Document:

Exhibit 4.10

 

AMENDED AND RESTATED TRANSFER AGREEMENT

 

between

 

SYNCHRONY CARD FUNDING, LLC,

 

Transferor,

 

and

 

SYNCHRONY CARD ISSUANCE TRUST,

 

Buyer

 

Dated as of May 1, 2018

 

     

     

    

 

	ARTICLE I	DEFINITIONS	1
	 	 	 
	Section 1.1	Definitions	1
	 	 	 
	ARTICLE II	SALES AND CONTRIBUTIONS	5
	 	 	 
	Section 2.1	Sales and Contributions	5
	 	 	 
	Section 2.2	Acceptance by Buyer	6
	 	 	 
	Section 2.3	Grant of Security Interest	7
	 	 	 
	Section 2.4	Purchase Price; Issuance of Notes	7
	 	 	 
	Section 2.5	Adjustments	7
	 	 	 
	Section 2.6	Addition of Accounts	8
	 	 	 
	Section 2.7	Removal of Accounts	9
	 	 	 
	Section 2.8	Discount Option	11
	 	 	 
	Section 2.9	Additional Sellers	11
	 	 	 
	Section 2.10	Additional Originators	11
	 	 	 
	ARTICLE III	CONDITIONS PRECEDENT	11
	 	 	 
	Section 3.1	Conditions to all Transfers	11
	 	 	 
	ARTICLE IV	OTHER MATTERS RELATING TO TRANSFEROR	12
	 	 	 
	Section 4.1	Merger or Consolidation of, or Assumption of the Obligations of, Transferor, etc.	12
	 	 	 
	ARTICLE V	INSOLVENCY EVENTS	13
	 	 	 
	Section 5.1	Rights upon the Occurrence of a Insolvency Event	13
	 	 	 
	ARTICLE VI	REPRESENTATIONS, WARRANTIES AND COVENANTS	14
	 	 	 
	Section 6.1	Representations and Warranties of Transferor	14
	 	 	 
	Section 6.2	Affirmative Covenants of Transferor	17
	 	 	 
	Section 6.3	Negative Covenants of Transferor	19
	 	 	 
	Section 6.4	No-Petition Covenants	20
	 	 	 
	Section 6.5	Compliance with the FDIC Rule	21
	 	 	 
	Section 6.6	Dispute Resolution	21
	 	 	 
	ARTICLE VII	MISCELLANEOUS	23
	 	 	 
	Section 7.1	Notices	23
	 	 	 
	Section 7.2	No Waiver; Remedies	25
	 	 	 
	Section 7.3	Successors and Assigns	25
	 	 	 
	Section 7.4	Termination	25
	 	 	 
	Section 7.5	Survival	26

 

    	 	i	A&R Transfer Agreement

     

    

 

	Section 7.6	Complete Agreement; Modification of Agreement	26
	 	 	 
	Section 7.7	GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL	26
	 	 	 
	Section 7.8	Counterparts	28
	 	 	 
	Section 7.9	Severability	28
	 	 	 
	Section 7.10	Section Titles	28
	 	 	 
	Section 7.11	No Setoff	28
	 	 	 
	Section 7.12	Confidentiality	28
	 	 	 
	Section 7.13	Further Assurances	29
	 	 	 
	Section 7.14	Relationship of Parties	29
	 	 	 
	Section 7.15	No Indirect or Consequential Damages	29
	 	 	 
	Section 7.16	Limitation of Liability of the Trustee	29
	 	 	 
	Section 7.17	Effectiveness	29

 

SCHEDULES

 

	SCHEDULE 1	List of Accounts
	 	 
	SCHEDULE 6.1(a)	Transferor’s UCC Information
	 	 
	SCHEDULE 6.5	Requirements of FDIC Rule

 

EXHIBITS

	 	 
	EXHIBIT A	Form of Assignment of Transferred Receivables in Additional Accounts
	 	 
	EXHIBIT B	Form of Reassignment of Transferred Receivables in Removed Accounts

 

    	 	ii	

     

    

 

AMENDED AND RESTATED TRANSFER
AGREEMENT, dated as of May 1, 2018 (this “Agreement”), between SYNCHRONY CARD FUNDING, LLC, a Delaware limited
liability company, as Transferor (“Transferor”) and SYNCHRONY CARD ISSUANCE TRUST, a Delaware statutory trust,
as Buyer (“Buyer”).

 

WHEREAS, Transferor and
Buyer are parties to that certain Transfer Agreement, dated as of November 30, 2017 (as amended prior to the date hereof, the
“Original Transfer Agreement”); and

 

WHEREAS, the
Transferor and Buyer desire to amend and restate the Original Transfer Agreement in its entirety in the form of this
Agreement.

 

Now,
therefore, in consideration of the mutual agreements hereinafter contained, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE
I

DEFINITIONS

 

Section 1.1      Definitions.

 

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

 

(b)       Initially
capitalized terms used but not otherwise defined herein have the respective meanings assigned thereto in (or by reference in) the
Amended and Restated Master Indenture, dated as of May 1, 2018 (the “Indenture”), between Synchrony Card
Issuance Trust and The Bank of New York Mellon, as Indenture Trustee. This Agreement shall be interpreted in accordance with the
conventions set forth in Section 1.01(a) through (g) of the Indenture. Whenever used in this Agreement, the following words and
phrases shall have the following meanings, and the definitions of such terms and phrases and any definitions incorporated herein
are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and the
neuter genders of such terms:

 

“Addition Cut-Off
Date” means, as to any Additional Account, the date specified in the related Assignment.

 

“Addition Date”
means, as to any Additional Account, the date as of which Receivables outstanding in such Additional Account are first sold or
contributed to Buyer, as specified in the related Assignment.

 

“Addition Representation Date”
means, as to any Additional Account, the date specified in the related Assignment; provided, that such Addition Representation
Date shall not be more than 7 Business Days prior to the Addition Cut-Off Date specified in the related Assignment; provided,
further, that the Addition Representation Date with respect to any Assignment executed prior to the Amendment and Restatement
Effective Date shall mean the Addition Cut-Off Date specified in the related Assignment.

 

“Additional Accounts”
is defined in Section 2.6(a).

 

“Agreement”
is defined in the preamble.

 

    A&R Transfer Agreement

     

    

 

“Agreement Termination
Date” is defined in Section 7.4.

 

“Amendment and
Restatement Effective Date” means May 1, 2018.

 

“Assignment”
is defined in Section 2.6(c).

 

“Buyer”
is defined in the preamble.

 

“Conveyance Date”
means a date on which Buyer acquires Transferred Receivables from Transferor pursuant to Section 2.1 or any Assignment.

 

“Credit Card Program
Agreement” is defined in the Receivables Sale Agreement.

 

“Debtor Relief
Laws” means Title 11 of the United States Code, the Federal Deposit Insurance Act and all other applicable liquidation,
conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization, suspension of payments, readjustment
of debt, marshalling of assets or similar debtor relief laws of the United States, any state or any foreign country from time to
time in effect, affecting the rights of creditors generally.

 

“Discount Option
Receivables” is defined in Section 2.8.

 

“Discount Option
Receivables Collections” shall mean as of any Date of Processing, occurring after the effective date of the designation
of a Discount Percentage, the sum, for all Program Partners, of the product of (a) the Discount Percentage with respect to such
Program Partner and (b) Collections of Principal Receivables with respect to such Program Partner (determined without giving effect
to the proviso in the definition of Principal Receivables) on such Date of Processing.

 

“Discount Percentage”
is defined in Section 2.8.

 

“Eligible Account”
means a credit account that satisfies the definition of “Eligible Account” in the Receivables Sale Agreement as of
the applicable date specified therein.

 

“Eligible Receivable”
means a Receivable that satisfies the definition of “Eligible Receivable” in the Receivables Sale Agreement; it being
understood that references to “Buyer” and “Seller” in such definition shall be deemed to refer to Buyer
and Transferor as defined in this Agreement.

 

“Flagged Account”
is defined in Section 2.1(c).

 

“Inactive Account”
is defined in Section 2.7(d).

 

“Ineligible Receivable”
is defined in Section 6.1(c).

 

“Initial Cut-Off
Date” means, with respect to each Initial Account, the date specified in the related Account Schedule as the cut-off
date for such Initial Account.

 

“Involuntary Removal”
is defined in Section 2.7(b).

 

    	 	2	A&R Transfer Agreement

     

    

 

“Maximum Addition
Amount” means, with respect to any Addition Cut-Off Date:

 

(a)  an aggregate
principal balance as of such Addition Cut-Off Date of Additional Accounts not in excess of lesser of:

 

(i)       the
result of (A) 15% of the Aggregate Principal Receivables determined as of the first day of the third preceding Monthly
Period minus (B) the Aggregate Principal Receivables in all of the Accounts that have been designated as Additional Accounts since
the first day of the third preceding Monthly Period (measured for each such Additional Account as of the applicable Addition Cut-Off
Date); and

 

(ii)       the
result of (A) 20% of the Aggregate Principal Receivables determined as of the first day of the calendar year in which such
Addition Date occurs minus (B) the Aggregate Principal Receivables in all of the Accounts that have been designated as Additional
Accounts since the first day of such calendar year (measured, for each such Additional Account, as of the applicable Addition Cut-Off
Date); and

 

(b)  a total
number of Additional Accounts not in excess of the lesser of:

 

(i)       the
result of (A) 15% of the total number of Accounts determined as of the first day of the third preceding Monthly Period minus
(B) the total number of Accounts that have been designated as Additional Accounts since the first day of the third preceding Monthly
Period; and

 

(ii)       the
result of (A) 20% of the total number of Accounts determined as of the first day of the calendar year in which such Addition
Date occurs minus (B) the total number of Accounts that have been designated as Additional Accounts since the first day of such
calendar year.

 

“Originator”
means Synchrony Bank or any other originator so designated pursuant to Section 2.10.

 

“Purchase Price”
is defined in Section 2.4(a).

 

“Reassignment”
is defined in Section 2.7(a).

 

“Removed Accounts”
is defined in Section 2.7(a).

 

“Removal Cut-Off
Date” means the date as of which any credit card accounts are designated to be removed as Accounts, as specified in the
related Reassignment.

 

“Removal Date”
is defined in Section 2.7(a).

 

“Requesting Party”
means (i) any Person requesting that Transferor repurchase a Receivable as a result of a breach of a representation or warranty
of Transferor set forth in this Agreement or (ii) any Verified Note Owner.

 

    	 	3	A&R Transfer Agreement

     

    

 

“Required Designation
Date” means, with respect to any Monthly Period, the 10th Business Day following the end of such Monthly Period;
provided that, with respect to any requirement to designate additional Eligible Receivables to cure an Asset Deficiency described
in clause (c) of the definition of Asset Deficiency, the Required Designation Date shall be the last day of the next following
Monthly Period.

 

“Transferor”
means Synchrony Card Funding, LLC or any additional transferor designated as a “Transferor” pursuant to Section
2.9.

 

“Transferred Assets”
is defined in Section 2.1.

 

“Transferred Receivable”
means any Receivable purchased by Buyer from Transferor pursuant to this Agreement or any Assignment, including Principal Receivables
and Finance Charge Receivables that exist at the time of purchase of any Principal Receivables in the same Account or that arise
in an Account after the date of purchase of Principal Receivables in the Account. However, Receivables that are repurchased by
Transferor pursuant to this Agreement or purchased by Servicer pursuant to the Servicing Agreement shall cease to be considered
“Transferred Receivables” from the date of such purchase.

 

    	 	4	A&R Transfer Agreement

     

    

 

ARTICLE
II

SALES AND CONTRIBUTIONS

 

Section 2.1      Sales
and Contributions. (a) By execution of this Agreement, Transferor does hereby transfer, assign, set over and otherwise convey
to Buyer, without recourse except as provided herein, all its right, title and interest in, to and under: (i)(A) the Receivables
acquired by Transferor pursuant to the Receivables Sale Agreement from time to time until the Agreement Termination Date, together
with the Related Security and Collections with respect thereto and related Recoveries, in each case together with all monies due
or to become due and all amounts received or receivable with respect thereto and Insurance Proceeds relating thereto, (B) without
limiting the generality of the foregoing or the following, all of Transferor’s rights pursuant to the Receivables Sale Agreement
to receive payments from any Program Partner on account of in-store payments and any other amounts received by such Program Partner
in payment of Receivables and (C) all of Transferor’s other rights under the Receivables Sale Agreement, including the right
to receive the Interchange Amounts (as defined in the Receivables Sale Agreement) from the Seller and (ii) all proceeds of all
of the foregoing (collectively, the “Transferred Assets”). The foregoing does not constitute and is not intended
to result in the creation or assumption by Buyer of any obligation of Originator, Transferor or any other Person in connection
with the Accounts or the Transferred Receivables or under any agreement or instrument relating thereto, including any obligation
to Obligors, merchant banks, Program Partners, clearance systems or insurers. The foregoing conveyances shall be effective (x)
on the Initial Transfer Date, with respect to all Transferred Assets arising in the Initial Accounts and existing on the Initial
Cut-Off Date or arising in the Initial Accounts on or prior to the Initial Transfer Date, (y) on the applicable Addition Date,
with respect to Transferred Assets arising in Additional Accounts and existing on the applicable Addition Cut-Off Date or arising
in the Additional Accounts on or prior to the applicable Addition Date or (z) with respect to any other Transferred Assets, instantaneously
upon the creation of each Transferred Asset.

 

(b)       On
or prior to the Initial Transfer Date, Transferor agrees to record and file, at its own expense, financing statements (and continuation
statements when applicable) with respect to the Transferred Receivables conveyed by Transferor existing on the Initial Transfer
Date and thereafter created meeting the requirements of applicable state law in such manner and in such jurisdictions as are necessary
to perfect, and maintain the perfection of, the transfer and assignment of its interest in such Transferred Receivables to Buyer,
and to deliver a file stamped copy of each such financing statement or other evidence of such filing (which may, for purposes of
this Section 2.1 consist of telephone confirmation of such filing promptly followed by delivery to Buyer of a file-stamped
copy) as soon as practicable after the Initial Transfer Date, and (if any additional filing is so necessary) as soon as practicable
after the applicable Addition Date, in the case of Transferred Receivables arising in Additional Accounts. Buyer shall be under
no obligation whatsoever to file such financing or continuation statements or to make any other filing under the UCC in connection
with such transfer and assignment.

 

    	 	5	A&R Transfer Agreement

     

    

 

(c)       Transferor
agrees, at its own expense, (i) on or prior to (x) the Initial Transfer Date, in the case of the Initial Accounts, (y) the applicable
Addition Date, in the case of Additional Accounts, and (z) the applicable Removal Date, in the case of Removed Accounts, to indicate,
or cause to be indicated, in the appropriate electronic records that Receivables created (or reassigned, in the case of Removed
Accounts) in connection with the Accounts have been conveyed to Buyer pursuant to this Agreement (or conveyed to Transferor or
its designee in accordance with Section 2.7, in the case of Removed Accounts) by including, or causing to be included, in
such electronic records a code so identifying each such Account (or, in the case of Removed Accounts, deleting, or causing to be
deleted, such code thereafter) and (ii) on or prior to the date referred to in clauses (i)(x), (y) or (z),
as applicable, to deliver to Buyer an Account Schedule. The initial such Account Schedule, as supplemented from time to time to
reflect Additional Accounts and Removed Accounts, shall be marked as Schedule 1 to this Agreement and is hereby incorporated
into and made a part of this Agreement. Once the code referenced in clause (i) of this paragraph has been included with
respect to any Account, Transferor further agrees not to permit such code to be altered during the remaining term of this Agreement
unless and until (x) such Account becomes a Removed Account, or (y) Transferor shall have delivered to Buyer prior written notice
of its intention to do so and has taken such action as is necessary or advisable to cause the interest of Buyer in the Transferred
Receivables to continue to be perfected with the priority required by this Agreement. At any time that the code referenced in clause
(i) is included with respect to any account, such account shall be a “Flagged Account.”

 

Section 2.2     Acceptance
by Buyer.

 

(a)       Buyer
hereby acknowledges its acceptance of all right, title and interest to the property, now existing and hereafter created, conveyed
to Buyer pursuant to Section 2.1. Trustee shall maintain a copy of Schedule 1, as delivered to it from time to time.

 

(b)       Buyer
hereby agrees not to disclose to any Person any account numbers or other information contained in the Account Schedule except (i)
to Servicer, any Sub-Servicer or as required by a Requirement of Law applicable to Buyer, (ii) in connection with the performance
of Buyer’s duties hereunder, (iii) to Indenture Trustee in connection with Indenture Trustee’s duties or (iv) to bona
fide creditors or potential creditors of Servicer or Transferor for the limited purpose of enabling any such creditor to identify
Transferred Receivables or Accounts subject to this Agreement. Buyer agrees to take such measures as shall be reasonably requested
by Transferor to protect and maintain the security and confidentiality of such information and, in connection therewith, shall
allow Transferor or its duly authorized representatives to inspect Buyer’s security and confidentiality arrangements from
time to time during normal business hours upon prior written notice. Buyer shall promptly notify Transferor of any request received
by Buyer to disclose information of the type described in this Section 2.2(b), which notice shall in any event be provided
no later than five (5) Business Days prior to disclosure of any such information unless Buyer is compelled pursuant to a Requirement
of Law to disclose such information prior to the date that is five (5) Business Days after the giving of such notice.

 

    	 	6	A&R Transfer Agreement

     

    

 

Section 2.3     Grant
of Security Interest. The parties hereto intend that each transfer of the Transferred Assets shall constitute a sale or contribution
by Transferor to Buyer and not a loan by Buyer to Transferor secured by the Transferred Assets. Notwithstanding anything to the
contrary set forth in this Section 2.3, if a court of competent jurisdiction determines that any transaction provided
for herein constitutes a loan and not a sale or contribution, then the parties hereto intend that this Agreement shall, and hereby
does, constitute a security agreement under applicable law and that Transferor shall be deemed to have granted, and Transferor
hereby grants, to Buyer a first priority lien and security interest in and to all of Transferor’s right, title and interest
in, to and under the Transferred Assets, subject only to Permitted Encumbrances.

 

Section 2.4     Purchase
Price; Issuance of Notes. (a) The purchase price for the Transferred Receivables and the other Transferred Assets related thereto
shall equal the Outstanding Balance of the Principal Receivables included therein, adjusted consistent with any applicable Discount
Percentage (such amount for any Transferred Assets, the “Purchase Price”).

