Document:

Exhibit
4.1

Execution Copy

GE CAPITAL CREDIT CARD
MASTER NOTE TRUST,

as Issuer

And

DEUTSCHE BANK TRUST
COMPANY AMERICAS,

as Indenture Trustee

Series 2007-2 INDENTURE
SUPPLEMENT

Dated as of March 29, 2007

                                                 

TABLE OF
CONTENTS

	
  

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE I

  	
  DEFINITIONS

  	
   

  	
  1

  
	
  SECTION 1.1.

  	
  Definitions

  	
   

  	
  1

  
	
  SECTION 1.2.

  	
  Incorporation of Terms

  	
   

  	
  17

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
  CREATION OF THE SERIES 2007-2 NOTES

  	
   

  	
  17

  
	
  SECTION 2.1.

  	
  Designation

  	
   

  	
  17

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
  REPRESENTATIONS, WARRANTIES AND COVENANTS

  	
   

  	
  17

  
	
  SECTION 3.1.

  	
  Representations,
  Warranties and Covenants with respect to Net Swap Receipts

  	
   

  	
  17

  
	
  SECTION 3.2.

  	
  Representations,
  Warranties and Covenants with respect to Receivables

  	
   

  	
  17

  
	
  SECTION 3.3.

  	
  Representations,
  Warranties and Covenants with respect to ERISA

  	
   

  	
  17

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
  RIGHTS OF SERIES 2007-2 NOTEHOLDERS AND ALLOCATION
  AND APPLICATION OF COLLECTIONS

  	
   

  	
  18

  
	
  SECTION 4.1.

  	
  Determination of
  Interest and Principal

  	
   

  	
  18

  
	
  SECTION 4.2.

  	
  Establishment of
  Accounts

  	
   

  	
  19

  
	
  SECTION 4.3.

  	
  Calculations and Series
  Allocations

  	
   

  	
  20

  
	
  SECTION 4.4.

  	
  Application of
  Available Finance Charge Collections and Available Principal Collections

  	
   

  	
  23

  
	
  SECTION 4.5.

  	
  Distributions

  	
   

  	
  27

  
	
  SECTION 4.6.

  	
  Investor Charge-Offs

  	
   

  	
  27

  
	
  SECTION 4.7.

  	
  Reallocated Principal
  Collections

  	
   

  	
  27

  
	
  SECTION 4.8.

  	
  Excess Finance Charge
  Collections

  	
   

  	
  27

  
	
  SECTION 4.9.

  	
  Shared Principal
  Collections

  	
   

  	
  28

  
	
  SECTION 4.10.

  	
  Reserve Account

  	
   

  	
  28

  
	
  SECTION 4.11.

  	
  Spread Account

  	
   

  	
  29

  
	
  SECTION 4.12.

  	
  Investment of Accounts

  	
   

  	
  30

  
	
  SECTION 4.13.

  	
  Controlled Accumulation
  Period

  	
   

  	
  30

  
	
  SECTION 4.14.

  	
  Determination of LIBOR

  	
   

  	
  31

  

 

 i
 

 

 

	
  

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.15.

  	
  Swaps

  	
   

  	
  32

  
	
  SECTION 4.16.

  	
  Deposit of Collections

  	
   

  	
  32

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
  DELIVERY OF SERIES 2007-2 NOTES; REPORTS TO SERIES
  2007-2 NOTEHOLDERS

  	
   

  	
  32

  
	
  SECTION 5.1.

  	
  Delivery and Payment
  for the Series 2007-2 Notes

  	
   

  	
  32

  
	
  SECTION 5.2.

  	
  Reports and Statements
  to Series 2007-2 Noteholders

  	
   

  	
  33

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
  SERIES 2007-2 EARLY AMORTIZATION EVENTS

  	
   

  	
  33

  
	
  SECTION 6.1.

  	
  Series 2007-2 Early Amortization
  Events

  	
   

  	
  33

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VII

  	
  REDEMPTION OF SERIES 2007-2 NOTES; FINAL
  DISTRIBUTIONS; SERIES TERMINATION

  	
   

  	
  35

  
	
  SECTION 7.1.

  	
  Optional Redemption of
  Series 2007-2 Notes; Final Distributions

  	
   

  	
  35

  
	
  SECTION 7.2.

  	
  Series Termination

  	
   

  	
  36

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VIII

  	
  MISCELLANEOUS PROVISIONS

  	
   

  	
  36

  
	
  SECTION 8.1.

  	
  Ratification of
  Indenture; Amendments

  	
   

  	
  36

  
	
  SECTION 8.2.

  	
  Form of Delivery of the
  Series 2007-2 Notes

  	
   

  	
  37

  
	
  SECTION 8.3.

  	
  Counterparts

  	
   

  	
  37

  
	
  SECTION 8.4.

  	
  GOVERNING LAW

  	
   

  	
  37

  
	
  SECTION 8.5.

  	
  Limitation of Liability

  	
   

  	
  38

  
	
  SECTION 8.6.

  	
  Rights of the Indenture
  Trustee

  	
   

  	
  39

  
	
  SECTION 8.7.

  	
  Notice Address for
  Rating Agencies

  	
   

  	
  39

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IX

  	
  FASIT MATTERS

  	
   

  	
  39

  
	
  SECTION 9.1.

  	
  FASIT Administration

  	
   

  	
  39

  

 

	
  EXHIBITS

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  EXHIBIT A-1

  	
   

  	
  FORM OF CLASS A NOTE

  	
   

  	
   

  
	
  EXHIBIT A-2

  	
   

  	
  FORM OF CLASS B NOTE

  	
   

  	
   

  
	
  EXHIBIT A-3

  	
   

  	
  FORM OF CLASS C NOTE

  	
   

  	
   

  
	
  EXHIBIT B

  	
   

  	
  FORM OF MONTHLY NOTEHOLDER’S STATEMENT

  	
   

  	
   

  

 

 ii
 

 

 

	
  EXHIBIT C-1

  	
   

  	
  FORM OF CLASS A SWAP

  	
   

  	
   

  
	
  EXHIBIT C-2

  	
   

  	
  FORM OF CLASS B SWAP

  	
   

  	
   

  
	
  EXHIBIT C-3

  	
   

  	
  FORM OF CLASS C SWAP

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULES

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULE I

  	
   

  	
  PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS
  (WITH RESPECT TO NET
  SWAP RECEIPTS)

  	
   

  	
   

  
	
  SCHEDULE II

  	
   

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

  	
   

  	
   

  

 

 iii

SERIES 2007-2 INDENTURE SUPPLEMENT, dated as of March
29, 2007 (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, and as
further amended by the Third Amendment to Master Indenture, dated as of August
31, 2006 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 2007-2 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, Class B Additional
Interest and Class C 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 2007-2 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 

 2
 

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), (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), and (f) any Net Swap
Receipts for the related Transfer Date.

“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 2007-2 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)(xv)
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.

“Available Spread Account
Amount” means, for any Transfer Date, an amount equal to the lesser
of (a) the amount on deposit in the Spread Account (exclusive of Investment
Earnings on such date and before giving effect to any deposit to, or withdrawal
from, the Spread Account made or to be made with respect to such date) and (b)
the Required Spread Account Amount, in each case on such Transfer Date.

“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 Net Interest
Obligation, (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 

 3
 

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, which is
subject to Title I of ERISA, (ii) a “plan” as defined in Section 4975 of the
Code, (iii) an entity whose underlying assets include plan assets by reason of
investment by an employee benefit plan or plans in such entity, or (iv) a
governmental plan subject to applicable law that is substantially similar to
the fiduciary responsibility provisions of ERISA or Section 4975 of the Code.

“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 Counterparty” means ABN AMRO Bank
N.V. or the counterparty under any interest rate swap with respect to the Class
A Notes obtained pursuant to Section 4.15.

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

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

“Class A Net Interest
Obligation” means, for any Payment Date, (a) if there are Class A
Net Swap Payments due on that Payment Date, the sum of the Class A Net Swap
Payments and the Class A Monthly Interest for that Payment Date; (b) if there
are Class A Net Swap Receipts due on that Payment Date, the result of the Class
A Monthly Interest for that Payment Date, minus
the Class A Net Swap Receipts for that Payment Date; and (c) if the Class A
Swap has terminated for any reason, the Class A Monthly Interest for that
Payment Date.

“Class A Net Swap Payment”
means, with respect to any Payment Date, any net amount payable by the Issuer
under the Class A Swap as a result of LIBOR being less than the Class A Swap
Rate.  For the avoidance of doubt, Class
A Net Swap Payments do not include early termination payments or payment of
breakage or other miscellaneous costs.

“Class A Net Swap Receipt”
means, with respect to any Payment Date, any net amount payable by the Class A
Counterparty as a result of LIBOR being greater than the Class A Swap
Rate.  For the avoidance of doubt, Class
A Net Swap Receipts do not include early termination payments.

“Class A Note Initial
Principal Balance” means $871,000,000.

“Class A Note Interest
Rate” means a per annum rate of 0.04% in excess of LIBOR as
determined on the LIBOR Determination Date for the applicable Interest Period.

“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.

 4
 

“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 Regular Interest” is defined in Section
9.1(b).

“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 A Senior Swap Payments” means Class A
Net Swap Payments and Senior Termination Payments payable to the Class A
Counterparty pursuant to the Class A Swap.

“Class A Swap”
means an interest rate swap agreement between the Trust and the Class A
Counterparty substantially in the form of Exhibit
C-1 to this Indenture Supplement, or such other form as shall have
satisfied the Rating Agency Condition.

“Class A Swap Rate”
means 4.906% per annum.

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

“Class B Counterparty”
means ABN AMRO Bank N.V. or the counterparty under any interest rate swap with
respect to the Class B Notes obtained pursuant to Section
4.15.

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

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

“Class B Net Interest
Obligation” means, for any Payment Date (a) if there are Class B Net
Swap Payments due on that Payment Date, the sum of the Class B Net Swap
Payments and the Class B Monthly Interest for that Payment Date; (b) if there
are Class B Net Swap Receipts due on that Payment Date, the result of the Class
B Monthly Interest for that Payment Date, minus
the Class B Net Swap Receipts for that Payment Date; and (c) if the Class B
Swap has terminated for any reason, the Class B Monthly Interest for that
Payment Date.

“Class B Net Swap Payment”
means, with respect to any Payment Date, any net amount payable by the Issuer
under the Class B Swap as a result of LIBOR being less than the Class B Swap
Rate.  For the avoidance of doubt, Class
B Net Swap Payments do not include early termination payments or payment of
breakage or other miscellaneous costs.

“Class B Net Swap Receipt”
means, with respect to any Payment Date, any net amount payable by the Class B
Counterparty as a result of LIBOR being greater than the Class B Swap
Rate.  For the avoidance of doubt, Class
B Net Swap Receipts do not include early termination payments.

“Class B Note Initial
Principal Balance” means $99,160,000.

 5
 

“Class B Note Interest
Rate” means a per annum rate of 0.18% in excess of LIBOR as
determined on the LIBOR Determination Date for the applicable Interest Period.

“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.

“Class B Regular Interest” is defined in Section
9.1(b).

“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).

“Class B Senior Swap Payments” means Class B
Net Swap Payments and Senior Termination Payments payable to the Class B
Counterparty pursuant to the Class B Swap.

“Class B Swap”
means an interest rate swap agreement between the Trust and the Class B
Counterparty substantially in the form of Exhibit
C-2 to this Indenture Supplement, or such other form as shall have
satisfied the Rating Agency Condition.

“Class B Swap Rate”
means 4.906% per annum.

“Class C Additional
Interest” is defined in Section 4.1(c).

“Class C Counterparty”
means ABN AMRO Bank N.V. or the counterparty under any interest rate swap with
respect to the Class C Notes obtained pursuant to Section
4.15.

“Class C Deficiency
Amount” is defined in Section 4.1(c).

“Class C Monthly Interest”
is defined in Section 4.1(c).

“Class C Net Interest
Obligation” means, for any Payment Date: (a) if there are Class C
Net Swap Payments due on that Payment Date, the sum of the Class C Net Swap
Payments and the Class C Monthly Interest for that Payment Date; (b) if there
are Class C Net Swap Receipts due on that Payment Date, the result of the Class
C Monthly Interest for that Payment Date, minus
the Class C Net Swap Receipts for that Payment Date; and (c) if the Class C
Swap has terminated for any reason, the Class C Monthly Interest for that
Payment Date.

“Class C Net Swap Payment”
means, with respect to any Payment Date, any net amount payable by the Issuer
under the Class C Swap as a result of LIBOR being less than the Class C Swap
Rate.  For the avoidance of doubt, Class
C Net Swap Payments do not include early termination payments or payment of
breakage or other miscellaneous costs.

 6
 

“Class C Net Swap Receipt”
means, with respect to any Payment Date, any net amount payable by the Class C
Counterparty as a result of LIBOR being greater than the Class C Swap
Rate.  For the avoidance of doubt, Class
C Net Swap Receipts do not include early termination payments.

“Class C Note Initial
Principal Balance” means $69,680,000.

“Class C Note Interest
Rate” means a per annum rate of 0.36% in excess of LIBOR as
determined on the LIBOR Determination Date for the applicable Interest Period.

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

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

“Class C 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-3.

“Class C Regular Interest” is defined in Section
9.1(b).

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

“Class C Senior Swap Payments” means Class C
Net Swap Payments and Senior Termination Payments payable to the Class C
Counterparty pursuant to the Class C Swap.

“Class C Swap”
means an interest rate swap agreement with respect to the Class C Notes between
the Trust and the Class C Counterparty substantially in the form of Exhibit C-3 to this Indenture Supplement, or
such other form as shall have satisfied the Rating Agency Condition.

“Class C Swap Rate”
means 4.906% per annum.

“Closing Date”
means March 29, 2007.

“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 2007-2
Noteholders (other than any principal payments made from funds on deposit in
the Spread Account), (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.

 7
 

“Controlled Accumulation
Amount” means, for any Payment Date with respect to the Controlled
Accumulation Period, $103,984,000 provided,
however, that if the Controlled
Accumulation Period Length is determined to be less than or more than ten
months pursuant to Section 4.13, 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
April 22, 2011 or such other date as is determined in accordance with Section 4.13 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
4.13.

“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.

“Counterparty”
means the Class A Counterparty, the Class B Counterparty or the Class C
Counterparty.

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

(a) the product of (i)
the Class A Net Interest Obligation 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;

(b) the product of (i)
the Class B Net Interest Obligation 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; and

(c) the product of (i)
the Class C Net Interest Obligation 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 sum of the Class A Note Principal Balance and the
Class B Note Principal Balance, each as of the last day of the calendar month
preceding such Transfer Date and (y) the Class C Note Principal Balance, as of
the last day of the calendar month preceding such Transfer Date, and (B) the
denominator of which is equal 

 8
 

to the Class C
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 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.

“Designated Maturity” means, for any LIBOR
Determination Date, one month; provided that LIBOR for the initial
Interest Period will be determined by straight-line interpolation (based on the
actual number of days in the initial Interest Period) between two rates
determined in accordance with the definition of LIBOR, one of which will be
determined for a Designated Maturity of one month and the other of which will
be determined for a Designated Maturity of two months.

“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 2007-2 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 March 2012 Payment Date.

“FASIT” means a “financial asset securitization
investment trust” within the meaning of section 860L of the Code.

“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.

 9
 

“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.

“Group One”
means Series 2007-2 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 $1,072,000,000, which equals the sum of (i) the Class
A Note Initial Principal Balance, (ii) the Class B Note Initial Principal
Balance, (iii) the Class C Note Initial Principal Balance and (iv) the Initial
Excess Collateral Amount.

“Initial Excess
Collateral Amount” means $32,160,000.

“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.

“Investment Earnings”
means, for any Payment Date, all interest and earnings on Permitted Investments
included in the Spread Account (net of losses and investment expenses) during
the period commencing on and including the Payment Date immediately preceding
such Payment Date and ending on 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 2007-2 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 2007-2 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 

 10
 

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.

“LIBOR” means,
for any Interest Period, the London interbank offered rate for the period of
the Designated Maturity for United States dollar deposits determined by the
Indenture Trustee for each Interest Period in accordance with the provisions of
Section 4.14.

“LIBOR Determination Date”
means (i) March 27, 2007 for the period from and including the Closing Date
through and including May 14, 2007 and (ii) the second London Business Day
prior to the commencement of the second and each subsequent Interest Period.

“London Business Day”
means any day on which dealings in deposits in United States dollars are
transacted in the London interbank market.

“Minimum Free Equity
Percentage” means, for purposes of Series 2007-2, 4%; provided that,
at any time that GE Capital’s long-term unsecured debt is rated Aa2 or lower by
Moody’s or AA or lower by S&P, the Minimum Free Equity Percentage shall be
7.0%.

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

“Monthly Period”
means, as to the May 2007 Payment Date, the period beginning on the Closing
Date and ending on April 21, 2007, 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) $201,000,000 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;

(b)           the lesser of (i) the Class B
Required Amount and (ii) $101,840,000 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; and

 11
 

(c)           the lesser of (i) the Class C
Required Amount and (ii) $32,160,000 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 clauses (a) and (b) above) and (y) any reduction to the
Collateral Amount on account of reductions to the Required Excess Collateral
Amount, but not less than zero.

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

“Net Swap Payments”
means, for any Payment Date, collectively, the Class A Net Swap Payment, the
Class B Net Swap Payment and the Class C Net Swap Payment for such Payment
Date.

“Net Swap Receipts”
means, for any Payment Date, collectively, the Class A Net Swap Receipt, the
Class B Net Swap Receipt and the Class C Net Swap Receipt for such Payment
Date.

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

“Ownership Interest” means the interest issued
by the RFS FASIT which (i) represents solely the right to receive amounts
specified in Section 4.4(a)(xv) to be paid to the Issuer and (ii)
represents the sole “ownership interest” in the RFS FASIT within the meaning of
section 860L of the Code.

“Payment Date”
means May 15, 2007 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 and Net Swap Receipts), 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.

 12
 

“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.

“Qualifying Substitute Arrangement” means, with
respect to the Class A Notes, Class B Notes or Class C Notes, as applicable,
any interest rate swap agreement that shall have satisfied the Rating Agency
Condition or any other hedging arrangement or alternative arrangement that
shall have satisfied the Rating Agency Condition in the event of the
termination of any Class A Swap, Class B Swap or Class C Swap.

“Quarterly Excess Spread
Percentage” means (a) with respect to the May 2007 Payment Date, the
Excess Spread Percentage for the Monthly Period relating to such Payment Date,
(b) with respect to the June 2007 Payment Date, the percentage equivalent of a
fraction the numerator of which is the sum of (i) the Excess Spread Percentage
for the Monthly Period relating to the May 2007 Payment Date and (ii) the
Excess Spread Percentage for the Monthly Period relating to the June 2007
Payment Date and the denominator of which is two, and (c) with respect to the
July 2007 Payment Date and each Payment Date thereafter, the percentage
equivalent of a fraction the numerator of which is the sum of the Excess Spread
Percentages determined with respect to the Monthly Periods relating to such
Payment Date and the immediately preceding two Payment Dates and the
denominator of which is three.

