Document:

Exhibit 4.1

 

SYNCHRONY CARD ISSUANCE TRUST

 

as Issuer

 

and

 

THE BANK OF NEW YORK MELLON

 

as Indenture Trustee

 

SYNCHRONYSERIES INDENTURE SUPPLEMENT

 

dated as of September 26, 2018

 

to

 

AMENDED AND RESTATED MASTER INDENTURE

 

dated as of May 1, 2018

 

     

     

    

 

TABLE OF CONTENTS

 

	ARTICLE I	DEFINITIONS AND INTERPRETIVE MATTERS	1
	 	 	 	 	 
	 	Section 1.01	Definitions and Interpretive Matters	1
	 	 	 	 	 
	ARTICLE II	THE SYNCHRONYSERIES NOTES	19
	 	 	 	 	 
	 	Section 2.01	Creation and Designation	19
	 	 	 	 	 
	 	Section 2.02	New Issuances of SynchronySeries Notes	19
	 	 	 	 
	 	Section 2.03	Required Collateral Amount Condition to Issuance of a Tranche of SynchronySeries Notes	20
	 	 	 	 
	 	Section 2.04	Reports	20
	 	 	 	 	 
	ARTICLE III	ALLOCATIONS, DEPOSITS AND PAYMENTS	21
	 	 	 	 	 
	 	Section 3.01	Allocations of Finance Charge Collections, the Default Amount and Daily Servicing Fee to the SynchronySeries Notes	21
	 	 	 	 
	 	Section 3.02	Application of SynchronySeries Available Finance Charge Collections	21
	 	 	 	 
	 	Section 3.03	Targeted Deposits to the Interest Funding Account	22
	 	 	 	 
	 	Section 3.04	Allocations of SynchronySeries Available Finance Charge Collections to the Interest Funding Account and to the Interest Funding Sub-Accounts	23
	 	 	 	 
	 	Section 3.05	Amounts to be Treated as SynchronySeries Available Finance Charge Collections; Payments Received from Derivative Counterparties for Interest in a Foreign Currency; Other Deposits to the Interest Funding Sub-Accounts	24
	 	 	 	 
	 	Section 3.06	Allocations of Reductions from Investor Charge-Offs	25
	 	 	 	 
	 	Section 3.07	Allocations of Reimbursements of Nominal Liquidation Amount Deficits	26
	 	 	 	 
	 	Section 3.08	Allocations of Principal Collections to the SynchronySeries Notes	27
	 	 	 	 
	 	Section 3.09	Application of SynchronySeries Available Principal Collections	27
	 	 	 	 
	 	Section 3.10	Computation of Reductions to the Nominal Liquidation Amount of Subordinated Classes and SynchronySeries Subordinated Transferor Amount from Reallocations of SynchronySeries Available Principal Collections	29
	 	 	 	 
	 	Section 3.11	Targeted Deposits of SynchronySeries Available Principal Collections to the Note Retirement Sub-Accounts and the Principal Funding Sub-Accounts	31
	 	 	 	 
	 	Section 3.12	Allocations among Principal Funding Sub-Accounts and Note Retirement Sub-Accounts	32

 

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	 	Section 3.13	Amounts to be Treated as SynchronySeries Available Principal Collections; Payments Received from Derivative Counterparties for Principal; Other Deposits to Principal Funding Sub-Accounts	34
	 	 	 	 
	 	Section 3.14	Withdrawals from Interest Funding Account	34
	 	 	 	 
	 	Section 3.15	Withdrawals from Principal Funding Account and Note Retirement Account	36
	 	 	 	 
	 	Section 3.16	Limit on Deposits to the Principal Funding Sub-Account of Subordinated Classes of SynchronySeries Notes; Limit on Repayments of all Tranches	37
	 	 	 	 
	 	Section 3.17	Calculation of SynchronySeries Subordinated Transferor Amount	38
	 	 	 	 
	 	Section 3.18	Calculation of Nominal Liquidation Amount	39
	 	 	 	 
	 	Section 3.19	Netting of Deposits and Payments	40
	 	 	 	 
	 	Section 3.20	Pro Rata Payments within a Tranche	40
	 	 	 	 
	 	Section 3.21	Sale of Collateral for Notes that are Accelerated or Reach Legal Maturity	40
	 	 	 	 
	 	Section 3.22	Calculation of Prefunding Target Amount	42
	 	 	 	 
	 	Section 3.23	Targeted Deposits to the Class D Reserve Account	43
	 	 	 	 
	 	Section 3.24	Withdrawals from the Class D Reserve Account	43
	 	 	 	 
	 	Section 3.25	Computation of Interest	44
	 	 	 	 
	 	Section 3.26	Shared Excess Available Finance Charge Collections	44
	 	 	 	 
	 	Section 3.27	Shared Excess Available Principal Collections	45
	 	 	 	 
	 	Section 3.28	Accumulation Reserve Account	45
	 	 	 	 
	 	Section 3.29	Final Payment	45
	 	 	 	 
	 	Section 3.30	Distributions After Repudiation and Payment of Damages by FDIC	46
	 	 	 	 	 
	ARTICLE IV	EARLY AMORTIZATION OF NOTES	47
	 	 	 	 	 
	 	Section 4.01	Early Amortization Events	47
	 	 	 	 	 
	ARTICLE V	SERIES ACCOUNTS AND INVESTMENTS	49
	 	 	 	 	 
	 	Section 5.01	Series Accounts	49
	 	 	 	 	 
	ARTICLE VI	MISCELLANEOUS PROVISIONS	51
	 	 	 	 	 
	 	Section 6.01	Governing Law	51
	 	 	 	 
	 	Section 6.02	Counterparts	52
	 	 	 	 
	 	Section 6.03	Ratification of Indenture	52
	 	 	 	 
	 	Section 6.04	Limitation of Liability of the Trustee	52
	 	 	 	 
	 	Section 6.05	Indenture Trustee	53
	 	 	 	 
	 	Section 6.06	Notice Address for Rating Agencies	53
	 	 	 	 
	 	Section 6.07	Tax	53

 

    ii

     

    

 

	EXHIBITS	 
	 	 
	EXHIBIT A-1	FORM OF CLASS A NOTE
	 	 
	EXHIBIT A-2	FORM OF CLASS B NOTE
	 	 
	EXHIBIT A-3	FORM OF CLASS C NOTE
	 	 
	EXHIBIT A-4	FORM OF CLASS D NOTE
	 	 
	EXHIBIT B	FORM OF SYNCHRONYSERIES MONTHLY NOTEHOLDERS’ STATEMENT

 

    iii

     

    

 

This SYNCHRONYSERIES
INDENTURE SUPPLEMENT, dated as of September 26, 2018 (this “Indenture Supplement”), between SYNCHRONY CARD ISSUANCE
TRUST, a statutory trust organized under the laws of the State of Delaware (the “Issuer”), and THE BANK OF NEW
YORK MELLON, a New York state-chartered bank, not in its individual capacity but in its capacity as Indenture Trustee (the “Indenture
Trustee”) under the Amended and Restated Master Indenture, dated as of May 1, 2018 (the “Indenture”),
between the Issuer and the Indenture Trustee.

 

Pursuant to Section
3.01 of the Indenture, the Issuer desires to establish a Series of Notes having the terms and conditions set forth in this
Indenture Supplement.

 

ARTICLE
I

DEFINITIONS
AND INTERPRETIVE MATTERS

 

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

 

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

 

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

 

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

 

(d)          Each
capitalized term defined herein shall relate only to the SynchronySeries Notes and no other Series of Notes issued by the Issuer.

 

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

 

“Accumulation
Commencement Date” means, for any Tranche of SynchronySeries Notes, the date specified in the applicable Terms Document
for such Tranche of SynchronySeries Notes, or if the Accumulation Commencement Date for any Tranche is not specified in the applicable
Terms Document, the first calendar day of the month that is twelve (12) whole calendar months prior to the Scheduled Principal
Payment Date for such Tranche of SynchronySeries Notes; provided, however, that, if the Accumulation Period Length
for such Tranche of SynchronySeries Notes is more or less than the Initial Accumulation Period Length, the Accumulation Commencement
Date will be the first calendar day of the month that is the number of whole Monthly Periods prior to such Scheduled Principal
Payment Date at least equal to the Accumulation Period Length and, as a result, the number of whole Monthly Periods during the
period from the Accumulation Commencement Date to and including the Monthly Period prior to such Scheduled Principal Payment Date
will at least equal the Accumulation Period Length.

 

    	 	1	 

     

    

 

“Accumulation
Period Length” means, with respect to any Tranche of SynchronySeries Notes, the number of months not less than the number
of whole calendar months reasonably expected by the Servicer to be necessary to accumulate from SynchronySeries Available Principal
Collections an amount equal to the Nominal Liquidation Amount of such Tranche of SynchronySeries Notes for distribution on the
applicable Scheduled Principal Payment Date; provided, however, that the Accumulation Period Length will not be determined
to be less than one whole calendar month.

 

“Accumulation
Reserve Account” means the Series Account designated as such and established pursuant to Section 5.01(a).

 

“Accumulation
Reserve Account Available Amount” means, for any Transfer Date, the lesser of (a) the amount on deposit in the Accumulation
Reserve Account (after taking into account any Accumulation Reserve Account Earnings retained in the Accumulation Reserve Account
pursuant to Section 3.28(a) on such date, but before giving effect to any deposit made or to be made pursuant to clause
(e) of Section 3.02 to the Accumulation Reserve Account on such date) and (b) the Accumulation Reserve Account Required
Amount.

 

“Accumulation
Reserve Account Earnings” means, with respect to any Monthly Period, the investment earnings on funds in the Accumulation
Reserve Account (net of investment expenses and losses) for the period from and including the Transfer Date in such Monthly Period
to but excluding the Transfer Date in the immediately succeeding Monthly Period.

 

“Accumulation
Reserve Account Funding Date” means, with respect to any Tranche of SynchronySeries Notes with an Accumulation Commencement
Date, the Transfer Date selected by the Servicer on behalf of the Issuer which occurs not later than the Transfer Date following
the Monthly Period which commences three months prior to the Accumulation Commencement Date (which commencement shall be subject
to postponement pursuant to Section 3.11(b)(ii)).

 

“Accumulation
Reserve Account Required Amount” means, the aggregate amount for all Tranches of SynchronySeries Notes, for any Transfer
Date on or after the Accumulation Reserve Account Funding Date for each such Tranche of SynchronySeries Notes and prior to the
Transfer Date preceding the first Principal Payment Date for each such Tranche, equal to (a) 0.50% of the Outstanding Dollar Principal
Amount of such Tranche of SynchronySeries Notes or (b) any other amount designated by the Servicer; provided, however,
that if such designation is of a lesser amount, the Servicer shall provide the Indenture Trustee with evidence that the Rating
Agency Condition shall have been satisfied with respect to such designation; provided, further, however, that
at any time during which the Accumulation Period Length is equal to one month, the Accumulation Reserve Account Required Amount
shall be equal to $0.00; and provided, further, however, that any time that the average of the Excess Spread
Percentages (calculated without regard to any withdrawal of funds from the Accumulation Reserve Account) for the three consecutive
Monthly Periods preceding (and excluding) the Monthly Period immediately prior to such Transfer Date would be greater than 5.00%,
the Accumulation Reserve Account Required Amount shall be equal to $0.00.

 

    	 	2	 

     

    

 

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

 

“Allocation
Percentage” means, with respect to the SynchronySeries, for any Monthly Period, (a) with respect to Finance Charge Collections,
the Default Amount and the Daily Servicing Fee or Monthly Servicing Fee, as applicable, the SynchronySeries Floating Allocation
Percentage and (b) with respect to Principal Collections, the SynchronySeries Principal Allocation Percentage.

 

“Amortization
Period” means, with respect to any Tranche of SynchronySeries Notes, each Monthly Period with respect to which a deposit
is required to be made into the Principal Funding Sub-Account or Note Retirement Sub-Account of such Tranche of SynchronySeries
Notes pursuant to clause (f) of Section 3.09 and Section 3.11.

 

“Base Rate”
means, with respect to any Monthly Period, the annualized percentage (based on a 30-day month and a 360-day year) equivalent of
a fraction, the numerator of which is equal to the sum of (a) the targeted amount to be deposited in the Interest Funding Account
with respect to such Monthly Period pursuant to clause (b) of Section 3.02 and (b) the SynchronySeries Monthly Servicing
Fee for such Monthly Period, and the denominator of which is the daily average (for each day during such Monthly Period) of the
sum of (i) the numerator used in the calculation of the SynchronySeries Floating Allocation Percentage for such day and (ii) the
amounts on deposit in the Principal Funding Sub-Accounts and Note Retirement Sub-Accounts for all Tranches of SynchronySeries Notes.

 

“Class”
means the Class A Notes, the Class B Notes, the Class C Notes or Class D Notes, as applicable.

 

“Class A Note”
means a SynchronySeries Note specified in the applicable Terms Document as belonging to Class A, substantially in the form of Exhibit
A-1, or in such form specified in the applicable Terms Document.

 

“Class A Reallocated
Amount” has the meaning specified in clause (b) of Section 3.09.

 

“Class A Required
Subordinated Amount” means an amount equal to (a) the result of (i) the aggregate of the Adjusted Outstanding Dollar
Principal Amounts of all Tranches of Class A Notes; provided that if an Early Amortization Event has occurred with respect
to any Tranche of Class A Notes, the Adjusted Outstanding Dollar Principal Amount of such Tranche of Class A Notes used for such
calculation shall be determined as of the close of business on the day preceding the occurrence of the Early Amortization Event,
divided by (ii) 74.00%, minus (b) the aggregate Adjusted Outstanding Dollar Principal Amounts of all Tranches of
Class A Notes.

 

    	 	3	 

     

    

 

“Class B Note”
means a SynchronySeries Note specified in the applicable Terms Document as belonging to Class B, substantially in the form of Exhibit
A-2, or in such form specified in the applicable Terms Document.

 

“Class B Reallocated
Amount” has the meaning specified in clause (c) of Section 3.09.

 

“Class B Required
Subordinated Amount” means an amount equal to (a) the result of (i) the aggregate of the Adjusted Outstanding Dollar
Principal Amounts of all Tranches of Class A Notes and Class B Notes; provided that if an Early Amortization Event has occurred
with respect to any Tranche of Class A Notes or Class B Notes, the Adjusted Outstanding Dollar Principal Amount of such Tranche
of Notes used for such calculation shall be determined as of the close of business on the day preceding the occurrence of the Early
Amortization Event, divided by (ii) 80.00%, minus (b) the aggregate Adjusted Outstanding Dollar Principal Amounts
of all Tranches of Class A Notes and Class B Notes.

 

“Class C Note”
means a SynchronySeries Note specified in the applicable Terms Document as belonging to Class C, substantially in the form of Exhibit
A-3, or in such form specified in the applicable Terms Document.

 

“Class C Reallocated
Amount” has the meaning specified in clause (d) of Section 3.09.

 

“Class C Required
Subordinated Amount” means an amount equal to (a) the result of (i) the aggregate of the Adjusted Outstanding Dollar
Principal Amounts of all Tranches of Class A Notes, Class B Notes and Class C Notes; provided that if an Early Amortization
Event has occurred with respect to any Tranche of Class A Notes, Class B Notes or Class C Notes, the Adjusted Outstanding Dollar
Principal Amount of such Tranche of Notes used for such calculation shall be determined as of the close of business on the day
preceding the occurrence of the Early Amortization Event, divided by (ii) 86.00%, minus (b) the aggregate Adjusted
Outstanding Dollar Principal Amounts of all Tranches of Class A Notes, Class B Notes and Class C Notes.

 

“Class D Note”
means a SynchronySeries Note specified in the applicable Terms Document as belonging to Class D, substantially in the form of Exhibit
A-4, or in such form specified in the applicable Terms Document.

 

“Class D Reallocated
Amount” has the meaning specified in clause (e) of Section 3.09.

 

“Class D Required
Subordinated Amount” means an amount equal to (a) the result of (i) the aggregate of the Adjusted Outstanding Dollar
Principal Amounts of all Tranches of Class A Notes, Class B Notes, Class C Notes and Class D Notes; provided that if an
Early Amortization Event has occurred with respect to any Tranche of Class A Notes, Class B Notes, Class C Notes or Class D Notes,
the Adjusted Outstanding Dollar Principal Amount of such Tranche of Notes used for such calculation shall be determined as of the
close of business on the day preceding the occurrence of the Early Amortization Event, divided by (ii) 95.00%, minus
(b) the aggregate Adjusted Outstanding Dollar Principal Amounts of all Tranches of Class A Notes, Class B Notes, Class C Notes
and Class D Notes.

 

    	 	4	 

     

    

 

“Class D Reserve
Account” means the Series Account designated as such and established pursuant to Section 5.01(a).

 

“Class D Reserve
Sub-Account” means, with respect to a Tranche of Class D Notes, a Sub-Account to the Class D Reserve Account established
pursuant to Section 5.01(a).

 

“Collateral
Amount” means, as of any date of determination, the sum of (a) the SynchronySeries Subordinated Transferor Amount on
such date, plus (b) the Nominal Liquidation Amount of all SynchronySeries Notes on such date.

 

“Controlled
Accumulation Amount” means, with respect to any Monthly Period for any Tranche of SynchronySeries Notes, the amount specified
in the applicable Terms Document for such Tranche of SynchronySeries Notes, or if the Controlled Accumulation Amount for any Tranche
is not specified in the applicable Terms Document, the Controlled Accumulation Amount for such Tranche of SynchronySeries Notes
will be equal to (a) the Initial Dollar Principal Amount of such Tranche of SynchronySeries Notes, divided by (b) 12; provided,
however, that if the Accumulation Period Length with respect to such Tranche is determined to be more or less than twelve
(12) months pursuant to Section 3.11(b)(ii), the Controlled Accumulation Amount for such Tranche of SynchronySeries Notes
will be equal to (a) the Initial Dollar Principal Amount of such Tranche of SynchronySeries Notes, divided by (b) the Accumulation
Period Length; provided, further, that the Controlled Accumulation Amount for any Tranche of SynchronySeries Notes
for any Monthly Period shall not exceed the Outstanding Dollar Principal Amount of such Tranche of SynchronySeries Notes, minus
the amount on deposit in the Principal Funding Sub-Account for such Tranche.

 

“Daily Servicing
Fee” has the meaning specified in the Servicing Agreement.

 

“Derivative
Counterparty” has the meaning specified in the Indenture or, with respect to any Class or Tranche of SynchronySeries
Notes, means the entity identified in the applicable Terms Document for such Class or Tranche of SynchronySeries Notes.

 

“Early Amortization
Event” means, with respect to a Class or Tranche of SynchronySeries Notes, Early Amortization Events specified in Section
6.03 of the Indenture, and Early Amortization Events specified for such Class or Tranche of SynchronySeries Notes in Section
4.01 hereof.

 

“Excess Spread
Percentage” means, with respect to the SynchronySeries Notes, for any Monthly Period beginning with the October 2018
Monthly Period, the amount, if any, by which the Portfolio Yield for such Monthly Period exceeds the Base Rate for such Monthly
Period.

 

“Indenture”
has the meaning specified in the Preamble.

 

“Indenture
Supplement” has the meaning specific in the Preamble.

 

    	 	5	 

     

    

 

“Initial Accumulation
Period Length” means, for any Tranche of SynchronySeries Notes, (i) if the Accumulation Commencement Date for such Tranche
of SynchronySeries Notes is specified in the applicable Terms Document for such Tranche of SynchronySeries Notes, the number of
whole Monthly Periods in the period commencing on the Accumulation Commencement Date specified in the applicable Terms Document
and ending on the Scheduled Principal Payment Date for such Tranche of SynchronySeries Notes, or (ii) if the Accumulation Commencement
Date for such Tranche is not specified in the applicable Terms Document, twelve (12) Monthly Periods.

 

“Interest
Funding Account” means the Series Account designated as such and established pursuant to Section 5.01(a).

 

“Interest
Funding Sub-Account” means each Sub-Account to the Interest Funding Account established pursuant to Section 5.01(a).

 

“Interest
Funding Sub-Account Earnings” means, with respect to any Monthly Period and any Tranche of SynchronySeries Notes and
the related Interest Funding Sub-Account, the investment earnings on funds in such Interest Funding Sub-Account (net of investment
expenses and losses) for the period from and including the Transfer Date in such Monthly Period to but excluding the Transfer Date
in the immediately succeeding Monthly Period.

 

“Interest
Payment Date” has, with respect to any Class or Tranche of SynchronySeries Notes, the meaning specified in the applicable
Terms Document for such Class or Tranche of SynchronySeries Notes.

 

“Investor
Charge-Off” means, with respect to each Monthly Period, the aggregate amount, if any, by which (a) the SynchronySeries
Default Amount, if any, for such Monthly Period exceeds (b) the result of (i) the sum of (x) the SynchronySeries Daily Finance
Charge Allocations for all Dates of Processing during such Monthly Period, plus (y) the amount of Shared Excess Available
Finance Charge Collections that would have been allocated to the SynchronySeries Notes pursuant to Section 3.26 for such
Monthly Period if all Noteholder Allocated Collections for such Monthly Period had been deposited into the Collection Account and
remained on deposit on the related Transfer Date, plus (z) any amounts to be treated as SynchronySeries Available Finance
Charge Collections pursuant to Sections 3.05(a) and 3.21(e) for such Monthly Period, minus (ii) the sum of
(x) the SynchronySeries Monthly Servicing Fee for such Monthly Period, plus (y) the targeted deposit to the Interest Funding
Account pursuant to Section 3.03 on the related Transfer Date.

 

“Issuance
Proceeds” means, with respect to any Class or Tranche of SynchronySeries Notes, the proceeds of the sale of SynchronySeries
Notes with respect to such Class or Tranche pursuant to the Indenture.

 

“Legal Maturity
Date” has, with respect to any Class or Tranche of SynchronySeries Notes, the meaning specified in the applicable Terms
Document for such Class or Tranche of SynchronySeries Notes.

 

“Maximum Delinquency
Percentage” means, with respect to any Class or Tranche of SynchronySeries Notes, the percentage specified in the applicable
Terms Document for such Class or Tranche of SynchronySeries Notes.

 

“Minimum Free
Equity Percentage” means 5.0% or such other percentage as shall be designated from time to time by the Servicer; provided,
however, that prior to designating any lesser percentage, the Rating Agency Condition shall have been satisfied with respect
to such designation.

 

    	 	6	 

     

    

 

“Monthly Interest
Accrual Date” means, with respect to any Class or Tranche of SynchronySeries Notes:

 

(a)          each
Interest Payment Date for such Class or Tranche of SynchronySeries Notes, and

 

(b)          for
any Monthly Period in which no Interest Payment Date occurs for such Class or Tranche of SynchronySeries Notes, the date in such
Monthly Period corresponding numerically to the next Interest Payment Date for such Class or Tranche of SynchronySeries Notes (or,
if such Interest Payment Date is later than it otherwise would be because such Interest Payment Date would have fallen on a day
that is not a Business Day, the date in such Monthly Period corresponding numerically to the date on which the Interest Payment
Date would have fallen had it been a Business Day for such Class or Tranche of SynchronySeries Notes), or as otherwise specified
in the applicable Terms Document for such Class or Tranche of SynchronySeries Notes; provided, however, that:

 

(i)          for
the Monthly Period in which a Class or Tranche of SynchronySeries Notes is issued, the date of issuance of such Class or Tranche
of SynchronySeries Notes will be the first Monthly Interest Accrual Date for such Monthly Period for such Class or Tranche of SynchronySeries
Notes,

 

(ii)         any
date on which proceeds from a sale of Collateral following an Event of Default and acceleration of any Class or Tranche of SynchronySeries
Notes are deposited into the Interest Funding Sub-Account for such Class or Tranche of SynchronySeries Notes will be a Monthly
Interest Accrual Date for such Class or Tranche of SynchronySeries Notes,

 

(iii)        if
there is no numerically corresponding date in such Monthly Period, then the Monthly Interest Accrual Date will be the last Business
Day of such Monthly Period, and

 

(iv)        if
such numerically corresponding date in such Monthly Period is not a Business Day, the Monthly Interest Accrual Date will be the
next following Business Day (unless such Business Day would fall in the following Monthly Period in which case the Monthly Interest
Accrual Date will be the last Business Day of such earlier Monthly Period).

 

“Monthly Principal
Accrual Date” means, with respect to any Class or Tranche of SynchronySeries Notes:

 

(a)          for
any Monthly Period in which a Scheduled Principal Payment Date for such Class or Tranche of SynchronySeries Note occurs, such Scheduled
Principal Payment Date, and

 

(b)          for
any Monthly Period in which no Scheduled Principal Payment Date occurs for such Class or Tranche of SynchronySeries Notes, the
date in such Monthly Period corresponding numerically to the Scheduled Principal Payment Date (or, if the Scheduled Principal Payment
Date is later than it otherwise would be because the Scheduled Principal Payment Date would have fallen on a day that is not a
Business Day, the date in such Monthly Period corresponding numerically to the date on which the Scheduled Principal Payment Date
would have fallen had it been a Business Day for such Class or Tranche of SynchronySeries Notes); provided, however,
that:

 

    	 	7	 

     

    

 

(i)          any
date on which Prefunding Excess Amounts are released from any Note Retirement Account or applicable Note Retirement Sub-Account
on or after the Scheduled Principal Payment Date for such Class or Tranche of SynchronySeries Notes will be a Monthly Principal
Accrual Date for such Class or Tranche of SynchronySeries Notes,

 

(ii)         any
date on which proceeds from a sale of Collateral following an Event of Default and acceleration of any Class or Tranche of SynchronySeries
Notes are deposited into the Principal Funding Account or applicable Principal Funding Sub-Account for such Class or Tranche of
SynchronySeries Notes will be a Monthly Principal Accrual Date for such Class or Tranche of SynchronySeries Notes,

 

(iii)        if
there is no numerically corresponding date in such Monthly Period, then the Monthly Principal Accrual Date will be the last Business
Day of such Monthly Period, and

 

(iv)        if
such numerically corresponding date in such Monthly Period is not a Business Day, the Monthly Principal Accrual Date will be the
next following Business Day (unless such Business Day would fall in the following month in which case the Monthly Principal Accrual
Date will be the last Business Day of such earlier Monthly Period).

 

“Monthly
Servicing Fee” has the meaning specified in the Servicing Agreement.

 

“Nominal Liquidation
Amount” means, with respect to any Tranche of SynchronySeries Notes, the amount calculated pursuant to Section 3.18.
The Nominal Liquidation Amount of a Class of SynchronySeries Notes will be the sum of the Nominal Liquidation Amounts of all the
Tranches of SynchronySeries Notes of such Class. The Nominal Liquidation Amount of the SynchronySeries will be the sum of the Nominal
Liquidation Amounts of all of the Tranches of SynchronySeries Notes.

 

“Nominal Liquidation
Amount Deficit” means, with respect to any Tranche of SynchronySeries Notes, the excess of the Adjusted Outstanding Dollar
Principal Amount of such Tranche over the Nominal Liquidation Amount of such Tranche.

 

“Note Retirement
Account” means the Series Account designated as such and established pursuant to Section 5.01(a).

 

“Note Retirement
Sub-Account” means each Sub-Account to the Note Retirement Account established pursuant to Section 5.01(a).

 

“Note Retirement
Sub-Account Earnings” means, with respect to any Monthly Period and any Tranche of SynchronySeries Notes, the sum of
the investment earnings on funds in the applicable Note Retirement Sub-Account for such Tranche of Notes (net of investment expenses
and losses), for the applicable Note Retirement Sub-Account Earnings Accrual Period.

 

    	 	8	 

     

    

 

“Note Retirement
Sub-Account Earnings Accrual Period” means, with respect to any Monthly Period and any Tranche of SynchronySeries Notes,
beginning with the date the balance in the applicable Note Retirement Sub-Account for such Tranche of SynchronySeries Notes exceeds
zero and continuing for so long as there is a positive balance in the applicable Note Retirement Sub-Account for such Tranche of
SynchronySeries Notes, the period from and including the Transfer Date in such Monthly Period to but excluding the Transfer Date
in the immediately succeeding Monthly Period.

 

“Payment Instruction
Notice” shall mean a written direction from the Servicer to the Indenture Trustee with respect to the deposit of funds
to, and withdrawal of funds from, each Trust Account, including applicable wire instructions for the application of such funds,
in such form as shall be agreed to by the Servicer and the Indenture Trustee.