 

(b)       The
Purchase Price for any Transferred Assets sold by Transferor under this Agreement shall be payable in full in cash on each Conveyance
Date or less frequently if so agreed between Buyer and Transferor; provided, however, that Buyer may, with respect
to any sale or contribution, offset against such Purchase Price any amounts owed by Transferor to Buyer hereunder and which remain
unpaid. On each such Conveyance Date or other date set by the parties for payment, Buyer shall, upon satisfaction of the applicable
conditions set forth in Article III, make available to Transferor the Purchase Price for the applicable Transferred Assets
in same day funds. If Buyer does not have sufficient cash on any Conveyance Date or other date set by the parties for payment to
pay the full Purchase Price, the remaining balance shall be deemed to be contributed to Buyer in exchange for a corresponding increase
in the Free Equity Amount; provided that Transferor may require Buyer to issue Notes in exchange for a decrease in the Free Equity
Amount as provided in clause (c).

 

(c)       Upon
Transferor’s request, Buyer shall from time to time issue a Series of Notes to Transferor or its designee with such terms
as specified in the related Indenture Supplement, so long as (i) such issuance is permitted under the terms of the Indenture and
(ii) without limiting the generality of the foregoing, after giving effect to each such issuance, no Asset Deficiency would exist.

 

Section 2.5     Adjustments.
If on any day the outstanding amount of any Principal Receivable is reduced because of a rebate, refund, unauthorized charge or
billing error to an accountholder, or because such Principal Receivable was created in respect of merchandise which was refused
or returned by an accountholder, or if the outstanding amount of any Principal Receivable is otherwise reduced other than on account
of Collections thereof or such amount being charged-off as uncollectible, then, Transferor shall compensate Buyer for such reductions
as provided below. The compensation payable by Transferor for any such reduction shall equal the amount of the reduction in the
Outstanding Balance of the Principal Receivable. Transferor shall pay such compensation to Buyer not later than the second Business
Day after adjustment; and provided, further, that no such payment need be made if the Free Equity Amount exceeds
zero.

 

    	 	7	A&R Transfer Agreement

     

    

 

Section 2.6     Addition
of Accounts.

 

(a)       Additional
Accounts. If, at the end of any Monthly Period an Asset Deficiency exists, unless the Asset Deficiency no longer exists (calculated
after giving effect to any payment of principal on the Notes to occur on the following Payment Date) as of the close of business
on any day that is after the last day of such Monthly Period but on or prior to the Required Designation Date, Transferor shall,
prior to the close of business on the Required Designation Date, require Originator to designate additional Eligible Accounts to
be included as “Accounts” under (and as defined in) the Receivables Sale Agreement, and Transferor shall in turn designate
such accounts (“Additional Accounts”) as Accounts for purposes of this Agreement in a sufficient amount such
that no Asset Deficiency exists (calculated after giving effect to any payment of principal on the Notes to occur on the following
Payment Date) as of the close of business on the Addition Date. To the extent Transferor designates Additional Accounts with Principal
Receivables substantially in excess of the amount of Principal Receivables required under this subsection 2.6(a), such excess
shall be deemed to be optional Additional Accounts under subsection 2.6(b) below and will be permitted to be designated
solely to the extent permitted by subsection 2.6(b).

 

(b)       Voluntary
Additions of Accounts. In addition to its obligation under subsection 2.6(a), Transferor may also designate additional
Eligible Accounts as Additional Accounts if Originator wishes to designate additional Accounts under the Receivables Sale Agreement
at a time when Additional Accounts are not required pursuant to subsection 2.6(a).

 

(c)       Conditions
for Additions of Additional Accounts. Any sale or contribution of Receivables from Additional Accounts under subsection 2.6(a)
or (b) shall occur only upon satisfaction of the following conditions (to the extent provided below):

 

(i)       on
or before the Addition Date, Transferor shall have delivered to Buyer, a written assignment in substantially the form of Exhibit A
(the “Assignment”) (which may be executed by the Administrator on behalf of Buyer), and Transferor shall indicate
in its electronic records that the Receivables created in connection with the Additional Accounts have been transferred to Buyer; 

 

(ii)       in
the case of any designation pursuant to subsection 2.6(b), if the designation will not cause the number or principal
amount of Additional Accounts, as determined on the Addition Cut-Off Date, to exceed the Maximum Addition Amount, five Business Days’ prior written notice shall have been given to the Rating Agencies; and

 

(iii)       in
the case of any designation pursuant to subsection 2.6(b), if the designation will cause the number or principal amount
of Additional Accounts, as determined on the Addition Cut-Off Date, to exceed the Maximum Addition Amount, the Rating Agency Condition
shall have been satisfied with respect to the designation.

 

    	 	8	A&R Transfer Agreement

     

    

 

Section 2.7     Removal
of Accounts.

 

(a)         From
time to time, Transferor shall have the right to require the reassignment to it or its designee of all Buyer’s right, title
and interest in, to and under the Transferred Receivables then existing and thereafter created in one or more Accounts (the “Removed
Accounts”), together with the Related Security and Collections with respect thereto, in each case together with all monies
due or to become due and all amounts received or receivable with respect thereto and Insurance Proceeds relating thereto. Any such
reassignment (other than a reassignment pursuant to Section 2.7(c) or (d)) shall be subject to the satisfaction of
the following conditions:

 

(i)       on
or before the day immediately preceding the Removal Date, Transferor shall have given Buyer and the Rating Agencies written
notice of such removal and specifying the date for removal of the Removed Accounts (the “Removal
Date”);

 

(ii)       on
or prior to the Removal Date, Transferor shall have delivered to Buyer an Account Schedule listing the Removed Accounts;

 

(iii)       with
respect to any Involuntary Removal pursuant to Section 2.7(b), Transferor shall use reasonable efforts to satisfy the Rating
Agency Condition; and as to any other removal, the Rating Agency Condition shall have been satisfied;

 

(iv)       Transferor
shall have delivered to Buyer an Officer’s Certificate, dated as of the Removal Date, to the effect that Transferor reasonably
believes that (A) in the case of any removal other than an Involuntary Removal, such removal will not, based on the facts known
to such officer at the time of such certification, then or thereafter cause an Early Amortization Event to occur with respect to
any Series of Notes, and (B) in the case of a removal other than an Involuntary Removal, no selection procedure believed by Transferor
to be materially adverse to the interest of Buyer or any of its creditors has been used in removing Removed Accounts;

 

(v)       in
the case of any removal other than an Involuntary Removal, no Asset Deficiency shall exist after giving effect to such removal,
as measured on the Removal Cut-Off Date; and

 

(vi)       in
the case of an Involuntary Removal, the Transferor shall have paid the purchase price for the Receivables in the Removed Accounts
as required by Section 2.7(b).

 

Upon satisfaction of the
above conditions, Buyer shall execute and deliver to Transferor or its designee a written reassignment in substantially the form
of Exhibit B (the “Reassignment”) (which may be executed by the Administrator on behalf of Buyer) and
shall, without further action, be deemed to transfer, assign, set over and otherwise convey to Transferor or its designee, effective
as of the Removal Date, without recourse, representation or warranty, all the right, title and interest of Buyer in and to the
Transferred Receivables arising in the Removed Accounts, the Related Security and Collections with respect thereto, together with
all monies due or to become due and all amounts received or receivables with respect thereto and Insurance Proceeds relating thereto
and all proceeds of the foregoing. In addition, Buyer shall execute such other documents and instruments of transfer or assignment
and take such other actions as shall reasonably be requested by Transferor to effect the conveyance of Transferred Receivables
pursuant to this Section. Except as required pursuant to Section 2.7(b), the consideration for the reassignment of the Receivables
in Removed Accounts shall be a reduction in the Transferor Amount and the Transferor shall not otherwise be required to pay a cash
purchase price for the reassigned Receivables in Removed Accounts.

 

    	 	9	A&R Transfer Agreement

     

    

 

(b)       Transferor
shall from time to time designate as Removed Accounts any Accounts designated for purchase by a Program Partner pursuant to the
terms of the related Credit Card Program Agreement (each, an “Involuntary Removal”). All Transferred Receivables
in Removed Accounts designated pursuant to this Section 2.7(b) shall be repurchased on the date of the Involuntary Removal
for a cash purchase price equal to the Outstanding Balance of the Principal Receivables in the Removed Accounts, plus the accrued
Finance Charge Receivables in such Removed Accounts, in each case as of the same date that the balance of principal receivables
in the Removed Accounts is determined for purposes of calculating the purchase price to be paid by or on behalf of the related
Program Partner for such Removed Accounts in accordance with the related Credit Card Program Agreement and such purchase price
shall be treated as Collections of the related Principal Receivables and Finance Charge Receivables; provided that no such
payment need be made if no Asset Deficiency would exist after giving effect to such removal, and in such case, the consideration
for the Removed Accounts shall be a reduction in the Free Equity Amount.

 

(c)       On
the day a Receivable becomes a Charged-Off Receivable, Buyer shall automatically and without further action or consideration be
deemed to sell, transfer, and otherwise convey to Transferor, without recourse, representation or warranty (except for the warranty
that since the date of the transfer of such Charged-Off Receivable by Transferor to Buyer under this Agreement, Buyer has not sold,
transferred or encumbered any such Receivable or interest therein), all the right, title and interest of Buyer in and to such Receivable,
all monies due or to become due with respect thereto and all proceeds thereof. The purchase price for Charged-Off Receivables purchased
pursuant to this Section 2.7(c) shall equal the Recovery Amount for such Charged-Off Receivables. Such purchase price
shall be payable in full in cash by Transferor by deposit of the Recovery Amount into the Collection Account on the related Transfer
Date.

 

(d)       Transferor
may from time to time, at its option, by notice to Buyer, designate as a Removed Account any Account (each, an “Inactive
Account”) that has had a zero balance and on which no charges have been made, in each case for at least the preceding
12 months.

 

    	 	10	A&R Transfer Agreement

     

    

 

Section 2.8     Discount
Option. For each Program Partner, Transferor shall have the option (subject to the limitations described below) to designate
at any time a fixed percentage (the “Discount Percentage”) of the amount of all Principal Receivables existing
in all the Accounts related to such Program Partner (“Discount Option Receivables”). Transferor may from time
to time increase, reduce or eliminate (subject to the limitations described below) the Discount Percentage related to such Program
Partner. All Discount Option Receivables Collections for any Date of Processing shall be treated as Finance Charge Collections.
Transferor shall provide written notice to Servicer, Buyer and each Rating Agency of any initial designation, increase, reduction
or elimination, and such initial designation, increase, reduction or elimination shall become effective as of the first day of
the Monthly Period preceding the Monthly Period in which Transferor delivers notice of such initial designation, increase, reduction
or elimination if (i) Transferor has delivered to Buyer an Officer’s Certificate to the effect that, based on the facts known
to such officer at the time, Transferor reasonably believes that such initial designation, increase, reduction or elimination will
not at the time of its occurrence cause an Adverse Effect, (ii) Buyer consents to such designation, increase, reduction or elimination
and (iii) Transferor has provided written notice to Servicer, Buyer and each Rating Agency of such initial designation, increase,
reduction or elimination no later than ten (10) Business Days prior to the Payment Date related to such Monthly Period; provided,
that if Transferor provides notice to Servicer, Buyer and each Rating Agency less than ten (10) Business Days prior to the Payment
Date related to the prior Monthly Period, the Discount Percentage shall become effective as of the first day of the Monthly Period
in which such notice is provided. If as a result of such designation, increase, reduction or elimination, the amount of Collections
for any prior Dates of Processing during the Monthly Period would be greater than the amount of Collections as previously calculated,
Buyer shall make a deposit in the amount of such difference to the Collection Account within two Business Days following the delivery
of notice of such designation, increase, reduction or elimination.

 

Section 2.9     Additional
Sellers. Transferor may permit Originator to designate additional or substitute Persons to be included as “Seller”
under (and as defined in) the Receivables Sale Agreement if Buyer consents to such designation.

 

Section 2.10   Additional
Originators. Transferor may permit Synchrony Bank to designate additional or substitute Persons to be included as “Originators”
under (and as defined in) the Receivables Sale Agreement and this Agreement if Buyer consents to such designation.

 

ARTICLE
III

CONDITIONS PRECEDENT

 

Section 3.1    Conditions
to all Transfers. Each sale or contribution hereunder (including the initial sale or contribution hereunder) shall be subject
to satisfaction of each of the following conditions precedent (any one or more of which, may be waived by Buyer) as of the Conveyance
Date therefor:

 

(a)       This
Agreement or counterparts hereof shall have been duly executed by, and delivered to, Transferor and Buyer, and, with respect to
the initial sale or contribution, Buyer shall have received such documents, instruments, agreements and legal opinions as Buyer
shall reasonably request in connection with the transactions contemplated by this Agreement, each in form and substance reasonably
satisfactory to Buyer.

 

    	 	11	A&R Transfer Agreement

     

    

 

(b)       The
representations and warranties of Transferor contained herein or in any other Related Document required to be made on such Conveyance
Date shall be true and correct in all material respects as of such Conveyance Date, both before and after giving effect to such
sale or contribution; and

 

(c)       Transferor
shall be in compliance in all material respects with each of its covenants and other agreements set forth herein.

 

The consummation by Transferor of the sale
or contribution, as applicable, of Transferred Assets on any Conveyance Date shall be deemed to constitute, as of any such Conveyance
Date, a representation and warranty by Transferor that the conditions in clauses (b) and (c) of this Section 3.1
have been satisfied.

 

ARTICLE
IV

OTHER MATTERS RELATING TO TRANSFEROR

 

Section 4.1     Merger
or Consolidation of, or Assumption of the Obligations of, Transferor, etc.

 

(a)       Transferor
shall not consolidate with or merge into any other Person or convey or transfer its properties and assets substantially as an entirety
to any Person unless:

 

(i)       the
Person formed by such consolidation or into which Transferor is merged or the Person which acquires by conveyance or transfer the
properties and assets of Transferor substantially as an entirety shall be, if Transferor is not the surviving entity, an entity
organized and existing under the laws of the United States or any state or the District of Columbia, and, if Transferor is not
the surviving entity, such entity shall expressly assume, by an agreement supplemental hereto, executed and delivered to Buyer,
in form reasonably satisfactory to Buyer, the performance of every covenant and obligation of Transferor hereunder;

 

(ii)      Transferor
has delivered to Buyer (A) an Officer’s Certificate stating that such consolidation, merger, conveyance or transfer and such
supplemental agreement comply with this Section 4.1 and that all conditions precedent herein provided for relating to such
transaction have been complied with, and (B) an Opinion of Counsel to the effect that such supplemental agreement is a valid and
binding obligation of such surviving entity enforceable against such surviving entity in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting
creditors’ rights generally from time to time in effect and except as such enforceability may be limited by general principles
of equity (whether considered in a suit at law or in equity);

 

    	 	12	A&R Transfer Agreement

     

    

 

(iii)     the
business entity into which Transferor shall merge or consolidate, or to which such conveyance or transfer is made, shall be (x)
a business entity that may not become a debtor in any case, action or other proceeding under Title 11 of the United States Code
or (y) a special-purpose corporation, the powers and activities of which shall be limited in a manner consistent with the limitations
set forth in the limited liability company agreement of Transferor; and

 

(iv)     if
Transferor is not the surviving entity, the surviving entity shall file new UCC1 financing statements with respect to the interest
of Buyer in the Transferred Assets, if any; and

 

(v)     five
Business Days’ prior written notice shall have been delivered to the Rating Agencies with respect to such merger conveyance
or transfer.

 

(b)       This
Section 4.1 shall not be construed to prohibit or in any way limit Transferor’s ability to effectuate any consolidation
or merger pursuant to which Transferor would be the surviving entity.

 

(c)       The
obligations of Transferor hereunder shall not be assignable nor shall any Person succeed to the obligations of Transferor hereunder
except in each case in accordance with (i) the provisions of the foregoing paragraphs, (ii) Section 2.9 of this Agreement
or (iii) conveyances, mergers, consolidations, assumptions, sales or transfers to other entities (1) for which Transferor delivers
an Officer’s Certificate to Buyer indicating that Transferor reasonably believes that such action will not result in a Material
Adverse Effect, (2) which meet the requirements of clause (ii) of paragraph (a) and (3) for which such purchaser,
transferee, pledgee or entity shall expressly assume, in an agreement supplemental hereto, executed and delivered to Buyer in writing
in form satisfactory to Buyer, the performance of every covenant and obligation of Transferor thereby conveyed.

 

ARTICLE
V

INSOLVENCY EVENTS

 

Section 5.1    Rights
upon the Occurrence of a Insolvency Event. If an Insolvency Event occurs with respect to Transferor, Transferor shall on the
day any such event occurs, immediately cease to transfer Principal Receivables to Buyer and shall promptly give notice of such
event to Indenture Trustee and Buyer. Notwithstanding any cessation of the transfer to Buyer of additional Principal Receivables,
Principal Receivables transferred to Buyer prior to the occurrence of such Insolvency Event and Collections in respect of such
Principal Receivables, and Finance Charge Receivables whenever created accrued in respect of such Principal Receivables, shall
continue to be property of Buyer.

 

    	 	13	A&R Transfer Agreement

     

    

 

ARTICLE
VI

REPRESENTATIONS, WARRANTIES AND COVENANTS

 

Section 6.1     Representations
and Warranties of Transferor . (a) To induce Buyer to accept the Transferred Assets, Transferor makes the following representations
and warranties to Buyer, as of the Initial Transfer Date and each subsequent Conveyance Date, each and all of which shall survive
the execution and delivery of this Agreement.

 

(i)      Representation
and Warranties Relating to Transferor.

 

(A)       Valid
Existence; Power and Authority. Transferor (A) is a limited liability company duly organized, validly existing and in
good standing under the laws of its jurisdiction of organization; (B) is duly qualified to conduct business and is in good standing
in each other jurisdiction where its ownership or lease of property or the conduct of its business requires such qualification
and where the failure to be so qualified or in good standing would have a Material Adverse Effect and (C) has all requisite
power and authority to execute, deliver and perform its obligations under this Agreement.

 

(B)       UCC
Information. The true legal name of Transferor as registered in the jurisdiction of its organization, and the current location
of Transferor’s jurisdiction of organization and the address of its chief executive office are set forth in Schedule
4.1(a), as amended from time to time in accordance with Section 4.1, 6.3(c) or 7.6. In addition, Schedule 4.1(a)
lists Transferor’s (A) federal employer identification number and (B) organizational identification number as designated
by the jurisdiction of its organization, if applicable.

