Document:

Exhibit
4.13

Paragraph
13

Elections and Variables

to the ISDA Credit Support Annex

dated as of June 28, 2007

between

	
  BANK OF AMERICA, N.A. (“Party A”)

  	
   

  	
  GE CAPITAL CREDIT CARD MASTER NOTE TRUST

  (“Party B”)

  

 

Paragraph
13.  Elections and Variables

(a)           Security Interest for “Obligations”.

(i)                                     The
term “Obligations”
as used in this Annex includes no “additional obligations” within the meaning
of Paragraph 12.

 (b)          Credit Support Obligations.

(i)            Delivery Amount, Return Amount and
Credit Support Amount.  “Delivery Amount”
has the meaning specified in Paragraph 3(a) except that (I) the words “upon a
demand made by the Secured Party  on
or promptly following a Valuation Date” shall be deleted and replaced by the
words “not later than the close of business on each Valuation Date”, (II) by
deleting in its entirety the sentence beginning “Unless otherwise specified in
Paragraph 13” and ending “(ii) the Value as of that Valuation Date of all
Posted Credit Support held by the Secured Party.” shall be deleted in its
entirety and replaced with the following:

The “Delivery
Amount” applicable to the Pledgor
for any Valuation Date will equal the greatest of

(1)           the amount by which (a)
the S&P Credit Support Amount for such Valuation Date exceeds (b) the
S&P Value as of such Valuation Date of all Posted Credit Support held by
the Secured Party,

(2)           the amount by which (a)
the Fitch Credit Support Amount for such Valuation Date exceeds (b) the Fitch
Value as of such Valuation Date of all Posted Credit Support held by the
Secured Party

(3)           the amount by which (a)
the Moody’s First Trigger Credit Support Amount for such Valuation Date exceeds
(b) the Moody’s First Trigger Value as of such Valuation Date of all Posted
Credit Support held by the Secured Party, and

(4)           the amount by which (a)
the Moody’s Second Trigger Credit Support Amount for such Valuation Date
exceeds (b) the Moody’s Second Trigger Value as of such Valuation Date of all
Posted Credit Support held by the Secured Party.”; and

(5)           if, on any Valuation
Date, the Delivery Amount equals or exceeds the Pledgor’s Minimum Transfer
Amount, the Pledgor will transfer to the Secured Party sufficient Eligible
Credit Support to ensure that, immediately following such transfer, the
Delivery Amount shall be zero.

“Return Amount” has the
meaning specified in Paragraph 3(b)  except
that (I) the sentence beginning “Unless otherwise specified in Paragraph 13”
and ending “(ii) the Credit Support Amount.” shall be deleted in its entirety
and replaced by the following:

Copyright © 1994 by
International Swaps and Derivatives Association, Inc.

The “Return
Amount” applicable to the Secured Party for any Valuation Date
will equal the least of

(1)           the amount by which (a)
the S&P Value as of such Valuation Date of all Posted Credit Support held
by the Secured Party exceeds (b) the S&P Credit Support Amount for such
Valuation Date,

(1)           the amount by which (a)
the Fitch Value as of such Valuation Date of all Posted Credit Support held by
the Secured Party exceeds (b) the Fitch Credit Support Amount for such
Valuation Date,

 (2)          the amount by which (a) the Moody’s First
Trigger Value as of such Valuation Date of all Posted Credit Support held by
the Secured Party exceeds (b) the Moody’s First Trigger Credit Support Amount
for such Valuation Date, and

(3)           the amount by which (a)
the Moody’s Second Trigger Value as of such Valuation Date of all Posted Credit
Support held by the Secured Party exceeds (b) the Moody’s Second Trigger Credit
Support Amount for such Valuation Date.

(4)           in no event shall the Transferee be required
to transfer any Posted Credit Support under Paragraph 3(b) if, immediately
following such transfer, the Delivery Amount would be greater than zero..

“Credit Support Amount”
shall not apply.  For purposes of calculating
any Delivery Amount or Return Amount for any Valuation Date, reference shall be
made to the S&P Credit Support Amount, the Fitch Credit Support Amount, the
Moody’s First Trigger Credit Support Amount, or the Moody’s Second Trigger
Credit Support Amount, in each case for such Valuation Date, as provided in
Paragraphs 13(b)(i)(A) and 13(b)(i)(B), above.

(ii)           Eligible Collateral.  The following terms will qualify as “Eligible Collateral”
for the party specified:

 2
 

 

 

	
  Collateral (all denominated in USD)

  	
   

  	
  S&P 

  Approved 

  Ratings Downgrade/

  Fitch 

  Valuation 

  Percentage

  	
   

  	
  S&P 

  Required 

  Ratings 

  Downgrade 

  Valuation 

  Percentage

  	
   

  	
  Moody’s 

  First Trigger 

  Valuation 

  Percentage

  	
   

  	
  Moody’s 

  Second Trigger 

  Valuation 

  Percentage

  	
   

  
	
  (A)  Cash

  	
   

  	
  100

  	
  %

  	
  80

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (B)   Fixed-Rate Negotiable debt obligations issued by
  the U.S. Treasury Department having a remaining maturity on such date of not
  more than one year

  	
   

  	
  98.5

  	
  %

  	
  78.8

  	
  %

  	
  100

  	
  %

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (C)   Fixed-Rate Negotiable debt obligations issued by
  the U.S. Treasury Department having a remaining maturity on such date of more
  than one year but not more than ten years

  	
   

  	
  89.9

  	
  %

  	
  71.9

  	
  %

  	
  100

  	
  %

  	
  94

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (D)  Fixed-Rate Negotiable debt obligations issued by
  the U.S. Treasury Department having a remaining maturity on such date of more
  than ten years

  	
   

  	
  83.9

  	
  %

  	
  67.1

  	
  %

  	
  100

  	
  %

  	
  88

  	
  %

  

 

Eligible Collateral continued:

(1)  “Negotiable
debt obligations” has the meaning specified in the 2003
Collateral Asset Definitions.

(2)  Restriction on US-STRIPS, US-TIPS.  Both parties agree that any US Treasury
Strips (US-STRIPS) or US Treasury Inflation Protected Issues (US-TIPS) or
similar securities representing a segment of the full payment obligation of a
standard Treasury shall not be deemed Eligible Collateral and therefore must
not be posted by either party.  US-STRIPS
and US TIPS shall have the meaning as defined in the 2003 ISDA Collateral Asset
Definitions or as amended therein.

(iii)          Thresholds.

(A)                  “Independent Amount”
means with respect to Party A:  US$0,
unless otherwise specified in a Confirmation.

(B)       “Threshold” means
with respect to Party A:  US$0 in the
event that (I) Party A fails to assign all of its rights and obligations under
the Agreement or enter into any other Qualifying Substitute Arrangement on or
before the thirtieth (30) day after the date of a Fitch Downgrade (as described
in Part 1(o) of the Schedule) continues to exist, (II) 10 Local Business Days
after an S&P Approved Ratings Downgrade has occurred and Party A has not
entered into any other Qualifying Substitute Arrangements, (III) 10 Local
Business Days after an S&P Required Ratings Downgrade has occurred or (IV)
no Relevant Entity has the Moody’s First Trigger Required Ratings and either
(i) no Relevant Entity has had the Moody’s First Trigger Required Ratings since
this Annex was executed or (ii) at least 30 Local Business days have elapsed
since the last time a Relevant Entity had the Moody’s First Trigger Required
Ratings; otherwise, the Threshold shall be infinite.  With respect to Party B:  infinity

 3
 

(C)       “Minimum Transfer Amount”
means with respect to Party A and Party B: 
US$50,000; provided however, that if Party A is a Defaulting Party at
the time, “Minimum Transfer Amount”
with respect to Party A shall be Zero.

(D)      Rounding.  The Delivery
Amount will be rounded up to the nearest integral multiple of US$10,000 and the
Return Amount will be rounded down to the nearest integral multiple of
US$10,000.

(c)           Valuation and Timing.

(i)            “Valuation Agent”
means Party A, provided, however, that if Party A is a Defaulting Party at the
time, “Valuation Agent” shall mean
Party B.

(ii)           “Valuation Date”
means:  (A) in relation to either party
each Wednesday of the relevant calendar week (or if such day is not a General
Business Day then the immediately following General Business Day), and (B) any
General Business Day designated by Party B which, in the reasonable judgment of
Party B, would result in a Delivery Amount or Return Amount.  For the purpose of the foregoing, a General
Business Day shall be a General Business Day in New York.

(iii)          “Valuation Time”
means, the close of business in the Relevant Market on the day which is one
General Business Day in the Relevant Market first preceding the Valuation Date
or date of calculation, as applicable; provided that the calculations of Value
and Exposure will be made as of approximately the same time on the same date.

For the purposes
of this provision, “Relevant Market”
means (a) with respect to the calculation of Value, the principal market in
which the relevant Eligible Credit Support is traded; and (b) with respect to
the calculation of Exposure, the principal market for the relevant Transaction;
each as determined by the Valuation Agent, subject to Paragraph 5, or as
otherwise agreed between the parties.

(iv)          “Notification Time”
means 1:00 p.m., on a General Business Day in New York.

(d)           Conditions Precedent and Secured
Party’s Rights and Remedies. 
The following Termination Event(s) will be a “Specified Condition”
for the party specified (that party being the Affected Party if the Termination
Event occurs with respect to that party):

	
  

  	
   

  	
  Party A

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Additional
  Termination Event(s): (If any)

  	
   

  	
  [X]

  	
   

  

 

(e)           Substitution.

(i)            “Substitution Date”
has the meaning specified in Paragraph 4(d)(ii).

(ii)           Consent. 
Inapplicable.

(f)            Dispute Resolution.

