Document:

EXECUTION COPY

 

Exhibit 4.1

 

SYNCHRONY CREDIT CARD MASTER NOTE TRUST,

 

as Issuer

 

and

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,

 

as Indenture Trustee

  

Series 2017-2 INDENTURE SUPPLEMENT

 

Dated as of November 2, 2017

 

     

     

    

  

Table
of Contents

 

	 	 	 	Page
	 	 	 	 
	ARTICLE I	Definitions	 
	 	 	 
	SECTION 1.1. 	Definitions	1
	SECTION 1.2. 	Incorporation of Terms	16
	 	 	 
	ARTICLE II	Creation of the Series 2017-2 Notes	 
	 	 	 
	SECTION 2.1. 	Designation	16
	SECTION 2.2. 	Transfer Restrictions Applicable to the Class D Notes	17
	 	 	 
	ARTICLE III	REPRESENTATIONS, WARRANTIES and Covenants	 
	 	 	 	 
	SECTION 3.1. 	Representations, Warranties and Covenants with respect to Receivables	19
	SECTION 3.2. 	Representations, Warranties and Covenants with respect to ERISA	19
	 	 	 
	ARTICLE IV	Rights of Series 2017-2 Noteholders and Allocation and Application of Collections	 
	 	 	 
	SECTION 4.1. 	Determination of Interest and Principal	20
	SECTION 4.2. 	Establishment of Accounts	22
	SECTION 4.3. 	Calculations and Series Allocations	23
	SECTION 4.4. 	Application of Available Finance Charge Collections and Available Principal Collections	25
	SECTION 4.5. 	Distributions	28
	SECTION 4.6. 	Investor Charge-Offs	29
	SECTION 4.7. 	Reallocated Principal Collections	29
	SECTION 4.8. 	Excess Finance Charge Collections	29
	SECTION 4.9. 	Shared Principal Collections	30
	SECTION 4.10. 	Reserve Account	30
	SECTION 4.11. 	Spread Account	31
	SECTION 4.12. 	Investment of Accounts	32
	SECTION 4.13. 	Controlled Accumulation Period	34
	SECTION 4.14. 	[Reserved]	34
	SECTION 4.15. 	Deposit of Collections	34
	 	 	 
	ARTICLE V	Delivery of Series 2017-2 Notes; Reports to Series 2017-2 Noteholders	 
	 	 	 
	SECTION 5.1. 	Delivery and Payment for the Series 2017-2 Notes	34
	SECTION 5.2. 	Reports and Statements to Series 2017-2 Noteholders	34
	 	 	 
	ARTICLE VI	Series 2017-2 Early Amortization Events	 
	 	 	 
	SECTION 6.1. 	Series 2017-2 Early Amortization Events	35
	 	 	 
	ARTICLE VII	Redemption of Series 2017-2 Notes; Final Distributions; Series Termination	 

 

    	 	-i-	 

     

    

  

Table
of Contents

(continued)

 

	 	 	 	Page
	 	 	 	 
	SECTION 7.1. 	Optional Redemption of Series 2017-2 Notes; Final Distributions	36
	SECTION 7.2. 	Series Termination	37
	SECTION 7.3. 	Sale of Collateral	37
	 	 	 
	ARTICLE VIII	Miscellaneous Provisions	 
	 	 	 
	SECTION 8.1. 	Ratification of Indenture; Amendments	38
	SECTION 8.2. 	Form of Delivery of the Series 2017-2 Notes	38
	SECTION 8.3. 	Counterparts	38
	SECTION 8.4. 	GOVERNING LAW	38
	SECTION 8.5. 	Limitation of Liability	39
	SECTION 8.6. 	Rights of the Indenture Trustee	39
	SECTION 8.7. 	Notice Address for Rating Agencies	40
	SECTION 8.8. 	Compliance with Applicable Anti-Terrorism and Anti-Money Laundering Regulations	40
	SECTION 8.9. 	Notes to be Treated as Debt for Tax	40
	SECTION 8.10. 	Deemed Consent	40

 

	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 A-4		FORM OF CLASS D NOTE
	 	 	 
	EXHIBIT B		FORM OF MONTHLY NOTEHOLDER’S STATEMENT
	 	 	 
	SCHEDULES	 	 
	 	 	 
	SCHEDULE I		PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS (With Respect to Receivables)

 

    	 	-ii-	 

     

    

  

SERIES 2017-2 INDENTURE
SUPPLEMENT, dated as of November 2, 2017 (this “Indenture Supplement”), between SYNCHRONY 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 as provided in the Master Indenture referred to below, the “Indenture Trustee”)
under the Master Indenture, dated as of September 25, 2003 (the “Indenture”), between the Issuer and the Indenture
Trustee, as amended by the Omnibus Amendment No.1 to Securitization Documents, dated as of February 9, 2004, among RFS Holding,
L.L.C., RFS Funding Trust, the Issuer, Deutsche Bank Trust Company Delaware, as trustee of RFS Funding Trust, RFS Holding, Inc.
and the Indenture Trustee, as further amended by the Second Amendment to Master Indenture, dated as of June 17, 2004, between the
Issuer and the Indenture Trustee, as further amended by the Third Amendment to Master Indenture, dated as of August 31, 2006, between
the Issuer and the Indenture Trustee, as further amended by the Fourth Amendment to Master Indenture, dated as of June 28, 2007,
between the Issuer and the Indenture Trustee, as further amended by the Fifth Amendment to Master Indenture, dated as of May 22,
2008, between the Issuer and the Indenture Trustee, as further amended by the Sixth Amendment to Master Indenture, dated as of
August 7, 2009, between the Issuer and the Indenture Trustee, as further amended by the Seventh Amendment to Master Indenture,
dated as of January 21, 2014, between the Issuer and the Indenture Trustee, as further amended by the Eighth Amendment to
Master Indenture and Omnibus Supplement to Specified Indenture Supplements, dated as of March 11, 2014, between the Issuer
and the Indenture Trustee, as further amended by the Ninth Amendment to Master Indenture, dated as of November 24, 2015, between
the Issuer and the Indenture Trustee, as further amended by the Tenth Amendment to Master Indenture, dated as of March 3, 2016,
between the Issuer and the Indenture Trustee, and as further amended by the Eleventh Amendment to Master Indenture, dated as of
April 21, 2017, 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 and Section 1.3 of the Indenture.

 

(b)          Each
capitalized term defined herein relates only to Series 2017-2 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, Class C Additional Interest and Class
D 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 SYNCHRONY FINANCIAL, in its capacity as Administrator under the Administration Agreement or any other Person designated as
an Administrator under the Administration Agreement.

 

“Advisers Act”
is defined in Section 3.2(b)(i).

 

“Agreement”
is defined in the preamble.

 

“Allocation Percentage”
means, with respect to any date of determination in 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 makes a single monthly deposit of Collections to the Collection
Account pursuant to Section 8.4 of the Indenture for such Monthly Period and has not elected to make daily deposits to the
Collection Account, 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.

 

    	 	2	 

     

    

  

“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 2017-2 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 on funds on deposit in the Reserve
Account which will be treated as Available Finance Charge Collections pursuant to Section 4.10(a) and (e) amounts, if any,
to be withdrawn from the Reserve Account which will be deposited into the Finance Charge Account on the related Transfer Date to
be treated as Available Finance Charge Collections pursuant to Section 4.10(c); provided, that for purposes
of the statement to be delivered pursuant to Section 5.2(a), the Servicer may estimate the amount of interest, earnings
and expenses on any Series Account based on the most recent statement delivered by the related deposit bank.

 

“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 2017-2 for application as Shared Principal Collections), (ii) the aggregate amount to be treated
as Available Principal Collections pursuant to Sections 4.4(a)(vii),  (viii)  and  (xi)  and (iii) during an Early Amortization
Period, the amount of Available Finance Charge Collections used to pay principal on the Notes pursuant to Section 4.4(a)(xiv)
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(a) on such date, but before
giving effect to any deposit made or to be made pursuant to Section 4.4(a)(ix) 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.

 

    	 	3	 

     

    

  

“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 (based on a 360-day year of twelve 30-day months, or in the case of the
initial Monthly Period, the actual number of days and a 360-day year) equivalent of a fraction, the numerator of which is equal
to the sum of (a) the Monthly Interest, (b) the amount required to be paid pursuant to Section 4.4(a)(i) and (c) the Noteholder
Servicing Fee, each with respect to the related Payment Date, and the denominator of which is the Collateral Amount plus amounts
on deposit in the Principal Accumulation Account, each as of the close of business on the last day of such Monthly Period.

 

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

 

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

 

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

 

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

 

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

 

“Class A Note
Initial Principal Balance” means $750,000,000.

 

“Class A Note
Interest Rate” means a per annum rate of 2.62%.

 

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

 

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

 

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

 

    	 	4	 

     

    

  

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

 

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

 

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

 

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

 

“Class B Note
Initial Principal Balance” means $71,917,808.

 

“Class B Note
Interest Rate” means a per annum rate of 2.82%.

 

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

 

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

 

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

 

“Class C Note
Initial Principal Balance” means $61,643,836.

 

“Class C Note
Interest Rate” means a per annum rate of 3.01%.

 

“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.

 

    	 	5	 

     

    

  

“Class C Required
Amount” means, for 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 D Additional
Interest” is defined in Section 4.1(d).

 

“Class D Deficiency
Amount” is defined in Section 4.1(d).

 

“Class D Monthly
Interest” is defined in Section 4.1(d).

 

“Class D Note
Initial Principal Balance” means $92,465,753.

 

“Class D Note
Interest Rate” means a per annum rate of 3.41%.

 

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

 

“Class D Note
Transfer” is defined in Section 2.2(b).

 

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

 

“Class D 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-4.

 

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

 

“Closing Date”
means November 2, 2017.

 

“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 2017-2 Noteholders (other than any principal payments made from
funds on deposit in the Spread Account), (ii) reductions in the Collateral Amount pursuant to Section 4.4(f), (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)(viii) prior to such date.

 

“Controlled Accumulation
Amount” means, for any Payment Date with respect to the Controlled Accumulation Period, $325,342,466; provided,
however, that if the Controlled Accumulation Period Length is determined to be more than or less than three 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.

 

    	 	6	 

     

    

  

“Controlled Accumulation
Period” means, unless an Early Amortization Event shall have occurred prior thereto, the period commencing on the first
day of the third Monthly Period preceding the Expected Principal Payment Date 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.

 

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

 

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

 

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

 

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

 

(d)          product
of (i) the Class D Monthly Interest and (ii) a fraction (A) the numerator of which is equal to the lesser of (x) the excess of
the Principal Accumulation Account Balance over the sum of the Class A Note Principal Balance, the Class B Note Principal Balance
and the Class C Note Principal Balance, each as of the last day of the calendar month preceding such Transfer Date and (y) the
Class D 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 D 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 (as such term is defined
in the Transfer Agreement), unless there is an Insolvency Event with respect to the Originator or the Transferor) in such Defaulted
Account on the day it became a Defaulted Account.

 

    	 	7	 

     

    

 

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

 

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

 

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

 

“Early Amortization
Period” means the period commencing on the date on which a Trust Early Amortization Event or a Series 2017-2 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 October 2022 Payment Date.

 

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

 

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

 

“Finance Charge
Shortfall” is defined in Section 4.8.

 

“Group One”
means Series 2017-2 and each other outstanding Series previously or hereafter specified in the related Indenture Supplement to
be included in Group One.

 

“Hague Securities
Convention” means The Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary
(Concluded 5 July 2006), which became effective in the United States of America on April 1, 2017.

 

“Indenture”
is defined in the preamble.

 

“Indenture Trustee”
is defined in the preamble.

 

    	 	8	 

     

    

  

“Initial Collateral
Amount” means $1,027,397,261, 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, (iv) the Class D Note Initial Principal Balance
and (v) the Initial Excess Collateral Amount.

 

“Initial Excess
Collateral Amount” means $51,369,864.

 

“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 initial 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
allocated to the Series issued pursuant to this Indenture Supplement pursuant to Section 4.3(a) for all Dates of Processing during
such Monthly Period.

 

“Investor Principal
Collections” means, for any Monthly Period, (a) during the Revolving Period, amounts deposited by the holder(s) of the
Transferor Interest to the Collection Account in respect of Reallocated Principal Collections pursuant to Section 4.3(c),
and (b) during the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the lesser of (i) the Required
Principal Deposit Amount for such Monthly Period and (ii) the aggregate amount of Principal Collections allocated to the Series
issued pursuant to this Indenture Supplement pursuant to Section 4.3(b) for all Dates of Processing during such Monthly
Period; provided, that for any Monthly Period in which the Early Amortization Period commences, the amount described
in this clause (ii) shall equal the sum of (x) the lesser of (A) the aggregate amount of Principal Collections allocated
to the Series issued pursuant to this Indenture Supplement pursuant to Section 4.3(b) for all Dates of Processing during
any portion of the Monthly Period preceding the date on which the Early Amortization Period commences and (B) the Required Principal
Deposit Amount during the portion of such Monthly Period preceding the date on which the Early Amortization Period commences, plus
(y) the aggregate amount of Principal Collections allocated to the Series issued pursuant to this Indenture Supplement pursuant
to Section 4.3(b) for all Dates of Processing during any portion of the Monthly Period on and after the commencement of
the Early Amortization Period.

 

    	 	9	 

     

    

  

“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 (which with respect to any Monthly Period in which a Reset Date occurs during that Monthly Period will
be the daily average of the Series Allocation Percentages for all dates during such Monthly Period) and (b) the aggregate Dilutions
occurring during such Monthly Period as to which any deposit is required to be made hereunder but has not been made, provided,
that if the Free Equity Amount is greater than zero at the time the deposit referred to in clause (b) is required to be
made, the Investor Uncovered Dilution Amount shall be deemed to be zero.

 

“Issuer”
is defined in the preamble.

 

“Maximum Delinquency
Percentage” means, for purposes of Series 2017-2, 9%.

 

“Minimum Free
Equity Percentage” means, for purposes of Series 2017-2, 5.5%.

 

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

 

“Monthly Period”
means, (a) with respect to the December 2017 Payment Date, the period beginning on the Closing Date and ending on November 30,
2017, and (b) with respect to any Payment Date thereafter, the calendar month immediately preceding such Payment Date.