 

(C)       Authorization
of Transaction; No Violation. The execution, delivery and performance by Transferor of this Agreement and the other Related
Documents to which Transferor is a party and the creation and perfection of all Liens and ownership interests provided for herein:
(A) have been duly authorized by all necessary action on the part of Transferor, and (B) do not violate any provision of any law
or regulation of any Governmental Authority, or contractual restrictions binding on Transferor, except where such violations, individually
or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.

 

    	 	14	A&R Transfer Agreement

     

    

 

(D)       Enforceability.
On or prior to the Initial Transfer Date, each of the Related Documents to which Transferor is a party shall have been duly executed
and delivered by Transferor and each such Related Document shall then constitute a legal, valid and binding obligation of Transferor
enforceable against it in accordance with its terms, except as such enforceability 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).

 

(E)       Accuracy
of Certain Information. All written factual information heretofore furnished by Transferor to Buyer with respect to the Transferred
Receivables for the purposes of, or in connection with, this Agreement was true and correct in all material respects on the date
as of which such information was stated or certified, or as of the date most recently updated; it being understood that no breach
of this representation shall occur unless Buyer shall be materially and adversely affected by the failure of any such information
to be true and correct;

 

(F)       Use
of Proceeds. No proceeds received by Transferor under this Agreement will be used by it for any purpose that violates Regulation
U of the Federal Reserve Board.

 

(G)       Judgment
or Tax Lien. Transferor is not aware of any judgment or tax lien filing against Transferor.

 

(ii)      Representations
and Warranties Regarding the Transferred Receivables. With respect to Transferred Receivables and Additional Accounts, Transferor
represents and warrants that:

 

(A)       each
Transferred Receivable satisfies the criteria for an Eligible Receivable as of the applicable Conveyance Date;

 

(B)       this
Agreement creates a valid and continuing security interest in the Transferred Receivables in favor of Buyer, which (x) with respect
to Transferred Receivables existing as of the Initial Transfer Date and thereafter created in the Initial Accounts and the Related
Security and Collections and Recoveries with respect thereto, together with all monies due or to become due and all amounts received
or receivable with respect thereto and Insurance Proceeds relating thereto and the proceeds thereof, will be enforceable against
Transferor upon execution of this Agreement and with respect to Transferred Receivables in Additional Accounts as of the applicable
Addition Date and thereafter created, and the Related Security and Collections and Recoveries with respect thereto, together with
all monies due or to become due and all amounts received or receivable with respect thereto and Insurance Proceeds relating thereto
and the proceeds thereof, will be enforceable against Transferor as of the applicable Addition Date, in each case as such enforceability
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) and (y) upon filing of the financing statements described in Section 2.1 and, in the case
of Transferred Receivables thereafter created, upon the creation thereof, will be prior to all other Liens (other than Permitted
Encumbrances);

 

    	 	15	A&R Transfer Agreement

     

    

 

(C)       immediately
prior to the conveyance of the Transferred Receivables pursuant to this Agreement, Transferor owns and has good and marketable
title to, or has a valid security interest in, the Transferred Receivables free and clear of any Lien, claim or encumbrance of
any Person (other than Permitted Encumbrances);

 

(D)       all
authorizations, consents, orders or approvals of or registrations or declarations with any Governmental Authority required to be
obtained, effected or given by Transferor in connection with the conveyance by Transferor of the Transferred Receivables to Buyer
have been duly obtained, effected or given and are in full force and effect;

 

(E)       Transferor
has caused on or prior to the Initial Transfer Date or will have caused, on or prior to the applicable Addition Date, the filing
of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order
to perfect the transfer and security interest granted to Buyer under this Agreement in the Transferred Receivables arising in the
Initial Accounts and Additional Accounts, respectively; and

 

(F)       subject
to Permitted Encumbrances, other than the transfer and assignment and the security interest granted to Buyer pursuant to this Agreement,
Transferor has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Transferred Receivables
and Transferor has not authorized the filing of and is not aware of any financing statements against Transferor that included a
description of collateral covering the Transferred Receivables.

 

The representations and
warranties described in this Section 6.1(a) shall survive the sale or contribution of the Transferred Assets to Buyer, any
subsequent assignment, contribution or sale of the Transferred Assets by Buyer, and the termination of this Agreement and the other
Related Documents and shall continue until the payment in full of all Transferred Assets.

 

(b)         Upon
discovery by Transferor or Buyer of a breach of any of the representations and warranties by Transferor set forth in Section
6.1(a), the party discovering such breach shall give prompt written notice to the other. Transferor agrees to cooperate with
Buyer in attempting to cure any such breach.

 

    	 	16	A&R Transfer Agreement

     

    

 

(c)       If
any representation or warranty of Transferor contained in Section 6.1(a)(ii) is not true and correct in any material respect
as of the date specified therein with respect to any Transferred Receivable or any Account and as a result of such breach any Transferred
Receivables in the related Account become Charged-Off Receivables or Buyer’s rights in, to or under such Transferred Receivables
or the proceeds of such Transferred Receivables are impaired or such proceeds are not available for any reason to Buyer free and
clear of any Lien other than Permitted Encumbrances, unless cured within 60 days (or such longer period, not in excess of 150 days,
as may be agreed to by Indenture Trustee) after the earlier to occur of the discovery thereof by Transferor or receipt by Transferor
or a designee of Transferor of notice thereof given by Buyer or the Indenture Trustee acting at the direction of the Majority Holders
of all Series, then such Transferred Receivable shall be designated an “Ineligible Receivable”; provided
that such Transferred Receivables will not be deemed to be Ineligible Receivables if, on any day prior to the end of such 60-day
or longer period, the relevant representation and warranty shall be true and correct in all material respects as if made on such
day.

 

(d)       On
the first Conveyance Date that coincides with or falls after the date on which any Transferred Receivable is designated as an Ineligible
Receivable, Transferor shall repurchase such Ineligible Receivable from Buyer by paying Buyer a cash purchase price; provided that
no such payment need be made if the Free Equity Amount exceeds the Minimum Free Equity Amount (after giving effect to the exclusion
of such Ineligible Receivables from the Aggregate Principal Receivables) on the date such payment would otherwise be due. The purchase
price for the Ineligible Receivables in any Account shall equal the Outstanding Balance of the Principal Receivables in such Account,
plus the accrued Finance Charge Receivables in such Account as of the end of the Monthly Period prior to the repurchase date.

 

(e)       Upon
the payment, if any, required to be made to Buyer as provided in Section 6.1(d), Buyer shall automatically and without
further action be deemed to transfer, assign, set over and otherwise convey to Transferor or its designee, without recourse, representation
or warranty, all the right, title and interest of Buyer in and to the applicable Transferred Receivables, all moneys due or to
become due and all amounts received with respect thereto and all proceeds thereof. Buyer shall execute such documents and instruments
of transfer or assignment and take such other actions as shall reasonably be requested by Transferor to effect the conveyance of
such Transferred Receivables pursuant to this Section. The obligation of Transferor to repurchase Ineligible Receivables pursuant
to Sections 6.1(d) shall be the sole remedy respecting any event giving rise to such obligation available to Issuer or any
assignee of its rights under this Agreement.

 

Section 6.2    Affirmative
Covenants of Transferor. Transferor covenants and agrees that, unless otherwise consented to by Buyer, from and after the Initial
Transfer Date and until the date after the Agreement Termination Date when the Outstanding Balance of all Transferred Receivables
have been reduced to zero:

 

    	 	17	A&R Transfer Agreement

     

    

 

(a)       Account
Allocations. If Transferor is unable for any reason to transfer Transferred Receivables to Buyer in accordance with the provisions
of this Agreement (including by reason of the application of the provisions of Section 5.1 or an order by any Governmental
Authority that Transferor not transfer any additional Principal Receivables to Buyer) then, in any such event: (i) Transferor agrees
to allocate and pay to Buyer, after the date of such inability, all Collections with respect to Principal Receivables, and all
amounts which would have constituted Collections with respect to Principal Receivables but for Transferor’s inability to
transfer such Transferred Receivables (up to an aggregate amount equal to the amount of Principal Receivables held by Buyer on
such date of inability); (ii) Transferor agrees that such amounts shall be deemed Collections of Transferred Receivables; and (iii)
for only so long as all Collections and all amounts which would have constituted Collections are allocated and applied in accordance
with clauses (i) and (ii), Principal Receivables (and all amounts which would have constituted Principal Receivables,
but for Transferor’s inability to transfer Transferred Receivables to Buyer) that are charged off as uncollectible shall
continue to be allocated in accordance with the Indenture, and all amounts that would have constituted Principal Receivables, but
for Transferor’s inability to transfer Transferred Receivables to Buyer shall be deemed to be Principal Receivables for the
purpose of all calculations under the Related Documents. If Transferor is unable pursuant to any Requirement of Law to allocate
Collections as described above, Transferor agrees that it shall allocate collections, charge-offs and other incidents of the receivables
in the Accounts between Transferred Receivables and other receivables outstanding in the Accounts on a basis reasonably intended
to approximate the actual portions allocable to Transferred Receivables and other receivables respectively. The parties hereto
agree that Finance Charge Receivables, whenever created, accrued in respect of Principal Receivables that have been conveyed to
Buyer, or that would have been conveyed to Buyer but for the above described inability to transfer such Receivables, shall continue
to be held by Buyer notwithstanding any cessation of the transfer of additional Principal Receivables to Buyer.

 

(b)       Notice
of Material Event. Transferor shall promptly inform Buyer in writing of the occurrence of any of the following, in each case
setting forth the details thereof and what action, if any, Transferor proposes to take with respect thereto:

 

(i)       any
Litigation commenced against Transferor or with respect to or in connection with all or any substantial portion of the Transferred
Assets or developments in such Litigation, in each case, that Transferor believes has a reasonable risk of being determined adversely
and having a Material Adverse Effect;

 

(ii)       the
commencement of a proceeding against Transferor seeking a decree or order in respect of Transferor (A) under the Federal Deposit
Insurance Act or any other applicable federal, state or foreign bankruptcy or other similar law, (B) appointing a custodian,
receiver, liquidator, assignee, trustee or sequestrator (or similar official) for Transferor or for any substantial part of Transferor’s
assets, or (C) ordering the winding-up or liquidation of the affairs of Transferor; or

 

(iii)       Transferor’s
failure to comply with any of its obligations under this Agreement.

 

(c)       Notice
of Liens. Transferor shall notify Buyer promptly after becoming aware of any Lien on any Transferred Asset other than Permitted
Encumbrances.

 

    	 	18	A&R Transfer Agreement

     

    

 

(d)       Information
for Reports. Transferor shall promptly deliver any material written information, documents, records or reports with respect
to the Transferred Receivables that Buyer shall reasonably request.

 

(e)       Deposit
of Collections. Transferor shall transfer to Buyer or Servicer on its behalf, promptly, and in any event no later than two
Business Days after receipt thereof, all Collections it may receive in respect of Transferred Assets.

 

(f)       Credit
Card Program Agreement and Policies. Transferor shall enforce Originator’s obligation under the Receivables Sale Agreement
to comply with and perform its obligations under the Credit Card Program Agreements and the Contracts relating to the Accounts
and the Credit and Collection Policies except insofar as any failure to comply or perform would not materially or adversely affect
the rights of Buyer. Transferor may consent to Originator changing the terms and provisions of the Credit Card Program Agreements,
the Contracts or the Credit and Collection Policies (including the reduction of the required minimum monthly payment, the calculation
of the amount, or the timing, of charge offs and periodic finance charges and other fees assessed thereon), but subject to Section
6.3(b) and only if such change is made applicable to any comparable segment of the credit accounts owned and serviced by Originator
which have characteristics the same as, or substantially similar to, the Accounts that are the subject of such change, except as
otherwise restricted by an endorsement, sponsorship or other agreement between Originator and an unrelated third party or by the
terms of the Credit Card Program Agreements.

 

(g)       Following
receipt of a written request (or written notice of a request received by Transferor) during any Monthly Period from a Noteholder
or Verified Note Owner seeking to communicate with other Noteholders or Note Owners regarding exercising their contractual rights
under the terms of the Related Documents, Transferor shall notify Issuer of any such request received by Transferor and include
in the Securities Exchange Act Form 10-D filing for Buyer related to the Monthly Period in which such request was received, the
information required to be filed pursuant to Section 13.06 of the Indenture.

 

Section 6.3     Negative
Covenants of Transferor. Transferor covenants and agrees that, without the prior written consent of Buyer, from and after the
Initial Transfer Date and until the date after the Agreement Termination Date when the Outstanding Balances of all Transferred
Receivables transferred hereunder prior to such Agreement Termination Date have been reduced to zero:

 

(a)       Liens.
Transferor shall not create, incur, assume or permit to exist any Lien, other than Permitted Encumbrances, on or with respect to
the Transferred Assets.

 

(b)       Periodic
Finance Charges and Other Fees. Except as such reduction is otherwise required by any Requirement of Law, or as is deemed by
Originator to be necessary in order for it to maintain its credit card business, based upon Originator’s good faith assessment,
in its sole discretion, of the nature of the competition in the credit card business, Transferor shall not at any time consent
to Originator reducing the periodic finance charges assessed on any Transferred Receivable or other fees on any Account if, as
a result of such reduction, Transferor’s reasonable expectation of the portfolio yield for any Series of notes secured, directly
or indirectly, by the Transferred Receivables, as of the date of such reduction would be less than the then base rate for that
Series, as determined in accordance with the terms of that Series.

 

    	 	19	A&R Transfer Agreement

     

    

 

(c)       UCC
Matters. Transferor shall not change its state of organization or incorporation or its name such that any financing statement
filed to perfect Buyer’s interests under this Agreement would become seriously misleading, unless Transferor shall have given
Buyer not less than 15 days’ prior written notice of such change and shall have delivered to Buyer a revised Schedule
4.1(a), which shall automatically amend and restate Schedule 4.1(a) hereto.

 

(d)       [Reserved.]

 

(e)       Sale
Characterization. For accounting purposes, Transferor shall not account for the transactions contemplated by this Agreement
in any manner other than, with respect to the sale or contribution of each Transferred Receivable, as a true sale and/or absolute
assignment of its full right, title and ownership interest in the related Transferred Assets to Buyer. Transferor shall also maintain
its records and books of account in a manner which clearly reflects each such sale or contribution of the Transferred Receivables
to Buyer.

 

(f)       Amendment
to Receivables Sale Agreement. Transferor shall not amend the Receivables Sale Agreement without the consent of Buyer and
the satisfaction of the conditions precedent therein.

 

Section 6.4     No-Petition
Covenants.

 

(a)       Buyer
covenants and agrees that, from and after the date hereof and until the date one year plus one day following the date on which
all amounts due with respect to securities that were issued by any entity holding Transferred Assets have been paid in full in
cash, Buyer shall not, directly or indirectly, institute or cause to be instituted against Transferor any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceeding or other proceeding under any federal or state bankruptcy or similar law; provided
that the foregoing shall not in any way limit Buyer’s right to pursue any other creditor rights or remedies that Buyer may
have under any applicable law. Without prejudice to the survival of any other agreement of Buyer hereunder, the agreements and
obligations of Buyer under this Section 6.4(a) shall survive the termination of this Agreement.

 

(b)       Transferor
covenants and agrees that, from and after the date hereof and until the date one year plus one day following the date on
which all amounts due with respect to securities that were issued by any entity holding Transferred Assets have been paid in
full in cash, Transferor shall not, directly or indirectly, institute or cause to be instituted against Buyer any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceeding or other proceeding under any federal or state bankruptcy
or similar law; provided that the foregoing shall not in any way limit Transferor’s right to pursue any other
creditor rights or remedies that Transferor may have under any applicable law. Without prejudice to the survival of any other
agreement of Transferor hereunder, the agreements and obligations of Transferor under this Section 6.4(b) shall
survive the termination of this Agreement.

 

    	 	20	A&R Transfer Agreement

     

    

 

Section 6.5     Compliance
with the FDIC Rule.

 

(a)       Each
of Transferor and Buyer acknowledges and agrees that the purpose of this Section 6.5 is to comply with the provisions of
the FDIC Rule and FDIC Rule Interpretations.

 

(b)       Schedule
6.5 is expressly incorporated in this Agreement. Each of Transferor and Buyer agree to perform their respective obligations
set forth in Schedule 6.5.

 

(c)       In
the event that Synchrony Bank becomes the subject of an insolvency proceeding and the FDIC as receiver or conservator provides
a written notice of repudiation as contemplated by paragraph (d)(4)(ii) of the FDIC Rule to Transferor or Buyer, the party receiving
such notice shall promptly deliver such notice to the other party, with a copy to Indenture Trustee.

 

Section 6.6     Dispute
Resolution.

 

(a)       If
a request to Transferor to repurchase a Receivable pursuant to Section 6.1 of this Agreement is not resolved by the end
of the 180-day period beginning on the date on which Transferor receives notice of such request, then the Requesting Party will
have the right to refer the matter, at its discretion, to either mediation or arbitration pursuant to this Section 6.6;
provided, however, that any such referral shall be made (i) within the applicable statute of limitations period and
(ii) within 90 days of the delivery of the monthly noteholder statement following the end of such 180-day period.

 

(b)       The
Requesting Party shall provide notice in accordance with Section 7.1 of its intention to refer the matter to mediation or
arbitration, as applicable, to Transferor, with a copy to Issuer. Transferor agrees to participate in the resolution method selected
by the Requesting Party. Transferor shall provide notice to Synchrony Bank, Issuer, the Trustee and Indenture Trustee that it has
received a request to mediate or arbitrate a repurchase request.

 

(c)       If
the Requesting Party selects mediation (including non-binding arbitration) as the resolution method, the following provisions will
apply:

 

(i)       the
mediation will be administered by a nationally recognized arbitration and mediation association, and conducted pursuant to such
association’s mediation procedures in effect at such time;

 

(ii)       the
fees and expenses of the mediation will be allocated as mutually agreed by the parties as part of the mediation;

 

    	 	21	A&R Transfer Agreement

     

    

 

(iii)       the
mediator will be impartial, knowledgeable about and experienced with the laws of the State of New York that are relevant to the
repurchase dispute and will be appointed from a list of neutrals maintained by the American Arbitration Association (the “AAA”);
and

 

(iv)       if
the parties fail to agree at the completion of the mediation, the Requesting Party may refer the repurchase request to arbitration
under this Section 6.6 or may, in accordance with the terms of this Agreement and the Indenture, pursue other remedies including
legal proceedings.