(i)            “Resolution Time”
means 1:00 p.m., on the New York General Business Day following the date on
which the notice is given that gives rise to a dispute under Paragraph 5.

(ii)           Value.  For the purpose of Paragraphs 5(i)(C) and
5(ii), the Value of Posted Credit Support will be calculated as follows:  the
sum of (i) (x) the arithmetic mean of the closing bid prices quoted on the
relevant date of three nationally recognized principal market makers (which may
include an affiliate of Party A) for such security chosen by the Valuation
Agent multiplied by the applicable Valuation 

 4
 

Percentage or (y)
if no quotations are available from such principal market makers on the
relevant date, the arithmetic mean of the closing bid prices on the next
preceding date multiplied by the applicable Valuation Percentage plus (ii) the
accrued interest on such security (except to the extent Transferred to a party
pursuant to any applicable provision of this Agreement or included in the
applicable price referred to in (i) of this clause) as of such date.

(iii)          Alternative.  The provisions of Paragraph 5 will apply.

(g)           Holding and Using Posted Collateral.

(i)                                     Eligibility to Hold Posted
Collateral; Custodians. 
Party B and its Custodian will be entitled to hold Posted Collateral
pursuant to Paragraph 6(b) in the Swap Collateral Account (as defined in the
Indenture), provided that any such Custodian shall have a minimum short-term
unsecured, unsubordinated debt rating of “A-1” from S&P:  Initially, the Custodian for Party B is
Indenture Trustee.  The Indenture Trustee
shall replace itself with another Custodian within 60 day after its failure to
satisfy the ratings set forth in the previous sentence.

(ii)           Use of Posted Collateral.
The provisions of Paragraph 6(c)(i) will not apply to Posted Collateral.

(h)           Distribution and Interest Amount.

(i)                                     Interest Rate.  The “Interest Rate” will be  the actual interest rate earned on Posted  Collateral in the form of Cash  that is held by Party B or its Custodian.

(ii)                                  “Transfer of Interest
Amount.”  The Transfer of the
Interest Amount will be made on the Third New York Business Day of each
calendar month; provided however that the obligation of Party B to Transfer any
Interest Amount to Party A shall be limited to the extent that Party B has
earned and received such funds and such funds are available to Party B.

(iii)                               Alternative to Interest Amount.  The provisions of Paragraph 6(d)(ii) will
apply.

(iv)                              The
definition of Posted Collateral shall be amended by inserting the words “received
by the Secured Party and” after “Interest Amount or portion thereof”.

(i)            Additional Representation(s). Not
Applicable.

(j)            ISDA Master Agreement Protocol

The terms of Annex
14 of the ISDA 2002 Master Agreement Protocol as published by ISDA on July 15,
2003 (the “Protocol”) are incorporated by reference into this Agreement, and
shall be construed in accordance with Section 6 of the Protocol.

(k)           Demands and Notices.

All demands, specifications and notices to Party A
under this Annex will be made to:

As set forth in
the Schedule.

All demands, specifications and notices to Party B
under this Annex will be made to:

Bank
of New York

Attn:
Primary administrator, Cal Guillaume

Fax:
212-635-6338

email: CGuillaume@bankofny.com

 5
 

Any demand, specification
or notice may be made by telephone (“Telephone Notice”) between
employees of each party if such Telephone Notice is confirmed by a subsequent
written instruction (which may be delivered via facsimile or email) by the
close of business on the same day that such Telephone Notice is given.

(l)            Addresses for Transfers.

With respect to Party A:  To be
provided by written instructions.

With respect to Party B:

The Bank of New York

Attn: Primary administrator, Cal Guillaume

Fax: 212-635-6338

email: CGuillaume@bankofny.com

(m)          Other Provisions.

(i)             One Way CSA.  Agreement as to Single Secured Party and
Single Pledgor.  Party A and Party B
agree that, notwithstanding anything to the contrary in the recital to this
Annex, Paragraph 1(b) or Paragraph 2 or the definitions in Paragraph 12, (a)
the term “Secured Party” as used in this Annex means only Party B, (b) the term
Pledgor” as used in this Annex means only Party A, (c) only Party A makes the
pledge and grant in Paragraph 2, the acknowledgement in the final sentence of
Paragraph 8(a) and the representations in Paragraph 9.  Party A and Party B further agree that,
notwithstanding anything to the contrary in the recital to this Annex or Paragraph
7, this Annex will constitute a Credit Support Document only with respect to
Party A, and the Events of Default in Paragraph 7 will only apply to Party A

(ii)          Governing Law.  The
terms and conditions of this Annex shall be governed and construed in
accordance with the laws of the State of New York and to the non-exclusive
jurisdiction of the courts of the State of New York and the United States
District Court located in the Borough of Manhattan in New York  City.

(iii)       2002 ISDA Master Agreement:  As the parties have agreed to utilize an Agreement
in the form of the 2002 Master Agreement published by the International Swaps
and Derivatives Association (“ISDA”) and ISDA has indicated that certain
modifications are appropriate when using this Annex with said 2002 Master
Agreement, the parties hereby agree that, notwithstanding anything herein or in
the Agreement to the contrary, Paragraph 5(i)(b) and the definition of “Exposure”
in Paragraph 12, each as set forth above in this Annex, shall be deemed amended
and restated, for all purposes, as described below:

(i)            References throughout
this Annex to “Swap Transactions” are deleted.

(ii)           The terms of Paragraph
5(i)(B) of this Annex are amended and restated in their entirety as follows:

“(B)         calculating the Exposure
for the Transactions in dispute by seeking four actual quotations at mid-market
from third parties for purposes of calculating the relevant Close-out Amount,
and taking the arithmetic average of those obtained; provided that if four
quotations are not available for a particular Transaction, then fewer than four
quotations may be used for that Transaction, and if no quotations are available
for a particular Transaction, then the Valuation Agent’s original calculations
will be used for the Transaction absent manifest error; and”

 6
 

(iii)          The definition of “Exposure”
in Paragraph 12 of the Annex is hereby amended and restated to read in its
entirety as follows:

“‘Exposure’ means for any
Valuation Date or other date for which Exposure is calculated and subject to
Paragraph 5 in the case of a dispute, the amount, if any, that would be payable
to a party that is the Secured Party by the other party (expressed as a
positive number) or by a party that is the Secured Party to the other party
(expressed as a negative number) pursuant to Section 6(e)(ii)(1) of this
Agreement if all Transactions were being terminated as of the relevant
Valuation Time, on the basis that (i) that party is not the Affected Party and
(ii) U.S. Dollars is the Termination Currency; provided that the Close-out
Amount will be determined by the Valuation Agent on behalf of that party using
its estimates at mid-market of the amounts that would be paid for transactions
providing the economic equivalent of (x) the material terms of the
Transactions, including the payments and deliveries by the parties under
Section 2(a)(i) in respect of the Transactions that would, but for the
occurrence of the relevant Early Termination Date, have been required after
that date (assuming satisfaction of the conditions precedent in Section
2(a)(iii)); and (y) the option rights of the parties in respect of the
Transactions provided that, solely for the purpose of this definition, it shall
be assumed that Part 5(s) is deleted.”

(iv)          Set-off.  The terms “Set-off” shall have the meaning
set forth in Section 6(f) of the Agreement.

(iv)                              Calculation of Value. 
Paragraph 4(c) is hereby amended by deleting the word “Value” and
inserting in lieu thereof “S&P/Fitch Value, Moody’s First Trigger Value,
Moody’s Second Trigger Value”.  Paragraph
4(d)(ii) is hereby amended by (A) deleting the words “a Value” and inserting in
lieu thereof “an S&P/Fitch Value, Moody’s First Trigger Value, and Moody’s
Second Trigger Value” and (B) deleting the words “the Value” and inserting in
lieu thereof “S&P/Fitch Value, Moody’s First Trigger Value, and Moody’s
Second Trigger Value”.  Paragraph 5 is
hereby amended by deleting the word “Value” and inserting in lieu thereof “S&P/Fitch
Value, Moody’s First Trigger Value, or Moody’s Second Trigger Value”.  Paragraph 5(i) is hereby amended by deleting
the word “Value” and inserting in lieu thereof “S&P/Fitch Value, Moody’s
First Trigger Value, and Moody’s Second Trigger Value”.  Paragraph 5(i)(C) is hereby amended by
deleting the word “the Value, if” and inserting in lieu thereof “any one or more
of the S&P/Fitch Value, Moody’s First Trigger Value, or Moody’s Second
Trigger Value, as may be”.  Paragraph
5(ii) is hereby amended by (1) deleting the first instance of the words “the
Value” and inserting in lieu thereof “any one or more of the S&P/Fitch
Value, Moody’s First Trigger Value, or Moody’s Second Trigger Value” and (2)
deleting the second instance of the words “the Value” and inserting in lieu
thereof “such disputed S&P/Fitch Value, Moody’s First Trigger Value, or
Moody’s Second Trigger Value”.  Each of
Paragraph 8(b)(iv)(B) and Paragraph 11(a) is hereby amended by deleting the
word “Value” and inserting in lieu thereof “least of the S&P/Fitch Value,
Moody’s First Trigger Value, and Moody’s Second Trigger Value”.

(v)                                 Expenses. 
Notwithstanding anything to the contrary in Paragraph 10, the Pledgor
will be responsible for, and will reimburse the Secured Party for, all transfer
and other taxes and other costs involved in any Transfer and maintenance of
Eligible Collateral.

(vi)                              Withholding.  Paragraph 6(d)(ii) is hereby amended by
inserting immediately after “the Interest Amount” in the fourth line thereof
the words “less any applicable withholding taxes.”

(vii)         Additional Definitions.  As used in this Annex:

“Moody’s First Trigger Event”  means that no Relevant Entity has credit
ratings from Moody’s at least equal to the Moody’s First Trigger Ratings
Threshold.