 

“Performing”
means, with respect to any Derivative Agreement, no payment default or repudiation of performance by a Derivative Counterparty
has occurred, and such Derivative Agreement has not been terminated.

 

“Portfolio
Yield” means, for any Monthly Period, the annualized percentage (based on a 30-day month and a 360-day year) equivalent
of a fraction:

 

(1)         the
numerator of which is equal to the result of:

 

(a)          the
sum of the SynchronySeries Daily Finance Charge Allocations for all Dates of Processing during such Monthly Period; plus

 

(b)          any
amounts to be treated as SynchronySeries Available Finance Charge Collections pursuant to Sections 3.05(a) and 3.21(e);
plus

 

(c)          any
amounts to be included in Portfolio Yield pursuant to any Terms Document; minus

 

(d)          the
SynchronySeries Default Amount for such Monthly Period; and

 

(2)         the
denominator of which is the daily average (for each day during such Monthly Period) of the sum of (i) the numerator used in the
calculation of the SynchronySeries Floating Allocation Percentage for such day and (ii) the amounts on deposit in the Principal
Funding Sub-Accounts and Note Retirement Sub-Accounts for all Tranches of SynchronySeries Notes.

 

“Prefunding
Excess Amount” means, with respect to any Tranche of a Senior Class of SynchronySeries Notes for any date, after giving
effect to all issuances, allocations, deposits and payments with respect to that date, the aggregate amount on deposit in the Note
Retirement Sub-Account of such Tranche that is in excess of the aggregate amount targeted to be on deposit in such Note Retirement
Sub-Account pursuant to Section 3.11.

 

“Prefunding
Target Amount” means, with respect to the Class A Notes, the Class B Notes and the Class C Notes, the amount calculated
pursuant to Section 3.22.

 

    	 	9	 

     

    

 

“Principal
Funding Account” means the Series Account designated as such and established pursuant to Section 5.01(a).

 

“Principal
Funding Sub-Account” means each Sub-Account to the Principal Funding Account established pursuant to Section 5.01(a).

 

“Principal
Funding Sub-Account Earnings” means, with respect to any Monthly Period and any Tranche of SynchronySeries Notes, the
investment earnings on funds in the applicable Principal Funding Sub-Account for such Tranche (net of investment expenses and losses),
for the applicable Principal Funding Sub-Account Earnings Accrual Period.

 

“Principal
Funding Sub-Account Earnings Accrual Period” means, with respect to any Monthly Period and any Tranche of SynchronySeries
Notes, beginning with the date the balance in the applicable Principal Funding Sub-Account for such Tranche exceeds zero and continuing
for so long as there is a positive balance in the applicable Principal Funding Sub-Account for such Tranche of SynchronySeries
Notes, the period from and including the Transfer Date in such Monthly Period to but excluding the Transfer Date in the immediately
succeeding Monthly Period.

 

“Principal
Funding Sub-Account Earnings Shortfall” means, with respect to any Tranche of SynchronySeries Notes and any Monthly Period
for which funds were on deposit in the Principal Funding Sub-Account for such Tranche of Notes on the first day of such Monthly
Period, (a) the Principal Funding Sub-Account Earnings Target for such Tranche of SynchronySeries Notes for such Monthly Period,
minus (b) the Principal Funding Sub-Account Earnings for such Monthly Period; provided, however, in no event
shall the Principal Funding Sub-Account Earnings Shortfall be less than zero.

 

“Principal
Funding Sub-Account Earnings Target” means, with respect to any Monthly Period and any Tranche of SynchronySeries Notes
and the applicable Principal Funding Sub-Account, the Dollar amount of interest that would have accrued on funds in such Principal
Funding Sub-Account for the applicable Principal Funding Sub-Account Earnings Accrual Period for such Tranche if it had borne interest
at the following rates:

 

(a)          in
the case of a Tranche of SynchronySeries Dollar Notes that is an Interest-bearing Note with no Derivative Agreement for interest,
at the rate of interest applicable to such Tranche for the applicable Principal Funding Sub-Account Earnings Accrual Period;

 

(b)          in
the case of a Tranche of SynchronySeries Notes with a Performing Derivative Agreement for interest, at the rate at which payments
by the Issuer to the applicable Derivative Counterparty accrue (prior to the netting of such payments, if applicable) for the applicable
Principal Funding Sub-Account Earnings Accrual Period; and

 

(c)          in
the case of a Tranche of SynchronySeries Notes with a non-Performing Derivative Agreement for interest, at the rate specified in
the related Terms Document for the applicable Principal Funding Sub-Account Earnings Accrual Period.

 

More than one of the aforementioned rates
of interest may be applicable to amounts on deposit in a Principal Funding Sub-Account for a Tranche of SynchronySeries Notes.

 

    	 	10	 

     

    

 

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

 

“Rating Agency
Condition” means, with respect to the SynchronySeries and any action, unless otherwise defined in the related Terms Document
for any Tranche, ten (10) days’ prior written notice (or, if ten (10) days’ advance notice is impracticable, as much
advance notice as is practicable) is delivered electronically to each applicable Rating Agency; provided that, with respect to
any Tranche of Notes rated by Moody’s, if any, and the actions described in the definition of “Required Excess Spread
Percentage” herein, Section 3.10(b) of the Indenture (to the extent such usage relates to changes to the Required Subordinated
Amount, or the method of computing the Required Subordinated Amount), Schedule I of the Indenture, Section 2.6(c)(iii) of the Transfer
Agreement, the definition of “Eligible Servicer” in the Servicing Agreement and any decrease of the “Minimum
Free Equity Amount” made pursuant to Section 9.01 the Indenture, “Rating Agency Condition” shall mean that Moody’s
shall have notified the Issuer in writing that such action shall not result in a reduction or withdrawal of any rating, if any,
of any Outstanding Class or Tranche of SynchronySeries Notes, so long as Moody’s has not notified the Issuer or otherwise
made public statements that it, as a policy matter, will not provide written confirmation of its ratings.

 

“Required
Collateral Amount” means, as of any date of determination, an amount (rounded to the second decimal place) equal to the
greatest of:

 

(a)          the
result of (i) the aggregate of the Adjusted Outstanding Dollar Principal Amounts of all Tranches of Class A Notes on such date;
provided that if an Early Amortization Event has occurred with respect to any Tranche of Class A Notes, the Adjusted Outstanding
Dollar Principal Amount of such Tranche of Class A Notes used for such calculation shall be determined as of the close of business
on the day preceding the occurrence of the Early Amortization Event, divided by (ii) 74.00%;

 

(b)          the
result of (i) the aggregate of the Adjusted Outstanding Dollar Principal Amounts of all Tranches of Class A Notes and Class B Notes
on such date; provided that if an Early Amortization Event has occurred with respect to any Tranche of Class A Notes or
Class B Notes, the Adjusted Outstanding Dollar Principal Amount of such Tranche of Notes used for such calculation shall be determined
as of the close of business on the day preceding the occurrence of the Early Amortization Event, divided by (ii) 80.00%;

 

(c)          the
result of (i) the aggregate of the Adjusted Outstanding Dollar Principal Amounts of all Tranches of Class A Notes, Class B Notes
and Class C Notes on such date; provided that if an Early Amortization Event has occurred with respect to any Tranche of
Class A Notes, Class B Notes or Class C Notes, the Adjusted Outstanding Dollar Principal Amount of such Tranche of Notes used for
such calculation shall be determined as of the close of business on the day preceding the occurrence of the Early Amortization
Event, divided by (ii) 86.00%; and

 

    	 	11	 

     

    

 

(d)          the
result of (i) the aggregate of the Adjusted Outstanding Dollar Principal Amounts of all Tranches of Class A Notes, Class B Notes,
Class C Notes and Class D Notes on such date; provided that if an Early Amortization Event has occurred with respect to
any Tranche of Class A Notes, Class B Notes, Class C Notes or Class D Notes, the Adjusted Outstanding Dollar Principal Amount of
such Tranche of Notes used for such calculation shall be determined as of the close of business on the day preceding the occurrence
of the Early Amortization Event, divided by (ii) 95.00%.

 

“Required
Deposit Amount” means, with respect to the SynchronySeries Notes for any Monthly Period, the sum of (a) the Required
Finance Charge Deposit Amount for such Monthly Period as most recently determined, and (b) the Required Principal Deposit Amount
for such Monthly Period as most recently determined.

 

“Required
Excess Spread Percentage” means 0%; provided, however, that the Issuer may, from time to time, change such
percentage (which will never be less than zero) (a) upon written notice to the Indenture Trustee, (b) upon satisfaction of the
Rating Agency Condition with respect to such change and (c) provided the Issuing Entity reasonably believes, as evidenced by an
Officer’s Certificate delivered to the Indenture Trustee, that such change will not have an Adverse Effect.

 

“Required
Finance Charge Deposit Amount” means, with respect to the SynchronySeries Notes for any Monthly Period, the sum of (a)
the targeted deposit to the Interest Funding Account pursuant to Section 3.03 for the related Transfer Date, (b) the amounts,
if any, described in clauses (d) through (f) of Section 3.02 for the related Transfer Date, (c) if (i) on
the first day of such Monthly Period, an Asset Deficiency exists after giving effect to all transfers and deposits on such day,
(ii) on the first day of such Monthly Period, the Trust Principal Balance is less than 103% of the sum of the Required Collateral
Amounts for all Series of Notes plus the Minimum Free Equity Amount after giving effect to all transfers and deposits on
such day, (iii) an Early Amortization Event has occurred, (iv) a Nominal Liquidation Amount Deficit for the SynchronySeries Notes
or a SynchronySeries Subordinated Transferor Amount Deficit exists or (v) the Excess Spread Percentage for the immediately preceding
Monthly Period is less than 5%, the SynchronySeries Default Amount, (d) if the Servicer has elected to receive a Monthly Servicing
Fee in lieu of Daily Servicing Fees for such Monthly Period in accordance with Section 2.5 of the Servicing Agreement, the SynchronySeries
Monthly Servicing Fee for such Monthly Period and (e) any additional amounts specified in the Terms Document for any Tranche. To
the extent any data needed to calculate the Required Finance Charge Deposit Amount is not available on any Date of Processing,
the Issuer shall use the corresponding data as most recently determined or other reasonable estimate of such data until the required
data is available (which shall be no later than the Transfer Date in the following Monthly Period). Without limiting the foregoing,
(x) for purposes of determining the amount to be deposited to the Interest Funding Account for any Tranche of Notes that bears
interest by reference to a benchmark index rate of interest on any Date of Processing on which the applicable indexed rate has
not been determined, the applicable indexed rate shall be estimated based on the assumption that the indexed rate will equal the
indexed rate as most recently used to calculate the accrual of interest for such Tranche, multiplied by 1.25 and (y) for purposes
of determining the SynchronySeries Default Amount on any Date of Processing for any Monthly Period (other than the Monthly Period
in which the first tranche of SynchronySeries Notes is issued), the SynchronySeries Default Amount shall be estimated based on
the assumption that the SynchronySeries Default Amount for the current Monthly Period will equal the SynchronySeries Default Amount
for the prior Monthly Period multiplied by 1.25, with such adjustments as may be appropriate taking into consideration any change
in the Nominal Liquidation Amount of the SynchronySeries Notes since the prior Monthly Period.

 

    	 	12	 

     

    

 

“Required
Principal Deposit Amount” means, with respect to the SynchronySeries Notes for any Monthly Period, the sum of (a) an
amount equal to the aggregate amount of the deposits targeted to be deposited into the Principal Funding Account and the Note Retirement
Account for all Tranches of SynchronySeries Notes for the related Transfer Date, plus (b) any additional amounts specified
in the Terms Document for any Tranche.

 

“Required
Subordinated Amount” means, (a) with respect to the Class A Notes, the Class A Required Subordinated Amount, (b) with
respect to the Class B Notes, the Class B Required Subordinated Amount, (c) with respect to the Class C Notes, the Class C Required
Subordinated Amount or (d) with respect to the Class D Notes, the Class D Required Subordinated Amount, as applicable.

 

“Reset Date”
means:

 

(a)          each
Addition Date; and

 

(b)          each
Removal Date on which Accounts are designated for removal pursuant to Section 2.7(a) or (b) of the Transfer Agreement.

 

“Sales Proceeds”
means, with respect to any Class or Tranche of SynchronySeries Notes, the proceeds of the sale of Collateral with respect to such
Class or Tranche of SynchronySeries Notes pursuant to Section 3.21.

 

“Scheduled
Principal Payment Date” has, with respect to any Class or Tranche of SynchronySeries Notes, the meaning specified in
the applicable Terms Document for such Class or Tranche of SynchronySeries Notes.

 

“Senior Class”
means (a) with respect to the Class B Notes, the Class A Notes, (b) with respect to the Class C Notes, each of the Class A Notes
and/or the Class B Notes and (c) with respect to the Class D Notes, each of the Class A Notes, the Class B Notes and/or the Class
C Notes.

 

“Series Accounts”
has the meaning specified in Section 5.01.

 

“Series Available
Finance Charge Collections Shortfall” means, with respect to the SynchronySeries, for any Monthly Period, the excess,
if any, of (a) the aggregate amount targeted to be paid or applied pursuant to clauses (a) through (g) of Section
3.02 over (b) the SynchronySeries Available Finance Charge Collections with respect to such Monthly Period (excluding any amounts
to be applied in accordance with Section 3.26).

 

    	 	13	 

     

    

 

“Series Available
Principal Collections Shortfall” means, with respect to the SynchronySeries, for any Monthly Period, the excess, if any,
of (a) the aggregate amount targeted to be paid or applied pursuant to clause (f) of Section 3.09 over (b) the SynchronySeries
Available Principal Collections (excluding any amounts to be applied in accordance with Section 3.27) with respect to such
Monthly Period remaining after application pursuant to clauses (a) through (e) of Section 3.09.

 

“Spot Exchange
Rate” has the meaning specified in the related Terms Document.

 

“Series Finance
Charge Collections” means, with respect to the SynchronySeries, the SynchronySeries Finance Charge Collections.

 

“Series Principal
Collections” means, with respect to the SynchronySeries, the SynchronySeries Principal Collections.

 

“Stated Principal
Amount” has, with respect to any Class or Tranche of SynchronySeries Notes, the meaning specified in the related Terms
Document for such Class or Tranche.

 

“Subordinated
Class” means (a) with respect to the Class A Notes, each of the Class B Notes, the Class C Notes and/or the Class D Notes,
(b) with respect to the Class B Notes, each of the Class C Notes and/or the Class D Notes and (c) with respect to the Class C Notes,
the Class D Notes.

 

“SynchronySeries”
means the Series of Notes issued pursuant to this Indenture Supplement.

 

“SynchronySeries
Available Finance Charge Collections” has the meaning specified in Section 3.02.

 

“SynchronySeries
Available Principal Collections” has the meaning specified in Section 3.09.

 

“SynchronySeries
Daily Finance Charge Allocation” has the meaning specified in Section 3.01(a).

 

“SynchronySeries
Daily Principal Allocation” has the meaning specified in Section 3.08.

 

“SynchronySeries
Daily Servicing Fee” means, for each day during any Monthly Period in which the Servicer has not elected to receive a
Monthly Servicing Fee pursuant to Section 2.5 of the Servicing Agreement: the product of (a) the Daily Servicing Fee for such day
and (b) the SynchronySeries Floating Allocation Percentage for such day; provided that for any day that is not a Date of
Processing, the SynchronySeries Floating Allocation Percentage for purposes of clause (b) shall be the SynchronySeries Floating
Allocation Percentage for the immediately preceding Date of Processing.

 

“SynchronySeries
Default Amount” means, with respect to any Monthly Period, an amount equal to 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 SynchronySeries Floating Allocation Percentage on the day such Account became a Defaulted Account.

 

    	 	14	 

     

    

 

“SynchronySeries
Dollar Note” means a SynchronySeries Note denominated in Dollars.

 

“SynchronySeries
Finance Charge Collections” has the meaning specified in Section 3.01(a).

 

“SynchronySeries
Floating Allocation Percentage” means, with respect to any date of determination in any Monthly Period, for the SynchronySeries
Notes, a fraction:

 

(a)          the
numerator of which is the result of:

 

(i)          the
Nominal Liquidation Amounts of all Classes or Tranches of SynchronySeries Notes as of the last day of the preceding Monthly Period
(exclusive of (x) any Class or Tranche of SynchronySeries Notes which will be paid in full during such Monthly Period and (y) any
Class or Tranche of SynchronySeries Notes which will have a Nominal Liquidation Amount of zero during such Monthly Period), or
with respect to the first Monthly Period during which any Class or Tranche of SynchronySeries Notes are Outstanding, the Initial
Dollar Principal Amount of such Class or Tranche; plus

 

(ii)         on
and after the date of any increase in the Nominal Liquidation Amount of any Class or Tranche of SynchronySeries Notes due to (x)
the issuance of additional Notes of such Class or Tranche of SynchronySeries Notes during such Monthly Period or (y) the release
of Prefunding Excess Amounts (other than amounts that were deposited into the applicable Note Retirement Sub-Account for such Class
or Tranche of SynchronySeries Notes during such Monthly Period) for such Class or Tranche from the applicable Note Retirement Sub-Account,
the amount of any such increase in the Nominal Liquidation Amount of such Class or Tranche; plus

 

(iii)        the
SynchronySeries Subordinated Transferor Amount as of the last day of the preceding Monthly Period, or with respect to first Monthly
Period during which SynchronySeries Notes are Outstanding, as of the initial issuance date for the SynchronySeries Notes; plus

 

(iv)        after
the date of any increase in the SynchronySeries Subordinated Transferor Amount pursuant to Section 3.17(c) during such Monthly
Period, the amount of any such increase in the SynchronySeries Subordinated Transferor Amount; minus

 

(v)         after
the date of any decrease in the SynchronySeries Subordinated Transferor Amount pursuant to Section 3.17(b) during such Monthly
Period, the amount of any such decrease in the SynchronySeries Subordinated Transferor Amount; and

 

(b)          the
denominator of which is equal to the greater of (x) the Aggregate Principal Receivables determined as of the close of business
on the last day of the prior Monthly Period and (y) the sum of the numerators used to calculate the Allocation Percentages
for allocations with respect to Finance Charge Collections, the Daily Servicing Fee, the Monthly Servicing Fee 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) 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).

 

    	 	15	 

     

    

 

“SynchronySeries
Foreign Currency Note” means a SynchronySeries Note denominated in a Foreign Currency.

 

“SynchronySeries
Monthly Servicing Fee” means, for any Monthly Period, the sum of the SynchronySeries Daily Servicing Fees payable during
such Monthly Period; provided that if the Servicer shall have elected to receive a Monthly Servicing Fee in lieu of Daily
Servicing Fees for such Monthly Period in accordance with Section 2.5 of the Servicing Agreement, then the SynchronySeries Monthly
Servicing Fee shall equal the product of (a) the Monthly Servicing Fee for such Monthly Period, multiplied by (b) the average
of the SynchronySeries Floating Allocation Percentages for each day during such Monthly Period.

 

“SynchronySeries
Noteholders” means the Holders of the SynchronySeries Notes.

 

“SynchronySeries
Notes” means the Series of Notes issued pursuant to the Indenture, the principal terms of which are set forth in this
Indenture Supplement.

 

“SynchronySeries
Principal Allocation Percentage” means, with respect to any date of determination in any Monthly Period, for the SynchronySeries
Notes, a fraction:

 

(a)          the
numerator of which is equal to the result of:

 

(i)          for
all Classes or Tranches of SynchronySeries Notes in an Amortization Period (exclusive of (x) any Class or Tranche of SynchronySeries
Notes which will be paid in full during such Monthly Period and (y) any Class or Tranche of SynchronySeries Notes which will have
a Nominal Liquidation Amount of zero during such Monthly Period), the sum of the Nominal Liquidation Amounts of all such Classes
or Tranches of SynchronySeries Notes as of the close of business on the day prior to the commencement of the most recent Amortization
Period for such Class or Tranche; plus

 

(ii)         for
all other Classes or Tranches of SynchronySeries Notes that are not in an Amortization Period, the Nominal Liquidation Amounts
of all Classes or Tranches of such SynchronySeries Notes as of the last day of the preceding Monthly Period (exclusive of (x) any
Class or Tranche of SynchronySeries Notes which will be paid in full during such Monthly Period and (y) any Class or Tranche of
SynchronySeries Notes which will have a Nominal Liquidation Amount of zero during such Monthly Period), or with respect to the
first Monthly Period during which any Class or Tranche of SynchronySeries Notes are Outstanding, the Initial Dollar Principal Amount
of such Class or Tranche; plus

 

(iii)        on
and after the date of any increase in the Nominal Liquidation Amount of any Class or Tranche of SynchronySeries Notes due to (x)
the issuance of additional Notes of such Class or Tranche of SynchronySeries Notes during such Monthly Period or (y) the release
of Prefunding Excess Amounts (other than amounts that were deposited into the applicable Note Retirement Sub-Account for such Class
or Tranche of SynchronySeries Notes during such Monthly Period) for such Class or Tranche from the applicable Note Retirement Sub-Account,
the amount of any such increase in the Nominal Liquidation Amount of such Class or Tranche; plus

 

    	 	16	 

     

    

 

(iv)        the
SynchronySeries Subordinated Transferor Amount as of the last day of the preceding Monthly Period, or with respect to first Monthly
Period during which the SynchronySeries Notes are Outstanding, as of the initial issuance date for the SynchronySeries Notes; plus

 

(v)         after
the date of any increase in the SynchronySeries Subordinated Transferor Amount pursuant to Section 3.17(c) during such Monthly
Period, the amount of any such increase in the SynchronySeries Subordinated Transferor Amount; minus

 

(vi)        after
the date of any decrease in the SynchronySeries Subordinated Transferor Amount pursuant to Section 3.17(b) during such Monthly
Period, the amount of any such decrease in the SynchronySeries Subordinated Transferor Amount; and

 

(b)          the
denominator of which is equal to the greater of (x) the Aggregate Principal Receivables determined as of the close of business
on the last day of the prior Monthly Period and (y) the sum of the numerators used to calculate the Allocation Percentages
for allocations with respect to Principal Collections 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) 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).

 

“SynchronySeries
Principal Collections” has the meaning specified in Section 3.08.

 

“SynchronySeries
Servicing Fee Shortfall” means, (a) for any Monthly Period during which the Servicer has received Daily Servicing Fees,
the excess (if any) of (i) the sum of the SynchronySeries Daily Servicing Fees for all days during such Monthly Period, over (ii)
the sum of the SynchronySeries Daily Finance Charge Allocations for all Dates of Processing during such Monthly Period, and (b)
for any Monthly Period during which the Servicer has elected to receive a Monthly Servicing Fee in lieu of Daily Servicing Fees
in accordance with Section 2.5 of the Servicing Agreement, the excess (if any) of (i) the SynchronySeries Monthly Servicing Fee
for such Monthly Period, over (ii) the SynchronySeries Available Finance Charge Collections available for application pursuant
to clause (a) of Section 3.02.

 

“SynchronySeries
Subordinated Transferor Amount” means, with respect to any date of determination, the amount calculated pursuant to Section
3.17.

 

    	 	17	 

     

    

 

“SynchronySeries
Subordinated Transferor Amount Deficit” means, with respect to any date of determination, the excess of (a) the sum of
(i) the SynchronySeries Subordinated Transferor Amount’s allocable share of all reallocations of SynchronySeries Available
Principal Collections pursuant to Section 3.09, determined as set forth in Section 3.10; plus (ii) the aggregate
amount of the reductions of the SynchronySeries Subordinated Transferor Amount resulting from allocations of Investor Charge-Offs
as set forth in Section 3.06; over (b) reimbursements of prior reductions in the SynchronySeries Subordinated Transferor
Amount pursuant to clause (d) of Section 3.02.

 

[END OF ARTICLE I]

 

    	 	18	 

     

    

 

ARTICLE
II

THE
SYNCHRONYSERIES NOTES

 

Section 2.01         Creation
and Designation.

 

(a)          There
is hereby created and designated a Series of Notes issued pursuant to the Indenture and this Indenture Supplement known as the
 “Synchrony Card Issuance Trust, SynchronySeries” or the “SynchronySeries.” The SynchronySeries is a multi-tranche
Series that is issued in up to four Classes, the first of which shall be known as the “SynchronySeries Class A Notes,”
which notes shall belong to Class A; the second of which shall be known as the “SynchronySeries Class B Notes,” which
notes shall belong to Class B; the third of which shall be known as the “SynchronySeries Class C Notes,” which notes
shall belong to Class C; and the fourth of which shall be known as the “SynchronySeries Class D Notes,” which notes
shall belong to Class D. Each Class of SynchronySeries Notes may consist of one or more Tranches.

 

(b)          The
SynchronySeries shall not be subordinated to any other Series of Notes.

 

(c)          Notwithstanding
the allocation provisions of the Indenture, this Indenture Supplement and the indenture supplements for each other Series of Notes,
if any, to the extent that the SynchronySeries Noteholders are deemed to have any interest in any assets of the Issuer allocated
to other Notes, the SynchronySeries Noteholders shall agree by acceptance of their SynchronySeries Notes that their interest in
those assets is subordinate to claims or rights of such other Noteholders to those other assets. Further, the SynchronySeries Noteholders
shall agree by acceptance of their SynchronySeries Notes that such agreement constitutes a subordination agreement for purposes
of Section 510(a) of the Federal Bankruptcy Code.

 

Section 2.02         New
Issuances of SynchronySeries Notes. The Issuer may issue new Tranches of SynchronySeries Notes (including additional SynchronySeries
Notes of an Outstanding Tranche), so long as the following conditions precedent are satisfied:

 

(i)          on
or before the date that the new issuance is to occur, the Issuer will have delivered to the Indenture Trustee and each Rating Agency
a Terms Document relating to the applicable Tranche of SynchronySeries Notes;

 

(ii)         if
the issuance of SynchronySeries Notes results in an increase in the targeted deposit amount for any Class D Reserve Sub-Account
for any Tranche of Class D Notes, on such issuance date the Issuer will have funded such increase with a cash deposit to the Class
D Reserve Sub-Account for such Tranche of Class D Notes; and

 

(iii)        the
conditions specified in Section 3.09 of the Indenture, Section 2.03 of this Indenture Supplement and any other conditions
specified in the related Terms Document, as applicable, are satisfied.

 

    	 	19	 

     

    

 

Section 2.03         Required
Collateral Amount Condition to Issuance of a Tranche of SynchronySeries Notes.

 

(a)          Required
Collateral Amount. On the issuance date of a Tranche of SynchronySeries Notes, immediately after giving effect to such issuance,
the Collateral Amount must be at least equal to the Required Collateral Amount.

 

(b)          Alteration
of the Required Collateral Amount and Required Subordinated Amounts. The Issuer shall be permitted to change the Required Collateral
Amount, the Required Subordinated Amount for any Tranche of SynchronySeries Notes and the method for computing the Required Collateral
Amount or Required Subordinated Amount for any Tranche of SynchronySeries Notes at any time without the consent of Noteholders
provided the conditions in Section 3.10 of the Indenture are satisfied.

 

Section 2.04         Reports.

 

(a)          Not
later than the Determination Date preceding each Payment Date, the Issuer shall deliver or cause the Servicer to deliver to each
SynchronySeries Noteholder a statement substantially in the form of Exhibit B as the Monthly Noteholders’ Statement
required to be delivered pursuant to Section 8.05 of the Indenture; provided that the Issuer may amend the form of Exhibit
B from time to time.

 

(b)          Not
later than the Determination Date preceding each Payment Date, the Issuer shall deliver or cause the Servicer to deliver to the
Indenture Trustee a Payment Instruction Notice; provided that the Issuer may amend the form of the Payment Instruction
Notice from time to time. All deposits to and withdrawals from the Series Accounts shall be made by the Indenture Trustee in accordance
with the wire instructions set forth in the Payment Instruction Notice.

 

(c)          The
Issuer shall deliver, or cause the Servicer to deliver, to the Indenture Trustee such information as may be required to enable
the Indenture Trustee to provide the SynchronySeries Noteholders with applicable information to prepare their federal, state and
other income tax returns.