 

(d)       If
the Requesting Party selects arbitration as the resolution method, the following provisions will apply:

 

(i)       The
arbitration will be administered by a nationally recognized arbitration and mediation association, and conducted pursuant to such
association’s arbitration procedures in effect at such time;

 

(ii)       The
arbitrator will be impartial, knowledgeable about and experienced with the laws of the State of New York that are relevant to
the dispute hereunder and will be appointed from a list of neutrals maintained by the AAA;

 

(iii)       The
arbitrator will make its final determination no later than 90 days after appointment or as soon as practicable thereafter. The
arbitrator will resolve the dispute in accordance with the terms of this Agreement, and may not modify or change this Agreement
in any way. The arbitrator will not have the power to award punitive damages or consequential damages in any arbitration conducted
by it, and Transferor shall not be required to pay more than the repurchase price required to be paid by Transferor in accordance
with Section 6.1. In its final determination, the arbitrator will determine and award the costs of arbitration (including
the fees of the arbitrator, cost of any record or transcript of the arbitration and administrative fees) and reasonable attorneys’
fees to the parties as determined by the arbitrator in its reasonable discretion. The determination of the arbitrator will be in
writing and counterpart copies will be promptly delivered to the parties. The determination will be final and non-appealable absent
manifest error, except for actions to confirm or vacate the determination that are permitted under applicable federal or state
law, and may be enforced in any court of competent jurisdiction;

 

(iv)       By
selecting binding arbitration, the Requesting Party is waiving the right to sue in court, including the right to a trial by jury;
and

 

(v)       No
Person may bring a putative or certified class action to arbitration.

 

    	 	22	A&R Transfer Agreement

     

    

 

(e)       Transferor
will not be required to produce personally identifiable information about any Obligor for purposes of any mediation or arbitration.
The details and/or existence of any unfulfilled repurchase request, any meetings or discussions regarding any unfulfilled repurchase
request, mediations or arbitration proceedings conducted under this Section 6.6, including all offers, promises, conduct
and statements, whether oral or written, made in the course of the parties’ attempt to resolve an unfulfilled repurchase
request, any information exchanged in connection with any mediation, and any discovery taken in connection with any arbitration
(collectively, “Confidential Information”), shall be and remain confidential and inadmissible (except as required
in accordance with applicable law) for any purpose, including impeachment, in any mediation, arbitration or litigation, or other
proceeding (including any proceeding under this Section 6.6) other than as required to be disclosed in accordance with applicable
law, regulatory requirements, or court order or to the extent that Transferor, in its sole discretion, elects to disclose such
information. Such information will be kept strictly confidential and will not be disclosed to any third party; provided
that a party may disclose such information to its own attorneys, experts, accountants and other agents and representatives (collectively
“Representatives”), as reasonably required in connection with any resolution procedure under this Section
6.6, if the disclosing party (a) directs such Representatives to keep the information confidential, (b) is responsible for
any disclosure by its Representatives of such information and (c) takes at its sole expense all reasonable measures to restrain
such Representatives from disclosing such information. If any party receives a subpoena or other request for information from a
third party (other than a governmental regulatory body) for Confidential Information, the recipient will promptly notify the other
party and will provide the other party with the opportunity to object to the production of its Confidential Information or seek
other appropriate protective remedies, consistent with the applicable requirements of law and regulation. If, in the absence of
a protective order, such party or any of its representatives are compelled as a matter of law, regulation, legal process or by
regulatory authority to disclose any portion of the Confidential Information, such party may disclose to the party compelling disclosure
only the part of such Confidential Information that is required to be disclosed.

 

ARTICLE
VII

MISCELLANEOUS

 

Section 7.1     Notices.
Except as otherwise provided herein, whenever it is provided herein that any notice, demand, request, consent, approval, declaration
or other communication shall or may be given to or served upon any of the parties by any other parties, or whenever any of the
parties desires to give or serve upon any other parties any communication with respect to this Agreement, each such notice, demand,
request, consent, approval, declaration or other communication shall be in writing and shall be deemed to have been validly served,
given or delivered (a) upon the earlier of actual receipt and three Business Days after deposit in the United States mail,
registered or certified mail, return receipt requested, with proper postage prepaid, (b) upon transmission, when sent by facsimile,
email or other similar electronic transmission (with such transmission promptly confirmed by delivery of a copy by personal delivery
or United States mail as otherwise provided in this Section 7.1), (c) one Business Day after deposit with a reputable
overnight courier with all charges prepaid or (d) when delivered, if hand-delivered by messenger, all of which shall be addressed
to the party to be notified and sent to the address or facsimile number set forth below or to such other address (or facsimile
number) as may be substituted by notice given as herein provided. The giving of any notice required hereunder may be waived in
writing by the party entitled to receive such notice. Failure or delay in delivering copies of any notice, demand, request, consent,
approval, declaration or other communication to any Person (other than Buyer) designated in any written communication provided
hereunder to receive copies shall in no way adversely affect the effectiveness of such notice, demand, request, consent, approval,
declaration or other communication. Notwithstanding the foregoing, whenever it is provided herein that a notice is to be given
to any other party hereto by a specific time, such notice shall be effective only if actually received by such party prior to such
time, and if such notice is received after such time or on a day other than a Business Day, such notice shall be effective only
on the immediately succeeding Business Day.

 

    	 	23	A&R Transfer Agreement

     

    

 

If to Transferor:

Synchrony Card Funding, LLC

777 Long Ridge Road

Stamford, CT 06902

Attention:  Eric Duenwald – President

Telephone: (203) 585-2906

Facsimile: (844) 265-2601

Email: Eric.Duenwald@syf.com

 

with a copy to:

Synchrony Bank

777 Long Ridge Road

Stamford, CT 06902

Attention:  Eric Duenwald – Treasurer

Telephone: (203) 585-2906

Facsimile: (844) 265-2601

Email: Eric.Duenwald@syf.com

 

If to Buyer:

Synchrony Card Issuance Trust

c/o Citibank, N.A., as Trustee

388 Greenwich Street

New York, New York 10013

Attn: Synchrony Card Issuance Trust

Telephone: 201-763-0613

Facsimile: 201-254-3899

 

    	 	24	A&R Transfer Agreement

     

    

 

with a copy to:

Synchrony Bank

777 Long Ridge Road

Stamford, CT 06902

Attention: Eric Duenwald – Treasurer

Telephone: (203) 585-2906

Facsimile: (844) 265-2601

Email: Eric.Duenwald@syf.com

 

Section 7.2     No Waiver;
Remedies. (a) Either party’s failure, at any time or times, to require strict performance by the other party hereto of
any provision of this Agreement shall not waive, affect or diminish any right of such party thereafter to demand strict compliance
and performance herewith or therewith. Any suspension or waiver of any breach or default hereunder shall not suspend, waive or
affect any other breach or default whether the same is prior or subsequent thereto and whether of the same or a different type.
None of the undertakings, agreements, warranties, covenants and representations of either party contained in this Agreement, and
no breach or default by either party hereunder or thereunder, shall be deemed to have been suspended or waived by the other party
unless such waiver or suspension is by an instrument in writing signed by an officer of or other duly authorized signatory of such
party and directed to the defaulting party specifying such suspension or waiver.

 

(b)       Each
party’s rights and remedies under this Agreement shall be cumulative and nonexclusive of any other rights and remedies that
such party may have under any other agreement, including the other Related Documents, by operation of law or otherwise.

 

Section 7.3     Successors
and Assigns. This Agreement shall be binding upon and shall inure to the benefit of Transferor and Buyer and their respective
successors and permitted assigns, except as otherwise provided herein. Except as provided below and in Sections 2.9 or 4.1
of this Agreement, neither Buyer nor Transferor may assign, transfer, hypothecate or otherwise convey its rights, benefits, obligations
or duties hereunder, without obtaining the prior express written consent of the other party. Any such purported assignment, transfer,
hypothecation or other conveyance by Transferor without the prior express written consent of Buyer shall be void. The terms and
provisions of this Agreement are for the purpose of defining the relative rights and obligations of Transferor and Buyer with respect
to the transactions contemplated hereby and no Person shall be a third-party beneficiary of any of the terms and provisions of
this Agreement.

 

Section 7.4     Termination.
This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms, and shall
remain in full force and effect until the earlier of (a) the termination of Buyer as provided in the Trust Agreement and (b) the
date selected by Transferor upon prior notice thereof to Buyer (such date the “Agreement Termination Date”).

 

    	 	25	A&R Transfer Agreement

     

    

 

Section 7.5    Survival.
Except as otherwise expressly provided herein or in any other Related Document, no termination or cancellation (regardless of cause
or procedure) of any commitment made by Transferor under this Agreement shall in any way affect or impair the obligations, duties
and liabilities of Transferor or the rights of Transferor relating to any unpaid portion of any and all obligations of Transferor
to Buyer, due or not due, liquidated, contingent or unliquidated or any transaction or event occurring prior to such termination,
or any transaction or event, the performance of which is required after the Agreement Termination Date. Except as otherwise expressly
provided herein or in any other Related Document, all undertakings, agreements, covenants, warranties and representations of or
binding upon Transferor, and all rights of Transferor hereunder shall not terminate or expire, but rather shall survive any such
termination or cancellation and shall continue in full force and effect until the date after the Agreement Termination Date when
the Outstanding Balances of all Transferred Receivables transferred hereunder prior to such Agreement Termination Date have been
reduced to zero; provided, that the rights and remedies pursuant to the provisions of Sections 2.5, 6.4,
7.3, 7.11 and 7.13 shall be continuing and shall survive any termination of this Agreement.

 

Section 7.6   Complete
Agreement; Modification of Agreement. This Agreement constitutes the complete agreement between the parties with respect to
the subject matter hereof, supersedes all prior agreements and understandings relating to the subject matter hereof and thereof.
Without the consent of the Holders of any Notes or any other Person but with prior notice to each Rating Agency, at any time and
from time to time, upon either (a) delivery by Issuer or Transferor to Indenture Trustee of an Officer’s Certificate to the
effect that Issuer or Transferor, as applicable, reasonably believes that such amendment, modification, termination or waiver will
not have an Adverse Effect or (b) satisfaction of the Rating Agency Condition with respect to each affected Class or Tranche of
Notes for which an Officer’s Certificate described in the preceding clause (a) has not been delivered, Issuer and Transferor
may modify, alter or amend this Agreement. Notwithstanding any other provision of this Section 7.6, Schedule 6.1(a)
shall be automatically amended upon delivery by Transferor to Buyer of an updated Schedule 6.1(a).

 

Section 7.7   GOVERNING
LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL. (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 (WITHOUT REGARD TO THE CONFLICT
OF LAW PROVISIONS THEREOF) AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.

 

    	 	26	A&R Transfer Agreement

     

    

 

(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 Buyer
FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO REALIZE ON THE RECEIVABLES OR ANY SECURITY
FOR THE OBLIGATIONS OF TRANSFEROR ARISING HEREUNDER OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF Buyer.
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 7.1 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.

 

(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. NOTHING IN
THIS SECTION 7.7 SHALL LIMIT THE RIGHTS OF ANY REQUESTING PARTY PURSUANT TO SECTION 6.6.

 

    	 	27	A&R Transfer Agreement

     

    

 

Section 7.8     Counterparts.
This Agreement may be executed in any number of separate counterparts, each of which shall collectively and separately constitute
one agreement.

 

Section 7.9     Severability.
Wherever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable
law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective
only to the extent of such prohibition or invalidity without invalidating the remainder of such provision or the remaining provisions
of this Agreement.

 

Section 7.10     Section
Titles. The section titles and table of contents contained in this Agreement are provided for ease of reference only and shall
be without substantive meaning or content of any kind whatsoever and are not a part of the agreement between the parties hereto.

 

Section 7.11    No Setoff.
Transferor’s obligations under this Agreement shall not be affected by any right of setoff, counterclaim, recoupment, defense
or other right Transferor might have against Buyer, all of which rights are hereby expressly waived by Transferor.

 

Section 7.12  Confidentiality.
NOTWITHSTANDING ANYTHING TO THE CONTRARY SET FORTH HEREIN, THE OBLIGATIONS OF CONFIDENTIALITY CONTAINED HEREIN, SHALL NOT APPLY
TO THE FEDERAL TAX STRUCTURE OR FEDERAL TAX TREATMENT OF THIS TRANSACTION, AND EACH PARTY (AND ANY EMPLOYEE, REPRESENTATIVE, OR
AGENT OF ANY PARTY) MAY DISCLOSE TO ANY AND ALL PERSONS, WITHOUT LIMITATION OF ANY KIND, THE FEDERAL TAX STRUCTURE AND FEDERAL
TAX TREATMENT OF THIS TRANSACTION. THE PRECEDING SENTENCE IS INTENDED TO CAUSE THIS TRANSACTION TO BE TREATED AS NOT HAVING BEEN
OFFERED UNDER CONDITIONS OF CONFIDENTIALITY FOR PURPOSES OF SECTION 1.6011-4(B)(3) (OR ANY SUCCESSOR PROVISION) OF THE TREASURY
REGULATIONS PROMULGATED UNDER SECTION 6011 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, AND SHALL BE CONSTRUED IN A MANNER
CONSISTENT WITH SUCH PURPOSE. IN ADDITION, EACH PARTY ACKNOWLEDGES THAT IT HAS NO PROPRIETARY OR EXCLUSIVE RIGHTS TO THE FEDERAL
TAX STRUCTURE OF THIS TRANSACTION OR ANY FEDERAL TAX MATTER OR FEDERAL TAX IDEA RELATED TO THIS TRANSACTION.

 

    	 	28	A&R Transfer Agreement

     

    

 

Section 7.13   Further
Assurances. (a) Transferor shall, at its sole cost and expense, upon request of Buyer, promptly and duly authorize, execute
and/or deliver, as applicable, any and all further instruments and documents and take such further actions that may be necessary
or desirable or that Buyer may request to carry out more effectively the provisions and purposes of this Agreement or to obtain
the full benefits of this Agreement and of the rights and powers herein granted, including authorizing and filing any financing
or continuation statements under the UCC with respect to the ownership interests or Liens granted hereunder. Transferor hereby
authorizes Buyer to file any such financing or continuation statements without the signature of Transferor to the extent permitted
by applicable law. A carbon, photographic or other reproduction of this Agreement or of any notice or financing statement covering
the Transferred Assets or any part thereof shall be sufficient as a notice or financing statement where permitted by law. If any
amount payable under or in connection with any of the Transferred Assets is or shall become evidenced by any instrument, such instrument,
other than checks and notes received in the ordinary course of business, shall be duly endorsed in a manner satisfactory to Buyer
immediately upon Transferor’s receipt thereof and promptly delivered to or at the direction of Buyer.

 

(b)       If
Transferor fails to perform any agreement or obligation under this Section 7.13, Buyer may (but shall not be required
to) itself perform, or cause performance of, such agreement or obligation, and the reasonable expenses of Buyer incurred in connection
therewith shall be payable by Transferor upon demand of Buyer.

 

Section 7.14   Relationship
of Parties. Transferor and Buyer agree that in performing their obligations pursuant to this Agreement, they are in the position
of independent contractors. This Agreement is not intended to create, nor does it create and shall not be construed to create,
a relationship of partner or joint venturer or any association for profit between Transferor and Buyer.

 

Section
7.15   No Indirect or Consequential Damages. NO PARTY TO THIS AGREEMENT SHALL BE RESPONSIBLE OR LIABLE TO ANY
OTHER PARTY TO THIS AGREEMENT, ANY SUCCESSOR, ASSIGNEE OR THIRD PARTY BENEFICIARY OF SUCH PERSON OR ANY OTHER PERSON ASSERTING
CLAIMS DERIVATIVELY THROUGH SUCH PARTY, FOR INDIRECT, PUNITIVE, EXEMPLARY OR CONSEQUENTIAL DAMAGES THAT MAY BE ALLEGED AS A RESULT
OF ANY TRANSACTION CONTEMPLATED HEREUNDER.

 

Section 7.16   Limitation
of Liability of the Trustee. It is expressly understood and agreed by the parties hereto that (a) this document is executed
and delivered by Citibank, N.A., not individually or personally, but solely as Trustee of Buyer, (b) each of the representations,
undertakings and agreements herein made on the part of Buyer 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 Buyer, (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 Buyer or any other party to this Agreement and (e) under no circumstances shall Citibank,
N.A. be personally liable for the payment of any indebtedness or expenses of Buyer or be liable for the breach or failure of any
obligation, representation, warranty or covenant made or undertaken by Buyer under this document or any other related documents.

 

Section
7.17   Effectiveness. This Agreement amends and restates the Original Transfer Agreement as of the Amendment and Restatement
Effective Date and the terms and provisions of the Original Transfer Agreement are restated hereby in their entirety as of the
Amendment and Restatement Effective Date. From and after the Amendment and Restatement Effective Date, each reference to the Original
Transfer Agreement in any other document, instrument or agreement shall mean and be a reference to this Agreement. For the avoidance
of doubt, all obligations and liabilities of the Transferor and the Buyer under or in connection with the Original Transfer Agreement
shall remain outstanding hereunder and shall be enforceable against the Transferor or the Buyer, as applicable, under this Agreement.
This Agreement does not constitute a novation of the Original Transfer Agreement (or a novation of any of the obligations thereunder).

 

[Remainder of page intentionally left blank]

 

    	 	29	A&R Transfer Agreement

     

    

 

IN WITNESS WHEREOF, Transferor
and Buyer have caused this Amended and Restated Transfer Agreement to be duly executed by their respective officers as of the day
and year first above written.

 

	 	SYNCHRONY CARD FUNDING, LLC, as Transferor 
	 	 	 
	 	By:	/s/ Andrew Lee
	 	Name:	Andrew Lee
	 	Title:	Manager and Vice President 
	 	 	 
	 	SYNCHRONY CARD ISSUANCE TRUST, Buyer
	 	 	 
	 	By:	Citibank, N.A., not in its individual capacity but solely as Trustee on behalf of Buyer
	 	 	 
	 	By:	/s/ Kristen Driscoll
	 	Name:	Kristen Driscoll
	 	Title:	Senior Trust Officer

 

    	 	S-1	A&R Transfer Agreement

     

    

 

SCHEDULE 1

 

LIST OF ACCOUNTS

 

[Delivered
separately.]

