Document:

Exhibit 4.1

 

DATED 28
JANUARY 2010

 

THE
CARPHONE WAREHOUSE GROUP PLC

 

and

 

CPW RETAIL HOLDINGS LIMITED

 

and

 

BEST BUY CO., INC.

 

and

 

BEST BUY DISTRIBUTIONS LIMITED

 

and

 

NEW CARPHONE WAREHOUSE GROUP PLC

 

 

AMENDMENT AGREEMENT

 

to the Shareholders Agreement dated

 

30 June 2008, as amended on 29 July 2009

 

 

 

THIS
AGREEMENT is made
on 28 January 2010 

 

PARTIES:

 

(1)         THE CARPHONE WAREHOUSE GROUP PLC a company registered in England and
Wales (company number 03253714) whose registered office is at 1 Portal Way,
London, W3 6RS, United Kingdom (to be renamed TalkTalk Telecom Holdings Limited
on or around the Demerger (as defined below)) (“CPW”);

 

(2)         CPW RETAIL HOLDINGS LIMITED a company registered in England and
Wales (company number 06585729) whose registered office is at 1 Portal Way,
London, W3 6RS, United Kingdom (“CPW
Affiliate”);

 

(3)         BEST BUY CO., INC. a company registered in the state of
Minnesota whose registered office is at 7001 Penn Avenue South Richfield, MN
55423, United States of America (“BBY Hold
Co”);

 

(4)         BEST BUY DISTRIBUTIONS LIMITED a company registered in England and
Wales (company number 06576708) whose registered office is at 100 New Bridge
Street, London, EC4V 6JA, United Kingdom (“BBY Distributions”); and

 

(5)         NEW CARPHONE WAREHOUSE GROUP PLC a company registered in England and
Wales (company number 07105905) whose registered office is at 1 Portal Way,
London, W3 6RS, United Kingdom (to be renamed Carphone Warehouse Group PLC on
or around (the Demerger (as defined below)) (“New CPW”),

 

(together the “parties”).

 

WHEREAS:

 

(A)        The parties (except New CPW) are party to
a shareholders agreement in respect of Best Buy Europe Distributions Limited
(Company No: 6534088, previously called CPW Distribution Holdings Limited) (“JV Co”) dated 30 June 2008, as
amended on 29 July 2009 (“SHA”).

 

(B)  The parties have agreed to amend
certain provisions of the SHA in accordance with the terms of this Agreement.

 

(C)  CPW is proposing to effect a separation
of its “TalkTalk businesses” from its other business interests by a demerger
including a scheme of arrangement followed by the listing on the Official List
of the Financial Services Authority and admission to trading on the main market
of the London Stock Exchange plc of each of New CPW and the new holding company
of the TalkTalk businesses (the “Demerger”).  Prior
to the Demerger becoming effective CPW will transfer all of its Shares to New
CPW and CPW Affiliate will continue to hold its Shares after the Demerger.
Accordingly New CPW will become a party to the SHA in place of CPW such that
New CPW shall thereafter have the benefit of all of CPW’s rights and assume all
of CPW’s obligations under the SHA in accordance with the terms of this
Agreement.

 

IT IS
AGREED as
follows:

 

1.           INTERPRETATION

 

1.1        Words and expressions used in this
Agreement have the meaning given to them in the SHA unless otherwise expressly
specified herein.

 

1

 

1.2        References to Clauses and/or Schedules
shall be references to those contained in the SHA unless otherwise expressly
specified herein. References herein to the SHA shall be deemed to include all
of the Schedules to the SHA.

 

2.           AMENDMENTS TO THE SHA

 

The parties hereby
agree that, with effect from the date of this Agreement the provisions of the
SHA shall be amended pursuant to Clause 24 as follows:

 

2.1         The following definitions in Clause 1.1 shall be
deleted or amended:

 

2.1.1        The
definitions of BBY Loan, BBY Loan Agreement, CPW Loan, CPW Loan Agreement and
JV Shareholder Loans shall all be deleted given all of these loans have been
capitalised in JV Co and no longer exist. All other references to these defined
terms shall be deleted in the SHA.

 

2.1.2        The
definition of Competitor shall be amended as from the Transfer Date to include
any member of the Al-Futtaim group.

 

2.1.3        The
definition of Consortium Relief Agreement shall be amended to include the fact that
New CPW shall as from the Transfer Date automatically replace CPW thereunder
pursuant to the terms of the Deed of Novation.

 

2.1.4        Paragraph
(b) of the definition of JV Investment shall be deleted and replaced with
the following new paragraph (b):

 

(b)     the amount loaned or, to the extent
not loaned, the amount agreed to be loaned or provided pursuant to the JV
Shareholder RCF and/or the Support Letters together with all interest accrued, but
unpaid on any of them;

 

2.1.5        The
definition of Key Agreements shall be amended by deleting references to BBY
Loan Agreement, CPW Loan Agreement and CPW RCF, and inserting references to the
JV Shareholder RCF and Support Letters.

 

2.1.6        The
definition of Fair Market Value shall be amended by adding the words “...or of
the entire JV Group as the case may be....” after the words “JV Co Investment”
and before the word “as” in the second line, and the words “JV Co Investment” in
the second line shall be amended to read “JV Investment”.

 

2.1.7        The
definition of SPA shall be amended to include the fact that New CPW shall as
from the Transfer Date automatically replace CPW thereunder pursuant to the
terms of the Deed of Novation.

 

2.2         Clause 1.1 shall be amended by adding the following
new definitions:

 

“Additional Period” shall have the meaning
given to it in Clause 4.1.10;

 

“Admission” means the admission of
the entire issued share capital of New CPW to the Official List of the FSA and
to trading on the main market for listed securities of the LSE becoming
effective;

 

“Distressed Situation” shall for the purposes of Clause
4.1.8 include, without limitation, where a petition has been presented for the
making of an administration order, an administrative receiver being appointed,
the presentation of a winding-up resolution (except (i) for the purpose of
a solvent liquidation, reorganisation, reconstruction or amalgamation of a JV
Shareholder or JV CO provided that (a)

 

2

 

any
such event in respect of a JV Shareholder will not in the reasonable and good
faith opinion of the other JV Shareholder preclude the ability of such JV
Shareholder to satisfy any or all of its funding obligations in respect of JV
Co and (b) any such event in respect of JV Co will not in the reasonable and
good faith opinion of any JV Shareholder cause an event or a potential
event of default under the RFA or the JV Shareholder RCF that would result in
the acceleration, prepayment or termination of either the RFA or the JV
Shareholder or (ii) where any petition has been withdrawn or dismissed within
three Business Days of it being presented unless a longer period of time is
agreed by (a) both JV Shareholders acting reasonably and in good faith at
the request of either of them in respect of a petition presented against JV CO;
or (b) by the other JV Shareholder acting reasonably and in good faith at
the request of the JV Shareholder who has had the petition presented against
it) or any other analogous event in each case in respect of JV Co or a JV Shareholder,
or there being, in the reasonable and good faith opinion of a JV Shareholder,
an event or a potential event of default under the RFA or the JV Shareholder
RCF that would result in the acceleration, prepayment or termination of either
the RFA or the JV Shareholder RCF.

 

“Deed of Novation” means the deed of novation and
assignment in relation to each of the SPA, the Consortiumn Relief Agreement and
CPW Support Letter, between CPW, CPW Affiliate, BBY Hold Co, BBY Distributions,
New CPW and JV Co dated 28 January 2010;

 

“Funding Date” shall have the meaning given to it
in Clause 4.1.8;

 

“Funding JV Shareholder” shall have the meaning
given to it in Clause 4.1.9;

 

“JV Parent” shall mean any holding company of
CPW in the case of CPW and BBY Hold Co in respect of BBY Distributions;

 

“JV Shareholder RCF” means the revolving credit
facility, in an aggregate amount of £125 million (one hundred and twenty-five),
between CPW, BBY Distributions (as lenders in equal proportions, BBY Hold Co,
JV Co (as borrower) and New CPW entered into on 28 January 2010 and as
from the date of Admission New CPW shall replace CPW thereunder;

 

“Loan Agreement” means any loan agreement to be
entered into between JV Co and the Funding JV Shareholder, by which the Funding
JV Shareholder provides JV Co with an unsecured loan bearing interest at a rate
of LIBOR plus 8% per annum, in the form set out in the Appendix to this
Agreement;

 

“New Shares” shall have the meaning given to it
in Clause 4.1.10;

 

“Non-funding JV Shareholder” shall have the meaning
given to it in Clause 4.1.9;

 

“Outstanding Obligations” shall have the meaning
given to it in Clause 4.1.9;

 

“RFA” means the agreement dated 3
July 2009, entered into between The Carphone Warehouse Limited,
Mobiles.co.uk Limited, CPWCO 18 Limited, Barclays Bank PLC, HSBC Invoice
Finance (UK), RBS Invoice Finance Limited, Credit Suisse, London Branch and
Lloyds TSB Commercial Finance Limited, in connection with a receivables
financing facility of £350 million and as amended or replaced from time to
time;

 

3

 

“Subscription Notice” shall have the meaning given to it
in Clause 4.1.10;

 

“Support Letters” means the support letters, in an
aggregate amount of £50 million (fifty) each provided by each of CPW and BBY
Hold Co to JV Co on 28 January 2010 (the support letter from CPW being the
“CPW Support Letter”) and as from the
date of Admission, the support letter to be provided by New CPW in substitution
for the CPW Support Letter and on substantially the same terms pursuant to the
Deed of Novation;

 

“Transfer Date” means the date on which CPW
transfers all of its Shares to New CPW;

 

“Utilisation Request” shall have the meaning given to it
in Clause 4.1.8;”

 

2.3         Clauses 4.1.1 4.1.2, 4.1.3, 4.1.4 and
4.1.5 shall be deleted and replaced with the following new Clauses:

 

“4.1.1  Subject to the remaining provisions
of this Clause 4.1, JV Co shall be financed out of cash flow, the RFA, the JV
Shareholder RCF, the Support Letters and (if relevant) the facility provided
under the Loan Agreement.

 

4.1.2     JV Co shall be entitled as it shall
determine to utilise the RFA, the JV Shareholder RCF, the Support Letters or
(if relevant) the facility provided under the Loan Agreement for its working
capital purposes.

 

4.1.3     The parties acknowledge and agree
that all amounts drawn down by JV Co under the CPW RCF (including interests and
costs) have been repaid to CPW in full and that the CPW RCF has been terminated
and is no longer available to JV Co and that no party to the CPW RCF has any
claim against the other thereunder and to the extent such claims exist they are
hereby waived.

 

4.1.4     It is further agreed that there has
been no Potential Event of Default or an Event of Default as both were defined
in the CPW Hold Co RCF.

 

4.1.5     Save for the entry into and
provision of the JV Shareholder RCF, the Support Letters and (if relevant) the
Loan Agreement, and in accordance with the terms of each, no party shall be
required to contribute any debt or equity capital to, or to guarantee any debt
of JV Co (or any other member of the JV Group) without that party’s prior
written consent.”

 

2.4         Clauses 4.1.6 and 4.1.7 shall continue in
full force and effect and are not amended or deleted by this Agreement.

 

2.5         The following new Clauses 4.1.8, 4.1.9, 4.1.10, 4.1.11
and 4.1.12 shall be added:

 

“4.1.8  At any time and from time to time JV
Co shall, following a bona fide request from (i) the JV Management Team
acting reasonably and in good faith, or (ii) a JV Shareholder acting
reasonably and in good faith in a Distressed Situation, request a draw-down
under the JV Shareholder RCF in the form of the utilisation request set out in
Schedule 2 thereof (the “Utilisation Request”),
provided that the amount requested in the Utilisation Request, together with
the amounts set out in any Utilisation Request already delivered do not in
aggregate exceed the maximum amount of the facilities made available from each
of the JV Shareholders under the JV Shareholder RCF in aggregate.. Following
receipt of a Utilisation Request, each JV Shareholder shall pay in accordance
with the provisions of the JV

 

4

 

Shareholder RCF in respect of a Utilisation Request. Payment
shall he made by the date (being a date no later than 10 Business Days
following the date of issue of the Utilisation Request) (the “Funding Date”) and to the JV Co account set out in the
Utilisation Request, in immediately available funds.

 

4.1.9    If following service of a
Utilisation Request (i) a JV Shareholder notifies the JV Board that it is
not in a position to satisfy any or all of its obligations under the Utilisation
Request; or (ii) a JV Shareholder fails to make payment in whole or part on the
Funding Date, (a JV Shareholder failing to meet its obligations in either of the
scenarios set out in (i) or (ii) above, a “Non-funding
JV Shareholder”), the remaining JV Shareholder (the “Funding JV Shareholder”), may, in its sole discretion,
within five Business Days following the Funding Date, notify the JV Board that
it wishes to satisfy all (but not some) of the Non-funding JV Shareholder’s
obligations under the Utilisation Request to the extent not paid by the
Non-funding JV Shareholder as at such date. If the Funding JV Shareholder
wishes to satisfy all (but not some) of such Non-funding JV Shareholder’s
outstanding obligations under the Utilisation Request (the “Outstanding
Obligations”), it shall make payment by way of loan to JV Co, as soon
as reasonably practicable and in any event no later than 10 Business Days following
the Funding Date of all (but not some), of the Outstanding Obligations, to the
account set out in the Utilisation Request. Any such loan shall be provided on
the terms and conditions of, and be represented by, the Loan Agreement.

 

4.1.10  If the Funding JV Shareholder has
satisfied all (but not some) of the Non-funding JV Shareholder’s Outstanding
Obligations under Clause 4.1.9, then the Non-funding JV Shareholder shall be
released from all of its obligations in respect of its Outstanding Obligations
provided that the Non-funding JV Shareholder shall be entitled (but not
obliged) at any time during the period of six months following the Funding Date
(the “Additional Period”) to pay all or some
(in a maximum of four tranches and at different times during the Additional
Period) of the Outstanding Obligations and the amount of the loan drawn down
under the Loan Agreement shall be reduced accordingly. The order of priority in
respect of the repayments by JV Co of any amounts under the JV Shareholder RCF
and any Loan Agreement shall be as stated in the JV Shareholder RCF. If following
the expiry of the Additional Period, the Non-Funding JV Shareholder has failed
to satisfy all or part of the Outstanding Obligations, the JV Co Board shall
after a written request (the “Subscription Notice”)
from the Funding JV Shareholder made no later than 10 Business Days after the
end of the Additional Period, and in consideration for the waiver by the
Funding JV Shareholder of JV Co’s obligations under the Loan Agreement entered
into pursuant to Clause 4.1.9 (and as such amount drawn down thereunder may
have been reduced by this Clause 4.1.10), offer the Funding JV Shareholder
Ordinary Shares (“New Shares”) for subscription by
it. The price payable for the New Shares so offered, and the number of New
Shares so offered, shall be determined by reference, to the Fair Market Value
of entire JV Group, so as to equal, in aggregate, the value of the Outstanding
Obligations not so satisfied. The Funding JV Shareholder shall, by written
notice to JV Co within 10 Business Days of the Fair Market Value being agreed
or determined, state whether it wishes to accept the offer on the terms, and in
the amount, set out by the JV Co Board. Once it accepts the offer, the Funding
JV Shareholder shall be bound to make such subscription.

 

4.1.11  If a Loan Agreement is to be entered
into under Clause 4.1.9 and/or the Funding JV Shareholder elects to subscribe
for the New Shares offered under Clause

 

5

 

4.1.10, the Non-funding JV Shareholder shall (in accordance
with the JV Articles of Association and the provisions of this Agreement,
including without limitation Clauses 5.3.4.2 and 6.1.2) give, exercise, make or
pass, or procure to be given, exercised, made or passed, all such consents,
approvals, agreements, waivers, voting rights (including by means of written
resolution), requests and/or resolutions and do, or cause to be done, all such
other acts or things as may be necessary to enter into the Loan Agreement
and/or complete the issue of New Shares, as the case may be. Promptly after
receiving the necessary consents or approvals pursuant to this Clause 4.1.1 1,
JV Co shall, in the case of the Loan Agreement, enter into the Loan Agreement
and, in the case of a Subscription Notice, allot and issue (credited as fully
paid) the relevant New Shares, update the Funding JV Shareholder’s holdings of
Shares in the register of members, and complete and despatch to the Funding JV
Shareholder certificates for the New Shares.

 

4.1.12  The parties agree that they shall
not request or otherwise require pursuant to any provision of this Agreement
(including without limitation pursuant to any Consolidation Reserve Matters),
that the JV Management Team makes any decision or request under Clause 4.1.8.
Accordingly, any decision or request made by the JV Management Team under
Clause 4.1.8 shall be made both in the best interests of JV Co and
independently of any request made by any JV Shareholder.”

 

2.6        Clause 4.2 shall be deleted in its entirety,

 

2.7        Paragraph 1.1  of Schedule 4 shall be amended by adding the wording
“liquidation, reorganisation,” after the word “solvent” and before the word
“reconstruction” on the fourth line.

 

2.8        Paragraph 4.1 of Schedule 5 shall be
amended by adding the wording “or of the entire JV Group, as the case may be”
after the words “JV Investment” and before the word “between” on the second
line.

 

2.10      A new paragraph 4.3.7 shall he added to
paragraph 4.3 of Schedule 5 as follows:

 

“4.3.7  For the purposes
of Clause 4.1.10 the Fair Market Value shall be calculated as at
the last day of the Additional Period (as defined in Clause 4.1.10) and by
reference to the JV Group as a whole.”

 

3.          TRANSFER OF SHARES

 

3.1        CPW currently holds 993,619,764 Shares
(being 993,619,764 ordinary shares of £l each and representing 45% of the aggregate amount of all of
the Shares) (“CPW JV Co Shares”)  and
CPW Affiliate holds 110,402,197 Shares (being 110,402,197 ordinary shares of £1
each in the capital of JV Co representing 5% of the aggregate amount of all of
the Shares) (“CPWAffiliate JV Co Shares”), BBY
Distributions currently holds 1,104,021,961 Shares being 1,104,021,961 ordinary
shares of £1 each and representing 50% of the aggregate amount of all the
Shares.

 

3.2        Prior to the Demerger becoming effective,
New CPW shall become a party to the SHA by executing a  deed of
adherence substantially in the form set out in Schedule 6, by which it agrees
to be bound by the terms of the SHA, and CPW will transfer the CPW JV Co
Shares, together with its holding of shares in CPW Affiliate, to New CPW. CPW
Affiliate will continue to hold the CPW Affiliate JV Co Shares after the
Demerger. CPW

 

6

 

undertakes to BBY Hold Co not to transfer the CPW JV
Co Shares to New CPW until after New CPW becomes the holding company of CPW
pursuant to the scheme of arrangement as part of the Demerger.