 

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

 

“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) 27.00% of the Initial Collateral Amount minus the sum of (x) the amount
of unreimbursed Investor Charge-Offs (after giving effect to Investor Charge-Offs for the related Monthly Period) and unreimbursed
Reallocated Principal Collections (as of the previous Payment Date) and (y) any reductions to the Collateral Amount pursuant to
Section 4.4(f), but not less than zero;

 

(b)          the
lesser of (i) the Class B Required Amount and (ii) 20.00% of the Initial Collateral Amount minus the sum of (x) the amount
of unreimbursed Investor Charge-Offs (after giving effect to Investor Charge-Offs for the related Monthly Period) and unreimbursed
Reallocated Principal Collections (as of the previous Payment Date and as required in clause (a) above) and (y) any reductions
to the Collateral Amount pursuant to Section 4.4(f), but not less than zero;

 

(c)          the
lesser of (i) the Class C Required Amount and (ii) 14.00% of the Initial Collateral Amount minus the sum of (x) the amount
of unreimbursed Investor Charge-Offs (after giving effect to Investor Charge-Offs for the related Monthly Period) and unreimbursed
Reallocated Principal Collections (as of the previous Payment Date and as required in clauses (a) and (b) above)
and (y) any reductions to the Collateral Amount pursuant to Section 4.4(f), but not less than zero; and

 

(d)          the
lesser of (i) the Class D Required Amount and (ii) 5.00% of the Initial Collateral Amount minus the sum of (x) the amount
of unreimbursed Investor Charge-Offs after giving effect to Investor Charge-Offs for the related Monthly Period) and unreimbursed
Reallocated Principal Collections (as of the previous Payment Date and as required in clauses (a),  (b)  and  (c) above) and
(y) any reduction to the Collateral Amount pursuant to Section 4.4(f), but not less than zero.

 

    	 	10	 

     

    

  

“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, the Class C Note Principal Balance and the Class D 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 pro rated for the number of days in the first Monthly Period.

 

“Payment Date”
means December 15, 2017 and the 15th day of each calendar month thereafter, or if such 15th day is not a
Business Day, the next succeeding Business Day.

 

“Plan Fiduciary”
means any fiduciary purchasing a Series 2017-2 Note (or interest therein) on behalf of a Benefit Plan.

 

“Portfolio Yield”
means, for any Monthly Period, the annualized percentage (based on a 360-day year of twelve 30-day months, or in the case of the
initial Monthly Period, the actual number of days and a 360-day year) equivalent of a fraction, (a) the numerator of which is equal
to the excess of (i) the Available Finance Charge Collections (excluding any Excess Finance Charge Collections), over (ii) the
Investor Default Amount and the Investor Uncovered Dilution Amount for such Monthly Period and (b) the denominator of which is
the Collateral Amount plus amounts on deposit in the Principal Accumulation Account, each as of the close of business on the last
day of such Monthly Period.

 

“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; provided, that for purposes of all calculations to be made prior to the related Payment
Date and the statement to be delivered pursuant to Section 5.2(a), the Servicer may estimate the amount of interest, earnings
and expenses on the Principal Accumulation Account based on the most recent statement delivered by the related deposit bank.

 

    	 	11	 

     

    

  

“Principal Shortfall”
is defined in Section 4.9.

 

“QIB”
means a qualified institutional buyer, within the meaning of Rule 144A under the Securities Act.

 

“Quarterly Excess
Spread Percentage” means (a) with respect to the February 2018 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 January 2018 Payment
Date and (ii) the Excess Spread Percentage for the Monthly Period relating to the February 2018 Payment Date and the denominator
of which is two and (b) with respect to the March 2018 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, as of any date and with respect to any Class of the Series 2017-2 Notes, the nationally recognized statistical rating organizations
that have been requested by the Transferor to provide ratings of such Class and that are rating the Series 2017-2 Notes on such
date.

 

“Rating Agency
Condition” means, with respect to Series 2017-2 and any action, (i) with respect to any Class of the Series 2017-2 Notes
with respect to which S&P is a Rating Agency, if any, that S&P shall have notified the Issuer in writing that such action
will not result in a reduction or withdrawal of the rating, if any, of such Class (ii) with respect to any outstanding Class of
the Series 2017-2 Notes rated by any other Rating Agency, ten (10) days’ prior written notice (or, if ten (10) days’
advance notice is impracticable, as much advance notice as is practicable) is delivered electronically to each applicable Rating
Agency as provided in Section 8.7.

 

“Reallocated Principal
Collections” is defined in Section 4.7.

 

“Reassignment
Amount” means, with respect to Series 2017-2, the Redemption Amount.

 

“Redemption Amount”
means, for any Transfer Date, after giving effect to any deposits and payments otherwise to be made on the related Payment Date,
the sum of (i) the Note Principal Balance on such Payment Date, (ii) Monthly Interest for such Payment Date and any Monthly Interest
previously due but not distributed to the Series 2017-2 Noteholders and (iii) the amount of Additional Interest, if any, for the
related Payment Date and any Additional Interest previously due but not distributed to the Series 2017-2 Noteholders on a prior
Payment Date.

 

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

 

“Required Deposit
Amount” means, with respect to the Series issued pursuant to this Indenture Supplement, for any Monthly Period, the sum
of (a) the Required Finance Charge Deposit Amount on such Date of Processing and (b) the Required Principal Deposit Amount on such
Date of Processing.

 

    	 	12	 

     

    

  

“Required Excess
Collateral Amount” means, at any time, 5.00% 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 Finance
Charge Deposit Amount” means, with respect to the Series issued pursuant to this Indenture Supplement, for any Monthly
Period, the sum of (a) the fees payable to the Indenture Trustee, the Trustee and the Administrator on the related Payment Date,
(b) the Monthly Interest on the related Payment Date, (c) the Noteholder Servicing Fee, (d) if on such Date of Processing the Free
Equity Amount is less than the Minimum Free Equity Amount after giving effect to all transfers and deposits on that Date of Processing,
the Investor Default Amount and (e) any amount required to be deposited in the Reserve Account and the Spread Account on the related
Payment Date. To the extent any data needed to calculate the Required Finance Charge Deposit Amount is not available on any Date
of Processing, the Issuer shall use the corresponding data as most recently determined or other reasonable estimate of such data
until the required data is available (which shall be no later than the Transfer Date in the following Monthly Period). Without
limiting the foregoing, for purposes of determining the Investor Default Amount on any Date of Processing, the Investor Default
Amount shall be estimated based on the assumption that the Investor Default Amount for the current Monthly Period will equal the
Investor Default Amount for the prior Monthly Period multiplied by 1.25.

 

“Required Principal
Deposit Amount” means, with respect to the Series issued pursuant to this Indenture Supplement, for any Monthly Period,
an amount equal to (a) during the Revolving Period, zero, (b) during the Controlled Accumulation Period, the Controlled Deposit
Amount for the related Payment Date, and (c) during the Early Amortization Period, the Note Principal Balance, minus any amount
already 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 2017-2; provided, further, however, that at any time during which the Controlled
Accumulation Period Length is equal to one month, the Required Reserve Account Amount shall be equal to $0.00.

 

    	 	13	 

     

    

  

“Required Spread
Account Amount” means, for the December 2017 Payment Date and the January 2018 Payment Date, zero, and for any Payment
Date thereafter, 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 2017-2 Notes, the Required Spread Account Amount will never exceed the Class D 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 4.13); provided, however,
that if the Rating Agency Condition is satisfied, the Issuer may postpone the Reserve Account Funding Date.

 

“Reserve Account
Surplus” means, as of any Transfer Date following the Reserve Account Funding Date, the amount, if any, by which the
amount on deposit in the Reserve Account exceeds the Required Reserve Account Amount, after giving effect to all deposits to and
withdrawals from the Reserve Account to occur on or prior to the related Payment Date.

 

“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.

 

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

 

    	 	14	 

     

    

  

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

 

“Series Maturity
Date” means, with respect to Series 2017-2, the October 2025 Payment Date.

 

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

 

“Series 2017-2”
means the Series of Notes the terms of which are specified in this Indenture Supplement.

 

“Series 2017-2
Early Amortization Event” is defined in Section 6.1.

 

“Series 2017-2
Excess Finance Charge Collections” means Excess Finance Charge Collections allocated from other Series in Group One to
Series 2017-2 pursuant to Section 8.6 of the Indenture.

 

“Series 2017-2
Note” means a Class A Note, a Class B Note, a Class C Note or a Class D Note.

 

“Series 2017-2
Noteholder” means a Class A Noteholder, a Class B Noteholder, a Class C Noteholder or a Class D Noteholder.

 

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

 

“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
to 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%.

 

    	 	15	 

     

    

  

“Surplus Collateral
Amount” means, with respect to any Payment Date, the excess, if any, of the Excess Collateral Amount over the Required
Excess Collateral Amount, in each case calculated after giving effect to any deposits into the Principal Accumulation Account and
payments of principal on such Payment Date, but before giving effect to any reduction in the Collateral Amount on such Payment
Date pursuant to Section 4.4(f).

 

“Transaction Parties”
is defined in Section 3.2(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 2017-2.

 

ARTICLE
II

Creation of the Series 2017-2 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 “Synchrony Credit Card Master Note Trust, Series 2017-2” or the “Series 2017-2 Notes.”
The Series 2017-2 Notes shall be issued in four Classes, known as the “Class A Series 2017-2 Fixed Rate Asset Backed Notes”,
the “Class B Series 2017-2 Fixed Rate Asset Backed Notes”, the “Class C Series 2017-2 Fixed Rate Asset
Backed Notes” and the “Class D Series 2017-2 Fixed Rate Asset Backed Notes.”

 

(b)          Series
2017-2 shall be included in Group One and shall be a Principal Sharing Series. Series 2017-2 shall be an Excess Allocation Series
with respect to Group One only. Series 2017-2 shall not be subordinated to any other Series.

 

(c)          The
Series 2017-2 Class A Notes shall be issued in minimum denominations of $10,000 and in integral multiples of $1,000 and the Class
B Notes, the Class C Notes and the Class D Notes shall be issued in minimum denominations of $10,000 and in integral multiples
of $1.

 

    	 	16	 

     

    

  

SECTION 2.2. Transfer
Restrictions Applicable to the Class D Notes.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	17	 

     

    

 

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

 

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

 

THE HOLDER OF
THIS NOTE BY ITS ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, SHALL BE DEEMED TO REPRESENT AND WARRANT
THAT EITHER (I) SUCH HOLDER IS NOT (AND FOR SO LONG AS IT HOLDS SUCH NOTE WILL NOT BE), IS NOT ACTING ON BEHALF OF (AND FOR SO
LONG AS IT HOLDS SUCH NOTE WILL NOT BE ACTING ON BEHALF OF), AND IS NOT INVESTING THE ASSETS OF (A) AN “EMPLOYEE BENEFIT
PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”))
THAT IS SUBJECT TO TITLE I OF ERISA, (B) A “PLAN” (AS DEFINED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE “CODE”)) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (C) AN ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED
TO BE PLAN ASSETS OF A PLAN DESCRIBED IN (A) OR (B) ABOVE (EACH, A “BENEFIT PLAN”) OR (D) A GOVERNMENTAL PLAN, CHURCH
PLAN OR NON-U.S. PLAN THAT IS SUBJECT TO ANY APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS
OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (II) (A) ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION
OF THIS NOTE WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY
SIMILAR LAW AND (B) IF IT IS A BENEFIT PLAN, ITS DECISION TO ACQUIRE SUCH NOTE (OR INTEREST THEREIN) HAS BEEN MADE BY A FIDUCIARY
WHICH IS AN “INDEPENDENT FIDUCIARY WITH FINANCIAL EXPERTISE” AS DESCRIBED IN 29 C.F.R. 2510.3-21(c)(1). BENEFIT PLANS
OR PLANS SUBJECT TO SIMILAR LAW MAY NOT ACQUIRE THIS NOTE AT ANY TIME THAT THIS NOTE DOES NOT HAVE A CURRENT INVESTMENT GRADE RATING
FROM A NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION.

 

    	 	18	 

     

    

  

(g)          Any
Notes that were beneficially owned by the Issuer or the single beneficial owner of the Issuer for U.S. federal income tax purposes
as of the Closing Date, may not be transferred for U.S. federal income tax purposes to another Person (other than the single beneficial
owner of the Issuer for U.S. federal income tax purposes) unless the Administrator shall cause an opinion of nationally recognized
tax counsel to be delivered to the Administrator and Indenture Trustee to the effect that such Notes will be treated as debt for
U.S. federal income tax purposes. In addition, if for tax or other reasons it may be necessary to track such Notes (e.g., if the
Notes have original issue discount), tracking conditions such as requiring that such Notes be in definitive registered form may
be required by the Administrator as a condition to such transfer.

 

ARTICLE
III

REPRESENTATIONS, WARRANTIES and Covenants

 

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

 

SECTION 3.2. Representations,
Warranties and Covenants with respect to ERISA.

 

(a)          By
acquiring a Series 2017-2 Note (or interest therein), each purchaser and subsequent transferee shall be deemed to represent and
warrant that either (i) it is not (and for so long as it holds such Series 2017-2 Note will not be), is not acting on behalf of
(and for so long as it holds such Series 2017-2 Note will not be acting on behalf of), and is not investing the assets of a Benefit
Plan or a governmental plan, church plan or non-U.S. plan that is subject to any Similar Law or (ii) its acquisition, continued
holding and disposition of such Series 2017-2 Note will not result in a non-exempt prohibited transaction under ERISA or Section
4975 of the Code or a violation of any Similar Law. Benefit Plans may not acquire the Series 2017-2 Notes at any time that the
Series 2017-2 Notes do not have a current investment grade rating from a nationally recognized statistical rating organization.

 

(b)          By
acquiring a Series 2017-2 Note (or interest therein), each purchaser and subsequent transferee that is a Benefit Plan, and any
Plan Fiduciary, shall be deemed to represent and warrant that the decision to acquire the Series 2017-2 Note (or interest therein)
has been made by the Plan Fiduciary and the Plan Fiduciary is an “independent fiduciary with financial expertise” as
described in 29 C.F.R. Sec. 2510.3-21(c)(1). Specifically, this requires the Benefit Plan and Plan Fiduciary to represent and warrant
that:

 

(i)          The
Plan Fiduciary is independent of the Transferor, the Trust, any underwriter of such Series 2017-2 Note and their respective Affiliates
(for purposes of this Section, the “Transaction Parties”), and such Plan Fiduciary either (A) is a bank as defined
in Section 202 of the Investment Advisers Act of 1940, as amended (the “Advisers Act”), or similar institution
that is regulated and supervised and subject to periodic examination by a U.S. state or U.S. federal agency, (B) is an insurance
carrier which is qualified under the laws of more than one U.S. state to perform the services of managing, acquiring or disposing
of assets of an employee benefit plan described in Section 3(3) of ERISA or any plan described in Section 4975(e)(1)(A) of the
Code; (C) is an investment adviser registered under the Advisers Act, or, if not registered as an investment advisor under the
Advisers Act by reason of paragraph (1) of Section 203A of the Advisors Act, is registered as an investment advisor under the laws
of the U.S. state in which it maintains its principal office and place of business, (D) is a broker-dealer registered under the
Securities Exchange Act or (E) holds or has under its management or control, total assets of at least $50,000,000; provided, that
this clause (E) shall not be satisfied if such Plan Fiduciary is either (1) an individual directing his or her own individual
retirement account or a relative of such individual or (2) a participant or beneficiary of such Benefit Plan purchasing such Series
2017-2 Note or a relative of such participant or beneficiary;

 

    	 	19	 

     

    

 

(ii)         the
Plan Fiduciary is capable of evaluating investment risks independently, both in general and with respect to particular transactions
and investment strategies, including the acquisition by such Benefit Plan of such Series 2017-2 Note;

 

(iii)        the
Plan Fiduciary is a “fiduciary” with respect to such Benefit Plan within the meaning of Section 3(21) of ERISA, Section
4975 of the Code, or both, and is responsible for exercising independent judgment in evaluating such Benefit Plan’s acquisition
of such Series 2017-2 Note;

 

(iv)        none
of the Transaction Parties has exercised any authority to cause such Benefit Plan to invest in the Series 2017-2 Notes or to negotiate
the terms of such Benefit Plan’s investment in the Series 2017-2 Notes; and

 

(v)         the
Plan Fiduciary has been informed by the Transaction Parties (A) that none of the Transaction Parties is undertaking to provide
impartial investment advice or to give advice in a fiduciary capacity, and no such entity has given investment advice or otherwise
made a recommendation, in connection with such Benefit Plan’s acquisition of such Series 2017-2 Note (other than advice,
if any, given by an underwriter to an independent fiduciary that meets the requirements of Section 3.1(b)(i) above) and
(B) of the existence and nature of the Transaction Parties’ financial interests in such Benefit Plan’s acquisition
of such Series 2017-2 Note, as described in the prospectus with respect to the Series 2017-2 Notes.

