Document:

[FORM
OF WARRANT]

 

TRANSWITCH CORPORATION

 

Warrant To Purchase Common
Stock

 

Warrant No.:                     

 

Date of Issuance: [                      ], 2013 (“Issuance
Date”)

 

TranSwitch Corporation,
a Delaware corporation (the “Company”), hereby certifies that, for good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, , the registered holder hereof or its permitted assigns (the “Holder”),
is entitled, subject to the terms set forth below, to purchase from the Company, at the Exercise Price (as defined below) then
in effect, upon exercise of this Warrant to Purchase Common Stock (including any Warrants to Purchase Common Stock issued in exchange,
transfer or replacement hereof, the “Warrant”), at any time or times on or after the earlier of (i) the first
(1st) anniversary of the Issuance Date or (ii) the day following the Authorized Shares Increase Date (as defined in
Section 1 (g) below) (the “Initial Exercisability Date”), but not after 11:59 p.m., New York time, on the Expiration
Date (as defined below), _________________ (subject to adjustment as provided herein) fully paid and non-assessable shares of Common
Stock (as defined below) (the “Warrant Shares”, and such number of Warrant Shares, the “Warrant
Number”). Except as otherwise defined herein, capitalized terms in this Warrant shall have the meanings set forth in
Section 15.

 

1.     
EXERCISE OF WARRANT.

 

(a)               
Mechanics of Exercise. Subject to the terms and conditions hereof (including, without limitation, the limitations
set forth in Section 1(f)), this Warrant may be exercised by the Holder on any day on or after the Initial Exercisability
Date, in whole or in part, by delivery (whether via facsimile or otherwise) of a written notice, in the form attached hereto as
Exhibit A (the “Exercise Notice”), of the Holder’s election to exercise this Warrant. Within
one (1) Trading Day following an exercise of this Warrant as aforesaid, the Holder shall deliver payment to the Company of an amount
equal to the Exercise Price in effect on the date of such exercise multiplied by the number of Warrant Shares as to which this
Warrant was so exercised (the “Aggregate Exercise Price”) in cash or via wire transfer of immediately available
funds, unless, if applicable, the Holder notified the Company in such Exercise Notice that such exercise was made pursuant to a
Cashless Exercise (as defined in Section 1(d)). The Holder shall not be required to deliver the original of this Warrant in
order to effect an exercise hereunder. Execution and delivery of an Exercise Notice with respect to less than all of the Warrant
Shares shall have the same effect as cancellation of the original of this Warrant and issuance of a new Warrant evidencing the
right to purchase the remaining number of Warrant Shares. Execution and delivery of an Exercise Notice for all of the then-remaining
Warrant Shares shall have the same effect as cancellation of the original of this Warrant after delivery of the Warrant Shares
in accordance with the terms hereof. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that,
by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number
of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.
On or before the first (1st) Trading Day following the date on which the Company has received an Exercise Notice, the
Company shall transmit by facsimile an acknowledgment of confirmation of receipt of such Exercise Notice, in the form attached
hereto as Exhibit B, to the Holder and the Company’s transfer agent (the “Transfer Agent”).
On or before the third (3rd) Trading Day following the date on which the Company has received such Exercise Notice,
the Company shall (X) provided that the Transfer Agent is participating in The Depository Trust Company (“DTC”)
Fast Automated Securities Transfer Program, upon the request of the Holder, credit such aggregate number of shares of Common Stock
to which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s balance account with DTC
through its Deposit/Withdrawal at Custodian system, or (Y) if the Transfer Agent is not participating in the DTC Fast Automated
Securities Transfer Program, issue and deliver to the Holder or, at the Holder’s instruction pursuant to the Exercise Notice,
the Holder’s agent or designee, in each case, sent by reputable overnight courier to the address as specified in the applicable
Exercise Notice, a certificate, registered in the Company’s share register in the name of the Holder or its designee (as
indicated in the applicable Exercise Notice), for the number of shares of Common Stock to which the Holder is entitled pursuant
to such exercise. Upon delivery of an Exercise Notice, the Holder shall be deemed for all corporate purposes to have become the
holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date such Warrant
Shares are credited to the Holder’s DTC account or the date of delivery of the certificates evidencing such Warrant Shares
(as the case may be). If this Warrant is submitted in connection with any exercise pursuant to this Section 1(a) and the number
of Warrant Shares represented by this Warrant submitted for exercise is greater than the number of Warrant Shares being acquired
upon an exercise, then, at the request of the Holder, the Company shall as soon as practicable and in no event later than three
(3) Business Days after any exercise and at its own expense, issue and deliver to the Holder (or its designee) a new Warrant (in
accordance with Section 7(d)) representing the right to purchase the number of Warrant Shares purchasable immediately prior
to such exercise under this Warrant, less the number of Warrant Shares with respect to which this Warrant is exercised. No fractional
shares of Common Stock are to be issued upon the exercise of this Warrant, but rather the number of shares of Common Stock to be
issued shall be rounded up to the nearest whole number. The Company shall pay any and all taxes and fees which may be payable with
respect to the issuance and delivery of Warrant Shares upon exercise of this Warrant. Notwithstanding the foregoing, except, if
applicable, in the case where an exercise of this Warrant is validly made pursuant to a Cashless Exercise (as defined in Section 1(d)),
the Company’s failure to deliver Warrant Shares to the Holder on or prior to the second (2nd) Trading Day after the Company’s
receipt of the Aggregate Exercise Price shall not be deemed to be a breach of this Warrant.

 

    	 

    	 

    

 

(b)              
Exercise Price. For purposes of this Warrant, “Exercise Price” means $0.58, subject to adjustment
as provided herein.

 

(c)               
Company’s Failure to Timely Deliver Securities. If the Company shall fail, for any reason or for no reason,
to issue to the Holder within the later of (i) three (3) Trading Days after receipt of the applicable Exercise Notice and (ii)
two (2) Trading Days after the Company’s receipt of the Aggregate Exercise Price (or valid notice of a Cashless Exercise)
(such later date, the “Share Delivery Deadline”), a certificate for the number of shares of Common Stock to
which the Holder is entitled and register such shares of Common Stock on the Company’s share register or to credit the Holder’s
balance account with DTC for such number of shares of Common Stock to which the Holder is entitled upon the Holder’s exercise
of this Warrant (as the case may be) (a “Delivery Failure”), then, in addition to all other remedies available
to the Holder, the Company shall pay in cash to the Holder on each day after such Share Delivery Deadline that the issuance of
such shares of Common Stock is not timely effected an amount equal to1% of the product of (A) the aggregate number of shares of
Common Stock not issued to the Holder on a timely basis and to which the Holder is entitled and (B) the Closing Sale Price of the
Common Stock on the Trading Day immediately preceding the last possible date on which the Company could have issued such shares
of Common Stock to the Holder without violating Section 1(a). In addition to the foregoing, if on or prior to the Share Delivery
Deadline, the Company shall fail to issue and deliver a certificate to the Holder and register such shares of Common Stock on the
Company’s share register or credit the Holder’s balance account with DTC for the number of shares of Common Stock to
which the Holder is entitled upon the Holder’s exercise hereunder (as the case may be), and if on or after such Share Delivery
Deadline the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of
a sale by the Holder of all or any portion of the number of shares of Common Stock, or a sale of a number of shares of Common Stock
equal to all or any portion of the number of shares of Common Stock, issuable upon such exercise that the Holder so anticipated
receiving from the Company, then, in addition to all other remedies available to the Holder, the Company shall, within three (3)
Business Days after the Holder’s request and in the Holder’s discretion, either (i) pay cash to the Holder in an amount
equal to the Holder’s total purchase price (including brokerage commissions and other out-of-pocket expenses, if any) for
the shares of Common Stock so purchased (including, without limitation, by any other Person in respect, or on behalf, of the Holder)
(the “Buy-In Price”), at which point the Company’s obligation to so issue and deliver such certificate
or credit the Holder’s balance account with DTC for the number of shares of Common Stock to which the Holder is entitled
upon the Holder’s exercise hereunder (as the case may be) (and to issue such shares of Common Stock) shall terminate, or
(ii) promptly honor its obligation to so issue and deliver to the Holder a certificate or certificates representing such shares
of Common Stock or credit the Holder’s balance account with DTC for the number of shares of Common Stock to which the Holder
is entitled upon the Holder’s exercise hereunder (as the case may be) and pay cash to the Holder in an amount equal to the
excess (if any) of the Buy-In Price over the product of (A) such number of shares of Common Stock multiplied by (B) the lowest
Closing Sale Price of the Common Stock on any Trading Day during the period commencing on the date of the applicable Exercise Notice
and ending on the date of such issuance and payment under this clause (ii).

 

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(d)               
Cashless
Exercise. If at the time of exercise hereof there is no effective registration statement registering, or the prospectus contained
therein is not available for the issuance of the Warrant Shares to the Holder and all of the Warrant Shares are not then registered
for resale by Holder into the market at market prices from time to time on an effective registration statement for use on a continuous
basis (or the prospectus contained therein is not available for use), then this Warrant may also be exercised, in whole or in
part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a certificate
for the number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

A = the VWAP on the Trading
Day immediately preceding the date on which Holder elects to exercise this Warrant by means of a “cashless exercise,”
as set forth in the applicable Notice of Exercise;

 

B =the Exercise Price of this
Warrant, as adjusted hereunder; and

 

X = the number of Warrant Shares
that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means
of a cash exercise rather than a cashless exercise.

 

(e)               
Disputes. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of
the number of Warrant Shares to be issued pursuant to the terms hereof, the Company shall promptly issue to the Holder the number
of Warrant Shares that are not disputed and resolve such dispute in accordance with Section 0.

 

(f)               
Limitations on Exercises. Notwithstanding anything to the contrary contained in this Warrant, this Warrant shall
not be exercisable by the Holder hereof to the extent (but only to the extent) that after giving effect to such exercise the Holder
(together with any of its affiliates) would beneficially own in excess of  4.99% (the “Maximum Percentage”)
of the Common Stock. To the extent the above limitation applies, the determination of whether this Warrant shall be exercisable
(vis-à-vis other convertible, exercisable or exchangeable securities owned by the Holder or any of its affiliates) and of
which such securities shall be convertible, exercisable or exchangeable (as the case may be, as among all such securities owned
by the Holder) shall, subject to such Maximum Percentage limitation, be determined on the basis of the first submission to the
Company for conversion, exercise or exchange (as the case may be). No prior inability to exercise this Warrant pursuant to this
paragraph shall have any effect on the applicability of the provisions of this paragraph with respect to any subsequent determination
of exercisability. For the purposes of this paragraph, beneficial ownership and all determinations and calculations (including,
without limitation, with respect to calculations of percentage ownership) shall be determined in accordance with Section 13(d)
of the Securities and Exchange Act of1934, as amended and the rules and regulations promulgated thereunder. The provisions of this
paragraph shall be implemented in a manner otherwise than in strict conformity with the terms of this paragraph to correct this
paragraph (or any portion hereof) which may be defective or inconsistent with the intended Maximum Percentage beneficial ownership
limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such Maximum Percentage
limitation. The limitations contained in this paragraph shall apply to a successor Holder of this Warrant. The holders of Common
Stock shall be third party beneficiaries of this paragraph and the Company may not waive this paragraph without the consent of
holders of a majority of its Common Stock. For any reason at any time, upon the written or oral request of the Holder, the Company
shall within one (1) Business Day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding,
including by virtue of any prior conversion or exercise of convertible or exercisable securities into Common Stock, including,
without limitation, pursuant to this Warrant. At any time the Holder may increase or decrease the Maximum Percentage to any other
percentage not in excess of 9.99% as specified in a written notice by the Holder to the Company (subject to the Company’s
consent to any such increase, not to be unreasonably withheld); provided that (i) any such increase will not be effective until
the 61st day after such notice is delivered to the Company, and (ii) any such increase or decrease will apply only to the Holder
sending such notice and not to any other holder of Warrants.

 

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(g)              
 Increase in Authorized Common Stock. Promptly following the Issuance Date, the Company shall take all corporate
action necessary to call a meeting of its stockholders (which may be its annual meeting) (the “Stockholders Meeting”),
which shall occur not later than July 31, 2013, for the purpose of seeking approval of the Company’s stockholders to amend
the Company’s Certificate of Incorporation to increase the Company’s authorized Common Stock (the “Increased
Shares Amendment”). In connection therewith, the Company will as soon as reasonably practicable after the Issue Date
file with the Commission proxy materials (including a proxy statement and form of proxy) for use at the Stockholders Meeting and,
after receiving and promptly responding to any comments of the Commission thereon, shall as soon as reasonably practicable mail
such proxy materials to the stockholders of the Company. The Company will comply with Section 14(a) of the Exchange Act and the
rules promulgated thereunder in relation to any proxy statement (as amended or supplemented, the “Proxy Statement”)
and any form of proxy to be sent to the stockholders of the Company in connection with the Stockholders Meeting, and the Proxy
Statement shall not, on the date that the Proxy Statement (or any amendment thereof or supplement thereto) is first mailed to stockholders
or at the time of the Stockholders Meeting, contain any untrue statement of a material fact or omit to state any material fact
necessary in order to make the statements made therein not false or misleading, or omit to state any material fact necessary to
correct any statement in any earlier communication with respect to the solicitation of proxies or the Stockholders Meeting which
has become false or misleading. The Board of Directors shall recommend to the Company’s stockholders that the stockholders
vote in favor of the Increased Shares Amendment at the Stockholders Meeting and take all commercially reasonable action to solicit
the approval of the stockholders for the Increased Shares Amendment. No later than two (2) business days following stockholder
approval of the Increased Shares Amendment, the Company shall file with the Secretary of State of Delaware a certificate of amendment
to the Company’s Certificate of Incorporation to effect the Increased Shares Amendment, which certificate of amendment shall
provide that it shall become immediately effective upon filing. The Company shall issue a press release announcing the effectiveness
of the Increased Shares Amendment no later than one (1) business day after such filing. The date on which the Increased Shares
Amendment becomes effective is referred to herein as the “Authorized Shares Increase Date.” Until such time
as the Increased Shares Amendment becomes effective, the Company shall not issue any Common Stock or securities convertible into
or exchangeable or exercisable for Common Stock other than pursuant to outstanding options and equity stock awards outstanding
on the Issuance Date.

 

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(h)              
In the event that the Increased Shares Amendment is not approved by the stockholders of the Company in accordance with applicable
law and the requirements of the Company’s certificate of incorporation and bylaws on or before the day following the first
(1st) anniversary of the Issuance Date (the “Amendment Deadline Date”), the Holders of Warrants shall
be entitled to receive an aggregate cash payment, as liquidated damages and not as a penalty, in an aggregate amount of $1,000,000
(the “Liquidated Damages Amount”). Not later than the close of business on the Amendment Deadline Date, the
Company shall irrevocably deposit the Liquidated Damages Amount with an escrow agent (the “Escrow Agent”), the
Liquidated Damages Amount to be held in trust for the benefit of the Holders entitled to payment thereof as provided in this paragraph.
The Escrow Agent shall fix or cause to be fixed a record date (the “Record Date”) for determining the Holders
entitled to payment of the Liquidated Damages Amount and a payment date (the “Payment Date”) on which the Liquidated
Damages Amount is to be paid to such Holders. No Payment Date may be less than 15 days or more than 30 days after the Record Date.
At least 15 days before the Record Date, the Escrow Agent shall mail or cause to be mailed, first-class postage prepaid, to each
record Holder, with a copy to the Company, a notice at the Holder’s address as it appears in the Company’s books and
records, setting forth the Record Date, the Payment Date and an estimate of the Per Warrant Amount (as defined in the following
sentence). On the Payment Date, the Escrow Agent shall pay to each record Holder at the close of business on the Record Date (
a “Record Holder”) an amount equal to (A) the quotient obtained by dividing (i) the Liquidated Damages Amount
by (ii) the number of Warrant Shares issuable upon the exercise of the Warrants outstanding on the Record Date (the “Per
Warrant Amount”), times (B) the number of Warrant Shares issuable upon the exercise of Warrants held by the Record Holder
as of the close of business on the Record Date. Any such payment shall be by check payable to the order of the Record Holder unless
otherwise requested by such Record Holder.

