Document:

Exhibit
4.1

 

GE CAPITAL CREDIT CARD MASTER NOTE TRUST,

 

as Issuer

 

And

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,

 

as Indenture Trustee

 

Form of Series 2010-2 INDENTURE SUPPLEMENT

 

Dated as of April 7, 2010

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  I

  	
  DEFINITIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 1.1.

  	
  Definitions

  	
  1

  
	
   

  	
   

  	
   

  
	
  SECTION 1.2.

  	
  Incorporation of Terms

  	
  14

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  II

  	
  CREATION
  OF THE SERIES 2010-2 NOTES

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2.1.

  	
  Designation

  	
  14

  
	
   

  	
   

  	
   

  
	
  SECTION 2.2.

  	
  Transfer
  Restrictions

  	
  14

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  III

  	
  REPRESENTATIONS,
  WARRANTIES AND COVENANTS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3.1.

  	
  Representations,
  Warranties and Covenants with respect to Receivables

  	
  16

  
	
   

  	
   

  	
   

  
	
  SECTION 3.2.

  	
  Representations,
  Warranties and Covenants with respect to ERISA

  	
  16

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  IV

  	
  RIGHTS
  OF SERIES 2010-2 NOTEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 4.1.

  	
  Determination
  of Interest and Principal

  	
  17

  
	
   

  	
   

  	
   

  
	
  SECTION 4.2.

  	
  Establishment
  of Accounts

  	
  18

  
	
   

  	
   

  	
   

  
	
  SECTION 4.3.

  	
  Calculations
  and Series Allocations

  	
  19

  
	
   

  	
   

  	
   

  
	
  SECTION 4.4.

  	
  Application
  of Available Finance Charge Collections and Available Principal Collections

  	
  22

  
	
   

  	
   

  	
   

  
	
  SECTION 4.5.

  	
  Distributions

  	
  25

  
	
   

  	
   

  	
   

  
	
  SECTION 4.6.

  	
  Investor
  Charge-Offs

  	
  25

  
	
   

  	
   

  	
   

  
	
  SECTION 4.7.

  	
  Reallocated
  Principal Collections

  	
  26

  
	
   

  	
   

  	
   

  
	
  SECTION 4.8.

  	
  Excess
  Finance Charge Collections

  	
  26

  
	
   

  	
   

  	
   

  
	
  SECTION 4.9.

  	
  Shared
  Principal Collections

  	
  26

  
	
   

  	
   

  	
   

  
	
  SECTION 4.10.

  	
  Reserve
  Account

  	
  26

  
	
   

  	
   

  	
   

  
	
  SECTION 4.11.

  	
  Spread
  Account

  	
  27

  
	
   

  	
   

  	
   

  
	
  SECTION 4.12.

  	
  Investment
  of Accounts

  	
  28

  
	
   

  	
   

  	
   

  
	
  SECTION 4.13.

  	
  Controlled
  Accumulation Period

  	
  29

  
	
   

  	
   

  	
   

  
	
  SECTION 4.14.

  	
  [Reserved]

  	
  29

  
	
   

  	
   

  	
   

  
	
  SECTION 4.15.

  	
  Deposit
  of Collections

  	
  29

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  V

  	
  DELIVERY
  OF SERIES 2010-2 NOTES; REPORTS TO SERIES 2010-2 NOTEHOLDERS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.1.

  	
  Delivery
  and Payment for the Series 2010-2 Notes

  	
  30

  
				

 

i

 

TABLE OF CONTENTS

(continued)

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  SECTION 5.2.

  	
  Reports
  and Statements to Series 2010-2 Noteholders

  	
  30

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  VI

  	
  SERIES
  2010-2 EARLY AMORTIZATION EVENTS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.1.

  	
  Series 2010-2
  Early Amortization Events

  	
  30

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  VII

  	
  REDEMPTION
  OF SERIES 2010-2 NOTES; FINAL DISTRIBUTIONS; SERIES TERMINATION

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 7.1.

  	
  Optional
  Redemption of Series 2010-2 Notes; Final Distributions

  	
  32

  
	
   

  	
   

  	
   

  
	
  SECTION 7.2.

  	
  Series Termination

  	
  33

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  VIII

  	
  MISCELLANEOUS
  PROVISIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 8.1.

  	
  Ratification
  of Indenture; Amendments

  	
  33

  
	
   

  	
   

  	
   

  
	
  SECTION 8.2.

  	
  Form of
  Delivery of the Series 2010-2 Notes

  	
  33

  
	
   

  	
   

  	
   

  
	
  SECTION 8.3.

  	
  Counterparts

  	
  33

  
	
   

  	
   

  	
   

  
	
  SECTION 8.4.

  	
  GOVERNING
  LAW

  	
  34

  
	
   

  	
   

  	
   

  
	
  SECTION 8.5.

  	
  Limitation
  of Liability

  	
  35

  
	
   

  	
   

  	
   

  
	
  SECTION 8.6.

  	
  Rights
  of the Indenture Trustee

  	
  35

  
	
   

  	
   

  	
   

  
	
  SECTION 8.7.

  	
  Notice
  Address for Rating Agencies

  	
  35

  
	
   

  	
   

  	
   

  
	
  SECTION 8.8.

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

  	
  35

  
	
   

  	
   

  	
   

  
	
  SECTION 8.9.

  	
  Notes
  to be Treated as Debt for Tax

  	
  36

  
	
   

  	
   

  	
   

  
	
  SECTION 8.10.

  	
  Deemed
  Consent

  	
  36

  
	
   

  	
   

  	
   

  
	
  EXHIBITS

  	
   

  	
   

  
	
   

  
	
  EXHIBIT
  A-1

  	
  FORM OF
  CLASS A NOTE

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT
  A-2

  	
  FORM OF
  CLASS B NOTE

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT
  A-3

  	
  FORM OF
  CLASS C NOTE

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT
  B

  	
  FORM OF
  MONTHLY NOTEHOLDER’S STATEMENT

  	
   

  
	
   

  	
   

  	
   

  
	
  SCHEDULES

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SCHEDULE I

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

  	
   

  
					

 

ii

 

SERIES 2010-2 INDENTURE SUPPLEMENT, dated as of April 7,
2010 (the “Indenture Supplement”),
between GE CAPITAL CREDIT CARD MASTER NOTE TRUST, a Delaware statutory trust
(herein, the “Issuer” or the “Trust”), and DEUTSCHE BANK TRUST COMPANY
AMERICAS, a New York banking corporation, not in its individual capacity, but
solely as indenture trustee (herein, together with its successors in the trusts
thereunder as provided in the Master Indenture referred to below, the “Indenture Trustee”) under the Master
Indenture, dated as of September 25, 2003 (the “Indenture”),
between the Issuer and the Indenture Trustee, as amended by the Omnibus
Amendment No.1 to Securitization Documents, dated as of February 9, 2004,
among RFS Holding, L.L.C., RFS Funding Trust, the Issuer, Deutsche Bank Trust
Company Delaware, as trustee of RFS Funding Trust, RFS Holding, Inc., and
the Indenture Trustee, as further amended by the Second Amendment to Master
Indenture, dated as of June 17, 2004 between the Issuer and the Indenture
Trustee, as further amended by the Third Amendment to Master Indenture, dated
as of August 31, 2006 between the Issuer and the Indenture Trustee, as
further amended by the Fourth Amendment to Master Indenture, dated as of June 28,
2007 between the Issuer and the Indenture Trustee, as further amended by the
Fifth Amendment to Master Indenture, dated as of May 22, 2008, between the
Issuer and the Indenture Trustee, and as further amended by the Sixth Amendment
to Master Indenture, dated as of August 7, 2009, between the Issuer and
the Indenture Trustee (the Indenture, together with this Indenture Supplement,
the “Agreement”).

 

The Principal Terms of this Series are set forth
in this Indenture Supplement to the Indenture.

 

ARTICLE I

DEFINITIONS

 

SECTION 1.1.  Definitions.

 

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

 

(b)           Each capitalized
term defined herein relates only to Series 2010-2 and to no other
Series.  Whenever used in this Indenture
Supplement, the following words and phrases shall have the following meanings:

 

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

 

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

 

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

 

 

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

 

“Administrator”
means General Electric Capital Corporation, in its capacity as Administrator
under the Administration Agreement or any other Person designated as an
Administrator under the Administration Agreement.

 

“Agreement” is
defined in the preamble.

 

“Allocation Percentage”
means, with respect to any Monthly Period, the percentage equivalent of a
fraction:

 

(a)   the numerator of which shall be equal to:

 

(i)  for Principal Collections during
the Revolving Period and for Finance Charge Collections and Default Amounts at
any time, the Collateral Amount at the end of the last day of the prior Monthly
Period (or, in the case of the first Monthly Period, on the Closing Date); or

 

(ii)  for Principal Collections during
the Early Amortization Period and the Controlled Accumulation Period, the
Collateral Amount at the end of the last day of the Revolving Period; provided
that on and after the date on which the Principal Accumulation Account Balance equals
the Note Principal Balance, the numerator shall equal zero; and

 

(b)   the denominator of which shall be the greater of (x) the
Aggregate Principal Receivables determined as of the close of business on the
last day of the prior Monthly Period (or, in the case of the first Monthly
Period, on the Closing Date) and (y) the sum of the numerators used to
calculate the allocation percentages for allocations with respect to Finance
Charge Collections, Principal Collections or Default Amounts, as applicable, for
all outstanding Series on such date of determination; provided
that if one or more Reset Dates occur in a Monthly Period, the denominator
determined pursuant to clause (x) of this clause (b) shall be (A) the
Aggregate Principal Receivables as of the close of business on the last day of
the prior Monthly Period for the period from and including the first day of the
current Monthly Period, to but excluding such Reset Date and (B) the
Aggregate Principal Receivables as of the close of business on such Reset Date,
for the period from and including such Reset Date to the earlier of the last
day of such Monthly Period (in which case such period shall include such day)
or the next succeeding Reset Date (in which case such period shall not include
such succeeding Reset Date); and provided, further, that
notwithstanding the preceding proviso, if a Reset Date occurs during any
Monthly Period and the Issuer is permitted to make a single monthly deposit to
the Collection Account pursuant to Section 8.4 of the Indenture for
such Monthly Period, then the denominator determined pursuant to clause (x) of
this clause (b) for each day during such Monthly Period shall equal the
Average Principal Balance for such Monthly Period.

 

“Available Finance Charge
Collections” means, for any Monthly Period, an amount equal to the
sum of (a) the Investor Finance Charge Collections for such Monthly
Period, (b) the Series 

 

2

 

2010-2 Excess Finance
Charge Collections for such Monthly Period, (c) Principal Accumulation
Investment Proceeds, if any, with respect to the related Transfer Date, (d) interest
and earnings on funds on deposit in the Reserve Account which will be deposited
into the Finance Charge Account on the related Payment Date to be treated as
Available Finance Charge Collections pursuant to Section 4.10(a),
and (e) amounts, if any, to be withdrawn from the Reserve Account which
will be deposited into the Finance Charge Account on the related Transfer Date
to be treated as Available Finance Charge Collections pursuant to Section 4.10(c).

 

“Available
Principal Collections” means, for any Monthly Period, an amount
equal to the sum of (a) the Investor Principal Collections for such
Monthly Period, minus (b) the
amount of Reallocated Principal Collections with respect to such Monthly Period
which pursuant to Section 4.7 are
required to be applied on the related Payment Date, plus (c) the
sum of (i) any Shared Principal Collections with respect to other
Principal Sharing Series (including any amounts on deposit in the Excess
Funding Account that are allocated to Series 2010-2 for application as
Shared Principal Collections), (ii) the aggregate amount to be treated as
Available Principal Collections pursuant to Sections 4.4(a)(vi), (vii)
and (x), and (iii) during an Early Amortization
Event, the amount of Available Finance Charge Collections used to pay principal
on the Notes pursuant to Section 4.4(a)(xiii)
for the related Payment Date.

 

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

 

“Available Spread Account
Amount” means, for any Transfer Date, an amount equal to the lesser
of (a) the amount on deposit in the Spread Account (exclusive of
Investment Earnings on such date and before giving effect to any deposit to, or
withdrawal from, the Spread Account made or to be made with respect to such
date) and (b) the Required Spread Account Amount, in each case on such Transfer
Date.

 

“Average Principal Balance” means for any
Monthly Period in which a Reset Date occurs, the sum of (i) the Aggregate
Principal Receivables determined as of the close of business on the last day of
the prior Monthly Period, multiplied by a fraction the numerator of
which is the number of days from and including the first day of such Monthly
Period, to but excluding the related Reset Date, and the denominator of which
is the number of days in such Monthly Period, and (ii) for each such Reset
Date, the product of the Aggregate Principal Receivables determined as of the
close of business on such Reset Date, multiplied by a fraction, the
numerator of which is the number of days from and including such Reset Date, to
the earlier of the last day of such Monthly Period (in which case such period
shall include such date) or the next succeeding Reset Date (in which case such
period shall exclude such date), and the denominator of which is the number of
days in such Monthly Period.

 

“Base Rate”
means, for any Monthly Period, the annualized percentage equivalent of a
fraction, the numerator of which is equal to the sum of (a) the Monthly
Interest, (b) the amount required to be paid pursuant to Section 4.4(a)(i) and
(c) the Noteholder Servicing Fee, each with respect to the related Payment
Date, and the denominator of which is the Collateral Amount plus 

 

3

 

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

 

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

 

“Business Day” means any day that is not a
Saturday, a Sunday or a day on which banks are required or permitted to be
closed in the State of New York or the State of Connecticut.

