Document:

Exhibit 4.1

  

SYNCHRONY CARD ISSUANCE TRUST

as Issuer

 

CLASS A(2022-1) TERMS DOCUMENT

dated as of April 18, 2022

 

to

 

SYNCHRONYSERIES INDENTURE SUPPLEMENT

dated as of September 26, 2018

 

to

 

AMENDED AND RESTATED MASTER
INDENTURE

 dated as of May 1, 2018

 

THE BANK OF NEW YORK MELLON

as Indenture Trustee

 

     

     

    

  

Table of Contents

 

	 	Page
	 	 
	ARTICLE I          DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	1
	 	 	 
	Section 1.01	Definitions and Interpretive Matters	1
	 	 	 
	Section 1.02	Governing Law	3
	 	 	 
	Section 1.03	Counterparts	3
	 	 	 
	Section 1.04	Ratification of Indenture and Indenture Supplement	3
	 	 	 
	ARTICLE II          THE CLASS A(2022-1) NOTES	3
	 	 	 
	Section 2.01	Creation and Designation	3
	 	 	 
	Section 2.02	Form of Delivery of Class A(2022-1) Notes; Depository; Denominations	3
	 	 	 
	Section 2.03	Delivery and Payment for the Class A(2022-1) Notes	3
	 	 	 
	Section 2.04	Specification of SynchronySeries Subordinated Transferor Amount	3
	 	 	 
	Section 2.05	[Reserved.]	4
	 	 	 
	Section 2.06	Maximum Delinquency Percentage	4
	 	 	 
	ARTICLE III          ALLOCATIONS, DEPOSITS AND PAYMENTS	4
	 	 	 
	Section 3.01	Targeted Deposits into the Class A(2022-1) Interest Funding Sub-Account	4
	 	 	 
	Section 3.02	[Reserved.]	4
	 	 	 
	Section 3.03	Withdrawals from Class A(2022-1) Interest Funding Sub-Account	4
	 	 	 
	Section 3.04	Withdrawals from Class A(2022-1) Principal Funding Sub-Account	4
	 	 	 
	Section 3.05	Payments of Interest and Principal	5
	 	 	 
	ARTICLE IV          MISCELLANEOUS PROVISIONS	5
	 	 	 
	Section 4.01	Limitation of Liability	5

  

     

     

    

  

THIS CLASS A(2022-1) TERMS
DOCUMENT (this “Terms Document”), among the SYNCHRONY CARD ISSUANCE TRUST, a statutory trust created under the laws of the
State of Delaware (the “Issuer”), having its principal office at c/o Citibank, N.A., 388 Greenwich Street, New York, New York
10013, and THE BANK OF NEW YORK MELLON, a New York state-chartered bank, as indenture trustee (the “Indenture Trustee”), is
made and entered into as of April 18, 2022.

 

Pursuant to this Terms Document,
the Issuer and the Indenture Trustee shall create a new Tranche of SynchronySeries Class A Notes and shall specify the principal terms
thereof.

 

ARTICLE I

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section 1.01        Definitions
and Interpretive Matters . For all purposes of this Terms Document, except as otherwise expressly provided or unless the context otherwise
requires:

 

(a)        All terms used
herein and not otherwise defined herein shall have meanings ascribed to them in the Indenture or the Indenture Supplement. This Terms
Document shall be interpreted in accordance with the conventions set forth in Sections 1.01(a) through (g) of the Indenture.

 

(b)        All terms defined
in this Terms Document shall have the defined meanings when used in any certificate or other document made or delivered pursuant hereto
unless otherwise defined therein.

 

(c)         In the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in
the Indenture or the Indenture Supplement, the terms and provisions of this Terms Document shall be controlling.

 

(d)        
Each capitalized term defined herein shall relate only to the Class A(2022-1)  Notes and no other Tranche of SynchronySeries Notes
issued by the Issuer.

