Document:

Exhibit 4.2

 

GE
CAPITAL CREDIT CARD MASTER NOTE TRUST,

 

as Issuer

 

And

 

DEUTSCHE
BANK TRUST COMPANY AMERICAS,

 

as Indenture Trustee

 

 

Series
[200  -  ] INDENTURE SUPPLEMENT

 

Dated as of [                   ,
          ]

 

 

TABLE OF CONTENTS

 

	
  ARTICLE I

  	
   

  	
  Definitions

  	
   

  
	
   

  	
   

  
	
  SECTION 1.1.

  	
   

  	
  Definitions

  	
   

  
	
  SECTION 1.2.

  	
   

  	
  Incorporation of Terms

  	
   

  
	
   

  	
   

  
	
  ARTICLE II

  	
   

  	
  Creation of the Series
  [200  -  ] Notes

  	
   

  
	
   

  	
   

  
	
  SECTION 2.1.

  	
   

  	
  Designation

  	
   

  
	
   

  	
   

  
	
  ARTICLE III

  	
   

  	
  REPRESENTATIONS AND WARRANTIES

  	
   

  
	
   

  	
   

  
	
  SECTION 3.1.

  	
   

  	
  Representations and Warranties

  	
   

  
	
   

  	
   

  
	
  ARTICLE IV

  	
   

  	
  Rights of Series
  [200  -  ] Noteholders and Allocation and Application of
  Collections

  	
   

  
	
   

  	
   

  
	
  SECTION 4.1.

  	
   

  	
  Determination of Interest and Principal

  	
   

  
	
  SECTION 4.2.

  	
   

  	
  Establishment of Accounts

  	
   

  
	
  SECTION 4.3.

  	
   

  	
  Calculations and Series Allocations

  	
   

  
	
  SECTION 4.4.

  	
   

  	
  Application of Available Finance Charge
  Collections and Available Principal Collections

  	
   

  
	
  SECTION 4.5.

  	
   

  	
  Distributions

  	
   

  
	
  SECTION 4.6.

  	
   

  	
  Investor Charge-Offs

  	
   

  
	
  SECTION 4.7.

  	
   

  	
  Reallocated Principal Collections

  	
   

  
	
  SECTION 4.8.

  	
   

  	
  Excess Finance Charge Collections

  	
   

  
	
  SECTION 4.9.

  	
   

  	
  Shared Principal Collections

  	
   

  
	
  SECTION 4.10.

  	
   

  	
  Reserve Account

  	
   

  
	
  SECTION 4.11.

  	
   

  	
  Spread Account

  	
   

  
	
  SECTION 4.12.

  	
   

  	
  Investment of Accounts

  	
   

  
	
  SECTION 4.13.

  	
   

  	
  Controlled Accumulation Period

  	
   

  
	
  SECTION 4.14.

  	
   

  	
  [Determination of LIBOR]

  	
   

  
	
  SECTION 4.15.

  	
   

  	
  Swaps

  	
   

  
	
   

  	
   

  
	
  ARTICLE V

  	
   

  	
  Delivery of Series
  [200  -  ] Notes; Reports to Series
  [200  -  ] Noteholders

  	
   

  
	
   

  	
   

  
	
  SECTION 5.1.

  	
   

  	
  Delivery and Payment for the Series
  [200  -  ] Notes

  	
   

  
	
  SECTION 5.2.

  	
   

  	
  Reports and Statements to Series
  [200  -  ] Noteholders

  	
   

  
	
   

  	
   

  
	
  ARTICLE VI

  	
   

  	
  Series [200  -  ] Early
  Amortization Events

  	
   

  
	
   

  	
   

  
	
  SECTION 6.1.

  	
   

  	
  Series [200  -  ] Early
  Amortization Events

  	
   

  
	
   

  	
   

  
	
  ARTICLE VII

  	
   

  	
  Redemption of Series
  [200  -  ] Notes; Final Distributions; Series Termination

  	
   

  
	
   

  	
   

  
	
  SECTION 7.1.

  	
   

  	
  Optional Redemption of Series
  [200  -  ] Notes; Final Distributions

  	
   

  
	
  SECTION 7.2.

  	
   

  	
  Series Termination

  	
   

  
						

 

i

 

	
  ARTICLE VIII

  	
   

  	
  Miscellaneous Provisions

  	
   

  
	
   

  	
   

  
	
  SECTION 8.1.

  	
   

  	
  Ratification of Indenture; Amendments

  	
   

  
	
  SECTION 8.2.

  	
   

  	
  Form of Delivery of the Series
  [200  -  ] Notes

  	
   

  
	
  SECTION 8.3.

  	
   

  	
  Counterparts

  	
   

  
	
  SECTION 8.4.

  	
   

  	
  GOVERNING LAW

  	
   

  
	
  SECTION 8.5.

  	
   

  	
  Limitation of Liability

  	
   

  
	
  SECTION 8.6.

  	
   

  	
  Rights of the Indenture Trustee

  	
   

  
	
  SECTION 8.7.

  	
   

  	
  Notice Address for Rating Agencies

  	
   

  
	
   

  	
   

  
	
  ARTICLE IX

  	
   

  	
  FASIT MATTERS

  	
   

  
	
   

  	
   

  
	
  SECTION 9.1.

  	
   

  	
  FASIT Administration

  	
   

  
						

 

 

	
  EXHIBITS

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EXHIBIT A-1

  	
   

  	
  FORM OF CLASS A NOTE

  	
   

  
	
  EXHIBIT A-2

  	
   

  	
  FORM OF CLASS B NOTE

  	
   

  
	
  EXHIBIT A-3

  	
   

  	
  FORM OF CLASS C NOTE

  	
   

  
	
  EXHIBIT B

  	
   

  	
  FORM OF MONTHLY PAYMENT INSTRUCTIONS AND
  NOTIFICATION OF THE INDENTURE TRUSTEE

  	
   

  
	
  EXHIBIT C

  	
   

  	
  FORM OF MONTHLY NOTEHOLDERS’ STATEMENT

  	
   

  
	
  EXHIBIT D

  	
   

  	
  FORM OF MONTHLY SERVICER’S CERTIFICATE

  	
   

  
	
  [EXHIBIT E-1

  	
   

  	
  FORM OF CLASS A SWAP]

  	
   

  
	
  [EXHIBIT E-2

  	
   

  	
  FORM OF CLASS B SWAP]

  	
   

  
	
  [EXHIBIT E-3

  	
   

  	
  FORM OF CLASS C SWAP]

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULE I

  	
   

  	
  PERFECTION REPRESENTATIONS, WARRANTIES AND
  COVENANTS

  	
   

  

 

ii

 

SERIES [200  -  ]
INDENTURE SUPPLEMENT, dated as of [               ,
200  ] (the “Indenture Supplement”),
between GE CAPITAL CREDIT CARD MASTER NOTE TRUST, a Delaware statutory trust
(herein, the “Issuer” or the “Trust”), and DEUTSCHE BANK TRUST COMPANY AMERICAS,
a New York banking corporation, not in its individual capacity, but solely as
indenture trustee (herein, together with its successors in the trusts
thereunder as provided in the Master Indenture referred to below, the “Indenture Trustee”) under the Master
Indenture, dated as of September 25, 2003 (the “Indenture”),
between the Issuer and the Indenture Trustee, as amended by the Omnibus
Amendment No. 1 to Securitization Documents, dated as of February 9, 2004,
among RFS Holding, L.L.C., RFS Funding Trust, the Issuer, Deutsche Bank Trust
Company Delaware, as trustee of RFS Funding Trust, RFS Holding, Inc., and the
Indenture Trustee (the "Indenture", together with this
Indenture Supplement, the “Agreement”).

 

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

 

ARTICLE I

Definitions

 

SECTION 1.1.  Definitions.

 

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

 

(b)                                 Each
capitalized term defined herein relates only to Series [200  -  ]
and to no other Series.  Whenever used
in this Indenture Supplement, the following words and phrases shall have the
following meanings:

 

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

 

“Addition Date” means (a) prior to the RFS
Funding Trust Termination Date, an “Addition Date” as such term is defined in
the Trust Receivables Purchase Agreement and (b) on or after the RFS Funding
Trust Termination Date, an “Addition Date” as such term is defined in the
Transfer Agreement.

 

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

 

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

 

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

 

 

“Agreement” is defined in the preamble.

 

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

 

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

 

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

 

(ii)  for Principal Collections
during the Early Amortization Period and the Controlled Accumulation Period,
the Collateral Amount at the end of the last day of the Revolving Period; and

 

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

 

“Available Finance Charge Collections” means,
for any Monthly Period, an amount equal to the sum of (a) the Investor Finance
Charge Collections for such Monthly Period, (b) the Series [200  -  ]
Excess Finance Charge Collections for such Monthly Period, (c) Principal
Accumulation Investment Proceeds, if any, with respect to the related Transfer
Date, (d) interest and earnings on funds on deposit in the Reserve Account
which will be deposited into the Finance Charge Account on the related Transfer
Date to be treated as Available Finance Charge Collections pursuant to Section 4.10(a), (e) amounts, if any, to
be withdrawn from the Reserve Account which will be deposited into the Finance
Charge Account on the related Transfer Date to be treated as Available Finance
Charge Collections pursuant to Section 4.10(c),
and [(f) any Net Swap Receipts for the related Transfer Date].

 

2

 

“Available Principal Collections” means, for
any Monthly Period, an amount equal to the sum of (a) the Investor Principal
Collections for such Monthly Period, minus
(b) the amount of Reallocated Principal Collections with respect to such
Monthly Period which pursuant to Section 4.7
are required to be applied on the related Payment Date, plus (c) the sum of (i)
any Shared Principal Collections with respect to other Principal Sharing Series
(including any amounts on deposit in the Excess Funding Account that are
allocated to Series [200  -  ] for
application as Shared Principal Collections), (ii) the aggregate amount to be
treated as Available Principal Collections pursuant to Sections 4.4(a)(vi) and (vii), and (iii)
during an Early Amortization Event, the amount of Available Finance Charge
Collections used to pay principal on the Notes pursuant to Section 4.4(a)(xii) for the related
Payment Date.

 

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

 

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

 

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

 

“Base Rate” means, for any Monthly Period, the
annualized percentage equivalent of a fraction, the numerator of which is equal
to the sum of (a) the Monthly Interest, [(b) the Net Swap Payments] and (c) the
Noteholder Servicing Fee, each with respect to the related Payment Date, and
the denominator of which is the Collateral Amount plus amounts on deposit in
the Principal Accumulation Account, each as of the close of business on the
last day of such Monthly Period.

 

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

 

[“Class A Counterparty” means [    ]
or the counterparty under any interest rate swap with respect to the Class A
Notes obtained pursuant to Section 4.16.]

 

3

 

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

 

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

 

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

 

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

 

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

 

“Class A Note Initial Principal Balance” means
$[                      ].

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

[“Class A Swap Rate” means [    ]%
per annum.]

 

4

 

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

 

[“Class B Counterparty” means [    ]
or the counterparty under any interest rate swap with respect to the Class B
Notes obtained pursuant to Section 4.16.]

 

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

 

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

 

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

 

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

 

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

 

“Class B Note Initial Principal Balance” means
$[                    ].

 

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

 

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

 

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

 

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

 

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

 

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

 

5

 

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

 

[“Class B Swap Rate”  means [    ]% per annum.]

 

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

 

[“Class C Counterparty” means [    ]
or the counterparty under any interest rate swap with respect to the Class C
Notes obtained pursuant to Section 4.16.]

 

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

 

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

 

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

 

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

 

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

 

“Class C Note Initial Principal Balance” means
$[                        ].

 

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

 

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

 

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

 

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

 

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

 

6

 

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

 

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

 

[“Class C Swap Rate” means [    ]%
per annum.]

 

“Closing Date” means [                   ,
200  ].

 

“Collateral Amount” means, as of any date of
determination, an amount equal to the excess of (a) the sum of (i) the initial
Note Principal Balance on the Closing Date, and (ii) the Initial Excess
Collateral Amount, over (b) the sum of
(i) the amount of principal previously paid to the Series [200  -  ]
Noteholders (other than any principal payments made from funds on deposit in
the Spread Account), (ii) reductions in the Excess Collateral Amount due to
reductions in the Required Excess Collateral Amount, (iii) the Principal
Accumulation Account Balance, and (iv) the excess, if any, of the aggregate
amount of Investor Charge-Offs and Reallocated Principal Collections over the reimbursements of such amounts
pursuant to Section 4.4(a)(vii)
prior to such date.

 

“Controlled Accumulation Amount” means, for
any Transfer Date with respect to the Controlled Accumulation Period, $[                  ];
provided, however,
that if the Controlled Accumulation Period Length is determined to be less than
or more than [    ] months pursuant to Section 4.13 or 4.14, the Controlled Accumulation Amount for
each Payment Date with respect to the Controlled Accumulation Period will be
equal to (i) the initial Note Principal Balance divided
by (ii) the Controlled Accumulation Period Length; provided, further,
that the Controlled Accumulation Amount for any Payment Date shall not exceed
the Note Principal Balance minus any amount already on deposit in the Principal
Accumulation Account on such Transfer Date.

 

“Controlled Accumulation Date” means [  ],
20[  ].

 

“Controlled Accumulation Period” means, unless
an Early Amortization Event shall have occurred prior thereto, the period
commencing at the opening of business on [                   ,
200  ] or such other date as is determined in accordance with Sections 4.13 and 4.14,
and ending on the first to occur of (a) the commencement of the Early
Amortization Period and (b) the Final Payment Date.

 

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

 

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

 

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

 

7

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Expected Principal Payment Date” means [                     ,
200  ].

 

8

 

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

 

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

 

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

 

“Finance Charge Collections” means Collections
of Finance Charge Receivables (after giving effect to any recharacterization of
Collections of Principal Receivables as Collections of Finance Charge
Receivables pursuant to Section 2.8
of the Trust Receivables Purchase Agreement or the Transfer Agreement).

 

“Finance Charge Shortfall” is defined in Section 4.8.

 

“Group One” means Series [200  -  ]
and each other outstanding Series previously or hereafter specified in the
related Indenture Supplement to be included in Group One.

 

“Indenture” is defined in the preamble.

 

“Indenture Trustee” is defined in the
preamble.

 

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

 

“Initial Excess Collateral Amount” means $[    ].

 

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

 

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

 

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

 

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

 

9

 

“Investor Finance Charge Collections”
means, for any Monthly Period, an amount equal to the aggregate amount of
Finance Charge Collections retained or deposited in the Finance Charge Account
for Series [200  -  ] pursuant to Section 4.3(b)(i) for such Monthly
Period.

 

“Investor Principal Collections” means, for
any Monthly Period, an amount equal to the aggregate amount of Principal
Collections retained or deposited in the Principal Account for Series [200  -  ]
pursuant to Section 4.3(b)(ii) for
such Monthly Period.

 

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

 

“Issuer” is defined in the preamble.

 

[“LIBOR” means, for any Interest Period, the
London interbank offered rate for one-month United States dollar deposits
determined by the Indenture Trustee for each Interest Period in accordance with
the provisions of Section 4.15.]

 

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

 

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

 

“Minimum Free Equity Percentage” means, for
purposes of [Series 200  -  ], [    ]%.

 

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

 

“Monthly Period” means, as to each Payment
Date, the period beginning on the 22nd day of the second preceding
calendar month and ending on the 21st day of the immediately
preceding calendar month; provided that
the Monthly Period related to the [            
200  ] Payment Date shall mean the period from and including
the Closing Date to and including the last day of [                
200  ].

 

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

 

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

 

(c)                                  the
lesser of (i) the Class A Required Amount and (ii) $[                ]
minus the sum of (x) the amount of
unreimbursed Investor Charge-Offs (after giving effect to

 

10

 

Investor Charge-Offs for the related Monthly Period) and unreimbursed
Reallocated Principal Collections (as of the previous Payment Date) and (y) any
reductions to the Collateral Amount on account of reductions to the Required
Excess Collateral Amount, but not less than zero;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

11

 

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

 

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

 

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

 

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

 

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

 

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

 

“Principal Shortfall” is defined in Section 4.9.

 

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

 

“Rating Agency” means each of [Fitch, Moody’s
and Standard & Poor’s].

 

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

 

12

 

“Redemption Amount” means, for any Transfer
Date, after giving effect to any deposits and payments otherwise to be made on
the related Payment Date, the sum of (i) the Note Principal Balance on the
related Payment Date, (ii) Monthly Interest for the related Payment Date and
any Monthly Interest previously due but not distributed to the Series [200  -  ]
Noteholders, (iii) the amount of Additional Interest, if any, for the related
Payment Date and any Additional Interest previously due but not distributed to
the Series [200  -  ] Noteholders on a prior
Payment Date [and (iv) any amounts owing to any Counterparty pursuant to the
terms of the Class A Swap, Class B Swap or Class C Swap].

 

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

 

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

 

“Removal Date” means (a) prior to the RFS
Funding Trust Termination Date, the “Removal Date” as such term is defined in
the Trust Receivables Purchase Agreement and (b) on or after the RFS Funding
Trust Termination Date, a “Removal Date” as such term is defined in the
Transfer Agreement.

 

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

 

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

 

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

 

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

 

“Required Reserve Account Amount” means, for
any Transfer Date on or after the Reserve Account Funding Date, an amount equal
to (a) [    ]% of the Note Principal Balance or (b)
any other amount designated by the Issuer; provided,  however,
that if such designation is of a lesser amount, the Issuer shall (i) provide
the Indenture Trustee with evidence that the Rating Agency Condition shall have
been satisfied and (ii) deliver to the Indenture Trustee a certificate of an
Authorized Officer to the effect that, based on the facts known to such officer
at such time, in the reasonable belief of the Issuer, such designation will not
cause an Early Amortization Event or an event that, after the giving of notice
or the lapse of time, would cause an Early Amortization Event to occur with
respect to Series [200  -  ].

 

“Required Spread Account Amount” means, for
any Payment Date, the product of (i) the Spread Account Percentage in effect on
such date and (ii) during (x) the Revolving Period, the Collateral Amount, and
(y) during the Controlled Accumulation Period or the Early Amortization Period,
the Collateral Amount as of the last day of the Revolving Period; provided that
prior to the occurrence of an Event of Default and an acceleration of the
Series [200  -  ] Notes under Section 5.3
of the Indenture, the Required Spread Account Amount for any Payment

 

13

 

Date will in no event exceed the Class C Note Principal Balance (after
taking into account any payments to be made on such Payment Date).

 

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

 

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

 

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

 

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

 

“Reset Date” means:

 

(a)                                  each Addition Date;

 

(b)                                 each Removal Date on
which, if any Series of Notes or any Series under (and as defined in) the RFS
Funding Trust Agreement has been paid in full, Principal Receivables for that
Series are removed from the Receivables Trust;

 

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

 

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

 

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

 

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

 

“RFS Funding Trustee” means Deutsche Bank
Trust Company Delaware, not in its individual capacity but solely in its capacity
as trustee under the RFS Funding Trust Agreement.

 

“Series
Accounts” is defined in Section 4.2.

 

14

 

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

 

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

 

“Series Maturity Date” means, with respect to
Series [200  -  ], the [                     ,
200  ] Payment Date.

 

“Series [200  -  ]” means
the Series of Notes the terms of which are specified in this Indenture
Supplement.

 

“Series [200  -  ] Early Amortization
Event” is defined in Section 6.1.

 

“Series [200  -  ] Excess
Finance Charge Collections” means Excess Finance Charge Collections allocated
from other Series in Group One to Series [200  -  ]
pursuant to Section 8.6 of the Indenture.

 

“Series [200  -  ] Note”
means a Class A Note, a Class B Note or a Class C Note.

 

“Series [200  -  ] Noteholder”
means a Class A Noteholder, a Class B Noteholder or a Class C Noteholder.

 

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

 

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

 

“Spread Account Percentage” means, (i) [    ]%
if the Quarterly Excess Spread Percentage on such Payment Date is greater than
or equal to [    ]%, (ii) [    ]%
if the Quarterly Excess Spread Percentage on such Payment Date is less than [    ]%
and greater than or equal to [    ]%, (iii) [    ]%
if the Quarterly Excess Spread Percentage on such Payment Date is less than [    ]%
and greater than or equal [    ]%, (iv) [    ]%
if the Quarterly Excess Spread Percentage on such Payment Date is less than [    ]%
and greater than or equal to [    ]%, (v) [    ]%
if the Quarterly Excess Spread Percentage on such Payment Date is less than [    ]%
and greater than or equal to [    ]%, (vi) [    ]%
if the Quarterly Excess Spread Percentage on such Payment Date is less than [    ]%
and greater than or equal to [    ]%, (vii) [    ]%
if the Quarterly Excess Spread Percentage on such Payment Date is less than [    ]%
and greater than or equal to [    ]%, and (viii) [    ]%
if the Quarterly Excess Spread Percentage on such Payment Date is less than [    ]%;

 

15

 

provided,
that if an Early Amortization Event is deemed to occur, the Spread Account
Percentage shall be [    ]% and may not be reduced.

 

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

 

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

 

“Trust” is defined in the preamble.

 

SECTION 1.2.  Incorporation of Terms. 
The terms of the Indenture are incorporated in this Supplement as if set
forth in full herein. As supplemented by this Supplement, the Indenture is in
all respects ratified and confirmed and both together shall be read, taken and
construed as one and the same agreement. If the terms of this Supplement and
the terms of the Indenture conflict, the terms of this Supplement shall control
with respect to the Series [200  -  ].

 

ARTICLE II

Creation of the Series [200  -  ]
Notes

 

SECTION 2.1.  Designation.

 

(a)                                  There
is hereby created and designated a Series of Notes to be issued pursuant to the
Indenture and this Indenture Supplement to be known as “GE Capital Credit Card Master Note Trust, Series
[200  -  ]” or the “Series
[200  -  ] Notes.”  The Series [200  -  ] Notes
shall be issued in three Classes, known as the “Class
A Series [200  -  ] [Floating Rate] Asset Backed Notes,”
the “Class B Series [200  -  ]
[Floating Rate] Asset Backed Notes,” and the “Class C Series [200  -  ] [Floating
Rate] Asset Backed Notes.”

 

(b)                                 Series
[200  -  ] shall be included in Group One and
shall be a Principal Sharing Series. 
Series [200  -  ] shall be an Excess
Allocation Series with respect to Group One only.  Series [200  -  ] shall not be
subordinated to any other Series.

