Document:

Exhibit
4.11

Paragraph 13

Elections and Variables

to the ISDA Credit Support Annex

dated as of June 28, 2007

between

	
  BANK OF AMERICA, N.A. (“Party A”)

  	
   

  	
  GE
  CAPITAL CREDIT CARD MASTER NOTE TRUST

  (“Party B”)

  

 

Paragraph
13.  Elections and Variables

(a)           Security Interest for “Obligations”.

(i)                                     The
term “Obligations”
as used in this Annex includes no “additional obligations” within the meaning
of Paragraph 12.

 (b)          Credit Support Obligations.

(i)            Delivery Amount, Return Amount and
Credit Support Amount.  “Delivery Amount”
has the meaning specified in Paragraph 3(a) except that (I) the words “upon a
demand made by the Secured Party  on
or promptly following a Valuation Date” shall be deleted and replaced by the
words “not later than the close of business on each Valuation Date”, (II) by
deleting in its entirety the sentence beginning “Unless otherwise specified in
Paragraph 13” and ending “(ii) the Value as of that Valuation Date of all
Posted Credit Support held by the Secured Party.” shall be deleted in its
entirety and replaced with the following:

The “Delivery
Amount” applicable to the Pledgor
for any Valuation Date will equal the greatest of 

(1)           the amount by which (a)
the S&P Credit Support Amount for such Valuation Date exceeds (b) the
S&P Value as of such Valuation Date of all Posted Credit Support held by
the Secured Party, 

(2)           the amount by which (a)
the Fitch Credit Support Amount for such Valuation Date exceeds (b) the Fitch
Value as of such Valuation Date of all Posted Credit Support held by the
Secured Party

(3)           the amount by which (a)
the Moody’s First Trigger Credit Support Amount for such Valuation Date exceeds
(b) the Moody’s First Trigger Value as of such Valuation Date of all Posted
Credit Support held by the Secured Party, and

(4)           the amount by which (a)
the Moody’s Second Trigger Credit Support Amount for such Valuation Date
exceeds (b) the Moody’s Second Trigger Value as of such Valuation Date of all
Posted Credit Support held by the Secured Party.”; and

(5)           if, on any Valuation
Date, the Delivery Amount equals or exceeds the Pledgor’s Minimum Transfer
Amount, the Pledgor will transfer to the Secured Party sufficient Eligible
Credit Support to ensure that, immediately following such transfer, the
Delivery Amount shall be zero.

“Return Amount” has the
meaning specified in Paragraph 3(b)  except
that (I) the sentence beginning “Unless otherwise specified in Paragraph 13”
and ending “(ii) the Credit Support Amount.” shall be deleted in its entirety
and replaced by the following:

Copyright © 1994 by
International Swaps and Derivative Association, Inc.

The “Return
Amount” applicable to the Secured
Party for any Valuation Date will equal the least of

(1)           the amount by which (a)
the S&P Value as of such Valuation Date of all Posted Credit Support held
by the Secured Party exceeds (b) the S&P Credit Support Amount for such
Valuation Date, 

(1)           the amount by which (a)
the Fitch Value as of such Valuation Date of all Posted Credit Support held by
the Secured Party exceeds (b) the Fitch Credit Support Amount for such
Valuation Date, 

 (2)          the amount by which (a) the Moody’s First
Trigger Value as of such Valuation Date of all Posted Credit Support held by
the Secured Party exceeds (b) the Moody’s First Trigger Credit Support Amount
for such Valuation Date, and

(3)           the amount by which (a)
the Moody’s Second Trigger Value as of such Valuation Date of all Posted Credit
Support held by the Secured Party exceeds (b) the Moody’s Second Trigger Credit
Support Amount for such Valuation Date.

(4)           in no event shall the Transferee be required to transfer any Posted
Credit Support under Paragraph 3(b) if, immediately following such transfer,
the Delivery Amount would be greater than zero..

“Credit Support
Amount” shall not
apply.  For purposes of calculating any
Delivery Amount or Return Amount for any Valuation Date, reference shall be
made to the S&P Credit Support Amount, the Fitch Credit Support Amount, the
Moody’s First Trigger Credit Support Amount, or the Moody’s Second Trigger
Credit Support Amount, in each case for such Valuation Date, as provided in
Paragraphs 13(b)(i)(A) and 13(b)(i)(B), above.

(ii)           Eligible Collateral.  The following terms will qualify as “Eligible Collateral”
for the party specified:

 2
 

 

	
  Collateral (all denominated in USD)

  	
   

  	
  S&P 

  Approved 

  Ratings 

  Downgrade/

  Fitch 

  Valuation 

  Percentage

  	
   

  	
  S&P 

  Required 

  Ratings 

  Downgrade 

  Valuation 

  Percentage

  	
   

  	
  Moody’s 

  First Trigger 

  Valuation 

  Percentage

  	
   

  	
  Moody’s 

  Second Trigger 

  Valuation 

  Percentage

  	
   

  
	
  (A)  Cash

  	
   

  	
  100

  	
  %

  	
  80

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (B)  Fixed-Rate
  Negotiable debt obligations issued by the U.S. Treasury Department having a
  remaining maturity on such date of not more than one year

  	
   

  	
  98.5

  	
  %

  	
  78.8

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (C)  Fixed-Rate
  Negotiable debt obligations issued by the U.S. Treasury Department having a
  remaining maturity on such date of more than one year but not more than ten
  years

  	
   

  	
  89.9

  	
  %

  	
  71.9

  	
  %

  	
  100

  	
  %

  	
  94

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (D)  Fixed-Rate
  Negotiable debt obligations issued by the U.S. Treasury Department having a
  remaining maturity on such date of more than ten years

  	
   

  	
  83.9

  	
  %

  	
  67.1

  	
  %

  	
  100

  	
  %

  	
  88

  	
  %

  

 

Eligible Collateral continued:

(1)  “Negotiable debt obligations” has the
meaning specified in the 2003 Collateral Asset Definitions.

(2)  Restriction on US-STRIPS, US-TIPS.  Both parties agree that any US Treasury
Strips (US-STRIPS) or US Treasury Inflation Protected Issues (US-TIPS) or
similar securities representing a segment of the full payment obligation of a
standard Treasury shall not be deemed Eligible Collateral and therefore must
not be posted by either party.  US-STRIPS
and US TIPS shall have the meaning as defined in the 2003 ISDA Collateral Asset
Definitions or as amended therein.

(iii)          Thresholds.

(A)                   “Independent
Amount” means with respect to Party A: 
US$0, unless otherwise specified in a Confirmation.

(B)       “Threshold” means
with respect to Party A:  US$0 in the
event that (I) Party A fails to assign all of its rights and obligations under
the Agreement or enter into any other Qualifying Substitute Arrangement on or
before the thirtieth (30) day after the date of a Fitch Downgrade (as described
in Part 1(o) of the Schedule) continues to exist, (II) 10 Local Business Days
after an S&P Approved Ratings Downgrade has occurred and Party A has not
entered into any other Qualifying Substitute Arrangements, (III) 10 Local
Business Days after an S&P Required Ratings Downgrade has occurred or (IV)
no Relevant Entity has the Moody’s First Trigger Required Ratings and either
(i) no Relevant Entity has had the Moody’s First Trigger Required Ratings since
this Annex was executed or (ii) at least 30 Local Business days have elapsed
since the last time a Relevant Entity had the Moody’s First Trigger Required
Ratings; otherwise, the Threshold shall be infinite.  With respect to Party B:  infinity

 3
 

(C)       “Minimum Transfer Amount”
means with respect to Party A and Party B: 
US$50,000; provided however, that if Party A is a Defaulting Party at
the time, “Minimum
Transfer Amount” with respect to Party A shall be Zero.

(D)      Rounding.  The Delivery
Amount will be rounded up to the nearest integral multiple of US$10,000 and the
Return Amount will be rounded down to the nearest integral multiple of
US$10,000.

(c)           Valuation and Timing.

(i)            “Valuation Agent”
means Party A, provided, however, that if Party A is a Defaulting Party at the
time, “Valuation Agent” shall mean
Party B.

(ii)           “Valuation Date”
means:  (A) in relation to either party
each Wednesday of the relevant calendar week (or if such day is not a General
Business Day then the immediately following General Business Day), and (B) any
General Business Day designated by Party B which, in the reasonable judgment of
Party B, would result in a Delivery Amount or Return Amount.  For the purpose of the foregoing, a General
Business Day shall be a General Business Day in New York.