 

[END OF ARTICLE II]

 

    	 	20	 

     

    

 

ARTICLE
III

ALLOCATIONS,
DEPOSITS AND PAYMENTS

 

Section 3.01         Allocations
of Finance Charge Collections, the Default Amount and Daily Servicing Fee to the SynchronySeries Notes.

 

(a)          On
each Date of Processing, the Issuer shall calculate an amount equal to the product of (i) the SynchronySeries Floating Allocation
Percentage and (ii) the Finance Charge Collections processed on such Date of Processing (the “SynchronySeries Daily Finance
Charge Allocation”). With respect to each Monthly Period, the Issuer shall allocate to the SynchronySeries Notes an amount
of Finance Charge Collections (the “SynchronySeries Finance Charge Collections”) equal to the least of (i) the
excess of the sum of the SynchronySeries Daily Finance Charge Allocations for all Dates of Processing during such Monthly Period,
minus any amount retained by the Servicer in respect of the SynchronySeries Daily Servicing Fees for such Monthly Period,
(ii) the Required Finance Charge Deposit Amount for such Monthly Period and (iii) the aggregate amount of payments and deposits
required to be made pursuant to Section 3.02.

 

(b)          With
respect to each Monthly Period, on the related Transfer Date, the Issuer shall allocate to the SynchronySeries Notes an amount
equal to the SynchronySeries Default Amount for such Monthly Period.

 

(c)          With
respect to each day, the Issuer shall allocate to the SynchronySeries Notes a portion of the Daily Servicing Fee equal to the SynchronySeries
Daily Servicing Fee for such day; provided that if the Servicer shall have elected to receive a Monthly Servicing Fee in
lieu of Daily Servicing Fees for such Monthly Period in accordance with Section 2.5 of the Servicing Agreement, then, with respect
to each Monthly Period, the Issuer shall allocate to the SynchronySeries Notes a portion of the Monthly Servicing Fee equal to
the SynchronySeries Monthly Servicing Fee for such Monthly Period.

 

Section 3.02         Application
of SynchronySeries Available Finance Charge Collections. With respect to each Monthly Period, the Indenture Trustee, at the
written direction of the Servicer in the form of the Monthly Noteholders’ Statement, will apply an amount equal to the lesser
of (x) the aggregate amount of payments and deposits required to be made pursuant to this Section 3.02 and (y) the sum of
(i) the SynchronySeries Finance Charge Collections, (ii) any amounts to be treated as SynchronySeries Available Finance Charge
Collections pursuant to Sections 3.05(a) and 3.21(e), (iii) any Shared Excess Available Finance Charge Collections
allocated to the SynchronySeries pursuant to Section 3.26 and (iv) any amounts to be treated as SynchronySeries Available
Finance Charge Collections pursuant to any Terms Document (such amounts, the “SynchronySeries Available Finance Charge
Collections”) as follows:

 

(a)          first,
if the Servicer has elected to receive a Monthly Servicing Fee in lieu of Daily Servicing Fees for such Monthly Period, on the
applicable Transfer Date, to pay to the Servicer, the SynchronySeries Monthly Servicing Fee for such Monthly Period, plus
any previously due and unpaid SynchronySeries Monthly Servicing Fee, to the extent such amount has not been retained by, or paid
to, the Servicer;

 

    	 	21	 

     

    

 

(b)          second,
on the applicable Transfer Date, to make the targeted deposits to the Interest Funding Account pursuant to Section 3.03;

 

(c)          third,
on the applicable Transfer Date, to be treated as SynchronySeries Available Principal Collections in an amount equal to the SynchronySeries
Default Amount for the related Monthly Period (but only to the extent the SynchronySeries Default Amount was included in the Required
Finance Charge Deposit Amount for such Monthly Period);

 

(d)          fourth,
on the applicable Transfer Date, to be treated as SynchronySeries Available Principal Collections in an amount equal to the sum
of the Nominal Liquidation Amount Deficit, if any, of the SynchronySeries Notes and the SynchronySeries Subordinated Transferor
Amount Deficit, if any;

 

(e)          fifth,
on the applicable Transfer Date, to make a deposit in the Accumulation Reserve Account in an amount up to the excess, if any, of
the Accumulation Reserve Account Required Amount over the Accumulation Reserve Account Available Amount;

 

(f)          sixth,
on the applicable Transfer Date, to make the targeted deposit to the Class D Reserve Account, if any, pursuant to Section 3.23;
and

 

(g)          seventh,
on the applicable Transfer Date, to make any other payments or deposits required by the Terms Document of any Class or Tranche
of SynchronySeries Notes.

 

Section 3.03         Targeted
Deposits to the Interest Funding Account. The deposit targeted pursuant to clause (b) of Section 3.02 with respect
to any Monthly Period to be deposited to the Interest Funding Account on the applicable Transfer Date in the following Monthly
Period for each Tranche of SynchronySeries Notes shall equal the sum of the following amounts. A single Tranche of SynchronySeries
Notes may be entitled to more than one of the following targeted deposits. The targeted deposit with respect to any Monthly Period
shall also include any shortfall in the targeted deposit with respect to any prior Monthly Period which has not been previously
deposited.

 

(a)          Interest
Payments. Unless otherwise specified in the applicable Terms Document for such Tranche of SynchronySeries Notes, the deposit
targeted for any Tranche of Outstanding Interest-bearing Notes with respect to any Monthly Period to be deposited on the applicable
Transfer Date will be equal to the amount of interest accrued on the Outstanding Dollar Principal Amount of such Tranche of SynchronySeries
Notes during the period from and including the Monthly Interest Accrual Date in such Monthly Period to but excluding the Monthly
Interest Accrual Date in the following Monthly Period.

 

(b)          Amounts
Owed to Derivative Counterparties. If a Tranche of Outstanding SynchronySeries Dollar Notes or SynchronySeries Foreign Currency
Notes that has a Performing or non-Performing Derivative Agreement for interest provides for a payment to the applicable Derivative
Counterparty, the deposit targeted for such Tranche of SynchronySeries Notes with respect to such Monthly Period to be deposited
on the applicable Transfer Date with respect to any payment to the Derivative Counterparty will be specified in the applicable
Terms Document for such Tranche of SynchronySeries Notes.

 

    	 	22	 

     

    

 

(c)          Specified
Deposits. If the Terms Document for a Tranche of SynchronySeries Notes specifies a deposit in addition to or different from
the deposits described above to be made to the Interest Funding Sub-Account for such Tranche, the deposit targeted for such Tranche
with respect to such Monthly Period and the applicable Transfer Date will be such specified amount.

 

(d)          Additional
Interest. Unless otherwise specified in the applicable Terms Document, the deposit targeted for any Tranche of Outstanding
SynchronySeries Notes that has accrued and overdue interest will include the interest accrued on that overdue interest during the
period from and including the prior Monthly Interest Accrual Date to but excluding the current Monthly Interest Accrual Date at
the rate of interest applicable to the principal of such Tranche during that period.

 

Section 3.04         Allocations
of SynchronySeries Available Finance Charge Collections to the Interest Funding Account and to the Interest Funding Sub-Accounts.
The aggregate amount to be deposited to the Interest Funding Account pursuant to clause (b) of Section 3.02 will,
at the written direction of the Servicer in the form of the Monthly Noteholders’ Statement, be allocated, and a portion deposited,
into the Interest Funding Sub-Account for each Tranche of SynchronySeries Notes on the applicable Transfer Date as follows:

 

(a)          SynchronySeries
Available Finance Charge Collections at Least Equal to or Greater than Targeted Amounts. If the amount of funds available for
a Monthly Period for application pursuant to clause (b) of Section 3.02 is at least equal to or greater than the
aggregate amount of the deposits and payments targeted by Section 3.03 with respect to such Monthly Period, then the full
amount of each such deposit and payment will be made to the applicable Interest Funding Sub-Accounts.

 

(b)          SynchronySeries
Available Finance Charge Collections are Less than Targeted Amounts. If the amount of funds available for a Monthly Period
for application pursuant to clause (b) of Section 3.02 is less than the aggregate amount of the deposits targeted
by Section 3.03 with respect to such Monthly Period, then the amount available will be allocated to each Tranche of SynchronySeries
Notes as follows:

 

(i)          first,
to each Tranche of Class A Notes pro rata based on the ratio of (A) the aggregate amount of the deposits targeted by Section
3.03 with respect to such Tranche of Class A Notes, to (B) the aggregate amount of the deposits targeted by Section 3.03
with respect to all Tranches of Class A Notes, and

 

(ii)         second,
to each Tranche of Class B Notes pro rata based on the ratio of (A) the aggregate amount of the deposits targeted by Section
3.03 with respect to such Tranche of Class B Notes, to (B) the aggregate amount of the deposits targeted by Section 3.03
with respect to all Tranches of Class B Notes,

 

(iii)        third,
to each Tranche of Class C Notes pro rata based on the ratio of (A) the aggregate amount of the deposits targeted by Section
3.03 with respect to such Tranche of Class C Notes, to (B) the aggregate amount of the deposits targeted by Section 3.03
with respect to all Tranches of Class C Notes, and

 

    	 	23	 

     

    

 

(iv)        fourth,
to each Tranche of Class D Notes pro rata based on the ratio of (A) the aggregate amount of the deposits targeted by Section
3.03 with respect to such Tranche of Class D Notes, to (B) the aggregate amount of deposits targeted by Section 3.03
with respect to all Tranches of Class D Notes.

 

Section 3.05         Amounts
to be Treated as SynchronySeries Available Finance Charge Collections; Payments Received from Derivative Counterparties for Interest
in a Foreign Currency; Other Deposits to the Interest Funding Sub-Accounts. The following deposits and payments will be made
on the following dates:

 

(a)          Amounts
to be Treated as SynchronySeries Available Finance Charge Collections. In addition to SynchronySeries Finance Charge Collections,
any Shared Excess Available Finance Charge Collections allocated to the SynchronySeries pursuant to Section 3.26 and any
amounts to be treated as SynchronySeries Available Finance Charge Collections pursuant to any Terms Document, the following amounts
shall be treated as SynchronySeries Available Finance Charge Collections for application in accordance with this Article III
with respect to any Monthly Period:

 

(i)          Accumulation
Reserve Account Withdrawals. The aggregate amount of funds withdrawn from the Accumulation Reserve Account and used to cover
the aggregate Principal Funding Sub-Account Earnings Shortfall for each Tranche of SynchronySeries Notes pursuant to Section
3.28(b).

 

(ii)         Dollar
Payments from Derivative Counterparties for Interest. Dollar payments received under Derivative Agreements for interest for
any Tranche of SynchronySeries Notes.

 

(iii)        Sub-Account
and Accumulation Reserve Account Earnings. The aggregate amount of Principal Funding Sub-Account Earnings, Note Retirement
Sub-Account Earnings, Accumulation Reserve Account Earnings (to the extent withdrawn from the Accumulation Reserve Account and
deposited into the Collection Account pursuant to Section 3.28(a)) and Interest Funding Sub-Account Earnings.

 

(b)          Foreign
Currency Payments From Derivative Counterparties for Interest. Payments received under Derivative Agreements for SynchronySeries
Notes with interest payable in a Foreign Currency will be applied as specified in the applicable Terms Document.

 

(c)          Other
Deposits to the Interest Funding Sub-Accounts.

 

(i)          Class
D Reserve Account. Withdrawals made from the Class D Reserve Account pursuant to Section 3.24(a) will be deposited into
the applicable Interest Funding Sub-Account for the applicable Tranche of Class D Notes on the applicable Transfer Date for such
Tranche of Class D Notes.

 

    	 	24	 

     

    

 

(ii)         Sales
Proceeds. Sales Proceeds received by the Issuer pursuant to Section 3.21(d)(ii) for any Tranche of SynchronySeries Notes
will be deposited into the applicable Interest Funding Sub-Account on the date of receipt by the Issuer.

 

(iii)        Other
Amounts. The Terms Document for any Tranche may include additional amounts which are to be deposited into the applicable Interest
Funding Sub-Account on each Transfer Date.

 

Section 3.06         Allocations
of Reductions from Investor Charge-Offs. If there is an Investor Charge-Off for any Monthly Period, such reduction will be
allocated (and reallocated) on that date, pursuant to the written instructions of the Servicer in the Monthly Noteholders’
Statement, to each Tranche of SynchronySeries Notes as set forth in this Section 3.06.

 

(a)          First,
a portion of such Investor Charge-Off will be allocated to the SynchronySeries Subordinated Transferor Amount based on the ratio
of the average SynchronySeries Subordinated Transferor Amount used in the calculation of the numerator of the SynchronySeries Floating
Allocation Percentage for each day during such Monthly Period to the average of the numerators used in the calculation of the SynchronySeries
Floating Allocation Percentage for each day during such Monthly Period, and such amount shall reduce the SynchronySeries Subordinated
Transferor Amount (but not below zero).

 

(b)          Second,
a portion of such Investor Charge-Off initially will be allocated to the SynchronySeries Notes based on the ratio of the average
Nominal Liquidation Amount used in the calculation of the numerator of the SynchronySeries Floating Allocation Percentage for each
day during such Monthly Period to the average of the numerators used in the calculation of the SynchronySeries Floating Allocation
Percentage for each day during such Monthly Period. Immediately following such allocation, the portion of the Investor Charge-Offs
initially allocated to the SynchronySeries Notes will be reallocated to the SynchronySeries Subordinated Transferor Amount and
such amount shall reduce the SynchronySeries Subordinated Transferor Amount (but not below zero); provided that the amount
of the Investor Charge-Off reallocated to the SynchronySeries Subordinated Transferor Amount will not exceed the SynchronySeries
Subordinated Transferor Amount (calculated after giving effect to any reduction thereof pursuant to Section 3.06(a)).

 

(c)          Any
portion of the Investor Charge-Off initially allocated to the SynchronySeries Notes that does not reduce the SynchronySeries Subordinated
Transferor Amount will reduce the Nominal Liquidation Amounts of each Tranche of Class D Notes (but not below zero) pro rata
based on the ratio of the Nominal Liquidation Amount for such Tranche of Class D Notes to the Nominal Liquidation Amount for all
Class D Notes, as determined on such Transfer Date.

 

(d)          Any
portion of the Investor Charge-Off initially allocated to the SynchronySeries Notes that does not reduce the SynchronySeries Subordinated
Transferor Amount or the Nominal Liquidation Amounts of the Class D Notes will reduce the Nominal Liquidation Amounts of each Tranche
of Class C Notes (but not below zero) pro rata based on the ratio of the Nominal Liquidation Amount for such Tranche of
Class C Notes to the Nominal Liquidation Amount for all Class C Notes, as determined on such Transfer Date.

 

    	 	25	 

     

    

 

(e)          Any
portion of the Investor Charge-Off initially allocated to the SynchronySeries Notes that does not reduce the SynchronySeries Subordinated
Transferor Amount or the Nominal Liquidation Amounts of the Class C Notes or Class D Notes will reduce the Nominal Liquidation
Amounts of each Tranche of Class B Notes (but not below zero) pro rata based on the ratio of the Nominal Liquidation Amount
for such Tranche of Class B Notes to the Nominal Liquidation Amount for all Class B Notes, as determined on such Transfer Date.

 

(f)          Any
portion of the Investor Charge-Off initially allocated to the SynchronySeries Notes that does not reduce the SynchronySeries Subordinated
Transferor Amount or the Nominal Liquidation Amounts of the Class B Notes, Class C Notes or Class D Notes will reduce the Nominal
Liquidation Amounts of each Tranche of Class A Notes (but not below zero) pro rata based on the ratio of the Nominal Liquidation
Amount for such Tranche of Class A Notes to the Nominal Liquidation Amount for all Class A Notes, as determined on such Transfer
Date.

 

Section 3.07         Allocations
of Reimbursements of Nominal Liquidation Amount Deficits. If, with respect to any Monthly Period, there are SynchronySeries
Available Finance Charge Collections available pursuant to clause (d) of Section 3.02 to reimburse any Nominal Liquidation
Amount Deficits or any SynchronySeries Subordinated Transferor Amount Deficit, such funds will be allocated, pursuant to the written
instructions of the Servicer in the Monthly Noteholders’ Statement, to each Tranche of SynchronySeries Notes and/or the SynchronySeries
Subordinated Transferor Amount on the Transfer Date in the immediately succeeding Monthly Period as follows:

 

(a)          first,
to each Tranche of Class A Notes pro rata based on the ratio of the Nominal Liquidation Amount Deficit thereof to the aggregate
Nominal Liquidation Amount Deficits of all Tranches of Class A Notes, but in no event will the Nominal Liquidation Amount of such
a Tranche of SynchronySeries Notes be increased above the Adjusted Outstanding Dollar Principal Amount of such Tranche,

 

(b)          second,
to each Tranche of Class B Notes pro rata based on the ratio of the Nominal Liquidation Amount Deficit thereof to the aggregate
Nominal Liquidation Amount Deficits of all Tranches of Class B Notes, but in no event will the Nominal Liquidation Amount of such
a Tranche of SynchronySeries Notes be increased above the Adjusted Outstanding Dollar Principal Amount of such Tranche,

 

(c)          third,
to each Tranche of Class C Notes pro rata based on the ratio of the Nominal Liquidation Amount Deficits thereof to the aggregate
Nominal Liquidation Amount Deficit of all Tranches of Class C Notes, but in no event will the Nominal Liquidation Amount of such
a Tranche of SynchronySeries Notes be increased above the Adjusted Outstanding Dollar Principal Amount of such Tranche,

 

(d)          fourth,
to each Tranche of Class D Notes pro rata based on the ratio of the nominal Liquidation Amount Deficit thereof to the aggregate
Nominal Liquidation Amount Deficits of all Tranches of Class D Notes, but in no event will the Nominal Liquidation Amount of such
a Tranche of SynchronySeries Notes be increased above the Adjusted Outstanding Dollar Principal Amount of such Tranche, and

 

    	 	26	 

     

    

 

(e)          fifth,
to the SynchronySeries Subordinated Transferor Amount in an amount not to exceed the SynchronySeries Subordinated Transferor Amount
Deficit.

 

Section 3.08         Allocations
of Principal Collections to the SynchronySeries Notes. On each Date of Processing, the Issuer shall calculate an amount equal
to the product of (i) the SynchronySeries Principal Allocation Percentage and (ii) the Principal Collections processed on such
Date of Processing (the “SynchronySeries Daily Principal Allocation”). With respect to each Monthly Period,
on the related Transfer Date, the Issuer shall allocate to the SynchronySeries Notes, an amount of Principal Collections (the “SynchronySeries
Principal Collections”) equal to the least of (x) the sum of the SynchronySeries Daily Principal Allocations for all
Dates of Processing during such Monthly Period, less, if the Servicer shall have retained SynchronySeries Daily Servicing
Fees for such Monthly Period, the SynchronySeries Servicing Fee Shortfall, if any, for such Monthly Period, (y) the lesser of (i)
the Required Principal Deposit Amount for such Monthly Period and (ii) if the amount of Collections allocated to the SynchronySeries
for any Monthly Period is limited as described in Section 4.04(b) of the Indenture, the amount of Collections allocated
to the SynchronySeries for such Monthly Period, less the SynchronySeries Finance Charge Collections and (z) the aggregate amount
of payments and deposits required to be made pursuant to Section 3.09.

 

Section 3.09         Application
of SynchronySeries Available Principal Collections. With respect to each Monthly Period, the Indenture Trustee, at the written
direction of the Servicer (in the form of the Monthly Noteholders’ Statement and the Payment Instruction Notice), shall withdraw
from the Collection Account and apply an amount equal to the lesser of (x) the aggregate amount of payments and deposits to be
made pursuant to this Section 3.09, and (y) the sum of (i) SynchronySeries Principal Collections for such Monthly Period,
(ii) any Shared Excess Available Principal Collections allocated to the SynchronySeries pursuant to Section 3.27, (iii)
any amounts to be treated as SynchronySeries Available Principal Collections pursuant to Section 3.13(a) and (iv) any amounts
to be treated as SynchronySeries Available Principal Collections allocated to the SynchronySeries pursuant to any Terms Document
(such amounts, the “SynchronySeries Available Principal Collections”) as follows:

 

(a)          first,
if after giving effect to deposits to be made on such Transfer Date pursuant to clause (a) of Section 3.02, the Servicer
will not receive the full amount of the SynchronySeries Monthly Servicing Fee to be paid pursuant to clause (a) of Section
3.02 on such Transfer Date, then SynchronySeries Available Principal Collections (in an amount not to exceed the sum of the
SynchronySeries Subordinated Transferor Amount and the Nominal Liquidation Amount of the SynchronySeries Notes (in each case, after
giving effect to any reduction thereof due to Investor Charge-Offs for the related Monthly Period pursuant to Section 3.06))
will be paid to the Servicer in the amount of any such deficiency in the SynchronySeries Monthly Servicing Fee;

 

    	 	27	 

     

    

 

(b)          second,
if after giving effect to deposits to be made on such Transfer Date pursuant to clause (b) of Section 3.02, any Tranche
of Class A Notes will not receive the full amount targeted to be deposited pursuant to clause (b) of Section 3.02
(as calculated pursuant to Section 3.03) with respect to any such Transfer Date, then SynchronySeries Available Principal
Collections (in an amount not to exceed the sum of the SynchronySeries Subordinated Transferor Amount and the Nominal Liquidation
Amounts of the Class D Notes, the Class C Notes and the Class B Notes (in each case, after giving effect to any reduction thereof
as a result of Investor Charge-Offs for the related Monthly Period pursuant to Section 3.06 and any reduction thereof pursuant
to Section 3.10(a)) will be allocated to the Interest Funding Sub-Account of each such Tranche of Class A Notes pro rata
based on, in the case of each such Tranche of Class A Notes, the amount of the deficiency in the targeted amount to be deposited
into the Interest Funding Sub-Account of such Tranche of Class A Notes (collectively, the “Class A Reallocated Amount”);

 

(c)          third,
if after giving effect to deposits to be made on such Transfer Date pursuant to clause (b) of Section 3.02 any Tranche
of Class B Notes will not receive the full amount targeted to be deposited pursuant to Section 3.03 with respect to any
such Transfer Date, then SynchronySeries Available Principal Collections (in an amount not to exceed the sum of the SynchronySeries
Subordinated Transferor Amount and the Nominal Liquidation Amounts of the Class D Notes and the Class C Notes (in each case, after
giving effect to any reduction thereof as a result of Investor Charge-Offs for the related Monthly Period pursuant to Section
3.06 and any reduction thereof pursuant to Sections 3.10(a) and 3.10(b)) will be allocated to the Interest Funding
Sub-Account of each such Tranche of Class B Notes pro rata based on, in the case of each such Tranche of Class B Notes,
the amount of the deficiency in the targeted amount to be deposited into the Interest Funding Sub-Account of such Tranche of Class
B Notes (collectively, the “Class B Reallocated Amount”);

 

(d)          fourth,
if after giving effect to deposits to be made on such Transfer Date pursuant to clause (b) of Section 3.02 any Tranche
of Class C Notes will not receive the full amount targeted to be deposited pursuant to Section 3.03 with respect to any
such Transfer Date, then SynchronySeries Available Principal Collections (in an amount not to exceed the sum of the SynchronySeries
Subordinated Transferor Amount and the Nominal Liquidation Amount of the Class D Notes (in each case, after giving effect to any
reduction thereof as a result of Investor Charge-Offs for the related Monthly Period pursuant to Section 3.06 and any reduction
thereof pursuant to Sections 3.10(a), 3.10(b), and 3.10(c)) will be allocated to the Interest Funding Sub-Account
of each such Tranche of Class C Notes pro rata based on, in the case of each such Tranche of Class C Notes, the amount of
the deficiency in the targeted amount to be deposited into the Interest Funding Sub-Account of such Tranche of Class C Notes (collectively,
the “Class C Reallocated Amount”);

 

(e)          fifth,
if after giving effect to payments to be made on such Transfer Date pursuant to clause (b) of Section 3.02 any Tranche
of Class D Notes will not receive the full amount targeted to be deposited pursuant to Section 3.03 with respect to any
such Transfer Date, then SynchronySeries Available Principal Collections (in an amount not to exceed the SynchronySeries Subordinated
Transferor Amount (after giving effect to any reduction thereof as a result of Investor Charge-Offs for the related Monthly Period
pursuant to Section 3.06 and any reduction thereof pursuant to Sections 3.10(a), 3.10(b), 3.10(c) and
3.10(d)) will be allocated to the Interest Funding Sub-Account of each such Tranche of Class D Notes pro rata based
on, in the case of each such Tranche of Class D Notes, the amount of the deficiency in the targeted amount to be deposited into
the Interest Funding Sub-Account of such Tranche of Class D Notes (collectively, the “Class D Reallocated Amount”);
and

 

    	 	28	 

     

    

 

(f)          sixth,
to make the targeted deposits on the Transfer Date in the immediately succeeding Monthly Period to the Principal Funding Sub-Accounts
and Note Retirement Sub-Accounts for all Tranches of SynchronySeries Notes pursuant to Section 3.11.

 

Section 3.10         Computation
of Reductions to the Nominal Liquidation Amount of Subordinated Classes and SynchronySeries Subordinated Transferor Amount from
Reallocations of SynchronySeries Available Principal Collections.

 

(a)          On
each Transfer Date, the Collateral Amount will be reduced as a result of any SynchronySeries Servicing Fee Shortfall as follows:

 

(i)          first,
the SynchronySeries Subordinated Transferor Amount (determined after giving effect to any reduction in the SynchronySeries Subordinated
Transferor Amount as a result of the allocation of Investor Charge-Offs pursuant to Section 3.06) shall be reduced (but
not below zero) by an amount equal to the SynchronySeries Servicing Fee Shortfall;

 

(ii)         second,
the Nominal Liquidation Amounts of each Tranche of Class D Notes shall be reduced (but not below zero) pro rata by an amount
equal to the excess of (x) the SynchronySeries Servicing Fee Shortfall over (y) the amount of reductions in the SynchronySeries
Subordinated Transferor Amount pursuant to Section 3.10(a)(i);

 

(iii)        third,
the Nominal Liquidation Amounts of each Tranche of Class C Notes shall be reduced (but not below zero) pro rata in an amount
equal to the excess of (x) the SynchronySeries Servicing Fee Shortfall over (y) the amount of reductions in the SynchronySeries
Subordinated Transferor Amount and the Nominal Liquidation Amount of the Class D Notes pursuant to Sections 3.10(a)(i) and
3.10(a)(ii);

 

(iv)        fourth,
the Nominal Liquidation Amounts of each Tranche of Class B Notes shall be reduced (but not below zero) pro rata in an amount
equal to the excess of (x) the SynchronySeries Servicing Fee Shortfall over (y) the amount of reductions in the SynchronySeries
Subordinated Transferor Amount, the Nominal Liquidation Amount of the Class D Notes and the Nominal Liquidation Amount of the Class
C Notes pursuant to Sections 3.10(a)(i), 3.10(a)(ii) and 3.10(a)(iii); and

 

(v)         fifth,
the Nominal Liquidation Amounts of each Tranche of Class A Notes shall be reduced (but not below zero) pro rata in an amount
equal to the excess of (x) the SynchronySeries Servicing Fee Shortfall over (y) the amount of reductions in the SynchronySeries
Subordinated Transferor Amount, the Nominal Liquidation Amount of the Class D Notes, the Nominal Liquidation Amount of the Class
C Notes and the Nominal Liquidation Amount of the Class B Notes pursuant to Sections 3.10(a)(i), 3.10(a)(ii), 3.10(a)(iii)
and 3.10(a)(iv).

 

(b)          On
each Transfer Date, the Collateral Amount will be reduced as a result of any Class A Reallocated Amount as follows:

 

    	 	29	 

     

    

 

(i)          first,
the SynchronySeries Subordinated Transferor Amount shall be reduced (but not below zero) by an amount equal to the Class A Reallocated
Amount;

 

(ii)         second,
the Nominal Liquidation Amounts of each Tranche of Class D Notes shall be reduced (but not below zero) pro rata by an amount
equal to the excess of (x) the Class A Reallocated Amount, over (y) the amount of reductions in the SynchronySeries Subordinated
Transferor Amount pursuant to Section 3.10(b)(i);

 

(iii)        third,
the Nominal Liquidation Amounts of each Tranche of Class C Notes shall be reduced pro rata (but not below zero) in an amount
equal to the excess of (x) the Class A Reallocated Amount, over (y) the amount of reductions in the SynchronySeries Subordinated
Transferor Amount and the Nominal Liquidation Amount of the Class D Notes pursuant to Sections 3.10(b)(i) and 3.10(b)(ii);

 

(iv)        fourth,
the Nominal Liquidation Amounts of each Tranche of Class B Notes shall be reduced (but not below zero) pro rata in an amount
equal to the excess of (x) the Class A Reallocated Amount, over (y) the amount of reductions in the SynchronySeries Subordinated
Transferor Amount, the Nominal Liquidation Amount of the Class D Notes and the Nominal Liquidation Amount of the Class C Notes
pursuant to Sections 3.10(b)(i), 3.10(b)(ii) and 3.10(b)(iii).