 

ARTICLE
IV

Rights of Series 2017-2 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 30 (but in the case of the
initial Interest Period, 43) and the denominator of which is 360, (ii) the Class A Note Interest Rate in effect with respect to
the related Interest Period and (iii) the Class A Note Principal Balance as of the close of business on the last day of the preceding
Monthly Period (or, with respect to the initial Payment Date, the Class A Note Initial Principal Balance).

 

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

 

(b)          The
amount of monthly interest (“Class B Monthly Interest”) due and payable with respect to the Class B Notes on
any Payment Date shall be an amount equal to the product of (i) a fraction, the numerator of which is 30 (but in the case of the
initial Interest Period, 43) 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 the product of (i) a fraction, the numerator of which is 30 and the
denominator of which is 360, (ii) the Class B Note Interest Rate 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 30 (but in the case of the
initial Interest Period, 43) and the denominator of which is 360, (ii) the Class C Note 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 30 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.

 

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(d)          The
amount of monthly interest (“Class D Monthly Interest”) due and payable with respect to the Class D Notes on
any Payment Date shall be an amount equal to the product of (i) a fraction, the numerator of which is 30 (but in the case of the
initial Interest Period, 43) and the denominator of which is 360, (ii) the Class D Note Interest Rate in effect with respect to
the related Interest Period and (iii) the Class D 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 D Note Initial Principal Balance).

 

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

 

(e)          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, each of which
shall be an Eligible Deposit Account.

 

    	 	22	 

     

    

  

(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
of Finance Charge Collections. On each Date of Processing, the Issuer shall allocate to the Noteholders of the Series issued
pursuant to this Indenture Supplement an amount equal to the product of (A) the Allocation Percentage and (B) the aggregate Finance
Charge Collections processed on such Date of Processing. On or prior to 12:00 noon, New York City time, on each Transfer Date,
the Issuer shall transfer from the Collection Account to the Finance Charge Account, an amount equal to the lesser of the Investor
Finance Charge Collections for the preceding Monthly Period and the Required Finance Charge Deposit Amount for the preceding Monthly
Period.

 

(b)          Allocations
of Principal Collections. On each Date of Processing, the Issuer shall allocate to the Noteholders of the Series issued pursuant
to this Indenture Supplement an amount equal to the product of (A) the Allocation Percentage and (B) the aggregate amount of Principal
Collections processed on such Date of Processing. Principal Collections allocated to the Series issued pursuant to this Indenture
Supplement in excess of the Investor Principal Collections shall be treated as Shared Principal Collections. On or prior to 12:00
noon, New York City time, on each Transfer Date, the Issuer shall transfer from the Collection Account to the Principal Account,
an amount equal to the Available Principal Collections to the extent such funds have not been deposited into the Principal Account
pursuant to Section 4.4(a) or any other provision of this Agreement.

 

    	 	23	 

     

    

  

(c)          Calculations
and Additional Deposits. With respect to each Monthly Period falling in the Revolving Period, to the extent that Principal
Collections allocated to the Noteholders of the Series issued pursuant to this Indenture Supplement pursuant to Section 4.3(b)
are paid to the holders(s) of the Transferor Interest, the Issuer shall cause the holder(s) of the Transferor Interest to make
an amount equal to the Reallocated Principal Collections for the related Transfer Date available on or prior to the related Payment
Date for application in accordance with Section 4.7. Notwithstanding the provisions of Section 8.4(a) of the Indenture
allowing Collections for any Monthly Period in excess of the Aggregate Required Deposit Amount for such Monthly Period to be distributed
to the holder(s) of the Transferor Interest, (1) “Reallocated Principal Collections” for the related Transfer
Date shall be calculated as if the full amount of Finance Charge Collections allocated to the Series issued pursuant to this Indenture
Supplement during that Monthly Period had been deposited in the Collection Account and applied as Available Finance Charge Collections
on the related Payment Date in accordance with Section 4.4(a) and (2) Collections of Finance Charge Receivables allocated
to the Series issued pursuant to this Indenture Supplement during that Monthly Period that were released to the holder(s) of the
Transferor Interest pursuant to Section 8.4(a) of the Indenture shall be deemed, for purposes of all calculations under this Indenture
Supplement, to have been applied as Available Finance Charge Collections 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 Collection Account on the related Payment Date. To avoid doubt, the calculations referred to in clause (2) of the preceding
sentence include the calculations required by clause (b)(iv) of the definition of Collateral Amount. 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 to occur
on or prior to the related Payment Date, the Issuer shall cause the holder(s) of the Transferor Interest, on or prior to the related
Payment 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 Sections 4.4(a)(vii), (viii) and (xi)
but are not available from funds in the Finance Charge Account as a result of the release of Collections to the holder(s) of the
Transferor Interest pursuant to Section 8.4(a) of the Indenture.

 

(d)          Notwithstanding
anything to the contrary contained in the Agreement, (i) funds required to be deposited into the Finance Charge Account or Principal
Account pursuant to this Indenture Supplement that would be subsequently transferred to the Distribution Account may instead be
directly deposited to the Distribution Account, and (ii) any funds required to be deposited into the Finance Charge Account or
Principal Account pursuant to this Indenture Supplement that would be subsequently transferred to the Issuer or the holder(s) of
the Transferor Interest shall not be required to be transferred to any Series Account and may be directly paid to the Issuer or
the holder(s) of the Transferor Interest pursuant to the priority of payments set forth in this Indenture Supplement.

 

    	 	24	 

     

    

  

(e)          Allocations
of Interchange. Notwithstanding anything to the contrary in Section 4.3(a) or the Indenture, Interchange for each Monthly Period
shall be allocated to the Noteholders of the Series issued pursuant to this Indenture Supplement based on the daily average of
the Allocation Percentages for Finance Charge Collections for all dates during such Monthly Period, and shall be deposited into
the Collection Account not later 12:00 noon, New York City time, on the Payment Date following the related Monthly Period.

 

SECTION 4.4. Application
of Available Finance Charge Collections and Available Principal Collections. On or prior to 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
or prior to each Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Monthly
Period 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 2017-2 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 the related Transfer Date, plus the amount of any Noteholder Servicing
Fee previously due but not paid by the Issuer on a prior Payment Date, shall be paid to the Servicer;

 

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

 

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

 

(v)         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 Class C Noteholders on a prior Payment Date, shall be deposited into the Distribution Account;

 

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

 

    	 	25	 

     

    

 

(vii)       (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 (vii) during the Controlled Accumulation
Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Payment Date;

 

(viii)      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)(viii) 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;

 

(ix)         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;

 

(x)          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;

 

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

 

(xii)        [Reserved];

 

(xiii)       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 2017-2 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

 

    	 	26	 

     

    

  

(xiv)      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 (xiv)), 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 2017-2 pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i)
and (xiii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed
to such Persons listed in clause (i) above shall be paid to the Issuer.

 

(b)          On
or prior to 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 allocated in accordance with Section 8.5
of the Indenture.

 

(c)          On
or prior to 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 reduced to zero; second to the Class B Noteholders until
the Class B Note Principal Balance has been reduced to zero; third to the Class C Noteholders until the Class C Note Principal
Balance has been reduced to zero; and fourth to the Class D Noteholders until the Class D Note Principal Balance has been
reduced to zero; and

 

(iii)        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.

 

(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, 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 and to the Class D Noteholders from the Distribution Account, the amount
deposited into the Distribution Account pursuant to Section 4.4(a)(vi) on such Payment Date.

 

    	 	27	 

     

    

  

(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 Note Principal Balance is paid in full; third to the Class C Noteholders until the
Class C Principal Balance is paid in full; and fourth to the Class D Noteholders until the Class D Note Principal Balance
is paid in full.

 

(f)          As
of any Payment Date during the Controlled Accumulation Period or Early Amortization Period on which Principal Collections allocated
to the Series issued pursuant to this Indenture Supplement are treated as Shared Principal Collections, the Collateral Amount shall
be reduced by an amount equal to the lesser of (x) the amount of Principal Collections allocated to the Series issued pursuant
to this Indenture Supplement that are applied as Shared Principal Collections and (y) the Surplus Collateral Amount.

 

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 that are allocated and available on such Payment Date
and as are payable to the Class C Noteholders pursuant to this Indenture Supplement.

 

(d)          On
each Payment Date, the Issuer shall pay to each Class D Noteholder of record on the related Record Date such Class D 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 D Noteholders pursuant to this Indenture Supplement.

 

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

 

(f)          All
payments to Noteholders hereunder shall be made by (i) check mailed to each Series 2017-2 Noteholder (at such Noteholder’s
address as it appears in the Note Register), except that for any Series 2017-2 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 2017-2 Note or the making of any notation thereon.

 

    	 	28	 

     

    

 

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)(vii) 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 allocate Investor 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), (v) and (vi) on the related Payment Date (any such Investor Principal Collections so allocated, “Reallocated
Principal Collections”); provided, that for any Monthly Period, Reallocated Principal Collections may not exceed the Monthly
Principal Reallocation Amount for such Monthly Period. 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 2017-2 shall be an Excess Allocation Series with respect to Group One only. Subject to Section 8.6
of the Indenture, Excess Finance Charge Collections with respect to the Excess Allocation Series in Group One with respect to any
Monthly Period will be allocated to Series 2017-2 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 Monthly Period and (y) a fraction, the
numerator of which is the Finance Charge Shortfall for Series 2017-2 for such Monthly Period and the denominator of which is the
aggregate amount of Finance Charge Shortfalls for all the Excess Allocation Series in Group One, in each case with respect to payments
to be made on or prior to the Payment Date following such Monthly Period. The “Finance Charge Shortfall” for
Series 2017-2 for any date on which Excess Finance Charge Collections are allocated pursuant to Section 8.6 of the Indenture
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 (xiii) with respect to the next following Payment Date over (b) the Available Finance
Charge Collections with respect to the related Monthly Period (excluding any portion thereof attributable to Excess Finance Charge
Collections).

 

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SECTION 4.9. Shared
Principal Collections. Subject to Section 8.5 of the Indenture, Shared Principal Collections allocable to Series
2017-2 with respect to any Monthly Period will be equal to the product of (x) the aggregate amount of Shared Principal Collections
with respect to all Principal Sharing Series for such Monthly Period and (y) a fraction, the numerator of which is the Principal
Shortfall for Series 2017-2 for such Monthly Period and the denominator of which is the aggregate amount of Principal Shortfalls
for all the Series which are Principal Sharing Series, in each case with respect to payments to be made on or prior to the Payment
Date following such Monthly Period. The “Principal Shortfall” for Series 2017-2 for any date on which Shared
Principal Collections are allocated pursuant to Section 8.5 of the Indenture will be equal to (a) for any allocation date
with respect to the Revolving Period or any allocation date during the Early Amortization Period prior to the earlier of (i) the
end of the Monthly Period immediately preceding the Expected Principal Payment Date and (ii) the date on which all outstanding
Series are in early amortization periods, zero, (b) for any allocation date with respect to the Controlled Accumulation Period,
the excess, if any, of the Controlled Deposit Amount with respect to the next following Payment Date over the amount of
Available Principal Collections for the related Monthly Period (excluding any portion thereof attributable to Shared Principal
Collections or amounts available to be treated as Available Principal Collections pursuant to clause (ix) of Section
4.4(a)) and (c) for any allocation date on or after the earlier of (i) the end of the Monthly Period immediately preceding
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). Any remaining interest and earnings (net of losses and investment expenses)
shall be (i) deposited on or prior to the related Payment Date into the Finance Charge Account (to the extent such funds are needed
for distributions pursuant to Section 4.4(a)) and (ii) 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)(ix)
on the following Payment Date.

 

(c)          If
for any Transfer Date the Reserve Draw Amount is greater than zero, the Reserve Draw Amount, up to the Available Reserve Account
Amount, shall be withdrawn from the Reserve Account on or prior to the related Payment 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 is greater than zero, on or prior to the related Payment Date, 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.

 

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(e)          Upon
the earliest to occur of (i) the termination of the Trust pursuant to Article VIII of the Trust Agreement, (ii) the
first Transfer Date relating to the Early Amortization Period and (iii) the Expected Principal Payment Date, the Issuer, after
the prior payment of all amounts owing to the Series 2017-2 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 Payment Date, if the aggregate amount of Available Finance Charge Collections available for application pursuant
to Section 4.4(a)(vi) is less than the aggregate amount required to be deposited pursuant to Section 4.4(a)(vi),
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)(vi).

 

(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 D Noteholders on the Expected Principal Payment Date for the Series 2017-2 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 D 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 D Notes on the earlier of the Series Maturity Date and
the first Payment Date on which the Class A Note Principal Balance, the Class B Note Principal Balance and the Class C Note Principal
Balance have been paid in full.

 

(d)          On
any day following the occurrence of an Event of Default with respect to Series 2017-2 that has resulted in the acceleration of
the Series 2017-2 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 2017-2 Notes in the following order of priority until all amounts
owed to such Noteholders have been paid in full: (i) the Class D Noteholders, (ii) the Class A Noteholders, (iii) the Class B Noteholders
and (iv) the Class C 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)(x) 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 D 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.

 

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SECTION 4.12. Investment
of Accounts. (a) Except as provided in the following sentence, 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 following Transfer Date. To the extent there are uninvested amounts deposited into any Series Account on a Transfer
Date for distribution on the related Payment Date, the Issuer shall cause such amounts to be invested overnight in Permitted Investments
described in clause (b) of the definition of “Permitted Investments” held at the Indenture Trustee or at a depository
institution or trust company that has entered into an agreement with the Issuer and the Indenture Trustee in accordance with the
Custody and Control Agreement.

 

(b)          To
the extent that there are any other agreements with the Indenture Trustee or Custodian governing the Series Accounts (any or each
of such agreements, also an “Account Agreement”), the parties agree that each and every such agreement is hereby amended
to provide that with respect to the Series Accounts, the law applicable to all issues specified in Article 2(1) of the Hague Securities
Convention shall be the laws of the State of New York.

 

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

 

(d)          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.

 

(e)          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, on or before the related Payment Date, 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 2017-2 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.

