Document:

Exhibit 4.1

 

TENTH AMENDMENT TO MASTER INDENTURE

 

This TENTH AMENDMENT
TO MASTER INDENTURE, dated as of March 3, 2016 (this “Amendment”), is entered into between: (i) Synchrony Credit
Card Master Note Trust (formerly known as 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 Master Indenture referred to below (in such capacity,
the “Indenture Trustee”).

 

BACKGROUND

 

WHEREAS, the Indenture
Trustee and the Issuer are parties to the Master Indenture, dated as of September 25, 2003, 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, the Fourth Amendment to Master
Indenture, dated as of June 28, 2007, between the Issuer and the Indenture Trustee, the Fifth Amendment to Master Indenture, dated
as of May 22, 2008, between the Issuer and the Indenture Trustee, the Sixth Amendment to Master Indenture, dated as of August 7,
2009, between the Issuer and the Indenture Trustee, the Seventh Amendment to Master Indenture, dated as of January 21, 2014, between
the Issuer and the Indenture Trustee, the Eighth Amendment to Master Indenture and Omnibus Supplement to Specified Indenture Supplements,
dated as of March 11, 2014, between the Issuer and the Indenture Trustee, and the Ninth Amendment to Master Indenture, dated as
of November 24, 2015, between the Issuer and the Indenture Trustee (as amended, the “Master Indenture”);

 

WHEREAS, this Amendment
is being entered into pursuant to Section 9.1(b) of the Master Indenture, and all conditions precedent to the execution of this
Amendment, as set forth in such Section 9.1(b), have been satisfied; and

 

WHEREAS, the parties
hereto intend to amend the Master Indenture as set forth herein.

 

NOW, THEREFORE, in
consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto hereby agree as follows:

 

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 Master Indenture, as amended hereby.

 

SECTION 2.     
AMENDMENTS.

 

(a)       Section 1.1 of the Master Indenture is amended by adding the following definitions in appropriate alphabetical order:

 

     

     

    

“60-Day
Delinquent Receivables” means, as of any date of determination, all Transferred Receivables, other than Charged-Off Receivables
and Receivables in Removed Accounts, that are sixty (60) or more days delinquent as of the last day of the Monthly Period immediately
preceding such date, as determined in accordance with the Credit and Collection Policies.

 

“Asset
Representations Review” means the review of the Asset Representations Reviewer conducted pursuant to the Asset Representations
Review Agreement.

 

“Asset
Representations Review Agreement” means an agreement between the Issuer and certain other parties pursuant to which the
Issuer has appointed an “asset representations reviewer” as contemplated by General Instruction I.B.1.(b) applicable
to Form SF-3 Registration Statements under the Securities Act.

 

“Asset
Representations Reviewer” means the Person appointed as “asset representations reviewer” pursuant to an Asset
Representations Review Agreement.

 

“Delinquency
Percentage” means, for each Payment Date and the related preceding Monthly Period, an amount equal to the ratio (expressed
as a percentage) of (i) the aggregate balance of all 60-Day Delinquent Receivables as of the last day of the Monthly Period immediately
preceding such Payment Date to (ii) the aggregate balance of Transferred Receivables as of the last day of the Monthly Period immediately
preceding such Payment Date.

 

“Delinquency
Trigger” means, with respect to any Payment Date and the related Monthly Period, the Delinquency Percentage for such
Payment Date is greater than the Maximum Delinquency Percentage for such Payment Date.

 

“Maximum
Delinquency Percentage” means, with respect to any Payment Date, the lowest “Maximum Delinquency Percentage,”
as specified in any Indenture Supplement.

 

“Review
Notice” is defined in Section 5.18.

 

“Verified
Note Owner” means either (a) a Note Owner that has provided the Indenture Trustee with each of (i) a written certification
that it is a beneficial owner of a specified Outstanding Principal Balance of the Notes and (ii) a trade confirmation, an account
statement, a letter from a broker or dealer that is acceptable to the Indenture Trustee or other similar document acceptable to
the Indenture Trustee showing that such Noteholder or Note Owner is a beneficial owner of such Outstanding Principal Balance of
the Notes or (b) any Noteholder.