 7
 

“Moody’s First Trigger Credit Support Amount”
means, for any Valuation Date, the excess, if any, of

(I)                                    (A)          for any Valuation Date
on which (I) a Moody’s First Trigger Event has occurred and has been continuing
(x) for at least 30 Local Business Days or (y) since this Annex was executed
and (II) it is not the case that a Moody’s Second Trigger Event has occurred
and been continuing for at least 30 Local Business Days, the greater of (a)
zero and (b) sum of (i) the Secured Party’s Transaction Exposure for such
Valuation Date and (ii) the aggregate of the Moody’s First Trigger Further
Collateral Amounts for all Transactions;] or

(B)                                for
any other Valuation Date, zero, over

(II)                                the
Threshold for Party A such Valuation Date.

“Moody’s First Trigger Further Collateral
Amount” means for any Transaction and Valuation Date the
product of the applicable Moody’s First Trigger Factor set forth in Table 1 and
the Notional Amount for such Transaction for the Calculation Period which
includes such Valuation Date.

“Moody’s First Trigger Value” means,
on any date and with respect to any Eligible Collateral other than Cash, the
bid price obtained by the Valuation Agent multiplied by the Moody’s First
Trigger Valuation Percentage for such Eligible Collateral set forth in
Paragraph 13(b)(ii).

 “Moody’s Second
Trigger Event”  means
that no Relevant Entity has credit ratings from Moody’s at least equal to the
Moody’s Second Trigger Ratings Threshold.

“Moody’s Second Trigger Credit Support Amount”
means, for any Valuation Date, the excess, if any, of

(I)                                    (A)          for any Valuation Date
on which it is the case that a Moody’s Second Trigger Event has occurred and
been continuing for at least 30 Local Business Days, the sum, for each
Transaction to which this Annex relates, of an amount equal to the following:

(1)                                  if such Transaction
is not a Transaction-Specific Hedge,

the greater of (a) zero, (b) the aggregate
amount of the Next Payments (each determined based on the rates prevailing on
such Valuation Date) for all Next Payment Dates and (c) sum of (i) the Secured
Party’s Transaction Exposure for such Valuation Date and (ii) the aggregate of
the Moody’s Second Trigger Further Collateral Amounts for allTransactions or

(2)                                  if such Transaction
is a Transaction-Specific Hedge,

the greater of (a) zero, (b) the aggregate
amount of the Next Payments (each determined based on the rates prevailing on
such Valuation Date) for all Next Payment Dates and (c) sum of (i) the Secured
Party’s Transaction Exposure for such Valuation Date and (ii) the aggregate of
the Moody’s Second Trigger TSH Further Collateral Amounts for all Transactions
or

(B)                                for
any other Valuation Date, zero, over

 8
 

(II)                                the
Threshold for Party A for such Valuation Date.

“Moody’s Second Trigger Further Collateral
Amount” means for any Transaction and Valuation Date the
product of the applicable Moody’s Second Trigger Factor set forth in the third
column of Table 1and the Notional Amount for such Transaction for the
Calculation Period which includes such Valuation Date.

“Moody’s Second Trigger TSH Further Collateral
Amount” means for any Transaction and Valuation Date the
product of the applicable Moody’s Second Trigger Factor set forth in the fourth
column of Table 1and the Notional Amount for such Transaction for the
Calculation Period which includes such Valuation Date.

“Moody’s Second Trigger Value” means,
on any date and with respect to any Eligible Collateral other than Cash, the
bid price obtained by the Valuation Agent multiplied by the Moody’s Second
Trigger Valuation Percentage for such Eligible Collateral set forth in
Paragraph 13(b)(ii).

“Next Payment” means, in respect of each Next Payment
Date, the greater of (i) the amount of any payments due to be made by Party A
under Section 2(a) on such Next Payment Date less any payments due to be made
by Party B under Section 2(a) on such Next Payment Date (in each case, after
giving effect to any applicable netting under Section 2(c)) and (ii) zero.

“Next
Payment Date” means each date on which the next scheduled
payment under any Transaction is due to be paid.

“Pricing Sources” means the sources of
financial information commonly known as Bloomberg, Bridge Information Services,
Data Resources Inc., Interactive Data Services, International Securities Market
Association, Merrill Lynch Securities Pricing Service, Muller Data Corporation,
Reuters, Wood Gundy, Trepp Pricing, JJ Kenny, S&P and Telerate.

“Fitch Credit Support Amount” means,
for any Valuation Date, the excess, if any, of

(I)                                    (A)          for any Valuation Date a
Fitch Downgrade, has occurred and been continuing for at least 30 days, an
amount equal to the sum, for each Transaction to which this Annex relates, of
the sum of (1) 100.0% of the Secured Party’s Transaction Exposure for such
Valuation Date and (2) the product of the Volatility Buffer for such
Transaction and the Notional Amount of such Transaction for the Calculation
Period of such Transaction which includes such Valuation Date, or

(B)                                for
any other Valuation Date, zero, over

(II)                                the
Threshold for Party A for such Valuation Date.

“Fitch Value”
means, on any date and with respect to any Eligible Collateral, the product of
(A) the bid price (or the face amount with respect to Cash) obtained by the
Valuation Agent for such Eligible Collateral and (B) the Fitch Valuation
Percentage for such Eligible Collateral set forth in paragraph 13(b)(ii).

“S&P Credit Support Amount” means,
(a) if an S&P Approved Ratings Downgrade has occurred and has continued for
10 Local Business Days, for any Valuation Date, the Secured Party’s Exposure;
(b) if an S&P Required Ratings Downgrade has occurred and has continued for
10 Local Business Days:  an amount equal
to 125% of the Secured Party’s Exposure or (c) for any other date: zero.

 9
 

“S&P Value”
means, on any date and with respect to any Eligible Collateral, the product of
(A) the bid price (or the face amount with respect to Cash) obtained by the
Valuation Agent for such Eligible Collateral and (B) in the event an S&P
Approved Ratings Downgrade or an S&P Required Ratings Downgrade has been
continuing for 10 Local Business Days, the S&P Approved Ratings
Downgrade/Fitch Valuation Percentage or the S&P Required Ratings Downgrade
Valuation Percentage, respectively, for such Eligible Collateral set forth in
paragraph 13(b)(ii).

Transaction Exposure” means, for any
Transaction, Exposure determined as if such Transaction were the only
Transaction between the Secured Party and the Pledgor.

“Transaction-Specific Hedge” means any
Transaction that is an interest rate cap, interest rate floor or interest rate
swaption, or an interest rate swap in respect of which (x) the notional amount
is “balance guaranteed” or (y) the notional amount for any Calculation Period
otherwise is not a specific dollar amount that is fixed at the inception of the
Transaction.

“Value” shall mean, in respect of any
date, the related S&P Value, Fitch Value, Moody’s First Trigger Value, and
Moody’s Second Trigger Value.

“Volatility Buffer” means, for any
Transaction, the related percentage set forth in the following table.

Fitch Volatility Buffer:

	
  The higher of the Fitch 

  credit rating of (i) 

  Party A and (ii) the 

  Credit Support 

  Provider of Party A, if 

  	
   

  	
  Remaining
  Weighted Average Maturity

  (years)

  	
   

  
	
  applicable

  	
   

  	
  1

  	
   

  	
  2

  	
   

  	
  3

  	
   

  	
  4

  	
   

  	
  5

  	
   

  	
  6

  	
   

  	
  7

  	
   

  	
  8

  	
   

  
	
  At least “AA-”

  	
   

  	
  0.8

  	
  %

  	
  1.7

  	
  %

  	
  2.5

  	
  %

  	
  3.3

  	
  %

  	
  4.0

  	
  %

  	
  4.7

  	
  %

  	
  5.3

  	
  %

  	
  5.9

  	
  %

  
	
  “A+/A”

  	
   

  	
  0.6

  	
  %

  	
  1.2

  	
  %

  	
  1.8

  	
  %

  	
  2.3

  	
  %

  	
  2.8

  	
  %

  	
  3.3

  	
  %

  	
  3.8

  	
  %

  	
  4.2

  	
  %

  
	
  “A-/BBB+” or lower

  	
   

  	
  0.5

  	
  %

  	
  1.0

  	
  %

  	
  1.6

  	
  %

  	
  2.0

  	
  %

  	
  2.5

  	
  %

  	
  2.9

  	
  %

  	
  3.3

  	
  %

  	
  3.6

  	
  %

  

 

	
  The higher of the Fitch 

  credit rating of (i) 

  Party A and (ii) the 

  Credit Support 

  	
   

  	
  Remaining Weighted Average Maturity

  (years)

  	
   

  
	
  Provider of Party A, if
  

  applicable

  	
   

  	
  9

  	
   

  	
  10

  	
   

  	
  11

  	
   

  	
  12

  	
   

  	
  13

  	
   

  	
  14

  	
   

  	
  Greater than or 

  equal to 15

  	
   

  
	
  At least “AA-”

  	
   

  	
  6.5

  	
  %

  	
  7.0

  	
  %

  	
  7.5

  	
  %

  	
  8.0

  	
  %

  	
  8.5

  	
  %

  	
  9.0

  	
  %

  	
  9.5

  	
  %

  
	
  “A+/A”

  	
   

  	
  4.6

  	
  %

  	
  5.0

  	
  %

  	
  5.3

  	
  %

  	
  5.7

  	
  %

  	
  6.0

  	
  %

  	
  6.4

  	
  %

  	
  6.7

  	
  %

  
	
  “A-/BBB+” or lower

  	
   

  	
  4.0

  	
  %

  	
  4.3

  	
  %

  	
  4.7

  	
  %

  	
  5.0

  	
  %

  	
  5.3

  	
  %

  	
  5.6

  	
  %

  	
  5.9

  	
  %

  