 

(c)          On
each Transfer Date, the Collateral Amount will be reduced as a result any Class B Reallocated Amount as follows:

 

(i)          first,
the SynchronySeries Subordinated Transferor Amount shall be reduced (but not below zero) by an amount equal to the Class B Reallocated
Amount;

 

(ii)         second,
the Nominal Liquidation Amounts of each Tranche of Class D Notes shall be reduced (but not below zero) pro rata by an amount
equal to the excess of (x) the Class B Reallocated Amount, over (y) the amount of reductions in the SynchronySeries Subordinated
Transferor Amount pursuant to Section 3.10(c)(i); and

 

(iii)        third,
the Nominal Liquidation Amounts of each Tranche of Class C Notes shall be reduced (but not below zero) pro rata by an amount
equal to the excess of (x) the Class B Reallocated Amount, over (y) the amount of reductions in the SynchronySeries Subordinated
Transferor Amount and the Nominal Liquidation Amount of the Class D Notes pursuant to Sections 3.10(c)(i) and 3.10(c)(ii).

 

(d)          On
each Transfer Date, the Collateral Amount will be reduced as a result of any Class C Reallocated Amount as follows:

 

(i)          first,
the SynchronySeries Subordinated Transferor Amount shall be reduced (but not below zero) by an amount equal to the Class C Reallocated
Amount; and

 

(ii)         second,
the Nominal Liquidation Amounts of each Tranche of Class D Notes shall be reduced (but not below zero) pro rata by an amount
equal to the excess of (x) the Class C Reallocated Amount, over (y) the amount of reductions in the SynchronySeries Subordinated
Transferor Amount pursuant to Section 3.10(d)(i).

 

    	 	30	 

     

    

 

(e)          On
each Transfer Date, the SynchronySeries Subordinated Transferor Amount shall be reduced (but not below zero) by an amount equal
to the Class D Reallocated Amount.

 

(f)          Any
pro rata reduction in the Nominal Liquidation Amount of a Class of SynchronySeries Notes pursuant to this Section 3.10
shall be made based on the ratio of the Nominal Liquidation Amount of each Tranche of Notes to the Nominal Liquidation Amount for
all Tranches of such Class of Notes, as determined on the related Transfer Date.

 

Section 3.11         Targeted
Deposits of SynchronySeries Available Principal Collections to the Note Retirement Sub-Accounts and the Principal Funding Sub-Accounts.
The amount of the deposit targeted for any Tranche of SynchronySeries Notes with respect to any Monthly Period to be deposited
into the Principal Funding Sub-Account or the Note Retirement Sub-Account, as applicable, for such Tranche on the Transfer Date
in the immediately succeeding Monthly Period will be the sum of (i) the amount determined pursuant to clause (a), (b),
(c), (d) or (e) of this Section 3.11 with respect to such Tranche for such Monthly Period, as applicable,
and (ii) any deposit targeted pursuant to clause (i) with respect to such Tranche for any prior Monthly Period but for which
the full targeted deposit was not made, but in no case more than the Nominal Liquidation Amount of such Tranche of SynchronySeries
Notes (computed immediately before giving effect to such deposit but after giving effect to any reductions of the Nominal Liquidation
Amount of such Tranche of SynchronySeries Notes as a result of Investor Charge-Offs pursuant to Section 3.06 and any reallocations
of SynchronySeries Available Principal Collections pursuant to Section 3.10 or increases of the Nominal Liquidation Amount
of such Tranche of SynchronySeries Notes as a result of reimbursements thereof pursuant to clause (d) of Section 3.02
to be made on the Transfer Date in the immediately succeeding Monthly Period).

 

(a)          Principal
Payment Date. With respect to the Monthly Period immediately preceding any Principal Payment Date, the deposit targeted for
such Tranche of SynchronySeries Notes, unless otherwise specified in the applicable Terms Document, will be equal to the Nominal
Liquidation Amount of such Tranche of SynchronySeries Notes (computed immediately before giving effect to such deposit but after
giving effect to any reductions of the Nominal Liquidation Amount of such Tranche of SynchronySeries Notes as a result of Investor
Charge-Offs and any reallocations of SynchronySeries Available Principal Collections or increases of the Nominal Liquidation Amount
of such Tranche of SynchronySeries Notes as a result of reimbursements thereof pursuant to clause (d) of Section 3.02
to be made on the Transfer Date in the immediately following Monthly Period).

 

(b)          Budgeted
Deposits. (i) Subject to Section 3.11(d), with respect to each Monthly Period, beginning with the Accumulation Commencement
Date, the deposit targeted to be made into the Principal Funding Sub-Account for such Tranche will be the Controlled Accumulation
Amount for such Tranche.

 

(ii)         The
Servicer will determine the Accumulation Period Length for each Tranche of SynchronySeries Notes not later than first day of the
Monthly Period preceding the Accumulation Reserve Account Funding Date for such Tranche of SynchronySeries Notes (determined before
giving effect to any postponement of the Accumulation Commencement Date), and on each Transfer Date thereafter. If the Servicer
determines that the Accumulation Period Length is more or less than the Initial Accumulation Period Length or, if applicable, the
most recently determined Accumulation Period Length for such Tranche, the Servicer shall provide written notice of the change in
Accumulation Period Length and any modification of the Accumulation Commencement Date to the Issuer and the Indenture Trustee.

 

    	 	31	 

     

    

 

(c)          Prefunding
of the Note Retirement Sub-Accounts of Senior Classes. If the Issuer determines with respect to any Monthly Period with respect
to any Class A Notes, Class B Notes or Class C Notes that, after giving effect to all allocations, payments and deposits that will
be made on the Transfer Date and the Transfer Date occurring in the immediately succeeding Monthly Period, the Prefunding Target
Amount of such Class is greater than zero, the targeted deposit to the Note Retirement Sub-Accounts for such Class will be the
Prefunding Target Amount for such Class for such Monthly Period.

 

(d)          Event
of Default, Early Amortization Event, Other Optional or Mandatory Redemption. If any Tranche of SynchronySeries Notes has been
accelerated during a Monthly Period after the occurrence of an Event of Default, or if an Early Amortization Event with respect
to any Tranche of SynchronySeries Notes occurs during such Monthly Period, or with respect to the Monthly Period immediately preceding
any other date fixed for any other optional or mandatory redemption of any Tranche of SynchronySeries Notes, the deposit targeted
for such Tranche of SynchronySeries Notes with respect to that Monthly Period and each following Monthly Period will be equal to
the Nominal Liquidation Amount of such Tranche of SynchronySeries Notes (computed immediately before giving effect to such deposit
but after giving effect to any reductions of the Nominal Liquidation Amount of such Tranche of SynchronySeries Notes as a result
of Investor Charge-Offs and any reallocations of SynchronySeries Available Principal Collections or increases of the Nominal Liquidation
Amount of such Tranche of SynchronySeries Notes as a result of reimbursements thereof pursuant to clause (d) of Section
3.02 to be made on the Transfer Date in the immediately succeeding Monthly Period).

 

(e)          Amounts
Owed to Derivative Counterparties. If a Tranche of Outstanding SynchronySeries Dollar Notes or SynchronySeries Foreign Currency
Notes has a Performing or non-Performing Derivative Agreement for principal that provides for a payment to the applicable Derivative
Counterparty, the deposit targeted for such Tranche of SynchronySeries Notes on each Transfer Date with respect to any payment
to the Derivative Counterparty will be specified in the related Terms Document.

 

Section 3.12         Allocations
among Principal Funding Sub-Accounts and Note Retirement Sub-Accounts. Subject to the restrictions of Section 3.16,
the aggregate amount of the deposits to be made to the Principal Funding Sub-Accounts and Note Retirement Sub-Accounts for each
Tranche of SynchronySeries Notes pursuant to Section 3.11 for each Monthly Period will be allocated, and a portion deposited
in the Principal Funding Sub-Account or Note Retirement Sub-Account, as applicable, for each Tranche of SynchronySeries Notes,
as follows:

 

(a)          SynchronySeries
Available Principal Collections at Least Equal to Targeted Amount. Subject to Section 3.16(a) below, if SynchronySeries
Available Principal Collections remaining after giving effect to Sections 3.09(a) through (e) are equal to or greater
than the aggregate amount of SynchronySeries Available Principal Collections targeted to be deposited into the Principal Funding
Sub-Accounts and Note Retirement Sub-Accounts for all Tranches of SynchronySeries Notes pursuant to Section 3.11, then that
targeted amount will be deposited in the Principal Funding Sub-Account or Note Retirement Sub-Account, as applicable, established
for each Tranche of SynchronySeries Notes.

 

    	 	32	 

     

    

 

(b)          SynchronySeries
Available Principal Collections Are Less Than Targeted Amounts. Subject to Section 3.16(a), if SynchronySeries Available
Principal Collections with respect to any Monthly Period remaining after giving effect to Sections 3.09(a) through (e)
are less than the aggregate amount targeted to be deposited into the Principal Funding Sub-Accounts and Note Retirement Sub-Accounts
for all Tranches of SynchronySeries Notes pursuant to Section 3.11, then remaining SynchronySeries Available Principal Collections
will be deposited in the Principal Funding Sub-Account or Note Retirement Sub-Account, as applicable, established for each Tranche
of SynchronySeries Notes in the following priority:

 

(i)          first,
the amount available will be allocated to the Class A Notes pro rata based on the ratio of (A) the aggregate amount targeted
to be deposited into the Principal Funding Sub-Account and the Note Retirement Sub-Account for such Tranche of Class A Notes pursuant
to Section 3.11, to (B) the aggregate amount targeted to be deposited into the Principal Funding Sub-Accounts and the Note
Retirement Sub-Accounts for all Tranches of Class A Notes pursuant to Section 3.11;

 

(ii)         second,
the amount available after the application in clause (i) above will be allocated to the Class B Notes, pro rata based
on the ratio of (A) the aggregate amount targeted to be deposited into the Principal Funding Sub-Account and the Note Retirement
Sub-Account for such Tranche of Class B Notes pursuant to Section 3.11, to (B) the aggregate amount targeted to be deposited
into the Principal Funding Sub-Accounts and the Note Retirement Sub-Accounts for all Tranches of Class B Notes pursuant to Section
3.11;

 

(iii)        third,
the amount available after the applications in clauses (i) and (ii) above will be allocated to the Class C Notes,
pro rata based on the ratio of (A) the aggregate amount targeted to be deposited into the Principal Funding Sub-Account
and the Note Retirement Sub-Account for such Tranche of Class C Notes pursuant to Section 3.11, to (B) the aggregate amount
targeted to be deposited into the Principal Funding Sub-Accounts and the Note Retirement Sub-Accounts for all Tranches of Class
C Notes pursuant to Section 3.11; and

 

(iv)        fourth,
the amount available after the applications in clauses (i), (ii) and (iii) above will be allocated to the
Class D Notes, pro rata based on the ratio of (A) the aggregate amount targeted to be deposited into the Principal Funding
Sub-Account for such Tranche of Class D Notes pursuant to Section 3.11, to (B) the aggregate amount targeted to be deposited
into the Principal Funding Sub-Account for all Tranches of Class D Notes pursuant to Section 3.11.

 

    	 	33	 

     

    

 

Section 3.13         Amounts
to be Treated as SynchronySeries Available Principal Collections; Payments Received from Derivative Counterparties for Principal;
Other Deposits to Principal Funding Sub-Accounts. The following deposits and payments will be made on the following dates:

 

(a)          Amounts
to be Treated as SynchronySeries Available Principal Collections. In addition to Available Principal Collections allocated
to the SynchronySeries pursuant to Section 3.08 hereof, any Shared Excess Available Principal Collections allocated to the
SynchronySeries pursuant to Section 3.27 and any amounts to be treated as SynchronySeries Available Principal Collections
pursuant to any Terms Document, the following amounts shall be treated as SynchronySeries Available Principal Collections for application
in accordance with this Article III with respect to any Monthly Period:

 

(i)          SynchronySeries
Available Finance Charge Collections. SynchronySeries Available Principal Collections will include SynchronySeries Available
Finance Charge Collections to be treated as SynchronySeries Available Principal Collections pursuant to clauses (c) and
(d) of Section 3.02.

 

(ii)         Dollar
Payments from Derivative Counterparties for Principal. Dollar payments received under Derivative Agreements for principal for
any Tranche of SynchronySeries Notes will be treated as SynchronySeries Available Principal Collections.

 

(b)          Payments
Received from Derivative Counterparties. Payments received under Derivative Agreements for SynchronySeries Notes with principal
payable in a Foreign Currency will be applied as specified in the applicable Terms Document.

 

(c)          Class
D Reserve Sub-Account. Withdrawals made from the Class D Reserve Sub-Account for any Tranche of Class D Notes pursuant to Section
3.24(b) will be deposited into the applicable Principal Funding Sub-Account on the applicable Transfer Date.

 

(d)          Sale
Proceeds. Sales Proceeds received pursuant to Section 3.21(d)(i) for any Tranche of SynchronySeries Notes will be deposited
into the applicable Principal Funding Sub-Account on the date of receipt by the Issuer.

 

(e)          Issuance
Proceeds. If any Tranche of SynchronySeries Notes remains Outstanding after its Scheduled Principal Payment Date, Issuance
Proceeds received pursuant to the issuance of a new Tranche of SynchronySeries Notes will be deposited into the applicable Principal
Funding Sub-Account on the date of receipt by the Issuer and applied to pay the Outstanding Dollar Principal Amount of such Tranche
of SynchronySeries Notes on the next succeeding Principal Payment Date for such Tranche of SynchronySeries Notes; provided,
that the Servicer may, upon five (5) Business Days’ prior written notice to the Indenture Trustee, specify a special Principal
Payment Date and Interest Payment Date which may occur on any Business Day and on which the Outstanding Dollar Principal Amount
and all accrued and unpaid interest through such date shall be paid on the Notes.

 

Section 3.14         Withdrawals
from Interest Funding Account. Withdrawals made pursuant to this Section 3.14 with respect to any Tranche of SynchronySeries
Notes will be made from the Interest Funding Sub-Account established for such Tranche only after all allocations have been made
pursuant to Sections 3.03, 3.04, 3.05 and 3.09. In no event will the aggregate amount of the withdrawals
from an Interest Funding Sub-Account for any month be more than the amount on deposit in the applicable Interest Funding Sub-Account.
A single Tranche of SynchronySeries Notes may be entitled to more than one of the following withdrawals in any month.

 

    	 	34	 

     

    

 

(a)          Withdrawals
for SynchronySeries Dollar Notes. On each Interest Payment Date (or as specified in the applicable Terms Document) with respect
to each Tranche of SynchronySeries Dollar Notes, an amount equal to the interest due on the applicable Tranche of SynchronySeries
Notes on such Interest Payment Date (including any overdue interest payments and additional interest on overdue interest payments
with respect to prior Interest Payment Dates) will be withdrawn from that Interest Funding Sub-Account and remitted to the applicable
Paying Agent(s) or as otherwise provided in the applicable Terms Document.

 

(b)          Withdrawals
for Foreign Currency Notes with a non-Performing Derivative Agreement for Interest. On each Interest Payment Date (or as specified
in the applicable Terms Document) with respect to a Tranche of SynchronySeries Foreign Currency Notes that has a non-Performing
Derivative Agreement for interest, the amount specified in the applicable Terms Document will be withdrawn from that Interest Funding
Sub-Account and, if so specified in the applicable Terms Document, converted to the applicable Foreign Currency at the Spot Exchange
Rate and remitted to the applicable Paying Agent(s) or as otherwise provided in the applicable Terms Document.

 

(c)          Withdrawals
for Payments to Derivative Counterparties. On each date on which a payment is required to be made to the Derivative Counterparty
under the applicable Derivative Agreement (or as specified in the applicable Terms Document) with respect to any Tranche of SynchronySeries
Notes which has a Performing or non-Performing Derivative Agreement for interest, an amount equal to the amount of the payment
to be made to the Derivative Counterparty under the applicable Derivative Agreement (including, if applicable, any overdue interest
payments and any additional interest on overdue interest payments) will be withdrawn from that Interest Funding Sub-Account and
paid to the applicable Derivative Counterparty or as otherwise provided in the applicable Terms Document.

 

(d)          Excess
Amounts. After payment in full of any Tranche of SynchronySeries Notes, any amount remaining on deposit in the applicable Interest
Funding Sub-Account will be first, to the extent needed, allocated among and deposited to the Interest Funding Sub-Account of the
Tranches of SynchronySeries Notes in the manner, order and priority set forth in Section 3.04(b), second, to the extent
needed, allocated among and deposited to the Principal Funding Sub-Accounts and Note Retirement Sub-Accounts of the Tranches of
SynchronySeries Notes in the manner, order and priority set forth in Section 3.12(b), and third, paid to the Transferor.

 

If the aggregate amount available for withdrawal
from an Interest Funding Sub-Account for any Tranche of SynchronySeries Notes in a Monthly Period is less than all withdrawals
required to be made from that Interest Funding Sub-Account for such Tranche in a Monthly Period after giving effect to all deposits,
then the amounts on deposit in that Interest Funding Sub-Account will be withdrawn and, if payable to more than one Person, applied
pro rata based on the amount of each of the withdrawals required to be made.

 

    	 	35	 

     

    

 

Section 3.15         Withdrawals
from Principal Funding Account and Note Retirement Account. Withdrawals made pursuant to this Section 3.15 with respect
to any Tranche of SynchronySeries Notes will be made from the Principal Funding Sub-Accounts and Note Retirement Sub-Accounts established
for such Tranche only after all allocations have been made pursuant to Sections 3.12, 3.13 and 3.14. In no
event will the amount of the withdrawal for any Tranche of SynchronySeries be more than the amount on deposit in the applicable
Principal Funding Sub-Account and Note Retirement Sub-Account. A single Tranche of SynchronySeries Notes may be entitled to more
than one of the following withdrawals with respect to any Monthly Period.

 

(a)          Withdrawals
for SynchronySeries Dollar Notes with no Derivative Agreement for Principal. On each applicable Principal Payment Date (or
as specified in the applicable Terms Document) with respect to each Tranche of SynchronySeries Dollar Notes which has no Derivative
Agreement for principal, an amount equal to the principal due on the applicable Tranche of SynchronySeries Notes on the applicable
Principal Payment Date will be withdrawn from such Principal Funding Sub-Account and remitted to the applicable Paying Agent(s)
or as otherwise provided by the applicable Terms Document.

 

(b)          Withdrawals
for Dollar or Foreign Currency Notes with Performing Derivative Agreements for Principal. On each date on which a payment is
required under the applicable Derivative Agreement (or as specified in the applicable Terms Document) with respect to any Tranche
of SynchronySeries Notes which has a Performing Derivative Agreement for principal, an amount equal to the amount of the payment
to be made under the applicable Derivative Agreement will be withdrawn from such Principal Funding Sub-Account and paid to the
applicable Derivative Counterparty or as otherwise provided by the applicable Terms Document. The Issuer will direct the applicable
Derivative Counterparty to remit its payments under the applicable Derivative Agreement to the applicable Paying Agent(s) or as
otherwise provided by the applicable Terms Document.

 

(c)          Withdrawals
for SynchronySeries Dollar Notes with a non-Performing Derivative Agreement for Principal. On each applicable Principal Payment
Date (or as specified in the applicable Terms Documents) with respect to each Tranche of SynchronySeries Dollar Notes with a non-Performing
Derivative Agreement for principal, the amount specified in the applicable Terms Document will be withdrawn from such Principal
Funding Sub-Account, converted based on the applicable Spot Exchange Rate and remitted to the applicable Paying Agent(s) or as
otherwise provided by the applicable Terms Document.

 

(d)          Withdrawals
for Foreign Currency Notes with non-Performing Derivative Agreements for Principal. On each Principal Payment Date (or as specified
in the applicable Terms Document) with respect to a Tranche of SynchronySeries Foreign Currency Notes that has a non-Performing
Derivative Agreement for principal, the amount specified in the applicable Terms Document will be withdrawn from such Sub-Account
and, if so specified in the applicable Terms Document, converted to the applicable Foreign Currency at the Spot Exchange Rate and
remitted to the applicable Paying Agent(s) or as otherwise provided by the applicable Terms Document. Any excess dollar amount
will be retained on deposit in the applicable Principal Funding Sub-Account to be applied to make principal payments on following
Principal Payment Dates.

 

    	 	36	 

     

    

 

(e)          Withdrawal
of Prefunding Excess Amounts. If the Issuer on any date determines with respect to any Class of Class A Notes, Class B Notes
or Class C Notes that, after giving effect to all issuances, deposits, allocations, reimbursements, reallocations and payments
on such date, the Prefunding Excess Amount of that Class is greater than zero, that amount will be withdrawn by the Servicer from
the Note Retirement Sub-Account of that Class of SynchronySeries Notes and first, allocated among and deposited to the Principal
Funding Sub-Account of the Tranches of SynchronySeries Notes in the manner, order and priority set forth in Section 3.12(b),
second, deposited in the Excess Funding Account in the amount required to cure any Asset Deficiency and, third, paid to the Transferor
in respect of the Monthly Period in which such withdrawal occurs.

 

(f)          Transfer
from Note Retirement Account to Principal Funding Account. With respect to any Transfer Date and any Tranche for which funds
are on deposit in the applicable Note Retirement Sub-Account for such Tranche on such Transfer Date, if there is a deposit targeted
to be made to the Principal Funding Sub-Account for such Tranche on such Transfer Date, funds shall first be withdrawn from the
Note Retirement Sub-Account for such Tranche and transferred to the Principal Funding Sub-Account for such Tranche in an amount
not to exceed the amount targeted to be deposited to the Principal Funding Sub-Account on such Transfer Date.

 

(g)          Legal
Maturity Date. On the Legal Maturity Date of any Tranche of SynchronySeries Notes, after giving effect to any deposits, allocations,
reimbursements, reallocations, sales of Collateral or other payments to be made on that date, amounts on deposit in the Principal
Funding Sub-Account of any Tranche of a Subordinated Class of SynchronySeries Notes may be applied to pay principal of such Tranche
or to make a payment under a Derivative Agreement with respect to principal of such Tranche.

 

If the aggregate amount available for withdrawal
from a Principal Funding Sub-Account for any Tranche of SynchronySeries Notes is less than all withdrawals required to be made
from that Principal Funding Sub-Account for such Tranche with respect to a Monthly Period, after giving effect to all deposits
to be made with respect to such Monthly Period, then the amounts on deposit will be withdrawn and, if payable to more than one
Person, applied pro rata based on the amounts of the withdrawals required to be made.

 

Section 3.16         Limit
on Deposits to the Principal Funding Sub-Account of Subordinated Classes of SynchronySeries Notes; Limit on Repayments of all Tranches.

 

(a)          Limit
on Deposits to the Principal Funding Sub-Account of Subordinated Classes of SynchronySeries Notes.

 

(i)          No
SynchronySeries Available Principal Collections will be deposited in the Principal Funding Sub-Account of any Tranche of Class
B Notes unless, following such deposit, the sum of the Nominal Liquidation Amounts of the Class B Notes, the Class C Notes and
the Class D Notes, plus the SynchronySeries Subordinated Transferor Amount is not less than the Class A Required Subordinated
Amount.

 

    	 	37	 

     

    

 

(ii)         No
SynchronySeries Available Principal Collections will be deposited in the Principal Funding Sub-Account of any Tranche of Class
C Notes unless, following such deposit, (A) the sum of the Nominal Liquidation Amounts of the Class B Notes, the Class C Notes
and the Class D Notes, plus the SynchronySeries Subordinated Transferor Amount is not less than the Class A Required Subordinated
Amount, and (B) the sum of the Nominal Liquidation Amounts of the Class C Notes and the Class D Notes, plus the SynchronySeries
Subordinated Transferor Amount is not less than the Class B Required Subordinated Amount.

 

(iii)        No
SynchronySeries Available Principal Collections will be deposited in the Principal Funding Sub-Account of any Tranche of Class
D Notes unless, following such deposit, (A) the sum of the Nominal Liquidation Amounts of the Class B Notes, the Class C Notes
and the Class D Notes, plus the SynchronySeries Subordinated Transferor Amount is not less than the Class A Required Subordinated
Amount, (B) the sum of the Nominal Liquidation Amounts of the Class C Notes and the Class D Notes, plus the SynchronySeries
Subordinated Transferor Amount is not less than the Class B Required Subordinated Amount and (C) the sum of the Nominal Liquidation
Amount of the Class D Notes, plus the SynchronySeries Subordinated Transferor Amount is not less than the Class C Required
Subordinated Amount.

 

(iv)        Notwithstanding
anything in the Indenture or this Indenture Supplement to the contrary, SynchronySeries Available Principal Collections will be
deposited in the Principal Funding Sub-Account of a Subordinated Class of SynchronySeries Notes, if and only to the extent that
the Prefunding Target Amount for each Senior Class of SynchronySeries Notes is zero or the Prefunding Target Amount has been funded
to the extent necessary for such Transfer Date.

 

(b)          Limit
on Repayments of all Tranches. No amounts on deposit in a Principal Funding Sub-Account of any Tranche of Class A Notes, Class
B Notes or Class C Notes will be applied to pay principal of such Tranche or to make a payment under a Derivative Agreement with
respect to principal of such Tranche in excess of the highest Outstanding Dollar Principal Amount of such Tranche (or, in the case
of SynchronySeries Foreign Currency Notes, such other amount that may be specified in the related Terms Document). In the case
of any Tranche of Class D Notes, no amounts on deposit in a Principal Funding Sub-Account or, if applicable, a Class D Reserve
Sub-Account for any such Tranche will be applied to pay principal of such Tranche or to make a payment under a Derivative Agreement
with respect to principal of such Tranche in excess of the highest Outstanding Dollar Principal Amount of such Tranche (or, in
the case of SynchronySeries Foreign Currency Notes, such other amount that may be specified in the related Terms Document).

 

Section 3.17         Calculation
of SynchronySeries Subordinated Transferor Amount.

 

(a)          The
SynchronySeries Subordinated Transferor Amount shall be the following amount:

 

(i)          the
aggregate of the portions of the Transferor Amount designated as a Subordinated Transferor Amount for the SynchronySeries pursuant
to any Terms Documents in connection with the issuance of any Tranche of SynchronySeries Notes or in connection with an increase
in the SynchronySeries Subordinated Transferor Amount as contemplated by Section 3.17(c); minus

 

    	 	38	 

     

    

 

(ii)         the
SynchronySeries Subordinated Transferor Amount’s allocable share of all reallocations of SynchronySeries Available Principal
Collections pursuant to Section 3.09, determined as set forth in Section 3.10; minus

 

(iii)        the
aggregate amount of the reductions of the SynchronySeries Subordinated Transferor Amount resulting from allocations (and reallocations)
of Investor Charge-Offs as set forth in Section 3.06; plus

 

(iv)        reimbursements
of prior reductions in the SynchronySeries Subordinated Transferor Amount pursuant to clause (d) of Section 3.02;
minus

 

(v)         any
reductions in the SynchronySeries Subordinated Transferor Amount designated by the Issuer in accordance with Section 3.17(b);

 

provided, however, that the
SynchronySeries Subordinated Transferor Amount may never be less than zero.

 

(b)          The
Issuer may, with notice to the Servicer and the Indenture Trustee, reduce the SynchronySeries Subordinated Transferor Amount to
the extent that such reduction will not cause the Collateral Amount to be less than the Required Collateral Amount; provided
that any such notice may be in the form of delivery of the Monthly Noteholder’s Statement reflecting such reduction.

 

(c)          The
Issuer may, with the consent of the Transferor, increase the SynchronySeries Subordinated Transferor Amount; provided that
the Issuer shall not increase the SynchronySeries Subordinated Transferor Amount if such increase would cause an Asset Deficiency.