 

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

 

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

 

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

 

“Class A Note
Initial Principal Balance” means $250,000,000.

 

“Class A Note
Interest Rate” means a per annum rate of 4.47%.

 

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

 

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

 

“Class A Notes”
means any one of the Notes executed by the Issuer and authenticated by or on
behalf of the Indenture Trustee, substantially in the form of Exhibit A-1.

 

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

 

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

 

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

 

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

 

“Class B Note
Initial Principal Balance” means $40,000,000.

 

“Class B Note
Interest Rate” means 5.40% per annum.

 

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

 

4

 

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

 

“Class B Notes”
means any one of the Notes executed by the Issuer and authenticated by or on
behalf of the Indenture Trustee, substantially in the form of Exhibit A-2.

 

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

 

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

 

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

 

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

 

“Class C Note
Initial Principal Balance” means $27,500,000.

 

“Class C Note
Interest Rate” means 6.47% per annum.

 

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

 

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

 

“Class C Notes”
means any one of the Notes executed by the Issuer and authenticated by or on
behalf of the Indenture Trustee, substantially in the form of Exhibit A-3.

 

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

 

“Closing Date”
means April 7, 2010.

 

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

 

“Collateral Amount”
means, as of any date of determination, an amount equal to the excess of (a) the
Initial Collateral Amount, over (b) the
sum of (i) the amount of principal previously paid to the Series 2010-2
Noteholders (other than any principal payments made from funds on deposit in
the Spread Account), (ii) reductions in the Excess Collateral Amount due
to reductions in the Required Excess Collateral Amount, (iii) the
Principal Accumulation Account Balance, and (iv) the excess, if any, of
the aggregate amount of Investor Charge-Offs and Reallocated Principal
Collections over the reimbursements of
such amounts pursuant to Section 4.4(a)(vii) prior
to such date.

 

5

 

“Controlled Accumulation
Amount” means, for any Payment Date with respect to the Controlled
Accumulation Period, $63,500,000; provided,
however, that if the Controlled
Accumulation Period Length is determined to be less than or more than five
months pursuant to Section 4.13,
the Controlled Accumulation Amount for each Payment Date with respect to the
Controlled Accumulation Period will be equal to (i) the initial Note
Principal Balance divided by (ii) the
Controlled Accumulation Period Length; provided,
further, that the Controlled
Accumulation Amount for any Payment Date shall not exceed the Note Principal
Balance minus any amount already on deposit in the Principal Accumulation
Account on such Payment Date.

 

“Controlled Accumulation
Period” means, unless an Early Amortization Event shall have
occurred prior thereto, the period commencing at the opening of business on September 22,
2016 or such other date as is determined in accordance with Section 4.13 and ending on the first to
occur of (a) the commencement of the Early Amortization Period and (b) the
Final Payment Date.

 

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

 

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

 

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

 

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

 

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

 

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

 

6

 

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

 

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

 

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

 

“Dilution”
means any downward adjustment made by Servicer in the amount of any Transferred
Receivable (a) because of a rebate, refund or billing error to an
accountholder, (b) because such Transferred Receivable was created in
respect of merchandise which was refused or returned by an accountholder or (c) for
any other reason other than receiving Collections therefor or charging off such
amount as uncollectible.

 

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

 

“Early Amortization
Period” means the period commencing on the date on which a Trust
Early Amortization Event or a Series 2010-2 Early Amortization Event is
deemed to occur and ending on the Final Payment Date.

 

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

 

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

 

“Excess Spread Percentage”
means, for any Monthly Period, a percentage equal to (a) the Portfolio
Yield for such Monthly Period, minus (b) the Base Rate for such
Monthly Period.

 

“Expected Principal
Payment Date” means the March 2017 Payment Date.

 

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

 

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

 

“Finance Charge Shortfall”
is defined in Section 4.8.

 

“Group One”
means Series 2010-2 and each other outstanding Series previously or
hereafter specified in the related Indenture Supplement to be included in Group
One.

 

“Indenture” is
defined in the preamble.

 

7

 

“Indenture Trustee”
is defined in the preamble.

 

“Initial Collateral
Amount” means $333,333,334, which equals the sum of (i) the Class A
Note Initial Principal Balance, (ii) the Class B Note Initial
Principal Balance, (iii) the Class C Note Initial Principal Balance
and (iv) the Initial Excess Collateral Amount.

 

“Initial Excess
Collateral Amount” means $15,833,334.

 

“Interest Period”
means, for any Payment Date, the period from and including the Payment Date
immediately preceding such Payment Date (or, in the case of the first Payment
Date, from and including the Closing Date) to but excluding such Payment Date.

 

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

 

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

 

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

 

“Investor Finance Charge Collections” means, for any Monthly Period, an
amount equal to the aggregate amount of Finance Charge Collections retained or
deposited in the Finance Charge Account for Series 2010-2 pursuant to Section 4.3(b)(i) for
such Monthly Period.

 

“Investor Principal
Collections” means, for any Monthly Period, an amount equal to the
aggregate amount of Principal Collections retained or deposited in the
Principal Account for Series 2010-2 pursuant to Section 4.3(b)(ii) for
such Monthly Period.

 

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

 

“Issuer” is
defined in the preamble.

 

“Minimum Free Equity
Percentage” means, for purposes of Series 2010-2, 4%; provided
that, at any time that GE Capital’s long-term unsecured debt is rated below Aa3
by Moody’s, the Minimum Free Equity Percentage shall be 7.0%.

 

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

 

8

 

“Monthly Period”
means, as to the May 2010 Payment Date, the period beginning on the
Closing Date and ending on April 21, 2010, and as to each Payment Date
thereafter, the period beginning on the 22nd day of the second preceding calendar month and
ending on the 21st day of the immediately preceding calendar
month.

 

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

 

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

 

(a)           the
lesser of (i) the Class A Required Amount and (ii) 25.00% of the
Initial Collateral Amount minus the sum
of (x) the amount of unreimbursed Investor Charge-Offs (after giving
effect to Investor Charge-Offs for the related Monthly Period) and unreimbursed
Reallocated Principal Collections (as of the previous Payment Date) and (y) any
reductions to the Collateral Amount on account of reductions to the Required
Excess Collateral Amount, but not less than zero;

 

(b)           the
lesser of (i) the Class B Required Amount and (ii) 13.00% of the
Initial Collateral Amount minus the sum
of (x) the amount of unreimbursed Investor Charge-Offs (after giving
effect to Investor Charge-Offs for the related Monthly Period) and unreimbursed
Reallocated Principal Collections (as of the previous Payment Date and as
required in clause (a) above)
and (y) any reductions to the Collateral Amount on account of reductions
to the Required Excess Collateral Amount, but not less than zero; and

 

(c)           the
lesser of (i) the Class C Required Amount and (ii) 4.75% of the
Initial Collateral Amount minus the sum
of (x) the amount of unreimbursed Investor Charge-Offs after giving effect
to Investor Charge-Offs for the related Monthly Period) and unreimbursed
Reallocated Principal Collections (as of the previous Payment Date and as
required in clauses (a) and
(b) above) and
(y) any reduction to the Collateral Amount on account of reductions to the
Required Excess Collateral Amount, but not less than zero.

 

“Note Purchase Agreement” means the Note
Purchase Agreement, dated as of April 7, 2010, between the Transferor and
GE Capital, as initial Class B Noteholder and Class C Noteholder.

 

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

 

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

 

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

 

9

 

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

 

“Portfolio Yield”
means, for any Monthly Period, the annualized percentage equivalent of a
fraction, (a) the numerator of which is equal to the excess of (i) the
Available Finance Charge Collections (excluding any Excess Finance Charge
Collections), over (ii) the Investor Default Amount and the Investor
Uncovered Dilution Amount for such Monthly Period and (b) the denominator
of which is the Collateral Amount plus amounts on deposit in Principal
Accumulation Account, each as of the close of business on the last day of such
Monthly Period.

 

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

 

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

 

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

 

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

 

“Principal Shortfall”
is defined in Section 4.9.

 

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

 

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

 

“Rating Agency Condition” means, with respect to Series 2010-2
and any action, (i) that Moody’s shall have notified the Issuer in writing
that such action will not result in a reduction or withdrawal of the rating, if
any, of any outstanding Class with respect to which Moody’s is a Rating
Agency or (ii) with respect to any outstanding Class with respect to
which Fitch is a Rating Agency, 10 days’ prior written notice (or, if 10 days’
advance notice is impracticable, as much advance notice as is practicable) to
Fitch delivered electronically to notifications.abs@fitchratings.com.

 

10

 

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

 

“Reassignment Amount” means, with respect to Series 2010-2,
the Redemption Amount.

 

“Redemption Amount”
means, for any Transfer Date, after giving effect to any deposits and payments
otherwise to be made on the related Payment Date, the sum of (i) the Note
Principal Balance on the related Payment Date, (ii) Monthly Interest for
the related Payment Date and any Monthly Interest previously due but not
distributed to the Series 2010-2 Noteholders and (iii) the amount of
Additional Interest, if any, for the related Payment Date and any Additional
Interest previously due but not distributed to the Series 2010-2
Noteholders on a prior Payment Date.

 

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

 

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

 

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

 

(b)           except as provided in clause
(c), the Required Excess Collateral Amount shall not decrease during
an Early Amortization Period; and

 

(c)           the Required Excess Collateral Amount shall never be
greater than the excess of the Note Principal Balance over the balance on
deposit in the Principal Accumulation Account.

 

“Required Reserve Account
Amount” means, for any Transfer Date on or after the Reserve Account
Funding Date, an amount equal to (a) 0.50% of the Note Principal Balance
or (b) any other amount designated by the Issuer; provided,  however, that
if such designation is of a lesser amount, the Issuer shall (i) provide
the Indenture Trustee with evidence that the Rating Agency Condition shall have
been satisfied and (ii) deliver to the Indenture Trustee a certificate of
an Authorized Officer to the effect that, based on the facts known to such
officer at such time, in the reasonable belief of the Issuer, such designation
will not cause an Early Amortization Event or an event that, after the giving
of notice or the lapse of time, would cause an Early Amortization Event to
occur with respect to Series 2010-2.

 

“Required Spread Account
Amount” means, for the May 2010 Payment Date, zero, and for any
Payment Date thereafter, the product of (i) the Spread Account Percentage
in effect on such date and (ii) during (x) the Revolving Period, the
Collateral Amount, and (y) during the Controlled Accumulation Period or
the Early Amortization Period, the Collateral Amount as of the last day of the
Revolving Period; provided that, prior to the occurrence of an Event of
Default and acceleration of the Series 2010-2 Notes, the Required Spread
Account Amount will never exceed the Class C Note Principal Balance (after
taking into account any payments to be made on such Payment Date).

 

11

 

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

 

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

 

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

 

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

 

“Reset Date” means:

 

(a)           each Addition Date;

 

(b)           each Removal Date on which, if any Series of Notes
has been paid in full, Principal Receivables for that Series are removed
from the Trust;

 

(c)           each date on which there is an increase in the outstanding
balance of any Variable Interest; and

 

(d)           each date on which a new Series or Class of
Notes is issued.

 

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

 

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

 

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

 

12

 

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

 

“Series Maturity
Date” means, with respect to Series 2010-2, the March 2020
Payment Date.

 

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

 

“Series 2010-2”
means the Series of Notes the terms of which are specified in this
Indenture Supplement.

 

“Series 2010-2 Early
Amortization Event” is defined in Section 6.1.

 

“Series 2010-2
Excess Finance Charge Collections” means Excess Finance Charge Collections
allocated from other Series in Group One to Series 2010-2 pursuant to
Section 8.6 of the Indenture.

 

“Series 2010-2 Note”
means a Class A Note, a Class B Note or a Class C Note.

 

“Series 2010-2
Noteholder” means a Class A Noteholder, a Class B
Noteholder or a Class C Noteholder.

 

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

 

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

 

“Spread Account
Deficiency” means the excess, if any, of the Required Spread Account
Amount over the Available Spread Account Amount.

 

“Spread Account
Percentage” means, (i) 0% if the Quarterly Excess Spread
Percentage on such Payment Date is greater than or equal to 5.00%, (ii) 2.00%
if the Quarterly Excess Spread Percentage on such Payment Date is less than
5.00% and greater than or equal to 4.50%, (iii) 2.50% if the Quarterly
Excess Spread Percentage on such Payment Date is less than 4.50% and greater
than or equal 4.00%, (iv) 3.50% if the Quarterly Excess Spread Percentage
on such Payment Date is less than 4.00% and greater than or equal to 3.50%, (v) 4.50%
if the Quarterly Excess Spread Percentage on such Payment Date is less than
3.50% and greater than or equal to 3.00%, (vi) 5.50% if the Quarterly Excess
Spread Percentage on such Payment Date is less than 3.00% and greater than or
equal to 2.50%, (vii) 6.50% if the Quarterly Excess Spread Percentage on
such Payment Date is less than 2.50% and greater than or equal to 1.50%, (viii) 7.50%
if the Quarterly Excess Spread Percentage on such Payment Date is less than
1.50% and greater than or equal to 0.50% and (ix) 8.50% if the Quarterly
Excess Spread Percentage on such Payment Date is less than 0.50%.

 

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

 

13

 

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

 

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

 

“Trust” is
defined in the preamble.

 

SECTION 1.2.  Incorporation of Terms.  The terms of the Indenture are incorporated
in this Supplement as if set forth in full herein. As supplemented by this
Supplement, the Indenture is in all respects ratified and confirmed and both
together shall be read, taken and construed as one and the same agreement. If
the terms of this Supplement and the terms of the Indenture conflict, the terms
of this Supplement shall control with respect to the Series 2010-2.

