such guarantee provides that, in the event that any of such guarantor’s
payments to Party B are subject to withholding for Tax, such guarantor is
required to pay such additional amount as is necessary to ensure that the net
amount actually received by Party B (free and clear of any withholding tax)
will equal the full amount Party B would have received had no such withholding
been required or (C) in the even that any payment under such guarantee is made
net of deduction or withholding for Tax, Party A is required, under Section
2(a)(i), to make such additional payment as is necessary to ensure that the net
amount actually received by Party B from the guarantor will equal the full
amount Party B would have received had no such deduction or withholding been
required.

“Eligible Replacement”
means an entity (A) with the Moody’s First Trigger Required Ratings and/or the
Moody’s Second Trigger Required Ratings or (B) whose present and future
obligations owing to Party B are guaranteed pursuant to an Eligible Guarantee
provided by a guarantor with the Moody’s First Trigger Required Ratings and/or
the Moody’s Second Trigger Required Ratings.

“Firm Offer” means an
offer which, when made, was capable of becoming legally binding upon
acceptance.

“Moody’s Short-term
Rating” means a rating assigned by Moody’s under its short-term rating scale
in respect of an entity’s short-term, unsecured and unsubordinated debt
obligations.

“Relevant Entities”
means Party A and any guarantor under an Eligible Guarantee in respect of all
of Party A’s present and future obligations under this Agreement.

(A)          The “Moody’s First Rating Trigger
Requirements” shall apply so long as no Relevant Entity has the Moody’s First
Trigger Required Ratings.

An entity shall have the “Moody’s
First Trigger Required Ratings” (x) where such entity is the subject of a
Moody’s Short-term Rating, if such rating is “Prime-1” and its long-term,
unsecured and unsubordinated debt obligations are rated “A2” or above by Moody’s
and (y) where such entity is not the subject of a Moody’s Short-term Rating, if
its long-term, unsecured and unsubordinated debt obligations are rated “A1” or
above by Moody’s.

(B)           So long as the Moody’s First Rating Trigger Requirements apply, Party A
will at its own cost use commercially reasonable efforts to, as soon as
reasonably practicable, (x) procure an Eligible Guarantee in respect of all of
Party A’s present and future obligations under this Agreement to be provided by
a guarantor with the Moody’s First Trigger Required Ratings, (y) transfer to
Party B the amount of Eligible Collateral required under the Credit
Support Annex or (y) transfer this Agreement in accordance with Part 5(r)
below.

(C)           The “Moody’s Second Rating Trigger
Requirements” shall apply so long as no Relevant Entity has the Moody’s Second
Trigger Required Ratings.

An entity shall have the “Moody’s
Second Trigger Required Ratings” (x) where such entity is the subject of a
Moody’s Short-term Rating, if such rating is “Prime-2” or above and its
long-term, unsecured and unsubordinated debt obligations are rated “A3” or
above by Moody’s and (y) where such entity is not the subject of a Moody’s
Short-term Rating, if its long-term, unsecured and unsubordinated debt
obligations are rated “A3” or above by Moody’s.

(D)          So long as the Moody’s Second Rating Trigger Requirements apply, Party
A will at its own cost use commercially reasonable efforts to, as soon as
reasonably practicable, either (x) procure an Eligible Guarantee in respect of
all of Party A’s present and future obligations under this Agreement to be
provided by a guarantor with the Moody’s First Trigger Required Ratings and/or
the Moody’s Second Trigger Required Ratings or (y) transfer this Agreement in
accordance with Part 5(r) below.

In
the event of an Early Termination Date in respect of a Party A Downgrade, a
Moody’s First Rating Trigger Replacement or a Moody’s Second Rating Trigger
Replacement and the entering into by Party B of alternative swap arrangements,
Party A shall pay all reasonable out-of-pocket expenses, including legal fees
and stamp taxes, relating to the entering into of such alternative swap
arrangements.

(iv)
         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 June 28, 2007 between Party A and RFS Holding,
L.L.C., with Party A as the sole Affected Party.

 (p)          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(o) 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 is94-1687665.

(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.

(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 that would otherwise be owing by it under
clause (4).  Notwithstanding the
definition of “Indemnifiable Tax” in Section 14 of this Agreement, in relation
to Payments by Party A, any Tax shall be an Indemnifiable Tax and, in relation
to payments by Party B, no Tax shall be an Indemnifiable Tax.

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

  

 

(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
  containing audited consolidated financial statements of Party A 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).

  	
   

  	
  Upon request by Party B after publicly available.

  	
   

  	
  Yes

  
	
  Party A

  	
   

  	
  Quarterly Financial Statements of Party A 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.

  	
   

  	
  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

  

 

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:

Address for notice 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.:  866-255-1444

with a copy to:

Bank of America, N.A.

100 N. Tryon St., NC1-007-23-16

Charlotte, North Carolina  28255

Attention:  Global Markets
Trading Agreements

Facsimile No.: 980.387.9566

Address for financial
statements to Party A:

Bank of America, N.A.

