Document:

EX-10.4

 Exhibit 10.4 

TAX SHARING AND SEPARATION AGREEMENT 

This Tax Sharing and Separation Agreement (the “Agreement”) is made this
            , 2014, and effective as of the Closing Date, between General Electric Company, a New York corporation (“GE”), and SYNCHRONY FINANCIAL, a Delaware corporation
(“RF”). 
 WITNESSETH 

A. WHEREAS, RF is currently an indirect subsidiary of GE and a member of GE’s United States federal Income Tax (as defined below)
consolidated group and certain state and local unitary or combined groups; 
 B. WHEREAS, RF plans to issue additional shares of common
stock in an initial public offering (the “IPO”) pursuant to a registration statement filed with the Securities and Exchange Commission; 

C. WHEREAS, subsequent to the IPO and prior to the Distribution or other disposition by GE of its RF stock, RF and certain of its Subsidiaries
will continue to join with GE in its United States federal Income Tax consolidated group and in certain state and local unitary or combined groups; 

D. WHEREAS, subsequent to the IPO, GE intends to (but is not required to) dispose of its RF common stock through a distribution or series of
distributions of such RF common stock to electing holders of GE’s common stock in exchange for shares of GE’s common stock in a transaction intended to be governed by Section 355 of the United States Internal Revenue Code of 1986, as
amended (the “Code,” and such distribution, the “Distribution”); and 
 E. WHEREAS, in order to determine
certain rights and obligations relating to Tax matters, GE and RF are entering into this Agreement; 
 NOW, THEREFORE, in consideration of the foregoing and
of the mutual promises, covenants, and conditions contained in this Agreement, the parties to this Agreement agree as follows: 
  

	 	1.	DEFINITIONS 

 “After-Tax Basis” has the meaning ascribed thereto in
Section 3(b). 
 “Agreement” has the meaning ascribed thereto in the Preamble. 

“Bank Agreement” has the meaning ascribed thereto in Section 13(a). 

“Closing Date” means the date of the closing of the IPO. 

“Code” has the meaning ascribed thereto in the Recitals. A reference to any section of the Code means such section (or
comparable provision of any successor law) as in effect from time to time. 
 “Distribution” has the meaning ascribed
thereto in the Recitals. 

 “Distribution Taxes” means any Income Taxes incurred solely as a result of the
failure of the Tax-Free Status of the Distribution. 
 “FIN 48” means Interpretation No. 48 from the Financial
Accounting Standards Board. 
 “GE” has the meaning ascribed thereto in the Preamble. 

“GE Business” means each and every business conducted (directly and indirectly) by GE, other than the Retail Finance
Business. 
 “GE Consolidated Return Liability” has the meaning ascribed thereto in Section 4(a). 

“GE Consolidated Tax Return” has the meaning ascribed thereto in Section 2(a). 

“GE Group” means GE and its Subsidiaries (excluding RF and its Subsidiaries). 

“Group” means the GE Group or the RF Group, as the context requires. 

“Income Tax” means (i) any Tax measured by, or imposed on, net income or net worth, and (ii) the Texas margins tax,
the Michigan business tax and the Ohio commercial activities tax. 
 “IPO” has the meaning ascribed thereto in the
Recitals. 
 “IRS” means the United States Internal Revenue Service. 

“Master Agreement” means that certain Master Agreement, dated
[            ], 2014, among GE, General Electric Capital Corporation and RF. 

“Post-2014 Period” means the time period beginning on January 1, 2014. 

“Pre-2014 Period” means the time period ending at the conclusion of December 31, 2013. 

“Pre-IPO Period” means the time period ending at the conclusion of the Closing Date. 

“Regulatory Payment” has the meaning ascribed thereto in Section 13(b). 

“Repayment” has the meaning ascribed thereto in Section 13(b). 

“Restructuring Slides” means the description of the Restructuring Transactions and the Distribution and a summary of any
intended tax-free treatment (in whole or in part) of the Restructuring Transactions and the Distribution as attached hereto as Schedule A, as such schedule may be updated from time to time by GE by written notice to RF, which notice shall include an
updated Schedule A. 
 “Restructuring Transaction” means any of the preliminary internal restructuring transactions
designed to be part of a series of transactions in which the stock of RF is transferred (directly or indirectly) to GE in order to permit GE to engage in the Distribution, as set forth in the Restructuring Slides. For the avoidance of doubt, the
Restructuring Transactions shall not include the Distribution. 

  
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 “Retail Finance Business” means (i) the “Company Business” as
such term is defined in the Master Agreement, and (ii) any other business conducted by a member of the RF Group after the IPO, but, for the avoidance of doubt, in each case, excluding the transfer by a GE Group member of an interest in a member
of the RF Group. 
 “RF” has the meaning ascribed thereto in the Preamble. 

“RF Group” means RF and its Subsidiaries. 

“Separate Return Tax Liability” has the meaning ascribed thereto in Section 4(b)(1). 

“Tax” or “Taxes” means all taxes of any kind, together with interest, penalties, and other additions related
to taxes, imposed by any governmental authority. 
 “Tax Attribute” means any deduction, credit, tax basis or other tax
attribute or item that could reduce any Tax (and any carryback or carryforward thereof), including any net operating loss, net capital loss, investment tax credit, foreign tax credit, targeted jobs tax credit, credit for research activities,
alternative minimum tax credit, charitable deduction, deduction for worthless stock or securities, separate return limitation loss, overall foreign loss or overall domestic loss. 

“Tax Contest” means any audit, administrative or judicial proceeding, appeal, or similar administrative or judicial action
with respect to Taxes, Tax refunds or Tax Returns. 
 “Tax Data” has the meaning ascribed thereto in Section 2(d).

 “Tax-Free Status of the Distribution” has the meaning ascribed thereto in Section 10(a). 

“Tax Return” means any return, filing, or other document (including an information return) filed or required to be filed,
including any request for extension of time, filing made with an estimated Tax payment, claim for refund or amended return that may be filed for any Taxable Year with any Taxing Authority in connection with any Tax (whether or not payment is
required to be made with respect to such filing). 
 “Taxable Year” means (i) a Taxable year as defined in
Section 441(b) of the Code, (ii) any period for which a Tax Return is filed with any Taxing Authority, or (iii) any period that is deemed a separate Taxable Year in accordance with Section 4(b)(2)(vi). 

“Taxing Authority” means the IRS or any other governmental authority responsible for the administration of any Tax. 

Unless otherwise indicated herein, all other capitalized terms utilized herein have the meaning ascribed thereto in the Master Agreement. 

  
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	 	2.	TAX RETURN PREPARATION 

 (a) GE shall determine, in its sole and absolute discretion but in
accordance with applicable law, whether to file (or to cause to be filed) consolidated federal income Tax Returns pursuant to Section 1501 of the Code, or consolidated, combined, joint, unitary or other similar Tax Returns with respect to
income or other Taxes pursuant to applicable provisions of any federal, state, local or foreign law, that include both a member of the RF Group and a member of the GE Group (each such Tax Return, a “GE Consolidated Tax Return”). GE
shall retain the sole and absolute discretion, to the extent permitted by applicable Law, whether to include any particular RF Group member in any GE Consolidated Tax Return for any Taxable Year; provided, however, that if the inclusion or exclusion
of an RF Group member in any GE Consolidated Tax Return is inconsistent with past practice, GE shall provide notice to RF at least 90 days prior to the due date for any affected Tax Return. 

(b) GE shall prepare and timely file (or cause to be prepared and timely filed) (1) all Tax Returns (other than GE Consolidated Tax
Returns) relating to any member of the RF Group if such Tax Return relates (in whole or in part) to the assets, or reports the activities or results of operations, of the GE Business, and (2) all GE Consolidated Tax Returns. To the extent that
RF would be liable under this Agreement for any portion of the Tax shown on any Tax Return described in Section 2(b)(1), GE shall provide a copy of such Tax Return to RF for its review and comment at least 25 days prior to the due date
therefor. 
 (c) RF shall prepare and file (or cause to be prepared and filed) all other Tax Returns of the members of the RF Group that
are not described in Section 2(b). To the extent that GE would be liable under this Agreement for any portion of the Tax shown on any Tax Return described in this Section 2(c), RF shall provide a copy of such Tax Return to GE for its
review and comment at least 25 days prior to the due date therefor and, subject to the last sentence of Section 2(e), shall accept and reflect thereon, to the extent related to Taxes for which GE is liable and not prohibited by applicable Law,
any comments provided by GE with respect to such Tax Return prior to its filing. 
 (d) RF shall, and shall cause each member of the RF
Group to, furnish to GE (1) within 5 days after the conclusion of each calendar quarter in which an RF Group member is included in a GE Consolidated Tax Return, sufficient information, prepared in a manner consistent with the past practice of
the Retail Finance Business or as otherwise reasonably requested by GE, to allow GE to calculate and pay any estimated Taxes, (2) within 45 days after the close of each calendar year in which an RF Group member is included in a GE Consolidated
Tax Return, pro forma Tax Returns and Tax Return packages prepared in a manner consistent with the past practices of the Retail Finance Business, and (3) as soon as practical in response to a reasonable request by GE, any work papers and other
similar information and documentation relevant for the preparation of the GE Consolidated Tax Returns and other Tax Returns (clauses (1) through (3), together, the “Tax Data”). As promptly as practicable, GE shall provide RF
with a schedule for each Tax Return setting forth the differences, if any, between the Tax Data submitted by a member of the RF Group and the information reported on a Tax Return prepared by GE. 

(e) RF shall have the right to be kept reasonably informed of, to consult with, and to participate in, the preparation of any Tax Returns
described in Section 2(b) to the extent such Tax Returns relate to Taxes for which RF is liable under this Agreement, and GE shall accept 

  
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and reflect thereon any reasonable comments provided by RF with respect to such Tax Return prior to its filing, as determined by GE in its reasonable discretion. RF shall provide (or cause to be
provided) any necessary certifications or powers of attorney, and RF shall sign and execute (or cause to be signed and executed) Tax Returns, as shall be necessary to allow GE to file any Tax Returns described in Section 2(b) on behalf of the
relevant members of the RF Group. Notwithstanding anything to the contrary herein, no RF Group member shall be required to sign or execute (or be required to cause to be signed or executed), any Tax Return described in Section 2(b) or
Section 2(c) that reflects a position that both (1) is not consistent with past practice (to the extent there is a considered past practice regarding such position), and (2) does not meet the “more likely than not” standard
under Treasury Regulation Section 1.6662-4(d)(2) (as determined by RF in its reasonable discretion). 
 (f) The party responsible for
filing a Tax Return pursuant to this Section 2 shall be the only party permitted to file (or to cause to be filed) any amendment to such Tax Return (subject to review, comment, and similar rights afforded with respect to such Tax Return to the
other party under this Section 2). Without the prior written consent of GE in its sole and absolute discretion, RF shall not (and shall not permit any member of the RF Group to) prepare any Tax Return covering the same time period for which any
RF Group member is included in a GE Consolidated Tax Return in a manner that reports any item inconsistently with the information provided by RF to GE under Section 2(d) or, to the knowledge of RF, the manner in which the same item is reported
on a GE Consolidated Tax Return, except to the extent that such inconsistent reporting is required by differences in applicable Law. 
  

	 	3.	ALLOCATION OF TAX LIABILITY AND REFUNDS 

 (a) GE shall be responsible for, and shall indemnify
and hold harmless the members of the RF Group for: 
 (1) all United States, Canadian, and Puerto Rican federal, state, provincial, and
local Income Taxes imposed with respect to the Pre-2014 Period; 
 (2) all Taxes not attributable to the Retail Finance Business, including
any such Taxes imposed on a member of the RF Group pursuant to Treasury Regulation Section 1.1502-6 or other similar provision of law, which for the avoidance of doubt shall not include the Separate Return Tax Liability allocated to the RF
Group under Section 4; 
 (3) all Taxes, other than any Distribution Taxes described in Section 3(b)(4), imposed on a member of
the RF Group as a result of an election made pursuant to Section 8; 
 (4) except to the extent described in Section 3(b)(4), all
Distribution Taxes; 
 (5) all Taxes, other than Income Taxes, imposed as a result of the Distribution or any Restructuring Transaction;
and 
 (6) United States federal, state and local Income Taxes, if any, imposed with respect to the 2014 calendar year arising from
adjustments to the Tax Returns filed for such 

  
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calendar year pursuant to an audit or the filing of an amended Tax Return for such calendar year (including through a “qualified amended return”) solely to the extent such adjustments
relate to the Company Business’ borrowing activities conducted prior to January 1, 2014. 
 (b) RF shall be responsible for, and
shall indemnify and hold harmless (in the case of Section 3(b)(4) only, on an After-Tax Basis) the members of the GE Group for: 
 (1)
all Taxes, other than Income Taxes, imposed on the members of the RF Group or that are attributable to the Retail Finance Business, including the Separate Return Tax Liability allocated to the RF Group under Section 4; 

(2) all Income Taxes imposed on the members of the RF Group or that are attributable to the Retail Finance Business, in each case imposed
with respect to the Pre-2014 Period, including the Separate Return Tax Liability allocated to the RF Group under Section 4; 
 (3) all
Income Taxes imposed on the members of the RF Group with respect to the Post-2014 Period, including the Separate Return Tax Liability allocated to the RF Group under Section 4; and 

(4) Distribution Taxes resulting from (i) a breach of the covenants contained in Section 10, or (ii) any transaction entered
into after the Distribution involving a direct or indirect transfer of RF stock (or of the stock of any successor to RF); 
 except, in the case of
Section 3(b)(1), Section 3(b)(2) and Section 3(b)(3), to the extent such Taxes are described in Section 3(a). For purposes of Section 3(b)(3), RF shall receive credit for any estimated Tax sharing payments paid by RF Group
members to any GE Group member on or before the Closing Date in respect of the Post-2014 Period. 
 The term “After-Tax Basis” means that, in
determining the amount of any indemnity payment, the amount of such indemnity payment shall be reduced by any Tax benefit derived by the indemnified party in the taxable year (or any prior taxable year) that the indemnity payment is made as a result
of the event giving rise to the indemnity payment and the amount of such indemnity payment shall be increased to take into account any net Tax cost incurred by the indemnified party in the taxable year of the receipt or accrual of the payment as a
result of the receipt or accrual of the payment. If the indemnified party derives a Tax benefit or incurs a net Tax cost in any taxable year after the indemnity payment, (x) the indemnified party shall promptly pay the amount of such Tax
benefit to the indemnifying party and (y) the indemnifying party shall promptly pay the amount of such net Tax cost to the indemnified party. No later than the end of the third taxable year following the taxable year in which the indemnity
payment is made, the parties shall negotiate in good faith with each other to calculate a single, final payment to be made by the indemnified party or the indemnifying party, as the case may be, settling, on a net basis, all future amounts expected
to be paid under this paragraph using reasonable assumptions regarding the appropriate tax rate, discount rate and expected timing of the realization of any Tax benefit or cost. Promptly following agreement on the amount of the net payment required
under this paragraph, the party required to make such payment shall make such payment to the other party. Within thirty (30) days of the indemnified party filing its United States federal income Tax Return for each taxable year ending on or
before the end of such third 

  
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taxable year, the indemnified party shall notify the indemnifying party as to whether the indemnified party realized a Tax benefit or net Tax cost to be taken into account hereunder, and shall
set forth in reasonable detail the computation of any such Tax benefit or net Tax cost. 
 (c) For purposes of Section 3(a)(1),
Section 3(b)(2) and Section 3(b)(3), Income Taxes shall be allocated between the Pre-2014 Period and the Post-2014 Period using a “closing of the books method” by closing the relevant books and records of the applicable entity at
the conclusion of December 31, 2013 consistent with the principles contained in Section 4(b)(2)(vi). 
 (d) Any adjustments to
Tax (including any related interest and penalties) resulting from a Tax Contest or the filing of an amended Tax Return shall be allocated in a manner consistent with Section 3(a) and Section 3(b). 

(e) Except as provided in Section 7(b), any refunds, credits or offsets of Taxes shall be the property of, and shall be paid over to,
the party liable for the underlying Tax pursuant to this Section 3. For the avoidance of doubt, RF shall be entitled to any sales Tax recoveries (whether by way of refund, credit or offset) resulting from a default by a customer of the Retail
Finance Business on an advance made by the Retail Finance Business to a merchant on behalf of the customer. Any refunds, credits or offsets shall be paid over (net of any expenses or Taxes incurred in connection with procuring the refund, credit or
offset) within 10 days of receipt of the refund or entitlement to the credit or offset. 
  

	 	4.	CALCULATION AND PAYMENT OF SEPARATE RETURN TAX LIABILITY 

 (a) Except to the extent otherwise
provided in this Agreement or under applicable Law, and subject to the payments by the RF Group contemplated by this Agreement, GE shall be solely responsible and liable for the payment of all Taxes in respect of all GE Consolidated Tax Returns (the
“GE Consolidated Return Liability”). 
 (b) For purposes of Sections 3(a)(2), 3(b)(1), 3(b)(2) and 3(b)(3), and subject to
the clarification set forth in the last sentence of Section 11(b), the portion of the GE Consolidated Return Liability allocated to the RF Group or any member thereof that is payable by RF shall be determined in the following manner: 

(1) If any Taxable Year of any RF Group member is included in a GE Consolidated Tax Return, the related Tax liability allocated to the RF
Group member for such Taxable Year shall generally be determined on a hypothetical separate Tax Return basis as if the RF Group member were not included in any such GE Consolidated Tax Return; provided, however, that the calculation will not take
into account any hypothetical effects of deconsolidation from the GE Group. To the extent that such RF Group member could have filed a separate consolidated, combined, joint, unitary or other similar Tax Return with one or more other members of the
RF Group for such type of Tax and Taxable Year, at RF’s election (notification of such election to be delivered to GE no later than 10 days before the due date for the first estimated tax payment for such type of tax), such Tax liability will
be computed on the basis of such a hypothetical consolidated, combined, joint, unitary or other similar Tax Return for such Taxable Year and for similar prior Taxable Years. Such election shall be taken into account in determining the extent to
which such RF Group member could have filed a separate 

  
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consolidated, combined, joint, unitary or other similar Tax Return in computing Separate Return Tax Liability for a subsequent Taxable Year. (For each GE Consolidated Tax Return, the sum of such
consolidated, combined, joint or unitary Tax liabilities, together with the separate Tax liabilities of the members of the RF Group that could not have been included in the hypothetical consolidated, combined, joint or unitary Tax Returns, is
referred to as the “Separate Return Tax Liability.”) To the extent that, as a result of GE’s status as an “industrial company” or other similar status, the actual Tax liability with respect to the RF Group on the GE
Consolidated Tax Return is subject to a lower statutory rate of Tax than if the RF Group (or any member thereof) filed a separate Tax Return, the RF Group shall be entitled to use such lower statutory rate in calculating its Separate Return Tax
Liability. Any Tax Attribute as of January 1, 2014 that (i) is not taken into account in a GE Consolidated Tax Return for a Pre-2014 Period, (ii) is attributable to a member of the RF Group, and (iii) can be carried forward under
applicable Law shall be treated as a carryforward to the Post-2014 Period and be available to reduce the Separate Return Tax Liability in accordance with rules otherwise applicable to carryforwards of that type of Tax Attribute. 

(2) For purposes of Section 3(b)(2) and Section 3(b)(3), the following modifications and rules will apply in determining Separate
Return Tax Liability: (i) where the GE Consolidated Return Liability with respect to any state or local Tax Return is calculated using an apportionment ratio based on the combined factors of the entities included in such Tax Return, the
apportionment of net income or net loss of each relevant member of the RF Group will be determined using the separate apportionment ratio of the applicable hypothetical group for determining the Separate Return Tax Liability pursuant to
Section 4(b)(1) or, if there is no such hypothetical group, the relevant member of the RF Group; (ii) for purposes of Section 3(b)(3) only, no hypothetical carryback of any Tax Attribute from any Taxable Year ending after
December 31, 2013 to any Taxable Year ending on or before December 31, 2013 will be taken into account but will instead be available as a hypothetical carryover to Taxable Years ending after December 31, 2013 to the extent that such
Tax Attribute has not been taken into account in the GE Consolidated Tax Return other than one that relates to United States federal income taxes; (iii) except as otherwise specifically provided in this Section 4(b), each other election,
method of accounting, and method of calculation will be consistent with past practice; (iv) notwithstanding anything in this Agreement to the contrary, if GE makes a payment in respect of a Tax Attribute or portion thereof pursuant to
Section 6(a) of this Agreement as a result of a reduced Tax liability (or refund or credit received) with respect to a GE Consolidated Return other than one that relates to United States federal income taxes, such Tax Attribute or portion
thereof will be excluded in determining Separate Return Tax Liability; (v) deductions, losses, income or gain attributable to deferred intercompany transactions (as defined under Treasury Regulation Section 1.1502-13 and corresponding
provisions of state and local Law) shall not be taken into account until such deductions, losses, income or gain are actually taken into account in the GE Consolidated Tax Return in accordance with Treasury Regulation Section 1.1502-13 or
applicable corresponding provisions of state or local Law; (vi) if any Taxable Year of any RF Group member includes (but does not end with) December 31, 2013, the portion of such Taxable Year ending on such date and the remainder of such
Taxable Year will be treated as two separate Taxable Years, and the income, deductions, gains, losses, and other items of such RF Group member will be allocated between such separate Taxable Years in a manner consistent with the principles of
Treasury Regulation Section 1.1502-76(b)(2) without any deemed ratable allocation election under Treasury Regulation Section 1.1502-76(b)(2)(ii)(D) and without any deemed 

  
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ratable allocation under Treasury Regulation Section 1.1502-76(b)(2)(iii); (vii) the deductions, credits, or benefits described in Sections 5(a)(1), 5(a)(2) and 5(a)(3) shall not be
taken into account in determining Separate Return Tax Liability; and (viii) the Separate Return Tax Liability shall be increased by the sum of the excesses, if any, of (x) the amount equal to the reserves under FIN 48 that would have been
reflected on GE’s consolidated financial statements for each particular position in respect of Taxes of the RF Group attributable to the relevant Taxable Year assuming the hypothetical separate Tax Returns described in Section 4(b)(1) had
actually been filed, over (y) the actual amount of the reserves under FIN 48 that are reflected on GE’s consolidated financial statements for such position in respect of the Taxes of the RF Group attributable to such Taxable Year. 

(3) For each Taxable Year ending after December 31, 2013 for which a member of the RF Group is included in a GE Consolidated Tax Return,
RF shall calculate each Separate Return Tax Liability for GE’s review, including as necessary to make estimated tax payments. GE shall make a calculation of each Separate Return Tax Liability for such Taxable Year and shall provide such
calculation to RF for RF’s review no later than 30 days prior to the filing of the related GE Consolidated Tax Return. Any dispute between GE and RF regarding the calculation shall be resolved in accordance with the dispute resolution
provisions of Section 14. 
 (c) RF shall pay to GE the amount of each Separate Return Tax Liability, as determined on a calendar
quarter basis under this Section 4 or, if requested by GE, more frequently if the particular Tax is paid more frequently than quarterly, for each Taxable Year ending after December 31, 2013 in which a member of the RF Group is included in
a GE Consolidated Tax Return. Such payments will be made in immediately available funds no later than the business day immediately preceding the due date (including extensions) for GE’s payment of estimated or final Tax payments for such
Taxable Year, and such payments will be credited toward the related Separate Return Tax Liability for such Taxable Year. No later than the end of the calendar quarter during which a GE Consolidated Tax Return is filed (or, if later, the 30th day
after the date filed), RF will pay to GE the unpaid portion, if any, of the Separate Return Tax Liability for the Taxable Year reported on such GE Consolidated Tax Return. In the event the payments on account of estimated Tax to GE for any Taxable
Year for a particular Tax exceed the Separate Return Tax Liability for such Taxable Year for such Tax, the excess will be refunded by GE to RF no later than the end of the calendar quarter during which the GE Consolidated Tax Return for such Tax is
filed (or, if later, the 30th day after the date filed). 
  