 

(e)        
Whenever used in this Terms Document, the following words and phrases shall have the following meanings, and the definitions of such terms
and phrases are applicable to the singular as well as the plural forms of such terms and to the masculine as well as the neuter genders
of such terms:

 

“Accumulation Commencement
Date” means January 1, 2025; provided, however, that if the Accumulation Period Length for the Class A(2022-1) Notes is more
or less than the Initial Accumulation Period Length for the Class A(2022-1) Notes, the Accumulation Commencement Date for the Class A(2022-1)
Notes will be the date determined pursuant to the definition of “Accumulation Commencement Date” in the Indenture Supplement.

 

“Class A(2022-1)
Note” means any Note, substantially in the form set forth in Exhibit A-1 to the Indenture Supplement, designated therein as
a Class A(2022-1) Note and duly executed and authenticated in accordance with the Indenture.

 

 

     

     

    

 

“Class A(2022-1)
Noteholder” means a Person in whose name a Class A(2022-1) Note is registered in the Note Register.

 

“Class A(2022-1)
Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount
of the Class A(2022-1) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied
pursuant to Article V thereof.

 

“Controlled Accumulation
Amount” means $33,333,333.34; provided, however, if the Accumulation Period Length is determined to be more or less than twelve
months pursuant to Section 3.11(b)(ii) of the Indenture Supplement, the Controlled Accumulation Amount for any Transfer Date with respect
to the Class A(2022-1) Notes will be the amount specified in the definition of “Controlled Accumulation Amount” in the Indenture
Supplement; provided, further, that the Controlled Accumulation Amount for any Monthly Period shall not exceed the Outstanding Dollar
Principal Amount for the Class A(2022- 1) Notes minus the amount on deposit in the Class A(2022-1) Principal Funding Sub-Account.

 

“ Indenture”
means the Amended and Restated Master Indenture, dated as of May 1, 2018, as amended, between the Issuer and the Indenture Trustee.

 

“Indenture Supplement”
means the SynchronySeries Indenture Supplement, dated as of September 26, 2018, between the Issuer and the Indenture Trustee.

 

“Initial Dollar Principal Amount” means
$1,000,000,000.

 

“Interest Payment
Date” means May 16, 2022 and the 15th day of each month thereafter, or if such 15th day is not a Business Day, the next succeeding
Business Day.

 

“Interest Period”
means, with respect to any Interest Payment Date, the period from and including the previous Interest Payment Date (or in the case of
the initial Interest Payment Date, from and including the Issuance Date) to but excluding such Interest Payment Date.

 

“Issuance Date” means April 18, 2022.

 

“Legal Maturity Date” means the April
2028 Interest Payment Date.

 

“Note Interest Rate” means a rate per
annum equal to 3.37%.

 

“Paying Agent” means Indenture Trustee.

 

“Predecessor Note”
means, with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such
particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 3.06 of the Indenture in
lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen
Note.

 

“Scheduled Principal Payment Date” means
the April 2025 Interest Payment Date.

 

“Stated Principal Amount” means $1,000,000,000.

 

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Section 1.02      Governing
Law. THIS TERMS DOCUMENT 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).

 

Section 1.03      Counterparts.
This Terms Document may be executed in any number of counterparts, including by e-signature, each of which so executed will be deemed
to be an original, but all such counterparts will together constitute but one and the same instrument.

 

Section 1.04       Ratification
of Indenture and Indenture Supplement. As supplemented by this Terms Document, each of the Indenture and the Indenture Supplement
is in all respects ratified and confirmed and the Indenture as so supplemented by the Indenture Supplement as so supplemented by this
Terms Document shall be read, taken and construed as one and the same instrument.

 

[END OF ARTICLE I]

 

ARTICLE II

THE CLASS A(2022-1) NOTES

 

Section 2.01      Creation and
Designation. There is hereby created a Tranche of SynchronySeries Class A Notes to be issued pursuant to the Indenture and the Indenture
Supplement to be known as the “SynchronySeries Class A(2022-1) Notes.”

 

Section 2.02       Form of Delivery of Class A(2022-1) Notes;
Depository; Denominations.

 

(a)         The Class A(2022-1) Notes shall be delivered in the form of a Global Note as provided in Sections 2.02 and 3.01(g) of the Indenture.