 

(b)              
Section 3.7 of the Master Indenture is amended by adding the following clause (j) immediately after clause (i):

 

(j)       The Issuer
hereby covenants and agrees that it shall deliver a notice to the Transferor of any breach of a representation or warranty set
forth in Section 6.1(a)(ix) of the Transfer Agreement if directed to do so by the Indenture Trustee

 

    
	 	2	 

     

    

(acting at the direction of Noteholders
(or Verified Note Owners) of not less than 66 2/3% of the Outstanding Principal Balance of the Notes for all Series). For the avoidance
of doubt, any actions by the Indenture Trustee pursuant to this clause (j) or as the “Requesting Party” (as
defined in the Transfer Agreement) shall be subject to the indemnification provisions of Section 6.7.

 

(c)             Section 5.5 of the Master Indenture is amended by replacing the first phrase therein to read as follows:

 

“Except
with respect to utilizing the dispute resolution provisions in Section 6.5 of the Transfer Agreement, no noteholder shall have
any right to institute any Proceeding, with respect to this Indenture or any Indenture Supplement, or for the appointment of a
receiver or trustee, or for any other remedy hereunder or thereunder, unless:”

 

(d)              Article
V of the Master Indenture is amended by adding the following Section 5.18 immediately after Section 5.17:

 

Section 5.18.Asset
Representations Review.

 

(a)        Within
90 calendar days of the occurrence of the filing of a Securities Exchange Act Form 10-D reporting that a Delinquency Trigger has
occurred, the Noteholders of 5% or more of the Outstanding Principal Balance of the Outstanding Notes of all Series shall be entitled
to demand that the Indenture Trustee conduct a vote of all Noteholders of Outstanding Notes to determine whether to cause the Asset
Representations Reviewer to conduct an Asset Representations Review.

 

(b)        Upon
the direction of the requisite Noteholders set forth in Section 5.18(a), the Indenture Trustee shall cause the Transferor
to conduct a vote of all Noteholders of Outstanding Notes. Each Noteholder that elects to vote shall vote whether or not the Asset
Representations Reviewer should be directed to conduct an Asset Representations Review. The vote shall remain open until the 150th
day after the filing of the Form 10-D referred to in Section 5.18(a).

 

(c)        In the
event that a Note Owner exercises its right to vote such Note Owner’s beneficial interest, the Indenture Trustee shall verify
that each such Note Owner is a Verified Note Owner and shall provide such evidence to the Issuer.

 

(d)        If
a majority of the Noteholders voting pursuant to Section 5.18(b) vote to cause the Asset Representations Reviewer to
conduct an Asset Representations Review, the Indenture Trustee shall provide written notice (the “Review
Notice”) to the Issuer, which shall promptly provide such Review Notice to the Transferor and the Asset
Representations Reviewer. The Indenture Trustee shall cooperate with the Asset Representations Reviewer in the event that an
Asset Representations Review is commenced pursuant to this Section 5.18(d) and shall provide the Asset Representations
Reviewer with any documents and other information reasonably requested
by the Asset Representations Reviewer in connection with the Asset Representations Review.

 

    
	 	3	 

     

    

 

(e)        If the
Asset Representations Reviewer gives notice of its intent to resign or the Issuer terminates the Asset Representations Reviewer
pursuant to the terms of the Asset Representations Review Agreement or if a vacancy exists in the office of the Asset Representations
Reviewer for any reason, the Issuer shall promptly appoint and designate a successor Asset Representations Reviewer in accordance
with the provisions of the Asset Representations Review Agreement.

 

(e)               
Article VII is hereby amended by adding the following Section 7.5 immediate after Section 7.4:

 

“Section
7.5.Communications with Investors. Following receipt of a written request by the Issuer during any Monthly Period (or
receipt of written notice that the Transferor has received a written request) from a Noteholder or Note Owner seeking to communicate
with other Noteholders or Note Owners regarding exercising their contractual rights under the terms of the Related Documents, the
Issuer shall, if applicable, notify the Transferor of any such request received by the Issuer and shall cause the Transferor or
the Servicer to include in the Securities Exchange Act Form 10-D filing for the Issuer related to the Monthly Period in which such
request was received: (i) the name of the Noteholder or Note Owner, as applicable, delivering such request, (ii) the date the request
was received, (iii) a statement to the effect that the Issuer or the Transferor, as applicable, has in fact received such request
from a Noteholder or Note Owner, as applicable, and that such Noteholder or Note Owner, as applicable, is interested in communicating
with other Noteholders or Note Owners with regard to the possible exercise of rights under the Related Documents and (iv) a description
of the method that other Noteholders or Note Owners may use to contact the requesting Noteholder or Note Owner, as applicable;
provided, however, that if the Issuer or Transferor receives a request from any Note Owner, the Issuer and the Transferor shall
be entitled to verify that each such Note Owner is a Verified Note Owner prior to including any request from such Note Owner in
any Securities Exchange Act Form 10-D.”

