Document:

Exhibit

Exhibit 4.6

FIRST AMENDMENT TO
GUARANTEE AGREEMENT

This First Amendment to Guarantee Agreement (“Amendment”) is made and entered into as of June 27, 2019 by and among NextEra Energy US Partners Holdings, LLC, a Delaware limited liability company (the “Guarantor”), and The Bank of New York Mellon, a New York banking corporation, as trustee (the “Guarantee Trustee”), for the benefit of the Holders from time to time of the Guaranteed Securities of NextEra Energy Operating Partners, LP, a Delaware limited partnership (the “Issuer”).
BACKGROUND:
A.    Guarantor and Guarantee Trustee have previously entered into that certain Guarantee Agreement, dated September 25, 2017 (“Guarantee Agreement”).
B.    Pursuant to Section 6.01, the Guarantee Agreement may be amended by an instrument in writing duly executed by the Guarantor and Guarantee Trustee, to make any changes that do not materially adversely affect the rights of Holders without the consent of any Holders.
C.    The parties desire (i) to amend the Guarantee Agreement to update certain defined terms and provisions in order to align such provisions with the related defined terms and provisions established by the Issuer with respect to a new series of Guaranteed Securities to be issued by the Issuer on the date hereof (such new series having been designated as the Issuer’s “4.25% Senior Notes due July 2024”), and (ii) for such amendments to apply only to Guaranteed Securities issued on or after the date of this Amendment (including the Issuer’s 4.25% Senior Notes due July 2024).  Accordingly, this Amendment does not affect the rights of Holders of Guaranteed Securities issued prior to the date hereof, and does not materially adversely affect the rights of any Holders of Guaranteed Securities under the Indenture. 
D.    Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Guarantee Agreement.
AGREEMENT:
NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties, intending to be legally bound, hereby agree as follows:
1.    The following definitions are hereby amended and restated in their entirety solely with respect to Guaranteed Securities issued on or after the date of this Amendment (including the Issuer’s 4.25% Senior Notes due July 2024 initially being issued on the date hereof):
“Capitalized Leases” means, with respect to any Person, leases that have been or should be, in accordance with GAAP, recorded as capital leases on the balance sheet of such Person. Solely for purposes of the definition of “Capitalized Leases” and “Capital Lease Obligation”, GAAP shall be determined to be those accounting principles related to lease accounting in effect prior to the guidance codified in ASC 842, Leases.

“Cash Equivalents” means any of the following types of Investments, to the extent owned by the Issuer or the Guarantor or any of their Subsidiaries free and clear of all Liens (other than Liens securing the Existing Credit Agreement):

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(1) readily marketable obligations issued or directly and fully guaranteed or insured by the United States of America or any agency or instrumentality thereof having maturities of not more than 360 days from the date of acquisition thereof; provided that the full faith and credit of the United States of America is pledged in support thereof;

(2) time deposits with, or insured certificates of deposit or bankers’ acceptances of, any commercial bank that (i) (a) is a lender under the Existing Credit Agreement or (b) is organized under the laws of the United States of America, any state thereof or the District of Columbia or is the principal banking subsidiary of a bank holding company organized under the laws of the United States of America, any state thereof or the District of Columbia, and is a member of the Federal Reserve System, (ii) issues (or the parent of which issues) commercial paper rated as described in clause (3) of this definition and (iii) has combined capital and surplus of at least US$1,000,000,000, in each case with maturities of not more than 12 months from the date of acquisition thereof;

(3) commercial paper issued by any Person organized under the laws of any state of the United States of America and rated at least “Prime-1” (or the then equivalent grade) by Moody’s or at least “A-1” (or the then equivalent grade) by S&P, in each case with maturities of not more than 12 months from the date of acquisition thereof; and

(4) Investments, classified in accordance with generally accepted accounting principles as current assets of the Issuer or the Guarantor or any of their Subsidiaries, in money market investment programs registered under the Investment Company Act of 1940, as amended, which are administered by financial institutions that have the highest rating obtainable from either Moody’s or S&P, and the portfolios of which are limited solely to Investments of the character, quality and maturity described in clauses (1), (2) and (3) of this definition.