 

Section 3.18         Calculation
of Nominal Liquidation Amount. On the date of issuance of a Tranche of SynchronySeries Notes and on each Business Day thereafter,
the Nominal Liquidation Amount of such Tranche of Outstanding Notes in the SynchronySeries shall be the following amount:

 

(a)          as
of the date of issuance of such Tranche of SynchronySeries Notes, the Initial Dollar Principal Amount of such Tranche of SynchronySeries
Notes; and

 

(b)          thereafter,
the result, without duplication, of:

 

(i)          the
Nominal Liquidation Amount of such Tranche of SynchronySeries Notes determined on the immediately prior date of determination;
plus

 

(ii)         the
aggregate amount withdrawn from the Note Retirement Sub-Account pursuant to Section 3.15(e) for such Tranche since the prior
date of determination; plus

 

    	 	39	 

     

    

 

(iii)        such
Tranche’s allocable share of all reimbursements of its Nominal Liquidation Amount Deficit pursuant to clause (d) of
Section 3.02 since the prior date of determination determined as set forth in Section 3.07; plus

 

(iv)        the
aggregate initial dollar principal amount of any additional Notes of such Tranche of SynchronySeries Notes issued since the prior
date of determination; minus

 

(v)         such
Tranche’s allocable share of all reallocations of SynchronySeries Available Principal Collections pursuant to Section
3.09 since the prior date of determination, determined as set forth in Section 3.10; minus

 

(vi)        the
amount of the reduction of the Nominal Liquidation Amount of such Tranche resulting from an allocation of Investor Charge-Offs
since the prior date of determination, determined as set forth in Section 3.06; minus

 

(vii)       the
amount deposited in the applicable Principal Funding Sub-Account for such Tranche since the prior date of determination; minus

 

(viii)      the
amount deposited in the applicable Note Retirement Sub-Account for such Tranche since the prior date of determination;

 

provided, however, that (1)
the Nominal Liquidation Amount of a Tranche of SynchronySeries Notes may never be less than zero, (2) the Nominal Liquidation Amount
of any Tranche of SynchronySeries Notes may never be greater than the Adjusted Outstanding Dollar Principal Amount of such Tranche
and (3) the Nominal Liquidation Amount of any Tranche of SynchronySeries Notes that has caused a sale of Collateral pursuant to
Section 3.21 or which has reached its Legal Maturity Date will be zero.

 

The Nominal Liquidation Amount for the
SynchronySeries will be the sum of the Nominal Liquidation Amounts of all of the Tranches of SynchronySeries Notes.

 

Section 3.19         Netting
of Deposits and Payments. The Servicer, on behalf of the Issuer, may, in its sole discretion, make all deposits to Interest
Funding Sub-Accounts and Principal Funding Sub-Accounts pursuant to Sections 3.03 and 3.12 with respect to any Monthly
Period net of, and after giving effect to, (a) all reallocations to be made pursuant to Section 3.09 and (b) all payments
to be made to Derivative Counterparties pursuant to Sections 3.14 and 3.15.

 

Section 3.20         Pro
Rata Payments within a Tranche. All payments of principal, interest or other amounts to Holders of the SynchronySeries
Notes of a single Tranche will be made pro rata based on the Nominal Liquidation Amounts of their Notes.

 

Section 3.21         Sale
of Collateral for Notes that are Accelerated or Reach Legal Maturity.

 

(a)          (i)
If a Tranche of SynchronySeries Notes has been accelerated pursuant to Section 6.02 of the Indenture following an Event of Default,
the Indenture Trustee may, and at the direction of the Holders of more than 66 2⁄3% of the Outstanding Dollar Principal Amount
of such Tranche of SynchronySeries Notes shall, subject to the additional requirements below, sell Principal Receivables (or interests
therein) in an amount up to the Nominal Liquidation Amount of such Tranche (together with the related Finance Charge Receivables);
provided, however, that none of the Transferor, any Affiliate of the Transferor or any agent of the Transferor shall
be permitted to purchase Collateral in such case or to participate in such vote whether as a Noteholder or otherwise, except as
provided in Section 3.21(c).

 

    	 	40	 

     

    

 

(ii)         Such
a sale will be permitted only if at least one of the following conditions is met:

 

(A)         the
Holders of more than 90% of the aggregate Outstanding Dollar Principal Amount of the accelerated Tranche of SynchronySeries Notes
consent; or

 

(B)         the
net proceeds of such sale (plus amounts on deposit in the applicable Sub-Accounts and payments to be received from any applicable
Derivative Agreement) would be sufficient to pay all amounts due on the accelerated Tranche of SynchronySeries Notes; or

 

(C)         if
the Indenture Trustee determines that the funds to be allocated to the accelerated Notes, including (1) SynchronySeries Available
Finance Charge Collections and SynchronySeries Available Principal Collections allocable to the accelerated Tranche of SynchronySeries
Notes, (2) payments to be received from any applicable Derivative Agreement and (3) amounts on deposit in the applicable Sub-Accounts,
may not be sufficient on an ongoing basis to make all payments on the accelerated Tranche of SynchronySeries Notes as such payments
would have become due if such obligations had not been declared due and payable, and the Holders of more than 66 2⁄3% of
the aggregate Outstanding Dollar Principal Amount of Notes of the accelerated Tranche of SynchronySeries Notes consent to the sale.

 

(iii)        In
the case of an acceleration of a Tranche of SynchronySeries Notes of a Subordinated Class, if the provisions of Section 3.16
would prevent the payment of the accelerated Tranche of subordinated Notes, such sale will be delayed until a level of prefunding
of the Principal Funding Sub-Accounts for the Senior Classes of SynchronySeries Notes has been reached such that the amount of
such accelerated Tranche is no longer required to provide subordination for the Senior Classes of SynchronySeries Notes.

 

(b)          If
the Nominal Liquidation Amount with respect to any Tranche of SynchronySeries Notes is greater than zero on its Legal Maturity
Date (after giving effect to any adjustments, deposits and distributions otherwise to be made on that Legal Maturity Date), the
Indenture Trustee shall sell or cause to be sold Principal Receivables (or interests therein) on that Legal Maturity Date in an
amount up to the Nominal Liquidation Amount of such Tranche of the SynchronySeries Notes, together with the related Finance Charge
Receivables; provided, however, that none of the Transferor, any Affiliate of the Transferor or any agent of the
Transferor shall be permitted to purchase Collateral in such case or to participate in such vote whether as a Noteholder or otherwise,
except as provided in Section 3.21(c).

 

    	 	41	 

     

    

 

Upon the occurrence of a sale pursuant
to this Section 3.21(b), the Nominal Liquidation Amount of such Tranche of SynchronySeries Notes shall be automatically
reduced to zero and Available Principal Collections and Available Finance Charge Collections shall no longer be allocated to such
Tranche of SynchronySeries Notes. Noteholders of such Tranche of SynchronySeries Notes shall receive the proceeds of such sale
in an amount not to exceed the Outstanding Dollar Principal Amount of, plus any accrued, past due and additional interest
on, such Tranche of SynchronySeries Notes.

 

(c)          If
the Indenture Trustee exercises its right or obligation to sell any portion of the Collateral in accordance with this Section
3.21, Synchrony Bank (or an Affiliate thereof) shall have the 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 the Transferor or an agent or Affiliate
of the Transferor at a price equal to the highest bid for such Collateral by such third-party bidder.

 

(d)          Sales
proceeds received with respect to a Tranche of SynchronySeries Notes pursuant to clause (a) or (b) will be allocated
in the following priority:

 

(i)          first,
to be deposited in the Principal Funding Sub-Account for such Tranche of SynchronySeries Notes, an amount up to the amount that
would be necessary to increase the aggregate amount on deposit in such Sub-Account to the Outstanding Dollar Principal Amount for
such Tranche of SynchronySeries Notes (notwithstanding any limitation in Section 3.12 to the contrary); and

 

(ii)         second,
to be deposited in the Interest Funding Sub-Account of such Tranche of SynchronySeries Notes, the balance of such sales proceeds.

 

(e)          Any
amount remaining on deposit in the Interest Funding Sub-Account for a Tranche of SynchronySeries Notes that has caused a sale of
Receivables pursuant to this Section 3.21 after final payment thereof pursuant to Section 6.04 of the Indenture,
will be treated as SynchronySeries Available Finance Charge Collections.

 

Section 3.22         Calculation
of Prefunding Target Amount.

 

(a)          With
respect to the Class A Notes, the Prefunding Target Amount means the excess of (a) the Class A Required Subordinated Amount over
(b) the sum of the Nominal Liquidation Amounts of the Class B Notes, the Class C Notes and the Class D Notes and the SynchronySeries
Subordinated Transferor Amount. The Prefunding Target Amount for the Class A Notes shall be allocated among the Tranches of Class
A Notes, pro rata, based on the Nominal Liquidation Amount of each Tranche of Class A Notes.

 

(b)          With
respect to all Tranches of Class B Notes, the Prefunding Target Amount means the excess of (a) the Class B Required Subordinated
Amount (calculated after giving effect to any deposits to be made to the Note Retirement Sub-Accounts for the Class A Notes) over
(b) the sum of the Nominal Liquidation Amounts of the Class C Notes and Class D Notes and the SynchronySeries Subordinated Transferor
Amount. The Prefunding Target Amount for the Class B Notes shall be allocated among the Tranches of Class B Notes, pro rata,
based on the Nominal Liquidation Amount of each Tranche of Class B Notes.

 

    	 	42	 

     

    

 

(c)          With
respect to all Tranches of Class C Notes, the Prefunding Target Amount means the excess of (a) the Class C Required Subordinated
Amount (calculated after giving effect to any deposits to be made to the Note Retirement Sub-Accounts for the Class A Notes and
Class B Notes) over (b) the sum of the Nominal Liquidation Amount of the Class D Notes and the SynchronySeries Subordinated
Transferor Amount. The Prefunding Target Amount for the Class C Notes shall be allocated among the Tranches of Class C Notes, pro
rata, based on the Nominal Liquidation Amount of each Tranche of Class C Notes.

 

Section 3.23         Targeted
Deposits to the Class D Reserve Account.

 

(a)          The
aggregate deposit targeted to be made to the Class D Reserve Account with respect to each Monthly Period is an amount equal to
the sum of Class D Reserve Sub-Account deposits, if any, targeted to be made for each specified Tranche of Class D Notes on the
applicable Transfer Date in the immediately succeeding Monthly Period. The amount of any such deposit, the aggregate amount targeted
to be on deposit after giving effect to any such deposit and the circumstances that require that a deposit be made will be set
forth in the Terms Document for such Tranche of Class D Notes. Unless another time is specified for making such deposits in the
Terms Document for each such Tranche of Class D Notes, these deposits will be made on each applicable Transfer Date for such Tranche
of Class D Notes.

 

(b)          If,
as determined on each Determination Date, the amount of funds which will be available on the applicable Transfer Date for a Tranche
of Class D Notes pursuant to clause (f) of Section 3.02 is at least equal to the aggregate amount of the deposits
targeted by clause (a) above, then the full amount of each such deposit will be made.

 

(c)          If,
as determined on each Determination Date, the amount of funds which will be available on the applicable Transfer Date for a Tranche
of Class D Notes pursuant to clause (f) of Section 3.02 is less than the aggregate amount of deposits targeted by
clause (a) above, then the amount available will be allocated to each Tranche of Class D Notes to the extent of its targeted
deposit to the applicable Class D Reserve Sub-Account pro rata based on the ratio of the Nominal Liquidation Amount of such
Tranche used in the SynchronySeries Floating Allocation Percentage for the immediately preceding Monthly Period to the Nominal
Liquidation Amount of all Tranches of Class D Notes used in the SynchronySeries Floating Allocation Percentage for the immediately
preceding Monthly Period that have a targeted deposit to its respective Class D Reserve Sub-Account; provided, however,
that any excess identified in this clause (c), including in the application of this proviso, will be further allocated to
each Tranche of Class D Notes which has a remaining targeted deposit to its Class D Reserve Sub-Account up to the amount of such
remaining targeted deposit pro rata based on the ratio of the Nominal Liquidation Amount of such Tranche of Class D Notes
used in the SynchronySeries Floating Allocation Percentage for the immediately preceding Monthly Period to the Nominal Liquidation
Amount of all Tranches of Class D Notes used in the SynchronySeries Floating Allocation Percentage for the immediately preceding
Monthly Period.

 

Section 3.24         Withdrawals
from the Class D Reserve Account. Withdrawals for any Tranche of Class D Notes will be made from the applicable Class D Reserve
Sub-Account as specified below.

 

    	 	43	 

     

    

 

(a)          Payments
of Interest; Payments with Respect to Derivative Agreements for Interest. If the amount on deposit in the Interest Funding
Sub-Account for any Tranche of Class D Notes is insufficient to pay in full the amounts for which withdrawals are required under
Section 3.14, on the Transfer Date for a Tranche of Class D Notes, an amount equal to that deficiency will be withdrawn
from the Class D Reserve Sub-Account for such Tranche and deposited into that Interest Funding Sub-Account.

 

(b)          Payments
of Principal; Payments with Respect to Derivative Agreements for Principal. If, on and after the earliest to occur of (i) the
date on which any Tranche of Class D Notes is accelerated pursuant to Section 6.02 of the Indenture following an Event of
Default and acceleration of maturity with respect to such Tranche, (ii) any date on or after the Transfer Date related to the Scheduled
Principal Payment Date for such Tranche of Class D Notes on which the amount on deposit in the Principal Funding Sub-Account for
any Tranche of Class D Notes plus the aggregate amount on deposit in the Class D Reserve Sub-Account for such Tranche of Class
D Notes equals or exceeds the Outstanding Dollar Principal Amount of such Class D Notes and (iii) the Legal Maturity Date for any
Tranche of Class D Notes, the amount on deposit in the Principal Funding Sub-Account for any Tranche of Class D Notes is insufficient
to pay in full the amounts for which withdrawals are required under Section 3.15, an amount equal to that deficiency will
be withdrawn from that Class D Reserve Sub-Account for such Tranche of Class D Notes and deposited into that Principal Funding
Sub-Account on the Transfer Date for such Tranche of Class D Notes relating to the date of the applicable withdrawal required pursuant
to Section 3.15.

 

(c)          Withdrawal
of Excess Amounts. If on any Transfer Date for a Tranche of Class D Notes with respect to which no Class D Notes have been
accelerated, the aggregate amount on deposit in any Class D Reserve Sub-Account exceeds the amount required to be on deposit in
such Class D Reserve Sub-Account, the amount of such excess will be withdrawn from the Class D Reserve Sub-Account and first, allocated
among and deposited to the other Class D Reserve Sub-Accounts of the Tranches of Class D Notes in the manner, order and priority
set forth in Section 3.23(c), and then, paid to the Issuer. Upon payment in full of any Tranche of Class D Notes, any amount
on deposit in the applicable Class D Reserve Sub-Account will be applied in accordance with the preceding sentence.

 

Section 3.25         Computation
of Interest. Unless otherwise provided as contemplated in Section 3.01 of the Indenture, (i) interest on the SynchronySeries
Notes computed at a fixed rate will be calculated on the basis of a 360-day year of twelve 30-day months, as set forth more completely
in the applicable Terms Document, and (ii) interest on the SynchronySeries Notes computed on the basis of a floating or periodic
rate will be calculated on the basis of the actual number of days elapsed from and including the preceding Interest Payment Date
to but excluding the current Interest Payment Date and a 360-day year.

 

Section 3.26         Shared
Excess Available Finance Charge Collections. Shared Excess Available Finance Charge Collections allocable to the SynchronySeries
with respect to any Monthly Period shall be treated as SynchronySeries Available Finance Charge Collections with respect to such
Monthly Period and applied on the Transfer Date in the immediately succeeding Monthly Period.

 

    	 	44	 

     

    

 

Section 3.27         Shared
Excess Available Principal Collections. Shared Excess Available Principal Collections allocable to the SynchronySeries with
respect to any Monthly Period shall be treated as SynchronySeries Available Principal Collections for such Monthly Period and applied
on the applicable Transfer Date in the immediately succeeding Monthly Period.

 

Section 3.28         Accumulation
Reserve Account.

 

(a)          On
each Transfer Date, Accumulation Reserve Account Earnings shall be retained in the Accumulation Reserve Account (to the extent
that the Accumulation Reserve Account Available Amount is less than the Accumulation Reserve Account Required Amount). Any remaining
Accumulation Reserve Account Earnings shall be deposited on or prior to the related Payment Date into the Collection Account and
treated as SynchronySeries Available Finance Charge Collections for the related Monthly Period. For purposes of determining the
availability of funds or the balance in the Accumulation Reserve Account for any reason under this Indenture Supplement, except
as otherwise provided in the preceding sentence, Accumulation Reserve Account Earnings on such funds shall be deemed not to be
available or on deposit.

 

(b)          An
amount equal to the lesser of (i) the Accumulation Reserve Account Available Amount and (ii) the aggregate of the Principal Funding
Sub-Account Earnings Shortfalls, if any, with respect to each Tranche of SynchronySeries Notes shall be withdrawn from the Accumulation
Reserve Account, deposited into the Collection Account and treated as SynchronySeries Available Finance Charge Collections.

 

(c)          If
the Accumulation Reserve Account Surplus on any Transfer Date is greater than zero, on or prior to the related Payment Date, the
Indenture Trustee, acting in accordance with the written instructions of the Issuer, shall withdraw from the Accumulation Reserve
Account an amount equal to such Accumulation Reserve Account Surplus and distribute any such amounts to the Transferor.

 

Section 3.29         Final
Payment. Each Class or Tranche of SynchronySeries Notes, as applicable, will be considered to be paid in full, the Holders
of such Class or Tranche of SynchronySeries Notes, as applicable, will have no further right or claim, and the Issuer will have
no further obligation or liability with respect to such Class or Tranche of SynchronySeries Notes, as applicable, on the earliest
to occur of:

 

(a)          the
date of the payment in full of the Outstanding Dollar Principal Amount of and all accrued, past due and additional interest on
that Class or Tranche of SynchronySeries Notes, as applicable;

 

(b)          the
date on which the Outstanding Dollar Principal Amount of such SynchronySeries Notes, after giving effect to all deposits, allocations,
reimbursements, reallocations, sales of Collateral and payments to be made on such date, is reduced to zero, and all accrued, past
due and additional interest on such SynchronySeries Notes is paid in full;

 

(c)          on
the Legal Maturity Date of such Class or Tranche of SynchronySeries Notes, after giving effect to all deposits, allocations, reimbursements,
reallocations, sales of Collateral and payments to be made on such date; or

 

    	 	45	 

     

    

 

(d)          the
date on which a sale of assets has taken place with respect to such Tranche of SynchronySeries Notes as set forth in Section
3.21.

 

Section 3.30         Distributions
After Repudiation and Payment of Damages by FDIC.

 

(a)          In
the event that Originator becomes the subject of an insolvency proceeding and a special payment date is declared as contemplated
by Section 14.03(b) of the Indenture, the amount of interest payable with respect to each Tranche of SynchronySeries Notes
on the special payment date shall be equal to the sum of any targeted deposit to the Interest Funding Account for such Tranche
with respect to the prior Monthly Period that was not previously deposited on the prior Transfer Date, plus the aggregate
amount of interest accrued on such Tranche from and including the preceding Payment Date to but excluding the special payment date,
including any additional interest accrued on such overdue interest pursuant to Section 3.03(d).

 

(b)          In
the event that Originator becomes the subject of an insolvency proceeding and the FDIC as receiver or conservator for Originator
exercises its right of repudiation and elects to pay damages with respect to the SynchronySeries Notes as contemplated by paragraph
(d)(4)(ii) of the FDIC Rule, (i) any damages received with respect to the SynchronySeries Notes shall be deposited to the Collection
Account and (ii) the Issuer shall promptly, and in no event later than one Business Day after such damages have been paid by the
FDIC, compute the amount, if any, required to be withdrawn from available funds allocated to the SynchronySeries in the Collection
Account and the other Trust Accounts and transferred to the Interest Funding Account and the Principal Funding Account, so that
the amount on deposit in the Interest Funding Account and the Principal Funding Account shall equal the aggregate amount to be
distributed as specified in Section 3.30(c).

 

(c)          On
the applicable payment date determined pursuant to Section 14.03(b) of the Indenture, the Issuer shall, based on the computations
in Section 3.30(b), first, withdraw from the Collection Account and the other Trust Accounts, the amount so computed in
Section 3.30(a) and deposit such amount into the Interest Funding Account, and second, cause an amount equal to the aggregate
Outstanding Dollar Principal Amount of the SynchronySeries Notes on such Payment Date to be withdrawn from the Principal Funding
Account and paid to the SynchronySeries Noteholders and the amount of interest payable to the SynchronySeries Noteholders as calculated
pursuant to Section 3.30(a) to be withdrawn from the Interest Funding Account and paid to the SynchronySeries Noteholders.

 

(d)          Any
funds remaining in the Collection Account and the other Trust Accounts to the extent allocated to the SynchronySeries shall be
allocated on the following Payment Date (or the applicable payment date determined pursuant to Section 14.03(b) of the Indenture
if it is a Payment Date), in accordance with the order of priority described in Section 3.02 after taking into account amounts
distributed in accordance with Section 3.30(c).

 

[END OF ARTICLE III]

 

    	 	46	 

     

    

 

ARTICLE
IV

EARLY
AMORTIZATION OF NOTES

 

Section 4.01         Early
Amortization Events. In addition to the events identified as Early Amortization Events in Section 6.03 of the Indenture,
if any one of the following events shall occur with respect to a Class or Tranche of SynchronySeries Notes:

 

(a)          (i)
failure on the part of Transferor to make any payment or deposit required to be made by it by the terms of the Receivables Sale
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
of its covenants or agreements set forth in the Transfer Agreement (excluding matters addressed by clause (a)(i) or (c) of this
Section 4.01) which failure has a material adverse effect on the SynchronySeries Noteholders and which continues unremedied
for a period of sixty (60) days after the date on which written notice of such failure, requiring the same to be remedied, shall
have been given to the Transferor by the Indenture Trustee, or to the Transferor and the Indenture Trustee by any Noteholder of
SynchronySeries Notes;

 

(b)          any
representation or warranty made by Transferor in the Transfer Agreement or the Receivables Sale Agreement or any information contained
in an account schedule required to be delivered by it pursuant to Section 2.1 of the Transfer Agreement or the Receivables
Sale Agreement shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect
in any material respect for a period of sixty (60) days after the date on which written notice of such failure, requiring the same
to be remedied, shall have been given to the Transferor by the Indenture Trustee, or to the Transferor and the Indenture Trustee
by any Noteholder of the SynchronySeries Notes and as a result of which the interests of the SynchronySeries Noteholders are materially
and adversely affected for such period; provided, however, that an Early Amortization Event pursuant to this Section
4.01(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;

 

(c)          a
failure by Transferor under the Transfer Agreement to convey Transferred Receivables in Additional Accounts (as such term is defined
in the Transfer Agreement) 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 shall occur, which has a material adverse effect on such Class or Tranche of SynchronySeries Notes;

 

(e)          beginning
with the December 2018 Monthly Period, the average Excess Spread Percentage for any three consecutive Monthly Periods is less than
the Required Excess Spread Percentage;

 

    	 	47	 

     

    

 

(f)          the
Outstanding Dollar Principal Amount of such Tranche shall not be paid in full on the Scheduled Principal Payment Date for such
Tranche;

 

(g)          without
limiting the foregoing, the occurrence of an Event of Default with respect to any Class or Tranche of SynchronySeries Notes and
acceleration of the maturity of such Class or Tranche of SynchronySeries Notes pursuant to Section 6.01 of the Indenture;
or

 

(h)          with
respect to any Tranche of SynchronySeries Notes, any additional events specified as “Early Amortization Events” in
the Terms Document with respect to such Tranche of SynchronySeries Notes;

 

then, (x) in the case of any event described
in clause (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs, the
holders of SynchronySeries Notes evidencing more than 50% of the aggregate unpaid principal amount of SynchronySeries Notes by
notice then given in writing to the Issuer (and to the Indenture Trustee) may declare that an “Early Amortization Event”
with respect to the affected Class or Tranche of SynchronySeries Notes (a “SynchronySeries Early Amortization Event”)
has occurred as of the date of such notice with respect to all Tranches of the SynchronySeries Notes, (y) in the case of any event
described in clause (c) or (e), a SynchronySeries Early Amortization Event shall occur with respect to all Tranches
of SynchronySeries Notes without any notice or other action on the part of the Indenture Trustee or the SynchronySeries Noteholders
immediately upon the occurrence of such event and (z) in the case of any event described in clause (f) or (g), a
SynchronySeries Early Amortization Event shall occur with respect to the affected Class or Tranche of SynchronySeries Notes without
any notice or other action on the part of the SynchronySeries Noteholders immediately upon the occurrence of such event.

 

[END OF ARTICLE IV]

 

    	 	48	 

     

    

 

ARTICLE
V

SERIES
ACCOUNTS AND INVESTMENTS

 

Section 5.01         Series
Accounts.

 

(a)          The
Issuer will cause to be established and maintained Eligible Deposit Accounts denominated as follows: the “Interest Funding
Account,” the “Principal Funding Account,” the “Note Retirement Account,” the “Class D Reserve
Account” and the “Accumulation Reserve Account” (collectively, the “Series Accounts”) in the
name of the Indenture Trustee, bearing a designation clearly indicating that the funds deposited therein are held for the benefit
of the SynchronySeries Noteholders (or, in the case of the Class D Reserve Account, for the benefit of the Class D Noteholders)
on or before the date hereof (or, in the case of the Class D Reserve Account, on or before the date of issuance of any Tranche
of Class D Notes for which the related Terms Document specifies a targeted deposit to be made to the Class D Reserve Account).
The Interest Funding Account, the Principal Funding Account, the Note Retirement Account, the Class D Reserve Account and the Accumulation
Reserve Account constitute Series Accounts for the SynchronySeries and shall be under the sole dominion and control of the Indenture
Trustee for the benefit of the SynchronySeries Noteholders (or, in the case of the Class D Reserve Account, for the benefit of
the Class D Noteholders). If, at any time, the institution holding any of the Interest Funding Account, the Principal Funding Account,
the Note Retirement Account, the Class D Reserve Account or the Accumulation Reserve Account ceases to be of the type described
in the definition of “Eligible Deposit Account” set forth in the Indenture, the Issuer will within ten (10) Business
Days (or such longer period, not to exceed thirty (30) calendar days, as to which each Rating Agency may consent) establish a new
Interest Funding Account, Principal Funding Account, Note Retirement Account, Class D Reserve Account or Accumulation Reserve Account,
as the case may be, that is an Eligible Deposit Account and shall transfer any cash and/or investments to such new Interest Funding
Account, Principal Funding Account, Note Retirement Account, Class D Reserve Account or Accumulation Reserve Account, as the case
may be. From the date such new Interest Funding Account, Principal Funding Account, Note Retirement Account, the Class D Reserve
Account or the Accumulation Reserve Account is established, it will be the “Interest Funding Account,” “Principal
Funding Account”, “Note Retirement Account,” “Class D Reserve Account” or “Accumulation Reserve
Account” as the case may be. Each Tranche of SynchronySeries Notes will have its own Sub-Account within the Interest Funding
Account, the Note Retirement Account, the Principal Funding Account, and, in the case of the Class D Notes, the Class D Reserve
Account. The Interest Funding Account, the Principal Funding Account, the Note Retirement Account, the Class D Reserve Account
and the Accumulation Reserve Account will receive deposits pursuant to Article III.

 

(b)          Any
amounts on deposit in the Principal Funding Account and the Note Retirement Account will be invested in Permitted Investments that
will mature no later than the following applicable Transfer Date.

 

    	 	49	 

     

    

 

(c)          All
payments to be made from time to time by the Indenture Trustee to Noteholders out of funds in the Interest Funding Account, the
Principal Funding Account, the Note Retirement Account, the Class D Reserve Account or the Accumulation Reserve Account pursuant
to this Indenture Supplement will be made by the Indenture Trustee to the Paying Agent not later than 1:00 p.m. New York City time
on the applicable Interest Payment Date or Principal Payment Date but only to the extent of available funds in the applicable Series
Account or Sub-Account or as otherwise provided in Article III.