 

(b)         The Depository for the Class A(2022-1) Notes shall be The Depository Trust Company, and the Class A(2022-1) Notes shall initially be registered
in the name of Cede & Co., its nominee.

 

(c)        The Class A(2022-1) Notes will be issued in minimum denominations of $10,000 and integral multiples of $1,000 in excess of $10,000.

 

Section 2.03       Delivery and
Payment for the Class A(2022-1) Notes. The Issuer shall execute and deliver the Class A(2022-1) Notes to the Indenture Trustee for
authentication, and the Indenture Trustee shall deliver the Class A(2022-1) Notes when authenticated, each in accordance with Section
3.03 of the Indenture.

 

Section 2.04        Specification of SynchronySeries
Subordinated Transferor Amount. As of the date of this Terms Document, after giving effect to the issuance of the Class A(2022-1)
Notes but prior to any adjustments pursuant to the terms of the Indenture Supplement, the SynchronySeries Subordinated Transferor Amount
will equal $550,450,452.00.

 

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Section 2.05        [Reserved.]

 

Section 2.06
        Maximum Delinquency Percentage. The Maximum Delinquency Percentage for the Class
A(2022-1) Notes is 9.00%.

 

[END OF ARTICLE II]

 

ARTICLE III

ALLOCATIONS, DEPOSITS AND PAYMENTS

 

Section 3.01       Targeted Deposits into
the Class A(2022-1) Interest Funding Sub-Account.

 

(a)        The amount targeted
to be deposited into the Class A(2022-1) Interest Funding Sub-Account pursuant to Sections 3.02(b) and 3.03 of the Indenture Supplement
shall be the sum of the following:

 

(i)
      On the Transfer Date related to each Interest Payment Date, the amount of interest targeted to be
deposited in the Class A(2022- 1) Interest Funding Sub-Account shall be an amount equal to one-twelfth of the product of (i) the
Note Interest Rate, and (ii) (A) the Outstanding Dollar Principal Amount of the Class A(2022-1) Notes determined as of the close of
business on the Interest Payment Date preceding the related Transfer Date for the Class A(2022-1) Notes plus (B) any interest due
but unpaid on any prior Interest Payment Date; provided, however, that for the first Interest Payment Date, the amount
of interest due with respect to the Class A(2022-1) Notes shall be $ 2,527,500. Interest on the Class A(2022-1) Notes will be
calculated on the basis of a 360-day year consisting of twelve 30-day months. Notwithstanding Section 3.03(d) of the Indenture
Supplement, the interest targeted to be deposited in the Class A(2022- 1) Interest Funding Sub-Account shall not include interest
accrued on any overdue interest.

 

Section 3.02       [Reserved.]

 

Section 3.03       Withdrawals
from Class A(2022-1) Interest Funding Sub-Account. On each Interest Payment Date, the interest due on the Class A(2022-1) Notes, calculated
pursuant to Section 3.01(a)(i) of this Terms Document, will be withdrawn from the Class A(2022-1) Interest Funding Sub-Account and remitted
to the Paying Agent for distribution pursuant to Section 3.05 of this Terms Document.

 

Section 3.04      Withdrawals
from Class A(2022-1) Principal Funding Sub-Account. On each Principal Payment Date, an amount up to the Nominal Liquidation Amount
of the Class A(2022-1) Notes will be withdrawn from the Class A(2022-1) Principal Funding Sub-Account and remitted to the Paying Agent
for distribution pursuant to Section 3.05 of this Terms Document.

 

    4

     

    

 

 

Section 3.05       Payments of Interest and Principal.

 

(a)        Any installment of interest or principal payable on any Class A(2022-1) Note which is punctually paid or duly provided for by the Issuer
and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to the Person
in whose name such Class A(2022-1) Note (or one or more Predecessor Notes) is registered on the Record Date, by wire transfer of immediately
available funds to such Person’s account as has been designated by written instructions received by the Paying Agent from such Person
not later than the close of business on the third Business Day preceding the date of payment or, if no such account has been so designated,
by check mailed first-class, postage prepaid to such Person’s address as it appears on the Note Register on such Record Date, except
that with respect to Notes registered on the Record Date in the name of the nominee of Cede & Co., payment shall be made by wire transfer
in immediately available funds to the account designated by such nominee.

