Document:

Exhibit
4.8

CONFIRMATION

	
  Date:

  	
  June 28, 2007

  
	
   

  	
   

  
	
  To:

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

  
	
   

  	
   

  
	
  From:

  	
  ABN AMRO Bank N.V. (“Party A”)

  
	
   

  	
   

  
	
  Transaction Reference Number:

  	
  6702812

  

 

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 Swaps 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 28, 2007, 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, between Party B, as Issuer, and Deutsche Bank Trust Company Americas, as
Indenture Trustee, as supplemented by the Series 2007-3 Indenture Supplement,
dated as of June 28, 2007, between Party B, as Issuer, and the Indenture
Trustee, both as amended or supplemented from time to time (collectively, 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, USD 97,500,000, minus the aggregate
  amount of principal payments made to the Class C Noteholders on or prior to
  such date.

  
	
   

  	
   

  
	
  Trade Date:

  	
  June 27, 2007

  
	
   

  	
   

  
	
  Effective Date:

  	
  June 28, 2007

  
	
   

  	
   

  
	
  Termination Date:

  	
  The earlier of (i) the Payment Date in June 2013;
  (ii) the date on which the Notional Amount is reduced to zero and (iii) an
  Early Termination Date.

  

 

	
  Payment Date:

  	
  August 15, 2007 and the
  15th day of each calendar month thereafter,
  subject to the Business Day Convention.

  
	
   

  	
   

  
	
  Calculation Period:

  	
  Initially, the period from and including the
  Effective Date to but excluding, August 15, 2007, 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 and Connecticut

  
	
   

  	
   

  
	
  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:

  	
  5.298% 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:

  	
  5.33103%

  
	
   

  	
   

  
	
  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.

	
  

  	
  ABN AMRO BANK N.V.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Robert Furlong

  	
   

  
	
   

  	
   

  	
  Name: Robert Furlong

  
	
   

  	
   

  	
  Title: Authorised Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Stuart Ware-Lane

  	
   

  
	
   

  	
   

  	
  Name: Stuart Ware-Lane

  
	
   

  	
   

  	
  Title: Authorised Signatory

  
						

 

 S-1
 

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: Vice President

  
				

 

 S-22007-3 (Class A-1)

  	
  Exhibit 4.9

  

Paragraph
13

Elections
and Variables

to the ISDA Credit Support Annex

dated as of June 28, 2007

between

	
  ABN AMRO BANK N.V. (“Party A”)

  	
  GE CAPITAL CREDIT CARD MASTER NOTE TRUST (“Party
  B”)

  

 

Paragraph
13.  Elections and Variables

(a)           Security Interest for “Obligations”.

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

Paragraph 12.

 (b)          Credit Support Obligations.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

	
  Collateral (all denominated in USD)

  	
   

  	
  S&P Approved

  Ratings

  Downgrade/

  Fitch

  Valuation 

  Percentage

  	
   

  	
  S&P
 Required

  Ratings

  Downgrade
 Valuation

  Percentage

  	
   

  	
  Moody’s First

  Trigger

  Valuation

  Percentage

  	
   

  	
  Moody’s

  Second

  Trigger

  Valuation

  Percentage

  	
   

  
	
  (A) 

  	
  Cash

  	
   

  	
  100

  	
  %

  	
  80

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (B) 

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

  	
   

  	
  98.5

  	
  %

  	
  78.8

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (C) 

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

  	
   

  	
  89.9

  	
  %

  	
  71.9

  	
  %

  	
  100

  	
  %

  	
  94

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (D) 

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

  	
   

  	
  83.9

  	
  %

  	
  67.1

  	
  %

  	
  100

  	
  %

  	
  88

  	
  %

  

 

 2
 

Eligible Collateral continued:

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

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

(iii)          Thresholds.

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

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

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

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

(c)           Valuation and Timing.

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

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

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

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

 3
 

(iv)          “Notification Time”
means 11:00 a.m., on a General Business Day in New York.

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

	
  

  	
   

  	
  Party A

  
	
   

  	
   

  	
   

  
	
  Additional
  Termination Event(s): (If any)

  	
   

  	
  [X]

  

 

(e)           Subs titution.

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

(ii)           Consent. 
Inapplicable.

(f)            Dispute Resolution.

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

(ii)           Value.  For the purpose of Paragraphs 5(i)(C) and
5(ii), the Value of Posted Credit Support will be calculated as follows:  the
sum of (i) (x) the arithmetic mean of the closing bid prices quoted on the
relevant date of three nationally recognized principal market makers (which may
include an affiliate of Party A) for such security chosen by the Valuation Agent
multiplied by the applicable Valuation Percentage or (y) if no quotations are
available from such principal market makers on the relevant date, the
arithmetic mean of the closing bid prices on the next preceding date multiplied
by the applicable Valuation Percentage plus (ii) the accrued interest on such
security (except to the extent Transferred to a party pursuant to any
applicable provision of this Agreement or included in the applicable price
referred to in (i) of this clause) as of such date.