 

(d)          On
each applicable Transfer Date for a Tranche of Class D Notes, all interest and earnings (net of losses and investment expenses)
accrued since the preceding Transfer Date for such Tranche of Class D Notes on funds on deposit in the Class D Reserve Account
will be retained in the Class D Reserve Account (to the extent that the sum of the amount on deposit in the Class D Reserve Account
with respect to the related Monthly Period is less than the required balance for the Class D Reserve Account for that Monthly Period)
and the excess, if any, will be paid to the Issuer.

 

(e)          Notwithstanding
the definition of “Permitted Investments” in the Indenture, Permitted Investments in the Class D Reserve Account shall
be required to have a credit rating from Moody’s and S&P of at least “P-2” and “A-2,” respectively,
and, from Fitch of at least “F2,” if rated by Fitch.

 

[END OF ARTICLE V]

 

    	 	50	 

     

    

 

ARTICLE
VI

MISCELLANEOUS
PROVISIONS

 

Section 6.01         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). THIS INDENTURE SUPPLEMENT IS SUBJECT TO THE TRUST INDENTURE ACT, 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 12.10 OF THE INDENTURE AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF SUCH PARTY’S
ACTUAL RECEIPT THEREOF OR THREE (3) DAYS AFTER DEPOSIT IN THE UNITED STATES MAIL, PROPER POSTAGE PREPAID. NOTHING IN THIS SECTION
SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

 

    	 	51	 

     

    

 

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, THE PARTIES HERETO AND THE SYNCHRONYSERIES NOTEHOLDERS
BY ACCEPTING THEIR INTEREST IN THE SYNCHRONYSERIES NOTES 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.
NOTHING IN THIS SECTION 6.01(c) SHALL LIMIT THE RIGHTS OF ANY PERSON PURSUANT TO SECTION 6.6 OF THE TRANSFER AGREEMENT OR SECTION
7.16 OF THE RECEIVABLES SALE AGREEMENT IN CONNECTION WITH A REQUEST RELATING TO THE REPURCHASE OF RECEIVABLES.

 

Section 6.02         Counterparts.
This Indenture Supplement may be executed in any number of counterparts, each of which so executed will be deemed to be an original,
but all such counterparts will together constitute but one and the same instrument. Executed counterparts may be delivered electronically.

 

Section 6.03         Ratification
of Indenture. 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.

 

Section 6.04         Limitation
of Liability of the Trustee. It is expressly understood and agreed by the parties hereto that (a) this document is executed
and delivered by Citibank, N.A., not individually or personally, but solely as Trustee of the Issuer, (b) each of the representations,
undertakings and agreements herein made on the part of the Issuer is made and intended not as a personal representation, undertaking
and agreement by Citibank, N.A. but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained
shall be construed as creating any liability on Citibank, N.A., individually or personally, to perform any covenant either expressed
or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming
by, through or under the parties hereto, (d) Citibank, N.A. has made no investigation as to the accuracy or completeness of any
representations and warranties made by the Issuer or any other party in this Agreement, and (e) under no circumstances shall Citibank,
N.A. be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure
of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this document or any other related
documents.

 

    	 	52	 

     

    

 

Section 6.05         Indenture
Trustee. The Indenture Trustee shall be entitled to the same protections and indemnities under this Indenture Supplement that
it is entitled to under the Indenture.

 

Section 6.06         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 6.07         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 SynchronySeries Notes shall be treated as debt.

 

    	 	53	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Indenture Supplement to be duly executed, and their respective corporate seals to be hereunto
affixed and attested, all as of the day and year first above written.

 

	 	SYNCHRONY CARD ISSUANCE TRUST
	 	 	 	 
	 	By:	CITIBANK, N.A.,
	 	 	not in its individual capacity but solely as Trustee
	 	 	 	 
	 	By:	/s/ Kristen Driscoll
	 	 	Name:	Kristen Driscoll 
	 	 	Title:	Senior Trust Officer
	 	 	 	 
	 	THE BANK OF NEW YORK MELLON,
	 	as Indenture Trustee and not in its individual capacity
	 	 	 	 
	 	By:	/s/ Leslie Morales 
	 	 	Name:	Leslie Morales
	 	 	Title:	Vice President

 

    	 	54	 

     

    

 

Exhibit A-1

 

FORM OF CLASS A 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 TO 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 INSTITUTE AGAINST SYNCHRONY CARD ISSUANCE TRUST, SYNCHRONY CARD FUNDING,
LLC, OR SYNCHRONY BANK, OR JOIN IN ANY INSTITUTION AGAINST SYNCHRONY CARD ISSUANCE TRUST, SYNCHRONY CARD FUNDING, LLC, OR SYNCHRONY
BANK, IN, ANY BANKRUPTCY PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY
OBLIGATIONS RELATING TO THE NOTES OR THE INDENTURE.

 

THE HOLDER OF THIS NOTE, BY ACCEPTANCE
OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A BENEFICIAL INTEREST THEREIN, AGREE
TO TREAT THE NOTES AS INDEBTEDNESS OF SYNCHRONY BANK 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 ITS NOTE, BY ITS ACCEPTANCE
OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY ITS ACQUISITION OF A BENEFICIAL INTEREST HEREIN, WILL BE
DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) IT IS NOT, AND IS NOT DIRECTLY OR INDIRECTLY ACQUIRING THIS NOTE OR ANY BENEFICIAL
INTEREST HEREIN FOR, ON BEHALF OF OR WITH ANY ASSETS OF, AN EMPLOYEE BENEFIT PLAN (WITHIN THE MEANING OF SECTION 3(3) OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF
TITLE I OF ERISA, A PLAN (WITHIN THE MEANING OF SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”))
SUBJECT TO SECTION 4975 OF THE CODE, OR A GOVERNMENTAL PLAN (WITHIN THE MEANING OF SECTION 3(32) OF ERISA), CHURCH PLAN (WITHIN
THE MEANING OF SECTION 3(33) OF ERISA), OR NON-U.S. PLAN (AS DESCRIBED IN SECTION 4(b)(4) OF ERISA) OR (II) ITS ACQUISITION AND
HOLDING OF THIS NOTE OR A BENEFICIAL INTEREST HEREIN DOES NOT AND WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED
TRANSACTION IN VIOLATION OF SECTION 406 OR 407 OF ERISA OR SECTION 4975 OF THE CODE (OR, IN THE CASE OF A GOVERNMENTAL, CHURCH
OR NON-U.S. PLAN, A VIOLATION OF ANY SUBSTANTIALLY SIMILAR NON-U.S., FEDERAL, STATE OR LOCAL LAW).

 

     

     

    

 

UPON REQUEST, THE HOLDER OF THIS NOTE SHALL
FURNISH A TAXPAYER IDENTIFICATION CERTIFICATION ON FORM W-9 OR W-8, AS APPLICABLE.

 

    	 	Exhibit A-1-2	 

     

    

 

	REGISTERED	up to $_________
	 	 
	No. __	CUSIP NO. __________

 

SYNCHRONY CARD ISSUANCE TRUST

 

[Floating Rate]

 

SYNCHRONYSERIES CLASS A(20[●][●]-[●])
NOTE

 

SYNCHRONY CARD ISSUANCE TRUST, a statutory
trust created under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby
promises to pay to CEDE & CO., or registered assigns, subject to the following provisions, a principal sum of __________ payable
on the ________________ Payment Date (the “Scheduled Principal Payment Date”), except as otherwise provided
below or in the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and
payable on the ___________ Payment Date (the “Legal Maturity Date”). Interest will accrue on this Note at the
rate of [LIBOR plus] __________% per annum, as more specifically set forth in the Class A(20[●][●]-[●]) Terms
Document, dated as of __________, 20____ (the “Terms Document”), between the Issuer and the Indenture Trustee,
and shall be due and payable on each Interest Payment Date from the Monthly Interest Accrual Date in the related Monthly Period
(or, in the case of the first Interest Payment Date, from and including the date of issuance of this Note) to but excluding the
first Monthly Interest Accrual Date after the end of that Monthly Period. Interest will be computed on the basis of a 360-day year
[and the actual number of days elapsed] [consisting of twelve 30-day months]. Such principal of and interest on this Note shall
be paid in the manner specified 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. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable
on this Note as provided above and then to the unpaid principal of this Note.

 

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 the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled
to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

 

    	 	Exhibit A-1-3	 

     

    

 

IN WITNESS WHEREOF,
the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer.

 

	 	SYNCHRONY CARD ISSUANCE TRUST,
	 	as Issuer
	 	 	 	 
	 	By:	CITIBANK, N.A.,
	 	 	not in its individual capacity but solely as Trustee
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

Date: __________, _____

 

INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

This is one of the
Notes designated above and referred to in the within-mentioned Indenture.

 

	 	THE BANK OF NEW YORK MELLON,
	 	not in its individual capacity but solely as Indenture Trustee
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

Date: __________, _____

 

    	 	Exhibit A-1-4	 

     

    

 

[REVERSE OF NOTE]

 

This Class A Note is one of the Notes of
a duly authorized issue of Notes of the Issuer, designated as its “SynchronySeries Class A Notes” (herein called the
 “Notes”), all issued under an Amended and Restated Master Indenture dated as of May 1, 2018 (such indenture,
as supplemented or amended, is herein called the “Indenture”) between the Issuer and The Bank of New York Mellon,
as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the
Indenture), as supplemented by a SynchronySeries Indenture Supplement dated as of September 26, 2018 (the “Indenture Supplement”)
and the Terms Document, each between the Issuer and The Bank of New York Mellon, as Indenture Trustee, to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of
the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms
used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or
pursuant to the Indenture, as so supplemented or amended.

 

Although a summary of certain provisions
of the Indenture is set forth below, this Note is qualified in its entirety by the terms and provisions of the Indenture and reference
is made to that Indenture for information with respect to the interests, rights, benefits, obligations, proceeds and duties evidenced
hereby and the rights, duties and obligations of the Indenture Trustee.

 

[The Class B Notes, the Class C Notes and
the Class D Notes will also be issued under the Indenture.]

 

The Notes are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the Indenture.

 

Principal of this Note will be payable
on the Scheduled Principal Payment Date in an amount described on the face hereof, subject to the provisions of the Indenture.

 

As described above, the entire unpaid principal
amount of this Note shall be due and payable on the Legal Maturity Date. Notwithstanding the foregoing, the entire unpaid principal
amount of the Notes shall be due and payable on the date on which an Event of Default relating solely to the non-payment of interest
on the Notes shall have occurred and be continuing and the Indenture Trustee or the Holders of more than 66 2⁄3% of the Outstanding
Dollar Principal Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in Section
6.02 of the Indenture; provided, however, that such acceleration of the entire unpaid principal amount of the
Notes may be rescinded by the holders of more than 66 2⁄3% of the Outstanding Dollar Principal Amount of the Notes. All principal
payments on the Notes shall be made pro rata to the Noteholders entitled thereto.

 

On any Payment Date on or after the Payment
Date on which the aggregate Nominal Liquidation Amount (after giving effect to all payments on such Payment Date) of any tranche
of Notes is reduced to less than 10% of its highest Outstanding Dollar Principal Amount at any time, the Servicer has the right,
but not the obligation, to redeem such class of Notes in whole but not in part, pursuant to Section 11.02 of the Indenture.
The redemption price of a class of Notes will equal 100% of the Outstanding Dollar Principal Amount of such Tranche plus accrued,
unpaid and additional interest or principal accreted and unpaid on such Tranche to but excluding the date of redemption.

 

    	 	Exhibit A-1-5	 

     

    

 

Subject to the terms and conditions of
the Indenture, the Issuer may, from time to time, issue one or more series of Notes secured by one or more asset pools. Subject
to the terms and conditions of the Indenture Supplement, the Issuer may, from time to time, issue one or more Tranches of SynchronySeries
Notes.

 

On each Payment Date, the Paying Agent
shall distribute to each Noteholder of record on the related Record Date (except for the final distribution with respect to this
Note) such Noteholder’s pro rata share of the amounts held by the Paying Agent that are allocated and available on
such Payment Date to pay interest and principal on the Notes. Final payments of this Note will be made only upon presentation and
surrender of this Note at the office or offices therein specified.

 

Payments of interest on this Note due and
payable on each Interest Payment Date, together with the installment of principal, if any, due and payable on each Principal Payment
Date, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered
Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except
that with respect to Notes registered on the Record Date in the name of the nominee of the clearing agency (initially, such nominee
to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such
nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register
as of the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal
amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon
all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu
hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of
the then remaining unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf
of the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by
notice mailed within five days of such Payment Date and the amount then due and payable shall be payable only upon presentation
and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture
Trustee’s agent appointed for such purposes located in the City of New York. On any payment of interest or principal being
made, details of such payment shall be entered by the Indenture Trustee on behalf of the Issuer in Schedule A hereto.

 

As provided in the Indenture and subject
to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this
Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by,
or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof
or his attorney duly authorized in writing, with such signature guaranteed by a commercial bank or trust company located, or having
a correspondent located, in the City of New York or the city in which the Corporate Trust Office is located, or a member firm of
a national securities exchange, and such other documents as the Indenture Trustee may require, and thereupon one or more new Notes
of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees.
No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required
to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

 

    	 	Exhibit A-1-6	 

     

    

 

Each Noteholder or Note Owner, by acceptance
of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees that no recourse may be taken,
directly or indirectly, with respect to the obligations of the Issuer, the Trustee or the Indenture Trustee on the Notes or under
the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Trustee
in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent,
officer, director or employee of the Indenture Trustee or the Trustee in its individual capacity, any holder of a beneficial interest
in the Issuer, the Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Trustee in its
individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary
shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution
or failure to pay any installment or call owing to such entity.

 

Each Noteholder or Note Owner, by acceptance
of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that by accepting the benefits
of the Indenture that such Noteholder will not at any time institute against Synchrony Bank, Synchrony Card Funding, LLC or the
Issuer, or join with any institution against Synchrony Bank, Synchrony Card Funding LLC or the Issuer, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy or
similar law in connection with any obligations relating to the Notes, the Indenture, the SynchronySeries Indenture Supplement,
the Terms Document or any Derivative Agreement.

 

Prior to the due presentment for registration
of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the
Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee
nor any such agent shall be affected by notice to the contrary.

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the
Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes representing more than
66 2⁄3% of the Outstanding Dollar Principal Amount of the Notes. The Indenture also contains provisions permitting the Holders
of Notes representing specified percentages of the Outstanding Dollar Principal Amount of the Notes, on behalf of the Holders of
all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture
and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive
and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture
also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent
of Holders of the Notes issued thereunder.

 

    	 	Exhibit A-1-7	 

     

    

 

Any Holder of any Note that is a Requesting
Party that has made a Repurchase Request agrees to be bound by the dispute resolutions provisions of the Indenture if such Repurchase
Request is not resolved.

 

The term “Issuer” as used in
this Note includes any successor to the Issuer under the Indenture.

 

The Issuer is permitted by the Indenture,
under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under
the Indenture.

 

The Notes are issuable only in registered
form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 

THIS NOTE AND THE INDENTURE WILL BE CONSTRUED
IN ACCORDANCE WITH THE 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 THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED
IN ACCORDANCE WITH SUCH LAWS.

 

No reference herein to the Indenture and
no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional,
to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed.

 

No recourse may be taken, directly or indirectly,
with respect to the obligations of the Issuer on the Notes or under the Indenture or any certificate or other writing delivered
in connection herewith or therewith, against (i) the Trustee in its individual capacity, (ii) any owner of a beneficial interest
in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Trustee in its individual
capacity, any holder of a beneficial interest in the Issuer or the Trustee or of any successor or assign of the Trustee in its
individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee has no such obligations
in its individual capacity). The Holder of this Note by the acceptance hereof agrees that, except as expressly provided in the
Indenture, the SynchronySeries Indenture Supplement and the Terms Document, in the case of an Event of Default under the Indenture,
the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however,
that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any
and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

 

Notwithstanding the allocation provisions
of the Indenture, the SynchronySeries Indenture Supplement and the indenture supplements for each other Series of Notes, if any,
to the extent that the SynchronySeries Noteholders are deemed to have any interest in any assets of the Issuer allocated to other
Notes, each Noteholder or Note Owner, by acceptance of a Note, or in the case of a Note Owner, a beneficial interest in a Note,
shall agree that their interest in those assets is subordinate to claims or rights of such other Noteholders to those other assets.
Further, each Noteholder or Note Owner, by acceptance of a Note, or in the case of a Note Owner, a beneficial interest in a Note,
shall agree that such agreement constitutes a subordination agreement for purposes of Section 510(a) of the Federal Bankruptcy
Code.

 

    	 	Exhibit A-1-8	 

     

    

 

ASSIGNMENT

 

Social Security or taxpayer I.D. or other
identifying number of assignee

 

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

(name and address of assignee)

 

the within Note and all rights thereunder,
and hereby irrevocably constitutes and appoints attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

 

	Dated:	 	 
	 	 	 
	*	 
	Signature Guaranteed:	 

 

 

		*	NOTE: 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-1-9	 

     

    

 

SCHEDULE A

 

PART I

 

INTEREST PAYMENTS

 

	Interest Payment Date	 	Date of
 Payment
	 	 	Total
 Amount of
 Interest
 Payable
	 	 	Amount of
 Interest Paid
	 	 	Confirmation
 of payment
 by or on
 behalf of the
 Trust
	 
	First	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Second	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

[continue numbering until the appropriate
number of interest payment dates for the Notes is reached]

 

    	 	Exhibit A-1-10	 

     

    

 

PART II

 

PRINCIPAL PAYMENTS

 

	Date of Payment	 	Total
 Amount
 Payable
	 	 	Total
 Amount Paid
	 	 	Confirmation
 of payment
 by or on
 behalf of the
 Trust
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

 

[continue numbering until the appropriate
number of installment dates for the Notes is reached]

 

    	 	Exhibit A-1-11	 

     

    

 

Exhibit A-2

 

FORM OF CLASS B 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 TO 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 INSTITUTE AGAINST SYNCHRONY CARD ISSUANCE TRUST, SYNCHRONY CARD FUNDING,
LLC, OR SYNCHRONY BANK, OR JOIN IN ANY INSTITUTION AGAINST SYNCHRONY CARD ISSUANCE TRUST, SYNCHRONY CARD FUNDING, LLC, OR SYNCHRONY
BANK, IN, ANY BANKRUPTCY PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY
OBLIGATIONS RELATING TO THE NOTES OR THE INDENTURE.

 

THE HOLDER OF THIS NOTE, BY ACCEPTANCE
OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A BENEFICIAL INTEREST THEREIN, AGREE
TO TREAT THE NOTES AS INDEBTEDNESS OF SYNCHRONY BANK 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 ITS NOTE, BY ITS ACCEPTANCE
OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY ITS ACQUISITION OF A BENEFICIAL INTEREST HEREIN, WILL BE
DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) IT IS NOT, AND IS NOT DIRECTLY OR INDIRECTLY ACQUIRING THIS NOTE OR ANY BENEFICIAL
INTEREST HEREIN FOR, ON BEHALF OF OR WITH ANY ASSETS OF, AN EMPLOYEE BENEFIT PLAN (WITHIN THE MEANING OF SECTION 3(3) OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF
TITLE I OF ERISA, A PLAN (WITHIN THE MEANING OF SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”))
SUBJECT TO SECTION 4975 OF THE CODE, OR A GOVERNMENTAL PLAN (WITHIN THE MEANING OF SECTION 3(32) OF ERISA), CHURCH PLAN (WITHIN
THE MEANING OF SECTION 3(33) OF ERISA), OR NON-U.S. PLAN (AS DESCRIBED IN SECTION 4(b)(4) OF ERISA) OR (II) ITS ACQUISITION AND
HOLDING OF THIS NOTE OR A BENEFICIAL INTEREST HEREIN DOES NOT AND WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED
TRANSACTION IN VIOLATION OF SECTION 406 OR 407 OF ERISA OR SECTION 4975 OF THE CODE (OR, IN THE CASE OF A GOVERNMENTAL, CHURCH
OR NON-U.S. PLAN, A VIOLATION OF ANY SUBSTANTIALLY SIMILAR NON-U.S., FEDERAL, STATE OR LOCAL LAW).

 

     

     

    

 

UPON REQUEST, THE HOLDER OF THIS NOTE SHALL
FURNISH A TAXPAYER IDENTIFICATION CERTIFICATION ON FORM W-9 OR W-8, AS APPLICABLE.

 

    	 	Exhibit A-2-2	 

     

    

 

	REGISTERED	up to $_________
	 	 
	No. __	CUSIP NO. __________

 

SYNCHRONY CARD ISSUANCE TRUST

 

[Floating Rate]

 

SYNCHRONYSERIES CLASS B(20[●][●]-[●])
NOTE

 

SYNCHRONY CARD ISSUANCE TRUST, a statutory
trust created under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received,
hereby promises to pay to CEDE & CO., or registered assigns, subject to the following provisions, a principal sum of __________
payable on the __________ Payment Date (the “Scheduled Principal Payment Date”), except as otherwise provided
below or in the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and
payable on the ___________ Payment Date (the “Legal Maturity Date”). Interest will accrue on this Note at the
rate of [LIBOR plus] __________% per annum, as more specifically set forth in the Class B(20[●][●]-[●]) Terms
Document, dated as of __________, 20_____ (the “Terms Document”), between the Issuer and the Indenture Trustee,
and shall be due and payable on each Interest Payment Date from the Monthly Interest Accrual Date in the related Monthly Period
(or, in the case of the first Interest Payment Date, from and including the date of issuance of this Note) to but excluding the
first Monthly Interest Accrual Date after the end of that Monthly Period. Interest will be computed on the basis of a 360-day year
[and the actual number of days elapsed] [consisting of twelve 30-day months]. Such principal of and interest on this Note shall
be paid in the manner specified 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. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable
on this Note as provided above and then to the unpaid principal of this Note.

 

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 the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled
to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

 

    	 	Exhibit A-2-3	 

     

    

 

IN WITNESS WHEREOF,
the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer.

 

	 	SYNCHRONY CARD ISSUANCE TRUST,
	 	as Issuer
	 	 	 	 
	 	By:	CITIBANK, N.A.,
	 	 	not in its individual capacity but solely as Trustee
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

Date: __________, _____

 

INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

This is one of the
Notes designated above and referred to in the within-mentioned Indenture.

 

	 	THE BANK OF NEW YORK MELLON,
	 	not in its individual capacity but solely as Indenture Trustee
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

Date: __________, _____

 

    	 	Exhibit A-2-4	 

     

    

 

[REVERSE OF NOTE]

 

This Class B Note is one of the Notes of
a duly authorized issue of Notes of the Issuer, designated as its “SynchronySeries Class B Notes” (herein called the
 “Notes”), all issued under an Amended and Restated Master Indenture dated as of May 1, 2018 (such indenture,
as supplemented or amended, is herein called the “Indenture”) between the Issuer and The Bank of New York Mellon,
as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the
Indenture), as supplemented by a SynchronySeries Indenture Supplement dated as of September 26, 2018 (the “Indenture Supplement”)
and the Class B Terms Document, each between the Issuer and The Bank of New York Mellon, as Indenture Trustee, to which Indenture
and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder
of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms
used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or
pursuant to the Indenture, as so supplemented or amended.

 

Although a summary of certain provisions
of the Indenture is set forth below, this Note is qualified in its entirety by the terms and provisions of the Indenture and reference
is made to that Indenture for information with respect to the interests, rights, benefits, obligations, proceeds and duties evidenced
hereby and the rights, duties and obligations of the Indenture Trustee.

 

The Class A Notes[, the Class C Notes and
the Class D Notes] will also be issued under the Indenture.

 

The Notes are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the Indenture.

 

Principal of this Note will be payable
on the Scheduled Principal Payment Date in an amount described on the face hereof, subject to the provisions of the Indenture.

 

As described above, the entire unpaid principal
amount of this Note shall be due and payable on the Legal Maturity Date. Notwithstanding the foregoing, the entire unpaid principal
amount of the Notes shall be due and payable on the date on which an Event of Default relating solely to the non-payment of interest
on the Notes shall have occurred and be continuing and the Indenture Trustee or the Holders of more than 66 2⁄3% of the Outstanding
Dollar Principal Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in Section
6.02 of the Indenture; provided, however, that such acceleration of the entire unpaid principal amount of the
Notes may be rescinded by the holders of more than 66 2⁄3% of the Outstanding Dollar Principal Amount of the Notes. All principal
payments on the Notes shall be made pro rata to the Noteholders entitled thereto.

 

On any Payment Date on or after the Payment
Date on which the aggregate Nominal Liquidation Amount (after giving effect to all payments on such Payment Date) of any class
of Notes is reduced to less than 10% of its highest Outstanding Dollar Principal Amount at any time, the Servicer has the right,
but not the obligation, to redeem such class of Notes in whole but not in part, pursuant to Section 11.02 of the Indenture.
The redemption price of such Notes will equal 100% of the Outstanding Dollar Principal Amount of such Tranche plus accrued, unpaid
and additional interest or principal accreted and unpaid on such Tranche to but excluding the date of redemption.

 

    	 	Exhibit A-2-5	 

     

    

 

Subject to the terms and conditions of
the Indenture, the Issuer may, from time to time, issue one or more series of Notes secured by one or more asset pools. Subject
to the terms and conditions of the Indenture Supplement, the Issuer may, from time to time, issue one or more Tranches of SynchronySeries
Notes.

 

On each Payment Date, the Paying Agent
shall distribute to each Noteholder of record on the related Record Date (except for the final distribution with respect to this
Note) such Noteholder’s pro rata share of the amounts held by the Paying Agent that are allocated and available on
such Payment Date to pay interest and principal on the Notes. Final payments of this Note will be made only upon presentation and
surrender of this Note at the office or offices therein specified.

 

Payments of interest on this Note due and
payable on each Interest Payment Date, together with the installment of principal, if any, due and payable on each Principal Payment
Date, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered
Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except
that with respect to Notes registered on the Record Date in the name of the nominee of the clearing agency (initially, such nominee
to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such
nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register
as of the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal
amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon
all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu
hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of
the then remaining unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf
of the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by
notice mailed within five days of such Payment Date and the amount then due and payable shall be payable only upon presentation
and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture
Trustee’s agent appointed for such purposes located in the City of New York. On any payment of interest or principal being
made, details of such payment shall be entered by the Indenture Trustee on behalf of the Issuer in Schedule A hereto.

 

As provided in the Indenture and subject
to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this
Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by,
or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof
or his attorney duly authorized in writing, with such signature guaranteed by a commercial bank or trust company located, or having
a correspondent located, in the City of New York or the city in which the Corporate Trust Office is located, or a member firm of
a national securities exchange, and such other documents as the Indenture Trustee may require, and thereupon one or more new Notes
of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees.
No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required
to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

 

    	 	Exhibit A-2-6	 

     

    

 

Each Noteholder or Note Owner, by acceptance
of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees that no recourse may be taken,
directly or indirectly, with respect to the obligations of the Issuer, the Trustee or the Indenture Trustee on the Notes or under
the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Trustee
in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent,
officer, director or employee of the Indenture Trustee or the Trustee in its individual capacity, any holder of a beneficial interest
in the Issuer, the Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Trustee in its
individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary
shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution
or failure to pay any installment or call owing to such entity.

 

Each Noteholder or Note Owner, by acceptance
of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that by accepting the benefits
of the Indenture that such Noteholder will not at any time institute against Synchrony Bank, Synchrony Card Funding, LLC or the
Issuer, or join with any institution against Synchrony Bank, Synchrony Card Funding, LLC or the Issuer, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy or
similar law in connection with any obligations relating to the Notes, the Indenture, the SynchronySeries Indenture Supplement,
the Terms Document or any Derivative Agreement.

 

Prior to the due presentment for registration
of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the
Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee
nor any such agent shall be affected by notice to the contrary.

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the
Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes representing more than
66 2⁄3% of the Outstanding Dollar Principal Amount of the Notes. The Indenture also contains provisions permitting the Holders
of Notes representing specified percentages of the Outstanding Dollar Principal Amount of the Notes, on behalf of the Holders of
all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture
and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive
and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture
also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent
of Holders of the Notes issued thereunder.