 

    	 	Sched. 1	 

     

    

 

SCHEDULE 6.1(a)

 

TRANSFEROR’S
UCC INFORMATION

 

Legal Name

 

Synchrony Card Funding, LLC

 

Jurisdiction of Organization

 

Delaware

 

Address of Chief Executive Office

 

170 West Election Road, Suite 125

Draper, UT 84020

 

Federal Employer Identification Number

 

82-3295851

 

Organizational Identification Number

 

6601225

 

    	 	Sched. 6.1(a)	 

     

    

 

SCHEDULE 6.5

 

REQUIREMENTS OF FDIC RULE

 

As required by the FDIC Rule:

 

(a)       As
used in this Schedule, references to (i) “sponsor” shall mean Synchrony Bank, (ii) “issuing entity” shall
mean, collectively, Transferor, Issuer and each other transferee of the Transferred Assets that is an “issuing entity”
as defined in the FDIC Rule, (iii) “servicer” shall mean Servicer and each other “servicer” of the financial
assets within the meaning of the FDIC Rule, (iv) “obligations” or “securitization obligations” shall mean
the notes issued by Issuer pursuant to the Indenture, and (v) “financial assets” and “securitized financial assets”
shall mean the Transferred Assets.

 

(b)       The
issuing entity shall make available to investors, information describing the financial assets, obligations, capital structure,
compensation of relevant parties, and relevant historical performance data set forth below:

 

(i)       On
or prior to issuance of obligations and at the time of delivery of any periodic distribution report and, in any event, at least
once per calendar quarter, while obligations are outstanding, information about the obligations and the securitized financial assets
shall be disclosed to all potential investors at the financial asset or pool level, as appropriate for the financial assets, and
security-level to enable evaluation and analysis of the credit risk and performance of the obligations and financial assets. Such
information and its disclosure, at a minimum, shall comply with the requirements of Regulation AB or any successor disclosure requirements
for public issuances, even if the obligations are issued in a private placement or are not otherwise required to be registered;
provided that information that is unknown or not available to the sponsor or the issuing entity after reasonable investigation
may be omitted if the issuing entity includes a statement in the offering documents disclosing that the specific information is
otherwise unavailable;

 

(ii)       On
or prior to issuance of obligations, the structure of the securitization and the credit and payment performance of the obligations
shall be disclosed, including the capital or tranche structure, the priority of payments and specific subordination features; representations
and warranties made with respect to the financial assets, the remedies for and the time permitted for cure of any breach of representations
and warranties, including the repurchase of financial assets, if applicable; liquidity facilities and any credit enhancements permitted
by the FDIC Rule, any waterfall triggers or priority of payment reversal features; and policies governing delinquencies, servicer
advances, loss mitigation, and write-offs of financial assets;

 

    	 	Sched. 6.5-1	 

     

    

 

(iii)       While
obligations are outstanding, the issuing entity shall provide to investors information with respect to the credit performance of
the obligations and the financial assets, including periodic and cumulative financial asset performance data, delinquency and modification
data for the financial assets, substitutions and removal of financial assets, servicer advances, as well as losses that were allocated
to such tranche and remaining balance of financial assets supporting such tranche, if applicable, and the percentage of each tranche
in relation to the securitization as a whole; and

 

(iv)       The
nature and amount of compensation paid to the originator, sponsor, rating agency or third-party advisor, any mortgage or other
broker, and the servicer(s), and the extent to which any risk of loss on the underlying assets is retained by any of them for such
securitization shall be disclosed. Issuer shall provide to investors while any obligations
are outstanding any changes to such information and the amount and nature of payments of any deferred compensation or similar arrangements
to any of the parties.

 

    	 	Sched. 6.5-2	 

     

    

 

EXHIBIT A

FORM OF ASSIGNMENT OF TRANSFERRED RECEIVABLES

IN ADDITIONAL ACCOUNTS

 

(As required by Section 2.6 of the Amended
and Restated Transfer Agreement)

 

ASSIGNMENT No.        
OF TRANSFERRED RECEIVABLES IN ADDITIONAL ACCOUNTS (this “Assignment”) dated as of                     ,
20[__], by and among SYNCHRONY CARD FUNDING, LLC, a limited liability company organized under the laws of the State of Delaware,
as Transferor (“Transferor”) and SYNCHRONY CARD ISSUANCE TRUST (“Buyer”), pursuant to the
Amended and Restated Transfer Agreement referred to below.

 

WITNESSETH:

 

WHEREAS, Transferor
and Buyer are parties to the Amended and Restated Transfer Agreement, dated as of May 1, 2018 (as it may be amended and
supplemented from time to time the “Agreement”); and

 

WHEREAS, pursuant to the
Agreement, Transferor wishes to designate Additional Accounts to be included as Accounts and to convey the Transferred Receivables
in such Additional Accounts that have been designated “Additional Accounts” pursuant to the Agreement, whether now
existing or hereafter created, to Buyer (as each such term is defined in the Agreement); and

 

WHEREAS, Buyer is willing
to accept such designation and conveyance subject to the terms and conditions hereof;

 

NOW, THEREFORE, Transferor
and Buyer hereby agree as follows:

 

1.       Defined
Terms. All terms defined in the Agreement and used herein shall have such defined meanings when used herein, unless otherwise
defined herein.

 

“Addition
Cut-Off Date” means, with respect to Additional Accounts designated hereby, [______], 20[      
].

 

“Addition
Date” means, with respect to the Additional Accounts designated hereby, the [close] [opening] of business on
[                    ],
20[      ].

 

“Addition
Representation Date” means, with respect to Additional Accounts designated hereby, [______], 20[      ].1

 

 

1
[Date will be not more than 7 Business Days prior to the Addition Cut-Off Date.]

 

    	 	Exhibit A-1	 

     

    

 

2.           Designation
of Additional Accounts. The Accounts listed on Schedule 1 to this Assignment have been designated “Additional
Accounts” pursuant to the Agreement. Schedule 1 to this Assignment, as of the Addition Date, shall supplement Schedule 1
to the Agreement as required by Section 2.1(c) of the Agreement.

 

3.           Conveyance
of Transferred Receivables. (a) Effective as of the [close][opening] of business on the Addition Date, Transferor
does hereby transfer, assign, set over and otherwise convey, without recourse except as set forth in this Assignment, to
Buyer, all of its right, title and interest in, to and under the Receivables in such Additional Accounts existing on the
Addition Cut-Off Date and thereafter created from time to time in such Additional Accounts until the Agreement Termination
Date, the Related Security and Collections with respect thereto and related Recoveries, together with all monies due or to
become due and all amounts received or receivable with respect thereto and Insurance Proceeds relating thereto and all
proceeds of the foregoing. The foregoing does not constitute and is not intended to result in the creation or assumption by
Buyer of any obligation of any Originator, Seller, Transferor or any other Person in connection with the Accounts or the
Transferred Receivables or under any agreement or instrument relating thereto, including any obligation to Obligors, merchant
banks, Program Partners, clearance systems or insurers.

 

(b)       Transferor
agrees to record and file, at its own expense, financing statements (and continuation statements when applicable) with respect
to the Transferred Receivables in Additional Accounts existing on the Addition Cut-Off Date and thereafter created meeting the
requirements of applicable state law in such manner and in such jurisdictions as are necessary to perfect, and maintain perfection
of, the sale and assignment of its interest in such Receivables to Buyer, and to deliver a file-stamped copy of each such financing
statement or other evidence of such filing to Buyer within ten (10) days of the Addition Date. Buyer shall be under no obligation
whatsoever to file such financing or continuation statements or to make any other filing under the UCC in connection with such
sale and assignment.

 

(c)       In
connection with such assignment, Transferor further agrees, at its own expense, on or prior to the date of this Assignment, to
indicate and cause Servicer to indicate in the appropriate electronic records that Receivables created in connection with the Additional
Accounts and designated hereby have been conveyed to Buyer pursuant to the Agreement and this Assignment.

 

(d)       Transferor
does hereby grant to Buyer a security interest in all of its right, title and interest, whether now owned or hereafter acquired,
in and to the Receivables in the Additional Accounts existing on the Addition Cut-Off Date and thereafter created, the Related
Security and Collections with respect thereto, together with all monies due or to become due and all amounts received or receivable
with respect thereto and all Insurance Proceeds relating thereto and all proceeds of the foregoing. This Assignment constitutes
a security agreement under the UCC.

 

4.           Acceptance
by Buyer. Buyer hereby acknowledges its acceptance of all right, title and interest to the property, existing on the Addition
Cut-Off Date and thereafter created, conveyed to Buyer pursuant to Section 3(a) of this Assignment. Buyer further acknowledges
that, prior to or simultaneously with the execution and delivery of this Assignment, Transferor delivered to it the Account Schedule
described in Section 2 of this Assignment.

 

    	 	Exhibit A-2	 

     

    

 

5.           Representations
and Warranties of Transferor. Transferor hereby represents and warrants to Buyer as of the Addition Date:

 

(a)       This
Assignment constitutes a legal, valid and binding obligation of Transferor enforceable against Transferor in accordance with its
terms, except as such enforceability may be limited by applicable Debtor Relief Laws and except as such enforceability may be limited
by general principles of equity (whether considered in a suit at law or in equity);

 

(b)       each
Transferred Receivable satisfies the criteria for an Eligible Receivable as of the Addition Representation Date;

 

(c)       each
Additional Account is, as of the Addition Representation Date, an Eligible Account,

 

(d)       the
Agreement and this Assignment creates a valid and continuing security interest in the Receivables in the Additional Accounts and
the Related Security and in Collections and Recoveries with respect thereto, together with all monies due or to become due and
all amounts received or receivable with respect thereto and Insurance Proceeds relating thereto and the proceeds thereof in favor
of Buyer, which security interest (x) is enforceable against Transferor, as such enforceability 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)
and (y) upon filing of the financing statements described herein and, in the case of Transferred Receivables thereafter created,
upon the creation thereof, will be prior to all other Liens (other than Permitted Encumbrances);

 

(e)       immediately
prior to the conveyance of the Receivables pursuant to this Assignment, Transferor owns and has good and marketable title to, or
has a valid security interest in, the Receivables free and clear of any Lien, claim or encumbrance of any Person (other than Permitted
Encumbrances); and

 

(f)       subject
to Permitted Encumbrances, other than the transfer and assignment and the security interest granted to Buyer pursuant to this Assignment,
Transferor has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Transferred Receivables.
Transferor has not authorized the filing of and is not aware of any financing statements against Transferor that included a description
of collateral covering the Transferred Receivables.

 

6.           Amendment
of the Agreement. The Agreement is hereby amended to provide that all references therein, to “this Agreement” and
“herein” shall be deemed from and after the Addition Date to be a dual reference to the Agreement as supplemented by
this Assignment. Except as expressly amended hereby, all of the representations, warranties, terms, covenants and conditions of
the Agreement shall remain unamended and shall continue to be, and shall remain, in full force and effect in accordance with its
terms.

 

    	 	Exhibit A-3	 

     

    

 

7.           Counterparts.
This Assignment 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 together shall constitute one and the same instrument.

 

8.           GOVERNING
LAW. THIS ASSIGNMENT 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.

 

9.           Limitation
of Liability of the Administrator. Notwithstanding anything contained herein to the contrary, this instrument has been countersigned
by Synchrony Bank, not in its individual capacity but solely in its capacity as Administrator of Buyer, and in no event shall Synchrony
Bank, in its individual capacity, or any beneficial owner of Buyer have any liability for the representations, warranties, covenants,
agreements or other obligations of Buyer hereunder, as to all of which recourse shall be had solely to the assets of Buyer. For
all purposes of this Assignment, in the performance of any duties or obligations of Buyer hereunder, the Administrator shall be
subject to, and entitled to the benefits of, the terms and provisions of Section 1 of the Administration Agreement.

 

    	 	Exhibit A-4	 

     

    

  

IN WITNESS WHEREOF, the undersigned have caused
this Assignment of Transferred Receivables in Additional Accounts to be duly executed and delivered by their respective duly authorized
officers on the day and year first above written.

 

	 	SYNCHRONY CARD FUNDING, LLC, Transferor
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	SYNCHRONY CARD ISSUANCE TRUST, Buyer
	 	 	 
	 	By:	SYNCHRONY BANK,
	 	 	not in its individual capacity but solely as Administrator on behalf of Buyer
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	Exhibit A-5	 

     

    

 

Schedule
1

to Assignment of Transferred Receivables

in Additional Accounts

 

ADDITIONAL ACCOUNTS

 

    	 	Exhibit A-6	 

     

    

 

EXHIBIT B

FORM OF REASSIGNMENT OF RECEIVABLES

IN REMOVED ACCOUNTS

 

(As required by Section 2.7 of the Amended
and Restated Transfer Agreement)

 

REASSIGNMENT No. _______
OF RECEIVABLES IN REMOVED ACCOUNTS dated as of _________, 20[__] (this “Reassignment”), by and among SYNCHRONY
CARD FUNDING, LLC, a limited liability company organized under the laws of the State of Delaware, as Transferor (the “Transferor”),
and SYNCHRONY CARD ISSUANCE TRUST (the “Buyer”), pursuant to the Amended and Restated Transfer Agreement referred
to below.

 

WITNESSETH:

 

WHEREAS Transferor
and Buyer are parties to the Amended and Restated Transfer Agreement, dated as of May 1, 2018 (as it may be amended and
supplemented from time to time the “Agreement”);

 

WHEREAS pursuant to the
Agreement, Transferor wishes to remove from Buyer all Transferred Receivables owned by Buyer in certain designated Accounts and
to cause Buyer to reconvey the Transferred Receivables of such Removed Accounts, whether now existing or hereafter created, from
Buyer to Transferor; and

 

WHEREAS Buyer is willing
to accept such designation and to reconvey the Transferred Receivables in the Removed Accounts subject to the terms and conditions
hereof;

 

NOW, THEREFORE, Transferor
and Buyer hereby agree as follows:

 

1.       Defined
Terms. All terms defined in the Agreement and used herein shall have such defined meanings when used herein, unless otherwise
defined herein.

 

“Removal Date”
means, with respect to the Removed Accounts designated hereby, ___________, ____.

 

“Removal Cut-Off
Date” means, with respect to the Removed Accounts ______________, ____.

 

2.       Designation
of Removed Accounts. Schedule 1 to this Reassignment, as of the Removal Date, shall supplement Schedule 1
to the Agreement as required by Section 2.1(c) of the Agreement.

 

    	 	Exhibit B-1	 

     

    

 

3.        Conveyance
of Transferred Receivables. (a) Buyer does hereby transfer, assign, set over and otherwise convey to Transferor, without representation,
warranty or recourse, on and after the Removal Cut-Off Date, all right, title and interest of Buyer in, to and under the Transferred
Receivables existing at the close of business on the Removal Cut-Off Date and thereafter created from time to time in the Removed
Accounts designated hereby, the Related Security and Collections with respect thereto, together with all monies due or to become
due and all amounts received or receivable with respect thereto and all Insurance Proceeds related thereto and all proceeds of
the foregoing.

 

(b)       In
connection with such transfer, Buyer agrees to execute and deliver to Transferor on or prior to the date this Reassignment is delivered,
applicable termination statements prepared by Transferor with respect to the Transferred Receivables existing at the close of business
on the Removal Cut-Off Date and thereafter created from time to time in the Removed Accounts reassigned hereby and the proceeds
thereof evidencing the release by Buyer of its interest in the Transferred Receivables in the Removed Accounts, and meeting the
requirements of applicable state law, in such manner and such jurisdictions as are necessary to terminate such interest.

 

4.        Representations
and Warranties of Transferor. Transferor hereby represents and warrants to Buyer as of the Removal Date:

 

(a)       Legal
Valid and Binding Obligation. This Reassignment Agreement constitutes a legal, valid and binding obligation of Transferor enforceable
against Transferor in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws now or hereafter in effect affecting the enforcement of creditors’ rights
in general and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law
or in equity);

 

(b)       Early
Amortization Event. Transferor reasonably believes that (i) the removal of the Transferred Receivables existing in the Removed
Accounts will not, based on the facts known to Transferor, then or thereafter cause an Early Amortization Event to occur with respect
to any Series and (ii) no selection procedure believed by Transferor to be materially adverse to the interests of Buyer or any
of its creditors has been used in removing Removed Accounts from among any pool of Accounts of a similar type (it being understood
that Transferor will not be deemed to have used such an adverse selection procedure in connection with any Involuntary Removal)
as of the Removal Date;

 

(c)       List
of Removed Accounts. The list of Removed Accounts attached hereto, is an accurate and complete listing in all material respects
of all the Accounts as of the Removal Cut-Off Date; and

 

(d)       No
Asset Deficiency. In the case of any removal other than an Involuntary Removal, no Asset Deficiency exists as of the Removal
Cut-Off Date, after giving effect to the removal of the Transferred Receivables existing in the Removed Accounts.

 

    	 	Exhibit B-2	 

     

    

 

5.       Amendment
of the Agreement. The Agreement is hereby amended to provide that all references therein to “this Agreement” and
“herein” shall be deemed from and after the Removal Date to be a dual reference to the Agreement as supplemented by
this Reassignment. Except as expressly amended hereby, all of the representations, warranties, terms and covenants and conditions
of the Agreement shall remain unamended and shall continue to be and shall remain in full force and effect in accordance with its
terms.