 

ARTICLE III

REPRESENTATIONS
AND WARRANTIES

 

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

 

ARTICLE IV

Rights of Series [200  -  ]
Noteholders and Allocation and Application of Collections

 

SECTION 4.1.  Determination of Interest and Principal.

 

(a)                                  The
amount of monthly interest (“Class A Monthly
Interest”) due and payable with respect to the Class A Notes on any
Payment Date shall be an amount equal to the product of (i) a fraction, the
numerator of which is [the actual number of days in the related Interest
Period] [30] and the denominator of which is 360, (ii) the Class A Note
Interest Rate in effect

 

16

 

with respect to the related Interest Period and (iii) the Class A Note
Principal Balance as of the close of business on the last day of the preceding
Monthly Period (or, with respect to the initial Payment Date, the Class A Note
Initial Principal Balance); provided
that Class A Monthly Interest for the first Interest Period will be $[                    ].

 

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

 

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

 

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

 

(c)                                  The
amount of monthly interest (“Class C Monthly Interest”)
due and payable with respect to the Class C Notes on any Payment Date shall be
an amount equal to the product of (i) a fraction, the numerator of which is
[the actual number of days in the related Interest Period] [30] and the
denominator of which is 360, (ii) the Class C Interest Rate in effect with
respect to the related Interest Period and (iii) the Class C Note Principal
Balance as of the close

 

17

 

of business on the last day of the preceding Monthly Period (or, with
respect to the initial Payment Date, the Class C Note Initial Principal
Balance), provided that Class C Monthly
Interest for the first Interest Period will be $[                    ].

 

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

 

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

 

SECTION 4.2.  Establishment of Accounts.

 

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

 

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

 

(c)                                  On
or before the Closing Date, the Issuer shall enter into a depositary agreement
to govern the Series Accounts pursuant to which such accounts are continuously
identified in the depositary institution’s books and records as subject to a
security interest in favor of the Indenture Trustee on behalf of the
Noteholders and, except as may be expressly provided herein to the contrary, in
order to perfect the security interest of the Indenture Trustee on behalf of
the Noteholders under the UCC, the Indenture Trustee on behalf of the
Noteholders shall have the

 

18

 

power to direct disposition of the funds in the Series Accounts without
further consent by the Issuer; provided  however, that prior to
the delivery by the Indenture Trustee on behalf of the Noteholders of notice
otherwise, the Issuer shall have the right to direct the disposition of funds
in the Series Accounts; provided  further that the Indenture
Trustee on behalf of the Noteholders agrees that it will not deliver such
notice or exercise its power to direct disposition of the funds in the Series
Accounts unless an Event of Default has occurred and is continuing.

 

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

 

SECTION 4.3.  Calculations and Series Allocations.

 

(a)                                  Allocations.  Finance Charge Collections, Principal
Collections and Charged-Off Receivables allocated to Series [200  -  ]
pursuant to Article VIII of the
Indenture shall be allocated and distributed as set forth in this Article.  During any period when the Issuer is
permitted by Section 8.4 of the
Indenture to make a single monthly deposit to the Collection Account, amounts
allocated to the Noteholders pursuant to Sections 4.3(a)
and (b) with respect to any Monthly
Period need not be deposited into the Collection Account or any Series Account
prior to the related Transfer Date, and, when so deposited, (x) may be
deposited net of any amounts required to be distributed to Transferor and, if
the Originator is Servicer, any amounts owed to the Servicer, and (y) shall be
deposited into the Finance Charge Account (in the case of Collections of
Finance Charge Receivables) and the Principal Account (in the case of
Collections of Principal Receivables (not including any Shared Principal Collections
allocated to Series [200  -  ] pursuant to Section 8.5 of the Indenture)).

 

(b)                                 Allocations
to the Series [200  -  ] Noteholders.  The Issuer shall on each Date of Processing,
allocate to the Series [200  -  ] Noteholders
the following amounts as set forth below:

 

(i)                                     Allocations of Finance Charge Collections.  The Issuer shall allocate to the Series [200  -  ]
Noteholders an amount equal to the product of (A) the Allocation Percentage and
(B) the aggregate Finance Charge Collections processed on such Date of
Processing and shall deposit such amount into the Finance Charge Account; provided that, so long as, with respect to
each Monthly Period falling in the Revolving Period (and with respect to that
portion of each Monthly Period in the Controlled Accumulation Period falling on
or after the day on which Collections of Principal Receivables equal to the
related Controlled Deposit Amount have been allocated pursuant to Section 4.3(b)(ii)  and deposited pursuant to Section 4.3(a)), Collections of Finance Charge
Receivables shall be transferred into the Finance Charge Account only until
such time as the aggregate amount so deposited equals the sum (the “Target Amount”) of (A) the fees

 

19

 

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

 

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

 

(ii)                                  Allocations of Principal Collections.  The Issuer shall allocate to the Series [200  -  ]
Noteholders the following amounts as set forth below:

 

(x)                                   Allocations During the Revolving Period.

 

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

 

20

 

[200  -  ]
Noteholders and first, if any other Principal Sharing Series is outstanding and
in its accumulation period or amortization period, retained in the Principal
Account for application, to the extent necessary, as Shared Principal
Collections to other Principal Sharing Series on the related Payment Date,
second deposited in the Excess Funding Account to the extent necessary so that
the Free Equity Amount is not less than the Minimum Free Equity Amount and
third paid to the holders of the Transferor Interest.

 

(2)                                  With
respect to each Monthly Period falling in the Revolving Period, to the extent
that Collections of Principal Receivables allocated to the Series [200  -  ]
Noteholders pursuant to this Section 4.3(b)(ii)
are paid to Transferor, the Issuer shall cause Transferor to make an amount
equal to the Reallocated Principal Collections for the related Transfer Date
available on that Transfer Date for application in accordance with Section  4.7.

 

(y)                                 Allocations During the Controlled Accumulation Period.  During the Controlled Accumulation Period an
amount equal to the product of the Allocation Percentage and the aggregate
amount of Principal Collections processed on such Date of Processing (the
product for any such date is hereinafter referred to as a “Percentage Allocation”) shall be allocated to
the Series [200  -  ] Noteholders and
transferred to the Principal Account until applied as provided herein; provided, however, that
if the sum of such Percentage Allocation and all preceding Percentage
Allocations with respect to the same Monthly Period exceeds the Controlled
Deposit Amount during the Controlled Accumulation Period for the related
Payment Date, then such excess shall not be treated as a Percentage Allocation
and shall be first, if any other Principal Sharing Series is outstanding and in
its accumulation period or amortization period, retained in the Principal
Account for application, to the extent necessary, as Shared Principal
Collections to other Principal Sharing Series on the related Payment Date,
second deposited in the Excess Funding Account to the extent necessary so that
the Free Equity Amount is not less than the Minimum Free Equity Amount and
third paid to the holders of the Transferor Interest.

 

(z)                                   Allocations During the Early Amortization Period.  During the Early Amortization Period, an
amount equal to the product of the Allocation Percentage and the aggregate
amount of Principal Collections processed on such Date of Processing shall be
allocated to the [200  -  ] Noteholders and
transferred to the Principal Account until applied as provided herein; provided, however,
that after the date on which an amount of such Principal Collections equal to
the Note Principal Balance has been deposited into the Principal Account such
amount shall be first, if any other Principal Sharing Series is outstanding and
in its accumulation period or amortization period, retained in the Principal
Account for

 

21

 

application, to the extent necessary, as Shared
Principal Collections to other Principal Sharing Series on the related Payment
Date, second deposited in the Excess Funding Account to the extent necessary so
that the Free Equity Amount is not less than the Minimum Free Equity Amount and
third paid to the holders of the Transferor Interest.

 

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

 

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

 

(i)                                     on
a pari passu basis (A) the payment to the Indenture Trustee of the accrued and
unpaid fees and other amounts owed to the Indenture Trustee up to a maximum
amount of $25,000 for each calendar year, (B) the payment to the RFS Funding
Trustee of the accrued and unpaid fees and other amounts owed to the RFS
Funding Trustee up to a maximum amount of $25,000 for each calendar year, (C)
the payment to the Trustee of the accrued and unpaid fees and other amounts
owed to Trustee up to a maximum amount of $25,000 for each calendar year and
(D) the payment to the Administrator of the accrued and unpaid fees and other
amounts owed to the Administrator up to a maximum amount of $25,000 for each
calendar year.

 

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

 

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

 

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

 

22

 

(v)                                 on
a pari passu basis (A) an amount equal to Class C Monthly Interest for such
Payment Date, plus any Class C
Deficiency Amount, plus the amount of
any Class C Additional Interest for such Payment Date, plus the amount of any Class C Additional
Interest previously due but not paid to the Class C Noteholders on a prior
Payment Date shall be deposited into the Distribution Account, [and
(B) any Class C Net Swap Payment for such Payment Date and any unpaid Class C
Net Swap Payments owed to the Class C Counterparty in respect of any prior
Payment Date shall be paid to the Class C Counterparty]; provided,
however, that, in the event that the sum of Class C Monthly Interest
exceeds the amount of Available Finance Charge Collections available (after
giving effect to Sections 4.4(a)(i)
through (iv) above) to fund such Class
C Monthly Interest and Class C Additional Interest, a draw will be made from
amounts available for distribution in the Spread Account (at the times and in
the amounts specified in Section 4.11)
and shall be deposited into the Distribution Account for payment to the Class C
Noteholders on such Payment Date in accordance with this Section 4.4(a)(v);

 

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

 

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

 

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

 

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

 

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

 

23

 

(xi)                                on
a pari passu basis any amounts owed to such Persons listed in clause (i) above
and not paid pursuant to clause (i) above shall be paid to such Persons; and

 

(xii)                             the
balance, if any, will constitute a portion of Excess Finance Charge Collections
for such Payment Date and will be applied in accordance with Section 8.6
of the Indenture; provided that during an Early Amortization Period, if
any such Excess Finance Charge Collections would be paid to the Transferor in
accordance with Section 8.6 of the Indenture, the portion of such Excess
Finance Charge Collections that would otherwise be payable to the Transferor
shall first be used to pay Monthly Principal to the extent not paid in full
pursuant to Section 4.4(c), and any amounts remaining after payment
in full of the Monthly Principal shall be paid to the Issuer in respect of the
Ownership Interest.

 

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

 

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

 

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

 

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

 

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

 

(d)                                 On
each Payment Date, the Issuer shall pay in accordance with Section 4.5
to the Class A Noteholders from the Distribution Account, the amount deposited
into the Distribution 

 

24

 

Account pursuant to Section 4.4(a)(iii) on the preceding
Transfer Date, to the Class B Noteholders from the Distribution Account, the
amount deposited into the Distribution Account pursuant to Section 4.4(a)(iv)
on the preceding Transfer Date and to the Class C Noteholders from the
Distribution Account, the amount deposited into the Distribution Account
pursuant to Section 4.4(a)(v) on the preceding Transfer Date.

 

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

 

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

 

SECTION 4.5.  Distributions.

 

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

 

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

 

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

 

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

 

(e)                                  Noteholders
hereunder shall be made by (i) check mailed to each Series [200  -  ]
Noteholder (at such Noteholder’s address as it appears in the Note Register),
except that for any Series [200  -  ] Notes
registered in the name of the nominee of a Clearing Agency, such payment shall
be made by wire transfer of immediately available funds and (ii) except as
provided in Section 2.7(b) of the Indenture, without presentation or
surrender of any Series [200  -  ] Note or
the making of any notation thereon.

 

25

 

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

 

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

 

SECTION 4.8.  Excess Finance Charge Collections.  Series [200  -  ]
shall be an Excess Allocation Series with respect to Group One only.  Subject to Section 8.6
of the Indenture, Excess Finance Charge Collections with respect to the Excess
Allocation Series in Group One for any Transfer Date will be allocated to
Series [200  -  ] in an amount equal to the
product of (x) the aggregate amount of Excess Finance Charge Collections with
respect to all the Excess Allocation Series in Group One for such Payment Date
and (y) a fraction, the numerator of which is the Finance Charge Shortfall for
Series [200  -  ] for such Payment Date and
the denominator of which is the aggregate amount of Finance Charge Shortfalls
for all the Excess Allocation Series in Group One for such Payment Date.  The “Finance
Charge Shortfall” for Series [200  -  ]
for any Payment Date will be equal to the excess, if any, of (a) the full
amount required to be paid, without duplication, pursuant to Sections 4.4(a)(i) through (xi) on such Payment Date over (b) the Available Finance Charge
Collections with respect to such Payment Date (excluding any portion thereof
attributable to Excess Finance Charge Collections).

 

SECTION 4.9.  Shared Principal Collections.  Subject to Section 8.5
of the Indenture, Shared Principal Collections allocable to Series [200  -  ]
on any Transfer Date will be equal to the product of (x) the aggregate amount
of Shared Principal Collections with respect to all Principal Sharing Series
for such Transfer Date and (y) a fraction, the numerator of which is the
Principal Shortfall for Series [200  -  ] for
such Transfer Date and the denominator of which is the aggregate amount of
Principal Shortfalls for all the Series which are Principal Sharing Series for
such Transfer Date.  The “Principal Shortfall” for Series [200  -  ]
will be equal to (a) for any Transfer Date with respect to the Revolving Period
or any Transfer Date during the Early Amortization Period prior to the Transfer
Date relating to the Expected Principal Payment Date, zero, (b) for any
Transfer Date with respect to the Controlled Accumulation Period, the excess,
if any, of the Controlled Deposit Amount with respect to such Transfer Date over the amount of Available Principal
Collections for such Transfer Date (excluding any portion thereof attributable
to Shared Principal Collections) and (c) for any Transfer Date relating to any
Payment Date on or after the Expected Principal Payment Date, the Note
Principal Balance.

 

SECTION 4.10.  Reserve Account.

 

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

 

26

 

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

 

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

 

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

 

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

 

(e)                                  Upon
the earliest to occur of (i) the termination of the Trust pursuant to Article VIII of the Trust Agreement,
(ii) the first Transfer Date relating to the Early Amortization Period and
(iii) the Expected Principal Payment Date for the Class C Notes, the Issuer,
after the prior payment of all amounts owing to the Series [200  -  ]
Noteholders that are payable from the Reserve Account as provided herein, shall
withdraw from the Reserve Account all amounts, if any, on deposit in the
Reserve Account and distribute any such amounts to the holders of the
Transferor Interest.  The Reserve
Account shall thereafter be deemed to have terminated for purposes of this
Indenture Supplement.

 

SECTION 4.11.  Spread Account.

 

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

 

(b)                                 Unless
an Early Amortization Event occurs, the Issuer will withdraw from the Spread
Account and deposit in the Collection Account for payment to the Class C
Noteholders on the Expected Principal Payment Date for the Class C Notes an
amount equal to the lesser of:

 

27

 

(i) the amount on deposit in the Spread Account after application of
any amounts set forth in clause (a) above and (ii) the Class C Note Principal
Balance.

 

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

 

(d)                                 On
any day following the occurrence of an Event of Default with respect to Series
200[  ]-[  ] that has resulted in the
acceleration of the Series 200[  ]-[  ]
Notes, the Issuer shall withdraw from the Spread Account the Available Spread
Account Amount and deposit such amount in the Distribution Account for payment
to the Series 200[  ]-[  ] Notes in the
following order of priority until all amounts owed to such Noteholders have
been paid in full: (i) the Class C Noteholders, (ii) the Class A Noteholders
and (iii) the Class B Noteholders.

 

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

 

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

 

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

 

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

 

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

 

(d)                                 On
each Transfer Date (but subject to Section 4.11(a)),
the Investment Earnings, if any, accrued since the preceding Transfer Date on
funds on deposit in the Spread Account shall be paid to the holders of the
Transferor Interest.  For purposes of
determining the

 

28

 

availability of funds or the balance in the Spread Account for any
reason under this Indenture Supplement (subject to Section 4.11(a)),
all Investment Earnings shall be deemed not to be available or on deposit; provided that after the maturity of the
Series [200  -  ] Notes has been accelerated
as a result of an Event of Default, all Investment Earnings shall be added to
the balance on deposit in the Spread Account and treated like the rest of the
Available Spread Account Amount.

 

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

 

SECTION 4.14.  [Determination of LIBOR].

 

(a)                                  [On
each LIBOR Determination Date in respect of an Interest Period, the Indenture
Trustee shall determine LIBOR on the basis of the rate per annum displayed in
the Bloomberg Financial Markets system as the composite offered rate for London
interbank deposits for a one-month period, as of 11:00 a.m., London time, on
that date.  If that rate does not appear
on that display page, LIBOR for that Interest Period will be the rate per annum
shown on page 3750 of the Bridge Telerate Services Report screen or any
successor page as the composite offered rate for London interbank deposits for
a one-month period, as shown under the heading “USD” as of 11:00 a.m., London
time, on the LIBOR Determination Date. 
If no rate is shown as described in the preceding two sentences, LIBOR
for that Interest Period will be the rate per annum based on the rates at which
Dollar deposits for a one-month period are displayed on page “LIBOR” of the
Reuters Monitor Money Rates Service or such other page as may replace the LIBOR
page on that service for the purpose of displaying London interbank offered
rates of major banks as of 11:00 a.m., London time, on the LIBOR Determination
Date; provided that if at lease two rates appear on that page, the rate
will be the arithmetic mean of the displayed

 

29

 

rates and if fewer than two rates are displayed, or if no rate is
relevant, the rate for that Interest Period shall be determined on the basis of
the rates at which deposits in United States dollars are offered by the
Reference Banks at approximately 11:00 a.m., London time, on that day to prime
banks in the London interbank market for a one-month period.  The Indenture Trustee shall request the
principal London office of each of the Reference Banks to provide a quotation
of its rate.  If at least two (2) such
quotations are provided, the rate for that Interest Period shall be the
arithmetic mean of the quotations.  If
fewer than two (2) quotations are provided as requested, the rate for that
Interest Period will be the arithmetic mean of the rates quoted by major banks
in New York City, selected by the Servicer, at approximately 11:00 a.m., New
York City time, on that day for loans in United States dollars to leading
European banks for a one-month period.]

 

(b)                                 The
Class A Note Interest Rate, Class B Note Interest Rate and Class C Note
Interest Rate applicable to the then current and the immediately preceding
Interest Periods may be obtained by telephoning the Indenture Trustee at its
corporate trust office at [(      )       -        ]
or such other telephone number as shall be designated by the Indenture Trustee
for such purpose by prior written notice by the Indenture Trustee to each
Series [200  -  ] Noteholder from time to
time.

 

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

 

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

 

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

 

30

 

ARTICLE V

Delivery of Series [200  -  ]
Notes;

Reports to Series [200  -  ] Noteholders

 

SECTION 5.1.  Delivery and Payment for the Series [200  -  ]
Notes.

 

The Issuer shall
execute and issue, and the Indenture Trustee shall authenticate, the Series [200  -  ]
Notes in accordance with Section 2.2
of the Indenture.  The Indenture Trustee
shall deliver the Series [200  -  ] Notes to
or upon the written order of the Issuer when so authenticated.

 

SECTION 5.2.  Reports and Statements to Series [200  -  ]
Noteholders.

 

(a)                                  On
each Payment Date, the Indenture Trustee shall forward to each Series [200  -  ]
Noteholder a statement substantially in the form of Exhibit
C prepared by the Servicer.

 

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

 

(c)                                  A
copy of each statement or certificate provided pursuant to paragraph (a)
or (b) may be obtained by any Series [200  -  ]
Noteholder by a request in writing to the Issuer.

 

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

 

ARTICLE VI

Series [200  -  ]
Early Amortization Events

 

SECTION 6.1.  Series [200  -  ] Early Amortization
Events.  If any one of the following
events shall occur with respect to the Series [200  -  ]
Notes:

 

(a)                                  (i)  failure on the part of Transferor to make
any payment or deposit required to be made by it by the terms of the Trust
Receivables Purchase Agreement or the Transfer Agreement on or before the date
occurring five (5) Business Days after the date such payment or deposit is
required to be made therein or herein or (ii) failure of the Transferor duly to
observe or perform in any material respect any of their respective covenants or
agreements set forth in the Trust

 

31

 

Receivables Purchase Agreement or the Transfer Agreement (excluding, in
the case of Issuer, matters addressed by clause
(i) above, which failure has a material adverse effect on the Series
[200  -  ] Noteholders and which continues
unremedied for a period of sixty days after the date on which written notice of
such failure, requiring the same to be remedied, shall have been given to the
Transferor by the Indenture Trustee, or to the Transferor and the Indenture
Trustee by any Noteholder of the Series [200  -  ]
Notes;

 

(b)                                 any
representation or warranty made by Transferor in the Transfer Agreement or the
Trust Receivables Purchase Agreement or any information contained in an account
schedule required to be delivered by it pursuant to Section 2.1 or Section 2.6(c) of the Transfer
Agreement, Trust Agreement or the Bank Receivables Sale Agreement shall prove
to have been incorrect in any material respect when made or when delivered,
which continues to be incorrect in any material respect for a period of sixty
days after the date on which written notice of such failure, requiring the same
to be remedied, shall have been given to the Transferor by the Indenture
Trustee, or to the Transferor and the Indenture Trustee by any Noteholder of
the Series [200  -  ] Notes and as a result
of which the interests of the Series [200  -  ]
Noteholders are materially and adversely affected for such period; provided,
however, that a Series [200  -  ]
Early Amortization Event pursuant to this Section 6.1(b)
shall not be deemed to have occurred hereunder if the Transferor has accepted
reassignment of the related Transferred Receivable, or all of such Transferred
Receivables, if applicable, during such period in accordance with the
provisions of the Transfer Agreement or the Trust Receivables Purchase
Agreement;

 

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

 

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

 

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

 

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

 

(g)                                 without
limiting the foregoing, the occurrence of an Event of Default with respect to
Series [200  -  ] and acceleration of the
maturity of the Series [200  -  ] Notes
pursuant to Section 5.3 of the
Indenture;

 

then, in the case
of any event described in subsection (a),
(b) or (d),
after the applicable grace period, if any, set forth in such subparagraphs,
either the Indenture Trustee or the holders of Series [200  -  ]
Notes evidencing more than 50% of the aggregate unpaid principal amount of
Series [200  -  ] Notes by notice then given
in writing to the Issuer (and to the Indenture Trustee if given by the Series
[200  -  ] Noteholders) may declare that a
“Series Early Amortization Event” with respect to Series [200  -  ]
(a “Series [200  -  ] Early
Amortization Event”) has occurred as of the date of such notice,
and, in the case of any event described in subsection (c),
(e), (f) or
(g) a Series [200  -  ]
Early Amortization Event shall occur without any notice or other

 

32

 

action on the part of the Indenture Trustee or the Series [200  -  ]
Noteholders immediately upon the occurrence of such event.