	 	5.	USE OF GE TAX ATTRIBUTES 

 (a) Not later than 30 days after the due date (with extensions) for
the filing of any Tax Return relating to Income Taxes (other than an estimated return or a GE Consolidated Tax Return) that includes a member of the RF Group for any Taxable Year (or portion thereof) beginning after December 31, 2013, RF shall
determine (subject to review, adjustment, and approval by GE, which approval may not be unreasonably withheld) the hypothetical Tax liability (or refund or credit) that would have been shown on such Tax Return if each of the assumptions set forth
below was made (solely for purposes of such hypothetical determination): 
 (1) No deduction, credit, or other benefit is allowed on
account of any Tax Attribute created through an expense paid or economically borne by a GE Group member in the Post-2014 Period (for example compensation payable by a member of the GE Group to any employee of any RF Group member in cash, stock or
other property to the extent the GE Group is not reimbursed by the RF Group). 

  
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 (2) No deduction, credit, or other benefit is allowed on account of any Tax Attribute created
through a taxable transaction entered into in the Pre-IPO Period to the extent that a GE Group member includes in income in the Post-2014 Period a corresponding amount (for example, taking into account in the Post-2014 Period by a GE Group member,
on the one hand, of deferred gain resulting from intercompany transactions between a GE Group member and an RF Group member, and tax savings in the Post-2014 Period to an RF Group member, on the other hand, resulting from increased basis
attributable to the intercompany transaction). 
 (3) No deduction, credit, or other benefit is allowed on account of any Tax Attribute
attributable to any adjustment resulting from a Tax Contest or filing of an amended Tax Return to the extent that GE is responsible under this Agreement for any Taxes imposed with respect to the Pre-2014 Period or under Section 3(a)(6)
resulting from the Tax Contest or amended Tax Return. 
 (4) No deduction, credit or other benefit not otherwise described in this
Section 5(a) is allowed on account of any Tax Attribute allocated to an RF Group member pursuant to Section 7(c) to the extent such Tax Attribute would not have been treated as a Tax Attribute of the RF Group and would not have been
available to the RF Group to be taken into account in calculating Separate Return Tax Liability if the RF Group members continued to be included in the GE Consolidated Tax Return and Section 4 continued to apply. 

(5) No deduction, credit, or other benefit is allowed on account of any Tax basis created by reason of any Tax election in the Post-2014
Period with respect to which GE is allocated the corresponding Tax liability under this Agreement. 
 (b) For each Taxable Year, RF shall
make one or more payments to GE in an aggregate amount equal to the excess (if any) of (1) the hypothetical Tax liability or refund or credit (as determined under Section 5(a)) that would have been shown on each Tax Return to which this
Section 5 applies, over (2) the actual Tax liability or refund or credit shown on such Tax Return (or the portion of such Tax Return relating to the Post-2014 Period), with any refund or credit treated as a negative tax payment. Each such
payment shall be made no later than 10 days following the final determination of such amount, but in any event within 45 days following the filing of the relevant Tax Return. 

(c) For purposes of Section 5(b), actual Tax liability shall be determined by taking into account all relevant facts and circumstances
including, for avoidance of doubt, any Tax Attributes resulting from payments made pursuant to this Section 5 or any other provision of this Agreement. 

(d) Notwithstanding any other provision of this Agreement, RF shall not be required to make any payment for any Tax Attribute or portion
thereof for which RF has already made a payment under this Agreement that has not been reversed or otherwise repaid. 

  
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	 	6.	USE OF RF TAX ATTRIBUTES 

 (a) GE shall make payments to RF if (i) any Tax Attribute of a
member of the RF Group actually reduces an Income Tax liability that is allocated to GE under Section 3(a) (or generates a refund or credit that is actually received by GE) and the reduced Tax liability (or refund or credit received) is
(1) attributable to the Post-2014 Period, or (2) attributable to the Pre-2014 Period, but only if in the case of this clause (2) the reduced Tax liability (or refund or credit received) is attributable to a carry back of a Tax
Attribute of a member of the RF Group from the Post-2014 Period to the Pre-2014 Period or (ii) as a result of a Tax Contest or filing of an amended Tax Return on or after January 1, 2014 there is (x) a reduction in a Tax Attribute
available to the RF Group in the Post-2014 Period, and (y) a corresponding actual reduction in a Tax liability (or an actual increase in a refund or credit received), whether in whole or in part, that is allocated to GE under this Agreement
with respect to the Pre-2014 Period. The amount of such payment for each relevant Taxable Year shall be equal to the amount of such reduction in Tax liability (or the amount of such refund or credit, or increase thereof, actually received by GE).
For the avoidance of doubt, for purposes of this Section 6, Tax Attributes of a member of the RF Group will include, without limitation, any Tax Attribute allocated under Section 7(c) to a GE Group member to the extent such Tax Attribute
would have been treated as a Tax Attribute of a member of the RF Group and been available to the RF Group to be taken into account in calculating Separate Return Tax Liability if the RF Group members continued to be included in the GE Consolidated
Tax Return and Section 4 continued to apply. Not later than 30 days after the due date (with extensions) for the filing of GE’s United States federal income Tax Return for each Taxable Year beginning after December 31, 2013, GE shall
deliver to RF a certification as to whether GE is required to make any payment to RF pursuant to this Section 6 and shall provide in reasonable detail the basis for its determination and the calculation of the amount of any such payment (which
basis and calculation shall be subject to review and approval by RF, which approval may not be unreasonably withheld). Each payment required under this Section 6 shall be made no later than 10 days following the final determination of such
amount, but in any event within 45 days following the filing of the relevant Tax Return. 
 (b) Notwithstanding the above, (i) GE
shall not be required to make any payment for any Tax Attribute or portion thereof for which GE has already made a payment under this Agreement, and (ii) GE shall not be required to make any payment for any Tax Attribute or portion thereof for
which RF’s Separate Return Tax Liability has been reduced (and if GE has made any payment under this Section 6 with respect to a Tax Attribute and all or a portion of such Tax Attribute reduces RF’s Separate Return Tax Liability, the
amount paid by GE to RF with respect to such Tax Attribute or portion thereof shall promptly be repaid by RF to GE). 
 (c) Payments under
Section 5 or Section 6 shall not be made on an After-Tax Basis. 
  

	 	7.	CARRY BACK AND ALLOCATION OF TAX ATTRIBUTES 

 (a) RF shall not, and shall cause each member of
the RF Group not to, carry back any Tax Attribute from a Taxable Year for which an RF Group member is not included in a GE Consolidated Tax Return to a Taxable Year for which the relevant RF Group member is included in a GE Consolidated Tax Return,
unless an RF Group member is required by applicable law to so carry back the Tax Attribute before it is permitted to carry forward the Tax Attribute. 

  
 11 

 (b) The members of the RF Group shall be entitled to retain any refunds, credits or offsets
resulting from either a carry back of (i) a Tax Attribute that is specifically permitted to be carried back under Section 7(a), or (ii) a Tax Attribute of an RF Group member arising in a Taxable Year for which RF is allocated the Tax
liability for the particular Tax if the Tax Attribute is carried back to a Taxable Year for which the RF Group member was not included in a GE Consolidated Tax Return with respect to the particular Tax; provided, however, that the members of the RF
Group shall not be entitled to retain (and RF shall promptly pay over to GE) any refunds, credits or offsets resulting from a carry back of a Tax Attribute that was allocated under Section 7(c) to a member of the RF Group to the extent such Tax
Attribute would not have been treated as a Tax Attribute of the RF Group and would not have been available to the RF Group to be taken into account in calculating Separate Return Tax Liability if the RF Group members continued to be included in the
GE Consolidated Tax Return and Section 4 continued to apply. 
 (c) If one or more RF Group members ceases to be included in a GE
Consolidated Tax Return for a particular Tax, GE shall apportion the consolidated Tax Attributes and other Tax items of the relevant Tax group (such as “earnings and profits” as determined for United States federal, state and local Income
Tax purposes) to the former members of the Tax group as required by applicable law (as determined and applied by GE in its sole discretion). To the extent there is discretion under applicable law regarding the method or manner of apportioning
consolidated Tax Attributes or Tax items, such discretion shall be exercised by GE, and any decision by GE shall be final and binding and shall not be subject to challenge by any member of the RF Group. For the avoidance of doubt, any allocations
under this Section 7(c) shall not prejudice any party’s right to receive any payment required under Section 5, Section 6 or Section 7(b). 
  

	 	8.	TAX ELECTIONS 

 If GE determines in its sole and absolute discretion to make an election under
Section 336(e) or Section 338 of the Code (and corresponding provisions of applicable state and local law) in connection with any disposition by GE or any of its Subsidiaries of stock of RF for which such election may properly be made in
respect of the members of the RF Group, then GE and RF and their respective Subsidiaries, as necessary and as requested by GE, shall join in making such elections in a timely and valid manner, including by filing any necessary IRS Forms 8023 and
8883 (or other forms) and any necessary attachments. GE shall determine the time and manner for preparing and filing all forms and documents required in connection with any such election, and RF shall cooperate fully (and shall cause the members of
the RF Group to cooperate fully) in preparing and filing all such forms and documents. The parties agree that the “aggregate deemed sale price” and “adjusted grossed-up basis” (as such terms are defined in the Treasury
regulations promulgated under Section 336 and Section 338 of the Code) with respect to each such election shall be determined by GE consistent with the principles of Section 338 of the Code and the Treasury regulations promulgated
thereunder. 

  
 12 

	 	9.	TAX PROCEEDINGS 

 (a) Except as provided in this Section 9, GE shall have the exclusive
right to control any Tax Contest relating to (1) GE Consolidated Tax Returns, (2) any Taxes that are allocated to GE pursuant to Section 3(a), or (3) Distribution Taxes; provided, however, that to the extent that the Tax Contest
relates to any Taxes, refunds, credits or offsets that are allocated to RF under this Agreement or to the extent the Tax Contest may have any direct impact on any payments to or from RF required under this Agreement (other than any payment from RF
to GE by reason of Section 5(a)(3)), RF shall be entitled to participate in the conduct of the Tax Contest, which participation shall include, but not be limited to, (1) GE keeping RF reasonably apprised regarding the progress of the Tax
Contest, (2) GE providing RF with the opportunity to review and comment on any material correspondence with any Taxing Authority and on any submissions to any court and (3) GE not settling or compromising such Tax Contest without RF’s
consent, which consent shall not be unreasonably withheld or delayed. 
 (b) Notwithstanding anything in Section 9(a) to the contrary,
RF shall control any portion of a Tax Contest that, in RF’s reasonable determination, would require the divulgence of confidential, private customer information that is prohibited under applicable “privacy” or similar Laws, and the
members of the RF Group shall not be required to divulge any such information to any member of the GE Group. 
 (c) RF shall have the
exclusive right to control all other Tax Contests involving members of the RF Group that are not described in Section 9(a); provided, however, that to the extent that the Tax Contest may have any impact on any payments to or from GE required
under this Agreement, GE shall be entitled to participate in the conduct of any such Tax Contest, which participation shall include, but not be limited to, (1) RF keeping GE reasonably apprised regarding the progress of the Tax Contest,
(2) RF shall providing GE with the opportunity to review and comment on any material correspondence with any Taxing Authority and on any submissions to any court and (3) RF not settling or compromising such Tax Contest without GE’s
consent, which consent shall not be unreasonably withheld or delayed. 
 (d) If RF reasonably determines that information proposed to be
divulged by GE during the conduct of any Tax Contest is in the nature of “proprietary” information of the RF Group, GE shall discuss with RF in good faith to determine whether there are reasonable alternative means of achieving the same
objectives as are intended to be achieved through the divulgence of such information that do not involve the divulgence of such information, and to the extent that GE determines, in its reasonable discretion, that such alternative means would
achieve such objectives and would not cause any other disadvantages to GE, GE shall use such alternative means instead of divulging such information. 
  

	 	10.	DISTRIBUTION 

 (a) After the IPO, RF shall not, and shall not permit any member of the RF Group
to, take any action, or fail to take any action within its control, which action or failure to act would (1) negate (A) the qualification of the Distribution for tax-free treatment under Section 355 of the Code, or (B) the
intended tax-free treatment (in whole or in part), as described in the Restructuring Slides, of any Restructuring Transactions, or (2) cause any portion of GE’s “excess loss account” (within the meaning of Treasury Regulation
Section 1.1502-19) in the stock of General Electric Capital Corporation to be included in income in connection with the 

  
 13 

 
Restructuring Transactions described in clause (1)(B) of this Section 10(a) or in connection with the Distribution (the tax-free treatment described in clause (1) and the
non-inclusion in income described in clause (2), the “Tax-Free Status of the Distribution”); provided that, notwithstanding the foregoing, (i) RF shall be permitted to take any action, and shall be permitted to permit the
members of the RF Group to take any action, that implements any Restructuring Transaction or the Distribution reflected in the Restructuring Slides as they exist at the time of such action, and (ii) RF shall be permitted to take any action, and
shall be permitted to permit the members of the RF Group to take any action, and RF shall not be required to take any action or cause any member of the RF Group to take any action within their control, if the action or inaction (x) would not
have caused the failure of the Tax-Free Status of the Distribution if the Restructuring Transactions or the Distribution as set forth on the Restructuring Slides as they exist at the time of such action or inaction had not been updated after such
action or inaction, or (y) is taken or not taken, as the case may be, at the written direction of, or with the prior written consent of, the Vice President and Senior Tax Counsel for GE. 

(b) RF shall not take any position on any Tax Return that is inconsistent with the Tax-Free Status of the Distribution without the prior
written consent of GE unless such inconsistent reporting is required by reason of a final, non-appealable decision of a court of competent jurisdiction. 

(c) Prior to the Distribution, GE shall deliver to RF (i) the final Restructuring Slides and (ii) complete copies of all ruling
requests, rulings, tax opinions, tax opinion representation letters (or similar materials), and any supplement of such documents (including all exhibits and attachments thereto) provided to or received from a taxing authority or tax counsel in
connection with the Restructuring Transactions and the Distribution; provided that GE’s obligation to deliver copies of any tax opinions or tax opinion representation letters to RF is subject to RF entering into a common interest agreement with
GE that is in a form reasonably satisfactory to GE. 
  

	 	11.	INTEREST; ADJUSTMENT PAYMENTS; FINAL PAYMENT 

 (a) In the event that any payment required to be
made under this Agreement is made after the date on which such payment is due, interest will accrue on the amount of such payment from (but not including) the due date of such payment to (and including) the date such payment is actually made at the
applicable federal rate in effect at the time such payment is due (based on the federal mid-term rate), compounded on a daily basis. 
 (b)
If any adjustment is made to any Tax or Tax Return pursuant to any Tax Contest or the filing of an amended Tax Return (including through a “qualified amended return”) and such adjustment, if taken into account in computing any payment
required under this Agreement, would have resulted in the calculation of a different amount required to have been paid under this Agreement, then GE or RF, as the case may be, shall promptly make a payment to the other party in an amount equal to
such difference. For the avoidance of doubt, except and to the extent (1) that any Tax remains due as of the Closing or a refund, credit or offset is received following the Closing, or (2) of any adjustment to any Tax or Tax Return after
the date hereof pursuant to (i) any Tax Contest, (ii) the filing of an amended Tax Return, or (iii) the carry back of any Tax Attribute, no party shall be obligated to make any payment to the other party in respect of any Tax imposed
with respect to the Pre-2014 Period. 

  
 14 

 (c) No later than January 1, 2022, the parties shall negotiate in good faith with each
other to calculate a single, final payment to be made by GE or RF, as the case may be, settling, on a net basis, all future amounts expected to be paid under Section 5 and Section 6, using reasonable assumptions regarding the appropriate
tax rate, discount rate and expected timing of Tax Attribute recovery (actual or hypothetical). Promptly following agreement on the amount of the net payment required under this Section 11(c), the party required to make such payment shall make
such payment to the other party. From and after the time that the payment required by this Section 11(c) is made, Section 5 and Section 6 shall have no further application, and no party shall be obligated to make any further payment
under Section 5 or Section 6, including any adjustment payments that would have otherwise been required under Section 11(b) in respect of Section 5 or Section 6. 

(d) Except as provided in Section 3(b), no payment pursuant to this Agreement shall be adjusted to take into account any Tax cost
incurred by the recipient thereof as a result of the receipt or accrual of the payment. 
  

	 	12.	COOPERATION 

 GE and RF shall furnish or cause to be furnished to each other, upon request, as
promptly as practicable, such information and assistance relating to the RF Group members and the Retail Finance Business as is reasonably necessary for the filing of all Tax Returns, the making of any election related to Taxes, and the preparation
for and prosecution of any Tax Contest by any Taxing Authority relating to any Taxes or Tax Return. GE and RF will cooperate with each other in the conduct of any Tax Contest related to Taxes and all other Tax matters and each will execute and
deliver such powers of attorney and other documents as are necessary to carry out the intent of this Agreement. The party requesting cooperation under this Section 12 will reimburse the other party for any actual out-of-pocket, third-party
expenses incurred in furnishing such cooperation. All Tax records relating to the RF Group or the Retail Finance Business will be retained by the party in possession of such records as of the Closing Date for at least seven (7) years after such
records were created. 
  

	 	13.	TERMINATION OF PRIOR TAX MATTERS AGREEMENTS; REGULATORY AGREEMENTS. 

 (a) This Agreement shall
replace all other agreements, whether or not written, in respect of the sharing or allocation of any Taxes between or among the members of the GE Group, on the one hand, and the members of the RF Group, on the other hand, other than that certain Tax
Allocation Agreement entered into among GE, RF and GE Capital Retail Bank, [dated the date hereof] (the “Bank Agreement”). All such replaced agreements shall be canceled as of the Closing Date, and any rights or obligations of the
GE Group or the RF Group existing thereunder shall be fully and finally settled without any payment by any party thereto. 
 (b) If any
member of the GE Group or the RF Group (other than RF) is required to make any payment to a member of the other Group pursuant to any provision of the Bank 

  
 15 

 
Agreement or pursuant to any provision of any tax sharing or tax allocation agreement or arrangement required under any provision of applicable Law (a “Regulatory Payment”), the
party hereto that is a member of the same Group as the recipient of the Regulatory Payment shall promptly make a payment to the other party hereto in an amount equal to the Regulatory Payment (a “Repayment”) so that each Group, on a
consolidated basis, will be in the same economic position such Group would be in if this Agreement were the only tax sharing or tax allocation agreement or arrangement between or among the members of the different Groups. Any obligation of a party
to make a Repayment may be satisfied, in whole or in part, through offsetting the obligation to make the Repayment against any entitlement of the paying party to receive a payment from the other party pursuant to any provision of this Agreement.

  

	 	14.	DISPUTE RESOLUTION 

 GE and RF shall discuss and negotiate in good faith to resolve any
disagreements between them regarding their rights and obligations under this Agreement. In the event that GE and RF are unable to resolve any disagreement within 30 days, such disagreement shall be resolved by an independent “big four”
accounting firm to be agreed upon by the parties; provided, that if no independent “big four” accounting firm is willing or able to resolve such disagreement, then the disagreement shall be resolved in accordance with the procedures set
forth in Article IX of the Master Agreement. The independent accounting firm’s fees shall be borne equally by GE and RF. 
  

	 	15.	MISCELLANEOUS 

 (a) Governing Law. This Agreement shall be governed by and construed and
interpreted in accordance with the Laws of the State of New York irrespective of the choice of Laws principles of the State of New York other than Section 5-1401 of the General Obligations Law of the State of New York. 

(b) Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced under any Law or
as a matter of public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the
parties to this Agreement shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated by this Agreement
be consummated as originally contemplated to the greatest extent possible. 
 (c) Entire Agreement. Except as otherwise expressly
provided in this Agreement or the Master Agreement, this Agreement constitutes the entire agreement of the parties hereto with respect to the subject matter of this Agreement and supersedes all prior agreements and undertakings, both written and
oral, between or on behalf of the parties hereto with respect to the subject matter of this Agreement. 
 (d) Assignment; No Third-Party
Beneficiaries. This Agreement shall not be assigned by any party hereto without the prior written consent of the other parties hereto. This Agreement is for the sole benefit of the parties to this Agreement and the members of their

  
 16 

 
respective Group and their permitted successors and assigns and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person or entity any legal or
equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 
 (e) Amendment. No provision of
this Agreement may be amended or modified except by a written instrument signed by all the parties to this Agreement. Any party may, in its sole discretion, waive any and all rights granted to it in this Agreement; provided, that no waiver by any
party of any provision hereof shall be effective unless explicitly set forth in writing and executed by the party so waiving. The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed as a waiver
of any other subsequent breach. 
 (f) Counterparts. This Agreement may be executed in one or more counterparts, and by the
different parties to this Agreement in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same Agreement. Delivery of an executed counterpart of a
signature page to this Agreement by facsimile shall be as effective as delivery of a manually executed counterpart of this Agreement. 

(Signature pages follow) 

  
 17 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on the date
first written above by their respective duly authorized officers. 
  