 

3.3         The parties hereby agree
that, notwithstanding any provision of the SHA to the contrary (including
without limitation Clause 11),
CPW shall be permitted to transfer the CPW JV Co Shares to New CPW, and that,
subject to the payment of any stamp duty by New CPW in respect of such
transfer, the parties agree to procure that, following such transfer, New CPW
shall be entered into the register of members of JV Co as the holder of the CPW
JV Co shares, and that a share certificate shall be issued to New CPW in
respect of the same.

 

3.4         On and as of the
Transfer Date, and subject to clauses 3.7 and 3.8 below:

 

3.4.1        all references to CPW in the
SHA (both before and after it is amended by this Agreement) shall be deemed to
be a reference to New CPW as if New CPW were named as a party to the SHA in
place of CPW;

 

3.4.2        New CPW shall assume all of
the obligations and liabilities of CPW under the SHA, perform all the
agreements, undertakings and covenants on the part of CPW under the SHA and
take the benefit of all of CPW’s rights under the SHA (in each case both before
and after it is amended by this Agreement) as if New CPW were an original party
to the SHA in place of CPW, notwithstanding that the facts, circumstances or
events giving rise to any of them arose or occurred before or after the
Transfer Date; and

 

3.4.3        CPW shall assign and transfer
to New CPW all of its rights, benefits and claims (subject to all of its
obligations) under the SHA (both before and after it is amended by this Agreement)
in place of CPW, notwithstanding that the facts, circumstances or events giving
rise to any of them arose or occurred before or after the  Transfer Date.

 

3.5         On and as of the Transfer
Date and subject to clauses 3.7 and 3.8 below, each of BBY Hold Co, BBY
Distributions and CPW Retail on the one hand and CPW on the other hand,
releases and discharges the other from all undertakings or obligations to the
other under the SHA (in each case both before and after it is amended by this
Agreement), notwithstanding that the facts, circumstances or events giving rise
to them arose or occurred before the Transfer Date.

 

3.6         Each of BBY Hold Co, BBY
Distributions and CPW Retail on the one hand and CPW on the other hand confirm
that on and as of the Transfer Date, and subject to clauses 3.7 and 3.8 below,
they have no claim of any nature whatsoever including negligence against the
other under or pursuant to the SHA (in each case both before and after it is
amended by this Agreement) and/or on any other account in respect of CPW being
a JV Shareholder and to the extent that any such claims exist they are hereby
waived.

 

3.7         Where Schedule 8 contains an undertaking
or obligation to carry out any act which can only be performed by CPW itself
(including but not limited to the making of a tax claim or election by CPW) CPW
shall remain liable for the same but shall be entitled to indemnification by
New CPW under clause 3.8 below.

 

3.8         New CPW shall indemnify CPW
on demand in respect of any claims, losses, damages, fines, penalties,
interest or costs (together “Indemnified
Claims”)  that CPW suffers or incurs:
(i) under or in connection with the SHA or being a JV Shareholder
notwithstanding that the facts, circumstances or events giving rise to any
Indemnified Claim arose or occurred before or after the Transfer Date; and/or
(ii) the performance of CPW of an undertaking or obligation falling with clause
3.7 above.

 

3.9         On and as from the date of
Admission, each of New CPW on the one hand, and BBY Hold Co and BBY Distributions
on the other, jointly and severally agree that save with the

 

7

 

consent
of the other, neither will place any additional and substantial obligations on
the CEO or CFO or any other senior executives of the JV Co Group in respect of
participating in any business matters including without limitation investor
relation matters for any CPW Group Company or any BBY Group Company (as the
case may be) that would materially distract such persons from their day to day
duties to the JV Co Group.

 

3.10      New CIW undertakes to BBY Distributions
that for a period of 12 months after the Demerger becoming effective with its
terms shall procure that CPW Affiliate will continue to hold at least 5% of the
Shares.

 

4.          AGREED FORM DOCUMENTS

 

The following
documents shall be additional agreed form documents (as initialled on the date
of this Agreement for the purposes of identification by or on behalf of the
parties hereto):

 

4.1        JV Shareholder RCF;

4.2        Support Letters;

4.3        Loan Agreement; and

4.4        Deed of Novation.

 

5.          EFFECT OF THIS AGREEMENT

 

5.1        If the Transfer Date has not occurred on
or before 30 September 2010 all of clause 3 of this Agreement shall be null
and void and will no longer apply and all references to New CPW in the SHA (as
amended by this Agreement) shall be automatically deleted.

 

5.2        Each party agrees, at its own cost, to
perform (or procure the performance of) all further acts and things, and
execute and deliver (or procure the execution and delivery of) such further documents,
as may be required by law or as any of them may reasonably require to implement
and/or give effect to this Agreement and the transactions contemplated by it.

 

5.3        Save as amended by this Agreement, the SHA
shall remain in full force and effect.

 

5.4        Clauses 23.1 to 34 shall also apply to
this Agreement, and are hereby amended so as to include the SHA as amended by
this Agreement.

 

6.          MISCELLANEOUS

 

6.1        This Agreement may be executed in any
number of counterparts, and by each party on separate counterparts. Each
counterpart is an original, but all counterparts shall together constitute one
and the same instrument. Delivery of a counterpart of this Agreement by e-mail
attachment or telecopy shall be an effective mode of delivery.

 

8

 

This Agreement has been executed and delivered as a deed on the date first
mentioned above.

 

 

	
  Executed as a deed by The Carphone Warehouse Group PLC acting by a director, in the
  presence of:

  	
   

  	
   

  
	
   

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name

  
	
   

  	
   

  	
   

  
	
  Signature

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name of witness 

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address of witness

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Executed as a deed by CPW Retail Holdings Limited acting by a director, in the
  presence of:

  	
   

  	
   

  
	
   

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name

  
	
   

  	
   

  	
   

  
	
  Signature

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name of witness 

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address of witness

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Executed as a deed by Best Buy Co. Inc. acting by a director, in the presence
  of:

  	
   

  	
  /s/ James L. Muehlbauer

  
	
   

  	
  Executive Vice
  President - Finance & CFO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  James L. Muehlbauer

  
	
   

  	
   

  	
  Name

  
	
   

  	
   

  	
   

  
	
  Signature

  	
   

  	
   

  
	
  /s/ Michelle D. Savik

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name of witness 

  	
   

  	
   

  
	
  Michelle D. Savik

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address of witness

  	
   

  	
   

  
	
  7601 Penn Avenue South

  	
   

  	
   

  
	
  Richfield, MN 55423

  	
   

  	
   

  

 

9

 

	
  Executed as a deed by Best Buy Distributions Limited acting by a director, in the
  presence of:

  	
   

  	
  /s/ James L. Muehlbauer

  
	
   

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  James L. Muehlbauer

  
	
   

  	
   

  	
  Name

  
	
   

  	
   

  	
   

  
	
  Signature

  	
   

  	
   

  
	
  /s/ Michelle D. Savik

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name of witness 

  	
   

  	
   

  
	
  Michelle D. Savik

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address of witness

  	
   

  	
   

  
	
  7601 Penn Avenue South

  	
   

  	
   

  
	
  Richfield, MN 55423

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Executed as a deed by New Carphone Warehouse plc acting by a director, in the
  presence of:

  	
   

  	
   

  
	
   

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name

  
	
   

  	
   

  	
   

  
	
  Signature

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name of witness 

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address of witness

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

10

 

	
  Executed as a deed by Best Buy Distributions Limited acting by a director, in the
  presence of:

  	
   

  	
   

  
	
   

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name

  
	
   

  	
   

  	
   

  
	
  Signature

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name of witness 

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address of witness

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Executed as a deed by New Carphone Warehouse plc acting by a director, in the
  presence of:

  	
   

  	
  /s/ Roger Taylor

  
	
   

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Roger Taylor

  
	
   

  	
   

  	
  Name

  
	
   

  	
   

  	
   

  
	
  Signature

  	
   

  	
   

  
	
  /s/ T.S. Morris

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name of witness 

  	
   

  	
   

  
	
  T.S. Morris

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address of witness

  	
   

  	
   

  
	
  As Above

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Executed as a deed by Best Buy Europe Distributions Limited acting by a
  director, in the presence of:

  	
   

  	
   

  
	
   

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name

  
	
   

  	
   

  	
   

  
	
  Signature

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name of witness 

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address of witness

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

 

This Agreement has been executed and is delivered
as a deed on the date first mentioned above.

 

	
  Executed as a deed by The Carphone Warehouse Group PLC acting by a director, in
  the presence of:

  	
   

  	
  /s/ Roger Taylor

  
	
   

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Roger Taylor

  
	
   

  	
   

  	
  Name

  
	
   

  	
   

  	
   

  
	
  Signature

  	
   

  	
   

  
	
  /s/ T.S. Morris

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name of witness 

  	
   

  	
   

  
	
  T.S. Morris

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address of witness

  	
   

  	
   

  
	
  1 Portal Way

  	
   

  	
   

  
	
  London

  	
   

  	
   

  
	
  W3 6RS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Executed as a deed by CPW Retail Holdings Limited acting by a director, in the
  presence of:

  	
   

  	
  /s/ Roger Taylor

  
	
   

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Roger Taylor

  
	
   

  	
   

  	
  Name

  
	
   

  	
   

  	
   

  
	
  Signature

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name of witness 

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address of witness

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Executed as a deed by Best Buy Co. Inc. acting by a director, in the presence
  of:

  	
   

  	
   

  
	
   

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name

  
	
   

  	
   

  	
   

  
	
  Signature

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name of witness 

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address of witness

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

 

 

DATE 28 JANUARY 2010

 

THE CARPHONE WAREHOUSE GROUP PLC

 

and

 

CPW RETAIL HOLDINGS LIMITED

 

and

 

BEST BUY CO., INC.

 

and

 

BEST BUY DISTRIBUTIONS LIMITED

 

and

 

NEW CARPHONE WAREHOUSE PLC

 

and

 

BEST BUY EUROPE DISTRIBUTIONS LIMITED

 

 

DEED OF NOVATION AND ASSIGNMENT

 

of a sale and purchase agreement dated 7 May

2008, as amended on
30 June 2008, a consortium 

relief agreement
dated 30 June 2008 and a letter

of support dated 28 January 2010

 

 

 

THIS
AGREEMENT is made
on 28 January 2010

 

PARTIES:

 

(1)         THE CARPHONE WAREHOUSE GROUP PLC, incorporated and registered in England
and Wales with company number 03253714 whose registered office is at 1 Portal
Way, London W3 6RS (to be renamed TalkTalk Telecom Holdings Limited on or
around the Demerger (as defined below)) (“CPW”);

 

(2)         CPW RETAIL HOLDINGS LIMITED, incorporated and registered in England
and Wales with company number 06585729 whose registered office is at 1 Portal
Way, London W3 6RS  (“CPW
Affiliate”);

 

(3)         BEST BUY CO. INC., incorporated and registered in the State
of Minnesota, whose registered office address is at 7001 Penn Avenue South
Richfield, MN 55423, United States of America (“Best Buy”);

 

(4)         BEST BUY DISTRIBUTIONS LIMITED, incorporated and registered in England
and Wales with company number 06576708 whose registered office is at 100 New
Bridge Street, London EC4V 6JA (“Best
Buy Acquisition Co”).

 

(5)         NEW CARPHONE WAREHOUSE PLC, incorporated and registered in England
and Wales with company number 07105905 whose registered office is at 1 Portal
Way, London W3 6RS (to be renamed Carphone Warehouse Group PLC on or around the
Demerger (as defined below)) (“New CPW”);
and

 

(6)         BEST BUY EUROPE DISTRIBUTIONS
LIMITED,
incorporated and registered in England and Wales with company number 06534088
whose registered office is at 1 Portal Way, London W3 6RS (previously called
CPW Distribution Holdings Limited (“Company”).

 

(together the parties).

 

WHEREAS:

 

(A)        The parties (except New CPW and the
Company) are party to a sale and purchase agreement dated 7 May 2008, as
amended on 30 June 2008 relating to the sale and purchase of 50% of the
issued ordinary share capital of the Company (“SPA”).

 

(B)        The parties (except New CPW and the
Company) are party to a shareholders’ agreement relating to the operation of the
Company, dated 30 June 2008, as amended on 29 July 2009 and on
today’s date (“SHA”).

 

(C)        The parties (except CPW Affiliate, Best
Buy and New CPW) are party to a consortium relief agreement dated 30
June 2008 (“CRA”).

 

(D)        The parties (except CPW Affiliate) arc
party to a revolving credit facility, in an aggregate amount of £125 million,
for the benefit of the Company entered into today (“JV Shareholder RCF”).

 

 

(E)         CPW has provided a support letter to the
Company in the amount of £50 million dated today (“CPW Support Letter”)  and Best Buy has also provided an
identical support letter to the Company on the same date (“BBY Support Letter”).

 

(F)         CPW is proposing to effect a separation
of its “TalkTalk businesses” from its other business interests by a  demerger including a scheme of
arrangement followed by the listing on the official list of the Financial
Services Authority and admission to trading on the main market of the London
Stock Exchange plc of each of New CPW (“New CPW
Admission”)  and the new holding company of the
TalkTalk businesses (collectively, the “Demerger”). Prior
to the Demerger becoming effective CPW will transfer all of the shares it holds
in the Company (“Shares”)  to
New CPW and CPW Affiliate will continue to hold its shares in the Company after
the Demerger.

 

(G)        As part of the Demerger, CPW wishes to
assign and transfer all of its rights and novate and transfer all of its
obligations and liabilities under each of the SPA and the CRA (together, the “Novated Agreements”)  and
the CPW Support Letter to New CPW and execute a  new support
letter from New CPW to the Company (“New
Support Letter”) on
substantially the same terms as the CPW Support Letter in accordance with the
terms of this Agreement, and assume all of CPW’s rights, obligations and liabilities
under the SHA in accordance with the terms of a
separate amendment agreement to the SHA entered into today between
the parties (except the Company).

 

IT IS
AGREED as
follows:

 

1.          INTERPRETATION

 

1.1        Words and expressions used in this
Agreement have the meaning given to them in the SPA unless otherwise expressly
specified herein.

 

1.2        References to Clauses and/or Schedules
shall be references to those contained in the SPA unless otherwise expressly
specified herein. References herein to the SPA shall be deemed to include all
of the Schedules to the SPA.

 

2.          EFFECTIVE DATE

 

2.1        The provisions of Clause 3 and 4 of this
Agreement shall only become effective: (i) in respect of the Novated
Agreements, on the date CPW transfers the Shares to New CPW (“Transfer Date”); and (ii) in respect of the CPW
Support Letter and the New Support Letter, on the date of the New CPW Admission
(“New CPW Admission
Date”).

 

2.2        If the Transfer Date has not occurred on
or before 30 September 2010 all of this Agreement shall be null and void
and will automatically be rescinded.

 

2.3        If the New CPW Admission Date has not  occurred on  or before 30
September 2010, the provisions of this Agreement relating to the CPW
Support Letter and the New Support Letter shall be null and void and will
automatically be rescinded will no longer apply.

 

2.4        Each party agrees, at its own cost, to
perform (or procure the performance of) all further acts and things, and
execute and deliver (or procure the execution and delivery of) such further
documents, as may be required by law or as any of them may

 

 

reasonably
require to implement and/or give effect to any rescission under clause 2.2 and
clause 2.3 and the matters contemplated by those clauses.

 

3.          NOVATION AND ASSIGNMENT

 

3.1        On and as of the Transfer Date, the
parties agree that each of the following shall, subject to Clause 4.2 below,
automatically take effect:

 

3.1.1      CPW
shall assign and transfer to New CPW all of the rights, benefits, past, present
and future claims that CPW has under each of the Novated Agreements as if New
CPW was an original party to each of the Novated Agreements in place of CPW,
notwithstanding that the facts, circumstances or events giving rise to any of
them arose or occurred before or after the Transfer Date.

 

3.1.2      CPW
shall novate and transfer to New CPW all of the obligations and liabilities of
CPW that CPW has under each of the Novated Agreements as if New CPW was an
original party to each of the Novated Agreements in place of CPW
notwithstanding that the facts, circumstances or events giving rise to any of
them arose or occurred before or after the Transfer Date.

 

3.1.3      New
CPW undertakes to assume all the rights, obligations and liabilities under each
of the Novated Agreements and to observe and perform all the agreements,
undertakings and covenants on the part of CPW to be assumed, observed and
performed pursuant to each of the Novated Agreements in every way as if New CPW
was an original party to each of the Novated Agreements in place of CPW,
notwithstanding that the facts, circumstances or events giving rise to any of them
arose or occurred before or after the Transfer Date.

 

3.1.4      Each
of the parties (except New CPW) agrees to perform each of the Novated
Agreements to which they are a party and be bound by the terms of such Novated
Agreements in every way as if New CPW was an original party to each of the
Novated Agreements in place of CPW.

 

3.2         On and as of the New CPW Admission Date,
the parties agree that each of the following shall automatically take effect:

 

3.2.1      CPW
shall assign and transfer to New CPW all of the rights, benefits, past, present
and future claims that CPW has under the CPW Support Letter as if New CPW was
an original party to the CPW Support Letter in place of CPW, notwithstanding
that the facts, circumstances or events giving rise to any of them arose or
occurred before or after the New CPW Admission Date.

 

 

3.2.2      CPW
shall novate and transfer to New CPW all of the obligations and liabilities of
CPW that CPW has under the CPW Support Letter as if New CPW was an original party
to the CPW Support Letter in place of CPW notwithstanding that the facts,
circumstances or events giving rise to any of them arose or occurred before or
after the New CPW Admission Date.

 

3.2.3      New
CPW undertakes to assume all the rights, obligations and liabilities under the
CPW Support Letter and to observe and perform all the undertakings and
covenants on the part of CPW to be assumed, observed and performed pursuant to
the CPW Support Letter in every way as if New CPW was an original party to the
CPW Support Letter in place of CPW, notwithstanding that the facts,
circumstances or events giving rise to any of them arose or occurred before or
after the New CPW Admission Date.

 

3.2.4      New
CPW shall execute the New Support Letter and the CPW Support Letter shall no
longer apply save in respect of any rights, obligations and liabilities set out
in this clause 3.2 accrued before the New CPW Admission Date (including, for
the avoidance of doubt any drawdown made under the CPW Support Letter before
the New CPW Admission Date) which shall be assigned and novated to New CPW in
accordance with this clause 3.2, and
the New Support Letter shall be amended accordingly it being agreed by the
parties that following the New CPW Admission Date and the provisions of this
clause 3.2 becoming effective any new drawdowns shall only be made under the
New Support Letter to the extent not previously drawndown under the CPW Support
Letter prior to the New CPW Admission Date.

