Document:

Exhibit
4.2

 

CERTIFICATE
ELIMINATING

SERIES A
JUNIOR PARTICIPATING PREFERRED STOCK

FROM THE

CERTIFICATE OF
INCORPORATION

 

OF

 

CORNELL
COMPAIES, INC.

 

Pursuant to the provisions of Section 151(g) of the General
Corporation Law of the State of Delaware, it is hereby certified that:

 

1.             The name of the
corporation (hereinafter referred to as the “corporation”) is Cornell Companies, Inc.

 

2.             The designation of
the series of shares of stock of the corporation to which this certificate
relates is Series A Junior Participating Preferred Stock.

 

3.             The voting powers,
designations, preferences, and the relative, participating optional, or other
rights, and the qualifications, limitations, and restrictions of the said
series of shares of stock were provided for in a resolution adopted by the
Board of Directors of the corporation pursuant to authority expressly vested in
it by the provisions of the certificate of incorporation of the
corporation.  A certificate setting forth
the said resolution has been heretofore filed with the Secretary of State of
the State of Delaware pursuant to the provisions of Section 151(g) of
the General Corporation Law of the State of Delaware.

 

4.             The Board of
Directors of the corporation has adopted the following resolution:

 

RESOLVED, that
none of the authorized shares of stock of the corporation of the series
designated are outstanding, and

 

FURTHER
RESOLVED, that none of the said series of the shares of stock of the
corporation will be issued, and

 

FURTHER
RESOLVED, that the proper officers of the corporation be and hereby are
authorized and directed to file a certificate setting forth this resolution
with the Secretary of State of the State of Delaware pursuant to the provisions
of Section 151(g) of the General Corporation Law of the State of
Delaware for the purpose of eliminating from the certificate of incorporation
of the corporation all reference to the said series of shares o stock.

 

 

	
  Signed on July 5, 2005.

  	
   

  
	
   

  	
   

  
	
   

  	
  CORNELL COMPANIES, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James E. Hyman

  	
   

  
	
   

  	
  Name:

  	
    James E. Hyman

  	
   

  
	
   

  	
  Title:

  	
   

  	
    Chief Executive OfficerExhibit 4.1

 

AMENDMENT NO. 1 

TO

RIGHTS AGREEMENT

 

This Amendment
No. 1 to Rights Agreement (this “Amendment”), dated as of July 1,
2005, is between Cornell Companies, Inc., a Delaware corporation (the “Company”),
and Computershare Trust Company, Inc. as Rights Agent.

 

WHEREAS, the
Company entered into that certain Rights Agreement dated May 1, 1998,
between Cornell Corrections, Inc. and American Securities Transfer &
Trust, Inc. (the predecessor in interest to Computershare Trust Company, Inc.),
as Rights Agent (the “Rights Agreement”); and

 

WHEREAS, the
Board of Directors of the Company, having determined its actions to be in the
best interests of the Company, has authorized this Amendment to the Rights
Agreement to allow the Rights Agreement and the Rights created thereunder to
expire as of the Close of Business on July 8, 2005.

 

NOW,
THEREFORE, in consideration of the promises and the mutual agreements herein
set forth, the parties hereto agree as follows:

 

1.             Capitalized terms not otherwise
defined herein shall have the meanings set forth in the Rights Agreement.

 

2.             The
definition of “Final Expiration Date” in Section 1 of the Rights Agreement
is hereby amended to read in its entirety as follows:

 

“Final
Expiration Date” shall mean the Close of Business on July 8, 2005.

 

3.             The Rights Agreement as amended by
this Amendment embodies the entire agreement and understanding of the parties
hereto and supersedes all prior agreements and understandings of the
parties.  The Rights Agreement as amended
by this Amendment shall remain in full force and effect, and all rights and
power created hereby or thereunder are in all respects ratified and confirmed
and shall remain in full force and effect.

 

[Signature page follows]

 

 

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

 

	
   

  	
   

  	
  CORNELL
  COMPANIES, INC.

  	
   

  
	
  Attest:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By: 

  	
  /s/ Elissa
  Gouser-Hyman

  	
   

  	
   

  	
  By: 

  	
  /s/ James E.
  Hyman

  	
   

  
	
  Name:

  	
    Elissa
  Gouser-Hyman

  	
   

  	
   

  	
  Name:

  	
    James
  E. Hyman

  	
   

  
	
  Title: 

  	
  President,
  Marketing Strategies LLC

  	
   

  	
  Title: 

  	
  Chief
  Executive Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  COMPUTERSHARE
  TRUST COMPANY, INC.

  as Rights Agent

  
	
  Attest:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By: 

  	
  /s/ John M.
  Wahl

  	
   

  	
  By: 

  	
  /s/ Kellie
  Gwinn

  	
   

  
	
  Name:

  	
    John
  M. Wahl

  	
   

  	
  Name:  

  	
  Kellie Gwinn

  	
   

  	
   

  
	
  Title:

  	
   Corporate
  Trust Officer

  	
   

  	
  Title: 

  	
  Vice
  PresidentExhibit 4.1

 

GE CAPITAL CREDIT CARD MASTER
NOTE TRUST,

 

as Issuer

 

And

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,

 

as Indenture Trustee

 

 

Series 2005-2 INDENTURE SUPPLEMENT

 

Dated as of June 30,
2005

 

 

TABLE OF CONTENTS

 

	
  ARTICLE I

  	
  DEFINITIONS

  	
   

  
	
   

  	
   

  
	
  SECTION 1.1.

  	
  Definitions

  	
   

  
	
  SECTION 1.2.

  	
  Incorporation
  of Terms

  	
   

  
	
   

  	
   

  
	
  ARTICLE II

  	
  CREATION
  OF THE SERIES 2005-2 NOTES

  	
   

  
	
   

  	
   

  
	
  SECTION 2.1.

  	
  Designation

  	
   

  
	
   

  	
   

  
	
  ARTICLE III

  	
  REPRESENTATIONS,
  WARRANTIES AND COVENANTS

  	
   

  
	
   

  	
   

  
	
  SECTION 3.1.

  	
  Representations,
  Warranties and Covenants with respect to Net Swap Receipts

  	
   

  
	
  SECTION 3.2.

  	
  Representations,
  Warranties and Covenants with respect to Receivables

  	
   

  
	
   

  	
   

  
	
  ARTICLE IV

  	
  RIGHTS
  OF SERIES 2005-2 NOTEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS

  	
   

  
	
   

  	
   

  
	
  SECTION 4.1.

  	
  Determination
  of Interest and Principal

  	
   

  
	
  SECTION 4.2.

  	
  Establishment
  of Accounts

  	
   

  
	
  SECTION 4.3.

  	
  Calculations
  and Series Allocations

  	
   

  
	
  SECTION 4.4.

  	
  Application
  of Available Finance Charge Collections and Available Principal Collections

  	
   

  
	
  SECTION 4.5.

  	
  Distributions

  	
   

  
	
  SECTION 4.6.

  	
  Investor Charge-Offs

  	
   

  
	
  SECTION 4.7.

  	
  Reallocated Principal Collections

  	
   

  
	
  SECTION 4.8.

  	
  Excess Finance Charge Collections

  	
   

  
	
  SECTION 4.9.

  	
  Shared Principal Collections

  	
   

  
	
  SECTION 4.10.

  	
  Reserve Account

  	
   

  
	
  SECTION 4.11.

  	
  Spread Account

  	
   

  
	
  SECTION 4.12.

  	
  Investment of Accounts

  	
   

  
	
  SECTION 4.13.

  	
  Controlled Accumulation Period

  	
   

  
	
  SECTION 4.14.

  	
  Determination of LIBOR

  	
   

  
	
  SECTION 4.15.

  	
  Swaps

  	
   

  
	
  SECTION 4.16.

  	
  Deposit of Collections

  	
   

  
	
   

  	
   

  
	
  ARTICLE V

  	
  DELIVERY OF SERIES 2005-2 NOTES; REPORTS
  TO SERIES 2005-2 NOTEHOLDERS

  	
   

  
	
   

  	
   

  
	
  SECTION 5.1.

  	
  Delivery and Payment for the Series
  2005-2 Notes

  	
   

  
	
  SECTION 5.2.

  	
  Reports and Statements to Series
  2005-2 Noteholders

  	
   

  
	
   

  	
   

  
	
  ARTICLE VI

  	
  SERIES 2005-2 EARLY AMORTIZATION EVENTS

  	
   

  
	
   

  	
   

  
	
  SECTION 6.1.

  	
  Series 2005-2 Early Amortization
  Events

  	
   

  
					

 

i

 

	
  ARTICLE VII

  	
  REDEMPTION OF SERIES 2005-2 NOTES;
  FINAL DISTRIBUTIONS; SERIES TERMINATION

  	
   

  
	
   

  	
   

  
	
  SECTION 7.1.

  	
  Optional Redemption of Series 2005-2
  Notes; Final Distributions

  	
   

  
	
  SECTION 7.2.

  	
  Series Termination

  	
   

  
	
   

  	
   

  
	
  ARTICLE VIII

  	
  MISCELLANEOUS PROVISIONS

  	
   

  
	
   

  	
   

  
	
  SECTION 8.1.

  	
  Ratification of Indenture; Amendments

  	
   

  
	
  SECTION 8.2.

  	
  Form of Delivery of the Series 2005-2
  Notes

  	
   

  
	
  SECTION 8.3.

  	
  Counterparts

  	
   

  
	
  SECTION 8.4.

  	
  GOVERNING LAW

  	
   

  
	
  SECTION 8.5.

  	
  Limitation of Liability

  	
   

  
	
  SECTION 8.6.

  	
  Rights of the Indenture Trustee

  	
   

  
	
  SECTION 8.7.