			
	GENERAL ELECTRIC COMPANY
		
	By:	 	  

		 	Name:
		 	Title:
	
	SYNCHRONY FINANCIAL
		
	By:	 	  

		 	Name:
		 	Title:

  
 18EX-10.24

 Exhibit 10.24 

GE CAPITAL CREDIT CARD MASTER NOTE TRUST, 

as Issuer, 
 and 

DEUTSCHE BANK TRUST COMPANY AMERICAS, 

as Indenture Trustee 
 FORM OF
SERIES 2014–VFN[—] INDENTURE SUPPLEMENT 
 Dated as of [—] [—], 2014 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I	  
	DEFINITIONS	  
			
	SECTION 1.1.	 	Definitions	  	 	1	  
	SECTION 1.2.	 	Incorporation of Terms	  	 	17	  
	
	 ARTICLE II

CREATION OF THE SERIES 2014-VFN[—] NOTES
	   
   

			
	SECTION 2.1.	 	Designation	  	 	17	  
	SECTION 2.2.	 	Advances and Optional Amortizations	  	 	18	  
	
	 ARTICLE III

REPRESENTATIONS, WARRANTIES AND COVENANTS
	   
   

			
	SECTION 3.1.	 	Representations, Warranties and Covenants with respect to Receivables	  	 	19	  
	
	 ARTICLE IV

RIGHTS OF SERIES 2014-VFN[—] NOTEHOLDERS AND ALLOCATION AND

APPLICATION OF COLLECTIONS
	   
   

  

			
	SECTION 4.1.	 	Determination of Interest and Principal; Additional Amounts	  	 	19	  
	SECTION 4.2.	 	Establishment of Accounts	  	 	21	  
	SECTION 4.3.	 	Calculations and Series Allocations	  	 	22	  
	SECTION 4.4.	 	Application of Available Finance Charge Collections and Available Principal Collections	  	 	24	  
	SECTION 4.5.	 	Payments	  	 	27	  
	SECTION 4.6.	 	Investor Charge-Offs	  	 	28	  
	SECTION 4.7.	 	Reallocated Principal Collections	  	 	28	  
	SECTION 4.8.	 	Excess Finance Charge Collections	  	 	28	  
	SECTION 4.9.	 	Shared Principal Collections	  	 	29	  
	SECTION 4.10.	 	Spread Account	  	 	29	  
	SECTION 4.11.	 	Investment of Amounts on Deposit in Series Accounts	  	 	30	  
	SECTION 4.12.	 	Determination of LIBOR	  	 	30	  
	
	 ARTICLE V

DELIVERY OF SERIES 2014-VFN[—] NOTES; REPORTS TO SERIES 2014-VFN[—] NOTEHOLDERS
	   
   

			
	SECTION 5.1.	 	Delivery and Payment for the Series 2014-VFN[—] Notes	  	 	31	  
	SECTION 5.2.	 	Reports and Statements to Series 2014-VFN[—] Noteholders	  	 	31	  
	
	 ARTICLE VI

SERIES 2014-VFN[—] EARLY AMORTIZATION EVENTS
	   
   

			
	SECTION 6.1.	 	Series 2014-VFN[—] Early Amortization Events	  	 	32	  

  

  

					
		 	i	 	 Indenture Supplement

Series 2014-VFN[—]

  

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 ARTICLE VII

REDEMPTION OF SERIES 2014-VFN[—] NOTES; FINAL DISTRIBUTIONS; SERIES TERMINATION
	   
   

			
	SECTION 7.1.	 	Optional Redemption of Series 2014-VFN[—] Notes; Final Distributions	  	 	33	  
	SECTION 7.2.	 	Series Termination	  	 	35	  
	
	 ARTICLE VIII

MISCELLANEOUS PROVISIONS
	   
   

			
	SECTION 8.1.	 	Ratification of Indenture; Amendments	  	 	35	  
	SECTION 8.2.	 	Form of Delivery of the Series 2014-VFN[—] Notes	  	 	35	  
	SECTION 8.3.	 	Counterparts	  	 	35	  
	SECTION 8.4.	 	GOVERNING LAW	  	 	35	  
	SECTION 8.5.	 	Limitation of Liability	  	 	37	  
	SECTION 8.6.	 	Rights of the Indenture Trustee	  	 	37	  
	SECTION 8.7.	 	Compliance with Applicable Anti-Terrorism and Anti-Money Laundering Regulations	  	 	37	  
	SECTION 8.8.	 	Tax	  	 	37	  
			
	EXHIBITS	 		  			
			
	EXHIBIT A-1	 	FORM OF CLASS A NOTE	  			
	EXHIBIT A-2	 	FORM OF CLASS B NOTE	  			
	EXHIBIT B	 	FORM OF MONTHLY SERVICER’S CERTIFICATE	  			
	EXHIBIT C	 	FORM OF OPTIONAL AMORTIZATION NOTICE	  			
			
	SCHEDULES	 		  			
			
	SCHEDULE I	 	PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS (WITH RESPECT TO RECEIVABLES)	  			

  

					
		 	ii	 	 Indenture Supplement

Series 2014-VFN[—]

  

 SERIES 2014-VFN[—] INDENTURE SUPPLEMENT,
dated as of [—] [—], 2014 (this “Indenture Supplement”), between GE CAPITAL CREDIT CARD MASTER NOTE TRUST, a Delaware statutory
trust (herein, the “Issuer” or the “Trust”), and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, not in its individual capacity, but solely as indenture trustee (herein, together with its
successors in the trusts thereunder as provided in the Indenture referred to below, the “Indenture Trustee”) under the Master Indenture, dated as of September 25, 2003, between the Issuer and the Indenture Trustee, as amended
by the Omnibus Amendment No. 1 to Securitization Documents, dated as of February 9, 2004, among RFS Holding, L.L.C., RFS Funding Trust, the Issuer, Deutsche Bank Trust Company Delaware, as trustee of RFS Funding Trust, RFS Holding, Inc.
and the Indenture Trustee, as further amended by the Second Amendment to Master Indenture, dated as of June 17, 2004, between the Issuer and the Indenture Trustee, as further amended by the Third Amendment to Master Indenture, dated as of
August 31, 2006, between the Issuer and the Indenture Trustee, as further amended by the Fourth Amendment to Master Indenture, dated as of June 28, 2007, between the Issuer and the Indenture Trustee, as further amended by the Fifth
Amendment to Master Indenture, dated as of May 22, 2008, between the Issuer and the Indenture Trustee, as further amended by the Sixth Amendment to Master Indenture, dated as of August 7, 2009, between the Issuer and the Indenture Trustee,
as further amended by the Seventh Amendment to Master Indenture, dated as of January 21, 2014, between the Issuer and the Indenture Trustee, and as further amended by the Eighth Amendment to Master Indenture and Omnibus Supplement to Specified
Indenture Supplements, dated as of March 11, 2014, between the Issuer and the Indenture Trustee (as further amended, restated, modified or supplemented from time to time, the “Indenture” and, together with this Indenture
Supplement, the “Agreement”). 
 The Principal Terms of this Series are set forth in this Indenture Supplement to the
Indenture. 
 ARTICLE I 

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

(b) Each capitalized term defined herein relates only to Series 2014-VFN[—] and to no
other Series. Whenever used in this Indenture Supplement, the following words and phrases shall have the following meanings: 

“Addition Date” means an “Addition Date” as such term is defined in the Transfer Agreement. 

“Additional Amounts” means, for any date of determination, the sum of (a) the Class A Additional Amounts and
(b) the Class B Additional Amounts. 
 “Additional Enhancement Amount” is defined in Section 2.2(a). 

  

					
		 		 	 Indenture Supplement

Series 2014-VFN[—]

 “Additional Funds” is defined in Section 2.2(b). 

“Administrator” means General Electric Capital Corporation, in its capacity as Administrator under the Administration
Agreement or any other Person designated as an Administrator under the Administration Agreement. 
 “Advance” means an
increase in the Note Principal Balance during the Revolving Period made pursuant to Section 2.2(a) and the Loan Agreements. 

“Advance Amount” means, with respect to any Advance Date, the sum of each of the Class A Advance Amount and the Class B
Advance Amount on such Advance Date. 
 “Advance Date” means each date on which a Class A Advance and a Class B
Advance is made pursuant to Section 2.2 and the Class A Loan Agreement and the Class B Loan Agreement, respectively. 

“Agreement” is defined in the preamble. 

“Allocation Percentage” means, with respect to any date of determination in any Monthly Period, the percentage equivalent of
a fraction: 
 (a) the numerator of which shall be equal to: 

(i) for Principal Collections during the Revolving Period and for Finance Charge Collections and Default Amounts at any time,
the Collateral Amount at the end of the last day of the prior Monthly Period (or, in the case of the first Monthly Period, on the Closing Date), less, during the Controlled Amortization Period, any reductions to be made to the Collateral
Amount on account of principal payments to be made on the Payment Date falling in the Monthly Period for which the Allocation Percentage is being calculated; provided that with respect to any Monthly Period in which one or more Numerator Reset Dates
occur, the numerator determined pursuant to this clause (i) shall be (A) the Collateral Amount as of the close of business on the last day of the prior Monthly Period less, during the Controlled Amortization Period, any reductions
to be made to the Collateral Amount on account of payments of Monthly Principal to be made on the Payment Date falling in the Monthly Period for which the Allocation Percentage is being calculated, for the period from and including the first day of
the current Monthly Period to but excluding the first Numerator Reset Date that occurs in such Monthly Period and (B) the Collateral Amount as of the close of business on such Numerator Reset Date less, during the Controlled Amortization
Period, any reductions (to the extent not reflected in the Collateral Amount) to be made to the Collateral Amount on account of principal payments to be made on the Payment Date falling in the Monthly Period for which the Allocation Percentage is
being calculated, for each period from and including such Numerator Reset Date to the earlier of the last day of such Monthly Period (in which case such period shall include such day) or the next succeeding Numerator Reset Date (in which case such
period shall not include such succeeding Numerator Reset Date); provided, further, that if the Issuer is permitted to make a 

  

					
		 	
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	 	 Indenture Supplement

Series 2014-VFN[—]

 
single monthly deposit of Collections into the Collection Account pursuant to Section 8.4 of the Indenture and this Indenture Supplement and has not elected to make daily deposits of
Collections, with respect to any Monthly Period in which one or more Numerator Reset Dates occur, the numerator determined pursuant to this clause (i) shall be the Weighted Average Collateral Amount for such Monthly Period; 

(ii) for Principal Collections during the Early Amortization Period if the first day of the Early Amortization Period commenced
prior to the start of the Controlled Amortization Period, the Collateral Amount at the end of the last day of the Revolving Period; provided that on and after the date on which an amount equal to the Note Principal Balance has been deposited
into the Collection Account, the numerator shall equal zero; 
 (iii) for Principal Collections during the Early Amortization
Period if the first day of such Early Amortization Period commenced after the start of the Controlled Amortization Period, the greater of (a) [75]% of the Collateral Amount at the end of the last day of the Revolving Period and (b) the
Collateral Amount at the end of the last day of the Monthly Period most recently ended prior to the commencement of the Early Amortization Period, less any reductions to be made to the Collateral Amount on account of payments of Monthly Principal to
be made on the Payment Date falling in the Monthly Period in which the Early Amortization Period commenced; provided that on and after the date on which an amount equal to the Note Principal Balance has been deposited into the Collection
Account, the numerator shall equal zero; or 
 (iv) for Principal Collections during the Controlled Amortization Period, the
greater of (a) [75]% of the Collateral Amount at the end of the last day of the Revolving Period and (b) the Collateral Amount at the end of the last day of the prior Monthly Period, less any reductions to be made to the Collateral Amount
on account of payments of Monthly Principal to be made on the Payment Date falling in the Monthly Period for which the Allocation Percentage is being calculated; provided that on and after the date on which an amount equal to the Note
Principal Balance has been deposited into the Collection Account, the numerator shall equal zero; and 
 (b) the denominator
of which shall be the greater of (x) the Aggregate Principal Receivables determined as of the close of business on the last day of the prior Monthly Period (or, in the case of the first Monthly Period, as of the Closing Date) and (y) the
sum of the numerators used to calculate the allocation percentages for allocations with respect to Finance Charge Collections, Principal Collections or Default Amounts, as applicable, for all outstanding Series on such date of determination;
provided that if one or more Reset Dates occur in a Monthly Period, the denominator determined pursuant to sub-clause (x) of this clause (b) shall be (A) the Aggregate Principal Receivables as of the close of
business on the last day of the prior Monthly Period for the period from and including the first day of the current Monthly Period, to but excluding such Reset Date and (B) the Aggregate Principal Receivables as of the close of business on such
Reset 

  

					
		 	
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Series 2014-VFN[—]

 
Date, for the period from and including such Reset Date to the earlier of the last day of such Monthly Period (in which case such period shall include such day) or the next succeeding Reset Date
(in which case such period shall not include such succeeding Reset Date); and provided, further, that notwithstanding the preceding proviso, if a Reset Date occurs during any Monthly Period and if the Issuer is permitted to make a
single monthly deposit of Collections into the Collection Account pursuant to Section 8.4 of the Indenture and this Indenture Supplement and has not elected to make daily deposits of Collections with respect to such Monthly Period, then
the denominator determined pursuant to sub-clause (x) of this clause (b) for each day during such Monthly Period shall equal the Average Principal Balance for such Monthly Period. 

“Available Finance Charge Collections” means, for any Payment Date, an amount equal to the sum of (a) the Investor
Finance Charge Collections for the preceding Monthly Period, (b) the Series 2014-VFN[—] Excess Finance Charge Collections for the preceding Monthly Period and (c) any Reallocated
Principal Collections which pursuant to Section 4.7 are required to be applied on the related Transfer Date. 

“Available Principal Collections” means, for any Payment Date, an amount equal to the sum of (a) the Investor Principal
Collections for the preceding Monthly Period, plus (b) the amount of Principal Collections allocated to Series 2014-VFN[—] pursuant to Section 4.3(b) for all Dates of
Processing during such Monthly Period that are deposited to the Collection Account in respect of Optional Amortization Amounts that have not been distributed to the Series 2014-VFN[ ] Noteholders, minus (c) the amount of Reallocated
Principal Collections with respect to the preceding Monthly Period which pursuant to Section 4.7 are required to be applied on the related Transfer Date, plus (d) the sum of (i) any Shared Principal Collections with
respect to other Principal Sharing Series (including any amounts on deposit in the Excess Funding Account that are allocated to Series 2014-VFN[—] for application as Shared Principal Collections),
(ii) the aggregate amount to be treated as Available Principal Collections pursuant to Sections 4.4(a)(ix) and (x), to the extent such amounts were included in the Required Finance Charge Deposit Amount for the related
Monthly Period or, to the extent the holder(s) of the Transferor Interest have deposited funds in respect of such amounts pursuant to Section 4.3, and (iii) during an Early Amortization Period, the amount of Available Finance Charge
Collections used to pay principal on the Notes pursuant to Section 4.4(a)(xviii) on such Payment Date. 
 “Available
Spread Account Amount” means, for any Payment Date, an amount equal to the lesser of (a) the amount on deposit in the Spread Account (exclusive of Investment Earnings on such date and before giving effect to any deposit to, or
withdrawal from, the Spread Account made or to be made with respect to such date) and (b) the Required Spread Account Amount, in each case on such Payment Date. 

“Average Principal Balance” means for any Monthly Period in which one or more Reset Dates occur, the sum of (i) the
Aggregate Principal Receivables determined as of the close of business on the last day of the prior Monthly Period, multiplied by a fraction the numerator of which is the number of days from and including the first day of such Monthly Period,
to but excluding the first such Reset Date, and the denominator of which is the number of days in such Monthly Period, and (ii) for each such Reset Date, the product of the Aggregate Principal Receivables determined as of the close of business
on such Reset Date, multiplied by a fraction, 

  

					
		 	
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Series 2014-VFN[—]

 
the numerator of which is the number of days from and including such Reset Date, to the earlier of the last day of such Monthly Period (in which case such period shall include such date) or the
next succeeding Reset Date (in which case such period shall exclude such date), and the denominator of which is the number of days in such Monthly Period. 

“Base Rate” means, for any Monthly Period, the annualized percentage equivalent of a fraction, the numerator of which is
equal to the sum of (a) the Monthly Interest, (b) the amount required to be paid pursuant to Section 4.4(a)(i), (c) any Non-Use Fees to the extent required to be paid pursuant to Section 4.4(a)(iv) or
(vii) and any Rated Additional Amounts and (d) the Noteholder Servicing Fee, each with respect to the related Payment Date, and the denominator of which is the Collateral Amount as of the last day of such Monthly Period; provided,
however, that with respect to a Monthly Period in which a Numerator Reset Date occurs, the denominator shall equal the Weighted Average Collateral Amount for such Monthly Period. 

“Benefit Plan Investor” means any one of the following: (a) an “employee benefit plan” (as defined in
Section 3(3) of ERISA), which is subject to Title I of ERISA; (b) a “plan” as defined in and subject to Section 4975 of the Code; (c) an entity whose underlying assets include plan assets by reason of investment by an
employee benefit plan or plan in such entity; or (d) a governmental plan that is subject to a law that is substantially similar to the fiduciary responsibility provisions of ERISA or Section 4975 of the Code. 

“Business Day” means any day that is not a Saturday, a Sunday or a day on which banks are required or permitted to be closed
in the State of New York or the State of Connecticut. 
 “Class A Additional Amounts” means the “Class A Additional
Amounts” as defined in the Class A Loan Agreement. 
 “Class A Additional Interest” is defined in
Section 4.1(a). 
 “Class A Advance” means an increase in the Class A Note Principal Balance during the
Revolving Period made pursuant to Section 2.2(a) and the Class A Loan Agreement. 
 “Class A Advance
Amount” means the amount of the increase in the Class A Note Principal Balance occurring as a result of a Class A Advance. 

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

“Class A Fee Letter” means with respect to any Class A Lender Group, the “Fee Letter” for such Lender Group
defined in the Class A Loan Agreement. 
 “Class A Funding Tranche” means each portion of a Class A Lender
Interest accruing interest for the same Interest Period at the same Class A Note Interest Rate. 
 “Class A Group
Limit” means, with respect to any Class A Lender Group, the “Group Limit” as defined in the Class A Loan Agreement for such Class A Lender Group. 

“Class A Lender Group” means a “Lender Group” under (and as defined in) the Class A Loan Agreement. 

  

					
		 	
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Series 2014-VFN[—]

 “Class A Lender Interest” is defined in Section 2.1(b). 

“Class A Lenders” means the “Lenders” under (and as defined in) the Class A Loan Agreement. 

“Class A Loan Agreement” means the Loan Agreement (Series 2014-VFN[—],
Class A) dated as of [—] [—], 2014, among the Issuer, the Class A Lenders and the Managing Agents party thereto. 

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

“Class A Monthly Principal” is defined in Section 4.1(c). 

“Class A Non-Use Fee” means, with respect to any Class A Lender Group, the “ Class A Non-Use Fee” as
defined in the Class A Fee Letter for such Class A Lender Group. 
 “Class A Note Initial Principal Balance”
means $[—]. 
 “Class A Note Interest Rate” means, for any Interest
Period and any Class A Lender Interest, the rate reported as the “Funding Rate” for such Class A Lender Interest by the Managing Agent on behalf of the Noteholder for such Class A Lender Interest to the Servicer pursuant to
the Class A Loan Agreement. 
 “Class A Note Principal Balance” means, on any date of determination, an amount equal
to (a) the Class A Note Initial Principal Balance, plus (b) the aggregate amount of all Class A Advance Amounts for all Advances relating to the Class A Note occurring on or prior to such date of determination
minus (c) the aggregate amount of principal payments made to the Class A Noteholders on or prior to such date of determination. 

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

“Class A Notes” means any one of the Notes executed by the Issuer and authenticated by or on behalf of the Indenture Trustee,
substantially in the form of Exhibit A-1. 
 “Class A Pro Rata Percentage” means a fraction, expressed as a
percentage, the numerator of which is [—] and the denominator of which is [—]. 

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

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

“Class A Senior Unrated Additional Amounts” is defined in Section 4.1(a). 

“Class A Subordinated Unrated Additional Amounts” is defined in Section 4.1(a). 

  

					
		 	
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Series 2014-VFN[—]

 “Class B Additional Amounts” means the “Class B Additional Amounts” as
defined in the Class B Loan Agreement. 
 “Class B Additional Interest” is defined in Section 4.1(b). 

“Class B Advance” means an increase in the Class B Note Principal Balance during the Revolving Period made pursuant to
Section 2.2(a) and the Class B Loan Agreement. 
 “Class B Advance Amount” means the amount of the increase in
the Class B Note Principal Balance occurring as a result of a Class B Advance. 
 “Class B Deficiency Amount” is defined in
Section 4.1(b). 
 “Class B Fee Letter” means, with respect to any Class B Lender Group, the “Fee
Letter” for such Lender Group as defined in the Class B Loan Agreement. 
 “Class B Lenders” means the
“Lenders” under (and as defined in) the Class B Loan Agreement. 
 “Class B Loan Agreement” means the Loan
Agreement (Series 2014-VFN[—], Class B) dated as of [—] [—], 2014, among the Issuer and the
initial Class B Noteholders. 
 “Class B Monthly Interest” is defined in Section 4.1(b). 

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

“Class B Non-Use Fee” means, with respect to any Class B Lender, the “Class B Non-Use Fee” as defined in the
Class B Fee Letter for such Class B Lender Group. 
 “Class B Note Initial Principal Balance” means $[—]. 
 “Class B Note Interest Rate” means a per annum rate equal to the Class
B Program Fee Rate plus LIBOR as determined on the LIBOR Determination Date for the applicable Interest Period. 
 “Class B Note
Principal Balance” means, on any date of determination, an amount equal to (a) the Class B Note Initial Principal Balance, plus, (b) the aggregate amount of all Class B Advance Amounts for all Advances relating to
the Class B Notes occurring on or prior to such date of determination minus (c) the aggregate amount of principal payments made to the Class B Noteholders on or prior to such date of determination. 

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

“Class B Notes” means any one of the Notes executed by the Issuer and authenticated by or on behalf of the Indenture Trustee,
substantially in the form of Exhibit A-2. 
 “Class B Pro Rata Percentage” means a fraction, expressed as a
percentage, the numerator of which is [—] and the denominator of which is [—]. 

  

					
		 	
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Series 2014-VFN[—]

 “Class B Program Fee Rate” is defined in the Class B Loan Agreement. 

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

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

“Class B Senior Unrated Additional Amounts” is defined in Section 4.1(b). 

“Class B Subordinated Unrated Additional Amounts” is defined in Section 4.1(b). 

“Closing Date” means [—]
[—], 2014. 
 “Collateral Amount” means, as of any date of
determination, an amount equal to the excess of (a) the sum of (i) the Initial Note Principal Balance, (ii) the Initial Excess Collateral Amount and (iii) the aggregate Advance Amounts for all Advances occurring on or prior to
such date of determination over (b) the sum of (i) the amount of principal previously paid to the Series 2014-VFN[—] Noteholders (other than any principal payments made from funds
on deposit in the Spread Account), (ii) the aggregate of all reductions in the Collateral Amount pursuant to Section 4.4(f), and (iii) the excess, if any, of the aggregate amount of Investor Charge-Offs and Reallocated
Principal Collections over the reimbursements of such amounts pursuant to Section 4.4(a)(x) prior to such date. Notwithstanding the foregoing, when the Note Principal Balance is reduced to zero, the Collateral Amount shall also
equal zero. 
 “Controlled Amortization Amount” means for any Payment Date with respect to the Controlled Amortization
Period, beginning with the first Payment Date following the first Monthly Period during the Controlled Amortization Period and prior to the payment in full of the Note Principal Balance, the Note Principal Balance as of the close of business on the
last day of the Revolving Period divided by the applicable Scheduled Controlled Amortization Period Length (with the quotient rounded up to the nearest dollar). 

“Controlled Amortization Date” means [—] 22,
20[    ], or such earlier date, which shall be the first day of a Monthly Period, as may be specified by the Transferor by written notice to the Indenture Trustee and each Managing Agent. 

“Controlled Amortization Period” means, unless an Early Amortization Event shall have occurred prior thereto, the period
commencing at the opening of business on the Controlled Amortization Date and ending on the earlier to occur of (a) the commencement of the Early Amortization Period and (b) the Final Payment Date. 

“Controlled Amortization Shortfall” means, with respect to any Monthly Period during the Controlled Amortization Period, the
excess, if any, of the Controlled Payment Amount for the previous Monthly Period over the amounts paid pursuant to Section 4.4(c) with respect to the Class A Monthly Principal and the Class B Monthly Principal for the
previous Monthly Period. 

  

					
		 	
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Series 2014-VFN[—]

 “Controlled Payment Amount” means, with respect to any Payment Date with respect
to the Controlled Amortization Period, the sum of (a) the Controlled Amortization Amount for such Payment Date and (b) any existing Controlled Amortization Shortfall. 

“CP Rate” means the “CP Rate” as defined in the Class A Loan Agreement. 

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

“Default Rate” means a rate per annum equal to the sum of (i) LIBOR as determined on the LIBOR Determination Date for
the applicable Interest Period and (ii) a margin of [2.00]% per annum. 
 “Defaulted Account” means an Account in
which there are Charged-Off Receivables. 
 “Designated Maturity” means, for any LIBOR Determination Date, one month;
provided, that the Issuer and the applicable Managing Agents (and, with respect to any Class B Advance, the “Lender” (as defined in the Class B Loan Agreement)) may agree that the Designated Maturity for purposes of determining LIBOR for
the initial Interest Period for any Advance may be a maturity other than one month, and if the applicable LIBOR is to be determined by straight-line interpolation, the Issuer and the Managing Agent will notify the Indenture Trustee of the applicable
Designated Maturity or Designated Maturities, as applicable, on or prior to the applicable LIBOR Determination Date for such Advance. 

