Document:

EXECUTION VERSION

 

SUPPLEMENTAL INDENTURE NO. 1

TO SERIES
2013-1 INDENTURE SUPPLEMENT

 

THIS SUPPLEMENTAL INDENTURE
NO. 1 TO SERIES 2013-1 INDENTURE SUPPLEMENT, dated as of July 16, 2014 (this “Amendment”), is between GE
Capital Credit Card Master Note Trust, a Delaware statutory trust, as issuer (the “Issuer”) and Deutsche Bank
Trust Company Americas, a New York banking corporation, as indenture trustee under the Master Indenture referred to below (in such
capacity, the “Indenture Trustee”).

 

BACKGROUND

 

WHEREAS, the Issuer
and the Indenture Trustee are parties to (i) the Master Indenture, dated as of September 25, 2003, as amended by the Omnibus
Amendment No. 1 to Securitization Documents, dated as of February 9, 2004, among the Indenture Trustee, the Issuer and certain
other parties, the Second Amendment to Master Indenture, dated as of June 17, 2004, between the Issuer and the Indenture Trustee,
the Third Amendment to Master Indenture, dated as of August 31, 2006, between the Issuer and the Indenture Trustee, the Fourth
Amendment to Master Indenture, dated as of June 28, 2007, between the Issuer and the Indenture Trustee, the Fifth Amendment
to Master Indenture, dated as of May 22, 2008, between the Issuer and the Indenture Trustee, the Sixth Amendment to Master
Indenture, dated as of August 7, 2009, between the Issuer and the Indenture Trustee, the Seventh Amendment to Master Indenture,
dated as of January 21, 2014, between the Issuer and the Indenture Trustee, and the Eighth Amendment to Master Indenture and
Omnibus Supplement to Specified Indenture Supplements, dated as of March 11, 2014 (the “March 2014 Omnibus Amendment”),
between the Issuer and the Indenture Trustee (as amended, the “Master Indenture”); (ii) the Omnibus Supplement
to Specified Indenture Supplements, dated as of January 21, 2014 (the “January 2014 Omnibus Amendment”);
and (iii) the Series 2013-1 Indenture Supplement, dated as of March 26, 2013 (as supplemented by the January 2014 Omnibus
Amendment and the March 2014 Omnibus Amendment, the “Series 2013-1 Indenture Supplement”);

 

WHEREAS, the parties
hereto desire to amend the Series 2013-1 Indenture Supplement as set forth herein; and

 

WHEREAS, this Amendment
is being entered into pursuant to Section 9.1(b) of the Master Indenture and Section 8.1 of the Series 2013-1 Indenture Supplement,
and all conditions precedent to the execution of this Amendment, as set forth in such Section 9.1(b) and each such Section 8.1,
have been satisfied.

 

NOW, THEREFORE, in
consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto hereby agree as follows:

 

SECTION
1. Definitions. As used herein, (a) capitalized terms which are defined in the preamble hereto shall have the
meanings as so defined and (b) capitalized terms not so defined shall have the meanings set forth in the Master Indenture or the
Series 2013-1 Indenture Supplement, as amended hereby.

 

    	 

    	 

    

 

SECTION
2. Amendments to Series 2013-1 Indenture Supplement.

 

(a)The
reference to “$1,009,463,723” in the definition of “Initial Collateral Amount” in Section 1.1 of
the Series 2013-1 Indenture Supplement is hereby replaced with “$1,052,631,579”.

 

(b)The
reference to “$40,378,549” in the definition of “Initial Excess Collateral Amount” in Section 1.1
of the Series 2013-1 Indenture Supplement is hereby replaced with “$83,546,405”.

 

(c)The
reference to “4.00%” in the first sentence of the definition of “Required Excess Collateral Amount” in
Section 1.1 of the Series 2013-1 Indenture Supplement is hereby replaced with “7.94%”.

 

(d)The
definition of “Monthly Principal Reallocation Amount” in Section 1.1 of the Series 2013-1 Indenture Supplement
is amended as follows:

 

(i)The
reference to “20.75%” in clause (a) is hereby replaced with “24.00%”;

 

(ii)The
reference to “10.75%” in clause (b) is hereby replaced with “14.41%”; and

 

(iii)The
reference to “4.00%” in clause (c) is hereby replaced with “7.94%”.