(iii)          “Valuation Time”
means, the close of business in the Relevant Market on the day which is one
General Business Day in the Relevant Market first preceding the Valuation Date
or date of calculation, as applicable; provided that the calculations of Value
and Exposure will be made as of approximately the same time on the same date.

For the purposes
of this provision, “Relevant Market” means (a) with
respect to the calculation of Value, the principal market in which the relevant
Eligible Credit Support is traded; and (b) with respect to the calculation of
Exposure, the principal market for the relevant Transaction; each as determined
by the Valuation Agent, subject to Paragraph 5, or as otherwise agreed between
the parties.

(iv)          “Notification Time”
means 1:00 p.m., on a General Business Day in New York.

(d)           Conditions Precedent and Secured
Party’s Rights and Remedies. 
The following Termination Event(s) will be a “Specified Condition”
for the party specified (that party being the Affected Party if the Termination
Event occurs with respect to that party):

	
  

  	
   

  	
  Party A

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Additional Termination Event(s): (If any)

  	
   

  	
  [X]

  	
   

  

 

(e)           Substitution.

(i)            “Substitution Date”
has the meaning specified in Paragraph 4(d)(ii).

(ii)           Consent. 
Inapplicable.

(f)            Dispute Resolution.

(i)            “Resolution Time”
means 1:00 p.m., on the New York General Business Day following the date on
which the notice is given that gives rise to a dispute under Paragraph 5.

(ii)           Value.  For the purpose of Paragraphs 5(i)(C) and
5(ii), the Value of Posted Credit Support will be calculated as follows:  the
sum of (i) (x) the arithmetic mean of the closing bid prices quoted on the
relevant date of three nationally recognized principal market makers (which may
include an affiliate of Party A) for such security chosen by the Valuation
Agent multiplied by the applicable Valuation 

 4
 

Percentage or (y)
if no quotations are available from such principal market makers on the
relevant date, the arithmetic mean of the closing bid prices on the next
preceding date multiplied by the applicable Valuation Percentage plus (ii) the
accrued interest on such security (except to the extent Transferred to a party
pursuant to any applicable provision of this Agreement or included in the
applicable price referred to in (i) of this clause) as of such date.

(iii)          Alternative.  The provisions of Paragraph 5 will apply.

(g)           Holding and Using Posted Collateral.

(i)                                     Eligibility to Hold Posted
Collateral; Custodians. 
Party B and its Custodian will be entitled to hold Posted Collateral
pursuant to Paragraph 6(b) in the Swap Collateral Account (as defined in the
Indenture), provided that any such Custodian shall have a minimum short-term
unsecured, unsubordinated debt rating of “A-1” from S&P:  Initially, the Custodian for Party B is
Indenture Trustee.  The Indenture Trustee
shall replace itself with another Custodian within 60 day after its failure to
satisfy the ratings set forth in the previous sentence.

(ii)           Use of Posted Collateral.
The provisions of Paragraph 6(c)(i) will not apply to Posted Collateral.

(h)           Distribution and Interest Amount.

(i)                                     Interest Rate.  The “Interest Rate” will be  the actual interest rate earned on Posted  Collateral in the form of Cash  that is held by Party B or its Custodian.

(ii)                                  “Transfer of Interest
Amount.”  The Transfer of the Interest Amount will be
made on the Third New York Business Day of each calendar month; provided
however that the obligation of Party B to Transfer any Interest Amount to Party
A shall be limited to the extent that Party B has earned and received such
funds and such funds are available to Party B.

(iii)                               Alternative to Interest Amount.  The provisions of Paragraph 6(d)(ii) will
apply.

(iv)          The
definition of Posted Collateral shall be amended by inserting the words “received
by the Secured Party and” after “Interest Amount or portion thereof”.

(i)            Additional Representation(s). Not
Applicable.

(j)            ISDA Master Agreement Protocol

The terms of Annex
14 of the ISDA 2002 Master Agreement Protocol as published by ISDA on July 15,
2003 (the “Protocol”) are incorporated by reference into this Agreement, and
shall be construed in accordance with Section 6 of the Protocol.

(k)           Demands and Notices.

All demands, specifications and notices to Party A
under this Annex will be made to:

As set forth in
the Schedule.

All demands, specifications and notices to Party B
under this Annex will be made to:

Bank
of New York

Attn:
Primary administrator, Cal Guillaume

Fax:
212-635-6338

email: CGuillaume@bankofny.com

 5
 

Any demand, specification
or notice may be made by telephone (“Telephone Notice”) between
employees of each party if such Telephone Notice is confirmed by a subsequent
written instruction (which may be delivered via facsimile or email) by the
close of business on the same day that such Telephone Notice is given.

(l)            Addresses for Transfers.

With
respect to Party A:  To be provided by
written instructions.

With
respect to Party B:

The
Bank of New York

Attn: Primary administrator, Cal Guillaume

Fax: 212-635-6338

email: CGuillaume@bankofny.com

(m)          Other Provisions.

(i)             One
Way CSA.  Agreement as to Single Secured Party and
Single Pledgor.  Party A and Party B
agree that, notwithstanding anything to the contrary in the recital to this
Annex, Paragraph 1(b) or Paragraph 2 or the definitions in Paragraph 12, (a)
the term “Secured Party” as used in this Annex means only Party B, (b) the term
Pledgor” as used in this Annex means only Party A, (c) only Party A makes the
pledge and grant in Paragraph 2, the acknowledgement in the final sentence of
Paragraph 8(a) and the representations in Paragraph 9.  Party A and Party B further agree that,
notwithstanding anything to the contrary in the recital to this Annex or
Paragraph 7, this Annex will constitute a Credit Support Document only with
respect to Party A, and the Events of Default in Paragraph 7 will only apply to
Party A

(ii)          Governing Law.  The terms and conditions of this Annex
shall be governed and construed in accordance with the laws of the State of New
York and to the non-exclusive jurisdiction of the courts of the State of New
York and the United States District Court located in the Borough of Manhattan
in New York  City.

(iii)       2002 ISDA Master Agreement:  As the parties have agreed to utilize an
Agreement in the form of the 2002 Master Agreement published by the
International Swaps and Derivatives Association (“ISDA”) and ISDA has indicated
that certain modifications are appropriate when using this Annex with said 2002
Master Agreement, the parties hereby agree that, notwithstanding anything
herein or in the Agreement to the contrary, Paragraph 5(i)(b) and the
definition of “Exposure” in Paragraph 12, each as set forth above in this
Annex, shall be deemed amended and restated, for all purposes, as described
below:

(i)            References throughout
this Annex to “Swap Transactions” are deleted.

(ii)           The terms of Paragraph
5(i)(B) of this Annex are amended and restated in their entirety as follows:

“(B)         calculating the Exposure
for the Transactions in dispute by seeking four actual quotations at mid-market
from third parties for purposes of calculating the relevant Close-out Amount,
and taking the arithmetic average of those obtained; provided that if four
quotations are not available for a particular Transaction, then fewer than four
quotations may be used for that Transaction, and if no quotations are available
for a particular Transaction, then the Valuation Agent’s original calculations
will be used for the Transaction absent manifest error; and”

 6
 

(iii)          The definition of “Exposure” in Paragraph 12
of the Annex is hereby amended and restated to read in its entirety as follows:  

“‘Exposure’ means for any
Valuation Date or other date for which Exposure is calculated and subject to
Paragraph 5 in the case of a dispute, the amount, if any, that would be payable
to a party that is the Secured Party by the other party (expressed as a
positive number) or by a party that is the Secured Party to the other party
(expressed as a negative number) pursuant to Section 6(e)(ii)(1) of this
Agreement if all Transactions were being terminated as of the relevant
Valuation Time, on the basis that (i) that party is not the Affected Party and
(ii) U.S. Dollars is the Termination Currency; provided that the Close-out
Amount will be determined by the Valuation Agent on behalf of that party using
its estimates at mid-market of the amounts that would be paid for transactions
providing the economic equivalent of (x) the material terms of the
Transactions, including the payments and deliveries by the parties under
Section 2(a)(i) in respect of the Transactions that would, but for the
occurrence of the relevant Early Termination Date, have been required after
that date (assuming satisfaction of the conditions precedent in Section 2(a)(iii));
and (y) the option rights of the parties in respect of the Transactions
provided that, solely for the purpose of this definition, it shall be assumed
that Part 5(s) is deleted.”

(iv)          Set-off.  The terms “Set-off” shall have the meaning
set forth in Section 6(f) of the Agreement.

