Document:

Exhibit 4.1

 

GE CAPITAL CREDIT CARD MASTER NOTE TRUST,

 

as Issuer

 

And

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,

 

as Indenture Trustee

 

 

FORM OF Series 2009-3 INDENTURE SUPPLEMENT

 

Dated as of September 21, 2009

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  I

  	
  DEFINITIONS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SECTION 1.1.

  	
  Definitions

  	
   

  	
  1

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 1.2.

  	
  Incorporation
  of Terms

  	
   

  	
  14

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  II

  	
  CREATION
  OF THE SERIES 2009-3 NOTES

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SECTION 2.1.

  	
  Designation

  	
   

  	
  14

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 2.2.

  	
  Transfer
  Restrictions

  	
   

  	
  14

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  III

  	
  REPRESENTATIONS,
  WARRANTIES AND COVENANTS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SECTION 3.1.

  	
  Representations,
  Warranties and Covenants with respect to Receivables

  	
   

  	
  16

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 3.2.

  	
  Representations,
  Warranties and Covenants with respect to ERISA

  	
   

  	
  16

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  IV

  	
  RIGHTS
  OF SERIES 2009-3 NOTEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SECTION 4.1.

  	
  Determination
  of Interest and Principal

  	
   

  	
  17

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 4.2.

  	
  Establishment
  of Accounts

  	
   

  	
  18

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 4.3.

  	
  Calculations
  and Series Allocations

  	
   

  	
  19

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 4.4.

  	
  Application
  of Available Finance Charge Collections and Available Principal Collections

  	
   

  	
  22

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 4.5.

  	
  Distributions

  	
   

  	
  25

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 4.6.

  	
  Investor
  Charge-Offs

  	
   

  	
  25

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 4.7.

  	
  Reallocated
  Principal Collections

  	
   

  	
  26

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 4.8.

  	
  Excess
  Finance Charge Collections

  	
   

  	
  26

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 4.9.

  	
  Shared
  Principal Collections

  	
   

  	
  26

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 4.10.

  	
  Reserve
  Account

  	
   

  	
  26

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 4.11.

  	
  Spread
  Account

  	
   

  	
  27

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 4.12.

  	
  Investment
  of Accounts

  	
   

  	
  28

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 4.13.

  	
  Controlled
  Accumulation Period

  	
   

  	
  29

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 4.14.

  	
  [Reserved]

  	
   

  	
  29

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 4.15.

  	
  Deposit
  of Collections

  	
   

  	
  29

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  V

  	
  DELIVERY
  OF SERIES 2009-3 NOTES; REPORTS TO SERIES 2009-3 NOTEHOLDERS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SECTION 5.1.

  	
  Delivery and Payment for the Series 2009-3
  Notes

  	
   

  	
  30

  
						

 

i

 

TABLE OF CONTENTS

(continued)

 

	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
   

  	
  SECTION 5.2.

  	
  Reports
  and Statements to Series 2009-3 Noteholders

  	
   

  	
  30

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  VI

  	
  SERIES
  2009-3 EARLY AMORTIZATION EVENTS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SECTION 6.1.

  	
  Series 2009-3
  Early Amortization Events

  	
   

  	
  30

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  VII

  	
  REDEMPTION
  OF SERIES 2009-3 NOTES; FINAL DISTRIBUTIONS; SERIES TERMINATION

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 7.1.

  	
  Optional
  Redemption of Series 2009-3 Notes; Final Distributions

  	
   

  	
  32

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 7.2.

  	
  Series Termination

  	
   

  	
  33

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  VIII

  	
  MISCELLANEOUS
  PROVISIONS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 8.1.

  	
  Ratification
  of Indenture; Amendments

  	
   

  	
  33

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 8.2.

  	
  Form of
  Delivery of the Series 2009-3 Notes

  	
   

  	
  33

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 8.3.

  	
  Counterparts

  	
   

  	
  33

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 8.4.

  	
  GOVERNING
  LAW

  	
   

  	
  33

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 8.5.

  	
  Limitation
  of Liability

  	
   

  	
  35

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 8.6.

  	
  Rights
  of the Indenture Trustee

  	
   

  	
  35

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 8.7.

  	
  Notice
  Address for Rating Agencies

  	
   

  	
  35

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 8.8.

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

  	
   

  	
  35

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 8.9.

  	
  Notes
  to be Treated as Debt for Tax

  	
   

  	
  36

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SECTION 8.10.

  	
  Deemed
  Consent

  	
   

  	
  36

  
	
   

  	
   

  	
   

  	
   

  
	
  EXHIBITS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EXHIBIT
  A-1

  	
  FORM OF
  CLASS A NOTE

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EXHIBIT
  A-2

  	
  FORM OF
  CLASS B NOTE

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EXHIBIT
  A-3

  	
  FORM OF
  CLASS C NOTE

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EXHIBIT
  B

  	
  FORM OF
  MONTHLY NOTEHOLDER’S STATEMENT

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULES

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULE I

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

  	
   

  	
   

  
								

 

ii

 

SERIES 2009-3 INDENTURE SUPPLEMENT, dated as of September 21,
2009 (the “Indenture Supplement”),
between GE CAPITAL CREDIT CARD MASTER NOTE TRUST, a Delaware statutory trust
(herein, the “Issuer” or the “Trust”), and DEUTSCHE BANK TRUST COMPANY
AMERICAS, a New York banking corporation, not in its individual capacity, but
solely as indenture trustee (herein, together with its successors in the trusts
thereunder as provided in the Master Indenture referred to below, the “Indenture Trustee”) under the Master
Indenture, dated as of September 25, 2003 (the “Indenture”),
between the Issuer and the Indenture Trustee, as amended by the Omnibus
Amendment No.1 to Securitization Documents, dated as of February 9, 2004,
among RFS Holding, L.L.C., RFS Funding Trust, the Issuer, Deutsche Bank Trust
Company Delaware, as trustee of RFS Funding Trust, RFS Holding, Inc., and
the Indenture Trustee, as further amended by the Second Amendment to Master
Indenture, dated as of June 17, 2004 between the Issuer and the Indenture
Trustee, as further amended by the Third Amendment to Master Indenture, dated
as of August 31, 2006 between the Issuer and the Indenture Trustee, as
further amended by the Fourth Amendment to Master Indenture, dated as of June 28,
2007 between the Issuer and the Indenture Trustee, as further amended by the
Fifth Amendment to Master Indenture, dated as of May 22, 2008, between the
Issuer and the Indenture Trustee, and as further amended by the Sixth Amendment
to Master Indenture, dated as of August 7, 2009, between the Issuer and
the Indenture Trustee (the Indenture, together with this Indenture Supplement,
the “Agreement”).

 

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

 

ARTICLE I

DEFINITIONS

 

SECTION 1.1.  Definitions.

 

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

 

(b)           Each capitalized
term defined herein relates only to Series 2009-3 and to no other
Series.  Whenever used in this Indenture
Supplement, the following words and phrases shall have the following meanings:

 

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

 

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

 

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

 

 

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

 

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

 

“Agreement” is
defined in the preamble.

 

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

 

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

 

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

 

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

 

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

 

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

 

2

 

2009-3 Excess Finance
Charge Collections for such Monthly Period, (c) Principal Accumulation
Investment Proceeds, if any, with respect to the related Transfer Date, (d) interest
and earnings on funds on deposit in the Reserve Account which will be deposited
into the Finance Charge Account on the related Payment Date to be treated as
Available Finance Charge Collections pursuant to Section 4.10(a),
and (e) amounts, if any, to be withdrawn from the Reserve Account which
will be deposited into the Finance Charge Account on the related Transfer Date
to be treated as Available Finance Charge Collections pursuant to Section 4.10(c).

 

“Available
Principal Collections” means, for any Monthly Period, an amount
equal to the sum of (a) the Investor Principal Collections for such
Monthly Period, minus (b) the
amount of Reallocated Principal Collections with respect to such Monthly Period
which pursuant to Section 4.7 are required
to be applied on the related Payment Date, plus (c) the sum of (i) any
Shared Principal Collections with respect to other Principal Sharing Series (including
any amounts on deposit in the Excess Funding Account that are allocated to Series 2009-3
for application as Shared Principal Collections), (ii) the aggregate
amount to be treated as Available Principal Collections pursuant to Sections 4.4(a)(vi),  (vii)  and  (x), and (iii) during
an Early Amortization Event, the amount of Available Finance Charge Collections
used to pay principal on the Notes pursuant to Section 4.4(a)(xiii)
for the related Payment Date.

 

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

 

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

 

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

 

“Base Rate”
means, for any Monthly Period, the annualized percentage equivalent of a
fraction, the numerator of which is equal to the sum of (a) the 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 

 

3

 

amounts on deposit in the
Principal Accumulation Account, each as of the close of business on the last
day of such Monthly Period.

 

“Benefit Plan” means (i) an
“employee benefit plan” as defined in Section 3(3) of ERISA, that is
subject to Title I of ERISA, (ii) a “plan” as defined in Section 4975
of the Code that is subject to Section 4975 of the Code, (iii) an
entity whose underlying assets include plan assets by reason of investment by
an employee benefit plan or plans in such entity, or (iv) a governmental
plan, church plan or non-U.S. plan that is subject to any Similar Law.

 

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

 

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

 

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

 

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

 

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

 

“Class A Note
Interest Rate” means a per annum rate of 2.54%.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Class B Note
Initial Principal Balance” means $120,000,000.

 

“Class B Note
Interest Rate” means 6.42% per annum.

 

“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.

 

4

 

“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 $82,500,000.

 

“Class C Note
Interest Rate” means 9.32% per annum.

 

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

 

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

 

“Class C Notes”
means any one of the Notes executed by the Issuer and authenticated by or on
behalf of the Indenture Trustee, substantially in the form of Exhibit A-3.

 

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

 

“Closing Date”
means September 21, 2009.

 

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

 

“Collateral Amount”
means, as of any date of determination, an amount equal to the excess of (a) the
Initial Collateral Amount, over (b) the
sum of (i) the amount of principal previously paid to the Series 2009-3
Noteholders (other than any principal payments made from funds on deposit in
the Spread Account), (ii) reductions in the Excess Collateral Amount due
to reductions in the Required Excess Collateral Amount, (iii) the
Principal Accumulation Account Balance, and (iv) the excess, if any, of
the aggregate amount of Investor Charge-Offs and Reallocated Principal
Collections over the reimbursements of
such amounts pursuant to Section 4.4(a)(vii) prior
to such date.

 

5

 

“Controlled Accumulation
Amount” means, for any Payment Date with respect to the Controlled
Accumulation Period, $190,500,000; provided,
however, that if the Controlled
Accumulation Period Length is determined to be less than or more than five months
pursuant to Section 4.13, the
Controlled Accumulation Amount for each Payment Date with respect to the
Controlled Accumulation Period will be equal to (i) the initial Note
Principal Balance divided by (ii) the
Controlled Accumulation Period Length; provided,
further, that the Controlled
Accumulation Amount for any Payment Date shall not exceed the Note Principal
Balance minus any amount already on deposit in the Principal Accumulation
Account on such Payment Date.

 

“Controlled Accumulation
Period” means, unless an Early Amortization Event shall have
occurred prior thereto, the period commencing at the opening of business on March 22,
2011 or such other date as is determined in accordance with Section 4.13 and ending on the first to
occur of (a) the commencement of the Early Amortization Period and (b) the
Final Payment Date.

 

“Controlled Accumulation
Period Length” is defined in Section 4.13.

 

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

 

“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 sum of the Class A Note
Principal Balance and the Class B Note Principal Balance, each as of the
last day of the calendar month preceding such Transfer Date and (y) the Class C
Note Principal Balance, as of the last day of the calendar month preceding such
Transfer Date, and (B) the denominator of which is equal to the Class C
Note Principal Balance as of the last day of the calendar month preceding such
Transfer Date.

 

6

 

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

 

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

 

“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 2009-3 Early Amortization Event is
deemed to occur and ending on the Final Payment Date.

 

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

 

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

 

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

 

“Expected Principal
Payment Date” means the September 2011 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 2009-3 and each other outstanding Series previously or
hereafter specified in the related Indenture Supplement to be included in Group
One.

 

“Indenture” is
defined in the preamble.

 

“Indenture Trustee”
is defined in the preamble.

 

7

 

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

 

“Initial Excess
Collateral Amount” means $47,500,000.

 

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

 

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

 

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

 

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

 

“Investor Finance Charge Collections” means, for any Monthly Period, an
amount equal to the aggregate amount of Finance Charge Collections retained or
deposited in the Finance Charge Account for Series 2009-3 pursuant to Section 4.3(b)(i) for
such Monthly Period.