 

(b)         The right of the Class A(2022-1) Noteholders to receive payments from the Issuer will terminate on the first Business Day following the
Class A(2022-1) Termination Date.

 

[END OF ARTICLE III]

 

ARTICLE IV

MISCELLANEOUS PROVISIONS

 

Section 4.01       Limitation of Liability.

 

(a)        It is expressly understood and agreed by the parties hereto that (a) this document is executed and delivered by Citibank, N.A., not individually
or personally, but solely as Trustee of the Issuer, (b) each of the representations, undertakings and agreements herein made on the part
of the Issuer is made and intended not as a personal representation, undertaking and agreement by Citibank, N.A. but is made and intended
for the purpose of binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on Citibank, N.A.,
individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly
waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (d) Citibank, N.A. has made no investigation
as to the accuracy or completeness of any representations and warranties made by the Issuer or any other party in this Agreement, and
(e) under no circumstances shall Citibank, N.A. be personally liable for the payment of any indebtedness or expenses of the Issuer or
be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this
document or any other related documents.

 

(b)        The Indenture Trustee shall be entitled to the same protections and indemnities under this Terms Document that it is entitled to under
the Indenture.

 

[END OF ARTICLE IV]

  

    5

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Terms Document to be duly executed, all as of the day and year first above written.

 

	 	SYNCHRONY CARD ISSUANCE TRUST
	 	 
	 	By: CITIBANK, N.A., not in its individual capacity but solely as Trustee on behalf of the Issuer
	 	 
	 	By:	  
	 	 	Name:
	 	 	Title:
	 	  
	 	THE BANK OF NEW YORK MELLON, 

as Indenture Trustee
	 	  
	 	By:	  
	 	 	Name:
	 	 	Title:

  

Synchrony Card Issuance Trust

 SynchronySeries
Class A(2022-1) Terms DocumentExhibit 4.2

 

RISK RETENTION AGREEMENT, dated
as of April 18, 2022 (this “Agreement”), by and among SYNCHRONY BANK, a federal savings association organized under
the laws of the United States (“Synchrony Bank”), SYNCHRONY CARD FUNDING, LLC, a Delaware limited liability company
(“Synchrony Card Funding”), and SYNCHRONY CARD ISSUANCE TRUST, a Delaware statutory trust (the “Issuer”).

 

W I T N E S S E T H:

 

WHEREAS, Synchrony Bank and
Synchrony Card Funding have entered into an Amended and Restated Receivables Sale Agreement, dated as of May 1, 2018 (the “Receivables
Sale Agreement”), pursuant to which Synchrony Bank sells Receivables arising under certain Accounts to Synchrony Card Funding;

 

WHEREAS, Synchrony Card Funding
and the Issuer have entered into an Amended and Restated Transfer Agreement, dated as of May 1, 2018 (as amended, restated, supplemented
or otherwise modified, the “Transfer Agreement”), pursuant to which Synchrony Card Funding conveyed to the Issuer all
of its right, title and interest in and to the Receivables arising under certain Accounts;

 

WHEREAS, Synchrony Card Funding,
Citibank, N.A., as the trustee (in such capacity, the “Trustee”) and Citicorp Trust Delaware, National Association,
as the Delaware trustee, have entered into an Amended and Restated Trust Agreement, dated as of May 1, 2018 (as amended, restated, supplemented
or otherwise modified, the “Trust Agreement”), pursuant to which the Issuer issued the Transferor Interest to Synchrony
Card Funding;

 