Mail Code: NC1-007-13-01

100 N. Tryon Street

Charlotte, North Carolina  28255

Attention:  CMCRM-GABS/SSG

(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

(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.  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:

  	
  The Credit Support Annex, annexed hereto and any
  Eligible Guarantee, if any.

  
	
  Party B:

  	
  Not applicable.

  

 

(g)           Credit
Support Provider.

Credit Support Provider
means in relation to Party A:  Any
guarantor under the Eligible Guarantee, if any.

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 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 (or, if longer, the applicable
preference period) after all the Notes (or any rated securities) issued by
Party B 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.  The provisions of
this paragraph shall survive the termination of this Agreement.

(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 2007-4 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.

(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(o). 
Party A acknowledges the various provisions set forth in Part 1(o)
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 complying with the requirements therein.

(p)           Notice. 
Party B agrees to provide notice to S&P of any transfers or
amendments to this Agreement.  This
Agreement shall not be amended, no Early Termination Date shall be effectively
designated by Party B, and no transfer of any rights or obligations under this
Agreement shall be made (other than a transfer of all of Party A’s rights and
obligations pursuant 

to Part 5(r) below unless
Moody’s has been given prior written notice of such amendment, designation or
transfer.

(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.

(r)            Transfers.

(i)            Subject to Section 6(b)(ii) and Part 5(r)(ii)
below, Party A may not transfer (whether by way of security or otherwise) any
interest or obligation in or under this Agreement without the prior written
consent of Party B.

(ii)           Subject to giving prior written notification to Party B, if the Moody’s
First Rating Trigger Requirements apply, Party A may (at its own cost) transfer
its rights and obligations with respect to this Agreement to any other entity
(a “Transferee”) that is an Eligible Replacement such that the Transferee
contracts with Party B on terms that:

(x)            have the effect of preserving for Party B the
economic equivalent of all payment and delivery obligations (whether absolute
or contingent and assuming the satisfaction of each applicable condition
precedent) under this Agreement immediately before such transfer; and

(y)           are, in all material respects, no less beneficial for Party B than the
terms of this Agreement immediately before such transfer, as determined by
Party B.

(iii)          In determining whether or not a transfer satisfies the condition in
sub-paragraph (y) of Part 5(j)(ii) above, Party B shall act in a commercially
reasonable manner.

(iv)          If an entity has made a Firm Offer (which remains capable of becoming
legally binding upon acceptance) to be the transferee of a transfer to be made
in accordance with Part 5(j)(ii) above, Party B shall, at Party A’s written
request and cost, take any reasonable steps required to be taken by it to
effect such transfer.

(s)           If
an Early Termination Date is designated with respect to resulting from an Event
of Default or Additional Termination Event in which Party A is the Defaulting
Party or sole Affected Party, paragraphs (i) to (iv) below shall apply:

(i)            The definition of “Close-Out Amount” shall be
deleted in its entirety and replaced with the following:

“”Close-Out Amount” means, with respect to any Early Termination
Date:

(1)           if, on or prior to such Early Termination Date, an Eligible Firm Offer
for the relevant Terminated Transaction or group of Terminated Transactions is
accepted by Party B so as to become legally binding, the Termination Currency
Equivalent of the amount (whether positive or negative) of such Eligible Firm
Offer;

(2)           if, on such Early Termination Date, no Eligible Firm Offer for the
relevant Terminated Transaction or group of Terminated Transactions has been
accepted by Party B so as to become legally binding and one or more Eligible
Firm Offers have been communicated to Party B and remain capable of becoming
legally binding upon acceptance by Party B, the Termination Currency Equivalent
of the amount (whether positive or negative) of the lowest of such Eligible
Firm Offers (for the avoidance of doubt, (i) an Eligible Firm Offer 

expressed as a negative
number is lower than a Eligible Firm Offer expressed as a positive number and
(ii) the lower of two Eligible Firm Offers expressed as negative numbers is the
one with the largest absolute value); or

(3)           if, on such Early Termination Date, no Eligible Firm Offer for the
relevant Terminated Transaction or group of Terminated Transactions is accepted
by Party B so as to become legally binding and no Eligible Firm Offers have
been communicated to Party B and remain capable of becoming legally binding
upon acceptance by Party B, Party B’s Loss (whether positive or negative and
without reference to any Unpaid amounts) for the relevant Terminated
Transaction or group of Terminated Transactions.”