 

6.       Counterparts.
This Reassignment 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.

 

7.       GOVERNING
LAW. THIS REASSIGNMENT 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 B-3	 

     

    

  

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

  

	 	SYNCHRONY CARD FUNDING, LLC, Transferor
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	SYNCHRONY CARD ISSUANCE TRUST, Buyer
	 	 	 
	 	By:	SYNCHRONY BANK,
	 	 	not in its individual capacity but solely as Administrator on behalf of Buyer
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	Exhibit B-4	 

     

    

 

Schedule 1

to Reassignment Agreement

REMOVED ACCOUNTS

 

    	 	Exhibit B-5Exhibit 4.11

 

 

 

AMENDED AND RESTATED

SERVICING AGREEMENT

 

Dated as of May 1, 2018

by and between

SYNCHRONY CARD ISSUANCE TRUST

and

SYNCHRONY BANK,

as Servicer

  

 

 

    	 	 	Synchrony Card Issuance Trust
 Servicing Agreement

     

    

  

	ARTICLE I
	DEFINITIONS AND INTERPRETATION
	 	 	 
	SECTION 1.1	Definitions	1
	 	 	 
	ARTICLE II
	APPOINTMENT OF SERVICER; CERTAIN DUTIES AND RESPONSIBILITIES OF SERVICER
	 	 	 
	SECTION 2.1	Appointment of Servicer	2
	 	 	 
	SECTION 2.2	Duties and Responsibilities of Servicer	3
	 	 	 
	SECTION 2.3	Unrelated Amounts	4
	 	 	 
	SECTION 2.4	Authorization of Servicer	4
	 	 	 
	SECTION 2.5	Servicing Fees	4
	 	 	 
	SECTION 2.6	Covenants of Servicer	5
	 	 	 
	SECTION 2.7	Reporting Requirements	7
	 	 	 
	SECTION 2.8	Annual Officer’s Certificate and Assessment of Compliance	7
	 	 	 
	SECTION 2.9	Annual Independent Public Accountants’ Servicing Report	7
	 	 	 
	SECTION 2.10	Reports to the Commission	7
	 	 	 
	SECTION 2.11	Collections	7
	 	 	 
	SECTION 2.12	Allocations and Disbursements	7
	 	 	 
	SECTION 2.13	New Issuances	8
	 	 	 
	SECTION 2.14	Compliance with the FDIC Rule	8
	 	 	 
	ARTICLE III
	REPRESENTATIONS AND WARRANTIES
	 	 	 
	SECTION 3.1	Representations and Warranties of Servicer	8
	 	 	 
	ARTICLE IV
	ADDITIONAL MATTERS RELATING TO SERVICER
	 	 	 
	SECTION 4.1	Covenants of Servicer Regarding the Transferred Receivables	9
	 	 	 
	SECTION 4.2	Merger or Consolidation of, or Assumption of the Obligations of, Servicer	9
	 	 	 
	SECTION 4.3	Access to Certain Documentation and Information Regarding the Receivables	10
	 	 	 
	ARTICLE V
	SERVICER DEFAULTS
	 	 	 
	SECTION 5.1	Servicer Defaults	10

 

    	 	 	Synchrony Card Issuance Trust
 Servicing Agreement

     

    

 

 

	ARTICLE VI
	SUCCESSOR SERVICER
	 	 	 
	SECTION 6.1	Resignation of Servicer	12
	 	 	 
	SECTION 6.2	Appointment of the Successor Servicer	12
	 	 	 
	SECTION 6.3	Duties of Servicer	12
	 	 	 
	SECTION 6.4	Effect of Termination or Resignation	13
	 	 	 
	ARTICLE VII
	INDEMNIFICATION
	 	 	 
	SECTION 7.1	Indemnities by Servicer	13
	 	 	 
	SECTION 7.2	Limitation of Damages; Indemnified Persons	13
	 	 	 
	SECTION 7.3	Limitation on Liability of Servicer and Others	14
	 	 	 
	ARTICLE VIII
	MISCELLANEOUS
	 	 	 
	SECTION 8.1	Notices	14
	 	 	 
	SECTION 8.2	Binding Effect; Assignability	15
	 	 	 
	SECTION 8.3	Termination; Survival of Obligations	15
	 	 	 
	SECTION 8.4	Confidentiality	16
	 	 	 
	SECTION 8.5	No Proceedings	16
	 	 	 
	SECTION 8.6	Complete Agreement; Modification of Agreement	16
	 	 	 
	SECTION 8.7	Amendments and Waivers	16
	 	 	 
	SECTION 8.8	No Waiver; Remedies	17
	 	 	 
	SECTION 8.9	GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL	17
	 	 	 
	SECTION 8.10	Counterparts	18
	 	 	 
	SECTION 8.11	Severability	18
	 	 	 
	SECTION 8.12	Section Titles	18
	 	 	 
	SECTION 8.13	Limited Recourse	18
	 	 	 
	SECTION 8.14	Further Assurances	19
	 	 	 
	SECTION 8.15	Pledge of Assets	19
	 	 	 
	SECTION 8.16	Waiver of Setoff	19
	 	 	 
	SECTION 8.17	Limitation of Liability of the Trustee	19
	 	 	 
	SECTION 8.18	Effectiveness	20

 

SCHEDULES

 

	SCHEDULE 2.7	Reporting Requirements
	SCHEDULE 2.14	Requirements of FDIC Rule

 

    	 	ii 	Synchrony Card Issuance Trust
 Servicing Agreement

     

    

  

This AMENDED AND RESTATED
SERVICING AGREEMENT, dated as of May 1, 2018 (this “Agreement”), is entered into by and among SYNCHRONY
CARD ISSUANCE TRUST, a Delaware statutory trust (the “Issuer”) and SYNCHRONY BANK, a federal savings
association organized under the laws of the United States (“Synchrony Bank”), in its capacity as the initial
Servicer (as defined herein).

 

RECITALS

 

WHEREAS, the Issuer and
Synchrony Bank, as Servicer, are parties to that certain Servicing Agreement, dated as of November 30, 2017 (as amended prior to
the date hereof, the “Original Servicing Agreement”); and

 

WHEREAS, the Issuer and
Synchrony Bank, as Servicer, desire to amend and restate the Original Servicing Agreement in its entirety in the form of this Agreement.

 

NOW, THEREFORE, in consideration
of the mutual agreements hereinafter contained, and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE
I

DEFINITIONS AND INTERPRETATION

 

SECTION 1.1       Definitions.

 

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

 

(b)       Initially
capitalized terms used but not otherwise defined herein have the respective meanings assigned thereto in (or by reference in) the
Amended and Restated Master Indenture, dated as of May 1, 2018 (the “Indenture”), between SYNCHRONY CARD ISSUANCE
TRUST and THE BANK OF NEW YORK MELLON, as the indenture trustee. This Agreement shall be interpreted in accordance with the conventions
set forth in Section 1.01(a) through (g) of the Indenture. Whenever used in this Agreement, the following words and
phrases shall have the following meanings, and the definitions of such terms and phrases and any definitions incorporated herein
are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and the
neuter genders of such terms:

 

“Agreement”
is defined in the preamble.

 

“Daily Servicing
Fee” is defined in Section 2.5.

 

    	 	 	Synchrony Card Issuance Trust
 Servicing Agreement

     

    

  

“Eligible Servicer”
means (i) the Indenture Trustee or a wholly owned subsidiary of the Indenture Trustee, (ii) the initial Servicer or any Affiliate
of the initial Servicer, (iii) an entity that, at the time of its appointment as Servicer: (a) is servicing a portfolio of consumer
open end credit card accounts or other consumer open end credit accounts (or is a successor to an entity that was engaged and continues
to be engaged in such servicing); (b) is legally qualified and has the capacity to service the Accounts; (c) is qualified (or licensed)
to use the software that is then being used to service the Accounts or obtains the right to use, or has its own, software which
is adequate to perform its duties under this Agreement; (d) has the ability to professionally and competently service a portfolio
of similar accounts; (e) has a net worth of at least $50,000,000 as of the end of its most recent fiscal quarter and (f) which
shall at the time of appointment have a long-term debt rating of at least “Baa3” by Moody’s or “BBB-”
by S&P or (iv) any servicer as to which the Rating Agency Condition has been satisfied.

 

“Indemnified Amounts”
means, with respect to any Person, any and all suits, actions, proceedings, claims, damages, losses, liabilities and expenses (including
reasonable attorneys’ fees and disbursements and other costs of investigation or defense, including those incurred upon any
appeal).

 

“Monthly Servicing
Fee” is defined in Section 2.5.

 

“Servicer”
means Synchrony Bank or any other Person designated as a Successor Servicer.

 

“Servicer Default”
is defined in Section 5.1.

 

“Servicer Indemnified
Person” is defined in Section 7.1.

 

“Servicer Termination
Notice” means any notice by Issuer to Servicer that (a) a Servicer Default has occurred and (b) Servicer’s appointment
under this Agreement has been terminated.

 

“Servicing Records”
means all documents, books, Records and other information (including computer programs, tapes, disks, data tapes, data processing
software and related property and rights) prepared and maintained by Servicer with respect to the Transferred Receivables and the
Obligors thereunder.

 

“Successor Servicer”
is defined in Section 6.2.

 

“Unrelated Amounts”
is defined in Section 2.3.

 

ARTICLE
II

APPOINTMENT OF SERVICER; CERTAIN DUTIES

AND RESPONSIBILITIES OF SERVICER.

 

SECTION 2.1      Appointment
of Servicer. Issuer hereby appoints Servicer as its agent to service the Transferred Receivables and enforce its rights and
interests in and under the Transferred Receivables and to serve in such capacity until the termination of its responsibilities
pursuant to Section 5.1 or 6.1. In connection therewith, Servicer hereby accepts such appointment and agrees to perform
the duties and obligations set forth herein. Servicer may delegate any duties and obligations hereunder; provided, that
Servicer shall remain liable for the performance of such duties and obligations pursuant to the terms hereof.

 

    	 	2	Synchrony Card Issuance Trust
 Servicing Agreement

     

    

  

SECTION 2.2      Duties
and Responsibilities of Servicer. (a) Subject to the provisions of this Agreement, Servicer shall conduct the servicing, administration
and collection of the Transferred Receivables in accordance with the Credit and Collection Policies.

 

(b)       Issuer
shall promptly notify Servicer of (i) any designation of additional or removed Accounts (other than any Accounts removed pursuant
to Section 2.7(c) and (d) of the Transfer Agreement), (ii) any designation of any additional Originator or additional
Program Partner contemplated pursuant to the Transfer Agreement and (iii) any designation of a discount percentage to be applied
to any or all of the Principal Receivables; provided, that if Servicer is not Synchrony Bank or an Affiliate thereof, Issuer shall
provide notification of any such designation no later than five (5) days prior to the effectiveness of such designation. Any such
designation or removal shall be effective for purposes of this Agreement on the date the designation or removal is given effect
under the Transfer Agreement, as specified by Issuer to Servicer. In the case of any designation of an additional Program Partner,
Issuer shall provide Servicer a copy of the related credit card program agreement (if not already in Servicer’s possession)
prior to the date such designation is to become effective.

 

(c)       Following
receipt of notice of any designation of additional or removed Accounts, any designation of an additional Originator or additional
Program Partner or any discounting of any or all Principal Receivables pursuant to Section 2.2(b), Servicer shall assist
Issuer in producing any information required by Issuer in connection with such designation.

 

(d)       Servicer
shall not be obligated to use separate servicing procedures, offices, employees or accounts for servicing the Transferred Receivables
from the procedures, offices, employees and accounts used by Servicer in connection with servicing other credit card receivables.

 

(e)       Servicer
shall maintain fidelity bond or other appropriate insurance coverage insuring against losses through wrongdoing of its officers
and employees who are involved in the servicing of credit card receivables covering such actions and in such amounts as Servicer
believes to be reasonable from time to time.

 

(f)       Servicer
shall deliver “Instructions,” as that term is defined in the Custody and Control Agreement on behalf of Issuer, and
shall direct the Custodian, on behalf of Issuer, as to the investment of funds credited to the Trust Accounts; provided
that Servicer will direct the Custodian to invest only in Permitted Investments maturing no later than the required distribution
date for such funds or, if earlier, the date specified in the Related Documents.

 

(g)       Servicer
shall post payments on the Receivables to its records no more than two (2) Business Days, or such greater number of days as specified
in the Credit and Collection Policies, after receipt. Such payments shall be allocated to principal, interest or other items in
accordance with the Related Documents or the Transfer Agreement.

 

    	 	3	Synchrony Card Issuance Trust
 Servicing Agreement

     

    

  

SECTION 2.3      Unrelated
Amounts. If Servicer determines that amounts which are not property of Issuer (“Unrelated Amounts”) have
been deposited in the Collection Account, Servicer shall withdraw the Unrelated Amounts from the Collection Account, and the same
shall not be treated as Collections on Transferred Receivables and shall not be subject to the provisions of Section 2.11.

 

SECTION 2.4      Authorization
of Servicer. Servicer is hereby authorized to take any and all reasonable steps necessary or desirable and consistent with
the ownership of the Transferred Receivables by Issuer and the pledge of the Transferred Receivables to the Indenture Trustee in
the determination of Servicer, to (a) collect all amounts due under the Transferred Receivables, including endorsing its name on
checks and other instruments representing Collections on the Transferred Receivables, and executing and delivering any and all
instruments of satisfaction or cancellation or of partial or full release or discharge and all other comparable instruments with
respect to the Transferred Receivables and (b) after the Transferred Receivables become delinquent and to the extent permitted
under and in compliance with applicable law and regulations, (i) commence proceedings with respect to the enforcement of payment
of the Transferred Receivables, (ii) adjust, settle or compromise any payments due thereunder, and (iii) initiate proceedings against
any collateral securing the obligations due under the Transferred Receivables, in each case, consistent with the Credit and Collection
Policies, (c) make withdrawals from the Collection Account and any other Trust Account, as set forth in this Agreement, the Indenture
or any Indenture Supplement and (d) take any action required or permitted under any enhancement for any Series, Class or Tranche
of Notes, as set forth in this Agreement, the Indenture or any Indenture Supplement. Issuer shall furnish (or cause to be furnished)
to Servicer any powers of attorney and other documents necessary or appropriate to enable Servicer to carry out its servicing and
administrative duties hereunder, and Issuer shall assist Servicer to the fullest extent to enable Servicer to collect the Transferred
Receivables and otherwise discharge its duties hereunder and to deliver “Instructions,” as that term is defined in
the Custody and Control Agreement, and other directions as to the investment of funds credited to the Trust Accounts on behalf
of Issuer in accordance with Section 2.2(f).

 

SECTION 2.5      Servicing
Fees. As compensation for its servicing activities and as reimbursement for its reasonable expenses in connection therewith,
Servicer shall be entitled to receive a daily servicing fee in respect of each day prior to the termination of Servicer’s
obligations under this Agreement (the “Daily Servicing Fee”). The Daily Servicing Fee for each day during a
Monthly Period shall equal the result of (a) the Aggregate Principal Receivables determined as of the close of business on the
last day of the preceding Monthly Period, multiplied by (b) the result of 2%, divided by twelve (12), multiplied
by (c) the result of one (1), divided by the actual number of days during such Monthly Period; provided, that if one
or more Reset Dates occur in a Monthly Period, the Aggregate Principal Receivables for purposes of clause (a) 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). The share of the Daily Servicing Fee allocable to each Series, Class or Tranche
of Notes, as applicable, shall be specified in the related Indenture Supplement or Terms Document, as applicable, and the Daily
Servicing Fee allocated to the Notes for each day shall be paid to or retained by the Servicer from the Noteholder Allocated Collections
for such day as provided in the Indenture within two (2) Business Days thereafter; provided that the Daily Servicing Fee
for any day that is not a Date of Processing shall be paid to or retained by the Servicer from Noteholder Allocated Collections
for the immediately preceding Date of Processing within two (2) Business Days of such immediately preceding Date of Processing.
Issuer shall be obligated to pay the excess of the Daily Servicing Fee over the portions allocated to the Notes. Servicer shall
be required to pay for all expenses incurred by it in connection with its activities hereunder (including any payments to accountants,
counsel or any other Person) and shall not be entitled to any payment or reimbursement of those expenses other than the Daily Servicing
Fees.

 

    	 	4	Synchrony Card Issuance Trust
 Servicing Agreement

     

    

  

The Servicer
may elect to receive, in lieu of the Daily Servicing Fees described in the preceding paragraph, as compensation for its servicing
activities and as reimbursement for its reasonable expenses in connection therewith, a monthly servicing fee in respect of any
Monthly Period (or portion thereof) prior to the termination of Servicer’s obligations under this Agreement (the “Monthly
Servicing Fee”). The Monthly Servicing Fee for each Monthly Period (or portion thereof) shall equal the sum of the Daily
Servicing Fees (as calculated in the preceding paragraph), for each day in such Monthly Period (or portion therof). The share of
the Monthly Servicing Fee allocable to each Series, Class or Tranche of Notes, as applicable, shall be payable on the dates and
in the amounts specified in the related Indenture Supplement or Terms Document, as applicable. Issuer shall be obligated to pay
the excess of the Monthly Servicing Fee over the portions allocated to the Notes. Servicer shall be required to pay for all expenses
incurred by it in connection with its activities hereunder (including any payments to accountants, counsel or any other Person)
and shall not be entitled to any payment or reimbursement of those expenses other than the Monthly Servicing Fees. The Servicer
may not elect to receive a Monthly Servicing Fee for any Monthly Period in lieu of Daily Servicing Fees unless the Servicer shall
have notified the Issuer in writing of such election at least five (5) Business Days prior to the first day of such Monthly Period.
If the Servicer has elected to receive a Monthly Servicing Fee in lieu of Daily Servicing Fees, the Servicer may change such election
and commence receiving Daily Servicing Fees for any Monthly Period provided that the Servicer shall have notified the Issuer in
writing of such election at least five (5) Business Days prior to the first day of such Monthly Period.

 

SECTION 2.6      Covenants
of Servicer. Servicer covenants and agrees that from and after the Initial Transfer Date and until the date on which the outstanding
balances of all Transferred Receivables have been reduced to zero:

 

(a)       Ownership
of Transferred Receivables. Servicer shall identify the Transferred Receivables clearly and unambiguously in its Servicing
Records to reflect that the Transferred Receivables are owned by Issuer.

 

(b)       Compliance
with Requirements of Law. Servicer shall (i) duly satisfy all obligations on its part to be fulfilled under or in connection
with the Transferred Receivables and the related Accounts, (ii) maintain in effect all qualifications required under Requirements
of Law in order to properly service the Transferred Receivables and the related Accounts and (iii) comply in all material respects
with all other Requirements of Law in connection with servicing the Transferred Receivables and the related Accounts, if in the
case of any of the foregoing clauses (i), (ii) and (iii), the failure to so satisfy, comply or maintain would
have a Material Adverse Effect.

 

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(c)       Perfection
and Priority of Security Interest. Servicer shall take all action within its power and authority as Servicer to ensure
that all appropriate financing statements have been filed in the proper filing office in the appropriate jurisdictions under applicable
law in order to perfect and maintain the priority of the security interest granted to the Indenture Trustee under the Indenture
in the Transferred Receivables.

 

(d)       No
Rescission or Cancellation. Servicer shall not permit any rescission or cancellation of a Transferred Receivable except
as ordered by a court of competent jurisdiction or other Governmental Authority or in accordance with the Credit and Collection
Policies. Servicer shall reflect any such rescission or cancellation in its computer file of revolving credit card accounts. In
addition, Servicer may waive the accrual and/or payment of certain Finance Charge Receivables in respect of certain past due Accounts,
the Obligors of which have enrolled with a consumer credit counseling service or a customer assistance payment plan of Servicer.