 

SECTION 3.     
EFFECTIVENESS. This Amendment shall become effective as of the date first set forth above; provided that (i)
each of the Indenture Trustee and the Issuer shall have executed and delivered 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 this Amendment contained in the Master 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 Master Indenture and (ii) each
reference in the Master Indenture to “this Agreement”, “this Indenture”, “hereof”, “hereunder”
or words of like import, and each reference in any other Related Document to the Master
Indenture, shall mean and be a reference to the Master Indenture as amended hereby.

 

    
	 	4	 

     

    

 

(b)              
Except as expressly amended hereby, the Master Indenture shall remain in full force and effect and is 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 Amendment is executed and
delivered by BNY Mellon Trust of 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 BNY Mellon Trust
of 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 BNY Mellon Trust of Delaware, individually or personally, to perform any covenant either expressed
or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming
by, through or under the parties hereto and (d) under no circumstances shall BNY Mellon Trust of 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 Amendment or any other related documents.

 

SECTION 6.     
NO PETITION. The Indenture Trustee covenants that it will not directly or indirectly institute or cause to be instituted
against the Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other proceeding under
any Federal or state bankruptcy law unless Noteholders of not less than 662⁄3% of the Outstanding Principal Balance of each
Class of each Series has approved such filing and it will not directly or indirectly institute or cause to be instituted against
the Transferor any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other proceeding under any
Federal or state bankruptcy law in any instance; provided, that the foregoing shall not in anyway limit the Noteholders’
rights to pursue any other creditor rights or remedies that the Noteholders may have for claims against the Issuer.

 

SECTION 7.     
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 (INCLUDING
SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW, BUT WITHOUT REGARD TO ANY OTHER 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.

 

    
	 	5	 

     

    

(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.

 

* * * * * * 

 

    
	 	6	 

     

    

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be duly executed as of the date first above written.

 

SYNCHRONY CREDIT CARD MASTER NOTE TRUST, 

as
Issuer

 

By:   BNY MELLON TRUST OF DELAWARE,

         not in its individual capacity

         but solely as Trustee on behalf of the Issuer

 

 

By:   /s/ Kristine K. Gullo                                           

 

Name: Kristine K. Gullo

 

Title: Vice President

 

    
	 	S-1	Tenth Amendment to Master Indenture

     

    

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,

not in its individual capacity, but solely as the Indenture Trustee

 

 

By:  /s/ Louis Bodi                                           

 

Name: Louis Bodi

 

Title: Vice President

 

 

 

By:   /s/ Mark Esposito                                           

 

Name: Mark Esposito

 

Title: Assistant Vice President

 

    
	 	S-2	Tenth Amendment to Master IndentureExhibit 4.2

 

ELEVENTH AMENDMENT TO TRANSFER AGREEMENT

 

This ELEVENTH AMENDMENT
TO TRANSFER AGREEMENT, dated as of March 3, 2016 (this “Amendment”), is entered into between RFS HOLDING, L.L.C.,
a limited liability company organized under the laws of the State of Delaware, as Transferor (the “Transferor”),
and SYNCHRONY CREDIT CARD MASTER NOTE TRUST (formerly known as GE Capital Credit Card Master Note Trust, the “Buyer”),
pursuant to the Transfer Agreement referred to below.

 

WITNESSETH:

 

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

 

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

 

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

 

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

 

2.                 
Amendments to Transfer Agreement.

 

(a)        Section
1.1 of the Transfer Agreement is hereby amended by adding the following definitions in appropriate alphabetical order:

 

“Note
Owner” is defined in the Indenture.

 

“Noteholder”
is defined in the Indenture.

 

“Requesting
Party” means any Person requesting that the Transferor repurchase a Receivable as a result of a breach of a representation
or warranty of the Transferor set forth in this Agreement or any Verified Note Owner.