 

ARTICLE VII

Redemption of Series [200  -  ]
Notes; Final Distributions; Series Termination

 

SECTION 7.1.  Optional Redemption of Series [200  -  ]
Notes; Final Distributions.

 

(a)                                  On
any day occurring on or after the date on which the outstanding principal
balance of the Series [200  -  ] Notes is
reduced to 10% or less of the initial outstanding principal balance of Series
[200  -  ] Notes, Transferor has the option
pursuant to the Trust Agreement to reduce the Collateral Amount to zero by
paying a purchase price equal to the greater of (x) the Collateral Amount, plus
the applicable Allocation Percentage of outstanding Finance Charge Receivables
and (y) a minimum amount equal to (i) if such day is a Payment Date, the
Redemption Amount for such Payment Date or (ii) if such day is not a Payment
Date, the Redemption Amount for the Payment Date following such day.  If Transferor exercises such option, Issuer
will apply such purchase price to repay the Notes in full as specified below.

 

(b)                                 Issuer
shall give the Indenture Trustee at least thirty (30) days prior written notice
of the date on which Transferor intends to exercise such optional
redemption.  Not later than 12:00 noon,
New York City time, on such day Issuer shall deposit into the Distribution
Account in immediately available funds the excess of the Redemption Amount over
the amount, if any, on deposit in the Principal Accumulation Account.  Such redemption option is subject to payment
in full of the Redemption Amount. 
Following such deposit into the Distribution Account in accordance with
the foregoing, the Collateral Amount for Series [200  -  ]
shall be reduced to zero and the Series [200  -  ]
Noteholders shall have no further security interest in the Transferred
Receivables.  The Redemption Amount
shall be paid as set forth in Section 7.1(d).

 

(c)                                  (i)  The amount to be paid by the Transferor with
respect to Series [200  -  ] in connection
with a reassignment of Transferred Receivables to the Transferor pursuant to Section 6.1(d) of the Transfer Agreement
shall not be less than the Redemption Amount for the first Payment Date
following the Monthly Period in which the reassignment obligation arises under
the Transfer Agreement.

 

(ii)                                  The
amount to be paid by the Issuer with respect to Series [200  -  ]
in connection with a repurchase of the Notes pursuant to Section 10.1 of the Trust Agreement
shall not be less than the Redemption Amount for the Payment Date of such
repurchase.

 

(d)                                 With
respect to (i) the Redemption Amount deposited into the Distribution Account
pursuant to Section 7.1 or (ii)
the proceeds of any sale of Transferred Receivables pursuant to Section 5.3 of the Indenture with
respect to Series [200  -  ], the
Indenture Trustee shall, in accordance with the written direction of the
Issuer, not later than 12:00 noon, New York City time, on the related Payment
Date, make payments of the following amounts (in the priority set forth below
and, in each case, after giving effect to any deposits and payments otherwise
to be made on such date) in immediately available funds:  (i) (x) the Class A Note Principal Balance
on such Payment Date will be paid to the Class A Noteholders and (y) an amount
equal

 

33

 

to the sum of (A) Class A Monthly Interest due and payable on such
Payment Date or any prior Payment Date, (B) any Class A Deficiency Amount
for such Payment Date and (C) the amount of Class A Additional Interest, if
any, for such Payment Date and any Class A Additional Interest previously due
but not paid to the Class A Noteholders on any prior Payment Date, will be paid
to the Class A Noteholders, (ii) (x) the Class B Note Principal Balance on
such Payment Date will be paid to the Class B Noteholders and (y) an amount
equal to the sum of (A) Class B Monthly Interest due and payable on such
Payment Date or any prior Payment Date, (B) any Class B Deficiency Amount for
such Payment Date and (C) the amount of Class B Additional Interest, if any,
for such Payment Date and any Class B Additional Interest previously due but
not paid to the Class B Noteholders on any prior Payment Date, will be paid to
the Class B Noteholders, (iii)  (x) the Class C Note Principal Balance on
such Payment Date will be paid to the Class C Noteholders and (y) an amount
equal to the sum of (A) Class C Monthly Interest due and payable on such
Payment Date or any prior Payment Date, (B) any Class C Deficiency Amount for
such Payment Date, and (C) the amount of Class C Additional Interest, if any,
for such Payment Date and any Class C Additional Interest previously due but
not paid to the Class C Noteholders on any prior Payment Date will be paid to
the Class C Noteholders and (iv) on a pari passu basis, (A) any amounts owed to
the Counterparty under the Class A Swap will be paid to the Class A
Counterparty, (B) any amounts owed to the Class B Counterparty under the Class
B Swap will be paid to the Class B Counterparty and (C) any amounts owed to the
Class C Counterparty under the Class C Swap will be paid to the Class C
Counterparty and (v) any excess shall be released to the Issuer.

 

SECTION 7.2.  Series Termination.

 

On the Series
Maturity Date, the unpaid principal amount of the Series [200  -  ]
Notes shall be due and payable.

 

ARTICLE VIII

Miscellaneous Provisions

 

SECTION 8.1.  Ratification of Indenture; Amendments.  As supplemented by this Indenture
Supplement, the Indenture is in all respects ratified and confirmed and the
Indenture as so supplemented by this Indenture Supplement shall be read, taken
and construed as one and the same instrument. 
This Indenture Supplement may be amended only by a Supplemental
Indenture entered in accordance with the terms of Section 10.1
or 10.2 of the Indenture.  For purposes of the application of Section 10.2 to any amendment of this
Indenture Supplement, the Series [200  -  ]
Noteholders shall be the only Noteholders whose vote shall be required.

 

SECTION 8.2.  Form of Delivery of the Series [200  -  ]
Notes.  The Class A Notes, the Class
B Notes and the Class C Notes shall be Book-Entry Notes and shall be delivered
as provided in Sections 2.1 and 2.2 of the Indenture.

 

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

 

34

 

SECTION 8.4.  GOVERNING LAW.  (a)
THIS AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL IN ALL RESPECTS,
INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, BE GOVERNED
BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE
STATE OF NEW YORK (INCLUDING SECTION 5-1401(1) OF THE GENERAL OBLIGATIONS
LAW, BUT WITHOUT REGARD TO ANY OTHER CONFLICT OF LAW PROVISIONS THEREOF) AND
ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.  THIS INDENTURE SUPPLEMENT IS SUBJECT TO THE TRUST INDENTURE ACT
OF 1939, AS AMENDED, AND SHALL BE GOVERNED THEREBY AND CONSTRUED IN ACCORDANCE
THEREWITH.

 

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

 

BECAUSE DISPUTES ARISING
IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND
ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH
APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE
PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH
APPLICABLE LAWS.  THEREFORE,

 

35

 

TO ACHIEVE THE
BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, THE
PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, OR
PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT
OR OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE
RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH THIS INDENTURE
SUPPLEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

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

 

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

 

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

 

[Fitch Ratings

One State Street Plaza

New York, NY ,10004

Telephone: (212) 908-0247

Facsimile: (212) 514-9879]

 

[Moody’s Rating Service

99 Church Street

New York, NY 10007]

 

[Standard & Poor’s

55 Water Street

New York, NY 10041]

 

ARTICLE IX

FASIT MATTERS

 

SECTION 9.1.  FASIT Administration. 
(a)  FASIT Matters.  An election has been made to treat the Trust
Estate as a FASIT known as the RFS FASIT. 
December 30, 2002 was designated as the “Startup Day” of the RFS
FASIT within the meaning of section 860L(d)(1) of the Code.  The Ownership Interest was designated as the
single class of “ownership interest” (within the meaning of section 860L(b)(2)
of the Code) in the RFS FASIT. 
Notwithstanding any

 

36

 

provision of the Indenture or this Indenture Supplement to the
contrary, each class of Series [200  -] Regular Interests
shall mature on or before December 1, 2020.

 

(b)                                 Series
[200  -] Regular Interests. 
Each Class of Notes is hereby designated a separate class of “regular
interests” in the RFS FASIT within the meaning of section 860L(b)(1)(A) of
the Code and each Note is hereby designated a separate “regular interest”
within such Class.  Each of the Class A
Notes is hereby designated a “Class A Regular Interest,” each of the
Class B Notes is hereby designated a “Class B Regular Interest” and each
of the Class C Notes is hereby designated a “Class C Regular Interest”
(the Class A Regular Interests, the Class B Regular Interests and the Class C
Regular Interests being referred to collectively as the “Series
[200  -] Regular Interests”). 
The Series [200  -] Regular Interest shall bear
interest at a rate equal to the rate of interest on the related Class A Note,
Class B Note or Class C Note, as applicable (such related interest, a “Related
Interest”).  The rate of interest on
each Related Interest is intended to qualify as a qualifying variable rate
under section 860L(b)(1)(A)(ii) of the Code.  Interest shall be paid on each Class of Series [200  -]
Regular Interest at the same times as Interest is paid on the Class A Notes,
Class B Notes and Class C Notes (which Interest shall be allocated among the
Series [200  -] Regular Interests in proportion to the amount
of Interest owning on the respective Related Interests if there is more than
one class of such Series [200  -] Regular Interests and
Interest with respect to each class is not paid in full).  The principal amount of each Series [200  -]
Regular Interest shall equal the respective amount of the Class A Note
Principal Balance, Class B Note Principal Balance or Class C Note Principal
Balance, as applicable, with respect to the Related Interest for such Series
[200  -] Regular Interest.

 

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

 

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

 

37

 

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

 

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

 

[SIGNATURE PAGE FOLLOWS]

 

38

 

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

 

 

	
   

  	
  GE CAPITAL CREDIT CARD MASTER
  NOTE TRUST, as Issuer

  
	
   

  	
   

  
	
   

  	
  By:

  	
  The
  Bank of New York (Delaware), not in its individual capacity, but as Trustee
  on behalf of Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DEUTSCHE
  BANK TRUST COMPANY AMERICAS, as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  

 

S-1

 

EXHIBIT A-1

FORM OF CLASS A SERIES [200  -  ]
[FLOATING RATE] ASSET BACKED NOTE

 

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

 

THE HOLDER OF THIS
NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME
INSTITUTE AGAINST RFS FUNDING TRUST, THE TRANSFEROR OR THE ISSUER, OR SOLICIT
OR JOIN OR COOPERATE WITH OR ENCOURAGE OR ENCOURAGE ANY INSTITUTION IN
INSTITUTING AGAINST RFS FUNDING TRUST, THE TRANSFEROR 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 OBLIGATION RELATING TO THE NOTES, THE
INDENTURE OR ANY OF THE TRANSACTION DOCUMENTS.

 

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

 

A-1-1

 

	
  REGISTERED 

  	
   

  	
  $

  	
   

  
	
  No. R-

  	
   

  	
  CUSIP
  NO.

  
						

 

GE
CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES [200  -  ]

 

CLASS A
SERIES [200  -  ] [FLOATING RATE] ASSET BACKED
NOTE

 

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

 

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

 

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

 

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

 

A-1-2

 

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

 

	
   

  	
  GE CAPITAL CREDIT CARD MASTER
  NOTE TRUST, as Issuer

  
	
   

  	
   

  
	
   

  	
  By:

  	
  [                                      ],
  not in its individual capacity but solely as Trustee on behalf of Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
  Dated:  ,

  	
   

  	
  ,

  	
   

  
						

 

A-1-3

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	
   

  	
  [    ],

  
	
   

  	
  as
  Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Authorized Signatory

  

 

A-1-4

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES [200  -  ]

 

CLASS A SERIES [200  -  ] [FLOATING
RATE] ASSET BACKED NOTE

 

Summary of Terms and Conditions

 

This Class A Note
is one of a duly authorized issue of Notes of the Issuer, designated as GE
Capital Credit Card Master Note Trust, Series [200  -  ]
(the “Series [200  -  ] Notes”),
issued under a Master Indenture dated as of                              ,
2001 (the “Master Indenture”), between
the Issuer and Deutsche Bank Trust Company Americas, as indenture trustee (the
“Indenture Trustee”), as supplemented
by the Indenture Supplement dated as of                              ,
2003 (the “Indenture Supplement”), and
representing the right to receive certain payments from the Issuer.  The term “Indenture,” unless the context
otherwise requires, refers to the Master Indenture as supplemented by the
Indenture Supplement.  The Notes are
subject to all of the terms of the Indenture. 
All terms used in this Note that are defined in the Indenture shall have
the meanings assigned to them in or pursuant to the Indenture.  In the event of any conflict or
inconsistency between the Indenture and this Note, the Indenture shall control.

 

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

 

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

 

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

 

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

 

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

 

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

 

A-1-5

 

ASSIGNMENT

 

Social Security or other
identifying number of assignee

 

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

 

	
  Dated:

  	
   

  	
   

  	
   

  	
  **

  
	
   

  	
   

  	
   

  	
  Signature Guaranteed:

  

 

 

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

 

A-1-6

 

EXHIBIT A-2

FORM OF CLASS B SERIES [200  -  ]
[FLOATING RATE] ASSET BACKED NOTE

 

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

 

THE HOLDER OF THIS
NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME
INSTITUTE AGAINST RFS FUNDING TRUST, THE TRANSFEROR OR THE ISSUER, OR SOLICIT
OR JOIN OR COOPERATE WITH OR ENCOURAGE OR ENCOURAGE ANY INSTITUTION IN
INSTITUTING AGAINST RFS FUNDING TRUST, THE TRANSFEROR 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 OBLIGATION RELATING TO THE NOTES, THE
INDENTURE OR ANY OF THE TRANSACTION DOCUMENTS.

 

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

 

A-2-1

 

	
  REGISTERED

  	
   

  	
  $

  	
   

  
	
  No. R-

  	
   

  	
  CUSIP
  NO.

  
						

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES [200  -  ]

 

CLASS B SERIES [200  -  ] [FLOATING
RATE] ASSET BACKED NOTE

 

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

 

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

 

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

 

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

 

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

 

A-2-2

 

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

 

 

	
   

  	
  GE CAPITAL CREDIT CARD MASTER
  NOTE TRUST, as Issuer

  
	
   

  	
   

  
	
   

  	
  By:

  	
  [                                      ],
  not in its individual capacity but solely as Trustee on behalf of Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
  Dated:  ,

  	
   

  	
  ,

  	
   

  
						

 

A-2-3

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	
   

  	
  [    ],

  
	
   

  	
  as
  Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Authorized Signatory

  

 

A-2-4

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2001-

 

CLASS B SERIES [200  -  ] [FLOATING
RATE] ASSET BACKED NOTE

 

Summary of Terms and Conditions

 

This Class B Note
is one of a duly authorized issue of Notes of the Issuer, designated as GE
Capital Credit Card Master Note Trust, Series [200  -  ]
(the “Series [200  -  ] Notes”),
issued under a Master Indenture dated as of                              ,
2001 (the “Master Indenture”), between
the Issuer and Deutsche Bank Trust Company Americas, as indenture trustee (the
“Indenture Trustee”), as supplemented
by the Indenture Supplement dated as of                              ,
2003 (the “Indenture Supplement”), and
representing the right to receive certain payments from the Issuer.  The term “Indenture,” unless the context
otherwise requires, refers to the Master Indenture as supplemented by the
Indenture Supplement.  The Notes are
subject to all of the terms of the Indenture. 
All terms used in this Note that are defined in the Indenture shall have
the meanings assigned to them in or pursuant to the Indenture.  In the event of any conflict or
inconsistency between the Indenture and this Note, the Indenture shall control.

 

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

 

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

 

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

 

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

 

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

 

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

 

A-2-5

 

ASSIGNMENT

 

Social Security or other
identifying number of assignee                                .

 

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

 

	
  Dated:  ,

  	
   

  	
   

  	
   

  	
  **

  
	
   

  	
   

  	
   

  	
  Signature Guaranteed:

  

 

 

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

 

A-2-6

 

EXHIBIT A-3

FORM OF CLASS C SERIES [200  -  ]
[FLOATING RATE] ASSET BACKED NOTE

 

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

 

THE HOLDER OF THIS
NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME
INSTITUTE AGAINST RFS FUNDING TRUST, THE TRANSFEROR OR THE ISSUER, OR SOLICIT
OR JOIN OR COOPERATE WITH OR ENCOURAGE OR ENCOURAGE ANY INSTITUTION IN
INSTITUTING AGAINST RFS FUNDING TRUST, THE TRANSFEROR 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 OBLIGATION RELATING TO THE NOTES, THE
INDENTURE OR ANY OF THE TRANSACTION DOCUMENTS.

 

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

 

A-3-1

 

	
  REGISTERED

  	
   

  	
  $

  	
   

  
	
  No. R-

  	
   

  	
  CUSIP
  NO.

  
						

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES [200  -  ]

 

CLASS C SERIES [200  -  ] [FLOATING
RATE] ASSET BACKED NOTE

 

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

 

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

 

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

 

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

 

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

 

A-3-2

 

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

 

 

	
   

  	
  GE CAPITAL CREDIT CARD MASTER
  NOTE TRUST, as Issuer

  
	
   

  	
   

  
	
   

  	
  By:

  	
  [                                      ],
  not in its individual capacity but solely as Trustee on behalf of Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
  Dated:  ,

  	
   

  	
  ,

  	
   

  
						

 

A-3-3

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	
   

  	
  [    ],

  
	
   

  	
  as
  Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Authorized Signatory

  

 

A-3-4

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES [200  -  ]

 

CLASS C SERIES [200  -  ] [FLOATING
RATE] ASSET BACKED NOTE

 

Summary of Terms and Conditions

 

This Class C Note
is one of a duly authorized issue of Notes of the Issuer, designated as GE
Capital Credit Card Master Note Trust, Series [200  -  ]
(the “Series [200  -  ] Notes”),
issued under a Master Indenture dated as of                              ,
2001 (the “Master Indenture”), between
the Issuer and Deutsche Bank Trust Company Americas, as indenture trustee (the
“Indenture Trustee”), as supplemented
by the Indenture Supplement dated as of                              ,
2003 (the “Indenture Supplement”), and
representing the right to receive certain payments from the Issuer.  The term “Indenture,” unless the context
otherwise requires, refers to the Master Indenture as supplemented by the
Indenture Supplement.  The Notes are
subject to all of the terms of the Indenture. 
All terms used in this Note that are defined in the Indenture shall have
the meanings assigned to them in or pursuant to the Indenture.  In the event of any conflict or
inconsistency between the Indenture and this Note, the Indenture shall control.

 

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

 

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

 

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

 

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

 

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

 

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

 

A-3-5

 

ASSIGNMENT

 

Social Security or other
identifying number of assignee

 

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

 

	
  Dated:  ,

  	
   

  	
   

  	
   

  	
  **

  
	
   

  	
   

  	
   

  	
  Signature Guaranteed:

  

 

 

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

 

A-3-6

 

EXHIBIT B

 

FORM OF MONTHLY PAYMENT INSTRUCTIONS AND

NOTIFICATION TO INDENTURE TRUSTEE

 

GE CAPITAL CREDIT CARD MASTER NOTE TRUST

SERIES [200  -  ]

 

The undersigned, a
duly authorized representative of Monogram Credit Card Bank of Georgia, as
Servicer, pursuant to the Indenture (as defined below), does hereby certify as
follows:

 

A.                                   Capitalized terms
used in this Certificate have their respective meanings set forth in the Master
Indenture dated as of [          ,
    , 200  ] (the “Indenture”) between the GE Capital Credit
Card Master Note Trust (the “Issuer”)
and [    ], as indenture trustee (the “Indenture Trustee”) as supplemented by the
[200  -  ] Indenture Supplement dated as of [                             ,
200  ] between the Issuer and Indenture Trustee (as amended
and supplemented, the “Indenture Supplement”).

 

B.                                     The undersigned is
an Authorized Officer of the Issuer.

 

I.                                         INSTRUCTION
TO MAKE A WITHDRAWAL

 

Pursuant to Section 4.4, the Servicer does hereby
instruct the Indenture Trustee (i) to make a withdrawal from the Distribution
Account (or other Series Account as specified below) on                              ,
200  , which date is a Payment Date under the Indenture
Supplement, in an aggregate amount (equal to the Available Finance Charge
Collections) as set forth below in respect of the following amounts and (ii) to
apply the proceeds of such withdrawal in accordance with Section 4.4(a):

 

	
  A.

  	
   

  	
  Pursuant to Section 4.4(a)(i):

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Unpaid Fees and other
  amounts owed to Indenture Trustee

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Unpaid Fees and other
  amounts owed to RFS Funding Trustee

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Unpaid Fees and other
  amounts owed to Trustee

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Unpaid Fees and other
  amounts owed to Administrator

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  B.

  	
   

  	
  Pursuant to Section 4.4(a)(ii):

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Noteholder Servicing
  Fee for such Payment Date, plus the amount of any Noteholder Servicing Fee
  previously due but not distributed to the Servicer on a prior Payment Date

  	
   

  	
  $

  

 

B-1

 

	
  C.

  	
   

  	
  Pursuant to Section 4.4(a)(iii):

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Class A Monthly
  Interest for the preceding Interest Period

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Monthly Interest
  previously due but not distributed to Class A Noteholders

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Additional Interest
  previously due but not distributed to Class A Noteholders

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Class A Net Swap Payment

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  D.

  	
   

  	
  Pursuant to Section 4.4(a)(iv):

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Class B Monthly
  Interest for the preceding Interest Period

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Monthly Interest
  previously due but not distributed to Class B Noteholders

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Additional Interest
  previously due but not distributed to Class B Noteholders

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Class B Net Swap
  Payment

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  D.

  	
   

  	
  Pursuant to Section 4.4(a)(iv):

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Noteholder Servicing
  Fee for such Payment Date, plus the amount of any Noteholder Servicing Fee
  previously due but not distributed to the Servicer on a prior Payment Date

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  E.

  	
   

  	
  Pursuant to Section 4.4(a)(v):

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Class C Monthly
  Interest for the preceding Interest Period

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Monthly Interest
  previously due but not distributed to Class C Noteholders

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Additional Interest
  previously due but not distributed to Class C Noteholders

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Class C Net Swap
  Payment

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  F.