 

(i)                
For the avoidance of doubt, this Warrant shall remain outstanding and in full force and effect notwithstanding the payment
of the Liquidated Damages Amount and shall continue to be exercisable from and after the Initial Exercisability Date.

 

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(j)                
 Additional Registration Statement. No later than five (5) business days after the Authorized Shares Increase Date,
the Company shall file with the Securities Exchange Commission a registration statement (which shall be on Form S-3 unless the
Company is not then eligible to use Form S-3 to register the Warrant Shares) for the registration under the Securities Act of the
Warrant Shares (the “Additional Registration Statement”), and it shall take such reasonable action as is necessary
to qualify for sale, in those states in which the Warrant was initially offered by the Company, the Warrant Shares, provided, however,
that no such qualification shall be required in any jurisdiction where, as a result thereof, the Company would be subject to service
of general process or to taxation as a foreign corporation doing business in such jurisdiction. The Company shall use its commercially
reasonable efforts to cause the Additional Registration Statement to become effective as promptly as practicable and in no event
later than the time that the Warrant first become exercisable in accordance with its terms and shall use its commercially reasonable
efforts to maintain the effectiveness and availability of such registration statement until the earlier of (i) the expiration of
the Warrant in accordance with its terms or (ii) the time the Warrant is no longer outstanding. The Company shall take all commercially
reasonable action to include the Warrant Shares for listing on a Trading Market (as defined below) on or prior to the date that
the Warrant first become exercisable in accordance with its terms.

 

(k)              
 Authorized Shares. The Company covenants that, from and after the Authorized Shares Increase Date and during the
period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number of shares
to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further
covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of executing
stock certificates to execute and issue the necessary certificates for the Warrant Shares upon the exercise of the purchase rights
under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may
be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market
upon which the Common Stock may be listed. “Trading Market” means any of the following markets or exchanges
on which the Common Stock is listed or quoted for trading on the ate in question: the NYSE AMEX, the Nasdaq Capital Market, the
Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange or the OTC Bulletin Board (or any successors
to any of the foregoing). The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights
represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant
Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens
and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously
with such issue).

 

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2.                 
ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT
SHARES. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment from
time to time as set forth in this Section 2.

  

(a)               
Stock Dividends and Splits. Without limiting any provision of Section 2(b) or Section 4, if the Company,
at any time on or after the Issuance Date, (i) pays a stock dividend on one or more classes of its then outstanding shares of Common
Stock or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock, (ii) subdivides
(by any stock split, stock dividend, recapitalization or otherwise) one or more classes of its then outstanding shares of Common
Stock into a larger number of shares or (iii) combines (by combination, reverse stock split or otherwise) one or more classes of
its then outstanding shares of Common Stock into a smaller number of shares, then in each such case the Exercise Price shall be
multiplied by a fraction of which the numerator shall be the number of shares of Common Stock outstanding immediately before such
event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event. Any
adjustment made pursuant to clause (i) of this paragraph shall become effective immediately after the record date for the determination
of stockholders entitled to receive such dividend or distribution, and any adjustment pursuant to clause (ii) or (iii) of this
paragraph shall become effective immediately after the effective date of such subdivision or combination. If any event requiring
an adjustment under this paragraph occurs during the period that an Exercise Price is calculated hereunder, then the calculation
of such Exercise Price shall be adjusted appropriately to reflect such event.

 

(b)              
Adjustment Upon Issuance of Shares of Common Stock. If and whenever on or after the Issuance Date, the Company issues
or sells, or in accordance with this Section 2 is deemed to have issued or sold, any shares of Common Stock (including the
issuance or sale of shares of Common Stock owned or held by or for the account of the Company, but excluding any Excluded Securities
issued or sold or deemed to have been issued or sold) for a consideration per share (the “New Issuance Price”)
less than a price equal to the Exercise Price in effect immediately prior to such issue or sale or deemed issuance or sale (such
Exercise Price then in effect is referred to as the “Applicable Price”) (the foregoing a “Dilutive
Issuance”), then immediately after such Dilutive Issuance, the Exercise Price then in effect shall be reduced to an amount
equal to the New Issuance Price. For all purposes of the foregoing (including, without limitation, determining the adjusted Exercise
Price and consideration per share under this Section 2(b)), the following shall be applicable:

 

(i)                
Issuance of Options. If the Company in any manner grants or sells any Options and the lowest price per share for
which one share of Common Stock is issuable upon the exercise of any such Option or upon conversion, exercise or exchange of any
Convertible Securities issuable upon exercise of any such Option is less than the Applicable Price, then such share of Common Stock
shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the granting or sale of such Option
for such price per share. For purposes of this Section 2(b)(i), the “lowest price per share for which one share of Common
Stock is issuable upon the exercise of any such Options or upon conversion, exercise or exchange of any Convertible Securities
issuable upon exercise of any such Option” shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration
(if any) received or receivable by the Company with respect to any one share of Common Stock upon the granting or sale of such
Option, upon exercise of such Option and upon conversion, exercise or exchange of any Convertible Security issuable upon exercise
of such Option and (y) the lowest exercise price set forth in such Option for which one share of Common Stock is issuable upon
the exercise of any such Options or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise
of any such Option minus (2) the sum of all amounts paid or payable to the holder of such Option (or any other Person) upon the
granting or sale of such Option, upon exercise of such Option and upon conversion, exercise or exchange of any Convertible Security
issuable upon exercise of such Option plus the value of any other consideration received or receivable by, or benefit conferred
on, the holder of such Option (or any other Person). Except as contemplated below, no further adjustment of the Exercise Price
shall be made upon the actual issuance of such shares of Common Stock or of such Convertible Securities upon the exercise of such
Options or upon the actual issuance of such shares of Common Stock upon conversion, exercise or exchange of such Convertible Securities.

 

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(ii)              
Issuance of Convertible Securities. If the Company in any manner issues or sells any Convertible Securities and the
lowest price per share for which one share of Common Stock is issuable upon the conversion, exercise or exchange thereof is less
than the Applicable Price, then such share of Common Stock shall be deemed to be outstanding and to have been issued and sold by
the Company at the time of the issuance or sale of such Convertible Securities for such price per share. For the purposes of this
Section 2(b)(ii), the “lowest price per share for which one share of Common Stock is issuable upon the conversion, exercise
or exchange thereof” shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration (if any) received
or receivable by the Company with respect to one share of Common Stock upon the issuance or sale of the Convertible Security and
upon conversion, exercise or exchange of such Convertible Security and (y) the lowest conversion price set forth in such Convertible
Security for which one share of Common Stock is issuable upon conversion, exercise or exchange thereof minus (2) the sum of all
amounts paid or payable to the holder of such Convertible Security (or any other Person) upon the issuance or sale of such Convertible
Security plus the value of any other consideration received or receivable by, or benefit conferred on, the holder of such Convertible
Security (or any other Person). Except as contemplated below, no further adjustment of the Exercise Price shall be made upon the
actual issuance of such shares of Common Stock upon conversion, exercise or exchange of such Convertible Securities, and if any
such issue or sale of such Convertible Securities is made upon exercise of any Options for which adjustment of this Warrant has
been or is to be made pursuant to other provisions of this Section 2(b), except as contemplated below, no further adjustment
of the Exercise Price shall be made by reason of such issue or sale.

 

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(iii)            
Change in Option Price or Rate of Conversion. If the purchase or exercise price provided for in any Options, the
additional consideration, if any, payable upon the issue, conversion, exercise or exchange of any Convertible Securities, or the
rate at which any Convertible Securities are convertible into or exercisable or exchangeable for shares of Common Stock increases
or decreases at any time, the Exercise Price in effect at the time of such increase or decrease shall be adjusted to the Exercise
Price which would have been in effect at such time had such Options or Convertible Securities provided for such increased or decreased
purchase price, additional consideration or increased or decreased conversion rate, as the case may be, at the time initially granted,
issued or sold. For purposes of this Section 2(b)(iii), if the terms of any Option or Convertible Security that was outstanding
as of the date of issuance of this Warrant are increased or decreased in the manner described in the immediately preceding sentence,
then such Option or Convertible Security and the shares of Common Stock deemed issuable upon exercise, conversion or exchange thereof
shall be deemed to have been issued as of the date of such increase or decrease. No adjustment pursuant to this Section 2(b)
shall be made if such adjustment would result in an increase of the Exercise Price then in effect.

 

(iv)            
Calculation of Consideration Received. If any Option and/or Convertible Security and/or Adjustment Right is issued
in connection with the issuance or sale or deemed issuance or sale of any other securities of the Company (as determined by the
Holder, the “Primary Security”, and such Option and/or Convertible Security and/or Adjustment Right, each a
“Secondary Security” and collectively, the “Secondary Securities”), together comprising
one integrated transaction, the consideration per share of Common Stock with respect to such Primary Security shall be deemed to
be equal to the difference of (x) the lowest price per share for which one share of Common Stock was issued in such integrated
transaction (or was deemed to be issued pursuant to Section 2(b)(i) or 2(b)(ii) above, as applicable) solely with respect to such
Primary Security, minus (y) with respect to such Secondary Securities, the sum of (I) the Black Scholes Consideration Value of
each such Option, if any, (II) the fair market value (as determined by the Holder) or the Black Scholes Consideration Value, as
applicable, of such Adjustment Right, if any, and (III) the fair market value (as determined by the Holder) of such Convertible
Security, if any, in each case, as determined on a per share basis in accordance with this Section 2(b)(iv). If any shares of Common
Stock, Options or Convertible Securities are issued or sold or deemed to have been issued or sold for cash, the consideration received
therefor (for the purpose of determining the consideration paid for such Common Stock, Option or Convertible Security, but not
for the purpose of the calculation of the Black Scholes Consideration Value) will be deemed to be the net amount of consideration
received by the Company therefor. If any shares of Common Stock, Options or Convertible Securities are issued or sold for a consideration
other than cash (for the purpose of determining the consideration paid for such Common Stock, Option or Convertible Security, but
not for the purpose of the calculation of the Black Scholes Consideration Value), the amount of such consideration received by
the Company will be the fair value of such consideration, except where such consideration consists of publicly traded securities,
in which case the amount of consideration received by the Company for such securities will be the arithmetic average of the VWAPs
of such security for each of the five (5) Trading Days immediately preceding the date of receipt. If any shares of Common Stock,
Options or Convertible Securities are issued to the owners of the non-surviving entity in connection with any merger in which the
Company is the surviving entity (for the purpose of determining the consideration paid for such Common Stock, Option or Convertible
Security, but not for the purpose of the calculation of the Black Scholes Consideration Value), the amount of consideration therefor
will be deemed to be the fair value of such portion of the net assets and business of the non-surviving entity as is attributable
to such shares of Common Stock, Options or Convertible Securities, as the case may be. The fair value of any consideration other
than cash or publicly traded securities will be determined jointly by the Company and the Holder. If such parties are unable to
reach agreement within ten (10) days after the occurrence of an event requiring valuation (the “Valuation Event”),
the fair value of such consideration will be determined within five (5) Trading Days after the tenth (10th) day following such
Valuation Event by an independent, reputable appraiser jointly selected by the Company and the Holder. The determination of such
appraiser shall be final and binding upon all parties absent manifest error and the fees and expenses of such appraiser shall be
borne by the Company.

 

    	9

    	 

    

 

(v)              
Record Date. If the Company takes a record of the holders of shares of Common Stock for the purpose of entitling
them (A) to receive a dividend or other distribution payable in shares of Common Stock, Options or in Convertible Securities
or (B) to subscribe for or purchase shares of Common Stock, Options or Convertible Securities, then such record date will
be deemed to be the date of the issue or sale of the shares of Common Stock deemed to have been issued or sold upon the declaration
of such dividend or the making of such other distribution or the date of the granting of such right of subscription or purchase
(as the case may be).

 

(c)               
Number of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to paragraphs (a), (b),
(d) or (e) Fundamental Transaction of this Section 2, the number of Warrant Shares that may be purchased upon exercise of
this Warrant shall be increased or decreased proportionately, so that after such adjustment the aggregate Exercise Price payable
hereunder for the adjusted number of Warrant Shares shall be the same as the aggregate Exercise Price in effect immediately prior
to such adjustment (without regard to any limitations on exercise contained herein).

 

(d)              
Holder's Right of Alternative Exercise Price Following Issuance of Certain Options or Convertible Securities. In
addition to and not in limitation of the other provisions of this Section 2, if the Company in any manner issues or sells
any Options or Convertible Securities (any such securities, "Variable Price Securities") after the Issuance Date
that are convertible into or exchangeable or exercisable for shares of Common Stock at a price which varies or may vary with the
market price of the Common Shares, including by way of one or more reset(s) to a fixed price, but exclusive of such formulations
reflecting customary anti-dilution provisions (such as share splits, share combinations, share dividends and similar transactions)
(each of the formulations for such variable price being herein referred to as, the "Variable Price"), the Company
shall provide written notice thereof via facsimile and overnight courier to the Holder on the date of issuance of such Convertible
Securities or Options. From and after the date the Company issues any such Convertible Securities or Options with a Variable Price,
the Holder shall have the right, but not the obligation, in its sole discretion to substitute the Variable Price for the Exercise
Price upon exercise of this Warrant by designating in the Exercise Notice delivered upon any exercise of this Warrant that solely
for purposes of such exercise the Holder is relying on the Variable Price rather than the Exercise Price then in effect. The Holder's
election to rely on a Variable Price for a particular exercise of this Warrant shall not obligate the Holder to rely on a Variable
Price for any future exercises of this Warrant.

 

    	10

    	 

    

 

(e)               
Stock Combination Event Adjustment. If at any time and from time to time on or after the Issuance Date there
occurs any stock split, stock dividend, stock combination recapitalization or other similar transaction involving the Common Stock
(each, a “Stock Combination Event”) and the product of (i) the quotient determined by dividing (x) the Exercise
Price in effect immediately prior to the Stock Combination Event by (y) the quotient determined by dividing (A) the sum of the
VWAP of the Common Stock on each day of the fifteen (15) Trading Day period immediately prior to the Stock Combination Event, divided
by (B) fifteen (15); and (ii) the quotient determined by dividing (x) the sum of the VWAP of the Common Stock on each day of the
fifteen (15) Trading Day period immediately following the date of such Stock Combination Event, divided by (y) fifteen (15) (each,
an “Event Market Price”) is less than the Exercise Price then in effect (after giving effect to the adjustment
in clause (b) above), then on the sixteenth (16th) Trading Day immediately following such Stock Combination Event, the Exercise
Price then in effect on such sixteenth (16th) Trading Day (after giving effect to the adjustment in clause (b) above) shall be
reduced (but in no event increased) to the Event Market Price. For the avoidance of doubt, if the adjustment in the immediately
preceding sentence would otherwise result in an increase in the Exercise Price hereunder, no adjustment shall be made.

 

(f)               
Other Events. In the event that the Company shall take any action to which the provisions hereof are not strictly
applicable, or, if applicable, would not operate to protect the Holder from dilution or if any event occurs of the type contemplated
by the provisions of this Section 2 but not expressly provided for by such provisions (including, without limitation, the
granting of stock appreciation rights, phantom stock rights or other rights with equity features), then the Company’s board
of directors shall in good faith determine and implement an appropriate adjustment in the Exercise Price and the number of Warrant
Shares (if applicable) so as to protect the rights of the Holder, provided that no such adjustment pursuant to this Section 2(e)
will increase the Exercise Price or decrease the number of Warrant Shares as otherwise determined pursuant to this Section 2,
provided further that if the Holder does not accept such adjustments as appropriately protecting its interests hereunder against
such dilution, then the Company’s board of directors and the Holder shall agree, in good faith, upon an independent investment
bank of nationally recognized standing to make such appropriate adjustments, whose determination shall be final and binding and
whose fees and expenses shall be borne by the Company.