 

(f)          To
the extent that the Indenture Trustee or Custodian shall hold Permitted Investments that constitute investment property through
a securities intermediary, such securities intermediary shall agree with the Indenture Trustee or Custodian, as applicable, that
(i) the account agreement establishing a securities account with such institution shall provide that the account agreement is governed
solely by the law of New York and that the law of the State of New York shall govern all issues specified in Article 2(1) of the
Hague Securities Convention; and (ii) such institution acting as securities intermediary shall have and shall continue to have
at all relevant times one or more offices (within the meaning of the Hague Securities Convention) in the United States of America
which satisfies the “qualifying office” condition provided in the second sentence of Article 4(1) of the Hague Securities
Convention. Terms used in the preceding sentence that are defined in the New York UCC and not otherwise defined herein shall have
the meaning set forth in the New York UCC.

 

    	 	32	 

     

    

  

 

(g)          To
the extent that the Indenture Trustee or the Custodian shall hold Permitted Investments that constitute investment property as
a securities intermediary, the Indenture Trustee or the Custodian, as applicable and in each case in its capacity as securities
intermediary, represents that:

 

(i)          it
is a “securities intermediary,” as such term is defined in Section 8-102(a)(14)(B) of the relevant UCC, that in the
ordinary course of its business maintains "securities accounts" for others, as such term is used in Section 8-501 of
the relevant UCC, and an “intermediary” as defined in the Hague Securities Convention; and

 

(ii)         the
Indenture Trustee is not a “clearing corporation,” as such term is defined in Section 8-102(a)(5) of the relevant UCC.

 

(h)          To
the extent that the Indenture Trustee shall hold Permitted Investments that constitute investment property as a securities intermediary,
the Indenture Trustee, in its capacity as securities intermediary, agrees that:

 

(i)          pursuant
to Section 8-110(e)(1) of the relevant UCC for purposes of the relevant UCC and the Hague Securities Convention, the local law
of the jurisdiction of the Indenture Trustee as securities intermediary is the law of the State of New York. Further, the law of
the State of New York shall govern all issues specified in Article 2(1) of the Hague Securities Convention, the “securities
intermediary's jurisdiction” as defined in the relevant UCC shall be the State of New York;

 

(ii)         the
Indenture Trustee has and shall continue to have at all relevant times one or more offices (within the meaning of the Hague Securities
Convention) in the United States of America, which satisfies the "qualifying office" condition provided in the second
sentence of Article 4(1) of the Hague Securities Convention.

 

    	 	33	 

     

    

  

SECTION 4.13. Controlled
Accumulation Period. The Controlled Accumulation Period is scheduled to commence on the first day of the third Monthly Period
preceding the Expected Principal Payment Date; provided, that if the Controlled Accumulation Period Length (determined
as described below) on any Determination Date is less than or more than the number of months in the scheduled Controlled Accumulation
Period, upon written notice to the Indenture Trustee, with a copy to each Rating Agency, the Issuer shall either postpone or accelerate,
as applicable, the date on which the Controlled Accumulation Period actually commences, so that, as a result, the number of Monthly
Periods in the Controlled Accumulation Period will equal the Controlled Accumulation Period Length; provided, that
the length of the Controlled Accumulation Period will not be less than one month. The “Controlled Accumulation Period
Length” will mean a number of whole months such that the amount available for payment of principal on the Notes on the
Expected Principal Payment Date is expected to equal or exceed the Note Principal Balance, assuming for this purpose that (1) the
payment rate with respect to Principal Collections remains constant at the lowest level of such payment rate during the twelve
preceding Monthly Periods, (2) the total amount of Principal Receivables in the Trust (and the principal amount on deposit in the
Excess Funding Account, if any) remains constant at the level on such date of determination, (3) no Early Amortization Event with
respect to any Series will subsequently occur and (4) no additional Series (other than any Series being issued on such date of
determination) will be subsequently issued. Any notice by Issuer modifying the commencement of the Controlled Accumulation Period
pursuant to this Section 4.13 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. [Reserved].

 

SECTION 4.15. 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.

 

ARTICLE
V

Delivery of Series 2017-2 Notes;

Reports to Series 2017-2 Noteholders

 

SECTION 5.1. Delivery
and Payment for the Series 2017-2 Notes.

 

The Issuer shall execute
and issue, and the Indenture Trustee shall authenticate, the Series 2017-2 Notes in accordance with Section 2.2 of
the Indenture. The Indenture Trustee shall deliver the Series 2017-2 Notes to or upon the written order of the Issuer when so authenticated.

 

SECTION 5.2. Reports
and Statements to Series 2017-2 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.

 

(b)          A
copy of each statement or certificate provided pursuant to Section 5.2(a) may be obtained by any Series 2017-2 Noteholder
by a request in writing to the Issuer.

 

    	 	34	 

     

    

  

(c)          On
or before January 31 of each calendar year, beginning with January 31, 2017, the Issuer shall furnish or cause to be furnished
to each Person who at any time during the preceding calendar year was a Series 2017-2 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 (5) Business Days prior to the end of the period required by applicable law, the information required to complete
a Form 1099-INT.

 

ARTICLE
VI

Series 2017-2 Early Amortization Events

 

SECTION 6.1. Series
2017-2 Early Amortization Events. If any one of the following events shall occur with respect to the Series 2017-2 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 2017-2 Noteholders and which continues unremedied for a period of sixty
(60) 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 2017-2 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 incorrect in any material
respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty (60) 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 2017-2 Notes and as a result
of which the interests of the Series 2017-2 Noteholders are materially and adversely affected for such period; provided,
however, that a Series 2017-2 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 (as such term is defined
in the Transfer Agreement) or Participation Interests 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;

 

    	 	35	 

     

    

  

(e)          (i)
the average of the Portfolio Yields for the two Monthly Periods immediately preceding the February 2018 Payment Date is less than
the average of the Base Rates for the same Monthly Periods, or (ii) beginning with the three consecutive Monthly Periods immediately
preceding the March 2018 Payment Date, the average of the Portfolio Yields for three consecutive Monthly Periods is less than the
average of the Base Rates for the same Monthly Periods (for the avoidance of doubt, the Monthly Period preceding the December 2017
Payment Date shall be excluded for purposes of calculating the three-month average Portfolio Yield and Base Rate under this clause
(e)(ii));

 

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

 

(g)          without
limiting the foregoing, the occurrence of an Event of Default with respect to Series 2017-2 and acceleration of the maturity of
the Series 2017-2 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 2017-2 Notes evidencing more than 50% of the aggregate unpaid principal amount of
Series 2017-2 Notes by notice then given in writing to the Issuer (and to the Indenture Trustee if given by the Series 2017-2 Noteholders)
may declare that a “Series Early Amortization Event” with respect to Series 2017-2 (a “Series 2017-2 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) or (g) a Series 2017-2 Early Amortization Event shall occur without any notice or other action
on the part of the Indenture Trustee or the Series 2017-2 Noteholders immediately upon the occurrence of such event.

 

ARTICLE
VII

Redemption of Series 2017-2 Notes; Final Distributions; Series

Termination

 

SECTION 7.1. Optional
Redemption of Series 2017-2 Notes; Final Distributions.

 

(a)          On
any day occurring on or after the date on which the outstanding principal balance of the Series 2017-2 Notes is reduced to 10%
or less of the initial outstanding principal balance of Series 2017-2 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.

 

    	 	36	 

     

    

  

(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 2017-2 shall be reduced
to zero and the Series 2017-2 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 2017-2 in connection with a reassignment of Transferred Receivables
to the Transferor pursuant to Section 6.1(f) 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 2017-2 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 this 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 2017-2,
the Indenture Trustee 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) (x) the Class A Note
Principal Balance on such Payment Date will be paid to the Class A Noteholders and (y) an amount equal to the sum of (A) Class
A Monthly Interest due and payable on such Payment Date or any prior Payment Date, (B) any Class A Deficiency Amount for such
Payment Date and (C) the amount of Class A Additional Interest, if any, for such Payment Date and any Class A Additional Interest
previously due but not paid to the Class A Noteholders on any prior Payment Date, will be paid to the Class A Noteholders, (ii) (x)
the Class B Note Principal Balance on such Payment Date will be paid to the Class B Noteholders and (y) an amount equal to the
sum of (A) Class B Monthly Interest due and payable on such Payment Date or any prior Payment Date, (B) any Class B Deficiency
Amount for such Payment Date and (C) the amount of Class B Additional Interest, if any, for such Payment Date and any Class B Additional
Interest previously due but not paid to the Class B Noteholders on any prior Payment Date, will be paid to the Class B Noteholders,
(iii) (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, (iv) (x) the Class D Note Principal Balance on such Payment Date will be paid to the Class D Noteholders
and (y) an amount equal to the sum of (A) Class D Monthly Interest due and payable on such Payment Date or any prior Payment Date,
(B) any Class D Deficiency Amount for such Payment Date and (C) the amount of Class D Additional Interest, if any, for such Payment
Date and any Class D Additional Interest previously due but not paid to the Class D Noteholders on any prior Payment Date, will
be paid to the Class D Noteholders and (v) any excess shall be released to the Issuer.

 

    	 	37	 

     

    

 

SECTION 7.2. Series
Termination.

 

On the Series Maturity
Date, the unpaid principal amount of the Series 2017-2 Notes shall be due and payable.

 

SECTION 7.3. Sale of
Collateral.

 

If the Indenture Trustee
exercises its right to sell any portion of the Collateral in accordance with Section 5.16 of the Indenture upon the occurrence
of an Event of Default with respect to Series 2017-2, SYNCHRONY FINANCIAL shall have a right of first refusal to purchase any portion
of the Collateral for which the Indenture Trustee has received a bona fide offer from a third-party that is not an affiliate of
the Transferor at a price equal to the highest price bid for such Collateral by such third-party bidder.

 

ARTICLE
VIII

Miscellaneous Provisions

 

SECTION 8.1. Ratification
of Indenture; Amendments. As supplemented by this Indenture Supplement, the Indenture is in all respects ratified and confirmed
and the Indenture as so supplemented by this Indenture Supplement shall be read, taken and construed as one and the same instrument.
This Indenture Supplement may be amended only by a Supplemental Indenture entered in accordance with the terms of Section 9.1
or 9.2 of the Indenture. For purposes of the application of Section 9.2 to any amendment of this Indenture Supplement,
the Series 2017-2 Noteholders shall be the only Noteholders whose vote shall be required.

 

SECTION 8.2. Form of
Delivery of the Series 2017-2 Notes. The Class A Notes, the Class B Notes, the Class C Notes and the Class D 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 one 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 INDENTURE SUPPLEMENT 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 NEW YORK 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.

 

    	 	38	 

     

    

 

(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 SUPPLEMENT OR
TO ANY MATTER ARISING OUT OF OR RELATING TO THIS INDENTURE SUPPLEMENT; PROVIDED, THAT EACH PARTY HERETO ACKNOWLEDGES
THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF THE BOROUGH OF MANHATTAN IN NEW YORK CITY;
PROVIDED, FURTHER, THAT NOTHING IN THIS INDENTURE SUPPLEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE THE INDENTURE
TRUSTEE FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY
FOR THE NOTES, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE INDENTURE TRUSTEE. EACH PARTY HERETO SUBMITS AND CONSENTS
IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH PARTY HERETO HEREBY WAIVES ANY OBJECTION
THAT SUCH PARTY MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS AND HEREBY CONSENTS
TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. EACH PARTY HERETO HEREBY WAIVES PERSONAL
SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS,
COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH PARTY AT ITS ADDRESS DETERMINED IN ACCORDANCE
WITH SECTION 10.4 OF THE INDENTURE AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF SUCH PARTY’S
ACTUAL RECEIPT THEREOF OR THREE (3) 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.

 

    	 	39	 

     

    

  

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

 

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

 

SECTION 8.7. Notice
Address for Rating Agencies. Delivery of any notices required to be delivered to the Rating Agencies by the Issuer, the Indenture
Trustee or the Trustee shall be sufficient for the purposes of this Indenture Supplement and the other Related Documents if sent
to such mailing addresses or such email addresses as may be provided by the Rating Agencies.

 

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

 

SECTION 8.9. Notes to
be Treated as Debt for Tax. It is the intent of the parties hereto that, for purposes of federal, state and local income and
franchise tax and any other tax measured in whole or in part by income, the Class A Notes, the Class B Notes, the Class C Notes
and the Class D Notes shall be treated as debt and a person purchasing such Notes agrees to treat such Notes as debt for such purposes.
Notwithstanding the foregoing and the Indenture, no party is bound to treat any Notes beneficially owned during any period of time
either by the Issuer or the single beneficial owner of the Issuer for U.S. federal income tax purposes as debt for the purposes
described in the preceding sentence.

 

SECTION 8.10. Deemed
Consent. The Series 2017-2 Noteholders will be deemed to have consented to any amendment to any Related Document that changes
the definition of “Rating Agency Condition” in such Related Document to match the definition of “Rating Agency
Condition” in this Indenture Supplement.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	40	 

     

    

 

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.

 

	 	SYNCHRONY CREDIT CARD MASTER NOTE

                    TRUST, as Issuer

	 	 	 
	 	By:	BNY Mellon Trust of Delaware,

        not in its individual capacity, but solely as

        Trustee on behalf of Issuer

 

		By:	/s/ Kristine K.Gullo
		 	Name: Kristine K. Gullo
			Title:   Vice President

  

    	 	S-1	Indenture Supplement
 Series 2017-2

     

    

  

	 	DEUTSCHE BANK TRUST COMPANY

                    AMERICAS, as Indenture Trustee

	 	 	 
	 	By:	/s/ Louis Bodi
	 	 	Name: Louis Bodi
	 	 	Title:   Vice President

 

	 	By:	/s/ Maria Inoa
	 	 	Name: Maria Inoa
	 	 	Title:   Assistant Vice President

 

	 	DEUTSCHE BANK TRUST COMPANY

                    AMERICAS, as Custodian

	 	 	 
	 	By:	/s/ Louis Bodi
	 	 	Name: Louis Bodi
	 	 	Title:   Vice President

 

	 	By:	/s/ Maria Inoa
	 	 	Name: Maria Inoa
	 	 	Title:   Assistant Vice President

 

    	 	2	 

     

    

  

EXHIBIT A-1

FORM OF CLASS A SERIES 2017-2 FIXED 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 INSTITUTED AGAINST
THE TRANSFEROR ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDING OR OTHER PROCEEDING UNDER ANY
FEDERAL OR STATE BANKRUPTCY LAW IN ANY INSTANCE; PROVIDED, THAT THE FOREGOING SHALL NOT IN ANY WAY 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 (OTHER
THAN A NOTE beneficially owned during any period of time either by the Issuer or the single
beneficial owner of the Issuer for U.S. federal income tax purposes) 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.