  	
  Notice Address for Rating Agencies

  	
   

  
	
   

  	
   

  
	
  ARTICLE IX

  	
  FASIT MATTERS

  	
   

  
	
   

  	
   

  
	
  SECTION 9.1.

  	
  FASIT Administration

  	
   

  
				

 

	
  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 NOTEHOLDERS’ STATEMENT

  
	
  EXHIBIT C-1

  	
  FORM OF CLASS A SWAP

  
	
  EXHIBIT C-2

  	
  FORM OF CLASS B SWAP

  
	
  EXHIBIT C-3

  	
  FORM OF CLASS C SWAP

  
	
   

  	
   

  
	
  SCHEDULES

  	
   

  
	
   

  	
   

  
	
  SCHEDULE I

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

  
	
  SCHEDULE II

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

  

 

ii

 

SERIES 2005-2 INDENTURE
SUPPLEMENT, dated as of June 30, 2005 (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, and as further
amended by the Second Amendment to Master Indenture, dated as of June 17,
2004 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 2005-2 and to no other
Series.  Whenever used in this Indenture
Supplement, the following words and phrases shall have the following meanings:

 

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

 

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

 

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

 

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

 

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

 

 

“Agreement” is defined in the preamble.

 

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

 

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

 

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

 

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

 

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

 

“Available Finance Charge Collections” means,
for any Monthly Period, an amount equal to the sum of (a) the Investor Finance
Charge Collections for such Monthly Period, (b) the Series 2005-2 Excess
Finance Charge Collections for such Monthly Period, (c) Principal Accumulation
Investment Proceeds, if any, with respect to the related Transfer Date, (d)
interest and earnings on funds on deposit in the Reserve Account which will be
deposited into the Finance Charge Account on the related Payment Date to be
treated as Available Finance Charge Collections pursuant to Section 4.10(a), (e) amounts, if any, to
be withdrawn from the Reserve Account which will be deposited into the Finance
Charge Account on the related Transfer Date to be

 

2

 

treated as
Available Finance Charge Collections pursuant to Section 4.10(c),
and (f) any Net Swap Receipts for the related Transfer Date.

 

“Available Principal Collections” means, for
any Monthly Period, an amount equal to the sum of (a) the Investor Principal
Collections for such Monthly Period, minus
(b) the amount of Reallocated Principal Collections with respect to such
Monthly Period which pursuant to Section 4.7
are required to be applied on the related Payment Date, plus (c) the sum
of (i) any Shared Principal Collections with respect to other Principal Sharing
Series (including any amounts on deposit in the Excess Funding Account that are
allocated to Series 2005-2 for application as Shared Principal Collections),
(ii) the aggregate amount to be treated as Available Principal Collections
pursuant to Sections 4.4(a)(vi), (vii) and (x), and (iii)
during an Early Amortization Event, the amount of Available Finance Charge
Collections used to pay principal on the Notes pursuant to Section 4.4(a)(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 Net Swap Payments, (c) the
amount required to be paid pursuant to Section 4.4(a)(i) and (d)
the Noteholder Servicing Fee, each with respect to the related Payment Date,
and the denominator of which is the Collateral Amount plus amounts on deposit
in the Principal Accumulation Account, each as of the close of business on the
last day of such Monthly Period.

 

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

 

3

 

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

 

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

 

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

 

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

 

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

 

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

 

“Class A Note Initial Principal Balance” means
$790,000,000.

 

“Class A Note Interest Rate” means a per annum
rate of 0.01% in excess of LIBOR as determined on the LIBOR Determination Date
for the applicable Interest Period.

 

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

 

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

 

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

 

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

 

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

 

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

 

4

 

“Class A Swap Rate” means 3.99% per annum.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Class B Note Initial Principal Balance” means
$110,000,000.

 

“Class B Note Interest Rate” means a per annum
rate of 0.20% in excess of LIBOR as determined on the LIBOR Determination Date
for the applicable Interest Period.

 

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

 

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

 

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

 

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

 

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

 

5

 

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

 

“Class B Swap Rate”  means 3.99% per annum.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Class C Note Initial Principal Balance” means
$52,500,000.

 

“Class C Note Interest Rate” means a per annum
rate of 0.27% in excess of LIBOR as determined on the LIBOR Determination Date
for the applicable Interest Period.

 

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

 

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

 

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

 

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

 

6

 

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

 

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

 

“Class C Swap Rate” means 3.99% per annum.

 

“Closing Date” means June 30, 2005.

 

“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 2005-2 Noteholders (other
than any principal payments made from funds on deposit in the Spread Account),
(ii) reductions in the Excess Collateral Amount due to reductions in the
Required Excess Collateral Amount, (iii) the Principal Accumulation Account
Balance, and (iv) the excess, if any, of the aggregate amount of Investor
Charge-Offs and Reallocated Principal Collections over
the reimbursements of such amounts pursuant to Section 4.4(a)(vii)
prior to such date.

 

“Controlled Accumulation Amount” means, for
any Payment Date with respect to the Controlled Accumulation Period,
$95,250,000; provided, however, that if the Controlled Accumulation
Period Length is determined to be less than or more than ten months pursuant to
Section 4.13, the Controlled
Accumulation Amount for each Payment Date with respect to the Controlled
Accumulation Period will be equal to (i) the initial Note Principal Balance divided by (ii) the Controlled Accumulation
Period Length; provided, further, that the Controlled Accumulation
Amount for any Payment Date shall not exceed the Note Principal Balance minus
any amount already on deposit in the Principal Accumulation Account on such
Payment Date.

 

“Controlled Accumulation Period” means, unless
an Early Amortization Event shall have occurred prior thereto, the period
commencing at the opening of business on July 22, 2007 or such other date
as is determined in accordance with Section 4.13
and ending on the first to occur of (a) the commencement of the Early
Amortization Period and (b) the Final Payment Date.

 

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

 

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

 

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

 

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

 

7

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

8

 

“Early Amortization Period” means the period
commencing on the date on which a Trust Early Amortization Event or a Series
2005-2 Early Amortization Event is deemed to occur and ending on the Final
Payment Date.

 

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

 

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

 

“Expected Principal Payment Date” means the June 2008
Payment Date.

 

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

 

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

 

“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 2005-2 and each other
outstanding Series previously or hereafter specified in the related Indenture
Supplement to be included in Group One.

 

“Indenture” is defined in the preamble.

 

“Indenture Trustee” is defined in the
preamble.

 

“Initial Collateral Amount” means
$1,000,000,000, 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.

 

9

 

“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 2005-2 pursuant to Section 4.3(b)(i) for such Monthly
Period.

 

“Investor Principal Collections” means, for
any Monthly Period, an amount equal to the aggregate amount of Principal
Collections retained or deposited in the Principal Account for Series 2005-2
pursuant to Section 4.3(b)(ii) for
such Monthly Period.

 

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

 

“Issuer” is defined in the preamble.

 

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

 

“LIBOR Determination Date” means (i) June 28,
2005 for the period from and including the Closing Date through and including August 14,
2005 and (ii) the second London Business Day prior to the commencement of the
second and each subsequent Interest Period.

 

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

 

“Minimum Free Equity Percentage” means, for
purposes of Series 2005-2, 4%; provided that, at any time that GE Capital’s
long-term unsecured debt is rated Aa2 or lower by Moody’s or AA or lower by
S&P, the Minimum Free Equity Percentage shall be 7.0%.

 

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

 

“Monthly Period” means, as to the first
Payment Date, the period beginning on the Closing Date and ending on August 21,
2005, 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).

 

10

 

“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) $210,000,000 minus the sum of (x) the amount of
unreimbursed Investor Charge-Offs (after giving effect to Investor Charge-Offs
for the related Monthly Period) and unreimbursed Reallocated Principal
Collections (as of the previous Payment Date) and (y) any reductions to the
Collateral Amount on account of reductions to the Required Excess Collateral
Amount, but not less than zero;

 

(b)           the
lesser of (i) the Class B Required Amount and (ii) $100,000,000 minus the sum of (x) the amount of
unreimbursed Investor Charge-Offs (after giving effect to Investor Charge-Offs
for the related Monthly Period) and unreimbursed Reallocated Principal
Collections (as of the previous Payment Date and 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) $47,500,000 minus the sum of (x) the amount of
unreimbursed Investor Charge-Offs after giving effect to Investor Charge-Offs
for the related Monthly Period) and unreimbursed Reallocated Principal
Collections (as of the previous Payment Date and as required in clauses (a) and (b)
above) and (y) any reduction to the Collateral Amount on account of reductions
to the Required Excess Collateral Amount, but not less than zero.

 

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

 

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

 

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

 

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

 

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

 

11

 

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

 

“Payment Date” means August 15, 2005 and
the 15th day of each calendar month thereafter, or if such 15th day
is not a Business Day, the next succeeding Business Day.

 

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

 

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

 

“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 August 2005 Payment Date, the Excess Spread Percentage
for the Monthly Period relating to such Payment Date, (b) with respect to the September 2005
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 August 2005 Payment Date and (ii) the Excess Spread Percentage for the
Monthly Period relating to the September 2005 Payment Date and the
denominator of which is two, and (c) with respect to the October 2005
Payment Date and each Payment Date thereafter, the percentage equivalent of a
fraction the numerator of which is the sum of the Excess Spread Percentages
determined with respect to the Monthly Periods relating to such Payment Date
and the immediately preceding two Payment Dates and the denominator of which is
three.