 

    	11

    	 

    

 

(g)              
Calculations. All calculations under this Section 2 shall be made by rounding to the nearest cent or the nearest
1/100th of a share, as applicable. The number of shares of Common Stock outstanding at any given time shall not include
shares owned or held by or for the account of the Company, and the disposition of any such shares shall be considered an issue
or sale of Common Stock.

 

3.                 
RIGHTS UPON DISTRIBUTION OF ASSETS. In addition to any adjustments pursuant to Section 2 above, if the Company shall
declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common
Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities,
property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other
similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such
case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated
therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without
regard to any limitations on exercise hereof, including without limitation, the Maximum Percentage) immediately before the date
on which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares
of Common Stock are to be determined for the participation in such Distribution (provided, however, to the extent that the Holder’s
right to participate in any such Distributions would result in the Holder exceeding the Maximum Percentage, then the Holder shall
not be entitled to participate in such Distribution to such extent (or the beneficial ownership of any such shares of Common Stock
as a result of such Distribution to such extent) and such Distribution to such extent shall be held in abeyance for the benefit
of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Maximum Percentage).

  

4.                 
PURCHASE RIGHTS; FUNDAMENTAL TRANSACTIONS.

 

(a)               
Purchase Rights. In addition to any adjustments pursuant to Section 2 above, if at any time the Company grants,
issues or sells any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property pro rata
to the record holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be
entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have
acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without
regard to any limitations on exercise hereof, including without limitation, the Maximum Percentage) immediately before the date
on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as
of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights
(provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder
exceeding the Maximum Percentage, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or
beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right
to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the
Holder exceeding the Maximum Percentage).

 

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(b)              
Fundamental Transactions. The Company shall not enter into or be party to a Fundamental Transaction unless (i) 
the Successor Entity assumes in writing all of the obligations of the Company under this Warrant in accordance with the provisions
of this Section 4(b) pursuant to written agreements in form and substance satisfactory to the Holder and approved by the Holder
prior to such Fundamental Transaction, including agreements to deliver to the Holder in exchange for this Warrant a security of
the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant, including,
without limitation, which is exercisable for a corresponding number of shares of capital stock equivalent to the shares of Common
Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant)
prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of
capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction
and the value of such shares of capital stock, such adjustments to the number of shares of capital stock and such exercise price
being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental
Transaction) and (ii) the Successor Entity (including its Parent Entity) is a publicly traded corporation whose common stock
is quoted on or listed for trading on an Eligible Market. Upon the consummation of each Fundamental Transaction, the Successor
Entity shall succeed to, and be substituted for (so that from and after the date of the applicable Fundamental Transaction, the
provisions of this Warrant referring to the “Company” shall refer instead to the Successor Entity), and may exercise
every right and power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect
as if such Successor Entity had been named as the Company herein. Upon consummation of each Fundamental Transaction, the Successor
Entity shall deliver to the Holder confirmation that there shall be issued upon exercise of this Warrant at any time after the
consummation of the applicable Fundamental Transaction, in lieu of the shares of Common Stock (or other securities, cash, assets
or other property (except such items still issuable under Sections 3 and 4(a) above, which shall continue to be receivable
thereafter)) issuable upon the exercise of this Warrant prior to the applicable Fundamental Transaction, such shares of publicly
traded common stock (or its equivalent) of the Successor Entity (including its Parent Entity) which the Holder would have been
entitled to receive upon the happening of the applicable Fundamental Transaction had this Warrant been exercised immediately prior
to the applicable Fundamental Transaction (without regard to any limitations on the exercise of this Warrant), as adjusted in accordance
with the provisions of this Warrant. Notwithstanding the foregoing, and without limiting Section 1(f) hereof, the Holder may elect,
at its sole option, by delivery of written notice to the Company to waive this Section 4(b) to permit the Fundamental Transaction
without the assumption of this Warrant. In addition to and not in substitution for any other rights hereunder, prior to the consummation
of each Fundamental Transaction pursuant to which holders of shares of Common Stock are entitled to receive securities or other
assets with respect to or in exchange for shares of Common Stock (a “Corporate Event”), the Company shall make
appropriate provision to insure that the Holder will thereafter have the right to receive upon an exercise of this Warrant at any
time after the consummation of the applicable Fundamental Transaction but prior to the Expiration Date, in lieu of the shares of
the Common Stock (or other securities, cash, assets or other property (except such items still issuable under Sections  3
and 4(a) above, which shall continue to be receivable thereafter)) issuable upon the exercise of the Warrant prior to such Fundamental
Transaction, such shares of stock, securities, cash, assets or any other property whatsoever (including warrants or other purchase
or subscription rights) which the Holder would have been entitled to receive upon the happening of the applicable Fundamental Transaction
had this Warrant been exercised immediately prior to the applicable Fundamental Transaction (without regard to any limitations
on the exercise of this Warrant). Provision made pursuant to the preceding sentence shall be in a form and substance reasonably
satisfactory to the Holder.

 

    	13

    	 

    

 

(c)               
Black Scholes Redemption. Notwithstanding the foregoing and the provisions of Section 4(b) above, at the request
of the Holder delivered at any time commencing on the earliest to occur of (x) the public disclosure of any Fundamental Transaction,
(y) the consummation of any Fundamental Transaction and (z) the Holder first becoming aware of any Fundamental Transaction through
the date that is ninety (90) days after the public disclosure of the consummation of such Fundamental Transaction by the Company
pursuant to a Current Report on Form 8-K filed with the SEC, the Company or the Successor Entity (as the case may be) shall purchase
this Warrant from the Holder on the date of such request by paying to the Holder cash in an amount equal to the Black Scholes
Value.

 

(d)              
Application. The provisions of this Section 4 shall apply similarly and equally to successive Fundamental Transactions
and Corporate Events and shall be applied as if this Warrant (and any such subsequent warrants) were fully exercisable and without
regard to any limitations on the exercise of this Warrant (provided that the Holder shall continue to be entitled to the benefit
of the Maximum Percentage, applied however with respect to shares of capital stock registered under the 1934 Act and thereafter
receivable upon exercise of this Warrant (or any such other warrant)).

 

5.                 
NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will not, by amendment of its Certificate of
Incorporation, Bylaws or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution,
issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms of this Warrant, and will at all times in good faith carry out all the provisions of this Warrant and take all action as
may be required to protect the rights of the Holder. Without limiting the generality of the foregoing, the Company (i) shall not
increase the par value of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then
in effect, (ii) shall take all such actions as may be necessary or appropriate in order that the Company may validly and legally
issue fully paid and non-assessable shares of Common Stock upon the exercise of this Warrant, and (iii) shall, in accordance with
Section 1(g) above, so long as any of the Warrants are outstanding, take all action necessary to reserve and keep available out
of its authorized and unissued shares of Common Stock, solely for the purpose of effecting the exercise of the Warrants, the maximum
number of shares of Common Stock as shall from time to time be necessary to effect the exercise of the Warrants then outstanding
(without regard to any limitations on exercise).

  

    	14

    	 

    

 

6.                 
WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, the Holder, solely in its capacity
as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the
Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in its capacity
as the Holder of this Warrant, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent
to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance
or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the
Holder of the Warrant Shares which it is then entitled to receive upon the due exercise of this Warrant. In addition, nothing
contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise
of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors
of the Company. Notwithstanding this Section 6, the Company shall provide the Holder with copies of the same notices and
other information given to the stockholders of the Company generally, contemporaneously with the giving thereof to the stockholders.

 

7.                 
REISSUANCE OF WARRANTS.

 

(a)               
Transfer of Warrant. If this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company,
whereupon the Company will forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with Section 7(d)),
registered as the Holder may request, representing the right to purchase the number of Warrant Shares being transferred by the
Holder and, if less than the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in
accordance with Section 7(d)) to the Holder representing the right to purchase the number of Warrant Shares not being transferred.

 

(b)              
Lost, Stolen or Mutilated Warrant. Upon receipt by the Company of evidence reasonably satisfactory to the Company
of the loss, theft, destruction or mutilation of this Warrant (as to which a written certification and the indemnification contemplated
below shall suffice as such evidence), and, in the case of loss, theft or destruction, of any indemnification undertaking by the
Holder to the Company in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation of this
Warrant, the Company shall execute and deliver to the Holder a new Warrant (in accordance with Section 7(d)) representing
the right to purchase the Warrant Shares then underlying this Warrant.

 

(c)               
Exchangeable for Multiple Warrants. This Warrant is exchangeable, upon the surrender hereof by the Holder at the
principal office of the Company, for a new Warrant or Warrants (in accordance with Section 7(d)) representing in the aggregate
the right to purchase the number of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the right
to purchase such portion of such Warrant Shares as is designated by the Holder at the time of such surrender; provided, however,
no warrants for fractional shares of Common Stock shall be given.

 

    	15

    	 

    

 

(d)              
Issuance of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant,
such new Warrant (i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant,
the right to purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued pursuant to
Section 7(a) or Section 7(c), the Warrant Shares designated by the Holder which, when added to the number of shares of Common
Stock underlying the other new Warrants issued in connection with such issuance, does not exceed the number of Warrant Shares then
underlying this Warrant), (iii) shall have an issuance date, as indicated on the face of such new Warrant which is the same as
the Issuance Date, and (iv) shall have the same rights and conditions as this Warrant.

 

8.                 
NOTICES. Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall
be given in writing, will be mailed (a) if within the domestic United States by first-class registered or certified airmail, or
nationally recognized overnight express courier, postage prepaid, or by facsimile or (b) if delivered from outside the United
States, by International Federal Express or facsimile, and (c) will be deemed given (i) if delivered by first-class registered
or certified mail domestic, three business days after so mailed, (ii) if delivered by nationally recognized overnight carrier,
one business day after so mailed, (iii) if delivered by International Federal Express, two business days after so mailed and (iv)
if delivered by facsimile, upon electronic confirmation of receipt, and will be delivered and addressed as follows:

  

	(i)                 if to the Company, to:	TranSwitch Corporation	 
	 	3 Enterprise Drive	 
	 	Shelton, CT 06484	 
	 	Attn: President	 

  

(ii) if to the Holder,
at the address of the Holder appearing on the books of the Company.

 

The Company shall provide the Holder with
prompt written notice of all actions taken pursuant to this Warrant, including in reasonable detail a description of such action
and the reason therefor. Without limiting the generality of the foregoing, the Company will give written notice to the Holder (i)
immediately upon each adjustment of the Exercise Price and the number of Warrant Shares, setting forth in reasonable detail, and
certifying, the calculation of such adjustment(s) and (ii) at least fifteen (15) days prior to the date on which the Company closes
its books or takes a record (A) with respect to any dividend or distribution upon the shares of Common Stock, (B) with respect
to any grants, issuances or sales of any Options, Convertible Securities or rights to purchase stock, warrants, securities or other
property to holders of shares of Common Stock or (C) for determining rights to vote with respect to any Fundamental Transaction,
dissolution or liquidation, provided in each case that such information shall be made known to the public prior to or in conjunction
with such notice being provided to the Holder and (iii) at least ten (10) Trading Days prior to the consummation of any Fundamental
Transaction. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding
the Company or any of its Subsidiaries, the Company shall simultaneously file such notice with the Securities Exchange Commission
pursuant to a Current Report on Form 8-K. It is expressly understood and agreed that the time of execution specified by the Holder
in each Exercise Notice shall be definitive and may not be disputed or challenged by the Company.

 

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9.                 
AMENDMENT AND WAIVER. Except as otherwise provided herein, the provisions of this Warrant (other than Section 1(f))
may be amended and the Company may take any action herein prohibited, or omit to perform any act herein required to be performed
by it, only if the Company has obtained the written consent of the Holder. No waiver shall be effective unless it is in writing
and signed by an authorized representative of the waiving party.

 

10.             
SEVERABILITY. If any provision of this Warrant is prohibited by law or otherwise determined to be invalid or unenforceable
by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed
amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such
provision shall not affect the validity of the remaining provisions of this Warrant so long as this Warrant as so modified continues
to express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited
nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations
or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the
parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s)
with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable
provision(s).

 

11.             
GOVERNING LAW. This Warrant shall be governed by and construed and enforced in accordance with, and all questions concerning
the construction, validity, interpretation and performance of this Warrant shall be governed by, the internal laws of the State
of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York
or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York.
The Company hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New
York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated
hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim
that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an
inconvenient forum or that the venue of such suit, action or proceeding is improper. Nothing contained herein shall be deemed
to limit in any way any right to serve process in any manner permitted by law. Nothing contained herein shall be deemed or operate
to preclude the Holder from bringing suit or taking other legal action against the Company in any other jurisdiction to collect
on the Company’s obligations to the Holder or to enforce a judgment or other court ruling in favor of the Holder. THE
COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY
DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS WARRANT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

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12.             
CONSTRUCTION; HEADINGS. This Warrant shall be deemed to be jointly drafted by the Company and the Holder and shall not
be construed against any Person as the drafter hereof. The headings of this Warrant are for convenience of reference and shall
not form part of, or affect the interpretation of, this Warrant. DISPUTE RESOLUTION. In the case of a dispute as to the determination
of the Exercise Price, the Closing Sale Price, the Bid Price or fair market value or the arithmetic calculation of the number
of Warrant Shares (as the case may be), the Company or the Holder (as the case may be) shall submit the disputed determinations
or arithmetic calculations (as the case may be) via facsimile (i) within two (2) Business Days after receipt of the applicable
notice giving rise to such dispute to the Company or the Holder (as the case may be) or (ii) if no notice gave rise to such dispute,
at any time after the Holder learned of the circumstances giving rise to such dispute (including, without limitation, as to whether
any issuance or sale or deemed issuance or sale was an issuance or sale or deemed issuance or sale of Excluded Securities). If
the Holder and the Company are unable to agree upon such determination or calculation (as the case may be) of the Exercise Price,
the Closing Sale Price, the Bid Price or fair market value or the number of Warrant Shares (as the case may be) within three (3)
Business Days of such disputed determination or arithmetic calculation being submitted to the Company or the Holder (as the case
may be), then the Company shall, within two (2) Business Days submit via facsimile (a) the disputed determination of the Exercise
Price, the Closing Sale Price, the Bid Price or fair market value (as the case may be) to an independent, reputable investment
bank selected by the Holder that is reasonably acceptable to the Company or (b) the disputed arithmetic calculation of the number
of Warrant Shares to an independent, outside accountant selected by the Holder that is reasonably acceptable to the Company. The
Company shall cause at its expense the investment bank or the accountant (as the case may be) to perform the determinations or
calculations (as the case may be) and notify the Company and the Holder of the results no later than ten (10) Business Days from
the time it receives such disputed determinations or calculations (as the case may be). Such investment bank’s or accountant’s
determination or calculation (as the case may be) shall be binding upon all parties absent demonstrable error.

 

 

13.             
REMEDIES, CHARACTERIZATION, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Warrant shall
be cumulative and in addition to all other remedies available under this Warrant, at law or in equity (including a decree of specific
performance and/or other injunctive relief), and nothing herein shall limit the right of the Holder to pursue actual and consequential
damages for any failure by the Company to comply with the terms of this Warrant. The Company covenants to the Holder that there
shall be no characterization concerning this instrument other than as expressly provided herein. Amounts set forth or provided
for herein with respect to payments, exercises and the like (and the computation thereof) shall be the amounts to be received
by the Holder and shall not, except as expressly provided herein, be subject to any other obligation of the Company (or the performance
thereof). The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder
and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the event of any such
breach or threatened breach, the holder of this Warrant shall be entitled, in addition to all other available remedies, to an
injunction restraining any breach, without the necessity of showing economic loss and without any bond or other security being
required. The Company shall provide all information and documentation to the Holder that is requested by the Holder to enable
the Holder to confirm the Company’s compliance with the terms and conditions of this Warrant (including, without limitation,
compliance with Section 2 hereof). The issuance of shares and certificates for shares as contemplated hereby upon the exercise
of this Warrant shall be made without charge to the Holder or such shares for any issuance tax or other costs in respect thereof,
provided that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the
issuance and delivery of any certificate in a name other than the Holder or its agent on its behalf.