“Eligible Firm Offer” means, with respect to one or more
Terminated Transactions, a Firm Offer which is (1) made by a leading dealer in
the relevant market selected by Party B (a “Reference
Market-maker”) that satisfies the Counterparty Ratings Requirement,
(2) for an amount that would be paid to Party B (expressed as a negative
number) or by Party B (expressed as a positive number) in consideration of an
agreement between Party B and such Reference Market-maker to enter into a
Replacement Transaction that would have the effect of preserving for such party
the economic equivalent of any payment or delivery (whether the underlying
obligation was absolute or contingent and assuming the satisfaction of each
applicable condition precedent) by the parties under Section 2(a)(i) in respect
of such Terminated Transactions or group of Terminated Transactions that would,
but for the occurrence of the relevant Early Termination Date, have been
required after that Date, (3) made on the basis that Unpaid Amounts in respect
of the Terminated Transaction or group of Transactions are to be excluded but,
without limitation, any payment or delivery that would, but for the relevant
Early Termination Date, have been required (assuming satisfaction of each
applicable condition precedent) after that Early Termination Date is to be
included and (4) made in respect of a Replacement Transaction with terms that
are, in all material respects, no less beneficial for Party B than those of
this Agreement (save for the exclusion of provisions relating to Transactions
that are not Terminated Transactions), as determined by Party B.

(ii)           In determining whether or not a Firm Offer satisfies the condition in
sub-paragraph (4) of Eligible Firm Offer, Party B shall act in a commercially
reasonable manner.

(iii)          At any time on or before the Early Termination Date at which two or
more Eligible Firm Offers have been communicated to Party B and remain capable
of becoming legally  binding upon
acceptance by Party B, Party B shall be entitled to accept only the lowest of
such Eligible Firm Offers (for the avoidance of doubt, (i) an Eligible Firm
Offer expressed as a negative number is lower than an Eligible Firm Offer
expressed as a positive number and (ii) the lower of two Eligible Firm Offers
expressed as negative numbers is the one with the largest absolute value).

(iv)          If Party B requests Party A in writing to obtain Eligible Firm Offers,
Party A shall use Reasonable efforts to do so before the Early Termination
Date.

(v)           If the Close-Out Amount is a negative number, Section 6(e)(i) to (iv)
of this Agreement shall be deleted in their entirety and replaced with the
following:

“Party B shall pay to Party
A an amount equal to the absolute value of the Close-Out Amount in respect of
the Terminated Transactions, (2) Party B shall pay to Party A the Termination
Currency Equivalent of the Unpaid Amounts owing to Party A and (3) Party A
shall pay to Party B the Termination Currency Equivalent of the Unpaid Amounts
owing to Party B, Provided that, (i) the amounts payable under (2) and (3)
shall be subject to netting in accordance with Section 2(c) of this Agreement
and (ii) notwithstanding any other provision of this Agreement, any 

amount payable by Party A
under (3) shall not be netted against any amount payable by Party B under (1).”

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

	
  

  	
  BANK OF
  AMERICA, N.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/  Shirley
  de la Canal

  	
   

  
	
   

  	
   

  	
  Name:  Shirley
  de la Canal

  
	
   

  	
   

  	
  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 4.8

CONFIRMATION

	
  Date:

  	
  June 28, 2007

  
	
   

  	
   

  
	
  To:

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

  
	
   

  	
   

  
	
  From:

  	
  BANK OF AMERICA, N.A. (“Party A”)

  
	
   

  	
   

  
	
  Transaction Reference Number:

  	
  2892597

  

 

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

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

This Confirmation
supplements, forms a part of, and is subject to, the ISDA Master Agreement
dated as of June 28, 2007, 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 2007-4 Indenture Supplement, dated as of June 28, 2007, 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 A Notes Interest Rate Swap

  
	
   

  	
   

  
	
  Notional Amount:

  	
  As of any date, USD 406,250,000, minus the aggregate
  amount of principal payments made to the Class A Noteholders on or prior to
  such date.

  
	
   

  	
   

  
	
  Trade Date:

  	
  June 27, 2007

  
	
   

  	
   

  
	
  Effective Date:

  	
  June 28, 2007

  
	
   

  	
   

  
	
  Termination Date:

  	
  The earlier of (i) the Payment Date in June 2015;
  (ii) the date on which the Notional Amount is reduced to zero and (iii) an
  Early Termination Date.

  

 

 

	
  Payment Date:

  	
  August 15, 2007 and the 15th day of each calendar month thereafter,
  subject to the Business Day Convention.

  
	
   

  	
   

  
	
  Calculation Period:

  	
  Initially, the period from and including the
  Effective Date to but excluding, August 15, 2007, 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:

  	
  5.3965% 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:

  	
  5.33103%

  
	
   

  	
   

  
	
  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/  Mary Beth
  Knight

  	
   

  
	
   

  	
   

  	
  Name:  Mary
  Beth Knight

  
	
   

  	
   

  	
  Title:  Asst.
  Vice President

  

 

 S-1
 

Accepted and confirmed as
of

the date first above written:

	
  GE CAPITAL CREDIT CARD MASTER NOTE TRUST

  
	
  By:  The Bank of New York (Delaware), not in its individual capacity, but
  solely as Trustee

  
	
   

  	
   

  
	
  By:

  	
  /s/ Kristine K. Gullo

  	
   

  
	
   

  	
  Name: 
  Kristine K. Gullo

  
	
   

  	
  Title:  Vice
  President

  

 

 S-2

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