Document:

Exhibit
4.1

 

GE CAPITAL CREDIT CARD MASTER NOTE TRUST,

 

as Issuer

 

And

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,

 

as Indenture Trustee

 

 

Form of Series 2010-3 INDENTURE SUPPLEMENT

 

Dated as of June 24, 2010

 

 

TABLE
OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE I

  	
  DEFINITIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 1.1.

  	
  Definitions

  	
  1

  
	
   

  	
   

  	
   

  
	
  SECTION 1.2.

  	
  Incorporation
  of Terms

  	
  12

  
	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
  CREATION
  OF THE SERIES 2010-3 NOTES

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2.1.

  	
  Designation

  	
  12

  
	
   

  	
   

  	
   

  
	
  SECTION 2.2.

  	
  Transfer
  Restrictions

  	
  12

  
	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
  REPRESENTATIONS,
  WARRANTIES AND COVENANTS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3.1.

  	
  Representations,
  Warranties and Covenants with respect to Receivables

  	
  14

  
	
   

  	
   

  	
   

  
	
  SECTION 3.2.

  	
  Representations,
  Warranties and Covenants with respect to ERISA

  	
  14

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
  RIGHTS
  OF SERIES 2010-3 NOTEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 4.1.

  	
  Determination
  of Interest and Principal

  	
  15

  
	
   

  	
   

  	
   

  
	
  SECTION 4.2.

  	
  Establishment
  of Accounts

  	
  16

  
	
   

  	
   

  	
   

  
	
  SECTION 4.3.

  	
  Calculations
  and Series Allocations

  	
  17

  
	
   

  	
   

  	
   

  
	
  SECTION 4.4.

  	
  Application
  of Available Finance Charge Collections and Available Principal Collections

  	
  19

  
	
   

  	
   

  	
   

  
	
  SECTION 4.5.

  	
  Distributions

  	
  22

  
	
   

  	
   

  	
   

  
	
  SECTION 4.6.

  	
  Investor
  Charge-Offs

  	
  23

  
	
   

  	
   

  	
   

  
	
  SECTION 4.7.

  	
  Reallocated
  Principal Collections

  	
  23

  
	
   

  	
   

  	
   

  
	
  SECTION 4.8.

  	
  Excess
  Finance Charge Collections

  	
  23

  
	
   

  	
   

  	
   

  
	
  SECTION 4.9.

  	
  Shared
  Principal Collections

  	
  23

  
	
   

  	
   

  	
   

  
	
  SECTION 4.10.

  	
  Reserve
  Account

  	
  24

  
	
   

  	
   

  	
   

  
	
  SECTION 4.11.

  	
  Investment
  of Accounts

  	
  25

  
	
   

  	
   

  	
   

  
	
  SECTION 4.12.

  	
  Controlled
  Accumulation Period

  	
  25

  
	
   

  	
   

  	
   

  
	
  SECTION 4.13.

  	
  [Reserved]

  	
  25

  
	
   

  	
   

  	
   

  
	
  SECTION 4.14.

  	
  Deposit
  of Collections

  	
  25

  
	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
  DELIVERY
  OF SERIES 2010-3 NOTES; REPORTS TO SERIES 2010-3 NOTEHOLDERS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.1.

  	
  Delivery
  and Payment for the Series 2010-3 Notes

  	
  26

  
	
   

  	
   

  	
   

  
	
  SECTION 5.2.

  	
  Reports
  and Statements to Series 2010-3 Noteholders

  	
  26

  
				

 

i

 

TABLE OF CONTENTS

(continued)

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
  SERIES
  2010-3 EARLY AMORTIZATION EVENTS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.1.

  	
  Series 2010-3
  Early Amortization Events

  	
  26

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII

  	
  REDEMPTION
  OF SERIES 2010-3 NOTES; FINAL DISTRIBUTIONS; SERIES TERMINATION

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 7.1.

  	
  Optional
  Redemption of Series 2010-3 Notes; Final Distributions

  	
  28

  
	
   

  	
   

  	
   

  
	
  SECTION 7.2.

  	
  Series Termination

  	
  29

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII

  	
  MISCELLANEOUS
  PROVISIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 8.1.

  	
  Ratification
  of Indenture; Amendments

  	
  29

  
	
   

  	
   

  	
   

  
	
  SECTION 8.2.

  	
  Form of
  Delivery of the Series 2010-3 Notes

  	
  29

  
	
   

  	
   

  	
   

  
	
  SECTION 8.3.

  	
  Counterparts

  	
  29

  
	
   

  	
   

  	
   

  
	
  SECTION 8.4.

  	
  GOVERNING
  LAW

  	
  29

  
	
   

  	
   

  	
   

  
	
  SECTION 8.5.

  	
  Limitation
  of Liability

  	
  31

  
	
   

  	
   

  	
   

  
	
  SECTION 8.6.

  	
  Rights
  of the Indenture Trustee

  	
  31

  
	
   

  	
   

  	
   

  
	
  SECTION 8.7.

  	
  Notice
  Address for Rating Agencies

  	
  31

  
	
   

  	
   

  	
   

  
	
  SECTION 8.8.

  	
  Compliance
  with Applicable Anti-Terrorism and Anti-Money Laundering Regulations

  	
  31

  
	
   

  	
   

  	
   

  
	
  SECTION 8.9.

  	
  Notes
  to be Treated as Debt for Tax

  	
  31

  
	
   

  	
   

  	
   

  
	
  SECTION 8.10.

  	
  Deemed
  Consent

  	
  32

  
				

 

	
  EXHIBITS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT A-1

  	
   

  	
  FORM OF
  CLASS A NOTE

  
	
   

  	
   

  	
   

  
	
  EXHIBIT A-2

  	
   

  	
  FORM OF
  CLASS B NOTE

  
	
   

  	
   

  	
   

  
	
  EXHIBIT B

  	
   

  	
  FORM OF
  MONTHLY NOTEHOLDER’S STATEMENT

  
	
   

  	
   

  	
   

  
	
  SCHEDULES

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SCHEDULE
  I

  	
   

  	
  PERFECTION
  REPRESENTATIONS, WARRANTIES AND COVENANTS (WITH RESPECT TO RECEIVABLES)

  

 

ii

 

SERIES
2010-3 INDENTURE SUPPLEMENT, dated as of June 24, 2010 (the “Indenture
Supplement”), between GE CAPITAL CREDIT CARD MASTER NOTE TRUST, a Delaware
statutory trust (herein, the “Issuer” or the “Trust”), and
DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, not in
its individual capacity, but solely as indenture trustee (herein, together with
its successors in the trusts thereunder as provided in the Master Indenture
referred to below, the “Indenture Trustee”) under the Master Indenture,
dated as of September 25, 2003 (the “Indenture”), between the
Issuer and the Indenture Trustee, as amended by the Omnibus Amendment No.1 to
Securitization Documents, dated as of February 9, 2004, among RFS Holding,
L.L.C., RFS Funding Trust, the Issuer, Deutsche Bank Trust Company Delaware, as
trustee of RFS Funding Trust, RFS Holding, Inc., and the Indenture
Trustee, as further amended by the Second Amendment to Master Indenture, dated
as of June 17, 2004 between the Issuer and the Indenture Trustee, as
further amended by the Third Amendment to Master Indenture, dated as of August 31,
2006 between the Issuer and the Indenture Trustee, as further amended by the
Fourth Amendment to Master Indenture, dated as of June 28, 2007 between
the Issuer and the Indenture Trustee, as further amended by the Fifth Amendment
to Master Indenture, dated as of May 22, 2008, between the Issuer and the
Indenture Trustee, and as further amended by the Sixth Amendment to Master
Indenture, dated as of August 7, 2009, between the Issuer and the
Indenture Trustee (the Indenture, together with this Indenture Supplement, the “Agreement”).

 

The
Principal Terms of this Series are set forth in this Indenture Supplement
to the Indenture.

 

ARTICLE I

DEFINITIONS

 

SECTION 1.1. 
Definitions.

 

(a)           Capitalized terms used and not otherwise defined herein
are used as defined in Section 1.1 of the Indenture. This Indenture
Supplement shall be interpreted in accordance with the conventions set forth in
Section 1.2 of the
Indenture.

 

(b)           Each capitalized term defined herein relates only to Series 2010-3
and to no other Series.  Whenever used in
this Indenture Supplement, the following words and phrases shall have the
following meanings:

 

“Accumulation
Shortfall” means (a) for the first Payment Date during the Controlled
Accumulation Period, zero; and (b) thereafter, for any Payment Date during
the Controlled Accumulation Period, the excess, if any, of the Controlled
Deposit Amount for the previous Payment Date over the amount deposited into the
Principal Accumulation Account pursuant to Section 4.4(c)(i) for
the previous Payment Date.

 

“Addition
Date” means an “Addition Date” as such term is defined in the Transfer
Agreement.

 

“Additional
Interest” means, for any Payment Date, Class A Additional Interest and
Class B Additional Interest for such Payment Date.

 

 

“Administration
Agreement” means the Administration Agreement, dated as of September 25,
2003, between the Administrator and the Issuer.

 

“Administrator”
means General Electric Capital Corporation, in its capacity as Administrator
under the Administration Agreement or any other Person designated as an
Administrator under the Administration Agreement.

 

“Agreement”
is defined in the preamble.

 

“Allocation
Percentage” means, with respect to any Monthly Period, the percentage
equivalent of a fraction:

 

(a)   the numerator of which shall be equal to:

 

(i)  for Principal
Collections during the Revolving Period and for Finance Charge Collections and
Default Amounts at any time, the Collateral Amount at the end of the last day
of the prior Monthly Period (or, in the case of the first Monthly Period, on
the Closing Date); or

 

(ii)  for Principal
Collections during the Early Amortization Period and the Controlled
Accumulation Period, the Collateral Amount at the end of the last day of the
Revolving Period; provided that on and after the date on which the
Principal Accumulation Account Balance equals the Note Principal Balance, the
numerator shall equal zero; and

 

(b)   the denominator of which shall be the greater of (x) the
Aggregate Principal Receivables determined as of the close of business on the
last day of the prior Monthly Period (or, in the case of the first Monthly
Period, on the Closing Date) and (y) the sum of the numerators used to
calculate the allocation percentages for allocations with respect to Finance
Charge Collections, Principal Collections or Default Amounts, as applicable,
for all outstanding Series on such date of determination; provided that if one or more
Reset Dates occur in a Monthly Period, the denominator determined pursuant to
clause (x) of this clause (b) shall be (A) the Aggregate
Principal Receivables as of the close of business on the last day of the prior
Monthly Period for the period from and including the first day of the current
Monthly Period, to but excluding such Reset Date and (B) the Aggregate
Principal Receivables as of the close of business on such Reset Date, for the
period from and including such Reset Date to the earlier of the last day of
such Monthly Period (in which case such period shall include such day) or the
next succeeding Reset Date (in which case such period shall not include such
succeeding Reset Date); and provided, further, that
notwithstanding the preceding proviso, if a Reset Date occurs during any
Monthly Period and the Issuer is permitted to make a single monthly deposit to
the Collection Account pursuant to Section 8.4 of the Indenture for
such Monthly Period, then the denominator determined pursuant to clause (x) of
this clause (b) for each day during such Monthly Period shall equal the
Average Principal Balance for such Monthly Period.

 

“Available
Finance Charge Collections” means, for any Monthly Period, an amount equal
to the sum of (a) the Investor Finance Charge Collections for such Monthly
Period, (b) the Series 

 

2

 

2010-3
Excess Finance Charge Collections for such Monthly Period, (c) Principal
Accumulation Investment Proceeds, if any, with respect to the related Transfer
Date, (d) interest and earnings on funds on deposit in the Reserve Account
which will be deposited into the Finance Charge Account on the related Payment
Date to be treated as Available Finance Charge Collections pursuant to Section 4.10(a),
and (e) amounts, if any, to be withdrawn from the Reserve Account which
will be deposited into the Finance Charge Account on the related Transfer Date
to be treated as Available Finance Charge Collections pursuant to Section 4.10(c).

 

“Available
Principal Collections” means, for any Monthly Period, an amount equal to
the sum of (a) the Investor Principal Collections for such Monthly Period,
minus (b) the amount of Reallocated Principal Collections with
respect to such Monthly Period which pursuant to Section 4.7 are
required to be applied on the related Payment Date, plus (c) the
sum of (i) any Shared Principal Collections with respect to other
Principal Sharing Series (including any amounts on deposit in the Excess
Funding Account that are allocated to Series 2010-3 for application as
Shared Principal Collections), (ii) the aggregate amount to be treated as
Available Principal Collections pursuant to Sections 4.4(a)(vi), (vii) and
(x), and (iii) during an Early Amortization Event, the amount of
Available Finance Charge Collections used to pay principal on the Notes
pursuant to Section 4.4(a)(xiii) for the related Payment Date.

 

“Available
Reserve Account Amount” means, for any Transfer Date, the lesser of (a) the
amount on deposit in the Reserve Account (after taking into account any
interest and earnings retained in the Reserve Account pursuant to Section 4.10(b) on
such date, but before giving effect to any deposit made or to be made pursuant
to Section 4.4(a)(viii) to the Reserve Account on such date)
and (b) the Required Reserve Account Amount.

 

“Average
Principal Balance” means for any Monthly Period in which a Reset Date
occurs, the sum of (i) the Aggregate Principal Receivables determined as
of the close of business on the last day of the prior Monthly Period, multiplied
by a fraction the numerator of which is the number of days from and
including the first day of such Monthly Period, to but excluding the related
Reset Date, and the denominator of which is the number of days in such Monthly
Period, and (ii) for each such Reset Date, the product of the Aggregate
Principal Receivables determined as of the close of business on such Reset
Date, multiplied by a fraction, the numerator of which is the number of
days from and including such Reset Date, to the earlier of the last day of such
Monthly Period (in which case such period shall include such date) or the next
succeeding Reset Date (in which case such period shall exclude such date), and
the denominator of which is the number of days in such Monthly Period.

 

“Base
Rate” means, for any Monthly Period, the annualized percentage equivalent
of a fraction, the numerator of which is equal to the sum of (a) the
Monthly Interest, (b) the amount required to be paid pursuant to Section 4.4(a)(i) and
(c) the Noteholder Servicing Fee, each with respect to the related Payment
Date, and the denominator of which is the Collateral Amount plus amounts on
deposit in the Principal Accumulation Account, each as of the close of business
on the last day of such Monthly Period.

 

“Benefit
Plan” means (i) an “employee benefit plan” as defined in Section 3(3) of
ERISA, that is subject to Title I of ERISA, (ii) a “plan” as defined in Section 4975
of the Code that is subject to Section 4975 of the Code, (iii) an
entity whose underlying assets include plan 

 

3

 

assets
by reason of investment by an employee benefit plan or plans in such entity, or
(iv) a governmental plan, church plan or non-U.S. plan that is subject to
any Similar Law.

 

“Business
Day” means any day that is not a Saturday, a Sunday or a day on which banks
are required or permitted to be closed in the State of New York or the State of
Connecticut.

 

“Class A
Additional Interest” is defined in Section 4.1(a).

 

“Class A
Deficiency Amount” is defined in Section 4.1(a).

 

“Class A
Monthly Interest” is defined in Section 4.1(a).

 

“Class A
Note Initial Principal Balance” means $850,000,000.

 

“Class A
Note Interest Rate” means a per annum rate of 2.21%.

 

“Class A
Note Principal Balance” means, on any date of determination, an amount
equal to (a) the Class A Note Initial Principal Balance, minus
(b) the aggregate amount of principal payments made to the Class A
Noteholders on or prior to such date.

 

“Class A
Noteholder” means the Person in whose name a Class A Note is
registered in the Note Register.

 

“Class A
Notes” means any one of the Notes executed by the Issuer and authenticated
by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A-1.

 

“Class A
Required Amount” means, for any Payment Date, an amount equal to the excess
of the amounts described in Sections 4.4(a)(i), (ii) and (iii) over
Available Finance Charge Collections applied to pay such amount pursuant to Section 4.4(a).

 

“Class B
Additional Interest” is defined in Section 4.1(b).

 

“Class B
Deficiency Amount” is defined in Section 4.1(b).

 

“Class B
Monthly Interest” is defined in Section 4.1(b).

 

“Class B
Note Initial Principal Balance” means $136,000,000.

 

“Class B
Note Interest Rate” means a per annum rate of 3.64%.

 

“Class B
Note Principal Balance” means, on any date of determination, an amount
equal to (a) the Class B Note Initial Principal Balance, minus
(b) the aggregate amount of principal payments made to the Class B
Noteholders on or prior to such date.

 

“Class B
Noteholder” means the Person in whose name a Class B Note is
registered in the Note Register.

 

“Class B
Notes” means any one of the Notes executed by the Issuer and authenticated
by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A-2.

 

4

 

“Class B
Required Amount” means, for any Payment Date, an amount equal to the excess
of the amount described in Section 4.4(a)(iv) over Available
Finance Charge Collections applied to pay such amount pursuant to Section 4.4(a).

 

“Closing
Date” means June 24, 2010.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Collateral
Amount” means, as of any date of determination, an amount equal to the
excess of (a) the Initial Collateral Amount, over (b) the sum
of (i) the amount of principal previously paid to the Series 2010-3
Noteholders, (ii) reductions in the Excess Collateral Amount due to
reductions in the Required Excess Collateral Amount, (iii) the Principal
Accumulation Account Balance, and (iv) the excess, if any, of the
aggregate amount of Investor Charge-Offs and Reallocated Principal Collections over
the reimbursements of such amounts pursuant to Section 4.4(a)(vii) prior
to such date.

 

“Controlled
Accumulation Amount” means, for any Payment Date with respect to the
Controlled Accumulation Period, $328,666,667; provided, however,
that if the Controlled Accumulation Period Length is determined to be less than
or more than three months pursuant to Section 4.12, the Controlled
Accumulation Amount for each Payment Date with respect to the Controlled
Accumulation Period will be equal to (i) the initial Note Principal
Balance divided by (ii) the Controlled Accumulation Period Length; provided,
further, that the Controlled Accumulation Amount for any Payment Date
shall not exceed the Note Principal Balance minus any amount already on deposit
in the Principal Accumulation Account on such Payment Date.