 

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14.             
TRANSFER. a) Transfer. Subject to compliance with applicable securities laws, this Warrant and all rights hereunder are
transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent,
together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its
agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender
and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or
assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue
to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.
The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares
without having a new Warrant issued.

 

b) New Warrants. This Warrant may
be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written
notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney.
The Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined
in accordance with such notice. All Warrants issued on transfers or exchanges shall include reference to the initial issuance date
set forth on the first page of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares
issuable pursuant thereto and the Warrant number.

 

c) Warrant Register. The Company
shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”),
in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant
as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes,
absent actual written notice to the contrary.

 

15.             
CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms shall have
the following meanings:

 

(a)               
“Adjustment Right” means any right granted with respect to any securities issued in connection with,
or with respect to, any issuance or sale (or deemed issuance or sale in accordance with Section 2) of shares of Common Stock
(other than rights of the type described in Section 3 and 4 hereof) that could result in a decrease in the net consideration
received by the Company in connection with, or with respect to, such securities (including, without limitation, any cash settlement
rights, cash adjustment or other similar rights).

 

    	19

    	 

    

 

(b)              
“Approved Stock Plan” means any employee benefit plan which has been approved by the board of directors
of the Company prior to or subsequent to the date hereof pursuant to which shares of Common Stock, restricted stock units, standard
options to purchase Common Stock and other stock-based awards may be issued to any employee, officer, director or consultant for
services provided to the Company in their capacity as such.

 

(c)               
“Bid Price” means, for any security as of the particular time of determination, the bid price for such
security on the Principal Market as reported by Bloomberg as of such time of determination, or, if the Principal Market is not
the principal securities exchange or trading market for such security, the bid price of such security on the principal securities
exchange or trading market where such security is listed or traded as reported by Bloomberg as of such time of determination, or
if the foregoing does not apply, the bid price of such security in the over-the-counter market on the electronic bulletin board
for such security as reported by Bloomberg as of such time of determination, or, if no bid price is reported for such security
by Bloomberg as of such time of determination, the average of the bid prices of any market makers for such security as reported
in the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets LLC) as of such time of determination. If the
Bid Price cannot be calculated for a security as of the particular time of determination on any of the foregoing bases, the Bid
Price of such security as of such time of determination shall be the fair market value as mutually determined by the Company and
the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute shall
be resolved in accordance with the procedures in Section 13. All such determinations shall be appropriately adjusted for any
stock dividend, stock split, stock combination or other similar transaction during such period.

 

(d)              
“Black Scholes Consideration Value” means the value of the applicable Option, Convertible Security or
Adjustment Right (as the case may be) as of the date of issuance thereof calculated using the Black Scholes Option Pricing Model
obtained from the “OV” function on Bloomberg utilizing (i) an underlying price per share equal to the Closing Sale
Price of the Common Stock on the Trading Day immediately preceding the public announcement of the execution of definitive documents
with respect to the issuance of such Option or Convertible Security (as the case may be), (ii) a risk-free interest rate corresponding
to the U.S. Treasury rate for a period equal to the remaining term of such Option, Convertible Security or Adjustment Right (as
the case may be) as of the date of issuance of such Option, Convertible Security or Adjustment Right (as the case may be), (iii)
a zero cost of borrow and (iv) an expected volatility equal to the greater of 100% and the 30 day volatility obtained from the
HVT function on Bloomberg (determined utilizing a 365 day annualization factor) as of the Trading Day immediately following
the date of issuance of such Option, Convertible Security or Adjustment Right (as the case may be).

 

    	20

    	 

    

 

(e)               
“Black Scholes Value” means the value of the unexercised portion of this Warrant remaining on the date
of the Holder’s request pursuant to Section 4(c)(i), which value is calculated using the Black Scholes Option Pricing
Model obtained from the “OV” function on Bloomberg utilizing (i) an underlying price per share equal to the greater
of (1) the highest Closing Sale Price of the Common Stock during the period beginning on the Trading Day immediately preceding
the announcement of the applicable Fundamental Transaction (or the consummation of the applicable Fundamental Transaction, if earlier)
and ending on the Trading Day of the Holder’s request pursuant to Section 4(c)(i) and (2) the sum of the price per share
being offered in cash in the applicable Fundamental Transaction (if any) plus the value of the non-cash consideration being offered
in the applicable Fundamental Transaction (if any), (ii) a strike price equal to the Exercise Price in effect on the date of the
Holder’s request pursuant to Section 4(c)(i), (iii) a risk-free interest rate corresponding to the U.S. Treasury rate
for a period equal to the greater of (1) the remaining term of this Warrant as of the date of the Holder’s request pursuant
to Section 4(c)(i) and (2) the remaining term of this Warrant as of the date of consummation of the applicable Fundamental
Transaction or as of the date of the Holder’s request pursuant to Section 4(c)(i) if such request is prior to the date
of the consummation of the applicable Fundamental Transaction, (iv) a zero cost of borrow and (v) an expected volatility equal
to the greater of 100% and the 30 day volatility obtained from the HVT function on Bloomberg (determined utilizing a 365 day annualization
factor) as of the Trading Day immediately following the earliest to occur of (x) the public disclosure of the applicable Fundamental
Transaction, (y) the consummation of the applicable Fundamental Transaction and (z) the date on which the Holder first became aware
of the applicable Fundamental Transaction.

 

(f)               
“Bloomberg” means Bloomberg, L.P.

 

(g)              
“Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The
City of New York are authorized or required by law to remain closed.

 

(h)              
“Closing Sale Price” means, for any security as of any date, the last closing trade price for such security
on the Principal Market, as reported by Bloomberg, or, if the Principal Market begins to operate on an extended hours basis and
does not designate the closing trade price, then the last trade price of such security prior to 4:00:00 p.m., New York time, as
reported by Bloomberg, or, if the Principal Market is not the principal securities exchange or trading market for such security,
the last trade price of such security on the principal securities exchange or trading market where such security is listed or traded
as reported by Bloomberg, or if the foregoing does not apply, the last trade price of such security in the over-the-counter market
on the electronic bulletin board for such security as reported by Bloomberg, or, if no last trade price is reported for such security
by Bloomberg, the average of the ask prices of any market makers for such security as reported in the “pink sheets”
by OTC Markets Group Inc. (formerly Pink Sheets LLC). If the Closing Sale Price cannot be calculated for a security on a particular
date on any of the foregoing bases, the Closing Sale Price of such security on such date shall be the fair market value as mutually
determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such
security, then such dispute shall be resolved in accordance with the procedures in Section 13. All such determinations shall
be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during such period.

 

    	21

    	 

    

 

(i)                
“Common Stock” means (i) the Company’s shares of class A common stock, $0.001 par value per
share, and (ii) any capital stock into which such class A common stock shall have been changed or any share capital resulting from
a reclassification of such common stock.

 

(j)                
“Convertible Securities” means any stock or other security (other than Options) that is at any time and
under any circumstances, directly or indirectly, convertible into, exercisable or exchangeable for, or which otherwise entitles
the holder thereof to acquire, any shares of Common Stock.

 

(k)              
“Eligible Market” means The New York Stock Exchange, the NYSE MKT, the Nasdaq Capital Market, the Nasdaq
Global Select Market, the Nasdaq Global Market or the Principal Market.

 

(l)                
“Excluded Securities” means (i) shares of Common Stock or standard options to purchase Common Stock issued
to directors, officers, consultants or employees of the Company in their capacity as such pursuant to an Approved Stock Plan (as
defined below); (ii) shares of Common Stock issued upon the conversion or exercise of Convertible Securities (other than standard
options to purchase Common Stock issued pursuant to an Approved Stock Plan that are covered by clause (i) above) issued prior to
the date hereof, provided that the conversion price of any such Convertible Securities (other than standard options to purchase
Common Stock issued pursuant to an Approved Stock Plan that are covered by clause (i) above) is not lowered, none of such Convertible
Securities (other than standard options to purchase Common Stock issued pursuant to an Approved Stock Plan that are covered by
clause (i) above) are amended to increase the number of shares issuable thereunder and none of the terms or conditions of any such
Convertible Securities (other than standard options to purchase Common Stock issued pursuant to an Approved Stock Plan that are
covered by clause (i) above) are otherwise materially changed in any manner that adversely affects any of the Holders; and (iii)
the shares of Common Stock issuable upon exercise of the Warrants.

 

(m)            
“Expiration Date” means the date that is the fifth (5th) anniversary of the Initial Exercisability
Date or, if such date falls on a day other than a Business Day or on which trading does not take place on the Principal Market
(a “Holiday”), the next date that is not a Holiday.

 

    	22

    	 

    

 

(n)              
“Fundamental Transaction” means that (i) the Company or any of its Subsidiaries shall, directly or indirectly,
in one or more related transactions, (1) consolidate or merge with or into (whether or not the Company or any of its Subsidiaries
is the surviving corporation) any other Person, or (2) sell, lease, license, assign, transfer, convey or otherwise dispose of all
or substantially all of its respective properties or assets to any other Person, or (3) allow any other Person to make a purchase,
tender or exchange offer that is accepted by the holders of more than 50% of the outstanding shares of Voting Stock of the Company
(not including any shares of Voting Stock of the Company held by the Person or Persons making or party to, or associated or affiliated
with the Persons making or party to, such purchase, tender or exchange offer), or (4) consummate a stock or share purchase agreement
or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement)
with any other Person whereby such other Person acquires more than 50% of the outstanding shares of Voting Stock of the Company
(not including any shares of Voting Stock of the Company held by the other Person or other Persons making or party to, or associated
or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination),
or (ii) any “person” or “group” (as these terms are used for purposes of Sections 13(d) and 14(d)
of the 1934 Act and the rules and regulations promulgated thereunder) is or shall become the “beneficial owner” (as
defined in Rule 13d-3 under the 1934 Act), directly or indirectly, of 50% of the aggregate ordinary voting power represented by
issued and outstanding Voting Stock of the Company.

 

(o)              
“Options” means any rights, warrants or options to subscribe for or purchase shares of Common Stock or
Convertible Securities.

 

(p)              
“Parent Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person
and whose common stock or equivalent equity security is quoted or listed on an Eligible Market, or, if there is more than one such
Person or Parent Entity, the Person or Parent Entity with the largest public market capitalization as of the date of consummation
of the Fundamental Transaction.

 

(q)              
“Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation,
a trust, an unincorporated organization, any other entity or a government or any department or agency thereof.

 

(r)                
“Principal Market” means the Nasdaq Capital Market.

 

(s)               
 “Successor Entity” means the Person (or, if so elected by the Holder, the Parent Entity) formed by,
resulting from or surviving any Fundamental Transaction or the Person (or, if so elected by the Holder, the Parent Entity) with
which such Fundamental Transaction shall have been entered into.

 

(t)                
“Trading Day” means any day on which the Common Stock is traded on the Principal Market, or, if the Principal
Market is not the principal trading market for the Common Stock, then on the principal securities exchange or securities market
on which the Common Stock is then traded, provided that “Trading Day” shall not include any day on which the Common
Stock is scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from
trading during the final hour of trading on such exchange or market (or if such exchange or market does not designate in advance
the closing time of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York time) unless such
day is otherwise designated as a Trading Day in writing by the Holder.

 

    	23

    	 

    

 

(u)              
“Voting Stock” of a Person means capital stock of such Person of the class or classes pursuant to which
the holders thereof have the general voting power to elect, or the general power to appoint, at least a majority of the board of
directors, managers or trustees of such Person (irrespective of whether or not at the time capital stock of any other class or
classes shall have or might have voting power by reason of the happening of any contingency).

 

(v)              
“VWAP” means, for any date, the price determined by the first of the following clauses that applies:
(a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock
for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported
by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time), (b) if the OTC
Bulletin Board is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding
date) on the OTC Bulletin Board, (c) if the Common Stock is not then listed or quoted for trading on the OTC Bulletin Board and
if prices for the Common Stock are then reported in the “Pink Sheets” published by Pink OTC Markets, Inc. (or a similar
organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock
so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser
selected in good faith by the Holders of a majority in interest of the Securities then outstanding and reasonably acceptable to
the Company, the fees and expenses of which shall be paid by the Company.

 

[signature page follows]

 

    	24

    	 

    

 

IN WITNESS WHEREOF,
the Company has caused this Warrant to Purchase Common Stock to be duly executed as of the Issuance Date set out above.

 

 

 

 

	 	 
	 	 
	By: 	 
		Name:
		Title:

 

    	 

    	 

    

 

EXHIBIT A

 

EXERCISE
NOTICE

 

TO BE EXECUTED
BY THE REGISTERED HOLDER TO EXERCISE THIS

WARRANT TO PURCHASE COMMON STOCK

__________________________

 

The undersigned holder
hereby exercises the right to purchase _________________ of the shares of Common Stock (“Warrant Shares”) of
TranSwitch Corporation, a Delaware corporation (the “Company”), evidenced by Warrant to Purchase Common Stock
No. _______ (the “Warrant”). Capitalized terms used herein and not otherwise defined shall have the respective
meanings set forth in the Warrant.

 

1.Form of Exercise
Price. The Holder intends that payment of the Exercise Price shall be made as:

 

		____________	a “Cash Exercise” with respect to _________________ Warrant Shares; and/or

 

		____________	[if applicable] a “Cashless Exercise” with respect to _______________ Warrant
Shares.

 

2.Payment
of Exercise Price. In the event that the Holder has elected a Cash Exercise with respect to some or all of the Warrant Shares
to be issued pursuant hereto, the Holder shall pay the Aggregate Exercise Price in the sum
of $___________________ to the Company in accordance with the terms of the Warrant.

 

3.Delivery
of Warrant Shares. The Company shall deliver to Holder, or its designee or agent as specified below, __________ Warrant
Shares in accordance with the terms of the Warrant. Delivery shall be made to Holder, or for its benefit, to the following address:

 

	 
	 
	 
	 

 

	
        Date: _____________ __,         

 
	 
	

        Name of Registered Holder
	By: 	 
		Name: 

Title:

 

 

    	 

    	 

    

 

 

EXHIBIT B

 

ACKNOWLEDGMENT

 

The
Company hereby acknowledges this Exercise Notice and hereby directs ______________ to issue the above indicated
number of shares of Common Stock in accordance with the Transfer Agent Instructions dated _________, 20__, from the Company and
acknowledged and agreed to by _______________.