(iv)                              Calculation of Value. 
Paragraph 4(c) is hereby amended by deleting the word “Value” and
inserting in lieu thereof “S&P/Fitch Value, Moody’s First Trigger Value,
Moody’s Second Trigger Value”.  Paragraph
4(d)(ii) is hereby amended by (A) deleting the words “a Value” and inserting in
lieu thereof “an S&P/Fitch Value, Moody’s First Trigger Value, and Moody’s
Second Trigger Value” and (B) deleting the words “the Value” and inserting in
lieu thereof “S&P/Fitch Value, Moody’s First Trigger Value, and Moody’s
Second Trigger Value”.  Paragraph 5 is
hereby amended by deleting the word “Value” and inserting in lieu thereof “S&P/Fitch
Value, Moody’s First Trigger Value, or Moody’s Second Trigger Value”.  Paragraph 5(i) is hereby amended by deleting
the word “Value” and inserting in lieu thereof “S&P/Fitch Value, Moody’s
First Trigger Value, and Moody’s Second Trigger Value”.  Paragraph 5(i)(C) is hereby amended by
deleting the word “the Value, if” and inserting in lieu thereof “any one or
more of the S&P/Fitch Value, Moody’s First Trigger Value, or Moody’s Second
Trigger Value, as may be”.  Paragraph
5(ii) is hereby amended by (1) deleting the first instance of the words “the
Value” and inserting in lieu thereof “any one or more of the S&P/Fitch
Value, Moody’s First Trigger Value, or Moody’s Second Trigger Value” and (2)
deleting the second instance of the words “the Value” and inserting in lieu
thereof “such disputed S&P/Fitch Value, Moody’s First Trigger Value, or
Moody’s Second Trigger Value”.  Each of
Paragraph 8(b)(iv)(B) and Paragraph 11(a) is hereby amended by deleting the
word “Value” and inserting in lieu thereof “least of the S&P/Fitch Value,
Moody’s First Trigger Value, and Moody’s Second Trigger Value”.

(v)                                 Expenses. 
Notwithstanding anything to the contrary in Paragraph 10, the Pledgor
will be responsible for, and will reimburse the Secured Party for, all transfer
and other taxes and other costs involved in any Transfer and maintenance of
Eligible Collateral.

(vi)                              Withholding.  Paragraph 6(d)(ii) is hereby amended by
inserting immediately after “the Interest Amount” in the fourth line thereof
the words “less any applicable withholding taxes.”

(vii)         Additional Definitions.  As used in this Annex:

“Moody’s First Trigger Event”  means that no Relevant Entity has credit
ratings from Moody’s at least equal to the Moody’s First Trigger Ratings
Threshold.

 7
 

“Moody’s First Trigger Credit Support Amount”
means, for any Valuation Date, the excess, if any, of

(I)                                    (A)          for any Valuation Date
on which (I) a Moody’s First Trigger Event has occurred and has been continuing
(x) for at least 30 Local Business Days or (y) since this Annex was executed
and (II) it is not the case that a Moody’s Second Trigger Event has occurred
and been continuing for at least 30 Local Business Days, the greater of (a)
zero and (b) sum of (i) the Secured Party’s Transaction Exposure for such
Valuation Date and (ii) the aggregate of the Moody’s First Trigger Further
Collateral Amounts for all Transactions;] or

(B)                                for
any other Valuation Date, zero, over

(II)                                the
Threshold for Party A such Valuation Date.

“Moody’s First Trigger Further Collateral
Amount” means for any Transaction and Valuation Date the
product of the applicable Moody’s First Trigger Factor set forth in Table 1 and
the Notional Amount for such Transaction for the Calculation Period which
includes such Valuation Date.

“Moody’s First Trigger Value” means,
on any date and with respect to any Eligible Collateral other than Cash, the
bid price obtained by the Valuation Agent multiplied by the Moody’s First
Trigger Valuation Percentage for such Eligible Collateral set forth in
Paragraph 13(b)(ii).

“Moody’s Second Trigger Event”  means that no Relevant Entity has credit
ratings from Moody’s at least equal to the Moody’s Second Trigger Ratings
Threshold.

“Moody’s Second Trigger Credit Support Amount”
means, for any Valuation Date, the excess, if any, of

(I)                                    (A)          for any Valuation Date
on which it is the case that a Moody’s Second Trigger Event has occurred and
been continuing for at least 30 Local Business Days, the sum, for each
Transaction to which this Annex relates, of an amount equal to the following:

(1)                                  if such Transaction is not a
Transaction-Specific Hedge,

the greater of (a) zero, (b) the aggregate amount of the Next Payments
(each determined based on the rates prevailing on such Valuation Date) for all
Next Payment Dates and (c) sum of (i) the Secured Party’s Transaction Exposure
for such Valuation Date and (ii) the aggregate of the Moody’s Second Trigger
Further Collateral Amounts for allTransactions or

(2)                                  if such Transaction is a Transaction-Specific
Hedge,

the greater of (a) zero, (b) the aggregate amount of the Next Payments
(each determined based on the rates prevailing on such Valuation Date) for all
Next Payment Dates and (c) sum of (i) the Secured Party’s Transaction Exposure
for such Valuation Date and (ii) the aggregate of the Moody’s Second Trigger
TSH Further Collateral Amounts for all Transactions or

(B)                                for
any other Valuation Date, zero, over

 8
 

(II)                                the
Threshold for Party A for such Valuation Date.

“Moody’s Second Trigger Further Collateral
Amount” means for any Transaction and Valuation Date the
product of the applicable Moody’s Second Trigger Factor set forth in the third
column of Table 1and the Notional Amount for such Transaction for the
Calculation Period which includes such Valuation Date.

“Moody’s Second Trigger TSH Further Collateral
Amount” means for any Transaction and Valuation Date the
product of the applicable Moody’s Second Trigger Factor set forth in the fourth
column of Table 1and the Notional Amount for such Transaction for the
Calculation Period which includes such Valuation Date.

“Moody’s Second Trigger Value” means,
on any date and with respect to any Eligible Collateral other than Cash, the
bid price obtained by the Valuation Agent multiplied by the Moody’s Second
Trigger Valuation Percentage for such Eligible Collateral set forth in
Paragraph 13(b)(ii).

“Next Payment” means, in respect of each Next Payment
Date, the greater of (i) the amount of any payments due to be made by Party A
under Section 2(a) on such Next Payment Date less any payments due to be made
by Party B under Section 2(a) on such Next Payment Date (in each case, after
giving effect to any applicable netting under Section 2(c)) and (ii) zero.

“Next
Payment Date” means each date on which the next scheduled
payment under any Transaction is due to be paid.

“Pricing Sources” means the sources of
financial information commonly known as Bloomberg, Bridge Information Services,
Data Resources Inc., Interactive Data Services, International Securities Market
Association, Merrill Lynch Securities Pricing Service, Muller Data Corporation,
Reuters, Wood Gundy, Trepp Pricing, JJ Kenny, S&P and Telerate.

“Fitch Credit Support Amount” means,
for any Valuation Date, the excess, if any, of

(I)                                    (A)          for any Valuation Date a
Fitch Downgrade, has occurred and been continuing for at least 30 days, an
amount equal to the sum, for each Transaction to which this Annex relates, of
the sum of (1) 100.0% of the Secured Party’s Transaction Exposure for such
Valuation Date and (2) the product of the Volatility Buffer for such
Transaction and the Notional Amount of such Transaction for the Calculation
Period of such Transaction which includes such Valuation Date, or

(B)                                for
any other Valuation Date, zero, over

(II)                                the
Threshold for Party A for such Valuation Date.

“Fitch Value” means, on any date and with respect to any
Eligible Collateral, the product of (A) the bid price (or the face amount with
respect to Cash) obtained by the Valuation Agent for such Eligible Collateral
and (B) the Fitch Valuation Percentage for such Eligible Collateral set forth
in paragraph 13(b)(ii).

“S&P Credit Support Amount” means,
(a) if an S&P Approved Ratings Downgrade has occurred and has continued for
10 Local Business Days, for any Valuation Date, the Secured Party’s Exposure;
(b) if an S&P Required Ratings Downgrade has occurred and has continued for
10 Local Business Days:  an amount equal
to 125% of the Secured Party’s Exposure or (c) for any other date: zero.

 9
 

“S&P Value” means, on any date and with respect to any
Eligible Collateral, the product of (A) the bid price (or the face amount with
respect to Cash) obtained by the Valuation Agent for such Eligible Collateral
and (B) in the event an S&P Approved Ratings Downgrade or an S&P
Required Ratings Downgrade has been continuing for 10 Local Business Days, the S&P
Approved Ratings Downgrade/Fitch Valuation Percentage or the S&P Required
Ratings Downgrade Valuation Percentage, respectively, for such Eligible
Collateral set forth in paragraph 13(b)(ii).