“Rating Agency”
means each of Fitch, Moody’s and S&P.

“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.

“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 2007-2 Noteholders, (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 2007-2 Noteholders on a prior
Payment Date and (iv) any amounts owing to any Counterparty pursuant to the
terms of the Class A Swap, Class B Swap or Class C Swap.

 13
 

“Reference Banks”
means four major banks in the London interbank market selected by the Servicer.

“Related Interest” is defined in Section
9.1(b).

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

“Required Excess Collateral Amount” means, at
any time, 3.00% 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 2007-2.

“Required Spread Account
Amount” means, for any Payment Date, the product of (i) the Spread
Account Percentage in effect on such date and (ii) during (x) the Revolving
Period, the Collateral Amount, and (y) during the Controlled Accumulation
Period or the Early Amortization Period, the Collateral Amount as of the last
day of the Revolving Period; provided that, prior to the occurrence of
an Event of Default and acceleration of the Series 2007-2 Notes the Required
Spread Account Amount will never exceed the Class C Note Principal Balance
(after taking into account any payments to be made on such Payment Date).

“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,
if the Rating Agency Condition is satisfied, the Issuer may postpone the
Reserve Account Funding Date.

 14
 

“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;

(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.

“RFS FASIT” means the Trust Estate designated
as a FASIT within the meaning of section 860L of the Code.

“Senior
Termination Payments” means any termination payments payable by the Issuer
arising as a result of the early termination of the Class A Swap, the Class B
Swap or the Class C Swap, as applicable, due to (i) a Tax Event or Illegality
or (ii) any other Event of Default or Termination Event, unless, in the case of
this clause (ii), the applicable Counterparty (as defined in this
Indenture Supplement) is the Defaulting Party or sole Affected Party (unless
otherwise indicated, terms used in the foregoing clauses (i) and (ii)
shall have the respective meanings given to such terms in the Class A Swap, the
Class B Swap or the Class C Swap, as the context requires).

“Series Accounts” means, collectively, the
Finance Charge Account, the Principal Account, the Principal Accumulation
Account, the Distribution Account, the Reserve Account, the Spread Account and
the Swap Collateral Account (if any).

“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 

 15
 

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 2007-2, the March 2015 Payment Date.

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

“Series 2007-2”
means the Series of Notes the terms of which are specified in this Indenture
Supplement.

“Series 2007-2 Early
Amortization Event” is defined in Section 6.1.

“Series 2007-2
Excess Finance Charge Collections” means Excess Finance Charge Collections
allocated from other Series in Group One to Series 2007-2 pursuant to Section
8.6 of the Indenture.

“Series 2007-2 Note”
means a Class A Note, a Class B Note or a Class C Note.

“Series 2007-2 Noteholder”
means a Class A Noteholder, a Class B Noteholder or a Class C Noteholder.

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

“Spread Account
Deficiency” means the excess, if any, of the Required Spread Account
Amount over the Available Spread Account Amount.

“Spread Account
Percentage” means, (i) 0% if the Quarterly Excess Spread Percentage
on such Payment Date is greater than or equal to 5.00%, (ii) 2.00% if the
Quarterly Excess Spread Percentage on such Payment Date is less than 5.00% and
greater than or equal to 4.50%, (iii) 2.50% if the Quarterly Excess Spread
Percentage on such Payment Date is less than 4.50% and greater than or equal
4.00%, (iv) 3.50% if the Quarterly Excess Spread Percentage on such Payment
Date is less than 4.00% and greater than or equal to 3.50%, (v) 4.50% if the Quarterly
Excess Spread Percentage on such Payment Date is less than 3.50% and greater
than or equal to 3.00%, (vi) 5.50% if the Quarterly Excess Spread Percentage on
such Payment Date is less than 3.00% and greater than or equal to 2.50%, (vii)
6.50% if the Quarterly Excess Spread Percentage on such Payment Date is less
than 2.50% and greater than or equal to 1.50%, (viii) 7.50% if the Quarterly
Excess Spread Percentage on such Payment Date is less than 1.50% and greater
than or equal to 0.50% and (ix) 8.50% if the Quarterly Excess Spread Percentage
on such Payment Date is less than 0.50%.

“Subordinated Termination Payments” means any
termination payments other than Senior Termination Payments payable by the
Issuer arising as a result of the early termination of the Class A Swap, the
Class B Swap or the Class C Swap, as applicable.

 16

“Surplus Collateral
Amount” means, at any time, the excess, if any, of the Excess
Collateral Amount over the Required Excess Collateral Amount.

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

“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
2007-2.

ARTICLE II

CREATION OF THE SERIES 2007-2 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 2007-2” or the “Series 2007-2 Notes.”  The Series 2007-2 Notes shall be issued in
three Classes, known as the “Class A Series 2007-2
Floating Rate Asset Backed Notes,” the “Class
B Series 2007-2 Floating Rate Asset Backed Notes,” and the “Class C Series 2007-2 Floating Rate Asset Backed Notes.”

(b)           Series 2007-2 shall be included in
Group One and shall be a Principal Sharing Series.  Series 2007-2 shall be an Excess Allocation
Series with respect to Group One only. 
Series 2007-2 shall not be subordinated to any other Series.

(c)           The Series 2007-2 Notes shall be
issued in minimum denominations of $100,000 and in integral multiples of
$1,000.

ARTICLE III

REPRESENTATIONS,
WARRANTIES AND COVENANTS

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

SECTION 3.3.  Representations,
Warranties and Covenants with respect to ERISA.  By acquiring a Series 2007-2 Note, each
purchaser and transferee shall be deemed to represent and

 17
 

warrant that either (i) it is not (and for so long as it holds such
Series 2007-2 Note will not be), is not acting on behalf of (and for so long as
it holds such Series 2007-2 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 2007-2 Note will not result in a
non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of
the Code or a violation of any substantially similar applicable law.

ARTICLE IV

RIGHTS OF SERIES 2007-2 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 the actual number
of days in the related Interest Period and the denominator of which is 360,
(ii) the Class A Note Interest Rate 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).

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 the actual number of days
in the related Interest Period and the denominator of which is 360, (ii) the
Class A Note Interest Rate 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 the actual number
of days in the related Interest Period and the denominator of which is 360,
(ii) the Class B Note Interest Rate in effect with respect to the related
Interest Period 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).

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

 18
 

the product of (i) a
fraction, the numerator of which is the actual number of days in the related
Interest Period and the denominator of which is 360, (ii) the Class B Note
Interest Rate in effect with respect to the related Interest Period 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.

(c)           The amount of monthly interest (“Class C Monthly Interest”) due and payable
with respect to the Class C Notes on any Payment Date shall be an amount equal
to the product of (i) a fraction, the numerator of which is the actual number
of days in the related Interest Period and the denominator of which is 360,
(ii) the Class C Interest Rate in effect with respect to the related Interest
Period and (iii) the Class C 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 C Note Initial Principal Balance).

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

(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, the Reserve Account and the Spread Account,

 19
 

each of which shall be an Eligible Deposit
Account.  In the event that any
Counterparty is required to post collateral pursuant to the Class A Swap, Class
B Swap or Class C Swap, the Issuer shall establish a Swap Collateral Account,
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 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 2007-2 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 2007-2 pursuant to Section 8.5
of the Indenture)).

 20
 

 

(b)           Allocations to the Series 2007-2
Noteholders.  The Issuer shall on
each Date of Processing, allocate to the Series 2007-2 Noteholders the
following amounts as set forth below:

(i)            Allocations
of Finance Charge Collections. 
The Issuer shall allocate to the Series 2007-2 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 4.16, 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 Net Interest Obligation 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 and the Spread 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 amount required so that the aggregate amount deposited for the
subject Monthly Period equals the Target Amount);  and provided, further, 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

 21
 

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 2007-2 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 2007-2 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 2007-2 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 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 2007-2 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

 22
 

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 2007-2 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:

(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 2007-2 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 to the
Issuer on a prior Transfer Date, shall be paid to the Servicer;

(iii)          on a pari passu basis based on the
amounts owing to the Class A Noteholders and each Class A Counterparty pursuant
to this Section 4.4(a)(iii): (A) 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

 23
 

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, and (B) any Class A
Senior Swap Payment for such Payment Date and any unpaid Class A Senior Swap
Payments owed to the Class A Counterparty in respect of any prior Payment Date
shall be paid to the Class A Counterparty;

(iv)          on a pari passu basis based on the
amounts owing to the Class B Noteholders and each Class B Counterparty pursuant
to this Section 4.4(a)(iv): (A) 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, and (B) any Class B
Senior Swap Payment for such Payment Date and any unpaid Class B Senior Swap
Payments owed to the Class B Counterparty in respect of any prior Payment Date
shall be paid to the Class B Counterparty;

(v)           on a pari passu basis based on the
amounts owing to the Class C Noteholders and each Class C Counterparty pursuant
to this Section 4.4(a)(v): (A) an amount equal to Class C Monthly Interest
for such Payment Date, plus any Class C
Deficiency Amount, plus the amount of
any Class C Additional Interest for such Payment Date, plus the amount of any Class C Additional
Interest previously due but not paid to the Class C Noteholders on a prior Payment
Date shall be deposited into the Distribution Account, and (B) any Class C
Senior Swap Payment for such Payment Date and any unpaid Class C Senior Swap
Payments owed to the Class C Counterparty in respect of any prior Payment Date
shall be paid to the Class C Counterparty;

(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;

(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;

 24
 

 

(ix)           an amount equal to the amounts
required to be deposited in the Spread Account pursuant to Section 4.11(e) shall be deposited into
the Spread Account;

(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 issued on any date prior to September 22, 2004 and
any 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)           an amount equal to any Subordinated
Termination Payments owing to the Class A Counterparty and any other amounts
owing to the Class A Counterparty under the Class A Swap shall be paid to the
Class A Counterparty;

(xii)          an amount equal to any Subordinated
Termination Payments owing to the Class B Counterparty and any other amounts
owing to the Class B Counterparty under the Class B Swap shall be paid to the
Class B Counterparty;

(xiii)         an amount equal to any Subordinated
Termination Payments owing to the Class C Counterparty and any other amounts
owing to the Class C Counterparty under the Class C Swap shall be paid to the
Class C Counterparty;

(xiv)        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
2007-2 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

(xv)         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
(xv)), 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 2007-2 pursuant to Section 8.4(d) of the Indenture
and that have not been paid pursuant to clauses (i) and (xiv)
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 in respect of the Ownership Interest.

 25
 

 

(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:

(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; second to the Class B Noteholders until the Class B Note Principal
Balance has been paid in full; and third to the Class C Noteholders
until the Class C 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, 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
and to the Class C Noteholders from the Distribution Account, the amount
deposited into the Distribution Account pursuant to Section 4.4(a)(v) 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; second to the Class B Noteholders until the
Class B Principal Balance is paid in full; and third
to the Class C Noteholders until the Class C Note Principal Balance is paid in
full.

 26
 

 

(f)            The Issuer shall distribute any
funds received in respect of the Ownership Interest to RFS Holding, L.L.C. as a
distribution on RFS Holding, L.L.C.’s beneficial interest in the Issuer.

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)           On each Payment Date, the Issuer
shall pay to each Class C Noteholder of record on the related Record Date such
Class C Noteholder’s pro  rata share of the amounts on deposit in
the Distribution Account (including amounts withdrawn from the Spread Account
(at the times and in the amounts specified in Section 4.11)) that are
allocated and available on such Payment Date and as are payable to the Class C
Noteholders pursuant to this Indenture Supplement.

(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 2007-2 Noteholder (at such
Noteholder’s address as it appears in the Note Register), except that for any
Series 2007-2 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 2007-2 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),
(iv) and (v).  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
2007-2 shall be an Excess Allocation Series with respect to Group One
only.  Subject to Section 8.6 of the Indenture,

 27
 

Excess Finance Charge Collections with respect to the Excess Allocation
Series in Group One for any Transfer Date will be allocated to Series 2007-2 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 2007-2 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 2007-2 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 (xiv) 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 2007-2 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 2007-2 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 2007-2 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 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
(xv) 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.

 28
 

 

(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 for the Class
C Notes, the Issuer, after the prior payment of all amounts owing to the Series
2007-2 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.

SECTION 4.11.  Spread
Account.

(a)           On or before each Transfer Date, if
the aggregate amount of Available Finance Charge Collections available for
application pursuant to Section 4.4(a)(v) is less than the aggregate
amount required to be deposited pursuant to Section 4.4(a)(v), the
Issuer shall withdraw from the Spread Account the amount of such deficiency up
to the Available Spread Account Amount and if the Available Spread Account
Amount is less than such deficiency, Investment Earnings credited to the Spread
Account and shall apply such amount in accordance with Section 4.4(a)(v).

(b)           Unless an Early Amortization Event
occurs, the Issuer will withdraw from the Spread Account and deposit in the
Collection Account for payment to the Class C Noteholders on the Expected
Principal Payment Date for the Class C Notes an amount equal to the lesser
of:  (i) the amount on deposit in the
Spread Account after application of any amounts set forth in clause (a) above
and (ii) the Class C Note Principal Balance.

(c)           Upon an Early Amortization Event, the
amount, if any, remaining on deposit in the Spread Account, after making the
payments described in clause (a) above, shall be applied to pay principal on
the Class C Notes on the earlier of the Series Maturity Date and the first
Payment Date on which the Class A Note Principal Balance and the Class B Note
Principal Balance have been paid in full.

(d)           On any day following the occurrence
of an Event of Default with respect to Series 2007-2 that has resulted in the
acceleration of the Series 2007-2 Notes, the Issuer shall withdraw from the
Spread Account the Available Spread Account Amount and deposit such amount in
the Distribution Account for payment to the Series 2007-2 Notes in the
following order of priority

 29
 

until all amounts owed to such Noteholders have been
paid in full: (i) the Class C Noteholders, (ii) the Class A Noteholders and
(iii) the Class B Noteholders.

(e)           If on any Payment Date, after giving
effect to all withdrawals from the Spread Account, the Available Spread Account
Amount is less than the Required Spread Account Amount then in effect,
Available Finance Charge Collections shall be deposited into the Spread Account
pursuant to Section 4.4(a)(ix) up to
the amount of the Spread Account Deficiency.

(f)            If, after giving effect to all
deposits to and withdrawals from the Spread Account with respect to any Payment
Date, the amount on deposit in the Spread Account exceeds the Required Spread
Account Amount, the Issuer shall withdraw an amount equal to such excess from
the Spread Account and distribute such amount to the Transferor.  On the date on which the Class C Note
Principal Balance has been paid in full, after making any payments to the
Noteholders required pursuant to Sections 4.11(a),
(b), (c) and (d), the Issuer shall withdraw from the
Spread Account all amounts then remaining in the Spread Account and pay such
amounts to the holders of the Transferor Interest.

SECTION 4.12.  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 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.

(d)           On each Transfer Date (but subject to
Section 4.11(a)), the Investment
Earnings, if any, credited since the preceding Transfer Date on funds on
deposit in the Spread Account shall be retained in the Spread Account (to the
extent that the Available Spread Account Amount is less than the Required
Spread Account Amount) and the balance, if any, shall be paid to the holders of
the Transferor Interest.  For purposes of
determining the availability of funds or the balance in the Spread Account for
any reason under this Indenture Supplement (subject to Section 4.11(a)), all Investment Earnings
shall be deemed not to be available or on deposit; provided
that after the maturity of the Series 2007-2 Notes has been accelerated as a
result of an Event of Default, all Investment Earnings shall be added to the
balance on deposit in the Spread Account and treated like the rest of the
Available Spread Account Amount.

SECTION 4.13.  Controlled
Accumulation Period.  The Controlled
Accumulation Period is scheduled to commence at the beginning of business on
April 22, 2011; 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

 30
 

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 4.13 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 4.14.  Determination
of LIBOR.

(a)           On each LIBOR Determination Date in
respect of an Interest Period, the Indenture Trustee shall determine LIBOR on
the basis of the rate per annum displayed in the Bloomberg Financial Markets
system as the composite offered rate for London interbank deposits for a period
of the Designated Maturity, as of 11:00 a.m., London time, on that date.  If that rate does not appear on that display
page, LIBOR for that Interest Period will be the rate per annum shown on page
3750 of the Moneyline Telerate Services Report screen or any successor page as
the composite offered rate for London interbank deposits for a one-month
period, as shown under the heading “USD” as of 11:00 a.m., London time, on the
LIBOR Determination Date.  If no rate is
shown as described in the preceding two sentences, LIBOR for that Interest
Period will be the rate per annum based on the rates at which Dollar deposits
for a period of the Designated Maturity are displayed on page “LIBOR” of the
Reuters Monitor Money Rates Service or such other page as may replace the LIBOR
page on that service for the purpose of displaying London interbank offered
rates of major banks as of 11:00 a.m., London time, on the LIBOR Determination
Date; provided that if at least two rates appear on that page, the rate
will be the arithmetic mean of the displayed rates and if fewer than two rates
are displayed, or if no rate is relevant, the rate for that Interest Period
shall be determined on the basis of the rates at which deposits in United
States dollars are offered by the Reference Banks at approximately 11:00 a.m.,
London time, on that day to prime banks in the London interbank market for the
period of the Designated Maturity.  The
Indenture Trustee shall request the principal London office of each of the
Reference Banks to provide a quotation of its rate.  If at least two (2) such quotations are
provided, the rate for that Interest Period shall be the arithmetic mean of the
quotations.  If fewer than two (2)
quotations are provided as requested, the rate for that Interest Period will be
the arithmetic mean of the rates quoted by major banks in New York City,
selected by the Servicer, at approximately 11:00 a.m., New York City time, on
that day for loans in United States dollars to leading European banks for a
period of the Designated Maturity.

 31

(b)           The Class A Note Interest Rate, Class
B Note Interest Rate and Class C Note Interest Rate applicable to the then
current and the immediately preceding Interest Periods may be obtained by
telephoning the Indenture Trustee at its corporate trust office at (800)
735-7777 or such other telephone number as shall be designated by the Indenture
Trustee for such purpose by prior written notice by the Indenture Trustee to
each Series 2007-2 Noteholder from time to time.

(c)           On each LIBOR Determination Date, the
Indenture Trustee shall send to the Issuer by facsimile transmission,
notification of LIBOR for the following Interest Period.