 

 

	 	 
	 	 
	 	By: 	 
	 	 	Name:

Title:GE CAPITAL CREDIT CARD MASTER NOTE
TRUST,

 

as Issuer

 

And

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,

 

as Indenture Trustee

 

Series 2013-1 INDENTURE SUPPLEMENT

 

Dated as of March 26, 2013

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

 

	 	 	 	Page
	 	 	 	 
	ARTICLE I	Definitions	 
	SECTION 1.1.	Definitions	1
	SECTION 1.2.	Incorporation of Terms	14
	 	 	 	 
	ARTICLE II	Creation of the Series 2013-1 Notes	 
	SECTION 2.1.	Designation	14
	SECTION 2.2.	Transfer Restrictions Applicable to the Class C Notes	14
	 	 	 	 
	ARTICLE III	REPRESENTATIONS, WARRANTIES and Covenants	 
	SECTION 3.1.	Representations, Warranties and Covenants with respect to Receivables	16
	SECTION 3.2.	Representations, Warranties and Covenants with respect to ERISA	17
	 	 	 	 
	ARTICLE IV	Rights of Series 2013-1 Noteholders and Allocation and Application of Collections	 
	SECTION 4.1.	Determination of Interest and Principal	17
	SECTION 4.2.	Establishment of Accounts	18
	SECTION 4.3.	Calculations and Series Allocations	19
	SECTION 4.4.	Application of Available Finance Charge Collections and Available Principal Collections	22
	SECTION 4.5.	Distributions	25
	SECTION 4.6.	Investor Charge-Offs	26
	SECTION 4.7.	Reallocated Principal Collections	26
	SECTION 4.8.	Excess Finance Charge Collections	26
	SECTION 4.9.	Shared Principal Collections	26
	SECTION 4.10.	Reserve Account	27
	SECTION 4.11.	Spread Account	28
	SECTION 4.12.	Investment of Accounts	28
	SECTION 4.13.	Controlled Accumulation Period	29
	SECTION 4.14.	[RESERVED]	29
	SECTION 4.15.	Deposit of Collections	30
	 	 	 
	ARTICLE V	Delivery of Series 2013-1 Notes; Reports to Series 2013-1 Noteholders	 
	SECTION 5.1.	Delivery and Payment for the Series 2013-1 Notes	30
	SECTION 5.2.	Reports and Statements to Series 2013-1 Noteholders	30
	 	 	 	 
	ARTICLE VI	Series 2013-1 Early Amortization Events	 
	SECTION 6.1.	Series 2013-1 Early Amortization Events	30
	 	 	 	 
	ARTICLE VII	Redemption of Series 2013-1 Notes; Final Distributions; Series Termination	 

 

    	-i-

    	 

    

 

TABLE OF CONTENTS

(continued)

 

	 	 	Page
	 	 	 
	SECTION 7.1.	Optional Redemption of Series 2013-1 Notes; Final Distributions	32
	SECTION 7.2.	Series Termination	33
	SECTION 7.3.	Sale of Collateral	33
	 	 	 	 
	ARTICLE VIII	Miscellaneous Provisions	 
	SECTION 8.1.	Ratification of Indenture; Amendments	33
	SECTION 8.2.	Form of Delivery of the Series 2013-1 Notes	34
	SECTION 8.3.	Counterparts	34
	SECTION 8.4.	GOVERNING LAW	34
	SECTION 8.5.	Limitation of Liability	35
	SECTION 8.6.	Rights of the Indenture Trustee	35
	SECTION 8.7.	Notice Address for Rating Agencies	35
	SECTION 8.8.	Compliance with Applicable Anti-Terrorism and Anti-Money Laundering Regulations	35
	SECTION 8.9.	Notes to be Treated as Debt for Tax	36
	SECTION 8.10.	Deemed Consent	36

 

	EXHIBITS	 	 
	 	 	 
	EXHIBIT A-1	 	FORM OF CLASS A NOTE
	 	 	 
	EXHIBIT A-2	 	FORM OF CLASS B NOTE
	 	 	 
	EXHIBIT A-3	 	FORM OF CLASS C NOTE
	 	 	 
	EXHIBIT B	 	FORM OF MONTHLY NOTEHOLDER’S STATEMENT
	 	 	 
	SCHEDULES 	 	 
	 	 	 
	SCHEDULE I	 	PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS (With Respect to Receivables)

 

    	-ii-

    	 

    

 

SERIES 2013-1 INDENTURE
SUPPLEMENT, dated as of March 26, 2013 (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 as provided in the Master Indenture referred to below, the “Indenture Trustee”)
under the Master Indenture, dated as of September 25, 2003 (the “Indenture”), between the Issuer and the Indenture
Trustee, as amended by the Omnibus Amendment No.1 to Securitization Documents, dated as of February 9, 2004, among RFS Holding,
L.L.C., RFS Funding Trust, the Issuer, Deutsche Bank Trust Company Delaware, as trustee of RFS Funding Trust, RFS Holding, Inc.,
and the Indenture Trustee, as further amended by the Second Amendment to Master Indenture, dated as of June 17, 2004, between the
Issuer and the Indenture Trustee, as further amended by the Third Amendment to Master Indenture, dated as of August 31, 2006, between
the Issuer and the Indenture Trustee, as further amended by the Fourth Amendment to Master Indenture, dated as of June 28, 2007,
between the Issuer and the Indenture Trustee, as further amended by the Fifth Amendment to Master Indenture, dated as of May 22,
2008, between the Issuer and the Indenture Trustee, and as further amended by the Sixth Amendment to Master Indenture, dated as
of August 7, 2009, between the Issuer and the Indenture Trustee (the Indenture, together with this Indenture Supplement, the “Agreement”).

 

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

 

ARTICLE
I

Definitions

 

SECTION 1.1. Definitions.

 

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

 

(b)          Each
capitalized term defined herein relates only to Series 2013-1 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 date of determination in any Monthly Period, the percentage equivalent of a fraction:

 

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

 

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

 

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

 

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

 

    	2

    	 

    

 

“Available
Finance Charge Collections” means, for any Monthly Period, an amount equal to the sum of (a) the Investor Finance Charge
Collections for such Monthly Period, (b) the Series 2013-1 Excess Finance Charge Collections for such Monthly Period, (c) Principal
Accumulation Investment Proceeds, if any, with respect to the related Transfer Date, (d) interest and earnings on funds on deposit
in the Reserve Account which will be deposited into the Finance Charge Account on the related Payment Date to be treated as Available
Finance Charge Collections pursuant to Section 4.10(a), and (e) amounts, if any, to be withdrawn from the Reserve Account
which will be deposited into the Finance Charge Account on the related Transfer Date to be treated as Available Finance Charge
Collections pursuant to Section 4.10(c).

 

“Available
Principal Collections” means, for any Monthly Period, an amount equal to the sum of (a) the Investor Principal Collections
for such Monthly Period, minus (b) the amount of Reallocated Principal Collections with respect to such Monthly Period which
pursuant to Section 4.7 are required to be applied on the related Payment Date, plus (c) the sum of (i) any
Shared Principal Collections with respect to other Principal Sharing Series (including any amounts on deposit in the Excess Funding
Account that are allocated to Series 2013-1 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(a) 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 (based on a 360-day year of twelve 30-day months, or in the case of the
initial Monthly Period, the actual number of days and a 360-day year) equivalent of a fraction, the numerator of which is equal
to the sum of (a) the Monthly Interest, (b) the amount required to be paid pursuant to Section 4.4(a)(i) and (c) the Noteholder
Servicing Fee, each with respect to the related Payment Date, and the denominator of which is the Collateral Amount plus amounts
on deposit in the Principal Accumulation Account, each as of the close of business on the last day of such Monthly Period.

 

    	3

    	 

    

 

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

 

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

 

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

 

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

 

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

 

“Class A Note
Initial Principal Balance” means $800,000,000.

 

“Class
A Note Interest Rate” means a per annum rate of 1.35%.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Class B Note
Initial Principal Balance” means $100,946,372.

 

“Class
B Note Interest Rate” means a per annum rate of 1.69%.

 

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

 

    	4

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“Class C Note
Initial Principal Balance” means $68,138,802.

 

“Class
C Note Interest Rate” means a per annum rate of 1.94%.

 

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

 

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

 

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

 

“Closing Date”
means March 26, 2013.

 

“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 2013-1 Noteholders (other than any principal payments
made from funds on deposit in the Spread Account), (ii) reductions in the Collateral Amount pursuant to Section 4.4(f),
(iii) the Principal Accumulation Account Balance, and (iv) the excess, if any, of the aggregate amount of Investor Charge-Offs
and Reallocated Principal Collections over the reimbursements of such amounts pursuant to Section 4.4(a)(vii) prior
to such date.

 

    	5

    	 

    

 

“Controlled
Accumulation Amount” means, for any Payment Date with respect to the Controlled Accumulation Period, $323,028,391.34;
provided, however, that if the Controlled Accumulation Period Length is determined to be more than or less than three
months pursuant to Section 4.13, the Controlled Accumulation Amount for each Payment Date with respect to the Controlled
Accumulation Period will be equal to (i) the initial Note Principal Balance divided by (ii) the Controlled Accumulation
Period Length; provided, further, that the Controlled Accumulation Amount for any Payment Date shall not exceed the
Note Principal Balance minus any amount already on deposit in the Principal Accumulation Account on such Payment Date.

 

“Controlled
Accumulation Period” means, unless an Early Amortization Event shall have occurred prior thereto, the period commencing
at the opening of business on November 22, 2017 or such other date as is determined in accordance with Section 4.13 and
ending on the first to occur of (a) the commencement of the Early Amortization Period and (b) the Final Payment Date.

 

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

 

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

 

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

 

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

 

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

 

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

 

    	6

    	 

    

 

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

 

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

 

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

 

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

 

“Early Amortization
Period” means the period commencing on the date on which a Trust Early Amortization Event or a Series 2013-1 Early Amortization
Event is deemed to occur and ending on the Final Payment Date.

 

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

 

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

 

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

 

“Expected
Principal Payment Date” means the March 2018 Payment Date.

 

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

 

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

 

“Finance Charge
Shortfall” is defined in Section 4.8.

 

“Group One”
means Series 2013-1 and each other outstanding Series previously or hereafter specified in the related Indenture Supplement to
be included in Group One.

 

“Indenture”
is defined in the preamble.

 

“Indenture
Trustee” is defined in the preamble.

 

    	7

    	 

    

 

“Initial Collateral
Amount” means $1,009,463,723, 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 $40,378,549.

 

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

 

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

 

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

 

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

 

“Investor
Finance Charge Collections” means, for any Monthly Period, an amount equal to the aggregate amount of Finance Charge
Collections retained or deposited in the Finance Charge Account for Series 2013-1 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 2013-1 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 hereunder but
has not been made, provided that, if the Free Equity Amount is greater than zero at the time the deposit referred to in
clause (b) is required to be made, the Investor Uncovered Dilution Amount shall be deemed to be zero.

 

“Issuer”
is defined in the preamble.

 

“Minimum Free
Equity Percentage” means, for purposes of Series 2013-1, 5.5%.

 

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

 

    	8

    	 

    

 

“Monthly Period”
means, as to the May 2013 Payment Date, the period beginning on the Closing Date and ending on April 21, 2013, and as to each
Payment Date thereafter, the period beginning on the 22nd day of the second preceding calendar month and ending on the
21st day of the immediately preceding calendar month.

 

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

 

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

 

(a)          the
lesser of (i) the Class A Required Amount and (ii) 20.75% of the Initial Collateral Amount minus the sum of (x) the amount
of unreimbursed Investor Charge-Offs (after giving effect to Investor Charge-Offs for the related Monthly Period) and unreimbursed
Reallocated Principal Collections (as of the previous Payment Date) and (y) any reductions to the Collateral Amount pursuant to
Section 4.4(f), but not less than zero;

 

(b)          the
lesser of (i) the Class B Required Amount and (ii) 10.75% of the Initial Collateral Amount minus the sum of (x) the amount
of unreimbursed Investor Charge-Offs (after giving effect to Investor Charge-Offs for the related Monthly Period) and unreimbursed
Reallocated Principal Collections (as of the previous Payment Date and as required in clause (a) above) and (y) any reductions
to the Collateral Amount pursuant to Section 4.4(f), but not less than zero; and

 

(c)          the
lesser of (i) the Class C Required Amount and (ii) 4.00% of the Initial Collateral Amount minus the sum of (x) the amount
of unreimbursed Investor Charge-Offs after giving effect to Investor Charge-Offs for the related Monthly Period) and unreimbursed
Reallocated Principal Collections (as of the previous Payment Date and as required in clauses (a) and (b) above)
and (y) any reduction to the Collateral Amount pursuant to Section 4.4(f), but not less than zero.

 

“Note Purchase
Agreement” means each Note Purchase Agreement, dated as of March 26, 2013, between the Transferor and GE Capital,
as initial Class B and Class C Noteholder.

 

“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 pro rated for the number of days in the first Monthly Period.

 

“Payment Date”
means May 15, 2013 and the 15th day of each calendar month thereafter, or if such 15th day is not a Business
Day, the next succeeding Business Day.

 

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

 

    	9

    	 

    

 

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

 

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

 

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

 

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

 

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

 

“Principal
Shortfall” is defined in Section 4.9.

 

“Quarterly
Excess Spread Percentage” means (a) with respect to the July 2013 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 June 2013 Payment
Date and (ii) the Excess Spread Percentage for the Monthly Period relating to the July 2013 Payment Date and the denominator of
which is two, and (b) with respect to the August 2013 Payment Date and each Payment Date thereafter, the percentage equivalent
of a fraction the numerator of which is the sum of the Excess Spread Percentages determined with respect to the Monthly Periods
relating to such Payment Date and the immediately preceding two Payment Dates and the denominator of which is three.

 

“Rating Agency”
means, as of any date and with respect to any Class of the Series 2013-1 Notes, the nationally recognized statistical rating organizations
that have been requested by the Transferor to provide ratings of such class and that are rating the Series 2013-1 Notes on such
date.

 

“Rating Agency
Condition” means, with respect to Series 2013-1 and any action, (i) that Moody’s and S&P shall have notified
the Issuer in writing that such action will not result in a reduction or withdrawal of the rating, if any, of any outstanding Class
with respect to which Moody’s or S&P, respectively, is a Rating Agency or (ii) with respect to any outstanding Class
rated by any other Rating Agency, 10 days’ prior written notice (or, if 10 days’ advance notice is impracticable, as
much advance notice as is practicable) delivered electronically to each applicable Rating Agency as provided in Section 8.7.

 

    	10

    	 

    

 

“Reallocated
Principal Collections” is defined in Section 4.7.

 

“Reassignment
Amount” means, with respect to Series 2013-1, the Redemption Amount.

 

“Redemption
Amount” means, for any Transfer Date, after giving effect to any deposits and payments otherwise to be made on the related
Payment Date, the sum of (i) the Note Principal Balance on such Payment Date, (ii) Monthly Interest for such Payment Date and any
Monthly Interest previously due but not distributed to the Series 2013-1 Noteholders and (iii) the amount of Additional Interest,
if any, for the related Payment Date and any Additional Interest previously due but not distributed to the Series 2013-1 Noteholders
on a prior Payment Date.

 

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

 

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

 

“Required
Excess Collateral Amount” means, at any time, 4.00% of the Collateral Amount; provided that:

 

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

 

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

 

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

 

“Required
Reserve Account Amount” means, for any Transfer Date on or after the Reserve Account Funding Date, an amount equal to
(a) 0.50% of the Note Principal Balance or (b) any other amount designated by the Issuer; provided,
however, that if such designation is of a lesser amount, the Issuer shall (i) provide the Indenture Trustee with
evidence that the Rating Agency Condition shall have been satisfied and (ii) deliver to the Indenture Trustee a certificate of
an Authorized Officer to the effect that, based on the facts known to such officer at such time, in the reasonable belief of the
Issuer, such designation will not cause an Early Amortization Event or an event that, after the giving of notice or the lapse of
time, would cause an Early Amortization Event to occur with respect to Series 2013-1; provided, further, however,
that at any time during which the Controlled Accumulation Period Length is equal to one month, the Required Reserve Account Amount
shall be equal to $0.00.

 

“Required
Spread Account Amount” means, for the May 2013 Payment Date and the June 2013 Payment Date, zero, and for any Payment
Date thereafter, the product of (i) the Spread Account Percentage in effect on such date and (ii) during (x) the Revolving Period,
the Collateral Amount, and (y) during the Controlled Accumulation Period or the Early Amortization Period, the Collateral Amount
as of the last day of the Revolving Period; provided that, prior to the occurrence of an Event of Default and acceleration
of the Series 2013-1 Notes, the Required Spread Account Amount will never exceed the Class C Note Principal Balance (after taking
into account any payments to be made on such Payment Date).

 

    	11

    	 

    

 

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

 

“Reserve Account
Funding Date” means the Payment Date selected by the Servicer on behalf of the Issuer which occurs not later than the
earliest of the Payment Date with respect to the Monthly Period which commences three months prior to the commencement of the Controlled
Accumulation Period (which commencement shall be subject to postponement pursuant to Section 4.13); provided, however,
that if the Rating Agency Condition is satisfied, the Issuer may postpone the Reserve Account Funding Date.

 

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

 

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

 

“Reset Date”
means:

 

(a)          each
Addition Date;

 

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

 

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

 

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

 

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

 

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

 

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

 

    	12

    	 

    

 

“Series Maturity
Date” means, with respect to Series 2013-1, the March 2021 Payment Date.

 

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

 

“Series 2013-1”
means the Series of Notes the terms of which are specified in this Indenture Supplement.

 

“Series 2013-1
Early Amortization Event” is defined in Section 6.1.