 

    	 	Exhibit A-1 (Page 1)	 

     

    

 

THE HOLDER OF THIS
NOTE BY ITS ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, SHALL BE DEEMED TO REPRESENT AND WARRANT
THAT EITHER (I) SUCH HOLDER IS NOT (AND FOR SO LONG AS IT HOLDS SUCH NOTE WILL NOT BE), IS NOT ACTING ON BEHALF OF (AND FOR SO
LONG AS IT HOLDS SUCH NOTE WILL NOT BE ACTING ON BEHALF OF), AND IS NOT INVESTING THE ASSETS OF (A) AN “EMPLOYEE BENEFIT
PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”))
THAT IS SUBJECT TO TITLE I OF ERISA, (B) A “PLAN” (AS DEFINED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE “CODE”)) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (C) AN ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED
TO BE PLAN ASSETS OF A PLAN DESCRIBED IN (A) OR (B) ABOVE (EACH, A “BENEFIT PLAN”) OR (D) A GOVERNMENTAL PLAN, CHURCH
PLAN OR NON-U.S. PLAN THAT IS SUBJECT TO ANY APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS
OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (II) (A) ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION
OF THIS NOTE WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY
SIMILAR LAW AND (B) IF IT IS A BENEFIT PLAN, ITS DECISION TO ACQUIRE SUCH NOTE (OR INTEREST THEREIN) HAS BEEN MADE BY A FIDUCIARY
WHICH IS AN “INDEPENDENT FIDUCIARY WITH FINANCIAL EXPERTISE” AS DESCRIBED IN 29 C.F.R. 2510.3-21(c)(1). BENEFIT PLANS
OR PLANS SUBJECT TO SIMILAR LAW MAY NOT ACQUIRE THIS NOTE AT ANY TIME THAT THIS NOTE DOES NOT HAVE A CURRENT INVESTMENT GRADE RATING
FROM A NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION.

 

    	 	Exhibit A-1 (Page 2)	 

     

    

 

	REGISTERED	 	$750,000,000
	No. R- 	 	 	CUSIP NO. 87165LBU4

 

SYNCHRONY
CREDIT CARD

MASTER NOTE TRUST SERIES 2017-2

CLASS A SERIES 2017-2 FIXED RATE ASSET BACKED NOTE

 

Synchrony 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 SEVEN HUNDRED FIFTY MILLION DOLLARS, or such greater or lesser
amount as determined in accordance with the Indenture, on the October 2025 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 October 2025 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 twelve 30-day months (and in the case of the initial
interest period following the Closing Date, for a period of 43 days). 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.

 

    	 	Exhibit A-1 (Page 3)	 

     

    

 

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

 

	 	 	SYNCHRONY CREDIT CARD MASTER NOTE

                    TRUST, as Issuer

	 	 	 	 
	 	 	By:	
        BNY Mellon Trust of
        Delaware,

        not in its individual capacity but solely as

        Trustee on behalf of Issuer

	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:
	Dated:______________,____	 	 	 

 

    	 	Exhibit A-1 (Page 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

 

    	 	Exhibit A-1 (Page 5)	 

     

    

 

SYNCHRONY CREDIT CARD

MASTER NOTE TRUST SERIES 2017-2

CLASS A SERIES 2017-2 FIXED 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 Synchrony Credit Card Master Note Trust, Series 2017-2 (the
“Series 2017-2 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 November 2, 2017 (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,
the Class C Notes and the Class D 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 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, GENERAL ELECTRIC CAPITAL CORPORATION, SYNCHRONY BANK, SYNCHRONY FINANCIAL, 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. THIS CLASS A NOTE IS LIMITED IN RIGHT OF PAYMENT TO CERTAIN COLLECTIONS OF THE RECEIVABLES
(AND CERTAIN OTHER COLLATERAL) ALLOCATED TO THE SERIES 2017-2 NOTES, ALL AS MORE SPECIFICALLY SET FORTH HEREINABOVE AND IN THE
MASTER INDENTURE AND INDENTURE SUPPLEMENT.

 

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.

 

    	 	Exhibit A-1 (Page 6)	 

     

    

 

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.

 

    	 	Exhibit A-1 (Page 7)	 

     

    

 

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.

 

    	 	Exhibit A-1 (Page 8)	 

     

    

 

EXHIBIT A-2

FORM OF CLASS B SERIES 2017-2 FIXED 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 INSTITUTED AGAINST
THE TRANSFEROR ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDING OR OTHER PROCEEDING UNDER ANY
FEDERAL OR STATE BANKRUPTCY LAW IN ANY INSTANCE; PROVIDED, THAT THE FOREGOING SHALL NOT IN ANY WAY 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 (OTHER THAN A NOTE beneficially
owned during any period of time either by the Issuer or the single beneficial owner of the Issuer for U.S. federal income tax purposes)
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.

 

    	 	Exhibit A-2 (Page 1)	 

     

    

 

THE HOLDER OF THIS
NOTE BY ITS ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, SHALL BE DEEMED TO REPRESENT AND WARRANT
THAT EITHER (I) SUCH HOLDER IS NOT (AND FOR SO LONG AS IT HOLDS SUCH NOTE WILL NOT BE), IS NOT ACTING ON BEHALF OF (AND FOR SO
LONG AS IT HOLDS SUCH NOTE WILL NOT BE ACTING ON BEHALF OF), AND IS NOT INVESTING THE ASSETS OF (A) AN “EMPLOYEE BENEFIT
PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”))
THAT IS SUBJECT TO TITLE I OF ERISA, (B) A “PLAN” (AS DEFINED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE “CODE”)) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (C) AN ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED
TO BE PLAN ASSETS OF A PLAN DESCRIBED IN (A) OR (B) ABOVE (EACH, A “BENEFIT PLAN”) OR (D) A GOVERNMENTAL PLAN, CHURCH
PLAN OR NON-U.S. PLAN THAT IS SUBJECT TO ANY APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS
OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (II) (A) ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION
OF THIS NOTE WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY
SIMILAR LAW AND (B) IF IT IS A BENEFIT PLAN, ITS DECISION TO ACQUIRE SUCH NOTE (OR INTEREST THEREIN) HAS BEEN MADE BY A FIDUCIARY
WHICH IS AN “INDEPENDENT FIDUCIARY WITH FINANCIAL EXPERTISE” AS DESCRIBED IN 29 C.F.R. 2510.3-21(c)(1). BENEFIT PLANS
OR PLANS SUBJECT TO SIMILAR LAW MAY NOT ACQUIRE THIS NOTE AT ANY TIME THAT THIS NOTE DOES NOT HAVE A CURRENT INVESTMENT GRADE RATING
FROM A NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION.

 

    	 	Exhibit A-2 (Page 2)	 

     

    

 

	REGISTERED	 	$71,917,808
	No. R-		 	CUSIP NO. 87165LBV2

 

SYNCHRONY CREDIT CARD

MASTER NOTE TRUST SERIES 2017-2

CLASS B SERIES 2017-2 FIXED RATE ASSET BACKED NOTE

 

Synchrony 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 SEVENTY-ONE MILLION NINE HUNDRED SEVENTEEN THOUSAND EIGHT HUNDRED
AND EIGHT DOLLARS, or such greater or lesser amount as determined in accordance with the Indenture, on the October 2025 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 October 2025 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 twelve
30-day months (and in the case of the initial interest period following the Closing Date, for a period of 43 days). 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.

 

    	 	Exhibit A-2 (Page 3)	 

     

    

 

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

 

	 	SYNCHRONY CREDIT CARD MASTER NOTE

                               TRUST, as Issuer

	 	 	 
		By:	BNY Mellon Trust of Delaware, not in its individual capacity but solely as

Trustee on behalf of Issuer

 

	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated:_____________,_____	 	 

 

    	 	Exhibit A-2 (Page 4)	 

     

    

 

INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

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

 

	 	DEUTSCHE BANK TRUST COMPANY

                    AMERICAS, as Indenture Trustee

	 	 
	 	By: 	 
	 	 	 
	 		Name:
	 		Title:

 

    	 	Exhibit A-2 (Page 5)	 

     

    

 

SYNCHRONY CREDIT CARD

MASTER NOTE TRUST SERIES 2017-2

CLASS B SERIES 2017-2 FIXED 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 Synchrony Credit Card Master Note Trust, Series 2017-2 (the
“Series 2017-2 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 November 2, 2017 (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,
the Class C Notes and the Class D 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 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, GENERAL ELECTRIC CAPITAL CORPORATION, SYNCHRONY BANK, SYNCHRONY FINANCIAL, 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. THIS CLASS B NOTE IS LIMITED IN RIGHT OF PAYMENT TO CERTAIN COLLECTIONS OF THE RECEIVABLES
(AND CERTAIN OTHER COLLATERAL) ALLOCATED TO THE SERIES 2017-2 NOTES, ALL AS MORE SPECIFICALLY SET FORTH HEREINABOVE AND IN THE
MASTER INDENTURE AND INDENTURE SUPPLEMENT.

 

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.

 

    	 	Exhibit A-2 (Page 6)	 

     

    

 

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.

 

    	 	Exhibit A-2 (Page 7)	 

     

    

 

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.

 

    	 	Exhibit A-2 (Page 8)	 

     

    

 

EXHIBIT A-3

FORM OF CLASS C SERIES 2017-2 FIXED 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 INSTITUTED AGAINST
THE TRANSFEROR ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDING OR OTHER PROCEEDING UNDER ANY
FEDERAL OR STATE BANKRUPTCY LAW IN ANY INSTANCE; PROVIDED, THAT THE FOREGOING SHALL NOT IN ANY WAY 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 (OTHER
THAN A NOTE beneficially owned during any period of time either by the Issuer or the single
beneficial owner of the Issuer for U.S. federal income tax purposes) 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.

 

    	 	Exhibit A-3 (Page 1)	 

     

    

 

THE HOLDER OF THIS
NOTE BY ITS ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, SHALL BE DEEMED TO REPRESENT AND WARRANT
THAT EITHER (I) SUCH HOLDER IS NOT (AND FOR SO LONG AS IT HOLDS SUCH NOTE WILL NOT BE), IS NOT ACTING ON BEHALF OF (AND FOR SO
LONG AS IT HOLDS SUCH NOTE WILL NOT BE ACTING ON BEHALF OF), AND IS NOT INVESTING THE ASSETS OF (A) AN “EMPLOYEE BENEFIT
PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”))
THAT IS SUBJECT TO TITLE I OF ERISA, (B) A “PLAN” (AS DEFINED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE “CODE”)) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (C) AN ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED
TO BE PLAN ASSETS OF A PLAN DESCRIBED IN (A) OR (B) ABOVE (EACH, A “BENEFIT PLAN”) OR (D) A GOVERNMENTAL PLAN, CHURCH
PLAN OR NON-U.S. PLAN THAT IS SUBJECT TO ANY APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS
OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (II) (A) ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION
OF THIS NOTE WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY
SIMILAR LAW AND (B) IF IT IS A BENEFIT PLAN, ITS DECISION TO ACQUIRE SUCH NOTE (OR INTEREST THEREIN) HAS BEEN MADE BY A FIDUCIARY
WHICH IS AN “INDEPENDENT FIDUCIARY WITH FINANCIAL EXPERTISE” AS DESCRIBED IN 29 C.F.R. 2510.3-21(c)(1). BENEFIT PLANS
OR PLANS SUBJECT TO SIMILAR LAW MAY NOT ACQUIRE THIS NOTE AT ANY TIME THAT THIS NOTE DOES NOT HAVE A CURRENT INVESTMENT GRADE RATING
FROM A NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION.

 

    	 	Exhibit A-3 (Page 2)	 

     

    

 

	REGISTERED	 	$61,643,836
	No. R- 	 	 	CUSIP NO. 87165LBW0

 

SYNCHRONY CREDIT CARD

MASTER NOTE TRUST SERIES 2017-2

CLASS C SERIES 2017-2 FIXED RATE ASSET BACKED NOTE

 

Synchrony 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 SIXTY-ONE MILLION SIX HUNDRED FORTY-THREE THOUSAND EIGHT HUNDRED
THIRTY-SIX DOLLARS, or such greater or lesser amount as determined in accordance with the Indenture, on the October 2025 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 October 2025 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 twelve
30-day months (and in the case of the initial interest period following the Closing Date, for a period of 43 days). 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 NOTES AND CLASS B NOTES TO THE EXTENT SPECIFIED IN THE INDENTURE
SUPPLEMENT.

 

    	 	Exhibit A-3 (Page 3)	 

     

    

 

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

 

	 	SYNCHRONY CREDIT CARD MASTER NOTE

                    TRUST, as Issuer

	 	 	 
	 	By:	BNY Mellon Trust of Delaware, not

        in its individual capacity but solely as

		 	Trustee on behalf of Issuer
	 	 	 
	 	By: 	 
	 	 	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated:_________________,______	 	 

 

    	 	Exhibit A-3 (Page 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: 	 
	 	 	 
	 	 	Name:
	 	 	Title:

 

    	 	Exhibit A-3 (Page 5)	 

     

    

 

SYNCHRONY CREDIT CARD

MASTER NOTE TRUST SERIES 2017-2

CLASS C SERIES 2017-2 FIXED 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 Synchrony Credit Card Master Note Trust, Series 2017-2 (the
“Series 2017-2 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 November 2, 2017 (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,
the Class B Notes and the Class D 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 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, GENERAL ELECTRIC CAPITAL CORPORATION, SYNCHRONY BANK, SYNCHRONY FINANCIAL, 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. THIS CLASS C NOTE IS LIMITED IN RIGHT OF PAYMENT TO CERTAIN COLLECTIONS OF THE RECEIVABLES
(AND CERTAIN OTHER COLLATERAL) ALLOCATED TO THE SERIES 2017-2 NOTES, ALL AS MORE SPECIFICALLY SET FORTH HEREINABOVE AND IN THE
MASTER INDENTURE AND INDENTURE SUPPLEMENT.

 

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.

 

    	 	Exhibit A-3 (Page 6)	 

     

    

 

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.

 

    	 	Exhibit A-3 (Page 7)	 

     

    

 

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.

 

    	 	Exhibit A-3 (Page 8)	 

     

    

 

EXHIBIT A-4

FORM OF CLASS D SERIES 2017-2 FIXED 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.

 

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

 

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

 

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

 

THE HOLDER OF THIS
NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME DIRECTLY OR INDIRECTLY INSTITUTE OR CAUSE TO BE
INSTITUTED AGAINST THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDING OR OTHER PROCEEDING
UNDER ANY FEDERAL OR STATE BANKRUPTCY LAW UNLESS NOTEHOLDERS OF NOT LESS THAN 662⁄3% OF THE OUTSTANDING PRINCIPAL AMOUNT OF
EACH CLASS OF EACH SERIES HAS APPROVED SUCH FILING AND IT WILL NOT DIRECTLY OR INDIRECTLY INSTITUTE OR CAUSE TO BE INSTITUTED AGAINST
THE TRANSFEROR ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDING OR OTHER PROCEEDING UNDER ANY
FEDERAL OR STATE BANKRUPTCY LAW IN ANY INSTANCE; PROVIDED, THAT THE FOREGOING SHALL NOT IN ANY WAY LIMIT THE NOTEHOLDER’S
RIGHTS TO PURSUE ANY OTHER CREDITOR RIGHTS OR REMEDIES THAT THE NOTEHOLDERS MAY HAVE FOR CLAIMS AGAINST THE ISSUER.

