Document:

Exhibit 4.1

 

SYNCHRONY CARD ISSUANCE TRUST

as Issuer

 

CLASS A(2019-2) TERMS DOCUMENT

dated as of June 24, 2019

 

to

 

SYNCHRONYSERIES INDENTURE SUPPLEMENT

dated as of September 26, 2018

 

to

 

AMENDED AND RESTATED MASTER INDENTURE

dated as of May 1, 2018

 

THE BANK OF NEW YORK MELLON

as Indenture Trustee

 

     

     

    

 

Table of Contents

 

	 	 	Page
	 	 	 
	ARTICLE I	Definitions and Other Provisions of General Application	1
	 	 	 
	Section 1.01	Definitions and Interpretive Matters	1
	 	 	 
	Section 1.02	Governing Law	3
	 	 	 
	Section 1.03	Counterparts	3
	 	 	 
	Section 1.04	Ratification of Indenture and Indenture Supplement	3
	 	 	 
	ARTICLE II	The Class A(2019-2) Notes	3
	 	 	 
	Section 2.01	Creation and Designation	3
	 	 	 
	Section 2.02	Form of Delivery of Class A(2019-2) Notes; Depository; Denominations	3
	 	 	 
	Section 2.03	Delivery and Payment for the Class A(2019-2) Notes	3
	 	 	 
	
        Section 2.04
	Specification of SynchronySeries Subordinated Transferor Amount	3
	 	 	 
	Section 2.05	[Reserved.]	4
	 	 	 
	Section 2.06	Maximum Delinquency Percentage	4
	 	 	 
	ARTICLE III	Allocations, Deposits and Payments	4
	 	 	 
	Section 3.01	Targeted Deposits into the Class A(2019-2) Interest Funding Sub-Account	4
	 	 	 
	Section 3.02	[Reserved.]	4
	 	 	 
	Section 3.03	Withdrawals from Class A(2019-2) Interest Funding Sub-Account	4
	 	 	 
	Section 3.04	Withdrawals from Class A(2019-2) Principal Funding Sub-Account	4
	 	 	 
	Section 3.05	Payments of Interest and Principal	5
	 	 	 	 
	ARTICLE IV	Miscellaneous provisions	5
	 	 	 
	Section 4.01	Limitation of Liability	5

 

     

     

    

 

THIS CLASS A(2019-2)
TERMS DOCUMENT (this “Terms Document”), among the Synchrony CARD ISSUANCE
TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), having its principal office
at c/o Citibank, N.A., 388 Greenwich Street, New York, New York 10013, and THE BANK OF NEW YORK MELLON, a New York state-chartered
bank, as indenture trustee (the “Indenture Trustee”), is made and entered into as of June 24, 2019.

 

Pursuant to this Terms
Document, the Issuer and the Indenture Trustee shall create a new Tranche of SynchronySeries Class A Notes and shall specify
the principal terms thereof.

 

ARTICLE
I

Definitions and Other Provisions of General Application

 

Section 1.01         Definitions
and Interpretive Matters. For all purposes of this Terms Document, except as otherwise expressly provided or unless the context
otherwise requires:

 

(a)          All
terms used herein and not otherwise defined herein shall have meanings ascribed to them in the Indenture or the Indenture Supplement.
This Terms Document shall be interpreted in accordance with the conventions set forth in Sections 1.01(a) through (g) of the Indenture.

 

(b)          All
terms defined in this Terms Document shall have the defined meanings when used in any certificate or other document made or delivered
pursuant hereto unless otherwise defined therein.

 

(c)          In
the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained
in the Indenture or the Indenture Supplement, the terms and provisions of this Terms Document shall be controlling.

 

(d)          Each
capitalized term defined herein shall relate only to the Class A(2019-2) Notes and no other Tranche of SynchronySeries Notes issued
by the Issuer.