 

“Investor Principal
Collections” means, for any Monthly Period, an amount equal to the
aggregate amount of Principal Collections retained or deposited in the
Principal Account for Series 2009-3 pursuant to Section 4.3(b)(ii) for
such Monthly Period.

 

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

 

“Issuer” is
defined in the preamble.

 

“Minimum Free Equity
Percentage” means, for purposes of Series 2009-3, 4%; provided
that, at any time that GE Capital’s long-term unsecured debt is rated Aa2 or
lower by Moody’s or AA or lower by S&P, the Minimum Free Equity Percentage
shall be 7.0%.

 

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

 

8

 

“Monthly Period”
means, as to the October 2009 Payment Date, the period beginning on the
Closing Date and ending on September 21, 2009, and as to each Payment Date
thereafter, the period beginning on the 22nd day of the second preceding calendar month and
ending on the 21st day of the immediately preceding calendar
month.

 

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

 

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

 

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

 

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

 

(c)           the
lesser of (i) the Class C Required Amount and (ii) 4.75% 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 reduction to the Collateral Amount on account of reductions to the
Required Excess Collateral Amount, but not less than zero.

 

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

 

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

 

“Payment Date”
means October 15, 2009 and the 15th day of each calendar month thereafter, or if
such 15th day is not a Business Day, the next succeeding Business Day.

 

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

 

9

 

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

 

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

 

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

 

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

 

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

 

“Principal Shortfall”
is defined in Section 4.9.

 

“Quarterly Excess Spread
Percentage” means (a) with respect to the November 2009 Payment
Date, the Excess Spread Percentage for the Monthly Period relating to such
Payment Date, (b) with respect to the December 2009 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 November 2009
Payment Date and (ii) the Excess Spread Percentage for the Monthly Period
relating to the December 2009 Payment Date and the denominator of which is
two, and (c) with respect to the January 2010 Payment Date and each
Payment Date thereafter, the percentage equivalent of a fraction the numerator
of which is the sum of the Excess Spread Percentages determined with respect to
the Monthly Periods relating to such Payment Date and the immediately preceding
two Payment Dates and the denominator of which is three.

 

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

 

“Rating Agency Condition” means, with respect to Series 2009-3
and any action, (i) that Moody’s shall have notified the Issuer in writing
that such action will not result in a reduction or withdrawal of the rating, if
any, of any outstanding Class with respect to which Moody’s is a Rating
Agency or (ii) with respect to any outstanding Class with respect to
which Fitch is a Rating Agency, 10 days’ prior written notice (or, if 10 days’
advance notice is impracticable, as much advance notice as is practicable) to
Fitch delivered electronically to notifications.abs@fitchratings.com.

 

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

 

10

 

“Reassignment Amount” means, with respect to Series 2009-3,
the Redemption Amount.

 

“Redemption Amount”
means, for any Transfer Date, after giving effect to any deposits and payments
otherwise to be made on the related Payment Date, the sum of (i) the Note
Principal Balance on the related Payment Date, (ii) Monthly Interest for
the related Payment Date and any Monthly Interest previously due but not
distributed to the Series 2009-3 Noteholders and (iii) the amount of
Additional Interest, if any, for the related Payment Date and any Additional
Interest previously due but not distributed to the Series 2009-3
Noteholders on a prior Payment Date.

 

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

 

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

 

“Required Excess Collateral Amount” means, at
any time, 4.75% of the Collateral Amount; provided that:

 

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

 

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

 

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

 

“Required Reserve Account
Amount” means, for any Transfer Date on or after the Reserve Account
Funding Date, an amount equal to (a) 0.50% of the Note Principal Balance
or (b) any other amount designated by the Issuer; provided,  however, that
if such designation is of a lesser amount, the Issuer shall (i) provide
the Indenture Trustee with evidence that the Rating Agency Condition shall have
been satisfied and (ii) deliver to the Indenture Trustee a certificate of
an Authorized Officer to the effect that, based on the facts known to such
officer at such time, in the reasonable belief of the Issuer, such designation
will not cause an Early Amortization Event or an event that, after the giving
of notice or the lapse of time, would cause an Early Amortization Event to
occur with respect to Series 2009-3.

 

“Required Spread Account
Amount” means, for the October 2009 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 2009-3 Notes the
Required Spread Account Amount will never exceed the Class C Note
Principal Balance (after taking into account any payments to be made on such
Payment Date).

 

11

 

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

 

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

 

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

 

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

 

“Reset Date” means:

 

(a)           each Addition Date;

 

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

 

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

 

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

 

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

 

“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.

 

“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 

 

12

 

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 2009-3, the September 2014
Payment Date.

 

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

 

“Series 2009-3”
means the Series of Notes the terms of which are specified in this
Indenture Supplement.

 

“Series 2009-3 Early
Amortization Event” is defined in Section 6.1.

 

“Series 2009-3
Excess Finance Charge Collections” means Excess Finance Charge Collections
allocated from other Series in Group One to Series 2009-3 pursuant to
Section 8.6 of the Indenture.

 

“Series 2009-3 Note”
means a Class A Note, a Class B Note or a Class C Note.

 

“Series 2009-3
Noteholder” means a Class A Noteholder, a Class B
Noteholder or a Class C 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 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%.

 

“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 

 

13

 

payments of principal on
such Payment Date, but before giving effect to any reduction in the Collateral
Amount on such Payment Date pursuant to Section 4.4(c)(iii).

 

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

 

“Trust” is
defined in the preamble.

 

SECTION 1.2.  Incorporation of Terms.  The terms of the Indenture are incorporated
in this Supplement as if set forth in full herein. As supplemented by this
Supplement, the Indenture is in all respects ratified and confirmed and both together
shall be read, taken and construed as one and the same agreement. If the terms
of this Supplement and the terms of the Indenture conflict, the terms of this
Supplement shall control with respect to the Series 2009-3.

 

ARTICLE II

CREATION OF THE SERIES 2009-3 NOTES

 

SECTION 2.1.  Designation.

 

(a)           There is hereby
created and designated a Series of Notes to be issued pursuant to the
Indenture and this Indenture Supplement to be known as “GE Capital Credit Card Master Note Trust, Series 2009-3”
or the “Series 2009-3 Notes.”  The Series 2009-3 Notes shall be issued
in three Classes, known as the “Class A Series 2009-3
2.54% Asset Backed Notes,” the “Class B
Series 2009-3 6.42% Asset Backed Notes,” and the “Class C Series 2009-3 9.32% Asset Backed Notes.”

 

(b)           Series 2009-3
shall be included in Group One and shall be a Principal Sharing Series.  Series 2009-3 shall be an Excess
Allocation Series with respect to Group One only.  Series 2009-3 shall not be subordinated
to any other Series.

 

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

 

SECTION 2.2.  Transfer Restrictions.

 

(a)           Neither the Class B Notes nor
the Class C Notes have been registered under the Securities Act or any
state securities law.  None of the
Issuer, the Note Registrar or the Indenture Trustee is obligated to register
the Class B Notes or the Class C Notes under the Securities Act or
any other securities or “blue sky” laws or to take any other action not
otherwise required under this Indenture Supplement or the Trust Agreement to
permit the transfer of any Class B Note or Class C Note without
registration.

 

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

 

14

 

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

 

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

 

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

 

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

 

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

 

15

 

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

 

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

 

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

 

ARTICLE III

REPRESENTATIONS, WARRANTIES AND COVENANTS

 

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

 

SECTION 3.2.  Representations, Warranties and Covenants
with respect to ERISA.  By acquiring
a Series 2009-3 Note, each purchaser and transferee shall be deemed to
represent and warrant that either (i) it is not (and for so long as it
holds such Series 2009-3 Note will not be), is not acting on behalf of
(and for so long as it holds such Series 2009-3 Note will not be acting on
behalf of), and is not investing the assets of a Benefit Plan or (ii) its
acquisition, continued holding and disposition of such Series 2009-3 Note
will not result in a non-exempt prohibited transaction under ERISA or Section 4975
of the Code or a violation of any Similar Law.

 

16

 

ARTICLE IV

RIGHTS OF SERIES 2009-3 NOTEHOLDERS AND ALLOCATION
AND 

APPLICATION OF COLLECTIONS

 

SECTION 4.1.  Determination of Interest and Principal.

 

(a)           The amount of
monthly interest (“Class A Monthly Interest”)
due and payable with respect to the Class A Notes on any Payment Date
shall be an amount equal to the product of (i) a fraction, the numerator
of which is 30 and the denominator of which is 360, (ii) the Class A
Note Interest Rate in effect with respect to the related Interest Period and (iii) the
Class A Note Principal Balance as of the close of business on the last day
of the preceding Monthly Period (or, with respect to the initial Payment Date,
the Class A Note Initial Principal Balance); provided that the Class A
Monthly Interest for the October 2009 Payment Date shall equal
$1,270,000.00.

 

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

 

(b)           The amount of
monthly interest (“Class B Monthly Interest”)
due and payable with respect to the Class B Notes on any Payment Date
shall be an amount equal to the product of (i) a fraction, the numerator
of which is 30 and the denominator of which is 360, (ii) the Class B
Note Interest Rate and (iii) the Class B Note Principal Balance as of
the close of business on the last day of the preceding Monthly Period (or, with
respect to the initial Payment Date, the Class B Note Initial Principal
Balance); provided that the Class B Monthly Interest for the October 2009
Payment Date shall equal $513,600.00.

 

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

 

17

 

(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 and the denominator of which is 360, (ii) the Class C
Interest Rate 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); provided that the Class C Monthly Interest for the October 2009
Payment Date shall equal $512,600.00.

 

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 plus 2% per annum
and (iii) such Class C Deficiency Amount (or the portion thereof
which has not been paid to the Class C Noteholders) shall be payable as
provided herein with respect to the Class C Notes.  Notwithstanding anything to the contrary
herein, Class C Additional Interest shall be payable or distributed to the
Class C Noteholders only to the extent permitted by applicable law.

 

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

 

SECTION 4.2.  Establishment of Accounts.

 

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

 

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

 

(c)           On or before the
Closing Date, the Issuer shall enter into a depositary agreement to govern the Series Accounts
pursuant to which such accounts are continuously identified in the depositary
institution’s books and records as subject to a security interest in favor of
the 

 

18

 

Indenture
Trustee on behalf of the Noteholders and, except as may be expressly provided
herein to the contrary, in order to perfect the security interest of the
Indenture Trustee on behalf of the Noteholders under the UCC, the Indenture
Trustee on behalf of the Noteholders shall have the power to direct disposition
of the funds in the Series Accounts without further consent by the Issuer;
provided  however, that prior to the delivery by the Indenture
Trustee on behalf of the Noteholders of notice otherwise, the Issuer shall have
the right to direct the disposition of funds in the Series Accounts; provided
further that the Indenture Trustee on behalf of the Noteholders agrees
that it will not deliver such notice or exercise its power to direct
disposition of the funds in the Series Accounts unless an Event of Default
has occurred and is continuing.

 

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

 

SECTION 4.3.  Calculations and Series Allocations.

 

(a)           Allocations.  Finance Charge Collections, Principal
Collections and Charged-Off Receivables allocated to Series 2009-3
pursuant to Article VIII of the
Indenture shall be allocated and distributed as set forth in this Article.  Notwithstanding anything to the contrary in Section 4.3(b),
during any period when the Issuer is permitted by Section 8.4
of the Indenture to make a single monthly deposit to the Collection Account,
amounts allocated to the Noteholders pursuant to Section 4.3(b) with
respect to any Monthly Period need not be deposited into the Collection Account
or any Series Account prior to the related Payment Date, and, when so
deposited, (x) may be deposited net of any amounts required to be
distributed to Transferor and, if the Originator is Servicer, any amounts owed
to the Servicer, and (y) shall be deposited into the Finance Charge
Account (in the case of Collections of Finance Charge Receivables) and the
Principal Account (in the case of Collections of Principal Receivables (not
including any Shared Principal Collections allocated to Series 2009-3
pursuant to Section 8.5 of the
Indenture)).