 

“Controlled
Accumulation Period” means, unless an Early Amortization Event shall have
occurred prior thereto, the period commencing at the opening of business on February 22,
2013 or such other date as is determined in accordance with Section 4.12
and ending on the first to occur of (a) the commencement of the Early
Amortization Period and (b) the Final Payment Date.

 

“Controlled
Accumulation Period Length” is defined in Section 4.12.

 

“Controlled
Deposit Amount” means, for any Payment Date with respect to the Controlled
Accumulation Period, an amount equal to the sum of the Controlled Accumulation
Amount for such Payment Date and any existing Accumulation Shortfall.

 

“Covered
Amount” means an amount, determined as of each Transfer Date for any
Interest Period, equal to the sum of:

 

(a)           product of (i) the Class A
Monthly Interest and (ii) a fraction (A) the numerator of which is
equal to the lesser of the Principal Accumulation Account Balance and the Class A
Note Principal Balance, each as of the last day of the calendar month preceding
such Transfer Date, and (B) the denominator of which is equal to the Class A
Note Principal Balance as of the last day of the calendar month preceding such
Transfer Date; and

 

5

 

(b)           product of (i) the Class B
Monthly Interest and (ii) a fraction (A) the numerator of which is equal
to the lesser of (x) the excess of the Principal Accumulation Account
Balance over the Class A Note Principal Balance as of the last day of the
calendar month preceding such Transfer Date and (y) the Class B Note
Principal Balance, as of the last day of the calendar month preceding such
Transfer Date, and (B) the denominator of which is equal to the Class B
Note Principal Balance as of the last day of the calendar month preceding such
Transfer Date.

 

“Default
Amount” means, as to any Defaulted Account, the amount of Principal
Receivables (other than Ineligible Receivables, unless there is an Insolvency
Event with respect to the Originator or the Transferor) in such Defaulted
Account on the day it became a Defaulted Account.

 

“Defaulted
Account” means an Account in which there are Charged-Off Receivables.

 

“Dilution”
means any downward adjustment made by Servicer in the amount of any Transferred
Receivable (a) because of a rebate, refund or billing error to an
accountholder, (b) because such Transferred Receivable was created in
respect of merchandise which was refused or returned by an accountholder or (c) for
any other reason other than receiving Collections therefor or charging off such
amount as uncollectible.

 

“Distribution
Account” means the account designated as such, established and owned by the
Issuer and maintained in accordance with Section 4.2.

 

“Early
Amortization Period” means the period commencing on the date on which a
Trust Early Amortization Event or a Series 2010-3 Early Amortization Event
is deemed to occur and ending on the Final Payment Date.

 

“ERISA” means the Employee Retirement Income Security Act of
1974, as amended.

 

“Excess
Collateral Amount” means, at any time, the excess of (a) the sum of (i) the
Collateral Amount, and (ii) the Principal Accumulation Account Balance,
over (b) the Note Principal Balance.

 

“Excess
Spread Percentage” means, for any Monthly Period, a percentage equal to (a) the
Portfolio Yield for such Monthly Period, minus (b) the Base Rate
for such Monthly Period.

 

“Expected
Principal Payment Date” means the June 2013 Payment Date.

 

“Final
Payment Date” means the earliest to occur of (a) the date on which the
Note Principal Balance is paid in full, (b) the date on which the
Collateral Amount is reduced to zero and (c) the Series Maturity
Date.

 

“Finance
Charge Account” means the account designated as such, established and owned
by the Issuer and maintained in accordance with Section 4.2.

 

“Finance
Charge Shortfall” is defined in Section 4.8.

 

6

 

“Group
One” means Series 2010-3 and each other outstanding Series previously
or hereafter specified in the related Indenture Supplement to be included in
Group One.

 

“Indenture”
is defined in the preamble.

 

“Indenture
Trustee” is defined in the preamble.

 

“Initial
Collateral Amount” means $1,133,333,334, which equals the sum of (i) the
Class A Note Initial Principal Balance, (ii) the Class B Note
Initial Principal Balance and (iii) the Initial Excess Collateral Amount.

 

“Initial
Excess Collateral Amount” means $147,333,334.

 

“Interest
Period” means, for any Payment Date, the period from and including the
Payment Date immediately preceding such Payment Date (or, in the case of the
first Payment Date, from and including the Closing Date) to but excluding such
Payment Date.

 

“Investor
Charge-Offs” is defined in Section 4.6.

 

“Investor
Default Amount” means, for any Monthly Period, the sum for all Accounts
that became Defaulted Accounts during such Monthly Period, of the following
amount:  the product of (a) the
Default Amount with respect to each such Defaulted Account and (b) the
Allocation Percentage on the day such Account became a Defaulted Account.

 

“Investor
Finance Charge Collections” means, for any Monthly Period, an amount equal
to the aggregate amount of Finance Charge Collections retained or deposited in
the Finance Charge Account for Series 2010-3 pursuant to Section 4.3(b)(i) for
such Monthly Period.

 

“Investor
Principal Collections” means, for any Monthly Period, an amount equal to
the aggregate amount of Principal Collections retained or deposited in the
Principal Account for Series 2010-3 pursuant to Section 4.3(b)(ii) for
such Monthly Period.

 

“Investor
Uncovered Dilution Amount” means, for any Monthly Period, an amount equal
to the product of (a) the Series Allocation Percentage for such
Monthly Period (determined on a weighted average basis, if a Reset Date occurs
during that Monthly Period), and (b) the aggregate Dilutions occurring
during such Monthly Period as to which any deposit is required to be made but
has not been made, provided that, if the Free Equity Amount is greater
than zero at the time the deposit referred to in clause (b) is
required to be made, the Investor Uncovered Dilution Amount shall be deemed to
be zero.

 

“Issuer”
is defined in the preamble.

 

“Minimum
Free Equity Percentage” means, for purposes of Series 2010-3, 4%; provided
that, at any time that GE Capital’s long-term unsecured debt is rated below Aa3
by Moody’s, the Minimum Free Equity Percentage shall be 7.0%.

 

“Monthly
Interest” means, for any Payment Date, the sum of the Class A Monthly
Interest and the Class B Monthly Interest for such Payment Date.

 

7

 

 

“Monthly Period”
means, as to the August 2010 Payment Date, the period beginning on the
Closing Date and ending on July 21, 2010, and as to each Payment Date
thereafter, the period beginning on the 22nd day of the second preceding calendar month and
ending on the 21st day of the immediately preceding calendar
month.

 

“Monthly
Principal” is defined in Section 4.1(d).

 

“Monthly
Principal Reallocation Amount” means, for any Monthly Period, an amount
equal to the sum of:

 

(a)                                  the lesser of (i) the
Class A Required Amount and (ii) 25.00% of the Initial Collateral
Amount minus the sum of (x) the amount of unreimbursed Investor
Charge-Offs (after giving effect to Investor Charge-Offs for the related
Monthly Period) and unreimbursed Reallocated Principal Collections (as of the
previous Payment Date) and (y) any reductions to the Collateral Amount on
account of reductions to the Required Excess Collateral Amount, but not less
than zero; and

 

(b)                                 the lesser of (i) the
Class B Required Amount and (ii) 13.00% of the Initial Collateral
Amount minus the sum of (x) the amount of unreimbursed Investor
Charge-Offs (after giving effect to Investor Charge-Offs for the related
Monthly Period) and unreimbursed Reallocated Principal Collections (as of the
previous Payment Date and as required in clause (a) above) and (y) any
reductions to the Collateral Amount on account of reductions to the Required
Excess Collateral Amount, but not less than zero.

 

“Note
Purchase Agreement” means the Note Purchase Agreement, dated as of June 24,
2010, between the Transferor and GE Capital, as initial Class B
Noteholder.

 

“Note
Principal Balance” means, on any date of determination, an amount equal to
the sum of the Class A Note Principal Balance and the Class B Note
Principal Balance.

 

“Noteholder
Servicing Fee” means, for any Transfer Date, an amount equal to one-twelfth
of the product of (a) the Series Servicing Fee Percentage and (b) the
Collateral Amount as of the last day of the Monthly Period preceding such
Transfer Date; provided, however, that with respect to the first
Transfer Date, the Noteholder Servicing Fee shall be calculated based on the
Collateral Amount as of the Closing Date and shall be prorated for the number
of days in the first Monthly Period.

 

“Payment
Date” means August 16, 2010 and the 15th day of each
calendar month thereafter, or if such 15th day is not a Business
Day, the next succeeding Business Day.

 

“Percentage
Allocation” is defined in Section 4.3(b)(ii)(y).

 

“Portfolio
Yield” means, for any Monthly Period, the annualized percentage equivalent
of a fraction, (a) the numerator of which is equal to the excess of (i) the
Available Finance Charge Collections (excluding any Excess Finance Charge
Collections), over (ii) the Investor Default Amount and the Investor
Uncovered Dilution Amount for such Monthly Period and (b) the denominator
of which is the Collateral Amount plus amounts on deposit in Principal
Accumulation Account, each as of the close of business on the last day of such
Monthly Period.

 

8

 

“Principal
Account” means the account designated as such, established and owned by the
Issuer and maintained in accordance with Section 4.2.

 

“Principal
Accumulation Account” means the account designated as such, established and
owned by the Issuer and maintained in accordance with Section 4.2.

 

“Principal
Accumulation Account Balance” means, for any date of determination, the
principal amount, if any, on deposit in the Principal Accumulation Account on
such date of determination.

 

“Principal
Accumulation Investment Proceeds” means, with respect to each Transfer
Date, the investment earnings on funds in the Principal Accumulation Account
(net of investment expenses and losses) for the period from and including the
immediately preceding Transfer Date to but excluding such Transfer Date.

 

“Principal
Shortfall” is defined in Section 4.9.

 

“Rating
Agency” means each of Fitch and Moody’s.

 

“Rating
Agency Condition” means, with respect to Series 2010-3 and any action,
(i) that Moody’s shall have notified the Issuer in writing that such
action will not result in a reduction or withdrawal of the rating, if any, of
any outstanding Class with respect to which Moody’s is a Rating Agency or (ii) with
respect to any outstanding Class with respect to which Fitch is a Rating
Agency, 10 days’ prior written notice (or, if 10 days’ advance notice is
impracticable, as much advance notice as is practicable) to Fitch delivered
electronically to notifications.abs@fitchratings.com.

 

“Reallocated
Principal Collections” means, for any Transfer Date, Investor
Principal Collections applied in accordance with Section 4.7 in an
amount not to exceed the Monthly Principal Reallocation Amount for the related
Monthly Period.

 

“Reassignment
Amount” means, with respect to Series 2010-3, the Redemption Amount.

 

“Redemption
Amount” means, for any Transfer Date, after giving effect to any deposits
and payments otherwise to be made on the related Payment Date, the sum of (i) the
Note Principal Balance on the related Payment Date, (ii) Monthly Interest
for the related Payment Date and any Monthly Interest previously due but not
distributed to the Series 2010-3 Noteholders and (iii) the amount of
Additional Interest, if any, for the related Payment Date and any Additional
Interest previously due but not distributed to the Series 2010-3
Noteholders on a prior Payment Date.

 

“Removal
Date” means a “Removal Date” as such term is defined in the Transfer
Agreement.

 

9

 

“Required
Excess Collateral Amount” means, at any time, 13% of the Collateral Amount;
provided that:

 

(a)                                  except as
provided in clause (c), the Required Excess Collateral Amount shall
never be less than 3.00% of the Initial Collateral Amount;

 

(b)                                 except as
provided in clause (c), the Required Excess Collateral Amount shall not
decrease during an Early Amortization Period; and

 

(c)                                  the Required
Excess Collateral Amount shall never be greater than the excess of the Note
Principal Balance over the balance on deposit in the Principal Accumulation
Account.

 

“Required
Reserve Account Amount” means, for any Transfer Date on or after the
Reserve Account Funding Date, an amount equal to (a) 0.50% of the Note
Principal Balance or (b) any other amount designated by the Issuer; provided,
however, that if such designation is of a lesser amount, the Issuer
shall (i) provide the Indenture Trustee with evidence that the Rating
Agency Condition shall have been satisfied and (ii) deliver to the
Indenture Trustee a certificate of an Authorized Officer to the effect that,
based on the facts known to such officer at such time, in the reasonable belief
of the Issuer, such designation will not cause an Early Amortization Event or
an event that, after the giving of notice or the lapse of time, would cause an
Early Amortization Event to occur with respect to Series 2010-3.

 

“Reserve
Account” means the account designated as such, established and owned by the
Issuer and maintained in accordance with Section 4.2.

 

“Reserve
Account Funding Date” means the Payment Date selected by the Servicer on
behalf of the Issuer which occurs not later than the earliest of the Payment
Date with respect to the Monthly Period which commences three months prior to
the commencement of the Controlled Accumulation Period (which commencement
shall be subject to postponement pursuant to Section 4.14); provided,
however, that if the Rating Agency Condition is satisfied, the Issuer
may postpone the Reserve Account Funding Date.

 

“Reserve
Account Surplus” means, as of any Transfer Date following the Reserve
Account Funding Date, the amount, if any, by which the amount on deposit in the
Reserve Account exceeds the Required Reserve Account Amount.

 

“Reserve
Draw Amount” means, with respect to each Transfer Date relating to the
Controlled Accumulation Period or the first Transfer Date relating to the Early
Amortization Period, the amount, if any, by which the Principal Accumulation
Investment Proceeds for such Payment Date are less than the Covered Amount
determined as of such Transfer Date.

 

“Reset
Date” means:

 

(a)                                  each Addition
Date;

 

(b)                                 each Removal
Date on which, if any Series of Notes has been paid in full, Principal
Receivables for that Series are removed from the Trust;

 

10

 

(c)                                  each date on
which there is an increase in the outstanding balance of any Variable Interest;
and

 

(d)                                 each date on
which a new Series or Class of Notes is issued.

 

“Revolving
Period” means the period beginning on the Closing Date and ending at the
close of business on the day immediately preceding the earlier of the day the
Controlled Accumulation Period commences or the day the Early Amortization
Period commences.

 

“Series Accounts”
means, collectively, the Finance Charge Account, the Principal Account, the
Principal Accumulation Account, the Distribution Account and the Reserve
Account.

 

“Series Allocation
Percentage” means, with respect to any Monthly Period, the percentage
equivalent of a fraction, the numerator of which is the numerator used in
determining the Allocation Percentage for Finance Charge Collections for that
Monthly Period and the denominator of which is the sum of the numerators used
in determining the Allocation Percentage for Finance Charge Collections for all
outstanding Series on such date of determination; provided that if
one or more Reset Dates occur in a Monthly Period, the Series Allocation
Percentage for the portion of the Monthly Period falling on and after each such
Reset Date and prior to any subsequent Reset Date will be determined using a
denominator which is equal to the sum of the numerators used in determining the
Allocation Percentage for Finance Charge Collections for all outstanding Series as
of the close of business on the subject Reset Date.

 

“Series Maturity
Date” means, with respect to Series 2010-3, the June 2016 Payment
Date.

 

“Series Servicing
Fee Percentage” means 2% per annum.

 

“Series 2010-3”
means the Series of Notes the terms of which are specified in this
Indenture Supplement.

 

“Series 2010-3
Early Amortization Event” is defined in Section 6.1.

 

“Series 2010-3
Excess Finance Charge Collections” means Excess Finance Charge Collections
allocated from other Series in Group One to Series 2010-3 pursuant to
Section 8.6 of the Indenture.

 

“Series 2010-3
Note” means a Class A Note or a Class B Note.

 

“Series 2010-3
Noteholder” means a Class A Noteholder or a Class B Noteholder.

 

“Similar
Law” means any applicable law that is substantially similar to the
fiduciary responsibility provisions of ERISA or Section 4975 of the Code.

 

“Surplus
Collateral Amount” means, with respect to any Payment Date, the excess, if
any, of the Excess Collateral Amount over the Required Excess Collateral
Amount, in each case 

 

11

 

calculated
after giving effect to any deposits into the Principal Accumulation Account and
payments of principal on such Payment Date, but before giving effect to any
reduction in the Collateral Amount on such Payment Date pursuant to Section 4.4(c)(iii).

 

“Target
Amount” is defined in Section 4.3(b)(i).

 

“Trust”
is defined in the preamble.

 

SECTION 1.2. 
Incorporation of Terms. 
The terms of the Indenture are incorporated in this Supplement as if set
forth in full herein. As supplemented by this Supplement, the Indenture is in
all respects ratified and confirmed and both together shall be read, taken and
construed as one and the same agreement. If the terms of this Supplement and
the terms of the Indenture conflict, the terms of this Supplement shall control
with respect to the Series 2010-3.

 

ARTICLE II

CREATION OF THE SERIES 2010-3 NOTES

 

SECTION 2.1. 
Designation.

 

(a)                                  There is hereby
created and designated a Series of Notes to be issued pursuant to the
Indenture and this Indenture Supplement to be known as “GE Capital Credit
Card Master Note Trust, Series 2010-3” or the “Series 2010-3
Notes.”  The Series 2010-3 Notes
shall be issued in two Classes, known as the “Class A Series 2010-3
2.21% Asset Backed Notes”  and the “Class B
Series 2010-3 3.64% Asset Backed Notes.”

 

(b)                                 Series 2010-3
shall be included in Group One and shall be a Principal Sharing Series.  Series 2010-3 shall be an Excess
Allocation Series with respect to Group One only.  Series 2010-3 shall not be subordinated
to any other Series.

 

(c)                                  The Class A
Notes shall be issued in minimum denominations of $100,000 and in integral
multiples of $1,000 and the Class B Notes shall be issued in minimum
denominations of $100,000 and in integral multiples of $1.

 

SECTION 2.2. 
Transfer Restrictions.