“Dilution” means any downward adjustment made by Servicer in the amount of any Transferred Receivable (a) because of a
rebate, refund or billing error to an accountholder, (b) because such Transferred Receivable was created in respect of merchandise which was refused or returned by an accountholder or (c) for any other reason other than receiving
Collections therefor or charging off such amount as uncollectible. 
 “Distribution Account” means the account designated
as such, established and owned by the Issuer and maintained in accordance with Section 4.2. 
 “Early Amortization
Period” means the period commencing on the date on which a Trust Early Amortization Event or a Series 2014-VFN[—] Early Amortization Event is deemed to occur and ending on the Final
Payment Date. 
 “Enhancement Reduction Amount” is defined in Section 2.2(b). 

“Excess Collateral Amount” means, at any time, the excess of (a) the Collateral Amount over (b) the Note Principal
Balance. 
 “Excess Spread Percentage” means, for any Monthly Period, a percentage equal to (a) the Portfolio Yield
for such Monthly Period, minus (b) the Base Rate for such Monthly Period. 

  

					
		 	
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	 	 Indenture Supplement

Series 2014-VFN[—]

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

“Finance Charge Account” means the account designated as such, established and owned by the Issuer and maintained in
accordance with Section 4.2. 
 “Finance Charge Shortfall” is defined in Section 4.8. 

“Group One” means Series 2014-VFN[—] and each other outstanding Series
previously or hereafter specified in the related Indenture Supplement to be included in Group One. 
 “Indenture” is
defined in the preamble. 
 “Indenture Trustee” is defined in the preamble. 

“Initial Excess Collateral Amount” means, on any date of determination, an amount equal to (a) $[—], plus (b) the aggregate Additional Enhancement Amounts for all Advances occurring on or prior to such date of determination, minus (c) the aggregate Enhancement Reduction Amounts for all
Optional Amortizations occurring on or prior to such date of determination. 
 “Initial Note Principal Balance” means an
amount equal to the sum of the Class A Note Initial Principal Balance and the Class B Note Initial Principal Balance. 

“Interest Period” means, for any Payment Date, the period from and including the Payment Date immediately preceding such
Payment Date (or, in the case of the first Payment Date, from and including the Closing Date) to but excluding such Payment Date; provided that the initial Interest Period with respect to any Advance shall be the period from and including the
related Advance Date to but excluding the initial Payment Date on which Monthly Interest is payable with respect to such Advance, as determined in accordance with Section 4.1(e). 

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

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

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

“Investor Finance Charge Collections” means, for any Monthly Period, an amount equal to the aggregate amount of Finance
Charge Collections allocated to Series 2014-VFN[—] pursuant to Section 4.3(a) for all Dates of Processing in such Monthly Period. 

  

					
		 	
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	 	 Indenture Supplement

Series 2014-VFN[—]

 “Investor Principal Collections” means, for any Monthly Period (a) during
the Revolving Period, the lesser of (i) the aggregate amount of Principal Collections allocated to Series 2014-VFN[—] pursuant to Section 4.3(b) for all Dates of Processing during
such Monthly Period and (ii) the amount of Reallocated Principal Collections that are required to be applied on the related Payment Date, pursuant to Section 4.7, and (b) during the Controlled Amortization Period or the Early
Amortization Period, an amount equal to the lesser of (i) the sum of the Required Principal Deposit Amount for such Monthly Period and the amount of Reallocated Principal Collections that are required to be applied on the related Payment Date
pursuant to Section 4.7, and (ii) the aggregate amount of Principal Collections allocated to Series 2014-VFN[—] pursuant to Section 4.3(b) for all Dates of Processing
during such Monthly Period; provided that, for any Monthly Period in which the Early Amortization Period commences, the amount described in this clause (ii) shall equal the sum of (x) the lesser of (A) the aggregate amount of
Principal Collections allocated to Series 2014-VFN[—] pursuant to Section 4.3(b) for all Dates of Processing during any portion of the Monthly Period preceding the date on which the
Early Amortization Period commences and (B) the sum of the Required Principal Deposit Amount during the portion of such Monthly Period preceding the date on which the Early Amortization Period commences, and the amount of Reallocated Principal
Collections that are required to be applied on the related Payment Date pursuant to Section 4.7 plus (y) the aggregate amount of Principal Collections allocated to Series
2014-VFN[—] pursuant to Section 4.3(b) for all Dates of Processing during any portion of the Monthly Period on and after the commencement of the Early Amortization Period. 

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

“Issuer” is defined in the preamble. 

“LIBOR” means, for any Interest Period, the London interbank offered rate for the period of the Designated Maturity for
United States dollar deposits determined by the Indenture Trustee for each Interest Period in accordance with the provisions of Section 4.12. 

“LIBOR Determination Date” means the second London Business Day prior to the commencement of each Interest Period; provided
that, in the case of (x) the initial Interest Period for any Advance that does not occur on a Payment Date or (y) any portion of an Interest Period for any Lender Interest that begins to accrue interest by reference to LIBOR other than on
the first day of such Interest Period, the Issuer and the applicable Managing Agent (or, with respect to any Class B Advance, the applicable “Lender” (as defined in the Class B Loan Agreement) may select a different LIBOR Determination
Date and the Issuer shall notify the Indenture Trustee of the applicable LIBOR Determination Date on or prior to the applicable LIBOR Determination Date. 

“Loan Agreement” means the Class A Loan Agreement or the Class B Loan Agreement. 

  

					
		 	
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Series 2014-VFN[—]

 “London Business Day” means any day on which dealings in deposits in United
States dollars are transacted in the London interbank market. 
 “Managing Agent” means, with respect to any Class A
Lender, the Person identified in the Class A Loan Agreement as the “Managing Agent” for such Class A Lender. 

“Minimum Free Equity Percentage” means, for purposes of Series
2014-VFN[—], [—]%; provided, that at no time shall the Minimum Free Equity Percentage for Series 2014-VFN[—] exceed the highest Minimum Free Equity Percentage (as defined in the related indenture supplement) for any outstanding publicly issued Series of Notes rated by Moody’s or S&P. 

“Monthly Interest” means, for any Payment Date, the sum of the Class A Monthly Interest and the Class B Monthly Interest
for such Payment Date. 
 “Monthly Period” means, as to each Payment Date, the period beginning on the 22nd day of the second preceding calendar month and ending on the 21st day of the immediately preceding calendar month. 

“Monthly Principal” means, on any Payment Date, the sum of the Class A Monthly Principal and the Class B Monthly
Principal for such Payment Date. 
 “Monthly Principal Reallocation Amount” means, for any Transfer Date, an amount equal
to the sum of: 
 (a) the lesser of (i) the Class A Required Amount for the related Payment Date and
(ii) (x) the sum of the Class B Note Principal Balance and the Initial Excess Collateral Amount minus (y) the sum of (I) the amount of unreimbursed Investor Charge-Offs (after giving effect to Investor Charge-Offs for the
related Monthly Period) and unreimbursed Reallocated Principal Collections (as of the previous Payment Date) and (II) any reductions to the Collateral Amount pursuant to Section 4.4(f), but not less than zero; and 

(b) the lesser of (i) the Class B Required Amount for the related Payment Date and (ii) (x) the Initial Excess
Collateral Amount minus (y) the sum of (I) the amount of unreimbursed Investor Charge-Offs (after giving effect to Investor Charge-Offs for the related Monthly Period) and unreimbursed Reallocated Principal Collections (as of the
previous Payment Date and as required in clause (a) above) and (II) any reductions to the Collateral Amount pursuant to Section 4.4(f), but not less than zero. 

“Non-Use Fees” means, for any date of determination, the sum of (x) the Class A Non-Use Fee and (y) the Class
B Non-Use Fee. 
 “Note Principal Balance” means, on any date of determination, an amount equal to the sum of the
Class A Note Principal Balance and the Class B Note Principal Balance for such date of determination. 

  

					
		 	
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Series 2014-VFN[—]

 “Noteholder Servicing Fee” means, for any Transfer Date, an amount equal to
one-twelfth of the product of (a) the Series Servicing Fee Percentage and (b) the Collateral Amount as of the last day of the Monthly Period preceding such Transfer Date; provided however, that with respect to the first
Transfer Date, the Noteholder Servicing Fee shall be calculated based on the Collateral Amount as of the Closing Date and shall be pro rated for the number of days in the period beginning on the Closing Date and ending on [ ] 21, 2014.

 “Numerator Reset Date” means any Advance Date or Optional Amortization Date. 

“Optional Amortization” is defined in Section 2.2(b). 

“Optional Amortization Amount” is defined in Section 2.2(b). 

“Optional Amortization Date” is defined in Section 2.2(b). 

“Optional Amortization Notice” is defined in Section 2.2(c). 

“Payment Date” means [—] 15, 2014 and the 15th day of each calendar month thereafter, or if such 15th day is not a Business Day, the next succeeding Business Day. 

“Portfolio Yield” means, for any Monthly Period, the annualized percentage equivalent of a fraction, (a) the numerator
of which is equal to the excess of (i) the Available Finance Charge Collections (excluding any Series 2014-VFN[—] Excess Finance Charge Collections) for such Monthly Period, over (ii) the
Investor Default Amount and the Investor Uncovered Dilution Amount for such Monthly Period and (b) the denominator of which is the Collateral Amount as of the close of business on the last day of such Monthly Period; provided, however, that
with respect to a Monthly Period in which a Numerator Reset Date occurs, the denominator shall equal the Weighted Average Collateral Amount for such Monthly Period. 

“Principal Account” means the account designated as such, established and owned by the Issuer and maintained in accordance
with Section 4.2. 
 “Principal Shortfall” is defined in Section 4.9. 

“Quarterly Excess Spread Percentage” means with respect to any Payment Date, the percentage equivalent of a fraction the
numerator of which is the sum of the Excess Spread Percentages determined with respect to the Monthly Periods relating to such Payment Date and the immediately preceding two Payment Dates and the denominator of which is three. 

“Rated Additional Amounts” means, for any Payment Date, the sum of any Class A Rated Additional Amounts and any Class B
Rated Additional Amounts for such Payment Date. 
 “Reallocated Principal Collections” means, for any Transfer Date,
Principal Collections allocated to Series 2010-VFN1 Noteholders that are applied in accordance with Section 4.7 in an amount not to exceed the Monthly Principal Reallocation Amount for such Transfer Date. 

“Record Date” means, for purposes of Series 2014-VFN[—] with respect to
any Payment Date, the date falling five Business Days prior to such date. 

  

					
		 	
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	 	 Indenture Supplement

Series 2014-VFN[—]

 “Redemption Amount” means, for any Transfer Date, after giving effect to any
deposits and payments otherwise to be made on the related Payment Date, the sum of (i) the Note Principal Balance on the related Payment Date, (ii) Monthly Interest for the related Payment Date and any Monthly Interest previously due but
not paid to the Series 2014-VFN[—] Noteholders, (iii) the amount of Additional Amounts, if any, for the related Payment Date and any Additional Amounts previously due but not distributed to
the Series 2014-VFN[—] Noteholders on any prior Payment Date, and (iv) the amount of Non-Use Fees, if any, for the related Payment Date and any Non-Use Fees previously due but not paid to the
Series 2014-VFN[—] Noteholders on any prior Payment Date. 
 “Reference
Banks” means four major banks in the London interbank market selected by the Servicer. 
 “Removal Date” means a
“Removal Date” as such term is defined in the Transfer Agreement. 
 “Required Deposit Amount” means, with
respect to Series 2014-VFN[—], for any Monthly Period, the sum of (a) the Required Finance Charge Deposit Amount for such Monthly Period as most recently determined, (b) the Required
Principal Deposit Amount for such Monthly Period as most recently determined and (c) if there is any outstanding Optional Amortization Amount, the amount of any outstanding Optional Amortization Amount over the amount deposited to the
Collection Account with respect to such Optional Amortization Amount. 
 “Required Excess Collateral Amount” means, at any
time, the product of (i) [    ]% times (ii) the quotient of (x) the Note Principal Balance divided by (y) [    ]%; provided that: 

(a) except as provided in clause (c), the Required Excess Collateral Amount shall never be less than [—]% of the Collateral Amount as of the last day of the Revolving Period; 
 (b)
except as provided in clause (c), the Required Excess Collateral Amount shall not decrease during an Early Amortization Period; and 

(c) the Required Excess Collateral Amount shall never be greater than the Note Principal Balance. 

“Required Finance Charge Deposit Amount” means, with respect to Series
2014-VFN[—], for any Monthly Period, the sum of (a) the fees payable to the Indenture Trustee, the Trustee and the Administrator on the related Payment Date, (b) the Monthly Interest on
the related Payment Date, pursuant to Section 4.4, (c) the Noteholder Servicing Fee, (d) Additional Amounts, if any, payable on the related Payment Date, (e) the Non-Use Fees, if any, payable on the related Payment Date
(but only to the extent that such Non-Use Fees are not reasonably expected to be paid by the Transferor on or prior to such Payment Date or any Non-Use Fees remain unpaid for any prior Payment Date), (f) the amount, if any, described in
Section 4.4(a)(x) for the related Payment Date, (g) if on such Date of Processing the Free Equity Amount is less than the Minimum Free Equity Amount after giving effect to all transfers and deposits on that Date of Processing, the
Investor Default Amount and (h) any amount required to be deposited in the Spread Account on the related Payment Date. To the extent any data needed to calculate the 

  

					
		 	
 14
	 	 Indenture Supplement

Series 2014-VFN[—]

 
Required Finance Charge Deposit Amount is not available on any Date of Processing, the Issuer shall use the corresponding data as most recently determined or other reasonable estimate of such
data until the required data is available (which shall be no later than the Transfer Date in the following Monthly Period). Without limiting the foregoing, (x) for purposes of determining the Monthly Interest on any Date of Processing on which
the applicable LIBOR or CP Rate, as applicable, has not been determined, the applicable LIBOR or CP Rate, as applicable, shall be estimated based on the assumption that LIBOR or the CP Rate, as applicable, will equal LIBOR as determined on the LIBOR
Determination Date for the current Interest Period and the CP Rate as determined for the prior Interest Period (to the extent such rate was determined for the prior Interest Period), multiplied by 1.25 and (y) for purposes of determining
the Investor Default Amount on any Date of Processing, the Investor Default Amount shall be estimated based on the assumption that the Investor Default Amount for the current Monthly Period will equal the Investor Default Amount for the prior
Monthly Period multiplied by 1.25. 
 “Required Principal Deposit Amount” means, with respect to Series 2014-VFN[—], for any Monthly Period, an amount equal to (a) during the Revolving Period, zero, (b) during the Controlled Amortization Period, the Controlled Payment Amount for the related Payment Date,
and (c) during the Early Amortization Period, the Note Principal Balance. 
 “Required Spread Account Amount” means
for the [—] 2014 Payment Date, zero, and for any Payment Date thereafter, the product of (i) the Spread Account Percentage in effect on such date and (ii) during (x) the Revolving
Period, the Collateral Amount, and (y) the Controlled Amortization Period or the Early Amortization Period, the Collateral Amount as of the last day of the Revolving Period; provided that, prior to the occurrence of an Event of Default
and acceleration of the Series 2014-VFN[—] Notes, the Required Spread Account Amount shall never exceed the Class B Note Principal Balance (after taking into account any payments to be made on such
Payment Date). 
 “Reset Date” means: 

(a) each Addition Date; 

(b) each Removal Date on which, if any Series of Notes has been paid in full, Principal Receivables for that Series are removed
from the Trust; 
 (c) each date on which there is an increase in the outstanding balance of any Variable Interest, including
any Advance for Series 2014-[ ]; and 
 (d) each date on which a new Series or Class of Notes is issued. 

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

“Scheduled Controlled Amortization Period Length” means the number of Monthly Periods in the period beginning on the
Controlled Amortization Date and ending on the last day of the Monthly Period preceding the Scheduled Final Payment Date. 

  

					
		 	
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 “Scheduled Final Payment Date” means the Payment Date falling in [—] 20[    ]. 
 “Series Accounts” is defined in
Section 4.2. 
 “Series Allocation Percentage” means, (a) with respect to any date of determination, the
percentage equivalent of a fraction, the numerator of which is the numerator used in determining the Allocation Percentage for Finance Charge Collections for such date of determination and the denominator of which is the sum of the numerators used
in determining the Allocation Percentage for Finance Charge Collections for all outstanding Series on such date of determination; and (b) with respect to any Monthly Period, the daily average of the Series Allocation Percentage for all dates
during such Monthly Period. 
 “Series Maturity Date” means, with respect to Series 2014-VFN[—], the [—] 20[    ] Payment Date. 

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

“Series 2014-VFN[—]” means the Series of Notes the terms of which are
specified in this Indenture Supplement. 
 “Series 2014-VFN[—] Early
Amortization Event” is defined in Section 6.1. 
 “Series
2014-VFN[—] Excess Finance Charge Collections” means Excess Finance Charge Collections allocated from other Series in Group One to Series
2014-VFN[—] pursuant to Section 8.6 of the Indenture. 
 “Series
2014-VFN[—] Note” means a Class A Note or a Class B Note. 

“Series 2014-VFN[—] Noteholder” means a Class A Noteholder or a
Class B Noteholder. 
 “Spread Account” means the account designated as such, established and owned by the Issuer and
maintained in accordance with Section 4.2. 
 “Spread Account Deficiency” means the excess, if any, of the
Required Spread Account Amount over the Available Spread Account Amount. 
 “Spread Account Percentage” means, with respect
to any Payment Date (i) [0]% if the Quarterly Excess Spread Percentage on such Payment Date is greater than or equal to 5.00%, (ii) [2.00]% if the Quarterly Excess Spread Percentage on such Payment Date is less than 5.00% and greater than
or equal to 4.50%, (iii) [2.50]% if the Quarterly Excess Spread Percentage on such Payment Date is less than 4.50% and greater than or equal to 4.00%, (iv) [3.50]% if the Quarterly Excess Spread Percentage on such Payment Date is less than
4.00% and greater than or equal to 3.50%, (v) [4.50]% if the Quarterly Excess Spread Percentage on such Payment Date is less than 3.50% and greater than or equal to 3.00%, (vi) [5.50]% if the Quarterly Excess Spread Percentage on such
Payment Date is less than 3.00% and greater than or equal to 2.50%, (vii) [6.50]% if the Quarterly Excess Spread Percentage on such Payment Date is less than 2.50% and greater than or equal to 1.50%, (viii) [7.50]% if the Quarterly Excess
Spread Percentage on such Payment Date is less than 1.50% and greater than or equal to 0.50% and (ix) [8.50]% if the Quarterly Excess Spread Percentage on such Payment Date is less than 0.50%. 

  

					
		 	
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 “Surplus Collateral Amount” means, with respect to any Payment Date, at any
time, the excess, if any, of the Excess Collateral Amount over the Required Excess Collateral Amount, in each case, calculated after giving effect to any payments of principal on such Payment Date and any reductions for Enhancement Reduction
Amounts, but before giving effect to any reduction in the Collateral Amount on such Payment Date pursuant to Section 4.4(f). 

“Trust” is defined in the preamble. 

“Weighted Average Collateral Amount” means, with respect to any Monthly Period, the quotient of (a) the summation of the
Collateral Amount determined as of each day in such Monthly Period, divided by (b) the number of days in such Monthly Period. 

SECTION 1.2. Incorporation of Terms. The terms of the Indenture are incorporated in this Supplement as if set forth in full herein. As
supplemented by this Indenture Supplement, the Indenture is in all respects ratified and confirmed and both together shall be read, taken and construed as one and the same agreement. If the terms of this Indenture Supplement and the terms of the
Indenture conflict, the terms of this Indenture Supplement shall control with respect to the Series 2014-VFN[—]. 

ARTICLE II 
 CREATION OF
THE SERIES 2014-VFN[—] NOTES 
 SECTION 2.1. Designation. 

(a) There is hereby created and designated a Series of Notes to be issued pursuant to the Indenture and this Indenture Supplement to be known
as “GE Capital Credit Card Master Note Trust, Series 2014-VFN[—]” or the “Series 2014-VFN[—] Notes.” The Series
2014-VFN[—] Notes shall be issued in two Classes, known as the “Class A Series 2014-VFN[—] Floating Rate Asset Backed Notes” and
the “Class B Series 2014-VFN[—] Floating Rate Asset Backed Notes.” Series 2014-VFN[—] shall be a Variable Interest. 

(b) The Class A Notes may from time to time evidence separate “Lender Interests” under and as defined in the Class A Loan
Agreement (each, a “Class A Lender Interest”) which shall be identical in all respects, except for their respective maximum principal balances, the respective amounts of the Class A Note Principal Balance allocated to each
Class A Lender Interest and certain matters relating to the rate and payment of interest. The initial allocation of Class A Notes among Class A Lender Interests shall be made, and reallocations among such Class A Lender Interests
or new Class A Lender Interests may be made, as provided in the Class A Loan Agreement. 
 (c) Series 2014-VFN[—] shall be included in Group One and shall be a Principal Sharing Series. Series 2014-VFN[—] shall be an Excess Allocation Series with respect to
Group One only. Series 2014-VFN[—] shall not be subordinated to any other Series. 

  

					
		 	
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 SECTION 2.2. Advances and Optional Amortizations. 

(a) On any Business Day during the Revolving Period, the Issuer may in its discretion, but subject to the satisfaction of the conditions
precedent specified in each Loan Agreement, request the Series 2014-VFN[—] Noteholders to make Advances, which shall be allocated among the Class A Notes and the Class B Notes, based on
the Class A Pro Rata Percentage and the Class B Pro Rata Percentage, respectively. Automatically upon the funding to the Issuer of the aggregate Advance Amounts, the Collateral Amount shall increase by the amount of the Advance Amount, plus
such additional amount (an “Additional Enhancement Amount”) as may be necessary so that, after giving effect to the Advance, the Excess Collateral Amount would not be less than the Required Excess Collateral Amount. 

(b) Subject to Section 2.2(c), on any Business Day in the Revolving Period or the Controlled Amortization Period, the Issuer may,
in its discretion but subject to the consent of the Series 2014-VFN[—] Noteholders and the conditions precedent in the Class A Loan Agreement and Class B Loan Agreement, cause a full or
partial amortization (an “Optional Amortization”) of the Class A Notes and the Class B Notes (such date, an “Optional Amortization Date”) with any unrestricted funds of the Issuer or the Transferor that are
designated (in their sole discretion) to make such amortization (“Additional Funds”) and, to the extent necessary, Available Principal Collections in an amount (the “Optional Amortization Amount”) specified in the
Optional Amortization Notice delivered pursuant to Section 2.2(c); provided, that the Issuer shall not designate an Optional Amortization Date for any Business Day on which there would not be sufficient Shared Principal
Collections to cover all “Principal Shortfalls” (as defined in the respective indenture supplements) for all outstanding Series of Notes in Amortization Periods (excluding any such “Principal Shortfall” relating to an optional
amortization amount for such Series) unless the Issuer elects to use (in its sole discretion) only Additional Funds to pay all of such Optional Amortization Amount. The Optional Amortization Amount shall be allocated among the Class A Notes and
the Class B Notes, based on the Class A Pro Rata Percentage and the Class B Pro Rata Percentage, respectively. Automatically upon the payment of any Optional Amortization Amount, the Collateral Amount shall decrease by an amount equal
to the sum of (i) the related Optional Amortization Amount, and (ii) an additional amount specified in the Optional Amortization Notice (an “Enhancement Reduction Amount”) so long as, after giving effect to such reduction,
the Excess Collateral Amount would not be less than the Required Excess Collateral Amount. 
 (c) Not later than 12:00 noon (New York City
time) on the second Business Day preceding an Optional Amortization Date, the Issuer shall deliver to the Trustee, the Indenture Trustee, and each Series 2014-VFN[—] Noteholder a written notice of
optional amortization substantially in the form of Exhibit C (an “Optional Amortization Notice”) requesting an Optional Amortization and specifying a proposed Optional Amortization Amount, the Optional Amortization Date and
the Enhancement Reduction Amount. The Series 2014-VFN[—] Noteholders may agree to such proposed Optional Amortization by countersigning and returning such notice by 12:00 noon (New York City time)
on the next Business Day. 

