Document:

Exhibit 4.9

 

CONFIRMATION

 

	
  Date:

  	
   

  	
  June 23,
  2004

  
	
   

  	
   

  	
   

  
	
  To:

  	
   

  	
  GE Capital
  Credit Card Master Note Trust (“Party B”)

  
	
   

  	
   

  	
   

  
	
  From:

  	
   

  	
  AIG
  FINANCIAL PRODUCTS CORP. (“Party A”)

  
	
   

  	
   

  	
   

  
	
  Transaction
  Reference Number:

  	
   

  	
  562728

  

 

The purpose of this letter
agreement is to set forth the terms and conditions of the Transaction entered
into between us on the Trade Date referred to below.  This letter constitutes a “Confirmation” as referred to in the
Master Agreement specified below.

 

The definitions and provisions
contained in the 2000 ISDA Definitions (as published by the International Swap
and Derivatives Association, Inc., as such definitions are modified and amended
by the Schedule to the Master Agreement) (the “Definitions”) are
incorporated into this Confirmation.  In
the event of any inconsistency between those definitions and provisions and
this Confirmation, this Confirmation will govern.

 

This Confirmation supplements,
forms a part of, and is subject to, the ISDA Master Agreement dated as of June
23, 2004, as amended or supplemented from time to time (the “Master
Agreement”) between you and us.  All
provisions contained in the Master Agreement shall govern this Confirmation
except as expressly modified below.

 

The capitalized terms used
herein and not otherwise defined herein, in the Master Agreement or in the
Definitions shall have the meanings assigned to them in the Master Indenture,
dated as of September 25, 2003, among Party B, as Issuer and Deutsche Bank
Trust Company Americas, as Indenture Trustee, as supplemented by the Indenture
Supplement, dated as of June 23, 2004, among Party B, as Issuer and the
Indenture Trustee, both as amended or supplemented from time to time (the “Indenture”).

 

The terms of the particular
Transaction to which this Confirmation relates are as follows:

 

	
  Type of
  Transaction:

  	
   

  	
  Class C
  Notes Interest Rate Swap

  
	
   

  	
   

  	
   

  
	
  Notional
  Amount:

  	
   

  	
  As of any
  date, (a) USD52,500,000, minus the aggregate amount of principal payments
  made to the Class C Noteholders on or prior to such date.

  
	
   

  	
   

  	
   

  
	
  Trade Date:

  	
   

  	
  June 21,
  2004

  
	
   

  	
   

  	
   

  
	
  Effective
  Date:

  	
   

  	
  June 23,
  2004

  
	
   

  	
   

  	
   

  
	
  Termination
  Date:

  	
   

  	
  The earlier
  of (i) the Payment Date occurring in June 15, 2010; (ii) the Payment Date on
  which the Notional Amount is reduced to zero and (iii) an Early Termination
  Date.

  

 

1

 

	
  Payment
  Date:

  	
   

  	
  August 15,
  2004 and the 15th day of each calendar month thereafter.

  
	
   

  	
   

  	
   

  
	
  Calculation  Period:

  	
   

  	
  Initially,
  the period from and including the Effective Date to but excluding, August 15,
  2004, and for each period thereafter, from and including each Payment Date to
  but excluding the following Payment Date.

  
	
   

  	
   

  	
   

  
	
  Business Day
  Convention:

  	
   

  	
  Following

  
	
   

  	
   

  	
   

  
	
  Business
  Day:

  	
   

  	
  New York,
  London, Connecticut and Georgia

  
	
   

  	
   

  	
   

  
	
  Fixed Rate
  Amounts:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Fixed Rate Payer:

  	
   

  	
  Party B

  
	
   

  	
   

  	
   

  
	
  Fixed Rate Payer

  	
   

  	
   

  
	
  Payment Date:

  	
   

  	
  Each Payment
  Date

  
	
   

  	
   

  	
   

  
	
  Fixed Rate Payer

  	
   

  	
   

  
	
  Period End Dates:

  	
   

  	
  Last day of
  each Calculation Period, with No Adjustment to Period End Date.

  
	
   

  	
   

  	
   

  
	
  Fixed Rate:

  	
   

  	
  3.736% per
  annum

  
	
   

  	
   

  	
   

  
	
  Fixed Rate Day

  	
   

  	
   

  
	
  Count Fraction:

  	
   

  	
  30/360

  
	
   

  	
   

  	
   

  
	
  LIBOR
  Floating Rate Amounts:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  LIBOR Floating Rate Payer:

  	
   

  	
  Party A

  
	
   

  	
   

  	
   

  
	
  LIBOR Floating Rate Payer

  	
   

  	
   

  
	
  Payment Dates:

  	
   

  	
  Each Payment
  Date

  
	
   

  	
   

  	
   

  
	
  LIBOR Floating Rate Payer

  	
   

  	
   

  
	
  Period End Dates:

  	
   

  	
  The last day
  of each Calculation Period, with Business Day Convention applicable.