 

(b)           Allocations to
the Series 2009-3 Noteholders. 
The Issuer shall on each Date of Processing, allocate to the Series 2009-3
Noteholders the following amounts as set forth below:

 

(i)            Allocations of Finance Charge
Collections.  The Issuer shall
allocate to the Series 2009-3 Noteholders an amount equal to the product
of (A) the Allocation Percentage and (B) the aggregate Finance Charge
Collections processed on such Date of Processing and, subject to Section 4.15,
shall deposit such amount into the Finance Charge Account; provided that, with respect to each Monthly
Period falling in the Revolving Period (and with respect to that portion of
each Monthly Period in the Controlled Accumulation Period falling on or after
the day on which Collections of Principal Receivables equal to the related
Controlled Deposit Amount have been 

 

19

 

allocated pursuant to Section 4.3(b)(ii) and
deposited pursuant to Section 4.3(a)),
Collections of Finance Charge Receivables shall be transferred into the Finance
Charge Account only until such time as the aggregate amount so deposited equals
the sum (the “Target Amount”) of (A) the
fees payable to the Indenture Trustee, the Trustee and the Administrator on the
related Payment Date, (B) the Monthly Interest on the related Payment
Date, (C) if the Originator is not the Servicer, the Noteholder Servicing
Fee (and if the Originator is the Servicer, then the Issuer covenants to pay
directly to the Servicer as payment of the Noteholder Servicing Fee amounts
that otherwise would have been transferred into the Finance Charge Account
pursuant to this clause (C)),
and (D) any amount required to be deposited in the Reserve Account and the
Spread Account on the related Transfer Date; provided
further, that, notwithstanding the
preceding proviso, if on any Business Day the Issuer determines that the Target
Amount for a Monthly Period exceeds the Target Amount for that Monthly Period
as previously calculated by Issuer, then (x) Issuer shall (on the same Business
Day) inform Transferor of such determination, and (y) within two Business
Days thereafter cause Transferor to deposit into the Finance Charge Account
funds in an amount equal to the amount of Collections of Finance Charge
Receivables allocated to the Noteholders for that Monthly Period but not
deposited into the Finance Charge Account due to the operation of the preceding
proviso (but not in excess of the amount required so that the aggregate amount
deposited for the subject Monthly Period equals the Target Amount);  and provided,
further, if on any Transfer Date the
Free Equity Amount is less than the Minimum Free Equity Amount after giving
effect to all transfers and deposits on that Transfer Date, the Issuer shall
cause Transferor, on that Transfer Date, to deposit into the Principal Account
funds in an amount equal to the amounts of Available Finance Charge Collections
that are required to be treated as Available Principal Collections pursuant to Section 4.4(a)(vi) and
(vii) but are
not available from funds in the Finance Charge Account as a result of the
operation of the second preceding proviso.

 

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

 

(ii)           Allocations of Principal
Collections.  The Issuer shall
allocate to the Series 2009-3 Noteholders the following amounts as set
forth below:

 

20

 

(x)            Allocations During the Revolving Period.

 

(1)           During the Revolving
Period an amount equal to the product of the Allocation Percentage and the
aggregate amount of Principal Collections processed on such Date of Processing,
shall be allocated to the Series 2009-3 Noteholders and first, if any
other Principal Sharing Series is outstanding and in its accumulation
period or amortization period, retained in the Principal Account for
application, to the extent necessary, as Shared Principal Collections to other
Principal Sharing Series on the related Payment Date, second deposited in
the Excess Funding Account to the extent necessary so that the Free Equity
Amount is not less than the Minimum Free Equity Amount and third paid to the
holders of the Transferor Interest.

 

(2)           With respect to each
Monthly Period falling in the Revolving Period, to the extent that Collections
of Principal Receivables allocated to the Series 2009-3 Noteholders
pursuant to this Section 4.3(b)(ii) are
paid to Transferor, the Issuer shall cause Transferor to make an amount equal
to the Reallocated Principal Collections for the related Transfer Date
available on that Transfer Date for application in accordance with Section  4.7.

 

(y)           Allocations During the Controlled Accumulation Period.  During the Controlled Accumulation Period an
amount equal to the product of  the
Allocation Percentage and the aggregate amount of Principal Collections
processed on such Date of Processing (the product for any such date is
hereinafter referred to as a “Percentage
Allocation”) shall be allocated to the Series 2009-3
Noteholders and transferred to the Principal Account until applied as provided
herein; provided, however,
that if the sum of such Percentage Allocation and all preceding Percentage
Allocations with respect to the same Monthly Period exceeds the Controlled
Deposit Amount during the Controlled Accumulation Period for the related
Payment Date, then such excess shall not be treated as a Percentage Allocation
and shall be first, if any other Principal Sharing Series is outstanding
and in its accumulation period or amortization period, retained in the
Principal Account for application, to the extent necessary, as Shared Principal
Collections to other Principal Sharing Series on the related Payment Date,
second deposited in the Excess Funding Account to the extent necessary so that
the Free Equity Amount is not less than the Minimum Free Equity Amount and
third paid to the holders of the Transferor Interest.

 

(z)            Allocations During the Early Amortization Period.  During the Early Amortization Period, an
amount equal to the product of  the
Allocation Percentage and the aggregate amount of Principal Collections
processed on such Date of Processing shall be allocated to the 2009-3
Noteholders and transferred to the Principal Account until applied as 

 

21

 

provided herein; provided, however, that after the date on which an
amount of such Principal Collections equal to the Note Principal Balance has
been deposited into the Principal Account such amount shall be first, if any
other Principal Sharing Series is outstanding and in its accumulation
period or amortization period, retained in the Principal Account for
application, to the extent necessary, as Shared Principal Collections to other
Principal Sharing Series on the related Payment Date, second deposited in
the Excess Funding Account to the extent necessary so that the Free Equity
Amount is not less than the Minimum Free Equity Amount and third paid to the
holders of the Transferor Interest.

 

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

 

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

 

(i)            to pay, on a pari passu basis, the following amounts, to
the extent allocated to Series 2009-3 pursuant to Section 8.4(d) of
the Indenture: (A) the payment to the Indenture Trustee of the accrued and
unpaid fees and other amounts owed to the Indenture Trustee up to a maximum
amount of $25,000 for each calendar year, (B) the payment to the Trustee
of the accrued and unpaid fees and other amounts owed to the Trustee up to a
maximum amount of $25,000 for each calendar year and (C) the payment to
the Administrator of the accrued and unpaid fees and other amounts owed to the
Administrator up to a maximum amount of $25,000 for each calendar year;

 

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

 

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

 

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

 

22

 

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

 

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

 

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

 

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

 

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

 

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

 

(xi)           [Reserved];

 

(xii)          unless an Early Amortization Event shall have occurred and
be continuing, on a pari passu basis any amounts owed to such Persons listed in
clause (i) above that have been allocated to Series 2009-3
pursuant to Section 8.4(d) of the Indenture and that have not
been paid pursuant to clause (i) above shall be paid to such
Persons; and

 

23

 

(xiii)         the balance, if any, will constitute a
portion of Excess Finance Charge Collections for such Payment Date and will be
applied in accordance with Section 8.6 of the Indenture; provided
that during an Early Amortization Period, if any such Excess Finance Charge
Collections would be paid to the Transferor in accordance with Section 8.6
of the Indenture, the portion of such Excess Finance Charge Collections that
would otherwise be payable to the Transferor, first shall be used to pay
Monthly Principal pursuant to Section 4.4(c) to the extent not
paid in full from Available Principal Collections (calculated without regard to
amounts available to be treated as Available Principal Collections pursuant to
this clause (xiii)), second, shall be used to pay on a pari passu
basis any amounts owed to such Persons listed in clause (i) above
that have been allocated to Series 2009-3 pursuant to Section 8.4(d) of
the Indenture and that have not been paid pursuant to clauses (i) and
(xii) above, and, third, any amounts remaining after payment in
full of the Monthly Principal and amounts owed to such Persons listed in clause
(i) above shall be paid to the Issuer.

 

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

 

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

 

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

 

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

 

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

 

24

 

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

 

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

 

SECTION 4.5.  Distributions.

 

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

 

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

 

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

 

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

 

(e)           All payments to
Noteholders hereunder shall be made by (i) check mailed to each Series 2009-3
Noteholder (at such Noteholder’s address as it appears in the Note Register),
except that for any Series 2009-3 Notes registered in the name of the
nominee of a Clearing Agency, such payment shall be made by wire transfer of
immediately available funds and (ii) except as provided in Section 2.7(b) of
the Indenture, without presentation or surrender of any Series 2009-3 Note
or the making of any notation thereon.

 

SECTION 4.6.  Investor Charge-Offs.  On each Determination Date, the Issuer shall
calculate the Investor Default Amount and any Investor Uncovered Dilution
Amount for the preceding Monthly Period. 
If, on any Transfer Date, the sum of the Investor Default Amount 

 

25

 

and any Investor Uncovered
Dilution Amount for the preceding Monthly Period exceeds the amount of
Available Finance Charge Collections allocated with respect thereto pursuant to
Section 4.4(a)(vi) with
respect to such Transfer Date, the Collateral Amount will be reduced (but not
below zero) by the amount of such excess (such reduction, an “Investor Charge-Off”).

 

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

 

SECTION 4.8.  Excess Finance Charge Collections.  Series 2009-3 shall be an Excess
Allocation Series with respect to Group One only.  Subject to Section 8.6
of the Indenture, Excess Finance Charge Collections with respect to the Excess
Allocation Series in Group One for any Transfer Date will be allocated to Series 2009-3
in an amount equal to the product of (x) the aggregate amount of Excess
Finance Charge Collections with respect to all the Excess Allocation Series in
Group One for such Payment Date and (y) a fraction, the numerator of which
is the Finance Charge Shortfall for Series 2009-3 for such Payment Date
and the denominator of which is the aggregate amount of Finance Charge
Shortfalls for all the Excess Allocation Series in Group One for such
Payment Date.  The “Finance Charge Shortfall” for Series 2009-3
for any Payment Date will be equal to the excess, if any, of (a) the full
amount required to be paid, without duplication, pursuant to Sections 4.4(a)(i) through (xii) on such Payment Date over (b) the Available Finance Charge
Collections with respect to such Payment Date (excluding any portion thereof
attributable to Excess Finance Charge Collections).

 

SECTION 4.9.  Shared Principal Collections.  Subject to Section 8.5
of the Indenture, Shared Principal Collections allocable to Series 2009-3
on any Transfer Date will be equal to the product of (x) the aggregate
amount of Shared Principal Collections with respect to all Principal Sharing Series for
such Transfer Date and (y) a fraction, the numerator of which is the
Principal Shortfall for Series 2009-3 for such Transfer Date and the
denominator of which is the aggregate amount of Principal Shortfalls for all
the Series which are Principal Sharing Series for such Transfer
Date.  The “Principal
Shortfall” for Series 2009-3 will be equal to (a) for any
Transfer Date with respect to the Revolving Period or any Transfer Date during
the Early Amortization Period prior to the Transfer Date relating to the
earlier of (i) the Expected Principal Payment Date and (ii) the date
on which all outstanding Series are in early amortization periods, zero, (b) for
any Transfer Date with respect to the Controlled Accumulation Period, the excess,
if any, of the Controlled Deposit Amount with respect to such Transfer Date over the amount of Available Principal
Collections for such Transfer Date (excluding any portion thereof attributable
to Shared Principal Collections or amounts available to be treated as Available
Principal Collections pursuant to clause (xiii) of Section 4.4(a))
and (c) for any Transfer Date relating to any Payment Date on or after the
earlier of (i) the Expected Principal Payment Date and (ii) the date
on which all outstanding Series are in early amortization periods, the
Note Principal Balance.

 

SECTION 4.10.  Reserve Account.

 

(a)           On each Transfer
Date, all interest and earnings (net of losses and investment expenses) accrued
since the preceding Transfer Date on funds on deposit in the Reserve Account 

 

26

 

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

 

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

 

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

 

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

 

(e)           Upon the earliest to
occur of (i) the termination of the Trust pursuant to Article VIII of the Trust Agreement, (ii) the
first Transfer Date relating to the Early Amortization Period and (iii) the
Expected Principal Payment Date, the Issuer, after the prior payment of all
amounts owing to the Series 2009-3 Noteholders that are payable from the
Reserve Account as provided herein, shall withdraw from the Reserve Account all
amounts, if any, on deposit in the Reserve Account and distribute any such
amounts to the holders of the Transferor Interest.  The Reserve Account shall thereafter be
deemed to have terminated for purposes of this Indenture Supplement.

 

SECTION 4.11.  Spread Account.

 

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

 

(b)           Unless an Early
Amortization Event occurs, the Issuer will withdraw from the Spread Account and
deposit in the Collection Account for payment to the Class C Noteholders 

 

27

 

on
the Expected Principal Payment Date for the Class C Notes an amount equal
to the lesser of:  (i) the amount on
deposit in the Spread Account after application of any amounts set forth in
clause (a) above and (ii) the Class C Note Principal Balance.

 

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

 

(d)           On any day following
the occurrence of an Event of Default with respect to Series 2009-3 that
has resulted in the acceleration of the Series 2009-3 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 2009-3
Notes in the following order of priority until all amounts owed to such
Noteholders have been paid in full: (i) the Class C Noteholders, (ii) the
Class A Noteholders and (iii) the Class B Noteholders.