  

					
		 	
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 ARTICLE III

REPRESENTATIONS, WARRANTIES AND COVENANTS 

SECTION 3.1. Representations, Warranties and Covenants with respect to Receivables. The parties hereto agree that the representations,
warranties and covenants set forth in Schedule I shall be a part of this Indenture Supplement for all purposes. 
 ARTICLE
IV
 RIGHTS OF SERIES 2014-VFN[—] NOTEHOLDERS AND ALLOCATION AND

 APPLICATION OF COLLECTIONS 

SECTION 4.1. Determination of Interest and Principal; Additional Amounts. 

(a) The amount of monthly interest (“Class A Monthly Interest”) due and payable with respect to the Class A Notes on any
Payment Date shall be equal to the aggregate amount of interest accrued on each Class A Funding Tranche on each day during the related Interest Period (plus any underpayment of interest on the prior Payment Date as a result of the estimation
referred to below and minus any overpayment of interest on the prior Payment Date as a result of the estimation referred to below). For purposes of such determination, the Issuer shall rely upon information provided by the various Managing Agents on
behalf of the related Class A Noteholders pursuant to the Class A Loan Agreement including estimates of the interest to accrue on any Class A Funding Tranche through the related Payment Date. The interest accrued on each Class A
Funding Tranche shall be computed for each day as the product of (i) 1/360, (ii) the Class A Note Interest Rate in effect for such Class A Funding Tranche on such day and (iii) the portion of the Class A Note Principal
Balance included in such Class A Funding Tranche as of the close of business on such day. With respect to each Payment Date, the Issuer shall determine the excess, if any (the “Class A Deficiency Amount”), of (x) the
aggregate amount of Class A Monthly Interest payable pursuant to this Section 4.1(a) as of the prior Payment Date over (y) the amount of Class A Monthly Interest actually paid on such Payment Date. If the Class A
Deficiency Amount for any Payment Date is greater than zero, on each subsequent Payment Date until such Class A Deficiency Amount is fully paid, an additional amount (“Class A Additional Interest”) equal to the product of
(i) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, (ii) the Default Rate and (iii) such Class A Deficiency Amount (or the portion thereof which
has not been paid to the Class A Noteholders) shall be payable as provided herein with respect to the Class A Notes. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the
Class A Noteholders only to the extent permitted by applicable law. 
 In addition to Class A Monthly Interest, each Class A
Noteholder shall be entitled to receive a Class A Non-Use Fee with respect to each Interest Period (or portion thereof) occurring prior to the last day of the Revolving Period. 

Class A Additional Amounts payable on any Payment Date, so long as they equal less than [0.25]% of the Weighted Average Collateral Amount
over the related Interest Period, shall constitute “Class A Rated Additional Amounts.” Any Class A Additional Amounts payable on any Payment Date in excess of the foregoing limitation, so long as they equal less than [0.125]%

  

					
		 	
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of the Weighted Average Collateral Amount over the related Interest Period, shall constitute “Class A Senior Unrated Additional Amounts” and any Class A Additional Amounts
in excess of the Class A Rated Additional Amounts and Class A Senior Unrated Additional Amounts shall constitute “Class A Subordinated Unrated Additional Amounts.” 

(b) The amount of monthly interest (“Class B Monthly Interest”) due and payable with respect to the Class B Notes on any
Payment Date shall be equal to the aggregate amount of interest accrued on each Class B Note Principal Balance on each day during the related Interest Period, computed for each date as the product of (i) 1/360, (ii) the Class B Note
Interest Rate in effect for such day and (iii) the Class B Note Principal Balance as of the close of business on such day. With respect to each Payment Date, the Issuer shall determine the excess, if any (the “Class B Deficiency
Amount”), of (x) the aggregate amount of Class B Monthly Interest payable pursuant to this Section 4.1(b) as of the prior Payment Date over (y) the amount of Class B Monthly Interest actually paid on such Payment Date. If the
Class B Deficiency Amount for any Payment Date is greater than zero, on each subsequent Payment Date until such Class B Deficiency Amount is fully paid, an additional amount (“Class B Additional Interest”) equal to the product of
(i) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, (ii) the Default Rate and (iii) such Class B Deficiency Amount (or the portion thereof which has
not been paid to the Class B Noteholders) shall be payable as provided herein with respect to the Class B Notes. Notwithstanding anything to the contrary herein, Class B Additional Interest shall be payable or distributed to the Class B Noteholders
only to the extent permitted by applicable law. 
 In addition to Class B Monthly Interest, each Class B Noteholder shall be entitled to
receive a Class B Non-Use Fee with respect to each Interest Period (or portion thereof) occurring prior to the last day of the Revolving Period. 

Class B Additional Amounts payable on any Payment Date, so long as they equal less than 0.25% of the Weighted Average Collateral Amount over
the related Interest Period, shall constitute “Class B Rated Additional Amounts.” Any Class B Additional Amounts payable on any Payment Date in excess of the foregoing limitation, so long as they equal less than 0.125% of the Weighted
Average Collateral Amount over the related Interest Period, shall constitute “Class B Senior Unrated Additional Amounts” and any Class B Additional Amounts in excess of the Class B Rated Additional Amounts and Class B Senior Unrated
Additional Amounts shall constitute “Class B Subordinated Unrated Additional Amounts.” 
 (c) The amount of monthly principal
(“Class A Monthly Principal”) with respect to the Class A Notes (i) on or prior to each Payment Date, beginning with the Payment Date in the Monthly Period following the Monthly Period in which the Early Amortization
Period begins, shall be equal to the least of (x) the Available Principal Collections on deposit in the Principal Account with respect to the related Monthly Period, (y) the Class A Note Principal Balance on such Payment Date and
(z) the Collateral Amount (after taking into account any adjustments to be made on or prior to such Payment Date pursuant to Sections 4.4(a)(x), 4.6 and 4.7) or (ii) on or prior to each Payment Date, beginning
with the Payment Date in the Monthly Period following the Monthly Period in which the Controlled Amortization Period begins (unless an Early Amortization Period shall have commenced prior to such Payment Date) shall be equal to the least of
(w) the Class A Pro Rata Percentage of Available Principal Collections on deposit in 

  

					
		 	
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the Principal Account with respect to the related Monthly Period, (x) the Class A Pro Rata Percentage of the Controlled Payment Amount for such Payment Date, (y) the Class A
Note Principal Balance on such Payment Date and (z) the Collateral Amount (after taking into account any adjustments to be made on such Payment Date pursuant to Sections 4.4(a)(x), 4.6 and 4.7). 

(d) The amount of monthly principal (“Class B Monthly Principal”) with respect to the Class B Notes (i) on or prior to
each Payment Date, beginning with the Payment Date in the Monthly Period following the Monthly Period in which the Early Amortization Period begins, shall be equal to the least of (x) the excess of the Available Principal Collections on deposit
in the Principal Account with respect to the related Monthly Period, over the portion of such Available Principal Collections applied to Class A Monthly Principal on such Payment Date, (y) the Class B Note Principal Balance on such Payment
Date and (z) the Collateral Amount (after taking into account any adjustments to be made on such Payment Date pursuant to Sections 4.4(a)(x), 4.6 and 4.7, and after subtracting the Class A Monthly Principal to be
paid on such Payment Date) or (ii) on or prior to each Payment Date, beginning with the Payment Date in the Monthly Period following the Monthly Period in which the Controlled Amortization Period begins (unless an Early Amortization Period
shall have commenced prior to such Payment Date) shall be equal to the least of (w) the Class B Pro Rata Percentage of Available Principal Collections on deposit in the Principal Account with respect to the related Monthly Period, (x) the
Class B Pro Rata Percentage of the Controlled Payment Amount for such Payment Date, (y) the Class B Note Principal Balance on such Payment Date and (z) the Collateral Amount (after taking into account any adjustments to be made on such
Payment Date pursuant to Sections 4.4(a)(x), 4.6 and 4.7 and after subtracting the Class A Monthly Principal to be paid on such Payment Date). 

(e) Notwithstanding anything to the contrary in this Indenture Supplement or any Loan Agreement, in the case of any Advance, the portion of
Monthly Interest accrued in respect of the related Advance Amount during the Interest Period in which such Advance occurs will be payable on an initial Payment Date agreed between the Issuer and the related Managing Agents (and, with respect to any
Class B Advance, the “Lender” (as defined in the Class B Loan Agreement)), and the Issuer shall notify the Indenture Trustee of the initial Payment Date and the length of the initial Interest Period for such Advance on or prior to the
related Advance Date. 
 SECTION 4.2. Establishment of Accounts. 

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

(b) If the depositary institution wishes to resign as depositary of any of the Series Accounts for any reason or fails to carry out the
instructions of the Issuer for any reason, then the Issuer shall promptly notify the Indenture Trustee on behalf of the Noteholders. 
 (c)
On or before the Closing Date, the Issuer shall enter into a depositary agreement to govern the Series Accounts pursuant to which such accounts are continuously identified in the depositary institution’s books and records as subject to a
security interest in favor of the Indenture Trustee on behalf of the Noteholders and, except as may be expressly provided herein to the contrary, in order to perfect the security interest of the 

  

					
		 	
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Indenture Trustee on behalf of the Noteholders under the UCC, the Indenture Trustee on behalf of the Noteholders shall have the power to direct disposition of the funds in the Series Accounts
without further consent by the Issuer; provided however, that prior to the delivery by the Indenture Trustee on behalf of the Noteholders of notice otherwise, the Issuer shall have the right to direct the disposition of funds in the Series
Accounts; provided further that the Indenture Trustee on behalf of the Noteholders agrees that it will not deliver such notice or exercise its power to direct disposition of the funds in the Series Accounts unless an Event of Default
has occurred and is continuing. 
 (d) The Issuer shall not close any of the Series Accounts unless it shall have (i) received the
prior consent of the Indenture Trustee on behalf of the Noteholders, (ii) established a new Eligible Deposit Account with the depositary institution or with a new depositary institution satisfactory to the Indenture Trustee on behalf of the
Noteholders, (iii) entered into a depositary agreement to govern such new account(s) with such new depositary institution which agreement is satisfactory in all respects to the Indenture Trustee on behalf of the Noteholders (whereupon such new
account(s) shall become the applicable Series Account(s) for all purposes of this Indenture Supplement), and (iv) taken all such action as the Indenture Trustee on behalf of the Noteholders shall reasonably require to grant and perfect a first
priority security interest in such account(s) under this Indenture Supplement. 
 (e) For so long as the Series 2014-VFN[—] Notes are outstanding, the reference to “each Rating Agency, if any” in the parenthetical that appears in clause (x) of the third paragraph of Section 8.4(a) of the
Indenture shall be deemed to refer to the Managing Agents in so far as Section 8.4 of the Indenture applies to Collections allocated to Series 2014-VFN[—]. 

SECTION 4.3. Calculations and Series Allocations. 

(a) Allocations of Finance Charge Collections. On each Date of Processing, the Issuer shall allocate to the Noteholders of Series
2014-VFN[—] an amount equal to the product of (A) the Allocation Percentage and (B) the aggregate Finance Charge Collections processed on such Date of Processing. At or prior to 12:00
noon, New York City time, on each Transfer Date, the Issuer shall transfer from the Collection Account to the Finance Charge Account, an amount equal to the lesser of the Available Finance Charge Collections for the preceding Monthly Period and the
Required Finance Charge Deposit Amount for the preceding Monthly Period (excluding any portion of the Required Finance Charge Deposit Amount described in clauses (f) and (g) of the definition of Required Finance Charge Deposit Amount).

 (b) Allocations of Principal Collections. On each Date of Processing, the Issuer shall allocate to the Noteholders of Series
2014-VFN[—] an amount equal to the product of (A) the Allocation Percentage and (B) the aggregate amount of Principal Collections processed on such Date of Processing. Principal
Collections allocated to Series 2014-VFN[—] during any Monthly Period in excess of the Investor Principal Collections shall be (i) first, if any Optional Amortization Amounts are outstanding
(after giving effect to the deposit of any Additional Funds), deposited in the Principal Account for application, to the extent necessary, to the payment of such Optional Amortization Amounts, and (ii) second, applied as Shared Principal
Collections. At or prior to 12:00 noon, New York City time, on each Transfer Date, the Issuer 

  

					
		 	
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shall transfer from the Collection Account to the Principal Account, an amount equal to the Available Principal Collections to the extent such funds have not been deposited into the Principal
Account pursuant to Section 4.4(a) or any other provision of this Agreement. 
 (c) Calculations and Additional Deposits on
Transfer Date. With respect to each Monthly Period falling in the Revolving Period, to the extent that Principal Collections allocated to the Noteholders of Series 2014-VFN[—] pursuant to
Section 4.3(b) are paid to the holders(s) of the Transferor Interest, the Issuer shall cause the holder(s) of the Transferor Interest to make an amount equal to the Reallocated Principal Collections for the related Transfer Date
available on that Transfer Date for application in accordance with Section 4.7. Notwithstanding the provisions of Section 8.4(a) of the Indenture allowing Collections for any Monthly Period in excess of the Aggregate Required
Deposit Amount for such Monthly Period to be distributed to the holder(s) of the Transferor Interest, Collections of Finance Charge Receivables allocated to the Series 2014-VFN[—] Noteholders
issued pursuant to this Indenture Supplement during that Monthly Period that were released to the holder(s) of the Transferor Interest pursuant to Section 8.4(a) of the Indenture shall be deemed, for purposes of all calculations under this
Indenture Supplement, to have been applied as Available Finance Charge Collections to the items specified in Section 4.4(a) to which such amounts would have been applied (and in the priority in which they would have been applied) had
such amounts been available in the Collection Account on the related Payment Date. To avoid doubt, the calculations referred to in the preceding sentence include the calculations required by clause (b)(iii) of the definition of Collateral
Amount. If on any Transfer Date the Free Equity Amount is less than the Minimum Free Equity Amount after giving effect to all transfers and deposits on that Transfer Date, the Issuer shall cause the holder(s) of the Transferor Interest, on that
Transfer Date, to deposit into the Principal Account funds in an amount equal to the amounts of Available Finance Charge Collections that are required to be treated as Available Principal Collections pursuant to Sections 4.4(a)(ix) and
(x) but are not available from funds in the Finance Charge Account as a result of the release of Collections to the holder(s) of the Transferor Interest pursuant to Section 8.4(a) of the Indenture. 

(d) Notwithstanding anything to the contrary contained in the Agreement, (i) funds required to be deposited into the Finance Charge
Account or Principal Account pursuant to this Indenture Supplement that would be subsequently transferred to the Distribution Account may instead be directly deposited to the Distribution Account, and (ii) any funds required to be deposited
into the Finance Charge Account or Principal Account pursuant to this Indenture Supplement that would be subsequently transferred to the Issuer or the holder(s) of the Transferor Interest shall not be required to be transferred to any Series Account
and may be directly paid to the Issuer or the holder(s) of the Transferor Interest pursuant to the priority of payments set forth in this Indenture Supplement. 

(e) Allocations of Interchange. Notwithstanding anything to the contrary in Section 4.3(a) or the Indenture, Interchange for each
Monthly Period shall be allocated to the Noteholders of the Series issued pursuant to this Indenture Supplement based on the daily average of the Allocation Percentages for Finance Charge Collections for all dates during such Monthly Period, and
shall be deposited into the Collection Account not later than 12:00 noon, New York City time, on the Payment Date following the related Monthly Period. 

  

					
		 	
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 SECTION 4.4. Application of Available Finance Charge Collections and Available Principal
Collections. On or prior to each Transfer Date or related Payment Date, as applicable, the Issuer shall withdraw, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account and
the Distribution Account as follows: 
 (a) On or prior to each Payment Date, an amount equal to the Available Finance Charge Collections
with respect to the related Monthly Period will be paid or deposited in the following priority from funds on deposit in the Finance Charge Account: 

(i) to pay, on a pari passu basis, the following amounts to the extent allocated to Series 2014-VFN[—] pursuant to Section 8.4(d) of the Indenture: (A) accrued and unpaid fees and other amounts owed to the Indenture Trustee up to a maximum amount of $25,000 for each calendar year shall
be deposited into the Distribution Account, (B) the accrued and unpaid fees and other amounts owed to the Trustee up to a maximum amount of $25,000 for each calendar year shall be deposited into the Distribution Account and (C) the accrued
and unpaid fees and other amounts owed to the Administrator up to a maximum amount of $25,000 for each calendar year shall be deposited into the Distribution Account; 

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

(iii) an amount equal to Class A Monthly Interest for such Payment Date, plus any Class A Deficiency Amount, plus the
amount of any Class A Additional Interest for such Payment Date, plus the amount of any Class A Additional Interest previously due but not paid to Class A Noteholders on a prior Payment Date, shall be deposited to the Distribution
Account; 
 (iv) to the extent not otherwise paid by or on behalf of the Transferor, an amount sufficient to pay the unpaid
Class A Non-Use Fee, if any, for the related Interest Period plus any Class A Non-Use Fee due but not paid to the Class A Noteholders on any prior Payment Date shall be deposited to the Distribution Account; 

(v) an amount sufficient to pay the Class A Rated Additional Amounts, if any, for the related Interest Period plus
any Class A Rated Additional Amounts due but not paid to the Class A Noteholders on any prior Payment Date shall be deposited to the Distribution Account; 

(vi) an amount equal to Class B Monthly Interest for such Payment Date, plus any Class B Deficiency Amount, plus the amount of
any Class B Additional Interest for such Payment Date, plus the amount of any Class B Additional Interest previously due but not paid to Class B Noteholders on a prior Payment Date, shall be deposited to the Distribution Account; 

(vii) to the extent not otherwise paid by or on behalf of the Transferor, an amount sufficient to pay the unpaid Class B
Non-Use Fee, if any, for the related Interest Period plus any Class B Non-Use Fee due but not paid to the Class B Noteholders on any prior Payment Date shall be paid to the Issuer; 

  

					
		 	
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 (viii) an amount sufficient to pay the Class B Rated Additional Amounts, if any,
for the related Interest Period plus any Class B Rated Additional Amounts due but not paid to the Class B Noteholders on any prior Payment Date shall be deposited to the Distribution Account; 

(ix)(A) first, an amount equal to the Investor Default Amount for such Payment Date shall be treated as a portion of
Available Principal Collections for such Payment Date and (B) second, an amount equal to any Investor Uncovered Dilution Amount for such Payment Date shall be treated as a portion of Available Principal Collections for such Payment Date,
and any amounts treated as Available Principal Collections pursuant to subclause (A) or (B) of this clause (ix) during the Controlled Amortization Period or the Early Amortization Period, shall be deposited into the Principal
Account on the related Payment Date; 
 (x) an amount equal to the sum of the aggregate amount of Investor Charge-Offs and
the amount of Reallocated Principal Collections which have not been previously reimbursed pursuant to this Section 4.4(a)(x) shall be treated as a portion of Available Principal Collections for such Payment Date and, during the
Controlled Amortization Period or Early Amortization Period, shall be deposited into the Principal Account on such Payment Date; 

(xi) an amount equal to the amounts required to be deposited in the Spread Account pursuant to Section 4.10(e)
shall be deposited into the Spread Account; 
 (xii) an amount sufficient to pay the aggregate Class A Senior Unrated
Additional Amounts, if any, for the related Interest Period, plus any Class A Senior Unrated Additional Amounts due but not paid to the Class A Noteholders on any prior Payment Date shall be deposited to the Distribution Account;

 (xiii) an amount sufficient to pay the aggregate Class B Senior Unrated Additional Amounts, if any, for the related
Interest Period, plus any Class B Senior Unrated Additional Amounts due but not paid to the Class B Noteholders on any prior Payment Date shall be deposited to the Distribution Account; 

(xiv) [reserved]; 

(xv) an amount sufficient to pay the aggregate Class A Subordinated Unrated Additional Amounts, if any, for the related
Interest Period, plus any Class A Subordinated Unrated Additional Amounts due but not paid to the Class A Noteholders on any prior Payment Date shall be deposited to the Distribution Account; 

(xvi) an amount sufficient to pay the aggregate Class B Subordinated Unrated Additional Amounts, if any, for the related
Interest Period, plus any Class B Subordinated Unrated Additional Amounts due but not paid to the Class B Noteholders on any prior Payment Date shall be deposited to the Distribution Account; 

  

					
		 	
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 (xvii) unless such Payment Date is during the Early Amortization Period, on a
pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated to Series 2014-VFN[—] pursuant to Section 8.4(d) of the Indenture and
that have not been paid pursuant to clause (i) above shall be paid to such Persons; and 
 (xviii) the balance,
if any, will constitute a portion of Excess Finance Charge Collections for such Payment Date and will be applied in accordance with Section 8.6 of the Indenture; provided that during an Early Amortization Period, if any such
Excess Finance Charge Collections would be distributed to the Transferor in accordance with Section 8.6 of the Indenture, the portion of such Excess Finance Charge Collections that would otherwise be distributed to the Transferor,
first shall be used to pay Monthly Principal pursuant to Section 4.4(c) to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal
Collections pursuant to this clause (xviii)), second, shall be used to pay on a pari passu basis any amounts owed to such Persons listed in clause (i) above that have been allocated to Series 2014-VFN[—] pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i) and (xvii) above, and, third, any amounts remaining after
payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (i) above shall be paid to the Issuer. 

The Issuer shall deposit all amounts received pursuant to clauses (iv), (v), (vii), (viii), (xii),
(xiii), (xiv), (xv), and (xvi) above into the Distribution Account on such Payment Date. 
 (b) On or prior
to each Payment Date with respect to the Revolving Period that is an Optional Amortization Date, an amount equal to the Available Principal Collections for the related Monthly Period shall be withdrawn from the Principal Account and, together with
any Additional Funds, shall be deposited into the Distribution Account and applied as follows: (i) an amount equal to the Optional Amortization Amount shall be paid to the Class A Noteholders and the Class B Noteholders, as
specified in Section 2.2(b), and (ii) any remaining Available Principal Collections shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture. 