Transaction Exposure” means, for any
Transaction, Exposure determined as if such Transaction were the only
Transaction between the Secured Party and the Pledgor.

“Transaction-Specific Hedge” means any
Transaction that is an interest rate cap, interest rate floor or interest rate
swaption, or an interest rate swap in respect of which (x) the notional amount
is “balance guaranteed” or (y) the notional amount for any Calculation Period
otherwise is not a specific dollar amount that is fixed at the inception of the
Transaction.

“Value” shall mean, in respect of any
date, the related S&P Value, Fitch Value, Moody’s First Trigger Value, and
Moody’s Second Trigger Value.

“Volatility Buffer” means, for any
Transaction, the related percentage set forth in the following table.

Fitch Volatility Buffer:

	
  The higher of the Fitch 

  credit rating of (i) 

  Party A and (ii) the 

  Credit Support 

  Provider of Party A, if 

  	
   

  	
  Remaining Weighted Average Maturity

  (years)

  	
   

  
	
  applicable

  	
   

  	
  1

  	
   

  	
  2

  	
   

  	
  3

  	
   

  	
  4

  	
   

  	
  5

  	
   

  	
  6

  	
   

  	
  7

  	
   

  	
  8

  	
   

  
	
  At least “AA-”

  	
   

  	
  0.8

  	
  %

  	
  1.7

  	
  %

  	
  2.5

  	
  %

  	
  3.3

  	
  %

  	
  4.0

  	
  %

  	
  4.7

  	
  %

  	
  5.3

  	
  %

  	
  5.9

  	
  %

  
	
  “A+/A”

  	
   

  	
  0.6

  	
  %

  	
  1.2

  	
  %

  	
  1.8

  	
  %

  	
  2.3

  	
  %

  	
  2.8

  	
  %

  	
  3.3

  	
  %

  	
  3.8

  	
  %

  	
  4.2

  	
  %

  
	
  “A-/BBB+” or
  lower

  	
   

  	
  0.5

  	
  %

  	
  1.0

  	
  %

  	
  1.6

  	
  %

  	
  2.0

  	
  %

  	
  2.5

  	
  %

  	
  2.9

  	
  %

  	
  3.3

  	
  %

  	
  3.6

  	
  %

  

 

	
  The higher of the Fitch 

  credit rating of (i) 

  Party A and (ii) the 

  Credit Support 

  	
   

  	
  Remaining Weighted Average Maturity 

  (years)

  	
   

  
	
  Provider of Party A, if 

  applicable

  	
   

  	
  9

  	
   

  	
  10

  	
   

  	
  11

  	
   

  	
  12

  	
   

  	
  13

  	
   

  	
  14

  	
   

  	
  Greater than or 

  equal to 15

  	
   

  
	
  At least “AA-”

  	
   

  	
  6.5

  	
  %

  	
  7.0

  	
  %

  	
  7.5

  	
  %

  	
  8.0

  	
  %

  	
  8.5

  	
  %

  	
  9.0

  	
  %

  	
  9.5

  	
  %

  
	
  “A+/A”

  	
   

  	
  4.6

  	
  %

  	
  5.0

  	
  %

  	
  5.3

  	
  %

  	
  5.7

  	
  %

  	
  6.0

  	
  %

  	
  6.4

  	
  %

  	
  6.7

  	
  %

  
	
  “A-/BBB+” or
  lower

  	
   

  	
  4.0

  	
  %

  	
  4.3

  	
  %

  	
  4.7

  	
  %

  	
  5.0

  	
  %

  	
  5.3

  	
  %

  	
  5.6

  	
  %

  	
  5.9

  	
  %

  

 

 10
 

Table 1

	
  Remaining

  Weighted Average Life 

  of Hedge in Years

  	
   

  	
  Moody’s 

  First Trigger 

  Factor

  	
   

  	
  Moody’s Second Trigger 

  Factor for Interest Rate 

  Swaps with Fixed Notional 

  Amounts

  	
   

  	
  Moody’s Second Trigger 

  Factor for Transaction 

  Specific Hedges

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1 or less

  	
   

  	
  0.25

  	
  %

  	
  0.60

  	
  %

  	
  0.75

  	
  %

  
	
  More than 1 but
  not more than 2

  	
   

  	
  0.50

  	
  %

  	
  1.20

  	
  %

  	
  1.50

  	
  %

  
	
  More than 2 but
  not more than 3

  	
   

  	
  0.70

  	
  %

  	
  1.70

  	
  %

  	
  2.20

  	
  %

  
	
  More than 3 but
  not more than 4

  	
   

  	
  1.00

  	
  %

  	
  2.30

  	
  %

  	
  2.90

  	
  %

  
	
  More than 4 but
  not more than 5

  	
   

  	
  1.20

  	
  %

  	
  2.80

  	
  %

  	
  3.60

  	
  %

  
	
  More than 5 but
  not more than 6

  	
   

  	
  1.40

  	
  %

  	
  3.30

  	
  %

  	
  4.20

  	
  %

  
	
  More than 6 but
  not more than 7

  	
   

  	
  1.60

  	
  %

  	
  3.80

  	
  %

  	
  4.80

  	
  %

  
	
  More than 7 but
  not more than 8

  	
   

  	
  1.80

  	
  %

  	
  4.30

  	
  %

  	
  5.40

  	
  %

  
	
  More than 8 but
  not more than 9

  	
   

  	
  2.00

  	
  %

  	
  4.80

  	
  %

  	
  6.00

  	
  %

  
	
  More than 9 but
  not more than 10

  	
   

  	
  2.20

  	
  %

  	
  5.30

  	
  %

  	
  6.60

  	
  %

  
	
  More than 10 but
  not more than 11

  	
   

  	
  2.30

  	
  %

  	
  5.60

  	
  %

  	
  7.00

  	
  %

  
	
  More than 11 but
  not more than 12

  	
   

  	
  2.50

  	
  %

  	
  6.00

  	
  %

  	
  7.50

  	
  %

  
	
  More than 12 but
  not more than 13

  	
   

  	
  2.70

  	
  %

  	
  6.40

  	
  %

  	
  8.00

  	
  %

  
	
  More than 13 but
  not more than 14

  	
   

  	
  2.80

  	
  %

  	
  6.80

  	
  %

  	
  8.50

  	
  %

  
	
  More than 14 but
  not more than 15

  	
   

  	
  3.00

  	
  %

  	
  7.20

  	
  %

  	
  9.00

  	
  %

  
	
  More than 15 but
  not more than 16

  	
   

  	
  3.20

  	
  %

  	
  7.60

  	
  %

  	
  9.50

  	
  %

  
	
  More than 16 but
  not more than 17

  	
   

  	
  3.30

  	
  %

  	
  7.90

  	
  %

  	
  9.90

  	
  %

  
	
  More than 17 but
  not more than 18

  	
   

  	
  3.50

  	
  %

  	
  8.30

  	
  %

  	
  10.40

  	
  %

  
	
  More than 18 but
  not more than 19

  	
   

  	
  3.60

  	
  %

  	
  8.60

  	
  %

  	
  10.80

  	
  %

  
	
  More than 19 but
  not more than 20

  	
   

  	
  3.70

  	
  %

  	
  9.00

  	
  %

  	
  11.00

  	
  %

  
	
  More than 20 but
  not more than 21

  	
   

  	
  3.90

  	
  %

  	
  9.00

  	
  %

  	
  11.00

  	
  %

  
	
  More than 21

  	
   

  	
  4.00

  	
  %

  	
  9.00

  	
  %

  	
  11.00

  	
  %

  

 

 11

IN
WITNESS WHEREOF the parties have executed this Credit Support
Annex as of the date hereof.

	
  BANK OF AMERICA, N.A.

  	
   

  	
  GE CAPITAL CREDIT CARD
  MASTER 

  
	
   

  	
   

  	
  NOTE TRUST

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Shirley de la
  Canal

  	
   

  	
   

  	
  By:

  	
  /s/ Kristine K.
  Gullo

  	
   

  
	
  Name: Shirley de la Canal 

  	
   

  	
   Name: Kristine K. Gullo 

  
	
  Title: Senior Vice President 

  	
   

  	
   Title: Vice President 

  
	
   

  	
   

  	
   

  
	
  Date: 6/28/07

  	
   

  	
   Date: 6/28/07

  
							

 

 12Exhibit
4.12

Paragraph
13

Elections and Variables

to the ISDA Credit Support Annex

dated as of June 28, 2007

between

	
  BANK OF AMERICA, N.A. (“Party A”)

  	
   

  	
  GE CAPITAL CREDIT CARD MASTER NOTE TRUST

  (“Party B”)

  

 

Paragraph
13.  Elections and Variables

(a)           Security Interest for “Obligations”.