  
	
   

  	
   

  	
   

  
	
  Reset Date:

  	
   

  	
  The first
  day of each Calculation Period

  
	
   

  	
   

  	
   

  
	
  LIBOR Floating Rate:

  	
   

  	
  USD-LIBOR-BBA

  
	
   

  	
   

  	
   

  
	
  Initial LIBOR Setting:

  	
   

  	
  1.37597%

  
	
   

  	
   

  	
   

  
	
  Designated Maturity:

  	
   

  	
  One month,
  except for the first Calculation Period, which shall be determined by Linear
  Interpolation.

  
	
   

  	
   

  	
   

  
	
  Spread:

  	
   

  	
  None

  

 

2

 

	
   

  	
   

  	
   

  
	
  LIBOR Floating Rate Day

  	
   

  	
   

  
	
  Count Fraction:

  	
   

  	
  Actual/360

  
	
   

  	
   

  	
   

  
	
  Compounding:

  	
   

  	
  N/A

  
	
   

  	
   

  	
   

  
	
  Calculation
  Agent:

  	
   

  	
  Party A

  
	
   

  	
   

  	
   

  
	
  Account
  Details

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Payments to Party A:  To be provided in written instructions.

  
	
   

  
	
  Payments to Party B:  To be provided in written instructions.

  

 

[Signature Page Follows]

 

3

 

Please confirm
that the foregoing correctly sets forth the terms of our agreement by executing
the copy of this Confirmation enclosed for that purpose and returning it to us.

 

 

	
   

  	
   

  	
  AIG FINANCIAL PRODUCTS CORP.

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ James D.
  Haas

  	
   

  
	
   

  	
   

  	
  Name:

  	
  James D.
  Haas

  
	
   

  	
   

  	
  Title:

  	
  Managing
  Director

  
						

 

 

Accepted and confirmed as of

the date first above written:

 

 

	
  GE CAPITAL CREDIT CARD MASTER NOTE TRUST

  	
   

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

  	
   

  
	
   

  	
   

  
	
  By 

  	
  /s/Kristine
  K. Gullo

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Kristine K.
  Gullo

  	
   

  
	
   

  	
  Title:

  	
  Asst. Vice
  President

  	
   

  
					

 

S-1Exhibit 4.10

 

GUARANTEE OF

AMERICAN INTERNATIONAL GROUP, INC.

 

Guarantee, dated
as of June 23, 2004, by American International Group, Inc., a Delaware
corporation (the “Guarantor”), in favor of GE Capital Credit Card Master Note
Trust, a Delaware statutory trust (the “Guaranteed Party”).

 

1.             Guarantee. To induce the
Guaranteed Party to enter into a Master Agreement, dated as of June 23, 2004,
pursuant to which the Guaranteed Party and AIG Financial Products Corp., a
Delaware corporation (the “Company”), have entered and/or anticipate entering
into one or more Transactions (as defined therein), the confirmation of each of
which supplements, forms a part of, and will be read and construed as one with,
such Master Agreement (as amended or modified from time to time, such Master
Agreement together with such confirmations are collectively referred to herein
as the “Agreement”), the Guarantor absolutely, unconditionally and irrevocably
guarantees to the Guaranteed Party and its successors, endorsees and assigns the
prompt payment when due, subject to any applicable grace period, of all present
and future payment obligations of the Company to the Guaranteed Party arising
out of Transactions entered into under the Agreement (the “Obligations”). This
Guarantee is a Credit Support Document as contemplated in the Agreement.

 

2.             Nature of Guarantee. The
Guarantor’s obligations hereunder shall not be affected by the existence,
validity, enforceability, perfection or extent of any collateral therefor or by
any other circumstance relating to the Obligations that might otherwise
constitute a legal or equitable discharge of or defense to the Guarantor not
available to the Company. The Guarantor agrees that the Guaranteed Party may
resort to the Guarantor for payment of any of the Obligations whether or not
the Guaranteed Party shall have resorted to any collateral therefor or shall
have proceeded against the Company or any other obligor principally or
secondarily obligated with respect to any of the Obligations. The Guaranteed Party
shall not be obligated to file any claim relating to the Obligations in the
event that the Company becomes subject to a bankruptcy, reorganization or
similar proceeding, and the failure of the Guaranteed Party to so file shall
not affect the Guarantor’s obligations hereunder. In the event that any payment
to the Guaranteed Party in respect of any Obligations is rescinded or must
otherwise be returned for any reason whatsoever, the Guarantor shall remain
liable hereunder with respect to such Obligations as if such payment had not
been made. The Guarantor reserves the right to assert defenses which the
Company may have to payment of any Obligations other than defenses arising from
the bankruptcy or insolvency of the Company and other defenses expressly waived
hereby.