 

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

 

12

 

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

 

“Redemption Amount” means, for any Transfer
Date, after giving effect to any deposits and payments otherwise to be made on
the related Payment Date, the sum of (i) the Note Principal Balance on the
related Payment Date, (ii) Monthly Interest for the related Payment Date and
any Monthly Interest previously due but not distributed to the Series 2005-2
Noteholders, (iii) the amount of Additional Interest, if any, for the related
Payment Date and any Additional Interest previously due but not distributed to
the Series 2005-2 Noteholders on a prior Payment Date and (iv) any amounts
owing to any Counterparty pursuant to the terms of the Class A Swap, Class B
Swap or Class C Swap.

 

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

 

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

 

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

 

“Required Excess Collateral Amount” means, at
any time, 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 3.0% 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 2005-2.

 

“Required Spread Account Amount” means, for
any Payment Date, the product of (i) the Spread Account Percentage in effect on
such date and (ii) during (x) the Revolving Period, the Collateral Amount, and
(y) during the Controlled Accumulation Period or the Early Amortization Period,
the Collateral Amount as of the last day of the Revolving Period; provided

 

13

 

that, prior to the
occurrence of an Event of Default and acceleration of the Series 2005-2 Notes
the Required Spread Account Amount shall never exceed the Class C Note
Principal Balance (after taking into account any payments to be made on such
Payment Date).

 

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

 

“Reserve Account Funding Date” means the
Transfer Date selected by the Servicer on behalf of the Issuer which occurs not
later than the earliest of the Transfer 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.

 

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

 

“Series Accounts”
is defined in Section 4.2.

 

“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

 

14

 

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

 

“Series Maturity Date” means, with respect to
Series 2005-2, the June 2011 Payment Date.

 

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

 

“Series 2005-2” means the Series of Notes the
terms of which are specified in this Indenture Supplement.

 

“Series 2005-2 Early Amortization Event” is
defined in Section 6.1.

 

“Series 2005-2 Excess Finance Charge
Collections” means Excess Finance Charge Collections allocated from other
Series in Group One to Series 2005-2 pursuant to Section 8.6 of the
Indenture.

 

“Series 2005-2 Note” means a Class A Note, a
Class B Note or a Class C Note.

 

“Series 2005-2 Noteholder” means a Class A
Noteholder, a Class B Noteholder or a Class C Noteholder.

 

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

 

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

 

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

 

15

 

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

 

“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
2005-2.

 

ARTICLE II

CREATION OF THE SERIES 2005-2 NOTES

 

SECTION 2.1.  Designation.

 

(a)           There
is hereby created and designated a Series of Notes to be issued pursuant to the
Indenture and this Indenture Supplement to be known as “GE Capital Credit Card Master Note Trust, Series 2005-2”
or the “Series 2005-2 Notes.”  The Series 2005-2 Notes shall be issued in
three Classes, known as the “Class A Series 2005-2
Floating Rate Asset Backed Notes,” the “Class
B Series 2005-2 Floating Rate Asset Backed Notes,” and the “Class C Series 2005-2 Floating Rate Asset Backed Notes.”

 

(b)           Series
2005-2 shall be included in Group One and shall be a Principal Sharing
Series.  Series 2005-2 shall be an Excess
Allocation Series with respect to Group One only.  Series 2005-2 shall not be subordinated to
any other Series.

 

(c)           The
Series 2005-2 Notes shall be issued in minimum denominations of $100,000 and in
integral multiples of $1,000.

 

ARTICLE III

REPRESENTATIONS, WARRANTIES AND COVENANTS

 

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

 

SECTION 3.2.  Representations,
Warranties and Covenants with respect to Receivables.  The parties hereto agree that the
representations, warranties and covenants set forth in Schedule II
shall be a part of this Indenture Supplement for all purposes.

 

16

 

ARTICLE IV

RIGHTS OF SERIES 2005-2 NOTEHOLDERS AND ALLOCATION
AND

APPLICATION OF COLLECTIONS

 

SECTION 4.1.  Determination
of Interest and Principal.

 

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

 

With respect to each
Payment Date, the Issuer shall determine the excess, if any (the “Class A Deficiency Amount”), of (x) the
aggregate amount of Class A Monthly Interest payable pursuant to this Section 4.1(a)
as of the prior Payment Date over (y)
the amount of Class A Monthly Interest actually paid on such Payment Date.  If the Class A Deficiency Amount for any
Payment Date is greater than zero, on each subsequent Payment Date until such
Class A Deficiency Amount is fully paid, an additional amount (“Class A Additional Interest”) equal to the
product of (i) a fraction, the numerator of which is the actual number of days
in the related Interest Period and the denominator of which is 360, (ii) the
Class A Note Interest Rate 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 the actual number of days in the related Interest Period
and the denominator of which is 360, (ii) the Class B Note Interest Rate in
effect with respect to the related Interest Period and (iii) the Class B Note
Principal Balance as of the close of business on the last day of the preceding
Monthly Period (or, with respect to the initial Payment Date, the Class B Note
Initial Principal Balance).

 

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

 

17

 

contrary herein,
Class B Additional Interest shall be payable or distributed to the Class B
Noteholders only to the extent permitted by applicable law.

 

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

 

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

 

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

 

SECTION 4.2.  Establishment
of Accounts.

 

(a)           As
of the Closing Date, the Issuer covenants to have established and shall
thereafter maintain the Finance Charge Account, the Principal Account, the
Principal Accumulation Account, the Distribution Account, the Reserve Account
and the Spread Account (collectively, the “Series Accounts”) 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.

 

18

 

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

 

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

 

SECTION 4.3.  Calculations
and Series Allocations.

 

(a)           Allocations.  Finance Charge Collections, Principal
Collections and Charged-Off Receivables allocated to Series 2005-2 pursuant to Article VIII of the Indenture shall be
allocated and distributed as set forth in this Article.  Notwithstanding anything to the contrary in Section 4.3(b),
during any period when the Issuer is permitted by Section 8.4
of the Indenture to make a single monthly deposit to the Collection Account,
amounts allocated to the Noteholders pursuant to Section 4.3(b)
with respect to any Monthly Period need not be deposited into the Collection
Account or any Series Account prior to the related Payment Date, and, when so
deposited, (x) may be deposited net of any amounts required to be distributed
to Transferor and, if the Originator is Servicer, any amounts owed to the
Servicer, and (y) shall be deposited into the Finance Charge Account (in the
case of Collections of Finance Charge Receivables) and the Principal Account (in
the case of Collections of Principal Receivables (not including any Shared
Principal Collections allocated to Series 2005-2 pursuant to Section 8.5 of the Indenture)).

 

(b)           Allocations
to the Series 2005-2 Noteholders. 
The Issuer shall on each Date of Processing, allocate to the Series
2005-2 Noteholders the following amounts as set forth below:

 

(i)            Allocations of Finance Charge Collections.  The Issuer shall allocate to the Series
2005-2 Noteholders an amount equal to the product of (A) the Allocation Percentage
and (B) the aggregate Finance Charge Collections processed on such Date of
Processing and, subject to Section 4.16, shall deposit such amount into
the Finance Charge Account; provided
that, with respect to each Monthly Period falling in the

 

19

 

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

 

With respect to any
Monthly Period when deposits of Collections of Finance Charge Receivables into
the Finance Charge Account are limited to deposits up to the Target Amount in
accordance with clause (i) above,
notwithstanding such limitation: (1) “Reallocated
Principal Collections” for the related Transfer Date shall be
calculated as if the full amount of Finance Charge Collections allocated to the
Noteholders during that Monthly Period had been deposited in the Finance Charge
Account and applied on the related Payment Date in accordance with Section 4.4(a); and (2) Collections of
Finance Charge Receivables released to Transferor pursuant to clause (i)
above shall be deemed, for purposes of all calculations under this Indenture
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
2005-2 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 2005-2 Noteholders and first, if
any other Principal Sharing Series is outstanding and in its accumulation
period or amortization period, retained in the Principal Account for
application, to the extent necessary, as Shared Principal Collections to other
Principal Sharing Series on the related Payment Date, second deposited in the
Excess Funding Account to the extent necessary so that the Free Equity Amount
is not less than the Minimum Free Equity Amount and third paid to the holders
of the Transferor Interest.

 

(2)           With
respect to each Monthly Period falling in the Revolving Period, to the extent
that Collections of Principal Receivables allocated to the Series 2005-2
Noteholders pursuant to this Section 4.3(b)(ii)
are paid to Transferor, the Issuer shall cause Transferor to make an amount
equal to the Reallocated Principal Collections for the related Transfer Date
available on that Transfer Date for application in accordance with Section  4.7.

