Document:

Exhibit 4.3

 

RISK RETENTION AGREEMENT,
dated as of March 15, 2019 (this “Agreement”), by and among SYNCHRONY
BANK, a federal savings association organized under the laws of the United States (“Synchrony Bank”),
SYNCHRONY CARD FUNDING, LLC, a Delaware limited liability company (“Synchrony Card Funding”), and SYNCHRONY
CARD ISSUANCE TRUST, a Delaware statutory trust (the “Issuer”).

 

WITNESSETH:

 

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

 

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

 

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

 

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

 

WHEREAS,
Synchrony Card Funding intends to cause the Issuer to issue the Class A(2019-1) Notes pursuant to the Indenture and the Class A(2019-1)
Terms Document, dated as of March 15, 2019 (the “Terms Document”), between the Issuer and the Indenture
Trustee.

 

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

 

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

 

“Applicable
Investor” means each holder of a beneficial interest in any Class A(2019-1) Note that is (i) an “institutional
investor” as defined in Article 2(12) of the EU Securitization Regulation or (ii) a consolidated affiliate of an EU credit
institution or investment firm that is subject to the due diligence requirements of the EU Securitization Regulation pursuant to
Article 14 of the CRR.

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	2	 

     

    

 

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

 

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

 

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

 

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

 

5.           LIMITATION
OF LIABILITY.

 

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

 

    	 	3	 

     

    

 

(b)          Notwithstanding
anything to the contrary contained herein or in any other document or agreement relating to the Class A(2019-1) Notes, in no event
shall Synchrony Bank or Synchrony Card Funding be liable to the Indenture Trustee, the Issuer, the Trustee, any Applicable Investor
or any other Noteholder, or responsible for, losses in respect of the Class A(2019-1) Notes or any interest therein,
including, without limitation any loss of value of any Class A(2019-1) Notes or any interest therein, due to the failure of the
Retained Interest and compliance by Synchrony Bank and Synchrony Card Funding with the terms of this Agreement to satisfy the EU
Securitization Rules or other similar or equivalent provisions now or hereafter in effect.

 

(c)          Without
limiting Section 5(b) of this Agreement, except as specifically provided in Sections 3 and 4 of this Agreement, neither Synchrony
Bank nor Synchrony Card Funding undertakes, or intends, to take or refrain from taking any action with regard to the Class A(2019-1)
Notes in a manner prescribed or contemplated by the EU Securitization Rules, or to take any action for purposes of, or in connection
with, compliance by any Applicable Investor or other person with any applicable EU Securitization Rules. In particular, neither
of them makes any undertaking in this Agreement or otherwise with respect to the transparency requirements in Article 7 of the
EU Securitization Regulation.

 

6.           MISCELLANEOUS.

 

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

 

    	 	4	 

     

    

 

(b)          EACH
PARTY HERETO HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN THE BOROUGH OF MANHATTAN IN NEW YORK CITY SHALL
HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THEM PERTAINING TO THIS INDENTURE OR TO ANY MATTER
ARISING OUT OF OR RELATING TO THIS INDENTURE; PROVIDED, THAT EACH PARTY HERETO ACKNOWLEDGES THAT ANY APPEALS FROM THOSE
COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF THE BOROUGH OF MANHATTAN IN NEW YORK CITY.  EACH PARTY HERETO SUBMITS
AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH PARTY HERETO HEREBY WAIVES
ANY OBJECTION THAT SUCH PARTY MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS
AND HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT.  EACH PARTY
HERETO HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES
THAT SERVICE OF SUCH SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH PARTY AT
ITS ADDRESS DETERMINED IN ACCORDANCE WITH SECTION 6(d) AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER
OF SUCH PARTY’S ACTUAL RECEIPT THEREOF OR THREE DAYS AFTER DEPOSIT IN THE UNITED STATES MAIL, PROPER POSTAGE PREPAID. 
NOTHING IN THIS SECTION SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

 

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

 

If to Synchrony
Bank:

 

777 Long Ridge
Road

Stamford, Connecticut
06902

Attention:
Eric Duenwald – Treasurer

 

If to Synchrony
Card Funding:

 

777 Long Ridge
Road

Stamford, Connecticut
06902

Attention: 
Eric Duenwald – President

 

    	 	5	 

     

    

 

If to the Issuer:

 

388 Greenwich
Street

New York, New
York 10013

Attn: 
Synchrony Card Issuance Trust

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	6	 

     

    

 

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

 

	 	SYNCHRONY BANK
	 	 
	 	 	By:	        
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	SYNCHRONY CARD FUNDING, LLC
	 	 
	 	 	By:	         
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	SYNCHRONY CARD ISSUANCE TRUST
	 	 	 	 
	 	By:	Citibank, N.A., not in its individual
capacity, but solely as Trustee
	 	 	 	 
	 	 	By: 	       
	 	 	Name:	 
	 	 	Title:Exhibit 4.0

 