  	
   

  	
  Pursuant to Section 4.4(a)(vi) from the Principal
  Account:

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Investor Default Amount
  to be treated as Available Principal Collections

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Investor Uncovered
  Dilution Amount for such Payment Date to be treated as Available Principal
  Collections

  	
   

  	
  $

  

 

B-2

 

	
  G.

  	
   

  	
  Pursuant to Section 4.4(a)(vii):

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Investor Charge Offs
  and the amount of Reallocated Principal Collections not previously reimbursed
  to be treated as Available Principal Collections

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  H.

  	
   

  	
  Pursuant to Section 4.4(a)(viii):

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Amount to be deposited
  into the Reserve Account

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  I.

  	
   

  	
  Pursuant to Section 4.4(a)(ix)

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Amount to be deposited
  in the Spread Account

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  J.

  	
   

  	
  Pursuant to Section 4.4(a)(x):

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Partial or early
  termination payments or other additional payments owed to the Class A
  Counterparty

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Partial or early
  termination payments or other additional payments owed to the Class B
  Counterparty

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Partial or early
  termination payments or other additional payments owed to the Class C
  Counterparty

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  K.

  	
   

  	
  Pursuant to Section 4.4(a)(xi):

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Amounts owed to Persons
  listed in (A) above but not paid pursuant to (A)

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  L.

  	
   

  	
  Pursuant to Section 4.4(a)(x):

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The balance, if any,
  will constitute a portion of Excess Finance Charge Collections for such
  Payment Date and first will be available for allocation to other Series in
  Group One, second deposited in the Excess Funding Account to the extent
  necessary so that the Free Equity Amount is not less than the Minimum Free
  Equity Amount and third paid to the Holders of the Transferor Interest as
  described in Section 8.6 of the
  Indenture

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  M.

  	
   

  	
  Pursuant to Section 4.4(a)(xiii):

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  During an Early
  Amortization Event, the remaining balance, if any, will be used to make
  principal payments on the Notes in the following order of priority:

  	
   

  	
  $

  

 

B-3

 

	
   

  	
   

  	
  Class A Notes

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Class B Notes

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Class C Notes

  	
   

  	
  $

  

 

Pursuant to Section 4.4(b) and (c), the Issuer does hereby instruct the
Indenture Trustee (i) to make a withdrawal from the Distribution Account (or
other Series Account specified below) on                              ,
200  , which date is a Payment Date under the Indenture
Supplement, in an aggregate amount (equal to the Available Principal Collections)
as set forth below in respect of the following amounts and (ii) to apply the
proceeds of such withdrawal in accordance with Section 4.4(b)
and (c):

 

	
  A.

  	
   

  	
  Pursuant to Section 4.4(b):

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  During the Revolving
  Period, amount equal to the Available Principal Collections to be treated as
  Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  B.

  	
   

  	
  Pursuant to Section 4.4(c)(i):

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  During the Controlled
  Accumulation Period, Monthly Principal for such Payment Date to be deposited
  into the Principal Accumulation Account

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  C.

  	
   

  	
  Pursuant to Section 4.4(c)(ii):

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  During the Early
  Amortization Period, Monthly Principal for such Payment Date for payment to
  the Class A Noteholders on such Payment Date until the Class A Note Principal
  Balance has been paid in full

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  D.

  	
   

  	
  Pursuant to Section 4.4(c)(iii):

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Amount, if any,
  remaining after giving effect to Clauses (B) through (D) above, to be treated
  as Shared Principal Collections

  	
   

  	
  $

  

 

Pursuant to Section 4.7, the Issuer does hereby
instruct the Indenture Trustee (i) to make a withdrawal from the Distribution
Account on                              ,
200  , which date is a Payment Date under the Indenture
Supplement, in an aggregate amount (equal to the Available Principal
Collections) as set forth below in respect of the following amounts and (ii) to
apply the proceeds of such withdrawal in accordance with Section 4.7:

 

B-4

 

	
   

  	
   

  	
  Reallocated Principal
  Collections to fund any deficiency pursuant to and in the priority set forth Sections 4.4(a)(i), (ii), (iii),
  (iv) and (v)
  of the Indenture Supplement

  	
   

  	
  $

  

 

Pursuant to Section 4.10, the Issuer does hereby
instruct the Indenture Trustee to withdraw from the Reserve Account an amount
equal to any Reserve Account Surplus to be deposited into the Spread Account in
accordance with Section 4.10(e),
in the following amount.

 

	
   

  	
   

  	
   

  	
   

  	
  $

  

 

Pursuant to Section 4.11, the Issuer does hereby
instruct the Indenture Trustee to withdraw from the Spread Account an amount
equal to a deficiency in Class C Monthly Interest up to the Available Spread
Account Amount, in the following amount.

 

	
   

  	
   

  	
   

  	
   

  	
  $

  

 

Pursuant to Section 4.12, the Issuer does hereby
instruct the Indenture Trustee to transfer from the Principal Accumulation
Account to the Collection Account, the Principal Accumulation Investment
Proceeds on deposit in the Principal Accumulation Account for application as
Available Finance Charge Collections in the following amount.

 

	
   

  	
   

  	
   

  	
   

  	
  $

  

 

II.                                     INSTRUCTIONS
TO MAKE CERTAIN PAYMENTS

 

Pursuant to Section 5.2, the Issuer does hereby
instruct the Indenture Trustee or the Paying Agent as the case may be, to pay
in accordance with Section 5.2
from the Collection Account or the Principal Account, as applicable, on                               ,
which date is a Payment Date under the Indenture Supplement, the following
amounts:

 

	
  A.

  	
   

  	
  Pursuant to Section 5.2(a):

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (1)

  	
   

  	
  Class A Noteholder’s pro  rata
  share of the amounts on deposit in the Distribution Account that are
  allocated and available on such Payment Date to pay interest on the Class A
  Notes pursuant to the Indenture Supplement

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (2)

  	
   

  	
  Class A Noteholder’s pro  rata
  share of the amounts on deposit in the Distribution Account that are
  allocated and available on such Payment Date to pay principal of the Class A
  Notes pursuant to the Indenture Supplement

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  B.

  	
   

  	
  Pursuant to Section 5.2(b):

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (1)

  	
   

  	
  Class B Noteholder’s pro  rata
  share of the amounts on deposit in the Distribution

  	
   

  	
  $

  

 

B-5

 

	
   

  	
   

  	
  Account that are
  allocated and available on such Payment Date to pay interest on the Class B
  Notes pursuant to the Indenture Supplement

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (2)

  	
   

  	
  Class B Noteholder’s pro  rata
  share of the amounts on deposit in the Distribution Account that are
  allocated and available on such Payment Date to pay principal of the Class B
  Notes pursuant to the Indenture Supplement

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  C.

  	
   

  	
  Pursuant to Section 5.2(c):

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (1)

  	
   

  	
  Class C Noteholder’s pro  rata
  share of the amounts on deposit in the Distribution Account that are
  allocated and available on such Payment Date to pay interest of the Class C
  Notes pursuant to the Indenture Supplement, including amounts withdrawn from
  the Spread Account

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (2)

  	
   

  	
  Class C Noteholder’s pro  rata
  share of the amounts on deposit in the Distribution Account that are
  allocated and available on such Payment Date to pay principal on the Class C
  Notes pursuant to the Indenture Supplement

  	
   

  	
  $

  

 

B-6

 

IN WITNESS
WHEREOF, the undersigned has duly executed this certificate this                       
day of                                 ,
2000  .

 

 

	
   

  	
  MONOGRAM
  CREDIT CARD BANK OF GEORGIA, as Servicer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  

 

B-7

 

EXHIBIT C

 

FORM OF MONTHLY NOTEHOLDERS’ STATEMENT

 

GE CAPITAL CREDIT CARD MASTER NOTE TRUST

SERIES [200  -  ]

 

Pursuant to the
Master Indenture, dated as of [200  -  ], (as
amended and supplemented, the “Indenture”)
between GE Capital Credit Card Master Note Trust (the “Issuer”) and Deutsche Bank Trust Company
Americas, as indenture trustee (the “Indenture
Trustee”), as supplemented by the Series [200  -  ]
Indenture Supplement (the “Indenture Supplement”),
dated as of [200  -  ], between the Issuer
and the Indenture Trustee, the Issuer is required to prepare certain
information each month regarding current distributions to the Series [200  -  ]
Noteholders and the performance of the Trust during the previous month.  The information required to be prepared with
respect to the Payment Date of                                   ,
and with respect to the performance of the Trust during the month of                 
is set forth below.  Capitalized terms
used herein are defined in the Indenture and the Indenture Supplement.

 

A.                                   Information
regarding distributions in respect of the Notes

 

	
  1..

  	
   

  	
  The total amount of the
  distribution in respect of Class A Notes

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  The amount of the distribution
  set forth in paragraph 1 above in respect of principal of the Class A Notes

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  The amount of the
  distribution set forth in paragraph 1 above in respect of interest on the
  Class A Notes

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.

  	
   

  	
  The total amount of the
  distribution in respect of Class B Notes

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  5.

  	
   

  	
  The amount of the
  distribution set forth in paragraph 4 above in respect of principal of the
  Class B Notes

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  6.

  	
   

  	
  The amount of the
  distribution set forth in paragraph 4 above in respect of interest on the
  Class B Notes

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  7.

  	
   

  	
  The total amount of the
  distribution in respect of Class C Notes

  	
   

  	
  $

  

 

C-1

 

	
  8.

  	
   

  	
  The amount of the
  distribution set forth in paragraph 7 above in respect of principal of the Class
  C Notes

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  9.

  	
   

  	
  The amount of the
  distribution set forth in paragraph 7 above in respect of interest on the
  Class C Notes

  	
   

  	
  $

  

 

	
  RECEIVABLES
  -

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Beginning of the Month
  Principal Receivables:

  	
   

  	
  $

  
	
  Beginning of the Month
  Finance Charge Receivables:

  	
   

  	
  $

  
	
  Beginning of the Month
  Recharacterized Option Receivables:

  	
   

  	
  $

  
	
  Beginning of the Month
  Total Receivables:

  	
   

  	
  $

  
	
   

  	
   

  	
   

  
	
  Removed Principal
  Receivables:

  	
   

  	
  $

  
	
  Removed Finance Charge
  Receivables:

  	
   

  	
  $

  
	
  Removed Total
  Receivables:

  	
   

  	
  $

  
	
   

  	
   

  	
   

  
	
  Additional Principal
  Receivables:

  	
   

  	
  $

  
	
  Additional Finance
  Charge Receivables:

  	
   

  	
  $

  
	
  Additional Total
  Receivables:

  	
   

  	
  $

  
	
   

  	
   

  	
   

  
	
  Discount Option
  Receivables Generated this Period:

  	
   

  	
  $

  
	
  Recoveries for month of
                    
  200  

  	
   

  	
  $

  
	
  End of the Month
  Principal Receivables:

  	
   

  	
  $

  
	
  End of the Month
  Finance Charge Receivables:

  	
   

  	
  $

  
	
  End of the Month
  Recharacterized Receivables:

  	
   

  	
  $

  
	
  End of the Month Total
  Receivables:

  	
   

  	
  $

  
	
  Excess Funding Account
  Balance:

  	
   

  	
  $

  
	
  Aggregate Principal
  Balance:

  	
   

  	
  $

  
	
  Minimum Aggregate
  Principal Balance:

  	
   

  	
  $

  
	
  End of the Month Free
  Equity Amount:

  	
   

  	
  $

  
	
  Minimum Free Equity
  Amount:

  	
   

  	
  $

  

 

C-2

 

	
  DELINQUENCIES
  AND LOSSES -

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  End of the Month
  Delinquencies:

  	
   

  	
  RECEIVABLES

  
	
  30-59 Days Delinquent

  	
   

  	
  $

  
	
  60-89 Days Delinquent

  	
   

  	
  $

  
	
  90+ Days Delinquent

  	
   

  	
  $

  
	
   

  	
   

  	
   

  
	
  Total 30+ Days Delinquent

  	
   

  	
  $

  
	
   

  	
   

  	
   

  
	
  Charged-Off Receivables
  During the Month

  	
   

  	
  $

  
	
   

  	
   

  	
   

  
	
  NOTE
  PRINCIPAL BALANCES -

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Class A Note Principal Balance

  	
   

  	
  $

  
	
  Class B Note Principal Balance

  	
   

  	
  $

  
	
  Class C Note Principal Balance

  	
   

  	
  $

  
	
   

  	
   

  	
   

  
	
  SERIES
  [200  -  ]

  	
   

  	
   

  
	
  ALLOCATION PERCENTAGE

  	
   

  	
  %

  
	
  AVAILABLE FINANCE CHARGE COLLECTIONS

  	
   

  	
  $

  
	
  INVESTOR DEFAULT AMOUNT

  	
   

  	
  $

  
	
  INVESTOR UNCOVERED DILUTION AMOUNT

  	
   

  	
  $

  
	
  NOTEHOLDER SERVICING FEES

  	
   

  	
  $

  
	
  AVAILABLE PRINCIPAL COLLECTIONS

  	
   

  	
  $

  
	
  EXCESS FINANCE CHARGE COLLECTIONS

  	
   

  	
  $

  
	
  SHARED PRINCIPAL COLLECTIONS

  	
   

  	
  $

  
	
  RESERVE ACCOUNT BALANCE

  	
   

  	
  $

  
	
  SPREAD ACCOUNT BALANCE

  	
   

  	
  $

  
	
   

  	
   

  	
   

  
	
  APPLICATION
  OF COLLECTIONS -

  	
   

  	
   

  
	
  CLASS A MONTHLY INTEREST

  	
   

  	
  $

  
	
  CLASS B MONTHLY INTEREST

  	
   

  	
  $

  
	
  CLASS C MONTHLY INTEREST

  	
   

  	
  $

  
	
  INVESTOR DEFAULT AMOUNT

  	
   

  	
  $

  

 

C-3

 

	
  INVESTOR UNCOVERED DILUTION AMOUNT

  	
   

  	
  $

  	
   

  
	
  INVESTOR CHARGEOFFS AND REALLOCATED PRINCIPAL
  COLLECTIONS NOT PREVIOUSLY REIMBURSED

  	
   

  	
  $

  	
   

  
	
  AMOUNTS TO BE DEPOSITED IN THE RESERVE ACCOUNT

  	
   

  	
  $

  	
   

  
	
  AMOUNTS TO BE DEPOSITED IN THE SPREAD ACCOUNT

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EXCESS
  FINANCE CHARGES COLLECTIONS -

  	
   

  	
   

  	
   

  
	
  TOTAL EXCESS FINANCE
  CHARGE COLLECTIONS FOR ALL ALLOCATION SERIES

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SHARED
  PRINCIPAL COLLECTIONS -

  	
   

  	
   

  	
   

  
	
  TOTAL SHARED PRINCIPAL
  COLLECTIONS FOR ALL ALLOCATIONS SERIES

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  YIELD
  AND BASE RATE -

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Base Rate (Current Month)

  	
   

  	
   

  	
  %

  	
   

  	
   

  
	
  Base Rate (Prior Month)

  	
   

  	
   

  	
  %

  	
   

  	
   

  
	
  Base Rate (Two Months Ago)

  	
   

  	
   

  	
  %

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  THREE MONTH AVERAGE
  BASE RATE

  	
   

  	
   

  	
   

  	
   

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Portfolio Yield (Current Month)

  	
   

  	
   

  	
  %

  	
   

  	
   

  
	
  Portfolio Yield (Prior Month)

  	
   

  	
   

  	
  %

  	
   

  	
   

  
	
  Portfolio Yield (Two Months Ago)

  	
   

  	
   

  	
  %

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  THREE MONTH AVERAGE PORTFOLIO YIELD

  	
   

  	
   

  	
   

  	
   

  	
  %

  
	
  PORTFOLIO ADJUSTED YIELD

  	
   

  	
   

  	
   

  	
   

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  PRINCIPAL
  COLLECTIONS -

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  MONTHLY PRINCIPAL

  	
   

  	
   

  	
   

  	
   

  	
  %

  
							

 

C-4

 

	
  PRINCIPAL ACCUMULATION
  ACCOUNT BALANCE

  	
   

  	
   

  	
   

  	
  $

  	
   

  
	
  SERIES [200  -  ]
  PRINCIPAL SHORTFALL

  	
   

  	
   

  	
   

  	
  $

  	
   

  
	
  SHARED PRINCIPAL
  COLLECTIONS ALLOCABLE FROM OTHER PRINCIPAL SHARING SERIES

  	
   

  	
   

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  INVESTOR
  CHARGE OFFS AND REDUCTIONS -

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  INVESTOR CHARGE OFFS

  	
   

  	
   

  	
   

  	
  $

  	
   

  
	
  REALLOCATED PRINCIPAL
  COLLECTIONS

  	
   

  	
   

  	
   

  	
  $

  	
   

  
	
  REDUCTIONS IN
  COLLATERAL AMOUNT (OTHER THAN BY PRINCIPAL PAYMENTS)

  	
   

  	
   

  	
   

  	
  $

  	
   

  
	
  REDUCTIONS IN
  COLLATERAL AMOUNT DUE TO APPLICATION OF AVAILABLE PRINCIPAL COLLECTIONS AS
  SHARED PRINCIPAL COLLECTIONS

  	
   

  	
   

  	
   

  	
  $

  	
   

  
	
  PREVIOUS REDUCTIONS IN
  COLLATERAL AMOUNT REIMBURSED

  	
   

  	
   

  	
   

  	
  $

  	
   

  

 

 

	
   

  	
  MONOGRAM
  CREDIT CARD BANK OF GEORGIA, as Servicer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  

 

C-5

 

EXHIBIT D

 

MONOGRAM CREDIT CARD BANK OF GEORGIA

 

GE CAPITAL CREDIT CARD MASTER NOTE TRUST SERIES

 

The undersigned, a
duly authorized representative of Monogram Credit Card Bank of Georgia (“Monogram”) pursuant to the Servicing
Agreement, dated as of June 27, 2003 (as amended and supplemented, the “Servicing Agreement”), along with RFS Funding
Trust, as Servicer and GE Credit Card Master Note Trust (the “Trust”), as Issuer, does hereby certify as
follows:

 

1.                                       Capitalized
terms used in this Certificate have their respective meanings set forth in the
Servicing Agreement or the Master Indenture dated as of [           ],
2003 (as amended or supplemented, the “Master
Indenture”), between the Trust and Deutsche Bank Trust Company
Americas, as indenture trustee (the “Indenture
Trustee”) as supplemented by the Series [200  -  ]
Indenture Supplement, dated as of [           ],
200  , between the Trust and the Indenture Trustee (as amended
and supplemented, the “Indenture Supplement”
and together with the Master Indenture, the “Indenture”),
as applicable.

 

2.                                       Monogram
is, as of the date hereof, the Servicer under the Servicing Agreement.

 

3.                                       The
undersigned is an Authorized Officer of the Servicer.

 

4.                                       This
certificate relates to the Payment Date occurring on [           ],
200  .

 

5.                                       As
of the date hereof, to the best knowledge of the undersigned, the Servicer has
performed in all material respects all of its obligations under the Servicing
Agreement through the Monthly Period preceding such Payment date [or, if there
has been a default in the performance of any such obligation, set forth in
detail the (i) nature of such default, (ii) the action taken by the Servicer,
if any, to remedy such default and (iii) the current status of each such
default]; if applicable, insert “None”.

 

6.                                       As
of the date hereof, to the best knowledge of the undersigned, no Early
Amortization Event occurred on or prior to such Distribution Date.

 

IN WITNESS
WHEREOF, the undersigned has duly executed and delivered this Certificate this
[    ] day of [           ],
200[  ].

 

 

	
   

  	
  MONOGRAM
  CREDIT CARD BANK OF GEORGIA, as Servicer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  

 

D-1

 

SCHEDULE I

 

PERFECTION REPRESENTATIONS, WARRANTIES

AND COVENANTS

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

iEXHIBIT 4.3

 

GE CAPITAL CREDIT CARD MASTER NOTE TRUST

 

 

TRUST AGREEMENT

 

between

 

 

RFS
HOLDING, L.L.C.

 

 

and

 

 

THE
BANK OF NEW YORK (DELAWARE),

as the Trustee

 

 

Dated
as of September 25, 2003

 

 

	
  ARTICLE I

  	
   

  
	
  Definitions

  	
   

  
	
  SECTION 1.1.

  	
  Definitions

  	
   

  
	
  SECTION 1.2.

  	
  Other Interpretive Matters

  	
   

  
	
  ARTICLE II

  	
   

  
	
  Organization

  	
   

  
	
  SECTION 2.1.

  	
  Name

  	
   

  
	
  SECTION 2.2.

  	
  Office

  	
   

  
	
  SECTION 2.3.

  	
  Purposes and Powers

  	
   

  
	
  SECTION 2.4.

  	
  Appointment of the Trustee

  	
   

  
	
  SECTION 2.5.

  	
  Initial Capital Contribution of Trust
  Estate

  	
   

  
	
  SECTION 2.6.

  	
  Declaration of Trust

  	
   

  
	
  SECTION 2.7.

  	
  Liability of Beneficiaries

  	
   

  
	
  SECTION 2.8.

  	
  Title to Trust Property

  	
   

  
	
  SECTION 2.9.

  	
  Situs of Trust

  	
   

  
	
  SECTION 2.10.

  	
  Representations and Warranties of RFS
  Holding

  	
   

  
	
  ARTICLE III

  	
   

  
	
  Beneficial
  Interests

  	
   

  
	
  SECTION 3.1.

  	
  Initial Ownership

  	
   

  
	
  SECTION 3.2.

  	
  Certificates

  	
   

  
	
  SECTION 3.3.

  	
  Authentication of the Certificates

  	
   

  
	
  SECTION 3.4.

  	
  Restrictions on Transfer; Issuance of Supplemental
  Certificates

  	
   

  
	
  SECTION 3.5.

  	
  Registration of Transfer and Exchange of
  Certificates

  	
   

  
	
  SECTION 3.6.

  	
  Mutilated, Destroyed, Lost or Stolen
  Certificates

  	
   

  
	
  SECTION 3.7.

  	
  Persons Deemed Holders

  	
   

  
	
  SECTION 3.8.