 

(e)          Whenever
used in this Terms Document, the following words and phrases shall have the following meanings, and the definitions of such terms
and phrases are applicable to the singular as well as the plural forms of such terms and to the masculine as well as the neuter
genders of such terms:

 

“Accumulation
Commencement Date” means March 1, 2022; provided, however, that if the Accumulation Period Length for the Class A(2019-2)
Notes is more or less than the Initial Accumulation Period Length for the Class A(2019-2) Notes, the Accumulation Commencement
Date for the Class A(2019-2) Notes will be the date determined pursuant to the definition of “Accumulation Commencement Date”
in the Indenture Supplement.

 

“Class A(2019-2)
Note” means any Note, substantially in the form set forth in Exhibit A-1 to the Indenture Supplement, designated therein
as a Class A(2019-2) Note and duly executed and authenticated in accordance with the Indenture.

 

     

     

    

 

“Class A(2019-2)
Noteholder” means a Person in whose name a Class A(2019-2) Note is registered in the Note Register.

 

“Class A(2019-2)
Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar
Principal Amount of the Class A(2019-2) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which
the Indenture is discharged and satisfied pursuant to Article V thereof.

 

“Controlled
Accumulation Amount” means $283,333,333.34; provided, however, if the Accumulation Period Length is determined to be
more or less than twelve months pursuant to Section 3.11(b)(ii) of the Indenture Supplement, the Controlled Accumulation Amount
for any Transfer Date with respect to the Class A(2019-2) Notes will be the amount specified in the definition of “Controlled
Accumulation Amount” in the Indenture Supplement; provided, further, that the Controlled Accumulation Amount for any Monthly
Period shall not exceed the Outstanding Dollar Principal Amount for the Class A(2019-2) Notes minus the amount on deposit
in the Class A(2019-2) Principal Funding Sub-Account.

 

“Indenture”
means the Amended and Restated Master Indenture, dated as of May 1, 2018, as amended, between the Issuer and the Indenture Trustee.

 

“Indenture
Supplement” means the SynchronySeries Indenture Supplement, dated as of September 26, 2018, between the Issuer and the
Indenture Trustee.

 

“Initial Dollar
Principal Amount” means $850,000,000.

 

“Interest
Payment Date” means July 15, 2019 and the 15th day of each month thereafter, or if such 15th day is not a Business Day,
the next succeeding Business Day.

 

“Interest
Period” means, with respect to any Interest Payment Date, the period from and including the previous Interest Payment
Date (or in the case of the initial Interest Payment Date, from and including the Issuance Date) to but excluding such Interest
Payment Date.

 

“Issuance
Date” means June 24, 2019.

 

“Legal Maturity
Date” means the June 2025 Interest Payment Date.

 

“Note Interest
Rate” means a rate per annum equal to 2.34%.

 

“Paying Agent”
means Indenture Trustee.

 

“Predecessor
Note” means, with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as
that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 3.06
of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated,
lost, destroyed or stolen Note.

 

“Scheduled
Principal Payment Date” means the June 2022 Interest Payment Date.

 

“Stated Principal
Amount” means $850,000,000.

 

    2 

     

    

 

Section 1.02         Governing
Law. THIS TERMS DOCUMENT 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).

 

Section 1.03         Counterparts.
This Terms Document may be executed in any number of counterparts, each of which so executed will be deemed to be an original,
but all such counterparts will together constitute but one and the same instrument.

 

Section 1.04         Ratification
of Indenture and Indenture Supplement. As supplemented by this Terms Document, each of the Indenture and the Indenture Supplement
is in all respects ratified and confirmed and the Indenture as so supplemented by the Indenture Supplement as so supplemented by
this Terms Document shall be read, taken and construed as one and the same instrument.

 

[END OF ARTICLE I]

 

ARTICLE
II

The Class A(2019-2) Notes

 

Section 2.01         Creation
and Designation. There is hereby created a Tranche of SynchronySeries Class A Notes to be issued pursuant to the Indenture
and the Indenture Supplement to be known as the “SynchronySeries Class A(2019-2) Notes.”