 

SECTION
3. Binding Effect; Ratification.

 

(a)This
Amendment shall become effective as of the date first set forth above when counterparts hereof shall have been executed and delivered
by the parties hereto, and thereafter shall be binding on the parties hereto and their respective successors and assigns.

 

(b)The
Series 2013-1 Indenture Supplement, as supplemented hereby, remains in full force and effect. Any reference to the Series 2013-1
Indenture Supplement from and after the date hereof shall be deemed to refer to the Series 2013-1 Indenture Supplement as supplemented
hereby, unless otherwise expressly stated.

 

(c)Except
as expressly supplemented hereby, the Series 2013-1 Indenture Supplement shall remain in full force and effect and is hereby ratified
and confirmed by the parties hereto.

 

SECTION
4. No Recourse. It is expressly understood and agreed by the parties hereto that (a) this Amendment is executed
and delivered by BNY Mellon Trust of Delaware, not individually or personally but solely as trustee of the Issuer, in the exercise
of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made
on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by BNY Mellon Trust
of Delaware 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 BNY Mellon Trust of Delaware, 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 and (d) under no circumstances shall BNY Mellon Trust of Delaware 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 Amendment or any other related documents.

 

    	2

    	 

    

 

SECTION
5. Miscellaneous.

 

(a)THIS
AMENDMENT 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 (WITHOUT REGARDING TO
THE CONFLICT OF LAWS PROVISIONS THEREOF) AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.

 

(b)Headings
used herein are for convenience of reference only and shall not affect the meaning of this Amendment.

 

(c)This
Amendment may be executed in any number of counterparts, and by the parties hereto on separate counterparts, each of which shall
be an original and all of which taken together shall constitute one and the same agreement. Executed counterparts may be delivered
electronically.

 

    	3

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be duly executed as of the date first above written.

 

	 	 	GE CAPITAL CREDIT CARD MASTER NOTE TRUST, as Issuer
	 	 	 	 	 
		 	By:	 	BNY mellon
    trust of delaware, not in its 
 individual capacity, but solely on behalf of the
 Issuer
	 	 	 	 	 
	 	 	By:	 	/s/ Kristine K. Gullo
	 	 	 	 	Name: Kristine K. Gullo
	 	 	 	 	Title: Vice President

 

    	 	S-1	Supplemental
                                         Indenture No. 1 to Series
 2013-1 Indenture Supplement

    	 

    

 

	 	 	DEUTSCHE
    BANK TRUST COMPANY AMERICAS, not in its
 individual capacity, but solely as the
 Indenture Trustee
	 	 	 	 	 
		 	By:	 	/s/
    Louis Bodi
	 	 	 	 	Name:
    Louis Bodi
	 	 	 	 	Title:
    Vice President
	 	 	 	 	 
	 	 	By:	 	/s/
    Mark Esposito
	 	 	 	 	Name:
    Mark Esposito
	 	 	 	 	Title:
    Assistant Vice President

 

    	 	S-2	Supplemental
                                         Indenture No. 1 to Series
 2013-1 Indenture SupplementEXECUTION VERSION

 

INSTRUMENT OF RESIGNATION,
APPOINTMENT AND ACCEPTANCE (this “Agreement”), dated as of July 16, 2014, by and among GE CAPITAL CREDIT CARD
MASTER NOTE TRUST, a Delaware statutory trust (“Trust”), BNY MELLON TRUST OF DELAWARE, as trustee (“Trustee”),
GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware corporation (the “Resigning Administrator”), and SYNCHRONY
FINANCIAL, a Delaware corporation (the “Successor Administrator”).

 

RECITALS

 

WHEREAS, Trust, Trustee
and Resigning Administrator are parties to a Administration Agreement dated as of September 25, 2003 (as amended, the “Administration
Agreement”); and

 

WHEREAS, the Resigning
Administrator wishes to resign as Administrator under the Administration Agreement; the Trust wishes to appoint the Successor Administrator
to succeed the Resigning Administrator as Administrator under the Administration Agreement; and the Successor Administrator wishes
to accept appointment as Administrator under the Administration Agreement.

 

NOW, THEREFORE, in consideration
of the mutual covenants and promises herein, the receipt and sufficiency of which is hereby acknowledged, the Trust, the Trustee
the Resigning Administrator and the Successor Administrator agree as follows:

 

ARTICLE ONE

THE RESIGNING ADMINISTRATOR

 

Section 1. Definitions.  Capitalized
terms used in this Agreement and not otherwise defined herein are used as defined in the Administration Agreement.