 

ARTICLE II

CREATION OF THE SERIES 2010-2 NOTES

 

SECTION 2.1.  Designation.

 

(a)           There is hereby
created and designated a Series of Notes to be issued pursuant to the
Indenture and this Indenture Supplement to be known as “GE Capital Credit Card Master Note Trust, Series 2010-2”
or the “Series 2010-2 Notes.”  The Series 2010-2 Notes shall be issued
in three Classes, known as the “Class A Series 2010-2
4.47% Asset Backed Notes,” the “Class B
Series 2010-2 5.40% Asset Backed Notes,” and the “Class C Series 2010-2 6.47% Asset Backed Notes.”

 

(b)           Series 2010-2
shall be included in Group One and shall be a Principal Sharing Series.  Series 2010-2 shall be an Excess
Allocation Series with respect to Group One only.  Series 2010-2 shall not be subordinated
to any other Series.

 

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

 

SECTION 2.2.  Transfer Restrictions.

 

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

 

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

 

14

 

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

 

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

 

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

 

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

 

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

 

15

 

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

 

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

 

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

 

ARTICLE III

REPRESENTATIONS, WARRANTIES AND COVENANTS

 

SECTION 3.1.  Representations, Warranties and Covenants
with respect to Receivables.   The
parties hereto agree that the representations, warranties and covenants set
forth in Schedule I shall be a part of this Indenture Supplement for all
purposes.

 

SECTION 3.2.  Representations, Warranties and Covenants
with respect to ERISA.  By acquiring
a Series 2010-2 Note, each purchaser and transferee shall be deemed to
represent and warrant that either (i) it is not (and for so long as it
holds such Series 2010-2 Note will not be), is not acting on behalf of
(and for so long as it holds such Series 2010-2 Note will not be acting on
behalf of), and is not investing the assets of a Benefit Plan or (ii) its
acquisition, continued holding and disposition of such Series 2010-2 Note
will not result in a non-exempt prohibited transaction under ERISA or Section 4975
of the Code or a violation of any Similar Law.

 

16

 

ARTICLE IV

RIGHTS OF SERIES 2010-2 NOTEHOLDERS AND ALLOCATION
AND APPLICATION OF COLLECTIONS

 

SECTION 4.1.  Determination of Interest and Principal.

 

(a)           The amount of
monthly interest (“Class A Monthly Interest”)
due and payable with respect to the Class A Notes on any Payment Date
shall be an amount equal to the product of (i) a fraction, the numerator
of which is 30 and the denominator of which is 360, (ii) the Class A
Note Interest Rate in effect with respect to the related Interest Period and (iii) the
Class A Note Principal Balance as of the close of business on the last day
of the preceding Monthly Period (or, with respect to the initial Payment Date,
the Class A Note Initial Principal Balance); provided that the Class A
Monthly Interest for the May 2010 Payment Date shall equal $1,241,666.67.

 

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

 

(b)           The amount of
monthly interest (“Class B Monthly Interest”)
due and payable with respect to the Class B Notes on any Payment Date
shall be an amount equal to the product of (i) a fraction, the numerator
of which is 30 and the denominator of which is 360, (ii) the Class B
Note Interest Rate and (iii) the Class B Note Principal Balance as of
the close of business on the last day of the preceding Monthly Period (or, with
respect to the initial Payment Date, the Class B Note Initial Principal
Balance); provided that the Class B Monthly Interest for the May 2010
Payment Date shall equal $240,000.00.

 

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

 

17

 

(c)           The amount of
monthly interest (“Class C Monthly Interest”)
due and payable with respect to the Class C Notes on any Payment Date
shall be an amount equal to the product of (i) a fraction, the numerator
of which is 30 and the denominator of which is 360, (ii) the Class C
Interest Rate and (iii) the Class C Note Principal Balance as of the
close of business on the last day of the preceding Monthly Period (or, with
respect to the initial Payment Date, the Class C Note Initial Principal
Balance); provided that the Class C Monthly Interest for the May 2010  Payment Date shall equal $197,694.44.

 

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

 

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

 

SECTION 4.2.  Establishment of Accounts.

 

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

 

(b)           If the depositary
institution wishes to resign as depositary of any of the Series Accounts
for any reason or fails to carry out the instructions of the Issuer for any
reason, then the Issuer shall promptly notify the Indenture Trustee on behalf
of the Noteholders.

 

(c)           On or before the
Closing Date, the Issuer shall enter into a depositary agreement to govern the Series Accounts
pursuant to which such accounts are continuously identified in the depositary
institution’s books and records as subject to a security interest in favor of
the 

 

18

 

Indenture
Trustee on behalf of the Noteholders and, except as may be expressly provided
herein to the contrary, in order to perfect the security interest of the
Indenture Trustee on behalf of the Noteholders under the UCC, the Indenture
Trustee on behalf of the Noteholders shall have the power to direct disposition
of the funds in the Series Accounts without further consent by the Issuer;
provided  however, that prior to the delivery by the Indenture
Trustee on behalf of the Noteholders of notice otherwise, the Issuer shall have
the right to direct the disposition of funds in the Series Accounts; provided
further that the Indenture Trustee on behalf of the Noteholders agrees
that it will not deliver such notice or exercise its power to direct
disposition of the funds in the Series Accounts unless an Event of Default
has occurred and is continuing.

 

(d)           The Issuer shall not
close any of the Series Accounts unless it shall have (i) received
the prior consent of the Indenture Trustee on behalf of the Noteholders, (ii) established
a new Eligible Deposit Account with the depositary institution or with a new
depositary institution satisfactory to the Indenture Trustee on behalf of the
Noteholders, (iii) entered into a depositary agreement to govern such new
account(s) with such new depositary institution which agreement is
satisfactory in all respects to the Indenture Trustee on behalf of the
Noteholders (whereupon such new account(s) shall become the applicable Series Account(s) for
all purposes of this Indenture Supplement), and (iv) taken all such action
as the Indenture Trustee on behalf of the Noteholders shall reasonably require
to grant and perfect a first priority security interest in such account(s) under
this Indenture Supplement.

 

SECTION 4.3.  Calculations and Series Allocations.

 

(a)           Allocations.  Finance Charge Collections, Principal
Collections and Charged-Off Receivables allocated to Series 2010-2
pursuant to Article VIII of the
Indenture shall be allocated and distributed as set forth in this Article.  Notwithstanding anything to the contrary in Section 4.3(b),
during any period when the Issuer is permitted by Section 8.4
of the Indenture to make a single monthly deposit to the Collection Account,
amounts allocated to the Noteholders pursuant to Section 4.3(b) with
respect to any Monthly Period need not be deposited into the Collection Account
or any Series Account prior to the related Payment Date, and, when so
deposited, (x) may be deposited net of any amounts required to be distributed
to Transferor and, if the Originator is Servicer, any amounts owed to the
Servicer, and (y) shall be deposited into the Finance Charge Account (in
the case of Collections of Finance Charge Receivables) and the Principal
Account (in the case of Collections of Principal Receivables (not including any
Shared Principal Collections allocated to Series 2010-2 pursuant to Section 8.5 of the Indenture)).

 

(b)           Allocations to
the Series 2010-2 Noteholders. 
The Issuer shall on each Date of Processing, allocate to the Series 2010-2
Noteholders the following amounts as set forth below:

 

(i)            Allocations
of Finance Charge Collections.  The Issuer shall allocate to the Series 2010-2
Noteholders an amount equal to the product of (A) the Allocation
Percentage and (B) the aggregate Finance Charge Collections processed on
such Date of Processing and, subject to Section 4.15, shall deposit
such amount into the Finance Charge Account; provided
that, with respect to each Monthly Period falling in the Revolving Period (and
with respect to that portion of each Monthly Period in the Controlled
Accumulation Period falling on or after the day on which Collections of
Principal Receivables equal to the related Controlled Deposit Amount have been 

 

19

 

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

 

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

 

(ii)           Allocations
of Principal Collections. 
The Issuer shall allocate to the Series 2010-2 Noteholders the
following amounts as set forth below:

 

20

 

(x)            Allocations During the
Revolving Period.

 

(1)           During the Revolving
Period an amount equal to the product of the Allocation Percentage and the
aggregate amount of Principal Collections processed on such Date of Processing,
shall be allocated to the Series 2010-2 Noteholders and first, if any
other Principal Sharing Series is outstanding and in its accumulation
period or amortization period, retained in the Principal Account for
application, to the extent necessary, as Shared Principal Collections to other
Principal Sharing Series on the related Payment Date, second deposited in
the Excess Funding Account to the extent necessary so that the Free Equity Amount
is not less than the Minimum Free Equity Amount and third paid to the holders
of the Transferor Interest.

 

(2)           With respect to each
Monthly Period falling in the Revolving Period, to the extent that Collections
of Principal Receivables allocated to the Series 2010-2 Noteholders
pursuant to this Section 4.3(b)(ii) are
paid to Transferor, the Issuer shall cause Transferor to make an amount equal
to the Reallocated Principal Collections for the related Transfer Date
available on that Transfer Date for application in accordance with Section  4.7.

 

(y)           Allocations During the
Controlled Accumulation Period.  During the Controlled Accumulation Period an
amount equal to the product of  the
Allocation Percentage and the aggregate amount of Principal Collections processed
on such Date of Processing (the product for any such date is hereinafter
referred to as a “Percentage Allocation”)
shall be allocated to the Series 2010-2 Noteholders and transferred to the
Principal Account until applied as provided herein; provided, however,  that if the sum of such Percentage
Allocation and all preceding Percentage Allocations with respect to the same
Monthly Period exceeds the Controlled Deposit Amount during the Controlled
Accumulation Period for the related Payment Date, then such excess shall not be
treated as a Percentage Allocation and shall be first, if any other Principal
Sharing Series is outstanding and in its accumulation period or
amortization period, retained in the Principal Account for application, to the
extent necessary, as Shared Principal Collections to other Principal Sharing Series on
the related Payment Date, second deposited in the Excess Funding Account to the
extent necessary so that the Free Equity Amount is not less than the Minimum
Free Equity Amount and third paid to the holders of the Transferor Interest.

 

(z)            Allocations During the Early
Amortization Period. 
During the Early Amortization Period, an amount equal to the product
of  the Allocation Percentage and the
aggregate amount of Principal Collections processed on such Date of Processing
shall be allocated to the 2010-2 Noteholders and transferred to the Principal
Account until applied as 

 

21

 

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

 

SECTION 4.4.  Application of Available Finance Charge
Collections and Available Principal Collections.  On each Transfer Date or related Payment
Date, as applicable, the Issuer shall withdraw, to the extent of available
funds, the amount required to be withdrawn from the Finance Charge Account, the
Principal Accumulation Account, the Principal Account and the Distribution Account
as follows:

 

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

 

(i)            to pay, on a pari passu basis, the following amounts, to
the extent allocated to Series 2010-2 pursuant to Section 8.4(d) of
the Indenture: (A) the payment to the Indenture Trustee of the accrued and
unpaid fees and other amounts owed to the Indenture Trustee up to a maximum
amount of $25,000 for each calendar year, (B) the payment to the Trustee
of the accrued and unpaid fees and other amounts owed to the Trustee up to a
maximum amount of $25,000 for each calendar year and (C) the payment to
the Administrator of the accrued and unpaid fees and other amounts owed to the
Administrator up to a maximum amount of $25,000 for each calendar year;

 

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

 

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

 

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

 

22

 

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

 

(vi)          (A) first, an amount equal to the Investor
Default Amount for such Payment Date shall be treated as a portion of Available
Principal Collections for such Payment Date and (B) second, an
amount equal to any Investor Uncovered Dilution Amount for such Payment Date
shall be treated as a portion of Available Principal Collections for such
Payment Date, and any amounts treated as Available Principal Collections
pursuant to subclause (A) or (B) of this clause (vi) during
the Controlled Accumulation Period or the Early Amortization Period, shall be
deposited into the Principal Account on the related Payment Date;

 

(vii)         an amount equal to the sum of the aggregate amount of
Investor Charge-Offs and the amount of Reallocated Principal Collections which
have not been previously reimbursed pursuant to this Section 4.4(a)(vii) shall
be treated as a portion of Available Principal Collections for such Payment
Date and during the Controlled Accumulation Period or Early Amortization Period
shall be deposited into the Principal Account on the related Payment Date;

 

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

 

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

 

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

 

(xi)           [Reserved];

 

(xii)          unless an Early Amortization Event shall have occurred and
be continuing, on a pari passu basis any amounts owed to such Persons listed in
clause (i) above that have been allocated to Series 2010-2
pursuant to Section 8.4(d) of the Indenture and that have not
been paid pursuant to clause (i) above shall be paid to such
Persons; and

 

23

 

(xiii)         the balance, if any, will constitute a
portion of Excess Finance Charge Collections for such Payment Date and will be
applied in accordance with Section 8.6 of the Indenture; provided
that during an Early Amortization Period, if any such Excess Finance Charge
Collections would be paid to the Transferor in accordance with Section 8.6
of the Indenture, the portion of such Excess Finance Charge Collections that
would otherwise be payable to the Transferor, first shall be used to pay
Monthly Principal pursuant to Section 4.4(c) to the extent not
paid in full from Available Principal Collections (calculated without regard to
amounts available to be treated as Available Principal Collections pursuant to
this clause (xiii)), second, shall be used to pay on a pari passu
basis any amounts owed to such Persons listed in clause (i) above
that have been allocated to Series 2010-2 pursuant to Section 8.4(d) of
the Indenture and that have not been paid pursuant to clauses (i) and
(xii) above, and, third, any amounts remaining after payment in
full of the Monthly Principal and amounts owed to such Persons listed in clause
(i) above shall be paid to the Issuer.