  	
  Access to List of Holders’ Names and
  Addresses

  	
   

  
	
  SECTION 3.9.

  	
  Maintenance of Office or Agency

  	
   

  
	
  ARTICLE IV

  	
   

  
	
  Actions
  by the Trustee

  	
   

  
	
  SECTION 4.1.

  	
  Prior Notice to Holders with Respect to
  Certain Matters

  	
   

  
	
  SECTION 4.2.

  	
  Action by the Holders with Respect to
  Certain Matters

  	
   

  
	
  SECTION 4.3.

  	
  Action by the Holders with Respect to
  Bankruptcy

  	
   

  
	
  SECTION 4.4.

  	
  Restrictions on Power

  	
   

  

 

i

 

	
  ARTICLE V

  	
   

  
	
  Authority and
  Duties of the Trustee

  	
   

  
	
  SECTION 5.1.

  	
  General Authority

  	
   

  
	
  SECTION 5.2.

  	
  General Duties

  	
   

  
	
  SECTION 5.3.

  	
  Action upon Instruction

  	
   

  
	
  SECTION 5.4.

  	
  No Duties Except as Specified in this
  Agreement or in Instructions

  	
   

  
	
  SECTION 5.5.

  	
  No Action Except Under Specified Documents
  or Instructions

  	
   

  
	
  SECTION 5.6.

  	
  Restrictions

  	
   

  
	
  SECTION 5.7.

  	
  Tax Returns

  	
   

  
	
  ARTICLE VI

  	
   

  
	
  Concerning
  the Trustee

  	
   

  
	
  SECTION 6.1.

  	
  Acceptance of Trusts and Duties

  	
   

  
	
  SECTION 6.2.

  	
  Furnishing of Documents

  	
   

  
	
  SECTION 6.3.

  	
  Representations and Warranties

  	
   

  
	
  SECTION 6.4.

  	
  Reliance; Advice of Counsel

  	
   

  
	
  SECTION 6.5.

  	
  Not Acting in Individual Capacity

  	
   

  
	
  SECTION 6.6.

  	
  Trustee Not Liable for Notes or Receivables

  	
   

  
	
  SECTION 6.7.

  	
  Trustee May Not Own Notes

  	
   

  
	
  ARTICLE VII

  	
   

  
	
  Compensation of the Trustee

  	
   

  
	
  SECTION 7.1.

  	
  Trustee’s Fees and Expenses

  	
   

  
	
  SECTION 7.2.

  	
  Indemnification

  	
   

  
	
  SECTION 7.3.

  	
  Payments to the Trustee

  	
   

  
	
  ARTICLE VIII

  	
   

  
	
  Termination of Trust
  Agreement

  	
   

  
	
  SECTION 8.1.

  	
  Termination of Trust Agreement

  	
   

  
	
  ARTICLE IX

  	
   

  
	
  Successor
  Trustees and Additional Trustees

  	
   

  
	
  SECTION 9.1.

  	
  Eligibility Requirements for the Trustee

  	
   

  
	
  SECTION 9.2.

  	
  Resignation or Removal of the Trustee

  	
   

  
	
  SECTION 9.3.

  	
  Successor Trustee

  	
   

  
	
  SECTION 9.4.

  	
  Merger or Consolidation of the Trustee

  	
   

  
	
  SECTION 9.5.

  	
  Appointment of Co-Trustee or Separate
  Trustee

  	
   

  

 

ii

 

	
  ARTICLE X

  	
   

  
	
  Miscellaneous

  	
   

  
	
  SECTION 10.1.

  	
  Clean-Up Call

  	
   

  
	
  SECTION 10.2.

  	
  Supplements and Amendments

  	
   

  
	
  SECTION 10.3.

  	
  No Legal Title to Trust Estate in RFS
  Holding

  	
   

  
	
  SECTION 10.4.

  	
  Limitations on Rights of Others

  	
   

  
	
  SECTION 10.5.

  	
  Notices

  	
   

  
	
  SECTION 10.6.

  	
  Severability

  	
   

  
	
  SECTION 10.7.

  	
  Separate Counterparts

  	
   

  
	
  SECTION 10.8.

  	
  Successors and Assigns

  	
   

  
	
  SECTION 10.9.

  	
  No Petition

  	
   

  
	
  SECTION 10.10.

  	
  No Recourse

  	
   

  
	
  SECTION 10.11.

  	
  Governing Law

  	
   

  
	
  SECTION 10.12.

  	
  Administrator

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBITS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT A

  	
  Form of Transferor Certificate

  	
   

  
	
  EXHIBIT B

  	
  Form of Certificate of Trust

  	
   

  

 

iii

 

TRUST
AGREEMENT (as amended
or supplemented from time to time, this “Agreement”) dated as of
September 25, 2003 between RFS HOLDING, L.L.C. (“RFS Holding”), a
Delaware limited liability company, and THE BANK OF NEW YORK (DELAWARE), a
Delaware banking corporation, as Trustee (the “Trustee”).

 

ARTICLE I

Definitions

 

SECTION 1.1.
Definitions.

 

“Account” means, at
any time, each credit card account then included as an “Account” pursuant to
(and as defined in) the Trust Receivables Purchase Agreement on or prior to the
RFS Funding Trust Termination Date and thereafter pursuant to (and as defined
in) the Transfer Agreement.

 

“Administration Agreement”
means the Administration Agreement, dated as of September 25, 2003, among
the Administrator, the Trustee and the Trust.

 

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

 

“Affiliate” means,
with respect to any Person, (a) each Person that, directly or indirectly, owns
or controls, whether beneficially, or as a trustee, guardian or other
fiduciary, five percent (5%) or more of the securities having ordinary voting
power in the election of directors of such Person, (b) each Person that
controls, is controlled by or is under common control with such Person, or (c)
each of such Person’s officers, directors, joint venturers and partners. For
the purposes of this definition, “control” of a Person means the possession,
directly or indirectly, of the power to direct or cause the direction of its
management or policies, whether through the ownership of voting securities, by
contract or otherwise.

 

“Aggregate Principal
Receivables” means, as of any date of determination, the aggregate
Outstanding Balance of Principal Receivables as of such date (excluding
Principal Receivables that are Specified Retailer Receivables with respect to
any date of determination prior to the RFS Funding Trust Termination Date),
plus the principal amount of any Participation Interests, minus the Borrowing
Base (as defined in the RFS Funding Trust Agreement) for that Monthly Period;
provided that for purposes of calculating the Note Trust Principal Balance, the
Borrowing Base (as defined in the RFS Funding Trust Agreement) shall not be
subtracted from the Aggregate Principal Receivables.

 

“Agreement”
is defined in the preamble.

 

“Allocation Percentage”
is defined, for any Series, with respect to Finance Charge Collections, in the
related Indenture Supplement.

 

“Authorized Officer”
means, with respect to any corporation or statutory trust, the Chairman or
Vice-Chairman of the Board, the President, any Vice President, the Secretary,
the Treasurer, any Assistant Secretary, any Assistant Treasurer and each other
officer of such

 

 

corporation or trustee or
administrator of such trust specifically authorized in resolutions of the Board
of Directors of such corporation or by the governing documents or agreements of
such trust to sign agreements, instruments or other documents on behalf of such
corporation or statutory trust in connection with the transactions contemplated
by the Related Documents.

 

“Bank Receivables Sale
Agreement” means the Receivables Sale Agreement, dated as of June 27,
2003, between Monogram and RFS Holding.

 

“Business Day” means
any day that is not a Saturday, a Sunday or a day on which banks are required
or permitted to be closed in the State of New York, the State of Connecticut or
the State of Georgia (or, with respect to any Series, any additional state
specified by the related Indenture Supplement).

 

“Certificate” means
the Transferor Certificate or a Supplemental Certificate, as applicable.

 

“Certificate of Trust”
shall mean the Certificate of Trust executed by the Trustee, substantially in
the form attached hereto as Exhibit B.

 

“Certificate Register”
and “Certificate Registrar” are defined in Section 3.5.

 

“Charged-Off Receivable”
means a Principal Receivable (or any portion thereof) arising in an Account
which either (a) is 180 days past due or (b) has otherwise been written off as
uncollectible in accordance with the Credit and Collection Policies.  To avoid doubt, a Principal Receivable shall
become a Charged-Off Receivable upon the earlier of the events described in
clause (a) or clause (b) to occur with respect to the related Account.

 

“Class” means, any
Class of Notes of any Series.

 

“Closing Date” means
September 25, 2003.

 

“Code” means the Internal
Revenue Code of 1986, as amended from time to time, and Treasury Regulations
promulgated thereunder.

 

“Collateral” is
defined in the Granting Clause of the Indenture.

 

“Collateral Amount”
is defined, with respect to any Series, in the related Indenture Supplement.

 

“Collection Account”
means the account designated as such, established and owned by the Trust and
maintained in accordance with Section 8.2 of the Indenture.

 

“Collections” means,
for any Receivable for any period, (a) the sum of all amounts, whether in the
form of cash, checks, drafts, or other instruments, received in payment of, or
applied to, any amount owed by an Obligor on account of such Receivable during
such period, including all amounts received on account of such Receivable, all other
fees and charges, (b) Recoveries and cash proceeds of Related Security with
respect to such Receivable and (c) any in-store payments received with respect
to such Receivable.  Amounts paid by RFS
Holding

 

2

 

pursuant to Section 2.5
of either of the Trust Receivables Purchase Agreement or the Transfer Agreement
shall be deemed to be Principal Collections. 
Amounts paid by RFS Holding pursuant to Section 6.1(e) of
either of the Trust Receivables Purchase Agreement or the Transfer Agreement
and amounts paid by the Servicer pursuant to Section 2.6 of the Servicing
Agreement shall be deemed to be Principal Collections to the extent that they
represent the purchase price of Principal Receivables and shall be deemed to be
Finance Charge Collections to the extent that they represent the purchase price
of Finance Charge Receivables. Recoveries shall be treated as Collections of
Finance Charge Receivables.

 

“Commission” means
the Securities and Exchange Commission.

 

“Contract” means the
agreement and Federal Truth in Lending Statement for revolving credit card
accounts between any Obligor and Originator, as such agreements may be amended,
modified, or otherwise changed from time to time.

 

“Corporate Trust Office”
means, the office of the Trustee at which at any particular time its corporate
trust business shall be administered, which office at the date of this
Agreement is located at 101 Barclay Street, Floor 8 West (ABS Unit), New York,
New York  10286  Attention:  Antonia Vayas, facsimile: 
(212) 815-2493, or 3883.

 

“Credit and Collection
Policies” means, with respect to each credit card program from which
Accounts are drawn, Trust’s policies and procedures relating to the operation
of such credit card program, including the policies and procedures for
determining the creditworthiness of Obligors and the extension of credit to
Obligors, and relating to the maintenance of credit card accounts and
collection of credit card receivables, as such policies and procedures may be
amended from time to time.

 

“Custody and Control
Agreement” means the Custody and Control Agreement, dated as of
September 25, 2003 between the Trust and the Indenture Trustee.

 

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

 

“Excess Funding Account”
means the account designated as such, established and owned by the Trust and
maintained in accordance with Section 8.2 of the Indenture.

 

“Expenses” is defined
in Section 7.2.

 

“Finance Charge
Collections” means Collections of Finance Charge Receivables (after giving
effect to any recharacterization of Collections of Principal Receivables as
Collections of Finance Charge Receivables pursuant to Section 2.8 of the
Trust Receivables Purchase Agreement or the Transfer Agreement).

 

“Finance Charge
Receivables” means Receivables created in respect of periodic finance
charges, late fees, returned check fees and all other similar fees and charges
billed or accrued and unpaid on an Account.

 

3

 

“Free Equity Amount”
means, on any date of determination, the result of (a) the Note Trust Principal
Balance, minus (b) the aggregate of the Collateral Amounts for all outstanding
Series of Notes.

 

“GE Capital” means
General Electric Capital Corporation, a Delaware corporation.

 

“Governmental Authority”
means any nation or government, any state, county, city, town, district, board,
bureau, office commission, any other municipality or other political
subdivision thereof (including any educational facility, utility or other
Person operated thereby), and any agency, department or other entity exercising
executive, legislative, judicial, regulatory or administrative functions of or
pertaining to government.

 

“Grant” means to
create and grant a Lien pursuant to the Indenture, and other forms of the verb
“to Grant” shall have correlative meanings.

 

“Holder” means a
holder of the Transferor Certificate or a Supplemental Certificate, as
applicable.

 

“Indemnified Parties”
is defined in Section 7.2.

 

“Indenture” means the
Master Indenture, dated as of September 25, 2003, between the Trust and
the Indenture Trustee, as the same may be amended, supplemented or otherwise
modified from time to time.

 

“Indenture Security
Agreement” means the Indenture Security Agreement, dated as of
September 25, 2003 between RFS Funding Trust and the Indenture Trustee.

 

“Indenture Supplement”
means, with respect to any Series, a supplement to the Indenture, executed and
delivered in connection with the original issuance of the Notes of such Series
pursuant to Section 2.8 of the Indenture, and an amendment to the
Indenture executed pursuant to Sections 9.1 or 9.2 of the
Indenture, and, in either case, including all amendments thereof and
supplements thereto.

 

“Indenture Trustee”
means Deutsche Bank Trust Company Americas, not in its individual capacity but
solely as Indenture Trustee under the Indenture, or any successor Indenture
Trustee under the Indenture.

 

“Lien” means any
mortgage or deed of trust, pledge, hypothecation, assignment, deposit
arrangement, lien, charge, claim, security interest, easement or encumbrance,
or preference, priority or other security agreement or preferential arrangement
of any kind or nature whatsoever (including any conditional sale, lease or
title retention agreement, any financing lease having substantially the same
economic effect as any of the foregoing, and the filing of, or agreement to
give, any financing statement perfecting a security interest under the UCC or
comparable law of any jurisdiction); provided, however, Permitted
Encumbrances shall not constitute a Lien.

 

“Loan Agreement”
means, with respect to any Series, a Loan Agreement among the Trust, the
lenders party thereto and the managing agents party thereto.

 

4

 

“Monogram” means
Monogram Credit Card Bank of Georgia, a bank organized under the laws of
Georgia.

 

“Montgomery Ward”
means Montgomery Ward & Co. Incorporated.

 

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

 

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

 

“Moody’s” means
Moody’s Investors Service, Inc.

 

“New Issuance” means
one or more new Series of Notes issued pursuant to the Indenture and an
Indenture Supplement.

 

“Note” means one of
the Notes issued by the Trust pursuant to the Indenture and an Indenture
Supplement, substantially in the form attached to the related Indenture
Supplement.

 

“Note Register and “Note
Registrar” are defined in Section 2.4 of the Indenture.

 

“Note Trust Certificate”
means the certificate captioned “Note Trust Certificate” and dated
June 27, 2003, representing a beneficial interest in a portion of the
assets held by RFS Funding Trust, issued pursuant to the RFS Funding Trust
Agreement.

 

“Note Trust Principal
Balance” means, as of any time of determination falling within or relating
to a Monthly Period, the result of (a) the Aggregate Principal Receivables at
that time, plus (b) the amount on deposit in the Excess Funding Account at that
time (exclusive of any investment earnings on such amount), minus (c) before
the RFS Funding Trust Termination Date, the Borrowing Base (as defined in the
RFS Funding Trust Agreement) for that Monthly Period.

 

“Noteholder” means
the Person in whose name a Note is registered on the Note Register and, if
applicable, the holder of any Note, as the case may be, or such other Person
deemed to be a “Noteholder” in any related Indenture Supplement.

 

“Obligor” means, with
respect to any Transferred Receivable, any Person obligated to make payments in
respect thereof.

 

“Officer’s Certificate”
means, with respect to any Person, a certificate signed by an Authorized
Officer of such Person.

 

“Opinion of Counsel”
means a written opinion of counsel (who may be an employee of or counsel to the
Trust or an Affiliate of the Trust), which counsel and opinion shall be
acceptable to the Indenture Trustee, or the Rating Agencies, as applicable.

 

5

 

“Originator” means
Monogram or any other originator so designated pursuant to Section 2.10
of the Trust Receivables Purchase Agreement or the Transfer Agreement.

 

“Outstanding Balance”
means, with respect to any Principal Receivable: (a) as of the Transfer Date
for that Principal Receivable, the outstanding amount of such Principal
Receivable as reflected on the Trust’s books and records after giving effect to
any recharacterization of any portion of such Principal Receivable as a Finance
Charge Receivable pursuant to Section 2.8 of either the Trust
Receivables Purchase Agreement or Transfer Agreement; and (b) thereafter, the
amount referred to in clause (a) minus Collections with respect to that
Principal Receivable that are allocable to a reduction of the Outstanding
Balance thereof minus any subsequent discounts to or any other modifications
that reduce such Outstanding Balance; provided, that the Outstanding
Balance of a Charged-Off Receivable shall equal zero.

 

“Outstanding Principal
Balance” means the aggregate principal amount of all Notes outstanding at
the date of determination as determined under the Indenture.

 

“Participation Interest”
is defined in the Bank Receivables Sale Agreement.

 

“Paying Agent” means
with respect to the Notes, initially the Indenture Trustee or any other Person
that meets the eligibility standards in Section 6.11 of the
Indenture.

 

“Payment Date” means,
with respect to any Series, the date specified in the related Indenture
Supplement.

 

“Permitted Encumbrances”
means the following encumbrances: (a) Liens for taxes or assessments or other
governmental charges not yet due and payable; (b) inchoate and unperfected
workers’, mechanics’, suppliers’ or similar Liens arising in the ordinary
course of business; and (c) presently existing or hereinafter created Liens in
favor of, or created by, the Trust.

 

“Person” means any
individual, sole proprietorship, partnership, joint venture, unincorporated
organization, trust, association, corporation (including a business or
statutory trust), limited liability company, institution, public benefit
corporation, joint stock company, Governmental Authority or any other entity of
whatever nature.

 

“Principal Collections” means Collections of Principal Receivables
(after giving effect to any recharacterization of Collections of Principal
Receivables as Collections of Finance Charge Receivables pursuant to Section 2.8
of the Trust Receivables Purchase Agreement or the Transfer Agreement).

 

“Principal Receivable”
means each Receivable, other than a Finance Charge Receivable.

 

“Rating Agency”
means, as to each Series, the rating agency or agencies, if any, specified in
the related Indenture Supplement.

 

“Rating Agency Condition”
means, with respect to any action, that each Rating Agency, if any, shall have
notified the Trust in writing that such action will not result in a reduction
or

 

6

 

withdrawal of the rating, if
any, of any outstanding Series or Class with respect to which it is a Rating
Agency.

 

“Reassignment Amount”
means, with respect to any Series, the amount specified in the related
Indenture Supplement.

 

“Receivable” means
any amount owing by an Obligor under an Account from time to time.

 

“Receivables Trust”
means (a) prior to the RFS Funding Trust Termination Date, RFS Funding Trust
and (b) on and after the RFS Funding Trust Termination Date, the Trust.

 

“Records” means all
Contracts and other documents, books, records and other information (including
computer programs, tapes, disks, data processing software and related property
and rights) prepared and maintained by any Originator, the Servicer, or
Sub-Servicer with respect to the Transferred Receivables and the Obligors
thereunder.

 

“Recoveries” means
(a) so long as the arrangement described in Section 2.1(b) of the
Bank Receivables Sale Agreement remains in effect, amounts allocated to the
Transferred Receivables pursuant to that Section and (b) if at any time
that arrangement no longer remains in effect, with respect to any Transferred
Receivable, (i) Collections of such Transferred Receivable received after such
Transferred Receivable was charged off as uncollectible but before any sale or
other disposition of such Transferred Receivable after charge off; and (ii) any
proceeds from such a sale or other disposition by RFS Holding of such
Transferred Receivable.

 

“Related Documents”
means the Transfer Agreement, the Trust Receivables Purchase Agreement, the
Servicing Agreement, the Indenture Security Agreement, the Administration
Agreement, the Notes, this Trust Agreement, the Custody and Control Agreement, the
Indenture, any Indenture Supplement, any Loan Agreement and including all other
pledges, powers of attorney, consents, assignments, contracts, notices, and all
other written matter whether heretofore, now or hereafter executed by or on
behalf of any Person, or any employee of any Person, and delivered in
connection with any of the foregoing. 
Any reference in the foregoing documents to a Related Document shall
include all Annexes, Exhibits and Schedules thereto, and all amendments,
restatements, supplements or other modifications thereto, and shall refer to
such Related Documents as the same may be in effect at any and all times such
reference becomes operative.

 

“Related Security”
means with respect to any Receivable: (a) all of the Originator’s interest, if
any, in the goods, merchandise (including returned merchandise) or equipment,
if any, the sale of which gave rise to such Receivable; (b) all guarantees,
insurance or other agreements or arrangements of any kind from time to time
supporting or securing payment of such Receivable whether pursuant to the
Contract related to such Receivable or otherwise; and (c) all Records relating
to such Receivable.

 

“Retailer” is defined
in the Indenture.

 

“RFS Funding Trust”
means RFS Funding Trust, a Delaware statutory trust.

 

7

 

“RFS Funding Trust
Agreement” means the Amended and Restated Trust Agreement dated as of
December 19, 2002 among RFS Holding, General Electric Capital Services,
Inc., and Deutsche Bank Trust Company Delaware, as trustee, and as amended and
restated on June 27, 2003 among RFS Holding, Inc. (as assignee of General
Electric Capital Services, Inc.) and Deutsche Bank Trust Company Delaware, as
trustee.

 

“RFS Funding Trust
Termination Date” means the date on which the RFS Funding Trust is
terminated and all of the Transferred Receivables held by the RFS Funding Trust
are transferred to the Trust.

 

“RFS Holding” is
defined in the preamble.

 

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

 

“Securities Act”
means the Securities Act of 1933, 15 U.S.C. Sections 77 a et seq. and any
regulations promulgated thereunder.

 

“Series” means any
series of Notes, which may include within any such Series a Class or Classes of
Notes subordinate to another such Class or Classes of Notes.

 

“Series Account”
means any deposit, trust, escrow or similar account maintained for the benefit
of the Noteholders of any Series or Class, as specified in any Indenture
Supplement.

 

“Servicer” means
Monogram, in its capacity as the Servicer under the Servicing Agreement, or any
other Person designated as a Successor Servicer pursuant to the Servicing
Agreement.