 

“Series 2013-1
Excess Finance Charge Collections” means Excess Finance Charge Collections allocated from other Series in Group One to
Series 2013-1 pursuant to Section 8.6 of the Indenture.

 

“Series 2013-1
Note” means a Class A Note, a Class B Note or a Class C Note.

 

“Series 2013-1
Noteholder” means a Class A Noteholder, a Class B Noteholder or a Class C Noteholder.

 

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

 

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

 

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

 

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

 

    	13

    	 

    

 

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

 

“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 2013-1.

 

ARTICLE
II

Creation of the Series 2013-1 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 2013-1” or the “Series 2013-1 Notes.”
The Series 2013-1 Notes shall be issued in three Classes, known as the “Class A Series 2013-1 Fixed Rate Asset Backed
Notes”, the “Class B Series 2013-1 Fixed Rate Asset Backed Notes” and the “Class C Series
2013-1 Fixed Rate Asset Backed Notes.”

 

(b)          Series
2013-1 shall be included in Group One and shall be a Principal Sharing Series. Series 2013-1 shall be an Excess Allocation Series
with respect to Group One only. Series 2013-1 shall not be subordinated to any other Series.

 

(c)          The
Series 2013-1 Class A Notes shall be issued in minimum denominations of $200,000 and in integral multiples of $1,000 and the Class
B Notes and the Class C Notes shall be issued in minimum denominations of $200,000 and in integral multiples of $1.

 

SECTION 2.2. Transfer
Restrictions Applicable to the Class B Notes and the Class C Notes.

 

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

 

    	14

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    	15

    	 

    

 

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

 

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

 

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

 

ARTICLE
III

REPRESENTATIONS, WARRANTIES and Covenants

 

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

 

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SECTION 3.2. Representations,
Warranties and Covenants with respect to ERISA. By acquiring a Series 2013-1 Note (or interest therein), each purchaser and
subsequent transferee shall be deemed to represent and warrant that either (i) it is not (and for so long as it holds such Series
2013-1 Note will not be), is not acting on behalf of (and for so long as it holds such Series 2013-1 Note will not be acting on
behalf of), and is not investing the assets of a Benefit Plan or a governmental plan, church plan or non-U.S. plan that is subject
to any Similar Law or (ii) its acquisition, continued holding and disposition of such Series 2013-1 Note will not result in a non-exempt
prohibited transaction under ERISA or Section 4975 of the Code or a violation of any Similar Law. Benefit Plans may not acquire
the Series 2013-1 Notes at any time that the Series 2013-1 Notes do not have a current investment grade rating from a nationally
recognized statistical rating organization.

 

ARTICLE
IV

Rights of Series 2013-1 Noteholders and Allocation and

Application of Collections

 

SECTION 4.1. Determination
of Interest and Principal.

 

(a)          The
amount of monthly interest (“Class A Monthly Interest”) due and payable with respect to the Class A Notes on
any Payment Date shall be an amount equal to the product of (i) a fraction, the numerator of which is 30 (but in the case of the
initial Interest Period, 49) 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 30 and the
denominator of which is 360, (ii) the Class A Note Interest Rate in effect with respect to the related Interest Period plus
2% per annum and (iii) such Class A Deficiency Amount (or the portion thereof which has not been paid to the Class A Noteholders)
shall be payable as provided herein with respect to the Class A Notes. Notwithstanding anything to the contrary herein, Class A
Additional Interest shall be payable or distributed to the Class A Noteholders only to the extent permitted by applicable law.

 

(b)          The
amount of monthly interest (“Class B Monthly Interest”) due and payable with respect to the Class B Notes on
any Payment Date shall be an amount equal to the product of (i) a fraction, the numerator of which is 30 (but in the case of the
initial Interest Period, 49) 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).

 

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

 

(c)          The
amount of monthly interest (“Class C Monthly Interest”) due and payable with respect to the Class C Notes on
any Payment Date shall be an amount equal to the product of (i) a fraction, the numerator of which is 30 (but in the case of the
initial Interest Period, 49) and the denominator of which is 360, (ii) the Class C Note Interest Rate in effect with respect to
the related Interest Period and (iii) the Class C Note Principal Balance as of the close of business on the last day of the preceding
Monthly Period (or, with respect to the initial Payment Date, the Class C Note Initial Principal Balance).

 

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

 

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

 

SECTION 4.2. Establishment
of Accounts.

 

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

 

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

 

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

 

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

 

SECTION 4.3. Calculations
and Series Allocations.

 

(a)          Allocations.
Finance Charge Collections, Principal Collections and Charged-Off Receivables allocated to Series 2013-1 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 GE Capital or
an Affiliate thereof 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 2013-1 pursuant to Section 8.5 of the Indenture)).

 

(b)          Allocations
to the Series 2013-1 Noteholders. The Issuer shall on each Date of Processing, allocate to the Series 2013-1 Noteholders the
following amounts as set forth below:

 

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(i)          Allocations
of Finance Charge Collections. The Issuer shall allocate to the Series 2013-1 Noteholders an amount equal to the product of
(A) the Allocation Percentage and (B) the aggregate Finance Charge Collections processed on such Date of Processing and, subject
to Section 4.15, shall deposit such amount into the Finance Charge Account; provided that, with respect to each Monthly
Period falling in the Revolving Period (and with respect to that portion of each Monthly Period in the Controlled Accumulation
Period falling on or after the day on which Collections of Principal Receivables equal to the related Controlled Deposit Amount
have been allocated pursuant to Section 4.3(b)(ii) and deposited pursuant to Section 4.3(a)), Collections
of Finance Charge Receivables shall be transferred into the Finance Charge Account only until such time as the aggregate amount
so deposited equals the sum (the “Target Amount”) of (A) the fees payable to the Indenture Trustee, the Trustee
and the Administrator on the related Payment Date, (B) the Monthly Interest on the related Payment Date, (C) if GE Capital or an
Affiliate thereof is not the Servicer, the Noteholder Servicing Fee (and if GE Capital or an Affiliate thereof 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 Payment 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, that 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 Series 2013-1 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.

 

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(ii)         Allocations
of Principal Collections. The Issuer shall allocate to the Series 2013-1 Noteholders the following amounts as set forth below:

 

(x)          Allocations
During the Revolving Period.

 

(1)         During
the Revolving Period an amount equal to the product of the Allocation Percentage and the aggregate amount of Principal Collections
processed on such Date of Processing, shall be allocated to the Series 2013-1 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 2013-1 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 2013-1 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.

 

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(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 Series
2013-1 Noteholders and transferred to the Principal Account until applied as provided herein; provided, however,
that after the date on which an amount of such Principal Collections equal to the Note Principal Balance has been deposited into
the Principal Account such amount shall be first, if any other Principal Sharing Series is outstanding and in its accumulation
period or amortization period, retained in the Principal Account for application, to the extent necessary, as Shared Principal
Collections to other Principal Sharing Series on the related Payment Date, second deposited in the Excess Funding Account to the
extent necessary so that the Free Equity Amount is not less than the Minimum Free Equity Amount and third paid` to the holders
of the Transferor Interest.

 

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

 

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

 

(i)          to
pay, on a pari passu basis, the following amounts, to the extent allocated to Series 2013-1 pursuant to Section 8.4(d) of
the Indenture: (A) the payment to the Indenture Trustee of the accrued and unpaid fees and other amounts owed to the Indenture
Trustee up to a maximum amount of $25,000 for each calendar year, (B) the payment to the Trustee of the accrued and unpaid fees
and other amounts owed to the Trustee up to a maximum amount of $25,000 for each calendar year and (C) the payment to the Administrator
of the accrued and unpaid fees and other amounts owed to the Administrator up to a maximum amount of $25,000 for each calendar
year;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(xi)         [Reserved];

 

    	23

    	 

    

 

(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 2013-1 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 2013-1 pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i)
and (xii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed
to such Persons listed in clause (i) above shall be paid to the Issuer.

 

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

 

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

 

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

 

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

 

(iii)        the
balance of such Available Principal Collections remaining after application in accordance with clauses (i) and (ii)
above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture.

 

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(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)          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.

 

SECTION 4.5. Distributions.

 

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

 

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

 

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

 

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

 

(e)          All
payments to Noteholders hereunder shall be made by (i) check mailed to each Series 2013-1 Noteholder (at such Noteholder’s
address as it appears in the Note Register), except that for any Series 2013-1 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 2013-1 Note or the making of any notation thereon.

 

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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 Investor Principal Collections with respect to that Transfer
Date, to fund any deficiency pursuant to and in the priority set forth in Sections 4.4(a)(i), (ii), (iii),
(iv) and (v) (any such Investor Principal Collections so allocated,
“Reallocated Principal Collections”); provided,
that for any Monthly Period, Reallocated Principal Collections may not exceed the Monthly Principal Reallocation Amount for such
Monthly Period. On each Transfer Date, the Collateral Amount shall be reduced by the amount of Reallocated Principal Collections
for such Transfer Date.

 

SECTION 4.8. Excess
Finance Charge Collections. Series 2013-1 shall be an Excess Allocation Series with respect to Group One only. Subject to Section 8.6
of the Indenture, Excess Finance Charge Collections with respect to the Excess Allocation Series in Group One with respect to any
Monthly Period will be allocated to Series 2013-1 in an amount equal to the product of (x) the aggregate amount of Excess Finance
Charge Collections with respect to all the Excess Allocation Series in Group One for such Monthly Period and (y) a fraction, the
numerator of which is the Finance Charge Shortfall for Series 2013-1 for such Monthly Period and the denominator of which is the
aggregate amount of Finance Charge Shortfalls for all the Excess Allocation Series in Group One, in each case with respect to payments
to be made on or prior to the Payment Date following such Monthly Period. The “Finance Charge Shortfall” for
Series 2013-1 for any date on which Excess Finance Charge Collections are allocated pursuant to Section 8.6 of the Indenture
will be equal to the excess, if any, of (a) the full amount required to be paid, without duplication, pursuant to Sections
4.4(a)(i) through (xii) with respect to the next following Payment Date over (b) the Available Finance Charge
Collections with respect to the related Monthly Period (excluding any portion thereof attributable to Excess Finance Charge Collections).

 

SECTION 4.9. Shared
Principal Collections. Subject to Section 8.5 of the Indenture, Shared Principal Collections allocable to Series
2013-1 with respect to any Monthly Period will be equal to the product of (x) the aggregate amount of Shared Principal Collections
with respect to all Principal Sharing Series for such Monthly Period and (y) a fraction, the numerator of which is the Principal
Shortfall for Series 2013-1 for such Monthly Period and the denominator of which is the aggregate amount of Principal Shortfalls
for all the Series which are Principal Sharing Series, in each case with respect to payments to be made on or prior to the Payment
Date following such Monthly Period. The “Principal Shortfall” for Series 2013-1 for any date on which Shared
Principal Collections are allocated pursuant to Section 8.5 of the Indenture will be equal to (a) for any allocation date
with respect to the Revolving Period or any allocation date during the Early Amortization Period prior to the earlier of (i) the
end of the Monthly Period immediately preceding the Expected Principal Payment Date and (ii) the date on which all outstanding
Series are in early amortization periods, zero, (b) for any allocation date with respect to the Controlled Accumulation Period,
the excess, if any, of the Controlled Deposit Amount with respect to the next following Payment Date over the amount of
Available Principal Collections for the related Monthly Period (excluding any portion thereof attributable to Shared Principal
Collections or amounts available to be treated as Available Principal Collections pursuant to clause (xiii) of Section
4.4(a)) and (c) for any allocation date on or after the earlier of (i) the end of the Monthly Period immediately preceding
the Expected Principal Payment Date and (ii) the date on which all outstanding Series are in early amortization periods, the Note
Principal Balance.

 

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SECTION 4.10. Reserve
Account.

 

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

 

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

 

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

 

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

 

(e)          Upon
the earliest to occur of (i) the termination of the Trust pursuant to Article VIII of the Trust Agreement, (ii) the
first Transfer Date relating to the Early Amortization Period and (iii) the Expected Principal Payment Date, the Issuer, after
the prior payment of all amounts owing to the Series 2013-1 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.

 

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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 2013-1 that has resulted in the acceleration of
the Series 2013-1 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 2013-1 Notes in the following order of priority until all amounts
owed to such Noteholders have been paid in full: (i) the Class C Noteholders, (ii) the Class A Noteholders and (iii) the Class
B Noteholders.

 

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

 

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

 

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

 

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(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 Account 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 2013-1 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 November 22,
2017; provided that if the Controlled Accumulation Period Length (determined as described below) on any Determination Date
is less than or more than the number of months in the scheduled Controlled Accumulation Period, upon written notice to the Indenture
Trustee, with a copy to each Rating Agency, the Issuer shall either postpone or accelerate, as applicable, the date on which the
Controlled Accumulation Period actually commences, so that, as a result, the number of Monthly Periods in the Controlled Accumulation
Period will equal the Controlled Accumulation Period Length; provided that the length of the Controlled Accumulation Period
will not be less than one month. The “Controlled Accumulation Period Length” will mean a number of whole months
such that the amount available for payment of principal on the Notes on the Expected Principal Payment Date is expected to equal
or exceed the Note Principal Balance, assuming for this purpose that (1) the payment rate with respect to Principal Collections
remains constant at the lowest level of such payment rate during the twelve preceding Monthly Periods, (2) the total amount of
Principal Receivables in the Trust (and the principal amount on deposit in the Excess Funding Account, if any) remains constant
at the level on such date of determination, (3) no Early Amortization Event with respect to any Series will subsequently occur
and (4) no additional Series (other than any Series being issued on such date of determination) will be subsequently issued. Any
notice by Issuer modifying the commencement of the Controlled Accumulation Period pursuant to this Section 4.13 shall
specify (i) the Controlled Accumulation Period Length, (ii) the commencement date of the Controlled Accumulation Period and (iii)
the Controlled Accumulation Amount with respect to each Monthly Period during the Controlled Accumulation Period.

 

SECTION 4.14. [RESERVED].

 

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SECTION 4.15. Deposit
of Collections. Notwithstanding anything to the contrary in the Indenture, for any Monthly Period during which the Issuer is
permitted to make a single monthly deposit to the Collection Account pursuant to Section 8.4 of the Indenture for such Monthly
Period, the Issuer need not make the daily deposits of Collections into the Collection Account as provided in Section 8.4
of the Indenture, but may make a single deposit in the Collection Account in immediately available funds not later than 12:00 noon,
New York City time, on the related Payment Date.

 

ARTICLE
V

Delivery of Series 2013-1 Notes;

Reports to Series 2013-1 Noteholders

 

SECTION 5.1. Delivery
and Payment for the Series 2013-1 Notes.

 

The Issuer shall execute
and issue, and the Indenture Trustee shall authenticate, the Series 2013-1 Notes in accordance with Section 2.2 of
the Indenture. The Indenture Trustee shall deliver the Series 2013-1 Notes to or upon the written order of the Issuer when so authenticated.

 

SECTION 5.2. Reports
and Statements to Series 2013-1 Noteholders.

 

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

 

(b)          A
copy of each statement or certificate provided pursuant to Section 5.2(a) may be obtained by any Series 2013-1 Noteholder
by a request in writing to the Issuer.

 

(c)          On
or before January 31 of each calendar year, beginning with January 31, 2014, the Issuer shall furnish or cause to be furnished
to each Person who at any time during the preceding calendar year was a Series 2013-1 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 information required to complete a Form
1099-INT.