 

“Verified
Note Owner” is defined in the Indenture.

 

(b)        Section
6.2 of the Transfer Agreement is hereby amended by adding the following clause (g) immediately after clause (f) thereof:

 

     

     

    

“(g)Following
receipt of a written request (or written notice of a request received by the Transferor) during any Monthly Period from a Noteholder
or Verified Note Owner seeking to communicate with other Noteholders or Note Owners regarding exercising their contractual rights
under the terms of the Related Documents, the Transferor shall notify the Issuer of any such request received by the Transferor
and include in the Securities Exchange Act Form 10-D filing for the Buyer related to the Monthly Period in which such request was
received, the information required to be filed pursuant to Section 7.5 of the Indenture.”

 

(c)        The Transfer Agreement is hereby amended by adding the following Section 6.5 immediately after Section 6.4:

 

“Section
6.5. Dispute Resolution.

 

(a)        If a
request to the Transferor to repurchase a Receivable pursuant to Section 6.1 of this Agreement is not resolved by the end of the
180-day period beginning on the date on which Transferor receives notice of such request, then the Requesting Party will have the
right to refer the matter, at its discretion, to either mediation or arbitration pursuant to this Section 6.5; provided,
however, that any such referral shall be made (i) within the applicable statute of limitations period and (ii) within 90
days of the delivery of the monthly noteholder statement following the end of such 180-day period.

 

(b)        The
Requesting Party shall provide notice in accordance with Section 7.1 of its intention to refer the matter to mediation or
arbitration, as applicable, to Transferor, with a copy to the Issuer. Transferor agrees to participate in the resolution method
selected by the Requesting Party. Transferor shall provide notice to Synchrony Bank, the Issuer, the Trustee and the Indenture
Trustee that it has received a request to mediate or arbitrate a repurchase request.

 

(c)        If the
Requesting Party selects mediation (including non-binding arbitration) as the resolution method, the following provisions will
apply:

 

(i)        the
mediation will be administered by a nationally recognized arbitration and mediation association, and conducted pursuant to such
association’s mediation procedures in effect at such time;

 

(ii)       the
fees and expenses of the mediation will be allocated as mutually agreed by the parties as part of the mediation;

 

(iii)      the
mediator will be impartial, knowledgeable about and experienced with the laws of the State of New York that are relevant to the
repurchase dispute and will be appointed from a list of neutrals maintained by the American Arbitration Association (the “AAA”);
and

 

(iv)      if
the parties fail to agree at the completion of the mediation, the Requesting Party may refer the repurchase request to arbitration
under this Section 6.5 or may, in accordance with the terms of this Agreement and the Indenture,
pursue other remedies including legal proceedings.

 

    
	 	2	 

     

    

 

(d)        If
the Requesting Party selects arbitration as the resolution method, the following provisions will apply:

 

(i)        The
arbitration will be administered by a nationally recognized arbitration and mediation association, and conducted pursuant to such
association’s arbitration procedures in effect at such time;

 

(ii)       The
arbitrator will be an impartial, knowledgeable about and experienced with the laws of the State of New York that are relevant to
the dispute hereunder and will be appointed from a list of neutrals maintained by the AAA;

 

(iii)      The
arbitrator will make its final determination no later than 90 days after appointment or as soon as practicable thereafter. The
arbitrator will resolve the dispute in accordance with the terms of this Agreement, and may not modify or change this Agreement
in any way. The arbitrator will not have the power to award punitive damages or consequential damages in any arbitration conducted
by it, and Transferor shall not be required to pay more than the repurchase price required to be paid by the Transferor in accordance
with Section 6.1. In its final determination, the arbitrator will determine and award the costs of arbitration (including the fees
of the arbitrator, cost of any record or transcript of the arbitration and administrative fees) and reasonable attorneys’
fees to the parties as determined by the arbitrator in its reasonable discretion. The determination of the arbitrator will be in
writing and counterpart copies will be promptly delivered to the parties. The determination will be final and non-appealable absent
manifest error, except for actions to confirm or vacate the determination that are permitted under applicable federal or state
law, and may be enforced in any court of competent jurisdiction;

 

(iv)      By
selecting binding arbitration, the Requesting Party is waiving the right to sue in court, including the right to a trial by jury;
and

 

(v)       No
Person may bring a putative or certified class action to arbitration.