 

“Servicing Agreement”
means the Servicing Agreement dated as of June 27, 2003, among the
Servicer, RFS Funding Trust and the Trust (upon its accession in accordance
with the terms thereof).

 

“Specified Retailer
Receivables” means the Transferred Receivables arising in the Originator’s
programs for Montgomery Ward. 
Transferred Receivables arising in the Originator’s program for
Montgomery Ward that have been transferred to the Originator’s program for
Wal-Mart Retailers shall not be considered Specified Retailer Receivables.

 

“Sub-Servicer” means
any Person with whom the Servicer enters into a Sub-Servicing Agreement.

 

“Sub-Servicing Agreement”
means any written contract entered into between the Servicer and any
Sub-Servicer relating to the servicing, administration or collection of the
Transferred Receivables.

 

“Successor Servicer”
means the successor servicer to the Servicer as appointed under the Servicing
Agreement.

 

“Supplemental
Certificate” is defined in Section 3.4.

 

8

 

“Tax Opinion” means,
with respect to any action, an Opinion of Counsel to the effect that, for
Federal income tax purposes, (a) such action will not adversely affect the tax
characterization as debt of Notes of any outstanding Series or Class with
respect to which an Opinion of Counsel was delivered at the time of their
issuance that such Notes would be characterized as debt, (b) such actions will
not cause the Trust to be classified, for federal income tax purposes, as an
association (or publicly traded partnership) taxable as a corporation and, (c)
such action will not cause or constitute an event in which gain or loss would
be recognized by any Noteholder and (d) with respect to a New Issuance, unless
otherwise specified in the Indenture Supplement, the Notes of the new Series
will be treated as debt.

 

“Transfer Agreement”
means the Transfer Agreement, dated as of September 25, 2003, between RFS
Holding and the Trust.

 

“Transfer Date” means
the Business Day preceding each Payment Date.

 

“Transferor Certificate”
means the certificate, substantially in the form of Exhibit A attached
hereto, representing a fractional undivided beneficial interest in the Trust.

 

“Transferred Assets”
is defined in Section 2.1 of the Transfer Agreement.

 

“Transferred Receivable”
means a Receivable that has been transferred by RFS Holding to RFS Funding
Trust under the Trust Receivables Purchase Agreement or the Trust under the
Transfer Agreement.

 

“Trust” means the GE
Capital Credit Card Master Note Trust.

 

“Trust Accounts”
means any Series Account, the Collection Account or Excess Funding Account.

 

“Trust Estate” means
all right, title and interest of the Trust in and to the property and rights
assigned to the Trust pursuant to the Trust Receivables Purchase Agreement and
the Transfer Agreement, all monies, investment property, instruments and other
property on deposit from time to time in the Trust Accounts and all other
property of the Trust from time to time, including any rights of the Trustee
and the Trust pursuant to the Related Documents.

 

“Trust Receivables
Purchase Agreement” means the Receivables Purchase and Contribution
Agreement dated as of June 27, 2003, between RFS Holding and RFS Funding
Trust.

 

“Trust Statute” means
Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code §3801
et seq., as the same may be amended from time to time.

 

“Trust Termination Date”
is defined in Section 8.1.

 

“Trustee” is defined
in preamble.

 

“UCC” means, with
respect to any jurisdiction, the Uniform Commercial Code as the same may, from
time to time, be enacted and in effect in such jurisdiction.

 

9

 

“Wal-Mart Retailers”
means ‘Retailer’ as such term is defined in the Wal-Mart Program Agreement.

 

SECTION 1.2.  Other Interpretive Matters. 
All terms defined directly or by incorporation in this Agreement shall
have the defined meanings when used in any document delivered pursuant thereto
unless otherwise defined therein.  For
purposes of this Agreement, unless the context otherwise requires:  (a) accounting terms not otherwise defined
herein and accounting terms partly defined herein to the extent not defined,
shall have the respective meanings given to them under generally accepted
accounting principles; and unless otherwise provided, references to any month,
quarter or year refer to a fiscal month, quarter or year as determined in
accordance with the GE Capital fiscal calendar; (b) unless defined in this
Agreement or the context otherwise requires, capitalized terms used in this
Agreement which are defined in the UCC shall have the meaning given such term in
the UCC; (c) references to any amount as on deposit or outstanding on any
particular date means such amount at the close of business on such day; (d) the
words “hereof,” “herein” and “hereunder” and words of similar import refer to
this Agreement as a whole and not to any particular provision of this
Agreement; (e) references to any Section, Schedule or Exhibit are
references to Sections, Schedules and Exhibits in or to this Agreement, and
references to any paragraph, subsection, clause or other subdivision within any
Section or definition refer to such paragraph, subsection, clause or other
subdivision of such Section or definition; (f) the term “including” means
“including without limitation”; (g) references to any law or regulation refer
to that law or regulation as amended from time to time and include any
successor law or regulation; (h) references to any agreement refer to that
agreement as from time to time amended, restated or supplemented or as the
terms of such agreement are waived or modified in accordance with its terms;
(i) references to any Person include that Person’s successors and assigns and
(j) headings are for purposes of reference only and shall not otherwise affect
the meaning or interpretation of any provision hereof.

 

ARTICLE II

Organization

 

SECTION 2.1.
Name.  The Trust created hereby
shall be known as “GE Capital Credit Card Master Note Trust”, in which name the
Trustee may conduct the business of the Trust, make and execute contracts and
other instruments on behalf of the Trust and sue and be sued.

 

SECTION 2.2.  Office.  The office of
the Trust shall be in care of the Trustee at the Corporate Trust Office or at
such other address as the Trustee may designate by written notice to RFS
Holding.

 

SECTION 2.3.
Purposes and Powers.  The purpose
of the Trust is, and the Trust shall have the power and authority to, engage in
the following activities:

 

(a)                                  to issue the Notes pursuant to the Indenture
and the related Indenture Supplement and the Transferor Certificate pursuant to
this Agreement and to issue the Supplemental Certificates, if any, pursuant to
this Agreement;

 

10

 

(b)                                 with the proceeds of the issuance of the
Notes, to acquire the Transferred Assets pursuant to the Transfer Agreement and
pay to RFS Holding the amounts owed pursuant to Section 2.4 of the
Transfer Agreement;

 

(c)                                  to Grant the Collateral pursuant to the
Indenture and to hold, manage and distribute to the Holders any portion of the
Collateral released from the Lien of the Indenture;

 

(d)                                 to enter into and perform its obligations
under the Related Documents to which it is to be a party;

 

(e)                                  to engage in those activities, including
entering into agreements, that are necessary, suitable or convenient to
accomplish the foregoing or are incidental thereto or connected therewith; and

 

(f)                                    subject to compliance with the Related
Documents, to engage in such other activities as may be required in connection
with conservation of the Collateral and the making of distributions to the
Holders and payments to the Noteholders.

 

The Trust shall not engage
in any activity other than in connection with the foregoing or other than as
required or authorized by this Agreement or the Related Documents.

 

SECTION 2.4.
Appointment of the Trustee.  RFS
Holding hereby appoints the Trustee as trustee of the Trust effective as of the
date hereof, to have all the rights, powers and duties set forth herein and in
the Trust Statute.

 

SECTION 2.5.
Initial Capital Contribution of Trust Estate.  Pursuant to the Transfer Agreement, RFS Holding shall assign,
transfer, convey and set over to the Trust, as of the date hereof, the assets
specified in the Transfer Agreement. 
The Trust hereby acknowledges receipt in trust from RFS Holding, as of
the date hereof, of the foregoing contribution, which shall constitute the
initial Trust Estate.  RFS Holding shall
pay organizational expenses of the Trust as they may arise or shall, upon the
request of the Trustee, promptly reimburse the Trustee for any such expenses
paid by the Trustee.  RFS Holding may
also take steps necessary, including the execution and filing of any necessary
filings, to ensure that the Trust is in compliance with any applicable state
securities law.

 

SECTION 2.6.
Declaration of Trust.  The
Trustee hereby declares that it will hold the Trust Estate in trust upon and
subject to the conditions set forth herein for the use and benefit of RFS
Holding, subject to the obligations of the Trust under the Related
Documents.  It is the intention of the
parties hereto that the Trust constitute a statutory trust under the Trust
Statute and that this Agreement constitute the governing instrument of such
statutory trust.  It is the intention of
the parties hereto that, solely for income and franchise tax purposes, until
the interest in the Transferor Certificate is held by more than one Person, the
Trust be disregarded as an entity separate from RFS Holding.  At such time as the interest in the
Transferor Certificate is held by more than one person, it is the intention of
the parties hereto that, solely for income and franchise tax purposes, the
Trust be treated as a partnership, with the assets of the partnership being the
Transferred Receivables and other assets held by the Trust, the partners of the
partnership being the Holder of the Transferor Certificate and the Holders of
the Supplemental

 

11

 

Certificates.  The parties agree that, unless otherwise
required by appropriate tax authorities, until the interest in the Transferor
Certificate is held by more than one Person, the Trust will not file or cause
to be filed annual or other returns, reports and other forms consistent with
the characterization of the Trust as an entity separate from RFS Holding.  Effective as of the date hereof, the Trustee
shall have all rights, powers and duties set forth herein and in the Trust
Statute with respect to accomplishing the purposes of the Trust.

 

SECTION 2.7.
Liability of Beneficiaries. 
Except as provided in any Related Document, the Holders shall be
entitled to the same limitation of personal liability extended to stockholders
of private corporations for profit organized under the General Corporation Law
of the State of Delaware.

 

SECTION 2.8.
Title to Trust Property.  Subject
to the Lien granted in the Indenture, legal title to all the Trust Estate shall
be vested at all times in the Trust as a separate legal entity except where
applicable law in any jurisdiction requires title to any part of the Trust
Estate to be vested in a trustee or trustees, in which case title shall be
deemed to be vested in the Trustee, a co-trustee and/or a separate trustee, as
the case may be.

 

SECTION 2.9.
Situs of Trust.  The Trust will
be located in Delaware and administered in the States of Delaware and New York.

 

SECTION 2.10. Representations and Warranties of RFS Holding.  RFS Holding hereby represents and warrants
to the Trustee that:

 

(a)                                  RFS Holding is duly organized and validly
existing as a limited liability company in good standing under the laws of the
State of Delaware, with power and authority to own its properties and to
conduct its business as such properties are currently owned and such business
is presently conducted.

 

(b)                                 RFS Holding is duly qualified to do business
as a foreign limited liability company in good standing, and has obtained all
necessary licenses and approvals, in all jurisdictions in which the ownership
or lease of property or the conduct of its business shall require such
qualifications.

 

(c)                                  RFS Holding has the power and authority to
execute and deliver this Agreement and to carry out its terms; RFS Holding has
full power and authority to sell and assign the property to be sold and
assigned to the Trust and RFS Holding has duly authorized such sale and
assignment to the Trust by all necessary corporate or other action; and the
execution, delivery and performance of this Agreement have been duly authorized
by RFS Holding by all necessary corporate or other action.

 

(d)                                 The consummation of the transactions
contemplated by this Agreement and the fulfillment of the terms hereof do not
conflict with, result in any breach of any of the terms and provisions of, or
constitute (with or without notice or lapse of time) a default under, the
certificate of formation or limited liability company agreement of RFS Holding,
or any indenture, agreement or other instrument to which RFS Holding is a party
or by which it is bound; or result in the creation or imposition of any Lien
upon any of its properties pursuant to the terms of any such indenture,
agreement or other

 

12

 

instrument (other than
pursuant to the Related Documents); or violate any law or, to the best of RFS
Holding’s knowledge, any order, rule or regulation applicable to RFS Holding of
any court or of any Federal or State regulatory body, administrative agency or
other governmental instrumentality having jurisdiction over RFS Holding or its
properties.

 

(e)                                  RFS Holding has duly executed and delivered
this Agreement, and this Agreement constitutes a legal, valid and binding
obligation of RFS Holding, enforceable in accordance with its terms, except as
enforceability may be subject to or limited by bankruptcy, insolvency,
reorganization or other similar laws affecting the enforcement of creditors’
rights generally and by general principles of equity (regardless of whether
such enforcement is considered in a proceeding in equity or at law).

 

ARTICLE III

Beneficial Interests

 

SECTION 3.1.
Initial Ownership.  Upon the
formation of the Trust by the contribution by RFS Holding pursuant to Section 2.5,
RFS Holding shall be the sole beneficiary of the Trust.

 

SECTION 3.2.
Certificates.  The Transferor
Certificate shall represent an undivided beneficial interest in the Trust
Estate subject to the Lien of the Notes created pursuant to the Indenture,
including the right to receive Collections with respect to the Transferred
Receivables and other amounts at the times and in the amounts specified in the
Indenture and any Indenture Supplement to be paid to the Holders.

 

SECTION 3.3.
Authentication of the Certificates. 
Concurrently with the transfer of the Note Trust Certificate to the
Trust pursuant to the Transfer Agreement, the Trustee is hereby authorized and
shall execute, authenticate and deliver on behalf of the Trust the Transferor
Certificate to RFS Holding.  No further
Certificates shall be issued except pursuant to Section 3.4 or 3.5
hereunder.  The Transferor Certificate
and any further Certificates issued pursuant to Sections 3.4 or 3.5 shall be
executed on behalf of the Trust by the manual or facsimile signature of an
authorized officer of the Trustee. 
Certificates bearing the manual or facsimile signatures of individuals
who were, at the time when such signatures shall have been affixed, authorized
to sign on behalf of the Trust, shall be, when authenticated pursuant to this
Agreement, validly issued and entitled to the benefits of this Agreement,
notwithstanding that such individuals or any of them shall have ceased to be so
authorized prior to the authentication and delivery of such Certificates or did
not hold such offices at the date of authentication and delivery of such
Certificates.  No Certificate shall
entitle its holder to any benefit under this Agreement, or shall be valid for
any purpose, unless there shall appear on the Certificate a certificate of
authentication substantially in the form set forth in Exhibit A,
executed by the Trustee by the manual signature of one of its authorized
signatories; such certificate of authentication shall constitute conclusive
evidence, and the only evidence, that the Certificate shall have been duly
authenticated and delivered hereunder. The Certificates shall be dated the date
of their authentication.

 

SECTION 3.4.
Restrictions on Transfer; Issuance of Supplemental Certificates.  RFS Holding may from time to time transfer a
portion of the Transferor Certificate by causing the

 

13

 

issuance of one or more
additional certificates (each a “Supplemental Certificate”).  The form and terms of any Supplemental
Certificate shall be defined in a supplement to this Agreement (which
supplement shall be subject to Section 10.2 to the extent that it
amends any of the terms of this Agreement) to be delivered to or upon the order
of RFS Holding (or the Holder of a Supplemental Certificate, in the case of the
transfer or exchange thereof, as provided below).  The issuance of any such Supplemental Certificate to any Person shall
be subject to satisfaction of the following conditions:

 

(i)                                     the Rating Agency Condition shall have been
satisfied with respect to such action; and

 

(ii)                                  RFS Holding shall have delivered to the
Trustee, the Indenture Trustee and each Rating Agency a Tax Opinion, dated the
date of such action (or transfer, exchange or other disposition provided
below), with respect to such action and an Opinion of Counsel to the effect
that such action, transfer, exchange or other disposition does not require
registration of the interest under the Securities Act or any state securities
law except for any such registration that has been duly completed and become
effective.

 

A Supplemental Certificate
may be transferred or exchanged, and the Transferor Certificate may be pledged,
only upon satisfaction of the conditions set forth in clause (ii).

 

SECTION 3.5.
Registration of Transfer and Exchange of Certificates.

 

(a)                                  The Trust shall keep or cause to be kept, at
the office or agency maintained pursuant to Section 3.9, a register
(the “Certificate Register”) in
which, subject to such reasonable regulations as it may prescribe, the Trust
shall provide for the registration of Certificates and of transfers and
exchanges of Certificates.  The Trustee
shall be the “Certificate Registrar”
for the purpose of registering Certificates and the transfers of Certificates
as herein provided.  Upon any
resignation of any Certificate Registrar, RFS Holding shall promptly appoint a
successor or, if it elects not to make such an appointment, assume the duties
of the Certificate Registrar.

 

Upon
surrender for registration of transfer of any Certificate at the office or
agency maintained pursuant to Section 3.9, if the requirements of
Section 8-401(a) of the UCC are met, the Trustee shall execute,
authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Certificates in authorized denominations of a like
aggregate amount.

 

At
the option of a Holder, Certificates may be exchanged for other Certificates of
authorized denominations, of a like aggregate amount upon surrender of the
Certificates to be exchanged at the office or agency maintained pursuant to Section 3.9.
Whenever any Certificates are so surrendered for exchange, if the requirements
of Section 8-401(a) of the UCC are met, the Trustee shall execute,
authenticate and deliver the Certificates that the Holder making the exchange
is entitled to receive.

 

14

 

All
Certificates issued upon any registration of transfer or exchange of
Certificates shall be entitled to the same benefits under this Agreement as the
Certificates surrendered upon such registration of transfer or exchange.

 

Every
Certificate presented or surrendered for registration of transfer or exchange
shall be duly endorsed by, or be accompanied by a written instrument of
transfer in form satisfactory to the Trustee and the Certificate Registrar duly
executed by, the Holder thereof or his attorney duly authorized in writing. No
transfer of a Certificate shall be registered unless the transferee shall have
provided an opinion of counsel that no registration is required under the
Securities Act, or applicable state laws. 
Each Certificate surrendered for registration of transfer or exchange
shall be canceled and subsequently disposed of by the Trustee in accordance
with its customary practice.

 

No
service charge shall be made to a Holder for any registration of transfer or
exchange of Certificates, but the Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or
exchange of Certificates.

 

(b)                                 The Transferor Certificate may be transferred
in its entirety to a Person which is a member of the “affiliated group” as
defined in Section 1504(a) of the Code of which RFS Holding is a member
without the consent or approval of the Noteholders, provided that (i) the
Rating Agency Condition shall have been satisfied with respect to such transfer
and (ii) RFS Holding shall have delivered to the Trustee, the Indenture Trustee
and each Rating Agency a Tax Opinion and an Opinion of Counsel of the type
described in Section 3.4(ii), dated the date of such transfer, with
respect thereto.  In connection with any
such transfer, the Person to whom the Transferor Certificate is transferred
will, by its acquisition and holding of an interest in the Transferor
Certificate, assume all of the rights and obligations of RFS Holding as
described in this Agreement, each Related Document and in any supplement or
amendment thereto (including the right under this paragraph (b) with
respect to subsequent transfers of an interest in the Transferor Certificate).

 

(c)                                  The Transferor Certificate and each
Supplemental Certificate, and any beneficial interest in the Transferor
Certificate or any Supplemental Certificate, may not be purchased by or
transferred to (i) an employee benefit plan (as defined in Section 3(3) of
ERISA) that is subject to the provisions of Title I of ERISA, (ii) a plan described
in Section 4975(e)(1) of the Code or (iii) any entity whose underlying
assets include plan assets by reason of investment by an employee benefit plan
or plans (including an insurance company general account) in such entity.

 

SECTION 3.6.
Mutilated, Destroyed, Lost or Stolen Certificates.  If: (a) any mutilated Certificate shall be
surrendered to the Certificate Registrar, or if the Certificate Registrar shall
receive evidence to its satisfaction of the destruction, loss or theft of any
Certificate (provided, that the Trustee shall not be required to verify
the evidence provided to it), and (b) there shall be delivered to the
Certificate Registrar and the Trustee such security or indemnity as may be
required by them to hold each of them harmless, then, in the absence of notice
that such Certificate shall have been acquired by a bona fide purchaser, and provided
that the requirements

 

15

 

of Section 8-405 of the
UCC are met, the Trustee on behalf of the Trust shall execute, authenticate and
deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or
stolen Certificate, a replacement Certificate of like tenor and denomination.

 

In connection with the
issuance of any replacement Certificate under this Section, the Trustee and the
Certificate Registrar may require the payment by the Holder of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection
therewith.

 

Any replacement Certificate
issued pursuant to this Section in replacement of any mutilated,
destroyed, lost or stolen Certificate shall constitute conclusive evidence of
ownership in the Trust, as if originally issued, whether or not the mutilated,
lost, stolen or destroyed Certificate shall be found at any time, and shall be
entitled to all the benefits of this Agreement.

 

SECTION 3.7.
Persons Deemed Holders.  Prior to
due presentation of a Certificate for registration of transfer of any
Certificate, the Trustee or the Certificate Registrar may treat the Person in
whose name any Certificate shall be registered in the Certificate Register (as
of the day of determination) as the owner of such Certificate for all purposes
whatsoever, and neither the Trustee nor the Certificate Registrar shall be
bound by any notice to the contrary.

 

SECTION 3.8.
Access to List of Holders’ Names and Addresses.  The Trustee shall furnish or cause to be
furnished to the Servicer and RFS Holding, within 15 days after receipt by the
Trustee of a request therefor from the Servicer or RFS Holding in writing, a
list, in such form as the Servicer or RFS Holding may reasonably require, of
the names and addresses of the Holders. If a Holder applies in writing to the
Trustee, and such application states that the applicants desire to communicate
with other Holders with respect to their rights under this Agreement or under
the Certificates and such application shall be accompanied by a copy of the
communication that such applicants propose to transmit, then the Trustee shall,
within five Business Days after the receipt of such application, afford such
applicants access during normal business hours to the current list of Holders.
Each Holder, by receiving and holding a Certificate, shall be deemed to have
agreed not to hold any of RFS Holding, the Certificate Registrar or the Trustee
accountable by reason of the disclosure of its name and address, regardless of
the source from which such information was derived.

 

SECTION 3.9.
Maintenance of Office or Agency. 
The Trustee shall maintain in an office or offices or agency or agencies
where Certificates may be surrendered for registration of transfer or exchange
and where notices and demands to or upon the Trustee in respect of the
Certificates and the Related Documents may be served.  The Trustee initially designated The Bank of New York (Delaware),
c/o The Bank of New York, 101 Barclay Street, Floor 8 West (ABS Unit), New
York, New York  10286, as its principal
corporate trust office for such purposes. The Trustee shall give prompt written
notice to RFS Holding and to the Holders of any change in the location of the
Certificate Register or any such office or agency.