SECTION 4.15.  Swaps.  (a) On or prior to the Closing Date, the
Issuer shall enter into a Class A Swap with the Class A Counterparty, a Class B
Swap with the Class B Counterparty and a Class C Swap with the Class C
Counterparty for the benefit of the Class A Noteholders, the Class B
Noteholders and the Class C Noteholders, respectively.  The aggregate notional amount under the Class
A Swap shall, at any time, be equal to the Class A Note Principal Balance at
such time.  The aggregate notional amount
under the Class B Swap shall, at any time, be equal to the Class B Note
Principal Balance at such time.  The
aggregate notional amount under the Class C Swap shall, at any time, be equal
to the Class C Note Principal Balance. 
The Issuer shall cause the Class A Counterparty, the Class B
Counterparty or the Class C Counterparty to deposit Net Swap Receipts payable
in the Collection Account.  On any
Payment Date when there shall be a Class A Senior Swap Payment, the Issuer
shall pay such Class A Senior Swap Payment subject to the priority of payments
set forth in Section 4.4(a)(iii).  On any Payment Date when there shall be a
Class B Senior Swap Payment, the Issuer shall pay such Class B Senior Swap
Payment subject to the priority of payments set forth in Section 4.4(a)(iv).  On any Payment Date when there shall be a
Class C Senior Swap Payment, the Issuer shall pay such Class C Senior Swap Payment
subject to the priority of payments set forth in Section
4.4(a)(v).  On any Payment
Date when there shall be Subordinated Termination Payments or any other
miscellaneous payments payable by the Issuer to the Counterparties, the Issuer
shall pay such amounts subject to the priority of payments set forth in Sections 4.4(a)(xi), (xii)  and  (xiii).

(b)           When
required under the terms of the existing Class A Swap, Class B Swap or Class C
Swap, the Issuer shall obtain a Qualifying Substitute Arrangement.

SECTION 4.16.  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 Account in immediately available funds
not later than 12:00 noon., New York City time, on the related Payment Date.

 32
 

 

ARTICLE V

DELIVERY OF SERIES 2007-2 NOTES;

REPORTS TO SERIES 2007-2 NOTEHOLDERS

SECTION 5.1.  Delivery
and Payment for the Series 2007-2 Notes.

The Issuer shall execute and issue, and the Indenture
Trustee shall authenticate, the Series 2007-2 Notes in accordance with Section 2.2 of the Indenture.  The Indenture Trustee shall deliver the
Series 2007-2 Notes to or upon the written order of the Issuer when so
authenticated.

SECTION 5.2.  Reports and Statements to Series 2007-2
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 2007-2 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 2007-2 Noteholder by a request in writing to the Issuer.

(c)           On or before January 31 of each
calendar year, beginning with January 31, 2007, the Issuer shall furnish or
cause to be furnished to each Person who at any time during the preceding
calendar year was a Series 2007-2 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 informed required to complete a Form 1099-INT.

ARTICLE VI

SERIES 2007-2 EARLY AMORTIZATION EVENTS

SECTION 6.1.  Series
2007-2 Early Amortization Events.  If
any one of the following events shall occur with respect to the Series 2007-2
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 the Series 2007-2 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 2007-2 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

 33
 

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 2007-2 Notes and as a result of which the interests of
the Series 2007-2 Noteholders are materially and adversely affected for such
period; provided, however, that a Series 2007-2 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)           the Portfolio Yield averaged over
three consecutive Monthly Periods is less than the Base Rate averaged over the
same Monthly Periods;

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

(g)           the Class A Counterparty, the Class B
Counterparty or the Class C Counterparty shall fail to pay any net amount
payable by such Counterparty under the Class A Swap, the Class B Swap or the
Class C Swap, as applicable, as a result of LIBOR being greater than the Class
A Swap Rate, the Class B Swap Rate or the Class C Swap Rate, as applicable, and
such failure is not cured within five Business Days;

(h)           the Class A Swap shall terminate
prior to the earlier of the payment in full of the Class A Notes and the Series
Maturity Date if the Issuer shall fail to enter into a replacement Class A Swap
or other Qualifying Substitute Arrangement in accordance with subsection
4.15(b) within ten Business Days; the Class B Swap shall terminate prior to
the earlier of the payment in full of the Class B Notes and the Series Maturity
Date if the Issuer shall fail to enter into a replacement Class B Swap or other
Qualifying Substitute Arrangement in accordance with subsection 4.15(b)
within ten Business Days; or the Class C Swap shall terminate prior to the
earlier of the payment in full of the Class C Notes and the Series Maturity
Date if the Issuer shall fail to enter into a replacement Class C Swap or other
Qualifying Substitute Arrangement in accordance with subsection 4.15(b)
within ten Business Days; or

(i)            without limiting the foregoing, the
occurrence of an Event of Default with respect to Series 2007-2 and
acceleration of the maturity of the Series 2007-2 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 2007-2 Notes evidencing more than 50% of the aggregate
unpaid principal amount of Series 2007-2 Notes by notice then given in writing
to the Issuer (and to the Indenture Trustee if

 34
 

given by the Series 2007-2 Noteholders) may declare
that a “Series Early Amortization Event” with respect to Series 2007-2 (a “Series 2007-2 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), (g), (h) or (i)
a Series 2007-2 Early Amortization Event shall occur without any notice or
other action on the part of the Indenture Trustee or the Series 2007-2
Noteholders immediately upon the occurrence of such event.

ARTICLE VII

REDEMPTION OF SERIES 2007-2 NOTES; FINAL
DISTRIBUTIONS; SERIES

TERMINATION

SECTION 7.1.  Optional
Redemption of Series 2007-2 Notes; Final Distributions.

(a)           On any day occurring on or after the
date on which the outstanding principal balance of the Series 2007-2 Notes is
reduced to 10% or less of the initial outstanding principal balance of Series
2007-2 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 2007-2 shall be reduced to zero
and the Series 2007-2 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 2007-2 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 2007-2 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 2007-2, the Indenture
Trustee

 35
 

shall, in accordance with the written direction of the
Issuer, not later than 12:00 noon, New York 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) an amount equal to the Class A Senior
Swap Payments, if any, payable to the Class A Counterparty will be paid to the
Class A Counterparty, (ii) (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, (iii) an amount equal to the Class B Senior Swap Payments, if any,
payable to the Class B Counterparty will be paid to the Class B Counterparty,
(iv) (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,
(v) an amount equal to the Class C Senior Swap Payments, if any, payable to the
Class C Counterparty will be paid to the Class C Counterparty, (vi)  (x)
the Class C Note Principal Balance on such Payment Date will be paid to the
Class C Noteholders and (y) an amount equal to the sum of (A) Class C Monthly
Interest due and payable on such Payment Date or any prior Payment Date, (B)
any Class C Deficiency Amount for such Payment Date, and (C) the amount of
Class C Additional Interest, if any, for such Payment Date and any Class C
Additional Interest previously due but not paid to the Class C Noteholders on
any prior Payment Date will be paid to the Class C Noteholders, (vii) an amount
equal to the Subordinated Termination Payments, if any, payable to the Class A
Counterparty will be paid to the Class A Counterparty; (viii) an amount equal
to the Subordinated Termination Payments, if any, payable to the Class B
Counterparty will be paid to the Class B Counterparty; (ix) an amount equal to
the Subordinated Termination Payments, if any, payable to the Class C
Counterparty will be paid to the Class C Counterparty, and (x) 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 2007-2 Notes shall be due and payable.

ARTICLE VIII

MISCELLANEOUS PROVISIONS

SECTION 8.1.  Ratification
of Indenture; Amendments.  (a)         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

 36
 

Supplement, the Series 2007-2 Noteholders shall be the only Noteholders
whose vote shall be required.

(b)           The
Issuer shall not amend the Class A Swap, the Class B Swap or the Class C Swap
unless (i)(A) the amendment is being entered into to cure any ambiguity or
correct or supplement any provision of or to add or change any provisions
concerning matters or questions raised under the Class A Swap, the Class B Swap
or the Class C Swap, as applicable, (B) the Rating Agency Condition is satisfied
and (C) the Transferor has delivered an Officer’s Certificate to the Issuer
certifying the amendment will not cause an Adverse Effect; (ii) the Rating
Agency Condition is satisfied and the amendment is being entered into to add,
modify or eliminate provisions necessary or advisable in order to enable (A) a
FASIT election to be made with respect to all or part of RFS Funding Trust or
the Issuer, (B) so long as a FASIT Election is in effect, all or part of RFS
Funding Trust or the Issuer to qualify as a FASIT under the code, (C) the
termination of a FASIT election with respect to all or part of the Issuer or
(D) the Issuer to avoid the imposition of state or local income or franchise
taxes on the Issuer’s property or its income or (iii) the Issuer obtains the
consent of the 66 2/3% of the Outstanding Principal Balance of the Series
2007-2 Notes; provided that any such amendment shall not affect any cash
payment or receipt required under the existing terms of the affected Class A
Swap, Class B Swap or Class C Swap.

SECTION 8.2.  Form
of Delivery of the Series 2007-2 Notes. 
The Class A Notes, the Class B Notes and the Class C Notes shall be
Book-Entry Notes and shall be delivered as provided in Sections 2.1 and 2.2 of the Indenture.

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 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;

 37
 

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 11.4 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
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 The Bank of New York (Delaware), not in its individual capacity,
but solely in its capacity as Trustee of the Trust, in no event shall The Bank
of New York (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.

 38
 

 

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 address:

Fitch Ratings

One State Street Plaza

New York, NY 10004 

Facsimile: (212)-514-9879

Moody’s Rating Service

99 Church Street

New York, NY 10007 

Facsimile:  (212) 553-3856

Standard & Poor’s

Structured Finance Surveillance

55 Water Street

New York, NY 10041

Attention:  ABS Surveillance Group

Facsimile: (212) 438-2648

ARTICLE IX

FASIT MATTERS

SECTION 9.1.  FASIT Administration.

(a)           FASIT Matters.  An election has been made to treat the Trust
Estate as a FASIT known as the RFS FASIT. 
December 30, 2002 was designated as the “Startup Day” of the RFS FASIT
within the meaning of section 860L(d)(1) of the Code.  The Ownership Interest was designated as the
single class of “ownership interest” (within the meaning of section 860L(b)(2)
of the Code) in the RFS FASIT. 
Notwithstanding any provision of the Indenture or this Indenture
Supplement to the contrary, each class of Series 2007-2 Regular Interests shall
mature on or before December 1, 2020.

(b)           Series 2007-2 Regular Interests.  Each Class of Notes is hereby designated a
separate class of “regular interests” in the RFS FASIT within the meaning of
section 860L(b)(1)(A) of the Code and each Note is hereby designated a separate
“regular interest” within such Class. 
Each of the Class A Notes is hereby designated a “Class A Regular
Interest,” each of the Class B Notes is hereby designated a “Class B
Regular Interest” and each of the Class C Notes is hereby designated a “Class
C Regular Interest” (the Class A Regular Interests, the Class B Regular
Interests and the Class C Regular Interests being referred to collectively as
the “Series 2007-2 Regular Interests”). 
The Series 2007-2 Regular Interest shall bear interest at a rate equal
to the rate of interest on the related Class A Note, Class B Note or Class C
Note, as applicable (such related interest, a “Related Interest”).  The rate of interest on each Related Interest
is intended to qualify as a qualifying variable rate under section
860L(b)(1)(A)(ii) of the

 39
 

Code.  Interest
shall be paid on each Class of Series 2007-2 Regular Interest at the same times
as Interest is paid on the Class A Notes, Class B Notes and Class C Notes
(which Interest shall be allocated among the Series 2007-2 Regular Interests in
proportion to the amount of Interest owning on the respective Related Interests
if there is more than one class of such Series 2007-2 Regular Interests and
Interest with respect to each class is not paid in full).  The principal amount of each Series 2007-2
Regular Interest shall equal the respective amount of the Class A Note
Principal Balance, Class B Note Principal Balance or Class C Note Principal
Balance, as applicable, with respect to the Related Interest for such Series
2007-2 Regular Interest.

(c)           Payment of Principal on Class A
Regular Interests.  On each Payment
Date, 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, the principal amount of each Class A Regular
Interest related to a Class A Note shall be reduced by such Class A Note’s pro
rata share of an amount equal to the least of (i) the Available Principal
Collections on deposit in the Principal Account with respect to such Payment
Date, (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.

(d)           Payment of Principal on Class B
Regular Interests.  On each Payment
Date, 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, the principal amount of each Class B Regular
Interest related to a Class B Note shall be reduced by such Class B Note’s pro
rata share of an amount equal to the least of (i) the Available Principal
Collections on deposit in the Principal Account with respect to such Payment
Date, (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.

(e)           Payment of Principal on Class C
Regular Interests. On each Payment Date, 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, the
principal amount of each Class C Regular Interest related to a Class C Note
shall be reduced by such Class C Note’s pro rata share of an amount equal to
the least of (i) the Available Principal Collections on deposit in the
Principal Account with respect to such Payment Date, (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.

 40
 

 

(f)            The Issuer hereby agrees to take
such further actions as may be required to effectuate this Article IX
and the intent that the RFS FASIT be treated as a FASIT.

(g)           Alternative Characterization.  The Issuer acknowledges that the American
Jobs Creation Act of 2004 (the “Jobs Act”) repealed the provisions of
the Code governing FASITs.  In the event
that the Internal Revenue Service issues guidance in the form of a Notice,
Revenue Procedure, Revenue Ruling, or Private Letter Ruling providing for FASITs
existing prior to October 22, 2004 to terminate and/or cease issuing regular
interests, then it is the intent of the parties hereto that, for federal income
tax purposes, (i) the Trust Estate be disregarded as an entity separate from
RFS Holding L.L.C. and (ii) the Notes be treated as debt.

[SIGNATURE PAGE
FOLLOWS]

 41

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:

  	
  The Bank of New York (Delaware), not in

  its individual capacity, but solely as Trustee

  on behalf of Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kristine K. Gullo

  	
   

  
	
   

  	
   

  	
  Name: Kristine K. Gullo

  
	
   

  	
   

  	
  Title:   Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DEUTSCHE BANK TRUST COMPANY

  AMERICAS, as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kara Leibel

  	
   

  
	
   

  	
   

  	
  Name: Kara Leibel

  
	
   

  	
   

  	
  Title:   Associate

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William Schwerdtman

  	
   

  
	
   

  	
   

  	
  Name: William Schwerdtman

  
	
   

  	
   

  	
  Title:   Associate

  
								

 

Indenture Supplement

Series 2007-2

 S-1

EXHIBIT A-1

FORM OF CLASS A SERIES 2007-2 FLOATING RATE 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 INSTITUTE 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”)), (C) AN ENTITY WHOSE UNDERLYING
ASSETS ARE DEEMED TO BE PLAN ASSETS OF A PLAN DESCRIBED IN (A) OR (B) 

 1
 

ABOVE OR (D) OTHER PLAN
THAT IS SUBJECT TO ANY APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO ERISA OR
SECTION 4975 OF THE CODE OR (II) ITS ACQUISITION, CONTINUED HOLDING AND
DISPOSITION OF THIS NOTE WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION
UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY
SUBSTANTIALLY SIMILAR APPLICABLE LAW.

 2
 

 

	
  REGISTERED 

  	
  $

  	
   

  
	
  No. R-

  	
   

  	
  CUSIP NO.

  

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2007-2

CLASS A SERIES 2007-2 FLOATING RATE 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 March 2015 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 March 2015 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 and the actual number of days elapsed.  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: 

  	
  THE BANK OF NEW
  YORK (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 2007-2

CLASS A SERIES 2007-2 FLOATING RATE 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 2007-2 (the “Series 2007-2 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 March 29, 2007 (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 and the Class C 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 2007-2 FLOATING RATE 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 INSTITUTE 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, 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”)), (C) AN ENTITY WHOSE UNDERLYING
ASSETS ARE DEEMED TO BE PLAN ASSETS OF A PLAN DESCRIBED IN (A) OR (B) 

 1
 

ABOVE OR (D) OTHER PLAN
THAT IS SUBJECT TO ANY APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO ERISA OR
SECTION 4975 OF THE CODE OR (II) ITS ACQUISITION, CONTINUED HOLDING AND
DISPOSITION OF THIS NOTE WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION
UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY
SUBSTANTIALLY SIMILAR APPLICABLE LAW.

 2
 

 

	
  REGISTERED 

  	
  $

  	
   

  
	
  No. R-

  	
   

  	
  CUSIP NO.

  

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2007-2

CLASS B SERIES 2007-2 FLOATING RATE 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 March 2015 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 March 2015 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 and the actual number of days elapsed.  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:

  	
  THE BANK OF NEW
  YORK (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:

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

 5
 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2007-2

CLASS B SERIES 2007-2 FLOATING RATE 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 2007-2 (the “Series 2007-2 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 March 29, 2007 (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 and the Class C 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 A-3

FORM OF CLASS C SERIES 2007-2 FLOATING RATE 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 INSTITUTE 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 C NOTE, BY ACCEPTANCE OF THIS
NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE
CLASS C 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”)), (C) AN ENTITY WHOSE UNDERLYING
ASSETS ARE DEEMED TO BE PLAN ASSETS OF A PLAN DESCRIBED IN (A) OR (B) 

 1
 

ABOVE OR (D) OTHER PLAN
THAT IS SUBJECT TO ANY APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO ERISA OR
SECTION 4975 OF THE CODE OR (II) ITS ACQUISITION, CONTINUED HOLDING AND
DISPOSITION OF THIS NOTE WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION
UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY
SUBSTANTIALLY SIMILAR APPLICABLE LAW.

 2
 

 

	
  REGISTERED 

  	
  $

  	
   

  
	
  No. R-

  	
   

  	
  CUSIP NO.

  

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2007-2

CLASS C SERIES 2007-2 FLOATING RATE 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 March 2015 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 C 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 March 2015 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 and the actual number of days elapsed.  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 C NOTE IS SUBORDINATED TO THE EXTENT
NECESSARY TO FUND PAYMENTS ON THE CLASS A AND CLASS B NOTES TO THE EXTENT
SPECIFIED IN THE INDENTURE SUPPLEMENT.

 3
 

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

	
  

  	
  GE CAPITAL CREDIT CARD MASTER NOTE TRUST, as
  Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  THE BANK OF NEW
  YORK (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 C 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 2007-2

CLASS C SERIES 2007-2 FLOATING RATE ASSET BACKED NOTE

Summary of Terms and Conditions

This Class C Note is one of a duly authorized issue of
Notes of the Issuer, designated as GE Capital Credit Card Master Note Trust,
Series 2007-2 (the “Series 2007-2 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 March 29, 2007 (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 and 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 C 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
C 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 C 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 2007 – 2

Class A LIBOR + 0.04% Notes

Class B LIBOR + 0.18% Notes

Class C LIBOR + 0.36% 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 2007-2 Indenture Supplement (the “Indenture
Supplement”), dated as of March 29, 2007, 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 2007-2 Noteholders and the performance of the Trust during the previous
month.  The information required to be
prepared with respect to the Payment Date of May 15, 2007, and with respect to
the performance of the Trust during the Monthly Period ended April 21, 2007 is
set forth below.  Capitalized terms used
herein are defined in the Indenture and the Indenture Supplement. 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:

  	
  [  ·  ]

  
	
  LIBOR Determination Date

  	
  [  ·  ], 20[  ·  ]

  
	
  LIBOR Rate

  	
  [  ·  ]

  
	
  Is there a Reset Date?