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

(g)           Holding and Using Posted Collateral.

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

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

(h)           Distribution and Interest Amount.

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

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

 4
 

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

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

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

(j)            ISDA
Master Agreement Protocol

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

(k)           Demands and Notices.

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

As set forth in the Schedule.

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

Bank of New York

Attn: Primary administrator, Cal Guillaume

Fax: 212-635-6338

email: CGuillaume@bankofny.com

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

(l)            Addresses
for Transfers.

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

With
respect to Party B:

The Bank of New York

Attn:
Primary administrator, Cal Guillaume

Fax: 212-635-6338

email: CGuillaume@bankofny.com

(m)          Other
Provisions.

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

 5
 

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

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

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

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

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

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

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

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

(iv)          Calculation
of Value.  Paragraph 4(c) is hereby amended by deleting
the word “Value” and inserting in lieu thereof “S&P/Fitch Value, Moody’s
First Trigger Value, Moody’s Second Trigger Value”.  Paragraph 4(d)(ii) is hereby amended by (A)
deleting the words “a Value” and inserting in lieu thereof “an S&P/Fitch
Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value” and (B)
deleting the words “the Value” and inserting in lieu thereof “S&P/Fitch
Value, Moody’s First Trigger Value, and Moody’s Second Trigger Value”.  Paragraph 5 (flush language)

 6
 

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

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

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

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

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

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

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

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

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

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

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

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

 7
 

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

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

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

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

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

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

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

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

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

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

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

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

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

“Pricing Sources”
means the sources of financial information commonly known as Bloomberg, Bridge
Information Services, Data Resources Inc., Interactive Data Services, International

 8
 

Securities Market Association, Merrill Lynch
Securities Pricing Service, Muller Data Corporation, Reuters, Wood Gundy, Trepp
Pricing, JJ Kenny, S&P and Telerate.

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

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

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

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

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

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

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

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

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

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

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

 9
 

Fitch Volatility Buffer:

	
  The higher of the Fitch

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  credit rating of (i)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party A and (ii) the

  	
   

  	
   

  	
   

  
	
  Credit Support

  	
   

  	
  Remaining Weighted Average Maturity

  	
   

  
	
  Provider of Party A, if

  	
   

  	
  (years)

  	
   

  
	
  applicable

  	
   

  	
  1

  	
   

  	
  2

  	
   

  	
  3

  	
   

  	
  4

  	
   

  	
  5

  	
   

  	
  6

  	
   

  	
  7

  	
   

  	
  8

  	
   

  
	
  At least “AA-”

  	
   

  	
  0.8

  	
  %

  	
  1.7

  	
  %

  	
  2.5

  	
  %

  	
  3.3

  	
  %

  	
  4.0

  	
  %

  	
  4.7

  	
  %

  	
  5.3

  	
  %

  	
  5.9

  	
  %

  
	
  “A+/A”

  	
   

  	
  0.6

  	
  %

  	
  1.2

  	
  %

  	
  1.8

  	
  %

  	
  2.3

  	
  %

  	
  2.8

  	
  %

  	
  3.3

  	
  %

  	
  3.8

  	
  %

  	
  4.2

  	
  %

  
	
  “A-/BBB+” or lower

  	
   

  	
  0.5

  	
  %

  	
  1.0

  	
  %

  	
  1.6

  	
  %

  	
  2.0

  	
  %

  	
  2.5

  	
  %

  	
  2.9

  	
  %

  	
  3.3

  	
  %

  	
  3.6

  	
  %

  

 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The higher of the Fitch

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  credit rating of (i)

  	
   

  	
   

  	
   

  
	
  Party A and (ii) the

  	
   

  	
  Remaining Weighted Average Maturity

  	
   

  
	
  Credit Support

  	
   

  	
  (years)

  	
   

  
	
  Provider of Party A, if

  applicable

  	
   

  	
  9

  	
   

  	
  10

  	
   

  	
  11

  	
   

  	
  12

  	
   

  	
  13

  	
   

  	
  14

  	
   

  	
  Greater than or

  equal to 15

  	
   

  
	
  At least “AA-”

  	
   

  	
  6.5

  	
  %

  	
  7.0

  	
  %

  	
  7.5

  	
  %

  	
  8.0

  	
  %

  	
  8.5

  	
  %

  	
  9.0

  	
  %

  	
  9.5 

  	
  %

  
	
  “A+/A”

  	
   

  	
  4.6

  	
  %

  	
  5.0

  	
  %

  	
  5.3

  	
  %

  	
  5.7

  	
  %

  	
  6.0

  	
  %

  	
  6.4

  	
  %

  	
  6.7

  	
  %

  
	
  “A-/BBB+” or lower

  	
   

  	
  4.0

  	
  %

  	
  4.3

  	
  %

  	
  4.7

  	
  %

  	
  5.0

  	
  %

  	
  5.3

  	
  %

  	
  5.6

  	
  %

  	
  5.9

  	
  %

  