 

ARTICLE IV

Actions by the Trustee

 

SECTION 4.1.
Prior Notice to Holders with Respect to Certain Matters.  With respect to the following matters, the
Trustee shall not take action unless, at least 30 days before the taking

 

16

 

of such action, the Trustee
shall have notified the Holders in writing of the proposed action and the
Holders shall not have notified the Trustee in writing prior to the 30th
day after such notice is given that the Holders withheld consent or shall not
have provided alternative direction:

 

(a)                                  the initiation of any claim or lawsuit by the
Trust (except claims or lawsuits brought in connection with the collection of
the Trust Estate) and the compromise of any action, claim or lawsuit brought by
or against the Trust (except with respect to the aforementioned claims or
lawsuits for collection of Trust Estate);

 

(b)                                 the election by the Trust to file an
amendment to the Certificate of Trust;

 

(c)                                  the amendment of the Indenture;

 

(d)                                 the amendment, change or modification of the
Administration Agreement, except to cure any ambiguity or to amend or
supplement any provision in a manner, or add any provision, that would not
materially adversely affect the interests of the Holders; or

 

(e)                                  the appointment pursuant to the Indenture of
a successor Note Registrar, Paying Agent or Indenture Trustee, or the consent
to the assignment by the Note Registrar, Paying Agent or Indenture Trustee of
its obligations under the Indenture or this Agreement, as applicable.

 

SECTION 4.2.
Action by the Holders with Respect to Certain Matters.  The Trustee shall not have the power, except
upon the direction of the Holders, to: 
(a) remove the Administrator under the Administration Agreement, (b)
appoint a successor Administrator, or (c) except as expressly provided in the
Related Documents, sell the Transferred Receivables after the termination of
the Indenture.  The Trustee shall take
the actions referred to in the preceding sentence only upon written
instructions signed by the Holders.

 

SECTION 4.3.
Action by the Holders with Respect to Bankruptcy.  The Trustee shall not have the power to
commence a voluntary proceeding in bankruptcy relating to the Trust without the
prior approval of the Holders and the delivery to the Trustee by the Holders of
a certificate certifying that the Holders reasonably believe that the Trust is
insolvent.

 

SECTION 4.4.  Restrictions on Power. 
The Holders shall not direct the Trustee to take or refrain from taking
any action if such action or inaction would be contrary to any obligation of
the Trust or the Trustee under this Agreement or any of the Related Documents
or would be contrary to Section 2.3, nor shall the Trustee be
obligated to follow any such direction, if given.

 

ARTICLE V

Authority and Duties of the Trustee

 

SECTION 5.1.
General Authority.  The Trustee
is authorized and directed to execute and deliver the Related Documents to
which the Trust is to be a party and each certificate or other document
attached as an exhibit to or contemplated by the Related Documents to which the
Trust is to be a party, in each case in such form as RFS Holding shall approve
as evidenced conclusively by the Trustee’s execution thereof, and, on behalf of
the Trust, to direct the

 

17

 

Indenture Trustee, from time
to time, to authenticate and deliver Notes in the amount specified in a letter of
instruction from RFS Holding to the Trustee. 
In addition to the foregoing, the Trustee is authorized, but shall not
be obligated, to take all actions required of the Trust pursuant to the Related
Documents.  Except as otherwise provided
in this Agreement, the Trustee is further authorized from time to time to take
such action as RFS Holding or the Administrator recommends with respect to the
Related Documents.

 

SECTION 5.2.
General Duties.  It shall be the
duty of the Trustee to discharge (or cause to be discharged) all of its
responsibilities pursuant to this Agreement and the Related Documents to which
the Trust is a party and to administer the Trust in the interest of the
Holders, subject to the Related Documents and in accordance with this Agreement.  Notwithstanding the foregoing, the Trustee
shall be deemed to have discharged its duties and responsibilities hereunder
and under the Related Documents to the extent the Administrator has agreed in
the Administration Agreement to perform any act or to discharge any duty of the
Trustee or Trust hereunder or under any Related Document, and the Trustee shall
not be held liable for the default or failure of the Administrator to carry out
its obligations under the Administration Agreement.

 

SECTION 5.3.
Action upon Instruction. 
(a)  Subject to Article IV
and in accordance with the Related Documents, the Holders may by written
instruction direct the Trustee in the management of the Trust.  Such direction may be exercised at any time
by written instruction of the Holders pursuant to Article IV.

 

(b)                                 The Trustee shall not be required to take any
action hereunder or under any Related Document if the Trustee shall have
reasonably determined, or shall have been advised by counsel, that such action
is likely to result in liability on the part of the Trustee or is contrary to
the terms hereof or of any Related Document or is otherwise contrary to law.

 

(c)                                  Whenever the Trustee is unable to decide
between alternative courses of action permitted or required by this Agreement
or any Related Document, the Trustee shall promptly give notice (in such form
as shall be appropriate under the circumstances) to the Holders requesting
instruction as to the course of action to be adopted, and to the extent the
Trustee acts in good faith in accordance with any written instruction of the
Holders received, the Trustee shall not be liable on account of such action to
any Person.  If the Trustee shall not
have received appropriate instruction within 10 days of such notice (or within
such shorter period of time as reasonably may be specified in such notice or
may be necessary under the circumstances) it may, but shall be under no duty
to, take or refrain from taking such action, not inconsistent with this
Agreement or the Related Documents, as it shall deem to be in the best
interests of the Holders, and shall have no liability to any Person for such
action or inaction.

 

(d)                                 In the event that the Trustee is unsure as to
the application of any provision of this Agreement or any Related Document or
any such provision is ambiguous as to its application, or is, or appears to be,
in conflict with any other applicable provision, or in the event that this
Agreement permits any determination by the Trustee or is silent or is
incomplete as to the course of action that the Trustee is required to take with
respect to a particular set of facts, the Trustee may give notice (in such form

 

18

 

as shall be appropriate
under the circumstances) to the Holders requesting instruction and, to the
extent that the Trustee acts or refrains from acting in good faith in
accordance with any such instruction received, the Trustee shall not be liable,
on account of such action or inaction, to any Person.  If the Trustee shall not have received appropriate instruction
within 10 days of such notice (or within such shorter period of time as
reasonably may be specified in such notice or may be necessary under the
circumstances) it may, but shall be under no duty to, take or refrain from
taking such action, not inconsistent with this Agreement or the Related
Documents, as it shall deem to be in the best interests of the Holders, and
shall have no liability to any Person for such action or inaction.

 

SECTION 5.4.
No Duties Except as Specified in this Agreement or in Instructions.  The Trustee shall not have any duty or
obligation to manage, make any payment with respect to, register, record, sell,
dispose of or otherwise deal with the Trust Estate, or to otherwise take or
refrain from taking any action under, or in connection with, any document
contemplated hereby to which the Trustee is a party, except as expressly
provided by this Agreement or in any document or written instruction received
by the Trustee pursuant to this Agreement; and no implied duties or obligations
shall be read into this Agreement or any Related Document against the
Trustee.  The Trustee shall have no
responsibility for filing any financing or continuation statement in any public
office at any time or to otherwise perfect or maintain the perfection of any
security interest or Lien granted to it hereunder or to prepare or file any
Commission filing for the Trust or to record this Agreement or any Related
Document.  Notwithstanding anything to
the contrary herein or in any Related Document, the Trustee shall not be
required to execute, deliver or certify on behalf of the Trust or any other
Person any filings, certificates, affidavits or other instruments required
under the Sarbanes-Oxley Act of 2002, if applicable.  The Trustee nevertheless agrees that it will, at its own cost and
expense, promptly take all action as may be necessary to discharge any Liens on
any part of the Trust Estate that result from the negligence or willful
misconduct of the Trustee.

 

SECTION 5.5.
No Action Except Under Specified Documents or Instructions.  The Trustee shall not manage, control, use,
sell, dispose of or otherwise deal with any part of the Trust Estate except:
(i) in accordance with the powers granted to and the authority conferred upon
the Trustee pursuant to this Agreement, (ii) in accordance with the Related
Documents and (iii) in accordance with any document or instruction delivered to
the Trustee pursuant to this Agreement.

 

SECTION 5.6.
Restrictions.  The Trustee shall
not take any action: (a) that is inconsistent with the purposes of the Trust
set forth in Section 2.3 or (b) that, to the actual knowledge of
the Trustee, would result in the Trust becoming taxable as a corporation for
Federal income tax purposes.  RFS
Holding shall not direct the Trustee to take action that would violate this
Section.

 

SECTION 5.7.
Tax Returns.  In the event the
Trust shall be required to file tax returns, the Trustee, upon request, will
furnish the Administrator with all such information in the Trustee’s actual
custody or possession as may be reasonably requested by the Administrator in
connection with the preparation of all tax returns of the Trust, and shall,
upon request, execute such returns.  In
no event shall the Trustee be liable for any liabilities, costs or expenses of
the Trust arising under any tax law, including federal, state or local income
or excise taxes or any

 

19

 

other tax imposed on or
measured by income (or any interest or penalty with respect thereto arising
from a failure to comply therewith).

 

ARTICLE VI

Concerning the Trustee

 

SECTION 6.1.
Acceptance of Trusts and Duties. 
The Trustee accepts the trusts hereby created and agrees to perform its
duties hereunder with respect to such trusts but only upon the terms of this
Agreement.  The Trustee also agrees to
disburse all moneys actually received by it constituting part of the Trust
Estate upon the terms of the Related Documents and this Agreement.  The Trustee shall not be answerable or
accountable hereunder or under any Related Document under any circumstances,
except: (i) for its own willful misconduct or gross negligence or (ii) in the
case of the inaccuracy of any representation or warranty contained in Section 6.3
expressly made by the Trustee.  In
particular, but not by way of limitation (and subject to the exceptions set
forth in the preceding sentence):

 

(a)                                  the Trustee shall not be liable for any error
of judgment made in good faith by a responsible officer of the Trustee unless
it is proved that the Trustee was grossly negligent in ascertaining the
pertinent facts;

 

(b)                                 the Trustee shall not be liable with respect
to any action taken or omitted to be taken by it in accordance with the
instructions of the Administrator, the Servicer or RFS Holding;

 

(c)                                  no provision of this Agreement or any Related
Document shall require the Trustee to expend or risk funds or otherwise incur
any financial liability in the performance of any of its rights or powers
hereunder or under any Related Document, if the Trustee shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity
against such risk or liability is not reasonably assured or provided to it;

 

(d)                                 under no circumstances shall the Trustee be
liable for indebtedness evidenced by or arising under any of the Related
Documents, including the principal of and interest on the Notes or any
representation, warranty or covenant of the Trust;

 

(e)                                  the Trustee shall not be responsible for or
in respect of the validity or sufficiency of this Agreement or for the due
execution hereof by RFS Holding or for the form, character, genuineness,
sufficiency, value or validity of any of the Trust Estate or for or in respect
of the validity or sufficiency of the Related Documents, other than the
certificate of authentication on the Certificates, and the Trustee shall in no
event assume or incur any liability, duty or obligation to any Noteholder or to
any Holder, other than as expressly provided for herein and in the Related
Documents;

 

(f)                                    the Trustee shall not be liable for the
default or misconduct of the Administrator, RFS Holding, the Indenture Trustee
or the Servicer under any of the Related Documents or otherwise and the Trustee
shall have no obligation or liability to perform the obligations of the Trust
under this Agreement or the Related Documents that are required to be performed
by the Administrator under the Administration Agreement,

 

20

 

the Indenture Trustee under
the Indenture or the Servicer under the Servicing Agreement; and the Trustee
shall have no obligation to monitor such persons with respect to such
obligations.

 

(g)                                 the Trustee shall be under no obligation to
exercise any of the rights or powers vested in it by this Agreement, or to
institute, conduct or defend any litigation under this Agreement or otherwise
or in relation to this Agreement or any Related Document, at the request, order
or direction of the Holders unless the Holders offered to the Trustee security
or indemnity satisfactory to it against the costs, expenses and liabilities
that may be incurred by the Trustee therein or thereby.  The right of the Trustee to perform any
discretionary act enumerated in this Agreement or in any Related Document shall
not be construed as a duty, and the Trustee shall not be answerable for other
than its gross negligence or willful misconduct in the performance of any such
act.

 

SECTION 6.2.
Furnishing of Documents.  The
Trustee shall furnish to a Holder promptly upon receipt of a written request
therefor, and at the expense of such Holder, duplicates or copies of all
reports, notices, requests, demands, certificates, financial statements and any
other instruments furnished to the Trustee under the Related Documents.

 

SECTION 6.3.
Representations and Warranties. 
The Trustee hereby represents and warrants to the Holders, that:

 

(a)                                  it is a banking corporation duly organized
and validly existing in good standing under the laws of the State of Delaware,
with the requisite corporate power and authority to execute, deliver and
perform its obligations under this Agreement,

 

(b)                                 it has taken all corporate action necessary
to authorize the execution and delivery by it of this Agreement, and this
Agreement will be executed and delivered by one of its officers who is duly
authorized to execute and deliver this Agreement on its behalf,

 

(c)                                  the execution and delivery of this Agreement,
the consummation of the transactions contemplated by this Agreement and the
fulfillment of the terms hereof do not conflict with, result in any breach of
any of the terms and provisions of, or constitute (with or without notice or
lapse of time) a default under, the certificate of incorporation or by-laws of
the Trustee, or to the best of its knowledge without independent investigation
any indenture, agreement or other instrument to which the Trustee is a party or
by which it is bound; or violate any Federal or state law governing the banking
or trust powers of the Trustee; or, to the best of the Trustee’s knowledge,
violate any order, rule or regulation applicable to the Trustee of any court or
of any Federal or state regulatory body, administrative agency or other
governmental instrumentality having jurisdiction over the Trustee or its properties,
and

 

(d)                                 this Agreement, assuming due authorization,
execution and delivery by RFS Holding, constitutes a valid, legal and binding
obligation of the Trustee, enforceable against it in accordance with the terms
hereof subject to applicable bankruptcy, insolvency, reorganization, moratorium
and other laws affecting the enforcement of

 

21

 

creditors’ rights generally
and to general principles of equity, regardless of whether such enforcement is
considered in a proceeding in equity or at law.

 

SECTION 6.4.
Reliance; Advice of Counsel. 
(a)  Except to the extent
otherwise provided in Section 6.1, the Trustee shall incur no
liability to anyone in acting upon any signature, instrument, notice,
resolution, request, consent, order, certificate, report, opinion, bond or
other document or paper (whether in its original or facsimile form believed by
it to be genuine and believed by it to be signed by the proper party or
parties.  The Trustee may accept a
certified copy of a resolution of the board of directors or other governing
body of any party as conclusive evidence that such resolution has been duly
adopted by such body and that the same is in full force and effect.  As to any fact or matter the method of the
determination of which is not specifically prescribed herein, the Trustee may
for all purposes hereof rely on a certificate, signed by the president, any
vice president, the treasurer or other authorized officers of the relevant
party as to such fact or matter, and such certificate shall constitute full
protection to the Trustee for any action taken or omitted to be taken by it in
good faith in reliance thereon.

 

(b)                                 In the exercise or administration of the
trusts hereunder and in the performance of its duties and obligations under
this Agreement or the Related Documents, the Trustee: (i) may act directly or
through its agents or attorneys pursuant to agreements entered into with any of
them, and the Trustee shall not be liable for the conduct or misconduct of such
agents or attorneys if such agents or attorneys shall have been selected by the
Trustee with reasonable care, and (ii) may consult with counsel, accountants
and other skilled Persons to be selected with reasonable care and employed by
it.  The Trustee shall not be liable for
anything done, suffered or omitted in good faith by it in accordance with the
written opinion or advice of any such counsel, accountants or other such
Person.

 

SECTION 6.5.
Not Acting in Individual Capacity. 
Except as provided in this Article VI, in accepting the
trusts hereby created The Bank of New York (Delaware) acts solely as the
Trustee hereunder and not in its individual capacity and all Persons having any
claim against the Trustee by reason of the transactions contemplated by this
Agreement or any Related Document shall look only to the Trust Estate for
payment or satisfaction thereof.

 

SECTION 6.6.
Trustee Not Liable for Notes or Receivables.  The recitals contained herein and in the Certificates (other than
the signature and counter-signature of the Trustee on the Certificates) shall
be taken as the statements of RFS Holding, and the Trustee assumes no
responsibility for the correctness thereof. 
The Trustee makes no representations as to the validity or sufficiency
of this Agreement, of any Related Document, of the Certificates, or of any
Transferred Receivable or related documents. 
The Trustee shall at no time have any responsibility or liability for or
with respect to the legality, validity and enforceability of any Transferred
Receivable, or the perfection and priority of any security interest created by
any Transferred Receivable or the maintenance of any such perfection and
priority, or for or with respect to the sufficiency of the Trust Estate or its
ability to generate the payments to be distributed to the Holders under this
Agreement or the Noteholders under the Indenture, including: (a) the existence,
condition and ownership of the Transferred Assets, (b) the existence and
enforceability of any insurance thereon, (c) the existence and contents of any
Transferred Receivable on any computer or other record thereof, (d) the
validity of the assignment of any

 

22

 

Transferred Receivable to
the Receivables Trust or of any intervening assignment, (e) the completeness of
any Transferred Receivable, (f) the performance or enforcement of any
Transferred Receivable, and (g) the compliance by RFS Holding or the Servicer
with any warranty or representation made under any Related Document or in any
related document or the accuracy of any such warranty or representation or any
action of the Administrator, the Indenture Trustee or the Servicer or any
subservicer taken in the name of the Trust or Trustee.

 

SECTION 6.7.
Trustee May Not Own Notes.  The
Trustee shall not, in its individual capacity, but may in a fiduciary capacity,
become the owner or pledgee of Notes or otherwise extend credit to the
Trust.  The Trustee may otherwise deal
with RFS Holding, the Administrator, the Indenture Trustee and the Servicer
with the same rights as it would have if it were not the Trustee.

 

ARTICLE VII

Compensation of the Trustee

 

SECTION 7.1.
Trustee’s Fees and Expenses.  The
Trustee shall receive as compensation for its services hereunder such fees as have
been separately agreed upon before the date hereof between RFS Holding and the
Trustee, and the Trustee shall be entitled to be reimbursed by RFS Holding for
its other reasonable expenses hereunder, including the reasonable compensation,
expenses and disbursements of such agents, representatives, experts and counsel
as the Trustee may employ in connection with the exercise and performance of
its rights and its duties hereunder.

 

SECTION 7.2.
Indemnification.  RFS Holding
shall be liable as primary obligor for, and shall indemnify the Trustee and its
successors, assigns, agents and servants (collectively, the “Indemnified
Parties”) from and against, any and all liabilities, obligations, losses,
damages, taxes, claims, actions and suits, and any and all reasonable costs,
expenses and disbursements (including reasonable legal fees and expenses) of
any kind and nature whatsoever (collectively, “Expenses”), which may at
any time be imposed on, incurred by or asserted against the Trustee or any
other Indemnified Party in any way relating to or arising out of this
Agreement, the Related Documents, the Trust Estate, the administration of the
Trust Estate or the action or inaction of the Trustee hereunder, except only
that RFS Holding shall not be liable for or required to indemnify an
Indemnified Party from and against Expenses arising or resulting from: (a) such
Indemnified Party’s willful misconduct or gross negligence or (b) with respect
to the Trustee, the inaccuracy of any representation or warranty contained in Section 6.3
expressly made by the Trustee.  The
indemnities contained in this Section shall survive the resignation or
termination of the Trustee or the termination of this Agreement.

 

In the event any proceeding
(including any governmental investigation) shall be instituted involving any
Indemnified Party pursuant to the preceding paragraph, such person shall
promptly notify RFS Holding in writing and RFS Holding shall assume the defense
thereof, including the retention of counsel reasonably satisfactory to such
Indemnified Party to represent such Indemnified Party in such proceeding and
shall pay the reasonable fees and disbursements of such counsel related to such
proceeding upon delivery to RFS Holding of demand therefor.  In any such proceeding, any Indemnified
Party shall have the right to retain its own counsel, but the fees and expenses
of such counsel shall be at the expense of such Indemnified Party unless (i)

 

23

 

RFS Holding has failed to
assume the defense thereof, (ii) RFS Holding and the Indemnified Party shall
have mutually agreed to the retention of such counsel or (iii) the named
parties to any such proceeding (including any impleaded parties) include both
RFS Holding and the Indemnified Party and representation of both parties by the
same counsel would be inappropriate due to actual or potential differing
interests between them.  It is
understood that RFS Holding shall not, in connection with any proceeding or
related proceedings in the same jurisdiction, be liable for the fees and
expenses of more than one separate firm (in addition to any local counsel) for
all such Indemnified Parties.  RFS
Holding shall not be liable for any settlement of any proceeding effected
without its written consent, but if settled with such consent or if there be a
final judgment for the plaintiff, RFS Holding agrees to indemnify the
Indemnified Party from and against any loss or liability by reason of such
settlement or judgment.  RFS Holding
shall not, without the prior written consent of the Indemnified Party, effect
any settlement of any pending or threatened proceeding in respect of which such
Indemnified Party is or could have been a party and indemnity could have been
sought hereunder by such Indemnified Party, unless such settlement includes an
unconditional release of such Indemnified Party from all liability on claims
that are the subject matter of such proceeding.

 

SECTION 7.3.  Payments to the Trustee. 
Any amounts paid to the Trustee pursuant to this Article VII
shall be deemed not to be a part of the Trust Estate immediately after such
payment.

 

ARTICLE VIII

Termination of Trust Agreement

 

SECTION 8.1.
Termination of Trust Agreement. 
(a)  The Trust shall dissolve
upon the date specified by RFS Holding (the “Trust Termination Date”,
written notice of which shall be provided to the Trustee), provided that
the Trust Termination Date shall not be earlier than the day on which the
rights of all Series of Notes to receive payments from the Trust have
terminated.  After satisfaction of
liabilities of the Trust as provided by applicable law, any money or other
property held as part of the Trust Estate following such distribution shall be
distributed to RFS Holding.  The
bankruptcy, liquidation, dissolution, termination, death or incapacity of RFS
Holding shall not (x) operate to terminate this Agreement or annul, dissolve or
terminate the Trust, (y) entitle RFS Holding’s legal representatives or heirs
to claim an accounting or to take any action or proceeding in any court for a
partition or winding up of all or any part of the Trust or Trust Estate or (z)
otherwise affect the rights, obligations and liabilities of the parties hereto.

 

(b)                                 Except as provided in Section 8.1(a),
neither RFS Holding nor any Holder shall be entitled to dissolve, revoke or
terminate the Trust.