 

    	 	Exhibit A-2-7	 

     

    

 

Any Holder of any Note that is a Requesting
Party that has made a Repurchase Request agrees to be bound by the dispute resolutions provisions of the Indenture if such Repurchase
Request is not resolved.

 

The term “Issuer” as used in
this Note includes any successor to the Issuer under the Indenture.

 

The Issuer is permitted by the Indenture,
under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under
the Indenture.

 

The Notes are issuable only in registered
form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 

THIS NOTE AND THE INDENTURE WILL BE CONSTRUED
IN ACCORDANCE WITH THE 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 THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED
IN ACCORDANCE WITH SUCH LAWS.

 

No reference herein to the Indenture and
no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional,
to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed.

 

No recourse may be taken, directly or indirectly,
with respect to the obligations of the Issuer on the Notes or under the Indenture or any certificate or other writing delivered
in connection herewith or therewith, against (i) the Trustee in its individual capacity, (ii) any owner of a beneficial interest
in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Trustee in its individual
capacity, any holder of a beneficial interest in the Issuer or the Trustee or of any successor or assign of the Trustee in its
individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee has no such obligations
in its individual capacity). The Holder of this Note by the acceptance hereof agrees that, except as expressly provided in the
Indenture, the SynchronySeries Indenture Supplement and the Terms Document, in the case of an Event of Default under the Indenture,
the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however,
that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any
and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

 

Notwithstanding the allocation provisions
of the Indenture, the SynchronySeries Indenture Supplement and the indenture supplements for each other Series of Notes, if any,
to the extent that the SynchronySeries Noteholders are deemed to have any interest in any assets of the Issuer allocated to other
Notes, each Noteholder or Note Owner, by acceptance of a Note, or in the case of a Note Owner, a beneficial interest in a Note,
shall agree that their interest in those assets is subordinate to claims or rights of such other Noteholders to those other assets.
Further, each Noteholder or Note Owner, by acceptance of a Note, or in the case of a Note Owner, a beneficial interest in a Note,
shall agree that such agreement constitutes a subordination agreement for purposes of Section 510(a) of the Federal Bankruptcy
Code.

 

    	 	Exhibit A-2-8	 

     

    

 

ASSIGNMENT

 

Social Security or taxpayer I.D. or other
identifying number of assignee

 

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

(name and address of assignee)

the within Note and all rights thereunder,
and hereby irrevocably constitutes and appoints attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

 

	Dated:	 	 
	 	 	 
	*	 
	Signature Guaranteed:	 

 

 

		*	NOTE: 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-2-9	 

     

    

 

SCHEDULE A

 

PART I

 

INTEREST PAYMENTS

 

	Interest Payment Date	 	Date of
 Payment
	 	 	Total
 Amount of
 Interest
 Payable
	 	 	Amount of
 Interest Paid
	 	 	Confirmation
 of payment
 by or on
 behalf of the
 Trust
	 
	First	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Second	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

[continue numbering until the appropriate
number of interest payment dates for the Notes is reached]

 

    	 	Exhibit A-2-10	 

     

    

 

PART II

 

PRINCIPAL PAYMENTS

 

	Date of Payment	 	Total Amount
 Payable
	 	 	Total Amount

 Paid
	 	 	Confirmation
 of payment
 by or on
 behalf of the
 Trust
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

 

[continue numbering until the appropriate
number of installment dates for the Notes is reached]

 

    	 	Exhibit A-2-11	 

     

    

 

Exhibit A-3

 

FORM OF CLASS C 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 TO 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 INSTITUTE AGAINST SYNCHRONY CARD ISSUANCE TRUST, SYNCHRONY CARD FUNDING,
LLC, OR SYNCHRONY BANK, OR JOIN IN ANY INSTITUTION AGAINST SYNCHRONY CARD ISSUANCE TRUST, SYNCHRONY CARD FUNDING, LLC, OR SYNCHRONY
BANK, IN, ANY BANKRUPTCY PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY
OBLIGATIONS RELATING TO THE NOTES OR THE INDENTURE.

 

THE HOLDER OF THIS NOTE, BY ACCEPTANCE
OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A BENEFICIAL INTEREST THEREIN, AGREE
TO TREAT THE NOTES AS INDEBTEDNESS OF SYNCHRONY BANK 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 ITS NOTE, BY ITS ACCEPTANCE
OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY ITS ACQUISITION OF A BENEFICIAL INTEREST HEREIN, WILL BE
DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) IT IS NOT, AND IS NOT DIRECTLY OR INDIRECTLY ACQUIRING THIS NOTE OR ANY BENEFICIAL
INTEREST HEREIN FOR, ON BEHALF OF OR WITH ANY ASSETS OF, AN EMPLOYEE BENEFIT PLAN (WITHIN THE MEANING OF SECTION 3(3) OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF
TITLE I OF ERISA, A PLAN (WITHIN THE MEANING OF SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”))
SUBJECT TO SECTION 4975 OF THE CODE, OR A GOVERNMENTAL PLAN (WITHIN THE MEANING OF SECTION 3(32) OF ERISA), CHURCH PLAN (WITHIN
THE MEANING OF SECTION 3(33) OF ERISA), OR NON-U.S. PLAN (AS DESCRIBED IN SECTION 4(b)(4) OF ERISA) OR (II) ITS ACQUISITION AND
HOLDING OF THIS NOTE OR A BENEFICIAL INTEREST HEREIN DOES NOT AND WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED
TRANSACTION IN VIOLATION OF SECTION 406 OR 407 OF ERISA OR SECTION 4975 OF THE CODE (OR, IN THE CASE OF A GOVERNMENTAL, CHURCH
OR NON-U.S. PLAN, A VIOLATION OF ANY SUBSTANTIALLY SIMILAR NON-U.S., FEDERAL, STATE OR LOCAL LAW).

 

     

     

    

 

UPON REQUEST, THE HOLDER OF THIS NOTE SHALL
FURNISH A TAXPAYER IDENTIFICATION CERTIFICATION ON FORM W-9 OR W-8, AS APPLICABLE.

 

    	 	Exhibit A-3-2	 

     

    

 

	REGISTERED	up to $_________
	 	 
	No. __	CUSIP NO. __________

 

SYNCHRONY CARD ISSUANCE TRUST

 

[Floating Rate]

 

SYNCHRONYSERIES CLASS C(20[●][●]-[●])
NOTE

 

SYNCHRONY CARD ISSUANCE TRUST, a statutory
trust created under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received,
hereby promises to pay to CEDE & CO., or registered assigns, subject to the following provisions, a principal sum of __________
payable on the __________ Payment Date (the “Scheduled Principal Payment Date”), except as otherwise provided
below or in the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and
payable on the __________ Payment Date (the “Legal Maturity Date”). Interest will accrue on this Note at the
rate of [LIBOR plus] __________% per annum, as more specifically set forth in the Class C(20[●][●]-[●]) Terms
Document, dated as of __________, 20_____ (the “Terms Document”), between the Issuer and the Indenture Trustee,
and shall be due and payable on each Interest Payment Date from the Monthly Interest Accrual Date in the related Monthly Period
(or, in the case of the first Interest Payment Date, from and including the date of issuance of this Note) to but excluding the
first Monthly Interest Accrual Date after the end of that Monthly Period. Interest will be computed on the basis of a 360-day year
[and the actual number of days elapsed] [consisting of twelve 30-day months]. Such principal of and interest on this Note shall
be paid in the manner specified 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. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable
on this Note as provided above and then to the unpaid principal of this Note.

 

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 the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled
to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

 

    	 	Exhibit A-3-3	 

     

    

 

	 	SYNCHRONY CARD ISSUANCE TRUST,
	 	as Issuer
	 	 	 	 
	 	By:	CITIBANK, N.A.,
	 	 	not in its individual capacity but solely as Trustee
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

Date: __________, _____

 

INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

This is one of the
Notes designated above and referred to in the within-mentioned Indenture.

 

	 	THE BANK OF NEW YORK MELLON,
	 	not in its individual capacity but solely as Indenture Trustee
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

Date: __________, _____

 

    	 	Exhibit A-3-4	 

     

    

 

[REVERSE OF NOTE]

 

This Class C Note is one of the Notes of
a duly authorized issue of Notes of the Issuer, designated as its “SynchronySeries Class C Notes” (herein called the
 “Notes”), all issued under an Amended and Restated Master Indenture dated as of May 1, 2018 (such indenture,
as supplemented or amended, is herein called the “Indenture”) between the Issuer and The Bank of New York Mellon,
as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the
Indenture), as supplemented by a SynchronySeries Indenture Supplement dated as of September 26, 2018 (the “Indenture Supplement”)
and the Terms Document, between the Issuer and The Bank of New York Mellon, as Indenture Trustee, to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer,
the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this
Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to
the Indenture, as so supplemented or amended.

 

Although a summary of certain provisions
of the Indenture is set forth below, this Note is qualified in its entirety by the terms and provisions of the Indenture and reference
is made to that Indenture for information with respect to the interests, rights, benefits, obligations, proceeds and duties evidenced
hereby and the rights, duties and obligations of the Indenture Trustee.

 

The Class A Notes, the Class B Notes [and
the Class D Notes] will also be issued under the Indenture.

 

The Notes are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the Indenture.

 

Principal of this Note will be payable
on the Scheduled Principal Payment Date in an amount described on the face hereof, subject to the provisions of the Indenture.

 

As described above, the entire unpaid principal
amount of this Note shall be due and payable on the Legal Maturity Date. Notwithstanding the foregoing, the entire unpaid principal
amount of the Notes shall be due and payable on the date on which an Event of Default relating solely to the non-payment of interest
on the Notes shall have occurred and be continuing and the Indenture Trustee or the Holders of more than 66 2⁄3% of the Outstanding
Dollar Principal Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in Section
6.02 of the Indenture; provided, however, that such acceleration of the entire unpaid principal amount of the
Notes may be rescinded by the holders of more than 66 2⁄3% of the Outstanding Dollar Principal Amount of the Notes. All principal
payments on the Notes shall be made pro rata to the Noteholders entitled thereto.

 

On any Payment Date on or after the Payment
Date on which the aggregate Nominal Liquidation Amount (after giving effect to all payments on such Payment Date) of any class
of Notes is reduced to less than 10% of its highest Outstanding Dollar Principal Amount at any time, the Servicer has the right,
but not the obligation, to redeem such class of Notes in whole but not in part, pursuant to Section 11.02 of the Indenture.
The redemption price of such Notes will equal 100% of the Outstanding Dollar Principal Amount of such Tranche plus accrued, unpaid
and additional interest or principal accreted and unpaid on such Tranche to but excluding the date of redemption.

 

    	 	Exhibit A-3-5	 

     

    

 

Subject to the terms and conditions of
the Indenture, the Issuer may, from time to time, issue one or more series of Notes secured by one or more asset pools. Subject
to the terms and conditions of the Indenture Supplement, the Issuer may, from time to time, issue one or more Tranches of SynchronySeries
Notes.

 

On each Payment Date, the Paying Agent
shall distribute to each Noteholder of record on the related Record Date (except for the final distribution with respect to this
Note) such Noteholder’s pro rata share of the amounts held by the Paying Agent that are allocated and available on
such Payment Date to pay interest and principal on the Notes. Final payments of this Note will be made only upon presentation and
surrender of this Note at the office or offices therein specified.

 

Payments of interest on this Note due and
payable on each Interest Payment Date, together with the installment of principal, if any, due and payable on each Principal Payment
Date, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered
Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except
that with respect to Notes registered on the Record Date in the name of the nominee of the clearing agency (initially, such nominee
to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such
nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register
as of the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal
amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon
all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu
hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of
the then remaining unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf
of the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by
notice mailed within five days of such Payment Date and the amount then due and payable shall be payable only upon presentation
and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture
Trustee’s agent appointed for such purposes located in the City of New York. On any payment of interest or principal being
made, details of such payment shall be entered by the Indenture Trustee on behalf of the Issuer in Schedule A hereto.

 

As provided in the Indenture and subject
to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this
Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by,
or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof
or his attorney duly authorized in writing, with such signature guaranteed by a commercial bank or trust company located, or having
a correspondent located, in the City of New York or the city in which the Corporate Trust Office is located, or a member firm of
a national securities exchange, and such other documents as the Indenture Trustee may require, and thereupon one or more new Notes
of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees.
No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required
to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

 

    	 	Exhibit A-3-6	 

     

    

 

Each Noteholder or Note Owner, by acceptance
of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees that no recourse may be taken,
directly or indirectly, with respect to the obligations of the Issuer, the Trustee or the Indenture Trustee on the Notes or under
the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Trustee
in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent,
officer, director or employee of the Indenture Trustee or the Trustee in its individual capacity, any holder of a beneficial interest
in the Issuer, the Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Trustee in its
individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary
shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution
or failure to pay any installment or call owing to such entity.

 

Each Noteholder or Note Owner, by acceptance
of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that by accepting the benefits
of the Indenture that such Noteholder will not at any time institute against Synchrony Bank, Synchrony Card Funding, LLC or the
Issuer, or join with any institution against Synchrony Bank, Synchrony Card Funding, LLC or the Issuer, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy or
similar law in connection with any obligations relating to the Notes, the Indenture, the SynchronySeries Indenture Supplement,
the Terms Document or any Derivative Agreement.

 

Prior to the due presentment for registration
of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the
Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee
nor any such agent shall be affected by notice to the contrary.

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the
Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes representing more than
66 2⁄3% of the Outstanding Dollar Principal Amount of the Notes. The Indenture also contains provisions permitting the Holders
of Notes representing specified percentages of the Outstanding Dollar Principal Amount of the Notes, on behalf of the Holders of
all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture
and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive
and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture
also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent
of Holders of the Notes issued thereunder.

 

    Exhibit A-3-7

     

    

 

Any Holder of any Note that is a Requesting
Party that has made a Repurchase Request agrees to be bound by the dispute resolutions provisions of the Indenture if such Repurchase
Request is not resolved.

 

The term “Issuer” as used in
this Note includes any successor to the Issuer under the Indenture.

 

The Issuer is permitted by the Indenture,
under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under
the Indenture.

 

The Notes are issuable only in registered
form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 

THIS NOTE AND THE INDENTURE WILL BE CONSTRUED
IN ACCORDANCE WITH THE 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 THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED
IN ACCORDANCE WITH SUCH LAWS.

 

No reference herein to the Indenture and
no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional,
to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed.

 

No recourse may be taken, directly or indirectly,
with respect to the obligations of the Issuer on the Notes or under the Indenture or any certificate or other writing delivered
in connection herewith or therewith, against (i) the Trustee in its individual capacity, (ii) any owner of a beneficial interest
in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Trustee in its individual
capacity, any holder of a beneficial interest in the Issuer or the Trustee or of any successor or assign of the Trustee in its
individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee has no such obligations
in its individual capacity). The Holder of this Note by the acceptance hereof agrees that, except as expressly provided in the
Indenture, the SynchronySeries Indenture Supplement and the Terms Document, in the case of an Event of Default under the Indenture,
the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however,
that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any
and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

 

Notwithstanding the allocation provisions
of the Indenture, the SynchronySeries Indenture Supplement and the indenture supplements for each other Series of Notes, if any,
to the extent that the SynchronySeries Noteholders are deemed to have any interest in any assets of the Issuer allocated to other
Notes, each Noteholder or Note Owner, by acceptance of a Note, or in the case of a Note Owner, a beneficial interest in a Note,
shall agree that their interest in those assets is subordinate to claims or rights of such other Noteholders to those other assets.
Further, each Noteholder or Note Owner, by acceptance of a Note, or in the case of a Note Owner, a beneficial interest in a Note,
shall agree that such agreement constitutes a subordination agreement for purposes of Section 510(a) of the Federal Bankruptcy
Code.

 

    Exhibit A-3-8

     

    

 

ASSIGNMENT

 

Social Security or taxpayer I.D. or other
identifying number of assignee

 

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

(name and address of assignee)

the within Note and all rights thereunder,
and hereby irrevocably constitutes and appoints attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

 

Dated:______________________________

 

___________________________________ *

Signature Guaranteed:

 

 

		*	NOTE: 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-3-9

     

    

 

SCHEDULE A

 

PART I

 

INTEREST PAYMENTS

 

	 Interest Payment Date	 	Date of
 Payment	 	Total 

    Amount of 

    Interest
 Payable	 	Amount of
 Interest Paid	 	Confirmation
 of payment 

    by or on 

    behalf of the

    Trust
	First	 	 	 	 	 	 	 	 
	Second	 	 	 	 	 	 	 	 

 

[continue numbering until the appropriate
number of interest payment dates for the Notes is reached]

 

    Exhibit A-3-10

     

    

 

PART II

 

PRINCIPAL PAYMENTS

 

	Date of Payment	 	Total Amount
 Payable	 	Total Amount
 Paid	 	Confirmation 

    of payment

    by or on 

    behalf of the
 Trust
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

[continue numbering until the appropriate
number of installment dates for the Notes is reached]

 

    Exhibit A-3-11

     

    

 

Exhibit A-4

 

FORM OF CLASS D 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 TO 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 INSTITUTE AGAINST SYNCHRONY CARD ISSUANCE TRUST, SYNCHRONY CARD FUNDING,
LLC, OR SYNCHRONY BANK, OR JOIN IN ANY INSTITUTION AGAINST SYNCHRONY CARD ISSUANCE TRUST, SYNCHRONY CARD FUNDING, LLC, OR SYNCHRONY
BANK, IN, ANY BANKRUPTCY PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY
OBLIGATIONS RELATING TO THE NOTES OR THE INDENTURE.

 

THE HOLDER OF THIS NOTE, BY ACCEPTANCE
OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A BENEFICIAL INTEREST THEREIN, AGREE
TO TREAT THE NOTES AS INDEBTEDNESS OF SYNCHRONY BANK 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 ITS NOTE, BY ITS ACCEPTANCE
OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY ITS ACQUISITION OF A BENEFICIAL INTEREST HEREIN, WILL
BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) IT IS NOT, AND IS NOT DIRECTLY OR INDIRECTLY ACQUIRING THIS NOTE OR ANY BENEFICIAL
INTEREST HEREIN FOR, ON BEHALF OF OR WITH ANY ASSETS OF, AN EMPLOYEE BENEFIT PLAN (WITHIN THE MEANING OF SECTION 3(3) OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF
TITLE I OF ERISA, A PLAN (WITHIN THE MEANING OF SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”))
SUBJECT TO SECTION 4975 OF THE CODE, OR A GOVERNMENTAL PLAN (WITHIN THE MEANING OF SECTION 3(32) OF ERISA), CHURCH PLAN (WITHIN
THE MEANING OF SECTION 3(33) OF ERISA), OR NON-U.S. PLAN (AS DESCRIBED IN SECTION 4(b)(4) OF ERISA) OR (II) ITS ACQUISITION AND
HOLDING OF THIS NOTE OR A BENEFICIAL INTEREST HEREIN DOES NOT AND WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED
TRANSACTION IN VIOLATION OF SECTION 406 OR 407 OF ERISA OR SECTION 4975 OF THE CODE (OR, IN THE CASE OF A GOVERNMENTAL, CHURCH
OR NON-U.S. PLAN, A VIOLATION OF ANY SUBSTANTIALLY SIMILAR NON-U.S., FEDERAL, STATE OR LOCAL LAW).

 

    Exhibit A-4-1

     

    

  

UPON REQUEST, THE HOLDER OF THIS NOTE SHALL
FURNISH A TAXPAYER IDENTIFICATION CERTIFICATION ON FORM W-9 OR W-8, AS APPLICABLE.

 

    Exhibit A-4-2

     

    

 

	REGISTERED	up to $_________
	 	 
	No. __	CUSIP NO. __________

 

SYNCHRONY CARD ISSUANCE TRUST

 

[Floating Rate]

 

SYNCHRONYSERIES CLASS D(20[●][●]-[●])
NOTE

 

SYNCHRONY CARD ISSUANCE TRUST, a statutory
trust created under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received,
hereby promises to pay to CEDE & CO., or registered assigns, subject to the following provisions, a principal sum of __________
payable on the __________ Payment Date (the “Scheduled Principal Payment Date”), except as otherwise provided
below or in the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and
payable on the __________ Payment Date (the “Legal Maturity Date”). Interest will accrue on this Note at the
rate of [LIBOR plus] __________% per annum, as more specifically set forth in the Class D(20[●][●]-[●]) Terms
Document, dated as of __________, 20_____ (the “Terms Document”), between the Issuer and the Indenture Trustee,
and shall be due and payable on each Interest Payment Date from the Monthly Interest Accrual Date in the related Monthly Period
(or, in the case of the first Interest Payment Date, from and including the date of issuance of this Note) to but excluding the
first Monthly Interest Accrual Date after the end of that Monthly Period. Interest will be computed on the basis of a 360-day year
[and the actual number of days elapsed] [consisting of twelve 30-day months]. Such principal of and interest on this Note shall
be paid in the manner specified 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. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable
on this Note as provided above and then to the unpaid principal of this Note.

 

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 the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled
to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

 

    Exhibit A-4-3

     

    

 

	 	
        SYNCHRONY CARD ISSUANCE TRUST,

        as Issuer

	 	 
	 	By: CITIBANK, N.A.,
	 	not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

Date: __________, _____

 

INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

This is one of the
Notes designated above and referred to in the within-mentioned Indenture.

 

	 	THE BANK OF NEW YORK MELLON,
	 	not in its individual capacity but solely as Indenture Trustee
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	Date: __________, _____	 

 

    Exhibit A-4-4

     

    

 

[REVERSE OF NOTE]

 

This Class D Note is one of the Notes of
a duly authorized issue of Notes of the Issuer, designated as its “SynchronySeries Class D Notes” (herein called the
 “Notes”), all issued under an Amended and Restated Master Indenture dated as of May 1, 2018 (such indenture,
as supplemented or amended, is herein called the “Indenture”) between the Issuer and The Bank of New York Mellon,
as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the
Indenture), as supplemented by a SynchronySeries Indenture Supplement dated as of September 26, 2018 (the “Indenture Supplement”)
and the Terms Document, between the Issuer and The Bank of New York Mellon, as Indenture Trustee, to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer,
the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this
Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to
the Indenture, as so supplemented or amended.

 

Although a summary of certain provisions
of the Indenture is set forth below, this Note is qualified in its entirety by the terms and provisions of the Indenture and reference
is made to that Indenture for information with respect to the interests, rights, benefits, obligations, proceeds and duties evidenced
hereby and the rights, duties and obligations of the Indenture Trustee.

 

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

 

The Notes are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the Indenture.

 

Principal of this Note will be payable
on the Scheduled Principal Payment Date in an amount described on the face hereof, subject to the provisions of the Indenture.

 

As described above, the entire unpaid principal
amount of this Note shall be due and payable on the Legal Maturity Date. Notwithstanding the foregoing, the entire unpaid principal
amount of the Notes shall be due and payable on the date on which an Event of Default relating solely to the non-payment of interest
on the Notes shall have occurred and be continuing and the Indenture Trustee or the Holders of more than 66 2⁄3% of the Outstanding
Dollar Principal Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in Section
6.02 of the Indenture; provided, however, that such acceleration of the entire unpaid principal amount of the
Notes may be rescinded by the holders of more than 66 2⁄3% of the Outstanding Dollar Principal Amount of the Notes. All principal
payments on the Notes shall be made pro rata to the Noteholders entitled thereto.

 

On any Payment Date on or after the Payment
Date on which the aggregate Nominal Liquidation Amount (after giving effect to all payments on such Payment Date) of any class
of Notes is reduced to less than 10% of its highest Outstanding Dollar Principal Amount at any time, the Servicer has the right,
but not the obligation, to redeem such class of Notes in whole but not in part, pursuant to Section 11.02 of the Indenture.
The redemption price of such Notes will equal 100% of the Outstanding Dollar Principal Amount of such Tranche plus accrued, unpaid
and additional interest or principal accreted and unpaid on such Tranche to but excluding the date of redemption.

 

    Exhibit A-4-5

     

    

 

Subject to the terms and conditions of
the Indenture, the Issuer may, from time to time, issue one or more series of Notes secured by one or more asset pools. Subject
to the terms and conditions of the Indenture Supplement, the Issuer may, from time to time, issue one or more Tranches of SynchronySeries
Notes.

 

On each Payment Date, the Paying Agent
shall distribute to each Noteholder of record on the related Record Date (except for the final distribution with respect to this
Note) such Noteholder’s pro rata share of the amounts held by the Paying Agent that are allocated and available on
such Payment Date to pay interest and principal on the Notes. Final payments of this Note will be made only upon presentation and
surrender of this Note at the office or offices therein specified.

 

Payments of interest on this Note due and
payable on each Interest Payment Date, together with the installment of principal, if any, due and payable on each Principal Payment
Date, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered
Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except
that with respect to Notes registered on the Record Date in the name of the nominee of the clearing agency (initially, such nominee
to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such
nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register
as of the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal
amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon
all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu
hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of
the then remaining unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf
of the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by
notice mailed within five days of such Payment Date and the amount then due and payable shall be payable only upon presentation
and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture
Trustee’s agent appointed for such purposes located in the City of New York. On any payment of interest or principal being
made, details of such payment shall be entered by the Indenture Trustee on behalf of the Issuer in Schedule A hereto.

 

As provided in the Indenture and subject
to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this
Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by,
or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof
or his attorney duly authorized in writing, with such signature guaranteed by a commercial bank or trust company located, or having
a correspondent located, in the City of New York or the city in which the Corporate Trust Office is located, or a member firm of
a national securities exchange, and such other documents as the Indenture Trustee may require, and thereupon one or more new Notes
of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees.
No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required
to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

 

    Exhibit A-4-6

     

    

 

Each Noteholder or Note Owner, by acceptance
of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees that no recourse may be taken,
directly or indirectly, with respect to the obligations of the Issuer, the Trustee or the Indenture Trustee on the Notes or under
the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Trustee
in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent,
officer, director or employee of the Indenture Trustee or the Trustee in its individual capacity, any holder of a beneficial interest
in the Issuer, the Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Trustee in its
individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary
shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution
or failure to pay any installment or call owing to such entity.

 

Each Noteholder or Note Owner, by acceptance
of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that by accepting the benefits
of the Indenture that such Noteholder will not at any time institute against Synchrony Bank, Synchrony Card Funding, LLC or the
Issuer, or join with any institution against Synchrony Bank, Synchrony Card Funding, LLC or the Issuer, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy or
similar law in connection with any obligations relating to the Notes, the Indenture, the SynchronySeries Indenture Supplement,
the Terms Document or any Derivative Agreement.

 

Prior to the due presentment for registration
of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the
Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee
nor any such agent shall be affected by notice to the contrary.

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the
Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes representing more than
66 2⁄3% of the Outstanding Dollar Principal Amount of the Notes. The Indenture also contains provisions permitting the Holders
of Notes representing specified percentages of the Outstanding Dollar Principal Amount of the Notes, on behalf of the Holders of
all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture
and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive
and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture
also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent
of Holders of the Notes issued thereunder.

 

    Exhibit A-4-7

     

    

 

Any Holder of any Note that is a Requesting
Party that has made a Repurchase Request agrees to be bound by the dispute resolutions provisions of the Indenture if such Repurchase
Request is not resolved.

 

The term “Issuer” as used in
this Note includes any successor to the Issuer under the Indenture.

 

The Issuer is permitted by the Indenture,
under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under
the Indenture.

 

The Notes are issuable only in registered
form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 

THIS NOTE AND THE INDENTURE WILL BE CONSTRUED
IN ACCORDANCE WITH THE 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 THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED
IN ACCORDANCE WITH SUCH LAWS.

 

No reference herein to the Indenture and
no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional,
to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed.