(i)                                     The
term “Obligations”
as used in this Annex includes no “additional obligations” within the meaning
of Paragraph 12.

 (b)          Credit Support Obligations.

(i)            Delivery Amount, Return Amount and
Credit Support Amount.  “Delivery Amount”
has the meaning specified in Paragraph 3(a) except that (I) the words “upon a
demand made by the Secured Party  on
or promptly following a Valuation Date” shall be deleted and replaced by the
words “not later than the close of business on each Valuation Date”, (II) by
deleting in its entirety the sentence beginning “Unless otherwise specified in
Paragraph 13” and ending “(ii) the Value as of that Valuation Date of all
Posted Credit Support held by the Secured Party.” shall be deleted in its
entirety and replaced with the following:

The “Delivery
Amount” applicable to the Pledgor for any Valuation Date will
equal the greatest of

(1)           the amount by which (a)
the S&P Credit Support Amount for such Valuation Date exceeds (b) the
S&P Value as of such Valuation Date of all Posted Credit Support held by
the Secured Party,

(2)           the amount by which (a)
the Fitch Credit Support Amount for such Valuation Date exceeds (b) the Fitch
Value as of such Valuation Date of all Posted Credit Support held by the
Secured Party

(3)           the amount by which (a)
the Moody’s First Trigger Credit Support Amount for such Valuation Date exceeds
(b) the Moody’s First Trigger Value as of such Valuation Date of all Posted
Credit Support held by the Secured Party, and

(4)           the amount by which (a)
the Moody’s Second Trigger Credit Support Amount for such Valuation Date
exceeds (b) the Moody’s Second Trigger Value as of such Valuation Date of all
Posted Credit Support held by the Secured Party.”; and

(5)           if, on any Valuation
Date, the Delivery Amount equals or exceeds the Pledgor’s Minimum Transfer
Amount, the Pledgor will transfer to the Secured Party sufficient Eligible
Credit Support to ensure that, immediately following such transfer, the
Delivery Amount shall be zero.

“Return Amount” has the
meaning specified in Paragraph 3(b)  except
that (I) the sentence beginning “Unless otherwise specified in Paragraph 13”
and ending “(ii) the Credit Support Amount.” shall be deleted in its entirety
and replaced by the following:

Copyright © 1994 by
International Swaps and Derivative Association, Inc.

The “Return
Amount” applicable to the Secured Party for any Valuation Date
will equal the least of

(1)           the amount by which (a)
the S&P Value as of such Valuation Date of all Posted Credit Support held
by the Secured Party exceeds (b) the S&P Credit Support Amount for such
Valuation Date,

(1)           the amount by which (a)
the Fitch Value as of such Valuation Date of all Posted Credit Support held by
the Secured Party exceeds (b) the Fitch Credit Support Amount for such
Valuation Date,

(2)           the amount by which (a)
the Moody’s First Trigger Value as of such Valuation Date of all Posted Credit
Support held by the Secured Party exceeds (b) the Moody’s First Trigger Credit
Support Amount for such Valuation Date, and

(3)           the amount by which (a)
the Moody’s Second Trigger Value as of such Valuation Date of all Posted Credit
Support held by the Secured Party exceeds (b) the Moody’s Second Trigger Credit
Support Amount for such Valuation Date.

(4)           in no event shall the Transferee be required
to transfer any Posted Credit Support under Paragraph 3(b) if, immediately
following such transfer, the Delivery Amount would be greater than zero..

“Credit Support Amount” shall not
apply.  For purposes of calculating any
Delivery Amount or Return Amount for any Valuation Date, reference shall be
made to the S&P Credit Support Amount, the Fitch Credit Support Amount, the
Moody’s First Trigger Credit Support Amount, or the Moody’s Second Trigger
Credit Support Amount, in each case for such Valuation Date, as provided in
Paragraphs 13(b)(i)(A) and 13(b)(i)(B), above.

(ii)           Eligible Collateral.  The following terms will qualify as “Eligible Collateral”
for the party specified:

 2
 

 

	
  Collateral (all denominated in USD)

  	
   

  	
  S&P 

  Approved 

  Ratings 

  Downgrade/

  Fitch 

  Valuation 

  Percentage

  	
   

  	
  S&P 

  Required 

  Ratings 

  Downgrade 

  Valuation 

  Percentage

  	
   

  	
  Moody’s 

  First Trigger 

  Valuation 

  Percentage

  	
   

  	
  Moody’s 

  Second Trigger 

  Valuation 

  Percentage

  	
   

  
	
  (A)  Cash

  	
   

  	
  100

  	
  %

  	
  80

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (B)  Fixed-Rate
  Negotiable debt obligations issued by the U.S. Treasury Department having a
  remaining maturity on such date of not more than one year

  	
   

  	
  98.5

  	
  %

  	
  78.8

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (C)  Fixed-Rate
  Negotiable debt obligations issued by the U.S. Treasury Department having a
  remaining maturity on such date of more than one year but not more than ten
  years

  	
   

  	
  89.9

  	
  %

  	
  71.9

  	
  %

  	
  100

  	
  %

  	
  94

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (D)  Fixed-Rate Negotiable debt obligations
  issued by the U.S. Treasury Department having a remaining maturity on such
  date of more than ten years

  	
   

  	
  83.9

  	
  %

  	
  67.1

  	
  %

  	
  100

  	
  %

  	
  88

  	
  %

  

 

Eligible Collateral continued:

(1)  “Negotiable
debt obligations” has the meaning specified in the 2003
Collateral Asset Definitions.

(2)  Restriction on US-STRIPS, US-TIPS.  Both parties agree that any US Treasury
Strips (US-STRIPS) or US Treasury Inflation Protected Issues (US-TIPS) or
similar securities representing a segment of the full payment obligation of a
standard Treasury shall not be deemed Eligible Collateral and therefore must
not be posted by either party.  US-STRIPS
and US TIPS shall have the meaning as defined in the 2003 ISDA Collateral Asset
Definitions or as amended therein.

(iii)          Thresholds.

(A)                  “Independent
Amount” means with respect to Party A: 
US$0, unless otherwise specified in a Confirmation.

(B)       “Threshold” means
with respect to Party A:  US$0 in the
event that (I) Party A fails to assign all of its rights and obligations under
the Agreement or enter into any other Qualifying Substitute Arrangement on or
before the thirtieth (30) day after the date of a Fitch Downgrade (as described
in Part 1(o) of the Schedule) continues to exist, (II) 10 Local Business Days
after an S&P Approved Ratings Downgrade has occurred and Party A has not
entered into any other Qualifying Substitute Arrangements, (III) 10 Local
Business Days after an S&P Required Ratings Downgrade has occurred or (IV)
no Relevant Entity has the Moody’s First Trigger Required Ratings and either
(i) no Relevant Entity has had the Moody’s First Trigger Required Ratings since
this Annex was executed or (ii) at least 30 Local Business days have elapsed
since the last time a Relevant Entity had the Moody’s First Trigger Required
Ratings; otherwise, the Threshold shall be infinite.  With respect to Party B:  infinity

 3
 

(C)       “Minimum Transfer Amount”
means with respect to Party A and Party B: 
US$50,000; provided however, that if Party A is a Defaulting Party at
the time, “Minimum Transfer Amount”
with respect to Party A shall be Zero.

(D)      Rounding.  The Delivery
Amount will be rounded up to the nearest integral multiple of US$10,000 and the
Return Amount will be rounded down to the nearest integral multiple of
US$10,000.

(c)           Valuation and Timing.

(i)            “Valuation Agent”
means Party A, provided, however, that if Party A is a Defaulting Party at the
time, “Valuation Agent” shall mean
Party B.

(ii)           “Valuation Date”
means:  (A) in relation to either party
each Wednesday of the relevant calendar week (or if such day is not a General
Business Day then the immediately following General Business Day), and (B) any
General Business Day designated by Party B which, in the reasonable judgment of
Party B, would result in a Delivery Amount or Return Amount.  For the purpose of the foregoing, a General
Business Day shall be a General Business Day in New York.