 

4.          RELEASE OF OBLIGATIONS AND LIABILITIES

 

4.1         Automatically on the Transfer Date in
respect of the Novated Agreements and on the New CPW Admission Date in respect
of the CPW Support Letter, and subject only to Clause 4.2 below, each of the parties
(except CPW and New CPW):

 

4.1.1      releases
and discharges CPW from the performance and observance of all and any
undertakings or obligations on the part of CPW contained in each of the Novated
Agreements and the CPW Support Letter, respectively;

 

4.1.2      accepts
the liability of New CPW under each of the Novated Agreements and the CPW
Support Letter, respectively in lieu of the liability of CPW in every way as if
New CPW were named in the Novated Agreements and the CPW Support Letter in
place of CPW; and

 

4.1.3      waives
all and any claims they may otherwise have had against CPW pursuant to each of the
Novated Agreements and the CPW Support Letter, respectively in respect of any
act or omission on the part of CPW occurring prior to or after the Transfer
Date and the New CPW Admission Date, respectively.

 

 

4.2         Where clause 20 of or Schedule 7 to the
SPA, Schedule 8 of the SHA or any provision of the CRA contains an undertaking
or obligation to carry out any act which can only be performed or observed by
CPW itself (including but not limited to the making of a tax claim or election
by CPW) and not New CPW either in substitution for or on behalf of CPW, CPW
shall remain liable for the same, but shall be entitled to indemnification by
New CPW under Clause 4.3 below.

 

4.3         New CPW. shall indemnify CPW on demand
against any claims, losses, damages, fines, penalties, interest or costs
(together “Indemnified Claims”) that CPW suffers or incurs under or
in connection with (i) each of the Novated Agreements after the Transfer
Date and the CPW Support Letter after the New CPW Admission Date notwithstanding
that the facts, circumstances or events giving rise to any Indemnified Claims
arose or occurred before or after the Transfer Date or the New CPW Admission
Date, respectively and/or (ii) the performance by CPW of an undertaking or
obligation falling within Clause 4.2.

 

5.           CONTINUANCE

 

Save as amended by
this Agreement, each of the Novated Agreements and the CPW Support Letter
followed by the New Support Letter shall remain in full force and effect.

 

6.           WARRANTIES

 

6.1         New CPW warrants to Best Buy and Best Buy
Acquisition Co on and as of the date of this Agreement, the Transfer Date and
the New CPW Admission Date in the terms of the warranties set out in Schedule
1. Each warranty shall be separate and independent and (except as expressly
otherwise provided) no warranty shall be limited by reference to any other
warranty.

 

6.2         Best Buy and Best Buy Acquisition Co
warrant to New CPW on and as of the date of this Agreement, the Transfer Date
and the New CPW Admission Date in the terms of the warranties set out in
Schedule 2. Each warranty shall be separate and independent and (except as
expressly otherwise provided) no warranty shall be limited by reference to any
other warranty.

 

7.           MISCELLANEOUS

 

7.1         This Agreement, and the documents
referred to in it, constitutes the entire agreement and understanding of the
parties and supersedes any previous agreement between the parties relating to
the subject matter of this Agreement.

 

7.2         This Agreement may be executed in any
number of counterparts, and by each party on separate counterparts. Each
counterpart is an original, but all counterparts shall together constitute one
and the same instrument. Delivery of a counterpart of this Agreement by e-mail
attachment or telecopy shall be an effective mode of delivery.

 

7.3         Except insofar as this Agreement
expressly provides that a third party may in his own right enforce a term of
this Agreement, a person who is not a party to this Agreement

 

 

has no right under the Contracts (Rights of Third Parties)
Act 1999 to rely upon or enforce any term of this agreement but this does not affect
any right or remedy of a third party which exists or is available apart from that
Act.

 

7.4         Each party shall bear the costs and
expenses incurred by it in relation to the negotiation and  performance of
this Agreement.

 

8.            GOVERNING LAW AND JURISDICTION

 

8.1         This Agreement and any dispute or claim arising out of or in connection with it
or its subject matter or formation (including non-contractual disputes or
claims) shall be governed by and construed in accordance with English law.

 

8.2         The parties irrevocably agree that the
courts of England and Wales shall have exclusive jurisdiction to settle any
dispute or claim that arises out of, or in connection with, this Agreement or
its subject matter or formation (including non-contractual disputes or claims).

 

 

SCHEDULE 1

New CPW Warranties

 

1.          New CPW is validly incorporated, in
existence and duly registered under the laws of its jurisdiction and has full
power to conduct its business as conducted on the date of this Agreement.

 

2.          This Agreement and each transaction
document which is to be entered into by New CPW or a member of its group in
respect of the reorganisation, Demerger and New CPW Admission (each a “Transaction Document”) will, when executed, constitute
valid and binding obligations of New CPW or the relevant member of its group.

 

3.          New CPW and each other member of its
group has obtained or will obtain as part of the Demerger all of its own
corporate authorisations and so far as New CPW is aware all other governmental,
statutory, regulatory or other consents, licences, authorisations, waivers or
exemptions required to empower it to enter into and perform its obligations
under this Agreement and any other Transaction Document to which it is a party.

 

4.          Neither the entry into and performance by
New CPW or any member of its group of this Agreement and/or any Transaction
Document to which it is a party will breach any provision of its memorandum and
articles of association, by-laws, or equivalent constitutional documents in any
way that would adversely affect to a material extent its ability to enter into
or perform its obligations under this Agreement and/or any Transaction Document
to which it is a party.

 

5.          So far as New CPW is aware neither entry
into this Agreement nor implementation of the reorganisation, Demerger and New
CPW Admission will:

 

(a)         result in violation or breach of any laws
or regulations applicable to New CPW any member of its group in any relevant
jurisdiction; or

 

(b)         amount to a violation or default with
respect to any statute, regulation, order, decree or judgment of any court or
any governmental or regulatory authority in any jurisdiction,

 

by New CPW or any
member of its group, where, in each case, the breach, conflict or violation
would adversely affect to a material extent its ability to enter into or perform
its obligations under this Agreement and/or any other Transaction Document to
which it is a party.

 

6.          Except as disclosed in the Transaction
Documents or as required in the ordinary course of business or by operation of
law, New CPW nor any member of the CPW Group is required to make any
announcement, consultation, notice, report or filing, in each case in connection
with the execution and performance of this Agreement or any other Transaction
Document.

 

 

 

SCHEDULE 2

Best Buy and Best Buy Acquisition Co Warranties

 

1.                                 Each of Best Buy and Best Buy Acquisition
Co is validly incorporated, in existence and duly registered under the laws of
its jurisdiction and has full power to conduct its business as conducted on  the
date of this Agreement.

 

2.                                 This Agreement and each of, the amended
SHA entered into today, the JV Shareholder RCF and the BBY Support Letter (“New BBY Agreements”) will, when executed, constitute valid
and binding obligations of each of Best Buy and Best Buy Acquisition Co.

 

3.                                 Each of Best Buy and Best Buy Acquisition
Co has obtained all of its own corporate authorisations and so far as they are
aware all other governmental, statutory, regulatory or other consents,
licences, authorisations, waivers or exemptions required to empower it to enter
into and  perform its obligations under the New BBY
Agreements.

 

4.                                 Neither the entry into and performance by
each of Best Buy and Best Buy Acquisition Co of the New BBY Agreements will
breach any provision of its memorandum and articles of association, by-laws, or
equivalent constitutional documents in any way that would adversely affect to a
material extent its ability to enter into or perform its obligations under the
New BBY Agreements.

 

5.                                 So far as each of Best Buy and Best Buy
Acquisition Co are aware entry into the New BBY Agreements will not:

 

(c)                           result in violation or breach of any laws
or regulations applicable to each of Best Buy and Best Buy Acquisition Co in
any relevant jurisdiction; or

 

(e)                           amount to a violation or default with
respect to any statute, regulation, order, decree or judgment of any court or
any governmental or regulatory authority in any jurisdiction,

 

by each of Best
Buy and Best Buy Acquisition Co, where, in each case, the breach, conflict or
violation would adversely affect to a material extent its ability to enter into
or perform its obligations under the New BBY Agreements.

 

6.                                 Except as required in the ordinary course
of business or by operation of law neither Best Buy or Best Buy Acquisition Co
is required to make any announcement, consultation, notice, report or filing,
in each case in connection with the execution and performance of this Agreement
or any of the New BBY Agreements.

 

 

This Agreement has
been executed and is delivered as a deed on the date first mentioned above.

 

	
  Executed as a deed by The Carphone Warehouse Group PLC acting by a  director,
  in the presence of:

  	
   

  	
  /s/ Roger Taylor

  
	
   

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Roger Taylor

  
	
   

  	
   

  	
  Name

  
	
   

  	
   

  	
   

  
	
  Signature

  	
   

  	
   

  
	
  /s/ T. S. Morris

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name of witness 

  	
   

  	
   

  
	
  T. S. Morris

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address of witness

  	
   

  	
   

  
	
  1 Portal Way

  	
   

  	
   

  
	
  London

  	
   

  	
   

  
	
  W3 6RS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Executed as a deed by CPW Retail Holdings Limited acting by a director, in the
  presence of:

  	
   

  	
  /s/ Roger Taylor

  
	
   

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Roger Taylor

  
	
   

  	
   

  	
  Name

  
	
   

  	
   

  	
   

  
	
  Signature

  	
   

  	
   

  
	
  /s/ T. S. Morris

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name of witness 

  	
   

  	
   

  
	
  T. S. Morris

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address of witness

  	
   

  	
   

  
	
  As Above

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Executed as a deed by Best Buy Co. Inc. acting by a director, in the presence
  of:

  	
   

  	
  /s/ James L. Muehlbauer

  
	
   

  	
  Executive Vice President,
  Finance & CFO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  James L. Muehlbauer

  
	
   

  	
   

  	
  Name

  
	
  Signature

  	
   

  	
   

  
	
  /s/ Michelle D. Savik

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name of witness 

  	
   

  	
   

  
	
  Michelle D. Savik

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address of witness

  	
   

  	
   

  
	
  7601 Penn Avenue S

  	
   

  	
   

  
	
  Richfield, MN 55423

  	
   

  	
   

  

 

 

	
  Executed as a deed by Best Buy Distributions Limited acting by a director, in the
  presence of:

  	
   

  	
  /s/ James L. Muehlbauer

  
	
   

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  James L. Muehlbauer

  
	
   

  	
   

  	
  Name

  
	
   

  	
   

  	
   

  
	
  Signature

  	
   

  	
   

  
	
  /s/ Michelle D. Savik

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name of witness 

  	
   

  	
   

  
	
  Michelle D. Savik

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address of witness

  	
   

  	
   

  
	
  7601 Penn Avenue S

  	
   

  	
   

  
	
  Richfield, MN 55423

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Executed as a deed by New Carphone Warehouse plc acting by a director, in the
  presence of:

  	
   

  	
  /s/ Roger Taylor

  
	
   

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Roger Taylor

  
	
   

  	
   

  	
  Name

  
	
   

  	
   

  	
   

  
	
  Signature

  	
   

  	
   

  
	
  /s/ T.S. Morris

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name of witness 

  	
   

  	
   

  
	
  T.S. Morris

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address of witness

  	
   

  	
   

  
	
  As Above

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Executed as a deed by Best Buy Europe Distributions Limited acting by a
  director, in the presence of:

  	
   

  	
  /s/ T.S. Morris

  
	
   

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  T.S. Morris

  
	
   

  	
   

  	
  Name

  
	
   

  	
   

  	
   

  
	
  Signature

  	
   

  	
   

  
	
  /s/ Catherine Norris

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name of witness 

  	
   

  	
   

  
	
  Catherine Norris

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address of witness

  	
   

  	
   

  
	
  1 Portal Way

  	
   

  	
   

  
	
  London

  	
   

  	
   

  
	
  W3 6RSExhibit 4.1

 

GE CAPITAL CREDIT CARD MASTER NOTE TRUST,

 

as Issuer

 

And

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,

 

as Indenture Trustee

 

Series 2010-1 INDENTURE SUPPLEMENT

 

Dated as of March 31, 2010

 

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  I

  	
  DEFINITIONS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 1.1.

  	
  Definitions

  	
   

  	
  1

  
	
  SECTION 1.2.

  	
  Incorporation of Terms

  	
   

  	
  14

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  II

  	
  CREATION OF THE SERIES 2010-1 NOTES

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.1.

  	
  Designation

  	
   

  	
  14

  
	
  SECTION 2.2.

  	
  Transfer Restrictions

  	
   

  	
  14

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  III

  	
  REPRESENTATIONS, WARRANTIES AND COVENANTS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.1.

  	
  Representations, Warranties and Covenants with
  respect to Receivables

  	
   

  	
  16

  
	
  SECTION 3.2.

  	
  Representations, Warranties and Covenants with
  respect to ERISA

  	
   

  	
  16

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  IV

  	
  RIGHTS
  OF SERIES 2010-1 NOTEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.1.

  	
  Determination of Interest and Principal

  	
   

  	
  17

  
	
  SECTION 4.2.

  	
  Establishment of Accounts

  	
   

  	
  18

  
	
  SECTION 4.3.

  	
  Calculations and Series Allocations

  	
   

  	
  19

  
	
  SECTION 4.4.

  	
  Application of Available Finance Charge Collections
  and Available Principal Collections

  	
   

  	
  22

  
	
  SECTION 4.5.

  	
  Distributions

  	
   

  	
  25

  
	
  SECTION 4.6.

  	
  Investor Charge-Offs

  	
   

  	
  25

  
	
  SECTION 4.7.

  	
  Reallocated Principal Collections

  	
   

  	
  26

  
	
  SECTION 4.8.

  	
  Excess Finance Charge Collections

  	
   

  	
  26

  
	
  SECTION 4.9.

  	
  Shared Principal Collections

  	
   

  	
  26

  
	
  SECTION 4.10.

  	
  Reserve Account

  	
   

  	
  26

  
	
  SECTION 4.11.

  	
  Spread Account

  	
   

  	
  27

  
	
  SECTION 4.12.

  	
  Investment of Accounts

  	
   

  	
  28

  
	
  SECTION 4.13.

  	
  Controlled Accumulation Period

  	
   

  	
  29

  
	
  SECTION 4.14.

  	
  [Reserved]

  	
   

  	
  29

  
	
  SECTION 4.15.

  	
  Deposit of Collections

  	
   

  	
  29

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  V

  	
  DELIVERY OF SERIES 2010-1 NOTES; REPORTS TO SERIES
  2010-1 NOTEHOLDERS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.1.

  	
  Delivery and Payment for the Series 2010-1
  Notes

  	
   

  	
  30

  
					

 

i

 

TABLE OF CONTENTS

(continued)

 

	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.2.

  	
  Reports
  and Statements to Series 2010-1 Noteholders

  	
   

  	
  30

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  VI

  	
  SERIES
  2010-1 EARLY AMORTIZATION EVENTS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.1.

  	
  Series 2010-1
  Early Amortization Events

  	
   

  	
  30

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  VII

  	
  REDEMPTION
  OF SERIES 2010-1 NOTES; FINAL DISTRIBUTIONS; SERIES TERMINATION

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.1.

  	
  Optional
  Redemption of Series 2010-1 Notes; Final Distributions

  	
   

  	
  32

  
	
  SECTION 7.2.

  	
  Series Termination

  	
   

  	
  33

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE
  VIII

  	
  MISCELLANEOUS
  PROVISIONS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.1.

  	
  Ratification
  of Indenture; Amendments

  	
   

  	
  33

  
	
  SECTION 8.2.

  	
  Form of
  Delivery of the Series 2010-1 Notes

  	
   

  	
  33

  
	
  SECTION 8.3.

  	
  Counterparts

  	
   

  	
  33

  
	
  SECTION 8.4.

  	
  GOVERNING
  LAW

  	
   

  	
  34

  
	
  SECTION 8.5.

  	
  Limitation
  of Liability

  	
   

  	
  35

  
	
  SECTION 8.6.

  	
  Rights
  of the Indenture Trustee

  	
   

  	
  35

  
	
  SECTION 8.7.

  	
  Notice
  Address for Rating Agencies

  	
   

  	
  35

  
	
  SECTION 8.8.

  	
  Compliance
  with Applicable Anti-Terrorism and Anti-Money Laundering Regulations

  	
   

  	
  35

  
	
  SECTION 8.9.

  	
  Notes
  to be Treated as Debt for Tax

  	
   

  	
  36

  
	
  SECTION 8.10.

  	
  Deemed
  Consent

  	
   

  	
  36

  
	
   

  	
   

  	
   

  	
   

  
	
  EXHIBITS

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT
  A-1

  	
  FORM OF
  CLASS A NOTE

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EXHIBIT
  A-2

  	
  FORM OF
  CLASS B NOTE

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EXHIBIT
  A-3

  	
  FORM OF
  CLASS C NOTE

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EXHIBIT
  B

  	
  FORM OF
  MONTHLY NOTEHOLDER’S STATEMENT

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULES

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULE I

  	
  PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS
  (WITH RESPECT TO RECEIVABLES)

  	
   

  	
   

  
						

 

ii

 

SERIES 2010-1 INDENTURE SUPPLEMENT, dated as of March 31,
2010 (the “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 Master Indenture referred to below, the “Indenture Trustee”) under the Master
Indenture, dated as of September 25, 2003 (the “Indenture”),
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, and as further amended by the Sixth Amendment
to Master Indenture, dated as of August 7, 2009, between the Issuer and
the Indenture Trustee (the Indenture, 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 2010-1 and to no other
Series.  Whenever used in this Indenture
Supplement, the following words and phrases shall have the following meanings:

 

“Accumulation Shortfall”
means (a) for the first Payment Date during the Controlled Accumulation
Period, zero; and (b) thereafter, for any Payment Date during the
Controlled Accumulation Period, the excess, if any, of the Controlled Deposit
Amount for the previous Payment Date over the amount deposited into the
Principal Accumulation Account pursuant to Section 4.4(c)(i) for
the previous Payment Date.

 

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

 

“Additional Interest”
means, for any Payment Date, Class A Additional Interest, Class B
Additional Interest and Class C Additional Interest for such Payment Date.

 

 

“Administration Agreement”
means the Administration Agreement, dated as of September 25, 2003,
between the Administrator and the Issuer.

 

“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.

 

“Agreement” is
defined in the preamble.