 

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

 

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

 

SECTION 4.12.  Investment of Accounts.  (a)  To the extent there are uninvested
amounts deposited in the Series Accounts, the Issuer shall cause such
amounts to be invested in Permitted Investments selected by the Issuer that
mature no later than the immediately preceding Transfer Date.

 

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

 

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

 

(d)           On each Transfer
Date (but subject to Section 4.11(a)),
the Investment Earnings, if any, credited since the preceding Transfer Date on
funds on deposit in the Spread Account 

 

28

 

shall
be retained in the Spread Account (to the extent that the Available Spread Account
Amount is less than the Required Spread Account Amount) and the balance, if
any, shall be paid to the holders of the Transferor Interest.  For purposes of determining the availability
of funds or the balance in the Spread Account for any reason under this
Indenture Supplement (subject to Section 4.11(a)),
all Investment Earnings shall be deemed not to be available or on deposit; provided that after the maturity of the Series 2009-3
Notes has been accelerated as a result of an Event of Default, all Investment
Earnings shall be added to the balance on deposit in the Spread Account and
treated like the rest of the Available Spread Account Amount.

 

SECTION 4.13.  Controlled Accumulation Period.  The Controlled Accumulation Period is
scheduled to commence at the beginning of business on March 22, 2011; provided that if the Controlled Accumulation
Period Length (determined as described below) on any Determination Date is less
than or more than the number of months in the scheduled Controlled Accumulation
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.

 

29

 

ARTICLE V

DELIVERY OF SERIES 2009-3 NOTES;

REPORTS TO SERIES 2009-3 NOTEHOLDERS

 

SECTION 5.1.  Delivery and Payment for the Series 2009-3
Notes.

 

The Issuer shall execute and issue, and the Indenture
Trustee shall authenticate, the Series 2009-3 Notes in accordance with Section 2.2 of the Indenture.  The Indenture Trustee shall deliver the Series 2009-3
Notes to or upon the written order of the Issuer when so authenticated.

 

SECTION 5.2.  Reports and Statements to Series 2009-3
Noteholders.

 

(a)           Not later than the
second Business Day preceding each Payment Date, the Issuer shall deliver or
cause the Servicer to deliver to the Trustee, the Indenture Trustee and each
Rating Agency a statement substantially in the form of Exhibit B prepared by the Servicer; provided that the Issuer may amend the form
of Exhibit B from time to time, with
the prior written consent of the Indenture Trustee.  On each Payment Date, the Issuer shall
forward to each Series 2009-3 Noteholder a statement substantially in the
form of Exhibit B.

 

(b)           A copy of each
statement or certificate provided pursuant to Section 5.2(a) may
be obtained by any Series 2009-3 Noteholder by a request in writing to the
Issuer.

 

(c)           On or before January 31
of each calendar year, beginning with January 31, 2010, the Issuer shall
furnish or cause to be furnished to each Person who at any time during the
preceding calendar year was a Series 2009-3 Noteholder the information for
the preceding calendar year, or the applicable portion thereof during which the
Person was a Noteholder, as is required to be provided by an issuer of
indebtedness under the Code to the holders of the Issuer’s indebtedness and
such other customary information as is necessary to enable such Noteholder to
prepare its federal income tax returns. 
Notwithstanding anything to the contrary contained in this Agreement,
the Issuer shall, to the extent required by applicable law, from time to time
furnish to the appropriate Persons, at least five Business Days prior to the
end of the period required by applicable law, the informed required to complete
a Form 1099-INT.

 

ARTICLE VI

SERIES 2009-3 EARLY AMORTIZATION EVENTS

 

SECTION 6.1.  Series 2009-3 Early Amortization
Events.  If any one of the following
events shall occur with respect to the Series 2009-3 Notes:

 

(a)           (i)  failure on
the part of Transferor to make any payment or deposit required to be made by it
by the terms of the Trust Receivables Purchase Agreement or the Transfer
Agreement on or before the date occurring five (5) Business Days after the
date such payment or deposit is required to be made therein or herein or (ii) failure
of the Transferor duly to observe or perform in any material respect any other
of its covenants or agreements set forth in the Trust Receivables Purchase
Agreement or the Transfer Agreement which failure has a material adverse effect
on the Series 2009-3 Noteholders and which continues unremedied for a
period of sixty days after the date on which written notice of such failure,
requiring the same to be remedied, shall have 

 

30

 

been
given to the Transferor by the Indenture Trustee, or to the Transferor and the
Indenture Trustee by any Noteholder of the Series 2009-3 Notes;

 

(b)           any representation
or warranty made by Transferor in the Transfer Agreement or the Trust
Receivables Purchase Agreement or any information contained in an account
schedule required to be delivered by it pursuant to Section 2.1
or Section 2.6(c) of
the Transfer Agreement, Trust Agreement or the Bank Receivables Sale Agreement
shall prove to have been incorrect in any material respect when made or when
delivered, which continues to be incorrect in any material respect for a period
of sixty days after the date on which written notice of such failure, requiring
the same to be remedied, shall have been given to the Transferor by the
Indenture Trustee, or to the Transferor and the Indenture Trustee by any
Noteholder of the Series 2009-3 Notes and as a result of which the interests
of the Series 2009-3 Noteholders are materially and adversely affected for
such period; provided, however, that a Series 2009-3 Early
Amortization Event pursuant to this Section 6.1(b) shall
not be deemed to have occurred hereunder if the Transferor has accepted
reassignment of the related Transferred Receivable, or all of such Transferred
Receivables, if applicable, during such period in accordance with the
provisions of the Transfer Agreement or the Trust Receivables Purchase
Agreement;

 

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

 

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

 

(e)           (i) the average
of the Portfolio Yields for the two Monthly Periods immediately preceding the December 2009
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 January 2010 Payment Date, the average of the
Portfolio Yields for three consecutive Monthly Periods is less than the average
of the Base Rates for the same Monthly Periods (for the avoidance of doubt, the
Monthly Period preceding the October 2009 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 2009-3
and acceleration of the maturity of the Series 2009-3 Notes pursuant to Section 5.3 of the Indenture;

 

then, in the case of any event described in subsection (a), (b) or
(d), after the applicable grace period,
if any, set forth in such subparagraphs, either the Indenture Trustee or the
holders of Series 2009-3 Notes evidencing more than 50% of the aggregate
unpaid principal amount of Series 2009-3 Notes by notice then given in
writing to the Issuer (and to the Indenture Trustee if given by the Series 2009-3
Noteholders) may declare that a “Series Early Amortization Event” with
respect to Series 2009-3 (a “Series 2009-3
Early Amortization Event”) has occurred as of the date of such
notice, and, in the case of any event described in subsection
(c), (e), (f) or  (g)  a 

 

31

 

Series 2009-3 Early Amortization Event shall
occur without any notice or other action on the part of the Indenture Trustee
or the Series 2009-3 Noteholders immediately upon the occurrence of such
event.

 

ARTICLE VII

REDEMPTION OF SERIES 2009-3 NOTES; FINAL
DISTRIBUTIONS; SERIES TERMINATION

 

SECTION 7.1.  Optional Redemption of Series 2009-3
Notes; Final Distributions.

 

(a)           On any day occurring
on or after the date on which the outstanding principal balance of the Series 2009-3
Notes is reduced to 10% or less of the initial outstanding principal balance of
Series 2009-3 Notes, Transferor has the option pursuant to the Trust
Agreement to reduce the Collateral Amount to zero by paying a purchase price
equal to the greater of (x) the Collateral Amount, plus the applicable
Allocation Percentage of outstanding Finance Charge Receivables and (y) a
minimum amount equal to (i) if such day is a Payment Date, the Redemption
Amount for such Payment Date or (ii) if such day is not a Payment Date,
the Redemption Amount for the Payment Date following such day.  If Transferor exercises such option, Issuer
will apply such purchase price to repay the Notes in full as specified below.

 

(b)           Issuer shall give
the Indenture Trustee at least thirty (30) days prior written notice of the
date on which Transferor intends to exercise such optional redemption.  Not later than 12:00 noon, New York City
time, on such day Transferor shall deposit into the Distribution Account in
immediately available funds the excess of the Redemption Amount over the
amount, if any, on deposit in the Principal Accumulation Account.  Such redemption option is subject to payment
in full of the Redemption Amount. 
Following such deposit into the Distribution Account in accordance with
the foregoing, the Collateral Amount for Series 2009-3 shall be reduced to
zero and the Series 2009-3 Noteholders shall have no further security
interest in the Transferred Receivables. 
The Redemption Amount shall be paid as set forth in Section 7.1(d).

 

(c)           (i)  The amount
to be paid by the Transferor with respect to Series 2009-3 in connection
with a reassignment of Transferred Receivables to the Transferor pursuant to Section 6.1(e) of the
Transfer Agreement shall not be less than the Redemption Amount for the first
Payment Date following the Monthly Period in which the reassignment obligation
arises under the Transfer Agreement.

 

(ii)           The amount to be paid by the Issuer with respect to Series 2009-3
in connection with a repurchase of the Notes pursuant to Section 10.1 of the Trust Agreement
shall not be less than the Redemption Amount for the Payment Date of such
repurchase.

 

(d)           With respect to (i) the
Redemption Amount deposited into the Distribution Account pursuant to Section 7.1 or (ii) the proceeds of
any sale of Transferred Receivables pursuant to Section 5.3
of the Indenture with respect to Series 2009-3, 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 

 

32

 

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 and (iv) any excess shall be released to the Issuer.

 

SECTION 7.2.  Series Termination.

 

On the Series Maturity Date, the unpaid principal
amount of the Series 2009-3 Notes shall be due and payable.

 

ARTICLE VIII

MISCELLANEOUS PROVISIONS

 

SECTION 8.1.  Ratification of Indenture; Amendments.  As supplemented by this Indenture Supplement,
the Indenture is in all respects ratified and confirmed and the Indenture as so
supplemented by this Indenture Supplement shall be read, taken and construed as
one and the same instrument.  This
Indenture Supplement may be amended only by a Supplemental Indenture entered in
accordance with the terms of Section 9.1
or 9.2 of the Indenture.  For purposes of the application of Section 9.2 to any amendment of this
Indenture Supplement, the Series 2009-3 Noteholders shall be the only
Noteholders whose vote shall be required.

 

SECTION 8.2.  Form of Delivery of the Series 2009-3
Notes.  The Class A Notes, the Class B
Notes and the Class C Notes shall be Book-Entry Notes and shall be
delivered as provided in Sections 2.1
and 2.2 of the Indenture.

 

SECTION 8.3.  Counterparts.  This Indenture Supplement may be executed in
two or more counterparts, and by different parties on separate counterparts,
each of which shall be an original, but all of which shall constitute one and
the same instrument.

 

SECTION 8.4.  GOVERNING LAW.  (a) THIS AGREEMENT AND THE OBLIGATIONS
ARISING HEREUNDER SHALL IN ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION,
VALIDITY AND PERFORMANCE, BE GOVERNED BY, 

 

33

 

AND CONSTRUED AND ENFORCED
IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTION 5-1401(1) OF
THE GENERAL OBLIGATIONS LAW, BUT WITHOUT REGARD TO ANY OTHER CONFLICT OF LAW
PROVISIONS THEREOF) AND ANY APPLICABLE LAWS OF THE UNITED STATES OF
AMERICA.  THIS INDENTURE SUPPLEMENT IS
SUBJECT TO THE TRUST INDENTURE ACT OF 1939, AS AMENDED, AND SHALL BE GOVERNED
THEREBY AND CONSTRUED IN ACCORDANCE THEREWITH.

 

(b)           EACH PARTY HERETO
HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN THE
BOROUGH OF MANHATTAN IN NEW YORK CITY SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR
AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THEM PERTAINING TO THIS AGREEMENT
OR TO ANY MATTER ARISING OUT OF OR RELATING TO THIS AGREEMENT;  PROVIDED, THAT EACH PARTY
HERETO ACKNOWLEDGES THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE
HEARD BY A COURT LOCATED OUTSIDE OF THE BOROUGH OF MANHATTAN IN NEW YORK CITY; PROVIDED,
FURTHER, THAT NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO
PRECLUDE THE INDENTURE TRUSTEE FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION
IN ANY OTHER JURISDICTION TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY
FOR THE NOTES, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE
INDENTURE TRUSTEE.  EACH PARTY HERETO
SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT
COMMENCED IN ANY SUCH COURT, AND EACH PARTY HERETO HEREBY WAIVES ANY OBJECTION
THAT SUCH PARTY MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION,
IMPROPER VENUE OR FORUM NON CONVENIENS AND HEREBY CONSENTS TO THE
GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH
COURT.  EACH PARTY HERETO HEREBY WAIVES
PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH
ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINT AND OTHER
PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH
PARTY AT ITS ADDRESS DETERMINED IN ACCORDANCE WITH SECTION 11.4 OF
THE INDENTURE AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE
EARLIER OF SUCH PARTY’S ACTUAL RECEIPT THEREOF OR THREE DAYS AFTER DEPOSIT IN
THE UNITED STATES MAIL, PROPER POSTAGE PREPAID. 
NOTHING IN THIS SECTION SHALL AFFECT THE RIGHT OF ANY PARTY HERETO
TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

 

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

 

34

 

RESOLVE ANY DISPUTE,
WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, ARISING OUT OF, CONNECTED
WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN
CONNECTION WITH THIS INDENTURE SUPPLEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

 

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

 

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

 

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

 

Fitch Ratings

ABS

One State Street Plaza

New York, NY 10004 

Facsimile: (212) 514-9879

Email:  notifications.abs@fitchratings.com

 

Moody’s Rating Service

7 World Trade Center at 250 Greenwich Street

24th Floor

New York, New York 10007

Facsimile:  (212) 298-6742

Email:  Matias.Langer@moodys.com

 

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

 

35

 

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 and the Class C Notes shall be treated as debt and a person
purchasing such Notes agrees to treat such Notes as debt for such purposes.