  	
  [No][Yes]

  

 

	
  I.              Trust Receivables Information

  	
   

  
	
  a.     Number of Obligors (Total
  Securitized) Beginning

  	
   

  
	
  b.     Number of Obligors (Total Securitized) Ending

  	
   

  
	
  c.     Average Obligor Balance (q / b)

  	
   

  
	
  d.     BOP Principal Receivables

  	
   

  

 

 1
 

 

	
  e.     BOP Finance Charge Receivables

  	
   

  	 

	
  f.      BOP Total Receivables

  	
   

  	 

	
  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 * 4.0%)

  	
   

  
	
  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.    End of Interest Period

  	
   

  
	
   

  	
   

  
	
  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.    End of Interest Period

  	
   

  

 

 2
 

 

	
  c.     Collateral Amount (Sum of
  all Series)

  	
   

  
	
  i.      End of Prior Monthly
  Period

  	
   

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

  	
   

  
	
  iii.    Increase in Unreimbursed
  Investor Charge-Off

  	
   

  
	
  iv.    Decrease in Unreimbursed
  Investor Charge-Off

  	
   

  
	
  v.     Increase in Unreimbursed
  Reallocated Principal Collections

  	
   

  
	
  vi.    Decrease in Unreimbursed
  Reallocated Principal Collections

  	
   

  
	
  vii.   End of Interest Period
  (c.ii + a.ii-a.iii + (b.ii through b.iv) - c.iii - c.iv)

  	
   

  
	
   

  	
   

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

  	
   

  
	
  i.      Current

  	
   

  
	
  ii.     Prior Monthly Period

  	
   

  
	
  iii.    Two Months Prior Monthly
  Period

  	
   

  
	
  iv.    Three-Month Average

  	
   

  
	
   

  	
   

  
	
  d.     Default Amount for
  Defaulted Accounts

  	
   

  
	
   

  	
   

  
	
  e.     Collections

  	
   

  
	
  i.      Total Trust Finance Charge
  Collections

  	
   

  
	
  ii.     Total Trust Principal
  Collections

  	
   

  
	
  iii.    Total Trust Collections

  	
   

  
	
   

  	
   

  
	
  f.      Delinquency Data

  	
   

  

 

	
  

  	
   

  	
  Percentage

  	
   

  	
  Amount

  
	
  i.

  	
  15-29 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

  	
   

  	
   

  	
   

  	
   

  

 

 3
 

 

	
  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 + Swap Payments – Swap Receipts
  / 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.

  	
   

  	 

	
   

  	
   

  	 

	
  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.

  	
   

  	 

	
   

  	
   

  	 

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

  	
   

  	 

 

 4
 

 

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

  	
   

  
	
   

  	
   

  
	
  i.      The amount of the
  distribution set forth in paragraph g. above in respect of principal on the
  Class C 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.     Class C Note Initial Principal Balance

  	
   

  
	
  d.     Initial Excess Collateral Amount

  	
   

  
	
  e.     Initial Collateral Amount

  	
   

  
	
   

  	
   

  
	
  f.      Class A Note Principal
  Balance

  	
   

  
	
  i.      Beginning of Interest
  Period

  	
   

  
	
  ii.     Principal Payment

  	
   

  
	
  iii.    End of Interest Period

  	
   

  
	
   

  	
   

  
	
  g.     Class B Note Principal
  Balance

  	
   

  
	
  i.      Beginning of Interest
  Period

  	
   

  
	
  ii.     Principal Payment

  	
   

  
	
  iii.    End of Interest Period

  	
   

  
	
   

  	
   

  
	
  h.     Class C Note Principal
  Balance

  	
   

  
	
  i.      Beginning of Interest
  Period

  	
   

  
	
  ii.     Principal Payment

  	
   

  
	
  iii.    End of Interest Period

  	
   

  
	
   

  	
   

  
	
  i.      Excess Collateral Amount

  	
   

  
	
  i.      Beginning of Interest
  Period

  	
   

  
	
  ii.     Reduction in Excess
  Collateral Amount

  	
   

  
	
  iii.    End of Interest Period

  	
   

  
	
   

  	
   

  
	
  j.      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.    End of Interest Period

  	
   

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

  	
   

  
	
  viii.  Amount by which Note
  Principal Balance exceeds Collateral Amount

  	
   

  
	
   

  	
   

  
	
  k.     Required Excess Collateral
  Amount

  	
   

  

 

 5
 

 

	
  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

  	
   

  
	
  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

  	
   

  
	
  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.

  	
  Available
  Finance Charge Collections

  	
   

  	
   

  	
   

  	
   

  

 

 6
 

 

	
  i.      Investor Finance Charge
  Collections

  	
   

  
	
  ii.     Excess Finance Charge
  Collections allocable to Series 2007-2

  	
   

  
	
  iii.    Principal Accumulation
  Account Investment Proceeds

  	
   

  
	
  iv.    Investment earnings in the
  Reserve Account

  	
   

  
	
  v.     Reserve Account Draw
  Amount

  	
   

  
	
  vi.    Net Swap Receipts

  	
   

  
	
  vii.   Recoveries

  	
   

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

  	
   

  
	
  i.      Total Collections to Series

  	
   

  
	
  j.      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

  	
   

  
	
  e.     Class A Senior Swap
  Payments

  	
   

  
	
  f.      Class A Senior Swap
  Payments not paid on a 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

  	
   

  
	
  e.     Class B Senior Swap
  Payments

  	
   

  

 

 7
 

 

	
  f.      Class B Senior Swap
  Payments not paid on a prior Payment Date

  	
   

  
	
   

  	
   

  
	
  v.     On a pari passu basis:

  	
   

  
	
  a.     Class C Monthly Interest

  	
   

  
	
  b.     Class C Deficiency Amount

  	
   

  
	
  c.     Class C Additional
  Interest

  	
   

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

  	
   

  
	
  e.     Class C Senior Swap
  Payments

  	
   

  
	
  f.      Class C Senior Swap
  Payments not paid on a prior Payment Date

  	
   

  
	
   

  	
   

  
	
  vi.    To be treated as Available Principal Collections

  	
   

  
	
  a.     Aggregate Investor Default
  Amount

  	
   

  
	
  b.     Aggregate Investor
  Uncovered Dilution Amount

  	
   

  
	
   

  	
   

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

  	
   

  
	
  a.     Investor Charge-offs

  	
   

  
	
  b.     Reallocated Principal
  Collections

  	
   

  
	
   

  	
   

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

  	
   

  
	
  ix.    Amounts required to be deposited to the Spread
  Account

  	
   

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

  
	
  xi.    Subordinated Termination
  Payments and other additional amount owed to Class A Swap Counterparty

  	
   

  
	
  xii.   Subordinated Termination
  Payments and other additional amount owed to Class B Swap Counterparty

  	
   

  
	
  xiii.     Subordinated Termination
  Payments and other additional amount owed to Class C Swap Counterparty

  	
   

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

  	
   

  
	
  xv.   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, second, paid to
  the Transferor, to be applied in accordance with Section 8.6 of the Indenture
  unless:

  
	
  a.     There is an Early
  Amortization Period, in which case Excess Finance Charge Collections will be
  used to pay Monthly Principal; or

  

 

 8
 

 

	
  b.     GE Capital’s long-term
  unsecured debt rating is Aa2 or lower by Moody’s or AA or lower by S&P
  and the Free Equity Amount is less than the Minimum Free Equity Amount, in
  which case Excess Finance Charge Collections will be deposited to the Excess
  Funding Account up to such shortfall

  	
   

  
	
   

  	
   

  
	
  XI.           Excess Finance Charge Collections (Group One)

  	
   

  
	
  a.     Total Excess Finance
  Charge Collections in Group One

  	
   

  
	
  b.     Finance Charge Shortfall
  for Series 2007–1

  	
   

  
	
  c.     Finance Charge Shortfall
  for all Series in Group One

  	
   

  
	
  d.     Excess Finance Charges
  Collections Allocated to Series 2007–1

  	
   

  
	
   

  	
   

  
	
  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:  Unless there is an Early Amortization
  Period, the amount of Available Finance Charge Collections used to pay
  principal on the Notes pursuant to Section 4.4(a)(xv)

  
	
  g.     Available Principal
  Collections (Deposited to Principal Account)

  	
   

  
	
  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

  	
   

  

 

 9
 

 

	 
	
  a.     Principal paid to Class A
  Noteholders

  	
   

  	 

	 
	
  b.     Principal paid to Class B
  Noteholders

  	
   

  	 

	 
	
  c.     Principal paid  to class C Noteholders

  	
   

  	 

	 
	
  vi.    Total Principal
  Collections Available to Share (Inclusive of Series 2007–1)

  	
   

  	 

	 
	
  vii.   Series Principal Shortfall

  	
   

  	 

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

  	
   

  	 

	 
	
   

  	
   

  	 

	 
	
  XIII.        Series 2007-2 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.    End of Interest Period

  	
   

  	 

	 
	
   

  	
   

  	 

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

  	
   

  	 

	
  a.     Reserve Account Funding
  Date (scheduled)

  	
   

  
	
  b.     Required Reserve Account
  Amount (.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)

  	
   

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

  	
   

  
	
  h.     Ending Available Reserve
  Account Amount

  	
   

  
	
   

  	
   

  
	
  XV.         Spread Account Funding (Section references relate
  to Indenture Supplement)

  	
   

  
	
  a.     Spread Account Percentage

  	
   

  
	
  b.     Required Spread Account
  Amount

  	
   

  
	
  c.     Beginning Available Spread
  Account Amount

  	
   

  
				

 

 10
 

 

	
  d.     Withdrawal pursuant to
  4.11(a) – Section 4.4(a)(v) Shortfall

  	
   

  
	
  e.     Withdrawal pursuant to
  4.11(b) – Class C Expected Principal Payment Date

  	
   

  
	
  f.      Withdrawal pursuant to
  4.11(c) – Early Amortization Event

  	
   

  
	
  g.     Withdrawal pursuant to
  4.11(d) – Event of Default

  	
   

  
	
  h.     Deposit pursuant to
  4.4(a)(ix) – Spread Account Deficiency

  	
   

  
	
  i.      Withdrawal pursuant to
  4.11(f) – Spread Account Surplus Amount

  	
   

  
	
  j.      Ending Available Spread
  Account Amount

  	
   

  
	
   

  	
   

  
	
  XVI.        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.    Excess Spread over Base
  Rate

  	
   

  
	
   

  	
   

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

  	
   

  
	
  i.      Expected Principal Payment
  Date

  	
   

  
	
  ii.     Current Payment Date

  	
   

  

 

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

	
  

  	
  GE MONEY BANK, as Servicer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 11

EXHIBIT C-1

FORM OF CLASS A SWAP

[See Exhibits 4.2, 4.5, 4.8 and 4.11]

 1

EXHIBIT C-2

FORM OF CLASS B SWAP

[See Exhibits 4.3, 4.6, 4.9 and 4.12]

 1

EXHIBIT C-3

FORM OF CLASS C SWAP

[See Exhibits 4.4, 4.7, 4.10 and 4.13]

 1

SCHEDULE I

PERFECTION REPRESENTATIONS, WARRANTIES

AND COVENANTS (WITH RESPECT TO NET SWAP RECEIPTS)

(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 Net Swap Receipts 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 Issuer.

(2)           The
Net Swap Receipts constitute “general intangibles” within the meaning of the
applicable UCC.

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

(4)           There
are no consents or approvals required by the terms of the Class A Swap, Class B
Swap or Class C Swap for the pledge of the Net Swap Receipts 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 Net Swap
Receipts.

(6)           Other
than the pledge of the Net Swap Receipts to the Indenture Trustee pursuant to
the Indenture, the Issuer has not pledged, assigned, sold, granted a security
interest in, or otherwise conveyed the Net Swap Receipts.  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 Net Swap Receipts, 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
2007-2 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 Net Swap Receipts.

 1

SCHEDULE II

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 II shall be
continuing, and remain in full force and effect, until such time as the Series
2007-2 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 II.

(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 4.2

Series
2007-2 (Class A)

International Swaps and Derivatives Association, Inc.

2002
MASTER AGREEMENT

dated as
of March 29, 2007

ABN AMRO BANK N.V.
and GE CAPITAL CREDIT CARD MASTER NOTE TRUST
have entered and/or anticipate entering into one or more transactions (each a “Transaction”)
that are or will be governed by this 2002 Master Agreement, which includes the
schedule (the “Schedule”), and the documents and other confirming evidence
(each a “Confirmation”) exchanged between the parties or otherwise effective
for the purpose of confirming or evidencing those Transactions. This 2002
Master Agreement and the Schedule are together referred to as this “Master
Agreement”.

Accordingly, the parties agree as follows:-

1.                                      Interpretation

(a)                                  Definitions. The terms defined in Section 14 and
elsewhere in this Master Agreement will have the meanings therein specified for
the purpose of this Master Agreement.

(b)                                  Inconsistency. In
the event of any inconsistency between the provisions of the Schedule and the other
provisions of this Master Agreement, the Schedule will prevail. In the event of
any inconsistency between the provisions of any Confirmation and this Master
Agreement, such Confirmation will prevail for the purpose of the relevant
Transaction.

(c)                                  Single Agreement. All
Transaction are entered into the reliance on the fact that this Master
Agreement and all Confirmations form a single agreement between the parties
(collectively referred to as this “Agreement”), and the parties would not
otherwise enter into any Transactions.

2.                                      Obligations

(a)                                  General Conditions.

(i)                                     Each
party will make each payment or delivery specified in each Confirmation to be
made by it, subject to the other provisions of this Agreement.

(ii)                                  Payments
under this Agreement will be made on the due date for value on that date in the
place of the account specified in the relevant Confirmation or otherwise
pursuant to this Agreement, in freely transferable funds and in the manner
customary for payments in the required currency. Where settlement is by
delivery (that is, other than by payment), such delivery will be made for
receipt on the due date in the manner customary for the relevant obligation
unless otherwise specified in the relevant Confirmation or elsewhere in this
Agreement.

 

(iii)                               Each obligation of each
party under Section 2(a)(i) is subject to (1) the condition precedent that no
Event of Default or Potential Event of Default with respect to the other party
has occurred and is continuing, (2) the condition precedent that no Early
Termination Date in respect of the relevant Transaction has occurred or been
effectively designated and (3) each other condition specified in this Agreement
to be a condition precedent for the purpose of this Section 2(a)(iii).

(b)                                  Change of
Account. Either party may change
its account for receiving a payment or delivery by giving notice to the other
party at least five Local Business Days prior to the Scheduled Settlement Date
for the payment or delivery to which such change applies unless such other party
gives timely notice of a reasonable objection to such change.

(c)                                  Netting of
Payments. If
on any date amounts would otherwise be payable: —

(i)                                     in the same currency; and

(ii)                                  in respect of the same Transaction,

by each party to the other,
then, on such date, each party’s obligation to make payment of any such amount
will be automatically satisfied and discharged and, if the aggregate amount
that would otherwise have been payable by one party exceeds the aggregate
amount that would otherwise have been payable by the other party, replaced by
an obligation upon the party by which the larger aggregate amount would have
been payable to pay to the other party the excess of the larger aggregate
amount over the smaller aggregate amount.

The parties may elect in respect
of two or more Transactions that a net amount and payment obligation will be
determined in respect of all amounts payable on the same date in the same
currency in respect of those Transactions, regardless of whether such amounts
are payable in respect of the same Transaction. The election may be made in the
Schedule or any Confirmation by specifying that “Multiple Transaction Payment
Netting” applies to the Transactions identified as being subject to the
election (in which case clause (ii) above will not apply to such Transactions).
If Multiple Transaction Payment Netting is applicable to Transactions, it will
apply to those Transactions with effect from the starting date specified in the
Schedule or such Confirmation, or, if a starting date is not specified in the
Schedule or such Confirmation, the starting date otherwise agreed by the
parties in writing. This election may be made separately for different groups
of Transactions and will apply separately to each pairing of Offices through
which the parties make and receive payments or deliveries.

(d)                                  Deduction or
Withholding for Tax.

(i)                                     Gross-Up. All payments under this Agreement will be made
without any deduction or withholding for or on account of any Tax unless such
deduction or withholding is required by any applicable law, as modified by the
practice of any relevant governmental revenue authority, then in effect. If a
party is so required to deduct or withhold, then that party (“X”) will: —

(1)                                  promptly notify the other party (“Y”) of such
requirement;

(2)                                  pay to the relevant authorities the full
amount required to be deducted or withheld (including the full amount required
to be deducted or withheld from any additional amount paid by X to Y under this
Section 2(d)) promptly upon the earlier of determining that such deduction or
withholding is required or receiving notice that such amount has been assessed
against Y;

(3)                                  promptly forward to Y an official receipt (or
a certified copy), or other documentation reasonably acceptable to Y,
evidencing such payment to such authorities; and

 2
 

(4)                                  if such Tax is an Indemnifiable Tax, pay to Y,
in addition to the payment to which Y is otherwise entitled under this
Agreement, such additional amount as is necessary to ensure that the net amount
actually received by Y (free and clear of Indemnifiable Taxes, whether assessed
against X or Y) will equal the full amount Y would have received had no such
deduction or withholding been required. However, X will not be required to pay
any additional amount to Y to the extent that it would not be required to be
paid but for: —

(A)                              the failure by Y to comply with or perform any
agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d); or

(B)                                the failure of a representation made by Y
pursuant to Section 3(f) to be accurate and true unless such failure would not
have occurred but for (I) any action taken by a taxing authority, or brought in
a court of competent jurisdiction, after a Transaction is entered into
(regardless of whether such action is taken or brought with respect to a party
to this Agreement) or (II) a Change in Tax Law.

(ii)                                  Liability. If:—

(1)                                  X is required by any applicable law, as
modified by the practice of any relevant governmental revenue authority, to
make any deduction or withholding in respect of which X would not be required
to pay an additional amount to Y under Section 2(d)(i)(4);

(2)                                  X does not so deduct or withhold; and

(3)                                  a liability resulting from such Tax is
assessed directly against X.

then, except to the extent Y
has satisfied or then satisfies the liability resulting from such Tax, Y will
promptly pay to X the amount of such liability (including any related liability
for interest, but including any related liability for penalties only if Y has
failed to comply with or perform any agreement contained in Section 4(a)(i),
4(a)(iii) or 4(d)).

3.                                      Representations

Each party makes the representations contained in
Sections 3(a), 3(b), 3(c), 3(d), 3(e) and 3(f) and, if specified in the
Schedule as applying, 3(g) to the other party (which representations will be
deemed to be repeated by each party on each date on which a Transaction is
entered into and, in the case of the representations in Section 3(f), at all
times until the termination of this Agreement). If any “Additional
Representation” is specified in the Schedule or any Confirmation as applying,
the party or parties specified for such Additional Representation will make
and, if applicable, be deemed to repeat such Additional Representation at the
time or times specified for such Additional Representation.

(a)                                  Basic
Representations.