 

    	 	Exhibit A-4 (Page 1)	 

     

    

 

THE HOLDER OF THIS CLASS D NOTE, BY ACCEPTANCE
OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS D NOTES (OTHER THAN A NOTE beneficially
owned during any period of time either by the Issuer or the single beneficial owner of the Issuer for U.S. federal income tax purposes)
AS INDEBTEDNESS OF THE ISSUER FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER
TAX IMPOSED ON, OR MEASURED BY, INCOME.

 

THE HOLDER OF THIS
NOTE BY ITS ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, SHALL BE DEEMED TO REPRESENT AND WARRANT
THAT EITHER (I) SUCH HOLDER IS NOT (AND FOR SO LONG AS IT HOLDS SUCH NOTE WILL NOT BE), IS NOT ACTING ON BEHALF OF (AND FOR SO
LONG AS IT HOLDS SUCH NOTE WILL NOT BE ACTING ON BEHALF OF), AND IS NOT INVESTING THE ASSETS OF (A) AN “EMPLOYEE BENEFIT
PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”))
THAT IS SUBJECT TO TITLE I OF ERISA, (B) A “PLAN” (AS DEFINED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE “CODE”)) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (C) AN ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED
TO BE PLAN ASSETS OF A PLAN DESCRIBED IN (A) OR (B) ABOVE (EACH, A “BENEFIT PLAN”) OR (D) A GOVERNMENTAL PLAN, CHURCH
PLAN OR NON-U.S. PLAN THAT IS SUBJECT TO ANY APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS
OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (II) (A) ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION
OF THIS NOTE WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY
SIMILAR LAW AND (B) IF IT IS A BENEFIT PLAN, ITS DECISION TO ACQUIRE SUCH NOTE (OR INTEREST THEREIN) HAS BEEN MADE BY A FIDUCIARY
WHICH IS AN “INDEPENDENT FIDUCIARY WITH FINANCIAL EXPERTISE” AS DESCRIBED IN 29 C.F.R. 2510.3-21(c)(1). BENEFIT PLANS
OR PLANS SUBJECT TO SIMILAR LAW MAY NOT ACQUIRE THIS NOTE AT ANY TIME THAT THIS NOTE DOES NOT HAVE A CURRENT INVESTMENT GRADE RATING
FROM A NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION.

 

    	 	Exhibit A-4 (Page 2)	 

     

    

 

	REGISTERED	 	$92,465,753
	No. R-	 	 	CUSIP NO. 87165LBX8

 

SYNCHRONY CREDIT CARD

MASTER NOTE TRUST SERIES 2017-2

 

CLASS D SERIES 2017-2 FIXED RATE ASSET BACKED
NOTE

 

Synchrony 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 NINETY-TWO MILLION FOUR HUNDRED SIXTY-FIVE THOUSAND
SEVEN HUNDRED FIFTY-THREE DOLLARS, or such greater or lesser amount as determined in accordance with the Indenture, on the October
2025 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 D 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 October 2025 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 twelve 30-day months (and in the case of the initial interest period following the Closing Date, for a period of 43 days).
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 D NOTE IS
SUBORDINATED TO THE EXTENT NECESSARY TO FUND PAYMENTS ON THE CLASS A NOTES, CLASS B NOTES AND CLASS C NOTES TO THE EXTENT SPECIFIED
IN THE INDENTURE SUPPLEMENT.

 

    	 	Exhibit A-4 (Page 3)	 

     

    

 

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

 

	 	SYNCHRONY CREDIT CARD MASTER NOTE

                    TRUST, as Issuer

	 	 
	 	By:	BNY MELLON TRUST OF DELAWARE
	 	 	not in its individual capacity but solely as
	 	 	Trustee on behalf of Issuer
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	Dated:____________,______	 	 

 

    	 	Exhibit A-4 (Page 4)	 

     

    

 

INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

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

 

	 	DEUTSCHE BANK TRUST COMPANY

                    AMERICAS, as Indenture Trustee

	 	 
	 	By:	 
	 	Authorized Signatory

 

    	 	Exhibit A-4 (Page 5)	 

     

    

 

SYNCHRONY CREDIT CARD

MASTER NOTE TRUST SERIES 2017-2

 

CLASS D SERIES 2017-2 FIXED RATE ASSET BACKED
NOTE

Summary of Terms and Conditions

 

This Class D Note is
one of a duly authorized issue of Notes of the Issuer, designated as Synchrony Credit Card Master Note Trust, Series 2017-2 (the
“Series 2017-2 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 November 2, 2017 (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,
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 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 D NOTE DOES
NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST IN, GENERAL ELECTRIC CAPITAL CORPORATION, SYNCHRONY BANK, SYNCHRONY FINANCIAL, 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. THIS CLASS D NOTE IS LIMITED IN RIGHT OF PAYMENT TO CERTAIN COLLECTIONS OF THE RECEIVABLES
(AND CERTAIN OTHER COLLATERAL) ALLOCATED TO THE SERIES 2017-2 NOTES, ALL AS MORE SPECIFICALLY SET FORTH HEREINABOVE AND IN THE
MASTER INDENTURE AND INDENTURE SUPPLEMENT.

 

The Issuer, the Indenture
Trustee and any agent of the Issuer or the Indenture Trustee shall treat the person in whose name this Class D 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.

 

    	 	Exhibit A-4 (Page 6)	 

     

    

 

THIS CLASS D 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.

 

    	 	Exhibit A-4 (Page 7)	 

     

    

 

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.

 

    	 	Exhibit A-4 (Page 8)	 

     

    

 

EXHIBIT B

 

FORM OF MONTHLY NOTEHOLDER’S STATEMENT

 

Monthly Noteholder’s Statement

Synchrony Credit Card Master Note Trust

 

Series 2017-2

Class A 2.62% Notes

Class B 2.82% Notes

Class C 3.01% Notes

Class D 3.41% Notes

 

Pursuant to the Master
Indenture, dated as of September 25, 2003 (as amended and supplemented, the “Indenture”) between Synchrony Credit
Card Master Note Trust (the “Issuer”) and Deutsche Bank Trust Company Americas, as indenture trustee (the “Indenture
Trustee”), as supplemented by the Series 2017-2 Indenture Supplement (the “Indenture Supplement”),
dated as of November 2, 2017, 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 2017-2 Noteholders and the performance
of the Trust during the previous month. The information required to be prepared with respect to the Payment Date of [●], 20[●],
and with respect to the performance of the Trust during the Monthly Period ended [●], 20[●] is set forth below.
Capitalized terms used herein are defined in the Indenture and the Indenture Supplement. The Discount Percentage (as defined in
the Transfer Agreement) remains at 0% for all the Receivables in the Trust until otherwise indicated. The undersigned, an Authorized
Officer of the Servicer, does hereby certify as follows:

 

	Record Date:	[●], 20[●]
	Monthly Period Beginning:	[●], 20[●]
	Monthly Period Ending:	[●], 20[●]
	Previous Payment Date:	[●], 20[●]
	Payment Date:	[●], 20[●]
	Interest Period Beginning:	[●], 20[●]
	Interest Period Ending:	[●], 20[●]
	Days in Monthly Period:	[●]
	Days in Interest Period:	[●]
	Loss Cycles in Period:	[●]
	Is there a Reset Date?	[No][Yes]

 

		I.	Trust Receivables Information

 

		a.	Number of Accounts Beginning
		b.	Number of Accounts Ending
		c.	Average Account Balance (q/b)

 

    	 	Exhibit B (Page 1)	 

     

    

 

		d.	BOP Principal Receivables
		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 * 5.5%)
		w.	Free Equity Amount (EOP Principal Receivables - EOP Collateral Amount (II.d.ii+II.a.ii+II.b.ii+II.b.iii))
		x.	Risk Retention – Dodd-Frank

i. Required Seller’s Interest
(as of EOP)

ii. Seller’s Interest (as
of EOP)

 

		II.	Investor Information (Sum of all Series)

		a.	Note Principal Balance 

		i.	Beginning of Interest Period
		ii.	Increase in Note Principal Balance due to New Issuance / Additional draws
		iii.	Decrease in Note Principal Balance due to Principal Paid and Notes Retired
		iv.	As of Payment Date

		b.	Excess Collateral Amount 

		i.	Beginning of Interest Period

 

    	 	Exhibit B (Page 2)	 

     

    
 

		ii.	Change to Excess Collateral Amount in connection with the Supplemental Indenture
		iii.	Increase in Excess Collateral Amount due to New Issuance
		iv.	Reductions in Required Excess Collateral Amount
		v.	Increase in Unreimbursed Investor Charge-Off
		vi.	Decrease in Unreimbursed Investor Charge-Off
		vii.	Increase in Unreimbursed Reallocated Principal Collections
		viii.	Decrease in Unreimbursed Reallocated Principal Collections
		ix.	As of Payment Date

		c.	Principal Accumulation Account Balance

		i.	Beginning of Interest Period
		ii.	Controlled Deposit Amount
		iii.	Withdrawal for Principal Payment
		iv.	As of Payment Date

		d.	Collateral Amount

		i.	End of Prior Monthly Period
		ii.	Beginning of Interest Period (a.i + b.i)
		iii.	As of Payment Date

 

		III.	Trust Performance Data (Monthly Period)

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

		i.	Current

		ii.	Prior Monthly Period

		iii.	Two Months Prior Monthly Period

		iv.	Three-Month Average

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

		i.	Current

		ii.	Prior Monthly Period

		iii.	Two Months Prior Monthly Period

		iv.	Three-Month Average

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

		i.	Current

		ii.	Prior Monthly Period

		iii.	Two Months Prior Monthly Period

		iv.	Three-Month Average

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

 

    	 	Exhibit B (Page 3)	 

     

    

 

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

		i.	Current
		ii.	Prior Monthly Period
		iii.	Two Months Prior Monthly Period
		iv.	Three-Month Average

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

		g.	Trust excess spread percentage ((FC Coll – Charged-Off Rec – Monthly Interest +/- Net Swaps – Monthly Servicing
Fee) / BOP Principal Receivables)

		h.	Default Amount for Defaulted Accounts

		i.	Recovery Amount

		j.	Collections

		i.	Total Trust Finance Charge Collections

		ii.	Total Trust Principal Collections
		iii.	Total Trust Collections

 

	 	k.	Delinquency Data	Percentage	Total Receivables
	 	 	i.	1-29 Days Delinquent	 	 
	 	 	ii.	30-59 Days Delinquent	 	 
	 	 	iii.	60-89 Days Delinquent	 	 
	 	 	iv.	90-119 Days Delinquent	 	 
	 	 	v.	120-149 Days Delinquent	 	 
	 	 	vi.	150-179 Days Delinquent	 	 
	 	 	vii.	180 or Greater Days Delinquent	 	 

 

		IV.	Series Performance Data

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

		i.	Current
		ii.	Prior Monthly Period
		iii.	Two Months Prior Monthly Period
		iv.	Three-Month Average

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

 

    	 	Exhibit B (Page 4)	 

     

    

 

		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.

		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.

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

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

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

 

    	 	Exhibit B (Page 5)	 

     

    

 

		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.	Class D Note Initial Principal Balance
		e.	Initial Excess Collateral Amount (as of Payment Date)
		f.	Initial Collateral Amount (as of Payment Date)

		g.	Class A Note Principal Balance

		i.	Beginning of Interest Period
		ii.	Principal Payment
		iii.	As of Payment Date

		h.	Class B Note Principal Balance

		i.	Beginning of Interest Period
		ii.	Principal Payment
		iii.	As of Payment Date

		i.	Class C Note Principal Balance

		i.	Beginning of Interest Period
		ii.	Principal Payment
		iii.	As of Payment Date

		j.	Class D Note Principal Balance

		i.	Beginning of Interest Period
		ii.	Principal Payment
		iii.	As of Payment Date

		k.	Excess Collateral Amount

		i.	Beginning of Interest Period
		ii.	Increase in Excess Collateral Amount in connection with the Supplemental Indenture

		iii.	Reduction in Excess Collateral Amount

		iv.	As of Payment Date

		l.	Collateral Amount

		i.	Beginning of Interest Period
		ii.	Increase in Excess Collateral Amount in connection with the Supplemental Indenture
		iii.	Increase/Decrease in Unreimbursed Investor Charge-Offs
		iv.	Increase/Decrease in Reallocated Principal Collections
		v.	Reduction in Excess Collateral Amount
		vi.	Principal Accumulation Account Deposit
		vii.	As of Payment Date
		viii.	Collateral Amount as a Percentage of Note Trust Principal
Balance
		ix.	Amount by which Note Principal Balance exceeds Collateral
Amount

 

    	 	Exhibit B (Page 6)	 

     

    

 

		m.	Required Excess Collateral Amount

 

		VII.	Investor Charge-Offs and Reallocated Principal Collections

(Section references relate to Indenture Supplement)

		a.	Beginning Unreimbursed Investor Charge-Offs
		b.	Current Unreimbursed Investor Defaults
		c.	Current Unreimbursed Investor Uncovered Dilution Amount
		d.	Current Reimbursement of Investor Charge-Offs pursuant to Section 4.4(a)(viii)
		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)(viii)
		i.	Ending Unreimbursed Reallocated Principal Collections

 

		VIII.	Investor Percentages –BOP Balance and Series Account Information

		a.	Allocation Percentage Numerator – for Finance Charge Collections and Default Amounts
		b.	Allocation Percentage Numerator – for Principal Collections
		c.	Allocation Percentage Denominator

		i.	Aggregate Principal Receivables Balance as of Prior Monthly Period
		ii.	Number of Days at Balance
		iii.	Average Principal Balance

		d.	Sum of Allocation Percentage Numerators for all outstanding Series with respect to Finance Charge Collections and Default Amounts
		e.	Sum of Allocation Percentage Numerators for all outstanding Series with respect to Principal Collections
		f.	Average Daily Allocation Percentage, Finance Charge Collections and Default Amount (a./greater of c.iii. or d.)
		g.	Average Daily 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	 	 
	

 

    	 	Exhibit B (Page 7)	 

     

    

 

		f.	Investor Uncovered Dilution Amount
		g.	Dilution including Fraud Amount

 

		h.	Available Finance Charge Collections

		i.	Investor Finance Charge Collections
		ii.	Excess Finance Charge Collections allocable to Series 2017-2
		iii.	Principal Accumulation Account Investment Proceeds
		iv.	Investment earnings in the Reserve Account
		v.	Reserve Account Draw Amount
		vi.	Net Swap Receipts
		vii.	Recoveries

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

		j.	Total Collections (c. Series + i.)