 

If Servicer breaches any
of the covenants contained in paragraph (d) with respect to any Transferred Receivable or the related Account, and as a
result of such breach Issuer’s rights in, to or under any Transferred Receivable(s) in the related Account or the proceeds
of such Transferred Receivable are materially impaired, then, unless otherwise instructed by Issuer, no later than the expiration
of sixty (60) days (or such longer period, not in excess of one hundred fifty (150) days, as may be agreed to by Issuer) from the
earlier to occur of the discovery of such event by Servicer, or receipt by Servicer of notice of such event given by Issuer, all
Transferred Receivables in the Account or Accounts to which such event relates shall be assigned to Servicer as set forth below;
provided that such Transferred Receivables will not be assigned to Servicer if, on any day prior to the end of such 60-day
period or longer period, the relevant breach shall have been cured and the covenant shall have been complied with in all material
respects.

 

Servicer shall effect such
assignment by paying Issuer in immediately available funds an amount equal to the Outstanding Balance of the Principal Receivables
in the affected Accounts, plus accrued Finance Charge Receivables in such Accounts on the first Payment Date following the Monthly
Period in which such purchase obligation arises, which deposit shall be considered a Collection with respect to such Receivables.
The obligation of Servicer to make payments, if any, required to be made pursuant to this Section 2.6 shall be the sole
remedy respecting any event giving rise to such obligation available to Issuer or any assignee of its rights under this Agreement.

 

Upon each such assignment
to Servicer, Issuer shall automatically and without further action be deemed to transfer, assign, set over and otherwise convey
to Servicer, without recourse, representation or warranty all right, title and interest of Issuer in and to such Transferred Receivables,
all moneys due or to become due and all amounts received with respect thereto and all proceeds thereof. Issuer shall execute such
documents and instruments of transfer or assignment and take such other actions as shall be reasonably requested by Servicer to
effect the conveyance of any such Transferred Receivables pursuant to this Section.

 

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SECTION 2.7      Reporting
Requirements. Servicer hereby agrees that, from and after the Initial Transfer Date and until the date on which the outstanding
balances of all Transferred Receivables have been reduced to zero, it shall deliver or cause to be delivered financial statements,
notices, and other information at the times, to the Persons and in a manner set forth in Schedule 2.7.

 

SECTION 2.8      Annual
Officer’s Certificate and Assessment of Compliance.

 

(a)       Servicer
shall deliver to Issuer on or before the ninetieth (90th) day following the end of each fiscal year of Issuer (beginning
with the end of fiscal year 2017), an Officer’s Certificate of Servicer, substantially in the form of Exhibit A, providing
such information as is required under Item 1123 of Regulation AB under the Securities Act and the Securities Exchange Act.

 

(b)       Servicer
shall deliver to Issuer on or before the ninetieth (90th) day following the end of each fiscal year of Issuer (beginning
with the end of fiscal year 2017), a report regarding Servicer’s assessment of compliance with the applicable servicing criteria
specified in Item 1122(d) of Regulation AB during the immediately preceding fiscal year, as required under Rules 13a-18 and 15d-18
of the Securities Exchange Act.

 

SECTION 2.9      Annual
Independent Public Accountants’ Servicing Report. On or before the ninetieth (90th) day following the end
of each fiscal year of Issuer (beginning with the end of fiscal year 2017), Servicer shall cause a firm of nationally recognized
independent public accountants (who may also render other services to Servicer) to furnish a report to Issuer and each Rating Agency,
which attests to, and reports on, Servicer’s assessment delivered pursuant to Section 2.8(b), which attestation report
shall be made in accordance with the requirements of Rules 13a-18 and 15d-18 of the Securities Exchange Act. The attestation report
required by this paragraph may be replaced, at Servicer’s option, by any similar attestation report using standards which
are now or in the future in use by servicers of comparable assets or which otherwise comply with any rule, regulation, “no-action”
letter or similar guidance promulgated by the Commission.

 

SECTION 2.10   Reports
to the Commission. Servicer shall, on behalf of Issuer, cause to be filed with the Commission any periodic reports relating
to the Notes required to be filed under the provisions of the Securities Exchange Act, and the rules and regulations of the Commission
thereunder.

 

SECTION 2.11    Collections.
Servicer shall, on behalf of Issuer, apply all Collections with respect to the Transferred Receivables for each Monthly Period
as described in the Indenture, each Indenture Supplement and each Terms Document, as applicable.

 

SECTION 2.12     Allocations
and Disbursements. With respect to each Series, Class and Tranche, Servicer shall make the allocations and disbursements for
such Series, Class or Tranche, as applicable, on behalf of Issuer as is required to be made by Issuer under the terms of the Indenture,
the Indenture Supplement or Terms Document, as applicable, for such Series, Class or Tranche.

 

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SECTION 2.13    New
Issuances. Pursuant to one or more Indenture Supplements or Terms Documents, as applicable, Issuer may issue one or more new
Series, Classes or Tranches of Notes (each, a “New Issuance”), as more fully described in the Indenture. To
enable Servicer to perform its obligations pursuant to Section 2.12, Issuer shall give reasonable prior notice to Servicer
of each New Issuance and shall provide Servicer an opportunity to review and comment upon the form of each monthly report required
to be delivered by Servicer pursuant to Schedule 2.7, the related Indenture Supplement and the related Terms Document, as
applicable.

 

SECTION 2.14     Compliance
with the FDIC Rule. Servicer agrees to perform and satisfy all covenants and other agreements set forth in Schedule 2.14.

 

ARTICLE
III

REPRESENTATIONS AND WARRANTIES

 

SECTION 3.1      Representations
and Warranties of Servicer. Servicer represents and warrants to Issuer as of the date hereof, and as of each date on which
Notes are issued:

 

(a)       It
is an entity, duly organized, validly existing and in good standing under the laws of its jurisdiction of organization and is duly
qualified to do business, and is in good standing, in each jurisdiction in which the servicing of the Transferred Receivables hereunder
requires it to be so qualified, except where the failure to comply would not reasonably be expected to have a Material Adverse
Effect.

 

(b)       It
has the power and authority to execute and deliver this Agreement and to perform the transactions contemplated hereby.

 

(c)       This
Agreement has been duly authorized, executed and delivered by Servicer and constitutes its legal, valid and binding obligation
enforceable against it in accordance with its terms, subject to any applicable bankruptcy, insolvency, reorganization, moratorium
or other similar laws now or hereafter in effect relating to or affecting the enforceability of creditors’ rights generally
and general equitable principles, whether applied in a proceeding at law or in equity.

 

(d)       No
consent of, notice to, filing with or permits, qualifications or other action by any Governmental Authority or any other party
is required for the due execution, delivery and performance of this Agreement, other than consents, notices, filings and other
actions which have been obtained or made or where the failure to get such consent or take such action, individually or in the aggregate,
would not reasonably be expected to have a Material Adverse Effect.

 

(e)       There
is no pending Litigation of a material nature against or affecting it in any court or tribunal, before any arbitrator of any kind
or before or by any Governmental Authority (i) asserting the invalidity of this Agreement, or (ii) seeking any determination or
ruling that might materially and adversely affect the validity or enforceability of this Agreement.

 

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ARTICLE
IV

ADDITIONAL MATTERS RELATING TO SERVICER

 

SECTION 4.1       Covenants
of Servicer Regarding the Transferred Receivables.

 

(a)       Maintenance
of Records and Books of Account. Servicer shall maintain and implement administrative and operating procedures (including the
ability to recreate records evidencing the Transferred Receivables in the event of the destruction of the originals thereof), and
keep and maintain all documents, books, computer records and other information, reasonably necessary or advisable for the collection
of all the Transferred Receivables. Such documents, books and computer records shall reflect all facts giving rise to the Transferred
Receivables, all payments and credits with respect thereto, and such documents, books and computer records shall indicate the interests
of Issuer in the Transferred Receivables.

 

(b)       Notice
of Lien. Servicer shall advise Issuer promptly, in reasonable detail, (i) of any Lien known to it made or asserted against
any Transferred Receivable, and (ii) of the occurrence of any event known to it which would have a material adverse effect on the
aggregate value of the Transferred Receivables.

 

(c)       Further
Assurances. Servicer shall furnish to Issuer from time to time such statements and schedules further identifying and describing
the Transferred Receivables and such other reports in connection with the Transferred Receivables as Issuer may reasonably request,
all in reasonable detail.

 

SECTION 4.2       Merger
or Consolidation of, or Assumption of the Obligations of, Servicer.

 

(a)       Servicer
shall not consolidate with or merge into any other Person or convey or transfer its properties and assets substantially as an entirety
to any Person, unless:

 

(i)       the
Person formed by such consolidation or into which Servicer is merged or the Person which acquires by conveyance or transfer the
properties and assets of Servicer substantially as an entirety shall be, if Servicer is not the surviving entity, an entity organized
and existing under the laws of the United States of America or any state or the District of Columbia and, if Servicer is not the
surviving entity, shall expressly assume, by an agreement supplemental hereto, executed and delivered to Issuer in form reasonably
satisfactory to Issuer, the performance of every covenant and obligation of Servicer hereunder;

 

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(ii)       Servicer
has delivered to Issuer (A) an Officer’s Certificate stating that such consolidation, merger, conveyance or transfer and
such supplemental agreement comply with this Section and that all conditions precedent herein provided for relating to such transaction
have been complied with, and (B) an Opinion of Counsel to the effect that such supplemental agreement is a valid and binding obligation
of such surviving entity enforceable against such surviving entity in accordance with its terms, except as such enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’
rights generally from time to time in effect and except as such enforceability may be limited by general principles of equity (whether
considered in a suit at law or in equity); and

 

(iii)       either
(x) the entity formed by such consolidation or into which Servicer is merged or the Person which acquired by conveyance or transfer
the properties and assets of Servicer substantially as an entirety shall be an Eligible Servicer (taking into account, in making
such determination, the experience and operations of the predecessor Servicer) or (y) upon the effectiveness of such consolidation,
merger, conveyance or transfer, a Successor Servicer shall have assumed the obligations of Servicer in accordance with this Agreement.

 

(b)       This
Section 4.2 shall not be construed to prohibit or in any way limit Servicer’s ability to effectuate any consolidation
or merger pursuant to which Servicer would be the surviving entity.

 

SECTION 4.3      Access
to Certain Documentation and Information Regarding the Receivables. Servicer shall provide to Issuer or its designees access
to the documentation regarding the Accounts and the Transferred Receivables in such cases where Issuer or such designee is required
in connection with the enforcement of the rights of Issuer or any of its creditors, or by applicable statutes or regulations to
review such documentation, such access being afforded without charge but only (i) upon reasonable prior written request, (ii) during
normal business hours, (iii) subject to Servicer’s normal security and confidentiality procedures and (iv) at offices designated
by Servicer. Nothing in this Section 4.3 shall derogate from the obligation of any Person to observe any applicable
law prohibiting disclosure of information regarding the Obligors, and the failure of Servicer to provide access as provided in
this Section 4.3 as a result of such obligation shall not constitute a breach of this Section 4.3.

 

ARTICLE
V

SERVICER DEFAULTS

 

SECTION 5.1      Servicer
Defaults. A “Servicer Default” shall be deemed to have occurred if any of the following events shall occur
with respect to Servicer, and Issuer shall have provided written notice to Servicer declaring the existence of such Servicer Default
and requiring the same to be remedied:

 

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(a)       any
failure by Servicer to make any payment, transfer or deposit on or before the date occurring ten (10) Business Days after the date
such payment, transfer or deposit is required to be made or given by Servicer, as the case may be; provided, that, if such
delay or failure was caused by an act of God or other similar occurrence, then a Servicer Default shall not be deemed to have occurred
under this Section 5.1(a) until thirty-five (35) Business Days after the date of such failure;

 

(b)       failure
on the part of Servicer duly to observe or perform in any material respect any other covenants or agreements of Servicer set forth
in this Agreement that has a material adverse effect on Issuer, which continues unremedied for a period of sixty (60) days after
the date on which written notice of such failure requiring the same to be remedied shall have been given to Servicer by Issuer;
provided, that, if such delay or failure was caused by an act of God or other similar occurrence, then a Servicer Default
shall not be deemed to have occurred under this Section 5.1(b) until one hundred twenty (120) days after date on which such
written notice is given to Servicer by Issuer;

 

(c)       any
representation or warranty made by Servicer in this Agreement shall prove to have been incorrect when made, which has a material
adverse effect on Issuer and which continues to be incorrect in any material respect for a period of sixty (60) days after the
date on which written notice of such failure, requiring the same to be remedied, shall have been given to Servicer by Issuer; provided,
that, if the inaccuracy was caused by an act of God or other similar occurrence, then a Servicer Default shall not be deemed to
have occurred under this Section 5.1(c) until one hundred twenty (120) days after the date on which such written notice
is given to Servicer by Issuer; or

 

(d)       any
Insolvency Event with respect to Servicer;

 

and, in any such event, Issuer may, if directed
by the Indenture Trustee (acting at the direction of Noteholders of not less than 662⁄3% of the Outstanding Dollar Principal
Amount of the Notes for all Series), by delivery of a Servicer Termination Notice to Servicer, terminate the servicing responsibilities
of Servicer hereunder, without demand, protest or further notice of any kind, all of which are hereby waived by Servicer. Upon
the delivery of any such notice, all authority and power of Servicer under this Agreement shall pass to and be vested in a Successor
Servicer acting pursuant to Section 6.2; provided, that notwithstanding anything to the contrary herein, Servicer
agrees to act as Servicer and to continue to follow the procedures set forth in this Agreement with respect to Collections on the
Transferred Receivables under this Agreement until a Successor Servicer has assumed the responsibilities and obligations of Servicer
in accordance with Section 6.2.

 

For the avoidance of doubt,
the determination of a Servicer Default shall be based solely on the provisions in this Section 5.1 and the occurrence of
a material instance of noncompliance with the applicable servicing criteria specified in Item 1122(d) of Regulation AB shall not
be determinative that a Servicer Default has occurred.

 

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ARTICLE
VI

SUCCESSOR SERVICER

 

SECTION 6.1      Resignation
of Servicer. Servicer may resign in the circumstances set forth in clause (a) or (b) of this Section 6.1.

 

(a)       Servicer
may resign from its obligations and duties hereunder upon the written consent of Issuer if it finds a replacement servicer that
is an Eligible Servicer. No such resignation shall become effective until (i) the Rating Agency Condition shall have been satisfied
and (ii) the replacement servicer shall have obtained Issuer’s approval and appointment pursuant to Section 6.2.

 

(b)       Without
limitation of clause (a), Servicer may resign from the obligations and duties hereby imposed on it upon its determination
that (i) the performance of its duties hereunder has become impermissible under applicable law, and (ii) there is no commercially
reasonable action which Servicer could take to make the performance of its duties hereunder permissible under applicable law. No
such resignation shall become effective until a Successor Servicer shall have assumed the responsibilities and obligations of Servicer
in accordance with Section 6.2.

 

SECTION 6.2     Appointment
of the Successor Servicer. In connection with the termination of Servicer’s responsibilities under this Agreement pursuant
to Section 5.1 or 6.1, Issuer shall notify the Indenture Trustee and appoint a successor servicer that is an Eligible
Servicer. The successor servicer shall succeed to all rights and assume all of the responsibilities, duties and liabilities of
Servicer under this Agreement (such successor servicer being referred to as the “Successor Servicer”); provided,
that the Successor Servicer shall have no responsibility for any actions of Servicer prior to the date of its appointment as Successor
Servicer. The Successor Servicer shall accept its appointment by executing, acknowledging and delivering to Issuer an instrument
in form and substance acceptable to Issuer and by providing prior written notice of such appointment to the Rating Agencies and
the Indenture Trustee. In the event the Indenture Trustee shall become the Successor Servicer, all costs associated with the transfer
of servicing shall be paid by the predecessor Servicer, and the Indenture Trustee shall be entitled to appoint any one of its Affiliates
as a Sub-Servicer or agent; provided, that it shall be fully liable for the actions and omissions of such Sub-Servicer or
agent. Notwithstanding anything to the contrary herein or in the Related Documents, if the Indenture Trustee shall act as Successor
Servicer, it shall not, in any event have obligations (i) with respect to the repurchase of the Transferred Receivables, (ii) to
pay any fees, expenses and other amounts owing to the Administrator, (iii) to pay any indemnities owed by a Servicer pursuant to
this Agreement or the Indenture, or (iv) with respect to the Servicer’s obligations under the FDIC Rule Requirements.

 

SECTION 6.3      Duties
of Servicer. At any time following the appointment of a Successor Servicer:

 

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(a)       Servicer
agrees that it shall terminate its activities as Servicer hereunder in a manner acceptable to Issuer so as to facilitate the transfer
of servicing to the Successor Servicer, including timely delivery (i) to Issuer of any funds that were required to be deposited
in the Collection Account, and (ii) to the Successor Servicer, at a place selected by the Successor Servicer, of all Servicing
Records and other information with respect to the Transferred Receivables, along with payment of all costs associated with the
transfer of servicing if the Indenture Trustee shall act as Successor Servicer. Servicer shall account for all funds and shall
execute and deliver such instruments and do such other things as may reasonably be required to more fully and definitely vest and
confirm in the Successor Servicer all rights, powers, duties, responsibilities, obligations and liabilities of Servicer; and

 

(b)       Servicer
shall terminate each Sub-Servicing Agreement that may have been entered into by it and the Successor Servicer shall not be deemed
to have assumed any of Servicer’s interest therein or to have replaced Servicer as a party to any such Sub-Servicing Agreement.

 

SECTION 6.4      Effect
of Termination or Resignation. Any termination or resignation of Servicer under this Agreement shall not affect any claims
that Issuer may have against Servicer for events or actions taken or not taken by Servicer arising prior to any such termination
or resignation.

 

ARTICLE
VII

INDEMNIFICATION

 

SECTION 7.1      Indemnities
by Servicer. Without limiting any other rights that Issuer or its Affiliates or any director, officer, employee, trustee or
agent or incorporator thereof (each, a “Servicer Indemnified Person”) may have hereunder or under applicable
law, Servicer hereby agrees to indemnify each Servicer Indemnified Person from and against any and all Indemnified Amounts which
may be imposed on, incurred by or asserted against a Servicer Indemnified Person to the extent arising out of or relating to any
material breach of Servicer’s obligations under this Agreement; excluding, however, Indemnified Amounts to
the extent resulting from (i) bad faith, gross negligence or willful misconduct on the part of a Servicer Indemnified Person or
(ii) recourse for uncollectible Receivables. Any Indemnified Amounts subject to the indemnification provisions of this Section 7.1
shall be paid to Servicer Indemnified Person within ten (10) Business Days following demand therefor.