 

SECTION 8.10.  Deemed Consent.  The Series 2009-3 Noteholders will be
deemed to have consented to any amendment to any Related Document that changes
the definition of “Rating Agency Condition” in such Related Document to match
the definition of “Rating Agency Condition” in this Indenture Supplement.

 

[SIGNATURE PAGE FOLLOWS]

 

36

 

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

 

	
   

  	
  GE CAPITAL CREDIT CARD MASTER NOTE TRUST, as Issuer

  
	
   

  	
   

  
	
   

  	
  By:

  	
  BNY
  MELLON TRUST OF DELAWARE, not in its individual capacity, but solely as
  Trustee on behalf of Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DEUTSCHE
  BANK TRUST COMPANY AMERICAS, as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
  By:
  DEUTSCHE BANK NATIONAL TRUST COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
				

 

Indenture
Supplement

Series
2009-3

 

S-1

 

EXHIBIT A-1

FORM OF CLASS A
SERIES 2009-3 2.54% ASSET BACKED NOTE

 

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

 

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

 

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

 

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

 

Exhibit
A-1 (Page 1)

 

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

 

Exhibit
A-1 (Page 2)

 

	
  REGISTERED 

  No. R-                                    

  	
  $                                                             

  CUSIP NO.                     

  

 

GE
CAPITAL CREDIT CARD

MASTER
NOTE TRUST SERIES 2009-3

 

CLASS A
SERIES 2009-3 2.54% ASSET BACKED NOTE

 

GE Capital Credit Card
Master Note Trust (herein referred to as the “Issuer” or the “Trust”), a
Delaware statutory trust governed by a Trust Agreement dated as of September 25,
2003, for value received, hereby promises to pay to Cede & Co., or
registered assigns, subject to the following provisions, the principal sum of                                   
DOLLARS, or such greater or lesser amount as determined in accordance with the
Indenture, on the September 2014 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 September 2014 Payment Date). Interest on
this Note will accrue for each Payment Date from and including the most recent
Payment Date on which interest has been paid to but excluding such Payment Date
or, for the initial Payment Date, from and including the Closing Date to but excluding
such Payment Date.  Interest will be
computed on the basis of a 360-day year of twelve 30-day months.  Principal of this Note shall be paid in the
manner specified in the Indenture Supplement referred to on the reverse hereof.

 

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

 

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

 

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

 

Exhibit
A-1 (Page 3)

 

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

 

	
   

  	
  GE CAPITAL CREDIT CARD MASTER NOTE TRUST, as Issuer

  
	
   

  	
   

  
	
   

  	
  By: BNY MELLON TRUST OF DELAWARE,

  not in its individual capacity but solely as

  Trustee on behalf of Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
  Dated:
                         ,       

  	
   

  

 

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)

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2009-3 

CLASS A SERIES 2009-3 2.54% ASSET BACKED NOTE

Summary of Terms and Conditions

 

This Class A Note is
one of a duly authorized issue of Notes of the Issuer, designated as GE Capital
Credit Card Master Note Trust, Series 2009-3 (the “Series 2009-3 Notes”), issued under a
Master Indenture dated as of September 25, 2003 (as amended, the “Master Indenture”), between the Issuer and
Deutsche Bank Trust Company Americas, as indenture trustee (the “Indenture Trustee”), as supplemented by the
Indenture Supplement dated as of September 21, 2009 (the “Indenture Supplement”), and representing the
right to receive certain payments from the Issuer.  The term “Indenture,” unless the context
otherwise requires, refers to the Master Indenture as supplemented by the
Indenture Supplement.  The Notes are
subject to all of the terms of the Indenture. 
All terms used in this Note that are defined in the Indenture shall have
the meanings assigned to them in or pursuant to the Indenture.  In the event of any conflict or inconsistency
between the Indenture and this Note, the Indenture shall control.

 

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

 

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

 

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

 

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

 

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

 

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

 

Exhibit
A-1 (Page 6)

 

ASSIGNMENT

 

Social Security or other identifying number of
assignee
                                                                                                                          

 

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

 

	
  Dated:

  	
   

  	
   

  	
   

  	
  **

  
	
   

  	
   

  	
  Signature Guaranteed:

  

 

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

 

Exhibit A-1 (Page 7)

 

EXHIBIT A-2

FORM OF CLASS B SERIES 2009-3 6.42% 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 

 

Exhibit A-2 (Page 1)

 

OR CAUSE TO BE INSTITUTED AGAINST THE
TRANSFEROR ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR
LIQUIDATION PROCEEDING OR OTHER PROCEEDING UNDER ANY FEDERAL OR STATE
BANKRUPTCY LAW IN ANY INSTANCE; PROVIDED, THAT THE FOREGOING SHALL NOT
IN ANYWAY LIMIT THE NOTEHOLDER’S RIGHTS TO PURSUE ANY OTHER CREDITOR RIGHTS OR
REMEDIES THAT THE NOTEHOLDERS MAY HAVE FOR CLAIMS AGAINST THE ISSUER.

 

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

 

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

 

Exhibit
A-2 (Page 2)

 

	
  REGISTERED 

  No. R-                                    

  	
  $                                                             

  CUSIP NO.                     

  

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2009-3

CLASS B SERIES 2009-3 6.42% ASSET BACKED NOTE

 

GE Capital Credit Card Master Note Trust (herein
referred to as the “Issuer” or the “Trust”), a Delaware statutory trust
governed by a Trust Agreement dated as of September 25, 2003, for value
received, hereby promises to pay to Cede & Co., or registered assigns,
subject to the following provisions, the principal sum of                
DOLLARS, or such greater or lesser amount as determined in accordance with the
Indenture, on the September 2014 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 September 2014
Payment Date).  Interest on this Note
will accrue for each Payment Date from and including the most recent Payment
Date on which interest has been paid to but excluding such Payment Date or, for
the initial Payment Date, from and including the Closing Date to but excluding
such Payment Date.  Interest will be
computed on the basis of a 360-day year of twelve 30-day months.  Principal of this Note shall be paid in the
manner specified in the Indenture Supplement referred to on the reverse hereof.

 

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

 

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

 

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

 

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

 

Exhibit A-2 (Page 3)

 

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

 

	
   

  	
  GE CAPITAL CREDIT CARD MASTER NOTE TRUST, as Issuer

  
	
   

  	
   

  
	
   

  	
  By: BNY MELLON TRUST OF DELAWARE, not in its
  individual capacity but solely as 

  Trustee on behalf of Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
  Dated:
                         ,       

  	
   

  

 

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)

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2009-3

 

CLASS B SERIES 2009-3 6.42% ASSET BACKED NOTE

 

Summary of Terms and Conditions

 

This Class B Note is one of a duly authorized
issue of Notes of the Issuer, designated as GE Capital Credit Card Master Note
Trust, Series 2009-3 (the “Series 2009-3
Notes”), issued under a Master Indenture dated as of September 25,
2003 (as amended, the “Master Indenture”),
between the Issuer and Deutsche Bank Trust Company Americas, as indenture
trustee (the “Indenture Trustee”), as
supplemented by the Indenture Supplement dated as of September 21, 2009
(the “Indenture Supplement”), and
representing the right to receive certain payments from the Issuer.  The term “Indenture,” unless the context
otherwise requires, refers to the Master Indenture as supplemented by the
Indenture Supplement.  The Notes are
subject to all of the terms of the Indenture. 
All terms used in this Note that are defined in the Indenture shall have
the meanings assigned to them in or pursuant to the Indenture.  In the event of any conflict or inconsistency
between the Indenture and this Note, the Indenture shall control.

 

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

 

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

 

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

 

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

 

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

 

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

 

Exhibit A-2 (Page 6)

 

ASSIGNMENT

 

Social Security or other identifying number of assignee                                                                                                                        

 

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

 

	
  Dated:

  	
   

  	
   

  	
   

  	
  **

  
	
   

  	
   

  	
  Signature
  Guaranteed:

  

 

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

 

Exhibit A-2 (Page 7)

 

EXHIBIT A-3

FORM OF CLASS C SERIES 2009-3 9.32% 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 

 

Exhibit A-3 (Page 1)

 

OR CAUSE TO BE INSTITUTED
AGAINST THE TRANSFEROR ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY
OR LIQUIDATION PROCEEDING OR OTHER PROCEEDING UNDER ANY FEDERAL OR STATE
BANKRUPTCY LAW IN ANY INSTANCE; PROVIDED, THAT THE FOREGOING SHALL NOT
IN ANYWAY LIMIT THE NOTEHOLDER’S RIGHTS TO PURSUE ANY OTHER CREDITOR RIGHTS OR
REMEDIES THAT THE NOTEHOLDERS MAY HAVE FOR CLAIMS AGAINST THE ISSUER.

 

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

 

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

 

Exhibit
A-3 (Page 2)

 

	
  REGISTERED 

  No. R-                                    

  	
  $                                                             

  CUSIP NO.                     

  

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2009-3

 

CLASS C SERIES 2009-3 9.32% ASSET BACKED NOTE

 

GE Capital Credit Card
Master Note Trust (herein referred to as the “Issuer”
or the “Trust”), a Delaware statutory
trust governed by a Trust Agreement dated as of September 25, 2003, for
value received, hereby promises to pay to Cede & Co., or registered
assigns, subject to the following provisions, the principal sum of                   
DOLLARS, or such greater or lesser amount as determined in accordance with the
Indenture, on the September 2014 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 September 2014 Payment Date).  Interest on this Note will accrue for each
Payment Date from and including the most recent Payment Date on which interest
has been paid to but excluding such Payment Date or, for the initial Payment
Date, from and including the Closing Date to but excluding such Payment Date.  Interest will be computed on the basis of a
360-day year of twelve 30-day months. 
Principal of this Note shall be paid in the manner specified in the
Indenture Supplement referred to on the reverse hereof.

 

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

 

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

 

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

 

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

 

Exhibit A-3 (Page 3)

 

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

 

	
   

  	
  GE CAPITAL CREDIT CARD MASTER NOTE TRUST, as Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 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:

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

Exhibit A-3 (Page 5)

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2009-3

 

CLASS C SERIES 2009-3 9.32% ASSET BACKED NOTE

 

Summary of Terms and Conditions

 

This Class C Note is one of a duly authorized
issue of Notes of the Issuer, designated as GE Capital Credit Card Master Note
Trust, Series 2009-3 (the “Series 2009-3
Notes”), issued under a Master Indenture dated as of September 25,
2003 (as amended, the “Master Indenture”),
between the Issuer and Deutsche Bank Trust Company Americas, as indenture
trustee (the “Indenture Trustee”), as
supplemented by the Indenture Supplement dated as of September 21, 2009
(the “Indenture Supplement”), and
representing the right to receive certain payments from the Issuer.  The term “Indenture,” unless the context
otherwise requires, refers to the Master Indenture as supplemented by the
Indenture Supplement.  The Notes are
subject to all of the terms of the Indenture. 
All terms used in this Note that are defined in the Indenture shall have
the meanings assigned to them in or pursuant to the Indenture.  In the event of any conflict or inconsistency
between the Indenture and this Note, the Indenture shall control.