 

Section 2. Resignation.  Pursuant to Section 8 of the Administration Agreement, the Resigning
Administrator hereby notifies the Trust that the Resigning Administrator is hereby resigning as Administrator under the
Administration Agreement, effective as of the Effective Date. The Trust hereby consents to the resignation of the Resigning
Administrator and waives the requirement to provide prior written notice of such resignation pursuant to Section 8(b)
of the Administration Agreement.

 

Section 3.Appointment.
The Trust hereby appoints the Successor Administrator as Administrator under the Administration Agreement, effective as of the
Effective Date, and confirms to the Successor Administrator all the rights, powers, trusts and duties of the Administrator under
the Administration Agreement.

 

Section 4. Acceptance
of Appointment. (a) The Successor Administrator hereby accepts its appointment as Administrator under the Administration Agreement,
effective as of the Effective Date, and agrees to perform the duties and obligations set forth therein and shall hereby be vested
with all the rights, powers, trusts and duties of the Administrator under the Administration Agreement.

 

    	 

    	 

    

 

(b) This Agreement shall
not constitute (i) a waiver by any of the parties hereto of any obligation or liability which Resigning Administrator may have
incurred in connection with its performance as Administrator under the Administration Agreement or (ii) an assumption by Successor
Administrator of any liability of Resigning Administrator arising out of a breach by Resigning Administrator of its duties under
the Administration Agreement. This Agreement does not constitute a waiver or assignment by Resigning Administrator of any compensation,
reimbursement, expenses or indemnity to which it is or may be entitled pursuant to the Administration Agreement.

 

Section 5. Waiver.
Each of the Trust, the Resigning Administrator, in its capacity as Servicer, and Deutsche Bank Trust Company Americas, as Indenture
Trustee, hereby waives the requirement to provide prior written notice of the Resigning Administrator’s resignation pursuant
to Section 8(e) of the Administration Agreement.

 

Section 6. Representations
of Successor Administrator. The Successor Administrator hereby represents and warrants to the Resigning Administrator and to
the Trust that this Agreement has been duly authorized, executed and delivered on behalf of the Successor Administrator and constitutes
its legal, valid and binding obligation.

 

Section 7. No
Proceedings. From and after the date hereof and until the date one year plus one day following the date on which the Outstanding
Balance of all Transferred Receivables have been reduced to zero, the Successor Administrator shall not, directly or indirectly,
institute or cause to be instituted against the Trust any proceeding of the type referred to in the definition of “Insolvency
Event”; provided that the foregoing shall not in any way limit the Successor Administrator’s right to pursue
any other creditor rights or remedies that the Successor Administrator may have under any applicable law.

 

Section 8. Notices.
For the purposes of Section 10 of the Administration Agreement, all notices, whether faxed or mailed, will be deemed received
as provided in Section 10 of the Administration Agreement when sent pursuant to the following instructions:

 

TO THE RESIGNING ADMINISTRATOR:

 

General
Electric Capital Corporation

201 High Ridge Road

Stamford,
Connecticut 06927

Attention:
Legal Department

Fred.Robustelli@ge.com

vikas.anand@ge.com

 

With
a copy to:

 

General
Electric Capital Corporation

201
Merrit 7

Norwalk,
Connecticut 06851

Attention:
Capital Markets - Securitization

tom.davidson@ge.com

Michael.Paolillo@ge.com

 

    	 	Instrument
                                         of Resignation and

                                         Appointment –Administrator

    	 

    

 

TO THE SUCCESSOR ADMINISTRATOR:

 

Synchrony Financial

777 Long Ridge Road, Building B, 3rd Floor

Stamford, Connecticut 06927

Attention: Treasury

daniel.ro@ge.com

andrew.lee@ge.com

 

TO THE TRUST:

 

GE Capital Credit Card Master Note Trust

c/o BNY Mellon Trust of Delaware

Bellevue Park Corporate Center

301 Bellevue Parkway, 3rd Floor

Wilmington, Delaware 19809

 

With a copy to:

 

Synchrony Financial

777 Long Ridge Road, Building B, 3rd Floor

Stamford, Connecticut 06927

Attention: Treasury

daniel.ro@ge.com

andrew.lee@ge.com

 