 

(c)                                  Upon the dissolution of the Trust and the
payment of all liabilities of the Trust in accordance with applicable law and
upon written direction from the Holders, the Trustee shall cause the Certificate
of Trust to be canceled by filing a certificate of cancellation with the
Secretary of State in accordance with the provisions of Section 3810 (or
successor section) of the Trust Statute, at which time the Trust and this
Agreement (other than Article VII) shall terminate.

 

24

 

ARTICLE IX

Successor Trustees and Additional
Trustees

 

SECTION 9.1.
Eligibility Requirements for the Trustee.  The Trustee shall at all times: (a) be a “bank” within the
meaning of the Investment Company Act of 1940, as amended, (b) be authorized to
exercise corporate trust powers, (c) have a combined capital and surplus of at
least $50,000,000 and be subject to supervision or examination by Federal or
State authorities, and (d) have (or have a parent that has) a rating of at
least “Baa3” by Moody’s or at least “BBB-” by S&P.  If such corporation shall publish reports of
condition at least annually, pursuant to law or the requirements of the
aforesaid supervising or examining authority, then for the purpose of this
Section, the combined capital and surplus of such corporation shall be deemed
to be its combined capital and surplus as set forth in its most recent report
of condition so published.  At all
times, at least one the Trustee of the Trust shall satisfy the requirements of
Section 3807(a) of the Trust Statute. 
In case at any time the Trustee shall cease to be eligible in accordance
with this Section, the Trustee shall resign immediately in the manner and with
the effect specified in Section 9.2.

 

SECTION 9.2.
Resignation or Removal of the Trustee. 
The Trustee may at any time resign and be discharged from the trusts
hereby created by giving written notice thereof to the Administrator.  Upon receiving such notice of resignation,
the Administrator, on behalf of the Trust, shall promptly appoint a successor
trustee by written instrument, in duplicate, one copy of which instrument shall
be delivered to the resigning the Trustee and one copy to the successor
trustee.  If no successor Trustee shall
have been so appointed and have accepted appointment within 30 days after the
giving of such notice of resignation, the resigning the Trustee may petition
any court of competent jurisdiction for the appointment of a successor trustee.

 

If at any time the Trustee
shall cease to be eligible in accordance with Section 9.1 and shall
fail to resign after written request therefor by the Administrator, or if at
any time the Trustee shall be legally unable to act, or shall be adjudged
bankrupt or insolvent, or a receiver of the Trustee or of its property shall be
appointed, or any public officer shall take charge or control of the Trustee or
of its property or affairs for the purpose of rehabilitation, conservation or
liquidation, then the Administrator, on behalf of the Trust, may remove the
Trustee.  If the Administrator, on
behalf of the Trust, shall remove the Trustee under the authority of the
preceding sentence, the Administrator, on behalf of the Trust, shall promptly
appoint a successor trustee by written instrument, in duplicate, one copy of
which instrument shall be delivered to the outgoing Trustee so removed and one
copy to the successor trustee, and pay all fees owed to the outgoing Trustee.

 

Any resignation or removal
of the Trustee and appointment of a successor trustee pursuant to this
Section shall not become effective until acceptance of appointment by the
successor trustee pursuant to Section 9.3 and payment of all fees
and expenses owed to the outgoing trustee. 
The Administrator shall provide notice of such resignation or removal of
the trustee to each of the Rating Agencies.

 

SECTION 9.3.
Successor Trustee.  Any successor
trustee appointed pursuant to Section 9.3 shall execute,
acknowledge and deliver to the Administrator and to its predecessor Trustee an
instrument accepting such appointment under this Agreement, and thereupon the
resignation or removal of the predecessor Trustee shall become effective and
such successor trustee, without

 

25

 

any further act, deed or
conveyance, shall become fully vested with all the rights, powers, duties, and
obligations of its predecessor under this Agreement, with like effect as if
originally named as the trustee.  The
predecessor Trustee shall upon payment of its fees and expenses deliver to the
successor trustee all documents and statements and monies held by it under this
Agreement; and the Administrator and the predecessor Trustee shall execute and
deliver such instruments and do such other things as may reasonably be required
for fully and certainly vesting and confirming in the successor trustee all
such rights, powers, duties and obligations.

 

No successor trustee shall
accept appointment as provided in this Section unless at the time of such
acceptance such successor trustee shall be eligible pursuant to Section 9.1.

 

Upon acceptance of
appointment by a successor trustee pursuant to this Section, the Administrator
shall mail notice of such appointment to the Holders, the Indenture Trustee,
the Noteholders and the Rating Agencies. 
If the Administrator shall fail to mail such notice within 10 days after
acceptance of appointment by the successor trustee, the successor trustee shall
cause such notice to be mailed at the expense of the Administrator.

 

SECTION 9.4.  Merger or Consolidation of the Trustee.  Any corporation or other entity into which
the Trustee may be merged or converted or with which it may be consolidated, or
any corporation resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation succeeding to all or
substantially all of the corporate trust business of the Trustee, shall be the
successor of the Trustee hereunder; provided, such corporation shall be
eligible pursuant to Section 9.1, without the execution or filing
of any instrument or any further act on the part of any of the parties hereto,
anything herein to the contrary notwithstanding; and provided further, that the Trustee
shall mail notice of such merger or consolidation to the Rating Agencies.

 

SECTION 9.5.
Appointment of Co-Trustee or Separate Trustee.  Notwithstanding any other provisions of this Agreement, at any
time, for the purpose of meeting any legal requirements of any jurisdiction in
which any part of the Trust or Trust Estate may at the time be located, the
Administrator, on behalf of the Trust, and the Trustee acting jointly shall
have the power and may execute and deliver all instruments to appoint one or
more Person(s) approved by the Trustee to act as co-trustee(s), jointly with
the Trustee, or separate trustee(s), of all or any part of the Trust Estate,
and to vest in such Person(s), in such capacity and for the benefit of the
Holders, such title to the Trust Estate, or any part thereof, and, subject to
the other provisions of this Section, such powers, duties, obligations, rights
and trusts as the Administrator, on behalf of the Trust, and the Trustee may
consider necessary or desirable.  If the
Administrator, on behalf of the Trust, shall not have joined in such
appointment within 15 days after the receipt by it of a request so to do, the
Trustee alone shall have the power to make such appointment.  No co-trustee or separate trustee under this
Agreement shall be required to meet the terms of eligibility as a successor
trustee pursuant to Section 9.1 and no notice of the appointment of
any co-trustee or separate trustee shall be required pursuant to Section 9.3.

 

Each separate trustee and
co-trustee shall, to the extent permitted by law, be appointed and act subject
to the following provisions and conditions:

 

26

 

(i)                                     all rights, powers, duties and obligations
conferred or imposed upon the Trustee shall be conferred or imposed upon and
exercised or performed by the Trustee and such separate trustee or co-trustee
jointly (it being understood that such separate trustee or co-trustee is not
authorized to act separately without the Trustee joining in such act), except
to the extent that under any law of any jurisdiction in which any particular
act(s) are to be performed, the Trustee shall be incompetent or unqualified to
perform such act(s), in which event such rights, powers, duties and obligations
(including the holding of title to the Trust Estate or any portion thereof in
any such jurisdiction) shall be exercised and performed singly by such separate
trustee or co-trustee, but solely at the direction of the Trustee;

 

(ii)                                  no trustee under this Agreement shall be
personally liable by reason of any act or omission of any other trustee under
this Agreement; and

 

(iii)                               the Administrator, on behalf of the Trust,
and the Trustee acting jointly may at any time accept the resignation of or
remove any separate trustee or co-trustee.

 

Any notice, request or other
writing given to the Trustee shall be deemed to have been given to each of then
separate trustees and co-trustees, as effectively as if given to each of
them.  Every instrument appointing any
separate trustee or co-trustee shall refer to this Agreement and the conditions
of this Article.  Each separate trustee
and co-trustee, upon its acceptance of the trusts conferred, shall be vested
with the estates or property specified in its instrument of appointment, either
jointly with the Trustee or separately, as may be provided therein, subject to
all the provisions of this Agreement, specifically including every provision of
this Agreement relating to the conduct of, affecting the liability of, or
affording protection to, the Trustee. 
Each such instrument shall be filed with the Trustee and a copy thereof
given to the Administrator.

 

Any separate trustee or
co-trustee may at any time appoint the Trustee as its agent or attorney-in-fact
with full power and authority, to the extent not prohibited by law, to do any
lawful act under or in respect of this Agreement on its behalf and in its
name.  If any separate trustee or
co-trustee shall die, become incapable of acting, resign or be removed, all of
its estates, properties, rights, remedies and trusts shall vest in and be
exercised by the Trustee, to the extent permitted by law, without the
appointment of a new or successor trustee.

 

The Trustee shall have no
obligation to determine whether a co-trustee or separate trustee is legally
required in any jurisdiction in which any part of the Trust Estate may be
located.

 

ARTICLE X

Miscellaneous

 

SECTION 10.1. Clean-Up Call.  On any
day occurring on or after the date on which the outstanding principal balance
of any Series of Notes is reduced to 10% or less of the initial outstanding
principal balance of such Series, RFS Holding shall have the option to reduce
the Collateral Amount for that Series to zero and transfer that portion of the
Note Trust Principal Balance to the Free Equity Amount by paying the Trust a
redemption price equal to the greater

 

27

 

of (x) the Collateral
Amount, plus the applicable Allocation Percentage of outstanding Finance Charge
Receivables and (y) a minimum amount equal to (i) if such day is a Payment
Date, the Reassignment Amount for such Payment Date or (ii) if such day is not
a Payment Date, the Reassignment Amount of the Payment Date following such
day.  RFS Holding shall give the Trust
at least thirty days prior written notice on the date on which RFS Holding intends
to excise such option.

 

SECTION 10.2.  Supplements and Amendments. 
This Agreement may be amended from time to time by a written amendment
duly executed and delivered by RFS Holding and the Trustee, with prior written
notice to the Rating Agencies, without the consent of the Holders, to cure any
ambiguity, to correct or supplement any provisions in this Agreement or, for
the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions in this Agreement or of modifying in any
manner the rights of the Holders; provided, however, that (i)
such action shall not as evidenced by an Officer’s Certificate of RFS Holding,
adversely affect in any material respect the interests of the Holders or
Noteholders and (ii) the Rating Agency Condition shall have been satisfied.

 

Without the consent of all
Noteholders, no amendment shall (a) increase or reduce in any manner the amount
of, or accelerate or delay the timing of distributions that are required to be
made for the benefit of the Noteholders or (b) reduce the aforesaid percentage
of the Outstanding Principal Balance of the Notes, the holders of which are
required to consent to any such amendment.

 

Promptly after the execution
of any such amendment or consent, RFS Holding shall furnish written
notification of the substance of such amendment or consent to the Indenture
Trustee and each Rating Agency.

 

It shall not be necessary
for the consent of the Holders pursuant to this Section 10.1 to
approve the particular form of any proposed amendment or consent, but it shall
be sufficient if such consent shall approve the substance thereof

 

Promptly after the execution
of any amendment to the Certificate of Trust, the Trustee shall cause the
filing of such amendment with the Secretary of State of the State of Delaware.

 

The Trustee shall be
entitled to receive, and shall be fully protected in relying upon, an Officer’s
Certificate of RFS Holding to the effect that the conditions to amendment have
been satisfied.

 

The Trustee may, but shall
not be obligated to, enter into any such amendment that affects the Trustee’s
own rights, duties or immunities under this Agreement or otherwise.

 

SECTION 10.3. No Legal Title to Trust Estate in RFS Holding .  RFS
Holding shall not have legal title to any part of the Trust Estate.  No transfer, by operation of law or
otherwise, of any right, title or interest of RFS Holding in, to and under
their ownership interest in the Trust Estate shall operate to terminate this Agreement
or the trusts hereunder or entitle any transferee to an accounting or to the
transfer to it of legal title to any part of the Trust Estate.

 

28

 

SECTION 10.4. Limitations on Rights of Others.  The provisions of this Agreement are solely for the benefit of
the Trustee, RFS Holding, and the Holders and nothing in this Agreement,
whether express or implied, shall be construed to give to any other Person any
legal or equitable right, remedy or claim in the Trust Estate or under or in
respect of this Agreement or any covenants, conditions or provisions contained
herein.

 

SECTION 10.5. Notices.  Unless
otherwise expressly specified or permitted by the terms hereof, all notices
shall be in writing, personally delivered or mailed by certified mail, postage
prepaid and return receipt requested, and shall be deemed to have been duly
given upon receipt: (i) if to the Trustee, addressed to the Corporate Trust
Office, and (ii) if to RFS Holding, c/o General Electric Capital Services,
Inc., 1600 Summer Street, 6th Floor, Stamford, CT  06927, Attn:  Manager of Finance - Securitization; or, as to each party, at
such other address as shall be designated by such party in a written notice to
the other party.

 

SECTION 10.6. Severability.  Any
provision of this Agreement that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

 

SECTION 10.7. Separate Counterparts. 
This Agreement may be executed by the parties hereto in separate
counterparts, each of which when so executed and delivered shall be an
original, but all such counterparts shall together constitute but one and the
same instrument.

 

SECTION 10.8. Successors and Assigns. 
All covenants and agreements contained herein shall be binding upon, and
inure to the benefit of, RFS Holding and its successors, the Trustee and its
successors and RFS Holding and its successors and permitted assigns, all as
herein provided.  Any request, notice,
direction, consent, waiver or other instrument or action by the Holders of the Transferor
Certificate shall bind the successors and assigns of RFS Holding and any other
Holder.

 

SECTION 10.9. No Petition.  The
Trustee on behalf of the Trust, by entering into this Agreement and the
Holders, by accepting a Certificate, hereby covenant and agree that they will
not at any time institute against RFS Holding or the Trust, or join in any
institution against RFS Holding or the Trust of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any Federal or State bankruptcy or similar law in connection
with any obligations relating to the Notes, this Agreement or any of the
Related Documents; provided that nothing in this paragraph shall
preclude, or be deemed to estop, the Trustee or the Holders from taking any
action prior to the expiration of the applicable preference period in any
involuntary proceeding filed or commenced against RFS Holding or the Trust by a
Person other than the Trustee or the Holders or to otherwise limit any claims that
the Trustee or the Holders may have against RFS Holding or the Trustee.  This Section 10.9 shall survive the
termination of the Trust.

 

SECTION 10.10. No Recourse.  A Holder
(or any interest therein), by accepting a Certificate (or its interest therein),
acknowledges that the Certificate represents a beneficial interest in the Trust
only and the Certificate does not represent an interest in or obligation of RFS

 

29

 

Holding, the Servicer, the
Administrator, the Trustee, the Indenture Trustee or any Affiliate thereof, and
no recourse may be had against such parties or their assets except as may be
expressly set forth or contemplated provided in this Agreement or the Related
Documents.

 

SECTION 10.11. Governing Law.  This
Agreement shall be construed in accordance with the laws of the State of
Delaware, without reference to its conflict of law provisions, and the
obligations, rights and remedies of the parties hereunder shall be determined
in accordance with such laws.

 

SECTION 10.12. Administrator.  RFS
Holding and Trustee acknowledge that the Administrator is authorized to execute
on behalf of the Trust all such documents, reports, filings, instruments,
certificates and opinions as it shall be the duty of the Trust or Trustee to
prepare, file or deliver pursuant to this Agreement and the Related
Documents.  Upon written request, the
Trustee shall execute and deliver to the Administrator a power of attorney
appointing the Administrator its agent and attorney-in-fact to execute all such
documents, reports, filings, instruments, certificates and opinions.

 

30

 

IN WITNESS WHEREOF, the
parties hereto have caused this Trust Agreement to be duly executed by their
respective officers hereunto duly authorized as of the day and year first above
written.

 

	
   

  	
  THE BANK OF NEW YORK
  (DELAWARE),

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Michael Santino

  	
   

  
	
   

  	
  Name: Michael Santino

  
	
   

  	
  Title: Senior Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  RFS HOLDING, L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Iain J. Mackay

  	
   

  
	
   

  	
  Name: Iain J. Mackay

  
	
   

  	
  Title: Chief Financial
  Officer and Manager

  

 

31

 

EXHIBIT A

to Trust Agreement

 

TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, THIS CERTIFICATE (OR ANY INTEREST HEREIN) MAY NOT
BE TRANSFERRED TO ANY PERSON EXCEPT IN ACCORDANCE WITH THE TRUST AGREEMENT.

 

THIS CERTIFICATE (OR ANY
INTEREST HEREIN) MAY NOT BE PURCHASED BY OR TRANSFERRED TO (I) AN EMPLOYEE
BENEFIT PLAN (AS DEFINED IN SECTION 3(3) OF ERISA) THAT IS SUBJECT TO THE
PROVISIONS OF TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
AS AMENDED, (II) A PLAN DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED OR (III) ANY ENTITY WHOSE UNDERLYING ASSETS
INCLUDE PLAN ASSETS BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN
(INCLUDING AN INSURANCE COMPANY GENERAL ACCOUNT) IN SUCH ENTITY.

 

TRANSFEROR
CERTIFICATE

R-[    ]

 

GE
CAPITAL CREDIT CARD MASTER NOTE TRUST

TRANSFEROR
CERTIFICATE

 

evidencing a fractional
undivided interest in the Trust, as defined below, the property of which
includes a pool of credit card receivables sold or contributed to the Trust by
RFS HOLDING, L.L.C.

 

THIS CERTIFIES THAT RFS
HOLDING, L.L.C. is the owner of a ONE HUNDRED PERCENT nonassessable,
fully-paid, undivided interest in the GE Capital Credit Card Master Note Trust
(the “Trust”) formed by RFS HOLDING, L.L.C., a Delaware limited
liability company (the “RFS Holding”).

 

The Trust was created
pursuant to a Trust Agreement dated as of September 25, 2003 (the “Trust
Agreement”) between RFS Holding and The Bank of New York (Delaware), as
trustee (the “Trustee”). To the extent not otherwise defined herein, the
capitalized terms used herein have the meanings assigned to them in the Trust
Agreement.  This Certificate is one of
the duly authorized Certificates designated as “Transferor Certificate” (herein
called the “Transferor Certificate”) issued under and subject to the
terms, provisions and conditions of the Trust Agreement, to which the Holder of
this Transferor Certificate by virtue of the acceptance hereof assents and by
which holder is bound.

 

It is the intent of RFS
Holding, and the Holder of the Transferor Certificate that, for purposes of
Federal income, State and local income and franchise and any other income taxes
measured in whole or in part by income, until the interest in the Transferor
Certificate is held by one or more person other than RFS Holding, the Trust be
disregarded as an entity separate from its owner.  At such time that the interest in the Transferor Certificate is
held by more than one person, it is the intent of RFS Holding, and the Holder
of a Transferor Certificate and the Holders of the Supplemental Certificates
that, for purposes of Federal income, State and local 

 

A-1

 

income and franchise and any
other income taxes measured in whole or in part by income, the Trust be treated
as a partnership, the assets of which are the assets held by the Trust, and the
Holder of the Transferor Certificate and the Holders of the Supplemental
Interests will be treated as partners in that partnership.  RFS Holding and the Holder of the Transferor
Certificate, by acceptance of the Transferor Certificate, agree to treat, and
to take no action inconsistent with the treatment of, the Transferor
Certificate as such for tax purposes.

 

The Holder of the Transferor
Certificate, by its acceptance of the Transferor Certificate, covenants and
agrees that the Holder of the Transferor Certificate will not at any time
institute against RFS Holding or the Trust, or join in any institution against
RFS Holding or the Trust of, 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 any of the Related Documents.

 

The Transferor Certificate
does not represent an obligation of, or an interest in, RFS Holding, the
Servicer, General Electric Capital Services, Inc., General Electric Capital
Corporation or General Electric Company, the Trustee or any affiliates of any
of them and no recourse may be had against such parties or their assets, except
as may be expressly set forth or contemplated herein or in the Trust Agreement
or the Related Documents.

 

Unless the certificate of
authentication hereon shall have been executed by an authorized officer of the
Trustee, by manual signature, this Transferor Certificate shall not entitle the
holder hereof to any benefit under the Trust Agreement or be valid for any
purpose.

 

This Transferor Certificate
shall be construed in accordance with the laws of the State of Delaware,
without reference to its conflict of law provisions, and the obligations,
rights and remedies of the parties hereunder shall be determined in accordance
with such laws.

 

A-2

 

IN WITNESS WHEREOF, the
Trustee on behalf of the Trust and not in its individual capacity has caused
this Transferor Certificate to be duly executed.

 

	
   

  	
  GE CAPITAL CREDIT CARD
  MASTER NOTE TRUST

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:  The Bank of New York (Delaware), not in
  its individual capacity, but solely as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
						

 

A-3

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

This is the Transferor
Certificate referred to in the within-mentioned Trust Agreement.

 

 

The Bank of New York
(Delaware), as Trustee

 

 

	
  By:

  	
   

  	
   

  	
   

  
	
  Authorized
  Officer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Date:  [                     ],
  200[  ]

  	
   

  

 

A-4

 

EXHIBIT B

to Trust Agreement

 

CERTIFICATE OF TRUST

OF

GE CAPITAL CREDIT CARD MASTER NOTE TRUST

 

THIS CERTIFICATE OF TRUST of
GE Capital Credit Card Master Note Trust (the “Trust”), is being duly
executed and filed by The Bank of New York (Delaware), a Delaware banking
corporation, as trustee, to form a statutory trust under the Delaware Statutory
Trust Act (12 Del. C. §3801, et  seq.).

 

(i)                                     Name.  The name of the statutory
trust being formed hereby is GE Capital Credit Card Master Note Trust.

 

(ii)                                  Delaware Trustee.  The
name and business address of the trustee of the Trust in the State of Delaware
are The Bank of New York (Delaware), 700 White Clay Center, Route 273, Newark,
Delaware 19711.

 

(iii)                               Effective Date. 
This Certificate of Trust shall be effective as of its filing.

 

B-1

 

IN WITNESS WHEREOF, the
undersigned, being the trustee of the Trust, has executed this Certificate of
Trust in accordance with Section 3811(a)(1) of the Act.

 

	
   

  	
  THE BANK OF NEW YORK
  (DELAWARE), not in its individual capacity, but solely as trustee under a
  Trust Agreement dated as of September    , 2003

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
						

 

B-2

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