 

ARTICLE
VI

Series 2013-1 Early Amortization Events

 

SECTION 6.1. Series
2013-1 Early Amortization Events. If any one of the following events shall occur with respect to the Series 2013-1 Notes:

 

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(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 2013-1 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 2013-1 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 2013-1 Notes and as a result
of which the interests of the Series 2013-1 Noteholders are materially and adversely affected for such period; provided,
however, that a Series 2013-1 Early Amortization Event pursuant to this Section 6.1(b) shall not be deemed to have occurred
hereunder if the Transferor has accepted reassignment of the related Transferred Receivable, or all of such Transferred Receivables,
if applicable, during such period in accordance with the provisions of the Transfer Agreement or the Trust Receivables Purchase
Agreement;

 

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

 

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

 

(e)          (i)
the average of the Portfolio Yields for the two Monthly Periods immediately preceding the July 2013 Payment Date is less than the
average of the Base Rates for the same Monthly Periods, or (ii) beginning with the three consecutive Monthly Periods immediately
preceding the August 2013 Payment Date, the average of the Portfolio Yields for three consecutive Monthly Periods is less than
the average of the Base Rates for the same Monthly Periods (for the avoidance of doubt, the Monthly Period preceding the May 2013
Payment Date shall be excluded for purposes of calculating the three-month average Portfolio Yield and Base Rate under this clause
(e)(ii));

 

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

 

(g)         without
limiting the foregoing, the occurrence of an Event of Default with respect to Series 2013-1 and acceleration of the maturity of
the Series 2013-1 Notes pursuant to Section 5.3 of the Indenture;

 

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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 2013-1 Notes evidencing more than 50% of the aggregate unpaid principal amount
of Series 2013-1 Notes by notice then given in writing to the Issuer (and to the Indenture Trustee if given by the Series 2013-1
Noteholders) may declare that a “Series Early Amortization Event” with respect to Series 2013-1 (a “Series
2013-1 Early Amortization Event”) has occurred as of the date of such notice, and, in the case of any event described
in subsection (c), (e), (f) or (g) a Series 2013-1
Early Amortization Event shall occur without any notice or other action on the part of the Indenture Trustee or the Series 2013-1
Noteholders immediately upon the occurrence of such event.

 

ARTICLE
VII

Redemption of Series 2013-1 Notes; Final Distributions; Series Termination

 

SECTION 7.1. Optional
Redemption of Series 2013-1 Notes; Final Distributions.

 

(a)          On
any day occurring on or after the date on which the outstanding principal balance of the Series 2013-1 Notes is reduced to 10%
or less of the initial outstanding principal balance of Series 2013-1 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 2013-1 shall be reduced to zero and
the Series 2013-1 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 2013-1 in connection with a reassignment of Transferred Receivables
to the Transferor pursuant to Section 6.1(f) of the Transfer Agreement shall not be less than the Redemption Amount
for the first Payment Date following the Monthly Period in which the reassignment obligation arises under the Transfer Agreement.

 

(ii)         The
amount to be paid by the Issuer with respect to Series 2013-1 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.

 

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(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 2013-1, the Indenture
Trustee shall, in accordance with the written direction of the Issuer, not later than 12:00 noon, New York City time, on the related
Payment Date, make payments of the following amounts (in the priority set forth below and, in each case, after giving effect to
any deposits and payments otherwise to be made on such date) in immediately available funds: (i) (x) the Class A Note Principal
Balance on such Payment Date will be paid to the Class A Noteholders and (y) an amount equal to the sum of (A) Class A Monthly
Interest due and payable on such Payment Date or any prior Payment Date, (B) any Class A Deficiency Amount for such Payment
Date and (C) the amount of Class A Additional Interest, if any, for such Payment Date and any Class A Additional Interest previously
due but not paid to the Class A Noteholders on any prior Payment Date, will be paid to the Class A Noteholders, (ii) (x) the
Class B Note Principal Balance on such Payment Date will be paid to the Class B Noteholders and (y) an amount equal to the sum
of (A) Class B Monthly Interest due and payable on such Payment Date or any prior Payment Date, (B) any Class B Deficiency Amount
for such Payment Date and (C) the amount of Class B Additional Interest, if any, for such Payment Date and any Class B Additional
Interest previously due but not paid to the Class B Noteholders on any prior Payment Date, will be paid to the Class B Noteholders,
(iii) (x) the Class C Note Principal Balance on such Payment Date will be paid to the Class C Noteholders and (y) an amount
equal to the sum of (A) Class C Monthly Interest due and payable on such Payment Date or any prior Payment Date, (B) any Class
C Deficiency Amount for such Payment Date and (C) the amount of Class C Additional Interest, if any, for such Payment Date and
any Class C Additional Interest previously due but not paid to the Class C Noteholders on any prior Payment Date will be paid to
the Class C Noteholders and (iv) any excess shall be released to the Issuer.

 

SECTION 7.2. Series
Termination.

 

On the Series Maturity
Date, the unpaid principal amount of the Series 2013-1 Notes shall be due and payable.

 

SECTION 7.3. Sale
of Collateral.

 

If the Indenture Trustee
exercises its right to sell any portion of the Collateral in accordance with Section 5.16 of the Indenture upon the occurrence
of an Event of Default with respect to Series 2013-1, GE Capital shall have a right of first refusal to purchase any portion of
the Collateral for which the Indenture Trustee has received a bona fide offer from a third-party that is not an affiliate of the
Transferor at a price equal to the highest price bid for such Collateral by such third-party bidder.

 

ARTICLE
VIII

Miscellaneous Provisions

 

SECTION 8.1. Ratification
of Indenture; Amendments. As supplemented by this Indenture Supplement, the Indenture is in all respects ratified and confirmed
and the Indenture as so supplemented by this Indenture Supplement shall be read, taken and construed as one and the same instrument.
This Indenture Supplement may be amended only by a Supplemental Indenture entered in accordance with the terms of Section 9.1
or 9.2 of the Indenture. For purposes of the application of Section 9.2 to any amendment of this Indenture Supplement,
the Series 2013-1 Noteholders shall be the only Noteholders whose vote shall be required.

 

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SECTION 8.2. Form
of Delivery of the Series 2013-1 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 INDENTURE SUPPLEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL IN ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION,
VALIDITY AND PERFORMANCE, BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW
YORK (INCLUDING SECTION 5-1401(1) OF THE 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 INDENTURE SUPPLEMENT OR
TO ANY MATTER ARISING OUT OF OR RELATING TO THIS INDENTURE SUPPLEMENT; PROVIDED,
THAT EACH PARTY HERETO ACKNOWLEDGES THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF THE
BOROUGH OF MANHATTAN IN NEW YORK CITY; PROVIDED, FURTHER, THAT NOTHING IN THIS INDENTURE SUPPLEMENT SHALL BE DEEMED
OR OPERATE TO PRECLUDE THE INDENTURE TRUSTEE FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO REALIZE
ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE NOTES, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE INDENTURE
TRUSTEE. EACH PARTY HERETO SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT,
AND EACH PARTY HERETO HEREBY WAIVES ANY OBJECTION THAT SUCH PARTY MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE
OR FORUM NON CONVENIENS AND HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY
SUCH COURT. EACH PARTY HERETO HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION
OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED
TO SUCH PARTY AT ITS ADDRESS DETERMINED IN ACCORDANCE WITH SECTION 10.4 OF THE INDENTURE AND THAT SERVICE SO MADE SHALL
BE DEEMED COMPLETED UPON THE EARLIER OF SUCH PARTY’S ACTUAL RECEIPT THEREOF OR THREE 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.

 

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BECAUSE DISPUTES
ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT
PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT
THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS
OF THE JUDICIAL SYSTEM AND OF ARBITRATION, THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING
BROUGHT TO RESOLVE ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED TO, OR
INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH THIS INDENTURE SUPPLEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

 

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

 

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

 

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

 

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

 

    	35

    	 

    

 

SECTION 8.9. Notes
to be Treated as Debt for Tax. It is the intent of the parties hereto that, for purposes of federal, state and local income
and franchise tax and any other tax measured in whole or in part by income, the Class A Notes, the Class B Notes and the Class C
Notes shall be treated as debt and a person purchasing such Notes agrees to treat such Notes as debt for such purposes.

 

SECTION 8.10. Deemed
Consent. The Series 2013-1 Noteholders will be deemed to have consented to any amendment to any Related Document that changes
the definition of “Rating Agency Condition” in such Related Document to match the definition of “Rating Agency
Condition” in this Indenture Supplement.

 

[SIGNATURE PAGE FOLLOWS]

 

    	36

    	 

    

 

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

 

	 	GE CAPITAL CREDIT CARD MASTER NOTE TRUST, as Issuer
	 	 	 
	 	By:	BNY Mellon Trust of Delaware, not in its individual capacity, but solely as Trustee on behalf of Issuer
	 	 	 
	 	By:	/s/ Kristine K. Gullo
	 	 	Name:  Kristine K. Gullo
	 	 	Title:    Vice President
	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Indenture Trustee
	 	 	 
	 	By: DEUTSCHE BANK NATIONAL TRUST COMPANY
	 	 	 
	 	By:	/s/ Susan Barstock
	 	 	Name:  Susan Barstock
	 	 	Title:    Vice President
	 	 	 
	 	By:	/s/ Ellen Jean-Baptiste
	 	 	Name:  Ellen Jean-Baptiste
	 	 	Title:   Associate

 

    	 	S-1	 Indenture Supplement 
 Series 2013-1 

    	 

    

 

EXHIBIT A-1 

FORM OF CLASS A SERIES 2013-1 FIXED RATE
ASSET BACKED NOTE

 

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

 

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

 

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

 

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

 

    	Exhibit A-1 (Page 1)

    	 

    

 

	REGISTERED	$[500,000,000][$300,000,000]
	No. R-	 	 	CUSIP NO. 36159J DQ1
	 	 	 	 

GE CAPITAL
CREDIT CARD

MASTER NOTE TRUST SERIES 2013-1

CLASS A SERIES 2013-1 FIXED 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 [FIVE][THREE] HUNDRED MILLION DOLLARS,
or such greater or lesser amount as determined in accordance with the Indenture, on the March 2021 Payment Date, except as otherwise
provided below or in the Indenture. The Issuer will pay interest on the unpaid principal amount of this Note at the Class A Note
Interest Rate on each Payment Date until the Final Payment Date (which is the earlier to occur of (a) the Payment Date on which
the Note Principal Balance is paid in full, (b) the date on which the Collateral Amount is reduced to zero and (c) the March 2021
Payment Date). Interest on this Note will accrue for each Payment Date from and including the most recent Payment Date on which
interest has been paid to but excluding such Payment Date or, for the initial Payment Date, from and including the Closing Date
to but excluding such Payment Date. Interest will be computed on the basis of a 360-day year and twelve 30-day months (and in the
case of the initial interest period, for a period of 49 days). Principal of this Note shall be paid in the manner specified in
the Indenture Supplement referred to on the reverse hereof.

 

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

 

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

 

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

 

    	Exhibit A-1 (Page 2)

    	 

    

 

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

 

	 	GE CAPITAL CREDIT CARD MASTER NOTE TRUST, as Issuer
	 	 	 
	 	By:	BNY Mellon Trust of Delaware,  not in its individual capacity but solely as  Trustee on behalf of Issuer
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	Dated:	 	 	,	 	 

 

    	Exhibit A-1 (Page 3)

    	 

    

 

INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

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

 

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Indenture Trustee
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    	Exhibit A-1 (Page 4)

    	 

    

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2013-1

CLASS A SERIES 2013-1 FIXED RATE ASSET BACKED NOTE

Summary of Terms and Conditions

 

This Class A Note is
one of a duly authorized issue of Notes of the Issuer, designated as GE Capital Credit Card Master Note Trust, Series 2013-1 (the
“Series 2013-1 Notes”), issued under a Master Indenture dated as of September 25, 2003 (as amended, the “Master
Indenture”), between the Issuer and Deutsche Bank Trust Company Americas, as indenture trustee (the “Indenture
Trustee”), as supplemented by the Indenture Supplement, dated as of March 26, 2013 (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 CAPITAL RETAIL BANK, RFS HOLDING, L.L.C., OR ANY OF THEIR AFFILIATES,
AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

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

 

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

 

    	Exhibit A-1 (Page 5)

    	 

    

 

ASSIGNMENT

 

Social Security or other identifying number of assignee____________________________________

 

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

 

	Dated:	 	 	 	 	**
	 	 	 	 	Signature Guaranteed:	 

 

 

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

 

    	Exhibit A-1 (Page 6)

    	 

    

 

EXHIBIT A-2

 FORM OF CLASS B SERIES 2013-1 FIXED
RATE ASSET BACKED NOTE

 

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

 

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

 

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

 

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

 

    	Exhibit A-2 (Page 1)

    	 

    

 

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

 

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

 

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

 

    	Exhibit A-2 (Page 2)

    	 

    

 

	REGISTERED	$100,946,372
	No. R-	 	 	CUSIP NO. 36159J DR9
	 	 	 	 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2013-1

CLASS B SERIES 2013-1 FIXED 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 ONE HUNDRED MILLION NINE HUNDRED FORTY SIX THOUSAND THREE HUNDRED
SEVENTY TWO DOLLARS, or such greater or lesser amount as determined in accordance with the Indenture, on the March 2021 Payment
Date, except as otherwise provided below or in the Indenture. The Issuer will pay interest on the unpaid principal amount of this
Note at the Class B Note Interest Rate on each Payment Date until the Final Payment Date (which is the earlier to occur of (a)
the Payment Date on which the Note Principal Balance is paid in full, (b) the date on which the Collateral Amount is reduced to
zero and (c) the March 2021 Payment Date). Interest on this Note will accrue for each Payment Date from and including the most
recent Payment Date on which interest has been paid to but excluding such Payment Date or, for the initial Payment Date, from and
including the Closing Date to but excluding such Payment Date. Interest will be computed on the basis of a 360-day year and twelve
30-day months (and in the case of the initial interest period, for a period of 49 days). Principal of this Note shall be paid in
the manner specified in the Indenture Supplement referred to on the reverse hereof.

 

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

 

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

 

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

 

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

 

    	Exhibit A-2 (Page 3)

    	 

    

 

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

 

	 	GE CAPITAL CREDIT CARD MASTER NOTE TRUST, as Issuer
	 	 	 
	 	By:	BNY Mellon Trust of Delaware, not in its individual capacity but solely as Trustee on behalf of Issuer
	 	 	 
	 	By:	 
	 		Name:
	 		Title:

 

	Dated:	 	 	,	 	 

 

    	Exhibit A-2 (Page 4)

    	 

    

 

INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

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

 

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Indenture Trustee
	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

 

    	Exhibit A-2 (Page 5)

    	 

    

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2013-1

CLASS B SERIES 2013-1 FIXED RATE ASSET BACKED NOTE

Summary of Terms and Conditions

 

This Class B Note is
one of a duly authorized issue of Notes of the Issuer, designated as GE Capital Credit Card Master Note Trust, Series 2013-1 (the
“Series 2013-1 Notes”), issued under a Master Indenture dated as of September 25, 2003 (as amended, the “Master
Indenture”), between the Issuer and Deutsche Bank Trust Company Americas, as indenture trustee (the “Indenture
Trustee”), as supplemented by the Indenture Supplement, dated as of March 26, 2013 (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 CAPITAL RETAIL BANK, RFS HOLDING, L.L.C., OR ANY OF THEIR AFFILIATES,
AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

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

 

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

 

    	Exhibit A-2 (Page 6)

    	 

    

 

ASSIGNMENT

 

Social Security or other identifying number of assignee___________________________________________

 

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

 

	Dated:	 	 	 	 	**
	 	 	 	 	Signature Guaranteed:	 

 

 

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

 

    	Exhibit A-2 (Page 7)

    	 

    

 

EXHIBIT A-3

FORM OF CLASS C SERIES 2013-1 FIXED RATE
ASSET BACKED NOTE

 

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

 

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

 

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

 

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

 

    	Exhibit A-3 (Page 1)

    	 

    

 

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

 

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

 

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

 

    	Exhibit A-3 (Page 2)

    	 

    

 

	REGISTERED	$68,138,802
	No. R-	 	 	CUSIP NO. 36159J DS7
	 	 	 	 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2013-1

 

CLASS C SERIES 2013-1 FIXED 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 SIXTY EIGHT MILLION ONE HUNDRED THIRTY EIGHT THOUSAND
EIGHT HUNDRED TWO DOLLARS, or such greater or lesser amount as determined in accordance with the Indenture, on the March 2021 Payment
Date, except as otherwise provided below or in the Indenture. The Issuer will pay interest on the unpaid principal amount of this
Note at the Class C Note Interest Rate on each Payment Date until the Final Payment Date (which is the earlier to occur of (a)
the Payment Date on which the Note Principal Balance is paid in full, (b) the date on which the Collateral Amount is reduced to
zero and (c) the March 2021 Payment Date). Interest on this Note will accrue for each Payment Date from and including the most
recent Payment Date on which interest has been paid to but excluding such Payment Date or, for the initial Payment Date, from and
including the Closing Date to but excluding such Payment Date. Interest will be computed on the basis of a 360-day year and twelve
30-day months (and in the case of the initial interest period, for a period of 49 days). Principal of this Note shall be paid in
the manner specified in the Indenture Supplement referred to on the reverse hereof.