 

Section 2.02         Form
of Delivery of Class A(2019-2) Notes; Depository; Denominations.

 

(a)          The
Class A(2019-2) Notes shall be delivered in the form of a Global Note as provided in Sections 2.02 and 3.01(g) of the Indenture.

 

(b)          The
Depository for the Class A(2019-2) Notes shall be The Depository Trust Company, and the Class A(2019-2) Notes shall initially be
registered in the name of Cede & Co., its nominee.

 

(c)          The
Class A(2019-2) Notes will be issued in minimum denominations of $10,000 and integral multiples of $1,000 in excess of $10,000.

 

Section 2.03         Delivery
and Payment for the Class A(2019-2) Notes. The Issuer shall execute and deliver the Class A(2019-2) Notes to the Indenture
Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2019-2) Notes when authenticated, each in accordance
with Section 3.03 of the Indenture.

 

Section 2.04        Specification
of SynchronySeries Subordinated Transferor Amount. As of the date of this Terms Document, after giving effect to the issuance
of the Class A(2019-2) Notes but prior to any adjustments pursuant to the terms of the Indenture Supplement, the SynchronySeries
Subordinated Transferor Amount will equal $898,513,514.

 

    3 

     

    

 

Section 2.05         [Reserved.]

 

Section 2.06         Maximum
Delinquency Percentage. The Maximum Delinquency Percentage for the Class A(2019-2) Notes is 9.00%.

 

[END OF ARTICLE II]

 

ARTICLE
III

Allocations, Deposits and Payments

 

Section 3.01         Targeted
Deposits into the Class A(2019-2) Interest Funding Sub-Account.

 

(a)          The
amount targeted to be deposited into the Class A(2019-2) Interest Funding Sub-Account pursuant to Sections 3.02(b) and 3.03 of
the Indenture Supplement shall be the sum of the following:

 

(i)          On
the Transfer Date related to each Interest Payment Date, the amount of interest targeted to be deposited in the Class A(2019-2)
Interest Funding Sub-Account shall be an amount equal to one-twelfth of the product of (i) the Note Interest Rate, and (ii) (A)
the Outstanding Dollar Principal Amount of the Class A(2019-2) Notes determined as of the close of business on the Interest Payment
Date preceding the related Transfer Date for the Class A(2019-2) Notes plus (B) any interest due but unpaid on any prior Interest
Payment Date; provided, however, that for the first Interest Payment Date, the amount of interest due with respect
to the Class A(2019-2) Notes shall be $1,160,250. Interest on the Class A(2019-2) Notes will be calculated on the basis of a 360-day
year consisting of twelve 30-day months. Notwithstanding Section 3.03(d) of the Indenture Supplement, the interest targeted to
be deposited in the Class A(2019-2) Interest Funding Sub-Account shall not include interest accrued on any overdue interest.

 

Section 3.02         [Reserved.]

 

Section 3.03         Withdrawals
from Class A(2019-2) Interest Funding Sub-Account. On each Interest Payment Date, the interest due on the Class A(2019-2) Notes,
calculated pursuant to Section 3.01(a)(i) of this Terms Document, will be withdrawn from the Class A(2019-2) Interest Funding Sub-Account
and remitted to the Paying Agent for distribution pursuant to Section 3.05 of this Terms Document.

 

Section 3.04         Withdrawals
from Class A(2019-2) Principal Funding Sub-Account. On each Principal Payment Date, an amount up to the Nominal Liquidation
Amount of the Class A(2019-2) Notes will be withdrawn from the Class A(2019-2) Principal Funding Sub-Account and remitted to the
Paying Agent for distribution pursuant to Section 3.05 of this Terms Document.

 

    4 

     

    

 

Section 3.05         Payments
of Interest and Principal.