 

(y)           Allocations
During the Controlled Accumulation Period.  During the Controlled Accumulation Period an
amount equal to the product of the Allocation Percentage and the aggregate
amount of Principal Collections processed on such Date of Processing (the
product for any such date is hereinafter referred to as a “Percentage Allocation”) shall be allocated to
the Series 2005-2 Noteholders and transferred to the Principal Account until
applied as provided herein; provided, however,
that if the sum of such Percentage Allocation and all preceding Percentage
Allocations with respect to the same Monthly Period exceeds the Controlled
Deposit Amount during the Controlled Accumulation Period for the related Payment
Date, then such excess shall not be treated as a Percentage Allocation and
shall be first, if any other Principal Sharing Series is outstanding and in its
accumulation period or amortization period, retained in the Principal Account
for application, to the extent necessary, as Shared Principal Collections to
other Principal Sharing Series on the related Payment Date, second deposited in
the Excess Funding Account to the 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 2005-2 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 2005-2 pursuant to Section 8.4(d) of the Indenture: (A) the payment
to the Indenture Trustee of the accrued and unpaid fees and other amounts owed
to the Indenture Trustee up to a maximum amount of $25,000 for each calendar
year, (B) the payment to the Trustee of the accrued and unpaid fees and other
amounts owed to the Trustee up to a maximum amount of $25,000 for each calendar
year and (C) the payment to the Administrator of the accrued and unpaid fees and
other amounts owed to the Administrator up to a maximum amount of $25,000 for
each calendar year;

 

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

 

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

 

(iv)          on
a pari passu basis based on the amounts owing to the Class B Noteholders and
each Class B Counterparty pursuant to this Section 4.4(a)(iv): (A)
an amount equal to Class B Monthly Interest for such Payment Date, plus any Class B

 

22

 

Deficiency Amount, plus the
amount of any Class B Additional Interest for such Payment Date, plus the amount of any Class B Additional
Interest previously due but not paid to Class B Noteholders on a prior Payment
Date, shall be deposited into the Distribution Account, and (B) any Class B Net
Swap Payment for such Payment Date shall be paid to the Class B Counterparty
and any unpaid Class B Net Swap Payments owed to the Class B Counterparty in
respect of any prior Payment Date;

 

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

 

 

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

 

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

 

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

 

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

 

(x)            without
duplication of the amount specified in clause (vi)(B) of this Section 4.4(a),
an amount equal to the Series Allocation Percentage (calculated by excluding
all outstanding Series of Notes issued on any date prior to September 22,
2004 and any Series of Notes excluded from this calculation pursuant to the
terms of the Indenture Supplement for such Series) of the excess, if any, of
the Minimum Free Equity

 

23

 

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)           on
a pari passu basis (A) an amount equal to any partial or early termination
payments or other additional payments owed to the Class A Counterparty under
the Class A Swap shall be paid to the Class A Counterparty, (B) an amount equal
to any partial or early termination payments or other additional payments owed
to the Class B Counterparty under the Class B Swap shall be paid to the Class B
Counterparty and (C) an amount equal to any partial or early termination
payments or other additional payments owed to the Class C Counterparty under
the Class C Swap shall be paid to the Class C Counterparty;

 

(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 2005-2 pursuant to Section 8.4(d)
of the Indenture and that have not been paid pursuant to clause (i)
above shall be paid to such Persons; and

 

(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 2005-2 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 in respect of the Ownership Interest.

 

(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;

 

24

 

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

 

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

 

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

 

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

 

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

 

SECTION 4.5.  Distributions.

 

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

 

25

 

(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
2005-2 Noteholder (at such Noteholder’s address as it appears in the Note
Register), except that for any Series 2005-2 Notes registered in the name of
the nominee of a Clearing Agency, such payment shall be made by wire transfer
of immediately available funds and (ii) except as provided in Section 2.7(b)
of the Indenture, without presentation or surrender of any Series 2005-2 Note
or the making of any notation thereon.

 

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

 

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

 

SECTION 4.8.  Excess Finance Charge Collections.  Series 2005-2 shall be an Excess Allocation
Series with respect to Group One only. 
Subject to Section 8.6 of
the Indenture, Excess Finance Charge Collections with respect to the Excess
Allocation Series in Group One for any Transfer Date will be allocated to Series
2005-2 in an amount equal to the product of (x) the aggregate amount of Excess
Finance Charge Collections with respect to all the Excess Allocation Series in
Group One for such Payment Date and (y) a fraction, the numerator of which is
the Finance Charge Shortfall for Series 2005-2 for such Payment Date and the
denominator of which is the aggregate amount of Finance Charge Shortfalls for
all the Excess Allocation Series in Group One for such Payment Date.  The “Finance
Charge Shortfall” for Series 2005-2 for any Payment Date will be
equal to the excess, if any, of (a) the full amount required to be paid,
without duplication, pursuant to Sections
4.4(a)(i) through (xii) on
such

 

26

 

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 2005-2 on
any Transfer Date will be equal to the product of (x) the aggregate amount of
Shared Principal Collections with respect to all Principal Sharing Series for
such Transfer Date and (y) a fraction, the numerator of which is the Principal
Shortfall for Series 2005-2 for such Transfer Date and the denominator of which
is the aggregate amount of Principal Shortfalls for all the Series which are
Principal Sharing Series for such Transfer Date.  The “Principal
Shortfall” for Series 2005-2 will be equal to (a) for any Transfer
Date with respect to the Revolving Period or any Transfer Date during the Early
Amortization Period prior to the Transfer Date relating to the earlier of (i)
the Expected Principal Payment Date and (ii) the date on which all outstanding
Series are in early amortization periods, zero, (b) for any Transfer Date with
respect to the Controlled Accumulation Period, the excess, if any, of the
Controlled Deposit Amount with respect to such Transfer Date over the amount of Available Principal
Collections for such Transfer Date (excluding any portion thereof attributable
to Shared Principal Collections or amounts available to be treated as Available
Principal Collections pursuant to clause (xiii) of Section 4.4(a))
and (c) for any Transfer Date relating to any Payment Date on or after the
earlier of (i) the Expected Principal Payment Date and (ii) the date on which
all outstanding Series are in early amortization periods, the Note Principal
Balance.

 

SECTION 4.10.  Reserve Account.

 

(a)                                  On
each Transfer Date, all interest and earnings (net of losses and investment
expenses) accrued since the preceding Transfer Date on funds on deposit in the
Reserve Account shall be retained in the Reserve Account (to the extent that
the Available Reserve Account Amount is less than the Required Reserve Account
Amount) and any remaining interest and earnings (net of losses and investment
expenses) shall be deposited into the Finance Charge Account and included in
Available Finance Charge Collections for such Transfer Date.  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)
with respect to such Transfer 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 for such Transfer 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

 

27

 

Issuer, shall withdraw from the Reserve
Account an amount equal to such Reserve Account Surplus and distribute any such
amounts to the holders of the Transferor Interest.

 

(e)                                  Upon
the earliest to occur of (i) the termination of the Trust pursuant to Article VIII of the Trust Agreement,
(ii) the first Transfer Date relating to the Early Amortization Period and
(iii) the Expected Principal Payment Date for the Class C Notes, the Issuer,
after the prior payment of all amounts owing to the Series 2005-2 Noteholders
that are payable from the Reserve Account as provided herein, shall withdraw
from the Reserve Account all amounts, if any, on deposit in the Reserve Account
and distribute any such amounts to the holders of the Transferor Interest.  The Reserve Account shall thereafter be
deemed to have terminated for purposes of this Indenture Supplement.

 

SECTION 4.11.  Spread Account.

 

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

 

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

 

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

 

(d)                                 On
any day following the occurrence of an Event of Default with respect to Series
2005-2 that has resulted in the acceleration of the Series 2005-2 Notes, the
Issuer shall withdraw from the Spread Account the Available Spread Account
Amount and deposit such amount in the Distribution Account for payment to the
Series 2005-2 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 Transfer 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 Transfer Date, the amount on deposit in the Spread Account
exceeds the

 

28

 

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

 

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

 

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

 

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

 

(d)                                 On
each Transfer Date (but subject to Section 4.11(a)),
the Investment Earnings, if any, credited since the preceding Transfer Date on
funds on deposit in the Spread Account shall be retained in the Spread Account
(to the extent that the Available Spread Account Amount is less than the
Required Spread Account Amount) and the balance, if any, shall be paid to the
holders of the Transferor Interest.  For
purposes of determining the availability of funds or the balance in the Spread
Account for any reason under this Indenture Supplement (subject to Section 4.11(a)), all Investment
Earnings shall be deemed not to be available or on deposit; provided that after the maturity of the
Series 2005-2 Notes has been accelerated as a result of an Event of Default,
all Investment Earnings shall be added to the balance on deposit in the Spread
Account and treated like the rest of the Available Spread Account Amount.

 

SECTION 4.13.  Controlled Accumulation Period.  The Controlled Accumulation Period is
scheduled to commence at the beginning of business on July 22, 2007; 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

 

29

 

Principal Receivables in the Trust (and the
principal amount on deposit in the Excess Funding Account, if any) remains
constant at the level on such date of determination, (3) no Early Amortization
Event with respect to any Series will subsequently occur and (4) no additional
Series (other than any Series being issued on such date of determination) will
be subsequently issued.  Any notice by
Issuer modifying the commencement of the Controlled Accumulation Period
pursuant to this Section 4.13
shall specify (i) the Controlled Accumulation Period Length, (ii) the
commencement date of the Controlled Accumulation Period and (iii) the
Controlled Accumulation Amount with respect to each Monthly Period during the
Controlled Accumulation Period.

 

SECTION 4.14.  Determination of LIBOR.

 

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

 

(b)                                 The
Class A Note Interest Rate, Class B Note Interest Rate and Class C Note
Interest Rate applicable to the then current and the immediately preceding
Interest Periods may be obtained by telephoning the Indenture Trustee at its
corporate trust office at (800) 735-7777 or such other telephone number as
shall be designated by the Indenture Trustee for such purpose by prior written
notice by the Indenture Trustee to each Series 2005-2 Noteholder from time to
time.

 

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

 

30

 

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

 

(b)                                 When
required under the terms of the existing Class A Swap, Class B Swap or Class C
Swap, the Issuer shall obtain a replacement Class A Swap, Class B Swap or Class
C Swap, as applicable, upon satisfaction of the Rating Agency Condition.

 

SECTION 4.16.  Deposit of Collections.  Notwithstanding anything to the contrary in
the Indenture, for any Monthly Period during which the Issuer is permitted to
make a single monthly deposit to the Collection Account pursuant to Section 8.4
of the Indenture for such Monthly Period, the Issuer need not make the daily
deposits of Collections into the Collection Account as provided in Section 8.4
of the Indenture, but may make a single deposit in the Collection Account in
immediately available funds not later than 12:00 noon., New York City time, on
the related Payment Date.

 

ARTICLE V

DELIVERY OF SERIES 2005-2 NOTES;

REPORTS TO SERIES 2005-2 NOTEHOLDERS

 

SECTION 5.1.  Delivery and Payment for the Series 2005-2
Notes.