(c) On or prior to each Payment Date, with respect to the Controlled Amortization Period or the Early Amortization Period, an amount equal to
the Available Principal Collections for the related Monthly Period together with any Additional Funds shall be paid or deposited in the following order of priority from funds on deposit in the Principal Account: 

(i) an amount equal to the Class A Monthly Principal for such Payment Date shall be deposited into the Distribution
Account and on such Payment Date shall be paid to the Class A Noteholders until the Class A Note Principal Balance has been paid in full; 

(ii) an amount equal to the Class B Monthly Principal for such Payment Date shall be deposited into the Distribution Account
and on such Payment Date shall be paid to the Class B Noteholders until the Class B Note Principal Balance has been paid in full; 

(iii) an amount equal to the Optional Amortization Amount, if any, for such Payment Date shall be deposited into the
Distribution Account and on such Payment Date shall be paid to the Class A Noteholders and the Class B Noteholders as specified in Section 2.2(b); and 

  

					
		 	
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 (iv) the balance of such Available Principal Collections remaining after
application in accordance with clauses (i) through (iii) above shall be treated as Shared Principal Collections and applied in accordance with Section 8.5 of the Indenture. 

(d) On each Payment Date, the Issuer shall pay from funds on deposit in the Distribution Account: 

(i) on a pari passu basis, the amounts deposited pursuant to clauses (A), (B) and (C) of Section 4.4(a)(i), to
the Indenture Trustee, the Trustee and the Administrator, as applicable; 
 (ii) the amounts deposited pursuant to
Section 4.4(a)((ii) to the Servicer; and 
 (iii) in accordance with Section 4.5 to the Class A
Noteholders, the amounts deposited into the Distribution Account pursuant to Section 4.4(a), on such Payment Date and to the Class B Noteholders, the amounts deposited into the Distribution Account pursuant to
Section 4.4(a)(vi), on such Payment Date. 
 (e) The Issuer shall pay out of funds on deposit in the Distribution Account any
funds it receives pursuant to Sections 4.4(a)(iv), (v), (vii), (viii), (xii), (xiii), (xiv), (xv), and (xvi) to the Class A and Class B Noteholders, as applicable, in the
following order of priority, (i) the Class A Non-Use Fee, (ii) the Class A Rated Additional Amounts, (iii) the Class B Non-Use Fee, (iv) the Class B Rated Additional Amounts, (v) Class A Senior Unrated
Additional Amounts, (vi) Class B Senior Unrated Additional Amounts, (vii) the Class A Subordinated Unrated Additional Amounts and (viii) the Class B Subordinated Unrated Additional Amounts. To the extent that any funds received
by the Issuer are not required to be distributed to the Class A and Class B Noteholders in accordance with this Section 4.4(e), the Issuer shall distribute such funds to the holder(s) of the Transferor Interest. 

(f) As of any Payment Date during the Controlled Amortization Period or Early Amortization Period on which Principal Collections allocated to
Series 2014-VFN[—] are treated as Shared Principal Collections, the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the amount of Principal Collections allocated to
Series 2014-VFN[—] that are applied as Shared Principal Collections and (y) the Surplus Collateral Amount. 

(g) On each Optional Amortization Date that is not a Payment Date, Additional Funds and Available Principal Collections in the amount of the
Optional Amortization Amount shall be deposited into the Distribution Account and shall be paid to the Class A Noteholders and the Class B Noteholders ratably in accordance with the allocation of such Optional Amortization Amount among the
Class A Notes and the Class B Notes as specified in Section 2.2(b). 
 SECTION 4.5. Payments. 

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

  

					
		 	
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 (b) On each Payment Date, the Issuer shall pay to each Class B Noteholder of record on the
related Record Date such Class B Noteholder’s pro rata share of the amounts on deposit in the Distribution Account that are allocated and available on such Payment Date and as are payable to the Class B Noteholders pursuant to
this Indenture Supplement. 
 (c) The payments to be made pursuant to this Section 4.5 are subject to the provisions of
Section 7.1 of this Indenture Supplement. 
 (d) All payments set forth herein shall be made by wire transfer of immediately
available funds, provided that the Issuer, not later than the Record Date relating to any Payment Date, shall have received appropriate wiring instructions in writing from the related Noteholder or Managing Agent on behalf of the related Noteholder.

 SECTION 4.6. Investor Charge-Offs. On each Determination Date, the Issuer shall calculate the Investor Default Amount and any
Investor Uncovered Dilution Amount for the preceding Monthly Period. If, on any Transfer Date, the sum of the Investor Default Amount and any Investor Uncovered Dilution Amount for the preceding Monthly Period exceeds the amount of Available Finance
Charge Collections allocated with respect thereto pursuant to Section 4.4(a)(ix) with respect to such Transfer Date, the Collateral Amount will be reduced (but not below zero) by the amount of such excess (such reduction, an
“Investor Charge-Off”). 
 SECTION 4.7. Reallocated Principal Collections. On each Transfer Date, if Investor
Finance Charge Collections are not sufficient to make the payments set forth in Sections 4.4(a)(i) through (viii) the Issuer shall apply Reallocated Principal Collections with respect to that Transfer Date, to fund such
deficiency pursuant to and in the priority set forth in Sections 4.4(a)(i) through (viii). On each Transfer Date, the Collateral Amount shall be reduced by the amount of Reallocated Principal Collections for such Transfer Date.

 SECTION 4.8. Excess Finance Charge Collections. Series 2014-VFN[—] shall be an
Excess Allocation Series with respect to Group One only. Subject to Section 8.6 of the Indenture, Excess Finance Charge Collections with respect to the Excess Allocation Series in Group One with respect to any Monthly Period will be
allocated to Series 2014-VFN[—] in an amount equal to the product of (x) the aggregate amount of Excess Finance Charge Collections with respect to all the Excess Allocation Series in Group One
for such Monthly Period and (y) a fraction, the numerator of which is the Finance Charge Shortfall for Series 2014-VFN[—] for such Monthly Period and the denominator of which is the aggregate
amount of Finance Charge Shortfalls for all the Excess Allocation Series in Group One, in each case with respect to payments to be made on or prior to the Payment Date following such Monthly Period. The “Finance Charge Shortfall”
for Series 2014-VFN[—] for any date on which Excess Finance Charge Collections are allocated pursuant to Section 8.6 of the Indenture will be equal to the excess, if any, of
(a) the full amount required to be paid, without duplication, pursuant to Sections 4.4(a)(i) through (xvii) with respect to the next following Payment Date over (b) the Available Finance Charge Collections
for the next following Payment Date (excluding any portion thereof attributable to Excess Finance Charge Collections). 

  

					
		 	
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 SECTION 4.9. Shared Principal Collections. Subject to Section 8.5 of the
Indenture, Shared Principal Collections allocable to Series 2014-VFN[—] with respect to any Monthly Period will be equal to the product of (x) the aggregate amount of Shared Principal
Collections with respect to all Principal Sharing Series for such Monthly Period and (y) a fraction, the numerator of which is the Principal Shortfall for Series 2014-VFN[—] for such Monthly
Period and the denominator of which is the aggregate amount of Principal Shortfalls for all the Series which are Principal Sharing Series, in each case with respect to payments to be made on or prior to the Payment Date following such Monthly
Period. The “Principal Shortfall” for Series 2014-VFN[—] for any date on which Shared Principal Collections are allocated pursuant to Section 8.5 of the Indenture, will
be equal to (a) for any allocation date with respect to the Revolving Period if there is no outstanding Optional Amortization Amount or any allocation date during the Early Amortization Period prior to the earlier of (i) the end of the
Monthly Period immediately preceding the Scheduled Final Payment Date and (ii) the date on which all outstanding Series are in early amortization periods, zero, (b) for any allocation date with respect to the Controlled Amortization
Period, the excess, if any, of the Controlled Payment Amount with respect to the next following Payment Date over the amount of Available Principal Collections for the next following Payment Date (excluding any portion thereof attributable to
Shared Principal Collections or amounts available to be treated as Available Principal Collections pursuant to clause (xviii) of Section 4.4(a)), (c) for any allocation date on or after the earlier of (i) the end of
the Monthly Period immediately preceding the Scheduled Final Payment Date and (ii) the date on which all outstanding Series are in early amortization periods, the Note Principal Balance, and (d) for any allocation date with respect to the
Revolving Period if there is any outstanding Optional Amortization Amount, the amount of any outstanding Optional Amortization Amount, over the amount of Available Principal Collections for the next following Payment Date (excluding any
portion thereof attributable to Shared Principal Collections). 
 SECTION 4.10. Spread Account. 

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

(b) Unless an Early Amortization Event occurs, the Issuer will withdraw from the Spread Account and deposit in the Distribution Account for
payment to the Class B Noteholders on the Scheduled Final Payment Date after the Class A Notes have been paid in full, an amount equal to the lesser of (i) the amount on deposit in the Spread Account after application of any amounts set
forth in clause (a) above and (ii) the Class B Note Principal Balance, after giving effect to all other payments of principal on the Scheduled Final Payment Date. 

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

  

					
		 	
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 (d) On any day following the occurrence of an Event of Default with respect to Series 2014-VFN[—] that has resulted in the acceleration of the Series 2014-VFN[—] Notes, the Issuer shall withdraw from the Spread Account the Available Spread
Account Amount and deposit such amount in the Distribution Account for payment first, to the Class B Noteholders to fund any shortfalls in amounts owed to the Class B Noteholders and second, to the Class A Noteholders to fund any
shortfalls in amounts owed to the Class A Noteholders. 
 (e) If on any Payment Date, after giving effect to all withdrawals from the
Spread Account, the Available Spread Account Amount is less than the Required Spread Account Amount then in effect, Available Finance Charge Collections shall be deposited into the Spread Account pursuant to Section 4.4(a)(xi) up to the
amount of the Spread Account Deficiency. 
 (f) If, after giving effect to all deposits to and withdrawals from the Spread Account with
respect to any Payment Date, the amount on deposit in the Spread Account exceeds the Required Spread Account Amount, the Issuer shall withdraw an amount equal to such excess from the Spread Account and distribute such amount to the Transferor. On
the date on which the Class B Note Principal Balance has been paid in full, after making any payments to the Noteholders required pursuant to Sections 4.10(a), (b), (c) and (d), the Issuer shall withdraw from
the Spread Account all amounts then remaining in the Spread Account and pay such amounts to the holders of the Transferor Interest. 

SECTION 4.11. Investment of Amounts on Deposit in Series Accounts. 

(a) To the extent there are uninvested amounts deposited in the Series Accounts, the Issuer shall cause such amounts to be invested in
Permitted Investments selected by the Issuer that mature no later than the following Transfer Date. Funds deposited to any Series Account for payment or transfer on the related Payment Date shall not be invested. 

(b) On each Transfer Date (but subject to Section 4.10(a)), the Investment Earnings, if any, accrued since the preceding Transfer
Date on funds on deposit in the Series Accounts shall be paid to the holders of the Transferor Interest. For purposes of determining the availability of funds or the balance in any Series Account for any reason under this Indenture Supplement, all
Investment Earnings shall be deemed not to be available or on deposit (subject to Section 4.10(a)); provided that after the maturity of the Series 2014-VFN[—] Notes has been
accelerated as a result of an Event of Default, all Investment Earnings shall be added to the balance on deposit in the Spread Account and treated like the rest of the Available Spread Account Amount. 

SECTION 4.12. Determination of LIBOR. 

(a) On each LIBOR Determination Date in respect of an Interest Period, the Indenture Trustee shall determine LIBOR on the basis of the rate per
annum displayed in the Bloomberg Financial Markets system as the composite offered rate for London interbank deposits for a period of the Designated Maturity, as of 11:00 a.m., London time, on that date. If that rate does not appear on that display
page, LIBOR for that Interest Period will be the rate per annum shown on page “LIBOR01” of the Reuters Monitor Money Rates Service or such other page as may replace the LIBOR01 page on that service for the purpose of displaying London

  

					
		 	
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interbank offered rates of major banks as of 11:00 a.m., London time, on the LIBOR Determination Date; provided that if at least two rates appear on that page, the rate will be the
arithmetic mean of the displayed rates and if fewer than two rates are displayed, or if no rate is relevant, the rate for that Interest Period shall be determined on the basis of the rates at which deposits in United States dollars are offered by
the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for the period of the Designated Maturity. The Indenture Trustee shall request the principal London office of each of the
Reference Banks to provide a quotation of its rate. If at least two (2) such quotations are provided, the rate for that Interest Period shall be the arithmetic mean of the quotations. If fewer than two (2) quotations are provided as
requested, the rate for that Interest Period will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars
to leading European banks for a period of the Designated Maturity. 
 (b) The Issuer and each Managing Agent (and, with respect to any Class
B Advance, the “Lender” (as defined in the Class B Loan Agreement)) may agree that LIBOR for the initial Interest Period for any Advance or any portion of an Interest Period will be determined based on straight-line interpolation between
two rates determined in accordance with Section 4.12(a) for two different Designated Maturities, and if straight-line interpolation is to be used to determine the applicable LIBOR, the Issuer shall notify the Indenture Trustee of the
applicable Designated Maturities on or before the applicable LIBOR Determination Date. 
 (c) On each LIBOR Determination Date, the
Indenture Trustee shall send to the Issuer by facsimile, email or other electronic transmission, notification of LIBOR for the following Interest Period. LIBOR used to calculate the Class A Note Interest Rate (if applicable) and the Class B
Note Interest Rate (if applicable) for the then current and the immediately preceding Interest Periods may be obtained by telephoning the Indenture Trustee at its corporate trust office at (800) 735-7777 or such other telephone number as shall
be designated by the Indenture Trustee for such purpose by prior written notice by the Indenture Trustee to each Series 2014-VFN[—] Noteholder from time to time. 

ARTICLE V 
 DELIVERY OF
SERIES 2014-VFN[—] NOTES; 
 REPORTS TO SERIES 2014-VFN[—] NOTEHOLDERS 
 SECTION 5.1. Delivery and Payment for the Series 2014-VFN[—] Notes. The Issuer shall execute and issue, and the Indenture Trustee shall authenticate, the Series 2014-VFN[—] Notes in accordance with
Section 2.2 of the Indenture. The Indenture Trustee shall deliver the Series 2014-VFN[—] Notes to or upon the written order of the Issuer when so authenticated. 

SECTION 5.2. Reports and Statements to Series 2014-VFN[—] Noteholders. 

(a) Not later than the second Business Day preceding each Payment Date, the Issuer shall deliver or cause the Servicer to deliver to the
Trustee, the Indenture Trustee, each Series 2014-VFN[—] Noteholder a statement substantially in the form of Exhibit B prepared by the Servicer; provided that the Issuer may amend the
form of Exhibit B from time to time, with the prior written consent of the Indenture Trustee. 

  

					
		 	
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 (b) On or before January 31 of each calendar year, beginning with January 31, 2015, the
Issuer shall furnish or cause to be furnished to each Person who at any time during the preceding calendar year was a Series 2014-VFN[—] Noteholder the information for the preceding calendar year,
or the applicable portion thereof during which the Person was a Noteholder, as is required to be provided by an issuer of indebtedness under the Code to the holders of the Issuer’s indebtedness and such other customary information as is
necessary to enable such Noteholder to prepare its federal income tax returns. Notwithstanding anything to the contrary contained in this Agreement, the Issuer shall, to the extent required by applicable law, from time to time furnish or cause to be
furnished to the appropriate Persons, at least five Business Days prior to the end of the period required by applicable law, the information required to complete a Form 1099-INT. 

ARTICLE VI 
 SERIES
2014-VFN[—] EARLY AMORTIZATION EVENTS 
 SECTION 6.1. Series
2014-VFN[—] Early Amortization Events. If any one of the following events shall occur with respect to the Series 2014-VFN[—] Notes: 

(a)(i) failure on the part of Transferor or the Issuer to make any payment or deposit required to be made by it by the terms of the
Class A Fee Letter, the Class A Loan Agreement, the Class B Loan Agreement or the Transfer Agreement on or before the date occurring five (5) Business Days after the date such payment or deposit is required to be made therein or
herein or (ii) failure of the Issuer or the Transferor duly to observe or perform in any material respect any of their respective covenants or agreements set forth in the Class A Loan Agreement, the Class B Loan Agreement or the Transfer
Agreement (excluding matters addressed by clause (i) above or clause (c) below), which failure has a material adverse effect on the Series 2014-VFN[—] Noteholders and which
continues unremedied for a period of sixty days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Issuer or the Transferor, as applicable, by the Indenture Trustee, or to the
Issuer or the Transferor, as applicable, and the Indenture Trustee by any Noteholder of the Series 2014-VFN[—] Notes; 

(b) any representation or warranty made by the Issuer or the Transferor in the Class A Loan Agreement, the Class B Loan Agreement or the
Transfer Agreement or any information contained in an account schedule required to be delivered by it pursuant to Section 2.1 or Section 2.6(c) of the Transfer Agreement, Trust Agreement or the Bank Receivables Sale Agreement
shall prove to have been incorrect in any material respect when made or when delivered, which continues to be incorrect in any material respect for a period of sixty days after the date on which written notice of such failure, requiring the same to
be remedied, shall have been given to the Issuer or Transferor, as applicable, by the Indenture Trustee, or to the Transferor or the Issuer, as applicable, and the Indenture Trustee by any Noteholder of the Series 2014-VFN[—] Notes and as a result of which the interests of the Series 2014-VFN[—] Noteholders are materially and adversely affected for such period;
provided, however, that a Series 2014-VFN[—] Early Amortization Event pursuant to this Section 6.1(b) shall not be 

  

					
		 	
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deemed to have occurred hereunder if the Transferor has accepted reassignment of the related Transferred Receivable, or all of such Transferred Receivables, if applicable, during such period in
accordance with the provisions of the Transfer Agreement; 
 (c) a failure by Transferor under the Transfer Agreement to convey Transferred
Receivables in Additional Accounts or Participations to the Trust when it is required to convey such Transferred Receivables pursuant to Section 2.6(a) of the Transfer Agreement; 

(d) any Servicer Default or any Indenture Servicer Default shall occur, which has a material adverse effect on the Series 2014-[ ] Notes;

 (e) beginning with the three consecutive Monthly Periods immediately preceding the
[—] 2014 Payment Date or on any Payment Date thereafter, the Portfolio Yield averaged over three consecutive Monthly Periods immediately preceding such Payment Date is less than the Base Rate
averaged over the same Monthly Periods (for the avoidance of doubt, the Monthly Period preceding the [—] 2014 Payment Date shall be exclude for purposes of calculating the three-month average
Portfolio Yield and Base Rate under this clause (e); 
 (f) the Note Principal Balance shall not be paid in full on the Scheduled Final
Payment Date; or 
 (g) without limiting the foregoing, the occurrence of an Event of Default with respect to Series 2014-VFN[—] and acceleration of the maturity of the Series 2014-VFN[—] Notes pursuant to Section 5.3 of the Indenture; 

then, in the case of any event described in subsection (a), (b) or (d), after the applicable grace period, if any, set forth in such
subparagraphs, either the Indenture Trustee or the holders of Series 2014-VFN[—] Notes evidencing more than 50% of the aggregate unpaid principal amount of Series 2014-VFN[—] Notes by notice then given in writing to the Issuer (and to the Indenture Trustee if given by the Series 2014-VFN[—] Noteholders) may declare that a
“Series Early Amortization Event” with respect to Series 2014-VFN[—] (a “Series 2014-VFN[—] Early Amortization Event”)
has occurred as of the date of such notice, and, in the case of any event described in subsection (c), (e), (f) or (g) a Series 2014-VFN[—] Early Amortization
Event shall occur automatically without any notice or other action on the part of the Indenture Trustee or the Series 2014-VFN[—] Noteholders immediately upon the occurrence of such event. 

ARTICLE VII 
 REDEMPTION
OF SERIES 2014-VFN[—] NOTES; 
 FINAL DISTRIBUTIONS; SERIES
TERMINATION 
 SECTION 7.1. Optional Redemption of Series 2014-VFN[—] Notes;
Final Distributions. 
 (a) On any day occurring on or after the date on which the Note Principal Balance is reduced to 10% or less of
the Note Principal Balance as of the last day of the Revolving Period, Transferor has the option pursuant to the Trust Agreement to reduce the Collateral Amount to zero by paying a purchase price equal to the greater of (x) the Collateral
Amount, plus the applicable Allocation Percentage of outstanding Finance Charge Receivables and (y) a minimum 

  

					
		 	
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amount equal to (i) if such day is a Payment Date, the Redemption Amount for such Payment Date or (ii) if such day is not a Payment Date, the Redemption Amount for the Payment Date
following such day. If Transferor exercises such option, Issuer will apply such purchase price to repay the Series 2014-VFN[—] Notes in full as specified below. 

(b) Issuer shall give the Indenture Trustee at least thirty (30) days prior written notice of the date on which Transferor intends to
exercise such optional redemption. Not later than 12:00 noon, New York City time, on such day Issuer shall deposit into the Distribution Account in immediately available funds the Redemption Amount. Such redemption option is subject to payment in
full of the Redemption Amount. Following such deposit into the Distribution Account in accordance with the foregoing, the Collateral Amount for Series 2014-VFN[—] shall be reduced to zero and the
Series 2014-VFN[—] Noteholders shall have no further security interest in the Transferred Receivables. The Redemption Amount shall be paid as set forth in Section 7.1(d). 

(c)(i) The amount to be paid by the Transferor with respect to Series 2014-VFN[—] in
connection with a reassignment of Transferred Receivables to the Transferor pursuant to Section 6.1(f) of the Transfer Agreement shall not be less than the Redemption Amount for the first Payment Date following the Monthly Period in
which the reassignment obligation arises under the Transfer Agreement. 
 (ii) The amount to be paid by the Issuer with
respect to Series 2014-VFN[—] in connection with a repurchase of the Notes pursuant to Section 10.1 of the Trust Agreement shall not be less than the Redemption Amount for the Payment
Date of such repurchase. 
 (d) With respect to (i) the Redemption Amount deposited into the Collection Account pursuant to this
Section 7.1 or (ii) the proceeds of any sale of Transferred Receivables pursuant to Section 5.3 of the Indenture with respect to Series 2014-VFN[—], the Indenture
Trustee shall, in accordance with the written direction of the Issuer, not later than 12:00 noon, New York City time, on the related Payment Date, make payments of the following amounts (in the priority set forth below and, in each case, after
giving effect to any deposits and payments otherwise to be made on such date) in immediately available funds: (i) (x) the Class A Note Principal Balance on such Payment Date will be paid to the Class A Noteholders and (y) an
amount equal to the sum of (A) Class A Monthly Interest, Class A Deficiency Amounts and Class A Additional Interest due and payable on such Payment Date or any prior Payment Date, (B) Class A Non-Use Fees, if any, due and
payable on such Payment Date or any prior Payment Date and (C) Class A Rated Additional Amounts, if any, due and payable on such Payment Date or any prior Payment Date, will be paid to the Class A Noteholders, (ii) (x) the
Class B Note Principal Balance on such Payment Date will be paid to the Class B Noteholders and (y) an amount equal to the sum of (A) Class B Monthly Interest, Class B Deficiency Amounts and Class B Additional Interest due and payable on
such Payment Date or any prior Payment Date, (B) Class B Non-Use Fees, if any, due and payable on such Payment Date or any prior Payment Date and (C) Class B Rated Additional Amounts, if any, due and payable on such Payment Date or any
prior Payment Date, will be paid to the Class B Noteholders, (iii) an amount equal to any Class A Senior Unrated Additional Amounts, if any, due and payable on such Payment Date or any prior Payment Date, will be paid to the Class A
Noteholders, (iv) an amount equal to any Class B Senior Unrated 

  

					
		 	
 34
	 	 Indenture Supplement

Series 2014-VFN[—]

 
Additional Amounts, if any, due and payable on such Payment Date or any prior Payment Date, will be paid to the Class B Noteholders, (v) an amount equal to any Class A Subordinated
Unrated Additional Amounts, if any, due and payable on such Payment Date or any prior Payment Date, will be paid to the Class A Noteholders, (vi) an amount equal to any Class B Subordinated Unrated Additional Amounts, if any, due and
payable on such Payment Date or any prior Payment Date, will be paid to the Class B Noteholders and (vii) any excess shall be released to the Issuer. 