“Cash Sweep and Credit Support Agreement” means the Amended and Restated Cash Sweep and Credit Support Agreement dated as of August 4, 2017 entered into between the Issuer and NextEra Energy Resources, LLC, as in effect on the issue date of the applicable series of Guaranteed Securities.

“Covenant Cash” means, without duplication, internally generated cash and Cash Equivalents distributed by the Project Companies and the Guarantor, directly or indirectly, to the Issuer or the Guarantor, as applicable, in respect of the Equity Interests of the Project Companies and the Guarantor owned, directly or indirectly, by the Issuer (other than dividends or other distributions that are funded, directly or indirectly, with substantially concurrent cash Investments, or cash Investments that were not used by a Project Company or the Guarantor for capital expenditures or for operational purposes, by the Issuer or any of its Subsidiaries in a Project Company and the Guarantor), excluding (a) the proceeds of any extraordinary receipts (including cash payments or proceeds received (i) from any Disposition by the Issuer or any of its Subsidiaries, (ii) under any casualty insurance policy in respect of a covered loss thereunder or (iii) as a result of the taking of any assets of the Issuer or any of its Subsidiaries by any Person pursuant to the power of eminent domain, condemnation or otherwise, or pursuant to a sale of any such assets to a purchaser with such power under threat of such a taking) and (b) any cash that is derived from (i) cash grants and similar items to the Project Companies and the Guarantor, (ii) any incurrence of Funded Debt by the Project Companies and the Guarantor, (iii) any issuance of Equity Interests by the Project Companies and the Guarantor, or (iv) any capital contribution to the Project Companies and the Guarantor.

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“Existing Credit Agreement” means the Revolving Credit Agreement, by and between the Issuer and the Guarantor and Bank of America, N.A., as administrative agent and collateral agent, and Bank of America, N.A. (Canada Branch), as Canadian agent for the lenders and the lenders party thereto, dated as of October 24, 2017, as amended to date, and as the same may be amended, restated, modified, renewed, refunded, replaced or refinanced from time to time.

“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect from time to time; provided, however, that if any operating lease would be re-characterized as a capital lease due to changes in the accounting treatment of such operating leases under GAAP since the issue date of the applicable series of Guaranteed Securities, then solely with respect to the accounting treatment of any such lease, GAAP shall be interpreted as it was in effect on the issue date of the applicable series of Guaranteed Securities.

“Project Company” means each direct or indirect Subsidiary or any joint venture of the Issuer or the Guarantor that is created or acquired by the Issuer or the Guarantor and is the direct or indirect owner or lessee, or intended to become the direct or indirect owner, lessee or developer of all or any portion of any generating, transmission, distribution or other operating assets, or assets relating thereto (in each such case, a “Project”), together with the direct and indirect parents and subsidiaries of such Person, but excluding the Issuer and the Guarantor and any direct or indirect owner of any Equity Interest in the Issuer or the Guarantor.

“S&P” means S&P Global Ratings, a division of S&P Global or any successor entity.

		
	2.
	Section 5.08 of the Guarantee Agreement is hereby amended and restated in its entirety to state as follows, solely with respect to Guaranteed Securities issued on or after the date of this Amendment (including the Issuer’s 4.25% Senior Notes due July 2024 initially being issued on the date hereof):

5.08   Covenants of the Guarantor.  

(a)  The Guarantor will not, and will not permit any Subsidiary Guarantor to, create or permit to exist any Lien upon any property or assets, including Equity Interests issued by the Issuer or any Subsidiary Guarantor, in order to secure any Indebtedness of NEP, the Issuer or such Subsidiary Guarantor without providing for the Guaranteed Securities to be equally and ratably secured with (or prior to) any and all such Indebtedness and any other Indebtedness similarly entitled to be equally and ratably secured, for so long as such Indebtedness is so secured; provided, however, that this restriction will not apply to, or prevent the creation or existence of:

(i)  purchase money liens or purchase money security interests upon or in any property acquired by NEP, the Issuer or such Subsidiary Guarantor in the ordinary course of business to secure the purchase price or construction cost of such property or to secure indebtedness incurred solely for the purpose of financing the acquisition of such property or construction of improvements on such property;

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(ii)  Liens existing on property acquired by NEP, the Issuer or such Subsidiary Guarantor at the time of its acquisition, provided that such Liens were not created in contemplation of such acquisition and do not extend to any assets other than the property so acquired;

(iii)  Liens securing Funded Debt recourse for which is limited to specific assets of the NEP, the Issuer or such Subsidiary Guarantor created for the purpose of financing the acquisition, improvement or construction of the property subject to such Liens;

(iv)  the replacement, extension or renewal of any Lien permitted by clauses (i) through (iii) above upon or in the same property theretofore subject thereto or the replacement, extension or renewal (without increase in the amount or change in the direct or indirect obligor) of the Indebtedness secured thereby;

(v)  Liens upon or with respect to margin stock;

(vi)  to the extent constituting Liens on Indebtedness, the rights of the parties to the Cash Sweep and Credit Support Agreement and the Management Services Agreement to borrow cash from NEP or any Subsidiary;

(vii)  Liens securing Funded Debt of the Issuer or such Subsidiary Guarantor (including Indebtedness pursuant to the Existing Credit Agreement (including any secured Hedging Obligations)) that ranks no more senior in right of payment (irrespective of such Liens) than pari passu with the Guaranteed Securities; provided that as of the date of incurrence of any such Funded Debt, and after giving effect thereto, the aggregate principal amount of all Funded Debt of the Issuer or such Subsidiary Guarantor then outstanding that is secured by Liens granted by the Issuer and the Subsidiary Guarantors or any of them shall not exceed the greater of (a) $1,000,000,000 and (b) the amount that would cause the OpCo Secured Leverage Ratio to exceed 4.0:1.0; and

(vii)  any other Liens (other than Liens described in clauses (i) through (vii) above, if the aggregate principal amount of the indebtedness secured by all such Liens and security interests (without duplication) does not exceed in the aggregate $10,000,000 at any one time outstanding;

provided that the aggregate principal amount of the indebtedness secured by the Liens described in clauses (i) through (iii) above, inclusive, shall not exceed the greater of the aggregate fair value, the aggregate purchase price or the aggregate construction cost, as the case may be, of all properties subject to such Liens.

For the purposes hereof, “OpCo Secured Leverage Ratio” means, as of any date of determination, the ratio of (a) OpCo Funded Debt that is secured by Liens granted by the Issuer and the Subsidiary Guarantors, or any of them, to (b) the NEP OpCo Adjusted Covenant Cash Flow.  Notwithstanding anything herein to the contrary, when calculating the OpCo Secured Leverage Ratio, the Swap Termination Value of all Swap Contracts of the Issuer and the Subsidiary Guarantors then outstanding shall be excluded from the calculation of OpCo Funded Debt.

(b)  With respect to any Guaranteed Securities, the Guarantor covenants and agrees to comply with any provision in the Indenture requiring the Guarantor to take or refrain from taking actions that are specifically contemplated to be observed or performed by the Guarantor, 

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including, without limitation, Section 1102 of the Indenture, which provisions are hereby incorporated by reference herein.

3.    All of the terms and conditions of the Guarantee Agreement, as amended hereby, are hereby ratified, confirmed, and remain in full force and effect.  The terms of this Amendment shall apply only to Guaranteed Securities issued on or after the date hereof, including, but not limited to, the Issuer’s 4.25% Senior Notes due July 2024 initially being issued on the date hereof. For the avoidance of doubt, the terms of this Amendment shall not apply with respect to or otherwise affect the Guarantor’s obligations under the Guarantee Agreement with respect to the Issuer’s Outstanding 4.25% Senior Notes due 2024 (the terms of which were established on September 25, 2017) or the Issuer’s Outstanding 4.50% Senior Notes due 2027 (the terms of which were established on September 25, 2017). Except as specifically set forth in this Amendment, no section, term, or provision of the Guarantee Agreement has otherwise been revised, amended or modified in any respect.
4.    This Amendment may be executed in any number of counterparts (which may be delivered by any standard form of telecommunication), each of which shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.  
5.    This Amendment shall be governed by and construed in accordance with the laws of the State of New York.
6.    The recitals contained in this Amendment shall be taken as the statements of the Guarantor, and the Guarantee Trustee does not assume any responsibility for their correctness. The Guarantee Trustee makes no representation as to the validity or sufficiency of this Amendment.
[SIGNATURES APPEAR ON THE FOLLOWING PAGES]