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

 

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

		a.	Available Finance Charge Collections

		i.	On a pari passu basis:

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

		ii.	To the Servicer:

		a.	Noteholder Servicing Fee
		b.	Noteholder Servicing Fee previously due but not paid
		c.	Total Noteholder Servicing Fee

		iii.	On a pari passu basis:

		a.	Class A Monthly Interest
		b.	Class A Deficiency Amount
		c.	Class A Additional Interest
		d.	Class A Additional Interest not paid on prior Payment Date

		iv.	On a pari passu basis:

		a.	Class B Monthly Interest
		b.	Class B Deficiency Amount
		c.	Class B Additional Interest
		d.	Class B Additional Interest not paid on prior Payment Date

		v.	On a pari passu basis:

 

    	 	Exhibit B (Page 8)	 

     

    
 

		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

		vi.	On a pari passu basis:

		a.	Class D Monthly Interest
		b.	Class D Deficiency Amount
		c.	Class D Additional Interest
		d.	Class D Additional Interest not paid on prior Payment Date

		vii.	To be treated as Available Principal Collections

		a.	Aggregate Investor Default Amount
		b.	Aggregate Investor Uncovered Dilution Amount

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

		a.	Investor Charge-offs
		b.	Reallocated Principal Collections

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

		x.	Amounts required to be deposited to the Spread Account or Reserve Account

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

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

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

 

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

 

    	 	Exhibit B (Page 9)	 

     

    

 

		b.	If an Early Amortization Event has occurred, first, to pay Monthly Principal in accordance with Section 4.4(c) of the Indenture
Supplement to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available
to be treated as Available Principal Collections pursuant to this clause), second, to pay on a pari passu basis any amounts owed
to such Persons listed in clause (a)(i) above that have been allocated to Series 2017-2 in accordance with Section 8.4(d) of the
Indenture and that have not been paid pursuant to clauses (a)(i) and (a)(xii) above, and, third, any amounts remaining after payment
in full of the Monthly Principal and amounts owed to such Persons listed in clause (a)(i) above shall be paid to the Issuer.

 

		XI.	Excess Finance Charge Collections (Group One)

		a.	Total Excess Finance Charge Collections in Group One

		b.	Finance Charge Shortfall for Series 2017-2

		c.	Finance Charge Shortfall for all Series in Group One

		d.	Excess Finance Charges Collections Allocated to Series 2017-2

 

		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)(vii)

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

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

		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)

 

    	 	Exhibit B (Page 10)	 

     

    

 

		ii.	During the Controlled Accumulation Period, Available Principal Collections deposited to the Principal Accumulation Account
pursuant to Section 4.4(c)(i), (ii)
		iii.	During the Early Amortization Period, Available Principal Collections deposited to the Distribution Account pursuant to Section
4.4(c)
		iv.	Series Shared Principal Collections available to Group One pursuant to Section 4.4(c)(iii)
		v.	Principal Distributions pursuant to Section 4.4(e) in order of priority

		a.	Principal paid to Class A Noteholders
		b.	Principal paid to Class B Noteholders
		c.	Principal paid to Class C Noteholders
		d.	Principal paid to Class D Noteholders

		vi.	Total Principal Collections Available to Share (Inclusive of Series 2017-2)
		vii.	Series Principal Shortfall
		viii.	Shared Principal Collections allocated to this Series from other Series

 

		XIII.	Series 2017-2 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.	As of Payment Date

 

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

		a.	Reserve Account Funding Date (scheduled)

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

		c.	Beginning Available Reserve Account Amount

		d.	Reserve Draw Amount

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

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

 

    	 	Exhibit B (Page 11)	 

     

    

  

		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

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

		e.	Withdrawal pursuant to 4.11(b) – Class D 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)(x) – 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.	Three Month Average Excess Spread
	 	 	 

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

		i.	Expected Principal Payment Date

 

    	 	Exhibit B (Page 12)	 

     

    

 

		ii.	Current Payment Date
	 	 	 

		e.	Are there any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments?
	 	 	 
		f.	Are there any material breaches or pool of assets representations and warranties or covenants?
	 	 	 
		g.	Are there any material changes in criteria used to originate, acquire, or select new pool assets?
	 	 	 
		h.	Has an early amortization event occurred?

 

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

 

	 	SYNCHRONY FINANCIAL, as Servicer
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    	 	Exhibit B (Page 13)	 

     

    

 

SCHEDULE I

PERFECTION REPRESENTATIONS, WARRANTIES

AND COVENANTS (WITH RESPECT TO RECEIVABLES)

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(7)       Notwithstanding
any other provision of the Indenture, the representations and warranties set forth in this Schedule I shall be continuing,
and remain in full force and effect, until such time as the Series 2017-2 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 Receivables.

 

    	 	Schedule I (Page 1)Exhibit 10.1

 

EXECUTION VERSION

 

FIFTH AMENDMENT TO

AMENDED AND RESTATED CREDIT AGREEMENT

 

This FIFTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Fifth Amendment”), dated as of November 2, 2017 (the “Fifth Amendment Effective Date”), is among CENTENNIAL RESOURCE PRODUCTION, LLC, a Delaware limited liability company (the “Borrower”); each of the undersigned guarantors (the “Guarantors”, and together with the Borrower, the “Credit Parties”); each of the Lenders party hereto; and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”).

 

R E C I T A L S:

 

A.                                    The Borrower, the Administrative Agent and the Lenders are parties to that certain Amended and Restated Credit Agreement dated as of October 15, 2014 (as amended prior to the date hereof, the “Credit Agreement”), pursuant to which the Lenders have, subject to the terms and conditions set forth therein, made certain credit available to and on behalf of the Borrower.

 

B.                                    The Borrower has requested that each of Capital One, National Association, KeyBank, National Association, Royal Bank of Canada, PNC Bank, National Association and Branch Banking and Trust Company (each, a “New Lender” and, collectively, the “New Lenders”) become Lenders under the Credit Agreement with a Maximum Revolving Credit Amount in the amount as shown on Annex I to the Credit Agreement (as amended by this Fifth Amendment).

 

C.                                    The parties desire to enter into this Fifth Amendment to (i) replace Annex I to the Credit Agreement to reflect the addition of the New Lenders and the reallocation of Lenders’ Applicable Revolving Credit Percentages and Maximum Revolving Credit Amounts, (ii) increase the Aggregate Maximum Revolving Credit Amounts from $500,000,000 to $1,000,000,000 and (iii) reflect the increase of the Borrowing Base from $350,000,000 to $575,000,000, in each case upon the terms and conditions set forth herein and in each case to be effective as of the Fifth Amendment Effective Date.

 

D.                                    The Administrative Agent and the Lenders have agreed, subject to the terms and conditions set forth herein, to enter into this Fifth Amendment.

 

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

Section 1.                                           Defined Terms.  Each capitalized term which is defined in the Credit Agreement, but which is not defined in this Fifth Amendment, shall have the meaning ascribed such term in the Credit Agreement, as amended by this Fifth Amendment.  Unless otherwise indicated, all section references in this Fifth Amendment refer to the Credit Agreement.

 

 

Section 2.                                           Amendments.  In reliance on the representations, warranties, covenants and agreements contained in this Fifth Amendment, and subject to the satisfaction of the conditions precedent set forth in Section 4 hereof, the Credit Agreement shall be amended effective as of the Fifth Amendment Effective Date in the manner provided in this Section 2.

 

2.1                               Additional Definitions.  Section 1.02 of the Credit Agreement is hereby amended to add thereto in alphabetical order the following definitions which shall read in full as follows:

 

“Fifth Amendment” means that certain Fifth Amendment to Amended and Restated Credit Agreement dated as of November 2, 2017, among the Borrower, the Guarantors party thereto, the Administrative Agent and the Lenders party thereto.

 

“LIBO Screen Rate”  means, for any day and time, with respect to any Eurodollar Borrowing for any Interest Period, the London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate for dollars for a period equal in length to such Interest Period) as displayed on such day and time on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion), provided that if the LIBO Screen Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

 

“NYFRB” means the Federal Reserve Bank of New York.

 

“NYFRB Rate” means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if none of such rates are published for any day that is a Business Day, the term “NYFRB Rate” means the rate for a federal funds transaction quoted at 11:00 a.m. on such day received by the Administrative Agent from a federal funds broker of recognized standing selected by it; provided, further, that if any of the aforesaid rates shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

 

“Overnight Bank Funding Rate” means, for any day, the rate comprised of both overnight federal funds and overnight Eurodollar borrowings by U.S.-managed banking offices of depository institutions (as such composite rate shall be determined by the NYFRB as set forth on its public website from time to time) and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate (from and after such date as the NYFRB shall commence to publish such composite rate).

 

2.2                               Amended and Restated Definitions.  The following definitions contained in 

 

2

 

Section 1.02 of the Credit Agreement are hereby amended and restated in their entirety to read in full as follows:

 

“Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus 1⁄2 of 1% and (c) the Adjusted LIBO Rate for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%, provided that for the purpose of this definition, the Adjusted LIBO Rate for any day shall be based on the LIBO Screen Rate (or if the LIBO Screen Rate is not available for such one month Interest Period, the Interpolated Rate) at approximately 11:00 a.m. London time on such day.  Any change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate, respectively.  If the Alternate Base Rate is being used as an alternate rate of interest pursuant to Section 3.03 hereof, then the Alternate Base Rate shall be the greater of clause (a) and (b) above and shall be determined without reference to clause (c) above.  For the avoidance of doubt, if the Alternate Base Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

 

“LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, the LIBO Screen Rate at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period; provided that if the LIBO Screen Rate shall not be available at such time for such Interest Period (an “Impacted Interest Period”) then the LIBO Rate shall be the Interpolated Rate.  Notwithstanding the above, to the extent that “Adjusted LIBO Rate” is used in connection with an ABR Borrowing, such rate shall be determined as modified by the definition of Alternate Base Rate.

 

“Loan Documents” means this Agreement, the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment, the Fifth Amendment, the Notes, the Letter of Credit Agreements, the Letters of Credit, the Engagement Letter and the Security Instruments.

 

2.3                               Amendment to Section 3.03.  Section 3.03 of the Credit Agreement is hereby amended and restated in its entirety to read in full as follows:

 

Section 3.03 Alternate Rate of Interest.  (a) If prior to the commencement of any Interest Period for a Eurodollar Borrowing:

 

(i)  the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable (including, without limitation, because the LIBO Screen Rate is not available or published on a current basis), for such Interest Period; or

 

3

 

(ii)  the Administrative Agent is advised by the Required Revolving Credit Lenders that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing for such Interest Period;

 

then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone or fax as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (A) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective and (B) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing.

 

(b)                                 If at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error) that (i) the circumstances set forth in clause (a)(i) have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in clause (a)(i) have not arisen but the supervisor for the administrator of the LIBO Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the LIBO Screen Rate shall no longer be used for determining interest rates for loans, then the Administrative Agent and the Borrower shall endeavor to establish an alternate rate of interest to the LIBO Rate that gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable.  Notwithstanding anything to the contrary in Section 12.02, such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five Business Days of the date notice of such alternate rate of interest is provided to the Lenders, a written notice from the Required Revolving Credit Lenders stating that such Required Revolving Credit Lenders object to such amendment.  Until an alternate rate of interest shall be determined in accordance with this clause (b) (but, in the case of the circumstances described in clause (ii) of the first sentence of this Section 3.03(b), only to the extent the LIBO Screen Rate for such Interest Period is not available or published at such time on a current basis), (x) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective and (y) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing; provided that, if such alternate rate of interest shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

 

2.4                               Amendment to Section 12.02(b).  Section 12.02(b) of the Credit Agreement is hereby amended by deleting the word “Neither” at the beginning thereof and inserting in lieu 

 

4

 

thereof “Subject to Section 3.03(b), neither”.

 

2.5                               Replacement of Annex I.

 

(a)                                 Annex I to the Credit Agreement is hereby replaced in its entirety with Annex I attached hereto and Annex I attached hereto shall be deemed to be attached as Annex I to the Credit Agreement.  After giving effect to this Fifth Amendment and any Borrowings made on the Fifth Amendment Effective Date, (a) each Lender (including each New Lender) who holds Revolving Loans in an aggregate amount less than its Applicable Percentage (after giving effect to this Fifth Amendment) of all Revolving Loans shall advance new Revolving Loans which shall be disbursed to the Administrative Agent and used to repay Revolving Loans outstanding to each Lender who holds Revolving Loans in an aggregate amount greater than its Applicable Percentage of all Revolving Loans, (b) each Lender’s  (including each New Lender’s) participation in each Letter of Credit, if any, shall be automatically adjusted to equal its Applicable Percentage (after giving effect to this Fifth Amendment), (c) such other adjustments shall be made as the Administrative Agent shall specify so that the Revolving Credit Exposure applicable to each Lender (including each New Lender) equals its Applicable Percentage (after giving effect to this Fifth Amendment) of the aggregate Revolving Credit Exposure of all Lenders and (d) upon request by each applicable Lender, the Borrower shall be required to make any break funding payments owing to such Lender that are required under Section 5.02 of the Credit Agreement as a result of the Revolving Loans and adjustments described in this Section 2.5(a).

 

(b)                                 The Administrative Agent, the Issuing Bank and the Borrower hereby consent to the reallocations and assignments pursuant to Section 2.5(a) and waive the delivery of an Assignment and Assumption and any other condition to the effectiveness of the foregoing reallocations and assignments.  The Administrative Agent hereby consents to a one-time waiver of each $3,500 processing and recordation fee that would otherwise be payable pursuant to Section 12.04(b)(ii)(C) of the Credit Agreement as a result of each of the assignments provided for herein.

 

Section 3.                                           Redetermination of Borrowing Base.  Subject to the satisfaction of the conditions precedent set forth in Section 4 hereof, the Lenders hereby agree that for the period from and including the Fifth Amendment Effective Date, but until the next Scheduled Redetermination Effective Date, the next Interim Redetermination Date or the next adjustment to the Borrowing Base under Section 2.08(e) of the Credit Agreement or Section 8.13(c) of the Credit Agreement, whichever occurs first, the amount of the Borrowing Base shall be increased from $350,000,000 to $575,000,000, which redetermination of the Borrowing Base shall constitute the October 1, 2017 Scheduled Redetermination of the Borrowing Base.  This Section 3 constitutes the New Borrowing Base Notice for the October 1, 2017 Scheduled Redetermination of the Borrowing Base.

 

Section 4.                                           Conditions Precedent.  The effectiveness of this Fifth Amendment is subject to the following:

 

4.1                               Counterparts. The Administrative Agent shall have received counterparts of this Fifth Amendment from the Credit Parties and each of the Lenders (including the New Lenders).

 

5

 

4.2                               Fees and Expenses.  The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Fifth Amendment Effective Date including, without limitation, the Fifth Amendment Upfront Fees referred to in Section 4.3 below.

 

4.3                               Upfront Fee.  The Administrative Agent shall have received, for the account of each of the Fifth Amendment Increasing Lenders (as defined below) party to this Fifth Amendment (including, without limitation, JPMorgan Chase Bank, N.A.), mutually agreeable upfront fees (the “Upfront Fees”) for each such Fifth Amendment Increasing Lender on the amount of such Fifth Amendment Increasing Lender’s Fifth Amendment Increased Commitment (as defined below).  As used herein, “Fifth Amendment Increasing Lender” means each Lender (including each New Lender) whose Revolving Credit Commitment after giving effect to Section 2.5(a) and Section 3 hereof exceeds such Lender’s Revolving Credit Commitment, if any, that was in effect immediately prior to giving effect to Section 2.5(a) and Section 3 hereof, and “Fifth Amendment Increased Commitment” means the amount of such excess.