 

“Allocation Percentage”
means, with respect to 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); or

 

(ii) 
for Principal Collections during the Early Amortization Period and the
Controlled Accumulation Period, the Collateral Amount at the end of the last
day of the Revolving Period; provided that on and after the date on
which the Principal Accumulation Account Balance equals the Note Principal
Balance, 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, on 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 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 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 the Issuer is permitted to make a single monthly deposit to
the Collection Account pursuant to Section 8.4 of the Indenture for
such Monthly Period, then the denominator determined pursuant to 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 Monthly Period, an amount equal to the
sum of (a) the Investor Finance Charge Collections for such Monthly
Period, (b) the Series 

 

2

 

2010-1 Excess Finance Charge Collections for
such Monthly Period, (c) Principal Accumulation Investment Proceeds, if
any, with respect to the related Transfer Date, (d) interest and earnings
on funds on deposit in the Reserve Account which will be deposited into the
Finance Charge Account on the related Payment Date to be treated as Available
Finance Charge Collections pursuant to Section 4.10(a),
and (e) amounts, if any, to be withdrawn from the Reserve Account which
will be deposited into the Finance Charge Account on the related Transfer Date
to be treated as Available Finance Charge Collections pursuant to Section 4.10(c).

 

“Available Principal
Collections” means, for any Monthly Period, an amount equal to the
sum of (a) the Investor Principal Collections for such Monthly Period, minus (b) the amount of Reallocated
Principal Collections with respect to such Monthly Period which pursuant to Section 4.7 are required to be applied
on the related Payment Date, plus (c) 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 2010-1
for application as Shared Principal Collections), (ii) the aggregate
amount to be treated as Available Principal Collections pursuant to Sections 4.4(a)(vi), (vii) and
(x), and (iii) during an Early Amortization
Event, the amount of Available Finance Charge Collections used to pay principal
on the Notes pursuant to Section 4.4(a)(xiii)
for the related Payment Date.

 

“Available Reserve
Account Amount” means, for any Transfer Date, the lesser of (a) the
amount on deposit in the Reserve Account (after taking into account any
interest and earnings retained in the Reserve Account pursuant to Section 4.10(b) on
such date, but before giving effect to any deposit made or to be made pursuant
to Section 4.4(a)(viii) to
the Reserve Account on such date) and (b) the Required Reserve Account
Amount.

 

“Available Spread Account
Amount” means, for any Transfer 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 Transfer Date.

 

“Average Principal Balance” means for any
Monthly Period in which a Reset Date occurs, 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 related 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, 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) and
(c) the Noteholder Servicing Fee, each with respect to the related Payment
Date, and the denominator of which is the Collateral Amount plus 

 

3

 

amounts on deposit in the Principal
Accumulation Account, each as of the close of business on the last day of such
Monthly Period.

 

“Benefit Plan” means (i) an
“employee benefit plan” as defined in Section 3(3) of ERISA, that is
subject to Title I of ERISA, (ii) a “plan” as defined in Section 4975
of the Code that is subject to Section 4975 of the Code, (iii) an
entity whose underlying assets include plan assets by reason of investment by
an employee benefit plan or plans in such entity, or (iv) a governmental
plan, church plan or non-U.S. plan that is subject to any Similar Law.

 

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

 

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

 

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

 

“Class A Note
Initial Principal Balance” means $500,000,000.

 

“Class A Note
Interest Rate” means a per annum rate of 3.69%.

 

“Class A Note
Principal Balance” means, on any date of determination, an amount
equal to (a) the Class A Note Initial Principal Balance, minus (b) the aggregate amount of
principal payments made to the Class A Noteholders on or prior to such
date.

 

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

 

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

 

“Class B Deficiency
Amount” is defined in Section 4.1(b).

 

“Class B Monthly
Interest” is defined in Section 4.1(b).

 

“Class B Note
Initial Principal Balance” means $80,000,000.

 

“Class B Note
Interest Rate” means 4.67% per annum.

 

“Class B Note
Principal Balance” means, on any date of determination, an amount
equal to (a) the Class B Note Initial Principal Balance, minus (b) the aggregate amount of
principal payments made to the Class B Noteholders on or prior to such
date.

 

4

 

“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 Required
Amount” means, for any Payment Date, an amount equal to the excess
of the amount described in Section 4.4(a)(iv) over
Available Finance Charge Collections applied to pay such amount pursuant to Section 4.4(a).

 

“Class C Additional
Interest” is defined in Section 4.1(c).

 

“Class C Deficiency
Amount” is defined in Section 4.1(c).

 

“Class C Monthly
Interest” is defined in Section 4.1(c).

 

“Class C Note
Initial Principal Balance” means $55,000,000.

 

“Class C Note
Interest Rate” means 5.75% per annum.

 

“Class C Note
Principal Balance” means, on any date of determination, an amount
equal to (a) the Class C Note Initial Principal Balance, minus (b) the aggregate amount of
principal payments made to the Class C Noteholders on or prior to such
date.

 

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

 

“Class C 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-3.

 

“Class C Required
Amount” means with respect to any Payment Date, an amount equal to
the excess of the amount described in Section 4.4(a)(v) over
Available Finance Charge Collections applied to pay such amount pursuant to Section 4.4(a).

 

“Closing Date”
means March 31, 2010.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Collateral Amount”
means, as of any date of determination, an amount equal to the excess of (a) the
Initial Collateral Amount, over (b) the
sum of (i) the amount of principal previously paid to the Series 2010-1
Noteholders (other than any principal payments made from funds on deposit in
the Spread Account), (ii) reductions in the Excess Collateral Amount due
to reductions in the Required Excess Collateral Amount, (iii) the
Principal Accumulation Account Balance, and (iv) 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)(vii) prior
to such date.

 

5

 

“Controlled Accumulation
Amount” means, for any Payment Date with respect to the Controlled
Accumulation Period, $127,000,000; provided,
however, that if the Controlled
Accumulation Period Length is determined to be less than or more than five
months pursuant to Section 4.13,
the Controlled Accumulation Amount for each Payment Date with respect to the
Controlled Accumulation Period will be equal to (i) the initial Note
Principal Balance divided by (ii) the
Controlled Accumulation Period Length; provided,
further, that the Controlled
Accumulation Amount for any Payment Date shall not exceed the Note Principal
Balance minus any amount already on deposit in the Principal Accumulation
Account on such Payment Date.

 

“Controlled Accumulation
Period” means, unless an Early Amortization Event shall have
occurred prior thereto, the period commencing at the opening of business on September 22,
2014 or such other date as is determined in accordance with Section 4.13 and ending on the first to
occur of (a) the commencement of the Early Amortization Period and (b) the
Final Payment Date.

 

“Controlled Accumulation
Period Length” is defined in Section 4.13.

 

“Controlled Deposit
Amount” means, for any Payment Date with respect to the Controlled
Accumulation Period, an amount equal to the sum of the Controlled Accumulation
Amount for such Payment Date and any existing Accumulation Shortfall.

 

“Covered Amount”
means an amount, determined as of each Transfer Date for any Interest Period,
equal to the sum of:

 

(a)           product
of (i) the Class A Monthly Interest and (ii) a fraction (A) the
numerator of which is equal to the lesser of the Principal Accumulation Account
Balance and the Class A Note Principal Balance, each as of the last day of
the calendar month preceding such Transfer Date, and (B) the denominator
of which is equal to the Class A Note Principal Balance as of the last day
of the calendar month preceding such Transfer Date;

 

(b)           product
of (i) the Class B Monthly Interest and (ii) a fraction (A) the
numerator of which is equal to the lesser of (x) the excess of the
Principal Accumulation Account Balance over the Class A Note Principal
Balance as of the last day of the calendar month preceding such Transfer Date
and (y) the Class B Note Principal Balance, as of the last day of the
calendar month preceding such Transfer Date, and (B) the denominator of
which is equal to the Class B Note Principal Balance as of the last day of
the calendar month preceding such Transfer Date; and

 

(c)           product
of (i) the Class C Monthly Interest and (ii) a fraction (A) the
numerator of which is equal to the lesser of (x) the excess of the
Principal Accumulation Account Balance over the sum of the Class A Note
Principal Balance and the Class B Note Principal Balance, each as of the
last day of the calendar month preceding such Transfer Date and (y) the Class C
Note Principal Balance, as of the last day of the calendar month preceding such
Transfer Date, 

 

6

 

and (B) the denominator of which is equal to the Class C
Note Principal Balance as of the last day of the calendar month preceding such
Transfer Date.

 

“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 the Originator or the Transferor) in such Defaulted Account on the day it
became a Defaulted Account.

 

“Defaulted Account”
means an Account in which there are Charged-Off Receivables.

 

“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 2010-1 Early Amortization Event is
deemed to occur and ending on the Final Payment Date.

 

“ERISA” means the Employee Retirement Income Security Act of
1974, as amended.

 

“Excess Collateral Amount”
means, at any time, the excess of (a) the sum of (i) the Collateral
Amount, and (ii) the Principal Accumulation Account Balance, 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.

 

“Expected Principal
Payment Date” means the March 2015 Payment Date.

 

“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 2010-1 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.

 

7

 

“Indenture Trustee”
is defined in the preamble.

 

“Initial Collateral
Amount” means $666,666,667, which equals the sum of (i) the Class A
Note Initial Principal Balance, (ii) the Class B Note Initial
Principal Balance, (iii) the Class C Note Initial Principal Balance
and (iv) the Initial Excess Collateral Amount.

 

“Initial Excess
Collateral Amount” means $31,666,667.

 

“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.

 

“Investment Earnings”
means, for any Payment Date, all interest and earnings on Permitted Investments
included in the Spread Account (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, 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 retained or
deposited in the Finance Charge Account for Series 2010-1 pursuant to Section 4.3(b)(i) for
such Monthly Period.

 

“Investor Principal
Collections” means, for any Monthly Period, an amount equal to the
aggregate amount of Principal Collections retained or deposited in the
Principal Account for Series 2010-1 pursuant to Section 4.3(b)(ii) for
such Monthly 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 (determined on a weighted average basis, if a Reset Date occurs during
that 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.

 

“Minimum Free Equity
Percentage” means, for purposes of Series 2010-1, 4%; provided
that, at any time that GE Capital’s long-term unsecured debt is rated below Aa3
by Moody’s, the Minimum Free Equity Percentage shall be 7.0%.

 

“Monthly Interest”
means, for any Payment Date, the sum of the Class A Monthly Interest, the Class B
Monthly Interest and the Class C Monthly Interest for such Payment Date.

 

8

 

“Monthly Period”
means, as to the May 2010 Payment Date, the period beginning on the
Closing Date and ending on April 21, 2010, and as to each Payment Date
thereafter, 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”
is defined in Section 4.1(d).

 

“Monthly Principal Reallocation Amount” means,
for any Monthly Period, an amount equal to the sum of:

 

(a)         the lesser of (i) the Class A
Required Amount and (ii) 25.00% of the Initial Collateral Amount minus the sum of (x) 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 (y) any reductions to
the Collateral Amount on account of reductions to the Required Excess
Collateral Amount, but not less than zero;

 

(b)         the lesser of (i) the Class B
Required Amount and (ii) 13.00% of the Initial Collateral Amount minus the sum of (x) 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
(y) any reductions to the Collateral Amount on account of reductions to
the Required Excess Collateral Amount, but not less than zero; and

 

(c)          the lesser of (i) the Class C
Required Amount and (ii) 4.75% of the Initial Collateral Amount minus the sum of (x) 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 clauses (a) and (b) above) and
(y) any reduction to the Collateral Amount on account of reductions to the
Required Excess Collateral Amount, but not less than zero.

 

“Note Purchase Agreement” means the Note
Purchase Agreement, dated as of March 31, 2010, between the Transferor and
GE Capital, as initial Class B Noteholder and Class C Noteholder.

 

“Note Principal Balance”
means, on any date of determination, an amount equal to the sum of the Class A
Note Principal Balance, the Class B Note Principal Balance and the Class C
Note Principal Balance.

 

“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 prorated for the number of days in the first Monthly
Period.

 

“Payment Date”
means May 17, 2010 and the 15th day of each calendar month thereafter, or if
such 15th day is not a Business Day, the next succeeding
Business Day.

 

9

 

“Percentage Allocation”
is defined in Section 4.3(b)(ii)(y).

 

“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 Excess Finance Charge
Collections), 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 plus amounts on deposit in Principal
Accumulation Account, each as of the close of business on the last day of 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 Accumulation
Account” means the account designated as such, established and owned
by the Issuer and maintained in accordance with Section 4.2.

 

“Principal Accumulation
Account Balance” means, for any date of determination, the principal
amount, if any, on deposit in the Principal Accumulation Account on such date
of determination.

 

“Principal Accumulation
Investment Proceeds” means, with respect to each Transfer Date, the
investment earnings on funds in the Principal Accumulation Account (net of
investment expenses and losses) for the period from and including the
immediately preceding Transfer Date to but excluding such Transfer Date.

 

“Principal Shortfall”
is defined in Section 4.9.

 

“Quarterly Excess Spread
Percentage” means (a) with respect to the June 2010
Payment Date, the Excess Spread Percentage for the Monthly Period relating to
such Payment Date, (b) with respect to the July 2010 Payment Date,
the percentage equivalent of a fraction the numerator of which is the sum of (i) the
Excess Spread Percentage for the Monthly Period relating to the June 2010
Payment Date and (ii) the Excess Spread Percentage for the Monthly Period
relating to the July 2010 Payment Date and the denominator of which is
two, and (c) with respect to the August Payment Date and each Payment
Date thereafter, 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.

 

“Rating Agency”
means each of Fitch and Moody’s.

 

“Rating Agency Condition” means, with respect to Series 2010-1
and any action, (i) that Moody’s shall have notified the Issuer in writing
that such action will not result in a reduction or withdrawal of the rating, if
any, of any outstanding Class with respect to which Moody’s is a Rating
Agency or (ii) with respect to any outstanding Class with respect to
which Fitch is a Rating Agency, 10 days’ prior written notice (or, if 10 days’ advance
notice is impracticable, as much advance notice as is practicable) to Fitch
delivered electronically to notifications.abs@fitchratings.com.

 

10

 

“Reallocated Principal
Collections” means, for any Transfer Date, Investor Principal
Collections applied in accordance with Section 4.7  in an amount not to exceed the
Monthly Principal Reallocation Amount for the related Monthly Period.

 

“Reassignment Amount” means, with respect to Series 2010-1,
the Redemption Amount.

 

“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
distributed to the Series 2010-1 Noteholders and (iii) the amount of
Additional Interest, if any, for the related Payment Date and any Additional
Interest previously due but not distributed to the Series 2010-1
Noteholders on a prior Payment Date.

 

“Removal Date”
means a “Removal Date” as such term is defined in the Transfer Agreement.

 

“Required Excess Collateral Amount” means, at
any time, 4.75% of the Collateral Amount; provided that:

 

(a)                                 except as
provided in clause (c), the Required
Excess Collateral Amount shall never be less than 3.00% of the Initial
Collateral Amount;

 

(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 excess of the Note
Principal Balance over the balance on deposit in the Principal Accumulation
Account.

 

“Required Reserve Account
Amount” means, for any Transfer Date on or after the Reserve Account
Funding Date, an amount equal to (a) 0.50% of the Note Principal Balance
or (b) any other amount designated by the Issuer; provided,  however, that
if such designation is of a lesser amount, the Issuer shall (i) provide
the Indenture Trustee with evidence that the Rating Agency Condition shall have
been satisfied and (ii) deliver to the Indenture Trustee a certificate of
an Authorized Officer to the effect that, based on the facts known to such
officer at such time, in the reasonable belief of the Issuer, such designation
will not cause an Early Amortization Event or an event that, after the giving
of notice or the lapse of time, would cause an Early Amortization Event to
occur with respect to Series 2010-1.

 

“Required Spread Account
Amount” means, for the May 2010 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) during the Controlled Accumulation 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 2010-1 Notes, the Required Spread
Account Amount will never exceed the Class C Note Principal Balance (after
taking into account any payments to be made on such Payment Date).

 

11

 

“Reserve Account”
means the account designated as such, established and owned by the Issuer and
maintained in accordance with Section 4.2.

 

“Reserve Account Funding
Date” means the Payment Date selected by the Servicer on behalf of
the Issuer which occurs not later than the earliest of the Payment Date with
respect to the Monthly Period which commences three months prior to the
commencement of the Controlled Accumulation Period (which commencement shall be
subject to postponement pursuant to Section 4.14);
provided, however,
that if the Rating Agency Condition is satisfied, the Issuer may postpone the
Reserve Account Funding Date.

 

“Reserve Account Surplus”
means, as of any Transfer Date following the Reserve Account Funding Date, the
amount, if any, by which the amount on deposit in the Reserve Account exceeds
the Required Reserve Account Amount.

 

“Reserve Draw Amount”
means, with respect to each Transfer Date relating to the Controlled
Accumulation Period or the first Transfer Date relating to the Early
Amortization Period, the amount, if any, by which the Principal Accumulation
Investment Proceeds for such Payment Date are less than the Covered Amount
determined as of such Transfer 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;
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
Accumulation Period commences or the day the Early Amortization Period
commences.

 

“Series Accounts” means, collectively, the
Finance Charge Account, the Principal Account, the Principal Accumulation
Account, the Distribution Account, the Reserve Account and the Spread Account.

 

“Series Allocation
Percentage” means, with respect to any Monthly Period, the
percentage equivalent of a fraction, the numerator of which is the numerator
used in determining the Allocation Percentage for Finance Charge Collections
for that Monthly Period 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; provided that if one or more Reset Dates
occur in a Monthly Period, the Series Allocation Percentage for the
portion of the Monthly Period falling on and after each such Reset Date and
prior to any subsequent Reset Date will be determined using a denominator which
is equal to the sum of the numerators used in determining the Allocation
Percentage for Finance 

 

12

 

Charge Collections for all outstanding Series as
of the close of business on the subject Reset Date.

 

“Series Maturity
Date” means, with respect to Series 2010-1, the March 2018
Payment Date.

 

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

 

“Series 2010-1”
means the Series of Notes the terms of which are specified in this
Indenture Supplement.

 

“Series 2010-1 Early
Amortization Event” is defined in Section 6.1.

 

“Series 2010-1
Excess Finance Charge Collections” means Excess Finance Charge Collections
allocated from other Series in Group One to Series 2010-1 pursuant to
Section 8.6 of the Indenture.

 

“Series 2010-1 Note”
means a Class A Note, a Class B Note or a Class C Note.

 

“Series 2010-1
Noteholder” means a Class A Noteholder, a Class B
Noteholder or a Class C Noteholder.

 

“Similar Law” means any applicable law that is
substantially similar to the fiduciary responsibility provisions of ERISA or Section 4975
of the Code.

 

“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, (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 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%.