 

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

 

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

 

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

 

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

 

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

 

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

 

Exhibit A-3 (Page 6)

 

ASSIGNMENT

 

Social Security or other identifying number of assignee

 

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

 

	
  Dated:  ,

  	
   

  	
   

  	
   

  	
  **

  
	
   

  	
   

  	
  Signature Guaranteed:

  

 

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

 

Exhibit A-3 (Page 7)

 

EXHIBIT B

 

FORM OF MONTHLY NOTEHOLDER’S STATEMENT

 

Monthly Noteholder’s Statement

GE Capital Credit Card
Master Note Trust

 

Series 2009-3

Class A 2.54% Notes

Class B 6.42% Notes

Class C 9.32% Notes

 

Pursuant to the Master Indenture, dated as of September 25,
2003 (as amended and supplemented, the “Indenture”) between GE Capital
Credit Card Master Note Trust (the “Issuer”) and Deutsche Bank Trust
Company Americas, as indenture trustee (the “Indenture Trustee”), as
supplemented by the Series 2009-3 Indenture Supplement (the “Indenture
Supplement”), dated as of September 21, 2009, 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 2009-3 Noteholders and the performance of the Trust during the
previous month.  The information required
to be prepared with respect to the Payment Date of [  · 
], 20[  ·  ], and with respect to the performance of the
Trust during the Monthly Period ended [  ·  ], 20[ 
·  ]
is set forth below.  Capitalized terms
used herein are defined in the Indenture and the Indenture Supplement. The
undersigned, an Authorized Officer of the Servicer, does hereby certify as
follows:

 

	
  Record
  Date:

  	
  [
   ·   ], 20[  ·   ]

  
	
  Monthly
  Period Beginning:

  	
  [
   ·   ], 20[  ·   ]

  
	
  Monthly
  Period Ending:

  	
  [
   ·   ], 20[  ·   ]

  
	
  Previous
  Payment Date:

  	
  [
   ·   ], 20[  ·   ]

  
	
  Payment
  Date:

  	
  [
   ·   ], 20[  ·   ]

  
	
  Interest
  Period Beginning:

  	
  [
   ·   ], 20[  ·   ]

  
	
  Interest
  Period Ending:

  	
  [
   ·   ], 20[  ·   ]

  
	
  Days
  in Monthly Period:

  	
  [
   ·   ]

  
	
  Days
  in Interest Period:

  	
  [
   ·   ]

  
	
  Is
  there a Reset Date?

  	
  [No][Yes]

  

 

I.                                         Trust
Receivables Information

 

a.               Number of
Accounts Beginning

b.              Number of
Accounts Ending

c.               Average Account
Balance (q / b)

d.              BOP Principal Receivables

e.               BOP Finance
Charge Receivables

f.                 BOP Total
Receivables

 

Exhibit
B (Page 1)

 

g.              Increase in
Principal Receivables from Additional Accounts

h.              Increase in
Principal Activity on Existing Securitized Accounts

i.                  Increase in
Finance Charge Receivables from Additional Accounts

j.                  Increase in
Finance Charge Activity on Existing Securitized Accounts

k.               Increase in
Total Receivables

l.                  Decrease in
Principal Receivables due to Account Removal

m.            Decrease in
Principal Activity on Existing Securitized Accounts

n.              Decrease in
Finance Charge Receivables due to Account Removal

o.              Decrease in
Finance Charge Activity on Existing Securitized Accounts

p.              Decrease in
Total Receivables

q.              EOP Aggregate
Principal Receivables

r.                 EOP Finance
Charge Receivables

s.               EOP Total
Receivables

t.                 Excess Funding
Account Balance

u.              Required
Principal Balance

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

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

 

II.                                     Investor
Information (Trust Level)

 

a.               Note Principal
Balance (Sum of all Series)

i.                  Beginning of Interest Period

ii.               Increase in Note Principal
Balance due to New Issuance

iii.            Decrease in Note Principal
Balance due to Principal Paid

iv.           As of Payment Date

 

b.              Excess
Collateral Amount (Sum of all Series)

i.                  Beginning of Interest Period

ii.               Additional Enhancement
Amount

iii.            Increase in Excess
Collateral Amount due to New Issuance

iv.           Reductions in Required
Excess Collateral Amount

v.              Increase in Unreimbursed
Investor Charge-Off

vi.           Decrease in Unreimbursed
Investor Charge-Off

vii.        Increase in Unreimbursed
Reallocated Principal Collections

viii.     Decrease in Unreimbursed
Reallocated Principal Collections

ix.             As of Payment Date

 

c.               Collateral
Amount (Sum of all Series)

 

Exhibit
B (Page 2)

 

i.                  End of Prior Monthly Period

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

 

III.                                 Trust
Performance Data (Monthly Period)

 

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

i.                  Current

ii.               Prior Monthly Period

iii.            Two Months Prior Monthly
Period

iv.           Three-Month Average

 

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

i.                  Current

ii.               Prior Monthly Period

iii.            Two Months Prior Monthly
Period

iv.           Three-Month Average

 

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

i.                  Current

ii.               Prior Monthly Period

iii.            Two Months Prior Monthly
Period

iv.           Three-Month Average

 

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

 

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

i.                  Current

ii.               Prior Monthly
Period

iii.            Two Months
Prior Monthly Period

iv.           Three-Month
Average

 

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

 

g.              Default Amount
for Defaulted Accounts

 

h.              Recoveries

 

i.                  Collections

i.                  Total Trust Finance Charge
Collections

ii.               Total Trust Principal
Collections

iii.            Total Trust Collections

 

	
   

  	
   

  	
  Percentage

  	
   

  	
  Amount

  	
   

  

j.                  Delinquency
Data

 

Exhibit
B (Page 3)

 

i.                  1-29 Days Delinquent

ii.               30-59 Days Delinquent

iii.            60-89 Days Delinquent

iv.           90-119 Days Delinquent

v.              120-149 Days Delinquent

vi.           150 or Greater Days
Delinquent

 

IV.                                Series Performance
Data

 

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

i.                  Current

ii.               Prior Monthly Period

iii.            Two Months Prior Monthly
Period

iv.           Three-Month Average

 

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

i.                  Current

ii.               Prior Monthly Period

iii.            Two Months Prior Monthly
Period

iv.           Three-Month Average

 

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

i.                  Current

ii.               Prior Monthly Period

iii.            Two Months Prior Monthly
Period

iv.           Quarterly Excess Spread
Percentage

 

V.                                    Investor
Information Regarding Distributions to Noteholders

 

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

 

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

 

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

 

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

 

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

 

Exhibit
B (Page 4)

 

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

 

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.

 

VI.                                Investor
Information

 

a.               Class A
Note Initial Principal Balance

b.              Class B
Note Initial Principal Balance

c.               Class C
Note Initial Principal Balance

d.              Initial Excess
Collateral Amount

e.               Initial
Collateral Amount

 

f.                 Class A
Note Principal Balance

i.                  Beginning of Interest Period

ii.               Principal Payment

iii.            As of Payment Date

 

g.              Class B
Note Principal Balance

i.                  Beginning of Interest Period

ii.               Principal Payment

iii.            As of Payment Date

 

h.              Class C
Note Principal Balance

i.                  Beginning of Interest Period

ii.               Principal Payment

iii.            As of Payment Date

 

i.                  Excess
Collateral Amount

i.                  Beginning of Interest Period

ii.               Reduction in Excess
Collateral Amount

iii.            As of Payment Date

 

j.                  Collateral
Amount

i.                  Beginning of Interest Period

ii.               Increase/Decrease in
Unreimbursed Investor Charge-Offs

iii.            Increase/Decrease in
Reallocated Principal Collections

iv.           Reduction in Excess
Collateral Amount

v.              Principal Accumulation
Account Deposit

vi.           As of Payment Date

 

Exhibit
B (Page 5)

 

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

viii.     Amount by which Note
Principal Balance exceeds Collateral Amount

 

k.               Required Excess
Collateral Amount

 

VII.                            Investor
Charge-Offs and Reallocated Principal Collections

(Section references relate to Indenture Supplement)

 

a.               Beginning
Unreimbursed Investor Charge-Offs

b.              Current
Unreimbursed Investor Defaults

c.               Current
Unreimbursed Investor Uncovered Dilution Amount

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

e.               Ending
Unreimbursed Investor Charge-Offs

f.                 Beginning
Unreimbursed Reallocated Principal Collections

g.              Current
Reallocated Principal Collections pursuant to Section 4.7

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

i.                  Ending
Unreimbursed Reallocated Principal Collections

 

VIII.                        Investor
Percentages —BOP Balance and Series Account Information

 

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

b.              Allocation
Percentage Numerator — for Principal Collections

c.               Allocation
Percentage Denominator

i.                  Aggregate Principal
Receivables Balance as of Prior Monthly Period

ii.               Number of Days at Balance

iii.            Average Principal Balance

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

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

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

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

h.              Series Allocation
Percentage

 

IX.                                Collections and
Allocations

 

	
   

  	
   

  	
  Trust

  	
   

  	
  Series

  	
   

  

a.               Finance
Charge Collections

 

Exhibit B (Page 6)

 

b.              Recoveries

c.               Principal Collections

d.              Default Amount

e.               Dilution

f.                 Investor Uncovered Dilution
Amount

g.              Dilution including Fraud
Amount

h.              Available
Finance Charge Collections

i.                  Investor Finance Charge
Collections

ii.               Excess Finance Charge
Collections allocable to Series 2009-3

iii.            Principal Accumulation
Account Investment Proceeds

iv.           Investment earnings in the
Reserve Account

v.              Reserve Account Draw Amount

vi.           Recoveries

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

j.                  Total
Collections to Series

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

 

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

 

a.               Available
Finance Charge Collections

i.                  On a pari passu basis:

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

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

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

 

ii.               To the
Servicer:

a.               Noteholder Servicing Fee

b.              Noteholder Servicing Fee
previously due but not paid

c.               Total Noteholder Servicing
Fee

 

iii.            On a pari passu
basis:

a.               Class A Monthly
Interest

b.              Class A Deficiency
Amount

c.               Class A Additional
Interest

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

 

iv.           On a pari passu
basis:

a.               Class B Monthly
Interest

b.              Class B Deficiency
Amount

c.               Class B Additional
Interest

 

Exhibit
B (Page 7)

 

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

 

v.              On a pari passu
basis:

a.               Class C Monthly
Interest

b.              Class C Deficiency
Amount

c.               Class C Additional
Interest

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

 

vi.           To be treated
as Available Principal Collections

a.               Aggregate Investor Default
Amount

b.              Aggregate Investor Uncovered
Dilution Amount

 

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

a.               Investor Charge-offs

b.              Reallocated Principal
Collections

 

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

 

ix.             Amounts
required to be deposited to the Spread Account

 

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

 

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

 

xii.          The balance, if
any, will constitute a portion of Excess Finance Charge Collections for such
Payment Date and first will be available for allocation to other Series in
Group One and, second, paid to the Transferor, to be applied in accordance with
Section 8.6 of the Indenture unless:

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

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

 

XI.                                Excess Finance
Charge Collections (Group One)

 

a.               Total Excess
Finance Charge Collections in Group One

 

b.              Finance Charge
Shortfall for Series 2009-3

 

c.               Finance Charge
Shortfall for all Series in Group One

 

Exhibit
B (Page 8)

 

d.              Excess Finance
Charges Collections Allocated to Series 2009-3

 

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

 

a.               Investor
Principal Collections

 

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

 

c.               Plus:  Shared Principal Collections allocated to this
Series

 

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

 

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

 

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

 

g.              Available
Principal Collections (Deposited to Principal Account)

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

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

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

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

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

a.               Principal paid to Class A
Noteholders

b.              Principal paid to Class B
Noteholders

c.               Principal paid  to Class C Noteholders

vi.           Total Principal Collections
Available to Share (Inclusive of Series 2009-3)

vii.        Series Principal
Shortfall

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

 

XIII.                        Series 2009-3
Accumulation

 

a.               Controlled
Accumulation Period Length in months (scheduled)

 

b.              Controlled
Accumulation Amount

 

Exhibit
B (Page 9)

 

c.               Controlled
Deposit Amount

 

d.              Accumulation
Shortfall

 

e.               Principal
Accumulation Account Balance

i.                  Beginning of Interest Period

ii.               Controlled Deposit Amount

iii.            Withdrawal for Principal
Payment

iv.           As of Payment Date

 

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

 

a.               Reserve Account
Funding Date (scheduled)

 

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

 

c.               Beginning
Available Reserve Account Amount

 

d.              Reserve Draw
Amount

 

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

 

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

 

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)(v) Shortfall

 

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

 

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

 

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

 

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

 

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

 

j.                  Ending
Available Spread Account Amount

 

Exhibit B (Page 10)

 

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

ii.               Current Payment Date

 

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

 

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

 

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

 

h.              Has an early amortization
event occurred?

 

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

 

	
   

  	
  GENERAL
  ELECTRIC CAPITAL CORPORATION, as Servicer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
				

 

Exhibit B (Page 11)

 

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 2009-3
Notes are retired.