 

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

 

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

 

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

 

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

 

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

 

24

 

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

 

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

 

SECTION 4.5.  Distributions.

 

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

 

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

 

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

 

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

 

(e)           All payments to
Noteholders hereunder shall be made by (i) check mailed to each Series 2010-2
Noteholder (at such Noteholder’s address as it appears in the Note Register),
except that for any Series 2010-2 Notes registered in the name of the
nominee of a Clearing Agency, such payment shall be made by wire transfer of
immediately available funds and (ii) except as provided in Section 2.7(b) of
the Indenture, without presentation or surrender of any Series 2010-2 Note
or the making of any notation thereon.

 

SECTION 4.6.  Investor Charge-Offs.  On each Determination Date, the Issuer shall
calculate the Investor Default Amount and any Investor Uncovered Dilution
Amount for the preceding Monthly Period. 
If, on any Transfer Date, the sum of the Investor Default Amount 

 

25

 

and any Investor Uncovered
Dilution Amount for the preceding Monthly Period exceeds the amount of
Available Finance Charge Collections allocated with respect thereto pursuant to
Section 4.4(a)(vi) with
respect to such Transfer Date, the Collateral Amount will be reduced (but not
below zero) by the amount of such excess (such reduction, an “Investor Charge-Off”).

 

SECTION 4.7.  Reallocated Principal Collections.  On each Transfer Date, the Issuer shall apply
Reallocated Principal Collections with respect to that Transfer Date, to fund
any deficiency pursuant to and in the priority set forth in Sections 4.4(a)(i), (ii), (iii),
(iv) and (v). 
On each Transfer Date, the Collateral Amount shall be reduced by the
amount of Reallocated Principal Collections for such Transfer Date.

 

SECTION 4.8.  Excess Finance Charge Collections.  Series 2010-2 shall be an Excess
Allocation Series with respect to Group One only.  Subject to Section 8.6
of the Indenture, Excess Finance Charge Collections with respect to the Excess
Allocation Series in Group One for any Transfer Date will be allocated to Series 2010-2
in an amount equal to the product of (x) the aggregate amount of Excess
Finance Charge Collections with respect to all the Excess Allocation Series in
Group One for such Payment Date and (y) a fraction, the numerator of which
is the Finance Charge Shortfall for Series 2010-2 for such Payment Date
and the denominator of which is the aggregate amount of Finance Charge
Shortfalls for all the Excess Allocation Series in Group One for such
Payment Date.  The “Finance Charge Shortfall” for Series 2010-2
for any Payment Date will be equal to the excess, if any, of (a) the full
amount required to be paid, without duplication, pursuant to Sections 4.4(a)(i) through (xii) on such Payment Date over (b) the Available Finance Charge
Collections with respect to such Payment Date (excluding any portion thereof
attributable to Excess Finance Charge Collections).

 

SECTION 4.9.  Shared Principal Collections.  Subject to Section 8.5
of the Indenture, Shared Principal Collections allocable to Series 2010-2
on any Transfer Date will be equal to the product of (x) the aggregate
amount of Shared Principal Collections with respect to all Principal Sharing Series for
such Transfer Date and (y) a fraction, the numerator of which is the
Principal Shortfall for Series 2010-2 for such Transfer Date and the
denominator of which is the aggregate amount of Principal Shortfalls for all
the Series which are Principal Sharing Series for such Transfer
Date.  The “Principal
Shortfall” for Series 2010-2 will be equal to (a) for any
Transfer Date with respect to the Revolving Period or any Transfer Date during
the Early Amortization Period prior to the Transfer Date relating to the
earlier of (i) the Expected Principal Payment Date and (ii) the date
on which all outstanding Series are in early amortization periods, zero, (b) for
any Transfer Date with respect to the Controlled Accumulation Period, the
excess, if any, of the Controlled Deposit Amount with respect to such Transfer
Date over the amount of Available
Principal Collections for such Transfer Date (excluding any portion thereof
attributable to Shared Principal Collections or amounts available to be treated
as Available Principal Collections pursuant to clause (xiii) of Section 4.4(a))
and (c) for any Transfer Date relating to any Payment Date on or after the
earlier of (i) the Expected Principal Payment Date and (ii) the date
on which all outstanding Series are in early amortization periods, the
Note Principal Balance.

 

SECTION 4.10.  Reserve Account.

 

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

 

26

 

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

 

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

 

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

 

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

 

(e)           Upon the earliest to
occur of (i) the termination of the Trust pursuant to Article VIII of the Trust Agreement, (ii) the
first Transfer Date relating to the Early Amortization Period and (iii) the
Expected Principal Payment Date, the Issuer, after the prior payment of all
amounts owing to the Series 2010-2 Noteholders that are payable from the
Reserve Account as provided herein, shall withdraw from the Reserve Account all
amounts, if any, on deposit in the Reserve Account and distribute any such
amounts to the holders of the Transferor Interest.  The Reserve Account shall thereafter be
deemed to have terminated for purposes of this Indenture Supplement.

 

SECTION 4.11.  Spread Account.

 

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

 

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

 

27

 

on
the Expected Principal Payment Date for the Class C Notes an amount equal
to the lesser of:  (i) the amount on
deposit in the Spread Account after application of any amounts set forth in
clause (a) above and (ii) the Class C Note Principal Balance.

 

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

 

(d)           On any day
following the occurrence of an Event of Default with respect to Series 2010-2
that has resulted in the acceleration of the Series 2010-2 Notes, the
Issuer shall withdraw from the Spread Account the Available Spread Account
Amount and deposit such amount in the Distribution Account for payment to the Series 2010-2
Notes in the following order of priority until all amounts owed to such
Noteholders have been paid in full: (i) the Class C Noteholders, (ii) the
Class A Noteholders and (iii) the Class B Noteholders.

 

(e)           If on any
Payment Date, after giving effect to all withdrawals from the Spread Account,
the Available Spread Account Amount is less than the Required Spread Account
Amount then in effect, Available Finance Charge Collections shall be deposited
into the Spread Account pursuant to Section 4.4(a)(ix) up
to the amount of the Spread Account Deficiency.

 

(f)            If, after
giving effect to all deposits to and withdrawals from the Spread Account with
respect to any Payment Date, the amount on deposit in the Spread Account
exceeds the Required Spread Account Amount, the Issuer shall withdraw an amount
equal to such excess from the Spread Account and distribute such amount to the
Transferor.  On the date on which the Class C
Note Principal Balance has been paid in full, after making any payments to the
Noteholders required pursuant to Sections 4.11(a),
(b), (c) and
(d), the Issuer shall withdraw from the
Spread Account all amounts then remaining in the Spread Account and pay such
amounts to the holders of the Transferor Interest.

 

SECTION 4.12.  Investment of Accounts.  (a)  To the extent there are uninvested
amounts deposited in the Series Accounts, the Issuer shall cause such
amounts to be invested in Permitted Investments selected by the Issuer that
mature no later than the immediately preceding Transfer Date.

 

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

 

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

 

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

 

28

 

shall
be retained in the Spread Account (to the extent that the Available Spread
Account Amount is less than the Required Spread Account Amount) and the
balance, if any, shall be paid to the holders of the Transferor Interest.  For purposes of determining the availability
of funds or the balance in the Spread Account for any reason under this
Indenture Supplement (subject to Section 4.11(a)),
all Investment Earnings shall be deemed not to be available or on deposit; provided that after the maturity of the Series 2010-2
Notes has been accelerated as a result of an Event of Default, all Investment
Earnings shall be added to the balance on deposit in the Spread Account and
treated like the rest of the Available Spread Account Amount.

 

SECTION 4.13.  Controlled Accumulation Period.  The Controlled Accumulation Period is
scheduled to commence at the beginning of business on September 22, 2016; provided that if the Controlled Accumulation
Period Length (determined as described below) on any Determination Date is less
than or more than the number of months in the scheduled Controlled Accumulation
Period, upon written notice to the Indenture Trustee, with a copy to each
Rating Agency, the Issuer shall either postpone or accelerate, as applicable,
the date on which the Controlled Accumulation Period actually commences, so
that, as a result, the number of Monthly Periods in the Controlled Accumulation
Period will equal the Controlled Accumulation Period Length; provided
that the length of the Controlled Accumulation Period will not be less than one
month.  The “Controlled
Accumulation Period Length” will mean a number of whole months such
that the amount available for payment of principal on the Notes on the Expected
Principal Payment Date is expected to equal or exceed the Note Principal
Balance, assuming for this purpose that (1) the payment rate with respect
to Principal Collections remains constant at the lowest level of such payment
rate during the twelve preceding Monthly Periods, (2) the total amount of
Principal Receivables in the Trust (and the principal amount on deposit in the
Excess Funding Account, if any) remains constant at the level on such date of
determination, (3) no Early Amortization Event with respect to any Series will
subsequently occur and (4) no additional Series (other than any Series being
issued on such date of determination) will be subsequently issued.  Any notice by Issuer modifying the
commencement of the Controlled Accumulation Period pursuant to this Section 4.13 shall specify (i) the
Controlled Accumulation Period Length, (ii) the commencement date of the
Controlled Accumulation Period and (iii) the Controlled Accumulation
Amount with respect to each Monthly Period during the Controlled Accumulation
Period.

 

SECTION 4.14.  [Reserved].

 

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

 

29

 

ARTICLE
V

DELIVERY OF SERIES 2010-2 NOTES;

REPORTS TO SERIES 2010-2 NOTEHOLDERS

 

SECTION 5.1.  Delivery and Payment for the Series 2010-2
Notes.

 

The Issuer shall execute and issue, and the Indenture
Trustee shall authenticate, the Series 2010-2 Notes in accordance with Section 2.2 of the Indenture.  The Indenture Trustee shall deliver the Series 2010-2
Notes to or upon the written order of the Issuer when so authenticated.

 

SECTION 5.2.  Reports and
Statements to Series 2010-2 Noteholders.

 

(a)           Not later than
the second Business Day preceding each Payment Date, the Issuer shall deliver
or cause the Servicer to deliver to the Trustee, the Indenture Trustee and each
Rating Agency a statement substantially in the form of Exhibit B prepared by the Servicer; provided that the Issuer may amend the form
of Exhibit B
from time to time, with the prior written consent of the Indenture
Trustee.  On each Payment Date, the
Issuer shall forward to each Series 2010-2 Noteholder a statement
substantially in the form of Exhibit B.

 

(b)           A copy of each
statement or certificate provided pursuant to Section 5.2(a) may
be obtained by any Series 2010-2 Noteholder by a request in writing to the
Issuer.

 

(c)           On or before January 31
of each calendar year, beginning with January 31, 2011, the Issuer shall
furnish or cause to be furnished to each Person who at any time during the
preceding calendar year was a Series 2010-2 Noteholder the information for
the preceding calendar year, or the applicable portion thereof during which the
Person was a Noteholder, as is required to be provided by an issuer of
indebtedness under the Code to the holders of the Issuer’s indebtedness and
such other customary information as is necessary to enable such Noteholder to
prepare its federal income tax returns. 
Notwithstanding anything to the contrary contained in this Agreement, the
Issuer shall, to the extent required by applicable law, from time to time
furnish to the appropriate Persons, at least five Business Days prior to the
end of the period required by applicable law, the information required to
complete a Form 1099-INT.

 

ARTICLE VI

SERIES 2010-2 EARLY AMORTIZATION EVENTS

 

SECTION 6.1.  Series 2010-2 Early Amortization
Events.  If any one of the following
events shall occur with respect to the Series 2010-2 Notes:

 

(a)           (i) 
failure on the part of Transferor to make any payment or deposit required to be
made by it by the terms of the Trust Receivables Purchase Agreement or the
Transfer Agreement on or before the date occurring five (5) Business Days
after the date such payment or deposit is required to be made therein or herein
or (ii) failure of the Transferor duly to observe or perform in any
material respect any other of its covenants or agreements set forth in the
Trust Receivables Purchase Agreement or the Transfer Agreement which failure
has a material adverse effect on the Series 2010-2 Noteholders and which
continues unremedied for a period of sixty days after the date on which written
notice of such failure, requiring the same to be remedied, shall have 

 

30

 

been
given to the Transferor by the Indenture Trustee, or to the Transferor and the
Indenture Trustee by any Noteholder of the Series 2010-2 Notes;

 

(b)           any
representation or warranty made by Transferor in the Transfer Agreement or the
Trust Receivables Purchase Agreement or any information contained in an account
schedule required to be delivered by it pursuant to Section 2.1
or Section 2.6(c) of
the Transfer Agreement, Trust Agreement or the Bank Receivables Sale Agreement
shall prove to have been incorrect in any material respect when made or when
delivered, which continues to be incorrect in any material respect for a period
of sixty days after the date on which written notice of such failure, requiring
the same to be remedied, shall have been given to the Transferor by the
Indenture Trustee, or to the Transferor and the Indenture Trustee by any
Noteholder of the Series 2010-2 Notes and as a result of which the
interests of the Series 2010-2 Noteholders are materially and adversely
affected for such period; provided, however, that a Series 2010-2 Early
Amortization Event pursuant to this Section 6.1(b) shall
not be deemed to have occurred hereunder if the Transferor has accepted
reassignment of the related Transferred Receivable, or all of such Transferred
Receivables, if applicable, during such period in accordance with the
provisions of the Transfer Agreement or the Trust Receivables Purchase
Agreement;

 

(c)           a failure by
Transferor under the Transfer Agreement to convey Transferred Receivables in
Additional Accounts or Participations to the Trust when it is required to
convey such Transferred Receivables pursuant to Section 2.6(a) of
the Transfer Agreement;

 

(d)           any Servicer
Default or any Indenture Servicer Default shall occur;

 

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

 

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

 

(g)           without
limiting the foregoing, the occurrence of an Event of Default with respect to Series 2010-2
and acceleration of the maturity of the Series 2010-2 Notes pursuant to Section 5.3 of the Indenture;

 

then, in the case of any event described in subsection (a), (b) or
(d), after the applicable grace period,
if any, set forth in such subparagraphs, either the Indenture Trustee or the
holders of Series 2010-2 Notes evidencing more than 50% of the aggregate
unpaid principal amount of Series 2010-2 Notes by notice then given in
writing to the Issuer (and to the Indenture Trustee if given by the Series 2010-2
Noteholders) may declare that a “Series Early Amortization Event” with
respect to Series 2010-2 (a “Series 2010-2
Early Amortization Event”) has occurred as of the date of such
notice, and, in the case of any event described in subsection
(c), (e), (f) or (g) a 

 

31

 

Series 2010-2 Early Amortization Event
shall occur without any notice or other action on the part of the Indenture
Trustee or the Series 2010-2 Noteholders immediately upon the occurrence
of such event.