 

SECTION
7.2      Limitation of Damages; Indemnified Persons. NO PARTY TO THIS AGREEMENT SHALL BE RESPONSIBLE OR LIABLE TO
ANY OTHER PARTY TO THIS AGREEMENT, ANY SUCCESSOR, ASSIGNEE OR THIRD PARTY BENEFICIARY OF SUCH PERSON OR ANY OTHER PERSON ASSERTING
CLAIMS DERIVATIVELY THROUGH SUCH PARTY, FOR INDIRECT, PUNITIVE, EXEMPLARY OR CONSEQUENTIAL DAMAGES THAT MAY BE ALLEGED AS A RESULT
OF ANY TRANSACTION CONTEMPLATED HEREUNDER.

 

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SECTION 7.3      Limitation
on Liability of Servicer and Others. Except as provided in Section 7.1, neither Servicer nor any of the directors,
officers, employees or agents of Servicer in its capacity as Servicer shall be under any liability to Issuer or any other Person
for any action taken or for refraining from the taking of any action in good faith in its capacity as Servicer pursuant to this
Agreement; provided that this provision shall not protect Servicer or any such Person against any liability which would
otherwise be imposed by reason of willful misfeasance, bad faith or gross negligence in the performance of duties or by reason
of reckless disregard of obligations and duties hereunder. Servicer and any director, officer, employee or agent of Servicer may
rely in good faith on any document of any kind prima facie properly executed and submitted by any Person (other than Servicer)
respecting any matters arising hereunder. Servicer shall not be under any obligation to appear in, prosecute or defend any legal
action which is not incidental to its duties as Servicer in accordance with this Agreement and which in its reasonable judgment
may involve it in any expense or liability.

 

ARTICLE
VIII

MISCELLANEOUS

 

SECTION 8.1      Notices.
Except as otherwise provided herein, whenever it is provided herein that any notice, demand, request, consent, approval, declaration
or other communication shall or may be given to or served upon any of the parties by any other parties, or whenever any of the
parties desires to give or serve upon any other parties any communication with respect to this Agreement, each such notice, demand,
request, consent, approval, declaration or other communication shall be in writing and shall be deemed to have been validly served,
given or delivered (a) upon the earlier of actual receipt and three (3) Business Days after deposit in the United States mail,
registered or certified mail, return receipt requested, with proper postage prepaid, (b) upon transmission, when sent by facsimile,
email or other electronic transmission, (c) one (1) Business Day after deposit with a reputable overnight courier with all charges
prepaid or (d) when delivered, if hand-delivered by messenger, all of which shall be addressed to the party to be notified and
sent to the address, email address or facsimile number indicated below or to such other address (or email address or facsimile
number) as may be substituted by notice given as herein provided. The giving of any notice required hereunder may be waived in
writing by the party entitled to receive such notice. Failure or delay in delivering copies of any notice, demand, request, consent,
approval, declaration or other communication to any Person designated in any written notice provided hereunder to receive copies
shall in no way adversely affect the effectiveness of such notice, demand, request, consent, approval, declaration or other communication.
Notwithstanding the foregoing, whenever it is provided herein that a notice is to be given to any other party hereto by a specific
time, such notice shall only be effective if actually received by such party prior to such time, and if such notice is received
after such time or on a day other than a Business Day, such notice shall only be effective on the immediately succeeding Business
Day.

 

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If to Servicer:

 

Synchrony Bank

777 Long Ridge Road

Stamford, Connecticut 06902

Attention: Eric Duenwald – Treasurer

Telephone:  (203) 585-2906

Facsimile:  (844) 265-2601

Email: Eric.Duenwald@syf.com

 

If to the Issuer:

 

SYNCHRONY CARD ISSUANCE TRUST

c/o Citibank, N.A., as Trustee

388 Greenwich Street

New York, New York 10013

Attn: Synchrony Card Issuance Trust

Telephone: 201-763-0613

Facsimile: 201-254-3899

 

with a copy to:

 

Synchrony Bank, as Administrator

777 Long Ridge Road

Stamford, Connecticut 06902

Attention: Eric Duenwald – Treasurer

Telephone: (203) 585-2906

Facsimile: (844) 265-2601

Email: Eric.Duenwald@syf.com

 

SECTION 8.2      Binding
Effect; Assignability. This Agreement shall be binding upon and inure to the benefit of Issuer and Servicer and their respective
successors and permitted assigns. Except as set forth in Section 2.1, or Article VI, Servicer may not assign, transfer,
hypothecate or otherwise convey any of its rights or obligations hereunder or interests herein without the express prior written
consent of Issuer. Any such purported assignment, transfer, hypothecation or other conveyance by Servicer without the prior express
written consent of Issuer shall be void. Issuer may, at any time, assign any of its rights and obligations under this Agreement
to any Person and any such assignee may further assign at any time its rights and obligations under this Agreement, in each case,
without the consent of Servicer. Each of Issuer and Servicer acknowledges and agrees that, upon any such assignment, the assignee
thereof may enforce directly, all of the obligations of Issuer or Servicer hereunder, as applicable.

 

SECTION 8.3      Termination;
Survival of Obligations. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance
with its terms, and shall remain in full force and effect until the date on which the Outstanding Balances of all Transferred Receivables
have been reduced to zero; provided, that the rights and remedies provided for herein with respect to any breach of any
representation or warranty made by Servicer pursuant to Article III, the indemnification and payment provisions of Article VII
and Sections 8.4, 8.5 and 8.13 shall be continuing and shall survive such reduction.

 

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SECTION 8.4      Confidentiality.
NOTWITHSTANDING ANYTHING TO THE CONTRARY SET FORTH HEREIN, THE OBLIGATIONS OF CONFIDENTIALITY CONTAINED HEREIN, SHALL NOT APPLY
TO THE FEDERAL TAX STRUCTURE OR FEDERAL TAX TREATMENT OF THIS TRANSACTION, AND EACH PARTY (AND ANY EMPLOYEE, REPRESENTATIVE, OR
AGENT OF ANY PARTY) MAY DISCLOSE TO ANY AND ALL PERSONS, WITHOUT LIMITATION OF ANY KIND, THE FEDERAL TAX STRUCTURE AND FEDERAL
TAX TREATMENT OF THIS TRANSACTION. THE PRECEDING SENTENCE IS INTENDED TO CAUSE THIS TRANSACTION TO BE TREATED AS NOT HAVING BEEN
OFFERED UNDER CONDITIONS OF CONFIDENTIALITY FOR PURPOSES OF SECTION 1.6011-4(B)(3) (OR ANY SUCCESSOR PROVISION) OF THE TREASURY
REGULATIONS PROMULGATED UNDER SECTION 6011 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, AND SHALL BE CONSTRUED IN A MANNER
CONSISTENT WITH SUCH PURPOSE. IN ADDITION, EACH PARTY ACKNOWLEDGES THAT IT HAS NO PROPRIETARY OR EXCLUSIVE RIGHTS TO THE FEDERAL
TAX STRUCTURE OF THIS TRANSACTION OR ANY FEDERAL TAX MATTER OR FEDERAL TAX IDEA RELATED TO THIS TRANSACTION.

 

SECTION 8.5      No Proceedings.
Servicer hereby agrees that, from and after the date hereof and until the date one year plus one day following the date on which
the Outstanding Balances of all Transferred Receivables have been reduced to zero, it will not, directly or indirectly, institute
or cause to be instituted against Issuer any proceeding of the type referred to in Section 5.1(d); provided that
the foregoing shall not in any way limit Servicer’s right to pursue any other creditor rights or remedies that Servicer may
have for claims against Issuer.

 

SECTION 8.6     Complete
Agreement; Modification of Agreement. This Agreement constitutes the complete agreement among the parties hereto with respect
to the subject matter hereof, supersedes all prior agreements and understandings relating to the subject matter hereof, and may
not be modified, altered or amended except as set forth in Section 8.7.

 

SECTION 8.7      Amendments
and Waivers. Without the consent of the Holders of any Notes or any other Person but with prior notice to each Rating Agency,
at any time and from time to time, upon either (a) delivery by Issuer or Servicer to the Indenture Trustee of an Officer’s
Certificate to the effect that Issuer or Servicer, as applicable, reasonably believes that such amendment, modification, termination
or waiver will not have an Adverse Effect or (b) satisfaction of the Rating Agency Condition with respect to each affected Class
or Tranche of Notes for which an Officer’s Certificate described in the preceding clause (a) has not been delivered,
Issuer and Servicer may amend, modify, terminate or waive this Agreement.

 

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SECTION 8.8      No Waiver;
Remedies. The failure by Issuer, at any time or times, to require strict performance by Servicer of any provision of this Agreement
shall not waive, affect or diminish any right of Issuer thereafter to demand strict compliance and performance herewith. Any suspension
or waiver of any breach or default hereunder shall not suspend, waive or affect any other breach or default whether the same is
prior or subsequent thereto and whether the same or of a different type. None of the undertakings, agreements, warranties, covenants
and representations of Servicer contained in this Agreement, and no breach or default by Servicer hereunder, shall be deemed to
have been suspended or waived by Issuer unless such waiver or suspension is by an instrument in writing signed by an officer of
or other duly authorized signatory of Issuer and directed to Servicer specifying such suspension or waiver. The rights and remedies
of Issuer under this Agreement shall be cumulative and nonexclusive of any other rights and remedies that Issuer may have under
any other agreement, including the other Related Documents, by operation of law or otherwise.

 

SECTION
8.9      GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL.

 

(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 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. 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 8.1 AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER
OF SUCH PARTY’S ACTUAL RECEIPT THEREOF OR THREE (3) 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.

 

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(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 AND THE NOTEHOLDERS BY ACCEPTING THEIR INTEREST IN THE NOTES 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.

 

SECTION 8.10     Counterparts.
This Agreement may be executed in any number of separate counterparts, each of which shall collectively and separately constitute
one agreement. Executed counterparts may be delivered electronically.

 

SECTION 8.11     Severability.
Wherever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable
law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective
only to the extent of such prohibition or invalidity without invalidating the remainder of such provision or the remaining provisions
of this Agreement.

 

SECTION 8.12     Section
Titles. The section titles and table of contents contained in this Agreement are and shall be without substantive meaning or
content of any kind whatsoever and are not a part of the agreement between the parties hereto.

 

SECTION 8.13     Limited
Recourse. (a) The obligations of Issuer under this Agreement are solely the obligations of Issuer. No recourse shall be had
for any obligation or claim arising out of or based upon this Agreement against any incorporator, shareholder, officer, manager,
member or director, past, present or future, of Issuer or of any successor or of its constituent members or its other Affiliates,
either directly or through Issuer or any successor, whether by virtue of any constitution, statute or rule of law or by the enforcement
of any assessment or penalty or otherwise, all such liability being, by acceptance hereof and as part of the consideration for
the acceptance hereof, expressly waived and released. Any accrued obligations owing by Issuer under this Agreement shall be payable
by Issuer solely to the extent that funds are available therefor from time to time in accordance with the provisions of Section
2.12 and the priority of payments in the applicable Indenture Supplement or Terms Document, as applicable (provided
that such accrued obligations shall not be extinguished until paid in full).

 

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(b)       The
obligations of Servicer under this Agreement are solely the obligations of Servicer. No recourse shall be had for the payment of
any amount owing hereunder or any other obligation or claim arising out of or based upon this Agreement, against any shareholder,
employee, officer, manager, member or director, agent or organizer, past, present or future, of Servicer or of any successor thereto,
either directly or through Servicer or any successor thereto, whether by virtue of any constitution, statute or rule of law or
by the enforcement of any assessment or penalty or otherwise, all such liability being, by acceptance hereof and as part of the
consideration for the acceptance hereof, expressly waived and released.

 

SECTION 8.14     Further
Assurances. Servicer shall, at its sole cost and expense, promptly and duly execute and deliver any and all further instruments
and documents, and take such further action, that may be necessary or desirable or that Issuer may request to enable Issuer to
exercise and enforce its rights under this Agreement or  otherwise carry out more effectively the provisions and purposes
of this Agreement.

 

SECTION 8.15     Pledge
of Assets. Servicer hereby acknowledges that Issuer has granted a security interest in the Transferred Receivables to the Indenture
Trustee under the Indenture, and hereby waives any defenses it may have against the Indenture Trustee for the enforcement of this
Agreement in the event of foreclosure by the Indenture Trustee. Accordingly, the parties hereto agree that, in the event of foreclosure
by the Indenture Trustee, the Indenture Trustee shall have the right to enforce this Agreement and the full performance by the
parties hereto of their obligations and undertakings set forth herein. Servicer hereby agrees to deliver to the Indenture Trustee
a copy of all notices to be delivered by Servicer to Issuer hereunder.

 

SECTION 8.16     Waiver
of Setoff. Servicer hereby waives any right of setoff that it may have for amounts owing to it under or in connection with
this Agreement.

 

SECTION 8.17     Limitation
of Liability of the Trustee. It is expressly understood and agreed by the parties hereto that (a) this document is executed
and delivered by 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.

 

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SECTION 8.18     Effectiveness.
This Agreement amends and restates the Original Servicing Agreement as of the Amendment and Restatement Effective Date and the
terms and provisions of the Original Servicing Agreement are restated hereby in their entirety as of the Amendment and Restatement
Effective Date. From and after the Amendment and Restatement Effective Date, each reference to the Original Servicing Agreement
in any other document, instrument or agreement shall mean and be a reference to this Agreement. For the avoidance of doubt, all
obligations and liabilities of the Issuer and the Servicer under or in connection with the Original Servicing Agreement shall remain
outstanding hereunder and shall be enforceable against the Issuer or the Servicer, as applicable, under this Agreement. This Agreement
does not constitute a novation of the Original Servicing Agreement (or a novation of any of the obligations thereunder).

 

[Signatures Follow]

 

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IN WITNESS WHEREOF,
the parties have caused this Agreement to be executed by their respective representatives thereunto duly authorized, as of the
date first above written.

 

	 	SYNCHRONY CARD ISSUANCE TRUST, as Issuer
	 	 	 
	 	By:  CITIBANK, N.A., not in its individual capacity, but solely as Trustee on behalf of Issuer
	 	 	 
	 	By:	/s/ Kristen Driscoll
	 	 	Name:  Kristen Driscoll
	 	 	Title: Senior Trust Officer
	 	 	 
	 	SYNCHRONY BANK, as Servicer
	 	 	 
	 	By:	/s/ Eric Duenwald
	 	 	Name: Eric Duenwald
	 	 	Title: Senior Vice President and Treasurer

 

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SCHEDULE 2.7

 

Reporting Requirements

 

Servicer shall:

 

		1.	Prepare a monthly report on behalf of Issuer for each Series and each Tranche that is outstanding in the manner described in
the Indenture Supplement or Terms Document, as applicable, for such Series or such Tranche, as the case may be. Servicer shall
also provide the Indenture Trustee with an electronic or written form of such report for each such Series and each such Tranche
for delivery as set forth in the Indenture Supplement for such Series or the Terms Document for such Tranche, as the case may be.

 

		2.	Prepare and deliver to Issuer any attestation report, agreed upon procedures letter or similar report regarding Servicer’s
compliance with its obligations under the Servicing Agreement and the servicing functions performed by Servicer with respect to
the Related Documents in such form as is required to be delivered to any party by Issuer in accordance with any Indenture Supplement.

 

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SCHEDULE 2.14

 

Requirements of FDIC Rule

 

As required by the FDIC Rule:

 

(a)       As
used in this Schedule, references to (i) the “sponsor” shall mean Synchrony Bank, (ii) the “issuing entity”
shall mean, collectively, the Transferor, Issuer and each other transferee of the Transferred Receivables that is an “issuing
entity” as defined in the FDIC Rule, (iii) the “servicer” shall mean Servicer and each other “servicer”
of the financial assets within the meaning of the FDIC Rule, (iv) “obligations” or “securitization obligations”
shall mean the Notes, and (v) “financial assets” and “securitized financial assets” shall mean the Transferred
Receivables.

 

(b)       To
the extent serving as servicer, custodian or paying agent for the securitization, the sponsor shall not comingle amounts received
with respect to the financial assets with its own assets except for the time, not to exceed two Business Days, necessary to clear
any payments received.

 

(c)       The
monthly reports described in Schedule 2.7 shall include such information as shall be required for the issuing entity
to fulfill its obligations under clause (c) of Schedule II to the Indenture with respect to information required
to be disclosed at the time of delivery of each periodic distribution report or any other information required to be provided to
investors after issuance of the obligations.

 

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EXHIBIT A

 

Form of Annual Servicer’s Certificate

 

(To be delivered on or before the ninetieth
(90th) day following the end

of fiscal year 2017 pursuant to Section 2.8 of the Servicing Agreement referred to below)

 

SYNCHRONY BANK

 

The undersigned, a duly
authorized representative of Synchrony Bank, as Servicer (“Synchrony Bank”), pursuant to the Amended and Restated
Servicing Agreement dated as of May 1, 2018 (as may be amended, restated, supplemented or otherwise modified from time to time,
the “Agreement”), between Synchrony Bank and Synchrony Card Issuance Trust, does hereby certify that:

 

1. Synchrony Bank is, as
of the date hereof, Servicer under the Agreement. Capitalized terms used in this Certificate have their respective meanings as
set forth in the Agreement.

 

2. The undersigned is an
Authorized Officer who is duly authorized pursuant to the Agreement to execute and deliver this Certificate to Issuer.

 

3. A review of the activities
of Servicer during the fiscal year ended __________, ____, and of its performance under the Agreement was conducted under my supervision.

 

4. Based on such review,
Servicer has, to the best of my knowledge, performed in all material respects its obligations under the Agreement throughout such
year and no default in the performance of such obligations has occurred or is continuing except as set forth in paragraph 5.

 

5. The following is a description
of each default in the performance of Servicer’s obligations under the provisions of the Agreement known to me to have been
made by Servicer during the fiscal year ended ___________, _____, which sets forth in detail (i) the nature of each such default,
(ii) the action taken by Servicer, if any, to remedy each such default and (iii) the current status of each such default: [if
applicable, insert “None.”]

 

IN WITNESS WHEREOF, the
undersigned has duly executed this Certificate this ______ day of ____________, 20___.

 

	 	SYNCHRONY BANK,
	 	as Servicer
	 	 	 
	 	By:	        
	 	Name:	 
	 	Title:	 

 

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