(iii)          “Valuation Time”
means, the close of business in the Relevant Market on the day which is one
General Business Day in the Relevant Market first preceding the Valuation Date
or date of calculation, as applicable; provided that the calculations of Value
and Exposure will be made as of approximately the same time on the same date.

For the purposes
of this provision, “Relevant Market”
means (a) with respect to the calculation of Value, the principal market in
which the relevant Eligible Credit Support is traded; and (b) with respect to
the calculation of Exposure, the principal market for the relevant Transaction;
each as determined by the Valuation Agent, subject to Paragraph 5, or as
otherwise agreed between the parties.

(iv)          “Notification Time”
means 1:00 p.m., on a General Business Day in New York.

(d)           Conditions Precedent and Secured
Party’s Rights and Remedies. 
The following Termination Event(s) will be a “Specified Condition”
for the party specified (that party being the Affected Party if the Termination
Event occurs with respect to that party):

	
  

  	
   

  	
  Party A

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Additional
  Termination Event(s): (If any)

  	
   

  	
  [X]

  	
   

  

 

(e)           Substitution.

(i)            “Substitution Date”
has the meaning specified in Paragraph 4(d)(ii).

(ii)           Consent. 
Inapplicable.

(f)            Dispute Resolution.

(i)            “Resolution Time”
means 1:00 p.m., on the New York General Business Day following the date on
which the notice is given that gives rise to a dispute under Paragraph 5.

(ii)           Value.  For the purpose of Paragraphs 5(i)(C) and
5(ii), the Value of Posted Credit Support will be calculated as follows:  the
sum of (i) (x) the arithmetic mean of the closing bid prices quoted on the
relevant date of three nationally recognized principal market makers (which may
include an affiliate of Party A) for such security chosen by the Valuation
Agent multiplied by the applicable Valuation 

 4
 

Percentage or (y)
if no quotations are available from such principal market makers on the
relevant date, the arithmetic mean of the closing bid prices on the next
preceding date multiplied by the applicable Valuation Percentage plus (ii) the
accrued interest on such security (except to the extent Transferred to a party
pursuant to any applicable provision of this Agreement or included in the
applicable price referred to in (i) of this clause) as of such date.

(iii)          Alternative.  The provisions of Paragraph 5 will apply.

(g)           Holding and Using Posted Collateral.

(i)                                     Eligibility to Hold Posted
Collateral; Custodians.  Party
B and its Custodian will be entitled to hold Posted Collateral pursuant to
Paragraph 6(b) in the Swap Collateral Account (as defined in the Indenture),
provided that any such Custodian shall have a minimum short-term unsecured,
unsubordinated debt rating of “A-1” from S&P:  Initially, the Custodian for Party B is
Indenture Trustee.  The Indenture Trustee
shall replace itself with another Custodian within 60 day after its failure to
satisfy the ratings set forth in the previous sentence.

(ii)           Use of Posted Collateral.
The provisions of Paragraph 6(c)(i) will not apply to Posted Collateral.

(h)           Distribution and Interest Amount.

(i)                                     Interest Rate.  The “Interest Rate” will be  the actual interest rate earned on Posted  Collateral in the form of Cash  that is held by Party B or its Custodian.

(ii)                                  “Transfer of Interest Amount.”  The Transfer of the Interest Amount will be
made on the Third New York Business Day of each calendar month; provided
however that the obligation of Party B to Transfer any Interest Amount to Party
A shall be limited to the extent that Party B has earned and received such
funds and such funds are available to Party B.

(iii)                               Alternative to Interest Amount.  The provisions of Paragraph 6(d)(ii) will
apply.

(iv)                              The
definition of Posted Collateral shall be amended by inserting the words “received
by the Secured Party and” after “Interest Amount or portion thereof”.

(i)            Additional Representation(s). Not
Applicable.

(j)            ISDA Master Agreement Protocol

The terms of Annex
14 of the ISDA 2002 Master Agreement Protocol as published by ISDA on July 15,
2003 (the “Protocol”) are incorporated by reference into this Agreement, and
shall be construed in accordance with Section 6 of the Protocol.

(k)           Demands and Notices.

All demands, specifications and notices to Party A
under this Annex will be made to:

As set forth in
the Schedule.

All demands, specifications and notices to Party B
under this Annex will be made to:

Bank
of New York

Attn:
Primary administrator, Cal Guillaume

Fax:
212-635-6338

email: CGuillaume@bankofny.com

 5
 

Any demand, specification
or notice may be made by telephone (“Telephone
Notice”) between employees of each party if such Telephone Notice is
confirmed by a subsequent written instruction (which may be delivered via
facsimile or email) by the close of business on the same day that such
Telephone Notice is given.

(l)            Addresses for Transfers.

With respect to Party A:  To be
provided by written instructions.

With respect to Party B:

The Bank of New York

Attn: Primary administrator, Cal Guillaume

Fax: 212-635-6338

email: CGuillaume@bankofny.com

(m)          Other Provisions.

(i)            One
Way CSA.  Agreement as to Single Secured Party and
Single Pledgor.  Party A and Party B
agree that, notwithstanding anything to the contrary in the recital to this
Annex, Paragraph 1(b) or Paragraph 2 or the definitions in Paragraph 12, (a)
the term “Secured Party” as used in this Annex means only Party B, (b) the term
Pledgor” as used in this Annex means only Party A, (c) only Party A makes the
pledge and grant in Paragraph 2, the acknowledgement in the final sentence of
Paragraph 8(a) and the representations in Paragraph 9.  Party A and Party B further agree that,
notwithstanding anything to the contrary in the recital to this Annex or
Paragraph 7, this Annex will constitute a Credit Support Document only with
respect to Party A, and the Events of Default in Paragraph 7 will only apply to
Party A

(ii)      Governing Law.  The
terms and conditions of this Annex shall be governed and construed in
accordance with the laws of the State of New York and to the non-exclusive
jurisdiction of the courts of the State of New York and the United States
District Court located in the Borough of Manhattan in New York  City.

(iii)       2002 ISDA Master Agreement:  As the parties have agreed to utilize an
Agreement in the form of the 2002 Master Agreement published by the
International Swaps and Derivatives Association (“ISDA”) and ISDA has indicated
that certain modifications are appropriate when using this Annex with said 2002
Master Agreement, the parties hereby agree that, notwithstanding anything
herein or in the Agreement to the contrary, Paragraph 5(i)(b) and the
definition of “Exposure” in Paragraph 12, each as set forth above in this
Annex, shall be deemed amended and restated, for all purposes, as described
below:

(i)            References throughout
this Annex to “Swap Transactions” are deleted.

(ii)           The terms of Paragraph
5(i)(B) of this Annex are amended and restated in their entirety as follows:

“(B)         calculating the Exposure
for the Transactions in dispute by seeking four actual quotations at mid-market
from third parties for purposes of calculating the relevant Close-out Amount,
and taking the arithmetic average of those obtained; provided that if four
quotations are not available for a particular Transaction, then fewer than four
quotations may be used for that Transaction, and if no quotations are available
for a particular Transaction, then the Valuation Agent’s original calculations
will be used for the Transaction absent manifest error; and”

 6
 

(iii)          The definition of “Exposure”
in Paragraph 12 of the Annex is hereby amended and restated to read in its
entirety as follows:

“‘Exposure’ means for any
Valuation Date or other date for which Exposure is calculated and subject to
Paragraph 5 in the case of a dispute, the amount, if any, that would be payable
to a party that is the Secured Party by the other party (expressed as a
positive number) or by a party that is the Secured Party to the other party
(expressed as a negative number) pursuant to Section 6(e)(ii)(1) of this
Agreement if all Transactions were being terminated as of the relevant
Valuation Time, on the basis that (i) that party is not the Affected Party and
(ii) U.S. Dollars is the Termination Currency; provided that the Close-out
Amount will be determined by the Valuation Agent on behalf of that party using
its estimates at mid-market of the amounts that would be paid for transactions
providing the economic equivalent of (x) the material terms of the
Transactions, including the payments and deliveries by the parties under
Section 2(a)(i) in respect of the Transactions that would, but for the
occurrence of the relevant Early Termination Date, have been required after
that date (assuming satisfaction of the conditions precedent in Section 2(a)(iii));
and (y) the option rights of the parties in respect of the Transactions
provided that, solely for the purpose of this definition, it shall be assumed
that Part 5(s) is deleted.”

(iv)          Set-off.  The terms “Set-off” shall have the meaning
set forth in Section 6(f) of the Agreement.