(i)                                     Status. It is duly organised and validly existing
under the laws of the jurisdiction of its organisation or incorporation and, if
relevant under such laws, in good standing;

(ii)                                  Powers. It has the power to execute this Agreement and
any other documentation relating to this Agreement to which it is a party, to
deliver this Agreement and any other documentation relating to this Agreement
that it is required by this Agreement to deliver and to perform its obligations
under this Agreement and any obligations it has under any Credit Support
Document to which it is a party and has taken all necessary action to authorise
such execution, delivery and performance;

 3
 

(iii)                               No Violation or
Conflict. Such execution, delivery
and performance do not violate or conflict with any law applicable to it, any
provision of its constitutional documents, any order or judgment of any court
or other agency of government applicable to it or any of its assets or any
contractual restriction binding on or affecting it or any of its assets;

(iv)                              Consents. All governmental and other consents that are
required to have been obtained by it with respect to this Agreement or any
Credit Support Document to which it is a party have been obtained and are in
full force and effect and all conditions of any such consents have been
complied with; and

(v)                                 Obligations
Binding. Its obligations under
this Agreement and any Credit Support Document to which it is a party
constitute its legal, valid and binding obligations, enforceable in accordance
with their respective terms (subject to applicable bankruptcy, reorganisation,
insolvency, moratorium or similar laws affecting creditors’ rights generally
and subject, as to enforceability, to equitable principles of general application
(regardless of whether enforcement is sought in a proceeding in equity or at
law)).

(b)                                  Absence of
Certain Events. No Event of Default or
Potential Event of Default or, to its knowledge, Termination Event with respect
to it has occurred and is continuing and no such event or circumstance would
occur as a result of its entering into or performing its obligations under this
Agreement or any Credit Support Document to which it is a party.

(c)                                  Absence of
Litigation. There is not pending or,
to its knowledge, threatened against it, any of its Credit Support Providers or
any of its applicable Specified Entities any action, suit or proceeding at law
or in equity or before any court, tribunal, governmental body, agency or
official or any arbitrator that is likely to affect the legality, validity or
enforceability against it of this Agreement or any Credit Support Document to
which it is a party or its ability to perform its obligations under this
Agreement or such Credit Support Document.

(d)                                  Accuracy of Specified
Information. All applicable
information that is furnished in writing by or on behalf of it to the other
party and is identified for the purpose of this Section 3(d) in the Schedule
is, as of the date of the information, true, accurate and complete in every
material respect.

(e)                                  Payer Tax
Representation. Each representation
specified in the Schedule as being made by it for the purpose of this Section
3(e) is accurate and true.

(f)                                    Payee Tax
Representations. Each
representation specified in the Schedule as being made by it for the purpose of
this Section 3(f) is accurate and true.

(g)                                 No Agency. It is entering into this Agreement, including
each Transaction, as principal and not as agent of any person or entity.

4.                                       Agreements

Each party agrees with the other
that, so long as either party has or may have any obligation under this
Agreement or under any Credit Support Document to which it is a party: —

(a)                                  Furnish
Specified Information. It
will deliver to the other party or, in certain cases under clause (iii) below,
to such government or taxing authority as the other party reasonably directs: —

(i)                                     any forms, documents or certificates relating
to taxation specified in the Schedule or any Confirmation;

(ii)                                  any other documents specified in the Schedule
or any Confirmation; and

 4
 

(iii)                               upon reasonable demand by such other party,
any form or document that may be required or reasonably requested in writing in
order to allow such other party or its Credit Support Provider to make a
payment under this Agreement or any applicable Credit Support Document without
any deduction or withholding for or on account of any Tax or with such
deduction or withholding at a reduced rate (so long as the completion,
execution or submission of such form or document would not materially prejudice
the legal or commercial position of the party in receipt of such demand), with
any such form or document to be accurate and completed in a manner reasonably
satisfactory to such other party and to be executed and to be delivered with
any reasonably required certification,

in each case by the date
specified in the Schedule or such Confirmation or, if none is specified, as
soon as reasonably practicable.

(b)                                  Maintain
Authorisations. It will use all
reasonable efforts to maintain in full force and effect all consents of any
governmental or other authority that are required to be obtained by it with
respect to this Agreement or any Credit Support Document to which it is a party
and will use all reasonable efforts to obtain any that may become necessary in
the future.

(c)                                  Comply With
Laws. It will comply in all
material respects with all applicable laws and orders to which it may be
subject if failure so to comply would materially impair its ability to perform
its obligations under this Agreement or any Credit Support Document to which it
is a party.

(d)                                  Tax Agreement. It will give notice of any failure of a
representation made by it under Section 3(f) to be accurate and true promptly
upon learning of such failure.

(e)                                  Payment of Stamp
Tax. Subject to Section 11,
it will pay any Stamp Tax levied or imposed upon it or in respect of its
execution or performance of this Agreement by a jurisdiction in which it is
incorporated, organised, managed and controlled or considered to have its seat,
or where an Office through which it is acting for the purpose of this Agreement
is located (“Stamp Tax Jurisdiction”), and will indemnify the other party
against any Stamp Tax levied or imposed upon the other party or in respect of
the other party’s execution or performance of this Agreement by any such Stamp
Tax Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the
other party.

5.                                      Events of Default and
Termination Events

(a)                                  Events of
Default. The occurrence at any
time with respect to a party or, if applicable, any Credit Support Provider of
such party or any Specified Entity of such party of any of the following events
constitutes (subject to Sections 5(c) and 6(e)iv)) an event of default (an “Event
of Default”) with respect to such party: —

(i)                                     Failure to Pay
or Deliver. Failure by the party to
make, when due, any payment under this Agreement or delivery under Section 2(a)(i) or 9(h)(i)(2) or (4) required to be made by it if
such failure is not remedied on or before the first Local Business Day in the
case of any such payment or the first Local Delivery Day in the case of any
such delivery after, in each case, notice of such failure is given to the
party;

(ii)                                  Breach of
Agreement; Repudiation of Agreement.

(1)                                  Failure by the party to comply with or perform
any agreement or obligation (other than an obligation to make any payment under
this Agreement or delivery under Section 2(a)(i) or
9(h)(i)(2) or (4) or to give notice of a Termination Event or any agreement or
obligation under Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the
party in accordance with this Agreement if such failure is not remedied within
30 days after notice of such failure is given to the party; or

(2)                                  the party disaffirms, disclaims, repudiates or
rejects, in whole or in part, or challenges the validity of, this Master
Agreement, any Confirmation executed and delivered by that party or any

 5
 

Transaction evidenced by such a Confirmation (or such action is taken by any person or entity
appointed or empowered to operate it or act on its behalf);

(iii)                               Credit Support Default.

(1)                                  Failure by the party or any Credit Support
Provider of such party to comply with or perform any agreement or obligation to
be complied with or performed by it in accordance with any Credit Support
Document if such failure is continuing after any applicable grace period has
elapsed;

(2)                                  the expiration or termination of such Credit
Support Document or the failing or ceasing of such Credit Support Document, or
any security interest granted by such party or such Credit Support Provider to
the other party pursuant to any such Credit Support Document, to be in full
force and effect for the purpose of this Agreement (in each case other than in
accordance with its terms) prior to the satisfaction of all obligations of such
party under each Transaction to which such Credit Support Document relates
without the written consent of the other party; or

(3)                                  the party or such Credit Support Provider
disaffirms, disclaims, repudiates or rejects, in whole or in part, or
challenges the validity of, such Credit Support Document (or such action is
taken by any person or entity appointed or empowered to operate it or act on
its behalf);

(iv)                              Misrepresentation. A representation (other than a representation
under Section 3(e) or 3(f)) made or repeated or deemed to have been made or
repeated by the party or any Credit Support Provider of such party in this
Agreement or any Credit Support Document proves to have been incorrect or
misleading in any material respect when made or repeated or deemed to have been
made or repeated;

(v)                                 Default Under
Specified Transaction. The
party, any Credit Support Provider of such party or any applicable Specified
Entity of such party: —

(1)                                  defaults (other than by failing to make a delivery)
under a Specified Transaction or any credit support arrangement relating to a
Specified Transaction and, after giving effect to any applicable notice
requirement or grace period, such default results in a liquidation of, an
acceleration of obligations under, or an early termination of, that Specified
Transaction;

(2)                                  defaults, after giving effect to any
applicable notice requirement or grace period, in making any payment due on the
last payment or exchange date of, or any payment on early termination of, a
Specified Transaction (or, if there is no applicable notice requirement or
grace period, such default continues for at least one Local Business Day);

(3)                                  defaults in making any delivery due under
(including any delivery due on the last delivery or exchange date of) a
Specified Transaction or any credit support arrangement relating to a Specified
Transaction and, after giving effect to any applicable notice requirement or
grace period, such default results in a liquidation of, an acceleration of obligations
under, or an early termination of, all transactions outstanding under the
documentation applicable to that Specified Transaction; or

(4)                                  disaffirms, disclaims, repudiates or rejects,
in whole or in part, or challenges the validity of, a Specified Transaction or
any credit support arrangement relating to a Specified Transaction that is, in
either case, confirmed or evidenced by a document or other confirming evidence
executed and delivered by that party, Credit Support Provider or Specified
Entity (or such action is taken by any person or entity appointed or empowered
to operate it or act on its behalf);

 6
 

(vi)                              Cross-Default. If “Cross-Default” is specified in
the Schedule as applying to the party, the occurrence or existence of: —

(1)                                  a
default, event of default or other similar condition or event (however
described) in respect of such party, any Credit Support Provider of such party
or any applicable Specified Entity of such party under one or more agreements
or instruments relating to Specified Indebtedness of any of them (individually
or collectively) where the aggregate principal amount of such agreements or
instruments, either alone or together with the amount, if any, referred to in
clause (2) below, is not less than the applicable Threshold Amount (as
specified in the Schedule) which has resulted in such Specified Indebtedness
becoming, or becoming capable at such time of being declared, due and payable
under such agreements or instruments before it would otherwise have been due
and payable; or

(2)                                  a
default by such party, such Credit Support Provider or such Specified Entity
(individually or collectively) in making one or more payments under such
agreements or instruments on the due date for payment (after giving effect to
any applicable notice requirement or grace period) in an aggregate amount,
either alone or together with the amount, if any, referred to in clause (1)
above, of not less than the applicable Threshold Amount;

(vii)                           Bankruptcy. The
party, any Credit Support Provider of such party or any applicable Specified
Entity of such party: —

(1)                                  is
dissolved (other than pursuant to a consolidation, amalgamation or merger); (2)
becomes insolvent or is unable to pay its debts or fails or admits in writing
its inability generally to pay its debts as they become due; (3) makes a
general assignment, arrangement or composition with or for the benefit of its
creditors; (4)(a) institutes or has instituted
against it, by a regulator, supervisor or any similar official with primary
insolvency, rehabilitative or regulatory jurisdiction over it in the
jurisdiction of its incorporation or organisation or the jurisdiction of its
head or home office, a proceeding seeking a judgment of insolvency or
bankruptcy or any other relief under any bankruptcy or insolvency law or other
similar law affecting creditors’ rights, or a petition is presented for its
winding-up or liquidation by it or such regulator, supervisor or similar
official, or (B) has instituted against it a proceeding seeking a judgment of
insolvency or bankruptcy or any other relief under any bankruptcy or insolvency
law or other similar law affecting creditors’ rights, or a petition is
presented for its winding-up or liquidation, and such proceeding or petition is
instituted or presented by a person or entity not described in clause (a) above and either (I) results in a judgment of insolvency
or bankruptcy or the entry of an order for relief or the making of an order for
its winding-up or liquidation or (II) is not dismissed, discharged, stayed or
restrained in each case within 15 days of the institution or presentation
thereof; (5) has a resolution passed for its winding-up, official management or
liquidation (other than pursuant to a consolidation, amalgamation or merger);
(6) seeks or becomes subject to the appointment of an administrator,
provisional liquidator, conservator, receiver, trustee, custodian or other
similar official for it or for all or substantially all its assets; (7) has a
secured party take possession of all or substantially all its assets or has a
distress, execution, attachment, sequestration or other legal process levied,
enforced or sued on or against all or substantially all its assets and such
secured party maintains possession, or any such process is not dismissed,
discharged, stayed or restrained, in each case within 15 days thereafter; (8)
causes or is subject to any event with respect to it which, under the
applicable laws of any jurisdiction, has an analogous effect to any of the
events specified in clauses (1) to (7) above (inclusive); or (9) takes any
action in furtherance of, or indicating its consent to, approval of, or
acquiescence in, any of the foregoing acts; or

 7
 

(viii)                                     Merger Without Assumption. The party or any Credit Support Provider of such party
consolidates or amalgamates with, or merges with or into, or transfers all or
substantially all its assets to, or reorganises, reincorporates or
reconstitutes into or as, another entity and, at the time of such
consolidation, amalgamation, merger, transfer, reorganisation, reincorporation
or reconstitution: —

(1)                                  the
resulting, surviving or transferee entity fails to assume all the obligations
of such party or such Credit Support Provider under this Agreement or any
Credit Support Document to which it or its predecessor was a party; or

(2)                                  the
benefits of any Credit Support Document fail to extend (without the consent of
the other party) to the performance by such resulting, surviving or transferee
entity of its obligations under this Agreement.

(b)                                  Termination Events. The occurrence at any time with respect to a party or, if
applicable, any Credit Support Provider of such party or any Specified Entity
of such party of any event specified below constitutes (subject to Section
5(c)) an Illegality if the event is specified in clause (i) below, a Force
Majeure Event if the event is specified in clause (ii) below, a Tax Event if
the event is specified in clause (iii) below, a Tax Event Upon Merger if the
event is specified in clause (iv) below, and, if specified to be applicable, a
Credit Event Upon Merger if the event is specified pursuant to clause (v) below
or an Additional Termination Event if the event is specified pursuant to clause
(vi) below:—

(i)                                     Illegality. After
giving effect to any applicable provision, disruption fallback or remedy
specified in, or pursuant to, the relevant Confirmation or elsewhere in this
Agreement, due to an event or circumstance (other than any action taken by a
party or, if applicable, any Credit Support Provider of such party) occurring
after a Transaction is entered into, it becomes unlawful under any applicable
law (including without limitation the laws of any country in which payment,
delivery or compliance is required by either party or any Credit Support
Provider, as the case may be), on any day, or it would be unlawful if the
relevant payment, delivery or compliance were required on that day (in each
case, other than as a result of a breach by the party of Section 4(b)): —

(1)                                  for
the Office through which such party (which will be the Affected Party) makes
and receives payments or deliveries with respect to such Transaction to perform
any absolute or contingent obligation to make a payment or delivery in respect
of such Transaction, to receive a payment or delivery in respect of such
Transaction or to comply with any other material provision of this Agreement
relating to such Transaction; or

(2)                                  for
such party or any Credit Support Provider of such party (which will be the
Affected Party) to perform any absolute or contingent obligation to make a
payment or delivery which such party or Credit Support Provider has under any
Credit Support Document relating to such Transaction, to receive a payment or
delivery under such Credit Support Document or to comply with any other
material provision of such Credit Support Document;

(ii)                                  Force Majeure Event. After giving effect to any
applicable provision, disruption fallback or remedy specified in, or pursuant
to, the relevant Confirmation or elsewhere in this Agreement, by reason of
force majeure or act of state occurring after a Transaction is entered into, on
any day: —

(1)                                  the
Office through which such party (which will be the Affected Party) makes and
receives payments or deliveries with respect to such Transaction is prevented
from performing any absolute or contingent obligation to make a payment or
delivery in respect of such Transaction, from receiving a payment or delivery
in respect of such Transaction or from complying with any other material
provision of this Agreement relating to such Transaction (or would be so
prevented if such payment, delivery or compliance were required on that day),
or it becomes impossible or

 8
 

impracticable for such Office so to perform, receive
or comply (or it would be impossible or impracticable for such Office so to perform,
receive or comply if such payment, delivery or compliance were required on that
day); or

(2)                                  such
party or any Credit Support Provider of such party (which will be the Affected
Party) is prevented from performing any absolute or contingent obligation to
make a payment or delivery which such party or Credit Support Provider has
under any Credit Support Document relating to such Transaction, from receiving
a payment or delivery under such Credit Support Document or from complying with
any other material provision of such Credit Support Document (or would be so
prevented if such payment, delivery or compliance were required on that day),
or it becomes impossible or impracticable for such party or Credit Support
Provider so to perform, receive or comply (or it would be impossible or
impracticable for such party or Credit Support Provider so to perform, receive
or comply if such payment, delivery or compliance were required on that day),

so long as the force majeure or act of state is beyond
the control of such Office, such party or such Credit Support Provider, as
appropriate, and such Office, party or Credit Support Provider could not, after
using all reasonable efforts (which will not require such party or Credit
Support Provider to incur a loss, other than immaterial, incidental expenses),
overcome such prevention, impossibility or impracticability;

(iii)                               Tax Event. Due
to (1) any action taken by a taxing authority, or brought in a court of
competent jurisdiction, after a Transaction is entered into (regardless of
whether such action is taken or brought with respect to a party to this
Agreement) or (2) a Change in Tax Law, the party (which will be the Affected
Party) will, or there is a substantial likelihood that it will, on the next
succeeding Scheduled Settlement Date (a) be required
to pay to the other party an additional amount in respect of an Indemnifiable
Tax under Section 2(d)(i)(4) (except in respect of interest under Section 9(h))
or (B) receive a payment from which an amount is required to be deducted or
withheld for or on account of a Tax (except in respect of interest under
Section 9(h)) and no additional amount is required to be paid in respect of
such Tax under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(a) or (B));

(iv)                              Tax Event Upon Merger. The party (the “Burdened Party”) on
the next succeeding Scheduled Settlement Date will either (1) be required to
pay an additional amount in respect of an Indemnifiable Tax under Section
2(d)(i)(4) (except in respect of interest under Section 9(h)) or (2) receive a
payment from which an amount has been deducted or withheld for or on account of
any Tax in respect of which the other party is not required to pay an
additional amount (other than by reason of Section 2(d)(i)(4)(a) or (B)), in either case as a result of a party
consolidating or amalgamating with, or merging with or into, or transferring
all or substantially all its assets (or any substantial part of the assets
comprising the business conducted by it as of the date of this Master
Agreement) to, or reorganising, reincorporating or reconstituting into or as,
another entity (which will be the Affected Party) where such action does not
constitute a Merger Without Assumption;

(v)                                 Credit Event Upon Merger. If “Credit Event Upon Merger” is
specified in the Schedule as applying to the party, a Designated Event (as
defined below) occurs with respect to such party, any Credit Support Provider
of such party or any applicable Specified Entity of such party (in each case, “X”)
and such Designated Event does not constitute a Merger Without Assumption, and
the creditworthiness of X or, if applicable, the successor, surviving or
transferee entity of X, after taking into account any applicable Credit Support
Document, is materially weaker immediately after the occurrence of such
Designated Event than that of X immediately prior to the occurrence of such
Designated Event (and, in any such event, such party or its successor,
surviving or transferee entity, as appropriate, will be the Affected Party). A “Designated
Event” with respect to X means that: —

(1)                                  X
consolidates or amalgamates with, or merges with or into, or transfers all or
substantially all its assets (or any substantial part of the assets comprising
the business conducted by X as of the

 9
 

date of this Master Agreement) to, or reorganises,
reincorporates or reconstitutes into or as, another entity;

(2)                                  any
person, related group of persons or entity acquires directly or indirectly the
beneficial ownership of (a) equity
securities having the power to elect a majority of the board of directors (or
its equivalent) of X or (B) any other ownership interest enabling it to
exercise control of X; or

(3)                                  X
effects any substantial change in its capital structure by means of the
issuance, incurrence or guarantee of debt or the issuance of (a) preferred stock or other securities convertible into or
exchangeable for debt or preferred stock or (B) in the case of entities other
than corporations, any other form of ownership interest; or

(vi)                              Additional Termination Event. If any “Additional Termination Event”
is specified in the Schedule or any Confirmation as applying, the occurrence of
such event (and, in such event, the Affected Party or Affected Parties will be
as specified for such Additional Termination Event in the Schedule or such
Confirmation).