 

ARTICLE VII

REDEMPTION OF SERIES 2010-2 NOTES; FINAL
DISTRIBUTIONS; SERIES TERMINATION

 

SECTION 7.1.  Optional Redemption of Series 2010-2
Notes; Final Distributions.

 

(a)           On any day occurring
on or after the date on which the outstanding principal balance of the Series 2010-2
Notes is reduced to 10% or less of the initial outstanding principal balance of
Series 2010-2 Notes, Transferor has the option pursuant to the Trust
Agreement to reduce the Collateral Amount to zero by paying a purchase price
equal to the greater of (x) the Collateral Amount, plus the applicable
Allocation Percentage of outstanding Finance Charge Receivables and (y) a
minimum amount equal to (i) if such day is a Payment Date, the Redemption
Amount for such Payment Date or (ii) if such day is not a Payment Date,
the Redemption Amount for the Payment Date following such day.  If Transferor exercises such option, Issuer
will apply such purchase price to repay the Notes in full as specified below.

 

(b)           Issuer shall
give the Indenture Trustee at least thirty (30) days, prior written notice of
the date on which Transferor intends to exercise such optional redemption.  Not later than 12:00 noon, New York City
time, on such day Transferor shall deposit into the Distribution Account in
immediately available funds the excess of the Redemption Amount over the
amount, if any, on deposit in the Principal Accumulation Account.  Such redemption option is subject to payment
in full of the Redemption Amount. 
Following such deposit into the Distribution Account in accordance with
the foregoing, the Collateral Amount for Series 2010-2 shall be reduced to
zero and the Series 2010-2 Noteholders shall have no further security
interest in the Transferred Receivables. 
The Redemption Amount shall be paid as set forth in Section 7.1(d).

 

(c)           (i)  The
amount to be paid by the Transferor with respect to Series 2010-2 in
connection with a reassignment of Transferred Receivables to the Transferor
pursuant to Section 6.1(e) of
the Transfer Agreement shall not be less than the Redemption Amount for the
first Payment Date following the Monthly Period in which the reassignment
obligation arises under the Transfer Agreement.

 

(ii)           The amount to be paid by the
Issuer with respect to Series 2010-2 in connection with a repurchase of
the Notes pursuant to Section 10.1
of the Trust Agreement shall not be less than the Redemption Amount for the
Payment Date of such repurchase.

 

(d)           With respect to
(i) the Redemption Amount deposited into the Distribution Account pursuant
to Section 7.1 or (ii) the
proceeds of any sale of Transferred Receivables pursuant to Section 5.3 of the Indenture with
respect to Series 2010-2, the Indenture Trustee shall, in accordance with
the written direction of the Issuer, not later than 12:00 noon, New York City
time, on the related Payment Date, make payments of the following amounts (in
the priority set forth below and, in each case, after giving effect to any
deposits and payments otherwise to 

 

32

 

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

 

SECTION 7.2.  Series Termination.

 

On the Series Maturity Date, the unpaid principal
amount of the Series 2010-2 Notes shall be due and payable.

 

ARTICLE VIII

MISCELLANEOUS PROVISIONS

 

SECTION 8.1.  Ratification of Indenture; Amendments.  As supplemented by this Indenture Supplement,
the Indenture is in all respects ratified and confirmed and the Indenture as so
supplemented by this Indenture Supplement shall be read, taken and construed as
one and the same instrument.  This
Indenture Supplement may be amended only by a Supplemental Indenture entered in
accordance with the terms of Section 9.1
or 9.2 of the Indenture.  For purposes of the application of Section 9.2 to any amendment of this
Indenture Supplement, the Series 2010-2 Noteholders shall be the only
Noteholders whose vote shall be required.

 

SECTION 8.2.  Form of Delivery of the Series 2010-2
Notes.  The Class A Notes, shall
be Book-Entry Notes and shall be delivered as provided in Sections 2.1 and 2.2 of the Indenture.  The Class B Notes and Class C Notes
shall be Definitive Notes and shall be registered in the Note Register in the
name of the initial purchasers of such Notes identified in the Note Purchase
Agreement.

 

SECTION 8.3.  Counterparts.  This Indenture Supplement may be executed in
two or more counterparts, and by different parties on separate counterparts,
each of which shall be an original, but all of which shall constitute one and
the same instrument.

 

33

 

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

 

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

 

BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX
FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN
EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL
LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR
DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS.  THEREFORE, 

 

34

 

TO ACHIEVE THE BEST
COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, THE
PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, OR
PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT
OR OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE
RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH THIS INDENTURE
SUPPLEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

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

 

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

 

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

 

Fitch Ratings

ABS

One State Street Plaza

New York, NY 10004 

Facsimile: (212) 514-9879

Email:  notifications.abs@fitchratings.com

 

Moody’s Rating Service

7 World Trade Center at 250 Greenwich Street

24th Floor

New York, New York 10007

Facsimile:  (212) 298-6742

Email:  Matias.Langer@moodys.com

 

SECTION 8.8.  Compliance with Applicable Anti-Terrorism
and Anti-Money Laundering Regulations. 
In order to comply with laws, rules and regulations applicable to
banking institutions, including those relating to the funding of terrorist
activities and money laundering, the Indenture Trustee is required to obtain,
verify and record certain information relating to individuals and entities
which maintain a business relationship with the Indenture Trustee.  Accordingly, each of the parties hereto
agrees to provide to the Indenture Trustee upon 

 

35

 

its request from time to
time such identifying information and documentation as may be available for
such party in order to enable the Indenture Trustee to comply with applicable
law.

 

SECTION 8.9.  Notes to be Treated as Debt for Tax.  It is the intent of the parties hereto that,
for purposes of federal, state and local income and franchise tax and any other
tax measured in whole or in part by income, the Class A Notes, the Class B
Notes and the Class C Notes shall be treated as debt and a person
purchasing such Notes agrees to treat such Notes as debt for such purposes.

 

SECTION 8.10.  Deemed Consent.  The Series 2010-2 Noteholders will be
deemed to have consented to any amendment to any Related Document that changes
the definition of “Rating Agency Condition” in such Related Document to match
the definition of “Rating Agency Condition” in this Indenture Supplement.

 

[SIGNATURE PAGE FOLLOWS]

 

36

 

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

 

	
   

  	
  GE CAPITAL CREDIT CARD
  MASTER NOTE TRUST, as Issuer

  
	
   

  	
   

  
	
   

  	
  By:

  	
  BNY MELLON TRUST OF
  DELAWARE, not in its individual capacity, but solely as Trustee on behalf of
  Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DEUTSCHE BANK TRUST
  COMPANY AMERICAS, as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
  By: DEUTSCHE BANK
  NATIONAL TRUST COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

Indenture
Supplement

Series
2010-2

 

S-1

 

EXHIBIT A-1

FORM OF CLASS A SERIES 2010-2 4.47% ASSET
BACKED NOTE

 

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

 

THE HOLDER OF THIS NOTE BY
ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME
DIRECTLY OR INDIRECTLY INSTITUTE OR CAUSE TO BE INSTITUTED AGAINST THE ISSUER
ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION
PROCEEDING OR OTHER PROCEEDING UNDER ANY FEDERAL OR STATE BANKRUPTCY LAW UNLESS
NOTEHOLDERS OF NOT LESS THAN 662/3% OF THE OUTSTANDING PRINCIPAL AMOUNT OF EACH CLASS OF EACH SERIES
HAS APPROVED SUCH FILING AND IT WILL NOT DIRECTLY OR INDIRECTLY INSTITUTE OR
CAUSE TO BE INSTITUTED AGAINST THE TRANSFEROR ANY BANKRUPTCY, REORGANIZATION,
ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDING OR OTHER PROCEEDING UNDER ANY
FEDERAL OR STATE BANKRUPTCY LAW IN ANY INSTANCE; PROVIDED, THAT THE
FOREGOING SHALL NOT IN ANYWAY LIMIT THE NOTEHOLDER’S RIGHTS TO PURSUE ANY OTHER
CREDITOR RIGHTS OR REMEDIES THAT THE NOTEHOLDERS MAY HAVE FOR CLAIMS
AGAINST THE ISSUER.

 

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

 

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

 

Exhibit A-1 (Page 1)

 

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

 

Exhibit A-1 (Page 2)

 

	
  REGISTERED

  	
  $                                                                                  

  
	
  No. R-                                  

  	
  CUSIP NO.                           

  

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2010-2

CLASS A SERIES 2010-2 4.47% ASSET BACKED NOTE

 

GE Capital Credit Card Master Note Trust (herein
referred to as the “Issuer” or the “Trust”), a Delaware statutory trust
governed by a Trust Agreement dated as of September 25, 2003, for value
received, hereby promises to pay to Cede & Co., or registered assigns,
subject to the following provisions, the principal sum of                                      
DOLLARS, or such greater or lesser amount as determined in accordance with the
Indenture, on the March 2020 Payment Date, except as otherwise provided
below or in the Indenture.  The Issuer
will pay interest on the unpaid principal amount of this Note at the Class A
Note Interest Rate on each Payment Date until the Final Payment Date (which is
the earlier to occur of (a) the Payment Date on which the Note Principal
Balance is paid in full, (b) the date on which the Collateral Amount is
reduced to zero and (c) the March 2020 Payment Date). Interest on
this Note will accrue for each Payment Date from and including the most recent
Payment Date on which interest has been paid to but excluding such Payment Date
or, for the initial Payment Date, from and including the Closing Date to but
excluding such Payment Date.  Interest
will be computed on the basis of a 360-day year of twelve 30-day months.  Principal of this Note shall be paid in the
manner specified in the Indenture Supplement referred to on the reverse hereof.

 

The principal of and interest on this Note are payable
in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts.

 

Reference is made to the further provisions of this
Note set forth on the reverse hereof, which shall have the same effect as
though fully set forth on the face of this Note.

 

Unless the certificate of authentication hereon has
been executed by or on behalf of the Indenture Trustee, by manual signature,
this Note shall not be entitled to any benefit under the Indenture or the
Indenture Supplement referred to on the reverse hereof, or be valid for any
purpose.

 

Exhibit A-1 (Page 3)

 

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

 

	
   

  	
  GE CAPITAL CREDIT CARD
  MASTER NOTE TRUST, as Issuer

  
	
   

  	
   

  
	
   

  	
  By:

  	
  BNY MELLON TRUST OF
  DELAWARE,

  not in its individual capacity but solely as

  Trustee on behalf of Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
  Dated:                 ,
           

  	
   

  

 

Exhibit A-1 (Page 4)

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	
   

  	
  DEUTSCHE BANK TRUST
  COMPANY AMERICAS, as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Authorized
  Signatory

  

 

Exhibit A-1 (Page 5)

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2010-2

 

CLASS A SERIES 2010-2 4.47% ASSET BACKED NOTE

 

Summary of Terms and Conditions

 

This Class A Note is one of a duly authorized
issue of Notes of the Issuer, designated as GE Capital Credit Card Master Note
Trust, Series 2010-2 (the “Series 2010-2
Notes”), issued under a Master Indenture dated as of September 25,
2003 (as amended, the “Master Indenture”),
between the Issuer and Deutsche Bank Trust Company Americas, as indenture
trustee (the “Indenture Trustee”), as
supplemented by the Indenture Supplement dated as of April 7, 2010 (the “Indenture Supplement”), and representing the
right to receive certain payments from the Issuer.  The term “Indenture,” unless the context
otherwise requires, refers to the Master Indenture as supplemented by the
Indenture Supplement.  The Notes are
subject to all of the terms of the Indenture. 
All terms used in this Note that are defined in the Indenture shall have
the meanings assigned to them in or pursuant to the Indenture.  In the event of any conflict or inconsistency
between the Indenture and this Note, the Indenture shall control.

 

The Class B Notes and the Class C Notes will
also be issued under the Indenture.

 

The Noteholder, by its acceptance of this Note, agrees
that it will look solely to the property of the Issuer allocated to the payment
of this Note for payment hereunder and that neither the Owner Trustee nor the
Indenture Trustee is liable to the Noteholders for any amount payable under the
Notes or the Indenture or, except in the case of the Indenture Trustee as
expressly provided in the Indenture, subject to any liability under the
Indenture.

 

This Note does not purport to summarize the Indenture
and reference is made to the Indenture for the interests, rights and limitations
of rights, benefits, obligations and duties evidenced thereby, and the rights,
duties and immunities of the Indenture Trustee.