 

The Issuer shall execute
and issue, and the Indenture Trustee shall authenticate, the Series 2005-2
Notes in accordance with Section 2.2
of the Indenture.  The Indenture Trustee
shall deliver the Series 2005-2 Notes to or upon the written order of the
Issuer when so authenticated.

 

SECTION 5.2.  Reports and Statements to Series 2005-2
Noteholders.

 

(a)                                  Not
later than the second Business Day preceding each Payment Date, the Issuer
shall deliver or cause the Servicer to deliver to the Trustee, the Indenture
Trustee and each Rating Agency a statement substantially in the form of Exhibit B prepared by the Servicer;

 

31

 

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 2005-2 Noteholder a statement substantially
in the form of Exhibit B.

 

(b)                                 A
copy of each statement or certificate provided pursuant to Section 5.2(a)
may be obtained by any Series 2005-2 Noteholder by a request in writing to the
Issuer.

 

(c)                                  On
or before January 31 of each calendar year, beginning with January 31,
2006, the Issuer shall furnish or cause to be furnished to each Person who at
any time during the preceding calendar year was a Series 2005-2 Noteholder the
information for the preceding calendar year, or the applicable portion thereof
during which the Person was a Noteholder, as is required to be provided by an
issuer of indebtedness under the Code to the holders of the Issuer’s
indebtedness and such other customary information as is necessary to enable
such Noteholder to prepare its federal income tax returns.  Notwithstanding anything to the contrary
contained in this Agreement, the Issuer shall, to the extent required by
applicable law, from time to time furnish to the appropriate Persons, at least
five Business Days prior to the end of the period required by applicable law,
the informed required to complete a Form 1099-INT.

 

ARTICLE VI

SERIES 2005-2 EARLY AMORTIZATION EVENTS

 

SECTION 6.1.  Series 2005-2 Early Amortization Events.  If any one of the following events shall
occur with respect to the Series 2005-2 Notes:

 

(a)                                  (i)  failure on the part of Transferor to make any
payment or deposit required to be made by it by the terms of the Trust
Receivables Purchase Agreement or the Transfer Agreement on or before the date
occurring five (5) Business Days after the date such payment or deposit is
required to be made therein or herein or (ii) failure of the Transferor duly to
observe or perform in any material respect any other of its covenants or
agreements set forth in the Trust Receivables Purchase Agreement or the
Transfer Agreement which failure has a material adverse effect on the Series
2005-2 Noteholders and which continues unremedied for a period of sixty days
after the date on which written notice of such failure, requiring the same to
be remedied, shall have been given to the Transferor by the Indenture Trustee,
or to the Transferor and the Indenture Trustee by any Noteholder of the Series
2005-2 Notes;

 

(b)                                 any
representation or warranty made by Transferor in the Transfer Agreement or the
Trust Receivables Purchase Agreement or any information contained in an account
schedule required to be delivered by it pursuant to Section 2.1 or Section 2.6(c) of the Transfer Agreement,
Trust Agreement or the Bank Receivables Sale Agreement shall prove to have been
incorrect in any material respect when made or when delivered, which continues
to be incorrect in any material respect for a period of sixty 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
2005-2 Notes and as a result of which the interests of the Series 2005-2
Noteholders are materially and adversely affected for such period; provided,
however, that a Series 2005-2 Early Amortization Event pursuant to
this Section 6.1(b) shall not be
deemed to have occurred hereunder if the Transferor has accepted reassignment
of the related Transferred Receivable, or

 

32

 

all of such Transferred Receivables, if
applicable, during such period in accordance with the provisions of the
Transfer Agreement or the Trust Receivables Purchase Agreement;

 

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

 

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

 

(e)                                  the
Portfolio Yield averaged over three consecutive Monthly Periods is less than
the Base Rate averaged over the same Monthly Periods;

 

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

 

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

 

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

 

(i)                                     without
limiting the foregoing, the occurrence of an Event of Default with respect to
Series 2005-2 and acceleration of the maturity of the Series 2005-2 Notes
pursuant to Section 5.3 of the
Indenture;

 

then, in the case of any
event described in subsection (a),
(b) or (d),
after the applicable grace period, if any, set forth in such subparagraphs,
either the Indenture Trustee or the holders of Series 2005-2 Notes evidencing
more than 50% of the aggregate unpaid principal amount of Series 2005-2 Notes
by notice then given in writing to the Issuer (and to the Indenture Trustee if
given by the Series 2005-2 Noteholders) may declare that a “Series Early
Amortization Event” with respect to Series 2005-2 (a “Series 2005-2 Early Amortization Event”) has
occurred as of the date of such notice, and, in the case of any event described
in subsection (c), (e), (f), (g), (h) or (i)
a Series 2005-2 Early Amortization Event shall occur without any notice or
other action on the part of the Indenture Trustee or the Series 2005-2
Noteholders immediately upon the occurrence of such event.

 

33

 

ARTICLE VII

REDEMPTION OF SERIES 2005-2 NOTES; FINAL
DISTRIBUTIONS; SERIES TERMINATION

 

SECTION 7.1.  Optional Redemption of Series 2005-2
Notes; Final Distributions.

 

(a)                                  On
any day occurring on or after the date on which the outstanding principal
balance of the Series 2005-2 Notes is reduced to 10% or less of the initial
outstanding principal balance of Series 2005-2 Notes, Transferor has the option
pursuant to the Trust Agreement to reduce the Collateral Amount to zero by
paying a purchase price equal to the greater of (x) the Collateral Amount, plus
the applicable Allocation Percentage of outstanding Finance Charge Receivables
and (y) a minimum amount equal to (i) if such day is a Payment Date, the
Redemption Amount for such Payment Date or (ii) if such day is not a Payment
Date, the Redemption Amount for the Payment Date following such day.  If Transferor exercises such option, Issuer
will apply such purchase price to repay the Notes in full as specified below.

 

(b)                                 Issuer
shall give the Indenture Trustee at least thirty (30) days prior written notice
of the date on which Transferor intends to exercise such optional
redemption.  Not later than 12:00 noon,
New York City time, on such day Transferor shall deposit into the Distribution
Account in immediately available funds the excess of the Redemption Amount over
the amount, if any, on deposit in the Principal Accumulation Account.  Such redemption option is subject to payment
in full of the Redemption Amount. 
Following such deposit into the Distribution Account in accordance with
the foregoing, the Collateral Amount for Series 2005-2 shall be reduced to zero
and the Series 2005-2 Noteholders shall have no further security interest in
the Transferred Receivables.  The Redemption
Amount shall be paid as set forth in Section 7.1(d).

 

(c)                                  (i)  The amount to be paid by the Transferor with
respect to Series 2005-2 in connection with a reassignment of Transferred
Receivables to the Transferor pursuant to Section 6.1(e)
of the Transfer Agreement shall not be less than the Redemption
Amount for the first Payment Date following the Monthly Period in which the
reassignment obligation arises under the Transfer Agreement.

 

(ii)                                  The amount to be paid
by the Issuer with respect to Series 2005-2 in connection with a repurchase of
the Notes pursuant to Section 10.1
of the Trust Agreement shall not be less than the Redemption Amount for the
Payment Date of such repurchase.

 

(d)                                 With
respect to (i) the Redemption Amount deposited into the Distribution Account
pursuant to Section 7.1 or (ii)
the proceeds of any sale of Transferred Receivables pursuant to Section 5.3 of the Indenture with
respect to Series 2005-2, the Indenture Trustee shall, in accordance with
the written direction of the Issuer, not later than 12:00 noon, New York City
time, on the related Payment Date, make payments of the following amounts (in
the priority set forth below and, in each case, after giving effect to any
deposits and payments otherwise to be made on such date) in immediately
available funds:  (i) (x) the Class A
Note Principal Balance on such Payment Date will be paid to the Class A
Noteholders and (y) an amount equal to the sum of (A) Class A Monthly Interest
due and payable on such Payment Date or any prior Payment Date, (B) any
Class A Deficiency Amount for such Payment Date and (C) the amount

 

34

 

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) on a pari passu basis, (A) any amounts owed to the
Counterparty under the Class A Swap will be paid to the Class A Counterparty,
(B) any amounts owed to the Class B Counterparty under the Class B Swap will be
paid to the Class B Counterparty and (C) any amounts owed to the Class C
Counterparty under the Class C Swap will be paid to the Class C Counterparty
and (v) 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 2005-2 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 2005-2 Noteholders shall be the only
Noteholders whose vote shall be required.

 

SECTION 8.2.  Form of Delivery of the Series 2005-2
Notes.  The Class A Notes, the Class
B Notes and the Class C Notes shall be Book-Entry Notes and shall be delivered
as provided in Sections 2.1 and 2.2 of the Indenture.

 

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

 

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

 

35

 

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

 

36

 

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

 

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

 

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

 

SECTION 8.7.  Notice Address
for Rating Agencies.  Notices,
if any, required to be delivered to the Rating Agencies by the Issuer, the
Indenture Trustee or the Trustee shall be sent to the following address:

 

Fitch
Ratings

One State Street Plaza

New York, NY 10004 

Facsimile: (212)-514-9879

 

Moody’s
Rating Service

99 Church Street

New York, NY 10007 

Facsimile:  (212) 553-3856

 

Standard
& Poor’s

Structured Finance Surveillance

55 Water Street

New York, NY 10041

Attention:  ABS Surveillance Group

Facsimile: (212) 438-2648-0003

 

ARTICLE IX

FASIT MATTERS

 

SECTION 9.1.  FASIT Administration.