 

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

 

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

 

Schedule I (Page 1)EXHIBIT 4.1

 

(FACE OF SECURITY)

 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE
MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME
OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS GLOBAL SECURITY IS
EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS
SECURITY AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A
NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE
DEPOSITARY) MAY BE REGISTERED EXCEPT IN SUCH LIMITED CIRCUMSTANCES. EVERY
SECURITY DELIVERED UPON REGISTRATION OF TRANSFER OF, IN EXCHANGE FOR, OR IN
LIEU OF, THIS GLOBAL SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE
FOREGOING, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED ABOVE.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY (AND ANY PAYMENT IS TO BE 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.

 

EXCEPT AS OTHERWISE PROVIDED
HEREIN,

THIS GLOBAL SECURITY MAY BE TRANSFERRED, IN WHOLE BUT

NOT IN PART, ONLY TO ANOTHER NOMINEE OF THE DEPOSITORY

OR TO A SUCCESSOR DEPOSITORY OR TO A NOMINEE

OF SUCH SUCCESSOR DEPOSITORY

 

	
  No. 1

  	
  CUSIP: 883203BP5

  	
  $350,000,000

  

 

TEXTRON INC.

6.20% NOTE DUE MARCH 15, 2015

 

TEXTRON INC., a corporation duly organized and existing
under the laws of the State of Delaware (herein called “Textron,” which term
includes any successor corporation under the Indenture hereinafter referred
to), for value received, hereby promises to pay Cede & Co., as nominee
for the Depository, or registered assigns, the principal sum of three hundred
fifty million dollars ($350,000,000) on March 15, 2015 and to pay interest
thereon, accruing from September 17, 2009 or the most recent date in
respect of which interest has been paid or duly provided for at the rate of 6.20% per annum until  the
principal hereof is paid or duly provided for, semiannually in arrears on March 15
and September 15 in 

 

 

each year (each an “Interest
Payment Date”) commencing March 15, 2010; provided, however, that if an
Interest Payment Date should fall on a day that is not a Business Day, such
Interest Payment Date shall be the following day that is a Business Day.  The interest so payable and punctually paid
or duly provided for on any Interest Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Global Security (or one or
more Predecessor Securities (as defined in the Indenture)) is registered at the
close of business on March 1 or September 1 (whether or not a
Business Day) next preceding such Interest Payment Date (a “Regular Record Date”)
and interest payable at maturity will be payable to the Person to whom
principal shall be payable. Any such interest which is payable, but is not
punctually paid or duly provided for on any Interest Payment Date shall
forthwith cease to be payable to the Holder hereof on the relevant Regular
Record Date or the Person in whose name this Global Security was originally
registered, as the case may be, and may be paid to the Person in whose name
this Global Security (or one or more Predecessor Securities) is registered at
the close of business on a Special Record Date for the payment of such
defaulted interest to be fixed by Textron or may be paid at any time in any
other lawful manner.

 

As used herein, the term “Depository” shall mean The
Depository Trust Company, New York, New York, another clearing agency or any
successor registered under the Exchange Act or other applicable statute or
regulation, which in each case, shall be designated by Textron pursuant to the
Indenture.

 

Payment of the principal and interest on this Global
Security will be made at the principal corporate office or agency of the
Trustee in the Borough of Manhattan, The City of New York, New York in such
coin or currency of the United States of America as at the time of payment is
legal tender for the payment of public and private debts; provided that, at the
option of Textron, payment of interest may be made by check mailed to the
address of the Person entitled thereto as such address shall appear in the
Security Register.

 

Unless the certificate of authentication hereon has
been executed by the Trustee, directly or through an Authenticating Agent by
manual signature of an authorized officer, this Security shall not be entitled
to any benefit under the Indenture or be valid or obligatory for any purpose.

 

[Signature Page to Follow]

 

 

IN WITNESS WHEREOF, Textron Inc. has caused this
instrument to be duly executed under its corporate seal.

 

 

	
    Dated: September 17, 2009

  	
   

  	
  TEXTRON INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Vice
  President and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Attest:

  	
   

  	
   

  	
   

  
	
   

  	
  Assistant
  Secretary

  	
   

  	
   

  

 

Signature Page to Global
Security

 

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

This is a Global Security of the series designated
herein referred to in the within-mentioned Indenture.

 

	
  THE
  BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

  	
   

  
	
  (successor
  to The Bank of New York)

  	
   

  
	
  As
  Trustee

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized Signatory

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated:  September 17, 2009

  	
   

  

 

Signature Page to Global
Security

 

 

(REVERSE OF SECURITY)

 

TEXTRON INC.

6.20% NOTE DUE MARCH 15, 2015

 

This Security is a Global Security evidencing a
security of the duly authorized series of securities of Textron designated as
its 6.20% Notes due March 15, 2015 (the securities of such series are
herein called the “Securities”), issued under an Indenture, dated as of September 10,
1999 (herein called the “Indenture”), between Textron and The Bank of New York
Mellon Trust Company, N.A., as successor trustee to The Bank of New York
(herein called the “Trustee”, which term includes any successor trustee under
the Indenture). The terms of this Security include those stated in, or made
pursuant to, the Indenture. The Securities are subject to all such terms, and
reference is made to the Indenture, all indentures supplemental thereto and all
written instruments of Textron establishing such terms for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of
Textron, the Trustee and the Holders of the Securities and of the terms upon
which the Securities are, and are to be, authenticated and delivered.

 

This Global Security is not subject to a mandatory
or optional sinking fund requirement.

 

The Securities shall be redeemable, at the option of
Textron, in whole or in part on any date prior to Maturity (the “Redemption
Date”) at the Redemption Price (as defined herein), plus accrued and unpaid
interest on such Securities up to, but not including, the Redemption Date. For
all purposes hereof:

 

“Adjusted Treasury Rate” means, with respect
to the redemption of Securities on a Redemption Date, the annual rate equal to
the semi-annual equivalent yield to maturity of the Comparable Treasury Issue,
assuming a price for the Comparable Treasury Issue (expressed as a percentage
of its principal amount) equal to the Comparable Treasury Price for such
Redemption Date.

 

“Comparable Treasury Issue” means, with
respect to the redemption of Securities on a Redemption Date, the United States
Treasury security selected by the Quotation Agent as having a maturity
comparable to the remaining term of the Securities to be redeemed that would be
used, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of such Securities.

 

“Comparable Treasury
Price” means, with respect to the redemption of Securities on a Redemption
Date:

 

(a)           the
average of the Reference Treasury Dealer Quotations for such redemption date,
after excluding the highest and lowest such Reference Treasury Dealer
Quotations or

 

(b)           if
the Trustee obtains fewer than three such Reference Treasury 

 

 

Dealer Quotations,
the average of all such Reference Treasury Dealer Quotations.

 

“Primary Treasury Dealer” means a primary
U.S. Government securities dealer in New York City.

 

“Quotation Agent” means the Reference
Treasury Dealer appointed by Textron.

 

“Redemption Price” means the greater of: (a) 100%
of the principal amount of Securities to be redeemed and (b) as determined
by the Quotation Agent, the sum of the present values of the remaining
scheduled payments of principal on such Securities and interest on such
Securities that would be due on or after the Redemption Date but for such
redemption (not including any portion of such interest payments accrued as of
the Redemption Date) discounted to the Redemption Date on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Adjusted
Treasury Rate plus 50 basis points.

 

“Reference Treasury Dealer” means each of (a) Banc
of America Securities LLC, Barclays Capital Inc., Citigroup Global Markets
Inc., Goldman, Sachs & Co. and J.P. Morgan Securities Inc. and their
successors; provided, however,  that if any of the foregoing ceases to be a Primary
Treasury Dealer, Textron shall substitute another Primary Treasury Dealer and (b) any
other Primary Treasury Dealers selected by Textron.

 

“Reference Treasury Dealer Quotations” means,
with respect to each Reference Treasury Dealer and the redemption of Securities
on a Redemption Date, the average, as determined by Textron, of the bid and
asked prices for the Comparable Treasury Issue (expressed in each case as a percentage
of its principal amount) which such Reference Treasury Dealer quotes in writing
to the Trustee at 5:00 p.m., New York City time, on the third business day
before such Redemption Date.

 

The notice of redemption of the Securities may
summarize the method by which the Redemption Price will be determined rather
than state the actual dollar amount.

 

Upon the occurrence of a Change of Control
Triggering Event (as defined herein), unless Textron has exercised its right to
redeem the Securities pursuant to provisions hereof, each Holder of Securities
will have the right to require Textron to repurchase all or any part (equal to
$2,000 or an integral multiple of $1,000 in excess thereof) of such Holder’s
Securities as provided herein (the “Change of Control Offer”) at a purchase
price equal to 101% of the aggregate principal amount of such Securities plus
accrued and unpaid interest, if any, on such Securities to the date of purchase
(the “Change of Control Payment”).

 

Within 30 days following any Change of Control
Triggering Event, Textron shall send, by first class mail, a notice to each
Holder of Securities, with a written copy to the Trustee, which notice shall
govern the terms of the Change of Control Offer. Such notice shall state:

 

 

	
  (i)

  	
   

  	
  a
  description of the transaction or transactions that constitute such Change of
  Control Triggering Event;

  
	
   

  	
   

  	
   

  
	
  (ii)

  	
   

  	
  that
  the Change of Control Offer is being made pursuant to provisions hereof and
  that all Securities validly
  tendered will be accepted for payment;

  
	
   

  	
   

  	
   

  
	
  (iii)

  	
   

  	
  the
  Change of Control Payment and the Change of Control Payment Date, which shall
  be a Business Day that is no earlier than 30 days nor later than 60 days from
  the date such notice is mailed, other than as may be required by law;

  
	
   

  	
   

  	
   

  
	
  (iv)

  	
   

  	
  that
  any Security not tendered
  will continue to accrue interest;

  
	
   

  	
   

  	
   

  
	
  (v)

  	
   

  	
  that
  any Security accepted for
  payment pursuant to the Change of Control Offer shall cease to accrue
  interest on and after the Change of Control Payment Date unless Textron shall
  default in the Change of Control Payment and the only remaining right of the
  Holder thereof is to receive the Change of Control Payment upon surrender of
  such Security to the
  Paying Agent;

  
	
   

  	
   

  	
   

  
	
  (vi)

  	
   

  	
  that
  Holders of the Securities electing to have a portion of a Security purchased pursuant to a
  Change of Control Offer may only elect to have such Security purchased in a principal
  amount of $2,000 or integral multiples of $1,000 in excess thereof;

  
	
   

  	
   

  	
   

  
	
  (vii)

  	
   

  	
  that
  if a Holder of Securities elects to have such Securities purchased pursuant to the
  Change of Control Offer it will be required to surrender such Securities, with the form entitled
  “Option of Holder to Elect Purchase” on the reverse of such Securities completed, or transfer by
  book-entry transfer, to the Paying Agent at the address specified in the
  notice prior to the close of business on the third Business Day prior to the
  Change of Control Payment Date;

  
	
   

  	
   

  	
   

  
	
  (viii)

  	
   

  	
  that
  a Holder of Securities will be entitled to withdraw its election if Textron
  receives, not later than the third Business Day preceding the Change of
  Control Payment Date, a telegram, telex, facsimile transmission or letter
  setting forth the name of such Holder, the principal amount of Securities such Holder delivered for
  purchase, and a statement that such Holder is withdrawing its election to
  have such Securities
  purchased; and

  
	
   

  	
   

  	
   

  
	
  (ix)

  	
   

  	
  that if Securities are purchased only in
  part a new Security of the same
  type will be issued in a principal amount equal to the unpurchased portion of
  the Securities surrendered.

  

 

 

On the Change of Control Payment Date, Textron
shall, to the extent lawful, (i) accept for payment all Securities or
portions thereof properly tendered pursuant to the Change of Control Offer, (ii) deposit
with the Paying Agent an amount equal to the Change of Control Payment in
respect of all Securities or portions thereof properly tendered and (iii) deliver
or cause to be delivered to the Trustee for cancellation the Securities
properly accepted together with an Officers’ Certificate stating the aggregate
principal amount of Securities or portions thereof being purchased by Textron.
The Paying Agent shall promptly mail to each Holder of Securities properly
tendered the Change of Control Payment for such Securities, and the Trustee,
upon receipt of an order from Textron, shall promptly authenticate and mail (or
cause to be transferred by book entry) to such Holder a new Security equal in
principal amount to any unpurchased portion of the Securities surrendered by
such Holder, if any, in denominations as set forth in the Indenture.

 

Textron shall comply with the requirements of Rule 14e-1
under the Exchange Act and any other securities laws and regulations thereunder
to the extent such laws and regulations are applicable in connection with the
repurchase of Securities as a result of a Change of Control Triggering Event.
To the extent that the provisions of any securities laws or regulations
conflict with the Change of Control Triggering Event provisions hereof, Textron
will comply with the applicable securities laws and regulations and will not be
deemed to have breached its obligations under this paragraph by virtue of such
conflicts.