 

(a)          Any
installment of interest or principal payable on any Class A(2019-2) Note which is punctually paid or duly provided for by the Issuer
and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to
the Person in whose name such Class A(2019-2) Note (or one or more Predecessor Notes) is registered on the Record Date, by wire
transfer of immediately available funds to such Person’s account as has been designated by written instructions received
by the Paying Agent from such Person not later than the close of business on the third Business Day preceding the date of payment
or, if no such account has been so designated, by check mailed first-class, postage prepaid to such Person’s address as it
appears on the Note Register on such Record Date, except that with respect to Notes registered on the Record Date in the name of
the nominee of Cede & Co., payment shall be made by wire transfer in immediately available funds to the account designated
by such nominee.

 

(b)          The
right of the Class A(2019-2) Noteholders to receive payments from the Issuer will terminate on the first Business Day following
the Class A(2019-2) Termination Date.

 

[END OF ARTICLE III]

 

ARTICLE
IV

Miscellaneous provisions

 

Section 4.01         Limitation
of Liability.

 

(a)          It
is expressly understood and agreed by the parties hereto that (a) this document is executed and delivered by Citibank, N.A., not
individually or personally, but solely as Trustee of the Issuer, (b) each of the representations, undertakings and agreements herein
made on the part of the Issuer is made and intended not as a personal representation, undertaking and agreement by Citibank, N.A.
but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall be construed as creating
any liability on Citibank, N.A., individually or personally, to perform any covenant either expressed or implied contained herein,
all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties
hereto, (d) Citibank, N.A. has made no investigation as to the accuracy or completeness of any representations and warranties made
by the Issuer or any other party in this Agreement, and (e) under no circumstances shall Citibank, N.A. be personally liable for
the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation,
warranty or covenant made or undertaken by the Issuer under this document or any other related documents.

 

(b)          The
Indenture Trustee shall be entitled to the same protections and indemnities under this Terms Document that it is entitled to under
the Indenture.

 

[END OF ARTICLE IV]

 

    5 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Terms Document to be duly executed, all as of the day and year first above written.

 

	 	SYNCHRONY CARD ISSUANCE TRUST
	 	 
	 	By:	CITIBANK, N.A., not in its individual capacity but solely as Trustee on behalf of the Issuer
	 	 
	 	By:	 
	 		Name:
	 		Title:
	 	 	 
	 	THE BANK OF NEW YORK MELLON,
	 	as Indenture Trustee 
	 	 
	 	By:	 
	 		Name:
	 		Title:

 

Synchrony Card Issuance Trust

SynchronySeries Class A(2019-2) Terms
DocumentExhibit 4.2

 

RISK RETENTION AGREEMENT,
dated as of June 24, 2019 (this “Agreement”), by and among SYNCHRONY
BANK, a federal savings association organized under the laws of the United States (“Synchrony Bank”),
SYNCHRONY CARD FUNDING, LLC, a Delaware limited liability company (“Synchrony Card Funding”), and SYNCHRONY
CARD ISSUANCE TRUST, a Delaware statutory trust (the “Issuer”).

 

WITNESSETH:

 

WHEREAS,
Synchrony Bank and Synchrony Card Funding have entered into an Amended and Restated Receivables Sale Agreement, dated as of May
1, 2018 (the “Receivables Sale Agreement”), pursuant to which Synchrony Bank sells Receivables arising
under certain Accounts to Synchrony Card Funding;

 

WHEREAS,
Synchrony Card Funding and the Issuer have entered into an Amended and Restated Transfer Agreement, dated as of May 1, 2018
(as amended, restated, supplemented or otherwise modified, the “Transfer Agreement”), pursuant to which Synchrony
Card Funding conveyed to the Issuer all of its right, title and interest in and to the Receivables arising under certain Accounts;

 