 

(a)                                  FASIT
Matters.  An election has been made
to treat the Trust Estate as a FASIT known as the RFS FASIT.  December 30, 2002 was designated as the “Startup
Day” of the RFS FASIT within the meaning of section 860L(d)(1) of the
Code.  The Ownership Interest was

 

37

 

designated as the single class of “ownership
interest” (within the meaning of section 860L(b)(2) of the Code) in the
RFS FASIT.  Notwithstanding any provision
of the Indenture or this Indenture Supplement to the contrary, each class of
Series 2005-2 Regular Interests shall mature on or before December 1,
2020.

 

(b)                                 Series
2005-2 Regular Interests.  Each Class
of Notes is hereby designated a separate class of “regular interests” in the
RFS FASIT within the meaning of section 860L(b)(1)(A) of the Code and each
Note is hereby designated a separate “regular interest” within such Class.  Each of the Class A Notes is hereby
designated a “Class A Regular Interest,” each of the Class B Notes is
hereby designated a “Class B Regular Interest” and each of the Class C
Notes is hereby designated a “Class C Regular Interest” (the Class A
Regular Interests, the Class B Regular Interests and the Class C Regular
Interests being referred to collectively as the “Series 2005-2 Regular
Interests”).  The Series 2005-2
Regular Interest shall bear interest at a rate equal to the rate of interest on
the related Class A Note, Class B Note or Class C Note, as applicable (such
related interest, a “Related Interest”). 
The rate of interest on each Related Interest is intended to qualify as
a qualifying variable rate under section 860L(b)(1)(A)(ii) of the
Code.  Interest shall be paid on each
Class of Series 2005-2 Regular Interest at the same times as Interest is paid
on the Class A Notes, Class B Notes and Class C Notes (which Interest shall be
allocated among the Series 2005-2 Regular Interests in proportion to the amount
of Interest owning on the respective Related Interests if there is more than
one class of such Series 2005-2 Regular Interests and Interest with respect to
each class is not paid in full).  The
principal amount of each Series 2005-2 Regular Interest shall equal the
respective amount of the Class A Note Principal Balance, Class B Note Principal
Balance or Class C Note Principal Balance, as applicable, with respect to the
Related Interest for such Series 2005-2 Regular Interest.

 

(c)                                  Payment
of Principal on Class A Regular Interests. 
On each Payment Date, beginning with the Payment Date in the Monthly
Period following the Monthly Period in which the Controlled Accumulation Period
or, if earlier, the Early Amortization Period, begins, the principal amount of each
Class A Regular Interest related to a Class A Note shall be reduced by such
Class A Note’s pro rata share of an amount equal to the least of (i) the
Available Principal Collections on deposit in the Principal Account with
respect to such Payment Date, (ii) for each Payment Date with respect to the
Controlled Accumulation Period, the Controlled Deposit Amount for such Payment
Date, (iii) the Collateral Amount (after taking into account any adjustments to
be made on such Payment Date pursuant to Sections 4.6 and 4.7)
prior to any deposit into the Principal Accumulation Account on such Payment
Date, and (iv) the Note Principal Balance, minus any amount already on deposit
in the Principal Accumulation Account on such Payment Date.

 

(d)                                 Payment
of Principal on Class B Regular Interests. 
On each Payment Date, beginning with the Payment Date in the Monthly
Period following the Monthly Period in which the Controlled Accumulation Period
or, if earlier, the Early Amortization Period, begins, the principal amount of
each Class B Regular Interest related to a Class B Note shall be reduced by
such Class B Note’s pro rata share of an amount equal to the least of (i) the
Available Principal Collections on deposit in the Principal Account with
respect to such Payment Date, (ii) for each Payment Date with respect to the
Controlled Accumulation Period, the Controlled Deposit Amount for such Payment
Date, (iii) the Collateral Amount (after taking into account any adjustments to
be made on such Payment Date pursuant to Sections 4.6 and 4.7)
prior to any

 

38

 

deposit into the Principal Accumulation
Account on such Payment Date, and (iv) the Note Principal Balance, minus any
amount already on deposit in the Principal Accumulation Account on such Payment
Date.

 

(e)                                  Payment
of Principal on Class C Regular Interests. On each Payment Date, beginning
with the Payment Date in the Monthly Period following the Monthly Period in
which the Controlled Accumulation Period or, if earlier, the Early Amortization
Period, begins, the principal amount of each Class C Regular Interest related
to a Class C Note shall be reduced by such Class C Note’s pro rata share of an
amount equal to the least of (i) the Available Principal Collections on deposit
in the Principal Account with respect to such Payment Date, (ii) for each
Payment Date with respect to the Controlled Accumulation Period, the Controlled
Deposit Amount for such Payment Date, (iii) the Collateral Amount (after taking
into account any adjustments to be made on such Payment Date pursuant to Sections
4.6 and 4.7) prior to any deposit into the Principal Accumulation
Account on such Payment Date, and (iv) the Note Principal Balance, minus any
amount already on deposit in the Principal Accumulation Account on such Payment
Date.

 

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

 

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

 

[SIGNATURE
PAGE FOLLOWS]

 

39

 

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

 

	
   

  	
  GE CAPITAL
  CREDIT CARD MASTER NOTE

  TRUST, as Issuer

  
	
   

  	
   

  
	
   

  	
  By:

  	
  The Bank of New York (Delaware), not in

  its individual capacity, but as Trustee on

  behalf of Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ KRISTINE K. GULLO

  	
   

  
	
   

  	
   

  	
  Name: Kristine K. Gullo

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DEUTSCHE BANK TRUST COMPANY

  AMERICAS, as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ SUSAN BARSTOCK

  	
   

  
	
   

  	
   

  	
  Name: Susan Barstock

  
	
   

  	
   

  	
  Title: Vice President

  
						

 

S-1

 

 

EXHIBIT A-1

FORM OF CLASS
A SERIES 2005-2 FLOATING RATE ASSET BACKED NOTE

 

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

 

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

 

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

 

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

 

A-1-1

 

IN (A) OR (B)
ABOVE OR (II) ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF THIS NOTE
WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406
OF ERISA OR SECTION 4975 OF THE CODE.

 

A-1-2

 

	
  REGISTERED

  	
  $                                                            

  
	
  No. R-

  	
                                     

  	
  CUSIP
  NO.                       

  
			

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2005-2

 

CLASS A SERIES 2005-2 FLOATING RATE ASSET
BACKED NOTE

 

GE Capital Credit Card
Master Note Trust (herein referred to as the “Issuer” or the “Trust”), a
Delaware statutory trust governed by a Trust Agreement dated as of September 25,
2003, for value received, hereby promises to pay to Cede & Co., or
registered assigns, subject to the following provisions, the principal sum of                                 DOLLARS,
or such greater or lesser amount as determined in accordance with the
Indenture, on the June 2011 Payment Date, except as otherwise provided
below or in the Indenture.  The Issuer
will pay interest on the unpaid principal amount of this Note at the Class A
Note Interest Rate on each Payment Date until the Final Payment Date (which is
the earlier to occur of (a) the Payment Date on which the Note Principal
Balance is paid in full, (b) the date on which the Collateral Amount is reduced
to zero and (c) the June 2011 Payment Date). Interest on this Note will
accrue for each Payment Date from and including the most recent Payment Date on
which interest has been paid to but excluding such Payment Date or, for the
initial Payment Date, from and including the Closing Date to but excluding such
Payment Date.  Interest will be computed
on the basis of a 360-day year and the actual number of days elapsed.  Principal of this Note shall be paid in the
manner specified in the Indenture Supplement referred to on the reverse hereof.

 

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

 

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

 

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

 

A-1-3

 

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

 

	
   

  	
  GE CAPITAL
  CREDIT CARD MASTER NOTE

  TRUST, as Issuer

  
	
   

  	
   

  
	
   

  	
  By:

  	
  THE BANK OF NEW YORK (DELAWARE),

  not in its individual capacity but solely as

  Trustee on behalf of Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
  Dated:

  	
   

  	
  ,

  	
   

  	
   

  	
   

  
								

 

A-1-4

 

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

  	
   

  

 

A-1-5

 

GE CAPITAL
CREDIT CARD

MASTER NOTE TRUST SERIES 2005-2

 

CLASS A SERIES
2005-2 FLOATING RATE ASSET BACKED NOTE

 

Summary of
Terms and Conditions

 

This Class A Note is one
of a duly authorized issue of Notes of the Issuer, designated as GE Capital
Credit Card Master Note Trust, Series 2005-2 (the “Series
2005-2 Notes”), issued under a Master Indenture dated as of September 25,
2003 (as amended, the “Master Indenture”),
between the Issuer and Deutsche Bank Trust Company Americas, as indenture
trustee (the “Indenture Trustee”), as
supplemented by the Indenture Supplement dated as of June 30, 2005 (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.

 

A-1-6

 

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.

 

A-1-7

 

EXHIBIT A-2

FORM OF CLASS
B SERIES 2005-2 FLOATING RATE ASSET BACKED NOTE

 

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

 

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

 

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

 

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

 

A-2-1

 

IN (A) OR (B)
ABOVE OR (II) ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF THIS NOTE
WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406
OF ERISA OR SECTION 4975 OF THE CODE.

 

A-2-2

 

 

	
  REGISTERED

  	
  $                                                            

  
	
  No. R-

  	
                                     

  	
  CUSIP
  NO.                       