 

(e)        Transferor
will not be required to produce personally identifiable information about any Obligor for purposes of any mediation or arbitration.
The details and/or existence of any unfulfilled repurchase request, any meetings or discussions regarding any unfulfilled repurchase
request, mediations or arbitration proceedings conducted under this Section 6.5, including all offers, promises, conduct
and statements, whether oral or written, made in the course of the parties’ attempt to resolve an unfulfilled repurchase
request, any information exchanged

 

    
	 	3	 

     

    

in connection with any mediation,
and any discovery taken in connection with any arbitration (collectively, “Confidential Information”), shall
be and remain confidential and inadmissible (except as required in accordance with applicable law) for any purpose, including impeachment,
in any mediation, arbitration or litigation, or other proceeding (including any proceeding under this Section 6.5) other
than as required to be disclosed in accordance with applicable law, regulatory requirements, or court order or to the extent that
Transferor, in its sole discretion, elects to disclose such information. Such information will be kept strictly confidential and
will not be disclosed to any third party; provided that a party may disclose such information to its own attorneys, experts,
accountants and other agents and representatives (collectively “Representatives”), as reasonably required in
connection with any resolution procedure under this Section 6.5, if the disclosing party (a) directs such Representatives
to keep the information confidential, (b) is responsible for any disclosure by its Representatives of such information and (c)
takes at its sole expense all reasonable measures to restrain such Representatives from disclosing such information. If any party
receives a subpoena or other request for information from a third party (other than a governmental regulatory body) for Confidential
Information, the recipient will promptly notify the other party and will provide the other party with the opportunity to object
to the production of its Confidential Information or seek other appropriate protective remedies, consistent with the applicable
requirements of law and regulation. If, in the absence of a protective order, such party or any of its representatives are compelled
as a matter of law, regulation, legal process or by regulatory authority to disclose any portion of the Confidential Information,
such party may disclose to the party compelling disclosure only the part of such Confidential Information that is required to be
disclosed.”

 

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

 

4.             Effectiveness.
This Amendment shall become effective as of the date first written above; provided that (i) Buyer and Transferor shall
have executed a counterpart of this Amendment, (ii) the Rating Agency Condition shall have been satisfied with respect to this
Amendment and (iii) the Transferor shall have delivered an Officer’s Certificate to the Issuer certifying that the amendment
in Section 2 of this Amendment will not cause an Adverse Effect (as such term is defined in the Indenture).

 

5.             Binding Effect; Ratification.

 

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

 

    
	 	4	 

     

    

 

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

 

6.              Miscellaneous.

 

(a)        THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT
OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS.

 

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

 

7.                 
No Recourse. It is expressly understood and agreed by the parties hereto that (a) this Amendment is executed and
delivered by BNY Mellon Trust of Delaware, not individually or personally but solely as trustee of the Buyer, in the exercise of
the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on
the part of the Buyer is made and intended not as personal representations, undertakings and agreements by BNY Mellon Trust of
Delaware but is made and intended for the purpose of binding only the Buyer, (c) nothing herein contained shall be construed as
creating any liability on BNY Mellon Trust of Delaware, individually or personally, to perform any covenant either expressed or
implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by,
through or under the parties hereto and (d) under no circumstances shall BNY Mellon Trust of Delaware be personally liable for
the payment of any indebtedness or expenses of the Buyer or be liable for the breach or failure of any obligation, representation,
warranty or covenant made or undertaken by the Buyer under this Amendment or any other related documents.

 

    
	 	5	 

     

    

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

 

RFS HOLDING, L.L.C., Transferor

 

 

By: _/s/ Joseph V. Ressa_________________

 

Name: Joseph V. Ressa

 

Title: Vice President

 

    
	 	S-1	Eleventh Amendment to Transfer Agreement

     

    

 

SYNCHRONY CREDIT CARD MASTER NOTE TRUST, Buyer

 

By:BNY MELLON TRUST OF DELAWARE,

not in its individual capacity

but solely as Trustee on behalf of the Buyer

 

 

By:  /s/ Kristine K. Gullo                                       

 

Name: Kristine K. Gullo

 

Title:Vice President

 

    
	 	S-2	Eleventh Amendment to  Transfer Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00255-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00255-of-00352.parquet"}]]