WHEREAS,
Synchrony Card Funding, Citibank, N.A., as the trustee (in such capacity, the “Trustee”) and Citicorp Trust
Delaware, National Association, as the Delaware trustee, have entered into an Amended and Restated Trust Agreement, dated as of
May 1, 2018 (as amended, restated, supplemented or otherwise modified, the “Trust Agreement”), pursuant
to which the Issuer issued the Transferor Interest to Synchrony Card Funding;

 

WHEREAS,
the Issuer and The Bank of New York Mellon (the “Indenture Trustee”) have entered into an Amended and Restated
Master Indenture, dated as of May 1, 2018 (as amended, restated, supplemented or otherwise modified, the “Master
Indenture”), and a SynchronySeries Indenture Supplement, dated as of September 26, 2018, (as amended, restated,
supplemented or otherwise modified, the “Indenture Supplement”, and together with the Master Indenture, the
 “Indenture”), pursuant to which the Issuer has issued and may from time to time issue the SynchronySeries Notes;
and

 

WHEREAS,
Synchrony Card Funding intends to cause the Issuer to issue the Class A(2019-2) Notes pursuant to the Indenture and the Class A(2019-2)
Terms Document, dated as of June 24, 2019 (the “Terms Document”), between the Issuer and the Indenture
Trustee.

 

NOW, THEREFORE, it is
hereby agreed by and among Synchrony Bank, Synchrony Card Funding and the Issuer as follows:

 

1.            DEFINITIONS.
All capitalized terms used but not defined herein shall have the meanings given to such terms in the Terms Document and, if not
defined therein, in the Indenture. The following capitalized terms shall have the following meanings:

 

“Applicable
Investor” means each holder of a beneficial interest in any Class A(2019-2) Note that is (i) an “institutional
investor” as defined in Article 2(12) of the EU Securitization Regulation or (ii) a consolidated affiliate of an EU credit
institution or investment firm that is subject to the due diligence requirements of the EU Securitization Regulation pursuant to
Article 14 of the CRR.

 

     

     

    

 

“CRR”
means Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013, as supplemented by the CRR Delegated
Regulation.

 

“CRR
Delegated Regulation” means Chapters I, II and III and Article 22 of Commission Delegated Regulation (EU) No.
625/2014, as applicable as of the date hereof pursuant to Article 43(7) of the EU Securitization Regulation.

 

“EU Securitization
Regulation” means Regulation (EU) 2017/2402 of the European Parliament and of the Council of December 12, 2017.

 

“EU Securitization
Rules” means the EU Securitization Regulation, together with any relevant regulatory and/or implementing technical standards
adopted by the European Commission in relation thereto, any relevant regulatory and/or implementing technical standards applicable
in relation thereto pursuant to any transitional arrangements made pursuant to the EU Securitization Regulation, and, in each case,
any relevant guidance published in relation thereto by the European Banking Authority or the European Securities and Markets Authority
(or, in either case, any predecessor authority) or by the European Commission.

 

2.            REPRESENTATIONS.
Synchrony Bank represents and warrants to the Issuer and the Indenture Trustee (solely for the benefit of the Applicable Investors)
that as of the date hereof:

 

(a)          Synchrony
Bank has all requisite power and authority to execute, deliver and perform its obligations under this Agreement;

 

(b)          The
execution, delivery and performance of this Agreement have been duly authorized by all necessary action, and do not violate any
provision of any law or regulation of any Governmental Authority, or contractual or other restrictions binding on Synchrony Bank,
except where such violations, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect;
and

 

(c)          This
Agreement is the valid, binding and enforceable obligation of Synchrony Bank, except as the same may be limited by applicable Debtor
Relief Laws, now or hereafter in effect, and by general principles of equity (whether considered in a suit at law or in equity).