 

For all purposes hereof:

 

“Below
Investment Grade Rating Event” means the ratings on the Securities are
lowered by each of the Rating Agencies and the Securities are rated below an
Investment Grade Rating by each of the Rating Agencies on any date from the
date of the public notice of an arrangement that could result in a Change of
Control until the end of the 60-day period following public notice of the
occurrence of the Change of Control (which 60-day period shall be extended so
long as the rating of the Securities is under publicly announced consideration
for possible downgrade by any of the Rating Agencies); provided that a Below
Investment Grade Rating Event otherwise arising by virtue of a particular
reduction in rating shall not be deemed to have occurred in respect of a
particular Change of Control (and thus shall not be deemed a Below Investment
Grade Rating Event for purposes of the definition of Change of Control
Triggering Event hereunder) if the Rating Agencies making the reduction in
rating to which this definition would otherwise apply do not announce or
publicly confirm or inform the Trustee or Textron in writing at the Trustee’s
or Textron’s request that the reduction was the result, in whole or in part, of
any event or circumstance comprised of or arising as a result of, or in respect
of, the applicable Change of Control (whether or not the applicable Change of
Control shall have occurred at the time of the Below Investment Grade Rating
Event).

 

“Capital
Stock” of any Person means any and all shares, interests, rights to
purchase, warrants, options, participation or other equivalents of or interests
in 

 

 

(however designated) equity of such Person,
including any preferred stock and limited liability or partnership interests
(whether general or limited), but excluding any debt securities convertible
into such equity.

 

“Change
of Control” means the occurrence of any of the following:

 

(a)  the direct or
indirect sale, transfer, conveyance or other disposition (other than by way of
merger or consolidation), in one or a series of related transactions, of all or
substantially all of Textron’s properties or assets and of Textron’s
subsidiaries’ properties or assets taken as a whole to any Person or group of
related “persons” (as that term is used in Section 13(d)(3) of the
Exchange Act (a “Group”) other than Textron or one of Textron’s subsidiaries;

 

(b)  the adoption of a plan
relating to liquidation or dissolution of Textron;

 

(c)  the consummation
of any transaction (including, without limitation, any merger or consolidation)
the result of which is that any Person or Group becomes the beneficial owner,
directly or indirectly, of more than 50% of the then outstanding number of
shares of Textron’s Voting Stock; or

 

(d)  the first day on
which a majority of the members of Textron’s Board of Directors are not
Continuing Directors.

 

Notwithstanding the foregoing, a transaction will
not be considered to be a Change of Control if (1) Textron becomes a
direct or indirect wholly owned subsidiary of a holding company and (2) immediately
following that transaction, (A) the direct or indirect holders of the
Voting Stock of the holding company are substantially the same as the holders
of Textron’s Voting Stock immediately prior to that transaction or (B) no
Person or Group is the beneficial owner, directly or indirectly, of more than
50% of the Voting Stock of the holding company.

 

“Change
of Control Triggering Event” means the occurrence of both a Change of
Control and a Below Investment Grade Rating Event.

 

“Continuing
Director” means, as of any date of determination, any member of Textron’s
Board of Directors who (1) was a member of Textron’s Board of Directors on
the date of the issuance of the Securities or (2) was nominated for
election, elected or appointed to Textron’s Board of Directors with the
approval of a majority of the Continuing Directors who were members of Textron’s
Board of Directors at the time of such nomination, election or appointment
(either by a specific vote or by approval of Textron’s proxy statement in which
such member was named as a nominee for election as a director).

 

“Fitch”
means Fitch Ratings or its successor.

 

“Investment
Grade Rating” means a rating equal to or higher than BBB- (or the
equivalent) by Fitch, Baa3 (or the equivalent) by Moody’s and BBB- (or the
equivalent) by S&P.

 

 

“Moody’s”
means Moody’s Investors Service, Inc. or its successor.

 

“Person”
means any individual, corporation, partnership, joint venture, association,
joint stock company, trust, unincorporated organization, limited liability
company, government or any agency or political subdivision thereof or any other
entity, and includes a “person” as used in Section 13(d)(3) of the
Exchange Act.

 

“Rating
Agencies” means (1) each of Fitch, Moody’s and S&P and (2) if
any of Fitch, Moody’s or S&P ceases to rate the Securities or fails to make
a rating of the Securities publicly available for reasons outside of Textron’s
control, a “nationally recognized statistical rating organization” within the
meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act, selected
by Textron (as certified by a resolution of Textron’s Board of Directors) as a
replacement agency for Fitch, Moody’s or S&P, or all of them, as the case
may be.

 

“S&P”
means Standard & Poor’s Ratings Services, a division of The
McGraw-Hill Companies, Inc. or its successor.

 

“Voting
Stock” of a Person means all classes of Capital Stock of such Person
then outstanding and normally entitled to vote in the election of directors,
managers or trustees, as applicable.

 

If an Event of Default with respect to Securities of
this series shall occur and be continuing, the principal of the Securities of
this series may be declared due and payable in the manner and with the effect
provided in the Indenture.

 

The Indenture permits, with certain exceptions as
therein provided, the amendment thereof and the modification of the rights and
obligations of Textron and the rights of the Holders of the Securities of each
series to be affected under the Indenture at any time by Textron and the
Trustee with the consent of the Holders of a majority in principal amount of
the Securities at the time Outstanding of each series to be affected.  The Indenture also contains provisions
permitting the Holders of a majority in principal amount of the Securities of
each series at the time Outstanding, on behalf of the Holders of all Securities
of such series, to waive compliance by Textron with certain provisions of the
Indenture and certain past defaults under the Indenture and their
consequences.  Any such consent or waiver
by the Holder of this Global Security shall be conclusive and binding upon such
Holder and upon all future Holders of this Global Security and of any Security
issued upon the registration of transfer hereof or in exchange hereof or in
lieu hereof, whether or not notation of such consent or waiver is made upon
this Global Security.

 

Without the consent of the Holder of any Securities,
Textron and the Trustee may enter into one or more indentures supplemental to
the Indenture to evidence the succession of another corporation to Textron and
the assumption by such successor of the covenants of Textron in the Indenture
or this Global Security, to add to the covenants of Textron for the benefit of
the Holders of all or any series of Securities, to add 

 

 

additional Events of
Default, to change or eliminate any of the provisions of the Indenture provided
that any such change or elimination shall become effective only when there is
no Security Outstanding of any series created prior to the execution of such
supplemental indenture which is adversely affected by such provision, to secure
the Securities of any series, to establish the form or terms of Securities of
any series, to evidence and provide for the acceptance of appointment under the
Indenture by a successor Trustee with respect to the Securities of one or more
series and to add to or change any of the provisions of the Indenture as shall
be necessary to provide for or facilitate the administration of the trusts
under the Indenture by more than one Trustee, pursuant to the requirements of
the Indenture, to cure any ambiguity, to correct any defect or inconsistency or
to make any other provisions with respect to matters or questions arising under
the Indenture which shall not adversely affect the interests of the Holders of
Securities of any series in any material respect or for the other purposes set
forth in the Indenture.

 

As provided in the Indenture and subject to certain
limitations therein set forth and herein provided, the transfer of this Global
Security is registrable in the Security Register, upon surrender of this Global
Security for registration of transfer at the office or agency of Textron in any
place where the principal of, premium, if any, and interest on this Global
Security are payable, duly endorsed by, or accompanied by a written instrument
of transfer in form satisfactory to Textron and the Security Registrar duly
executed by the Holder hereof or his attorney duly authorized in writing, and
thereupon a new Global Security evidencing the Securities evidenced hereby, or
like tenor and for the same aggregate principal amount, will be issued to the
designated transfer or transferees; provided, however, that for
so long as any Securities are evidenced by this Global Security, this Global
Security may be transferred in whole but not in part, only to another nominee
of the Depository or to a successor Depository selected or approved by Textron
or to a nominee of such successor Depository.

 

There is no limit on the aggregate principal amount
of Securities of this series that may be issued by Textron. Without notice to
or consent of any Holder of any Securities of this series, Textron may, from
time to time and at any time, issue and sell additional Securities of this
series with the same title and terms as this Security, except for the payment
of interest accruing prior to the issue date of such additional Securities or
except for the first payment of interest following the issue date of such
additional Securities.

 

The Securities of this series are issuable only in
denominations of $2,000 or any amount in excess thereof which is an integral
multiple of $1,000 unless otherwise specified above. As provided in the
Indenture and subject to certain limitations therein set forth, Securities of
this series are exchangeable for a like aggregate principal amount of
Securities of this series of a different authorized denomination, as requested
by the Holder surrendering the same.

 

No service charge shall be made for any such
registration of transfer or exchange of Securities, but Textron may require
payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

 

 

Prior to due presentment of this Global Security for
registration of transfer, Textron, the Trustee and any agent of Textron or the
Trustee may treat the Person in whose name this Global Security is registered
as the owner hereof for all purposes, whether or not this Global Security is
overdue, and neither Textron, the Trustee nor any such agent shall be affected
by notice to the contrary.

 

If at any time (a) the Depository notifies
Textron that it is unwilling or unable to continue as Depository for the
Securities evidenced hereby or if at any time the Depository shall no longer be
registered or in good standing under the Exchange Act or other applicable
statute or regulation and a successor Depository is not appointed by Textron
within 90 days after Textron receives such notice or becomes aware of such
condition, as the case may be, or (b) an Event of Default has occurred and
is continuing and DTC requests the issuance of Securities in definitive
registered form, Textron will execute, and the Trustee will authenticate and
deliver, Securities in definitive registered form without coupons, in
denomination of $2,000 or any amount in excess thereof which is an integral
multiple of $1,000 (such denominations referred to herein as “authorized
denominations”), of like tenor and in an aggregate principal amount equal to
the principal amount of this Global Security in exchange for this Global
Security. In addition, Textron may at any time determine that the Securities
evidenced hereby shall no longer be represented by a Global Security. In such
event Textron will execute, and the Trustee, upon receipt of an Officers’
Certificate evidencing such determination by Textron, will authenticate and
deliver Securities in definitive registered form without coupons, in authorized
denominations, and of like tenor and in an aggregate principal amount equal to
the principal amount of this Global Security in exchange for this Global
Security. Upon the exchange of this Global Security for such Securities in
definitive registered form, without coupons, in authorized denominations, this
Global Security shall be cancelled by the Trustee. Securities in definitive
registered form issued in exchange for this Global Security shall be registered
in such names and in such authorized denominations as the Depository, pursuant
to instructions from its direct or indirect participants or otherwise, shall
instruct the Trustee. The Trustee shall deliver such Securities to the Persons
in whose names such Securities are so registered.

 

All terms used in this Global Security that are
defined in the Indenture and not herein otherwise defined shall have the
meanings assigned to them in the Indenture.

 

 

FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto

 

 

	
   

  	
   

  
	
  (Please insert social security,

  
	
  tax identification number or
  other

  
	
  identifying number of assignee)

  
	
   

  
	
   

  
	
   

  

 

(Please print or type name and
address, including postal zip code of assignee)

 

the within Global Security and all rights thereunder, hereby
irrevocably constituting and appointing                                                                   
attorney to transfer said Global Security on the books of Textron, with full
power of substitution in the premises.

 

	
  Dated:

  	
   

  
	
   

  	
   

  
	
  Signature:

  	
   

  
	
   

  	
   

  
	
  Signature guarantee:

  	
   

  
					

 

NOTE:  The
signature to this assignment must correspond exactly with the name as written
upon the face of the within Global Security in every particular without
alteration or enlargement or any change whatsoever and must be guaranteed by a
commercial bank or trust company having its principal office or correspondent
in The City of New York or by a member of the New York Stock Exchange.

 

 

OPTION
OF HOLDER TO ELECT PURCHASE

 

If the undersigned wants to
elect to have this Security purchased by Textron pursuant to the provisions
hereof, check the box below:

 

o

 

If the undersigned wants to
elect to have only part of this Security purchased by Textron pursuant to the
provisions hereof, state the amount the undersigned elects to have purchased:

 

$

 

	
  Dated:

  	
   

  
	
   

  	
   

  
	
  Signature:

  	
   

  
	
   

  	
   

  
	
  Tax Identification
  Number:

  	
   

  
	
   

  	
   

  
	
  Signature guarantee:

  	
   

  
						

 

NOTE:  The
signature to this assignment must correspond exactly with the name as written
upon the face of the within Global Security in every particular without
alteration or enlargement or any change whatsoever and must be guaranteed by a
commercial bank or trust company having its principal office or correspondent
in The City of New York or by a member of the New York Stock Exchange.

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