Section 9. Limitation
of Liability of the Trustee. It is expressly understood and agreed by the parties hereto that (a) this document is executed
and delivered by BNY Mellon Trust of Delaware, not individually or personally, but solely as Trustee of the Trust, (b) each of
the representations, undertakings and agreements herein made on the part of the Trust is made and intended not as a personal representation,
undertaking and agreement by BNY Mellon Trust of Delaware but is made and intended for the purpose of binding only the Trust, (c)
nothing herein contained shall be construed as creating any liability on BNY Mellon Trust of Delaware, 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 and (d) under no circumstances shall BNY Mellon
Trust of Delaware be personally liable for the payment of any indebtedness or expenses of the Trust or be liable for the breach
or failure of any obligation, representation, warranty or covenant made or undertaken by the Trust under this document.

 

Section 10. Miscellaneous.
(a) This Agreement and the resignation, appointment and acceptance effected hereby shall be effective as of the opening of business
on July 22, 2014 (the “Effective Date”); provided, that (i) each of the Trust, the Trustee, the Resigning
Administrator and the Successor Administrator shall have executed a counterpart of this Agreement and (ii) the Rating Agency Condition
shall have been satisfied.

 

    	 	 	Instrument of Resignation and
 Appointment –Administrator

    	 

    

 

(b) 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.

  

(c) This Agreement may
be executed in any number of counterparts each of which shall be an original, but such counterparts shall together constitute but
one and the same Agreement. Delivery of an executed counterpart of this Agreement by telefacsimile or other electronic method of
transmission shall be equally as effective as delivery of an original executed counterpart of this Agreement.

 

[Signature pages follow.]

 

    	 	 	Instrument of Resignation and
 Appointment –Administrator

    	 

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Instrument of Resignation, Appointment and Acceptance to be duly executed as of the day and year first above written.

 

 

	 	 	GE CAPITAL
    CREDIT CARD MASTER
 NOTE TRUST
	 	 	 	 	 
	 	 	By:	 	BNY Mellon Trust of Delaware,
    not in its

 individual capacity, but solely on behalf

 of the Trust
	 	 	 	 	 
		 	By:	 	/s/ Kristine
    K. Gullo
	 	 	 	 	Name: Kristine K. Gullo
	 	 	 	 	Title: Vice President

 

    	 	 	Instrument of Resignation and
 Appointment –Administrator

    	 

    

 

	 	 	BNY
    MELLON TRUST OF DELAWARE, not 
 in its individual capacity, but solely on behalf of
 the Trust
	 	 	 	 	 
		 	By:	 	/s/
    Kristine K. Gullo
	 	 	 	 	Name:
    Kristine K. Gullo
	 	 	 	 	Title:
    Vice President

 

    	 	 	Instrument of Resignation and
 Appointment –Administrator

    	 

    

 

	 	 	GENERAL ELECTRIC CAPITAL
 CORPORATION, as Resigning Administrator
	 	 	 	 	 
		 	By:	 	/s/
    Brian Doubles
	 	 	 	 	Name:
    Brian Doubles
	 	 	 	 	Title:
    Vice President

 

    	 	 	Instrument of Resignation and
 Appointment –Administrator

    	 

    

 

	 	 	SYNCHRONY
    FINANCIAL, as Successor

    Administrator
	 	 	 	 	 
		 	By:	 	/s/ Brian
    Doubles
	 	 	 	 	Name: Brian Doubles
	 	 	 	 	Title: Chief Financial
    Officer

 

    	 	 	Instrument of Resignation and
 Appointment –Administrator

    	 

    

 

Solely for the purposes of the waiver set
forth in Section 5 of this Agreement:

 

	 	 	DEUTSCHE BANK TRUST COMPANY
 AMERICAS, as Indenture Trustee
	 	 	 	 	 
		 	By:	 	/s/
    Louis Bodi
	 	 	 	 	Name:
    Louis Bodi
	 	 	 	 	Title:
    Vice President
	 	 	 	 	 
	 	 	By:	 	/s/
    Mark Esposito
	 	 	 	 	Name:
    Mark Esposito
	 	 	 	 	Title:
    Assistant Vice President

 

    	 	 	Instrument of Resignation and
 Appointment –Administrator

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