    

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IN WITNESS WHEREOF, the Guarantor has caused this Instrument to be duly executed as of the date first written above. 

	
				
	 
	 
	 
	NEXTERA ENERGY US PARTNERS

	 
	 
	 
	HOLDINGS, LLC

	 
	 
	 
	 

	 
	 
	By:
	PAUL CUTLER

	 
	 
	Name:
	   Paul Cutler

	 
	 
	Title:
	   Treasurer

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IN WITNESS WHEREOF, the Guarantee Trustee has caused this Instrument to be duly executed as of the date first written above. 

	
				
	 
	 
	 
	The Bank of New York Mellon,

	 
	 
	 
	        As Guarantee Trustee

	 
	 
	 
	 

	 
	 
	By:
	GLENN MCKEEVER

	 
	 
	Name:
	Glenn McKeever

	 
	 
	Title:
	Vice President

7Exhibit 4.1

 

SYNCHRONY CARD ISSUANCE TRUST

as Issuer

 

CLASS A(2019-2) TERMS DOCUMENT

dated as of June 24, 2019

 

to

 

SYNCHRONYSERIES INDENTURE SUPPLEMENT

dated as of September 26, 2018

 

to

 

AMENDED AND RESTATED MASTER INDENTURE

dated as of May 1, 2018

 

THE BANK OF NEW YORK MELLON

as Indenture Trustee

 

     

     

    

 

Table of Contents

 

	 	 	Page
	 	 	 
	ARTICLE I	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	1
	 	 	 
	Section 1.01	Definitions and Interpretive Matters	1
	 	 	 
	Section 1.02	Governing Law	3
	 	 	 
	Section 1.03	Counterparts	3
	 	 	 
	Section 1.04	Ratification of Indenture and Indenture Supplement	3
	 	 	 
	ARTICLE II	THE CLASS A(2019-2) NOTES	3
	 	 	 
	Section 2.01	Creation and Designation	3
	 	 	 
	Section 2.02	Form of Delivery of Class A(2019-2) Notes; Depository; Denominations	3
	 	 	 
	Section 2.03	Delivery and Payment for the Class A(2019-2) Notes	3
	 	 	 
	Section 2.04	Specification of SynchronySeries Subordinated Transferor Amount	3
	 	 	 
	Section 2.05	[Reserved.]	4
	 	 	 
	Section 2.06	Maximum Delinquency Percentage	4
	 	 	 
	ARTICLE III	Allocations, Deposits and Payments	4
	 	 	 
	Section 3.01	Targeted Deposits into the Class A(2019-2) Interest Funding Sub-Account	4
	 	 	 
	Section 3.02	[Reserved.]	4
	 	 	 
	Section 3.03	Withdrawals from Class A(2019-2) Interest Funding Sub-Account	4
	 	 	 
	Section 3.04	Withdrawals from Class A(2019-2) Principal Funding Sub-Account	4
	 	 	 
	Section 3.05	Payments of Interest and Principal	5
	 	 	 	 
	ARTICLE IV	MISCELLANEOUS PROVISIONS	5
	 	 	 
	Section 4.01	Limitation of Liability	5

  

     

     

    

 

THIS CLASS A(2019-2) TERMS
DOCUMENT (this “Terms Document”), among the Synchrony CARD ISSUANCE
TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), having its principal office
at c/o Citibank, N.A., 388 Greenwich Street, New York, New York 10013, and THE BANK OF NEW YORK MELLON, a New York state-chartered
bank, as indenture trustee (the “Indenture Trustee”), is made and entered into as of June 24, 2019.