 

(a)                                  The Class B
Notes have not been registered under the Securities Act or any state securities
law.  None of the Issuer, the Note
Registrar or the Indenture Trustee is obligated to register the Class B
Notes under the Securities Act or any other securities or “blue sky” laws or to
take any other action not otherwise required under this Indenture Supplement or
the Trust Agreement to permit the transfer of any Class B Note without
registration.

 

(b)                                 Until such time
as the Class B Notes have been registered under the Securities Act and any
applicable state securities law, the Class B Notes may not be sold,
transferred, assigned, participated, pledged or otherwise disposed of (any such
act, a “Class B Note Transfer”) to any Person except in accordance with
the provisions of this Section 2.2, and any attempted Class B
Note Transfer in violation of this Section 2.2 will be null and
void.

 

12

 

(c)                                  Each Class B
Note will bear a legend to the effect of the following unless determined otherwise
by the Administrator (as certified to the Indenture Trustee in an Officer’s
Certificate) consistent with applicable law:

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT
BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT AS SET FORTH IN THE
NEXT SENTENCE.  BY ITS ACQUISITION HEREOF
OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER OF THIS NOTE:

 

(1)          AGREES FOR THE BENEFIT OF
THE ISSUER AND THE TRANSFEROR THAT THIS NOTE MAY BE SOLD, TRANSFERRED,
ASSIGNED, PARTICIPATED, PLEDGED OR OTHERWISE DISPOSED OF ONLY IN COMPLIANCE
WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (I) PURSUANT
TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE
HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN THE
MEANING OF RULE l44A (A “QIB”), PURCHASING FOR ITS OWN ACCOUNT OR FOR
THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE
REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE
144A, OR (II) TO THE DEPOSITOR OR ITS AFFILIATES, IN EACH CASE IN
ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES; AND

 

(2)          AGREES THAT IT WILL DELIVER
TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS TRANSFERRED A NOTICE
SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.

 

(d)                                 By acceptance
of any Class B Note, the Class B Noteholder specifically agrees with
and represents to the Transferor, the Issuer and the Note Registrar, that no Class B
Note Transfer will be made unless (i) the registration requirements of the
Securities Act and any applicable state securities laws have been complied
with, (ii) such Class B Note Transfer is to the Transferor or its
Affiliates, or (iii) such Class B Note Transfer is exempt from the
registration requirements under the Securities Act because such Class B
Note Transfer is in compliance with Rule 144A under the Securities Act, to
a transferee who the transferor reasonably believes is a “Qualified Institutional
Buyer” (as defined in the Securities Act) that is purchasing for its own
account or for the account of a Qualified Institutional Buyer and to whom
notice is given that such Class B Note Transfer is being made in reliance
upon Rule 144A under the Securities Act.

 

(e)                                  The Issuer will
make available to the prospective transferor and transferee of a Class B
Note information requested to satisfy the requirements of paragraph (d)(4) of
Rule 144A.

 

13

 

(f)                                    Each Class A
Note and Class B Note will bear a legend to the effect of the following
unless determined otherwise by the Administrator (as certified to the Indenture
Trustee in an Officer’s Certificate) consistent with applicable law:

 

THE HOLDER OF THIS NOTE BY ITS
ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN,
SHALL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) SUCH HOLDER IS
NOT (AND FOR SO LONG AS IT HOLDS SUCH NOTE WILL NOT BE), IS NOT ACTING ON
BEHALF OF (AND FOR SO LONG AS IT HOLDS SUCH NOTE WILL NOT BE ACTING ON BEHALF
OF), AND IS NOT INVESTING THE ASSETS OF (A) AN “EMPLOYEE BENEFIT PLAN” (AS
DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974, AS AMENDED (“ERISA”)) THAT IS SUBJECT TO TITLE I OF ERISA, (B) A
“PLAN” (AS DEFINED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE “CODE”)) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (C) AN
ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED TO BE PLAN ASSETS OF A PLAN DESCRIBED
IN (A) OR (B) ABOVE OR (D) A GOVERNMENTAL PLAN, CHURCH PLAN OR
NON-U.S. PLAN THAT IS SUBJECT TO ANY APPLICABLE LAW THAT IS SUBSTANTIALLY
SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR SECTION 4975
OF THE CODE (“SIMILAR LAW”) OR (II) ITS ACQUISITION, CONTINUED HOLDING AND
DISPOSITION OF THIS NOTE WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION
UNDER ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SIMILAR LAW.

 

ARTICLE III

REPRESENTATIONS, WARRANTIES AND COVENANTS

 

SECTION 3.1. 
Representations, Warranties and Covenants with respect to Receivables.   The parties hereto agree that the
representations, warranties and covenants set forth in Schedule I shall
be a part of this Indenture Supplement for all purposes.

 

SECTION 3.2. 
Representations, Warranties and Covenants with respect to ERISA.  By acquiring a Series 2010-3 Note, each
purchaser and transferee shall be deemed to represent and warrant that either (i) it
is not (and for so long as it holds such Series 2010-3 Note will not be),
is not acting on behalf of (and for so long as it holds such Series 2010-3
Note will not be acting on behalf of), and is not investing the assets of a
Benefit Plan or (ii) its acquisition, continued holding and disposition of
such Series 2010-3 Note will not result in a non-exempt prohibited
transaction under ERISA or Section 4975 of the Code or a violation of any
Similar Law.

 

14

 

ARTICLE IV

RIGHTS OF SERIES 2010-3 NOTEHOLDERS AND ALLOCATION
AND APPLICATION OF COLLECTIONS

 

SECTION 4.1. 
Determination of Interest and Principal.

 

(a)                                  The amount of
monthly interest (“Class A Monthly Interest”) due and payable with
respect to the Class A Notes on any Payment Date shall be an amount equal
to the product of (i) a fraction, the numerator of which is 30 and the
denominator of which is 360, (ii) the Class A Note Interest Rate in
effect with respect to the related Interest Period and (iii) the Class A
Note Principal Balance as of the close of business on the last day of the
preceding Monthly Period (or, with respect to the initial Payment Date, the Class A
Note Initial Principal Balance); provided that the Class A Monthly
Interest for the August 2010 Payment Date shall equal $2,713,388.89.

 

With
respect to each Payment Date, the Issuer shall determine the excess, if any
(the “Class A Deficiency Amount”), of (x) the aggregate amount of Class A
Monthly Interest payable pursuant to this Section 4.1(a) as of
the prior Payment Date over (y) the amount of Class A Monthly
Interest actually paid on such Payment Date. 
If the Class A Deficiency Amount for any Payment Date is greater
than zero, on each subsequent Payment Date until such Class A Deficiency
Amount is fully paid, an additional amount (“Class A Additional
Interest”) equal to the product of (i) a fraction, the numerator of
which is 30 and the denominator of which is 360, (ii) the Class A
Note Interest Rate in effect with respect to the related Interest Period plus
2% per annum and (iii) such Class A Deficiency Amount (or the portion
thereof which has not been paid to the Class A Noteholders) shall be
payable as provided herein with respect to the Class A Notes.  Notwithstanding anything to the contrary
herein, Class A Additional Interest shall be payable or distributed to the
Class A Noteholders only to the extent permitted by applicable law.

 

(b)                                 The amount of
monthly interest (“Class B Monthly Interest”) due and payable with
respect to the Class B Notes on any Payment Date shall be an amount equal
to the product of (i) a fraction, the numerator of which is 30 and the
denominator of which is 360, (ii) the Class B Note Interest Rate and (iii) the
Class B Note Principal Balance as of the close of business on the last day
of the preceding Monthly Period (or, with respect to the initial Payment Date,
the Class B Note Initial Principal Balance); provided that the Class B
Monthly Interest for the August 2010 Payment Date shall equal $715,057.78.

 

With
respect to each Payment Date, the Issuer shall determine the excess, if any
(the “Class B Deficiency Amount”), of (x) the aggregate amount
of Class B Monthly Interest payable pursuant to this Section 4.1(b) as
of the prior Payment Date over (y) the amount of Class B
Monthly Interest actually paid on such Payment Date.  If the Class B Deficiency Amount for any
Payment Date is greater than zero, on each subsequent Payment Date until such Class B
Deficiency Amount is fully paid, an additional amount (“Class B
Additional Interest”) equal to the product of (i) a fraction, the
numerator of which is 30 and the denominator of which is 360, (ii) the Class B
Note Interest Rate plus 2% per annum and (iii) such Class B
Deficiency Amount (or the portion thereof which has not been paid to the Class B
Noteholders) shall be payable as provided herein with respect to the Class B
Notes.  Notwithstanding anything to the
contrary herein, Class B Additional Interest shall be payable or
distributed to the Class B Noteholders only to the extent permitted by
applicable law.

 

15

 

(c)                                  [Reserved].

 

(d)                                 The amount of
monthly principal to be transferred from the Principal Account with respect to
the Notes on each Payment Date (the “Monthly Principal”), beginning with
the Payment Date in the Monthly Period following the Monthly Period in which
the Controlled Accumulation Period or, if earlier, the Early Amortization
Period, begins, shall be equal to the least of (i) the Available Principal
Collections on deposit in the Principal Account with respect to the related
Monthly Period, (ii) for each Payment Date with respect to the Controlled
Accumulation Period, the Controlled Deposit Amount for such Payment Date, (iii) the
Collateral Amount (after taking into account any adjustments to be made on such
Payment Date pursuant to Sections 4.6 and 4.7) prior to any
deposit into the Principal Accumulation Account on such Payment Date, and (iv) the
Note Principal Balance, minus any amount already on deposit in the Principal
Accumulation Account on such Payment Date.

 

SECTION 4.2. 
Establishment of Accounts.

 

(a)                                  As of the
Closing Date, the Issuer covenants to have established and shall thereafter
maintain the Finance Charge Account, the Principal Account, the Principal
Accumulation Account, the Distribution Account and the Reserve Account, each of
which shall be an Eligible Deposit Account.

 

(b)                                 If the
depositary institution wishes to resign as depositary of any of the Series Accounts
for any reason or fails to carry out the instructions of the Issuer for any
reason, then the Issuer shall promptly notify the Indenture Trustee on behalf
of the Noteholders.

 

(c)                                  On or before
the Closing Date, the Issuer shall enter into a depositary agreement to govern
the Series Accounts pursuant to which such accounts are continuously
identified in the depositary institution’s books and records as subject to a
security interest in favor of the Indenture Trustee on behalf of the
Noteholders and, except as may be expressly provided herein to the contrary, in
order to perfect the security interest of the Indenture Trustee on behalf of
the Noteholders under the UCC, the Indenture Trustee on behalf of the
Noteholders shall have the power to direct disposition of the funds in the Series Accounts
without further consent by the Issuer; provided  however, that
prior to the delivery by the Indenture Trustee on behalf of the Noteholders of
notice otherwise, the Issuer shall have the right to direct the disposition of
funds in the Series Accounts; provided  further that the
Indenture Trustee on behalf of the Noteholders agrees that it will not deliver
such notice or exercise its power to direct disposition of the funds in the Series Accounts
unless an Event of Default has occurred and is continuing.

 

(d)                                 The Issuer
shall not close any of the Series Accounts unless it shall have (i) received
the prior consent of the Indenture Trustee on behalf of the Noteholders, (ii) established
a new Eligible Deposit Account with the depositary institution or with a new
depositary institution satisfactory to the Indenture Trustee on behalf of the
Noteholders, (iii) entered into a depositary agreement to govern such new
account(s) with such new depositary institution which agreement is
satisfactory in all respects to the Indenture Trustee on behalf of the
Noteholders (whereupon such new account(s) shall become the applicable Series Account(s) for
all purposes of this Indenture Supplement), and (iv) taken all such action
as the Indenture Trustee on behalf 

 

16

 

of the Noteholders shall reasonably require to grant
and perfect a first priority security interest in such account(s) under
this Indenture Supplement.

 

SECTION 4.3. 
Calculations and Series Allocations.

 

(a)                                  Allocations.  Finance Charge Collections, Principal
Collections and Charged-Off Receivables allocated to Series 2010-3
pursuant to Article VIII of the Indenture shall be allocated and
distributed as set forth in this Article. 
Notwithstanding anything to the contrary in Section 4.3(b),
during any period when the Issuer is permitted by Section 8.4 of
the Indenture to make a single monthly deposit to the Collection Account,
amounts allocated to the Noteholders pursuant to Section 4.3(b) with
respect to any Monthly Period need not be deposited into the Collection Account
or any Series Account prior to the related Payment Date, and, when so
deposited, (x) may be deposited net of any amounts required to be
distributed to Transferor and, if the Originator is Servicer, any amounts owed
to the Servicer, and (y) shall be deposited into the Finance Charge Account
(in the case of Collections of Finance Charge Receivables) and the Principal
Account (in the case of Collections of Principal Receivables (not including any
Shared Principal Collections allocated to Series 2010-3 pursuant to Section 8.5
of the Indenture)).

 

(b)                                 Allocations to
the Series 2010-3 Noteholders.  The Issuer shall on each Date of Processing,
allocate to the Series 2010-3 Noteholders the following amounts as set
forth below:

 

(i)                                     Allocations of
Finance Charge Collections.  The Issuer shall allocate to the Series 2010-3
Noteholders an amount equal to the product of (A) the Allocation
Percentage and (B) the aggregate Finance Charge Collections processed on
such Date of Processing and, subject to Section 4.15, shall deposit
such amount into the Finance Charge Account; provided that, with respect
to each Monthly Period falling in the Revolving Period (and with respect to
that portion of each Monthly Period in the Controlled Accumulation Period
falling on or after the day on which Collections of Principal Receivables equal
to the related Controlled Deposit Amount have been allocated pursuant to Section 4.3(b)(ii) and
deposited pursuant to Section 4.3(a)), Collections of Finance
Charge Receivables shall be transferred into the Finance Charge Account only
until such time as the aggregate amount so deposited equals the sum (the “Target
Amount”) of (A) the fees payable to the Indenture Trustee, the Trustee
and the Administrator on the related Payment Date, (B) the Monthly
Interest on the related Payment Date, (C) if the Originator is not the
Servicer, the Noteholder Servicing Fee (and if the Originator is the Servicer,
then the Issuer covenants to pay directly to the Servicer as payment of the
Noteholder Servicing Fee amounts that otherwise would have been transferred
into the Finance Charge Account pursuant to this clause (C)), and (D) any
amount required to be deposited in the Reserve Account on the related Transfer
Date; provided  further, that, notwithstanding the preceding
proviso, if on any Business Day the Issuer determines that the Target Amount
for a Monthly Period exceeds the Target Amount for that Monthly Period as
previously calculated by Issuer, then (x) Issuer shall (on the same
Business Day) inform Transferor of such determination, and (y) within two
Business Days thereafter cause Transferor to deposit into the Finance Charge
Account funds in an amount equal to the amount of Collections of Finance Charge
Receivables allocated to the Noteholders for that Monthly Period but not
deposited into the Finance Charge Account due to the operation of the preceding
proviso (but not in excess of the 

 

17

 

amount required so that the
aggregate amount deposited for the subject Monthly Period equals the Target Amount);  and provided, further, that
if on any Transfer Date the Free Equity Amount is less than the Minimum Free
Equity Amount after giving effect to all transfers and deposits on that
Transfer Date, the Issuer shall cause Transferor, on that Transfer Date, to
deposit into the Principal Account funds in an amount equal to the amounts of
Available Finance Charge Collections that are required to be treated as
Available Principal Collections pursuant to Section 4.4(a)(vi) and
(vii) but are not available from funds in the Finance Charge
Account as a result of the operation of the second preceding proviso.

 

With
respect to any Monthly Period when deposits of Collections of Finance Charge
Receivables into the Finance Charge Account are limited to deposits up to the Target
Amount in accordance with clause (i) above, notwithstanding such
limitation: (1) “Reallocated Principal Collections” for the related
Transfer Date shall be calculated as if the full amount of Finance Charge
Collections allocated to the Noteholders during that Monthly Period had been
deposited in the Finance Charge Account and applied on the related Payment Date
in accordance with Section 4.4(a); and (2) Collections of
Finance Charge Receivables released to Transferor pursuant to clause (i) above
shall be deemed, for purposes of all calculations under this Indenture
Supplement, to have been applied to the items specified in Section 4.4(a) to
which such amounts would have been applied (and in the priority in which they
would have been applied) had such amounts been available in the Finance Charge
Account on the related Payment Date.  To
avoid doubt, the calculations referred to in the preceding clause (2) include
the calculations required by clause (b)(iv) of the definition of
Collateral Amount.

 

(ii)                                  Allocations of
Principal Collections.  The
Issuer shall allocate to the Series 2010-3 Noteholders the following
amounts as set forth below:

 

(x)                                   Allocations
During the Revolving Period.

 

(1)                                  During the
Revolving Period an amount equal to the product of the Allocation Percentage
and the aggregate amount of Principal Collections processed on such Date of
Processing, shall be allocated to the Series 2010-3 Noteholders and first,
if any other Principal Sharing Series is outstanding and in its
accumulation period or amortization period, retained in the Principal Account
for application, to the extent necessary, as Shared Principal Collections to
other Principal Sharing Series on the related Payment Date, second
deposited in the Excess Funding Account to the extent necessary so that the
Free Equity Amount is not less than the Minimum Free Equity Amount and third
paid to the holders of the Transferor Interest.

 

(2)                                  With respect to
each Monthly Period falling in the Revolving Period, to the extent that
Collections of Principal Receivables allocated to the Series 2010-3
Noteholders pursuant to this Section 4.3(b)(ii) are paid to
Transferor, the Issuer shall cause Transferor to make an amount equal to the
Reallocated Principal Collections for the related Transfer Date 

 

18

 

available
on that Transfer Date for application in accordance with Section  4.7.