  
			

 

GE CAPITAL
CREDIT CARD

MASTER NOTE TRUST SERIES 2005-2

 

CLASS B SERIES
2005-2 FLOATING RATE ASSET BACKED NOTE

 

GE Capital Credit Card
Master Note Trust (herein referred to as the “Issuer” or the “Trust”), a
Delaware statutory trust governed by a Trust Agreement dated as of September 25,
2003, for value received, hereby promises to pay to Cede & Co., or
registered assigns, subject to the following provisions, the principal sum of                   DOLLARS,
or such greater or lesser amount as determined in accordance with the
Indenture, on the June 2011 Payment Date, except as otherwise provided
below or in the Indenture.  The Issuer
will pay interest on the unpaid principal amount of this Note at the Class B Note
Interest Rate on each Payment Date until the Final Payment Date (which is the
earlier to occur of (a) the Payment Date on which the Note Principal Balance is
paid in full, (b) the date on which the Collateral Amount is reduced to zero
and (c) the June 2011 Payment Date). 
Interest on this Note will accrue for each Payment Date from and
including the most recent Payment Date on which interest has been paid to but
excluding such Payment Date or, for the initial Payment Date, from and
including the Closing Date to but excluding such Payment Date.  Interest will be computed on the basis of a
360-day year and the actual number of days elapsed.  Principal of this Note shall be paid in the
manner specified in the Indenture Supplement referred to on the reverse hereof.

 

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

 

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

 

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

 

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

 

A-2-3

 

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

 

	
   

  	
  GE CAPITAL
  CREDIT CARD MASTER NOTE

  TRUST, as Issuer

  
	
   

  	
   

  
	
   

  	
  By:

  	
  THE BANK OF NEW YORK (DELAWARE),

  not in its individual capacity but solely as

  Trustee on behalf of Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
  Dated:

  	
   

  	
  ,

  	
   

  	
   

  	
   

  
								

 

A-2-4

 

INDENTURE
TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	
   

  	
  DEUTSCHE BANK TRUST COMPANY

  AMERICAS,

  as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  	
   

  

 

A-2-5

 

GE CAPITAL
CREDIT CARD

MASTER NOTE TRUST SERIES 2005-2

 

CLASS B SERIES
2005-2 FLOATING RATE ASSET BACKED NOTE

 

Summary of
Terms and Conditions

 

This Class B Note is one
of a duly authorized issue of Notes of the Issuer, designated as GE Capital
Credit Card Master Note Trust, Series 2005-2 (the “Series
2005-2 Notes”), issued under a Master Indenture dated as of September 25,
2003 (as amended, the “Master Indenture”),
between the Issuer and Deutsche Bank Trust Company Americas, as indenture
trustee (the “Indenture Trustee”), as
supplemented by the Indenture Supplement dated as of June 30, 2005 (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.

 

A-2-6

 

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.

 

A-2-7

 

EXHIBIT A-3

FORM OF CLASS
C SERIES 2005-2 FLOATING RATE ASSET BACKED NOTE

 

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

 

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

 

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

 

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

 

A-3-1

 

IN (A) OR (B)
ABOVE OR (II) ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF THIS NOTE
WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406
OF ERISA OR SECTION 4975 OF THE CODE.

 

A-3-2

 

	
  REGISTERED

  	
  $                                                            

  
	
  No. R-

  	
                                     

  	
  CUSIP
  NO.                       

  
			

 

GE CAPITAL
CREDIT CARD

MASTER NOTE TRUST SERIES 2005-2

 

CLASS C SERIES
2005-2 FLOATING RATE]ASSET BACKED NOTE

 

GE Capital Credit Card
Master Note Trust (herein referred to as the “Issuer”
or the “Trust”), a Delaware statutory
trust governed by a Trust Agreement dated as of September 25, 2003, for
value received, hereby promises to pay to Cede & Co., or registered
assigns, subject to the following provisions, the principal sum of                     DOLLARS,
or such greater or lesser amount as determined in accordance with the
Indenture, on the June 2011 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 June 2011 Payment Date). 
Interest on this Note will accrue for each Payment Date from and
including the most recent Payment Date on which interest has been paid to but
excluding such Payment Date or, for the initial Payment Date, from and
including the Closing Date to but excluding such Payment Date.  Interest will be computed on the basis of a
360-day year and the actual number of days elapsed.  Principal of this Note shall be paid in the
manner specified in the Indenture Supplement referred to on the reverse hereof.

 

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

 

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

 

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

 

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

 

A-3-3

 

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

 

	
   

  	
  GE CAPITAL
  CREDIT CARD MASTER NOTE

  TRUST, as Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  THE BANK OF NEW YORK (DELAWARE),

  not in its individual capacity but solely as

  Trustee on behalf of Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
  Dated:

  	
   

  	
  ,

  	
   

  	
   

  	
   

  
								

 

A-3-4

 

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

  	
   

  

 

A-3-5

 

GE CAPITAL
CREDIT CARD

MASTER NOTE TRUST SERIES 2005-2

 

CLASS C SERIES
2005-2 FLOATING RATE ASSET BACKED NOTE

 

Summary of
Terms and Conditions

 

This Class C Note is one
of a duly authorized issue of Notes of the Issuer, designated as GE Capital
Credit Card Master Note Trust, Series 2005-2 (the “Series
2005-2 Notes”), issued under a Master Indenture dated as of September 25,
2003 (as amended, the “Master Indenture”),
between the Issuer and Deutsche Bank Trust Company Americas, as indenture
trustee (the “Indenture Trustee”), as
supplemented by the Indenture Supplement dated as of June 30, 2005 (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.

 

A-3-6

 

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.

 

A-3-7

 

EXHIBIT B

 

FORM OF
MONTHLY NOTEHOLDERS’ STATEMENT

 

Monthly Noteholder’s Statement

GE Capital
Credit Card Master Note Trust

 

Series 2005 – 2

 

Class A LIBOR + 0.01%Notes

Class B LIBOR + 0.20% Notes

Class C LIBOR + 0.27% 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 2005-2 Indenture Supplement (the “Indenture
Supplement”), dated as of June 30, 2005, 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 2005-2 Noteholders and the performance of the Trust during the previous
month.  The information required to be
prepared with respect to the Payment Date of August 15, 2005, and with
respect to the performance of the Trust during the Monthly Period ended July 21,
2005 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:

 

Monthly Period Beginning:

Monthly Period Ending:

Previous Payment Date:

Payment Date:

Days in Monthly Period:

Days in Interest Period:

LIBOR Reset Date

LIBOR Rate

 

I.                                         TRUST RECEIVABLES INFORMATION

 

(a)                                  Number
of Obligors (Total Securitized)

 

(b)                                 Average
Obligor Balance (Total Securitized)

 

(c)                                  BOP
Principal Receivables

 

(d)                                 BOP
Finance Charge Receivables

 

(e)                                  BOP
Total Receivables

 

(f)                                    Increase
in Principal Receivables from Additional Accounts

 

(g)                                 Increase
in Principal Activity on Existing Securitized Accounts

 

(h)                                 Increase
in Finance Charge Receivables from Additional Accounts

 

B-1

 

(i)                                     Increase
in Finance Charge Activity on Existing Securitized Accounts

 

(j)                                     Increase
in Total Receivables

 

(k)                                  Decrease
in Principal Receivables due to Account Removal

 

(l)                                     Decrease
in Principal Activity on Existing Securitized Accounts

 

(m)                               Decrease
in Finance Charge Receivables due to Account Removal

 

(n)                                 Decrease
in Finance Charge Activity on Existing Securitized Accounts

 

(o)                                 Decrease
in Total Receivables

 

(p)                                 EOP
Aggregate Principal Receivables

 

(q)                                 EOP
Finance Charge Receivables

 

(r)                                    EOP
Total Receivables

 

(s)                                  Excess
Funding Account Balance

 

(t)                                    Required
Principal Balance

 

(u)                                 Minimum
Free Equity Amount (EOP Aggregate Principal Receivables (*4.0%)

 

(v)                                 Free
Equity Amount (Note Trust Principal Balance - EOP Collateral Amount)

 

II.                                     INVESTOR INFORMATION (TRUST LEVEL)

 

(a)                                  Note
Principal Balance (Sum of all Series)

 

(b)                                 Beginning
of Interest Period

 

(c)                                  Increase
in Note Principal Balance due to New Issuance

 

(d)                                 Decrease
in Note Principal Balance due to Principal Paid

 

(i)                                     End
of Interest Period

 

(e)                                  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/Decrease
in Unreimbursed Investor Charge-Off

 

(vi)                              Increase/Decrease
in Unreimbursed Reallocated Principal Collections

 

(vii)                           End of
Interest Period

 

(f)                                    Collateral
Amount (Sum of all Series)

 

(i)                                     End
of Prior Monthly Period

 

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

 

(iii)                               Increase/Decrease
in Unreimbursed Investor Charge-Off

 

B-2

 

(iv)                              Increase/Decrease
in Unreimbursed Reallocated Principal Collections

 

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

 

III.                                 TRUST PERFORMANCE DATA (MONTHLY PERIOD)

 

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

 

(i)                                     Current

 

(ii)                                  Prior
Monthly Period

 

(iii)                               Two
Months Prior Monthly Period

 

(iv)                              Three-Month
Average

 

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

 

(i)                                     Current

 

(ii)                                  Prior
Monthly Period

 

(iii)                               Two
Months Prior Monthly Period

 

(iv)                              Three-Month
Average

 

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

 

(i)                                     Current

 

(ii)                                  Prior
Monthly Period

 

(iii)                               Two
Months Prior Monthly Period

 

(iv)                              Three-Month
Average

 

(d)                                 Default
Amount for Defaulted Accounts

 

(e)                                  Collections

 

(i)                                     Total
Trust F/C Collections

 

(ii)                                  Total
Trust Principal Collections

 

(iii)                               Total
Trust Collections

 

	
  (f)

  	
  Delinquency Data

  	
  Percentage

  	
   

  	
  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (i)

  	
  15-29 Days
  Delinquent

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (ii)

  	
  30-59 Days
  Delinquent

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (iii)

  	
  60-89 Days
  Delinquent

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (iv)

  	
  90-119 Days
  Delinquent

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (v)