 

 10
 

Table 1

	
  Remaining

  Weighted Average Life 

  of Hedge in Years

  	
   

  	
  Moody’s 

  First Trigger 

  Factor

  	
   

  	
  Moody’s Second Trigger 

  Factor for Interest Rate 

  Swaps with Fixed Notional

  Amounts

  	
   

  	
  Moody’s Second Trigger 

  Factor for Transaction 

  Specific Hedges

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1 or less

  	
   

  	
  0.25

  	
  %

  	
  0.60

  	
  %

  	
  0.75

  	
  %

  
	
  More than 1 but not
  more than 2

  	
   

  	
  0.50

  	
  %

  	
  1.20

  	
  %

  	
  1.50

  	
  %

  
	
  More than 2 but not
  more than 3

  	
   

  	
  0.70

  	
  %

  	
  1.70

  	
  %

  	
  2.20

  	
  %

  
	
  More than 3 but not
  more than 4

  	
   

  	
  1.00

  	
  %

  	
  2.30

  	
  %

  	
  2.90

  	
  %

  
	
  More than 4 but not
  more than 5

  	
   

  	
  1.20

  	
  %

  	
  2.80

  	
  %

  	
  3.60

  	
  %

  
	
  More than 5 but not
  more than 6

  	
   

  	
  1.40

  	
  %

  	
  3.30

  	
  %

  	
  4.20

  	
  %

  
	
  More than 6 but not
  more than 7

  	
   

  	
  1.60

  	
  %

  	
  3.80

  	
  %

  	
  4.80

  	
  %

  
	
  More than 7 but not
  more than 8

  	
   

  	
  1.80

  	
  %

  	
  4.30

  	
  %

  	
  5.40

  	
  %

  
	
  More than 8 but not
  more than 9

  	
   

  	
  2.00

  	
  %

  	
  4.80

  	
  %

  	
  6.00

  	
  %

  
	
  More than 9 but not
  more than 10

  	
   

  	
  2.20

  	
  %

  	
  5.30

  	
  %

  	
  6.60

  	
  %

  
	
  More than 10 but not
  more than 11

  	
   

  	
  2.30

  	
  %

  	
  5.60

  	
  %

  	
  7.00

  	
  %

  
	
  More than 11 but not
  more than 12

  	
   

  	
  2.50

  	
  %

  	
  6.00

  	
  %

  	
  7.50

  	
  %

  
	
  More than 12 but not
  more than 13

  	
   

  	
  2.70

  	
  %

  	
  6.40

  	
  %

  	
  8.00

  	
  %

  
	
  More than 13 but not
  more than 14

  	
   

  	
  2.80

  	
  %

  	
  6.80

  	
  %

  	
  8.50

  	
  %

  
	
  More than 14 but not
  more than 15

  	
   

  	
  3.00

  	
  %

  	
  7.20

  	
  %

  	
  9.00

  	
  %

  
	
  More than 15 but not
  more than 16

  	
   

  	
  3.20

  	
  %

  	
  7.60

  	
  %

  	
  9.50

  	
  %

  
	
  More than 16 but not
  more than 17

  	
   

  	
  3.30

  	
  %

  	
  7.90

  	
  %

  	
  9.90

  	
  %

  
	
  More than 17 but not
  more than 18

  	
   

  	
  3.50

  	
  %

  	
  8.30

  	
  %

  	
  10.40

  	
  %

  
	
  More than 18 but not
  more than 19

  	
   

  	
  3.60

  	
  %

  	
  8.60

  	
  %

  	
  10.80

  	
  %

  
	
  More than 19 but not
  more than 20

  	
   

  	
  3.70

  	
  %

  	
  9.00

  	
  %

  	
  11.00

  	
  %

  
	
  More than 20 but not
  more than 21

  	
   

  	
  3.90

  	
  %

  	
  9.00

  	
  %

  	
  11.00

  	
  %

  
	
  More than 21

  	
   

  	
  4.00

  	
  %

  	
  9.00

  	
  %

  	
  11.00

  	
  %

  

 

 11

IN
WITNESS WHEREOF the parties have executed this Credit Support
Annex as of the date hereof.

	
  BANK OF AMERICA, N.A.

  	
   

  	
  GE CAPITAL CREDIT CARD
  MASTER 

  NOTE TRUST

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Shirley de la
  Canal

  	
   

  	
   

  	
  By:

  	
  /s/ Kristine K.
  Gullo

  	
   

  
	
  Name: Shirley de la Canal

  	
   

  	
  Name: Kristine K. Gullo

  
	
  Title: Senior Vice President

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
  Date: 6/28/07

  	
   

  	
  Date: 6/28/07

  
							

 

 12Exhibit 4.1

GE CAPITAL CREDIT CARD MASTER NOTE TRUST,

as Issuer

And

DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Indenture Trustee

Series 2007-3 INDENTURE SUPPLEMENT

Dated as of June 28, 2007

TABLE OF
CONTENTS

	
  

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE I

  	
   

  	
  DEFINITIONS

  	
   

  	
  1

  
	
   

  	
   

  	
  SECTION 1.1.

  	
   

  	
  Definitions

  	
   

  	
  1

  
	
   

  	
   

  	
  SECTION 1.2.

  	
   

  	
  Incorporation of Terms

  	
   

  	
  17

  
	
  ARTICLE II

  	
   

  	
  CREATION OF THE SERIES 2007-3 NOTES

  	
   

  	
  17

  
	
   

  	
   

  	
  SECTION 2.1.

  	
   

  	
  Designation

  	
   

  	
  17

  
	
  ARTICLE III

  	
   

  	
  REPRESENTATIONS, WARRANTIES AND COVENANTS

  	
   

  	
  18

  
	
   

  	
   

  	
  SECTION 3.1.

  	
   

  	
  Representations, Warranties and Covenants with
  respect to Net Swap Receipts

  	
   

  	
  18

  
	
   

  	
   

  	
  SECTION 3.2.

  	
   

  	
  Representations, Warranties and Covenants with
  respect to Receivables

  	
   

  	
  18

  
	
   

  	
   

  	
  SECTION 3.3.

  	
   

  	
  Representations, Warranties and Covenants with
  respect to ERISA

  	
   

  	
  18

  
	
  ARTICLE IV

  	
   

  	
  RIGHTS OF SERIES 2007-3 NOTEHOLDERS AND ALLOCATION
  AND APPLICATION OF COLLECTIONS

  	
   

  	
  18

  
	
   

  	
   

  	
  SECTION 4.1.

  	
   

  	
  Determination of Interest and Principal

  	
   

  	
  18

  
	
   

  	
   

  	
  SECTION 4.2.

  	
   

  	
  Establishment of Accounts

  	
   

  	
  20

  
	
   

  	
   

  	
  SECTION 4.3.

  	
   

  	
  Calculations and Series Allocations

  	
   

  	
  21

  
	
   

  	
   

  	
  SECTION 4.4.

  	
   

  	
  Application of Available Finance Charge Collections
  and Available Principal Collections

  	
   

  	
  24

  
	
   

  	
   

  	
  SECTION 4.5.

  	
   

  	
  Distributions

  	
   

  	
  27

  
	
   

  	
   

  	
  SECTION 4.6.

  	
   

  	
  Investor Charge-Offs

  	
   

  	
  28

  
	
   

  	
   

  	
  SECTION 4.7.

  	
   

  	
  Reallocated Principal Collections

  	
   

  	
  28

  
	
   

  	
   

  	
  SECTION 4.8.

  	
   

  	
  Excess Finance Charge Collections

  	
   

  	
  28

  
	
   

  	
   

  	
  SECTION 4.9.

  	
   

  	
  Shared Principal Collections

  	
   

  	
  29

  
	
   

  	
   

  	
  SECTION 4.10.

  	
   

  	
  Reserve Account

  	
   

  	
  29

  
	
   

  	
   

  	
  SECTION 4.11.

  	
   

  	
  Spread Account

  	
   

  	
  30

  
	
   

  	
   

  	
  SECTION 4.12.

  	
   

  	
  Investment of Accounts

  	
   

  	
  31

  
	
   

  	
   

  	
  SECTION 4.13.

  	
   

  	
  Controlled Accumulation Period

  	
   

  	
  31

  
	
   

  	
   

  	
  SECTION 4.14.

  	
   

  	
  Determination of LIBOR

  	
   

  	
  32

  
	
   

  	
   

  	
  SECTION 4.15.

  	
   

  	
  Swaps

  	
   

  	
  33

  
	
   

  	
   

  	
  SECTION 4.16.

  	
   

  	
  Deposit of Collections

  	
   

  	
  33

  
									

 

 i
 

 

	
  ARTICLE V

  	
   

  	
  DELIVERY OF SERIES 2007-3 NOTES; REPORTS TO SERIES
  2007-3 NOTEHOLDERS

  	
   

  	
  34

  
	
   

  	
   

  	
  SECTION 5.1.

  	
   

  	
  Delivery and Payment for the Series 2007-3 Notes

  	
   

  	
  34

  
	
   

  	
   

  	
  SECTION 5.2.

  	
   

  	
  Reports and Statements to Series 2007-3 Noteholders

  	
   

  	
  34

  
	
  ARTICLE VI

  	
   

  	
  SERIES 2007-3 EARLY AMORTIZATION EVENTS

  	
   

  	
  34

  
	
   

  	
   

  	
  SECTION 6.1.

  	
   

  	
  Series 2007-3 Early Amortization Events

  	
   

  	
  34

  
	
  ARTICLE VII

  	
   

  	
  REDEMPTION OF SERIES 2007-3 NOTES; FINAL
  DISTRIBUTIONS; SERIES TERMINATION

  	
   

  	
  36

  
	
   

  	
   

  	
  SECTION 7.1.