 

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

 

ARTICLE
I

Definitions and Other Provisions of General Application

 

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

 

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

 

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

 

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

 

(d)          Each
capitalized term defined herein shall relate only to the Class A(2019-2) Notes and no other Tranche of SynchronySeries Notes issued
by the Issuer.

 

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

 

“Accumulation
Commencement Date” means March 1, 2022; provided, however, that if the Accumulation Period Length for the Class A(2019-2)
Notes is more or less than the Initial Accumulation Period Length for the Class A(2019-2) Notes, the Accumulation Commencement
Date for the Class A(2019-2) Notes will be the date determined pursuant to the definition of “Accumulation Commencement Date”
in the Indenture Supplement.

 

“Class A(2019-2)
Note” means any Note, substantially in the form set forth in Exhibit A-1 to the Indenture Supplement, designated therein
as a Class A(2019-2) Note and duly executed and authenticated in accordance with the Indenture.

 

     

     

    

 

“Class A(2019-2)
Noteholder” means a Person in whose name a Class A(2019-2) Note is registered in the Note Register.

 

“Class A(2019-2)
Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar
Principal Amount of the Class A(2019-2) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which
the Indenture is discharged and satisfied pursuant to Article V thereof.

 

“Controlled Accumulation
Amount” means $283,333,333.34; provided, however, if the Accumulation Period Length is determined to be more or less
than twelve months pursuant to Section 3.11(b)(ii) of the Indenture Supplement, the Controlled Accumulation Amount for any
Transfer Date with respect to the Class A(2019-2) Notes will be the amount specified in the definition of “Controlled Accumulation
Amount” in the Indenture Supplement; provided, further, that the Controlled Accumulation Amount for any Monthly Period shall
not exceed the Outstanding Dollar Principal Amount for the Class A(2019-2) Notes minus the amount on deposit in the Class
A(2019-2) Principal Funding Sub-Account.

 

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

 

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

 

“Initial Dollar
Principal Amount” means $850,000,000.

 

“Interest Payment
Date” means July 15, 2019 and the 15th day of each month thereafter, or if such 15th day is not a Business Day, the next
succeeding Business Day.

 

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

 

“Issuance Date”
means June 24, 2019.

 

“Legal Maturity
Date” means the June 2025 Interest Payment Date.

 

“Note Interest
Rate” means a rate per annum equal to 2.34%.

 

“Paying Agent”
means Indenture Trustee.

 

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

 

“Scheduled Principal
Payment Date” means the June 2022 Interest Payment Date.

 

“Stated Principal
Amount” means $850,000,000.

 

    	 	2	 

     

    

 

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

 

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

 

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

 

[END OF ARTICLE I]

 

ARTICLE
II

The Class A(2019-2) Notes

 

Section 2.01         Creation
and Designation. There is hereby created a Tranche of SynchronySeries Class A Notes to be issued pursuant to the Indenture
and the Indenture Supplement to be known as the “SynchronySeries Class A(2019-2) Notes.”

 

Section 2.02         Form
of Delivery of Class A(2019-2) Notes; Depository; Denominations.

 

(a)          The
Class A(2019-2) Notes shall be delivered in the form of a Global Note as provided in Sections 2.02 and 3.01(g) of the Indenture.

 

(b)          The
Depository for the Class A(2019-2) Notes shall be The Depository Trust Company, and the Class A(2019-2) Notes shall initially be
registered in the name of Cede & Co., its nominee.

 

(c)          The
Class A(2019-2) Notes will be issued in minimum denominations of $10,000 and integral multiples of $1,000 in excess of $10,000.

 

Section 2.03         Delivery
and Payment for the Class A(2019-2) Notes. The Issuer shall execute and deliver the Class A(2019-2) Notes to the Indenture
Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2019-2) Notes when authenticated, each in accordance
with Section 3.03 of the Indenture.