 

“Surplus Collateral
Amount” means, with respect to any Payment Date, the excess, if any,
of the Excess Collateral Amount over the Required Excess Collateral Amount, in
each case calculated after giving effect to any deposits into the Principal
Accumulation Account and 

 

13

 

payments of principal on such Payment Date,
but before giving effect to any reduction in the Collateral Amount on such
Payment Date pursuant to Section 4.4(c)(iii).

 

“Target Amount”
is defined in Section 4.3(b)(i).

 

“Trust” is
defined in the preamble.

 

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
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 Supplement and the terms of the Indenture conflict, the terms
of this Supplement shall control with respect to the Series 2010-1.

 

ARTICLE II

CREATION OF THE SERIES 2010-1 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 2010-1”
or the “Series 2010-1 Notes.”  The Series 2010-1 Notes shall be issued
in three Classes, known as the “Class A Series 2010-1
3.69% Asset Backed Notes,” the “Class B
Series 2010-1 4.67% Asset Backed Notes,” and the “Class C Series 2010-1 5.75% Asset Backed Notes.”

 

(b)                                 Series 2010-1
shall be included in Group One and shall be a Principal Sharing Series.  Series 2010-1 shall be an Excess
Allocation Series with respect to Group One only.  Series 2010-1 shall not be subordinated
to any other Series.

 

(c)                                  The Class A
Notes shall be issued in minimum denominations of $100,000 and in integral
multiples of $1,000 and the Class B Notes and the Class C Notes shall
be issued in minimum denominations of $100,000 and in integral multiples of $1.

 

SECTION 2.2.  Transfer Restrictions.

 

(a)                                 Neither the Class B
Notes nor the Class C Notes have been registered under the Securities Act
or any state securities law.  None of the
Issuer, the Note Registrar or the Indenture Trustee is obligated to register
the Class B Notes or the Class C Notes under the Securities Act or
any other securities or “blue sky” laws or to take any other action not
otherwise required under this Indenture Supplement or the Trust Agreement to
permit the transfer of any Class B Note or Class C Note without
registration.

 

(b)                                 Until such time
as any such Class of Notes has been registered under the Securities Act
and any applicable state securities law, the Class B Notes and the Class C
Notes may not be sold, transferred, assigned, participated, pledged or
otherwise disposed of (any such act, a “Class B Note Transfer” and a “Class C
Note Transfer,” respectively) to any Person except in accordance with the
provisions of this Section 2.2, and any attempted Class B Note
Transfer or Class C Note Transfer in violation of this Section 2.2
will be null and void.

 

14

 

(c)                                  Each Class B
Note and Class C Note will bear a legend to the effect of the following
unless determined otherwise by the Administrator (as certified to the Indenture
Trustee in an Officer’s Certificate) consistent with applicable law:

 

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 NOTE:

 

(1)         AGREES FOR THE BENEFIT OF
THE ISSUER AND THE TRANSFEROR THAT THIS NOTE MAY BE SOLD, TRANSFERRED,
ASSIGNED, PARTICIPATED, PLEDGED OR OTHERWISE DISPOSED OF ONLY IN COMPLIANCE
WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (I) PURSUANT
TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE
HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN THE
MEANING OF RULE l44A (A “QIB”), PURCHASING FOR ITS OWN ACCOUNT OR FOR
THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE
REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE
144A, OR (II) TO THE DEPOSITOR OR ITS AFFILIATES, IN EACH CASE IN
ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES; AND

 

(2)         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.

 

(d)                                 By acceptance
of any Class B Note or Class C Note, the Class B Noteholder and
the Class C Noteholder, respectively, specifically agrees with and
represents to the Transferor, the Issuer and the Note Registrar, that no Class B
Note Transfer or Class C Note Transfer, as applicable, will be made unless
(i) the registration requirements of the Securities Act and any applicable
state securities laws have been complied with, (ii) such Class B Note
Transfer or Class C Note Transfer, as applicable, is to the Transferor or
its Affiliates, or (iii) such Class B Note Transfer or Class C
Note Transfer, as applicable, is exempt from the registration requirements
under the Securities Act because such Class B Note Transfer or Class C
Note Transfer, as applicable, is in compliance with Rule 144A under the
Securities Act, to a transferee who the transferor reasonably believes is a “Qualified
Institutional Buyer” (as defined in the Securities Act) that is purchasing for
its own account or for the account of a Qualified Institutional Buyer and to
whom notice is given that such Class B Note Transfer or Class C Note
Transfer, as applicable, is being made in reliance upon Rule 144A under
the Securities Act.

 

15

 

(e)                                  The Issuer will
make available to the prospective transferor and transferee of a Class B
Note or Class C Note information requested to satisfy the requirements of
paragraph (d)(4) of Rule 144A.

 

(f)                                   Each Class A
Note, Class B Note and Class C Note will bear a legend to the effect
of the following unless determined otherwise by the Administrator (as certified
to the Indenture Trustee in an Officer’s Certificate) consistent with
applicable law:

 

THE HOLDER OF THIS NOTE BY
ITS ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN,
SHALL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) SUCH HOLDER IS NOT
(AND FOR SO LONG AS IT HOLDS SUCH NOTE WILL NOT BE), IS NOT ACTING ON BEHALF OF
(AND FOR SO LONG AS IT HOLDS SUCH NOTE WILL NOT BE ACTING ON BEHALF OF), AND IS
NOT INVESTING THE ASSETS OF (A) AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF
THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) THAT
IS SUBJECT TO TITLE I OF ERISA, (B) A “PLAN” (AS DEFINED IN SECTION 4975
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)) THAT IS SUBJECT
TO SECTION 4975 OF THE CODE, (C) AN ENTITY WHOSE UNDERLYING ASSETS
ARE DEEMED TO BE PLAN ASSETS OF A PLAN DESCRIBED IN (A) OR (B) ABOVE
OR (D) A GOVERNMENTAL PLAN, CHURCH PLAN OR NON-U.S. PLAN THAT IS SUBJECT
TO ANY APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY
PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (II) ITS
ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF THIS NOTE WILL NOT RESULT IN
A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE
CODE OR A VIOLATION OF ANY SIMILAR LAW.

 

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.

 

SECTION 3.2.  Representations, Warranties and Covenants
with respect to ERISA.  By acquiring
a Series 2010-1 Note, each purchaser and transferee shall be deemed to
represent and warrant that either (i) it is not (and for so long as it
holds such Series 2010-1 Note will not be), is not acting on behalf of
(and for so long as it holds such Series 2010-1 Note will not be acting on
behalf of), and is not investing the assets of a Benefit Plan or (ii) its
acquisition, continued holding and disposition of such Series 2010-1 Note
will not result in a non-exempt prohibited transaction under ERISA or Section 4975
of the Code or a violation of any Similar Law.

 

16

 

ARTICLE IV

RIGHTS OF SERIES 2010-1 NOTEHOLDERS AND ALLOCATION
AND APPLICATION OF COLLECTIONS

 

SECTION 4.1.  Determination of Interest and Principal.

 

(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 an amount equal to the product of (i) a fraction, the numerator
of which is 30 and the denominator of which is 360, (ii) the Class A
Note Interest Rate in effect with respect to the related Interest Period and (iii) the
Class A Note Principal Balance as of the close of business on the last day
of the preceding Monthly Period (or, with respect to the initial Payment Date,
the Class A Note Initial Principal Balance); provided that the Class A
Monthly Interest for the May 2010 Payment Date shall equal $2,408,750.00.

 

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 30 and
the denominator of which is 360, (ii) the Class A Note Interest Rate
in effect with respect to the related Interest Period plus 2% per annum 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.

 

(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 an amount equal to the product of (i) a fraction, the numerator
of which is 30 and the denominator of which is 360, (ii) the Class B
Note Interest Rate and (iii) the Class B Note Principal Balance as of
the close of business on the last day of the preceding Monthly Period (or, with
respect to the initial Payment Date, the Class B Note Initial Principal
Balance); provided that the Class B Monthly Interest for the May 2010
Payment Date shall equal $487,755.56.

 

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 30 and
the denominator of which is 360, (ii) the Class B Note Interest Rate plus 2% per annum 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.

 

17

 

(c)                                  The amount of
monthly interest (“Class C Monthly Interest”)
due and payable with respect to the Class C Notes on any Payment Date
shall be an amount equal to the product of (i) a fraction, the numerator
of which is 30 and the denominator of which is 360, (ii) the Class C
Interest Rate and (iii) the Class C Note Principal Balance as of the
close of business on the last day of the preceding Monthly Period (or, with
respect to the initial Payment Date, the Class C Note Initial Principal
Balance); provided that the Class C Monthly Interest for the May 2010  Payment Date shall equal $412,881.94.

 

With respect to each Payment Date, the Issuer shall
determine the excess, if any (the “Class C
Deficiency Amount”), of (x) the aggregate amount of Class C
Monthly Interest payable pursuant to this Section 4.1(c) as of
the prior Payment Date over (y) the
amount of Class C Monthly Interest actually paid on such Payment
Date.  If the Class C Deficiency
Amount for any Payment Date is greater than zero, on each subsequent Payment
Date until such Class C Deficiency Amount is fully paid, an additional
amount (“Class C Additional Interest”)
equal to the product of (i) a fraction, the numerator of which is 30 and
the denominator of which is 360, (ii) the Class C
Note Interest Rate plus 2% per annum
and (iii) such Class C Deficiency Amount (or the portion thereof
which has not been paid to the Class C Noteholders) shall be payable as
provided herein with respect to the Class C Notes.  Notwithstanding anything to the contrary
herein, Class C Additional Interest shall be payable or distributed to the
Class C Noteholders only to the extent permitted by applicable law.

 

(d)                                 The amount of
monthly principal to be transferred from the Principal Account with respect to
the Notes on each Payment Date (the “Monthly
Principal”), beginning with the Payment Date in the Monthly Period
following the Monthly Period in which the Controlled Accumulation Period or, if
earlier, the Early Amortization Period, begins, shall be equal to the least of (i) the
Available Principal Collections on deposit in the Principal Account with
respect to the related Monthly Period, (ii) for each Payment Date with
respect to the Controlled Accumulation Period, the Controlled Deposit Amount
for such Payment Date, (iii) the Collateral Amount (after taking into
account any adjustments to be made on such Payment Date pursuant to Sections 4.6 and 4.7)
prior to any deposit into the Principal Accumulation Account on such Payment
Date, and (iv) the Note Principal Balance, minus any amount already on
deposit in the Principal Accumulation Account on such Payment 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 Principal
Accumulation Account, the Distribution Account, the Reserve Account and the
Spread Account, 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 

 

18

 

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 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.

 

SECTION 4.3.  Calculations and Series Allocations.

 

(a)                                 Allocations.  Finance Charge Collections, Principal
Collections and Charged-Off Receivables allocated to Series 2010-1
pursuant to Article VIII of the
Indenture shall be allocated and distributed as set forth in this Article.  Notwithstanding anything to the contrary in Section 4.3(b),
during any period when the Issuer is permitted by Section 8.4
of the Indenture to make a single monthly deposit to the Collection Account,
amounts allocated to the Noteholders pursuant to Section 4.3(b) with
respect to any Monthly Period need not be deposited into the Collection Account
or any Series Account prior to the related Payment Date, and, when so
deposited, (x) may be deposited net of any amounts required to be
distributed to Transferor and, if the Originator is Servicer, any amounts owed
to the Servicer, and (y) shall be deposited into the Finance Charge
Account (in the case of Collections of Finance Charge Receivables) and the
Principal Account (in the case of Collections of Principal Receivables (not
including any Shared Principal Collections allocated to Series 2010-1
pursuant to Section 8.5 of the
Indenture)).

 

(b)                                 Allocations to
the Series 2010-1 Noteholders.  The Issuer shall on each Date of Processing,
allocate to the Series 2010-1 Noteholders the following amounts as set
forth below:

 

(i)                                     Allocations of Finance
Charge Collections.  The
Issuer shall allocate to the Series 2010-1 Noteholders an amount equal to
the product of (A) the Allocation Percentage and (B) the aggregate
Finance Charge Collections processed on such Date of Processing and, subject to
Section 4.15, shall deposit such amount into the Finance Charge Account;
provided that, with respect to each
Monthly Period falling in the Revolving Period (and with respect to that
portion of each Monthly Period in the Controlled Accumulation Period falling on
or after the day on which Collections of Principal Receivables equal to the
related Controlled Deposit Amount have been 

 

19

 

allocated pursuant to Section 4.3(b)(ii) and
deposited pursuant to Section 4.3(a)),
Collections of Finance Charge Receivables shall be transferred into the Finance
Charge Account only until such time as the aggregate amount so deposited equals
the sum (the “Target Amount”) 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, (C) if the Originator is not the Servicer, the Noteholder Servicing
Fee (and if the Originator is the Servicer, then the Issuer covenants to pay
directly to the Servicer as payment of the Noteholder Servicing Fee amounts
that otherwise would have been transferred into the Finance Charge Account
pursuant to this clause (C)),
and (D) any amount required to be deposited in the Reserve Account and the
Spread Account on the related Transfer Date; provided
further, that, notwithstanding the
preceding proviso, if on any Business Day the Issuer determines that the Target
Amount for a Monthly Period exceeds the Target Amount for that Monthly Period
as previously calculated by Issuer, then (x) Issuer shall (on the same
Business Day) inform Transferor of such determination, and (y) within two
Business Days thereafter cause Transferor to deposit into the Finance Charge
Account funds in an amount equal to the amount of Collections of Finance Charge
Receivables allocated to the Noteholders for that Monthly Period but not
deposited into the Finance Charge Account due to the operation of the preceding
proviso (but not in excess of the amount required so that the aggregate amount
deposited for the subject Monthly Period equals the Target Amount);  and provided,
further, that 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 Transferor, 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 Section 4.4(a)(vi) and
(vii) but are
not available from funds in the Finance Charge Account as a result of the
operation of the second preceding proviso.

 

With respect to any Monthly Period when deposits of
Collections of Finance Charge Receivables into the Finance Charge Account are
limited to deposits up to the Target Amount in accordance with clause (i) above,
notwithstanding such limitation: (1) “Reallocated
Principal Collections” for the related Transfer Date shall be
calculated as if the full amount of Finance Charge Collections allocated to the
Noteholders during that Monthly Period had been deposited in the Finance Charge
Account and applied on the related Payment Date in accordance with Section 4.4(a); and (2) Collections
of Finance Charge Receivables released to Transferor pursuant to clause (i) above
shall be deemed, for purposes of all calculations under this Indenture
Supplement, to have been applied 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 Finance Charge
Account on the related Payment Date.  To
avoid doubt, the calculations referred to in the preceding clause (2) include
the calculations required by clause (b)(iv) of
the definition of Collateral Amount.

 

(ii)                                  Allocations of Principal
Collections.  The Issuer
shall allocate to the Series 2010-1 Noteholders the following amounts as
set forth below:

 

20

 

(x)                                 Allocations During the Revolving Period.

 

(1)                                 During the Revolving Period an amount
equal to the product of the Allocation Percentage and the aggregate amount of
Principal Collections processed on such Date of Processing, shall be allocated
to the Series 2010-1 Noteholders and first, if any other Principal Sharing
Series is outstanding and in its accumulation period or amortization
period, retained in the Principal Account for application, to the extent
necessary, as Shared Principal Collections to other Principal Sharing Series on
the related Payment Date, second deposited in the Excess Funding Account to the
extent necessary so that the Free Equity Amount is not less than the Minimum
Free Equity Amount and third paid to the holders of the Transferor Interest.

 

(2)                                 With respect to each Monthly Period
falling in the Revolving Period, to the extent that Collections of Principal
Receivables allocated to the Series 2010-1 Noteholders pursuant to this Section 4.3(b)(ii) are
paid to Transferor, the Issuer shall cause Transferor 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.

 

(y)           Allocations During the Controlled Accumulation Period.  During the Controlled Accumulation Period an
amount equal to the product of the Allocation Percentage and the aggregate
amount of Principal Collections processed on such Date of Processing (the
product for any such date is hereinafter referred to as a “Percentage
Allocation”) shall be allocated to the Series 2010-1 Noteholders and
transferred to the Principal Account until applied as provided herein; provided,
however, that ifthe sum of such Percentage Allocation and all preceding
Percentage Allocations with respect to the same Monthly Period exceeds the
Controlled Deposit Amount during the Controlled Accumulation Period for the
related Payment Date, then such excess shall not be treated as a Percentage
Allocation and shall be first, if any other Principal Sharing Series is
outstanding and in its accumulation period or amortization period, retained in
the Principal Account for application, to the extent necessary, as Shared
Principal Collections to other Principal Sharing Series on the related Payment
Date, second deposited in the Excess Funding Account to the extent necessary so
that the Free Equity Amount is not less than the Minimum Free Equity Amount and
third paid to the holders of the Transferor Interest.

 

(z)                                  Allocations During the Early Amortization Period. 
During the Early Amortization Period, an amount equal to the product of
the Allocation Percentage and the aggregate amount of Principal Collections
processed on such Date of Processing shall be allocated to the 2010-1
Noteholders and transferred to the Principal Account until applied as 

 

21

 

provided herein; provided, however, that after the date on which an
amount of such Principal Collections equal to the Note Principal Balance has
been deposited into the Principal Account such amount shall be first, if any
other Principal Sharing Series is outstanding and in its accumulation
period or amortization period, retained in the Principal Account for
application, to the extent necessary, as Shared Principal Collections to other
Principal Sharing Series on the related Payment Date, second deposited in
the Excess Funding Account to the extent necessary so that the Free Equity
Amount is not less than the Minimum Free Equity Amount and third paid to the
holders of the Transferor Interest.