  	
   

  	
  Optional Redemption of Series 2007-3 Notes; Final
  Distributions

  	
   

  	
  36

  
	
   

  	
   

  	
  SECTION 7.2.

  	
   

  	
  Series Termination

  	
   

  	
  37

  
	
  ARTICLE VIII

  	
   

  	
  MISCELLANEOUS PROVISIONS

  	
   

  	
  38

  
	
   

  	
   

  	
  SECTION 8.1.

  	
   

  	
  Ratification of Indenture; Amendments

  	
   

  	
  38

  
	
   

  	
   

  	
  SECTION 8.2.

  	
   

  	
  Form of Delivery of the Series 2007-3 Notes

  	
   

  	
  38

  
	
   

  	
   

  	
  SECTION 8.3.

  	
   

  	
  Counterparts

  	
   

  	
  38

  
	
   

  	
   

  	
  SECTION 8.4.

  	
   

  	
  GOVERNING LAW

  	
   

  	
  38

  
	
   

  	
   

  	
  SECTION 8.5.

  	
   

  	
  Limitation of Liability

  	
   

  	
  39

  
	
   

  	
   

  	
  SECTION 8.6.

  	
   

  	
  Rights of the Indenture Trustee

  	
   

  	
  40

  
	
   

  	
   

  	
  SECTION 8.7.

  	
   

  	
  Notice Address for Rating Agencies

  	
   

  	
  40

  
	
   

  	
   

  	
  SECTION 8.8.

  	
   

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

  	
   

  	
  40

  
	
  ARTICLE IX

  	
   

  	
  FASIT MATTERS

  	
   

  	
  40

  
	
   

  	
   

  	
  SECTION 9.1.

  	
   

  	
  FASIT Administration

  	
   

  	
  40

  
									

 

EXHIBITS

	
  EXHIBIT A-1-A

  	
   

  	
  FORM OF CLASS A-1 NOTE

  
	
  EXHIBIT A-1-B

  	
   

  	
  FORM OF CLASS A-2 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

  
	
  EXHIBIT C-1

  	
   

  	
  FORM OF CLASS A-1 SWAP

  
	
  EXHIBIT C-2

  	
   

  	
  [Reserved]

  
	
  EXHIBIT C-3

  	
   

  	
  FORM OF CLASS C SWAP

  

 

 ii
 

SCHEDULES 

	
  SCHEDULE I

  	
   

  	
  PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS
  (WITH RESPECT TO NET
  SWAP RECEIPTS)

  
	
  SCHEDULE II

  	
   

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

  

 

 iii

SERIES 2007-3 INDENTURE SUPPLEMENT, dated as of June
28, 2007 (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, and as further amended by the
Fourth Amendment to Master Indenture, dated as of June 28, 2007 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 2007-3 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-1 Additional Interest, Class A-2 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 2007-3 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

 2
 

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), (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), and (f) any Net Swap
Receipts for the related Transfer Date.

“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 2007-3 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)(xv)
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 Net Interest
Obligation, (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

 3
 

Amount plus 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, which is
subject to Title I of ERISA, (ii) a “plan” as defined in 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 subject to applicable law that is substantially similar to
the fiduciary responsibility provisions of ERISA or Section 4975 of the Code.

“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 Monthly Interest”
means the sum of the Class A-1 Monthly Interest and the Class A-2 Monthly
Interest.

“Class A Net Interest
Obligation” means the sum of the Class A-1 Net Interest Obligation
and the Class A-2 Net Interest Obligation.

“Class A Note Initial
Principal Balance” means the sum of the Class A-1 Note Initial
Principal Balance and the Class A-2 Note Initial Principal Balance.

“Class A Note Principal
Balance” means the sum of the Class A-1 Note Principal Balance and
the Class A-2 Note Principal Balance.

“Class A Noteholder”
means the Person in whose name a Class A-1 Note or Class A-2 Note is registered
in the Note Register.

“Class A Notes”
means, collectively, the Class A-1 Notes and the Class A-2 Notes.

“Class A Regular Interest” is defined in Section
9.1(b).

“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 A-1 Additional
Interest” is defined in Section
4.1(a)(i).

“Class A-1 Counterparty”
means ABN AMRO Bank N.V. or the counterparty under any interest rate swap with
respect to the Class A-1 Notes obtained pursuant to Section
4.15.

“Class A-1 Deficiency
Amount” is defined in Section 4.1(a)(i).

“Class A-1 Monthly
Interest” is defined in Section
4.1(a)(i).

“Class A-1 Net Interest
Obligation” means, for any Payment Date, (a) if there are Class A-1
Net Swap Payments due on that Payment Date, the sum of the Class A-1 Net Swap
Payments and the Class A-1 Monthly Interest for that Payment Date; (b) if there
are Class A-1

 4
 

Net Swap Receipts due on
that Payment Date, the result of the Class A-1 Monthly Interest for that
Payment Date, minus the Class A-1 Net
Swap Receipts for that Payment Date; and (c) if the Class A-1 Swap has
terminated for any reason, the Class A-1 Monthly Interest for that Payment
Date.

“Class A-1 Net Swap
Payment” means, with respect to any Payment Date, any net amount
payable by the Issuer under the Class A-1 Swap as a result of LIBOR being less
than the Class A-1 Swap Rate.  For the
avoidance of doubt, Class A-1 Net Swap Payments do not include early
termination payments or payment of breakage or other miscellaneous costs.

“Class A-1 Net Swap
Receipt” means, with respect to any Payment Date, any net amount
payable by the Class A-1 Counterparty as a result of LIBOR being greater than
the Class A-1 Swap Rate.  For the
avoidance of doubt, Class A-1 Net Swap Receipts do not include early
termination payments.

“Class A-1 Note Initial
Principal Balance” means $949,750,000.

“Class A-1 Note Interest
Rate” means a per annum rate of 0.01% in excess of LIBOR as
determined on the LIBOR Determination Date for the applicable Interest Period.

“Class A-1 Note Principal
Balance” means, on any date of determination, an amount equal to (a)
the Class A-1 Note Initial Principal Balance, minus
(b) the aggregate amount of principal payments made to the Class A-1
Noteholders on or prior to such date.

“Class A-1 Noteholder”
means the Person in whose name a Class A-1 Note is registered in the Note
Register.

“Class A-1 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-A.

“Class A-1 Senior Swap Payments” means Class
A-1 Net Swap Payments and Senior Termination Payments payable to the Class A-1
Counterparty pursuant to the Class A-1 Swap.

“Class A-1 Swap”
means an interest rate swap agreement between the Trust and the Class A-1
Counterparty substantially in the form of Exhibit
C-1 to this Indenture Supplement, or such other form as shall have
satisfied the Rating Agency Condition.

“Class A-1 Swap Rate” means 5.298% per annum.

“Class A-2 Additional
Interest” is defined in Section
4.1(a)(ii).

“Class A-2 Deficiency
Amount” is defined in Section
4.1(a)(ii).

“Class A-2 Monthly
Interest” is defined in Section
4.1(a)(ii).

“Class A-2 Net Interest
Obligation” means, for any Payment Date, the Class A-2 Monthly
Interest for that Payment Date.

 5
 

“Class A-2 Note Initial
Principal Balance” means $269,000,000.

“Class A-2 Note Interest
Rate” means 5.40% per annum.

“Class A-2 Note Principal
Balance” means, on any date of determination, an amount equal to (a)
the Class A-2 Note Initial Principal Balance, minus
(b) the aggregate amount of principal payments made to the Class A-2
Noteholders on or prior to such date.

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

“Class A-2 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-B.

“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 Net Interest
Obligation” means, for any Payment Date, the Class B Monthly
Interest for that Payment Date.

“Class B Note Initial
Principal Balance” means $138,750,000.

“Class B Note Interest
Rate” means 5.49% 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.

“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 Regular Interest” is defined in Section
9.1(b).

“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 Counterparty”
means ABN AMRO  or the counterparty under
any interest rate swap with respect to the Class C Notes obtained pursuant to Section 4.15.

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

 6
 

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

“Class C Net Interest
Obligation” means, for any Payment Date: (a) if there are Class C
Net Swap Payments due on that Payment Date, the sum of the Class C Net Swap
Payments and the Class C Monthly Interest for that Payment Date; (b) if there
are Class C Net Swap Receipts due on that Payment Date, the result of the Class
C Monthly Interest for that Payment Date, minus
the Class C Net Swap Receipts for that Payment Date; and (c) if the Class C
Swap has terminated for any reason, the Class C Monthly Interest for that
Payment Date.

“Class C Net Swap Payment”
means, with respect to any Payment Date, any net amount payable by the Issuer
under the Class C Swap as a result of LIBOR being less than the Class C Swap
Rate.  For the avoidance of doubt, Class
C Net Swap Payments do not include early termination payments or payment of breakage
or other miscellaneous costs.

“Class C Net Swap Receipt”
means, with respect to any Payment Date, any net amount payable by the Class C
Counterparty as a result of LIBOR being greater than the Class C Swap
Rate.  For the avoidance of doubt, Class
C Net Swap Receipts do not include early termination payments.

“Class C Note Initial
Principal Balance” means $97,500,000.

“Class C Note Interest
Rate” means a per annum rate of 0.30% in excess of LIBOR as
determined on the LIBOR Determination Date for the applicable Interest Period.

“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 Regular Interest” is defined in Section
9.1(b).

“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).

“Class C Senior Swap Payments” means Class C
Net Swap Payments and Senior Termination Payments payable to the Class C
Counterparty pursuant to the Class C Swap.

“Class C Swap”
means an interest rate swap agreement with respect to the Class C Notes between
the Trust and the Class C Counterparty substantially in the form of Exhibit C-3 to this Indenture Supplement, or
such other form as shall have satisfied the Rating Agency Condition.