(c)                                  Hierarchy of Events.

(i)                                     An
event or circumstance that constitutes or gives rise to an Illegality or a
Force Majeure Event will not, for so long as that is the case, also constitute
or give rise to an Event of Default under Section 5(a)(i),
5(a)(ii)(l) or 5(a)(iii)(l)
insofar as such event or circumstance relates to the failure to make any
payment or delivery or a failure to comply with any other material provision of
this Agreement or a Credit Support Document, as the case may be.

(ii)                                  Except
in circumstances contemplated by clause (i) above, if an event or circumstance
which would otherwise constitute or give rise to an Illegality or a Force
Majeure Event also constitutes an Event of Default or any other Termination
Event, it will be treated as an Event of Default or such other Termination
Event, as the case may be, and will not constitute or give rise to an
Illegality or a Force Majeure Event.

(iii)                               If an event or
circumstance which would otherwise constitute or give rise to a Force Majeure
Event also constitutes an Illegality, it will be treated as an Illegality,
except as described in clause (ii) above, and not a Force Majeure Event.

(d)                                  Deferral of Payments and Deliveries During
Waiting Period. If an Illegality or a Force Majeure Event has
occurred and is continuing with respect to a Transaction, each payment or
delivery which would otherwise be required to be made under that Transaction
will be deferred to, and will not be due until: —

(i)                                     the
first Local Business Day or, in the case of a delivery, the first Local
Delivery Day (or the first day that would have been a Local Business Day or
Local Delivery Day, as appropriate, but for the occurrence of the event or
circumstance constituting or giving rise to that Illegality or Force Majeure
Event) following the end of any applicable Waiting Period in respect of that
Illegality or Force Majeure Event, as the case may be; or

(ii)                                  if
earlier, the date on which the event or circumstance constituting or giving
rise to that Illegality or Force Majeure Event ceases to exist or, if such date
is not a Local Business Day or, in the case of a delivery, a Local Delivery
Day, the first following day that is a Local Business Day or Local Delivery
Day, as appropriate.

(e)                                  Inability of Head or Home Office to Perform
Obligations of Branch. If (i) an Illegality or a Force Majeure
Event occurs under Section 5(b)(i )(1) or 5(b)(ii)(l) and the relevant Office
is not the Affected Party’s head or home office, (ii) Section 10(a) applies, (iii)
the other party seeks performance of the relevant obligation or

 10
 

compliance with the relevant provision by the Affected
Party’s head or home office and (iv) the Affected Party’s head or home office
fails so to perform or comply due to the occurrence of an event or circumstance
which would, if that head or home office were the Office through which the
Affected Party makes and receives payments and deliveries with respect to the
relevant Transaction, constitute or give rise to an Illegality or a Force Majeure
Event, and such failure would otherwise constitute an Event of Default under
Section 5(a)(i) or 5(a)(iii)(l) with respect to such party, then, for so long
as the relevant event or circumstance continues to exist with respect to both
the Office referred to in Section 5(b)(i)(l) or 5(b)(ii)(l), as the case may
be, and the Affected Party’s head or home office, such failure will not
constitute an Event of Default under Section 5(a)(i) or 5(a)(iii)(l).

6.                                      Early
Termination; Close-Out Netting

(a)                                  Right to Terminate Following Event of
Default. If at any time an Event of Default with respect to a
party (the “Defaulting Party”) has occurred and is then continuing, the other
party (the “Non-defaulting Party”) may, by not more than 20 days notice to the
Defaulting Party specifying the relevant Event of Default, designate a day not
earlier than the day such notice is effective as an Early Termination Date in
respect of all outstanding Transactions. If, however, “Automatic Early
Termination” is specified in the Schedule as applying to a party, then an Early
Termination Date in respect of all outstanding Transactions will occur
immediately upon the occurrence with respect to such party of an Event of
Default specified in Section 5(a) (vii)(l), (3), (5), (6) or, to the extent
analogous thereto, (8), and as of the time immediately preceding the
institution of the relevant proceeding or the presentation of the relevant
petition upon the occurrence with respect to such party of an Event of Default
specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8).

(b)                                  Right to Terminate Following Termination
Event.

(i)                                     Notice. If a Termination
Event other than a Force Majeure Event occurs, an Affected Party will, promptly
upon becoming aware of it, notify the other party, specifying the nature of
that Termination Event and each Affected Transaction, and will also give the
other party such other information about that Termination Event as the other
party may reasonably require. If a Force Majeure Event occurs, each party will,
promptly upon becoming aware of it, use all reasonable efforts to notify the
other party, specifying the nature of that Force Majeure Event, and will also
give the other party such other information about that Force Majeure Event as
the other party may reasonably require.

(ii)                                  Transfer to Avoid Termination Event. If a Tax Event occurs and there is
only one Affected Party, or if a Tax Event Upon Merger occurs and the Burdened
Party is the Affected Party, the Affected Party will, as a condition to its
right to designate an Early Termination Date under Section 6(b)(iv), use all
reasonable efforts (which will not require such party to incur a loss, other
than immaterial, incidental expenses) to transfer within 20 days after it gives
notice under Section 6(b)(i) all its rights and obligations under this
Agreement in respect of the Affected Transactions to another of its Offices or
Affiliates so that such Termination Event ceases to exist.

If the Affected Party is not able to make such a
transfer it will give notice to the other party to that effect within such 20
day period, whereupon the other party may effect such a transfer within 30 days
after the notice is given under Section 6(b)(i).

Any such transfer by a party under this Section
6(b)(ii) will be subject to and conditional upon the prior written consent of
the other party, which consent will not be withheld if such other party’s
policies in effect at such time would permit it to enter into transactions with
the transferee on the terms proposed.

(iii)                               Two Affected Parties. If a Tax Event occurs and there
are two Affected Parties, each party will use all reasonable efforts to reach
agreement within 30 days after notice of such occurrence is given under Section
6(b)(i) to avoid that Termination Event.

 11
 

(iv)                              Right to Terminate.

(1)                                  If:
—

(a)                                  a
transfer under Section 6(b)(ii) or an agreement under Section 6(b)(iii), as the
case may be, has not been effected with respect to all Affected Transactions
within 30 days after an Affected Party gives notice under Section 6(b)(i); or

(B)                                a
Credit Event Upon Merger or an Additional Termination Event occurs, or a Tax
Event Upon Merger occurs and the Burdened Party is not the Affected Party.

the Burdened Party in the case of a Tax Event Upon
Merger, any Affected Party in the case of a Tax Event or an Additional
Termination Event if there are two Affected Parties, or the Non-affected Party
in the case of a Credit Event Upon Merger or an Additional Termination Event if
there is only one Affected Party may, if the relevant Termination Event is then
continuing, by not more than 20 days notice to the other party, designate a day
not earlier than the day such notice is effective as an Early Termination Date
in respect of all Affected Transactions.

(2)                                  If
at any time an Illegality or a Force Majeure Event has occurred and is then
continuing and any applicable Waiting Period has expired: —

(a)                                  Subject
to clause (B) below, either party may, by not more than 20 days notice to the
other party, designate (I) a day not earlier than the day on which such notice
becomes effective as an Early Termination Date in respect of all Affected
Transactions or (II) by specifying in that notice the Affected Transactions in
respect of which it is designating the relevant day as an Early Termination
Date, a day not earlier than two Local Business Days following the day on which
such notice becomes effective as an Early Termination Date in respect of less
than all Affected Transactions. Upon receipt of a notice designating an Early
Termination Date in respect of less than all Affected Transactions, the other
party may, by notice to the designating party, if such notice is effective on
or before the day so designated, designate that same day as an Early
Termination Date in respect of any or all other Affected Transactions.

(B)                                An
Affected Party (if the Illegality or Force Majeure Event relates to performance
by such party or any Credit Support Provider of such party of an obligation to
make any payment or delivery under, or to compliance with any other material
provision of, the relevant Credit Support Document) will only have the right to
designate an Early Termination Date under Section 6(b)(iv)(2)(a) as a result of
an Illegality under Section 5(b)(i)(2) or a Force Majeure Event under Section
5(b)(ii)(2) following the prior designation by the other party of an Early
Termination Date, pursuant to Section 6(b)(iv)(2)(a), in respect of less than
all Affected Transactions.

(c)                                  Effect of Designation.

(i)                                     If
notice designating an Early Termination Date is given under Section 6(a) or
6(b), the Early Termination Date will occur on the date so designated, whether
or not the relevant Event of Default or Termination Event is then continuing.

(ii)                                  Upon
the occurrence or effective designation of an Early Termination Date, no
further payments or deliveries under Section 2(a)(i) or 9(h)(i) in respect of
the Terminated Transactions will be required to be made, but without prejudice
to the other provisions of this Agreement. The amount, if any, payable in
respect of an Early Termination Date will be determined pursuant to Sections
6(e) and 9(h)(ii).

 12
 

(d)                                  Calculations; Payment Date.

(i)                                     Statement. On or as
soon as reasonably practicable following the occurrence of an Early Termination
Date, each party will make the calculations on its part, if any, contemplated
by Section 6(e) and will provide to the other party a statement (1) showing, in
reasonable detail, such calculations (including any quotations, market data or
information from internal sources used in making such calculations), (2)
specifying (except where there are two Affected Parties) any Early Termination
Amount payable and (3) giving details of the relevant account to which any
amount payable to it is to be paid. In the absence of written confirmation from
the source of a quotation or market data obtained in determining a Close-out
Amount, the records of the party obtaining such quotation or market data will
be conclusive evidence of the existence and accuracy of such quotation or
market data.

(ii)                                  Payment Date. An Early
Termination Amount due in respect of any Early Termination Date will, together
with any amount of interest payable pursuant to Section 9(h)(ii)(2), be payable
(1) on the day on which notice of the amount payable is effective in the case
of an Early Termination Date which is designated or occurs as a result of an
Event of Default and (2) on the day which is two Local Business Days after the
day on which notice of the amount payable is effective (or, if there are two
Affected Parties, after the day on which the statement provided pursuant to
clause (i) above by the second party to provide such a statement is effective)
in the case of an Early Termination Date which is designated as a result of a
Termination Event.

(e)                                  Payments on Early  Termination. If an
Early Termination Date occurs, the amount, if any, payable in respect of that
Early Termination Date (the “Early Termination Amount”) will be determined
pursuant to this Section 6(e) and will be subject to Section 6(f).

(i)                                     Events of Default. If
the Early Termination Date results from an Event of Default, the Early
Termination Amount will be an amount equal to (1) the sum of (a) the
Termination Currency Equivalent of the Close-out Amount or Close-out Amounts
(whether positive or negative) determined by the Non-defaulting Party for each
Terminated Transaction or group of Terminated Transactions, as the case may be,
and (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the
Non-defaulting Party less (2) the Termination Currency Equivalent of the Unpaid
Amounts owing to the Defaulting Party. If the Early Termination Amount is a
positive number, the Defaulting Party will pay it to the Non-defaulting Party;
if it is a negative number, the Non-defaulting Party will pay the absolute
value of the Early Termination Amount to the Defaulting Party.

(ii)                                  Termination Events.
If the Early Termination Date results from a Termination Event: —

(1)                                  One Affected Party. Subject to clause (3)
below, if there is one Affected Party, the Early Termination Amount will be
determined in accordance with Section 6(e)(i), except that references to the
Defaulting Party and to the Non-defaulting Party will be deemed to be
references to the Affected Party and to the Non-affected Party, respectively.

(2)                                  Two Affected Parties. Subject to clause
(3) below, if there are two Affected Parties, each party will determine an
amount equal to the Termination Currency Equivalent of the sum of the Close-out
Amount or Close-out Amounts (whether positive or negative) for each Terminated Transaction
or group of Terminated Transactions, as the case may be, and the Early
Termination Amount will be an amount equal to (a) the sum of (I) one-half of
the difference between the higher amount so determined (by party “X”) and the
lower amount so determined (by party “Y”) and (II) the Termination Currency
Equivalent of the Unpaid Amounts owing to X less (B) the Termination Currency
Equivalent of the Unpaid Amounts owing to Y. If the Early Termination Amount is
a positive number, Y will pay it to X; if it is a negative number, X will pay
the absolute value of the Early Termination Amount to Y.

 13
 

(3)                                  Mid-Market Events. If that Termination Event is an Illegality
or a Force Majeure Event, then the Early Termination Amount will be determined
in accordance with clause (1) or (2) above, as appropriate, except that, for
the purpose of determining a Close-out Amount or Close-out Amounts, the
Determining Party will: —

(a)                                  if obtaining quotations from one or more third
parties (or from any of the Determining Party’s Affiliates), ask each third
party or Affiliate (I) not to take account of the current creditworthiness of
the Determining Party or any existing Credit Support Document and (II) to
provide mid-market quotations; and

(B)                                in any other case, use mid-market values
without regard to the creditworthiness of the Determining Party.

(iii)                               Adjustment
for Bankruptcy. In
circumstances where an Early Termination Date occurs because Automatic Early
Termination applies in respect of a party, the Early Termination Amount will be
subject to such adjustments as are appropriate and permitted by applicable taw
to reflect any payments or deliveries made by one party to the other under this
Agreement (and retained by such other party) during the period from the
relevant Early Termination Date to the date for payment determined under
Section 6(d)(ii).

(iv)                              Adjustment
for Illegality or Force Majeure Event. The failure by a party or any Credit Support Provider of such party to
pay, when due, any Early Termination Amount will not constitute an Event of
Default under Section 5(a)(i) or 5(a)(iii)(I) if such failure is due to the
occurrence of an event or circumstance which would, if it occurred with respect
to payment, delivery or compliance related to a Transaction, constitute or give
rise to an Illegality or a Force Majeure Event. Such amount will (1) accrue
interest and otherwise be treated as an Unpaid Amount owing to the other party
if subsequently an Early Termination Date results from an Event of Default, a
Credit Event Upon Merger or an Additional Termination Event in respect of which
all outstanding Transactions are Affected Transactions and (2) otherwise accrue
interest in accordance with Section 9(h)(ii)(2).

(v)                                 Pre-Estimate. The parties agree that an amount recoverable
under this Section 6(e) is a reasonable pre-estimate of loss and not a penalty.
Such amount is payable for the loss of bargain and the loss of protection
against future risks, and, except as otherwise provided in this Agreement,
neither party will be entitled to recover any additional damages as a
consequence of the termination of the Terminated Transactions.

(f)                                    Set-Off. Any Early Termination Amount payable to one
party (the “Payee”) by the other party (the “Payer”), in circumstances where
there is a Defaulting Party or where there is one Affected Party in the case
where either a Credit Event Upon Merger has occurred or any other Termination
Event in respect of which all outstanding Transactions are Affected
Transactions has occurred, will, at the option of the Non-defaulting Party or
the Non-affected Party, as the case may be (“X”) (and without prior notice to
the Defaulting Party or the Affected Party, as the case may be), be reduced by
its set-off against any other amounts (“Other Amounts”) payable by the Payee to
the Payer (whether or not arising under this Agreement, matured or contingent
and irrespective of the currency, place of payment or place of booking of the
obligation). To the extent that any Other Amounts are so set off, those Other
Amounts will be discharged promptly and in all respects. X will give notice to
the other party of any set-off effected under this Section 6(f).

For this purpose, either the
Early Termination Amount or the Other Amounts (or the relevant portion of such
amounts) may be converted by X into the currency in which the other is
denominated at the rate of exchange at which such party would be able, in good
faith and using commercially reasonable procedures, to purchase the relevant
amount of such currency.

 14
 

If an obligation is unascertained,
X may in good faith estimate that obligation and set off in respect of the
estimate, subject to the relevant party accounting to the other when the
obligation is ascertained.

Nothing in this Section 6(f)
will be effective to create a charge or other security interest. This Section
6(f) will be without prejudice and in addition to any right of set-off, offset,
combination of accounts, lien, right of retention or withholding or similar
right or requirement to which any party is at any time otherwise entitled or
subject (whether by operation of law, contract or otherwise).

7.                                      Transfer

Subject to Section 6(b)(ii)
and to the extent permitted by applicable law, neither this Agreement nor any
interest or obligation in or under this Agreement may be transferred (whether
by way of security or otherwise) by either party without the prior written
consent of the other party, except that: —

(a)                                  a party may make such a transfer of this
Agreement pursuant to a consolidation or amalgamation with, or merger with or into,
or transfer of all or substantially all its assets to, another entity (but
without prejudice to any other right or remedy under this Agreement); and

(b)                                  a party may make such a transfer of all or any
part of its interest in any Early Termination Amount payable to it by a
Defaulting Party, together with any amounts payable on or with respect to that
interest and any other rights associated with that interest pursuant to
Sections 8.9(h) and 11.

Any purported transfer that
is not in compliance with this Section 7 will be void.

8.                                      Contractual
Currency

(a)                                  Payment in
the Contractual Currency.
Each payment under this Agreement will be made in the relevant currency
specified in this Agreement for that payment (the “Contractual Currency”). To
the extent permitted by applicable law, any obligation to make payments under
this Agreement in the Contractual Currency will not be discharged or satisfied
by any tender in any currency other than the Contractual Currency, except to
the extent such tender results in the actual receipt by the party to which
payment is owed, acting in good faith and using commercially reasonable
procedures in converting the currency so tendered into the Contractual
Currency, of the full amount in the Contractual Currency of all amounts payable
in respect of this Agreement. If for any reason the amount in the Contractual
Currency so received falls short of the amount in the Contractual Currency
payable in respect of this Agreement, the party required to make the payment
will, to the extent permitted by applicable law, immediately pay such
additional amount in the Contractual Currency as may be necessary to compensate
for the shortfall. If for any reason the amount in the Contractual Currency so
received exceeds the amount in the Contractual Currency payable in respect of
this Agreement, the party receiving the payment will refund promptly the amount
of such excess.

(b)                                  Judgments. To the extent permitted by applicable law,
if any judgment or order expressed in a currency other than the Contractual
Currency is rendered (i) for the payment of any amount owing in respect of this
Agreement, (ii) for the payment of any amount relating to any early termination
in respect of this Agreement or (iii) in respect of a judgment or order of
another court for the payment of any amount described in clause (i) or (ii)
above, the party seeking recovery, after recovery in full of the aggregate
amount to which such party is entitled pursuant to the judgment or order, will
be entitled to receive immediately from the other party the amount of any
shortfall of the Contractual Currency received by such party as a consequence
of sums paid in such other currency and will refund promptly to the other party
any excess of the Contractual Currency received by such party as a consequence
of sums paid in such other currency if such shortfall or such excess arises or
results from any variation between the rate of exchange at which the
Contractual Currency is converted into the currency of the judgment or order
for the purpose of such judgment or order and the rate of exchange at which
such party is able, acting in good faith and using

 15
 

commercially reasonable
procedures in converting the currency received into the Contractual Currency,
to purchase the Contractual Currency with the amount of the currency of the
judgment or order actually received by such party.