 

No recourse may be taken, directly or indirectly,
with respect to the obligations of the Issuer on the Notes or under the Indenture or any certificate or other writing delivered
in connection herewith or therewith, against (i) the Trustee in its individual capacity, (ii) any owner of a beneficial interest
in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Trustee in its individual
capacity, any holder of a beneficial interest in the Issuer or the Trustee or of any successor or assign of the Trustee in its
individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee has no such obligations
in its individual capacity). The Holder of this Note by the acceptance hereof agrees that, except as expressly provided in the
Indenture, the SynchronySeries Indenture Supplement and the Terms Document, in the case of an Event of Default under the Indenture,
the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however,
that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any
and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

 

Notwithstanding the allocation provisions
of the Indenture, the SynchronySeries Indenture Supplement and the indenture supplements for each other Series of Notes, if any,
to the extent that the SynchronySeries Noteholders are deemed to have any interest in any assets of the Issuer allocated to other
Notes, each Noteholder or Note Owner, by acceptance of a Note, or in the case of a Note Owner, a beneficial interest in a Note,
shall agree that their interest in those assets is subordinate to claims or rights of such other Noteholders to those other assets.
Further, each Noteholder or Note Owner, by acceptance of a Note, or in the case of a Note Owner, a beneficial interest in a Note,
shall agree that such agreement constitutes a subordination agreement for purposes of Section 510(a) of the Federal Bankruptcy
Code.

 

    Exhibit A-4-8

     

    

 

ASSIGNMENT

 

Social Security or taxpayer I.D. or other
identifying number of assignee

 

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

(name and address of assignee)

the within Note and all rights thereunder,
and hereby irrevocably constitutes and appoints attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

 

Dated:______________________________

 

_________________________________________ *

Signature Guaranteed:

 

 

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

 

    Exhibit A-4-9

     

    

 

SCHEDULE A

 

PART I

 

INTEREST PAYMENTS

 

	 Interest Payment Date	 	Date of
 Payment	 	Total 

    Amount of

    Interest
 Payable	 	Amount of
 Interest Paid	 	Confirmation
 of payment 

    by or on 

    behalf of the

    Trust
	First	 	 	 	 	 	 	 	 
	Second	 	 	 	 	 	 	 	 

 

[continue numbering until the appropriate
number of interest payment dates for the Notes is reached]

 

    Exhibit A-4-10

     

    

 

PART II

 

PRINCIPAL PAYMENTS 

 

	 Date of Payment	 	Total Amount
 Payable	 	Total Amount
 Paid	 	Confirmation 

    of payment

    by or on 

    behalf of the
 Trust
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

[continue numbering until the appropriate
number of installment dates for the Notes is reached]

 

    Exhibit A-4-11

     

    

 

Exhibit B

 

Monthly Noteholder’s Statement

 

Synchrony Card Issuance Trust

 

SynchronySeries

 

Pursuant to the Amended and Restated Master
Indenture, dated as of May 1, 2018 (as amended and supplemented, the “Indenture”) between Synchrony Card IssuanceTrust
(the “Issuer”) and The Bank of New York Mellon, as indenture trustee (the “Indenture Trustee”),
as supplemented by the SynchronySeries Indenture Supplement (the “Indenture Supplement”), dated as of September 26,
2018, between the Issuer and the Indenture Trustee, the Issuer is required to prepare, or cause Synchrony Bank (the “Servicer”),
to prepare certain information each month regarding current distributions to the SynchronySeries Noteholders and the performance
of the Issuer during the previous month. The information is required to be prepared with respect to the Payment Date as set forth
below, and with respect to the performance of the Issuer during the Monthly Period ended as 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 purchased by the Issuer until otherwise indicated. The undersigned, an Authorized Officer
of the Servicer, does hereby certify as follows:

 

	Record Date:	 
	Monthly Period Beginning:	 
	Monthly Period Ending:	 
	Payment Date:	 
	Loss Cycles in Period:	 

 

		I.	Trust Receivables Information (Monthly Period)

		a.	BOP Number of Accounts

		b.	EOP Number of Accounts

		c.	BOP Aggregate Principal Receivables

		d.	BOP Finance Charge Receivables

		e.	BOP Discount Option Receivables

		f.	BOP Total Receivables

		g.	Increase in Principal Receivables from Additional Accounts

		h.	Increase in Finance Charge Receivables from Additional Accounts

		i.	Increase in Discount Option Receivables

		j.	Decrease in Principal Receivables due to Account Removal

		k.	Decrease in Finance Charge Receivables due to Account Removal

		l.	EOP Aggregate Principal Receivables

		m.	EOP Finance Charge Receivables

		n.	EOP Discount Option Receivables

		o.	EOP Total Receivables

		p.	BOP Excess Funding Account Balance

		q.	EOP Excess Funding Account Balance

		r.	Required Principal Balance

		s.	Minimum Free Equity Amount

		t.	Free Equity Amount

 

		II.	Investor Information (Sum of all Series)*

		a.	Note Principal Balance

		i.	Beginning of Interest Period

		ii.	Increase in Note Principal Balance due to New Issuance / Additional Draws

		iii.	Decrease in Note Principal Balance due to Principal Paid and Notes Retired

		iv.	As of Payment Date

 

    B-1

     

    

 

		b.	Subordinated Transferor Amount

		i.	Beginning of Interest Period

		ii.	As of Payment Date

		c.	Principal Funding Account Balance

		i.	Beginning of Interest Period

		ii.	As of Payment Date

		d.	Collateral Amount

		i.	Beginning of Interest Period

		ii.	As of Payment Date

 

		*	Throughout this Section II., Beginning of Interest Period
Amounts include any issuances that occurred during the Monthly Period related to this report. As of Payment Date amounts include
payments to occur on the Payment Date but exclude any issuances occurring after the last day of the Monthly Period related to
this report.

 

		III.	Trust Performance Data (Monthly Period)

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

		i.	Current

		ii.	Three-Month Average

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

		i.	Current

		ii.	Three-Month Average

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

		i.	Current

		ii.	Prior Monthly Period

		iii.	Two Months Prior Monthly Period

		iv.	Three Months Prior Monthly Period

		v.	Three-Month Average

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

		i.	Current

		ii.	Prior Monthly Period

		iii.	Two Months Prior Monthly Period

		iv.	Three Months Prior Monthly Period

		v.	Three-Month Average

		e.	Default Amount for Defaulted Accounts

		f.	Recovery Amount

		g.	Net Charge-Off (Default Amount for Defaulted Accounts - Recoveries)

		h.	Number of Accounts Charged Off

		i.	Average Account Charge-Off (Net Charge-Off / Number of Accounts Charged Off)

 

	j.	Delinquency Data	 	Accounts	 	Pctg. of Tot.
 Accts.	 	Total
 Receivables
	 	Pctg. of Tot.
 Recv.	 
	 	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	 	 	 	%	 	 	 	%	 
	 	Total	 	 	 	%	 	 	 	%	 

 

    B-2

     

    

 

		IV.	Series
Performance Data

 

	 	 	[First]
 Monthly Period	 	[Second]
 Monthly Period	 	[Third]
 Monthly Period
	(a) Portfolio Yield	 	 	 	 	 	 
	(b) Base Rate	 	 	 	 	 	 
	(a) – (b) = Excess Spread Percentage	 	 	 	 	 	 
	Three Month Average Excess Spread Percentage	 	 	 	 	 	 

 

	V.	Collections and Allocations	 	Trust	 	Series
	 	 	 	 	 	 	 
	a.	Finance Charge Collections (excluding f.)	 	 	 	 
	b. 	Servicing Fee Retained	 	 	 	 
	c. 	Principal Collections	 	 	 	 
	d. 	Default Amount	 	 	 	 
	e. 	Net Swap Receipts	 	 	 	 
	f. 	Investment Earnings Treated as Finance Charge Collections	 	 	 	 

 

		VI.	Allocation Percentages

		a.	Allocation Percentage Denominators

		i.	Aggregate Principal Receivables Balance as of EOP Prior Monthly Period

		ii.	Number of Days at Balance

		iii.	Aggregate Principal Receivables Balance as of COB Reset Date (if any)

		iv.	Number of Days at Balance

		b.	SynchronySeries Allocation Percentages

		i.	SynchronySeries Floating Allocation Percentage (daily average)

		ii.	SynchronySeries Principal Allocation Percentage (daily average)

 

		VII.	Shared Excess Available Finance Charge Collections

 

		a.	Finance Charge Shortfall for SynchronySeries

		b.	Finance Charge Shortfall for all Series

		c.	Shared Excess Available Finance Charges Collections Allocated to SynchronySeries

 

		VIII.	Information Regarding the Current Distribution to Noteholders

 

		a.	The amount of distribution to Noteholders on the related Payment Date per $1,000 Initial Dollar Principal Amount

 

	 

 

	Tranche	 	LIBOR 
 Determination 
 Date	 	 
LIBOR
 Rate
	 	Total 
 Distribution	 	Interest 
 Rate	 	Interest 
 Distribution	 	Principal 
 Distribution
	Class A(2018-1)	 	 	 	 	 	 	 	 %	 	 	 	 
	Class B(2018-1)	 	 	 	 	 	 	 	 %	 	 	 	 
	Class C(2018-1)	 	 	 	 	 	 	 	 %	 	 	 	 
	Class D(2018-1)	 	 	 	 	 	 	 	 %	 	 	 	 

 

    B-3

     

    

 

		IX.	Outstanding Dollar Principal Amount of SynchronySeries
Notes as of the Payment Date

 

	Tranche	 	Initial
 Dollar Principal

 Amount
 
	 	Outstanding
 Dollar Principal

 Amount
 
	 	Adjusted Outstanding
 Dollar Principal
 Amount
 

	 	 	 	 	 	 	 
	Class A(2018-1)	 	 	 	 	 	 
	Total Class A	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Class B(2018-1)	 	 	 	 	 	 
	Total Class B	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Class C(2018-1)	 	 	 	 	 	 
	Total Class C	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Class D(2018-1)	 	 	 	 	 	 
	Total Class D	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Total	 	 	 	 	 	 

 

		X.	Nominal Liquidation Amount of SynchronySeries Notes

 

	Tranche	 	Nominal
 Liquidation
 Amount as
 of
 Beginning
 of Interest
 Period*	 	Increases
 from
 amounts
 withdrawn
 from the
 Note
 Retirement
 Subaccounts
 in respect of
 Prefunding
 Excess
 Amounts	 	Reimbursements
 of prior Nominal
 Liquidation
 Amount Deficits
 from Available
 Finance Charge
 Collections	 	Increase
 due to
 additional
 notes
 issued
 during
 Monthly
 Period	 	Reductions
 due to
 reallocations
 of Available
 Principal
 Collections
 and Investor
 Charge-Offs	 	Reductions
 due to
 amounts
 deposited to
 the
 Principal
 Funding
 Subaccounts	 	Reductions
 due to
 amounts
 deposited in
 applicable
 Note
 Retirement
 Subaccounts	 	Nominal
 Liquidation
 Amount as
 of end of
 Interest
 Period*
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Class A(2018-1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Class A	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Class B(2018-1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Class B	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Class C(2018-1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Class C	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Class D(2018-1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Class D	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

		*	Beginning of Interest Period Amounts include any issuances
that occurred during the Monthly Period related to this report. As of end of Interest Period amounts include payments to occur
on the Payment Date but exclude any issuances occurring after the last day of the Monthly Period related to this report.

 

    B-4

     

    

 

		XI.	SynchronySeries Required and Subordinated Amounts*

 

Beginning of Interest Period

 

	Tranche	 	Required
 Subordinated
 Amount	 	Total Subordinated
 Amount	 	Nominal
 Liquidation
 Amount of Class B
 Notes	 	Nominal
 Liquidation
 Amount of Class C
 Notes	 	Nominal
 Liquidation
 Amount of Class D
 Notes	 	Subordinated
 Transferor
 Amount
	Class A(2018-1)	 	 	 	 	 	 	 	 	 	 	 	 
	Total Class A	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Class B(2018-1)	 	 	 	 	 	 	 	 	 	 	 	 
	Total Class B	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Class C(2018-1)	 	 	 	 	 	 	 	 	 	 	 	 
	Total Class C	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Class D(2018-1)	 	 	 	 	 	 	 	 	 	 	 	 
	Total Class D	 	 	 	 	 	 	 	 	 	 	 	 

 

As of Payment Date

 

	Tranche	 	Required
 Subordinated
 Amount	 	Total Subordinated
 Amount	 	Nominal
 Liquidation
 Amount of Class B
 Notes	 	Nominal
 Liquidation
 Amount of Class C
 Notes	 	Nominal
 Liquidation
 Amount of Class D
 Notes	 	Subordinated
 Transferor
 Amount
	Class A(2018-1)	 	 	 	 	 	 	 	 	 	 	 	 
	Total Class A	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Class B(2018-1)	 	 	 	 	 	 	 	 	 	 	 	 
	Total Class B	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Class C(2018-1)	 	 	 	 	 	 	 	 	 	 	 	 
	Total Class C	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Class D(2018-1)	 	 	 	 	 	 	 	 	 	 	 	 
	Total Class D	 	 	 	 	 	 	 	 	 	 	 	 

 

		*	Throughout this Section XI, Beginning of Interest Period
Amounts include any issuances that occurred during the Monthly Period related to this report. As of Payment Date amounts include
payments to occur on the Payment Date but exclude any issuances occurring after the last day of the Monthly Period related to
this report.

 

    B-5

     

    

 

		XII.	Interest Funding Account Subaccounts

 

	Tranche	 	Beginning
 Interest
 Funding
 Subaccount
 Balance	 	Targeted
 deposit to the
 Interest
 Funding
 Subaccount
 for the
 current
 period	 	Previous
 shortfalls of
 targeted
 deposits to
 the Interest
 Funding
 Subaccount	 	Actual
 deposit to
 Interest
 Funding
 Subaccount	 	Amount
 withdrawn
 from the
 Interest
 Funding
 Subaccount
 for payment
 to
 Noteholders	 	Other
 Withdrawals	 	Ending
 Interest
 Funding
 Subaccount
 Balance
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Class A(2018-1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Class A	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Class B(2018-1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Class B	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Class C(2018-1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Class C	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Class D(2018-1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Class D	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

		XIII.	Principal Funding Account Subaccounts

 

	Tranche	 	Beginning
 Principal
 Funding
 Subaccount
 Balance	 	Targeted
 deposit to the
 Principal
 Funding
 Subaccount
 for the
 current
 period	 	Previous
 shortfalls of
 targeted
 deposits to
 the Principal
 Funding
 Subaccount	 	Actual
 deposit to
 Principal
 Funding
 Subaccount
 on the
 Transfer Date	 	Amount
 withdrawn
 from the
 Principal
 Funding
 Subaccount
 for payment
 to
 Noteholders	 	Other
 Withdrawals	 	Ending
 Principal
 Funding
 Subaccount
 Balance
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Class A(2018-1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Class A	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Class B(2018-1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Class B	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Class C(2018-1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Class C	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Class D(2018-1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Class D	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    B-6

     

    

 

		XIV.	Class D Reserve Subaccounts

 

	Tranche	 	Beginning
 Class D
 Reserve
 Subaccount
 Balance	 	Targeted deposit
 to the Class D
 Reserve
 Subaccount for
 the current
 period	 	Actual

 deposit to
 Class D Reserve
 Subaccount	 	Class D Reserve
 Subaccount
 earnings for the
 current period	 	Amount
 withdrawn with
 respect of
 payment of
 interest or
 principal to
 Noteholders	 	Withdrawal of
 Excess Amounts	 	Ending Class D
 Reserve
 Subaccount
 Balance
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Class D(2018-1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Class D	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

		XV.	Accumulation Reserve Subaccounts

 

	Tranche	 	Beginning
 Accumulation
 Reserve
 Subaccount
 Balance	 	Targeted deposit
 to the
 Accumulation
 Reserve
 Subaccount for
 the current
 period	 	Actual

 deposit to
 Accumulation
 Reserve
 Subaccount	 	Accumulation
 Reserve
 Subaccount
 earnings for the
 current period	 	Amount
 withdrawn with
 respect of
 payment of
 principal to
 Noteholders	 	Withdrawal of
 Excess
 Amounts	 	Ending
 Accumulation
 Reserve
 Subaccount
 Balance
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Class A(2018-1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Class A	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Class B(2018-1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Class B	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Class C(2018-1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Class C	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Class D(2018-1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Class D	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

		XVI.	Series Early Amortization Events

 

		a.	Average Excess Spread Percentage for three consecutive
Monthly Periods is less than required Excess Spread
Percentage

      

		b.	The Outstanding Dollar Principal Amount is outstanding
beyond the Scheduled Principal Payment Date

 

i.      Scheduled
Final Payment Date

ii.      Current
Payment Date

 

		c.	Has an early amortization event occurred?

 

    B-7

     

    

 

		XVII.	Risk Retention

 

		a.	U.S. Risk Retention

 

i. Required Risk Retention Transferor Amount
(as of EOP)

ii. Risk Retention Transferor Amount (as
of EOP)

 

		b.	EU Risk Retention

 

At the date of this
statement, Synchrony Bank, as “originator” for the purposes of EU Regulation no. 575/2013 (the “CRR”),
currently retains a material net economic interest that is not less than 5% of the nominal value of the securitized exposures,
in the form of an originator’s interest as provided in option (b) of Article 405(1) of the CRR and the corresponding provisions
of the AIFM Regulation and the Solvency II Regulation (collectively with the CRR, the “EU Risk Retention Regulations”),
which such interest is not hedged or otherwise mitigated except to the extent permitted by the EU Risk Retention Regulations.

 

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

 

	 	Synchrony Bank, as Servicer
	 	 
	 	By: 	 
	 	Name:
	 	Title:

 

    B-8Exhibit 4.2

 

 

SYNCHRONY CARD ISSUANCE TRUST

as Issuer

 

CLASS A(2018-1) TERMS DOCUMENT

dated as of September 26, 2018

 

to

 

SYNCHRONYSERIES INDENTURE SUPPLEMENT

dated as of September 26, 2018

 

to

 

AMENDED AND RESTATED MASTER INDENTURE

dated as of May 1, 2018

 

THE BANK OF NEW YORK MELLON

as Indenture Trustee

 

     

     

    

 

Table of Contents

 

	 	page
	 	 	 
	ARTICLE I	Definitions and Other Provisions of General Application	1
	 	 
	 	Section 1.01	Definitions and Interpretive Matters	1
	 	 	 	 
	 	Section 1.02	Governing Law	3
	 	 	 	 
	 	Section 1.03	Counterparts	3
	 	 	 	 
	 	Section 1.04	Ratification of Indenture and Indenture Supplement	3
	 	 
	ARTICLE II	The Class A(2018-1) Notes	3
	 	 
	 	Section 2.01	Creation and Designation	3
	 	 	 	 
	 	Section 2.02	Form of Delivery of Class A(2018-1) Notes; Depository; Denominations	3
	 	 	 	 
	 	Section 2.03	Delivery and Payment for the Class A(2018-1) Notes	3
	 	 	 	 
	 	Section 2.04	Specification of SynchronySeries Subordinated Transferor Amount	4
	 	 	 	 
	 	Section 2.05	[Reserved.]	4
	 	 	 	 
	 	Section 2.06	Maximum Delinquency Percentage	4
	 	 
	ARTICLE III	Allocations, Deposits and Payments	4
	 	 
	 	Section 3.01	Targeted Deposits into the Class A(2018-1) Interest Funding Sub-Account	4
	 	 	 	 
	 	Section 3.02	[Reserved.]	4
	 	 	 	 
	 	Section 3.03	Withdrawals from Class A(2018-1) Interest Funding Sub-Account	4
	 	 	 	 
	 	Section 3.04	Withdrawals from Class A(2018-1) Principal Funding Sub-Account	4
	 	 	 	 
	 	Section 3.05	Payments of Interest and Principal	5
	 	 
	ARTICLE IV	Miscellaneous provisions	5
	 	 
	 	Section 4.01	Limitation of Liability	5
	 	 	 	 	 

 

     

     

    

 

THIS CLASS A(2018-1) TERMS
DOCUMENT (this “Terms Document”), among the Synchrony CARD ISSUANCE
TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), having its principal office
at c/o Citibank, N.A., 388 Greenwich Street, New York, New York 10013, and THE BANK OF NEW YORK MELLON, a New York state-chartered
bank, as indenture trustee (the “Indenture Trustee”), is made and entered into as of September 26, 2018.

 

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

 

ARTICLE
I

Definitions and Other Provisions of General Application

 

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

 

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

 

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

 

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

 

(d)       Each
capitalized term defined herein shall relate only to the Class A(2018-1) Notes and no other Tranche of SynchronySeries Notes issued
by the Issuer.

 

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

 

“Accumulation
Commencement Date” means June 1, 2021; provided, however, that if the Accumulation Period Length for the Class A(2018-1)
Notes is more or less than the Initial Accumulation Period Length for the Class A(2018-1) Notes, the Accumulation Commencement
Date for the Class A(2018-1) Notes will be the date determined pursuant to the definition of “Accumulation Commencement Date”
in the Indenture Supplement.

 

“Class A(2018-1)
Note” means any Note, substantially in the form set forth in Exhibit A-1 to the Indenture Supplement, designated therein
as a Class A(2018-1) Note and duly executed and authenticated in accordance with the Indenture.

 

     

     

    

 

 “Class
A(2018-1) Noteholder” means a Person in whose name a Class A(2018-1) Note is registered in the Note Register.

 

“Class A(2018-1)
Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar
Principal Amount of the Class A(2018-1) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which
the Indenture is discharged and satisfied pursuant to Article V thereof.

 

“Controlled Accumulation
Amount” means $333,333,333.34; provided, however, if the Accumulation Period Length is determined to be more or less
than twelve months pursuant to Section 3.11(b)(ii) of the Indenture Supplement, the Controlled Accumulation Amount for any
Transfer Date with respect to the Class A(2018-1) Notes will be the amount specified in the definition of “Controlled Accumulation
Amount” in the Indenture Supplement; provided, further, that the Controlled Accumulation Amount for any Monthly Period shall
not exceed the Outstanding Dollar Principal Amount for the Class A(2018-1) Notes minus the amount on deposit in the Class
A(2018-1) Principal Funding Sub-Account.

 

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

 

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

 

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

 

“Interest Payment
Date” means October 15, 2018 and the 15th day of each month thereafter, or if such 15th day is not a Business Day, the
next succeeding Business Day.

 

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

 

“Issuance Date”
means September 26, 2018.

 

“Legal Maturity
Date” means September 16, 2024.

 

“Note Interest
Rate” means a rate per annum equal to 3.38%.

 

“Paying Agent”
means Indenture Trustee.

 

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

 

“Record Date”
means, for any Transfer Date for a Monthly Period in which an Interest Payment Date occurs, the last Business Day of the preceding
Monthly Period.

 

    	 	2	 

     

    

 

“Scheduled Principal
Payment Date” means September 15, 2021.

 

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

 

Section 1.02Governing
Law. THIS TERMS DOCUMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL IN ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION,
VALIDITY AND PERFORMANCE, BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW
YORK (INCLUDING SECTION 5-1401(1) OF THE GENERAL OBLIGATIONS LAW, BUT WITHOUT REGARD TO ANY OTHER CONFLICT OF LAW PROVISIONS THEREOF).

 

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

 

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

 

[END OF ARTICLE I]

 

ARTICLE
II

The Class A(2018-1) Notes

 

Section 2.01Creation
and Designation. There is hereby created a Tranche of SynchronySeries Class A Notes to be issued pursuant to the Indenture
and the Indenture Supplement to be known as the “SynchronySeries Class A(2018-1) Notes.”

 

Section 2.02Form
of Delivery of Class A(2018-1) Notes; Depository; Denominations.

 

(a)       The
Class A(2018-1) Notes shall be delivered in the form of a Global Note as provided in Sections 2.02 and 3.01(g) of the Indenture.

 

(b)       The
Depository for the Class A(2018-1) Notes shall be The Depository Trust Company, and the Class A(2018-1) Notes shall initially be
registered in the name of Cede & Co., its nominee.

 

(c)       The
Class A(2018-1) Notes will be issued in minimum denominations of $10,000 and integral multiples of $1,000 in excess of $10,000.

 

Section 2.03Delivery
and Payment for the Class A(2018-1) Notes. The Issuer shall execute and deliver the Class A(2018-1) Notes to the Indenture
Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2018-1) Notes when authenticated, each in accordance
with Section 3.03 of the Indenture.

 

    	 	3	 

     

    

 

Section 2.04Specification
of SynchronySeries Subordinated Transferor Amount. As of the date of this Terms Document, after giving effect to the issuance
of the Class A(2018-1) Notes but prior to any adjustments pursuant to the terms of the Indenture Supplement, the SynchronySeries
Subordinated Transferor Amount will equal $336,351,352.

 

Section 2.05[Reserved.]

 

Section 2.06Maximum
Delinquency Percentage. The Maximum Delinquency Percentage for the Class A(2018-1) Notes is 9.00%.

 

[END OF ARTICLE II]

 

ARTICLE
III

Allocations, Deposits and Payments

 

Section 3.01Targeted Deposits into the
Class A(2018-1) Interest Funding Sub-Account.

 

(a)       The
amount targeted to be deposited into the Class A(2018-1) Interest Funding Sub-Account pursuant to Sections 3.02(b) and 3.03 of
the Indenture Supplement shall be the sum of the following:

 

(i)       On
the Transfer Date related to each Interest Payment Date, the amount of interest targeted to be deposited in the Class A(2018-1)
Interest Funding Sub-Account shall be an amount equal to one-twelfth of the product of (i) the Note Interest Rate, and (ii) (A)
the Outstanding Dollar Principal Amount of the Class A(2018-1) Notes determined as of the close of business on the Interest Payment
Date preceding the related Transfer Date for the Class A(2018-1) Notes plus (B) any interest due but unpaid on any prior Interest
Payment Date; provided, however, that for the first Interest Payment Date, the amount of interest due with respect
to the Class A(2018-1) Notes shall be $1,783,888.89. Interest on the Class A(2018-1) Notes will be calculated on the basis of a
360-day year consisting of twelve 30-day months. Notwithstanding Section 3.03(d) of the Indenture Supplement, the interest targeted
to be deposited in the Class A(2018-1) Interest Funding Sub-Account shall not include interest accrued on any overdue interest.

 

Section 3.02[Reserved.]

 

Section 3.03Withdrawals
from Class A(2018-1) Interest Funding Sub-Account. On each Interest Payment Date, the interest due on the Class A(2018-1) Notes,
calculated pursuant to Section 3.01(a)(i) of this Terms Document, will be withdrawn from the Class A(2018-1) Interest Funding Sub-Account
and remitted to the Paying Agent for distribution pursuant to Section 3.05 of this Terms Document.

 

Section 3.04Withdrawals
from Class A(2018-1) Principal Funding Sub-Account. On each Principal Payment Date, an amount up to the Nominal Liquidation
Amount of the Class A(2018-1) Notes will be withdrawn from the Class A(2018-1) Principal Funding Sub-Account and remitted to the
Paying Agent for distribution pursuant to Section 3.05 of this Terms Document.

 

    	 	4	 

     

    

 

 

Section 3.05Payments of Interest and
Principal.

 

(a)       Any
installment of interest or principal payable on any Class A(2018-1) Note which is punctually paid or duly provided for by the Issuer
and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to
the Person in whose name such Class A(2018-1) Note (or one or more Predecessor Notes) is registered on the Record Date, by wire
transfer of immediately available funds to such Person’s account as has been designated by written instructions received
by the Paying Agent from such Person not later than the close of business on the third Business Day preceding the date of payment
or, if no such account has been so designated, by check mailed first-class, postage prepaid to such Person’s address as it
appears on the Note Register on such Record Date, except that with respect to Notes registered on the Record Date in the name of
the nominee of Cede & Co., payment shall be made by wire transfer in immediately available funds to the account designated
by such nominee.

 

(b)       The
right of the Class A(2018-1) Noteholders to receive payments from the Issuer will terminate on the first Business Day following
the Class A(2018-1) Termination Date.

 

[END OF ARTICLE III]

 

ARTICLE
IV

Miscellaneous provisions

 

Section 4.01Limitation of Liability.

 

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

 

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

 

 [END OF ARTICLE IV]

 

    	 	5	 

     

    

 

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

 

	 	SYNCHRONY CARD ISSUANCE TRUST
	 	 
	 	By:  CITIBANK, N.A., not in its individual capacity but solely as Trustee on behalf of the Issuer
	 	 
	 	By:	/s/ Kristen Driscoll
	 	 	Name: Kristen Driscoll
	 	 	Title: Senior Trust Officer
	 	 
	 	THE BANK OF NEW YORK MELLON,
	 	as Indenture Trustee 
	 	 
	 	By:	/s/ Leslie Morales
	 		Name: Leslie Morales
	 		Title: Vice President

 

Synchrony Card Issuance Trust

SynchronySeries Class A(2018-1)
Terms Document

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