“Class C Swap Rate”
means 5.298% per annum.

 7
 

“Closing Date”
means June 28, 2007.

“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 2007-3
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.

“Controlled Accumulation
Amount” means, for any Payment Date with respect to the Controlled
Accumulation Period, $145,500,000 provided,
however, that if the Controlled
Accumulation Period Length is determined to be less than or more than ten
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
July 22, 2009 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.

“Counterparty”
means the Class A-1 Counterparty or the Class C Counterparty.

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

(a) the product of
(i) the Class A Net Interest Obligation 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) the product of
(i) the Class B Net Interest Obligation 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

 8
 

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) the product of (i)
the Class C Net Interest Obligation 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, 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 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.

“Designated Maturity” means, for any LIBOR
Determination Date, one month; provided that LIBOR for the initial
Interest Period will be determined by straight-line interpolation (based on the
actual number of days in the initial Interest Period) between two rates
determined in accordance with the definition of LIBOR, one of which will be
determined for a Designated Maturity of one month and the other of which will
be determined for a Designated Maturity of two months.

“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 2007-3 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.

 9
 

“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 June 2010 Payment Date.

“FASIT” means a “financial asset securitization
investment trust” within the meaning of section 860L of the Code.

“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 2007-3 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.

“Indenture Trustee”
is defined in the preamble.

“Initial Collateral
Amount” means $1,500,000,000, 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 $45,000,000.

“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.

 10
 

“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 2007-3 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 2007-3 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.

“LIBOR” means,
for any Interest Period, the London interbank offered rate for the period of
the Designated Maturity for United States dollar deposits determined by the
Indenture Trustee for each Interest Period in accordance with the provisions of
Section 4.14.

“LIBOR Determination Date”
means (i) June 26, 2007 for the period from and including the Closing Date
through and including August 14, 2007 and (ii) the second London Business Day
prior to the commencement of the second and each subsequent Interest Period.

“London Business Day”
means any day on which dealings in deposits in United States dollars are transacted
in the London interbank market.

“Minimum Free Equity
Percentage” means, for purposes of Series 2007-3, 4%; provided that,
at any time that GE Capital’s long-term unsecured debt is rated Aa2 or lower by
Moody’s or AA or lower by S&P, 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.

“Monthly Period”
means, as to the August 2007 Payment Date, the period beginning on the Closing
Date and ending on July 21, 2007, 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) $281,250,000 minus the sum of (x) the amount of
unreimbursed Investor Charge-Offs (after giving effect to

 11
 

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) $142,500,000 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) $45,000,000 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.

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

“Net Swap Payments”
means, for any Payment Date, collectively, the Class A-1 Net Swap Payment and
the Class C Net Swap Payment for such Payment Date.

“Net Swap Receipts”
means, for any Payment Date, collectively, the Class A-1 Net Swap Receipt and
the Class C Net Swap Receipt for such Payment Date.

“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.

“Ownership Interest” means the interest issued
by the RFS FASIT which (i) represents solely the right to receive amounts
specified in Section 4.4(a)(xv) to be paid to the Issuer and (ii)
represents the sole “ownership interest” in the RFS FASIT within the meaning of
section 860L of the Code.

“Payment Date”
means August 15, 2007 and the 15th day of each calendar month thereafter, or if
such 15th day is not a Business Day, the next succeeding Business Day.

 12
 

“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 and Net Swap Receipts), 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.

“Qualifying Substitute Arrangement” means, with
respect to the Class A-1 Notes or Class C Notes, as applicable, any interest
rate swap agreement that shall have satisfied the Rating Agency Condition or
any other hedging arrangement or alternative arrangement that shall have
satisfied the Rating Agency Condition in the event of the termination of any
Class A-1 Swap or Class C Swap.

“Quarterly Excess Spread
Percentage” means (a) with respect to the August 2007 Payment Date,
the Excess Spread Percentage for the Monthly Period relating to such Payment
Date, (b) with respect to the September 2007 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 August 2007 Payment
Date and (ii) the Excess Spread Percentage for the Monthly Period relating to
the September 2007 Payment Date and the denominator of which is two, and
(c) with respect to the October 2007 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, Moody’s and S&P.

 13
 

“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.

“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 2007-3 Noteholders, (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 2007-3 Noteholders on a prior
Payment Date and (iv) any amounts owing to any Counterparty pursuant to the terms
of the Class A-1 Swap or Class C Swap.

“Reference Banks”
means four major banks in the London interbank market selected by the Servicer.

“Related Interest” is defined in Section
9.1(b).

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

“Required Excess Collateral Amount” means, at
any time, 3.00% 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 2007-3.

“Required Spread Account
Amount” means, for any Payment Date, 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

 14
 

that, prior to the
occurrence of an Event of Default and acceleration of the Series 2007-3 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).

“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,
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.

“RFS FASIT” means the Trust Estate designated
as a FASIT within the meaning of section 860L of the Code.

“Senior Termination Payments”
means any termination payments payable by the Issuer arising as a result of the
early termination of the Class A-1 Swap or the Class C Swap, as applicable, due
to (i) a Tax Event or Illegality or (ii) any other Event of Default or
Termination Event, unless, in the case of this clause (ii),
the applicable Counterparty (as defined in this Indenture Supplement) is the
Defaulting Party or sole Affected Party (unless otherwise indicated,

 15
 

terms used in the
foregoing clauses (i) and (ii)
shall have the respective meanings given to such terms in the Class A-1 Swap or
the Class C Swap, as the context requires).

“Series Accounts” means, collectively, the
Finance Charge Account, the Principal Account, the Principal Accumulation
Account, the Distribution Account, the Reserve Account, the Spread Account and
the Swap Collateral Account (if any).

“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 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 2007-3, the June 2013 Payment Date.

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

“Series 2007-3”
means the Series of Notes the terms of which are specified in this Indenture
Supplement.

“Series 2007-3 Early
Amortization Event” is defined in Section 6.1.

“Series 2007-3
Excess Finance Charge Collections” means Excess Finance Charge Collections
allocated from other Series in Group One to Series 2007-3 pursuant to Section
8.6 of the Indenture.

“Series 2007-3 Note”
means a Class A-1 Note, a Class A-2 Note, a Class B Note or a Class C Note.

“Series 2007-3 Noteholder”
means a Class A-1 Noteholder, a Class A-2 Noteholder, a Class B Noteholder or a
Class C Noteholder.

“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%,

 16
 

(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%.

“Subordinated Termination Payments” means any
termination payments other than Senior Termination Payments payable by the
Issuer arising as a result of the early termination of the Class A-1 Swap or
the Class C Swap, as applicable.

“Surplus Collateral
Amount” means, at any time, the excess, if any, of the Excess
Collateral Amount over the Required Excess Collateral Amount.

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

“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
2007-3.

ARTICLE
II

CREATION OF THE SERIES 2007-3 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 2007-3”
or the “Series 2007-3 Notes.”  The Series 2007-3 Notes shall be issued
in three Classes, known as the “Class A Series
2007-3 Floating Rate Asset Backed Notes,” the “Class B Series 2007-3 Floating Rate Asset Backed Notes,”
and the “Class C Series 2007-3 Floating Rate Asset
Backed Notes.”

(b)                                 Series
2007-3 shall be included in Group One and shall be a Principal Sharing
Series.  Series 2007-3 shall be an Excess
Allocation Series with respect to Group One only.  Series 2007-3 shall not be subordinated to
any other Series.

 17
 

(c)                                  The
Series 2007-3 Notes shall be issued in minimum denominations of $100,000 and in
integral multiples of $1,000.

ARTICLE III

REPRESENTATIONS,
WARRANTIES AND COVENANTS

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

SECTION 3.3.  Representations,
Warranties and Covenants with respect to ERISA.  By acquiring a Series 2007-3 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 2007-3 Note will not
be), is not acting on behalf of (and for so long as it holds such Series 2007-3
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 2007-3 Note will not result in a non-exempt prohibited transaction under
Section 406 of ERISA or Section 4975 of the Code or a violation of any
substantially similar applicable law.

ARTICLE
IV

RIGHTS OF SERIES 2007-3 NOTEHOLDERS AND ALLOCATION
AND APPLICATION OF COLLECTIONS

SECTION 4.1.  Determination
of Interest and Principal.

(a)   (i)   The amount
of monthly interest (“Class A-1 Monthly Interest”)
due and payable with respect to the Class A-1 Notes on any Payment Date
shall be an amount equal to the product of (i) a fraction, the numerator of
which is the actual number of days in the related Interest Period and the
denominator of which is 360, (ii) the Class A-1 Note Interest Rate in effect
with respect to the related Interest Period and (iii) the Class A-1 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-1
Note Initial Principal Balance).

With respect to each Payment Date, the Issuer shall
determine the excess, if any (the “Class A-1
Deficiency Amount”), of (x) the aggregate amount of Class A-1
Monthly Interest payable pursuant to this Section 4.1(a) as of the prior
Payment Date over (y) the amount of
Class A-1 Monthly Interest actually paid on such Payment Date.  If the Class A-1 Deficiency Amount for any
Payment Date is greater than zero, on each subsequent Payment Date until such
Class A-1 Deficiency Amount is fully paid, an additional amount (“Class A-1 Additional Interest”) equal to the
product of (i) a fraction, the numerator of which is the actual number of days
in the related Interest Period and the denominator of which is 360, (ii) the
Class A-1 Note Interest Rate in effect with respect to the related Interest
Period plus 2% per annum and (iii) such
Class A-1 Deficiency Amount (or the portion thereof which has not been paid to
the Class A-1 Noteholders) shall be payable as provided herein with respect to
the Class A-1 Notes.