SECTION 7.2. Series Termination. On the Series Maturity Date of the Series
2014-VFN[—] Notes, the unpaid principal amount of the Series 2014-VFN[—] Notes shall be due and payable. 

ARTICLE VIII 

MISCELLANEOUS PROVISIONS 

SECTION 8.1. Ratification of Indenture; Amendments. As supplemented by this Indenture Supplement, the Indenture is in all respects
ratified and confirmed and the Indenture as so supplemented by this Indenture Supplement shall be read, taken and construed as one and the same instrument. This Indenture Supplement may be amended only by a supplemental indenture entered into in
accordance with the terms of Section 9.1 or 9.2 of the Indenture. For purposes of the application of Section 9.2 to any amendment of this Indenture Supplement, the Series
2014-VFN[—] Noteholders shall be the only Noteholders whose vote shall be required. 

SECTION 8.2. Form of Delivery of the Series 2014-VFN[—] Notes. The Class A
Notes and the Class B Notes shall be Definitive Notes and shall be registered in the Note Register in the name of the initial purchasers of such Notes identified in the Class A Loan Agreement and the Class B Loan Agreement, respectively. By
acquiring a Class A Note or a Class B Note, each purchaser and transferee shall be deemed to represent and warrant that it is not acquiring such Class A Note or Class B Note (or any interest therein) with the plan assets of a Benefit Plan
Investor. Notwithstanding Section 2.1 of the Indenture, each Class of Series 2014-VFN[    ] Notes shall be issued in minimum denominations of $100,000 and in integral multiples of $1. 

SECTION 8.3. Counterparts. This Indenture Supplement may be executed in two or more counterparts, and by different parties on separate
counterparts, each of which shall be an original, but all of which shall constitute one and the same instrument. 
 SECTION 8.4.
GOVERNING LAW. 
 (a) THIS INDENTURE SUPPLEMENT 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 SECTIONS 5-1401(1) AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, BUT
WITHOUT REGARD TO ANY OTHER CONFLICT OF LAW PROVISIONS THEREOF) AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA. 

  

					
		 	
 35
	 	 Indenture Supplement

Series 2014-VFN[—]

 (b) EACH PARTY HERETO HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS
LOCATED IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THEM PERTAINING TO THIS INDENTURE SUPPLEMENT OR TO ANY MATTER ARISING OUT OF OR RELATING TO THIS INDENTURE
SUPPLEMENT; PROVIDED, THAT EACH PARTY HERETO ACKNOWLEDGES THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF THE BOROUGH OF MANHATTAN IN NEW YORK CITY; PROVIDED, FURTHER, THAT NOTHING IN THIS
INDENTURE SUPPLEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE THE INDENTURE TRUSTEE FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE NOTES, OR TO ENFORCE A JUDGMENT OR
OTHER COURT ORDER IN FAVOR OF THE INDENTURE TRUSTEE. EACH PARTY HERETO SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH PARTY HERETO HEREBY WAIVES ANY OBJECTION THAT SUCH PARTY MAY HAVE
BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS AND HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. EACH PARTY HERETO HEREBY WAIVES PERSONAL SERVICE OF
THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH PARTY AT ITS ADDRESS DETERMINED IN
ACCORDANCE WITH SECTION 10.4 OF THE INDENTURE AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF SUCH PARTY’S ACTUAL RECEIPT THEREOF OR THREE DAYS AFTER DEPOSIT IN THE UNITED STATES MAIL, PROPER POSTAGE PREPAID.
NOTHING IN THIS SECTION SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. 

BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND
EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, THE PARTIES HERETO WAIVE ALL RIGHT
TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION
WITH THIS INDENTURE SUPPLEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

  

					
		 	
 36
	 	 Indenture Supplement

Series 2014-VFN[—]

 SECTION 8.5. Limitation of Liability. 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 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 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 document. 
 SECTION 8.6.
Rights of the Indenture Trustee. The Indenture Trustee shall have herein the same rights, protections, indemnities and immunities as specified in the Indenture. 

SECTION 8.7. Compliance with Applicable Anti-Terrorism and Anti-Money Laundering Regulations.
In order to comply with laws, rules and regulations applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering, the Indenture Trustee is required to obtain, verify and record certain
information relating to individuals and entities which maintain a business relationship with the Indenture Trustee. Accordingly, each of the parties hereto agrees to provide to the Indenture Trustee upon its request from time to time such
identifying information and documentation as may be available for such party in order to enable the Indenture Trustee to comply with applicable law. 

SECTION 8.8. Tax. It is the intent of the parties hereto that, for purposes of Federal, State and local income and franchise tax and
any other tax measured in whole or in part by income, the Series 2014-VFN[—] Notes shall be treated as debt. 

[SIGNATURE PAGE FOLLOWS] 

  

					
		 	
 37
	 	 Indenture Supplement

Series 2014-VFN[—]

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

			
	GE CAPITAL CREDIT CARD MASTER NOTE TRUST, as Issuer
		
	By:	 	 BNY MELLON TRUST OF DELAWARE,
 not in its
individual capacity, but solely as
 Trustee on behalf of Issuer

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Indenture Trustee
		
	 By:
	 	
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  

					
		 	S-1	 	 Indenture Supplement

Series 2014-VFN[—]

 EXHIBIT A-1 

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

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND,
ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT AS SET FORTH IN THE NEXT SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER OF THIS CLASS A NOTE: 

 

	 	(1)	AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT IN A PRIVATE TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH THE TERMS OF THE INDENTURE (AS DEFINED HEREIN), AND
AGREES (UNLESS SUCH REQUIREMENT SHALL HAVE BEEN WAIVED IN WRITING BY THE ISSUER WITH RESPECT TO ANY TRANSFER) TO FURNISH THE ISSUER A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE TRANSFER OF THIS NOTE (THE FORM OF
WHICH CAN BE OBTAINED FROM THE ISSUER) AND, IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF NOTES LESS THAN $250,000, AGREES TO FURNISH AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE
SECURITIES ACT AND, AGREES THAT IN ALL CASES IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT IN ACCORDANCE WITH THE APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND IF REQUESTED BY THE
INDENTURE TRUSTEE, AGREES TO FURNISH A TAXPAYER IDENTIFICATION CERTIFICATION ON FORM W-9 OR W-8BEN, AS APPLICABLE, FOR THE PROPOSED TRANSFEREE; 

  

	 	(2)	REPRESENTS THAT IT IS NOT ACQUIRING THE NOTE WITH THE PLAN ASSETS OF (I) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”), WHICH IS SUBJECT TO TITLE I OF ERISA, (II) A “PLAN” AS DEFINED IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (III) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE
PLAN ASSETS BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH ENTITY, OR (IV) A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN THAT IS SUBJECT TO APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF
ERISA OR SECTION 4975 OF THE CODE; AND 

  

					
		 		 	Form of Class A Note (20[—]-[—])

	 	(3)	AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. 

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME DIRECTLY OR INDIRECTLY INSTITUTE OR CAUSE TO BE INSTITUTED
AGAINST THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDING OR OTHER PROCEEDING UNDER ANY FEDERAL OR STATE BANKRUPTCY LAW UNLESS NOTEHOLDERS OF NOT LESS THAN
66 2⁄3% OF THE OUTSTANDING PRINCIPAL AMOUNT OF EACH CLASS OF EACH SERIES HAS APPROVED SUCH FILING AND IT WILL NOT DIRECTLY OR INDIRECTLY INSTITUTE OR CAUSE TO
BE INSTITUTED AGAINST THE TRANSFEROR ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDING OR OTHER PROCEEDING UNDER ANY FEDERAL OR STATE BANKRUPTCY LAW IN ANY INSTANCE; PROVIDED, THAT THE FOREGOING SHALL NOT IN
ANYWAY LIMIT THE NOTEHOLDER’S RIGHTS TO PURSUE ANY OTHER CREDITOR RIGHTS OR REMEDIES THAT THE NOTEHOLDERS MAY HAVE FOR CLAIMS AGAINST THE ISSUER. 

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

  

					
		 	Exhibit A-1 (Page 2)	 	Form of Class A Note (20[—]-[—])

			
	REGISTERED	 	 Up to $        

	No. R-        	 	

 GE CAPITAL CREDIT CARD 

MASTER NOTE TRUST SERIES 20[—]-[—] 

CLASS A SERIES 20[—]-[—] FLOATING RATE
ASSET BACKED NOTE 
 GE Capital Credit Card Master Note Trust (herein referred to as the “Issuer” or the “Trust”), a Delaware statutory
trust governed by a Trust Agreement dated as of September 25, 2003 (as amended or supplemented from time to time), for value received, hereby promises to pay to
                                        , [as
Managing Agent (as defined in the Class A Loan Agreement (as defined herein)) for its Lender Group (as defined in the Class A Loan Agreement (as defined herein))], or registered assigns, subject to the following provisions, a maximum
principal sum of
                                        DOLLARS,
or such greater or lesser amount as determined in accordance with the Indenture, on the                     Payment Date, except as otherwise
provided below or in the Indenture. The Issuer will pay interest on each Payment Date on the aggregate unpaid principal amount of the Class A Notes in an amount equal to the Class A Monthly Interest for the preceding Interest Period. The
holder of this Note shall be entitled to a portion of such Class A Monthly Interest allocated to this Note pursuant to the Loan Agreement (Series
20[—]-[—], Class A), dated as of             , 20[—] (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Class A Loan Agreement”), among the Issuer, the lenders parties thereto and the managing
agents for the lender groups parties thereto. Principal of this Note shall be paid in the manner specified in the Indenture Supplement referred to on the reverse hereof. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. 
 Reference is made to the further provisions of this Note set forth on the reverse
hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate of authentication
hereon has been executed by or on behalf of the Indenture Trustee, by manual signature, this Note shall not be entitled to any benefit under the Indenture or the Indenture Supplement referred to on the reverse hereof, or be valid for any purpose.

  

					
		 	Exhibit A-1 (Page 3)	 	Form of Class A Note (20[—]-[—])

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

 

			
	GE CAPITAL CREDIT CARD MASTER NOTE TRUST, as Issuer
		
	By:	 	BNY Mellon Trust of Delaware, not in its individual capacity but solely as Trustee on behalf of Issuer
		
	By:	 	  

	Name:	 	
	Title:	 	

 Dated:             , 20[—] 

  

					
		 	Exhibit A-1 (Page 4)	 	Form of Class A Note (20[—]-[—])

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Indenture Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	Authorized Signatory

  

					
		 	Exhibit A-1 (Page 5)	 	Form of Class A Note (20[—]-[—])

 GE CAPITAL CREDIT CARD 

MASTER NOTE TRUST SERIES 20[—]-[—] 

CLASS A SERIES 20[—]-[—] FLOATING RATE
ASSET BACKED NOTE 
 Summary of Terms and Conditions 

This Class A Note is one of a duly authorized issue of Notes of the Issuer, designated as GE Capital Credit Card Master Note Trust,
Series 20[—]-[—] (the “Series
20[—]-[—] Notes”), issued under a Master Indenture dated as of September 25, 2003 (as amended, the “Master
Indenture”), between the Issuer and Deutsche Bank Trust Company Americas, as indenture trustee (the “Indenture Trustee”), as supplemented by the Series 20[—]-[—] Indenture Supplement dated as of             , 20[—] (the “Indenture
Supplement”), and representing the right to receive certain payments from the Issuer. The term “Indenture,” unless the context otherwise requires, refers to the Master Indenture as supplemented by the Indenture Supplement. The
Notes are subject to all of the terms of the Indenture. All terms used in this Note that are defined in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture. In the event of any conflict or inconsistency between the
Indenture and this Note, the Indenture shall control. 
 The Class B Notes will also be issued under the Indenture. 

The Noteholder, by its acceptance of this Note, agrees that it will look solely to the property of the Issuer allocated to the payment of this
Note for payment hereunder and that neither the Trustee nor the Indenture Trustee is liable to the Noteholders for any amount payable under the Notes or the Indenture or, except in the case of the Indenture Trustee as expressly provided in the
Indenture, subject to any liability under the Indenture. 
 This Note does not purport to summarize the Indenture and reference is made to
the Indenture for the interests, rights and limitations of rights, benefits, obligations and duties evidenced thereby, and the rights, duties and immunities of the Indenture Trustee. 

THIS CLASS A NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST IN, THE ISSUER, GE CAPITAL RETAIL BANK, RFS HOLDING, L.L.C., OR ANY OF
THEIR AFFILIATES, AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY. THIS CLASS A NOTE IS LIMITED IN RIGHT OF PAYMENT TO CERTAIN COLLECTIONS WITH RESPECT TO THE
RECEIVABLES (AND CERTAIN OTHER COLLATERAL) ALLOCATED TO THE SERIES 20[—]-[—] NOTES, ALL AS MORE SPECIFICALLY SET FORTH HEREINABOVE AND IN THE
INDENTURE. 
 The Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee shall treat the person in whose name
this Class A Note is registered as the owner hereof for all purposes, and neither the Issuer, the Indenture Trustee nor any agent of the Issuer or the Indenture Trustee shall be affected by notice to the contrary. 

  

					
		 	Exhibit A-1 (Page 6)	 	Form of Class A Note (20[—]-[—])

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

  

					
		 	Exhibit A-1 (Page 7)	 	Form of Class A Note (20[—]-[—])

 ASSIGNMENT 

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

			
	Dated:            	 	 **

		 	Signature Guaranteed:

  
  

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

  

					
		 	Exhibit A-1 (Page 8)	 	Form of Class A Note (20[—]-[—])

 EXHIBIT A-2 

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

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND,
ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT AS SET FORTH IN THE NEXT SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER OF THIS CLASS B NOTE: 

 

	 	(1)	AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT IN A PRIVATE TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH THE TERMS OF THE INDENTURE (AS DEFINED HEREIN), AND
AGREES (UNLESS SUCH REQUIREMENT SHALL HAVE BEEN WAIVED IN WRITING BY THE ISSUER WITH RESPECT TO ANY TRANSFER) TO FURNISH THE ISSUER A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE TRANSFER OF THIS NOTE (THE FORM OF
WHICH CAN BE OBTAINED FROM THE ISSUER) AND, IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF NOTES LESS THAN $250,000, AGREES TO FURNISH AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE
SECURITIES ACT AND, AGREES THAT IN ALL CASES IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT IN ACCORDANCE WITH THE APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND IF REQUESTED BY THE
INDENTURE TRUSTEE, AGREES TO FURNISH A TAXPAYER IDENTIFICATION CERTIFICATION ON FORM W-9 OR W-8, AS APPLICABLE, FOR THE PROPOSED TRANSFEREE; 

  

	 	(2)	REPRESENTS THAT IT IS NOT ACQUIRING THE NOTE WITH THE PLAN ASSETS OF (I) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”), WHICH IS SUBJECT TO TITLE I OF ERISA, (II) A “PLAN” AS DEFINED IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (III) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE
PLAN ASSETS BY REASON OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH ENTITY, OR (IV) A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN THAT IS SUBJECT TO APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF
ERISA OR SECTION 4975 OF THE CODE; AND 

  

					
		 	Exhibit A-2 (Page 1)	 	Form of Class B Note (20[—]-[—])

	 	(3)	AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. 

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME DIRECTLY OR INDIRECTLY INSTITUTE OR CAUSE TO BE INSTITUTED
AGAINST THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDING OR OTHER PROCEEDING UNDER ANY FEDERAL OR STATE BANKRUPTCY LAW UNLESS NOTEHOLDERS OF NOT LESS THAN
66 2⁄3% OF THE OUTSTANDING PRINCIPAL AMOUNT OF EACH CLASS OF EACH SERIES HAS APPROVED SUCH FILING AND IT WILL NOT DIRECTLY OR INDIRECTLY INSTITUTE OR CAUSE TO
BE INSTITUTED AGAINST THE TRANSFEROR ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDING OR OTHER PROCEEDING UNDER ANY FEDERAL OR STATE BANKRUPTCY LAW IN ANY INSTANCE; PROVIDED, THAT THE FOREGOING SHALL NOT IN
ANYWAY LIMIT THE NOTEHOLDER’S RIGHTS TO PURSUE ANY OTHER CREDITOR RIGHTS OR REMEDIES THAT THE NOTEHOLDERS MAY HAVE FOR CLAIMS AGAINST THE ISSUER. 

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

  

					
		 	Exhibit A-2 (Page 2)	 	Form of Class B Note (20[—]-[—])

			
	REGISTERED	 	 Up to $        

	No. R-        	 	

 GE CAPITAL CREDIT CARD 

MASTER NOTE TRUST SERIES 20[—]-[—] 

CLASS B SERIES 20[—]-[—] FLOATING RATE
ASSET BACKED NOTE 
 GE Capital Credit Card Master Note Trust (herein referred to as the “Issuer” or the “Trust”), a
Delaware statutory trust governed by a Trust Agreement dated as of September 25, 2003 (as amended or supplemented from time to time), for value received, hereby promises to pay to
                                        , [as
Managing Agent (as defined in the Class A Loan Agreement (as defined herein)) for its Lender Group (as defined in the Class A Loan Agreement (as defined herein))], or registered assigns, subject to the following provisions, a maximum
principal sum of
                                        DOLLARS,
or such greater or lesser amount as determined in accordance with the Indenture, on the                     Payment Date, except as otherwise
provided below or in the Indenture. The Issuer will pay interest on each Payment Date on the aggregate unpaid principal amount of the Class B Notes in an amount equal to the Class B Monthly Interest for the preceding Interest Period. The holder of
this Note shall be entitled to a portion of such Class B Monthly Interest allocated to this Note pursuant to the Loan Agreement (Series
20[—]-[—], Class B), dated as of             , 20[—] (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Class B Loan Agreement”), between the Issuer and the lender party thereto. Principal of this
Note shall be paid in the manner specified in the Indenture Supplement referred to on the reverse hereof. 
 The principal of and interest
on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set
forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by or on behalf of the Indenture
Trustee, by manual signature, this Note shall not be entitled to any benefit under the Indenture or the Indenture Supplement referred to on the reverse hereof, or be valid for any purpose. 

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

  

					
		 	Exhibit A-2 (Page 3)	 	Form of Class B Note (20[—]-[—])

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

 

			
	GE CAPITAL CREDIT CARD MASTER NOTE TRUST, as Issuer
		
	By:	 	BNY Mellon Trust of Delaware, not in its individual capacity but solely as Trustee on behalf of Issuer
		
	By:	 	  

	Name:	 	
	Title:	 	

 Dated:             , 20[—] 

  

					
		 	Exhibit A-2 (Page 4)	 	Form of Class B Note (20[—]-[—])

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Indenture Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	Authorized Signatory

  

					
		 	Exhibit A-2 (Page 5)	 	Form of Class B Note (20[—]-[—])

 GE CAPITAL CREDIT CARD 

MASTER NOTE TRUST SERIES 20[—]-[—] 

CLASS B SERIES 20[—]-[—] FLOATING RATE
ASSET BACKED NOTE 
 Summary of Terms and Conditions 

This Class B Note is one of a duly authorized issue of Notes of the Issuer, designated as GE Capital Credit Card Master Note Trust, Series 20[—]-[—] (the “Series 20[—]-[—]
Notes”), issued under a Master Indenture dated as of September 25, 2003 (as amended, the “Master Indenture”), between the Issuer and Deutsche Bank Trust Company Americas, as indenture trustee (the “Indenture Trustee”),
as supplemented by the Series 20[—]-[—] Indenture Supplement dated as of
            , 20[—] (the “Indenture Supplement”), and representing the right to receive certain payments from the Issuer. The
term “Indenture,” unless the context otherwise requires, refers to the Master Indenture as supplemented by the Indenture Supplement. The Notes are subject to all of the terms of the Indenture. All terms used in this Note that are defined
in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture. In the event of any conflict or inconsistency between the Indenture and this Note, the Indenture shall control. 

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

The Noteholder, by its acceptance of this Note, agrees that it will look solely to the property of the Issuer allocated to the payment of this
Note for payment hereunder and that neither the Trustee nor the Indenture Trustee is liable to the Noteholders for any amount payable under the Notes or the Indenture or, except in the case of the Indenture Trustee as expressly provided in the
Indenture, subject to any liability under the Indenture. 
 This Note does not purport to summarize the Indenture and reference is made to
the Indenture for the interests, rights and limitations of rights, benefits, obligations and duties evidenced thereby, and the rights, duties and immunities of the Indenture Trustee. 

THIS CLASS B NOTE DOES NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST IN, THE ISSUER, GE CAPITAL RETAIL BANK, RFS HOLDING, L.L.C., OR ANY OF
THEIR AFFILIATES, AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY. THIS CLASS B NOTE IS LIMITED IN RIGHT OF PAYMENT TO CERTAIN COLLECTIONS WITH RESPECT TO THE
RECEIVABLES (AND CERTAIN OTHER COLLATERAL) ALLOCATED TO THE SERIES 20[—]-[—] NOTES, ALL AS MORE SPECIFICALLY SET FORTH HEREINABOVE AND IN THE
INDENTURE. 
 The Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee shall treat the person in whose name
this Class B Note is registered as the owner hereof for all purposes, and neither the Issuer, the Indenture Trustee nor any agent of the Issuer or the Indenture Trustee shall be affected by notice to the contrary. 