 

(y)                                 Allocations
During the Controlled Accumulation Period.  During the Controlled Accumulation Period an
amount equal to the product of  the
Allocation Percentage and the aggregate amount of Principal Collections
processed on such Date of Processing (the product for any such date is
hereinafter referred to as a “Percentage Allocation”) shall be allocated
to the Series 2010-3 Noteholders and transferred to the Principal Account
until applied as provided herein; provided, however, that if the
sum of such Percentage Allocation and all preceding Percentage Allocations with
respect to the same Monthly Period exceeds the Controlled Deposit Amount during
the Controlled Accumulation Period for the related Payment Date, then such
excess shall not be treated as a Percentage Allocation and shall be first, if
any other Principal Sharing Series is outstanding and in its accumulation
period or amortization period, retained in the Principal Account for
application, to the extent necessary, as Shared Principal Collections to other
Principal Sharing Series on the related Payment Date, second deposited in
the Excess Funding Account to the extent necessary so that the Free Equity
Amount is not less than the Minimum Free Equity Amount and third paid to the
holders of the Transferor Interest.

 

(z)                                   Allocations
During the Early Amortization Period.  During the Early Amortization Period, an
amount equal to the product of  the
Allocation Percentage and the aggregate amount of Principal Collections
processed on such Date of Processing shall be allocated to the 2010-3
Noteholders and transferred to the Principal Account until applied as provided
herein; provided, however, that after the date on which an amount
of such Principal Collections equal to the Note Principal Balance has been
deposited into the Principal Account such amount shall be first, if any other
Principal Sharing Series is outstanding and in its accumulation period or
amortization period, retained in the Principal Account for application, to the
extent necessary, as Shared Principal Collections to other Principal Sharing Series on
the related Payment Date, second deposited in the Excess Funding Account to the
extent necessary so that the Free Equity Amount is not less than the Minimum
Free Equity Amount and third paid to the holders of the Transferor Interest.

 

SECTION 4.4. 
Application of Available Finance Charge Collections and Available
Principal Collections.  On each
Transfer Date or related Payment Date, as applicable, the Issuer shall
withdraw, to the extent of available funds, the amount required to be withdrawn
from the Finance Charge Account, the Principal Accumulation Account, the Principal
Account and the Distribution Account as follows:

 

19

 

(a)                                  On each Payment
Date, an amount equal to the Available Finance Charge Collections with respect
to the related Payment Date will be paid or deposited in the following
priority:

 

(i)                                     to pay, on a
pari passu basis, the following amounts, to the extent allocated to Series 2010-3
pursuant to Section 8.4(d) of the Indenture: (A) the
payment to the Indenture Trustee of the accrued and unpaid fees and other
amounts owed to the Indenture Trustee up to a maximum amount of $25,000 for
each calendar year, (B) the payment to the Trustee of the accrued and
unpaid fees and other amounts owed to the Trustee up to a maximum amount of
$25,000 for each calendar year and (C) the payment to the Administrator of
the accrued and unpaid fees and other amounts owed to the Administrator up to a
maximum amount of $25,000 for each calendar year;

 

(ii)                                  an amount equal
to the Noteholder Servicing Fee for such Transfer Date, plus the amount
of any Noteholder Servicing Fee previously due but not paid by the Issuer on a
prior Transfer Date, shall be paid to the Servicer;

 

(iii)                               an amount equal
to Class A Monthly Interest for such Payment Date, plus any Class A
Deficiency Amount, plus the amount of any Class A Additional
Interest for such Payment Date, plus the amount of any Class A
Additional Interest previously due but not paid to Class A Noteholders on
a prior Payment Date, shall be deposited into the Distribution Account;

 

(iv)                              an amount equal
to Class B Monthly Interest for such Payment Date, plus any Class B
Deficiency Amount, plus the amount of any Class B Additional
Interest for such Payment Date, plus the amount of any Class B
Additional Interest previously due but not paid to Class B Noteholders on
a prior Payment Date, shall be deposited into the Distribution Account;

 

(v)                                 [Reserved];

 

(vi)                              (A) first,
an amount equal to the Investor Default Amount for such Payment Date shall be
treated as a portion of Available Principal Collections for such Payment Date
and (B) second, an amount equal to any Investor Uncovered Dilution
Amount for such Payment Date shall be treated as a portion of Available
Principal Collections for such Payment Date, and any amounts treated as
Available Principal Collections pursuant to subclause (A) or (B) of
this clause (vi) during the Controlled Accumulation Period or the
Early Amortization Period, shall be deposited into the Principal Account on the
related Payment Date;

 

(vii)                           an amount equal
to the sum of the aggregate amount of Investor Charge-Offs and the amount of
Reallocated Principal Collections which have not been previously reimbursed
pursuant to this Section 4.4(a)(vii) shall be treated as a
portion of Available Principal Collections for such Payment Date and during the
Controlled Accumulation Period or Early Amortization Period shall be deposited
into the Principal Account on the related Payment Date;

 

20

 

(viii)                        on each
Transfer Date from and after the Reserve Account Funding Date, but prior to the
date on which the Reserve Account terminates as described in Section 4.10(e),
an amount up to the excess, if any, of the Required Reserve Account Amount over
the Available Reserve Account Amount shall be deposited into the Reserve
Account;

 

(ix)                                [Reserved];

 

(x)                                   without
duplication of the amount specified in clause (vi)(B) of this Section 4.4(a),
an amount equal to the Series Allocation Percentage (calculated by
excluding all outstanding Series of Notes excluded from this calculation
pursuant to the terms of the Indenture Supplement for such Series) of the
excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount,
shall be treated as a portion of Available Principal Collections for such Payment
Date and, during the Controlled Accumulation Period or the Early Amortization
Period, deposited into the Principal Account on the related Payment Date;

 

(xi)                                [Reserved];

 

(xii)                             unless an Early
Amortization Event shall have occurred and be continuing, on a pari passu basis
any amounts owed to such Persons listed in clause (i) above that
have been allocated to Series 2010-3 pursuant to Section 8.4(d) of
the Indenture and that have not been paid pursuant to clause (i) above
shall be paid to such Persons; and

 

(xiii)                          the balance, if
any, will constitute a portion of Excess Finance Charge Collections for such
Payment Date and will be applied in accordance with Section 8.6 of
the Indenture; provided that during an Early Amortization Period, if any
such Excess Finance Charge Collections would be paid to the Transferor in
accordance with Section 8.6 of the Indenture, the portion of such
Excess Finance Charge Collections that would otherwise be payable to the
Transferor, first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to
the extent not paid in full from Available Principal Collections (calculated
without regard to amounts available to be treated as Available Principal
Collections pursuant to this clause (xiii)), second, shall be
used to pay on a pari passu basis any amounts owed to such Persons listed in clause
(i) above that have been allocated to Series 2010-3 pursuant to Section 8.4(d) of
the Indenture and that have not been paid pursuant to clauses (i) and
(xii) above, and, third, any amounts remaining after payment
in full of the Monthly Principal and amounts owed to such Persons listed in clause
(i) above shall be paid to the Issuer.

 

(b)                                 On each
Transfer Date with respect to the Revolving Period, an amount equal to the
Available Principal Collections for the related Monthly Period shall be treated
as Shared Principal Collections and applied in accordance with Section 8.5
of the Indenture.

 

(c)                                  On each
Transfer Date or Payment Date, as applicable, with respect to the Controlled
Accumulation Period or the Early Amortization Period, an amount equal to the
Available Principal Collections for the related Monthly Period shall be paid or
deposited in the following order of priority:

 

21

 

(i)                                     during the
Controlled Accumulation Period, an amount equal to the Monthly Principal for
each Transfer Date shall be deposited into the Principal Accumulation Account
on the related Payment Date;

 

(ii)                                  during the
Early Amortization Period, an amount equal to the Monthly Principal for each
Transfer Date shall be deposited into the Distribution Account on the related
Payment Date and on such Payment Date shall be paid, first to the Class A
Noteholders on the related Payment Date until the Class A Note Principal
Balance has been paid in full; and second to the Class B
Noteholders until the Class B Note Principal Balance has been paid in
full; and

 

(iii)                               in the case of
each of the Controlled Accumulation Period and the Early Amortization Period,
the balance of such Available Principal Collections remaining after application
in accordance with clauses (i) and (ii) above shall be
treated as Shared Principal Collections and applied in accordance with Section 8.5
of the Indenture.  As of any Payment Date
during the Controlled Accumulation Period or Early Amortization Period on which
Available Principal Collections are treated as Shared Principal Collections,
the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the
amount of Available Principal Collections applied as Shared Principal
Collections and (y) the Surplus Collateral Amount.

 

(d)                                 On each Payment
Date, the Issuer shall pay in accordance with Section 4.5 to the Class A
Noteholders from the Distribution Account, the amount deposited into the Distribution
Account pursuant to Section 4.4(a)(iii) on such Payment Date
and to the Class B Noteholders from the Distribution Account, the amount
deposited into the Distribution Account pursuant to Section 4.4(a)(iv) on
such Payment Date.

 

(e)                                  On the earlier
to occur of (i) the first Payment Date with respect to the Early
Amortization Period and (ii) the Expected Principal Payment Date, the
Issuer shall withdraw from the Principal Accumulation Account and deposit into
the Distribution Account the amount deposited into the Principal Accumulation
Account pursuant to Section 4.4(c)(i) and on such Payment Date
shall pay such amount first to the Class A Noteholders, until the Class A
Note Principal Balance is paid in full; and second to the Class B
Noteholders until the Class B Principal Balance is paid in full.

 

SECTION 4.5. 
Distributions.

 

(a)                                  On each Payment
Date, the Issuer shall pay to each Class A Noteholder of record on the
related Record Date such Class A Noteholder’s pro  rata share
of the amounts on deposit in the Distribution Account that are allocated and
available on such Payment Date and as are payable to the Class A
Noteholders pursuant to this Indenture Supplement.

 

(b)                                 On each Payment
Date, the Issuer shall pay to each Class B Noteholder of record on the
related Record Date such Class B Noteholder’s pro  rata share
of the amounts on deposit in the Distribution Account that are allocated and
available on such Payment Date and as are payable to the Class B
Noteholders pursuant to this Indenture Supplement.

 

(c)                                  [Reserved].

 

22

 

(d)                                 The payments to
be made pursuant to this Section 4.5 are subject to the provisions
of Section 7.1 of this Indenture Supplement.

 

(e)                                  All payments to
Noteholders hereunder shall be made by (i) check mailed to each Series 2010-3
Noteholder (at such Noteholder’s address as it appears in the Note Register),
except that for any Series 2010-3 Notes registered in the name of the
nominee of a Clearing Agency, such payment shall be made by wire transfer of
immediately available funds and (ii) except as provided in Section 2.7(b) of
the Indenture, without presentation or surrender of any Series 2010-3 Note
or the making of any notation thereon.

 

SECTION 4.6. 
Investor Charge-Offs.  On
each Determination Date, the Issuer shall calculate the Investor Default Amount
and any Investor Uncovered Dilution Amount for the preceding Monthly
Period.  If, on any Transfer Date, the
sum of the Investor Default Amount and any Investor Uncovered Dilution Amount
for the preceding Monthly Period exceeds the amount of Available Finance Charge
Collections allocated with respect thereto pursuant to Section 4.4(a)(vi) with
respect to such Transfer Date, the Collateral Amount will be reduced (but not
below zero) by the amount of such excess (such reduction, an “Investor
Charge-Off”).

 

SECTION 4.7. 
Reallocated Principal Collections.  On each Transfer Date, the Issuer shall apply
Reallocated Principal Collections with respect to that Transfer Date, to fund
any deficiency pursuant to and in the priority set forth in Sections
4.4(a)(i), (ii), (iii) and (iv).  On each Transfer Date, the Collateral Amount
shall be reduced by the amount of Reallocated Principal Collections for such
Transfer Date.

 

SECTION 4.8. 
Excess Finance Charge Collections.  Series 2010-3 shall be an Excess
Allocation Series with respect to Group One only.  Subject to Section 8.6 of the
Indenture, Excess Finance Charge Collections with respect to the Excess
Allocation Series in Group One for any Transfer Date will be allocated to Series 2010-3
in an amount equal to the product of (x) the aggregate amount of Excess
Finance Charge Collections with respect to all the Excess Allocation Series in
Group One for such Payment Date and (y) a fraction, the numerator of which
is the Finance Charge Shortfall for Series 2010-3 for such Payment Date
and the denominator of which is the aggregate amount of Finance Charge
Shortfalls for all the Excess Allocation Series in Group One for such
Payment Date.  The “Finance Charge
Shortfall” for Series 2010-3 for any Payment Date will be equal to the
excess, if any, of (a) the full amount required to be paid, without
duplication, pursuant to Sections 4.4(a)(i) through (xii) on
such Payment Date over (b) the Available Finance Charge Collections
with respect to such Payment Date (excluding any portion thereof attributable
to Excess Finance Charge Collections).

 

SECTION 4.9. 
Shared Principal Collections. 
Subject to Section 8.5 of the Indenture, Shared Principal
Collections allocable to Series 2010-3 on any Transfer Date will be equal
to the product of (x) the aggregate amount of Shared Principal Collections
with respect to all Principal Sharing Series for such Transfer Date and (y) a
fraction, the numerator of which is the Principal Shortfall for Series 2010-3
for such Transfer Date and the denominator of which is the aggregate amount of
Principal Shortfalls for all the Series which are Principal Sharing Series for
such Transfer Date.  The “Principal
Shortfall” for Series 2010-3 will be equal to (a) for any
Transfer Date with respect to the Revolving Period or any Transfer Date during
the Early Amortization Period prior to the Transfer Date relating to the
earlier of (i) the Expected Principal Payment 

 

23

 

Date
and (ii) the date on which all outstanding Series are in early
amortization periods, zero, (b) for any Transfer Date with respect to the
Controlled Accumulation Period, the excess, if any, of the Controlled Deposit
Amount with respect to such Transfer Date over the amount of Available
Principal Collections for such Transfer Date (excluding any portion thereof
attributable to Shared Principal Collections or amounts available to be treated
as Available Principal Collections pursuant to clause (xiii) of Section 4.4(a))
and (c) for any Transfer Date relating to any Payment Date on or after the
earlier of (i) the Expected Principal Payment Date and (ii) the date
on which all outstanding Series are in early amortization periods, the
Note Principal Balance.

 

SECTION 4.10. 
Reserve Account.

 

(a)                                  On each
Transfer Date, all interest and earnings (net of losses and investment
expenses) accrued since the preceding Transfer Date on funds on deposit in the
Reserve Account shall be retained in the Reserve Account (to the extent that
the Available Reserve Account Amount is less than the Required Reserve Account
Amount) and any remaining interest and earnings (net of losses and investment
expenses) shall be deposited into the Finance Charge Account and included in
Available Finance Charge Collections for the related Monthly Period.  For purposes of determining the availability
of funds or the balance in the Reserve Account for any reason under this
Indenture Supplement, except as otherwise provided in the preceding sentence,
investment earnings on such funds shall be deemed not to be available or on
deposit.

 

(b)                                 On or before
each Transfer Date with respect to the Controlled Accumulation Period and on or
before the first Transfer Date with respect to the Early Amortization Period,
the Issuer shall calculate the Reserve Draw Amount; provided, however,
that such amount will be reduced to the extent that funds otherwise would be
available for deposit in the Reserve Account under Section 4.4(a)(viii) 
on the following Payment Date.

 

(c)                                  If for any
Transfer Date the Reserve Draw Amount is greater than zero, the Reserve Draw
Amount, up to the Available Reserve Account Amount, shall be withdrawn from the
Reserve Account on such Transfer Date by the Issuer and deposited into the
Finance Charge Account for application as Available Finance Charge Collections
on the following Payment Date.

 

(d)                                 If the Reserve
Account Surplus on any Transfer Date, after giving effect to all deposits to
and withdrawals from the Reserve Account with respect to such Transfer Date, is
greater than zero, the Indenture Trustee, acting in accordance with the written
instructions of the Issuer, shall withdraw from the Reserve Account an amount
equal to such Reserve Account Surplus and distribute any such amounts to the
holders of the Transferor Interest.

 

(e)                                  Upon the
earliest to occur of (i) the termination of the Trust pursuant to Article VIII
of the Trust Agreement, (ii) the first Transfer Date relating to the Early
Amortization Period and (iii) the Expected Principal Payment Date, the
Issuer, after the prior payment of all amounts owing to the Series 2010-3
Noteholders that are payable from the Reserve Account as provided herein, shall
withdraw from the Reserve Account all amounts, if any, on deposit in the
Reserve Account and distribute any such amounts to the holders of the
Transferor Interest.  The Reserve Account
shall thereafter be deemed to have terminated for purposes of this Indenture
Supplement.

 

24

 

SECTION 4.11. 
Investment of Accounts.  (a) 
To the extent there are uninvested amounts deposited in the Series Accounts,
the Issuer shall cause such amounts to be invested in Permitted Investments
selected by the Issuer that mature no later than the immediately preceding
Transfer Date.

 

(b)           On each Transfer Date with respect to the Controlled
Accumulation Period and on the first Transfer Date with respect to the Early
Amortization Period, the Issuer shall transfer from the Principal Accumulation
Account to the Finance Charge Account the Principal Accumulation Investment
Proceeds on deposit in the Principal Accumulation Account for application as
Available Finance Charge Collections in accordance with Section 4.4.

 

(c)           Principal Accumulation Investment Proceeds (including
reinvested interest) shall not be considered part of the amounts on deposit in
the Principal Accumulation Account for purposes of this Indenture Supplement.

 

SECTION 4.12. 
Controlled Accumulation Period. 
The Controlled Accumulation Period is scheduled to commence at the
beginning of business on February 22, 2013; provided that if the
Controlled Accumulation Period Length (determined as described below) on any
Determination Date is less than or more than the number of months in the
scheduled Controlled Accumulation Period, upon written notice to the Indenture
Trustee, with a copy to each Rating Agency, the Issuer shall either postpone or
accelerate, as applicable, the date on which the Controlled Accumulation Period
actually commences, so that, as a result, the number of Monthly Periods in the
Controlled Accumulation Period will equal the Controlled Accumulation Period
Length; provided that the length of the Controlled Accumulation Period
will not be less than one month.  The “Controlled
Accumulation Period Length” will mean a number of whole months such that
the amount available for payment of principal on the Notes on the Expected
Principal Payment Date is expected to equal or exceed the Note Principal
Balance, assuming for this purpose that (1) the payment rate with respect
to Principal Collections remains constant at the lowest level of such payment
rate during the twelve preceding Monthly Periods, (2) the total amount of
Principal Receivables in the Trust (and the principal amount on deposit in the
Excess Funding Account, if any) remains constant at the level on such date of
determination, (3) no Early Amortization Event with respect to any Series will
subsequently occur and (4) no additional Series (other than any Series being
issued on such date of determination) will be subsequently issued.  Any notice by Issuer modifying the
commencement of the Controlled Accumulation Period pursuant to this Section 4.12
shall specify (i) the Controlled Accumulation Period Length, (ii) the
commencement date of the Controlled Accumulation Period and (iii) the
Controlled Accumulation Amount with respect to each Monthly Period during the
Controlled Accumulation Period.