 18
 

Notwithstanding anything
to the contrary herein, Class A-1 Additional Interest shall be payable or
distributed to the Class A-1 Noteholders only to the extent permitted by
applicable law.

(ii)                                  The
amount of monthly interest (“Class A-2 Monthly
Interest”) due and payable with respect to the Class A-2 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-2 Note Interest Rate and (iii) the Class A-2 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-2 Note Initial Principal
Balance); provided that the Class A-2 Monthly Interest for the August
2007 Payment Date shall equal $1,896,450.00.

With respect to each Payment Date, the Issuer shall determine the
excess, if any (the “Class A-2 Deficiency Amount”),
of (x) the aggregate amount of Class A-2 Monthly Interest payable pursuant to
this Section 4.1(a)(ii) as of the prior Payment Date over (y) the amount of Class A-2 Monthly
Interest actually paid on such Payment Date. 
If the Class A-2 Deficiency Amount for any Payment Date is greater than
zero, on each subsequent Payment Date until such Class A-2 Deficiency Amount is
fully paid, an additional amount (“Class A-2
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-2 Note Interest Rate plus 2% per
annum and (iii) such Class A-2 Deficiency Amount (or the portion thereof which
has not been paid to the Class A-2 Noteholders) shall be payable as provided
herein with respect to the Class A-2 Notes. 
Notwithstanding anything to the contrary herein, Class A-2 Additional
Interest shall be payable or distributed to the Class A-2 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 August 2007 Payment Date shall equal
$994,490.63.

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 in 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.

(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 the actual number of days in the related Interest

 19
 

Period and the denominator of which is 360, (ii) the Class C Interest
Rate in effect with respect to the related Interest Period 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).

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 the actual number of days
in the related Interest Period and the denominator of which is 360,
(ii) the Class C Note Interest Rate in effect with respect to the
related Interest Period 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.  In the event that any Counterparty is
required to post collateral pursuant to the Class A-1 Swap or Class C Swap, the
Issuer shall establish a Swap Collateral Account, 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

 20

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 2007-3
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 2007-3 pursuant to Section 8.5
of the Indenture)).

(b)                                 Allocations
to the Series 2007-3 Noteholders. 
The Issuer shall on each Date of Processing, allocate to the Series 2007-3
Noteholders the following amounts as set forth below:

(i)                                     Allocations of Finance Charge Collections.  The Issuer shall allocate to the Series 2007-3
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 4.16, 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

 21
 

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 Net Interest Obligation 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, 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
2007-3 Noteholders the following amounts as set forth below:

 22
 

(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 2007-3 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 2007-3
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 2007-3 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 2007-3
Noteholders and transferred to the Principal Account until applied as

 23
 

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 2007-3 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 to the Issuer on a prior Transfer Date, shall
be paid to the Servicer;

(iii)                               on
a pari passu basis based on the amounts owing to the Class A-1 Noteholders, the
Class A-2 Noteholders and each Class A-1 Counterparty pursuant to this Section
4.4(a)(iii): (A) an amount equal to Class A-1 Monthly Interest for such
Payment Date, plus any Class A-1
Deficiency Amount, plus the amount of
any Class A-1 Additional Interest for such Payment Date, plus the amount of any Class A-1 Additional
Interest previously due but not paid to Class A-1 Noteholders on a prior
Payment Date, shall be deposited into the Distribution Account, (B) an amount
equal to Class A-2 Monthly Interest for such Payment Date, plus any Class A-2 Deficiency Amount, plus the amount of any Class A-2 Additional
Interest for such Payment Date, plus
the amount of any Class A-2 Additional Interest previously due but not paid to
Class A-2 Noteholders on a prior Payment Date, shall be deposited into the
Distribution Account and (C) any Class A-1 Senior Swap Payment for such Payment
Date and any unpaid Class A-1 Senior

 24
 

Swap Payments owed to the Class A-1 Counterparty in
respect of any prior Payment Date shall be paid to the Class A-1 Counterparty;

(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;

(v)                                 on
a pari passu basis based on the amounts owing to the Class C Noteholders and
each Class C Counterparty pursuant to this Section 4.4(a)(v): (A) 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, and (B) any Class C Senior Swap Payment for such Payment
Date and any unpaid Class C Senior Swap Payments owed to the Class C
Counterparty in respect of any prior Payment Date shall be paid to the Class C
Counterparty;

(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 issued on any date prior to September 22, 2004

 25
 

and any 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)                                an
amount equal to any Subordinated Termination Payments owing to the Class A
Counterparty and any other amounts owing to the Class A-1 Counterparty under
the Class A-1 Swap shall be paid to the Class A Counterparty;

(xii)                             [Reserved];

(xiii)                          an
amount equal to any Subordinated Termination Payments owing to the Class C
Counterparty and any other amounts owing to the Class C Counterparty under the
Class C Swap shall be paid to the Class C Counterparty;

(xiv)                         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 2007-3 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

(xv)                            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 (xv)), 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 2007-3 pursuant to Section
8.4(d) of the Indenture and that have not been paid pursuant to clauses
(i) and (xiv) 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 in respect of the
Ownership Interest.

(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:

 26
 

(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.

(d)                                 On
each Payment Date, the Issuer shall pay in accordance with Section 4.5
to the Class A-1 Noteholders and the Class A-2 Noteholders on a pari passu
basis, based on the amounts owing to the Class A-1 Noteholders and the Class
A-2 Noteholders respectively pursuant to Section 4.4(a)(iii), 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-1 Noteholders and the Class A-2 Noteholders on a pari passu
basis based on the Class A-1 Note Principal Balance and the Class A-2 Note
Principal Balance, respectively, 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.

(f)                                    The
Issuer shall distribute any funds received in respect of the Ownership Interest
to RFS Holding, L.L.C. as a distribution on RFS Holding, L.L.C.’s beneficial
interest in the Issuer.

 27
 

SECTION 4.5.  Distributions.

(a)                                  On
each Payment Date, the Issuer shall pay to each Class A-1 Noteholder of record
on the related Record Date such Class A-1 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-1
Noteholders pursuant to this Indenture Supplement.

(b)                                 On
each Payment Date, the Issuer shall pay to each Class A-2 Noteholder of record
on the related Record Date such Class A-2 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-2
Noteholders pursuant to this Indenture Supplement.

(c)                                  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.

(d)                                 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.

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

(f)                                    All
payments to Noteholders hereunder shall be made by (i) check mailed to each
Series 2007-3 Noteholder (at such Noteholder’s address as it appears in the
Note Register), except that for any Series 2007-3 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
2007-3 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 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.

 28
 

SECTION 4.8.  Excess
Finance Charge Collections.  Series
2007-3 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 2007-3 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 2007-3 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 2007-3 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 (xiv) 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 2007-3 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 2007-3 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 2007-3 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
(xv) 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 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

 29
 

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 for the Class C Notes, the Issuer, after the
prior payment of all amounts owing to the Series 2007-3 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 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
2007-3 that has resulted in the acceleration of the Series 2007-3 Notes, the
Issuer shall withdraw

 30
 

from the Spread Account the Available Spread Account Amount and deposit
such amount in the Distribution Account for payment to the Series 2007-3 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-1
Noteholders and Class A-2 Noteholders on a pari passu basis, based on the
respective amounts owing to each, 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 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 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 2007-3 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.

 31
 

SECTION 4.13.  Controlled
Accumulation Period.  The Controlled
Accumulation Period is scheduled to commence at the beginning of business on
July 22, 2009; 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.  Determination
of LIBOR.

(a)                                  On
each LIBOR Determination Date in respect of an Interest Period, the Indenture
Trustee shall determine LIBOR on the basis of the rate per annum displayed in
the Bloomberg Financial Markets system as the composite offered rate for London
interbank deposits for a period of the Designated Maturity, as of 11:00 a.m.,
London time, on that date.  If that rate
does not appear on that display page, LIBOR for that Interest Period will be
the rate per annum shown on page 3750 of the Moneyline Telerate Services Report
screen or any successor page as the composite offered rate for London interbank
deposits for a one-month period, as shown under the heading “USD” as of 11:00
a.m., London time, on the LIBOR Determination Date.  If no rate is shown as described in the
preceding two sentences, LIBOR for that Interest Period will be the rate per
annum based on the rates at which Dollar deposits for a period of the
Designated Maturity are displayed on page “LIBOR” of the Reuters Monitor Money
Rates Service or such other page as may replace the LIBOR page on that service
for the purpose of displaying London interbank offered rates of major banks as
of 11:00 a.m., London time, on the LIBOR Determination Date; provided
that if at least two rates appear on that page, the rate will be the arithmetic
mean of the displayed rates and if fewer than two rates are displayed, or if no
rate is relevant, the rate for that Interest Period shall be determined on the
basis of the rates at which deposits in United States dollars are offered by
the Reference Banks at approximately 11:00 a.m., London time, on that day to
prime banks in the London interbank market for the period of the Designated
Maturity.  The Indenture Trustee shall
request the principal London office of each of the Reference Banks to provide a
quotation of its rate.  If at least two
(2) such quotations are provided, the rate for that Interest Period shall be
the arithmetic mean of the

 32
 

quotations.  If fewer than two
(2) quotations are provided as requested, the rate for that Interest Period
will be the arithmetic mean of the rates quoted by major banks in New York
City, selected by the Servicer, at approximately 11:00 a.m., New York City
time, on that day for loans in United States dollars to leading European banks
for a period of the Designated Maturity.

(b)                                 The
Class A-1 Note Interest Rate and Class C Note Interest Rate applicable to the
then current and the immediately preceding Interest Periods may be obtained by
telephoning the Indenture Trustee at its corporate trust office at (800)
735-7777 or such other telephone number as shall be designated by the Indenture
Trustee for such purpose by prior written notice by the Indenture Trustee to
each Series 2007-3 Noteholder from time to time.