WHEREAS, the Issuer and The
Bank of New York Mellon (the “Indenture Trustee”) have entered into an Amended and Restated Master Indenture, dated
as of May 1, 2018 (as amended, restated, supplemented or otherwise modified, the “Master Indenture”), and a SynchronySeries
Indenture Supplement, dated as of September 26, 2018, (as amended, restated, supplemented or otherwise modified, the “Indenture
Supplement”, and together with the Master Indenture, the “Indenture”), pursuant to which the Issuer has issued
and may from time to time issue the SynchronySeries Notes; and

 

WHEREAS, Synchrony Card Funding
intends to cause the Issuer to issue the Class A(2022-1) Notes pursuant to the Indenture and the Class A(2022-1) Terms Document, dated
as of April 18, 2022 (the “Terms Document”), between the Issuer and the Indenture Trustee.

 

NOW, THEREFORE, it is hereby
agreed by and among Synchrony Bank, Synchrony Card Funding and the Issuer as follows:

 

1.             DEFINITIONS. All capitalized
terms used but not defined herein shall have the meanings given to such terms in the Terms Document and, if not defined therein, in the
Indenture. The following capitalized terms shall have the following meanings:

 

“Applicable
Investor” means each holder of a beneficial interest in any Class A(2022-1) Note that is (i) an “institutional
investor” as defined in the EU Securitization Regulation and to which the EU Securitization Regulation applies or (ii) an
 “institutional investor” as defined in the UK Securitization Regulation and to which the UK Securitization Regulation
applies.

 

    

     

    

 

“EU Securitization
Regulation” means Regulation (EU) 2017/2402 of the European Parliament and of the Council of December 12, 2017 laying down a
general framework for securitization and creating a specific framework for simple, transparent and standardized securitization and amending
certain other European Union directives and regulations, as amended.

 

“EU Securitization
Rules” means the EU Securitization Regulation, together with any relevant regulatory and/or implementing technical standards
adopted by the European Commission in relation thereto, any relevant regulatory and/or implementing technical standards applicable in
relation thereto pursuant to any transitional arrangements made pursuant to the EU Securitization Regulation, and, in each case, any relevant
guidance published in relation thereto by the European Banking Authority or the European Securities and Markets Authority (or, in either
case, any predecessor authority) or by the European Commission.

 

“UK Securitization
Regulation” means Regulation (EU) 2017/2402 as it forms part of UK domestic law by operation of the European Union (Withdrawal)
Act 2018, as amended, and as amended by the Securitisation (Amendment) (EU Exit) Regulations 2019, and as further amended.

 

“UK
Securitization Rules” means the UK Securitization Regulation, together with (a) all applicable binding technical standards
made under the UK Securitization Regulation, (b) any EU regulatory technical standards or implementing technical standards relating
to the EU Securitization Regulation (including such regulatory technical standards or implementing technical standards which are
applicable pursuant to any transitional provisions of the EU Securitization Regulation) forming part of UK domestic law by operation
of the European Union (Withdrawal) Act 2018, as amended (the “EUWA”), (c) all relevant guidance, policy statements or
directions relating to the application of the UK Securitization Regulation (or any binding technical standards) published by the
Financial Conduct Authority and/or the Prudential Regulation Authority (or their successors), (d) any guidelines relating to the
application of the EU Securitization Regulation which are applicable in the United Kingdom, (e) any other transitional, saving or
other provision relevant to the UK Securitization Regulation by virtue of the operation of the EUWA and (f) any other applicable
laws, acts, statutory instruments, rules, guidance or policy statements published or enacted relating to the UK Securitization
Regulation, in each case, as may be further amended, supplemented or replaced, from time to time.

 

2.              REPRESENTATIONS. Synchrony
Bank represents and warrants to the Issuer and the Indenture Trustee (solely for the benefit of the Applicable Investors) that as of
the date hereof:

 

(a)       Synchrony Bank has all requisite power
and authority to execute, deliver and perform its obligations under this Agreement;

 

(b)       The execution, delivery and
performance of this Agreement have been duly authorized by all necessary action, and do not violate any provision of any law or
regulation of any Governmental Authority, or contractual or other restrictions binding on Synchrony Bank, except where such
violations, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect; and

 

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(c)       This Agreement
is the valid, binding and enforceable obligation of Synchrony Bank, except as the same may be limited by applicable Debtor Relief Laws,
now or hereafter in effect, and by general principles of equity (whether considered in a suit at law or in equity).