(iv)                              Calculation of Value. 
Paragraph 4(c) is hereby amended by deleting the word “Value” and
inserting in lieu thereof “S&P/Fitch Value, Moody’s First Trigger Value,
Moody’s Second Trigger Value”.  Paragraph
4(d)(ii) is hereby amended by (A) deleting the words “a Value” and inserting in
lieu thereof “an S&P/Fitch Value, Moody’s First Trigger Value, and Moody’s
Second Trigger Value” and (B) deleting the words “the Value” and inserting in
lieu thereof “S&P/Fitch Value, Moody’s First Trigger Value, and Moody’s
Second Trigger Value”.  Paragraph 5 is
hereby amended by deleting the word “Value” and inserting in lieu thereof “S&P/Fitch
Value, Moody’s First Trigger Value, or Moody’s Second Trigger Value”.  Paragraph 5(i) is hereby amended by deleting
the word “Value” and inserting in lieu thereof “S&P/Fitch Value, Moody’s
First Trigger Value, and Moody’s Second Trigger Value”.  Paragraph 5(i)(C) is hereby amended by
deleting the word “the Value, if” and inserting in lieu thereof “any one or
more of the S&P/Fitch Value, Moody’s First Trigger Value, or Moody’s Second
Trigger Value, as may be”.  Paragraph
5(ii) is hereby amended by (1) deleting the first instance of the words “the
Value” and inserting in lieu thereof “any one or more of the S&P/Fitch
Value, Moody’s First Trigger Value, or Moody’s Second Trigger Value” and (2)
deleting the second instance of the words “the Value” and inserting in lieu
thereof “such disputed S&P/Fitch Value, Moody’s First Trigger Value, or
Moody’s Second Trigger Value”.  Each of
Paragraph 8(b)(iv)(B) and Paragraph 11(a) is hereby amended by deleting the
word “Value” and inserting in lieu thereof “least of the S&P/Fitch Value,
Moody’s First Trigger Value, and Moody’s Second Trigger Value”.

(v)                                 Expenses. 
Notwithstanding anything to the contrary in Paragraph 10, the Pledgor
will be responsible for, and will reimburse the Secured Party for, all transfer
and other taxes and other costs involved in any Transfer and maintenance of
Eligible Collateral.

(vi)                              Withholding.  Paragraph 6(d)(ii) is hereby amended by
inserting immediately after “the Interest Amount” in the fourth line thereof
the words “less any applicable withholding taxes.”

(vii)         Additional Definitions.  As used in this Annex:

“Moody’s First Trigger Event”  means that no Relevant Entity has credit
ratings from Moody’s at least equal to the Moody’s First Trigger Ratings
Threshold.

 7
 

“Moody’s First Trigger Credit Support Amount”
means, for any Valuation Date, the excess, if any, of

(I)                                    (A)          for any Valuation Date
on which (I) a Moody’s First Trigger Event has occurred and has been continuing
(x) for at least 30 Local Business Days or (y) since this Annex was executed
and (II) it is not the case that a Moody’s Second Trigger Event has occurred
and been continuing for at least 30 Local Business Days, the greater of (a)
zero and (b) sum of (i) the Secured Party’s Transaction Exposure for such
Valuation Date and (ii) the aggregate of the Moody’s First Trigger Further
Collateral Amounts for all Transactions;] or

(B)                                for
any other Valuation Date, zero, over

(II)                                the
Threshold for Party A such Valuation Date.

“Moody’s First Trigger Further Collateral Amount”
means for any Transaction and Valuation Date the product of the applicable
Moody’s First Trigger Factor set forth in Table 1 and the Notional Amount for
such Transaction for the Calculation Period which includes such Valuation Date.

“Moody’s First Trigger Value” means,
on any date and with respect to any Eligible Collateral other than Cash, the
bid price obtained by the Valuation Agent multiplied by the Moody’s First
Trigger Valuation Percentage for such Eligible Collateral set forth in
Paragraph 13(b)(ii).

 “Moody’s Second
Trigger Event”  means
that no Relevant Entity has credit ratings from Moody’s at least equal to the
Moody’s Second Trigger Ratings Threshold.

“Moody’s Second Trigger Credit Support Amount”
means, for any Valuation Date, the excess, if any, of

(I)                                    (A)          for any Valuation Date
on which it is the case that a Moody’s Second Trigger Event has occurred and
been continuing for at least 30 Local Business Days, the sum, for each
Transaction to which this Annex relates, of an amount equal to the following:

(1)                                  if such Transaction
is not a Transaction-Specific Hedge,

the greater of (a) zero, (b) the aggregate
amount of the Next Payments (each determined based on the rates prevailing on
such Valuation Date) for all Next Payment Dates and (c) sum of (i) the Secured
Party’s Transaction Exposure for such Valuation Date and (ii) the aggregate of
the Moody’s Second Trigger Further Collateral Amounts for allTransactions or

(2)                                  if such Transaction
is a Transaction-Specific Hedge,

the greater of (a) zero, (b) the aggregate
amount of the Next Payments (each determined based on the rates prevailing on
such Valuation Date) for all Next Payment Dates and (c) sum of (i) the Secured
Party’s Transaction Exposure for such Valuation Date and (ii) the aggregate of
the Moody’s Second Trigger TSH Further Collateral Amounts for all Transactions
or

(B)                                for
any other Valuation Date, zero, over

 8
 

(II)                                the
Threshold for Party A for such Valuation Date.

“Moody’s Second Trigger Further Collateral
Amount” means for any Transaction and Valuation Date the
product of the applicable Moody’s Second Trigger Factor set forth in the third
column of Table 1and the Notional Amount for such Transaction for the
Calculation Period which includes such Valuation Date.

“Moody’s Second Trigger TSH Further Collateral
Amount” means for any Transaction and Valuation Date the
product of the applicable Moody’s Second Trigger Factor set forth in the fourth
column of Table 1and the Notional Amount for such Transaction for the
Calculation Period which includes such Valuation Date.

“Moody’s Second Trigger Value” means,
on any date and with respect to any Eligible Collateral other than Cash, the
bid price obtained by the Valuation Agent multiplied by the Moody’s Second
Trigger Valuation Percentage for such Eligible Collateral set forth in
Paragraph 13(b)(ii).

“Next Payment” means, in respect of each Next Payment
Date, the greater of (i) the amount of any payments due to be made by Party A
under Section 2(a) on such Next Payment Date less any payments due to be made
by Party B under Section 2(a) on such Next Payment Date (in each case, after
giving effect to any applicable netting under Section 2(c)) and (ii) zero.

“Next Payment Date”
means each date on which the next scheduled payment under any Transaction is
due to be paid.

“Pricing Sources” means the sources of
financial information commonly known as Bloomberg, Bridge Information Services,
Data Resources Inc., Interactive Data Services, International Securities Market
Association, Merrill Lynch Securities Pricing Service, Muller Data Corporation,
Reuters, Wood Gundy, Trepp Pricing, JJ Kenny, S&P and Telerate.

“Fitch Credit Support Amount” means,
for any Valuation Date, the excess, if any, of

(I)                                    (A)
         for any Valuation Date a
Fitch Downgrade, has occurred and been continuing for at least 30 days, an
amount equal to the sum, for each Transaction to which this Annex relates, of
the sum of (1) 100.0% of the Secured Party’s Transaction Exposure for such
Valuation Date and (2) the product of the Volatility Buffer for such
Transaction and the Notional Amount of such Transaction for the Calculation
Period of such Transaction which includes such Valuation Date, or

(B)                                for
any other Valuation Date, zero, over

(II)                                the
Threshold for Party A for such Valuation Date.

“Fitch Value”
means, on any date and with respect to any Eligible Collateral, the product of
(A) the bid price (or the face amount with respect to Cash) obtained by the
Valuation Agent for such Eligible Collateral and (B) the Fitch Valuation
Percentage for such Eligible Collateral set forth in paragraph 13(b)(ii).

“S&P Credit Support Amount” means,
(a) if an S&P Approved Ratings Downgrade has occurred and has continued for
10 Local Business Days, for any Valuation Date, the Secured Party’s Exposure;
(b) if an S&P Required Ratings Downgrade has occurred and has continued for
10 Local Business Days:  an amount equal
to 125% of the Secured Party’s Exposure or (c) for any other date: zero.