(c)                                  Separate
Indemnities. To
the extent permitted by applicable law, the indemnities in this Section 8
constitute separate and independent obligations from the other obligations in
this Agreement, will be enforceable as separate and independent causes of
action, will apply notwithstanding any indulgence granted by the party to which
any payment is owed and will not be affected by judgment being obtained or
claim or proof being made for any other sums payable in respect of this
Agreement.

(d)                                  Evidence of Loss. For the purpose of this Section 8, it will he
sufficient for a party to demonstrate that it would have suffered a loss had an
actual exchange or purchase been made.

9.                                      Miscellaneous

(a)                                  Entire Agreement. This Agreement constitutes the entire
agreement and understanding of the parties with respect to its subject matter.
Each of the parties acknowledges that in entering into this Agreement it has
not relied on any oral or written representation, warranty or other assurance
(except as provided for or referred to in this Agreement) and waives all rights
and remedies which might otherwise be available to it in respect thereof,
except that nothing in this Agreement will limit or exclude any liability of a
party for fraud.

(b)                                  Amendments. An amendment, modification or waiver in
respect of this Agreement will only be effective if in writing (including a
writing evidenced by a facsimile transmission) and executed by each of the
parties or confirmed by an exchange of telexes or by an exchange of electronic
messages on an electronic messaging system.

(c)                                  Survival of
Obligations. Without
prejudice to Sections 2(a)(iii) and 6(c)(ii), the obligations of the parties
under this Agreement will survive the termination of any Transaction.

(d)                                  Remedies
Cumulative. Except
as provided in this Agreement, the rights, powers, remedies and privileges
provided in this Agreement are cumulative and not exclusive of any rights,
powers, remedies and privileges provided by law.

(e)                                  Counterparts and
Confirmations.

(i)                                     This Agreement (and each amendment,
modification and waiver in respect of it) may be executed and delivered in
counterparts (including by facsimile transmission and by electronic messaging
system), each of which will be deemed an original.

(ii)                                  The parties intend that they are legally bound
by the terms of each Transaction from the moment they agree to those terms
(whether orally or otherwise). A Confirmation will be entered into as soon as
practicable and may be executed and delivered in counterparts (including by
facsimile transmission) or be created by an exchange of telexes, by an exchange
of electronic messages on an electronic messaging system or by an exchange of
e-mails, which in each case will be sufficient for all purposes to evidence a
binding supplement to this Agreement. The parties will specify therein or
through another effective means that any such counterpart, telex, electronic
message or e-mail constitutes a Confirmation.

(f)                                    No Waiver of
Rights. A
failure or delay in exercising any right, power or privilege in respect of this
Agreement will not be presumed to operate as a waiver, and a single or partial
exercise of any right, power or privilege will not be presumed to preclude any
subsequent or further exercise, of that right, power or privilege or the
exercise of any other right, power or privilege.

(g)                                 Headings. The headings used in this Agreement are for
convenience of reference only and are not to affect the construction of or to
be taken into consideration in interpreting this Agreement.

 16

(h)                                 Interest and
Compensation.

(i)                                     Prior to Early
Termination. Prior
to the occurrence or effective designation of an Early Termination Date in
respect of the relevant Transaction: —

(1)                                  Interest on Defaulted Payments. If a party defaults in the performance of any
payment obligation, it will, to the extent permitted by applicable law and
subject to Section 6(c), pay interest (before as well as after judgment) on the
overdue amount to the other party on demand in the same currency as the overdue
amount, for the period from (and including) the original due date for payment
to (but excluding) the date of actual payment (and excluding any period in
respect of which interest or compensation in respect of the over due amount is
due pursuant to clause (3)(B) or (C) below), at the Default Rate.

(2)                                  Compensation for Defaulted
Deliveries. If a party defaults in
the performance of any obligation required to be settled by delivery, it will
on demand (A) compensate the other party to the extent provided for in the
relevant Confirmation or elsewhere in this Agreement and (B) unless otherwise
provided in the relevant Confirmation or elsewhere in this Agreement, to the
extent permitted by applicable law and subject to Section 6(c), pay to the
other party interest (before as well as after judgment) on an amount equal to
the fair market value of that which was required to be delivered in the same
currency as that amount, for the period from (and including) the originally
scheduled date for delivery to (but excluding) the date of actual delivery (and
excluding any period in respect of which interest or compensation in respect of
that amount is due pursuant to clause (4) below), at the Default Rate. The fair
market value of any obligation referred to above will be determined as of the
originally scheduled date for delivery, in good faith and using commercially
reasonable procedures, by the party that was entitled to take delivery.

(3)                                  Interest on Deferred Payments. If:—

(A)                              a party does not pay any amount that, but for
Section 2(a)(iii), would have been payable, it will, to the extent permitted by
applicable law and subject to Section 6(c) and clauses (B) and (C) below, pay
interest (before as well as after judgment) on that amount to the other party
on demand (after such amount becomes payable) in the same currency as that
amount, for the period from (and including) the date the amount would, but for
Section 2(a)(iii), have been payable to (but excluding) the date the amount
actually becomes payable, at the Applicable Deferral Rate;

(B)                                a payment is deferred pursuant to Section
5(d), the party which would otherwise have been required to make that payment
will, to the extent permitted by applicable law, subject to Section 6(c) and
for so long as no Event of Default or Potential Event of Default with respect
to that party has occurred and is continuing, pay interest (before as well as
after judgment) on the amount of the deferred payment to the other party on
demand (after such amount becomes payable) in the same currency as the deferred
payment, for the period from (and including) the date the amount would, but for
Section 5(d), have been payable to (but excluding) the earlier of the date the
payment is no longer deferred pursuant to Section 5(d) and the date during the
deferral period upon which an Event of Default or Potential Event of Default
with respect to that party occurs, at the Applicable Deferral Rate; or

(C)                                a party fails to make any payment due to the
occurrence of an Illegality or a Force Majeure Event (after giving effect to
any deferral period contemplated by clause (B) above), it will, to the extent
permitted by applicable law, subject to Section 6(c) and for so long as the
event or circumstance giving rise to that Illegality or Force Majeure Event

 17
 

continues and no Event of
Default or Potential Event of Default with respect to that party has occurred
and is continuing, pay interest (before as well as after judgment) on the
overdue amount to the other party on demand in the same currency as the overdue
amount, for the period from (and including) the date the party fails to make
the payment due to the occurrence of the relevant Illegality or Force Majeure
Event (or, if later, the date the payment is no longer deferred pursuant to
Section 5(d)) to (but excluding) the earlier of the date the event or
circumstance giving rise to that Illegality or Force Majeure Event ceases to
exist and the date during the period upon which an Event of Default or
Potential Event of Default with respect to that party occurs (and excluding any
period in respect of which interest or compensation in respect of the overdue
amount is due pursuant to clause (B) above), at the Applicable Deferral Rate.

(4)                                  Compensation for Deferred
Deliveries. If:—

(A)                              a party does not perform any obligation that,
but for Section 2(a)(iii), would have been required to be settled by delivery;

(B)                                a delivery is deferred pursuant to Section
5(d); or

(C)                                a party fails to make a delivery due to the
occurrence of an Illegality or a Force Majeure Event at a time when any
applicable Waiting Period has expired,

the party required (or that
would otherwise have been required) to make the delivery will, to the extent
permitted by applicable law and subject to Section 6(c), compensate and pay
interest to the other party on demand (after, in the case of clauses (A) and
(B) above, such delivery is required) if and to the extent provided for in the
relevant Confirmation or elsewhere in this Agreement.

(ii)                                  Early
Termination. Upon
the occurrence or effective designation of an Early Termination Date in respect
of a Transaction: —

(1)                                  Unpaid Amounts. For the purpose of determining an Unpaid
Amount in respect of the relevant Transaction, and to the extent permitted by
applicable law, interest will accrue on the amount of any payment obligation or
the amount equal to the fair market value of any obligation required to be
settled by delivery included in such determination in the same currency as that
amount, for the period from (and including) the date the relevant obligation
was (or would have been but for Section 2(a)(iii) or 5(d)) required to have
been performed to (but excluding) the relevant Early Termination Date, at the
Applicable Close-out Rate.

(2)                                  Interest on Early Termination
Amounts. If an Early Termination
Amount is due in respect of such Early Termination Date, that amount will, to
the extent permitted by applicable law, be paid together with interest (before
as well as after judgment) on that amount in the Termination Currency, for the
period from (and including) such Early Termination Date to (but excluding) the
date the amount is paid, at the Applicable Close-out Rate.

(iii)                               Interest
Calculation. Any interest pursuant to
this Section 9(h) will be calculated on the basis of daily compounding and the
actual number of days elapsed.

 18
 

10.                               Offices;
Multibranch Parties

(a)                                  If Section 10(a) is
specified in the Schedule as applying, each party that enters into a
Transaction through an Office other than its head or home office represents to
and agrees with the other party that, notwithstanding the place of booking or
its jurisdiction of incorporation or organisation, its obligations are the same
in terms of recourse against it as if it had entered into the Transaction
through its head or home office, except that a party will not have recourse to
the head or home office of the other party in respect of any payment or
delivery deferred pursuant to Section 5(d) for so long as the payment or
delivery is so deferred. This representation and agreement will be deemed to be
repeated by each party on each date on which the parties enter into a
Transaction.

(b)                                  If a party is
specified as a Multibranch Party in the Schedule, such party may, subject to
clause (c) below, enter into a Transaction through, book a Transaction in and
make and receive payments and deliveries with respect to a Transaction through
any Office listed in respect of that party in the Schedule (but not any other
Office unless otherwise agreed by the parties in writing).

(c)                                  The Office through
which a party enters into a Transaction will be the Office specified for that
party in the relevant Confirmation or as otherwise agreed by the parties in
writing, and, if an Office for that party is not specified in the Confirmation
or otherwise agreed by the parties in writing, its head or home office. Unless
the parties otherwise agree in writing, the Office through which a party enters
into a Transaction will also be the Office in which it books the Transaction
and the Office through which it makes and receives payments and deliveries with
respect to the Transaction. Subject to Section 6(b)(ii), neither party may
change the Office in which it books the Transaction or the Office through which
it makes and receives payments or deliveries with respect to a Transaction
without the prior written consent of the other party.

11.                               Expenses

A Defaulting Party will on demand indemnify and hold
harmless the other party for and against all reasonable out-of-pocket expenses,
including legal fees, execution fees and Stamp Tax, incurred by such other
party by reason of the enforcement and protection of its rights under this
Agreement or any Credit Support Document to which the Defaulting Party is a
party or by reason of the early termination of any Transaction, including, but
not limited to, costs of collection.

12.                               Notices

(a)                                  Effectiveness. Any
notice or other communication in respect of this Agreement may be given in any
manner described below (except that a notice or other communication under
Section 5 or 6 may not be given by electronic messaging system or e-mail) to
the address or number or in accordance with the electronic messaging system or
e-mail details provided (see the Schedule) and will be deemed effective as
indicated: —

(i)                                     if
in writing and delivered in person or by courier, on the date it is delivered;

(ii)                                  if
sent by telex, on the date the recipient’s answerback is received;

(iii)                               if sent by facsimile
transmission, on the date it is received by a responsible employee of the
recipient in legible form (it being agreed that the burden of proving receipt
will be on the sender and will not be met by a transmission report generated by
the sender’s facsimile machine);

(iv)                              if
sent by certified or registered mail (airmail, if overseas) or the equivalent
(return receipt requested), on the date it is delivered or its delivery is
attempted;

(v)                                 if
sent by electronic messaging system, on the date it is received; or

 19
 

(vi)                              if
sent by e-mail, on the date it is delivered,

unless the date of that delivery (or attempted
delivery) or that receipt, as applicable, is not a Local Business Day or that
communication is delivered (or attempted) or received, as applicable, after the
close of business on a Local Business Day, in which case that communication
will be deemed given and effective on the first following day that is a Local
Business Day.

(b)                                  Change of Details. Either party may by notice to the
other change the address, telex or facsimile number or electronic messaging
system or e-mail details at which notices or other communications are to be
given to it.

13.                               Governing
Law and Jurisdiction

(a)                                  Governing Law. This Agreement will be governed by and
construed in accordance with the law specified in the Schedule.

(b)                                  Jurisdiction. With respect to any suit, action or
proceedings relating to any dispute arising out of or in connection with this
Agreement (“Proceedings”), each party irrevocably: —

(i)                                     submits:
—

(1)                                  if
this Agreement is expressed to be governed by English law, to (A) the
non-exclusive jurisdiction of the English courts if the Proceedings do not
involve a Convention Court and (B) the exclusive jurisdiction of the English
courts if the Proceedings do involve a Convention Court; or

(2)                                  if
this Agreement is expressed to be governed by the laws of the State of New
York, to the non-exclusive jurisdiction of the courts of the State of New York
and the United States District Court located in the Borough of Manhattan in New
York City;

(ii)                                  waives
any objection which it may have at any time to the laying of venue of any
Proceedings brought in any such court, waives any claim that such Proceedings
have been brought in an inconvenient forum and further waives the right to
object, with respect to such Proceedings, that such court does not have any
jurisdiction over such party; and

(iii)                               agrees, to the extent
permitted by applicable law, that the bringing of Proceedings in any one or
more jurisdictions will not preclude the bringing of Proceedings in any other
jurisdiction.

(c)                                  Service of Process. Each party irrevocably appoints the
Process Agent, if any, specified opposite its name in the Schedule to receive,
for it and on its behalf, service of process in any Proceedings. If for any
reason any party’s Process Agent is unable to act as such, such party will
promptly notify the other party and within 30 days appoint a substitute process
agent acceptable to the other party. The parties irrevocably consent to service
of process given in the manner provided for notices in Section 12(a)(i),
12(a)(iii) or 12(a)(iv). Nothing in this Agreement will affect the right of
either party to serve process in any other manner permitted by applicable law.

(d)                                  Waiver of Immunities. Each party irrevocably waives, to
the extent permitted by applicable law, with respect to itself and its revenues
and assets (irrespective of their use or intended use), all immunity on the
grounds of sovereignty or other similar grounds from (i) suit, (ii)
jurisdiction of any court, (iii) relief by way of injunction or order for
specific performance or recovery of property, (iv) attachment of its assets
(whether before or after judgment) and (v) execution or enforcement of any
judgment to which it or its revenues or assets might otherwise be entitled in
any Proceedings in the courts of any jurisdiction and irrevocably agrees, to
the extent permitted by applicable law, that it will not claim any such
immunity in any Proceedings.

 20
 

14.                               Definitions

As used in this Agreement: —

“Additional Representation” has
the meaning specified in Section 3.

“Additional Termination Event” has the meaning specified in Section
5(b).

“Affected Party” has the meaning specified in Section
5(b).

“Affected Transactions” means (a) with respect to any
Termination Event consisting of an Illegality, Force Majeure Event, Tax Event
or Tax Event Upon Merger, all Transactions affected by the occurrence of such
Termination Event (which, in the case of an Illegality under Section 5(b)(i)(2)
or a Force Majeure Event under Section 5(b)(ii)(2), means all Transactions
unless the relevant Credit Support Document references only certain
Transactions, in which case those Transactions and, if the relevant Credit
Support Document constitutes a Confirmation for a Transaction, that
Transaction) and (b) with respect to any other Termination Event, all
Transactions.

“Affiliate” means,
subject to the Schedule, in relation to any person, any entity controlled,
directly or indirectly, by the person, any entity that controls, directly or
indirectly, the person or any entity directly or indirectly under common
control with the person. For this purpose, “control” of any entity or person means
ownership of a majority of the voting power of the entity or person.

“Agreement” has the meaning specified in Section 1(c).

“Applicable
Close-out Rate” means:
—

(a)                                  in respect of the determination of an Unpaid
Amount: —

(i)                                     in respect of obligations payable or
deliverable (or which would have been but for Section 2(a)(iii)) by a
Defaulting Party, the Default Rate;

(ii)                                  in respect of obligations payable or
deliverable (or which would have been but for Section 2(a)(iii)) by a
Non-defaulting Party, the Non-default Rate;

(iii)                               in respect of obligations deferred pursuant to
Section 5(d), if there is no Defaulting Party and for so long as the deferral
period continues, the Applicable Deferral Rate; and

(iv)                              in all other cases following the occurrence of
a Termination Event (except where interest accrues pursuant to clause (iii)
above), the Applicable Deferral Rate; and

(b)                                  in respect of an Early Termination Amount: —

(i)                                     for the period from (and including) the
relevant Early Termination Date to (but excluding) the date (determined in
accordance with Section 6(d) (ii)) on which that amount is payable: —

(1)                                  if the Early Termination Amount is payable by
a Defaulting Party, the Default Rate;

(2)                                  if the Early Termination Amount is payable by
a Non-defaulting Party, the Non-default Rate; and

(3)                                  in all other cases, the Applicable Deferral
Rate; and

 21
 

(ii)                                  for the period from (and including) the date
(determined in accordance with Section 6(d)(ii)) on which that amount is
payable to (but excluding) the date of actual payment: —

(1)                                  if a party fails to pay the Early Termination
Amount due to the occurrence of an event or circumstance which would, if it
occurred with respect to a payment or delivery under a Transaction, constitute
or give rise to an Illegality or a Force Majeure Event, and for so long as the
Early Termination Amount remains unpaid due to the continuing existence of such
event or circumstance, the Applicable Deferral Rate;

(2)                                  if the Early Termination Amount is payable by
a Defaulting Party (but excluding any period in respect of which clause (1)
above applies), the Default Rate;

(3)                                  if the Early Termination Amount is payable by
a Non-defaulting Party (but excluding any period in respect of which clause (1)
above applies), the Non-default Rate; and

(4)                                  in all other cases, the Termination Rate.

“Applicable
Deferral Rate”  means:—

(a)                                  for the purpose of Section 9(h)(i)(3)(A), the
rate certified by the relevant payer to be a rate offered to the payer by a
major bank in a relevant interbank market for overnight deposits in the
applicable currency, such bank to be selected in good faith by the payer for
the purpose of obtaining a representative rate that will reasonably reflect
conditions prevailing at the time in that relevant market;

(b)                                  for purposes of Section 9(h)(i)(3)(B) and
clause (a)(iii) of the definition of Applicable Close-out Rate, the rate
certified by the relevant payer to be a rate offered to prime banks by a major
bank in a relevant interbank market for overnight deposits in the applicable
currency, such bank to be selected in good faith by the payer after
consultation with the other party, if practicable, for the purpose of obtaining
a representative rate that will reasonably reflect conditions prevailing at the
time in that relevant market; and

(c)                                  for purposes of Section 9(h)(i)(3)(C) and
clauses (a)(iv), (b)(i)(3) and (b)(ii)(1) of the definition of Applicable
Close-out Rate, a rate equal to the arithmetic mean of the rate determined
pursuant to clause (a) above and a rate per annum equal to the cost (without
proof or evidence of any actual cost) to the relevant payee (as certified by
it) if it were to fund or of funding the relevant amount.