 

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

 

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

 

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

 

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

 

    	Exhibit A-3 (Page 3)

    	 

    

 

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

 

	 	GE CAPITAL CREDIT CARD MASTER NOTE TRUST, as Issuer
	 	 	 
	 	By:	BNY MELLON TRUST OF DELAWARE
	 	 	not in its individual capacity but solely as
	 	 	Trustee on behalf of Issuer
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	Dated:	 	 	,	 	 

 

    	Exhibit A-3 (Page 4)

    	 

    

 

INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

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

 

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Indenture Trustee
	 	 	 
	 	By:	 
	 		Authorized Signatory

 

    	Exhibit A-3 (Page 5)

    	 

    

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2013-1

 

CLASS C SERIES 2013-1 FIXED RATE ASSET BACKED
NOTE

Summary of Terms and Conditions

 

This Class C Note is
one of a duly authorized issue of Notes of the Issuer, designated as GE Capital Credit Card Master Note Trust, Series 2013-1 (the
“Series 2013-1 Notes”), issued under a Master Indenture dated as of September 25, 2003 (as amended, the “Master
Indenture”), between the Issuer and Deutsche Bank Trust Company Americas, as indenture trustee (the “Indenture
Trustee”), as supplemented by the Indenture Supplement, dated as of March 26, 2013 (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 CAPITAL RETAIL BANK, RFS HOLDING, L.L.C., OR ANY OF THEIR AFFILIATES,
AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

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

 

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

 

    	Exhibit A-3 (Page 6)

    	 

    

 

ASSIGNMENT

 

Social Security or other identifying number of assignee ___________________________________________________

 

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

 

	Dated:	 	 	 	 	**
	 	 	 	 	Signature Guaranteed:	 

 

 

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

 

    	Exhibit A-3 (Page 7)

    	 

    

 

EXHIBIT B

 

FORM OF MONTHLY NOTEHOLDER’S STATEMENT

 

Monthly Noteholder’s Statement

GE Capital Credit Card Master Note Trust

 

Series 2013-1

Class A 1.35% Notes

Class B 1.69% Notes

Class C 1.94% 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 2013-1 Indenture Supplement (the "Indenture Supplement"),
dated as of March 26, 2013, 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 2013-1 Noteholders and the performance
of the Trust during the previous month. The information required to be prepared with respect to the Payment Date of [  l
], 20[ l ], and with respect to the performance of the Trust during the Monthly
Period ended [ l ], 20[ l ] is set
forth below. Capitalized terms used herein are defined in the Indenture and the Indenture Supplement. The Discount Percentage (as
defined in the Transfer Agreement) remains at 0% for all the Receivables in the Trust until otherwise indicated. The undersigned,
an Authorized Officer of the Servicer, does hereby certify as follows:

 

 

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

 

		I.	Trust Receivables Information

		a.	Number of Accounts Beginning

		b.	Number of Accounts Ending

		c.	Average Accounts Balance (q / b)

		d.	BOP Principal Receivables

		e.	BOP Finance Charge Receivables

 

    	Exhibit B (Page 1)

    	 

    

 

		f.	BOP Total Receivables

		g.	Increase in Principal Receivables from Additional Accounts

		h.	Increase in Principal Activity on Existing Securitized Accounts

		i.	Increase in Finance Charge Receivables from Additional Accounts

		j.	Increase in Finance Charge Activity on Existing Securitized Accounts

		k.	Increase in Total Receivables

		l.	Decrease in Principal Receivables due to Account Removal

		m.	Decrease in Principal Activity on Existing Securitized Accounts

		n.	Decrease in Finance Charge Receivables due to Account Removal

		o.	Decrease in Finance Charge Activity on Existing Securitized Accounts

		p.	Decrease in Total Receivables

		q.	EOP Aggregate Principal Receivables

		r.	EOP Finance Charge Receivables

		s.	EOP Total Receivables

		t.	Excess Funding Account Balance

		u.	Required Principal Balance

		v.	Minimum Free Equity Amount (EOP Aggregate Principal Receivables * 5.5%)

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

 

		II.	Investor Information (Trust Level)

 

		a.	Note Principal Balance (Sum of all Series)

		i.	Beginning of Interest Period

		ii.	Increase in Note Principal Balance due to New Issuance

		iii.	Decrease in Note Principal Balance due to Principal Paid

		iv.	As of Payment Date

		b.	Excess Collateral Amount (Sum of all Series)

		i.	Beginning of Interest Period

		ii.	Additional Enhancement Amount

		iii.	Change to Excess Collateral Amount due to New Issuance

		iv.	Reductions in Required Excess Collateral Amount

		v.	Increase in Unreimbursed Investor Charge-Off

		vi.	Decrease in Unreimbursed Investor Charge-Off

		vii.	Increase in Unreimbursed Reallocated Principal Collections

		viii.	Decrease in Unreimbursed Reallocated Principal Collections

		ix.	As of Payment Date

 

    	Exhibit B (Page 2)

    	 

    

 

		c.	Principal Accumulation Account Balance

		i.	Beginning of Interest Period

		ii.	Controlled Deposit Amount

		iii.	Withdrawal for Principal Payment

		iv.	As of Payment Date
	 	 	 

		d.	Collateral Amount (Sum of all Series)

		i.	End of Prior Monthly Period

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

 

		III.	Trust Performance Data (Monthly Period)

 

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

		i.	Current

		ii.	Prior Monthly Period

		iii.	Two Months Prior Monthly Period

		iv.	Three-Month Average

 

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

		i.	Current

		ii.	Prior Monthly Period

		iii.	Two Months Prior Monthly Period

		iv.	Three-Month Average

 

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

		i.	Current

		ii.	Prior Monthly Period

		iii.	Two Months Prior Monthly Period

		iv.	Three-Month Average

 

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

 

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

		i.	Current

		ii.	Prior Monthly Period

		iii.	Two Months Prior Monthly Period

		iv.	Three-Month Average

 

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

 

    	Exhibit B (Page 3)

    	 

    

 

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

 

		h.	Default Amount for Defaulted Accounts

 

		i.	Recoveries

 

		j.	Collections

		i.	Total Trust Finance Charge Collections

		ii.	Total Trust Principal Collections

		iii.	Total Trust Collections

 

	 	k.	Delinquency Data	Percentage	 	Total Receivables

		i.	1-29 Days Delinquent

		ii.	30-59 Days Delinquent

		iii.	60-89 Days Delinquent

		iv.	90-119 Days Delinquent

		v.	120-149 Days Delinquent

		vi.	150-179 Days Delinquent

		vii.	180 or Greater Days Delinquent

 

		IV.	Series Performance Data

 

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

		i.	Current

		ii.	Prior Monthly Period

		iii.	Two Months Prior Monthly Period

		iv.	Three-Month Average

 

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

		i.	Current

		ii.	Prior Monthly Period

		iii.	Two Months Prior Monthly Period

		iv.	Three-Month Average

 

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

		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.

 

    	Exhibit B (Page 4)

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		VI.	Investor Information

 

		a.	Class A Note Initial Principal Balance

		b.	Class B Note Initial Principal Balance

		c.	Class C Note Initial Principal Balance

		d.	Initial Excess Collateral Amount

		e.	Initial Collateral Amount

 

		f.	Class A Note Principal Balance

		i.	Beginning of Interest Period

		ii.	Principal Payment

		iii.	As of Payment Date

 

		g.	Class B Note Principal Balance

		i.	Beginning of Interest Period

		ii.	Principal Payment

		iii.	As of Payment Date

 

		h.	Class C Note Principal Balance

		i.	Beginning of Interest Period

		ii.	Principal Payment

		iii.	As of Payment Date

 

    	Exhibit B (Page 5)

    	 

    

 

		i.	Excess Collateral Amount

		i.	Beginning of Interest Period

		ii.	Increase in Excess Collateral Amount in connection with the Supplemental Indenture

		iii.	Reduction in Excess Collateral Amount

		iv.	As of Payment Date

 

		j.	Collateral Amount

		i.	Beginning of Interest Period

		ii.	Increase in Excess Collateral Amount in connection with the Supplemental Indenture

		iii.	Increase/Decrease in Unreimbursed Investor Charge-Offs

		iv.	Increase/Decrease in Reallocated Principal Collections

		v.	Reduction in Excess Collateral Amount

		vi.	Principal Accumulation Account Deposit

		vii.	As of Payment Date

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

		ix.	Amount by which Note Principal Balance exceeds Collateral Amount

 

		k.	Required Excess Collateral Amount

 

		VII.	Investor Charge-Offs and Reallocated Principal Collections

(Section references relate to Indenture Supplement)

 

		a.	Beginning Unreimbursed Investor Charge-Offs

		b.	Current Unreimbursed Investor Defaults

		c.	Current Unreimbursed Investor Uncovered Dilution Amount

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

		e.	Ending Unreimbursed Investor Charge-Offs

		f.	Beginning Unreimbursed Reallocated Principal Collections

		g.	Current Reallocated Principal Collections pursuant to Section 4.7

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

		i.	Ending Unreimbursed Reallocated Principal Collections

 

		VIII.	Investor Percentages –BOP Balance and Series Account Information

 

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

		b.	Allocation Percentage Numerator – for Principal Collections

		c.	Allocation Percentage Denominator

		i.	Aggregate Principal Receivables Balance as of Prior Monthly Period

 

    	Exhibit B (Page 6)

    	 

    

 

		ii.	Number of Days at Balance

		iii.	Average Principal Balance

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

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

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

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

		h.	Series Allocation Percentage

 

		IX.	Collections and Allocations

 

	 	 	Trust	 	Series

		a.	Finance Charge Collections

		b.	Recoveries

		c.	Principal Collections

		d.	Default Amount

		e.	Dilution

		f.	Investor Uncovered Dilution Amount

		g.	Dilution including Fraud Amount

		h.	Available Finance Charge Collections

		i.	Investor Finance Charge Collections

		ii.	Excess Finance Charge Collections allocable to Series 2013-1

		iii.	Principal Accumulation Account Investment Proceeds

		iv.	Investment earnings in the Reserve Account

		v.	Reserve Account Draw Amount

		vi.	Net Swap Receipts

		vii.	Recoveries

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

		j.	Total Collections to Series

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

 

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

 

		a.	Available Finance Charge Collections

		i.	On a pari passu basis:

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

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

 

    	Exhibit B (Page 7)

    	 

    

 

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

 

		ii.	To the Servicer:

		a.	Noteholder Servicing Fee

		b.	Noteholder Servicing Fee previously due but not paid

		c.	Total Noteholder Servicing Fee

 

		iii.	On a pari passu basis:

		a.	Class A Monthly Interest

		b.	Class A Deficiency Amount

		c.	Class A Additional Interest

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

 

		iv.	On a pari passu basis:

		a.	Class B Monthly Interest

		b.	Class B Deficiency Amount

		c.	Class B Additional Interest

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

 

		v.	On a pari passu basis:

		a.	Class C Monthly Interest

		b.	Class C Deficiency Amount

		c.	Class C Additional Interest

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

 

		vi.	To be treated as Available Principal Collections

		a.	Aggregate Investor Default Amount

		b.	Aggregate Investor Uncovered Dilution Amount

 

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

		a.	Investor Charge-offs

		b.	Reallocated Principal Collections

 

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

 

		ix.	Amounts required to be deposited to the Spread Account

 

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

 

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

 

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

 

    	Exhibit B (Page 8)

    	 

    

 

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

		b.	If an Early Amortization Event has occurred, first, to pay Monthly Principal in accordance with Section 4.4(c) of the Indenture
to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated
as Available Principal Collections pursuant to this clause), second, to pay on a pari passu basis any amounts owed to such Persons
listed in clause (a)(i) above that have been allocated to Series 2013-1 in accordance with Section 8.4(d) of the Indenture and
that have not been paid pursuant to clauses (a)(i) and (a)(xi) above, and, third, any amounts remaining after payment in full of
the Monthly Principal and amounts owed to such Persons listed in clause (a)(i) above shall be paid to the Issuer.

 

		XI.	Excess Finance Charge Collections (Group One)

 

		a.	Total Excess Finance Charge Collections in Group One

		b.	Finance Charge Shortfall for Series 2013-1

		c.	Finance Charge Shortfall for all Series in Group One

		d.	Excess Finance Charges Collections Allocated to Series 2013-1

 

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

 

		a.	Investor Principal Collections

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

		c.	Plus: Shared Principal Collections allocated to this Series

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

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

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

		g.	Available Principal Collections (Deposited to Principal Account)

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

 

    	Exhibit B (Page 9)

    	 

    

 

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

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

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

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

		a.	Principal paid to Class A Noteholders

		b.	Principal paid to Class B Noteholders

		c.	Principal paid to Class C Noteholders

		vi.	Total Principal Collections Available to Share (Inclusive of Series 2013-1)

		vii.	Series Principal Shortfall

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

 

		XIII.	Series 2013-1 Accumulation

 

		a.	Controlled Accumulation Period Length in months (scheduled)

 

		b.	Controlled Accumulation Amount

 

		c.	Controlled Deposit Amount

 

		d.	Accumulation Shortfall

 

		e.	Principal Accumulation Account Balance

		i.	Beginning of Interest Period

		ii.	Controlled Deposit Amount

		iii.	Withdrawal for Principal Payment

		iv.	As of Payment Date

 

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

 

		a.	Reserve Account Funding Date (scheduled)

 

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

 

		c.	Beginning Available Reserve Account Amount

 

		d.	Reserve Draw Amount

 

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

 

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

 

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

 

    	Exhibit B (Page 10)

    	 

    

 

		h.	Ending Available Reserve Account Amount

 

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

 

		a.	Spread Account Percentage

 

		b.	Required Spread Account Amount

 

		c.	Beginning Available Spread Account Amount

 

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

 

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

 

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

 

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

 

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

 

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

 

		j.	Ending Available Spread Account Amount

 

		XVI.	Series Early Amortization Events

 

		a.	The Free Equity Amount is less than the Minimum Free Equity Amount

 

Free Equity:

 

		i.	Free Equity Amount

		ii.	Minimum Free Equity Amount

		iii.	Excess Free Equity Amount

 

		b.	The Note Trust Principal Balance is less than the Required Principal Balance Note Trust Principal Balance:

		i.	Note Trust Principal Balance

		ii.	Required Principal Balance

		iii.	Excess Principal Balance

 

		c.	The three-month Average Portfolio Yield is less than three-month average Base Rate Portfolio Yield:

		i.	Three month Average Portfolio Yield

		ii.	Three month Average Base Rate

		iii.	Three Month Average Excess Spread

 

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

		i.	Expected Principal Payment Date

		ii.	Current Payment Date

 

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

 

    	Exhibit B (Page 11)

    	 

    

 

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

 

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

 

		h.	Has an early amortization event occurred?

 

 

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

 

	 	GENERAL ELECTRIC CAPITAL CORPORATION, as Servicer
	 	 	 
	 	 	By:	 	 
	 	 	Name:
	 	 	Title:

 

    	Exhibit B (Page 12)

    	 

    

 

SCHEDULE I

PERFECTION REPRESENTATIONS, WARRANTIES

AND COVENANTS (WITH RESPECT TO RECEIVABLES)

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(7)         Notwithstanding
any other provision of the Indenture, the representations and warranties set forth in this Schedule I shall be continuing,
and remain in full force and effect, until such time as the Series 2013-1 Notes are retired.

 

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

 

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

 

    	Schedule I (Page 1)

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