 

THIS CLASS A NOTE DOES NOT REPRESENT AN
OBLIGATION OF, OR AN INTEREST IN, THE ISSUER, GE MONEY BANK, RFS HOLDING,
L.L.C., OR ANY OF THEIR AFFILIATES, AND IS NOT INSURED OR GUARANTEED BY THE
FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR
INSTRUMENTALITY.

 

The Issuer, the Indenture Trustee and any agent of the
Issuer or the Indenture Trustee shall treat the person in whose name this Class A
Note is registered as the owner hereof for all purposes, and neither the
Issuer, the Indenture Trustee nor any agent of the Issuer or the Indenture
Trustee shall be affected by notice to the contrary.

 

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

 

Exhibit A-1 (Page 6)

 

ASSIGNMENT

 

Social Security or other identifying number of assignee

 

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

 

	
  Dated:

  	
   

  	
   

  	
   

  	
  **

  
	
   

  	
   

  	
  Signature Guaranteed:

  

 

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

 

Exhibit A-1 (Page 7)

 

EXHIBIT A-2

FORM OF CLASS B SERIES 2010-2 5.40% ASSET
BACKED NOTE

 

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

 

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

 

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

 

THE HOLDER OF THIS NOTE BY
ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME
DIRECTLY OR INDIRECTLY INSTITUTE OR CAUSE TO BE INSTITUTED AGAINST THE ISSUER
ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION
PROCEEDING OR OTHER PROCEEDING UNDER ANY FEDERAL OR STATE BANKRUPTCY LAW UNLESS
NOTEHOLDERS OF NOT LESS THAN 662/3% OF THE OUTSTANDING PRINCIPAL AMOUNT OF EACH CLASS OF EACH SERIES
HAS APPROVED SUCH FILING AND IT WILL NOT DIRECTLY OR INDIRECTLY INSTITUTE OR
CAUSE TO BE INSTITUTED AGAINST THE TRANSFEROR ANY BANKRUPTCY, REORGANIZATION,
ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDING OR OTHER PROCEEDING UNDER ANY
FEDERAL OR STATE BANKRUPTCY LAW IN ANY INSTANCE; PROVIDED, THAT THE
FOREGOING SHALL NOT IN ANYWAY LIMIT THE NOTEHOLDER’S RIGHTS TO PURSUE ANY OTHER
CREDITOR RIGHTS OR REMEDIES THAT THE NOTEHOLDERS MAY HAVE FOR CLAIMS
AGAINST THE ISSUER.

 

THE HOLDER OF THIS CLASS B
NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST
THEREIN, AGREE TO TREAT THE CLASS B NOTES AS INDEBTEDNESS OF THE ISSUER
FOR APPLICABLE FEDERAL, 

 

Exhibit A-2 (Page 1)

 

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

 

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

 

Exhibit A-2 (Page 2)

 

	
  REGISTERED

  	
  $                                                                                  

  
	
  No. R-                                  

  	
  CUSIP NO.                           

  

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2010-2

CLASS B SERIES 2010-2 5.40% ASSET BACKED NOTE

 

GE Capital Credit Card Master Note Trust (herein
referred to as the “Issuer” or the “Trust”), a Delaware statutory trust
governed by a Trust Agreement dated as of September 25, 2003, for value
received, hereby promises to pay to                         ,
or registered assigns, subject to the following provisions, the principal sum
of                
DOLLARS, or such greater or lesser amount as determined in accordance with the
Indenture, on the March 2020 Payment Date, except as otherwise provided
below or in the Indenture.  The Issuer
will pay interest on the unpaid principal amount of this Note at the Class B
Note Interest Rate on each Payment Date until the Final Payment Date (which is
the earlier to occur of (a) the Payment Date on which the Note Principal
Balance is paid in full, (b) the date on which the Collateral Amount is
reduced to zero and (c) the March 2020 Payment Date).  Interest on this Note will accrue for each
Payment Date from and including the most recent Payment Date on which interest
has been paid to but excluding such Payment Date or, for the initial Payment
Date, from and including the Closing Date to but excluding such Payment
Date.  Interest will be computed on the
basis of a 360-day year of twelve 30-day months.  Principal of this Note shall be paid in the
manner specified in the Indenture Supplement referred to on the reverse hereof.

 

The principal of and interest on this Note are payable
in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts.

 

Reference is made to the further provisions of this
Note set forth on the reverse hereof, which shall have the same effect as
though fully set forth on the face of this Note.

 

Unless the certificate of authentication hereon has
been executed by or on behalf of the Indenture Trustee, by manual signature,
this Note shall not be entitled to any benefit under the Indenture or the
Indenture Supplement referred to on the reverse hereof, or be valid for any
purpose.

 

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

 

Exhibit A-2 (Page 3)

 

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

 

	
   

  	
  GE CAPITAL CREDIT CARD
  MASTER NOTE TRUST, as Issuer

  
	
   

  	
   

  
	
   

  	
  By:

  	
  BNY MELLON TRUST OF
  DELAWARE, not in its individual capacity but solely as

  
	
   

  	
   

  	
  Trustee on behalf of
  Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
  Dated:                ,
           

  	
   

  

 

Exhibit A-2 (Page 4)

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	
   

  	
  DEUTSCHE BANK TRUST
  COMPANY AMERICAS, as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

Exhibit A-2 (Page 5)

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2010-2

 

CLASS B SERIES 2010-2 5.40% ASSET BACKED NOTE

 

Summary of Terms and Conditions

 

This Class B Note is one of a duly authorized
issue of Notes of the Issuer, designated as GE Capital Credit Card Master Note
Trust, Series 2010-2 (the “Series 2010-2
Notes”), issued under a Master Indenture dated as of September 25,
2003 (as amended, the “Master Indenture”),
between the Issuer and Deutsche Bank Trust Company Americas, as indenture
trustee (the “Indenture Trustee”), as
supplemented by the Indenture Supplement dated as of April 7, 2010 (the “Indenture Supplement”), and representing the
right to receive certain payments from the Issuer.  The term “Indenture,” unless the context
otherwise requires, refers to the Master Indenture as supplemented by the
Indenture Supplement.  The Notes are
subject to all of the terms of the Indenture. 
All terms used in this Note that are defined in the Indenture shall have
the meanings assigned to them in or pursuant to the Indenture.  In the event of any conflict or inconsistency
between the Indenture and this Note, the Indenture shall control.

 

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

 

The Noteholder, by its acceptance of this Note, agrees
that it will look solely to the property of the Issuer allocated to the payment
of this Note for payment hereunder and that neither the Owner Trustee nor the
Indenture Trustee is liable to the Noteholders for any amount payable under the
Notes or the Indenture or, except in the case of the Indenture Trustee as
expressly provided in the Indenture, subject to any liability under the
Indenture.

 

This Note does not purport to summarize the Indenture
and reference is made to the Indenture for the interests, rights and
limitations of rights, benefits, obligations and duties evidenced thereby, and
the rights, duties and immunities of the Indenture Trustee.

 

THIS CLASS B NOTE DOES NOT REPRESENT AN
OBLIGATION OF, OR AN INTEREST IN, THE ISSUER, GE MONEY BANK, RFS HOLDING,
L.L.C., OR ANY OF THEIR AFFILIATES, AND IS NOT INSURED OR GUARANTEED BY THE
FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR
INSTRUMENTALITY.

 

The Issuer, the Indenture Trustee and any agent of the
Issuer or the Indenture Trustee shall treat the person in whose name this Class B
Note is registered as the owner hereof for all purposes, and neither the
Issuer, the Indenture Trustee nor any agent of the Issuer or the Indenture
Trustee shall be affected by notice to the contrary.

 

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

 

Exhibit A-2 (Page 6)

 

ASSIGNMENT

 

Social Security or other identifying number of assignee

 

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

 

	
  Dated:

  	
   

  	
   

  	
   

  	
  **

  
	
   

  	
   

  	
  Signature
  Guaranteed:

  

 

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

 

Exhibit A-2 (Page 7)

 

EXHIBIT A-3

FORM OF CLASS C SERIES 2010-2 6.47% ASSET
BACKED NOTE

 

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

 

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

 

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

 

THE HOLDER OF THIS NOTE BY
ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME
DIRECTLY OR INDIRECTLY INSTITUTE OR CAUSE TO BE INSTITUTED AGAINST THE ISSUER
ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION
PROCEEDING OR OTHER PROCEEDING UNDER ANY FEDERAL OR STATE BANKRUPTCY LAW UNLESS
NOTEHOLDERS OF NOT LESS THAN 662/3% OF THE OUTSTANDING PRINCIPAL AMOUNT OF EACH CLASS OF EACH SERIES
HAS APPROVED SUCH FILING AND IT WILL NOT DIRECTLY OR INDIRECTLY INSTITUTE OR
CAUSE TO BE INSTITUTED AGAINST THE TRANSFEROR ANY BANKRUPTCY, REORGANIZATION,
ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDING OR OTHER PROCEEDING UNDER ANY
FEDERAL OR STATE BANKRUPTCY LAW IN ANY INSTANCE; PROVIDED, THAT THE
FOREGOING SHALL NOT IN ANYWAY LIMIT THE NOTEHOLDER’S RIGHTS TO PURSUE ANY OTHER
CREDITOR RIGHTS OR REMEDIES THAT THE NOTEHOLDERS MAY HAVE FOR CLAIMS
AGAINST THE ISSUER.

 

THE HOLDER OF THIS CLASS C
NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST
THEREIN, AGREE TO TREAT THE 

 

Exhibit A-3 (Page 1)

 

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

 

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

 

Exhibit A-3 (Page 2)

 

	
  REGISTERED

  	
  $                                                                                  

  
	
  No. R-                                  

  	
  CUSIP NO.                           

  

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2010-2

 

CLASS C SERIES 2010-2 6.47% ASSET BACKED NOTE

 

GE Capital Credit Card
Master Note Trust (herein referred to as the “Issuer”
or the “Trust”), a Delaware statutory
trust governed by a Trust Agreement dated as of September 25, 2003, for
value received, hereby promises to pay to
                ,
or registered assigns, subject to the following provisions, the principal sum
of                   
DOLLARS, or such greater or lesser amount as determined in accordance with the
Indenture, on the March 2020 Payment Date, except as otherwise provided
below or in the Indenture.  The Issuer
will pay interest on the unpaid principal amount of this Note at the Class C
Note Interest Rate on each Payment Date until the Final Payment Date (which is
the earlier to occur of (a) the Payment Date on which the Note Principal
Balance is paid in full, (b) the date on which the Collateral Amount is
reduced to zero and (c) the March 2020 Payment Date).  Interest on this Note will accrue for each Payment
Date from and including the most recent Payment Date on which interest has been
paid to but excluding such Payment Date or, for the initial Payment Date, from
and including the Closing Date to but excluding such Payment Date.  Interest will be computed on the basis of a
360-day year of twelve 30-day months. 
Principal of this Note shall be paid in the manner specified in the
Indenture Supplement referred to on the reverse hereof.

 

The principal of and interest on this Note are payable
in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts.

 

Reference is made to the further provisions of this
Note set forth on the reverse hereof, which shall have the same effect as though
fully set forth on the face of this Note.

 

Unless the certificate of authentication hereon has
been executed by or on behalf of the Indenture Trustee, by manual signature,
this Note shall not be entitled to any benefit under the Indenture or the
Indenture Supplement referred to on the reverse hereof, or be valid for any
purpose.

 

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

 

Exhibit A-3 (Page 3)

 

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

 

	
   

  	
  GE CAPITAL CREDIT CARD
  MASTER NOTE TRUST, as Issuer

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  BNY MELLON TRUST OF
  DELAWARE not in its individual capacity but solely as 

  
	
   

  	
   

  	
  Trustee on behalf of
  Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
  Dated:                ,
             

  	
   

  

 

Exhibit A-3 (Page 4)

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	
   

  	
  DEUTSCHE BANK TRUST
  COMPANY AMERICAS, as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Authorized
  Signatory

  

 

Exhibit A-3 (Page 5)

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2010-2

 

CLASS C SERIES 2010-2 6.47% ASSET BACKED NOTE

 

Summary of Terms and Conditions

 

This Class C Note is one of a duly authorized
issue of Notes of the Issuer, designated as GE Capital Credit Card Master Note
Trust, Series 2010-2 (the “Series 2010-2
Notes”), issued under a Master Indenture dated as of September 25,
2003 (as amended, the “Master Indenture”),
between the Issuer and Deutsche Bank Trust Company Americas, as indenture
trustee (the “Indenture Trustee”), as
supplemented by the Indenture Supplement dated as of April 7, 2010 (the “Indenture Supplement”), and representing the
right to receive certain payments from the Issuer.  The term “Indenture,” unless the context
otherwise requires, refers to the Master Indenture as supplemented by the
Indenture Supplement.  The Notes are
subject to all of the terms of the Indenture. 
All terms used in this Note that are defined in the Indenture shall have
the meanings assigned to them in or pursuant to the Indenture.  In the event of any conflict or inconsistency
between the Indenture and this Note, the Indenture shall control.

 

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

 

The Noteholder, by its acceptance of this Note, agrees
that it will look solely to the property of the Issuer allocated to the payment
of this Note for payment hereunder and that neither the Owner Trustee nor the
Indenture Trustee is liable to the Noteholders for any amount payable under the
Notes or the Indenture or, except in the case of the Indenture Trustee as
expressly provided in the Indenture, subject to any liability under the
Indenture.

 

This Note does not purport to summarize the Indenture
and reference is made to the Indenture for the interests, rights and
limitations of rights, benefits, obligations and duties evidenced thereby, and
the rights, duties and immunities of the Indenture Trustee.