 

Section 2.04         Specification
of SynchronySeries Subordinated Transferor Amount. As of the date of this Terms Document, after giving effect to the issuance
of the Class A(2019-2) Notes but prior to any adjustments pursuant to the terms of the Indenture Supplement, the SynchronySeries
Subordinated Transferor Amount will equal $898,513,514.

 

    	 	3	 

     

    

 

Section 2.05         [Reserved.]

 

Section 2.06         Maximum
Delinquency Percentage. The Maximum Delinquency Percentage for the Class A(2019-2) Notes is 9.00%.

 

[END OF ARTICLE II]

 

ARTICLE
III

Allocations, Deposits and Payments

 

Section 3.01         Targeted
Deposits into the Class A(2019-2) Interest Funding Sub-Account.

 

(a)          The
amount targeted to be deposited into the Class A(2019-2) Interest Funding Sub-Account pursuant to Sections 3.02(b) and 3.03 of
the Indenture Supplement shall be the sum of the following:

 

(i)          On
the Transfer Date related to each Interest Payment Date, the amount of interest targeted to be deposited in the Class A(2019-2)
Interest Funding Sub-Account shall be an amount equal to one-twelfth of the product of (i) the Note Interest Rate, and (ii) (A)
the Outstanding Dollar Principal Amount of the Class A(2019-2) Notes determined as of the close of business on the Interest Payment
Date preceding the related Transfer Date for the Class A(2019-2) Notes plus (B) any interest due but unpaid on any prior Interest
Payment Date; provided, however, that for the first Interest Payment Date, the amount of interest due with respect
to the Class A(2019-2) Notes shall be $1,160,250. Interest on the Class A(2019-2) Notes will be calculated on the basis of a 360-day
year consisting of twelve 30-day months. Notwithstanding Section 3.03(d) of the Indenture Supplement, the interest targeted to
be deposited in the Class A(2019-2) Interest Funding Sub-Account shall not include interest accrued on any overdue interest.

 

Section 3.02         [Reserved.]

 

Section 3.03         Withdrawals
from Class A(2019-2) Interest Funding Sub-Account. On each Interest Payment Date, the interest due on the Class A(2019-2) Notes,
calculated pursuant to Section 3.01(a)(i) of this Terms Document, will be withdrawn from the Class A(2019-2) Interest Funding Sub-Account
and remitted to the Paying Agent for distribution pursuant to Section 3.05 of this Terms Document.

 

Section 3.04         Withdrawals
from Class A(2019-2) Principal Funding Sub-Account. On each Principal Payment Date, an amount up to the Nominal Liquidation
Amount of the Class A(2019-2) Notes will be withdrawn from the Class A(2019-2) Principal Funding Sub-Account and remitted to the
Paying Agent for distribution pursuant to Section 3.05 of this Terms Document.

 

    	 	4	 

     

    

 

Section 3.05         Payments
of Interest and Principal.

 

(a)          Any
installment of interest or principal payable on any Class A(2019-2) Note which is punctually paid or duly provided for by the Issuer
and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to
the Person in whose name such Class A(2019-2) Note (or one or more Predecessor Notes) is registered on the Record Date, by wire
transfer of immediately available funds to such Person’s account as has been designated by written instructions received
by the Paying Agent from such Person not later than the close of business on the third Business Day preceding the date of payment
or, if no such account has been so designated, by check mailed first-class, postage prepaid to such Person’s address as it
appears on the Note Register on such Record Date, except that with respect to Notes registered on the Record Date in the name of
the nominee of Cede & Co., payment shall be made by wire transfer in immediately available funds to the account designated
by such nominee.

 

(b)          The
right of the Class A(2019-2) Noteholders to receive payments from the Issuer will terminate on the first Business Day following
the Class A(2019-2) Termination Date.

 

[END OF ARTICLE III]

 

ARTICLE
IV

Miscellaneous provisions

 

Section 4.01         Limitation
of Liability.

 

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

 

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

 

[END OF ARTICLE IV]

 

    	 	5	 

     

    

 

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

 

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

 

Synchrony Card Issuance Trust

SynchronySeries Class A(2019-2) Terms Document

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