INCORPORATED
UNDER THE LAWS OF THE STATE OF MARYLAND

 

	No.	RICHMOND
    MUTUAL BANCORPORATION, INC.	Shares
	 	 	 
	 	 	CUSIP:

 

FULLY PAID) AND NON-ASSESSABLE

PAR VALUE $0.01 PER SHARE

 

THE SHARES REPRESENTED BY THIS

CERTIFICATE ARE SUBJECT TO

RESTRICTIONS, SEE REVERSE SIDE

 

	THIS CERTIFIES that	is the owner of

 

SHARES OF COMMON STOCK, PAR VALUE $0.01 PER
SHARE

of

Richmond Mutual Bancorporation, Inc.

a Maryland corporation

 

The shares evidenced by
this certificate are transferable only on the books of Richmond Mutual Bancorporation, Inc. by the holder hereof, in person or
by attorney, upon surrender of this certificate properly endorsed. THE CAPITAL STOCK EVIDENCED HEREBY IS NOT AN ACCOUNT OF AN
INSURABLE TYPE AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER FEDERAL OR STATE GOVERNMENTAL AGENCY.

 

IN WITNESS WHEREOF, Richmond Mutual Bancorporation,
Inc. has caused this certificate to be executed by the facsimile signatures of its duly authorized officers and has caused a facsimile
of its seal to be hereunto affixed.

 

	By:	 	[SEAL]	By:	 
	 	Beth A. Brittenham	 	 	Garry D. Kleer
	 	CORPORATE SECRETARY	 	 	CHAIRMAN, PRESIDENT AND CHIEF
	 	 	 	 	EXECUTIVE OFFICER

 

     

     

    

 

Richmond Mutual
Bancorporation, Inc. (the “Company”) will furnish to any stockholder on request and without charge a full statement
of the designations and any preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends,
qualifications, and terms and conditions of redemption of the stock of each class which the Company is authorized to issue, of
the differences in the relative rights and preferences between the shares of each series of preferred or special class which the
Company is authorized to issue, to the extent they have been set, and of the authority of the Board of Directors to set the relative
rights and preferences of subsequent series of a preferred or special class of stock. Such request may be made to the Secretary
of the Company.

 

The shares
evidenced by this certificate are subject to a limitation contained in the Company’s Charter to the effect that in no event
shall any record owner of any outstanding common stock which is beneficially owned, directly or indirectly, by a person who beneficially
owns in excess of 10% of the outstanding shares of common stock (the “Limit”) be entitled or permitted to any vote
in respect of shares held in excess of the Limit

 

The shares
represented by this certificate may not be cumulatively voted on any matter. The Company’s Charter requires that, with limited
exceptions, no amendment, addition, alteration, change or repeal of the Charter shall be made, unless such is first approved by
the Board of Directors of the Company and approved by the stockholders by a majority of the total shares entitled to vote, or in
certain circumstances approved by the affirmative vote of up to 80% of the shares entitled to vote, provided that the Board of
Directors, with the approval of a majority of the entire Board of Directors, and without action by the stockholders, may amend
the Charter to increase or decrease the aggregate number of shares of stock of the Company or the number of shares of stock of
any class or series that the Company has authority to issue.

 

The following abbreviations when
used in the inscription on the face of this certificate shall be construed as though they were written out in full according to
applicable laws or regulations.

 

	 	 	 	
        __________ Custodian ___________

	TEN COM	
        - as tenants in common

         
	UNIF GIFT MIN ACT

(Cuss)	(Minor)
	TEN ENT	- as tenants by the entireties	 	Under Uniform Gifts to Minors Act
	 	 	 	 
	TI TEN	
        - as joint tenants with right of survivorship and not as tenants
        in common

         
	 	(State)

 

Additional abbreviations may also be used though not in the above
list

 

For value received,                                                                 hereby
sell, assign and transfer unto

 

PLEASE INSERT SOCIAI SECURITY NUMBER OR OTHER IDENTIFYING NUMBER

 

 

(please
print or typewrite name and address including postal zip code of assignee)

 

 

 

Shares of the Common Stock represented by the within Certificate, and do hereby
irrevocably constitute and appoint Attorney to transfer the said shares on the books of the within named corporation with full
power of substitution in the premises.

 

	Dated	 	 

 

	In the presence of	 	Signature:
	 	 	 
	 	 	 

 

NOTE: THE SIGNATURE TO THIS ASSIGNMENT MUST
CORRESPOND WITH THE NAME OF THE STOCKHOLDERS) AS WRITTEN UPON THE FACE OF THE CERTIFICATE, IN EVERY PARTICULAR, WITHOUT ALTERATION
OR ENLARGEMENT, OR ANY CHANGE WHATSOEVER.

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