 

SECTION 4.4.  Application of Available Finance Charge
Collections and Available Principal Collections.  On 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 Accumulation Account, the Principal Account and the Distribution
Account as follows:

 

(a)                                 On each Payment
Date, an amount equal to the Available Finance Charge Collections with respect
to the related Payment Date will be paid or deposited in the following
priority:

 

(i)                                     to pay, on a
pari passu basis, the following amounts, to the extent allocated to Series 2010-1
pursuant to Section 8.4(d) of the Indenture: (A) the
payment to the Indenture Trustee of the accrued and unpaid fees and other
amounts owed to the Indenture Trustee up to a maximum amount of $25,000 for
each calendar year, (B) the payment to the Trustee of the accrued and
unpaid fees and other amounts owed to the Trustee up to a maximum amount of
$25,000 for each calendar year and (C) the payment to the Administrator of
the accrued and unpaid fees and other amounts owed to the Administrator up to a
maximum amount of $25,000 for each calendar year;

 

(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 by the Issuer on a prior Transfer Date, shall
be paid to the Servicer;

 

(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 into
the Distribution Account;

 

(iv)                              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 into
the Distribution Account;

 

22

 

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

 

(vi)                              (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 (vi) during the Controlled Accumulation Period or the
Early Amortization Period, shall be deposited into the Principal Account on the
related Payment Date;

 

(vii)                           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)(vii) shall
be treated as a portion of Available Principal Collections for such Payment
Date and during the Controlled Accumulation Period or Early Amortization Period
shall be deposited into the Principal Account on the related Payment Date;

 

(viii)                        on each
Transfer Date from and after the Reserve Account Funding Date, but prior to the
date on which the Reserve Account terminates as described in Section 4.10(e), an amount up to the
excess, if any, of the Required Reserve Account Amount over the Available Reserve Account Amount
shall be deposited into the Reserve Account;

 

(ix)                              an amount equal
to the amounts required to be deposited in the Spread Account pursuant to Section 4.11(e) shall
be deposited into the Spread Account;

 

(x)                                 without
duplication of the amount specified in clause (vi)(B) of this Section 4.4(a),
an amount equal to the Series Allocation Percentage (calculated by
excluding all outstanding Series of Notes excluded from this calculation
pursuant to the terms of the Indenture Supplement for such Series) of the
excess, if any, of the Minimum Free Equity Amount over the Free Equity Amount,
shall be treated as a portion of Available Principal Collections for such
Payment Date and, during the Controlled Accumulation Period or the Early
Amortization Period, deposited into the Principal Account on the related
Payment Date;

 

(xi)                              [Reserved];

 

(xii)                           unless an Early
Amortization Event shall have occurred and be continuing, on a pari passu basis
any amounts owed to such Persons listed in clause (i) above that
have been allocated to Series 2010-1 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

 

23

 

(xiii)                        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 paid to the Transferor in
accordance with Section 8.6 of the Indenture, the portion of such
Excess Finance Charge Collections that would otherwise be payable 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 (xiii)), 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 2010-1 pursuant to Section 8.4(d) of
the Indenture and that have not been paid pursuant to clauses (i) and
(xii) 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.

 

(b)                                 On each Transfer
Date with respect to the Revolving Period, an amount equal to the Available
Principal Collections for the related Monthly Period shall be treated as Shared
Principal Collections and applied in accordance with Section 8.5
of the Indenture.

 

(c)                                  On each
Transfer Date or Payment Date, as applicable, with respect to the Controlled
Accumulation Period or the Early Amortization Period, an amount equal to the
Available Principal Collections for the related Monthly Period shall be paid or
deposited in the following order of priority:

 

(i)                                     during the
Controlled Accumulation Period, an amount equal to the Monthly Principal for
each Transfer Date shall be deposited into the Principal Accumulation Account
on the related Payment Date;

 

(ii)                                  during the
Early Amortization Period, an amount equal to the Monthly Principal for each
Transfer Date shall be deposited into the Distribution Account on the related
Payment Date and on such Payment Date shall be paid, first to the Class A
Noteholders on the related Payment Date until the Class A Note Principal
Balance has been paid in full; second to the Class B Noteholders
until the Class B Note Principal Balance has been paid in full; and third
to the Class C Noteholders until the Class C Note Principal Balance
has been paid in full; and

 

(iii)                               in the case of
each of the Controlled Accumulation Period and the Early Amortization Period,
the balance of such Available Principal Collections remaining after application
in accordance with clauses (i) and (ii) above shall be
treated as Shared Principal Collections and applied in accordance with Section 8.5
of the Indenture.  As of any Payment Date
during the Controlled Accumulation Period or Early Amortization Period on which
Available Principal Collections are treated as Shared Principal Collections,
the Collateral Amount shall be reduced by an amount equal to the lesser of (x) the
amount of Available Principal Collections applied as Shared Principal
Collections and (y) the Surplus Collateral Amount.

 

24

 

(d)                                 On each Payment
Date, the Issuer shall pay in accordance with Section 4.5 to the Class A
Noteholders from the Distribution Account, the amount deposited into the
Distribution Account pursuant to Section 4.4(a)(iii) on such
Payment Date, to the Class B Noteholders from the Distribution Account,
the amount deposited into the Distribution Account pursuant to Section 4.4(a)(iv) on
such Payment Date and to the Class C Noteholders from the Distribution
Account, the amount deposited into the Distribution Account pursuant to Section 4.4(a)(v) on
such Payment Date.

 

(e)                                  On the earlier
to occur of (i) the first Payment Date with respect to the Early
Amortization Period and (ii) the Expected Principal Payment Date, the
Issuer shall withdraw from the Principal Accumulation Account and deposit into
the Distribution Account the amount deposited into the Principal Accumulation
Account pursuant to Section 4.4(c)(i) and
on such Payment Date shall pay such amount first
to the Class A Noteholders, until the Class A Note Principal Balance
is paid in full; second to the Class B
Noteholders until the Class B Principal Balance is paid in full; and third to the Class C Noteholders until
the Class C Note Principal Balance is paid in full.

 

SECTION 4.5.  Distributions.

 

(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.

 

(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)                                  On each Payment
Date, the Issuer shall pay to each Class C Noteholder of record on the
related Record Date such Class C Noteholder’s pro  rata share
of the amounts on deposit in the Distribution Account (including amounts
withdrawn from the Spread Account (at the times and in the amounts specified in
Section 4.11)) that are allocated and available on such Payment
Date and as are payable to the Class C Noteholders pursuant to this
Indenture Supplement.

 

(d)                                 The payments to
be made pursuant to this Section 4.5 are subject to the provisions
of Section 7.1 of this Indenture Supplement.

 

(e)                                  All payments to
Noteholders hereunder shall be made by (i) check mailed to each Series 2010-1
Noteholder (at such Noteholder’s address as it appears in the Note Register),
except that for any Series 2010-1 Notes registered in the name of the
nominee of a Clearing Agency, such payment shall be made by wire transfer of
immediately available funds and (ii) except as provided in Section 2.7(b) of
the Indenture, without presentation or surrender of any Series 2010-1 Note
or the making of any notation thereon.

 

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 

 

25

 

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)(vi) 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, the Issuer shall apply
Reallocated Principal Collections with respect to that Transfer Date, to fund
any deficiency pursuant to and in the priority set forth in Sections 4.4(a)(i), (ii), (iii),
(iv) and (v). 
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 2010-1 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 for any Transfer Date will be allocated to Series 2010-1
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 Payment Date and (y) a fraction, the numerator of which
is the Finance Charge Shortfall for Series 2010-1 for such Payment Date
and the denominator of which is the aggregate amount of Finance Charge
Shortfalls for all the Excess Allocation Series in Group One for such
Payment Date.  The “Finance Charge Shortfall” for Series 2010-1
for any Payment Date 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 (xii) on such Payment Date over (b) the Available Finance Charge
Collections with respect to such Payment Date (excluding any portion thereof
attributable to Excess Finance Charge Collections).

 

SECTION 4.9.  Shared Principal Collections.  Subject to Section 8.5
of the Indenture, Shared Principal Collections allocable to Series 2010-1
on any Transfer Date will be equal to the product of (x) the aggregate
amount of Shared Principal Collections with respect to all Principal Sharing Series for
such Transfer Date and (y) a fraction, the numerator of which is the
Principal Shortfall for Series 2010-1 for such Transfer Date and the
denominator of which is the aggregate amount of Principal Shortfalls for all
the Series which are Principal Sharing Series for such Transfer
Date.  The “Principal
Shortfall” for Series 2010-1 will be equal to (a) for any
Transfer Date with respect to the Revolving Period or any Transfer Date during
the Early Amortization Period prior to the Transfer Date relating to the
earlier of (i) the Expected Principal Payment Date and (ii) the date
on which all outstanding Series are in early amortization periods, zero, (b) for
any Transfer Date with respect to the Controlled Accumulation Period, the
excess, if any, of the Controlled Deposit Amount with respect to such Transfer
Date over the amount of Available
Principal Collections for such Transfer Date (excluding any portion thereof
attributable to Shared Principal Collections or amounts available to be treated
as Available Principal Collections pursuant to clause (xiii) of Section 4.4(a))
and (c) for any Transfer Date relating to any Payment Date on or after the
earlier of (i) the Expected Principal Payment Date and (ii) the date
on which all outstanding Series are in early amortization periods, the
Note Principal Balance.

 

SECTION 4.10.  Reserve Account.

 

(a)                                 On each
Transfer Date, all interest and earnings (net of losses and investment
expenses) accrued since the preceding Transfer Date on funds on deposit in the
Reserve Account 

 

26

 

shall be retained in the Reserve Account (to
the extent that the Available Reserve Account Amount is less than the Required
Reserve Account Amount) and any remaining interest and earnings (net of losses
and investment expenses) shall be deposited into the Finance Charge Account and
included in Available Finance Charge Collections for the related Monthly
Period.  For purposes of determining the
availability of funds or the balance in the Reserve Account for any reason
under this Indenture Supplement, except as otherwise provided in the preceding
sentence, investment earnings on such funds shall be deemed not to be available
or on deposit.

 

(b)                                 On or before
each Transfer Date with respect to the Controlled Accumulation Period and on or
before the first Transfer Date with respect to the Early Amortization Period,
the Issuer shall calculate the Reserve Draw Amount; provided,
however, that such amount will be
reduced to the extent that funds otherwise would be available for deposit in
the Reserve Account under Section 4.4(a)(viii) 
on the following Payment Date.

 

(c)                                  If for any
Transfer Date the Reserve Draw Amount is greater than zero, the Reserve Draw
Amount, up to the Available Reserve Account Amount, shall be withdrawn from the
Reserve Account on such Transfer Date by the Issuer and deposited into the
Finance Charge Account for application as Available Finance Charge Collections
on the following Payment Date.

 

(d)                                 If the Reserve
Account Surplus on any Transfer Date, after giving effect to all deposits to
and withdrawals from the Reserve Account with respect to such Transfer Date, is
greater than zero, the Indenture Trustee, acting in accordance with the written
instructions of the Issuer, shall withdraw from the Reserve Account an amount
equal to such Reserve Account Surplus and distribute any such amounts to the
holders of the Transferor Interest.

 

(e)                                  Upon the
earliest to occur of (i) the termination of the Trust pursuant to Article VIII of the Trust Agreement, (ii) the
first Transfer Date relating to the Early Amortization Period and (iii) the
Expected Principal Payment Date, the Issuer, after the prior payment of all
amounts owing to the Series 2010-1 Noteholders that are payable from the
Reserve Account as provided herein, shall withdraw from the Reserve Account all
amounts, if any, on deposit in the Reserve Account and distribute any such
amounts to the holders of the Transferor Interest.  The Reserve Account shall thereafter be
deemed to have terminated for purposes of this Indenture Supplement.

 

SECTION 4.11.  Spread Account.

 

(a)                                 On or before
each Transfer Date, if the aggregate amount of Available Finance Charge
Collections available for application pursuant to Section 4.4(a)(v) is
less than the aggregate amount required to be deposited pursuant to Section 4.4(a)(v),
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)(v).

 

(b)                                 Unless an Early
Amortization Event occurs, the Issuer will withdraw from the Spread Account and
deposit in the Collection Account for payment to the Class C Noteholders 

 

27

 

on the Expected Principal Payment Date for
the Class C Notes 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 C Note Principal Balance.

 

(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 C Notes on the earlier of the Series Maturity
Date and the first Payment Date on which the Class A Note Principal
Balance and the Class B Note Principal Balance have been paid in full.

 

(d)                                 On any day
following the occurrence of an Event of Default with respect to Series 2010-1
that has resulted in the acceleration of the Series 2010-1 Notes, the
Issuer shall withdraw from the Spread Account the Available Spread Account
Amount and deposit such amount in the Distribution Account for payment to the Series 2010-1
Notes in the following order of priority until all amounts owed to such
Noteholders have been paid in full: (i) the Class C Noteholders, (ii) the
Class A Noteholders and (iii) the Class B 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)(ix) 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 C
Note Principal Balance has been paid in full, after making any payments to the
Noteholders required pursuant to Sections 4.11(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 4.12.  Investment of 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 immediately preceding Transfer Date.

 

(b)                                 On each
Transfer Date with respect to the Controlled Accumulation Period and on the
first Transfer Date with respect to the Early Amortization Period, the Issuer
shall transfer from the Principal Accumulation Account to the Finance Charge
Account the Principal Accumulation Investment Proceeds on deposit in the
Principal Accumulation Account for application as Available Finance Charge
Collections in accordance with Section 4.4.

 

(c)                                  Principal
Accumulation Investment Proceeds (including reinvested interest) shall not be
considered part of the amounts on deposit in the Principal Accumulation Account
for purposes of this Indenture Supplement.

 

(d)                                 On each
Transfer Date (but subject to Section 4.11(a)),
the Investment Earnings, if any, credited since the preceding Transfer Date on
funds on deposit in the Spread Account 

 

28

 

shall be retained in the Spread Account (to
the extent that the Available Spread Account Amount is less than the Required
Spread Account Amount) and the balance, if any, shall be paid to the holders of
the Transferor Interest.  For purposes of
determining the availability of funds or the balance in the Spread Account for
any reason under this Indenture Supplement (subject to Section 4.11(a)), all Investment
Earnings shall be deemed not to be available or on deposit; provided that after the maturity of the Series 2010-1
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 4.13.  Controlled Accumulation Period.  The Controlled Accumulation Period is scheduled
to commence at the beginning of business on September 22, 2014; provided that if the Controlled Accumulation
Period Length (determined as described below) on any Determination Date is less
than or more than the number of months in the scheduled Controlled Accumulation
Period, upon written notice to the Indenture Trustee, with a copy to each
Rating Agency, the Issuer shall either postpone or accelerate, as applicable,
the date on which the Controlled Accumulation Period actually commences, so
that, as a result, the number of Monthly Periods in the Controlled Accumulation
Period will equal the Controlled Accumulation Period Length; provided
that the length of the Controlled Accumulation Period will not be less than one
month.  The “Controlled
Accumulation Period Length” will mean a number of whole months such
that the amount available for payment of principal on the Notes on the Expected
Principal Payment Date is expected to equal or exceed the Note Principal
Balance, assuming for this purpose that (1) the payment rate with respect
to Principal Collections remains constant at the lowest level of such payment
rate during the twelve preceding Monthly Periods, (2) the total amount of
Principal Receivables in the Trust (and the principal amount on deposit in the
Excess Funding Account, if any) remains constant at the level on such date of
determination, (3) no Early Amortization Event with respect to any Series will
subsequently occur and (4) no additional Series (other than any Series being
issued on such date of determination) will be subsequently issued.  Any notice by Issuer modifying the
commencement of the Controlled Accumulation Period pursuant to this Section 4.13 shall specify (i) the
Controlled Accumulation Period Length, (ii) the commencement date of the
Controlled Accumulation Period and (iii) the Controlled Accumulation
Amount with respect to each Monthly Period during the Controlled Accumulation
Period.

 

SECTION 4.14.  [Reserved].

 

SECTION 4.15.  Deposit of Collections.  Notwithstanding anything to the contrary in
the Indenture, for any Monthly Period during which the Issuer is permitted to
make a single monthly deposit to the Collection Account pursuant to Section 8.4
of the Indenture for such Monthly Period, the Issuer need not make the daily
deposits of Collections into the Collection Account as provided in Section 8.4
of the Indenture, but may make a single deposit in the Collection Account in
immediately available funds not later than 12:00 noon, New York City time, on
the related Payment Date.

 

29

 

ARTICLE
V

DELIVERY OF SERIES 2010-1 NOTES;

REPORTS TO SERIES 2010-1 NOTEHOLDERS

 

SECTION 5.1.  Delivery and Payment for the Series 2010-1
Notes.

 

The Issuer shall execute and issue, and the Indenture
Trustee shall authenticate, the Series 2010-1 Notes in accordance with Section 2.2 of the Indenture.  The Indenture Trustee shall deliver the Series 2010-1
Notes to or upon the written order of the Issuer when so authenticated.

 

SECTION 5.2.  Reports and
Statements to Series 2010-1 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 and each
Rating Agency 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.  On each Payment Date, the
Issuer shall forward to each Series 2010-1 Noteholder a statement
substantially in the form of Exhibit B.

 

(b)                                 A copy of each
statement or certificate provided pursuant to Section 5.2(a) may
be obtained by any Series 2010-1 Noteholder by a request in writing to the
Issuer.

 

(c)                                  On or before January 31
of each calendar year, beginning with January 31, 2011, the Issuer shall
furnish or cause to be furnished to each Person who at any time during the
preceding calendar year was a Series 2010-1 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 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 2010-1 EARLY AMORTIZATION EVENTS

 

SECTION 6.1.  Series 2010-1 Early Amortization
Events.  If any one of the following
events shall occur with respect to the Series 2010-1 Notes:

 

(a)                                 (i) 
failure on the part of Transferor to make any payment or deposit required to be
made by it by the terms of the Trust Receivables Purchase 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 Transferor duly to observe or perform in any
material respect any other of its covenants or agreements set forth in the
Trust Receivables Purchase Agreement or the Transfer Agreement which failure
has a material adverse effect on the Series 2010-1 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

 

30

 

been
given to the Transferor by the Indenture Trustee, or to the Transferor and the
Indenture Trustee by any Noteholder of the Series 2010-1 Notes;

 

(b)           any representation
or warranty made by Transferor in the Transfer Agreement or the Trust
Receivables Purchase 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 Transferor by the
Indenture Trustee, or to the Transferor and the Indenture Trustee by any
Noteholder of the Series 2010-1 Notes and as a result of which the
interests of the Series 2010-1 Noteholders are materially and adversely
affected for such period; provided, however, that a Series 2010-1 Early
Amortization Event pursuant to this Section 6.1(b) shall
not be 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 or the Trust Receivables Purchase
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;

 

(e)           (i) the average
of the Portfolio Yields for the two Monthly Periods immediately preceding the July 2010
Payment Date is less than the average of the Base Rates for the same Monthly
Periods, or (ii) beginning with the three consecutive Monthly Periods
immediately preceding the August 2010 Payment Date, the average of the
Portfolio Yields for three consecutive Monthly Periods is less than the average
of the Base Rates for the same Monthly Periods (for the avoidance of doubt, the
Monthly Period preceding the May 2010 Payment Date shall be excluded for
purposes of calculating the three-month average Portfolio Yield and Base Rate
under this clause (e)(ii));

 

(f)            the Note Principal
Balance shall not be paid in full on the Expected Principal Payment Date; or

 

(g)           without limiting the
foregoing, the occurrence of an Event of Default with respect to Series 2010-1
and acceleration of the maturity of the Series 2010-1 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 2010-1 Notes evidencing more than 50% of the aggregate unpaid principal
amount of Series 2010-1 Notes by notice then given in writing to the Issuer
(and to the Indenture Trustee if given by the Series 2010-1 Noteholders) may
declare that a “Series Early Amortization Event” with respect to Series 2010-1
(a “Series 2010-1 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 

31

 

Series 2010-1 Early Amortization Event shall
occur without any notice or other action on the part of the Indenture Trustee
or the Series 2010-1 Noteholders immediately upon the occurrence of such
event.