“Automatic
Early Termination” has
the meaning specified in Section 6(a).

“Burdened
Party” has the meaning specified
in Section 5(b)(iv).

“Change in
Tax Law” means the enactment,
promulgation, execution or ratification of, or any change in or amendment to,
any law (or in the application or official interpretation of any law) that
occurs after the parties enter into the relevant Transaction.

“Close-out
Amount” means, with respect to
each Terminated Transaction or each group of Terminated Transactions and a
Determining Party, the amount of the losses or costs of the Determining Party
that are or would be incurred under then prevailing circumstances (expressed as
a positive number) or gains of the Determining Party that are or would be
realised under then prevailing circumstances (expressed as a negative number)
in replacing, or in providing for the Determining Party the economic equivalent
of, (a) the material terms of that Terminated Transaction or group of
Terminated Transactions, including the payments and deliveries by the parties
under Section 2(a)(i) in respect of that Terminated Transaction or group of
Terminated Transactions that would, but for the occurrence of the relevant
Early Termination Date, have been required after that date (assuming
satisfaction of the conditions precedent in

 22
 

Section 2(a)(iii)) and (b)
the option rights of the parties in respect of that Terminated Transaction or
group of Terminated Transactions.

Any Close-out Amount will be
determined by the Determining Party (or its agent), which will act in good
faith and use commercially reasonable procedures in order to produce a
commercially reasonable result. The Determining Party may determine a Close-out
Amount for any group of Terminated Transactions or any individual Terminated
Transaction but, in the aggregate, for not less than all Terminated
Transactions. Each Close-out Amount will be determined as of the Early
Termination Date or, if that would not be commercially reasonable, as of the
date or dates following the Early Termination Date as would be commercially
reasonable.

Unpaid Amounts in respect of
a Terminated Transaction or group of Terminated Transactions and legal fees and
out-of-pocket expenses referred to in Section 11 are to be excluded in all
determinations of Close-out Amounts.

In determining a Close-out
Amount, the Determining Party may consider any relevant information, including,
without limitation, one or more of the following types of information: —

(i)                                     quotations (either firm or indicative) for
replacement transactions supplied by one or more third parties that may take
into account the creditworthiness of the Determining Party at the time the
quotation is provided and the terms of any relevant documentation, including
credit support documentation, between the Determining Party and the third party
providing the quotation;

(ii)                                  information consisting of relevant market data
in the relevant market supplied by one or more third parties including, without
limitation, relevant rates, prices, yields, yield curves, volatilities,
spreads, correlations or other relevant market data in the relevant market; or

(iii)                               information of the types described in clause
(i) or (ii) above from internal sources (including any of the Determining Party’s
Affiliates) if that information is of the same type used by the Determining
Party in the regular course of its business for the valuation of similar transactions.

The Determining Party will
consider, taking into account the standards and procedures described in this
definition, quotations pursuant to clause (i) above or relevant market data
pursuant to clause (ii) above unless the Determining Party reasonably believes
in good faith that such quotations or relevant market data are not readily
available or would produce a result that would not satisfy those standards.
When considering information described in clause (i), (ii) or (iii) above, the
Determining Party may include costs of funding, to the extent costs of funding
are not and would not be a component of the other information being utilised.
Third parties supplying quotations pursuant to clause (i) above or market data
pursuant to clause (ii) above may include, without limitation, dealers in the
relevant markets, end-users of the relevant product, information vendors,
brokers and other sources of market information.

Without duplication of
amounts calculated based on information described in clause (i), (ii) or (iii)
above, or other relevant information, and when it is commercially reasonable to
do so, the Determining Party may in addition consider in calculating a
Close-out Amount any loss or cost incurred in connection with its terminating,
liquidating or re-establishing any hedge related to a Terminated Transaction or
group of Terminated Transactions (or any gain resulting from any of them).

Commercially reasonable
procedures used in determining a Close-out Amount may include the following: —

(1)                                  application to relevant market data from third
parties pursuant to clause (ii) above or information from internal sources
pursuant to clause (iii) above of pricing or other valuation models that are,
at the time of the determination of the Close-out Amount, used by the
Determining Party in the regular course of its business in pricing or valuing
transactions between the Determining Party and unrelated third parties that are
similar to the Terminated Transaction or group of Terminated Transactions; and

 23
 

(2)                                  application of different valuation methods to
Terminated Transactions or groups of Terminated Transactions depending on the
type, complexity, size or number of the Terminated Transactions or group of
Terminated Transactions.

“Confirmation” has the meaning specified in the preamble.

“consent” includes a consent, approval, action,
authorisation, exemption, notice, filing, registration or exchange control
consent.

“Contractual
Currency” has
the meaning specified in Section 8(a).

“Convention
Court” means any court which is
bound to apply to the Proceedings either Article 17 of the 1968 Brussels
Convention on Jurisdiction and the Enforcement of Judgments in Civil and
Commercial Matters or Article 17 of the 1988 Lugano Convention on Jurisdiction
and the Enforcement of Judgments in Civil and Commercial Matters.

“Credit
Event Upon Merger” has
the meaning specified in Section 5(b).

“Credit
Support Document” means
any agreement or instrument that is specified as such in this Agreement.

“Credit
Support Provider” has
the meaning specified in the Schedule.

“Cross-Default” means the event specified in Section 5(a)(vi).

“Default
Rate” means a rate per annum
equal to the cost (without proof or evidence of any actual cost) to the
relevant payee (as certified by it) if it were to fund or of funding the
relevant amount plus 1% per annum.

“Defaulting
Party” has the meaning
specified in Section 6(a).

“Designated
Event” has the meaning
specified in Section 5(b)(v).

“Determining
Party” means the party
determining a Close-out Amount.

“Early
Termination Amount” has
the meaning specified in Section 6(e).

“Early
Termination Date” means
the date determined in accordance with Section 6(a) or 6(b)(iv).

“electronic
messages” does
not include e-mails but does include documents expressed in markup languages,
and “electronic messaging system” will be construed accordingly.

“English
law” means the law of England
and Wales, and “English” will
be construed accordingly.

“Event of Default” has the meaning specified in Section 5(a) and,
if applicable, in the Schedule.

“Force Majeure Event” has the meaning specified in Section 5(b).

“General
Business Day” means
a day on which commercial banks are open for general business (including
dealings in foreign exchange and foreign currency deposits).

“Illegality” has the meaning specified in Section 5(b).

 24
 

“Indemnifiable
Tax” means any Tax other than
a Tax that would not be imposed in respect of a payment under this Agreement
but for a present or former connection between the jurisdiction of the
government or taxation authority imposing such Tax and the recipient of such
payment or a person related to such recipient (including, without limitation, a
connection arising from such recipient or related person being or having been a
citizen or resident of such jurisdiction, or being or having been organised,
present or engaged in a trade or business in such jurisdiction, or having or
having had a permanent establishment or fixed place of business in such
jurisdiction, but excluding a connection arising solely from such recipient or
related person having executed, delivered, performed its obligations or
received a payment under, or enforced, this Agreement or a Credit Support
Document).

“law” includes any treaty, law, rule or regulation
(as modified, in the case of tax matters, by the practice of any relevant
governmental revenue authority), and “unlawful” will be construed accordingly.

“Local
Business Day” means
(a) in relation to any obligation under Section 2(a)(i), a General Business Day
in the place or places specified in the relevant Confirmation and a day on
which a relevant settlement system is open or operating as specified in the
relevant Confirmation or, if a place or a settlement system is not so
specified, as otherwise agreed by the parties in writing or determined pursuant
to provisions contained, or incorporated by reference, in this Agreement, (b)
for the purpose of determining when a Waiting Period expires, a General
Business Day in the place where the event or circumstance that constitutes or
gives rise to the Illegality or Force Majeure Event, as the case may be,
occurs, (c) in relation to any other payment, a General Business Day in the
place where the relevant account is located and, if different, in the principal
financial centre, if any, of the currency of such payment and, if that currency
does not have a single recognised principal financial centre, a day on which
the settlement system necessary to accomplish such payment is open, (d) in
relation to any notice or other communication, including notice contemplated
under Section 5(a) (i), a General Business Day (or a day that would have been a
General Business Day but for the occurrence of an event or circumstance which
would, if it occurred with respect to payment, delivery or compliance related
to a Transaction, constitute or give rise to an Illegality or a Force Majeure
Event) in the place specified in the address for notice provided by the
recipient and, in the case of a notice contemplated by Section 2(b), in the
place where the relevant new account is to be located and (e) in relation to
Section 5(a)(v)(2), a General Business Day in the relevant locations for
performance with respect to such Specified Transaction.

“Local
Delivery Day” means,
for purposes of Sections 5(a)(i) and 5(d), a day on which settlement systems
necessary to accomplish the relevant delivery are generally open for business
so that the delivery is capable of being accomplished in accordance with
customary market practice, in the place specified in the relevant Confirmation
or, if not so specified, in a location as determined in accordance with
customary market practice for the relevant delivery.

“Master
Agreement” has
the meaning specified in the preamble.

“Merger
Without Assumption” means
the event specified in Section 5(a)(viii).

“Multiple
Transaction Payment Netting” has
the meaning specified in Section 2(c).

“Non-affected
Party” means, so long as there
is only one Affected Party, the other party.

“Non-default
Rate” means the rate certified
by the Non-defaulting Party to be a rate offered to the Non-defaulting Party by
a major bank in a relevant interbank market for overnight deposits in the
applicable currency, such bank to be selected in good faith by the
Non-defaulting Party for the purpose of obtaining a representative rate that will
reasonably reflect conditions prevailing at the time in that relevant market.

“Non-defaulting
Party” has the meaning
specified in Section 6(a).

“Office” means a branch or office of a party, which may
be such party’s head or home office.

“Other
Amounts” has the meaning
specified in Section 6(f).

 25
 

“Payee” has the meaning specified in Section 6(f).

“Payer” has the meaning specified in Section 6(f).

“Potential
Event of Default” means
any event which, with the giving of notice or the lapse of time or both, would
constitute an Event of Default.

“Proceedings” has the meaning specified in Section 13(b).

“Process
Agent” has the meaning
specified in the Schedule.

“rate of
exchange” includes,
without limitation, any premiums and costs of exchange payable in connection
with the purchase of or conversion into the Contractual Currency.

“Relevant
Jurisdiction” means,
with respect to a party, the jurisdictions (a) in which the party is
incorporated, organised, managed and controlled or considered to have its seat,
(b) where an Office through which the party is acting for purposes of this
Agreement is located, (c) in which the party executes this Agreement and (d) in
relation to any payment, from or through which such payment is made.

“Schedule” has the meaning specified in the preamble.

“Scheduled
Settlement Date” means
a date on which a payment or delivery is to be made under Section 2(a)(i) with
respect to a Transaction.

“Specified
Entity” has the meaning
specified in the Schedule.

“Specified
Indebtedness” means,
subject to the Schedule, any obligation (whether present or future, contingent
or otherwise, as principal or surety or otherwise) in respect of borrowed
money.

“Specified
Transaction” means,
subject to the Schedule, (a) any transaction (including an agreement with respect
to any such transaction) now existing or hereafter entered into between one
party to this Agreement (or any Credit Support Provider of such party or any
applicable Specified Entity of such party) and the other party to this
Agreement (or any Credit Support Provider of such other party or any applicable
Specified Entity of such other party) which is not a Transaction under this
Agreement but (i) which is a rate swap transaction, swap option, basis swap,
forward rate transaction, commodity swap, commodity option, equity or equity
index swap, equity or equity index option, bond option, interest rate option,
foreign exchange transaction, cap transaction, floor transaction, collar
transaction, currency swap transaction, cross-currency rate swap transaction,
currency option, credit protection transaction, credit swap, credit default
swap, credit default option, total return swap, credit spread transaction,
repurchase transaction, reverse repurchase transaction, buy/sell-back
transaction, securities lending transaction, weather index transaction or
forward purchase or sale of a security, commodity or other financial instrument
or interest (including any option with respect to any of these transactions) or
(ii) which is a type of transaction that is similar to any transaction referred
to in clause (i) above that is currently, or in the future becomes, recurrently
entered into in the financial markets (including terms and conditions
incorporated by reference in such agreement) and which is a forward, swap, future,
option or other derivative on one or more rates, currencies, commodities,
equity securities or other equity instruments, debt securities or other debt
instruments, economic indices or measures of economic risk or value, or other
benchmarks against which payments or deliveries are to be made, (b) any
combination of these transactions and (c) any other transaction identified as a
Specified Transaction in this Agreement or the relevant confirmation.

“Stamp Tax” means any stamp, registration, documentation or
similar tax.

“Stamp Tax
Jurisdiction” has
the meaning specified in Section 4(e).

 26
 

“Tax” means any present or future tax, levy, impost,
duty, charge, assessment or fee of any nature (including interest, penalties
and additions thereto) that is imposed by any government or other taxing
authority in respect of any payment under this Agreement other than a stamp,
registration, documentation or similar tax.

“Tax Event” has the meaning specified in Section 5(b).

“Tax Event
Upon Merger” has
the meaning specified in Section 5(b).

“Terminated
Transactions” means,
with respect to any Early Termination Date, (a) if resulting from an Illegality
or a Force Majeure Event, all Affected Transactions specified in the notice
given pursuant to Section 6(b)(iv), (b) if resulting from any other Termination
Event, all Affected Transactions and (c) if resulting from an Event of Default,
all Transactions in effect either immediately before the effectiveness of the
notice designating that Early Termination Date or, if Automatic Early
Termination applies, immediately before that Early Termination Date.

“Termination
Currency” means
(a) if a Termination Currency is specified in the Schedule and that currency is
freely available, that currency, and (b) otherwise, euro if this Agreement is
expressed to be governed by English law or United States Dollars if this
Agreement is expressed to be governed by the laws of the State of New York.

“Termination
Currency Equivalent” means,
in respect of any amount denominated in the Termination Currency, such
Termination Currency amount and, in respect of any amount denominated in a
currency other than the Termination Currency (the “Other Currency”), the amount
in the Termination Currency determined by the party making the relevant
determination as being required to purchase such amount of such Other Currency
as at the relevant Early Termination Date, or, if the relevant Close-out Amount
is determined as of a later date, that later date, with the Termination
Currency at the rate equal to the spot exchange rate of the foreign exchange
agent (selected as provided below) for the purchase of such Other Currency with
the Termination Currency at or about 11:00 a.m. (in the city in which such
foreign exchange agent is located) on such date as would be customary for the
determination of such a rate for the purchase of such Other Currency for value
on the relevant Early Termination Date or that later date. The foreign exchange
agent will, if only one party is obliged to make a determination under Section
6(e), be selected in good faith by that party and otherwise will be agreed by
the parties.

“Termination
Event” means an Illegality, a
Force Majeure Event, a Tax Event, a Tax Event Upon Merger or, if specified to
be applicable, a Credit Event Upon Merger or an Additional Termination Event.

“Termination
Rate” means a rate per annum
equal to the arithmetic mean of the cost (without proof or evidence of any
actual cost) to each party (as certified by such party) if it were to fund or
of funding such amounts.

“Threshold
Amount” means the amount, if
any, specified as such in the Schedule.

“Transaction” has the meaning specified in the preamble.

“Unpaid
Amounts” owing to any party
means, with respect to an Early Termination Date, the aggregate of (a) in
respect of all Terminated Transactions, the amounts that became payable (or
that would have become payable but for Section 2(a)(iii) or due but for Section
5(d)) to such party under Section 2(a)(i) or 2(d)(i)(4) on or prior to such
Early Termination Date and which remain unpaid as at such Early Termination
Date, (b) in respect of each Terminated Transaction, for each obligation under
Section 2(a)(i) which was (or would have been but for Section 2(a)(iii) or
5(d)) required to be settled by delivery to such party on or prior to such
Early Termination Date and which has not been so settled as at such Early
Termination Date, an amount equal to the fair market value of that which was
(or would have been) required to be delivered and (c) if the Early Termination
Date results from an Event of Default, a Credit Event Upon Merger or an
Additional Termination Event in respect of which all outstanding Transactions
are Affected Transactions, any Early Termination Amount due prior to such Early
Termination Date and which remains unpaid as of such Early Termination Date, in
each case together with any amount of interest accrued or other

 27
 

compensation in respect of that obligation or deferred
obligation, as the case may be, pursuant to Section 9(h)(ii)(1) or (2), as
appropriate. The fair market value of any obligation referred to in clause (b)
above will be determined as of the originally scheduled date for delivery, in
good faith and using commercially reasonable procedures, by the party obliged
to make the determination under Section 6(e) or, if each party is so obliged,
it will be the average of the Termination Currency Equivalents of the fair
market values so determined by both parties.

“Waiting Period” means:-

(a)                                  in respect of an
event or circumstance under Section 5(b)(i), other than in the case of Section
5(b)(i)(2) where the relevant payment, delivery or compliance is actually
required on the relevant day (in which case no Waiting Period will apply), a
period of three Local Business Days (or days that would have been Local
Business Days but for the occurrence of that event or circumstance) following
the occurrence of that event or circumstance; and

(b)                                  in respect of an
event or circumstance under Section 5(b)(ii), other than in the case of Section
5(b)(ii)(2) where the relevant payment, delivery or compliance is actually
required on the relevant day (in which case no Waiting Period will apply), a
period of eight Local Business Days (or days that would have been Local
Business Days but for the occurrence of that event or circumstance) following
the occurrence of that event or circumstance.

IN WITNESS WHEREOF the parties have executed this
document on the respective dated specified below with effect from the date
specified on the first page of this document.

	
  ABN AMRO BANK N.V.

  	
  GE
  CAPITAL CREDIT CARD MASTER NOTE

  TRUST

  
	
   

  	
  By: The Bank of New
  York (Delaware), not in its

  individual capacity, but solely as Trustee

  
	
   

  
	
   

  
	
  By: 

  	
  /s/ Frederick P. Engler

  	
   

  	
  By:

  	
  /s/ JoAnn C. DiOssi

  	
   

  	
   

  
	
   

  	
  Name:

  	
   Frederick P. Engler

  	
   

  	
   

  	
  Name:

  	
   JoAnn C. DiOssi

  	
   

  
	
   

  	
  Title:

  	
  Regional Manager Documentation

  	
   

  	
   

  	
  Title:

  	
  Vice President

  	
   

  
	
   

  	
  Date:

  	
  March 29, 2007

  	
   

  	
   

  	
  Date:

  	
  March 29, 2007

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By: 

  	
  /s/ Christopher Fain

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   Christopher Fain

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
  Vice President

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Date:

  	
  March 29, 2007

  	
   

  	
   

  	
   

  	
   

  
													

 

 28

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