 

3.            COVENANTS.
With reference to the EU Securitization Rules as in effect and applicable on the date hereof, Synchrony Bank hereby confirms, represents
and warrants to and agrees with, and irrevocably and unconditionally undertakes to the Issuer and the Indenture Trustee, solely
for the benefit of each Applicable Investor, on an ongoing basis, that:

 

(a)          Synchrony
Bank, as “originator” for the purposes of the EU Securitization Rules, currently retains, and on an ongoing basis will
retain, a material net economic interest that is not less than 5% of the nominal value of the securitized exposures, in a form
that is intended to qualify as an originator’s interest as provided in option (b) of Article 6(3) of the EU Securitization
Regulation, by holding all the membership interest in Synchrony Card Funding, which in turn holds all or part of the Transferor
Interest (the “Retained Interest”);

  

    2 

     

    

 

(b)          Synchrony
Bank will not (and will not permit Synchrony Card Funding or any of its other affiliates to) allow the retained interest to be
subject to any credit risk mitigation or other hedge, or sell, transfer or otherwise surrender all of part of the rights, benefits
or obligations arising from the Retained Interest, if, as a result, Synchrony Bank would not retain a material net economic interest
in an amount that is not less than 5% of the nominal value of the securitized exposures, except to the extent permitted in accordance
with Article 6(1) of the EU Securitization Regulation (as supplemented by Article 12 of the CRR Delegated Regulation);

 

(c)          Synchrony
Bank will not change the retention option or method of calculating its net economic interest in the securitized exposures while
the Class A(2019-2) Notes are outstanding, except under exceptional circumstances in accordance with Article 6(1) of the EU Securitization
Regulation (as supplemented by Article 10 of the CRR Delegated Regulation); and

 

(d)          Synchrony
Bank will provide ongoing confirmation of Synchrony Bank’s continued compliance with its obligations described in (a) and
(b) above in or concurrently with the delivery of each Monthly Noteholders’ Statement.

 

4.            AGREEMENTS
OF SYNCHRONY CARD FUNDING. Synchrony Card Funding hereby acknowledges the terms and conditions of this Agreement and, further,
covenants that it will not subject the Retained Interest to any credit risk mitigation or other hedge, or sell, transfer or otherwise
surrender all or part of the rights, benefits or obligations arising from the Retained Interest, other than as directed by Synchrony
Bank and as permitted in accordance with the terms of this Agreement.

 

5.            LIMITATION
OF LIABILITY.

 

(a)          It
is expressly understood and agreed by the parties hereto that (i) this Agreement is executed and delivered by Citibank, N.A., not
individually or personally, but solely as Trustee of the Issuer, (ii) each of the representations, undertakings and agreements
herein made on the part of the Issuer is made and intended not as a personal representation, undertaking and agreement by Citibank,
N.A. but is made and intended for the purpose of binding only the Issuer, (iii) nothing herein contained shall be construed as
creating any liability on Citibank, N.A., individually or personally, to perform any covenant either expressed or implied contained
herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under
the parties hereto, (iv) Citibank, N.A. has made no investigation as to the accuracy or completeness of any representations and
warranties made by the Issuer or any other party in this Agreement, and (v) under no circumstances shall Citibank, N.A. be personally
liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the Issuer under this Agreement or any other related documents.

 

    3 

     

    

 

(b)          Notwithstanding
anything to the contrary contained herein or in any other document or agreement relating to the Class A(2019-2) Notes, in no event
shall Synchrony Bank or Synchrony Card Funding be liable to the Indenture Trustee, the Issuer, the Trustee, any Applicable Investor
or any other Noteholder, or responsible for, losses in respect of the Class A(2019-2) Notes or any interest therein,
including, without limitation any loss of value of any Class A(2019-2) Notes or any interest therein, due to the failure of the
Retained Interest and compliance by Synchrony Bank and Synchrony Card Funding with the terms of this Agreement to satisfy the EU
Securitization Rules or other similar or equivalent provisions now or hereafter in effect. 