 

3.              COVENANTS. With reference to the
EU Securitization Rules and the UK Securitization Rules, in each case as in effect and applicable on the date hereof, Synchrony Bank hereby
confirms, represents and warrants to and agrees with, and irrevocably and unconditionally undertakes to the Issuer and the Indenture Trustee,
solely for the benefit of each Applicable Investor, on an ongoing basis, that:

 

(a)       Synchrony
Bank, as an “originator” for the purposes of the EU Securitization Rules and the UK Securitization Rules, will retain
upon issuance of the Notes, and on an ongoing basis for so long as the Notes remain outstanding, a material net economic interest in
the securitization transaction described in the Offering Memorandum (the “Retained Interest”) that is not less
than 5% of the nominal value of the securitized exposures, in a form that is intended to qualify as an originator’s interest
as provided in option (b) of Article 6(3) of the EU Securitization Regulation and option (b) of Article 6(3) of the UK
Securitisation Regulation, in each case, as in effect and applicable on the closing date, by holding all the membership interests in
Synchrony Card Funding, which in turn holds all or part of the Transferor Interest (the “Retained Interest”);

 

(b)       Synchrony Bank
will not (and will not permit Synchrony Card Funding or any of its other affiliates to) hedge or otherwise mitigate its credit risk under
or associated with the Retained Interest, or sell, transfer or otherwise surrender all of part of the rights, benefits or obligations
arising from the Retained Interest, except, to the extent permitted in accordance with the EU Securitization Rules and the UK Securitization
Rules;

 

(c)       Synchrony Bank
will not change the manner or form in which it retains  its Retained Interest while any of the Class A(2022-1) Notes are outstanding,
except as permitted by the EU Securitization Rules and the UK Securitization Rules; and

 

 

(d)       Synchrony Bank
will provide ongoing confirmation of Synchrony Bank’s continued compliance with its obligations described in (a), (b) and (c) above
in or concurrently with the delivery of each Monthly Noteholders’ Statement.

 

4.             AGREEMENTS OF SYNCHRONY CARD
FUNDING. Synchrony Card Funding hereby acknowledges the terms and conditions of this Agreement and, further, covenants that it
will not subject the Retained Interest to any credit risk mitigation or other hedge, or sell, transfer or otherwise surrender all or
part of the rights, benefits or obligations arising from the Retained Interest, other than as directed by Synchrony Bank and as
permitted in accordance with the terms of this Agreement.

 

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5.              LIMITATION OF
LIABILITY.

 

(a)        It is expressly
understood and agreed by the parties hereto that (i) this Agreement is executed and delivered by Citibank, N.A., not individually or personally,
but solely as Trustee of the Issuer, (ii) each of the representations, undertakings and agreements herein made on the part of the Issuer
is made and intended not as a personal representation, undertaking and agreement by Citibank, N.A. but is made and intended for the purpose
of binding only the Issuer, (iii) nothing herein contained shall be construed as creating any liability on Citibank, N.A., individually
or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived
by the parties hereto and by any Person claiming by, through or under the parties hereto, (iv) Citibank, N.A. has made no investigation
as to the accuracy or completeness of any representations and warranties made by the Issuer or any other party in this Agreement, and
(v) under no circumstances shall Citibank, N.A. be personally liable for the payment of any indebtedness or expenses of the Issuer or
be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this
Agreement or any other related documents.

  

(b)       Notwithstanding
anything to the contrary contained herein or in any other document or agreement relating to the Class A(2022-1) Notes, in no event shall
Synchrony Bank or Synchrony Card Funding be liable to the Indenture Trustee, the Issuer, the Trustee, any Applicable Investor or any other
Noteholder, or responsible for, losses in respect of the Class A(2022-1) Notes or any interest therein, including, without limitation
any loss of value of any Class A(2022-1) Notes or any interest therein, due to the failure of the Retained Interest and compliance by
Synchrony Bank and Synchrony Card Funding with the terms of this Agreement to satisfy the EU Securitization Rules, the UK Securitization
Rules or other similar or equivalent provisions now or hereafter in effect.