  	
  120-149 Days
  Delinquent

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (vi)

  	
  150 or
  Greater Days Delinquent

  	
   

  	
   

  	
   

  	
   

  

 

IV.                                 SERIES PERFORMANCE DATA

 

(a)                                  Portfolio
Yield

 

B-3

 

(i)                                     Current

 

(ii)                                  Prior
Monthly Period

 

(iii)                               Two
Months Prior Monthly Period

 

(iv)                              Three-Month
Average

 

(b)                                 Base
Rate

 

(i)                                     Current

 

(ii)                                  Prior
Monthly Period

 

(iii)                               Two
Months Prior Monthly Period

 

(iv)                              Three-Month
Average

 

(c)                                  Excess
Spread Percentage

 

(i)                                     Current

 

(ii)                                  Prior
Monthly Period

 

(iii)                               Two
Months Prior Monthly Period

 

(iv)                              Quarterly
Excess Spread Percentage

 

V.                                     INVESTOR INFORMATION REGARDING DISTRIBUTIONS TO NOTEHOLDERS

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

B-4

 

VI.                                 INVESTOR INFORMATION

 

(a)                                  Class
A Note Initial Principal Balance

 

(b)                                 Class
B Note Initial Principal Balance

 

(c)                                  Class
C Note Initial Principal Balance

 

(d)                                 Initial
Excess Collateral Amount

 

(e)                                  Initial
Collateral Amount

 

(f)                                    Class
A Note Principal Balance

 

(i)                                     Beginning
of Interest Period

 

(ii)                                  Principal
Payment

 

(iii)                               End
of Interest Period

 

(g)                                 Class
B Note Principal Balance

 

(i)                                     Beginning
of Interest Period

 

(ii)                                  Principal
Payment

 

(iii)                               End
of Interest Period

 

(h)                                 Class
C Note Principal Balance

 

(i)                                     Beginning
of Interest Period

 

(ii)                                  Principal
Payment

 

(iii)                               End
of Interest Period

 

(i)                                     Excess
Collateral Amount

 

(i)                                     Beginning
of Interest Period

 

(ii)                                  Reduction
in Excess Collateral Amount

 

(iii)                               End
of Interest Period

 

(j)                                     Principal
Accumulation Account Balance

 

(i)                                     Beginning
of Interest Period

 

(ii)                                  Controlled
Deposit Amount

 

(iii)                               Withdrawal
for Principal Payment

 

(iv)                              End
of Interest Period

 

(k)                                  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
Payments

 

(vi)                              End
of Interest Period

 

B-5

 

(vii)                           Collateral
Amount as a Percentage of Note Trust Principal Balance

 

(viii)                        Amount by
which Note Principal Balance exceeds Collateral Amount

 

(l)                                     Required
Excess Collateral Amount

 

VII.                             INVESTOR CHARGE-OFFS AND REALLOCATED PRINCIPAL COLLECTIONS

(SECTION REFERENCES
RELATED TO INDENTURE SUPPLEMENT)

 

(a)                                  Beginning
Unreimbursed Investor Charge-Offs

 

(b)                                 Current
Unreimbursed Investor Defaults

 

(c)                                  Current
Unreimbursed Investor Uncovered Dilution Amount

 

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

 

(e)                                  Ending
Unreimbursed Investor Charge-Offs

 

(f)                                    Beginning
Unreimbursed Reallocated Principal Collections

 

(g)                                 Current
Reallocated Principal Collections pursuant to Section 4.7

 

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

 

(i)                                     Ending
Unreimbursed Reallocated Principal Collections

 

VIII.                         INVESTOR PERCENTAGES - BOP BALANCE AND SERIES ACCOUNT INFORMATION

 

(a)                                  Allocation
Percentage Numerator - for Finance Charge Collections and Default Amounts

 

(b)                                 Allocation
Percentage Numerator - for Principal Collections

 

(c)                                  Allocation
Percentage Denominator

 

(i)                                     Aggregate
Principal Receivables Balance

 

(ii)                                  Number
of Days at Balance

 

(iii)                               Average
Principal Balance

 

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

 

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

 

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

 

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

 

(h)                                 Series
Allocation Percentage (a. / d.)

 

B-6

 

IX.                                COLLECTIONS AND ALLOCATIONS TRUST SERIES

 

(a)                                  Finance
Charge Collections

 

(b)                                 Recoveries

 

(c)                                  Principal
Collections

 

(d)                                 Default
Amount

 

(e)                                  Dilution

 

(f)                                    Investor
Uncovered Dilution Amount

 

(g)                                 Available
Finance Charge Collections

 

(i)                                     Investor
Finance Charge Collections

 

(ii)                                  Excess
Finance Charge Collections allocable to Series 2005-2

 

(iii)                               Principal
Accumulation Account Investment Proceeds

 

(iv)                              Investment
earnings in the Reserve Account

 

(v)                                 Reserve
Account Draw Amount

 

(vi)                              Net
Swap Receipts

 

(vii)                           Recoveries

 

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

 

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

 

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

 

X.                                    APPLICATION OF AVAILABLE FUNDS PURSUANT TO SECTION 4.4(A) OF THE
INDENTURE SUPPLEMENT

 

(a)                                  Available
Finance Charge Collections

 

(i)                                     On
a pari passu basis:

 

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

 

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

 

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

 

(ii)                                  To
the Servicer:

 

a.                                       Noteholder
Servicing Fee

 

b.                                      Noteholder
Servicing Fee previously due but not paid

 

c.                                       Total
Noteholder Servicing Fee

 

(iii)                               On
a pari passu basis:

 

a.                                       Class
A Monthly Interest

 

b.                                      Class
A Deficiency Amount

 

B-7

 

c.                                       Class
A Additional Interest

 

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

 

e.                                       Class
A Net Swap Payments

 

f.                                         Class
A Net Swap Payments not paid on a prior Payment Date

 

(iv)                              On a
pari passu basis:

 

a.                                       Class
B Monthly Interest

 

b.                                      Class
B Deficiency Amount

 

c.                                       Class
B Additional Interest

 

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

 

e.                                       Class
B Net Swap Payments

 

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

 

(v)                                 On
a pari passu basis:

 

a.                                       Class
C Monthly Interest

 

b.                                      Class
C Deficiency Amount

 

c.                                       Class
C Additional Interest

 

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

 

e.                                       Class
C Net Swap Payments

 

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

 

(vi)                              To
be treated as Available Principal Collections

 

a.                                       Aggregate
Investor Default Amount

 

b.                                      Aggregate
Investor Uncovered Dilution Amount

 

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

 

a.                                       Investor
Charge-offs

 

b.                                      Reallocated
Principal Collections

 

(viii)                        Excess of
Required Reserve Account Amount Over Available Reserve Account Amount

 

(ix)                                Amounts
required to be deposited to the Spread Account

 

(x)                                   On
a pari passu basis:

 

a.                                       Partial
or early termination or other additional amount owed to Class A Swap
Counterparty

 

b.                                      Partial
or early termination or other additional amount owed to Class B Swap
Counterparty

 

B-8

 

c.                                       Partial
or early termination or other additional amount owed to Class C Swap
Counterparty

 

(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 2005-2

 

(c)                                  Finance
Charge Shortfall for all Series in Group One

 

(d)                                 Excess
Finance Charges Collections Allocated to Series 2005-2

 

XII.                            AVAILABLE PRINCIPAL COLLECTIONS AND DISTRIBUTIONS (SECTION REFERENCES
RELATE TO INDENTURE SUPPLEMENT)

 

(a)                                  Investor
Principal Collections

 

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

 

(c)                                  Plus:
Shared Principal Collections allocated to this Series

 

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

 

(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)

 

B-9

 

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

 

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

 

(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 2005-2)

 

(vii)                           Series
Principal Shortfall

 

(viii)                        Shared Principal
Collections allocated to this Series from other Series

 

XIII.                        SERIES 2005-2 ACCUMULATION

 

(a)                                  Controlled
Accumulation Period Length in months (scheduled)

 

(b)                                 Controlled
Accumulation Amount

 

(c)                                  Controlled
Deposit Amount

 

(d)                                 Accumulation
Shortfall

 

XIV.                        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

 

XV.                            SERIES EARLY AMORTIZATION EVENTS

 

(a)                                  Failure
to convey Transferred Receivables in the event:

 

B-10

 

(i)                                     The
Free Equity Amount is less than the Minimum Free Equity Amount; or

 

(ii)                                  The
Note Trust Principal Balance is less than the Required Principal Balance

 

(b)                                 The
three-month average Portfolio Yield is less than three-month average Base Rate

 

(c)                                  The
Note Principal Balance is outstanding beyond the Expected Principal Payment
Date

 

IN WITNESS WHEREOF, the
undersigned has duly executed this Monthly Noteholder’s Statement as of the
14th day of August 2005.

 

 

	
   

  	
  GE MONEY BANK, as Servicer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

B-11

 

SCHEDULE I

 

PERFECTION
REPRESENTATIONS, WARRANTIES

AND COVENANTS (WITH RESPECT TO NET SWAP RECEIPTS)

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(7)                                  Notwithstanding
any other provision of the Indenture, the representations and warranties set
forth in this Schedule I shall be
continuing, and remain in full force and effect, until such time as the Series
2005-2 Notes are retired.

 

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

 

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

 

1

 

SCHEDULE II

 

PERFECTION
REPRESENTATIONS, WARRANTIES

AND COVENANTS (WITH RESPECT TO RECEIVABLES)

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(7)                                  Notwithstanding
any other provision of the Indenture, the representations and warranties set
forth in this Schedule II shall be
continuing, and remain in full force and effect, until such time as the Series
2005-2 Notes are retired.

 

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

 

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

 

1

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