 

(c)          Without
limiting Section 5(b) of this Agreement, except as specifically provided in Sections 3 and 4 of this Agreement, neither Synchrony
Bank nor Synchrony Card Funding undertakes, or intends, to take or refrain from taking any action with regard to the Class A(2019-2)
Notes in a manner prescribed or contemplated by the EU Securitization Rules, or to take any action for purposes of, or in connection
with, compliance by any Applicable Investor or other person with any applicable EU Securitization Rules. In particular, neither
of them makes any undertaking in this Agreement or otherwise with respect to the transparency requirements in Article 7 of the
EU Securitization Regulation.

 

6.            MISCELLANEOUS.

 

(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.

 

(b)          EACH
PARTY HERETO HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY SHALL
HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THEM PERTAINING TO THIS INDENTURE OR TO ANY MATTER
ARISING OUT OF OR RELATING TO THIS INDENTURE; 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.  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 6(d) 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.

 

    4 

     

    

 

(c)          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, TO ACHIEVE THE BEST COMBINATION
OF THE BENEFITS OF THE JUDICIAL SYSTEM, 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 AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

If to Synchrony
Bank:

 

777 Long Ridge Road

Stamford, Connecticut 06902

Attention: Eric Duenwald –
Treasurer

 

If to Synchrony
Card Funding:

 

777 Long Ridge Road

Stamford, Connecticut 06902

Attention:  Eric Duenwald –
President

 

    5 

     

    

 

If to the Issuer:

 

388 Greenwich Street

New York, New York 10013

Attn:  Synchrony Card Issuance
Trust

 

(d)          Neither
this Agreement nor any term or provision hereof may be changed, waived, discharged or terminated except by a writing signed by
a duly authorized officer of the party against whom enforcement of such change, waiver, discharge or termination is sought to be
enforced.

 

(e)          Any
part, provision, representation, warranty or covenant of this Agreement that is prohibited or is held to be void or unenforceable
shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof.

 

Any part, provision,
representation, warranty or covenant of this Agreement that is prohibited or is held to be void or unenforceable in any particular
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating
the remaining provisions hereof, and any such prohibition or unenforceability in any particular jurisdiction shall not invalidate
or render unenforceable such provision in any other jurisdiction.

 

To the extent
permitted by applicable law, the parties hereto waive any provision of law which prohibits or renders void or unenforceable any
provision hereof.

 

(f)          This
Agreement constitutes the entire agreement and understanding of the parties with respect to the matters addressed herein, and this
Agreement supersedes any prior agreements and/or understandings, written or oral, with respect to such matters.

 

(g)          The
Issuer is a party to this Agreement solely for the purposes of obtaining the benefit of the representations, warranties and covenants
contained therein and under no circumstances shall it be deemed to have undertaken any obligations thereunder or by virtue of its
entry into this Agreement.

 

(h)          The
Indenture Trustee is a third party beneficiary of this Agreement solely for the purpose of obtaining the benefit of the representations,
warranties and covenants contained herein and under no circumstances shall it be deemed to have undertaken any obligations hereunder.
For the avoidance of doubt, in no event shall the Indenture Trustee have any responsibility to monitor compliance with or be charged
with knowledge of the EU Securitization Rules, nor shall it be liable to any Applicable Investor, Noteholder or any party whatsoever
for any violation of such EU Securitization Rules or such similar provisions now or hereafter in effect or for any breach of any
term of this Agreement.

 

    6 

     

    

 

Synchrony Bank, Synchrony
Card Funding and the Issuer have caused this Agreement to be duly executed by their respective officers as of the date first above
written.

 

	 	SYNCHRONY BANK
	 	 	 
	 	 	By:	      
	 	 	Name:	 
	 	 	Title:	 
	 	 	 
	 	SYNCHRONY CARD FUNDING, LLC
	 	 	 
	 	 	By:	 
	 	 	Name: 	 
	 	 	Title:	 
	 	 	 
	 	SYNCHRONY CARD ISSUANCE TRUST
	 	 	 
	 	By:	Citibank,
    N.A., not in its individual capacity, but solely as Trustee
	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00297-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00297-of-00352.parquet"}]]