 

SECTION 4.13. 
[Reserved].

 

SECTION 4.14. 
Deposit of Collections. 
Notwithstanding anything to the contrary in the Indenture, for any
Monthly Period during which the Issuer is permitted to make a single monthly
deposit to the Collection Account pursuant to Section 8.4 of the
Indenture for such Monthly Period, the Issuer need not make the daily deposits
of Collections into the Collection Account as provided in Section 8.4
of the Indenture, but may make a single deposit in the Collection 

 

25

 

Account
in immediately available funds not later than 12:00 noon, New York City time,
on the related Payment Date.

 

ARTICLE V

DELIVERY OF SERIES 2010-3 NOTES;

REPORTS TO SERIES 2010-3 NOTEHOLDERS

 

SECTION 5.1. 
Delivery and Payment for the Series 2010-3 Notes.

 

The
Issuer shall execute and issue, and the Indenture Trustee shall authenticate,
the Series 2010-3 Notes in accordance with Section 2.2 of the
Indenture.  The Indenture Trustee shall
deliver the Series 2010-3 Notes to or upon the written order of the Issuer
when so authenticated.

 

SECTION 5.2. 
Reports and Statements to Series 2010-3 Noteholders.

 

(a)           Not later than the second Business Day preceding each
Payment Date, the Issuer shall deliver or cause the Servicer to deliver to the
Trustee, the Indenture Trustee and each Rating Agency a statement substantially
in the form of Exhibit B prepared by the Servicer; provided
that the Issuer may amend the form of Exhibit B from time to time,
with the prior written consent of the Indenture Trustee.  On each Payment Date, the Issuer shall
forward to each Series 2010-3 Noteholder a statement substantially in the
form of Exhibit B.

 

(b)           A copy of each statement or certificate provided pursuant
to Section 5.2(a) may be obtained by any Series 2010-3
Noteholder by a request in writing to the Issuer.

 

(c)           On or before January 31 of each calendar year,
beginning with January 31, 2011, the Issuer shall furnish or cause to be
furnished to each Person who at any time during the preceding calendar year was
a Series 2010-3 Noteholder the information for the preceding calendar
year, or the applicable portion thereof during which the Person was a
Noteholder, as is required to be provided by an issuer of indebtedness under
the Code to the holders of the Issuer’s indebtedness and such other customary
information as is necessary to enable such Noteholder to prepare its federal
income tax returns.  Notwithstanding
anything to the contrary contained in this Agreement, the Issuer shall, to the
extent required by applicable law, from time to time furnish to the appropriate
Persons, at least five Business Days prior to the end of the period required by
applicable law, the information required to complete a Form 1099-INT.

 

ARTICLE VI

SERIES 2010-3 EARLY AMORTIZATION EVENTS

 

SECTION 6.1. 
Series 2010-3 Early Amortization Events.  If any one of the following events shall
occur with respect to the Series 2010-3 Notes:

 

(a)           (i)  failure on the part of Transferor to make any
payment or deposit required to be made by it by the terms of the Trust
Receivables Purchase Agreement or the Transfer Agreement on or before the date
occurring five (5) Business Days after the date such payment or deposit is
required to be made therein or herein or (ii) failure of the Transferor
duly to observe or perform in any material respect any other of its covenants or
agreements set forth in the Trust Receivables Purchase Agreement or the
Transfer Agreement which failure has a material adverse effect on 

 

26

 

the Series 2010-3 Noteholders and which
continues unremedied for a period of sixty days after the date on which written
notice of such failure, requiring the same to be remedied, shall have been
given to the Transferor by the Indenture Trustee, or to the Transferor and the
Indenture Trustee by any Noteholder of the Series 2010-3 Notes;

 

(b)           any representation or warranty made by Transferor in the
Transfer Agreement or the Trust Receivables Purchase Agreement or any
information contained in an account schedule required to be delivered by it
pursuant to Section 2.1 or Section 2.6(c) of the
Transfer Agreement, Trust Agreement or the Bank Receivables Sale Agreement
shall prove to have been incorrect in any material respect when made or when
delivered, which continues to be incorrect in any material respect for a period
of sixty days after the date on which written notice of such failure, requiring
the same to be remedied, shall have been given to the Transferor by the
Indenture Trustee, or to the Transferor and the Indenture Trustee by any
Noteholder of the Series 2010-3 Notes and as a result of which the
interests of the Series 2010-3 Noteholders are materially and adversely
affected for such period; provided, however, that a Series 2010-3
Early Amortization Event pursuant to this Section 6.1(b) shall
not be deemed to have occurred hereunder if the Transferor has accepted
reassignment of the related Transferred Receivable, or all of such Transferred
Receivables, if applicable, during such period in accordance with the
provisions of the Transfer Agreement or the Trust Receivables Purchase
Agreement;

 

(c)           a failure by Transferor under the Transfer Agreement to
convey Transferred Receivables in Additional Accounts or Participations to the
Trust when it is required to convey such Transferred Receivables pursuant to Section 2.6(a) of
the Transfer Agreement;

 

(d)           any Servicer Default or any Indenture Servicer Default
shall occur;

 

(e)           (i) the average of the Portfolio Yields for the two
Monthly Periods immediately preceding the October 2010 Payment Date is
less than the average of the Base Rates for the same Monthly Periods, or (ii) beginning
with the three consecutive Monthly Periods immediately preceding the November 2010
Payment Date, the average of the Portfolio Yields for three consecutive Monthly
Periods is less than the average of the Base Rates for the same Monthly Periods
(for the avoidance of doubt, the Monthly Period preceding the August 2010
Payment Date shall be excluded for purposes of calculating the three-month
average Portfolio Yield and Base Rate under this clause (e)(ii));

 

(f)            the Note Principal Balance shall not be paid in full on
the Expected Principal Payment Date; or

 

(g)           without limiting the foregoing, the occurrence of an Event
of Default with respect to Series 2010-3 and acceleration of the maturity
of the Series 2010-3 Notes pursuant to Section 5.3 of the
Indenture;

 

then,
in the case of any event described in subsection (a), (b) or
(d), after the applicable grace period, if any, set forth in such
subparagraphs, either the Indenture Trustee or the holders of Series 2010-3
Notes evidencing more than 50% of the aggregate unpaid principal amount of Series 2010-3
Notes by notice then given in writing to the Issuer (and to the Indenture
Trustee if given by the Series 2010-3 Noteholders) may declare that a “Series Early
Amortization Event” 

 

27

 

with
respect to Series 2010-3 (a “Series 2010-3 Early Amortization
Event”) has occurred as of the date of such notice, and, in the case of any
event described in subsection (c), (e), (f) or (g) a
Series 2010-3 Early Amortization Event shall occur without any notice or
other action on the part of the Indenture Trustee or the Series 2010-3
Noteholders immediately upon the occurrence of such event.

 

ARTICLE VII

REDEMPTION OF SERIES 2010-3 NOTES; FINAL
DISTRIBUTIONS; SERIES TERMINATION

 

SECTION 7.1. 
Optional Redemption of Series 2010-3 Notes; Final Distributions.

 

(a)           On any day occurring on or after the date on which the
outstanding principal balance of the Series 2010-3 Notes is reduced to 10%
or less of the initial outstanding principal balance of Series 2010-3
Notes, Transferor has the option pursuant to the Trust Agreement to reduce the
Collateral Amount to zero by paying a purchase price equal to the greater of (x) the
Collateral Amount, plus the applicable Allocation Percentage of outstanding
Finance Charge Receivables and (y) a minimum amount equal to (i) if
such day is a Payment Date, the Redemption Amount for such Payment Date or (ii) if
such day is not a Payment Date, the Redemption Amount for the Payment Date
following such day.  If Transferor
exercises such option, Issuer will apply such purchase price to repay the
Notes in full as specified below.

 

(b)           Issuer shall give the Indenture Trustee at least thirty
(30) days, prior written notice of the date on which Transferor intends to
exercise such optional redemption.  Not
later than 12:00 noon, New York City time, on such day Transferor shall deposit
into the Distribution Account in immediately available funds the excess of the
Redemption Amount over the amount, if any, on deposit in the Principal
Accumulation Account.  Such redemption
option is subject to payment in full of the Redemption Amount.  Following such deposit into the Distribution
Account in accordance with the foregoing, the Collateral Amount for Series 2010-3
shall be reduced to zero and the Series 2010-3 Noteholders shall have no
further security interest in the Transferred Receivables.  The Redemption Amount shall be paid as set
forth in Section 7.1(d).

 

(c)           (i)  The amount to be paid by the Transferor with
respect to Series 2010-3 in connection with a reassignment of Transferred
Receivables to the Transferor pursuant to Section 6.1(e) of
the Transfer Agreement shall not be less than the Redemption Amount for the first
Payment Date following the Monthly Period in which the reassignment obligation
arises under the Transfer Agreement.

 

(ii)           The amount to be paid by the Issuer with respect to Series 2010-3
in connection with a repurchase of the Notes pursuant to Section 10.1
of the Trust Agreement shall not be less than the Redemption Amount for the
Payment Date of such repurchase.

 

(d)           With respect to (i) the Redemption Amount deposited
into the Distribution Account pursuant to Section 7.1 or (ii) the
proceeds of any sale of Transferred Receivables pursuant to Section 5.3
of the Indenture with respect to Series 2010-3, the Indenture Trustee
shall, in accordance with the written direction of the Issuer, not later than
12:00 noon, New York 

 

28

 

City time, on the related Payment Date, make
payments of the following amounts (in the priority set forth below and, in each
case, after giving effect to any deposits and payments otherwise to be made on
such date) in immediately available funds: 
(i) (x) the Class A Note Principal Balance on such
Payment Date will be paid to the Class A Noteholders and (y) an
amount equal to the sum of (A) Class A Monthly Interest due and
payable on such Payment Date or any prior Payment Date, (B) any Class A
Deficiency Amount for such Payment Date and (C) the amount of Class A
Additional Interest, if any, for such Payment Date and any Class A
Additional Interest previously due but not paid to the Class A Noteholders
on any prior Payment Date, will be paid to the Class A Noteholders,
(ii) (x) the Class B Note Principal Balance on such Payment Date
will be paid to the Class B Noteholders and (y) an amount equal to
the sum of (A) Class B Monthly Interest due and payable on such
Payment Date or any prior Payment Date, (B) any Class B Deficiency
Amount for  such Payment Date and (C) the
amount of Class B Additional Interest, if any, for such Payment Date and
any Class B Additional Interest previously due but not paid to the Class B
Noteholders on any prior Payment Date, will be paid to the Class B
Noteholders and (iii) any excess shall be released to the Issuer.

 

SECTION 7.2. 
Series Termination.

 

On
the Series Maturity Date, the unpaid principal amount of the Series 2010-3
Notes shall be due and payable.

 

ARTICLE VIII

MISCELLANEOUS PROVISIONS

 

SECTION 8.1. 
Ratification of Indenture; Amendments.  As supplemented by this Indenture Supplement,
the Indenture is in all respects ratified and confirmed and the Indenture as so
supplemented by this Indenture Supplement shall be read, taken and construed as
one and the same instrument.  This
Indenture Supplement may be amended only by a Supplemental Indenture entered in
accordance with the terms of Section 9.1 or 9.2 of the
Indenture.  For purposes of the
application of Section 9.2 to any amendment of this Indenture
Supplement, the Series 2010-3 Noteholders shall be the only Noteholders
whose vote shall be required.

 

SECTION 8.2. 
Form of Delivery of the Series 2010-3 Notes.  The Class A Notes, shall be Book-Entry
Notes and shall be delivered as provided in Sections 2.1 and 2.2
of the Indenture.  The Class B Notes
shall be Definitive Notes and shall be registered in the Note Register in the
name of the initial purchasers of such Notes identified in the Note Purchase
Agreement.

 

SECTION 8.3. 
Counterparts.  This
Indenture Supplement 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.

 

SECTION 8.4. 
GOVERNING LAW.  (a) 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 (INCLUDING SECTION 5-1401(1) OF THE GENERAL OBLIGATIONS LAW,
BUT WITHOUT REGARD TO ANY OTHER CONFLICT OF LAW 

 

29

 

PROVISIONS
THEREOF) AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.  THIS INDENTURE SUPPLEMENT IS SUBJECT TO THE
TRUST INDENTURE ACT OF 1939, AS AMENDED, AND SHALL BE GOVERNED THEREBY AND
CONSTRUED IN ACCORDANCE THEREWITH.

 

(b)           EACH PARTY HERETO HEREBY CONSENTS AND AGREES THAT THE
STATE OR FEDERAL COURTS LOCATED IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY
SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES
BETWEEN THEM PERTAINING TO THIS AGREEMENT OR TO ANY MATTER ARISING OUT OF OR
RELATING TO THIS AGREEMENT;  PROVIDED, THAT EACH PARTY HERETO ACKNOWLEDGES THAT ANY APPEALS FROM
THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF THE
BOROUGH OF MANHATTAN IN NEW YORK CITY; PROVIDED, FURTHER, THAT
NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE THE INDENTURE
TRUSTEE FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER
JURISDICTION TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE NOTES,
OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE INDENTURE
TRUSTEE.  EACH PARTY HERETO SUBMITS AND
CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY
SUCH COURT, AND EACH PARTY HERETO HEREBY WAIVES ANY OBJECTION THAT SUCH PARTY MAY HAVE
BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON
CONVENIENS AND HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE
RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. 
EACH PARTY HERETO HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS,
COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT
SERVICE OF SUCH SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY
REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH PARTY AT ITS ADDRESS DETERMINED
IN ACCORDANCE WITH SECTION 10.4 OF THE INDENTURE AND THAT SERVICE
SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF SUCH PARTY’S ACTUAL
RECEIPT THEREOF OR THREE DAYS AFTER DEPOSIT IN THE UNITED STATES MAIL, PROPER
POSTAGE PREPAID.  NOTHING IN THIS SECTION SHALL
AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE LEGAL PROCESS IN ANY OTHER MANNER
PERMITTED BY LAW.

 

BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL
TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND
EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY
(RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR DISPUTES BE
RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS.  THEREFORE, TO ACHIEVE THE BEST COMBINATION OF
THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, THE PARTIES HERETO
WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO
RESOLVE ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, ARISING
OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP
ESTABLISHED AMONG THEM IN 

 

30

 

CONNECTION
WITH THIS INDENTURE SUPPLEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

SECTION 8.5. 
Limitation of Liability. 
Notwithstanding any other provision herein or elsewhere, this Agreement
has been executed and delivered by BNY Mellon Trust of Delaware, not in its
individual capacity, but solely in its capacity as Trustee of the Trust, in no
event shall BNY Mellon Trust of Delaware in its individual capacity have any
liability in respect of the representations, warranties, or obligations of the
Issuer hereunder or under any other document, as to all of which recourse shall
be had solely to the assets of the Trust, and for all purposes of this
Agreement and each other document, the Trustee (as such or in its individual
capacity) shall be subject to, and entitled to the benefits of, the terms and
provisions of the Trust Agreement.

 

SECTION 8.6. 
Rights of the Indenture Trustee. 
The Indenture Trustee shall have herein the same rights, protections,
indemnities and immunities as specified in the Master Indenture.

 

SECTION 8.7. 
Notice Address for Rating Agencies.  Notices, if any, required to be delivered to
the Rating Agencies by the Issuer, the Indenture Trustee or the Trustee shall
be sent to the following addresses, it being understood that delivery of
any such notices via email to the below email addresses or such other email
addresses as may be provided by the Rating Agencies shall be sufficient for
purposes of this Indenture Supplement and the other Related Documents:

 

Fitch
Ratings

ABS

One State Street Plaza

New York, NY 10004 

Facsimile: (212) 514-9879

Email: 
notifications.abs@fitchratings.com

 

Moody’s Rating Service

7 World Trade Center at
250 Greenwich Street

24th Floor

New York, New York 10007

Facsimile:  (212) 298-6742

Email:  Matias.Langer@moodys.com

 

SECTION 8.8. 
Compliance with Applicable Anti-Terrorism and Anti-Money Laundering
Regulations.  In order to comply with
laws, rules and regulations applicable to banking institutions, including
those relating to the funding of terrorist activities and money laundering, the
Indenture Trustee is required to obtain, verify and record certain information
relating to individuals and entities which maintain a business relationship
with the Indenture Trustee.  Accordingly,
each of the parties hereto agrees to provide to the Indenture Trustee upon its
request from time to time such 
identifying information  and
documentation as may be available for such party in order to enable the Indenture
Trustee to comply with applicable law.

 

SECTION 8.9. 
Notes to be Treated as Debt for Tax.  It is the intent of the parties hereto that,
for purposes of federal, state and local income and franchise tax and any other
tax measured 

 

31

 

in
whole or in part by income, the Class A Notes and the Class B Notes
shall be treated as debt and a person purchasing such Notes agrees to treat
such Notes as debt for such purposes.

 

SECTION 8.10. 
Deemed Consent.  The Series 2010-3
Noteholders will be deemed to have consented to any amendment to any Related
Document that changes the definition of “Rating Agency Condition” in such
Related Document to match the definition of “Rating Agency Condition” in this
Indenture Supplement.