 

ARTICLE VII

REDEMPTION OF SERIES 2010-1 NOTES; FINAL
DISTRIBUTIONS; SERIES TERMINATION

 

SECTION 7.1.  Optional Redemption of Series 2010-1
Notes; Final Distributions.

 

(a)           On any day occurring
on or after the date on which the outstanding principal balance of the Series 2010-1
Notes is reduced to 10% or less of the initial outstanding principal balance of
Series 2010-1 Notes, 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 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 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 Transferor shall deposit into the Distribution Account in
immediately available funds the excess of the Redemption Amount over the
amount, if any, on deposit in the Principal Accumulation Account.  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 2010-1 shall be reduced to
zero and the Series 2010-1 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 2010-1 in connection
with a reassignment of Transferred Receivables to the Transferor pursuant to Section 6.1(e) 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 2010-1
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 Distribution Account pursuant to 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 2010-1, 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 

 

32

 

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 due and payable on such Payment Date or any prior Payment
Date, (B) any Class A Deficiency Amount for such Payment Date and (C) the
amount of Class A Additional Interest, if any, for such Payment Date and
any Class A Additional Interest previously due but not paid to the Class A
Noteholders on 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 due and
payable on such Payment Date or any prior Payment Date, (B) any Class B
Deficiency Amount for such Payment Date and (C) the amount of Class B
Additional Interest, if any, for such Payment Date and any Class B
Additional Interest previously due but not paid to the Class B Noteholders
on any prior Payment Date, will be paid to the Class B Noteholders, (iii) (x) the
Class C Note Principal Balance on such Payment Date will be paid to the Class C
Noteholders and (y) an amount equal to the sum of (A) Class C
Monthly Interest due and payable on such Payment Date or any prior Payment
Date, (B) any Class C Deficiency Amount for such Payment Date and (C) the
amount of Class C Additional Interest, if any, for such Payment Date and
any Class C Additional Interest previously due but not paid to the Class C
Noteholders on any prior Payment Date will be paid to the Class C
Noteholders and (iv) any excess shall be released to the Issuer.

 

SECTION 7.2.  Series Termination.

 

On the Series Maturity Date, the unpaid principal
amount of the Series 2010-1 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 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 2010-1 Noteholders shall be the only Noteholders
whose vote shall be required.

 

SECTION 8.2.  Form of Delivery of the Series 2010-1
Notes.  The Class A Notes, shall
be Book-Entry Notes and shall be delivered as provided in Sections 2.1 and 2.2 of the Indenture.  The Class B Notes and Class C 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 Note Purchase
Agreement.

 

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.

 

33

 

SECTION 8.4.  GOVERNING LAW.  (a) THIS AGREEMENT AND THE OBLIGATIONS
ARISING HEREUNDER SHALL IN ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION,
VALIDITY AND PERFORMANCE, BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTION 5-1401(1) OF
THE GENERAL OBLIGATIONS LAW, BUT WITHOUT REGARD TO ANY OTHER CONFLICT OF LAW
PROVISIONS THEREOF) AND ANY APPLICABLE LAWS OF THE UNITED STATES OF
AMERICA.  THIS INDENTURE SUPPLEMENT IS
SUBJECT TO THE TRUST INDENTURE ACT OF 1939, AS AMENDED, AND SHALL BE GOVERNED
THEREBY AND CONSTRUED IN ACCORDANCE THEREWITH.

 

(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 AGREEMENT
OR TO ANY MATTER ARISING OUT OF OR RELATING TO THIS AGREEMENT;  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 AGREEMENT 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, 

 

34

 

TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM
AND OF ARBITRATION, 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.

 

SECTION 8.5.  Limitation of Liability.  Notwithstanding any other provision herein or
elsewhere, this Agreement has been executed and delivered by BNY Mellon Trust
of Delaware, not in its individual capacity, but solely in its capacity as
Trustee of the Trust, in no event shall BNY Mellon Trust of Delaware in its
individual capacity have any liability in respect of the representations,
warranties, or obligations of the Issuer hereunder or under any other document,
as to all of which recourse shall be had solely to the assets of the Trust, and
for all purposes of this Agreement and each other document, the Trustee (as
such or in its individual capacity) shall be subject to, and entitled to the
benefits of, the terms and provisions of the Trust Agreement.

 

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 Master
Indenture.

 

SECTION 8.7.  Notice Address
for Rating Agencies.  Notices,
if any, required to be delivered to the Rating Agencies by the Issuer, the
Indenture Trustee or the Trustee shall be sent to the following addresses, it
being understood that delivery of any such notices via email to the below
email addresses or such other email addresses as may be provided by the Rating
Agencies shall be sufficient for purposes of this Indenture Supplement and the
other Related Documents:

 

Fitch Ratings

ABS

One State Street Plaza

New York, NY 10004 

Facsimile: (212) 514-9879

Email:  notifications.abs@fitchratings.com

 

Moody’s Rating Service

7 World Trade Center at 250 Greenwich Street

24th Floor

New York, New York 10007

Facsimile:  (212) 298-6742

Email:  Matias.Langer@moodys.com

 

SECTION 8.8.  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 

 

35

 

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 8.9.  Notes to be Treated as Debt for 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 Class A Notes, the Class B
Notes and the Class C Notes shall be treated as debt and a person
purchasing such Notes agrees to treat such Notes as debt for such purposes.

 

SECTION 8.10.  Deemed Consent.  The Series 2010-1 Noteholders will be
deemed to have consented to any amendment to any Related Document that changes
the definition of “Rating Agency Condition” in such Related Document to match
the definition of “Rating Agency Condition” in this Indenture Supplement.

 

[SIGNATURE PAGE FOLLOWS]

 

36

 

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:

  	
  /s/ Kristine K. Gullo

  
	
   

  	
   

  	
  Name: Kristine K. Gullo

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DEUTSCHE BANK TRUST
  COMPANY AMERICAS, as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
  By: DEUTSCHE BANK NATIONAL
  TRUST COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Susan Barstock

  
	
   

  	
   

  	
  Name: Susan Barstock

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michele H. Y. Voon

  
	
   

  	
   

  	
  Name: Michele H. Y. Voon

  
	
   

  	
   

  	
  Title: Vice President

  
				

 

Indenture
Supplement

Series
2010-1

 

S-1

 

EXHIBIT A-1

FORM OF CLASS A SERIES 2010-1 3.69% ASSET
BACKED NOTE

 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

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 662/3% 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 OF THE ISSUER FOR APPLICABLE FEDERAL, STATE,
AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX
IMPOSED ON, OR MEASURED BY, INCOME.

 

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE OF THIS
NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, SHALL BE DEEMED TO
REPRESENT AND WARRANT THAT EITHER (I) SUCH HOLDER IS NOT (AND FOR SO LONG
AS IT HOLDS SUCH NOTE WILL NOT BE), IS NOT ACTING ON BEHALF OF (AND FOR SO LONG
AS IT HOLDS SUCH NOTE WILL NOT BE ACTING ON BEHALF OF), AND IS NOT INVESTING
THE ASSETS OF (A) AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF
THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) THAT
IS SUBJECT TO TITLE I OF ERISA, (B) A “PLAN” (AS DEFINED IN SECTION 4975
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)) THAT IS SUBJECT
TO SECTION 4975 OF THE CODE, (C) AN ENTITY WHOSE UNDERLYING ASSETS
ARE DEEMED TO BE 

 

Exhibit A-1 (Page 1)

 

PLAN ASSETS OF A PLAN DESCRIBED IN (A) OR
(B) ABOVE OR (D) A GOVERNMENTAL PLAN, CHURCH PLAN OR NON-U.S. PLAN
THAT IS SUBJECT TO ANY APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO THE
FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR
LAW”) OR (II) ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF THIS
NOTE WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975
OF THE CODE OR A VIOLATION OF ANY SIMILAR LAW.

 

Exhibit A-1 (Page 2)

 

	
  REGISTERED
  

  	
  $ 

  
	
  No. R-

  	
  CUSIP NO.

  

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2010-1

CLASS A SERIES 2010-1 3.69% 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, for value
received, hereby promises to pay to Cede & Co., or registered assigns,
subject to the following provisions, the principal sum of                                   
DOLLARS, or such greater or lesser amount as determined in accordance with the
Indenture, on the March 2018 Payment Date, except as otherwise provided
below or in the Indenture.  The Issuer
will pay interest on the unpaid principal amount of this Note at the Class A
Note Interest Rate on each Payment Date until the Final Payment Date (which is
the earlier to occur of (a) the Payment 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 March 2018 Payment Date). Interest on
this Note will accrue for each Payment Date from and including the most recent
Payment Date on which interest has been paid to but excluding such Payment Date
or, for the initial Payment Date, from and including the Closing Date to but
excluding such Payment Date.  Interest
will be computed on the basis of a 360-day year of twelve 30-day months.  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)

 

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:                      ,

 

Exhibit A-1 (Page 4)

 

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:

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

Exhibit A-1 (Page 5)

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2010-1 

CLASS A SERIES 2010-1 3.69% 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 2010-1 (the “Series 2010-1
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 Indenture Supplement dated as of March 31, 2010 (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 and the Class C 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 Owner 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 MONEY 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.

 

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.

 

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 6)

 

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 7)

 

EXHIBIT A-2

FORM OF CLASS B SERIES 2010-1 4.67% 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 NOTE:

 

(1)         AGREES FOR THE BENEFIT OF
THE ISSUER AND THE TRANSFEROR THAT THIS NOTE MAY BE SOLD, TRANSFERRED,
ASSIGNED, PARTICIPATED, PLEDGED OR OTHERWISE DISPOSED OF ONLY IN COMPLIANCE
WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (I) PURSUANT
TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE
HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN THE
MEANING OF RULE l44A (A “QIB”), PURCHASING FOR ITS OWN ACCOUNT OR FOR
THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE
REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE
144A, OR (II) TO THE DEPOSITOR OR ITS AFFILIATES, IN EACH CASE IN
ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES; AND

 

(2)         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 662/3% 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 OF THE ISSUER
FOR APPLICABLE FEDERAL, 

 

Exhibit A-2 (Page 1)

 

STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW
AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

 

THE HOLDER OF THIS NOTE BY
ITS ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN,
SHALL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) SUCH HOLDER IS
NOT (AND FOR SO LONG AS IT HOLDS SUCH NOTE WILL NOT BE), IS NOT ACTING ON
BEHALF OF (AND FOR SO LONG AS IT HOLDS SUCH NOTE WILL NOT BE ACTING ON BEHALF
OF), AND IS NOT INVESTING THE ASSETS OF (A) AN “EMPLOYEE BENEFIT PLAN” (AS
DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974, AS AMENDED (“ERISA”)) THAT IS SUBJECT TO TITLE I OF ERISA, (B) A
“PLAN” (AS DEFINED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE “CODE”)) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (C) AN
ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED TO BE PLAN ASSETS OF A PLAN DESCRIBED
IN (A) OR (B) ABOVE OR (D) A GOVERNMENTAL PLAN, CHURCH PLAN OR
NON-U.S. PLAN THAT IS SUBJECT TO ANY APPLICABLE LAW THAT IS SUBSTANTIALLY
SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR SECTION 4975
OF THE CODE (“SIMILAR LAW”) OR (II) ITS ACQUISITION, CONTINUED HOLDING AND
DISPOSITION OF THIS NOTE WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION
UNDER ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SIMILAR LAW.

 

Exhibit A-2 (Page 2)

 

	
  REGISTERED
  

  	
  $ 

  
	
  No. R-

  	
  CUSIP NO.

  

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2010-1

CLASS B SERIES 2010-1 4.67% 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, for value
received, hereby promises to pay to
[                        ],
or registered assigns, subject to the following provisions, the principal sum
of                
DOLLARS, or such greater or lesser amount as determined in accordance with the
Indenture, on the March 2018 Payment Date, except as otherwise provided
below or in the Indenture.  The Issuer
will pay interest on the unpaid principal amount of this Note at the Class B
Note Interest Rate on each Payment Date until the Final Payment Date (which is
the earlier to occur of (a) the Payment 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 March 2018 Payment Date).  Interest on this Note will accrue for each
Payment Date from and including the most recent Payment Date on which interest
has been paid to but excluding such Payment Date or, for the initial Payment
Date, from and including the Closing Date to but excluding such Payment
Date.  Interest will be computed on the
basis of a 360-day year of twelve 30-day months.  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)

 

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:                      ,

 

Exhibit A-2 (Page 4)

 

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:

  	
   

  

 

Exhibit A-2 (Page 5)

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2010-1

 

CLASS B SERIES 2010-1 4.67% 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 2010-1 (the “Series 2010-1
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 Indenture Supplement dated as of March 31, 2010 (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 and the Class C 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 Owner 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 MONEY 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.

 

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.

 

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 6)

 

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 7)

 

EXHIBIT A-3

FORM OF CLASS C SERIES 2010-1 5.75% 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 NOTE:

 

(1)               AGREES FOR THE BENEFIT OF THE ISSUER AND THE
TRANSFEROR THAT THIS NOTE MAY BE SOLD, TRANSFERRED, ASSIGNED, PARTICIPATED,
PLEDGED OR OTHERWISE DISPOSED OF ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND
OTHER APPLICABLE LAWS, AND ONLY (I) PURSUANT TO RULE 144A UNDER THE
SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS
A QUALIFIED INSTITUTIONAL BUYER, WITHIN THE MEANING OF RULE l44A (A “QIB”),
PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS
INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS
BEING MADE IN RELIANCE ON RULE 144A, OR (II) TO THE DEPOSITOR OR ITS
AFFILIATES, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF
THE UNITED STATES; AND

 

(2)               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 662/3% 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 C
NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST
THEREIN, AGREE TO TREAT THE

 

Exhibit A-3 (Page 1)

 

CLASS C NOTES AS INDEBTEDNESS OF THE
ISSUER FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW
AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

 

THE HOLDER OF THIS NOTE BY
ITS ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN,
SHALL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) SUCH HOLDER IS
NOT (AND FOR SO LONG AS IT HOLDS SUCH NOTE WILL NOT BE), IS NOT ACTING ON
BEHALF OF (AND FOR SO LONG AS IT HOLDS SUCH NOTE WILL NOT BE ACTING ON BEHALF
OF), AND IS NOT INVESTING THE ASSETS OF (A) AN “EMPLOYEE BENEFIT PLAN” (AS
DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
OF 1974, AS AMENDED (“ERISA”)) THAT IS SUBJECT TO TITLE I OF ERISA, (B) A “PLAN”
(AS DEFINED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE “CODE”)) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (C) AN
ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED TO BE PLAN ASSETS OF A PLAN DESCRIBED
IN (A) OR (B) ABOVE OR (D) A GOVERNMENTAL PLAN, CHURCH PLAN OR
NON-U.S. PLAN THAT IS SUBJECT TO ANY APPLICABLE LAW THAT IS SUBSTANTIALLY
SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA OR SECTION 4975
OF THE CODE (“SIMILAR LAW”) OR (II) ITS ACQUISITION, CONTINUED HOLDING AND
DISPOSITION OF THIS NOTE WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION
UNDER ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SIMILAR LAW.

 

Exhibit A-3 (Page 2)

 

	
  REGISTERED
  

  	
  $ 

  
	
  No. R-

  	
  CUSIP NO.

  

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2010-1

 

CLASS C SERIES 2010-1 5.75% 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, for
value received, hereby promises to pay to
[                ],
or registered assigns, subject to the following provisions, the principal sum
of                   
DOLLARS, or such greater or lesser amount as determined in accordance with the
Indenture, on the March 2018 Payment Date, except as otherwise provided
below or in the Indenture.  The Issuer
will pay interest on the unpaid principal amount of this Note at the Class C
Note Interest Rate on each Payment Date until the Final Payment Date (which is
the earlier to occur of (a) the Payment 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 March 2018 Payment Date).  Interest on this Note will accrue for each
Payment Date from and including the most recent Payment Date on which interest
has been paid to but excluding such Payment Date or, for the initial Payment
Date, from and including the Closing Date to but excluding such Payment
Date.  Interest will be computed on the
basis of a 360-day year of twelve 30-day months.  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 C NOTE IS SUBORDINATED TO THE EXTENT
NECESSARY TO FUND PAYMENTS ON THE CLASS A AND CLASS B NOTES TO THE
EXTENT SPECIFIED IN THE INDENTURE SUPPLEMENT.

 

Exhibit A-3 (Page 3)

 

IN WITNESS WHEREOF, the Issuer has caused this Class C 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:                        ,

 

Exhibit A-3 (Page 4)

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	
   

  	
  DEUTSCHE BANK TRUST
  COMPANY AMERICAS, as Indenture Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

Exhibit A-3 (Page 5)

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2010-1

 

CLASS C SERIES 2010-1 5.75% ASSET BACKED NOTE

 

Summary of Terms and Conditions

 

This Class C Note is one of a duly authorized
issue of Notes of the Issuer, designated as GE Capital Credit Card Master Note
Trust, Series 2010-1 (the “Series 2010-1
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 Indenture Supplement dated as of March 31, 2010 (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 and 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 Owner 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 C NOTE DOES NOT REPRESENT AN
OBLIGATION OF, OR AN INTEREST IN, THE ISSUER, GE MONEY 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.

 

The Issuer, the Indenture Trustee and any agent of the
Issuer or the Indenture Trustee shall treat the person in whose name this Class C
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.

 

THIS CLASS C 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-3 (Page 6)

 

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-3 (Page 7)

 

EXHIBIT B

 

FORM OF MONTHLY NOTEHOLDER’S STATEMENT

 

Monthly
Noteholder’s Statement

GE Capital Credit Card Master
Note Trust

 

Series 2010-1

Class A 3.69% Notes

Class B 4.67% Notes

Class C 5.75% Notes

 

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 2010-1 Indenture Supplement (the “Indenture
Supplement”), dated as of March 31, 2010, 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 2010-1
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
undersigned, an Authorized Officer of the Servicer, does hereby certify as
follows:

 

	
  Record
  Date:

  	
  [  ·  ], 20[ 
  ·  ]

  
	
  Monthly
  Period Beginning:

  	
  [  ·  ], 20[ 
  ·  ]

  
	
  Monthly
  Period Ending:

  	
  [  ·  ], 20[ 
  ·  ]

  
	
  Previous
  Payment Date:

  	
  [  ·  ], 20[ 
  ·  ]

  
	
  Payment
  Date:

  	
  [  ·  ], 20[ 
  ·  ]

  
	
  Interest
  Period Beginning:

  	
  [  ·  ], 20[ 
  ·  ]

  
	
  Interest
  Period Ending:

  	
  [  ·  ], 20[ 
  ·  ]

  
	
  Days
  in Monthly Period:

  	
  [  ·  ]

  
	
  Days
  in Interest Period:

  	
  [  ·  ]

  
	
  Is
  there a Reset Date?