 

THIS CLASS C NOTE DOES NOT REPRESENT AN
OBLIGATION OF, OR AN INTEREST IN, THE ISSUER, GE MONEY BANK, RFS HOLDING,
L.L.C., OR ANY OF THEIR AFFILIATES, AND IS NOT INSURED OR GUARANTEED BY THE
FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR
INSTRUMENTALITY.

 

The Issuer, the Indenture Trustee and any agent of the
Issuer or the Indenture Trustee shall treat the person in whose name this Class C
Note is registered as the owner hereof for all purposes, and neither the
Issuer, the Indenture Trustee nor any agent of the Issuer or the Indenture
Trustee shall be affected by notice to the contrary.

 

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

 

Exhibit A-3 (Page 6)

 

ASSIGNMENT

 

Social Security or other identifying number of assignee

 

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

 

	
  Dated:

  	
  ,

  	
   

  	
   

  	
   

  	
  **

  
	
   

  	
   

  	
   

  	
   

  	
  Signature Guaranteed:

  

 

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

 

Exhibit A-3 (Page 7)

 

EXHIBIT B

 

FORM OF MONTHLY NOTEHOLDER’S STATEMENT

 

Monthly
Noteholder’s Statement

GE Capital Credit Card Master
Note Trust

 

Series 2010-2

Class A 4.47% Notes

Class B 5.40% Notes

Class C 6.47% Notes

 

Pursuant to the Master Indenture, dated as of September 25,
2003 (as amended and supplemented, the “Indenture”) between GE Capital
Credit Card Master Note Trust (the “Issuer”) and Deutsche Bank Trust Company
Americas, as indenture trustee (the “Indenture Trustee”), as
supplemented by the Series 2010-2 Indenture Supplement (the “Indenture
Supplement”), dated as of April 7, 2010, between the Issuer and the
Indenture Trustee, the Issuer is required to prepare, or cause the Servicer to
prepare, certain information each month regarding current distributions to the Series 2010-2
Noteholders and the performance of the Trust during the previous month.  The information required to be prepared with
respect to the Payment Date of [  · 
], 20[  · 
], and with respect to the performance of the Trust during the Monthly
Period ended [  · 
], 20[  ·  ]
is set forth below.  Capitalized terms
used herein are defined in the Indenture and the Indenture Supplement. The
Discount Percentage (as defined in the Transfer Agreement) remains at 0% for
all the Receivables in the Trust until otherwise indicated.  The undersigned, an Authorized Officer of the
Servicer, does hereby certify as follows:

 

	
  Record Date:

  	
  [  ·  ], 20[ 
  ·  ]

  
	
  Monthly Period Beginning:

  	
  [  ·  ], 20[ 
  ·  ]

  
	
  Monthly Period Ending:

  	
  [  ·  ], 20[ 
  ·  ]

  
	
  Previous Payment Date:

  	
  [  ·  ], 20[ 
  ·  ]

  
	
  Payment Date:

  	
  [  ·  ], 20[ 
  ·  ]

  
	
  Interest Period Beginning:

  	
  [  ·  ], 20[ 
  ·  ]

  
	
  Interest Period Ending:

  	
  [  ·  ], 20[ 
  ·  ]

  
	
  Days in Monthly Period:

  	
  [  ·  ]

  
	
  Days in Interest Period:

  	
  [  ·  ]

  
	
  Is there a Reset Date?

  	
  [No][Yes]

  

 

I.            Trust Receivables Information

 

a.     Number
of Accounts Beginning

b.     Number
of Accounts Ending

c.     Average
Account Balance (q / b)

d.     BOP
Principal Receivables

e.     BOP
Finance Charge Receivables

 

Exhibit B (Page 1)

 

f.      BOP
Total Receivables

g.     Increase
in Principal Receivables from Additional Accounts

h.     Increase
in Principal Activity on Existing Securitized Accounts

i.      Increase
in Finance Charge Receivables from Additional Accounts

j.      Increase
in Finance Charge Activity on Existing Securitized Accounts

k.     Increase
in Total Receivables

l.      Decrease
in Principal Receivables due to Account Removal

m.    Decrease
in Principal Activity on Existing Securitized Accounts

n.     Decrease
in Finance Charge Receivables due to Account Removal

o.     Decrease
in Finance Charge Activity on Existing Securitized Accounts

p.     Decrease
in Total Receivables

q.     EOP
Aggregate Principal Receivables

r.      EOP
Finance Charge Receivables

s.     EOP
Total Receivables

t.      Excess
Funding Account Balance

u.     Required
Principal Balance

v.     Minimum
Free Equity Amount (EOP Aggregate Principal Receivables * 7.0%)

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

 

II.           Investor Information (Trust Level)

 

a.     Note
Principal Balance (Sum of all Series)

i.      Beginning
of Interest Period

ii.     Increase
in Note Principal Balance due to New Issuance

iii.    Decrease
in Note Principal Balance due to Principal Paid

iv.    As of
Payment Date

 

b.     Excess
Collateral Amount (Sum of all Series)

i.      Beginning
of Interest Period

ii.     Additional
Enhancement Amount

iii.    Increase
in Excess Collateral Amount due to New Issuance

iv.    Reductions
in Required Excess Collateral Amount

v.     Increase
in Unreimbursed Investor Charge-Off

vi.    Decrease
in Unreimbursed Investor Charge-Off

vii.   Increase
in Unreimbursed Reallocated Principal Collections

viii.  Decrease
in Unreimbursed Reallocated Principal Collections

ix.    As of
Payment Date

 

Exhibit B (Page 2)

 

c.     Collateral
Amount (Sum of all Series)

i.      End of
Prior Monthly Period

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

 

III.          Trust Performance Data (Monthly Period)

 

a.     Gross
Trust Yield (Finance Charge Collections + Recoveries / BOP Principal
Receivables)

i.      Current

ii.     Prior
Monthly Period

iii.    Two
Months Prior Monthly Period

iv.    Three-Month
Average

 

b.     Payment
Rate (Principal Collections / BOP Principal Receivables)

i.      Current

ii.     Prior
Monthly Period

iii.    Two
Months Prior Monthly Period

iv.    Three-Month
Average

 

c.     Gross
Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts — Fraud
Amount / BOP Principal Receivables)

i.      Current

ii.     Prior
Monthly Period

iii.    Two
Months Prior Monthly Period

iv.    Three-Month
Average

 

d.     Charge-Off
Rate (Default Amount for Defaulted Accounts / BOP Principal Receivables)

 

e.     Net
Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts –
Recoveries – Fraud Amount / BOP Principal Receivables

i.      Current

ii.     Prior
Monthly Period

iii.    Two
Months Prior Monthly Period

iv.    Three-Month
Average

 

f.      Net
Charge-Off Rate (Default Amount for Defaulted Accounts — Recoveries / BOP
Principal Receivables)

 

g.     Default
Amount for Defaulted Accounts

 

h.     Recoveries

 

i.      Collections

i.      Total
Trust Finance Charge Collections

ii.     Total
Trust Principal Collections

iii.    Total
Trust Collections

 

Exhibit B (Page 3)

 

j.      Delinquency
Data

	
   

  	
   

  	
  Percentage

  	
   

  	
  Amount

  	
   

  
	
  i.      1-29
  Days Delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ii.     30-59
  Days Delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  iii.    60-89
  Days Delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  iv.    90-119
  Days Delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  v.     120-149
  Days Delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  vi.    150 or
  Greater Days Delinquent

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

IV.         Series Performance Data

 

a.     Portfolio
Yield (Finance Charge Collections + Recoveries — Aggregate Investor Default
Amount + PAA Inv Proceeds / BOP Collateral)

i.      Current

ii.     Prior
Monthly Period

iii.    Two
Months Prior Monthly Period

iv.    Three-Month
Average

 

b.     Base
Rate (Noteholder Servicing Fee + Admin Fee + Monthly Interest / BOP Collateral)

i.      Current

ii.     Prior
Monthly Period

iii.    Two
Months Prior Monthly Period

iv.    Three-Month
Average

 

c.     Excess
Spread Percentage (Portfolio Yield — Base Rate)

i.      Current

ii.     Prior
Monthly Period

iii.    Two Months
Prior Monthly Period

iv.    Quarterly
Excess Spread Percentage

 

V.            Investor Information
Regarding Distributions to Noteholders

 

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

 

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

 

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

 

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

 

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

 

Exhibit B (Page 4)

 

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

 

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

 

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

 

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

 

VI.         Investor Information

 

a.     Class A
Note Initial Principal Balance

b.     Class B
Note Initial Principal Balance

c.     Class C
Note Initial Principal Balance

d.     Initial
Excess Collateral Amount

e.     Initial
Collateral Amount

 

f.      Class A
Note Principal Balance

i.      Beginning
of Interest Period

ii.     Principal
Payment

iii.    As of
Payment Date

 

g.     Class B
Note Principal Balance

i.      Beginning
of Interest Period

ii.     Principal
Payment

iii.    As of
Payment Date

 

h.     Class C
Note Principal Balance

i.      Beginning
of Interest Period

ii.     Principal
Payment

iii.    As of
Payment Date

 

i.      Excess
Collateral Amount

i.      Beginning
of Interest Period

ii.     Reduction
in Excess Collateral Amount

iii.    As of
Payment Date

 

j.      Collateral
Amount

i.      Beginning
of Interest Period

ii.     Increase/Decrease
in Unreimbursed Investor Charge-Offs

iii.    Increase/Decrease
in Reallocated Principal Collections

iv.    Reduction
in Excess Collateral Amount

v.     Principal
Accumulation Account Deposit

vi.    As of
Payment Date

 

Exhibit B (Page 5)

 

vii.   Collateral
Amount as a Percentage of Note Trust Principal Balance

viii.  Amount by
which Note Principal Balance exceeds Collateral Amount

 

k.     Required
Excess Collateral Amount

 

VII.        Investor Charge-Offs and Reallocated Principal Collections (Section references
relate to Indenture Supplement)

 

a.     Beginning
Unreimbursed Investor Charge-Offs

b.     Current
Unreimbursed Investor Defaults

c.     Current
Unreimbursed Investor Uncovered Dilution Amount

d.     Current
Reimbursement of Investor Charge-Offs pursuant to Section 4.4(a)(vii)

e.     Ending
Unreimbursed Investor Charge-Offs

f.      Beginning
Unreimbursed Reallocated Principal Collections

g.     Current
Reallocated Principal Collections pursuant to Section 4.7

h.     Current
Reimbursement of Reallocated Principal Collections pursuant to Section 4.4(a)(vii)

i.      Ending
Unreimbursed Reallocated Principal Collections

 

VIII.       Investor Percentages —BOP Balance and Series Account
Information

a.     Allocation
Percentage Numerator — for Finance Charge Collections and Default Amounts

b.     Allocation
Percentage Numerator — for Principal Collections

c.     Allocation
Percentage Denominator

i.      Aggregate
Principal Receivables Balance as of Prior Monthly Period

ii.     Number
of Days at Balance

iii.    Average
Principal Balance

d.     Sum of
Allocation Percentage Numerators for all outstanding Series with respect
to Finance Charge Collections and Default Amounts

e.     Sum of
Allocation Percentage Numerators for all outstanding Series with respect
to Principal Collections

f.      Allocation
Percentage, Finance Charge Collections and Default Amount (a./greater of c.iii.
or d.)

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

h.     Series Allocation
Percentage

 

Exhibit B (Page 6)

 

IX.         Collections and Allocations

 

	
   

  	
   

  	
  Trust

  	
   

  	
  Series

  	
   

  
	
  a.     Finance
  Charge Collections

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  b.     Recoveries

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  c.     Principal
  Collections

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  d.     Default
  Amount

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  e.     Dilution

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  f.      Investor
  Uncovered Dilution Amount

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  g.     Dilution
  including Fraud Amount

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  h.     Available
  Finance Charge Collections

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

i.      Investor
Finance Charge Collections

ii.     Excess
Finance Charge Collections allocable to Series 2010-2

iii.    Principal
Accumulation Account Investment Proceeds

iv.    Investment
earnings in the Reserve Account

v.     Reserve
Account Draw Amount

vi.    Recoveries

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

j.      Total
Collections to Series

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

 

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

 

a.     Available
Finance Charge Collections

i.      On a pari passu
basis:

a.     Payment to the Indenture Trustee, to a maximum of $25,000

b.     Payment to the Trustee, to a maximum of $25,000

c.     Payment to the Administrator, to a maximum of $25,000

 

ii.     To the
Servicer:

a.     Noteholder Servicing Fee

b.     Noteholder Servicing Fee previously due but not paid

c.     Total Noteholder Servicing Fee

 

iii.    On a pari passu
basis:

a.     Class A Monthly Interest

b.     Class A Deficiency Amount

c.     Class A Additional Interest

d.     Class A Additional Interest not paid on prior Payment Date

 

iv.    On a pari passu
basis:

a.     Class B Monthly Interest

b.     Class B Deficiency Amount

c.     Class B Additional Interest

 

Exhibit B (Page 7)

 

d.     Class B
Additional Interest not paid on prior Payment Date

 

v.    On a pari passu basis:

a.     Class C
Monthly Interest

b.     Class C
Deficiency Amount

c.     Class C
Additional Interest

d.     Class C
Additional Interest not paid on prior Payment Date

 

vi.   To be treated as Available Principal Collections

a.     Aggregate
Investor Default Amount

b.     Aggregate
Investor Uncovered Dilution Amount

 

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

a.     Investor
Charge-offs

b.     Reallocated
Principal Collections

 

viii. Excess of Required Reserve Account Amount Over Available Reserve
Account Amount

 

ix.    Amounts required to be deposited to the Spread Account

 

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

 

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

 

xii.   The balance, if any, will constitute a portion of Excess Finance
Charge Collections for such Payment Date and first will be available for
allocation to other Series in Group One and, then:

a.     Unless
an Early Amortization Event has occurred, to the Transferor; and 

b.     If an
Early Amortization Event has occurred, first, to pay Monthly Principal in
accordance with Section 4.4(c) of the Indenture to the extent not
paid in full from Available Principal Collections (calculated without regard to
amounts available to be treated as Available Principal Collections pursuant to
this clause), second, to pay on a pari passu basis any amounts owed to such
Persons listed in clause (a)(i) above that have been allocated to Series 2010-2
in accordance with Section 8.4(d) of the Indenture and that have not
been paid pursuant to clauses (a)(i) and (a)(xi) above, and, third, any
amounts remaining after payment in full of the Monthly Principal and amounts
owed to such Persons listed in clause (a)(i) above shall be paid to the
Issuer.