 9
 

“S&P Value”
means, on any date and with respect to any Eligible Collateral, the product of
(A) the bid price (or the face amount with respect to Cash) obtained by the
Valuation Agent for such Eligible Collateral and (B) in the event an S&P
Approved Ratings Downgrade or an S&P Required Ratings Downgrade has been
continuing for 10 Local Business Days, the S&P Approved Ratings
Downgrade/Fitch Valuation Percentage or the S&P Required Ratings Downgrade
Valuation Percentage, respectively, for such Eligible Collateral set forth in
paragraph 13(b)(ii).

Transaction Exposure” means, for any
Transaction, Exposure determined as if such Transaction were the only
Transaction between the Secured Party and the Pledgor.

“Transaction-Specific Hedge” means any
Transaction that is an interest rate cap, interest rate floor or interest rate
swaption, or an interest rate swap in respect of which (x) the notional amount
is “balance guaranteed” or (y) the notional amount for any Calculation Period
otherwise is not a specific dollar amount that is fixed at the inception of the
Transaction.

“Value” shall mean, in respect of any
date, the related S&P Value, Fitch Value, Moody’s First Trigger Value, and
Moody’s Second Trigger Value.

“Volatility Buffer” means, for any
Transaction, the related percentage set forth in the following table.

Fitch
Volatility Buffer:

	
  The higher of the Fitch 

  credit rating of (i) 

  Party A and (ii) the 

  Credit Support 

  Provider of Party A, if 

  	
   

  	
  Remaining Weighted Average
  Maturity

  (years)

  	
   

  
	
  applicable

  	
   

  	
  1

  	
   

  	
  2

  	
   

  	
  3

  	
   

  	
  4

  	
   

  	
  5

  	
   

  	
  6

  	
   

  	
  7

  	
   

  	
  8

  	
   

  
	
  At least “AA-”

  	
   

  	
  0.8

  	
  %

  	
  1.7

  	
  %

  	
  2.5

  	
  %

  	
  3.3

  	
  %

  	
  4.0

  	
  %

  	
  4.7

  	
  %

  	
  5.3

  	
  %

  	
  5.9

  	
  %

  
	
  “A+/A”

  	
   

  	
  0.6

  	
  %

  	
  1.2

  	
  %

  	
  1.8

  	
  %

  	
  2.3

  	
  %

  	
  2.8

  	
  %

  	
  3.3

  	
  %

  	
  3.8

  	
  %

  	
  4.2

  	
  %

  
	
  “A-/BBB+” or lower

  	
   

  	
  0.5

  	
  %

  	
  1.0

  	
  %

  	
  1.6

  	
  %

  	
  2.0

  	
  %

  	
  2.5

  	
  %

  	
  2.9

  	
  %

  	
  3.3

  	
  %

  	
  3.6

  	
  %

  

 

	
  The higher of the Fitch 

  credit rating of (i) 

  Party A and (ii) the 

  Credit Support 

  	
   

  	
  Remaining Weighted Average Maturity

  (years)

  	
   

  
	
  Provider of Party A, if
  

  applicable

  	
   

  	
  9

  	
   

  	
  10

  	
   

  	
  11

  	
   

  	
  12

  	
   

  	
  13

  	
   

  	
  14

  	
   

  	
  Greater than or equal to 15

  	
   

  
	
  At least “AA-”

  	
   

  	
  6.5

  	
  %

  	
  7.0

  	
  %

  	
  7.5

  	
  %

  	
  8.0

  	
  %

  	
  8.5

  	
  %

  	
  9.0

  	
  %

  	
  9.5

  	
  %

  
	
  “A+/A”

  	
   

  	
  4.6

  	
  %

  	
  5.0

  	
  %

  	
  5.3

  	
  %

  	
  5.7

  	
  %

  	
  6.0

  	
  %

  	
  6.4

  	
  %

  	
  6.7

  	
  %

  
	
  “A-/BBB+” or lower

  	
   

  	
  4.0

  	
  %

  	
  4.3

  	
  %

  	
  4.7

  	
  %

  	
  5.0

  	
  %

  	
  5.3

  	
  %

  	
  5.6

  	
  %

  	
  5.9

  	
  %

  

 

 10
 

Table 1

	
  Remaining

  Weighted Average Life 

  of Hedge in Years

  	
   

  	
  Moody’s 

  First Trigger 

  Factor

  	
   

  	
  Moody’s Second Trigger 

  Factor for Interest Rate 

  Swaps with Fixed Notional 

  Amounts

  	
   

  	
  Moody’s Second Trigger 

  Factor for Transaction 

  Specific Hedges

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1 or less

  	
   

  	
  0.25

  	
  %

  	
  0.60

  	
  %

  	
  0.75

  	
  %

  
	
  More than 1 but not
  more than 2

  	
   

  	
  0.50

  	
  %

  	
  1.20

  	
  %

  	
  1.50

  	
  %

  
	
  More than 2 but not
  more than 3

  	
   

  	
  0.70

  	
  %

  	
  1.70

  	
  %

  	
  2.20

  	
  %

  
	
  More than 3 but not
  more than 4

  	
   

  	
  1.00

  	
  %

  	
  2.30

  	
  %

  	
  2.90

  	
  %

  
	
  More than 4 but not
  more than 5

  	
   

  	
  1.20

  	
  %

  	
  2.80

  	
  %

  	
  3.60

  	
  %

  
	
  More than 5 but not
  more than 6

  	
   

  	
  1.40

  	
  %

  	
  3.30

  	
  %

  	
  4.20

  	
  %

  
	
  More than 6 but not more
  than 7

  	
   

  	
  1.60

  	
  %

  	
  3.80

  	
  %

  	
  4.80

  	
  %

  
	
  More than 7 but not
  more than 8

  	
   

  	
  1.80

  	
  %

  	
  4.30

  	
  %

  	
  5.40

  	
  %

  
	
  More than 8 but not
  more than 9

  	
   

  	
  2.00

  	
  %

  	
  4.80

  	
  %

  	
  6.00

  	
  %

  
	
  More than 9 but not
  more than 10

  	
   

  	
  2.20

  	
  %

  	
  5.30

  	
  %

  	
  6.60

  	
  %

  
	
  More than 10 but not
  more than 11

  	
   

  	
  2.30

  	
  %

  	
  5.60

  	
  %

  	
  7.00

  	
  %

  
	
  More than 11 but not
  more than 12

  	
   

  	
  2.50

  	
  %

  	
  6.00

  	
  %

  	
  7.50

  	
  %

  
	
  More than 12 but not
  more than 13

  	
   

  	
  2.70

  	
  %

  	
  6.40

  	
  %

  	
  8.00

  	
  %

  
	
  More than 13 but not
  more than 14

  	
   

  	
  2.80

  	
  %

  	
  6.80

  	
  %

  	
  8.50

  	
  %

  
	
  More than 14 but not
  more than 15

  	
   

  	
  3.00

  	
  %

  	
  7.20

  	
  %

  	
  9.00

  	
  %

  
	
  More than 15 but not
  more than 16

  	
   

  	
  3.20

  	
  %

  	
  7.60

  	
  %

  	
  9.50

  	
  %

  
	
  More than 16 but not
  more than 17

  	
   

  	
  3.30

  	
  %

  	
  7.90

  	
  %

  	
  9.90

  	
  %

  
	
  More than 17 but not
  more than 18

  	
   

  	
  3.50

  	
  %

  	
  8.30

  	
  %

  	
  10.40

  	
  %

  
	
  More than 18 but not
  more than 19

  	
   

  	
  3.60

  	
  %

  	
  8.60

  	
  %

  	
  10.80

  	
  %

  
	
  More than 19 but not
  more than 20

  	
   

  	
  3.70

  	
  %

  	
  9.00

  	
  %

  	
  11.00

  	
  %

  
	
  More than 20 but not
  more than 21

  	
   

  	
  3.90

  	
  %

  	
  9.00

  	
  %

  	
  11.00

  	
  %

  
	
  More than 21

  	
   

  	
  4.00

  	
  %

  	
  9.00

  	
  %

  	
  11.00

  	
  %

  

 

 11

IN
WITNESS WHEREOF the parties have executed this Credit Support
Annex as of the date hereof.

	
  BANK OF AMERICA,
  N.A.

  	
  GE CAPITAL CREDIT CARD MASTER 

  NOTE TRUST

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/  Shirley de la Canal

  	
   

  	
   

  	
  By:

  	
  /s/  Kristine K. Gullo

  	
   

  	
   

  
	
   Name:  Shirley de la Canal

  	
   Name:  Kristine K. Gullo

  
	
   Title:  Senior Vice President

  	
   Title:  Vice President

  
	
   

  	
   

  
	
   Date:  6/28/07

  	
   Date:  6/28/07

  
								

 

 12

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