 

[SIGNATURE PAGE FOLLOWS]

 

32

 

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

 

	
   

  	
  GE
  CAPITAL 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 Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DEUTSCHE
  BANK TRUST COMPANY AMERICAS, as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
  By: DEUTSCHE BANK NATIONAL
  TRUST COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

Indenture Supplement

Series 2010-3

 

S-1

 

EXHIBIT A-1

FORM OF CLASS A SERIES 2010-3 2.21% ASSET BACKED NOTE

 

UNLESS
THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

THE
HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL
NOT AT ANY TIME 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 AMOUNT 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 NOTEHOLDER’S RIGHTS TO PURSUE ANY OTHER CREDITOR RIGHTS OR
REMEDIES THAT THE NOTEHOLDERS MAY HAVE FOR CLAIMS AGAINST THE ISSUER.

 

THE
HOLDER OF THIS CLASS A NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER
OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS A NOTES AS
INDEBTEDNESS OF THE ISSUER FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND
FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

 

THE
HOLDER OF THIS NOTE BY ITS ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A
BENEFICIAL INTEREST THEREIN, SHALL BE DEEMED TO REPRESENT AND WARRANT THAT
EITHER (I) SUCH HOLDER IS NOT (AND FOR SO LONG AS IT HOLDS SUCH NOTE WILL
NOT BE), IS NOT ACTING ON BEHALF OF (AND FOR SO LONG AS IT HOLDS SUCH NOTE
WILL NOT BE ACTING ON BEHALF OF), AND IS NOT INVESTING THE ASSETS OF (A) AN
“EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) THAT IS SUBJECT
TO TITLE I OF ERISA, (B) A “PLAN” (AS DEFINED IN SECTION 4975 OF THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)) THAT IS SUBJECT TO SECTION 4975
OF THE CODE, (C) AN ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED TO BE

 

1

 

PLAN
ASSETS OF A PLAN DESCRIBED IN (A) OR (B) ABOVE OR (D) A
GOVERNMENTAL PLAN, CHURCH PLAN OR NON-U.S. PLAN THAT IS SUBJECT TO ANY
APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY
PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (II) ITS
ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF THIS NOTE WILL NOT RESULT IN
A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE
CODE OR A VIOLATION OF ANY SIMILAR LAW.

 

2

 

	
  REGISTERED

  	
  $

  	
   

  
	
  No. R-

  	
   

  	
  CUSIP NO.

  	
   

  
					

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2010-3

 

CLASS A SERIES 2010-3 2.21%
ASSET BACKED NOTE

 

GE
Capital Credit Card Master Note Trust (herein referred to as the “Issuer” or
the “Trust”), a Delaware statutory trust governed by a Trust Agreement dated as
of September 25, 2003, for value received, hereby promises to pay to Cede &
Co., or registered assigns, subject to the following provisions, the principal
sum of
                                  
DOLLARS, or such greater or lesser amount as determined in accordance with the
Indenture, on the June 2016 Payment Date, except as otherwise provided
below or in the Indenture.  The Issuer
will pay interest on the unpaid principal amount of this Note at the Class A
Note Interest Rate on each Payment Date until the Final Payment Date (which is
the earlier to occur of (a) the Payment Date on which the Note Principal
Balance is paid in full, (b) the date on which the Collateral Amount is
reduced to zero and (c) the June 2016 Payment Date). Interest on this
Note will accrue for each Payment Date from and including the most recent
Payment Date on which interest has been paid to but excluding such Payment Date
or, for the initial Payment Date, from and including the Closing Date to but
excluding such Payment Date.  Interest
will be computed on the basis of a 360-day year of twelve 30-day months.  Principal of this Note shall be paid in the
manner specified in the Indenture Supplement referred to on the reverse hereof.

 

The
principal of and interest on this Note are payable in such coin or currency of
the United States of America as at the time of payment is legal tender for
payment of public and private debts.

 

Reference
is made to the further provisions of this Note set forth on the reverse hereof,
which shall have the same effect as though fully set forth on the face of this
Note.

 

Unless
the certificate of authentication hereon has been executed by or on behalf of
the Indenture Trustee, by manual signature, this Note shall not be entitled to
any benefit under the Indenture or the Indenture Supplement referred to on the
reverse hereof, or be valid for any purpose.

 

3

 

IN
WITNESS WHEREOF, the Issuer has caused this Class A Note to be duly
executed.

 

	
   

  	
  GE
  CAPITAL 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 Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
  ,

  	
   

  
						

 

4

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This
is one of the Class A Notes described in the within-mentioned Indenture.

 

	
   

  	
  DEUTSCHE
  BANK TRUST COMPANY AMERICAS, as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Authorized Signatory

  

 

5

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2010-3

 

CLASS A SERIES 2010-3 2.21% ASSET BACKED NOTE

 

Summary of Terms and Conditions

 

This
Class A Note is one of a duly authorized issue of Notes of the Issuer,
designated as GE Capital Credit Card Master Note Trust, Series 2010-3 (the
“Series 2010-3 Notes”), issued under a Master Indenture dated as of
September 25, 2003 (as amended, the “Master Indenture”), between
the Issuer and Deutsche Bank Trust Company Americas, as indenture trustee (the “Indenture
Trustee”), as supplemented by the Indenture Supplement dated as of June 24,
2010 (the “Indenture Supplement”), and representing the right to receive
certain payments from the Issuer.  The
term “Indenture,” unless the context otherwise requires, refers to the Master
Indenture as supplemented by the Indenture Supplement.  The Notes are subject to all of the terms of
the Indenture.  All terms used in this
Note that are defined in the Indenture shall have the meanings assigned to them
in or pursuant to the Indenture.  In the
event of any conflict or inconsistency between the Indenture and this Note, the
Indenture shall control.

 

The
Class B Notes will also be issued under the Indenture.

 

The
Noteholder, by its acceptance of this Note, agrees that it will look solely to
the property of the Issuer allocated to the payment of this Note for payment
hereunder and that neither the Owner Trustee nor the Indenture Trustee is
liable to the Noteholders for any amount payable under the Notes or the
Indenture or, except in the case of the Indenture Trustee as expressly provided
in the Indenture, subject to any liability under the Indenture.

 

This
Note does not purport to summarize the Indenture and reference is made to the
Indenture for the interests, rights and limitations of rights, benefits,
obligations and duties evidenced thereby, and the rights, duties and immunities
of the Indenture Trustee.

 

THIS
CLASS A NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST IN, THE
ISSUER, GE MONEY BANK, RFS HOLDING, L.L.C., OR ANY OF THEIR AFFILIATES, AND IS
NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY
OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

The
Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee shall treat the person in whose name this Class A Note is
registered as the owner hereof for all purposes, and neither the Issuer, the
Indenture Trustee nor any agent of the Issuer or the Indenture Trustee shall be
affected by notice to the contrary.

 

THIS
CLASS A NOTE 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.

 

6

 

ASSIGNMENT

 

Social
Security or other identifying number of assignee                                               

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
                                 
(name and address of assignee) the within certificate and all rights
thereunder, and hereby irrevocably constitutes and appoints
                            
attorney, to transfer said certificate on the books kept for registration
thereof, with full power of substitution in the premises.

 

	
  Dated:

  	
   

  	
   

  	
   

  	
  **

  
	
   

  	
   

  	
  Signature
  Guaranteed:

  	
   

  

 

**          The signature
to this assignment must correspond with the name of the registered owner as it
appears on the face of the within Note in every particular, without alteration,
enlargement or any change whatsoever.

 

7

 

EXHIBIT A-2

FORM OF CLASS B SERIES 2010-3 3.64% ASSET BACKED NOTE

 

THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT AS SET FORTH IN THE NEXT
SENTENCE.  BY ITS ACQUISITION HEREOF OR
OF A BENEFICIAL INTEREST HEREIN, THE HOLDER OF THIS NOTE:

 

(1)          AGREES FOR THE BENEFIT OF
THE ISSUER AND THE TRANSFEROR THAT THIS NOTE MAY BE SOLD, TRANSFERRED,
ASSIGNED, PARTICIPATED, PLEDGED OR OTHERWISE DISPOSED OF ONLY IN COMPLIANCE
WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (I) PURSUANT
TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE
HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN THE
MEANING OF RULE l44A (A “QIB”), PURCHASING FOR ITS OWN ACCOUNT OR FOR
THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE
REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE
144A, OR (II) TO THE DEPOSITOR OR ITS AFFILIATES, IN EACH CASE IN
ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES; AND

 

(2)          AGREES THAT IT WILL DELIVER
TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS TRANSFERRED A NOTICE
SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.

 

THE
HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL
NOT AT ANY TIME 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 AMOUNT 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 NOTEHOLDER’S RIGHTS TO PURSUE ANY OTHER CREDITOR RIGHTS OR
REMEDIES THAT THE NOTEHOLDERS MAY HAVE FOR CLAIMS AGAINST THE ISSUER.

 

THE HOLDER OF THIS CLASS B
NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST
THEREIN, AGREE TO TREAT THE CLASS B NOTES AS INDEBTEDNESS OF THE ISSUER
FOR APPLICABLE FEDERAL,

 

1

 

STATE, AND LOCAL INCOME AND
FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

 

THE HOLDER OF THIS NOTE BY
ITS ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN,
SHALL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) SUCH HOLDER IS
NOT (AND FOR SO LONG AS IT HOLDS SUCH NOTE WILL NOT BE), IS NOT ACTING ON
BEHALF OF (AND FOR SO LONG AS IT HOLDS SUCH NOTE WILL NOT BE ACTING ON BEHALF
OF), AND IS NOT INVESTING THE ASSETS OF (A) AN “EMPLOYEE BENEFIT PLAN” (AS
DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974, AS AMENDED (“ERISA”)) THAT IS SUBJECT TO TITLE I OF ERISA, (B) A
“PLAN” (AS DEFINED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE “CODE”)) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (C) AN
ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED TO BE PLAN ASSETS OF A PLAN DESCRIBED
IN (A) OR (B) ABOVE OR (D) A GOVERNMENTAL PLAN, CHURCH PLAN OR
NON-U.S. PLAN THAT IS SUBJECT TO ANY APPLICABLE LAW THAT IS SUBSTANTIALLY
SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR SECTION 4975
OF THE CODE (“SIMILAR LAW”) OR (II) ITS ACQUISITION, CONTINUED HOLDING AND
DISPOSITION OF THIS NOTE WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION
UNDER ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SIMILAR LAW.

 

2

 

	
  REGISTERED

  	
   

  	
  $

  	
   

  
	
  No. R-

  	
   

  	
   

  	
  CUSIP NO.

  	
   

  
						

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2010-3

 

CLASS B SERIES 2010-3 3.64% ASSET BACKED NOTE

 

GE
Capital Credit Card Master Note Trust (herein referred to as the “Issuer” or
the “Trust”), a Delaware statutory trust governed by a Trust Agreement dated as
of September 25, 2003, for value received, hereby promises to pay to
                        ,
or registered assigns, subject to the following provisions, the principal sum
of
               
DOLLARS, or such greater or lesser amount as determined in accordance with the
Indenture, on the June 2016 Payment Date, except as otherwise provided
below or in the Indenture.  The Issuer
will pay interest on the unpaid principal amount of this Note at the Class B
Note Interest Rate on each Payment Date until the Final Payment Date (which is
the earlier to occur of (a) the Payment Date on which the Note Principal
Balance is paid in full, (b) the date on which the Collateral Amount is
reduced to zero and (c) the June 2016 Payment Date).  Interest on this Note will accrue for each
Payment Date from and including the most recent Payment Date on which interest
has been paid to but excluding such Payment Date or, for the initial Payment
Date, from and including the Closing Date to but excluding such Payment
Date.  Interest will be computed on the
basis of a 360-day year of twelve 30-day months.  Principal of this Note shall be paid in the
manner specified in the Indenture Supplement referred to on the reverse hereof.

 

The
principal of and interest on this Note are payable in such coin or currency of
the United States of America as at the time of payment is legal tender for
payment of public and private debts.

 

Reference
is made to the further provisions of this Note set forth on the reverse hereof,
which shall have the same effect as though fully set forth on the face of this
Note.

 

Unless
the certificate of authentication hereon has been executed by or on behalf of
the Indenture Trustee, by manual signature, this Note shall not be entitled to
any benefit under the Indenture or the Indenture Supplement referred to on the
reverse hereof, or be valid for any purpose.

 

THIS
CLASS B NOTE IS SUBORDINATED TO THE EXTENT NECESSARY TO FUND PAYMENTS ON
THE CLASS A NOTES TO THE EXTENT SPECIFIED IN THE INDENTURE SUPPLEMENT.

 

3

 

IN
WITNESS WHEREOF, the Issuer has caused this Class B Note to be duly
executed.

 

	
   

  	
  GE
  CAPITAL 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 Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
  Dated:

  	
  ,

  	
   

  
				

 

4

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This
is one of the Class B Notes described in the within-mentioned Indenture.

 

	
   

  	
  DEUTSCHE
  BANK TRUST COMPANY AMERICAS, as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

5

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2010-3

 

CLASS B SERIES 2010-3 3.64% ASSET BACKED NOTE

 

Summary of Terms and Conditions

 

This
Class B Note is one of a duly authorized issue of Notes of the Issuer,
designated as GE Capital Credit Card Master Note Trust, Series 2010-3 (the
“Series 2010-3 Notes”), issued under a Master Indenture dated as of
September 25, 2003 (as amended, the “Master Indenture”), between
the Issuer and Deutsche Bank Trust Company Americas, as indenture trustee (the “Indenture
Trustee”), as supplemented by the Indenture Supplement dated as of June 24,
2010 (the “Indenture Supplement”), and representing the right to receive
certain payments from the Issuer.  The
term “Indenture,” unless the context otherwise requires, refers to the Master
Indenture as supplemented by the Indenture Supplement.  The Notes are subject to all of the terms of
the Indenture.  All terms used in this
Note that are defined in the Indenture shall have the meanings assigned to them
in or pursuant to the Indenture.  In the
event of any conflict or inconsistency between the Indenture and this Note, the
Indenture shall control.

 

The
Class A Notes will also be issued under the Indenture.

 

The
Noteholder, by its acceptance of this Note, agrees that it will look solely to
the property of the Issuer allocated to the payment of this Note for payment
hereunder and that neither the Owner Trustee nor the Indenture Trustee is
liable to the Noteholders for any amount payable under the Notes or the
Indenture or, except in the case of the Indenture Trustee as expressly provided
in the Indenture, subject to any liability under the Indenture.

 

This
Note does not purport to summarize the Indenture and reference is made to the
Indenture for the interests, rights and limitations of rights, benefits,
obligations and duties evidenced thereby, and the rights, duties and immunities
of the Indenture Trustee.

 

THIS
CLASS B NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST IN, THE
ISSUER, GE MONEY BANK, RFS HOLDING, L.L.C., OR ANY OF THEIR AFFILIATES, AND IS
NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY
OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

The
Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee shall treat the person in whose name this Class B Note is
registered as the owner hereof for all purposes, and neither the Issuer, the
Indenture Trustee nor any agent of the Issuer or the Indenture Trustee shall be
affected by notice to the contrary.

 

THIS
CLASS B NOTE 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.

 

6

 

ASSIGNMENT

 

Social
Security or other identifying number of assignee                  

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto                                  
(name and address of assignee) the within certificate and all rights
thereunder, and hereby irrevocably constitutes and appoints                             
attorney, to transfer said certificate on the books kept for registration
thereof, with full power of substitution in the premises.

 

	
  Dated:

  	
   

  	
   

  	
   

  	
  **

  
	
   

  	
   

  	
  Signature Guaranteed:

  	
   

  

 

**          The signature to this
assignment must correspond with the name of the registered owner as it appears
on the face of the within Note in every particular, without alteration,
enlargement or any change whatsoever.

 

7

 

EXHIBIT B

 

FORM OF MONTHLY NOTEHOLDER’S STATEMENT

 

Monthly Noteholder’s Statement

GE Capital Credit Card Master
Note Trust

 

Series 2010-3

Class A 2.21% Notes

Class B 3.64% Notes

 

Pursuant
to the Master Indenture, dated as of September 25, 2003 (as amended and
supplemented, the “Indenture”) between GE Capital Credit Card Master
Note Trust (the “Issuer”) and Deutsche Bank Trust Company Americas, as
indenture trustee (the “Indenture Trustee”), as supplemented by the Series 2010-3
Indenture Supplement (the “Indenture Supplement”), dated as of June 24,
2010, between the Issuer and the Indenture Trustee, the Issuer is required to
prepare, or cause the Servicer to prepare, certain information each month
regarding current distributions to the Series 2010-3 Noteholders and the
performance of the Trust during the previous month.  The information required to be prepared with
respect to the Payment Date of [  ·   ], 20[  ·   ], and with respect to the performance of the
Trust during the Monthly Period ended [  ·   ], 20[  ·   ] is set forth below.  Capitalized terms used herein are defined in
the Indenture and the Indenture Supplement. The Discount Percentage (as defined
in the Transfer Agreement) remains at 0% for all the Receivables in the Trust
until otherwise indicated.  The
undersigned, an Authorized Officer of the Servicer, does hereby certify as
follows:

 

	
  Record
  Date:

  	
   

  	
  [
   ·   ], 20[  ·   ]

  
	
  Monthly
  Period Beginning:

  	
   

  	
  [
   ·   ], 20[  ·   ]

  
	
  Monthly
  Period Ending:

  	
   

  	
  [
   ·   ], 20[  ·   ]

  
	
  Previous
  Payment Date:

  	
   

  	
  [
   ·   ], 20[  ·   ]

  
	
  Payment
  Date:

  	
   

  	
  [
   ·   ], 20[  ·   ]

  
	
  Interest
  Period Beginning:

  	
   

  	
  [
   ·   ], 20[  ·   ]

  
	
  Interest
  Period Ending:

  	
   

  	
  [
   ·   ], 20[  ·   ]

  
	
  Days
  in Monthly Period:

  	
   

  	
  [
   ·   ]

  
	
  Days
  in Interest Period:

  	
   

  	
  [
   ·   ]

  
	
  Is
  there a Reset Date?