  

					
		 	Exhibit A-2 (Page 6)	 	Form of Class A Note (20[—]-[—])

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

  

					
		 	Exhibit A-2 (Page 7)	 	Form of Class A Note (20[—]-[—])

 ASSIGNMENT 

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

							
	Dated:                ,         	 		 		 	**    
		 		 	  
 Signature Guaranteed:
	 	

  
  

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

  

					
		 	Exhibit A-2 (Page 8)	 	Form of Class A Note (20[—]-[—])

 EXHIBIT B 

Monthly Noteholder’s Statement 

GE Capital Credit Card Master Note Trust 

[—]-[—]

 Pursuant to the Master Indenture, dated as of September 25, 2003 (as amended and supplemented, the “Indenture”)
between GE Capital Credit Card Master Note Trust (the “Issuer”) and Deutsche Bank Trust Company Americas, as indenture trustee (the “Indenture Trustee”), as supplemented by the Series [—]-[—] Indenture Supplement (the “Indenture Supplement”), dated as of
            , 20[—], between the Issuer and the Indenture Trustee, the Issuer is required to prepare, or cause the Servicer to prepare,
certain information each month regarding current distributions to the Series [—]-[—] Noteholders and the performance of the Trust during the
previous month. The information required to be prepared with respect to the Payment Date of             , 20[—], and with respect to the
performance of the Trust during the Monthly Period ended             , 20[—] is set forth below. Capitalized terms used herein are
defined in the Indenture and the Indenture Supplement. The Discount Percentage (as defined in the Transfer Agreement) remains at [—]% for all the Receivables in the Trust until otherwise indicated.
The undersigned, an Authorized Officer of the Servicer, does hereby certify as follows: 
 Record Date: 

Monthly Period Beginning: 
 Monthly Period Ending: 

Previous Payment Date: 
 Payment Date: 

Interest Period Beginning: 
 Interest Period Ending: 

Days in Monthly Period: 
 Days in Interest Period: 

LIBOR Determination Date: 
 LIBOR Rate: 

Is there a Reset Date? 
 Reset Date #1: 

 

			
	I.	  	Trust Receivables Information
		
	a.	  	Number of Accounts Beginning
	b.	  	Number of Accounts Ending
	c.	  	Average Account Balance (q / b)
	d.	  	BOP Aggregate Principal Receivables
	e.	  	BOP Finance Charge Receivables
	f.	  	BOP Total Receivables
	g.	  	Increase in Principal Receivables from Additional Accounts
	h.	  	Increase in Principal Activity on Existing Securitized Accounts
	i.	  	Increase in Finance Charge Receivables from Additional Accounts
	j.	  	Increase in Finance Charge Activity on Existing Securitized Accounts
	k.	  	Increase in Total Receivables
	l.	  	Decrease in Principal Receivables due to Account Removal
	m.	  	Decrease in Principal Activity on Existing Securitized Accounts
	n.	  	Decrease in Finance Charge Receivables due to Account Removal
	o.	  	Decrease in Finance Charge Activity on Existing Securitized Accounts
	p.	  	Decrease in Total Receivables
	q.	  	EOP Aggregate Principal Receivables
	r.	  	EOP Finance Charge Receivables
	s.	  	EOP Total Receivables
	t.	  	Excess Funding Account Balance
	u.	  	Required Principal Balance
	v.	  	Minimum Free Equity Amount (EOP Aggregate Principal Receivables * [—]%)
	w.	  	Free Equity Amount (EOP Principal Receivables - EOP Collateral Amount (II.d.ii+II.a.ii+II.b.ii+II.b.iii))

  

					
		 	Exhibit B (Page 1)	 	Form of Class B Note (20[—]-[—])

							
	II.	  	Investor Information (Sum of all Series, excluding new issuances and additional draws subsequent to end of the Monthly Period)
		
	a.	  	Note Principal Balance
		  	i.	  	Beginning of Interest Period
		  	ii.	  	Increase in Note Principal Balance due to New Issuance / Additional Draws
		  	iii.	  	Decrease in Note Principal Balance due to Principal Paid and Notes Retired
		  	iv.	  	As of Payment Date
	b.	  	Excess Collateral Amount
		  	i.	  	Beginning of Interest Period
		  	ii.	  	Change to Enhancement Amount
		  	iii.	  	Increase in Excess Collateral Amount due to New Issuance
		  	iv.	  	Reductions in Required Excess Collateral Amount
		  	v.	  	Increase/Decrease in Unreimbursed Investor Charge-Off
		  	vi.	  	Increase/Decrease in Unreimbursed Reallocated Principal Collections
		  	vii.	  	As of Payment Date
	c.	  	Principal Accumulation Account Balance
		  	i.	  	Beginning of Interest Period
		  	ii.	  	Controlled Deposit Amount
		  	iii.	  	Withdrawal for Principal Payment
		  	iv.	  	As of Payment Date
	d.	  	Collateral Amount
		  	i.	  	End of Prior Monthly Period
		  	ii.	  	Beginning of Interest Period
		  	iii.	  	As of Payment Date
		
	III.	  	Trust Performance Data (Monthly Period)
		
	a.	  	Gross Trust Yield (Finance Charge Collections + Recoveries / BOP Principal Receivables)
		  	i.	  	Current
		  	ii.	  	Prior Monthly Period
		  	iii.	  	Two Months Prior Monthly Period
		  	iv.	  	Three-Month Average
	b.	  	Payment Rate (Principal Collections / BOP Principal Receivables)
		  	i.	  	Current
		  	ii.	  	Prior Monthly Period
		  	iii.	  	Two Months Prior Monthly Period
		  	iv.	  	Three-Month Average
	c.	  	Gross Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts - Fraud Amount / BOP Principal Receivables)
		  	i.	  	Current
		  	ii.	  	Prior Monthly Period
		  	iii.	  	Two Months Prior Monthly Period
		  	iv.	  	Three-Month Average
	d.	  	Gross Charge-Off Rate (Default Amount for Defaulted Accounts / BOP Principal Receivables)
	e.	  	Net Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts - Recoveries - Fraud Amount / BOP Principal Receivable
		  	i.	  	Current
		  	ii.	  	Prior Monthly Period
		  	iii.	  	Two Months Prior Monthly Period
		  	iv.	  	Three-Month Average
	f.	  	Net Charge-Off Rate (Default Amount for Defaulted Accounts - Recoveries/ BOP Principal Receivables)
	g.	  	Trust excess spread percentage ((FC Coll - Charged-Off Rec - Monthly Interest +/- Net Swaps - Monthly Servicing Fee) / BOP Principal Receivables)
	h.	  	Default Amount for Defaulted Accounts
	i.	  	Recovery Amount
	j.	  	Collections
		  	i.	  	Total Trust Finance Charge Collections
		  	ii.	  	Total Trust Principal Collections
		  	iii.	  	Total Trust Collections
	k.	  	Delinquency Data
                                         
                               Percentage
                                        
Total Receivables
		  	i.	  	1-29 Days Delinquent
		  	ii.	  	30-59 Days Delinquent

  

					
		 	Exhibit B (Page 2)	 	Form of Class B Note (20[—]-[—])

					
		  	iii.	  	60-89 Days Delinquent
		  	iv.	  	90-119 Days Delinquent
		  	v.	  	120-149 Days Delinquent
		  	vi.	  	150-179 Days Delinquent
		  	vii.	  	180 or Greater Days Delinquent
		
	IV.	  	Series Performance Data
		
	a.	  	Portfolio Yield (Finance Charge Collections + Recoveries - Aggregate Investor Default Amount / BOP Collateral)
		  	i.	  	Current
		  	ii.	  	Prior Monthly Period
		  	iii.	  	Two Months Prior Monthly Period
		  	iv.	  	Three-Month Average
	b.	  	Base Rate (Noteholder Servicing Fee + Admin Fee + Monthly Interest + Swap Payments - Swap Receipts / BOP Collateral)
		  	i.	  	Current
		  	ii.	  	Prior Monthly Period
		  	iii.	  	Two Months Prior Monthly Period
		  	iv.	  	Three-Month Average
	c.	  	Excess Spread Percentage (Portfolio Yield - Base Rate)
		  	i.	  	Current
		  	ii.	  	Prior Monthly Period
		  	iii.	  	Two Months Prior Monthly Period
		  	iv.	  	Quarterly Excess Spread Percentage
		
	V.	  	Investor Information
		
	a.	  	Class A Note Principal Balance
		  	i.	  	Beginning of Interest Period
		  	ii.	  	Principal Balance Increase
		  	iii.	  	Principal Payment
		  	iv.	  	As of Payment Date
	b.	  	Class B Note Principal Balance
		  	i.	  	Beginning of Interest Period
		  	ii.	  	Principal Balance Increase
		  	iii.	  	Principal Payment
		  	iv.	  	As of Payment Date
	c.	  	Excess Collateral Amount
		  	i.	  	Beginning of Interest Period
		  	ii.	  	Reduction in Excess Collateral Amount
		  	iii.	  	Change due to amendment of Series
		  	iii.	  	As of Payment Date
	d.	  	Collateral Amount
		  	i.	  	Beginning of Interest Period
		  	ii.	  	Increase/Decrease in Unreimbursed Investor Charge-Offs
		  	iii.	  	Increase/Decrease in Reallocated Principal Collections
		  	iv.	  	Change due to amendment of Series
		  	v.	  	Reduction in Excess Collateral Amount
		  	vi.	  	Principal Payments
		  	vii.	  	As of Payment Date
		  	viii.	  	Collateral Amount as a Percentage of Note Trust Principal Balance
		  	ix.	  	Amount by which Note Principal Balance exceeds Collateral Amount
	e.	  	Required Excess Collateral Amount
		
	VI.	  	Investor Charge-Offs and Reallocated Principal Collections (Section references relate to Indenture Supplement)
		
	a.	  	Beginning Unreimbursed Investor Charge-Offs
	b.	  	Current Unreimbursed Investor Defaults
	c.	  	Current Unreimbursed Investor Uncovered Dilution Amount
	d.	  	Current Reimbursement of Investor Charge-Offs pursuant to Section 4.4(a)(x)
	e.	  	Ending Unreimbursed Investor Charge-Offs
	f.	  	Beginning Unreimbursed Reallocated Principal Collections
	g.	  	Current Reallocated Principal Collections pursuant to Section 4.7
	h.	  	Current Reimbursement of Reallocated Principal Collections pursuant to Section 4.4(a)(x)
	i.	  	Ending Unreimbursed Reallocated Principal Collections

  

					
		 	Exhibit B (Page 3)	 	Form of Class B Note (20[—]-[—])

									
	VII.	  	Investor Percentages - BOP Balance and Series Account Information
		
	a.	  	Allocation Percentage Numerator - for Finance Charge Collections and Default Amounts
	b.	  	Allocation Percentage Numerator - for Principal Collections
	c.	  	Allocation Percentage Denominators
		  	i.	  	Aggregate Principal Receivables Balance as of Prior Monthly Period
		  	ii.	  	Number of Days at Balance
		  	iii.	  	Aggregate Principal Receivables Balance on Reset Date 1
		  	iv.	  	Number of Days at Balance
		  	v.	  	Average Principal Balance
	d.	  	Sum of Allocation Percentage Numerators for all outstanding Series with respect to Finance Charge Collections and Default Amounts
	e.	  	Sum of Allocation Percentage Numerators for all outstanding Series with respect to Principal Collections
	f.	  	“Allocation Percentage, Finance Charge Collections and Default Amount (a. / greater of c.v. or d.)”
	g.	  	Allocation Percentage, Principal Collections (b. / greater of c.v. or e.)
	h.	  	Series Allocation Percentage
		
	VIII.	  	Collections and Allocations
                                         
                                         
      Trust
                                        
Series
		
	a.	  	Finance Charge Collections
	b.	  	Recoveries
	c.	  	Principal Collections
	d.	  	Default Amount
	e.	  	Dilution (Included in I.g.)
	f.	  	Investor Uncovered Dilution Amount
	g.	  	Dilution including Fraud Amount
	h.	  	Available Finance Charge Collections
		  	i.	  	Investor Finance Charge Collections
		  	ii.	  	Excess Finance Charge Collections allocable to Series [—]-[—]
		  	iii.	  	Net Swap Receipts
		  	iv.	  	Investment earnings in the Spread Account
		  	v.	  	Recoveries
	i.	  	Available Finance Charge Collections (Sum of h.i through h.v)
	j.	  	Total Collections (c.Series + i.)
	k.	  	Total Finance Charge Collections deposited in the Collection Account (net of any amounts distributed to Transferor and owed to Servicer)
		
	IX.	  	Application of Available Funds pursuant to Section 4.4(a) of the Indenture Supplement
	
	Available Finance Charge Collections
		
	(i.)	  	On a pari passu basis:
		  	(a)	  	Payment to the Indenture Trustee, to a maximum of $25,000
		  	(b)	  	Payment to the Trustee, to a maximum of $25,000
		  	(c)	  	Payment to the Administrator, to a maximum of $25,000
	(ii.)	  	To the Servicer:
		  	(a)	  	Noteholder Servicing Fee
		  	(b)	  	Noteholder Servicing Fee previously due but not paid
		  	(c)	  	Total Noteholder Servicing Fee
	(iii.)	  	On a pari passu basis:
		  	(a)	  	Class A Unpaid Monthly Interest
		  	(b)	  	Class A Net Swap Payments
		  	(c)	  	Class A Net Swap Payments not paid on a prior Payment Date
	(iv.)	  	Class A Non-Use Fee:
		  	(a)	  	Class A Non-Use Fee
		  	(b)	  	Class A Non-Use Fee previously due but unpaid
	(v.)	  	Class A Rated Additional Amounts:
		  	(a)	  	Class A Rated Additional Amounts
		  	(b)	  	Class A Rated Additional Amounts previously due but unpaid
	(vi.)	  	On a pari passu basis:
		  	(a)	  	Class B Unpaid Monthly Interest
		  	(b)	  	Class B Net Swap Payments
		  	(c)	  	Class B Net Swap Payments not paid on a prior Payment Date
	(vii.)	  	Class B Non-Use Fee:
		  	(a)	  	Class B Non-Use Fee

  

					
		 	Exhibit B (Page 4)	 	Form of Class B Note (20[—]-[—])

							
		  	(b)	  	Class B Non-Use Fee previously due but unpaid
	(viii.)	  	Class B Rated Additional Amounts:
		  	(a)	  	Class B Rated Additional Amounts
		  	(b)	  	Class B Rated Additional Amounts previously due but unpaid
	(ix.)	  	To be treated as Available Principal Collections:
		  	(a)	  	Aggregate Investor Default Amount
		  	(b)	  	Aggregate Investor Uncovered Dilution Amount
	(x.)	  	To be treated as Available Principal Collections, to the extent not previously reimbursed
		  	(a)	  	Investor Charge-offs
		  	(b)	  	Reallocated Principal Collections
	(xi.)	  	Amounts required to be deposited to the Spread Account
	(xii.)	  	Class A Senior Unrated Additional Amounts:
		  	(a)	  	Class A Senior Unrated Additional Amounts
		  	(b)	  	Class A Senior Unrated Additional Amounts previously due but unpaid
	(xiii.)	  	Class B Senior Unrated Additional Amounts:
		  	(a)	  	Class B Senior Unrated Additional Amounts
		  	(b)	  	Class B Senior Unrated Additional Amounts previously due but unpaid
	(xiv.)	  	Class A Subordinated Unrated Additional Amounts:
		  	(a)	  	Class A Subordinated Unrated Additional Amounts
		  	(b)	  	Class A Subordinated Unrated Additional Amounts previously due but unpaid
	(xv.)	  	Class B Subordinated Unrated Additional Amounts:
		  	(a)	  	Class B Subordinated Unrated Additional Amounts
		  	(b)	  	Class B Subordinated Unrated Additional Amounts previously due but unpaid
	(xvi.)	  	To be treated as Available Principal Collections: Series Allocation Percentage of Minimum Free Equity Shortfall
	(xvii.)	  	On a pari passu basis, any amounts unpaid in clause (i) above
	(xviii.)	  	The balance, if any, will constitute a portion of Excess Finance Charge Collections for such Payment Date and first will be available for allocation to other Series in Group One and, then:
		  	a.	  	Unless an Early Amortization Event has occurred, to the Transferor; and or
		  	b.	  	If an Early Amortization Event has occurred, first, to pay Monthly Principal in accordance with Section 4.4(c) of the Indenture to the extent not paid in full from Available Principal Collections (calculated without
regard to amounts available to be treated as Available Principal Collections pursuant to this clause), second, to pay on a pari passu basis any amounts owed to such Persons listed in clause (a)(i) above that have been allocated to Series [—]-[—] in accordance with Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (a)(i) and (a)(xi) above, and, third, any
amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (a)(i) above shall be paid to the Issuer.
		
	X.	  	Excess Finance Charge Collections (Group One)
		
	a.	  	Total Excess Finance Charge Collections in Group One
	b.	  	Finance Charge Shortfall for Series [—]-[—]
	c.	  	Finance Charge Shortfall for all Series in Group One
	d.	  	Excess Finance Charges Collections Allocated to Series [—]-[—]
		
	XI.	  	Available Principal Collections and Distributions (Section references relate to Indenture Supplement)
		
	a.	  	Investor Principal Collections
	b.	  	Less: Reallocated Principal Collections for the Monthly Period pursuant to Section 4.7
	c.	  	Plus: Shared Principal Collections allocated to this Series
	d.	  	Plus: Aggregate amount to be treated as Available Principal Collections pursuant to Section 4.4(a)(ix)
	e.	  	Plus: Aggregate amount to be treated as Available Principal Collections pursuant to Section 4.4(a)(x)
	f.	  	Plus: During an Early Amortization Period, the amount of Available Finance Charge Collections used to pay principal on the Notes pursuant to Section 4.4(a)(ix)
	g.	  	Available Principal Collections (Deposited to Principal Account)
		  	i.	  	During the Revolving Period, Available Principal Collections treated as Shared Principal Collections Pursuant to Section 4.4(b)
		  	ii.	  	During the Controlled Amortization Period, Available Principal Collections deposited to the Distribution Account pursuant to Section 4.4(c)(i),(ii)
		  	iii.	  	During the Early Amortization Period, Available Principal Collections deposited to the Distribution Account pursuant to Section 4.4(c)
		  	iv.	  	Series Shared Principal Collections available to Group One pursuant to Section 4.4(b) and 4.4(c)(iv)
		  	v.	  	Principal Distributions pursuant to Section 4.4(d) in order of priority
		  		  	a.	  	Principal paid to Class A Noteholders
		  		  	b.	  	Principal paid to Class B Noteholders

  

					
		 	Exhibit A-2 (Page 5)	 	Form of Class B Note (20[—]-[—])

									
		  	vi.	  	Total Principal Collections Available to Share (Inclusive of Series [—]-[—])
		  	vii.	  	Series Principal Shortfall
		  	viii.	  	Shared Principal Collections allocated to this Series from other Series
		
	XII.	  	Spread Account Funding (Section references relate to Indenture Supplement)
		
	a.	  	Spread Account Percentage
	b.	  	Required Spread Account Amount
	c.	  	Beginning Available Spread Account Amount
	d.	  	Withdrawal pursuant to 4.11 (a) - Section 4.4(a)(v) Shortfall
	e.	  	Withdrawal pursuant to 4.11 (b) - Class C Expected Principal Payment Date
	f.	  	Withdrawal pursuant to 4.11 (c) - Early Amortization Event
	g.	  	Withdrawal pursuant to 4.11 (d) - Event of Default
	h.	  	Deposit pursuant to 4.4 (a)(ix) - Spread Account Deficiency
	i.	  	Withdrawal pursuant to 4.11 (f) - Spread Account Surplus Amount
	j.	  	Ending Available Spread Account Amount
		
	XIII.	  	Series Early Amortization Events
			
	a	  	The Free Equity Amount is less than the Minimum Free Equity Amount	  	No
		  	Free Equity:	  	
		  		  	i.	  	Free Equity Amount	  	
		  		  	ii.	  	Minimum Free Equity Amount	  	
		  		  	iii.	  	Excess Free Equity Amount	  	
	b.	  	The Note Trust Principal Balance is less than the Required Principal Balance	  	No
		  	Note Trust Principal Balance:
		  		  	i.	  	Note Trust Principal Balance	  	
		  		  	ii.	  	Required Principal Balance	  	
		  		  	iii.	  	Excess Principal Balance	  	
	c.	  	The three-month average Portfolio Yield is less than three-month average Base Rate	  	No
		  	Portfolio Yield:
		  		  	i.	  	Three month Average Portfolio Yield	  	
		  		  	ii.	  	Three month Average Base Rate	  	
		  		  	iii.	  	Three month Average Excess Spread	  	
	d.	  	The Note Principal Balance is outstanding beyond the Expected Principal Payment Date	  	No
		  		  	i.	  	Scheduled Final Payment Date	  	
		  		  	ii.	  	Current Payment Date	  	
	e.	  	Are there any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments?	  	No
	f.	  	Are there any material breaches or pool of assets representations and warranties or covenants?	  	No
	g.	  	Are there any material changes in criteria used to originate, acquire, or select new pool assets?	  	No
	h.	  	Has an early amortization event occurred?	  	No

  

					
		 	Exhibit B (Page 6)	 	Form of Class B Note (20[—]-[—])

 IN WITNESS WHEREOF, the undersigned has duly executed this Monthly Noteholder’s Statement as of the
            day of             20[—]. 

 

			
	GENERAL ELECTRIC CAPITAL CORPORATION, as Servicer
		
	By:	 	  

	Name:	 	
	Title:	 	

  

					
		 	Exhibit B (Page 7)	 	Form of Class B Note (20[—]-[—])

 EXHIBIT C 

Form of Option Amortization Notice 

[DATE] 
  

	TO:	BNY Mellon Trust of Delaware, as Trustee 

 Deutsche Bank Trust Company Americas, as Indenture
Trustee 
 The Series 20[—]-[—]
Noteholders 
 RE: GE CAPITAL CREDIT CARD MASTER NOTE TRUST, Series 20[—]-[—]/Notice of Designation of Optional Amortization Amount 
 Gentlemen and Ladies: 

This Optional Amortization Notice is delivered to you pursuant to Section 2.2(b) of the Series 20[—]-[—] Indenture Supplement (as amended from time to time, the “Indenture Supplement”), dated as of
            , 20[—], between GE Capital Credit Card Master Note Trust (the “Issuer”) and Deutsche Bank Trust Company
Americas, as indenture trustee (the “Indenture Trustee”). Unless otherwise defined herein or the context otherwise requires, capitalized terms used herein have the meanings provided in the Indenture Supplement. 

The Issuer hereby notifies you that it hereby designates an Optional Amortization Amount of
$[            ] to be distributed to the Class A Noteholders and Class B Noteholders on [            ],
20[    ] (the “Optional Amortization Date”) as specified in Section 2.2(b) of the Indenture Supplement. The related Enhancement Reduction Amount upon payment in full of the Optional Amortization Amount is
$[            ]. 
 The Issuer has caused this Optional Amortization Notice to
be executed and delivered by its duly authorized officer or representative this      day of             ,
            . 
 Please evidence your consent to the Optional Amortization
described in this notice by returning a signed acknowledgement no later than [            ], 20[    ]. 

  

					
		 	Exhibit C (Page 1)	 	Form of Class B Note (20[—]-[—])

	
	GE Capital Credit Card Master Note Trust,
	    as Issuer
	
	By: General Electric Capital Corporation, as Administrator
	
	By:
	Name:
	Title:

  

					
		 	Exhibit C (Page 2)	 	Form of Class B Note (20[—]-[—])

 SCHEDULE I 

PERFECTION REPRESENTATIONS, WARRANTIES 

AND COVENANTS (WITH RESPECT TO RECEIVABLES) 

(a) In addition to the representations, warranties and covenants contained in the Indenture, the Issuer hereby represents, warrants and
covenants to the Indenture Trustee as follows as of the Closing Date and as of each Advance Date: 
 (1) The Indenture
creates a valid and continuing security interest (as defined in the applicable UCC) in the Receivables in favor of the Indenture Trustee, which security interest is prior to all other Liens, and is enforceable as such against creditors of and
purchasers from the Issuer. 
 (2) The Receivables constitute either “accounts” or “general intangibles”
within the meaning of the applicable UCC. 
 (3) The Issuer owns and has good and marketable title to the Receivables free
and clear of any Lien, claim or encumbrance of any Person. 
 (4) There are no consents or approvals required for the pledge
of the Receivables to the Indenture Trustee pursuant to the Indenture. 
 (5) The Issuer (or the Administrator on behalf of
the Issuer) has caused the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest granted to the Indenture Trustee under the
Indenture in the Receivables. 
 (6) Other than the pledge of the Receivables to the Indenture Trustee pursuant to the
Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed the Receivables. The Issuer has not authorized the filing of and is not aware of any financing statements against the Issuer that include a
description of the Receivables, except for the financing statement filed pursuant to the Indenture. 
 (7) Notwithstanding
any other provision of the Indenture, the representations and warranties set forth in this Schedule I shall be continuing, and remain in full force and effect, until such time as the Series
2014-VFN[—] Notes are retired. 
 (b) The Issuer covenants that in order to evidence the
interests of the Issuer and the Indenture Trustee under the Indenture, the Issuer shall take such action, or execute and deliver such instruments as may be necessary or advisable (including, without limitation, such actions as are requested by the
Indenture Trustee) to maintain and perfect, as a first priority interest, the Indenture Trustee’s security interest in the Receivables.

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