  	
  [No][Yes]

  

 

	
  I.

  	
  Trust
  Receivables Information

  
	
   

  	
   

  
	
  a.

  	
  Number
  of Accounts Beginning

  
	
  b.

  	
  Number
  of Accounts Ending

  
	
  c.

  	
  Average
  Account Balance (q / b)

  
	
  d.

  	
  BOP
  Principal Receivables

  
	
  e.

  	
  BOP
  Finance Charge Receivables

  
	
  f.

  	
  BOP
  Total Receivables

  

 

Exhibit B (Page 1)

 

	
  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 * 7.0%)

  
	
  w.

  	
  Free
  Equity Amount (EOP Principal Receivables - EOP Collateral Amount
  (II.c.ii+II.a.ii+II.b.iii))

  
	
   

  	
   

  
	
  II.

  	
  Investor
  Information (Trust Level)

  
	
   

  	
   

  
	
  a.

  	
  Note
  Principal Balance (Sum of all Series)

  
	
   

  	
  i.

  	
  Beginning
  of Interest Period

  
	
   

  	
  ii.

  	
  Increase
  in Note Principal Balance due to New Issuance

  
	
   

  	
  iii.

  	
  Decrease
  in Note Principal Balance due to Principal Paid

  
	
   

  	
  iv.

  	
  As
  of Payment Date

  
	
   

  	
   

  	
   

  
	
  b.

  	
  Excess
  Collateral Amount (Sum of all Series)

  
	
   

  	
  i.

  	
  Beginning
  of Interest Period

  
	
   

  	
  ii.

  	
  Additional
  Enhancement Amount

  
	
   

  	
  iii.

  	
  Increase
  in Excess Collateral Amount due to New Issuance

  
	
   

  	
  iv.

  	
  Reductions
  in Required Excess Collateral Amount

  
	
   

  	
  v.

  	
  Increase
  in Unreimbursed Investor Charge-Off

  
	
   

  	
  vi.

  	
  Decrease
  in Unreimbursed Investor Charge-Off

  
	
   

  	
  vii.

  	
  Increase
  in Unreimbursed Reallocated Principal Collections

  
	
   

  	
  viii.

  	
  Decrease
  in Unreimbursed Reallocated Principal Collections

  
	
   

  	
  ix.

  	
  As
  of Payment Date

  
	
  c.

  	
  Collateral
  Amount (Sum of all Series)

  

 

Exhibit B (Page 2)

 

	
   

  	
  i.

  	
  End
  of Prior Monthly Period

  
	
   

  	
  ii.

  	
  Beginning
  of Interest Period (a.i + b.i)

  
	
   

  	
   

  	
   

  
	
  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.

  	
  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 Receivables

  
	
   

  	
  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.

  	
  Default
  Amount for Defaulted Accounts

  
	
   

  	
   

  
	
  h.

  	
  Recoveries

  
	
   

  	
   

  
	
  i.

  	
  Collections

  
	
   

  	
  i.

  	
  Total
  Trust Finance Charge Collections

  
	
   

  	
  ii.

  	
  Total
  Trust Principal Collections

  
	
   

  	
  iii.

  	
  Total
  Trust Collections

  
	
   

  	
   

  	
   

  	
  Percentage

  	
   

  	
  Amount

  	
   

  
	
  j.

  	
  Delinquency
  Data

  
									

 

Exhibit B (Page 3)

 

	
   

  	
  i.

  	
  1-29
  Days Delinquent

  
	
   

  	
  ii.

  	
  30-59
  Days Delinquent

  
	
   

  	
  iii.

  	
  60-89
  Days Delinquent

  
	
   

  	
  iv.

  	
  90-119
  Days Delinquent

  
	
   

  	
  v.

  	
  120-149
  Days Delinquent

  
	
   

  	
  vi.

  	
  150
  or Greater Days Delinquent

  
	
   

  	
   

  	
   

  
	
  IV.

  	
  Series Performance
  Data

  
	
   

  	
   

  
	
  a.

  	
  Portfolio
  Yield (Finance Charge Collections + Recoveries – Aggregate Investor Default
  Amount + PAA Inv Proceeds / 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 / 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 Regarding Distributions to Noteholders

  
	
   

  	
   

  
	
  a.

  	
  The
  total amount of the distribution to Class A Noteholders per $1000 Note
  Initial Principal Balance.

  
	
   

  	
   

  
	
  b.

  	
  The
  amount of the distribution set forth in paragraph a. above in respect of
  interest on the Class A Notes, per $1000 Note Initial Principal Balance.

  
	
   

  	
   

  
	
  c.

  	
  The
  amount of the distribution set forth in paragraph a. above in respect of
  principal on the Class A Notes, per $1000 Note Initial Principal
  Balance.

  
	
   

  	
   

  
	
  d.

  	
  The
  total amount of the distribution to Class B Noteholders per $1000 Note
  Initial Principal Balance.

  
	
   

  	
   

  
	
  e.

  	
  The
  amount of the distribution set forth in paragraph d. above in respect of
  interest on the Class B Notes, per $1000 Note Initial Principal Balance.

  

 

Exhibit B (Page 4)

 

	
  f.

  	
  The
  amount of the distribution set forth in paragraph d. above in respect of
  principal on the Class B Notes, per $1000 Note Initial Principal
  Balance.

  
	
   

  	
   

  
	
  g.

  	
  The
  total amount of the distribution to Class C Noteholders per $1000 Note
  Initial Principal Balance.

  
	
   

  	
   

  
	
  h.

  	
  The
  amount of the distribution set forth in paragraph g. above in respect of
  interest on the Class C Notes, per $1000 Note Initial Principal Balance.

  
	
   

  	
   

  
	
  i.

  	
  The
  amount of the distribution set forth in paragraph g. above in respect of
  principal on the Class C Notes, per $1000 Note Initial Principal
  Balance.

  
	
   

  	
   

  
	
  VI.

  	
  Investor
  Information

  
	
   

  	
   

  
	
  a.

  	
  Class A
  Note Initial Principal Balance

  
	
  b.

  	
  Class B
  Note Initial Principal Balance

  
	
  c.

  	
  Class C
  Note Initial Principal Balance

  
	
  d.

  	
  Initial
  Excess Collateral Amount

  
	
  e.

  	
  Initial
  Collateral Amount

  
	
  f.

  	
  Class A
  Note Principal Balance

  
	
   

  	
  i.

  	
  Beginning
  of Interest Period

  
	
   

  	
  ii.

  	
  Principal
  Payment

  
	
   

  	
  iii.

  	
  As
  of Payment Date

  
	
   

  	
   

  	
   

  
	
  g.

  	
  Class B
  Note Principal Balance

  
	
   

  	
  i.

  	
  Beginning
  of Interest Period

  
	
   

  	
  ii.

  	
  Principal
  Payment

  
	
   

  	
  iii.

  	
  As
  of Payment Date

  
	
   

  	
   

  	
   

  
	
  h.

  	
  Class C
  Note Principal Balance

  
	
   

  	
  i.

  	
  Beginning
  of Interest Period

  
	
   

  	
  ii.

  	
  Principal
  Payment

  
	
   

  	
  iii.

  	
  As
  of Payment Date

  
	
   

  	
   

  	
   

  
	
  i.

  	
  Excess
  Collateral Amount

  
	
   

  	
  i.

  	
  Beginning
  of Interest Period

  
	
   

  	
  ii.

  	
  Reduction
  in Excess Collateral Amount

  
	
   

  	
  iii.

  	
  As
  of Payment Date

  
	
   

  	
   

  	
   

  
	
  j.

  	
  Collateral
  Amount

  
	
   

  	
  i.

  	
  Beginning
  of Interest Period

  
	
   

  	
  ii.

  	
  Increase/Decrease
  in Unreimbursed Investor Charge-Offs

  
	
   

  	
  iii.

  	
  Increase/Decrease
  in Reallocated Principal Collections

  
	
   

  	
  iv.

  	
  Reduction
  in Excess Collateral Amount

  
	
   

  	
  v.

  	
  Principal
  Accumulation Account Deposit

  
	
   

  	
  vi.

  	
  As
  of Payment Date

  

 

Exhibit B (Page 5)

 

	
   

  	
  vii.

  	
  Collateral
  Amount as a Percentage of Note Trust Principal Balance

  
	
   

  	
  viii.

  	
  Amount
  by which Note Principal Balance exceeds Collateral Amount

  
	
   

  	
   

  	
   

  
	
  k.

  	
  Required
  Excess Collateral Amount

  
	
   

  	
   

  
	
  VII.

  	
  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)(vii)

  
	
  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)(vii)

  
	
  i.

  	
  Ending
  Unreimbursed Reallocated Principal Collections

  
	
   

  	
   

  
	
  VIII.

  	
  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 Denominator

  
	
   

  	
  i.

  	
  Aggregate
  Principal Receivables Balance as of Prior Monthly Period

  
	
   

  	
  ii.

  	
  Number
  of Days at Balance

  
	
   

  	
  iii.

  	
  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.iii. or d.)

  
	
  g.

  	
  Allocation
  Percentage, Principal Collections (b./ greater of c.iii. or e.)

  
	
  h.

  	
  Series Allocation
  Percentage

  

 

	
  IX.

  	
  Collections
  and Allocations

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Trust

  	
   

  	
  Series

  	
   

  
	
  a.

  	
  Finance
  Charge Collections

  

 

Exhibit B (Page 6)

 

	
  b.

  	
  Recoveries

  
	
  c.

  	
  Principal
  Collections

  
	
  d.

  	
  Default
  Amount

  
	
  e.

  	
  Dilution

  
	
  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 2010-1

  
	
   

  	
  iii.

  	
  Principal
  Accumulation Account Investment Proceeds

  
	
   

  	
  iv.

  	
  Investment
  earnings in the Reserve Account

  
	
   

  	
  v.

  	
  Reserve
  Account Draw Amount

  
	
   

  	
  vi.

  	
  Recoveries

  
	
  i.

  	
  Available
  Finance Charge Collections (Sum of g.i through g.vii)

  
	
  j.

  	
  Total
  Collections to Series

  
	
  k.

  	
  Total
  Finance Charge Collections deposited in the Collection Account (net of any
  amounts distributed to Transferor and owed to Servicer)

  
	
   

  	
   

  
	
  X.

  	
  Application
  of Available Funds pursuant to Section 4.4(a) of the Indenture
  Supplement

  
	
   

  	
   

  
	
  a.

  	
  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
  Monthly Interest

  
	
   

  	
   

  	
  b.

  	
  Class A
  Deficiency Amount

  
	
   

  	
   

  	
  c.

  	
  Class A
  Additional Interest

  
	
   

  	
   

  	
  d.

  	
  Class A
  Additional Interest not paid on prior Payment Date

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  iv.

  	
  On a pari passu basis:

  
	
   

  	
   

  	
  a.

  	
  Class B
  Monthly Interest

  
	
   

  	
   

  	
  b.

  	
  Class B
  Deficiency Amount

  
	
   

  	
   

  	
  c.

  	
  Class B
  Additional Interest

  

 

Exhibit B (Page 7)

 

	
   

  	
   

  	
  d.

  	
  Class B
  Additional Interest not paid on prior Payment Date

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  v.

  	
  On a pari passu basis:

  
	
   

  	
   

  	
  a.

  	
  Class C
  Monthly Interest

  
	
   

  	
   

  	
  b.

  	
  Class C
  Deficiency Amount

  
	
   

  	
   

  	
  c.

  	
  Class C
  Additional Interest

  
	
   

  	
   

  	
  d.

  	
  Class C
  Additional Interest not paid on prior Payment Date

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  vi.

  	
  To
  be treated as Available Principal Collections

  
	
   

  	
   

  	
  a.

  	
  Aggregate
  Investor Default Amount

  
	
   

  	
   

  	
  b.

  	
  Aggregate
  Investor Uncovered Dilution Amount

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  vii.

  	
  To
  be treated as Available Principal Collections, to the extent not previously
  reimbursed

  
	
   

  	
   

  	
  a.

  	
  Investor
  Charge-offs

  
	
   

  	
   

  	
  b.

  	
  Reallocated
  Principal Collections

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  viii.

  	
  Excess
  of Required Reserve Account Amount Over Available Reserve Account Amount

  
	
   

  	
   

  	
   

  
	
   

  	
  ix.

  	
  Amounts
  required to be deposited to the Spread Account

  
	
   

  	
   

  	
   

  
	
   

  	
  x.

  	
  To
  be treated as Available Principal Collections: Series Allocation
  Percentage of Minimum Free Equity Shortfall

  
	
   

  	
   

  	
   

  
	
   

  	
  xi.

  	
  Unless
  an Early Amortization Event has occurred, amounts that have not been paid
  pursuant to (a)(i) above

  
	
   

  	
   

  	
   

  
	
   

  	
  xii.

  	
  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

  
	
   

  	
   

  	
  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 2010-1 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.

  

 

Exhibit B (Page 8)

 

	
  XI.

  	
  Excess
  Finance Charge Collections (Group One)

  
	
   

  	
   

  
	
  a.

  	
  Total
  Excess Finance Charge Collections in Group One

  
	
   

  	
   

  
	
  b.

  	
  Finance
  Charge Shortfall for Series 2010-1

  
	
   

  	
   

  
	
  c.

  	
  Finance
  Charge Shortfall for all Series in Group One

  
	
   

  	
   

  
	
  d.

  	
  Excess
  Finance Charges Collections Allocated to Series 2010-1

  
	
   

  	
   

  
	
  XII.

  	
  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)(vi)

  
	
   

  	
   

  
	
  e.

  	
  Plus:
  Aggregate amount to be treated as Available Principal Collections pursuant to
  Section 4.4(a)(vii)

  
	
   

  	
   

  
	
  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)(xiii)

  
	
   

  	
   

  
	
  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 Accumulation Period, Available Principal Collections deposited
  to the Principal Accumulation 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(c)(iii)

  
	
   

  	
  v.

  	
  Principal
  Distributions pursuant to Section 4.4(e) in order of priority

  
	
   

  	
   

  	
  a.

  	
  Principal
  paid to Class A Noteholders

  
	
   

  	
   

  	
  b.

  	
  Principal
  paid to Class B Noteholders

  
	
   

  	
   

  	
  c.

  	
  Principal
  paid to Class C Noteholders

  
	
   

  	
  vi.

  	
  Total
  Principal Collections Available to Share (Inclusive of Series 2010-1)

  
	
   

  	
  vii.

  	
  Series Principal
  Shortfall

  

 

Exhibit B (Page 9)

 

	
   

  	
  viii.

  	
  Shared
  Principal Collections allocated to this Series from other Series

  
	
   

  	
   

  	
   

  
	
  XIII.

  	
  Series 2010-1
  Accumulation

  
	
   

  	
   

  
	
  a.

  	
  Controlled
  Accumulation Period Length in months (scheduled)

  
	
   

  	
   

  
	
  b.

  	
  Controlled
  Accumulation Amount

  
	
   

  	
   

  
	
  c.

  	
  Controlled
  Deposit Amount

  
	
   

  	
   

  
	
  d.

  	
  Accumulation
  Shortfall

  
	
   

  	
   

  
	
  e.

  	
  Principal
  Accumulation Account Balance

  
	
   

  	
  i.

  	
  Beginning
  of Interest Period

  
	
   

  	
  ii.

  	
  Controlled
  Deposit Amount

  
	
   

  	
  iii.

  	
  Withdrawal
  for Principal Payment

  
	
   

  	
  iv.

  	
  As
  of Payment Date

  
	
   

  	
   

  	
   

  
	
  XIV.

  	
  Reserve Account Funding
  (Section references relate to Indenture Supplement)

  
	
   

  	
   

  
	
  a.

  	
  Reserve
  Account Funding Date (scheduled)

  
	
   

  	
   

  
	
  b.

  	
  Required
  Reserve Account Amount (0.50% of Note Principal Balance beginning on Reserve
  Account Funding Date)

  
	
   

  	
   

  
	
  c.

  	
  Beginning
  Available Reserve Account Amount

  
	
   

  	
   

  
	
  d.

  	
  Reserve
  Draw Amount

  
	
   

  	
   

  
	
  e.

  	
  Deposit
  pursuant to 4.4(a)(viii) the excess of b. over c.

  
	
   

  	
   

  
	
  f.

  	
  Withdrawal
  for Reserve Account Surplus paid to Transferor pursuant to
  Section 4.10(d)

  
	
   

  	
   

  
	
  g.

  	
  Withdrawal
  for Reserve Account Surplus paid to Transferor pursuant to
  Section 4.10(e)

  
	
   

  	
   

  
	
  h.

  	
  Ending
  Available Reserve Account Amount

  
	
   

  	
   

  
	
  XV.

  	
  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

  

 

Exhibit B (Page 10)

 

	
  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

  
	
   

  	
   

  
	
  XVI.

  	
  Series Early
  Amortization Events

  
	
   

  	
   

  
	
  a.

  	
  The
  Free Equity Amount is less than the Minimum Free Equity Amount

  
	
   

  	
   

  
	
   

  	
  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 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 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

  
	
   

  	
  i.

  	
  Expected
  Principal Payment Date

  
	
   

  	
  ii.

  	
  Current
  Payment Date

  
	
   

  	
   

  	
   

  
	
  e.

  	
  Are
  there any material modifications, extensions or waivers to pool asset terms,
  fees penalties or payments?

  
	
  f.

  	
  Are
  there any material breaches or pool of assets representations and warranties
  or covenants?

  
	
  g.

  	
  Are
  there any material changes in criteria used to originate, acquire, or select
  new pool assets?

  
	
  h.

  	
  Has an early
  amortization event occurred?

  

 

Exhibit B (Page 11)

 

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

 

	
   

  	
  GENERAL ELECTRIC CAPITAL
  CORPORATION, as Servicer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
					

 

Exhibit B (Page 12)

 

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:

 

(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 2010-1 Notes are
retired.

 

(b)                                 The Indenture Trustee covenants that it
shall not, without satisfying the Rating Agency Condition, waive a breach of
any representation or warranty set forth in this Schedule
I.

 

(c)                                  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.

 

Schedule I (Page 1)

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