  	
   

  	
  [No][Yes]

  

 

I.              Trust
Receivables Information

 

a.               Number of Accounts Beginning

b.              Number of Accounts Ending

c.               Average Account Balance (q /
b)

d.              BOP Principal Receivables

e.               BOP Finance Charge
Receivables

f.                 BOP Total Receivables

 

1

 

g.              Increase in Principal
Receivables from Additional Accounts

h.              Increase in Principal
Activity on Existing Securitized Accounts

i.                  Increase in Finance Charge
Receivables from Additional Accounts

j.                  Increase in Finance Charge
Activity on Existing Securitized Accounts

k.               Increase in Total
Receivables

l.                  Decrease in Principal
Receivables due to Account Removal

m.            Decrease in Principal
Activity on Existing Securitized Accounts

n.              Decrease in Finance Charge
Receivables due to Account Removal

o.              Decrease in Finance Charge
Activity on Existing Securitized Accounts

p.              Decrease in Total
Receivables

q.              EOP Aggregate Principal
Receivables

r.                 EOP Finance Charge
Receivables

s.               EOP Total Receivables

t.                 Excess Funding Account
Balance

u.              Required Principal Balance

v.              Minimum Free Equity Amount
(EOP Aggregate Principal Receivables * 7.0%)

w.            Free Equity Amount (EOP
Principal Receivables - EOP Collateral Amount (II.c.ii+II.a.ii+II.b.iii))

 

II.            Investor
Information (Trust Level)

 

a.               Note Principal Balance (Sum
of all Series)

i.                  Beginning of Interest Period

ii.               Increase in Note Principal
Balance due to New Issuance

iii.            Decrease in Note Principal
Balance due to Principal Paid

iv.           As of Payment Date

 

b.              Excess Collateral Amount
(Sum of all Series)

i.                  Beginning of Interest Period

ii.               Additional Enhancement
Amount

iii.            Increase in Excess
Collateral Amount due to New Issuance

iv.           Reductions in Required
Excess Collateral Amount

v.              Increase in Unreimbursed
Investor Charge-Off

vi.           Decrease in Unreimbursed
Investor Charge-Off

vii.        Increase in Unreimbursed
Reallocated Principal Collections

viii.     Decrease in Unreimbursed
Reallocated Principal Collections

ix.             As of Payment Date

 

c.               Collateral Amount (Sum of
all Series)

 

2

 

i.                  End of Prior Monthly Period

ii.               Beginning of Interest Period
(a.i + b.i)

 

III.           Trust
Performance Data (Monthly Period)

 

a.               Gross Trust Yield (Finance
Charge Collections + Recoveries / BOP Principal Receivables)

i.                  Current

ii.               Prior Monthly Period

iii.            Two Months Prior Monthly Period

iv.           Three-Month Average

 

b.              Payment Rate (Principal
Collections / BOP Principal Receivables)

i.                  Current

ii.               Prior Monthly Period

iii.            Two Months Prior Monthly
Period

iv.           Three-Month Average

 

c.               Gross Charge-Off Rate
excluding Fraud (Default Amount for Defaulted Accounts – Fraud Amount / BOP
Principal Receivables)

i.                  Current

ii.               Prior Monthly Period

iii.            Two Months Prior Monthly
Period

iv.           Three-Month Average

 

d.              Charge-Off Rate (Default
Amount for Defaulted Accounts / BOP Principal Receivables)

 

e.               Net Charge-Off Rate
excluding Fraud (Default Amount for Defaulted Accounts – Recoveries – Fraud
Amount / BOP Principal Receivables

i.                  Current

ii.               Prior Monthly Period

iii.            Two Months Prior Monthly
Period

iv.           Three-Month Average

 

f.                 Net Charge-Off Rate (Default
Amount for Defaulted Accounts – Recoveries / BOP Principal Receivables)

 

g.              Default Amount for Defaulted
Accounts

 

h.              Recoveries

 

i.                  Collections

i.                  Total Trust Finance Charge
Collections

ii.               Total Trust Principal
Collections

iii.            Total Trust Collections

 

3

 

	
  j.                  Delinquency Data

  	
   

  	
  Percentage

  	
   

  	
  Amount

  	
   

  

i.                  1-29 Days
Delinquent

ii.               30-59 Days Delinquent

iii.            60-89 Days Delinquent

iv.           90-119 Days Delinquent

v.              120-149 Days
Delinquent

vi.           150 or Greater Days Delinquent

 

IV.           Series Performance
Data

 

a.               Portfolio Yield
(Finance Charge Collections + Recoveries – Aggregate Investor Default Amount +
PAA Inv Proceeds / BOP Collateral)

i.                  Current

ii.               Prior Monthly Period

iii.            Two Months Prior Monthly Period

iv.           Three-Month Average

 

b.              Base Rate
(Noteholder Servicing Fee + Admin Fee + Monthly Interest / BOP Collateral)

i.                  Current

ii.               Prior Monthly Period

iii.            Two Months Prior Monthly Period

iv.           Three-Month Average

 

c.               Excess Spread
Percentage (Portfolio Yield – Base Rate)

i.                  Current

ii.               Prior Monthly Period

iii.            Two Months Prior Monthly Period

iv.           Quarterly Excess Spread Percentage

 

V.            Investor
Information Regarding Distributions to Noteholders

 

a.               The total
amount of the distribution to Class A Noteholders per $1000 Note Initial
Principal Balance.

 

b.              The amount of
the distribution set forth in paragraph a. above in respect of interest on the
Class A Notes, per $1000 Note Initial Principal Balance.

 

c.               The amount of
the distribution set forth in paragraph a. above in respect of principal on the
Class A Notes, per $1000 Note Initial Principal Balance.

 

d.              The total
amount of the distribution to Class B Noteholders per $1000 Note Initial
Principal Balance.

 

e.               The amount of
the distribution set forth in paragraph d. above in respect of interest on the
Class B Notes, per $1000 Note Initial Principal Balance.

 

4

 

f.                 The amount of
the distribution set forth in paragraph d. above in respect of principal on the
Class B Notes, per $1000 Note Initial Principal Balance.

 

VI.           Investor
Information

 

a.               Class A
Note Initial Principal Balance

b.              Class B
Note Initial Principal Balance

c.               Initial Excess
Collateral Amount

d.              Initial
Collateral Amount

 

e.               Class A
Note Principal Balance

i.                  Beginning of Interest
Period

ii.               Principal Payment

iii.            As of Payment Date

 

f.                 Class B
Note Principal Balance

i.                  Beginning of
Interest Period

ii.               Principal Payment

iii.            As of Payment Date

 

g.              Excess
Collateral Amount

i.                  Beginning of
Interest Period

ii.               Reduction in Excess Collateral Amount

iii.            As of Payment Date

 

h.              Collateral
Amount

i.                  Beginning of
Interest Period

ii.               Increase/Decrease in Unreimbursed Investor
Charge-Offs

iii.            Increase/Decrease in Reallocated Principal
Collections

iv.           Reduction in Excess Collateral Amount

v.              Principal
Accumulation Account Deposit

vi.           As of Payment Date

vii.        Collateral Amount as a Percentage of Note Trust
Principal Balance

viii.     Amount by which Note Principal Balance exceeds
Collateral Amount

 

j.                  Required Excess
Collateral Amount

 

VII.         Investor Charge-Offs and
Reallocated Principal Collections

(Section references relate to Indenture Supplement)

 

a.               Beginning
Unreimbursed Investor Charge-Offs

b.              Current
Unreimbursed Investor Defaults

c.               Current
Unreimbursed Investor Uncovered Dilution Amount

d.              Current
Reimbursement of Investor Charge-Offs pursuant to Section 4.4(a)(vii)

e.               Ending
Unreimbursed Investor Charge-Offs

 

5

 

f.                 Beginning
Unreimbursed Reallocated Principal Collections

g.              Current Reallocated
Principal Collections pursuant to Section 4.7

h.              Current
Reimbursement of Reallocated Principal Collections pursuant to Section 4.4(a)(vii)

i.                  Ending
Unreimbursed Reallocated Principal Collections

 

VIII.        Investor Percentages –BOP Balance
and Series Account Information

a.               Allocation
Percentage Numerator – for Finance Charge Collections and Default Amounts

b.              Allocation
Percentage Numerator – for Principal Collections

c.               Allocation
Percentage Denominator

i.                  Aggregate
Principal Receivables Balance as of Prior Monthly Period

ii.               Number of Days at Balance

iii.            Average Principal Balance

d.              Sum of
Allocation Percentage Numerators for all outstanding Series with respect
to Finance Charge Collections and Default Amounts

e.               Sum of
Allocation Percentage Numerators for all outstanding Series with respect
to Principal Collections

f.                 Allocation
Percentage, Finance Charge Collections and Default Amount (a./greater of c.iii.
or d.)

g.              Allocation
Percentage, Principal Collections (b./ greater of c.iii. or e.)

h.              Series Allocation
Percentage

 

IX.           Collections
and Allocations

 

	
   

  	
   

  	
  Trust

  	
   

  	
  Series

  	
   

  

a.               Finance Charge
Collections

b.              Recoveries

c.               Principal
Collections

d.              Default Amount

e.               Dilution

f.                 Investor
Uncovered Dilution Amount

g.              Dilution
including Fraud Amount

h.              Available
Finance Charge Collections

i.                  Investor
Finance Charge Collections

ii.               Excess Finance Charge Collections allocable
to Series 2010-3

iii.            Principal Accumulation Account Investment Proceeds

iv.           Investment earnings in the Reserve Account

v.              Reserve Account
Draw Amount

vi.           Recoveries

i.                  Available
Finance Charge Collections (Sum of g.i through g.vii)

 

6

 

j.                  Total
Collections to Series

k.               Total Finance
Charge Collections deposited in the Collection Account (net of any amounts
distributed to Transferor and owed to Servicer)

 

X.            Application
of Available Funds pursuant to Section 4.4(a) of the Indenture
Supplement

 

a.               Available
Finance Charge Collections

i.                  On a pari passu
basis:

a.               Payment to the
Indenture Trustee, to a maximum of $25,000

b.              Payment to the
Trustee, to a maximum of $25,000

c.               Payment to the
Administrator, to a maximum of $25,000

 

ii.               To the Servicer:

a.               Noteholder
Servicing Fee

b.              Noteholder
Servicing Fee previously due but not paid

c.               Total Noteholder
Servicing Fee

 

iii.            On a pari passu basis:

a.               Class A
Monthly Interest

b.              Class A
Deficiency Amount

c.               Class A
Additional Interest

d.              Class A
Additional Interest not paid on prior Payment Date

 

iv.           On a pari passu basis:

a.               Class B
Monthly Interest

b.              Class B
Deficiency Amount

c.               Class B
Additional Interest

d.              Class B
Additional Interest not paid on prior Payment Date

 

v.              To be treated
as Available Principal Collections

a.               Aggregate
Investor Default Amount

b.              Aggregate
Investor Uncovered Dilution Amount

 

vi.           To be treated as Available Principal Collections, to
the extent not previously reimbursed

a.               Investor
Charge-offs

b.              Reallocated
Principal Collections

 

vii.        Excess of Required Reserve Account Amount Over
Available Reserve Account Amount

 

viii.     To be treated as Available Principal
Collections:  Series Allocation
Percentage of Minimum Free Equity Shortfall

 

ix.             Unless an Early Amortization Event has occurred,
amounts that have not been paid pursuant to (a)(i) above

 

7

 

x.                The balance, if
any, will constitute a portion of Excess Finance Charge Collections for such
Payment Date and first will be available for allocation to other Series in
Group One and, then:

a.               Unless an Early
Amortization Event has occurred, to the Transferor; and

b.              If an Early
Amortization Event has occurred, first, to pay Monthly Principal in accordance
with Section 4.4(c) of the Indenture to the extent not paid in full
from Available Principal Collections (calculated without regard to amounts
available to be treated as Available Principal Collections pursuant to this
clause), second, to pay on a pari passu basis any amounts owed to such Persons
listed in clause (a)(i) above that have been allocated to Series 2010-3
in accordance with Section 8.4(d) of the Indenture and that have not
been paid pursuant to clauses (a)(i) and (a)(ix) above, and, third,
any amounts remaining after payment in full of the Monthly Principal and
amounts owed to such Persons listed in clause (a)(i) above shall be paid
to the Issuer.

 

XI.           Excess
Finance Charge Collections (Group One)

 

a.               Total Excess
Finance Charge Collections in Group One

 

b.              Finance Charge
Shortfall for Series 2010-3

 

c.               Finance Charge
Shortfall for all Series in Group One

 

d.              Excess Finance
Charges Collections Allocated to Series 2010-3

 

XII.         Available Principal Collections
and Distributions (Section references relate to Indenture Supplement)

 

a.               Investor
Principal Collections

 

b.              Less:  Reallocated Principal Collections for the
Monthly Period pursuant to Section 4.7

 

c.               Plus:  Shared Principal Collections allocated to
this Series

 

d.              Plus:  Aggregate amount to be treated as Available
Principal Collections pursuant to Section 4.4(a)(vi)

 

e.               Plus:  Aggregate amount to be treated as Available
Principal Collections pursuant to Section 4.4(a)(vii)

 

f.                 Plus:  During an Early Amortization Period, the
amount of Available Finance Charge Collections used to pay principal on the
Notes pursuant to Section 4.4(a)(xiii)

 

g.              Available
Principal Collections (Deposited to Principal Account)

 

8

 

i.                  During the
Revolving Period, Available Principal Collections treated as Shared Principal
Collections Pursuant to Section 4.4(b)

ii.               During the Controlled Accumulation Period, Available
Principal Collections deposited to the Principal Accumulation Account pursuant
to Section 4.4(c)(i), (ii)

iii.            During the Early Amortization Period, Available
Principal Collections deposited to the Distribution Account pursuant to Section 4.4(c)

iv.           Series Shared Principal Collections available
to Group One pursuant to Section 4.4(c)(iii)

v.              Principal
Distributions pursuant to Section 4.4(e) in order of priority

a.               Principal paid
to Class A Noteholders

b.              Principal paid
to Class B Noteholders

vi.           Total Principal Collections Available to Share
(Inclusive of Series 2010-3)

vii.        Series Principal Shortfall

viii.     Shared Principal Collections allocated to this
Series from other Series

 

XIII.        Series 2010-3 Accumulation

 

a.               Controlled
Accumulation Period Length in months (scheduled)

 

b.              Controlled
Accumulation Amount

 

c.               Controlled
Deposit Amount

 

d.              Accumulation
Shortfall

 

e.               Principal
Accumulation Account Balance

i.                  Beginning of
Interest Period

ii.               Controlled Deposit Amount

iii.            Withdrawal for Principal Payment

iv.           As of Payment Date

 

XIV.        Reserve Account Funding (Section references
relate to Indenture Supplement)

 

a.               Reserve Account
Funding Date (scheduled)

 

b.              Required
Reserve Account Amount (0.50% of Note Principal Balance beginning on Reserve
Account Funding Date)

 

c.               Beginning
Available Reserve Account Amount

 

d.              Reserve Draw
Amount

 

e.               Deposit
pursuant to 4.4(a)(viii) the excess of b. over c.

 

f.                 Withdrawal for
Reserve Account Surplus paid to Transferor pursuant to Section 4.10(d)

 

9

 

g.              Withdrawal for
Reserve Account Surplus paid to Transferor pursuant to Section 4.10(e)

 

h.              Ending
Available Reserve Account Amount

 

XV.         Series Early Amortization
Events

 

a.               The Free Equity
Amount is less than the Minimum Free Equity Amount

 

Free Equity:

 

i.                  Free Equity
Amount

ii.               Minimum Free Equity Amount

iii.            Excess Free Equity Amount

 

b.              The Note Trust
Principal Balance is less than the Required Principal Balance Note Trust
Principal Balance:

i.                  Note Trust
Principal Balance

ii.               Required Principal Balance

iii.            Excess Principal Balance

 

c.               The three-month
Average Portfolio Yield is less than three-month average Base Rate Portfolio
Yield:

i.                  Three month
Average Portfolio Yield

ii.               Three month Average Base Rate

iii.            Three Month Average Excess Spread

 

d.              The Note
Principal Balance is outstanding beyond the Expected Principal Payment Date

i.                  Expected
Principal Payment Date

ii.               Current Payment Date

 

e.               Are there any
material modifications, extensions or waivers to pool asset terms, fees
penalties or payments?

 

f.                 Are there any
material breaches or pool of assets representations and warranties or
covenants?

 

g.              Are there any
material changes in criteria used to originate, acquire, or select new pool
assets?

 

h.              Has an early
amortization event occurred?

 

IN
WITNESS WHEREOF, the undersigned has duly executed this Monthly Noteholder’s
Statement as of the        day of
                          .

 

	
   

  	
  GENERAL
  ELECTRIC CAPITAL CORPORATION, as Servicer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  

 

10

 

SCHEDULE I

 

PERFECTION REPRESENTATIONS, WARRANTIES

AND COVENANTS (WITH RESPECT TO RECEIVABLES)

 

(a)           In addition to the representations,
warranties and covenants contained in the Indenture, the Issuer hereby represents,
warrants and covenants to the Indenture Trustee as follows as of the Closing
Date:

 

(1)           The Indenture creates a valid and
continuing security interest (as defined in the applicable UCC) in the
Receivables in favor of the Indenture Trustee, which security interest is prior
to all other Liens, and is enforceable as such against creditors of and
purchasers from the Issuer.

 

(2)           The Receivables constitute either “accounts”
or “general intangibles” within the meaning of the applicable UCC.

 

(3)           The Issuer owns and has good and
marketable title to the Receivables free and clear of any Lien, claim or
encumbrance of any Person.

 

(4)           There are no consents or approvals
required for the pledge of the Receivables to the Indenture Trustee pursuant to
the Indenture.

 

(5)           The Issuer (or the Administrator on
behalf of the Issuer) has caused the filing of all appropriate financing
statements in the proper filing office in the appropriate jurisdictions under
applicable law in order to perfect the security interest granted to the
Indenture Trustee under the Indenture in the Receivables.