 

 10
 

Table 1

	
  Remaining

  Weighted Average Life

  of Hedge in Years

  	
   

  	
  Moody’s

  First Trigger

  Factor

  	
   

  	
  Moody’s Second Trigger

  Factor for Interest Rate

  Swaps with Fixed Notional

  Amounts

  	
   

  	
  Moody’s Second Trigger

  Factor for Transaction

  Specific Hedges

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1 or less

  	
   

  	
  0.25

  	
  %

  	
  0.60

  	
  %

  	
  0.75

  	
  %

  
	
  More than 1 but not more than 2

  	
   

  	
  0.50

  	
  %

  	
  1.20

  	
  %

  	
  1.50

  	
  %

  
	
  More than 2 but not more than 3

  	
   

  	
  0.70

  	
  %

  	
  1.70

  	
  %

  	
  2.20

  	
  %

  
	
  More than 3 but not
  more than 4

  	
   

  	
  1.00

  	
  %

  	
  2.30

  	
  %

  	
  2.90

  	
  %

  
	
  More than 4 but not
  more than 5

  	
   

  	
  1.20

  	
  %

  	
  2.80

  	
  %

  	
  3.60

  	
  %

  
	
  More than 5 but not
  more than 6

  	
   

  	
  1.40

  	
  %

  	
  3.30

  	
  %

  	
  4.20

  	
  %

  
	
  More than 6 but not
  more than 7

  	
   

  	
  1.60

  	
  %

  	
  3.80

  	
  %

  	
  4.80

  	
  %

  
	
  More than 7 but not
  more than 8

  	
   

  	
  1.80

  	
  %

  	
  4.30

  	
  %

  	
  5.40

  	
  %

  
	
  More than 8 but not
  more than 9

  	
   

  	
  2.00

  	
  %

  	
  4.80

  	
  %

  	
  6.00

  	
  %

  
	
  More than 9 but not
  more than 10

  	
   

  	
  2.20

  	
  %

  	
  5.30

  	
  %

  	
  6.60

  	
  %

  
	
  More than 10 but not
  more than 11

  	
   

  	
  2.30

  	
  %

  	
  5.60

  	
  %

  	
  7.00

  	
  %

  
	
  More than 11 but not
  more than 12

  	
   

  	
  2.50

  	
  %

  	
  6.00

  	
  %

  	
  7.50

  	
  %

  
	
  More than 12 but not
  more than 13

  	
   

  	
  2.70

  	
  %

  	
  6.40

  	
  %

  	
  8.00

  	
  %

  
	
  More than 13 but not
  more than 14

  	
   

  	
  2.80

  	
  %

  	
  6.80

  	
  %

  	
  8.50

  	
  %

  
	
  More than 14 but not
  more than 15

  	
   

  	
  3.00

  	
  %

  	
  7.20

  	
  %

  	
  9.00

  	
  %

  
	
  More than 15 but not
  more than 16

  	
   

  	
  3.20

  	
  %

  	
  7.60

  	
  %

  	
  9.50

  	
  %

  
	
  More than 16 but not
  more than 17

  	
   

  	
  3.30

  	
  %

  	
  7.90

  	
  %

  	
  9.90

  	
  %

  
	
  More than 17 but not
  more than 18

  	
   

  	
  3.50

  	
  %

  	
  8.30

  	
  %

  	
  10.40

  	
  %

  
	
  More than 18 but not
  more than 19

  	
   

  	
  3.60

  	
  %

  	
  8.60

  	
  %

  	
  10.80

  	
  %

  
	
  More than 19 but not
  more than 20

  	
   

  	
  3.70

  	
  %

  	
  9.00

  	
  %

  	
  11.00

  	
  %

  
	
  More than 20 but not
  more than 21

  	
   

  	
  3.90

  	
  %

  	
  9.00

  	
  %

  	
  11.00

  	
  %

  
	
  More than 21

  	
   

  	
  4.00

  	
  %

  	
  9.00

  	
  %

  	
  11.00

  	
  %

  

 

 11
 

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

	
  ABN AMRO BANK N.V.

  	
   

  	
  GE CAPITAL CREDIT CARD
  MASTER 

  NOTE TRUST

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Frederick P.
  Engler

  	
   

  	
   

  	
  By:

  	
  /s/ Kristine K.
  Gullo

  	
   

  
	
  Name: Frederick P. Engler

  	
   

  	
    Name: Kristine K. Gullo

  
	
  Title: Regional Manager Documentation

  	
   

  	
    Title: Vice President

  
	
   

  	
   

  	
   

  
	
  Date: 6/28/07 

  	
   

  	
  Date: 6/28/07

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Christopher Fain

  	
   

  	
   

  	
   

  
	
  Name: Christopher Fain

  	
   

  	
   

  
	
  Title: Vice President

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date: 6/28/07

  	
   

  	
   

  
										

 

 12

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