 

3.             Changes in Obligations, Collateral
therefor and Agreements Relating thereto; Waiver of Certain Notices. The
Guarantor agrees that the Guaranteed Party may at any time and from time to
time, either before or after the maturity thereof, without notice to or further
consent of the Guarantor, extend the time of payment of, exchange or surrender
any collateral for, or renew any of the Obligations, and may also make any
agreement with the Company or with any other party to or person liable on any of
the Obligations or interested therein, for the extension, renewal, payment,
compromise,

 

 

discharge or release
thereof, in whole or in part, or for any modification of the terms thereof or
of any agreement between the Guaranteed Party and the Company or any such other
party or person without in any way impairing or affecting this Guarantee. The
Guarantor waives notice of the acceptance of this Guarantee and of the
Obligations, presentment, demand for payment, notice of dishonor and protest.

 

4.             Expenses. The Guarantor
agrees to pay on demand all fees and out of pocket expenses (including the
reasonable fees and expenses of the Guaranteed Party’s counsel) in any way
relating to the enforcement or protection of the rights of the Guaranteed Party
hereunder; provided, that the Guarantor shall not be liable for any expenses of
the Guaranteed Party if no payment under this Guarantee is due.

 

5.             Subrogation. Upon
payment of any of the Obligations, the Guarantor shall be subrogated to the
rights of the Guaranteed Party against the Company with respect to such
Obligations, and the Guaranteed Party agrees to take at the Guarantor’s expense
such steps as the Guarantor may reasonably request to implement such
subrogation.

 

6.             No Waiver; Cumulative Rights. No
failure on the part of the Guaranteed Party to exercise, and no delay in
exercising, any right, remedy or power hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise by the Guaranteed Party of
any right, remedy or power hereunder preclude any other or future exercise of
any right, remedy or power. Each and every right, remedy and power hereby
granted to the Guaranteed Party or allowed it by law or other agreement shall
be cumulative and not exclusive of any other, and may be exercised by the
Guaranteed Party at any time or from time to time.

 

7.             Representations and Warranties. The
Guarantor hereby represents and warrants that:

 

(a)            the Guarantor is duly
organized, validly existing and in good standing under the laws of the State of
Delaware and has full corporate power to execute, deliver and perform this
Guarantee;

 

(b)           the execution, delivery
and performance of this Guarantee have been and remain duly authorized by all
necessary corporate action and do not contravene any provision of the
Guarantor’s certificate of incorporation or by-laws, as amended to date, or any
law, regulation, rule, decree, order, judgment or contractual restriction
binding on the Guarantor or its assets;

 

(c)           all consents, licenses,
clearances, authorizations and approvals of, and registrations and declarations
with, any governmental authority or regulatory body necessary for the due
execution, delivery and performance of this Guarantee have been obtained and
remain in full force and effect and all conditions thereof have been duly
complied with, and no other action by, and no notice to or filing with, any
governmental authority or regulatory body is required in connection with the
execution, delivery or performance of this Guarantee; and

 

 

(d)           this Guarantee
constitutes a legal, valid and binding obligation of the Guarantor enforceable
against the Guarantor in accordance with its terms, subject to bankruptcy,
insolvency, reorganization, moratorium and other laws of general applicability
relating to or affecting creditors’ rights and to general equity principles.

 

8.             Assignment. Neither the
Guarantor nor the Guaranteed Party may assign its rights, interests or
obligations hereunder to any other person (except by operation of law) without
the prior written consent of the Guarantor or the Guaranteed Party, as the case
may be, provided,  however, that the Guaranteed Party may assign
its rights, interests and obligations hereunder to an assignee or transferee to
which it has transferred its interests and obligations under the Agreement
pursuant to Section 7 thereof or pursuant to the Schedule thereto.

 

9.             Notices. All notices or
demands on the Guarantor shall be deemed effective when received, shall be in
writing and shall be delivered by hand or by registered mail, or by facsimile
transmission promptly confirmed by registered mail, addressed to the Guarantor
at:

 

American
International Group, Inc.

70 Pine
Street, New York, NY 10270

Attention:
Secretary Facsimile: (212)

514-6894

 

or to such other address or facsimile number as the Guarantor shall
have notified the Guaranteed Party in a written notice delivered to the
Guaranteed Party in accordance with the Agreement.

 

10.           Continuing Guarantee. Subject
to the provisions of Section 11 hereof, this Guarantee shall remain in full
force and effect and shall be binding on the Guarantor, its successors and
assigns until all of the Obligations have been satisfied in full.

 

11.           Termination. This Guarantee
may be terminated by the Guarantor upon 5 days’ written notice to the Guaranteed
Party, provided that this Guarantee shall remain in full force and
effect with respect to Obligations incurred by the Company as a result of
Transactions entered into prior to the effective date of such termination.

 

12.           Governing Law. This
Guarantee shall be governed by and construed in accordance with the laws of the
State of New York without regard to principles of conflicts of laws.

 

 

IN WITNESS WHEREOF, this
Guarantee has been duly executed and delivered by the Guarantor to the
Guaranteed Party as of the date first above written.

 

	
   

  	
  AMERICAN INTERNATIONAL GROUP,

  INC.

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Jason Smythe

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kathleen E. Shannon

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