 

4.4                               Secretary’s Certificates.  The Administrative Agent shall have received one or more certificates of the Secretary or an Assistant Secretary of each Credit Party setting forth (a) resolutions of its board of directors (or comparable governing body) with respect to the authorization of such Credit Party to execute and deliver this Fifth Amendment and the other Loan Documents to which it is a party and to enter into the transactions contemplated in such documents, (b) the officers of such Credit Party (i) who are authorized to sign this Fifth Amendment and the other Loan Documents to which such Credit Party is a party and (ii) who will, until replaced by another officer or officers duly authorized for that purpose, act as its representative for the purposes of signing documents and giving notices and other communications in connection with this Fifth Amendment and the other Loan Documents and the transactions contemplated hereby and thereby, (c) specimen signatures of such authorized officers, and (d) the articles or certificate of incorporation and bylaws (or comparable organizational documents for any Credit Parties that are not corporations) of such Credit Party, certified as being true and complete (or, alternatively with respect to this clause (d), a certification that there have been no changes to the organizational documents most recently delivered and certified to under the Credit Agreement).  The Administrative Agent and the Lenders may conclusively rely on such certificates until the Administrative Agent receives notice in writing from the Borrower to the contrary.

 

4.5                               Certificates of Good Standing.  The Administrative Agent shall have received certificates of the appropriate State agencies with respect to the existence, qualification and good standing of the Credit Parties from their jurisdiction of organization.

 

4.6                               Legal Opinions.  The Administrative Agent shall have received an opinion of Latham & Watkins LLP, special counsel to the Credit Parties, in form and substance reasonably acceptable to the Administrative Agent and its counsel.

 

4.7                               Revolving Notes.  The Administrative Agent shall have received duly executed Revolving Credit Notes payable to each Lender (including each New Lender) requesting a Revolving Credit Note in principal amounts equal to its Maximum Revolving Credit Amount (as amended hereby), dated as of the Fifth Amendment Effective Date.

 

6

 

4.8                               Other. The Administrative Agent shall have received such other documents as the Administrative Agent or special counsel to the Administrative Agent may reasonably request.

 

Section 5.                                           Post-Closing Mortgage Amendments.  No later than December 15, 2017 (or such later date as the Administrative Agent may agree in its sole discretion), the Administrative Agent shall have received executed amendments to the existing Security Instruments to reflect the increase of the Aggregate Maximum Revolving Credit Amounts after giving effect to this Fifth Amendment.

 

Section 6.                                           New Lenders.  Each New Lender hereby joins in, becomes a party to, and agrees to comply with and be bound by the terms and conditions of the Credit Agreement as amended by this Fifth Amendment as a Lender thereunder and under each and every other Loan Document to which any Lender is required to be bound by the Credit Agreement as amended by this Fifth Amendment, to the same extent as if such New Lender were an original signatory thereto.  Each New Lender hereby appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Credit Agreement as amended by this Fifth Amendment as are delegated to the Administrative Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto.  Each New Lender represents and warrants that (a) it has full power and authority, and has taken all action necessary, to execute and deliver this Fifth Amendment, to consummate the transactions contemplated by this Fifth Amendment and to become a party to, and a Lender under, the Credit Agreement as amended by this Fifth Amendment, (b) it has received a copy of the Credit Agreement and copies of the most recent financial statements delivered pursuant to Section 8.01 of the Credit Agreement, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Fifth Amendment and to become a Lender on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender, and (c) from and after the Fifth Amendment Effective Date, it shall be a party to and be bound by the provisions of the Credit Agreement as amended by this Fifth Amendment and the other Loan Documents and have the rights and obligations of a Lender thereunder.

 

Section 7.                                           Miscellaneous.

 

7.1                               Confirmation and Effect.  The provisions of the Credit Agreement (as amended by this Fifth Amendment) shall remain in full force and effect in accordance with its terms following the effectiveness of this Fifth Amendment, and this Fifth Amendment shall not constitute a waiver of any provision of the Credit Agreement or any other Loan Document, except as expressly provided for herein.  Each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof’, “herein”, or words of like import shall mean and be a reference to the Credit Agreement as amended hereby, and each reference to the Credit Agreement in any other document, instrument or agreement executed and/or delivered in connection with the Credit Agreement shall mean and be a reference to the Credit Agreement as amended hereby.

 

7.2                               Ratification and Affirmation of Credit Parties.  Each of the Credit Parties hereby expressly (a) acknowledges the terms of this Fifth Amendment, (b) ratifies and affirms its obligations under the Credit Agreement, the Guaranty Agreement and the other Loan Documents 

 

7

 

to which it is a party, (c) acknowledges, renews and extends its continued liability under the Credit Agreement, the Guaranty Agreement and the other Loan Documents to which it is a party, (d) agrees that its guarantee under the Guaranty Agreement and the other Loan Documents to which it is a party remains in full force and effect with respect to the Indebtedness as amended hereby, (e) represents and warrants to the Lenders and the Administrative Agent that each representation and warranty of such Credit Party contained in the Credit Agreement, the Guaranty Agreement  and the other Loan Documents to which it is a party is true and correct in all material respects as of the date hereof and after giving effect to this Fifth Amendment except (i) to the extent any such representations and warranties are expressly limited to an earlier date, in which case, on and as of the date hereof, such representations and warranties shall continue to be true and correct as of such specified earlier date, and (ii) to the extent that any such representation and warranty is expressly qualified by materiality or by reference to Material Adverse Effect, such representation and warranty (as so qualified) shall continue to be true and correct in all respects, (f) represents and warrants to the Lenders and the Administrative Agent that the execution, delivery and performance by such Credit Party of this Fifth Amendment are within such Credit Party’s corporate, limited partnership or limited liability company powers (as applicable), have been duly authorized by all necessary action and that this Fifth Amendment constitutes the valid and binding obligation of such Credit Party enforceable in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditor’s rights generally, and (g) represents and warrants to the Lenders and the Administrative Agent that, after giving effect to this Fifth Amendment, no Borrowing Base Deficiency, Default or Event of Default exists.

 

7.3                               Counterparts.  This Fifth Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of this Fifth Amendment by facsimile or electronic (e.g. pdf) transmission shall be effective as delivery of a manually executed original counterpart hereof.

 

7.4                               No Oral Agreement.  THIS WRITTEN FIFTH AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES THAT MODIFY THE AGREEMENTS OF THE PARTIES IN THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS.

 

7.5                               Governing Law.  THIS FIFTH AMENDMENT (INCLUDING, BUT NOT LIMITED TO, THE VALIDITY AND ENFORCEABILITY HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

7.6                               Payment of Expenses.  The Borrower agrees to pay or reimburse the Administrative Agent for all of its reasonable out-of-pocket costs and expenses incurred in connection with this Fifth Amendment, any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees and disbursements of counsel to the Administrative Agent.

 

7.7                               Severability.  Any provision of this Fifth Amendment which is prohibited or 

 

8

 

unenforceable in any 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 jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

7.8                               Successors and Assigns.  This Fifth Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

 

[Signature Pages Follow.]

 

9

 

The parties hereto have caused this Fifth Amendment to be duly executed as of the day and year first above written.

 

 

	
BORROWER:
    	
CENTENNIAL   RESOURCE 

PRODUCTION,   LLC, a Delaware   limited 

liability   company
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:   
    	
/s/ George S. Glyphis
    
	
 
    	
 
    	
George   S. Glyphis
    
	
 
    	
 
    	
Vice   President and Chief Financial Officer
    

 

SIGNATURE PAGE TO FIFTH AMENDMENT TO

AMENDED AND RESTATED CREDIT AGREEMENT

CENTENNIAL RESOURCE PRODUCTION, LLC

 

 

	
GUARANTORS:
    	
ATLANTIC   EXPLORATION, LLC, a   

Delaware   limited liability company
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/ George S. Glyphis
    
	
 
    	
 
    	
George   S. Glyphis
    
	
 
    	
 
    	
Vice President and Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
CENTENNIAL   RESOURCE 

MANAGEMENT,   LLC, a Delaware 

limited   liability company
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:   
    	
/s/ George S. Glyphis
    
	
 
    	
 
    	
George   S. Glyphis
    
	
 
    	
 
    	
Vice   President and Chief Financial Officer
    

 

SIGNATURE PAGE TO FIFTH AMENDMENT TO

AMENDED AND RESTATED CREDIT AGREEMENT

CENTENNIAL RESOURCE PRODUCTION, LLC

 

 

	
 
    	
JPMORGAN   CHASE BANK, N.A.,   as 

Administrative   Agent and a Lender
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:   
    	
/s/ Ryan Fuessel
    
	
 
    	
Name:
    	
Ryan   Fuessel
    
	
 
    	
Title:
    	
Authorized   Officer
    
	
 
    	
 
    
				

 

SIGNATURE PAGE TO FIFTH AMENDMENT TO

AMENDED AND RESTATED CREDIT AGREEMENT

CENTENNIAL RESOURCE PRODUCTION, LLC

 

 

	
 
    	
WELLS   FARGO BANK, N.A.,   as a
   Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/ Joseph Rottinghaus
    
	
 
    	
Name:
    	
Joseph   Rottinghaus
    
	
 
    	
Title:
    	
Director
    
				

 

SIGNATURE PAGE TO FIFTH AMENDMENT TO

AMENDED AND RESTATED CREDIT AGREEMENT

CENTENNIAL RESOURCE PRODUCTION, LLC

 

 

	
 
    	
COMERICA   BANK, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/ Cassandra M. Lucas
    
	
 
    	
Name:
    	
Cassandra   M. Lucas
    
	
 
    	
Title:
    	
Portfolio   Manager
    

 

SIGNATURE PAGE TO FIFTH AMENDMENT TO

AMENDED AND RESTATED CREDIT AGREEMENT

CENTENNIAL RESOURCE PRODUCTION, LLC

 

 

	
 
    	
BMO   HARRIS BANK, N.A.,   as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/ Matthew Davis
    
	
 
    	
Name:
    	
Matthew   Davis
    
	
 
    	
Title:
    	
Vice   President
    

 

SIGNATURE PAGE TO FIFTH AMENDMENT TO

AMENDED AND RESTATED CREDIT AGREEMENT

CENTENNIAL RESOURCE PRODUCTION, LLC

 

 

	
 
    	
CANADIAN   IMPERIAL BANK OF
   COMMERCE, NEW YORK BRANCH,
   as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/ Donovan Broussard
    
	
 
    	
Name:
    	
Donovan   Broussard
    
	
 
    	
Title:
    	
Authorized   Signatory
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:   
    	
/s/ Richard Antl
    
	
 
    	
Name:
    	
Richard   Antl
    
	
 
    	
Title:
    	
Authorized   Signatory
    

 

SIGNATURE PAGE TO FIFTH AMENDMENT TO

AMENDED AND RESTATED CREDIT AGREEMENT

CENTENNIAL RESOURCE PRODUCTION, LLC

 

 

	
 
    	
U.S.   BANK NATIONAL
    
	
 
    	
ASSOCIATION, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ John C. Lozano
    
	
 
    	
Name:
    	
John   C. Lozano
    
	
 
    	
Title:
    	
Vice   President
    

 

SIGNATURE PAGE TO FIFTH AMENDMENT TO

AMENDED AND RESTATED CREDIT AGREEMENT

CENTENNIAL RESOURCE PRODUCTION, LLC

 

 

	
 
    	
CITIBANK,   N.A., as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jeff Ard
    
	
 
    	
Name:
    	
Jeff   Ard
    	
 
    
	
 
    	
Title:
    	
Vice   President
    

 

SIGNATURE PAGE TO FIFTH AMENDMENT TO

AMENDED AND RESTATED CREDIT AGREEMENT

CENTENNIAL RESOURCE PRODUCTION, LLC

 

 

	
 
    	
DEUTSCHE   BANK AG, NEW YORK
    
	
 
    	
BRANCH, as a Lender
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Marcus Tarkington
    
	
 
    	
Name:
    	
Marcus   Tarkington
    
	
 
    	
Title:
    	
Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Dusan Lazarov
    
	
 
    	
Name:
    	
Dusan   Lazarov
    
	
 
    	
Title:
    	
Director
    

 

SIGNATURE PAGE TO FIFTH AMENDMENT TO

AMENDED AND RESTATED CREDIT AGREEMENT

CENTENNIAL RESOURCE PRODUCTION, LLC

 

 

	
 
    	
FIFTH   THIRD BANK, as a   Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:   
    	
/s/ Jonathan H Lee
    
	
 
    	
Name:
    	
Jonathan   H Lee
    
	
 
    	
Title:
    	
Director
    

 

SIGNATURE PAGE TO FIFTH AMENDMENT TO

AMENDED AND RESTATED CREDIT AGREEMENT

CENTENNIAL RESOURCE PRODUCTION, LLC

 

 

	
 
    	
CAPITAL   ONE, NATIONAL ASSOCIATION, as a New Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:   
    	
/s/ Cameron Breitenbach
    
	
 
    	
Name:
    	
Cameron   Breitenbach
    
	
 
    	
Title:
    	
Vice   President
    

 

SIGNATURE PAGE TO FIFTH AMENDMENT TO

AMENDED AND RESTATED CREDIT AGREEMENT

CENTENNIAL RESOURCE PRODUCTION, LLC

 

 

	
 
    	
KEYBANK,   NATIONAL ASSOCIATION,   as a New Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:   
    	
/s/ George E. McKean
    
	
 
    	
Name:
    	
George   E. McKean
    
	
 
    	
Title:
    	
Senior   Vice President
    

 

SIGNATURE PAGE TO FIFTH AMENDMENT TO

AMENDED AND RESTATED CREDIT AGREEMENT

CENTENNIAL RESOURCE PRODUCTION, LLC

 

 

	
 
    	
ROYAL   BANK OF CANADA, as   a New Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:   
    	
/s/ Kristan Spivey
    
	
 
    	
Name:
    	
Kristan   Spivey
    
	
 
    	
Title:
    	
Authorized   Signatory
    

 

SIGNATURE PAGE TO FIFTH AMENDMENT TO

AMENDED AND RESTATED CREDIT AGREEMENT

CENTENNIAL RESOURCE PRODUCTION, LLC

 

 

	
 
    	
PNC   BANK, NATIONAL ASSOCIATION, as a New Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:   
    	
/s/ Sandra Aultman
    
	
 
    	
Name:
    	
Sandra   Aultman
    
	
 
    	
Title:
    	
Managing   Director
    

 

SIGNATURE PAGE TO FIFTH AMENDMENT TO

AMENDED AND RESTATED CREDIT AGREEMENT

CENTENNIAL RESOURCE PRODUCTION, LLC

 

 

	
 
    	
BRANCH   BANKING AND TRUST COMPANY, as a New Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:   
    	
/s/ Ryan K. Michael
    
	
 
    	
Name:
    	
Ryan   K. Michael
    
	
 
    	
Title:
    	
Senior   Vice President
    

 

SIGNATURE PAGE TO FIFTH AMENDMENT TO

AMENDED AND RESTATED CREDIT AGREEMENT

CENTENNIAL RESOURCE PRODUCTION, LLC

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