 

Exhibit B (Page 8)

 

XI.         Excess Finance Charge Collections (Group One)

 

a.     Total
Excess Finance Charge Collections in Group One

 

b.     Finance
Charge Shortfall for Series 2010-2

 

c.     Finance
Charge Shortfall for all Series in Group One

 

d.     Excess
Finance Charges Collections Allocated to Series 2010-2

 

XII.        Available Principal Collections and Distributions
(Section references relate to Indenture Supplement)

 

a.     Investor
Principal Collections

 

b.     Less:  Reallocated Principal Collections for the
Monthly Period pursuant to Section 4.7

 

c.     Plus:  Shared Principal Collections allocated to
this Series

 

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

 

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

 

f.      Plus:  During an Early Amortization Period, the
amount of Available Finance Charge Collections used to pay principal on the
Notes pursuant to Section 4.4(a)(xiii)

 

g.     Available
Principal Collections (Deposited to Principal Account)

i.     During the Revolving Period, Available Principal Collections
treated as Shared Principal Collections Pursuant to Section 4.4(b)

ii.    During the Controlled Accumulation Period, Available Principal
Collections deposited to the Principal Accumulation Account pursuant to Section 4.4(c)(i),
(ii)

iii.   During the Early Amortization Period, Available Principal
Collections deposited to the Distribution Account pursuant to Section 4.4(c)

iv.   Series Shared Principal Collections available to Group One
pursuant to Section 4.4(c)(iii)

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

a.     Principal paid to Class A Noteholders

b.     Principal paid to Class B Noteholders

c.     Principal paid  to Class C
Noteholders

vi.   Total Principal Collections Available to Share (Inclusive of Series 2010-2)

vii.  Series Principal Shortfall

 

 

Exhibit B (Page 9)

 

viii.  Shared
Principal Collections allocated to this Series from other Series

 

XIII.       Series 2010-2 Accumulation

 

a.     Controlled
Accumulation Period Length in months (scheduled)

 

b.     Controlled
Accumulation Amount

 

c.     Controlled
Deposit Amount

 

d.     Accumulation
Shortfall

 

e.     Principal
Accumulation Account Balance

i.      Beginning
of Interest Period

ii.     Controlled
Deposit Amount

iii.    Withdrawal
for Principal Payment

iv.    As of
Payment Date

 

XIV.      Reserve Account Funding (Section references relate to
Indenture Supplement)

 

a.     Reserve
Account Funding Date (scheduled)

 

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

 

c.     Beginning
Available Reserve Account Amount

 

d.     Reserve
Draw Amount

 

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

 

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

 

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

 

h.     Ending
Available Reserve Account Amount

 

XV.        Spread Account Funding (Section references relate to
Indenture Supplement)

 

a.     Spread
Account Percentage

 

b.     Required
Spread Account Amount

 

c.     Beginning
Available Spread Account Amount

 

d.     Withdrawal
pursuant to 4.11(a) — Section 4.4(a)(v) Shortfall

 

e.     Withdrawal
pursuant to 4.11(b) — Class C Expected Principal Payment Date

 

f.      Withdrawal
pursuant to 4.11(c) — Early Amortization Event

 

g.     Withdrawal
pursuant to 4.11(d) — Event of Default

 

Exhibit B (Page 10)

 

h.     Deposit
pursuant to 4.4(a)(ix) — Spread Account Deficiency

 

i.      Withdrawal
pursuant to 4.11(f) — Spread Account Surplus Amount

 

j.      Ending
Available Spread Account Amount

 

XVI.      Series Early Amortization Events

 

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

 

Free Equity:

 

i.      Free
Equity Amount

ii.     Minimum
Free Equity Amount

iii.    Excess
Free Equity Amount

 

b.     The Note
Trust Principal Balance is less than the Required Principal Balance Note Trust
Principal Balance:

i.      Note
Trust Principal Balance

ii.     Required
Principal Balance

iii.    Excess
Principal Balance

 

c.     The
three-month Average Portfolio Yield is less than three-month average Base Rate
Portfolio Yield:

i.      Three
month Average Portfolio Yield

ii.     Three
month Average Base Rate

iii.    Three
Month Average Excess Spread

 

d.     The Note
Principal Balance is outstanding beyond the Expected Principal Payment Date

i.      Expected
Principal Payment Date

ii.     Current
Payment Date

 

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

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

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

h.     Has an
early amortization event occurred?

 

Exhibit B (Page 11)

 

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

 

	
   

  	
  GENERAL ELECTRIC CAPITAL

  CORPORATION, as Servicer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
					

 

Exhibit B (Page 12)

 

SCHEDULE I

 

PERFECTION REPRESENTATIONS, WARRANTIES

AND COVENANTS (WITH RESPECT TO RECEIVABLES)

 

(a)           In
addition to the representations, warranties and covenants contained in the
Indenture, the Issuer hereby represents, warrants and covenants to the
Indenture Trustee as follows as of the Closing Date:

 

(1)           The
Indenture creates a valid and continuing security interest (as defined in the
applicable UCC) in the Receivables in favor of the Indenture Trustee, which
security interest is prior to all other Liens, and is enforceable as such
against creditors of and purchasers from the Issuer.

 

(2)           The
Receivables constitute either “accounts” or “general intangibles” within the
meaning of the applicable UCC.

 

(3)           The
Issuer owns and has good and marketable title to the Receivables free and clear
of any Lien, claim or encumbrance of any Person.

 

(4)           There
are no consents or approvals required for the pledge of the Receivables to the
Indenture Trustee pursuant to the Indenture.

 

(5)           The
Issuer (or the Administrator on behalf of the Issuer) has caused the filing of
all appropriate financing statements in the proper filing office in the
appropriate jurisdictions under applicable law in order to perfect the security
interest granted to the Indenture Trustee under the Indenture in the
Receivables.

 

(6)           Other
than the pledge of the Receivables to the Indenture Trustee pursuant to the
Indenture, the Issuer has not pledged, assigned, sold, granted a security
interest in, or otherwise conveyed the Receivables.  The Issuer has not authorized the filing of
and is not aware of any financing statements against the Issuer that include a
description of the Receivables, except for the financing statement filed
pursuant to the Indenture.

 

(7)           Notwithstanding
any other provision of the Indenture, the representations and warranties set
forth in this Schedule I shall be
continuing, and remain in full force and effect, until such time as the Series 2010-2
Notes are retired.

 

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

 

(c)           The
Issuer covenants that in order to evidence the interests of the Issuer and the
Indenture Trustee under the Indenture, the Issuer shall take such action, or
execute and deliver such instruments as may be necessary or advisable
(including, without limitation, such actions as are requested by the Indenture
Trustee) to maintain and perfect, as a first priority interest, the Indenture
Trustee’s security interest in the Receivables.

 

Schedule I (Page 1)Exhibit 10.1

 

CONFIDENTIAL TREATMENT

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confidential

treatment request.  This text has
been separately filed with the SEC.

EXECUTION COPY

 

AMENDMENT NO. 1

to

BUSINESS TRANSFER AGREEMENT

 

This
Amendment No. 1 (this “Amendment”) is made and entered into as of March 30,
2010 by and between Orchid Chemicals & Pharmaceuticals Ltd., a company
incorporated under the Act (“Orchid”), and Hospira Healthcare India
Private Limited, a company incorporated under the Act (“Hospira”), for
the purpose of amending that certain Business Transfer Agreement, dated as of December 15,
2009, by and among Orchid, Mr. K. Raghavendra Rao and Hospira (the “Agreement”).  Capitalized terms not defined herein shall
have the meanings given to them in the Agreement.

 

NOW,
THEREFORE, in consideration of the mutual promises made by the Parties hereto
and for good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, intending to be legally bound, the Parties hereto
agree as follows:

 

1.                                       Amendments to
Agreement.

 

A.                                  Section 2.2.3
of the Agreement is hereby amended in its entirety to read as follows:

 

 

 

 

 

[***]

 

 

 

 

 

B.                                    Section 3.1
of the Agreement is hereby amended in its entirety to read as follows:

 

The cash consideration for the Transferred Assets of
the Business, exclusive of all applicable Transfer Taxes resulting from the
transfer of the Transferred Assets of the Business, is USD 392,500,000 (United
States Dollar Three Hundred Ninety Two Million Five Hundred Thousand) (the “Cash
Consideration”), subject to adjustment in accordance with Clause 3.2. At the
Closing, the Purchaser shall assume the Assumed Liabilities. The Cash
Consideration as adjusted pursuant to Clause 3.2, Clause 6.15, Clause 8.10 and
Clause 11.7, and the Assumed Liabilities are collectively referred to herein as
the “Purchase Price.”

 

C.                                    Section 3.3 of the
Agreement is hereby amended in its entirety to read as follows:

 

The Seller and the Purchaser shall sign and submit all necessary forms
to report the transactions contemplated by this Agreement for federal,
national, regional, state, local, county, city, municipal, town, village,
district, foreign or other income Tax purposes consistent with the allocation
of the Cash Consideration delivered by the Purchaser to the Seller, which
allocation

 

 

CONFIDENTIAL TREATMENT

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been separately filed with the SEC.

 

shall
be delivered by the Purchaser no later than 45 (forty-five) calendar days after
the Closing Date, any allocation schedule set forth in an Ancillary Agreement
and any adjustments to such amounts or allocation schedules following the
Closing (including as required by Clause 3.2) and shall not take a position for
Tax purposes inconsistent therewith. The Parties shall treat the transactions
contemplated by this Agreement in all filings with Governmental Authorities for
all Tax purposes (including consumption Taxes) consistent with the amount of
the Cash Consideration to be paid to the Seller in accordance with Clause
7.2.2, any allocation schedule set forth in an Ancillary Agreement and this
Clause 3.3.

 

D.                                   Schedule 1.1(c) of
the Agreement is hereby deleted and replaced in its entirety with Exhibit A
to this Amendment.

 

E.                                     Schedule 9.11.4
of the Agreement is hereby deleted and replaced in its entirety with Exhibit B
to this Amendment.

 

F.                                     Schedule 9.11.6
of the Agreement is hereby deleted and replaced in its entirety with Exhibit C
to this Amendment.

 

2.                                       General.  Except as amended by this Amendment, the
terms and conditions of the Agreement shall remain in full force and effect.

 

3.                                       Governing Law.  The internal laws
of India (without giving effect to any choice or conflict of law provision or rule (whether
of India or any other jurisdiction) that would cause the application of laws of
any other jurisdiction) govern all matters arising out of or relating to this
Amendment and its Exhibits and all of the transactions it contemplates,
including its validity, interpretation, construction, performance and
enforcement and any disputes or controversies arising therefrom or related
thereto.

 

4.                                       Entire Agreement.  This Amendment,
the Agreement and the exhibits, schedules and addendums hereto and thereto,
constitute the entire agreement of the Parties relating to the subject matter
hereof and supersede all previous written or oral negotiations, commitments and
writings.

 

5.                                       Execution in Counterparts.  This
Amendment may be executed in multiple counterparts, each of which when so
executed and delivered shall be deemed an original, but all of which together
shall constitute one and the same instrument, and any Party may execute this
Amendment by signing any one or more of such originals or counterparts.  The delivery of signed counterparts by
facsimile transmission or electronic mail in “portable document format” (“.pdf”)
shall be as effective as signing and delivering the counterpart in person.

 

***SIGNATURE PAGE FOLLOWS***

 

2

 

CONFIDENTIAL TREATMENT

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treatment request.  This text has
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IN WITNESS WHEREOF, the Parties have
executed this Amendment as of the date first set forth above.

 

	
  ORCHID
  CHEMICALS & PHARMACEUTICALS LIMITED  

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/
  K. Raghavendra Rao

  	
   

  
	
  Name:

  	
  K.
  Raghavendra Rao

  	
   

  
	
  Title:

  	
  Managing
  Director

  	
   

  
	
   

  	
   

  
	
  HOSPIRA
  HEALTHCARE INDIA PRIVATE LIMITED

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/
  Michael B. Johannesen

  	
   

  
	
  Name:

  	
  Michael
  B. Johannesen

  	
   

  
	
  Title:

  	
  Authorized
  Signatory

  	
   

  

 

 

CONFIDENTIAL TREATMENT

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been separately filed with the SEC.

 

EXHIBIT A

 

SELLER MIXED-USE INTELLECTUAL PROPERTY

 

 

CONFIDENTIAL TREATMENT

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EXHIBIT B

 

OWNED INTELLECTUAL PROPERTY

 

 

CONFIDENTIAL TREATMENT

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confidential

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been separately filed with the SEC.

 

EXHIBIT C

 

REGISTERED OWNED INTELLECTUAL PROPERTY

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