 

(c)       Without limiting
Section 5(b) of this Agreement, except as specifically provided in Sections 3 and 4 of this Agreement, neither Synchrony Bank nor Synchrony
Card Funding undertakes, or intends, to take or refrain from taking any action with regard to the Class A(2022- 1) Notes in a manner prescribed
or contemplated by the EU Securitization Rules or the UK Securitization Rules, or to take any action for purposes of, or in connection
with, compliance by any Applicable Investor or other person with any applicable EU Securitization Rules or UK Securitization Rules. In
particular, neither of them makes any undertaking in this Agreement or otherwise with respect to the transparency requirements in Article
7 of the EU Securitization Regulation or Article 7 of the UK Securitization Regulation.

 

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6.             MISCELLANEOUS.

 

(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.

 

(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 INDENTURE OR TO ANY MATTER
ARISING OUT OF OR RELATING TO THIS INDENTURE; 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. 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 6(d) 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.

 

(c)       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, 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 AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

    5

     

    

 

If to Synchrony Bank:

 

777 Long Ridge Road

Stamford, Connecticut 06902

Attention: Eric Duenwald – Treasurer

 

If to Synchrony Card Funding:

 

777 Long Ridge Road

Stamford, Connecticut 06902

Attention: Eric Duenwald – President

 

If to the Issuer:

 

388 Greenwich Street

New York, New York 10013

Attn: Synchrony Card Issuance Trust

 

(d)       Neither this Agreement nor
any term or provision hereof may be changed, waived, discharged or terminated except by a writing signed by a duly authorized officer
of the party against whom enforcement of such change, waiver, discharge or termination is sought to be enforced.

 

(e)       Any part, provision, representation,
warranty or covenant of this Agreement that is prohibited or is held to be void or unenforceable shall be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof.

 

Any part, provision, representation,
warranty or covenant of this Agreement that is prohibited or is held to be void or unenforceable in any particular jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any particular jurisdiction shall not invalidate or render unenforceable such
provision in any other jurisdiction.

 

To the extent permitted by applicable
law, the parties hereto waive any provision of law which prohibits or renders void or unenforceable any provision hereof.

 

(f)        This Agreement constitutes
the entire agreement and understanding of the parties with respect to the matters addressed herein, and this Agreement supersedes any
prior agreements and/or understandings, written or oral, with respect to such matters.

 

    6

     

    

 

(g)        The Issuer is a party to
this Agreement solely for the purposes of obtaining the benefit of the representations, warranties and covenants contained therein and
under no circumstances shall it be deemed to have undertaken any obligations thereunder or by virtue of its entry into this Agreement.

 

(h)        The Indenture Trustee is
a third party beneficiary of this Agreement solely for the purpose of obtaining the benefit of the representations, warranties and covenants
contained herein and under no circumstances shall it be deemed to have undertaken any obligations hereunder. For the avoidance of doubt,
in no event shall the Indenture Trustee have any responsibility to monitor compliance with or be charged with knowledge of the EU Securitization
Rules or the UK Securitization Rules, nor shall it be liable to any Applicable Investor, Noteholder or any party whatsoever for any violation
of such EU Securitization Rules or such UK Securitization Rules or such similar provisions now or hereafter in effect or for any breach
of any term of this Agreement.

 

    7

     

    

 

Synchrony Bank, Synchrony Card
Funding and the Issuer have caused this Agreement to be duly executed by their respective officers as of the date first above written.

 

	 	SYNCHRONY BANK
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	SYNCHRONY CARD FUNDING, LLC
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	SYNCHRONY CARD ISSUANCE TRUST
	 	 
	 	By: Citibank, N.A., not in its individual capacity,
    but solely as Trustee
	 	 
	 	By:	            
	 	Name:
	 	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00343-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00343-of-00352.parquet"}]]