 

(6)           Other than the pledge of the
Receivables to the Indenture Trustee pursuant to the Indenture, the Issuer has
not pledged, assigned, sold, granted a security interest in, or otherwise
conveyed the Receivables.  The Issuer has
not authorized the filing of and is not aware of any financing statements
against the Issuer that include a description of the Receivables, except for
the financing statement filed pursuant to the Indenture.

 

(7)           Notwithstanding any other provision
of the Indenture, the representations and warranties set forth in this Schedule
I shall be continuing, and remain in full force and effect, until such time
as the Series 2010-3 Notes are retired.

 

(b)           The Indenture Trustee covenants that
it shall not, without satisfying the Rating Agency Condition, waive a breach of
any representation or warranty set forth in this Schedule I.

 

(c)           The Issuer covenants that in order to
evidence the interests of the Issuer and the Indenture Trustee under the
Indenture, the Issuer shall take such action, or execute and deliver such
instruments as may be necessary or advisable (including, without limitation,
such actions as are requested by the Indenture Trustee) to maintain and
perfect, as a first priority interest, the Indenture Trustee’s security
interest in the Receivables.

 

1Exhibit
10.1

 

SEPARATION AGREEMENT AND GENERAL RELEASE OF CLAIMS

 

This  SEPARATION
AGREEMENT AND GENERAL RELEASE OF CLAIMS (the “Agreement”) is entered into by and
between Cobalt International Energy, Inc., a Delaware corporation (the “Company”), and Rodney
L. Gray  (“Executive”)
(the Company and Executive are referred to individually as a “Party” and collectively as the “Parties”).

 

WITNESSETH

 

WHEREAS
Executive currently serves as the Company’s Chief Financial Officer pursuant to
an Employment Agreement between the Parties dated as of October 23, 2009
(the “Employment Agreement”); and

 

WHEREAS,
Executive will resign his employment with the Company for personal reasons
effective as of June 18, 2010 (the “Separation Date”);
and

 

WHEREAS
the Company wishes to provide Executive with certain severance benefits because
of his key role in the initial public offering of the Company, and Executive
wishes to receive such benefits, which such benefits are conditioned upon
Executive’s execution (and non-revocation in the time provided to do so) of the
General Release attached to this Agreement; and

 

WHEREAS
the Parties wish to fully and finally resolve all claims that may now exist
between them, including without limitation all claims arising out of Executive’s
employment and the end of that employment.

 

NOW,
THEREFORE, for and in consideration of the mutual covenants and promises
hereinafter set forth, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Parties hereby
agree:

 

Section  1.                                         Severance Payment.  If, between the Separation Date and July 12,
2010, Executive executes the General Release of Claims that is attached to this
Agreement as Exhibit A (the “Release”)
and does not revoke the Release in the time provided to do so, then the Company
agrees to provide Executive a lump sum severance payment of $400,000, minus all
applicable taxes and other withholdings, which such payment will be provided to
Executive within fourteen (14) days of Company’s receipt of Executive’s signed
(and not revoked in the time provided to do so) Release.  Company further agrees to pay Executive any
unpaid base salary through the Separation Date and any unpaid business expenses
in accordance with Company policy.

 

Section  2.                                         Separation from Employment.  The Parties acknowledge and agree that
Executive’s employment with the Company will end on the Separation Date.  The Parties further acknowledge and agree
that Executive’s resignation is the result of his desire to spend more time
with his family in the Atlanta, Georgia area and that Executive has resigned
his employment without Good Reason (as defined in the Employment Agreement).

 

1

 

Section  3.                                         Retention of Certain Class D Interests; Forfeiture of Class C
and Certain Class D Interests.  On December 21, 2009, Executive was
granted an award of restricted stock pursuant to the Cobalt International
Energy, Inc. Long Term Incentive Plan Restricted Award Agreement IPO Award
— Class D Interests (the “Class D
Award Agreement”).  The
Parties agree that, notwithstanding the effect of Executive’s Termination of
Service (as defined in the Class D Award Agreement), the Compensation
Committee of the Board of Directors of the Company, in recognition of Executive’s
contribution to the Company’s initial public offering, agrees to waive the
forfeiture of 45,000 of the Class D Restricted Shares (as defined in the Class D
Award Agreement) granted to Executive such that Executive shall retain his
ownership of those shares, subject to the other terms and conditions of the
Award Agreement and the Cobalt International Energy, Inc. Long Term
Incentive Plan (the “LTIP”).  For the avoidance of doubt, the Parties
acknowledge that, as of the Separation Date, the remaining 7,553 Class D
Restricted Shares awarded to Executive through the Award Agreement shall be
forfeited in their entirety without any payment to Executive. For the further
avoidance of doubt, the Parties acknowledge that  on December 21, 2009, Executive was granted an award of
restricted stock pursuant to the Cobalt International Energy, Inc. Long
Term Incentive Plan Restricted Award Agreement IPO Award — Class C
Interests (the “Class C Award
Agreement”) and that, as of the Separation Date, the 578,225 Class C
Restricted Shares (as defined in the Class C Award Agreement) shall be
forfeited in their entirety without any payment to Executive.

 

Section  4.                                         Prior Rights and Obligations.  This Agreement extinguishes all rights, if
any, that Executive may have, contractual or otherwise, relating to or arising
out of Executive’s employment with the Company and Cobalt International Energy,
L.P. (the “Partnership”),
with the exception of any rights that may arise out of: (i) this
Agreement; (ii) the Cobalt International Energy, L.P. Deferred
Compensation Plan; (iii) Executive’s continuing ownership of the 45,000 Class D
Restricted Shares described in Section 3, above; (iv) Executive’s
ownership of 45,019 shares of common stock in the Company held by him as the
result of his exchange of Class A Interests pursuant to that certain
Reorganization Agreement dated as of December 8, 2009 among Cobalt
International Energy, L.P., Cobalt International Energy, Inc., Cobalt
Mergersub, Inc. and the Other Parties Signatory [Th]ereto, (v) any
rights of defense or indemnification which would be otherwise afforded to the
Executive under the Certificate of Incorporation, By-Laws or similar governing
documents of the Company or its subsidiaries or any written indemnification
agreement by and between the Company and the Executive; (vi) any rights of
defense or indemnification which would be otherwise afforded to the Executive
under any liability or other insurance policy maintained by the Company; (vii) any
rights of Executive under any applicable health, medical and welfare benefit
programs; and (vii) such other rights or claims as may arise after the
date that this Agreement.is signed, and the Release becomes no longer revocable
by Executive.  Pursuant to COBRA, and to
the extent applicable, Executive will be eligible to continue coverage in the
company-provided medical, dental and vision plans available to Company
employees, which such participation (if any) shall be at Executive’s
expense.  In entering this Agreement,
Executive expressly acknowledges and agrees that Executive has received all
leaves (paid and unpaid) to which Executive was entitled during Executive’s
employment with the Company and the Partnership and, as of the date that
Executive executes this Agreement, Executive has received all wages and been
paid all sums that Executive is owed by the Company and the Partnership.

 

2

 

Section  5.                                         Agreement is Voluntary.  Executive acknowledges and agrees that
Executive has carefully read this Agreement and understands that, except as
expressly reserved therein, the attached General Release of Claims is a release
of all claims, known or unknown, past or present, including all claims under
the Age Discrimination in Employment Act. 
Executive further warrants that Executive executes this Agreement of
Executive’s own free will, after having a reasonable period of time to review,
study and deliberate regarding its meaning and effect, and after being advised
to consult an attorney.  Finally, Executive
enters into this Agreement fully knowing its effect and Executive does so
voluntarily, in exchange for the consideration stated above.

 

Section  6.                                         Choice of Law, Venue.  This Agreement will be construed in
accordance with, and governed by, the laws of Texas.  Venue for any action that may be brought by
any Party involving the enforcement of this Agreement or any rights, duties or
obligations under this Agreement shall be brought exclusively in the state or
federal courts (as applicable) sitting in Houston, Texas.  Executive consents and waives any objection
to personal jurisdiction and venue in those courts for any such action.

 

Section  7.                                         Modification; Execution.  The Parties agree that this Agreement cannot
be modified or amended except by a written instrument signed by Executive and a
duly authorized representative of the Company. 
This Agreement may be executed in multiple parts.

 

Section  8.                                         Deemed Resignations.  As of the Separation Date, Executive shall be
deemed to have resigned, as applicable as an officer of the Company and, if
applicable each of its affiliates.

 

Section  9.                                         Continuing Effect of Restrictive Covenants.  In entering into this Agreement, Executive
expressly recognizes the enforceability and binding effect of Article 11
of the Employment Agreement and he expressly acknowledges the ongoing effect
and enforceability of Article 11 of the Employment Agreement; provided
however, that the Company and Executive agree that the definition of “Business”
in Article 11 of the Employment Agreement shall mean the exploration for,
and the development and production of, oil and natural gas and the acquisition
of leases and other real property in connection therewith in the deep waters
offshore in the Gulf of Mexico, Angola, or Gabon..

 

Section  10.                                   Non-Disparagement.

 

(a)                                  Executive shall refrain from publishing any oral or written statements
about any Released Party (as defined in Exhibit A) that: (i) are
slanderous, libelous, defamatory or disparaging; (ii) disclose
confidential information of any Released Party; or (iii) place any
Released Party in a false light before the public.

 

(b)                                 The Company shall refrain from publishing any oral or written statements
about Executive that: (i) are slanderous, libelous, defamatory or
disparaging; (ii) disclose confidential information about Executive; or (iii) place
Executive in a false light before the public.

 

Section  11.                                   Entire Agreement.  This Agreement contains the entire agreement
of the Parties with respect to the subject matter hereof, this Agreement supersedes
all prior and 

 

3

 

contemporaneous agreements and understandings, oral
or written, between the Parties hereto concerning the subject matter
hereof.  This Agreement may be amended,
waived or terminated only by a written instrument executed by all Parties
hereto.

 

[Signature page follows]

 

4

 

I ACKNOWLEDGE THAT I HAVE CAREFULLY READ THE FOREGOING AGREEMENT, THAT
I UNDERSTAND ALL OF ITS TERMS, THAT I UNDERSTAND THAT THE ATTACHED GENERAL
RELEASE OF CLAIMS CONTAINS A COMPLETE RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS
AND THAT I AM ENTERING INTO IT VOLUNTARILY.

 

 

	
   

  	
  /s/
  Rodney L. Gray

  
	
   

  	
  Rodney
  L. Gray

  
	
   

  	
   

  
	
   

  	
  June 16,
  2010

  
	
   

  	
  Date

  
	
   

  	
   

  
	
  Accepted
  and Agreed:

  	
   

  
	
   

  	
   

  
	
   

  	
  Cobalt
  International Energy, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  Jeffrey A. Starzec

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:
  

  	
  Jeffrey
  A. Starzec

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
  Associate
  General Counsel & Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
  Date:

  	
  June 16,
  2010

  

 

5

 

EXHIBIT A

 

GENERAL
RELEASE OF CLAIMS

 

This  GENERAL RELEASE OF CLAIMS (the “Release”) constitutes the release
referred to in that certain Separation Agreement and General Release of Claims
(the “Separation Agreement”) entered into
by and between Cobalt International Energy, Inc., a Delaware corporation
(the “Company”),
and Rodney L. Gray  (“Executive”).

 

1.                                       Release of Claims.

 

A.                                   For good and
valuable consideration, including the Company’s provision of a severance
payment and benefits as set forth in Sections 1 and 3 of the Separation Agreement,
Executive hereby releases and discharges the Company, the Partnership (as
defined in the Separation Agreement) and each of their affiliates,
subsidiaries, partners, members, predecessors, successors or assigns, along
with their respective owners, partners, officers, directors, members,
employees, agents, attorneys, successors, administrators and insurers
(collectively the “Released
Parties”), from any and all claims, demands, liabilities
and causes of action, whether statutory or common law, which are now known, or
reasonably should be known, to Gray, including, but not limited to, any claim
for salary, benefits, payments, expenses, costs, damages, penalties,
compensation, remuneration, wages, contractual entitlements; and all claims or
causes of action relating to any matter occurring on or prior to the date that
Executive executed this Agreement, including without limitation any alleged
violation of:  (i) the Age Discrimination in Employment Act of 1967,
as amended; (ii) Title VII of the Civil Rights Act of 1964, as amended; (iii) the
Civil Rights Act of 1991; (iv) Sections 1981 through 1988 of Title 42 of
the United States Code, as amended; (v) the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”); (vi) the
Immigration Reform Control Act, as amended; (vii) the Americans with
Disabilities Act of 1990, as amended; (viii) the National Labor Relations
Act, as amended; (ix) the Occupational Safety and Health Act, as amended; (x) the
Family and Medical Leave Act of 1993, as amended; (xi) any state or
federal anti-discrimination law; (xii) any state or federal wage and hour
law; (xiii) any other local, state or federal law, regulation or
ordinance; (xiv) any public policy, contract, tort, or common law claim; (xv) any
allegation for costs, fees, or other expenses including attorneys’ fees
incurred in the matters referenced herein; and (xvi) any and all claims
Executive may have arising out of, or as the result of any breach of, the
Employment Agreement (as defined in the Separation Agreement), that certain
Severance Agreement dated as of June 12, 2009 between Executive and the
Partnership, or any other contract, incentive compensation plan or agreement,
unit subscription agreement, or stock option plan or agreement with any Company
Party (collectively, the “Released
Claims”); provided, however,
that this release does not apply to the Company’s obligations to Executive that
may arise under: (i) the Separation Agreement; (ii) the Cobalt
International Energy L.P. Deferred Compensation Plan; and (iii) to the
extent applicable, the Class D Award Agreement (as defined in the
Separation Agreement) and the LTIP (as defined in the Separation Agreement) as
a result of Executive’s continuing ownership of the 45,000 Class D
Restricted Shares referenced in Section 3 of the Separation Agreement; (iv) any
rights of defense or indemnification which would be otherwise afforded to the
Executive under the Certificate of Incorporation, By-Laws or similar governing 

 

6

 

documents
of the Company or its subsidiaries or any written indemnification agreement by
and between Company and the Executive; (v) any rights of defense or
indemnification which would be otherwise afforded to the Executive under any
liability or other insurance policy maintained by Company; (vi) any rights
of the Executive under any applicable health, medical and welfare benefit
programs; and (vii) such other rights or claims as may arise after the
date of this Agreement..  This Release is
not intended to indicate that any Released Claims exist or that, if they do
exist, they are meritorious.  Rather,
Executive is simply agreeing that, in exchange for the consideration provided
pursuant to the Separation Agreement, any and all potential claims of this nature
that Executive may have against the Released Parties, regardless of whether
they actually exist, are expressly settled, compromised and waived.  Additionally, the Company hereby RELEASES AND
FOREVER DISCHARGES Executive from any and all legal responsibilities, claims,
rights of action, causes of action, suits, debts, liabilities, judgments,
demands, damages, costs, attorneys’ fees, expenses and all claims of any kind
and all damages of any kind on account of, arising from, related to, or in any
way growing out of Executive’s employment or separation from employment with
Company and which are now known, or reasonably should be known, to the Company
and based upon any facts occurring prior to the date Company executes this
Agreement.

 

B.                                     Notwithstanding this release of liability, nothing in this Release
prevents Executive from filing any non-legally waivable claim, including a
challenge to the validity of this Release with the Equal Employment Opportunity
Commission (“EEOC”)
or comparable state or local agency, or participating in any investigation or
proceeding conducted by the EEOC or comparable state or local agency; however,
Executive understands and agrees that Executive is waiving any and all rights
to recover any monetary or personal relief or recovery as a result of such EEOC
or comparable state or local agency proceeding or subsequent legal
actions.  Further, in no event shall the
Released Claims include any claim which arises after the date this Release is
executed by Executive, including any claim to enforce Executive’s rights under
the Separation Agreement.

 

2.                                       Executive’s Representation.  Executive represents, warrants and agrees
that Executive has not brought or joined any claims, appeals, complaints,
charges or lawsuits against the Released Parties and has made no assignment,
sale, delivery, transfer or conveyance of any rights Executive has asserted or
may have against any of the Released Parties with respect to any Released
Claim.

 

3.                                       ADEA Rights.  Executive further acknowledges that:

 

A.                                   Executive has
been advised that Executive has the right to seek legal counsel before signing
this Release and the Separation Agreement and has had adequate opportunity to
do so.

 

B.                                     Executive has
been given at least twenty-one (21) days to review this Release and understands
that if Executive does not accept this Agreement by July 12, 2010 the
offer of severance benefits and payments in exchange for this release, as set
forth in Sections 1 and 3 of the Separation Agreement, will expire.

 

7

 

C.                                     Executive has
seven days after signing this Release to revoke it.  This Release will not become effective or
enforceable until the revocation period has expired.  Any notice of revocation of the Agreement is
effective only if received by Sam Gillespie at 1980 Post Oak Blvd., Suite 1200,
Houston, Texas 77056 in writing by midnight, Houston, Texas time, on the
seventh day after Executive’s signing of this Release.  Executive understands that if Executive
revokes Executive’s acceptance of this Release pursuant to this Section 3C,
the Company will not provide Executive with any benefit or payment described in
Sections 1 or 3 of the Separation Agreement above, and all other terms of this
Release will become null and void.

 

D.                                    Executive
agrees and acknowledges that Executive is receiving, pursuant to his execution
(and non-revocation) of this Release, consideration in addition to anything of
value to which Executive has an undisputed right to receive.

 

I ACKNOWLEDGE THAT I HAVE CAREFULLY READ THE FOREGOING RELEASE, THAT I
UNDERSTAND ALL OF ITS TERMS, THAT IT CONTAINS A COMPLETE RELEASE OF ALL KNOWN
AND UNKNOWN CLAIMS AND THAT I AM ENTERING INTO IT VOLUNTARILY.

 

 

	
   

  	
  /s/
  Rodney L. Gray

  
	
   

  	
  Rodney
  L. Gray

  
	
   

  	
   

  
	
   

  	
  June 16,
  2010

  
	
   

  	
  Date

  

 

8

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