(c)                                  On
each LIBOR Determination Date, the Indenture Trustee shall send to the Issuer
by facsimile transmission, notification of LIBOR for the following Interest
Period.

SECTION 4.15.  Swaps.  (a) On or prior to the Closing Date, the
Issuer shall enter into a Class A-1 Swap with the Class A-1 Counterparty and a
Class C Swap with the Class C Counterparty for the benefit of the Class A-1
Noteholders and the Class C Noteholders, respectively.  The aggregate notional amount under the Class
A-1 Swap shall, at any time, be equal to the Class A-1 Note Principal Balance
at such time.  The aggregate notional
amount under the Class C Swap shall, at any time, be equal to the Class C Note Principal
Balance.  The Issuer shall cause the
Class A-1 Counterparty or the Class C Counterparty to deposit Net Swap Receipts
payable in the Collection Account.  On
any Payment Date when there shall be a Class A-1 Senior Swap Payment, the
Issuer shall pay such Class A-1 Senior Swap Payment subject to the priority of
payments set forth in Section 4.4(a)(iii).  On any Payment Date when there shall be a
Class C Senior Swap Payment, the Issuer shall pay such Class C Senior Swap
Payment subject to the priority of payments set forth in Section 4.4(a)(v).  On any Payment Date when there shall be
Subordinated Termination Payments or any other miscellaneous payments payable
by the Issuer to the Counterparties, the Issuer shall pay such amounts subject
to the priority of payments set forth in Sections
4.4(a)(xi), (xii) and (xiii).

(b)                                 When
required under the terms of the existing Class A-1 Swap or Class C Swap, the
Issuer shall obtain a Qualifying Substitute Arrangement.

SECTION 4.16.  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.

 33
 

ARTICLE V

DELIVERY OF SERIES 2007-3 NOTES;

REPORTS TO SERIES 2007-3 NOTEHOLDERS

SECTION 5.1.  Delivery and Payment for the Series 2007-3
Notes.

The Issuer shall execute
and issue, and the Indenture Trustee shall authenticate, the Series 2007-3
Notes in accordance with Section 2.2
of the Indenture.  The Indenture Trustee
shall deliver the Series 2007-3 Notes to or upon the written order of the
Issuer when so authenticated.

SECTION 5.2.  Reports and Statements to Series 2007-3
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 2007-3
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 2007-3 Noteholder by a request in writing to the
Issuer.

(c)                                  On
or before January 31 of each calendar year, beginning with January 31, 2007,
the Issuer shall furnish or cause to be furnished to each Person who at any
time during the preceding calendar year was a Series 2007-3 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 informed required to complete a Form 1099-INT.

ARTICLE
VI

SERIES 2007-3 EARLY AMORTIZATION EVENTS

SECTION 6.1.  Series
2007-3 Early Amortization Events.  If
any one of the following events shall occur with respect to the Series 2007-3
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
2007-3 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

 34
 

been given to the Transferor by the Indenture Trustee, or to the
Transferor and the Indenture Trustee by any Noteholder of the Series 2007-3
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 2007-3 Notes and as a result of which the interests of the
Series 2007-3 Noteholders are materially and adversely affected for such
period; provided, however, that a Series 2007-3 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)                                  the
Portfolio Yield averaged over three consecutive Monthly Periods is less than
the Base Rate averaged over the same Monthly Periods;

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

(g)                                 the
Class A-1 Counterparty or the Class C Counterparty shall fail to pay any net
amount payable by such Counterparty under the Class A-1 Swap or the Class C
Swap, as applicable, as a result of LIBOR being greater than the Class A-1 Swap
Rate or the Class C Swap Rate, as applicable, and such failure is not cured
within five Business Days;

(h)                                 the
Class A-1 Swap shall terminate prior to the earlier of the payment in full of
the Class A-1 Notes and the Series Maturity Date if the Issuer shall fail to
enter into a replacement Class A-1 Swap or other Qualifying Substitute Arrangement
in accordance with subsection 4.15(b) within ten Business Days; or the
Class C Swap shall terminate prior to the earlier of the payment in full of the
Class C Notes and the Series Maturity Date if the Issuer shall fail to enter
into a replacement Class C Swap or other Qualifying Substitute Arrangement in
accordance with subsection 4.15(b) within ten Business Days; or

(i)                                     without
limiting the foregoing, the occurrence of an Event of Default with respect to
Series 2007-3 and acceleration of the maturity of the Series 2007-3 Notes
pursuant to Section 5.3 of the
Indenture;

 35
 

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 2007-3 Notes evidencing more than 50% of the aggregate
unpaid principal amount of Series 2007-3 Notes by notice then given in writing
to the Issuer (and to the Indenture Trustee if given by the Series 2007-3
Noteholders) may declare that a “Series Early Amortization Event” with respect
to Series 2007-3 (a “Series 2007-3 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), (g), (h) or (i)
a Series 2007-3 Early Amortization Event shall occur without any notice or
other action on the part of the Indenture Trustee or the Series 2007-3
Noteholders immediately upon the occurrence of such event.

ARTICLE
VII

REDEMPTION OF SERIES 2007-3 NOTES; FINAL
DISTRIBUTIONS; SERIES TERMINATION

SECTION 7.1.  Optional
Redemption of Series 2007-3 Notes; Final Distributions.

(a)                                  On
any day occurring on or after the date on which the outstanding principal
balance of the Series 2007-3 Notes is reduced to 10% or less of the initial
outstanding principal balance of Series 2007-3 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 2007-3 shall be reduced to zero
and the Series 2007-3 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 2007-3 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 2007-3 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.

 36
 

(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 2007-3, 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 be made on such date) in immediately available
funds:  (i) an amount equal to the Class
A-1 Senior Swap Payments, if any, payable to the Class A-1 Counterparty will be
paid to the Class A-1 Counterparty, (ii) (x) the Class A-1 Note Principal
Balance on such Payment Date will be paid to the Class A-1 Noteholders and (y)
an amount equal to the sum of (A) Class A-1 Monthly Interest due and payable on
such Payment Date or any prior Payment Date, (B) any Class A-1 Deficiency
Amount for such Payment Date and (C) the amount of Class A-1 Additional
Interest, if any, for such Payment Date and any Class A-1 Additional Interest
previously due but not paid to the Class A-1 Noteholders on any prior Payment
Date, will be paid to the Class A-1 Noteholders, (iii) (x) the Class A-2 Note
Principal Balance on such Payment Date will be paid to the Class A-2
Noteholders and (y) an amount equal to the sum of (A) Class A-2 Monthly
Interest due and payable on such Payment Date or any prior Payment Date,
(B) any Class A-2 Deficiency Amount for such Payment Date and (C) the
amount of Class A-2 Additional Interest, if any, for such Payment Date and any
Class A-2 Additional Interest previously due but not paid to the Class A-2
Noteholders on any prior Payment Date, will be paid to the Class A-2
Noteholders, (iv) (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, (v) an amount equal to
the Class C Senior Swap Payments, if any, payable to the Class C Counterparty
will be paid to the Class C Counterparty, (vi)  (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, (vii) an amount equal to
the Subordinated Termination Payments, if any, payable to the Class A-1
Counterparty will be paid to the Class A-1 Counterparty; (viii) [Reserved];
(ix) an amount equal to the Subordinated Termination Payments, if any, payable
to the Class C Counterparty will be paid to the Class C Counterparty, and (x)
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 2007-3 Notes shall be due and payable.

 37
 

ARTICLE
VIII

MISCELLANEOUS PROVISIONS

SECTION 8.1.  Ratification
of Indenture; Amendments.  (a)                          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 2007-3 Noteholders shall be
the only Noteholders whose vote shall be required.

(b)                                 The
Issuer shall not amend the Class A-1 Swap or the Class C Swap unless (i)(A) the
amendment is being entered into to cure any ambiguity or correct or supplement
any provision of or to add or change any provisions concerning matters or
questions raised under the Class A-1 Swap or the Class C Swap, as applicable,
(B) the Rating Agency Condition is satisfied and (C) the Transferor has
delivered an Officer’s Certificate to the Issuer certifying the amendment will
not cause an Adverse Effect; (ii) the Rating Agency Condition is satisfied and
the amendment is being entered into to add, modify or eliminate provisions
necessary or advisable in order to enable (A) a FASIT election to be made with
respect to all or part of RFS Funding Trust or the Issuer, (B) so long as a
FASIT Election is in effect, all or part of RFS Funding Trust or the Issuer to
qualify as a FASIT under the code, (C) the termination of a FASIT election with
respect to all or part of the Issuer or (D) the Issuer to avoid the imposition
of state or local income or franchise taxes on the Issuer’s property or its
income or (iii) the Issuer obtains the consent of the 66 2/3% of the
Outstanding Principal Balance of the Series 2007-3 Notes; provided that
any such amendment shall not affect any cash payment or receipt required under
the existing terms of the affected Class A-1 Swap or Class C Swap.

SECTION 8.2.  Form
of Delivery of the Series 2007-3 Notes. 
The Class A Notes, the Class B Notes and the Class C Notes shall be
Book-Entry Notes and shall be delivered as provided in Sections 2.1 and 2.2 of the Indenture.

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.

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.

 38
 

(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 11.4 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, 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 The Bank of New York

 39
 

(Delaware), not in its individual capacity, but solely in its capacity
as Trustee of the Trust, in no event shall The Bank of New York (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 address:

Fitch Ratings

One State Street Plaza

New York, NY 10004 

Facsimile: (212) 514-9879

Moody’s Rating Service

99 Church Street

New York, NY 10007

Facsimile:  (212) 553-3856

Standard & Poor’s

Structured Finance
Surveillance

55 Water Street

New York, NY 10041

Attention:  ABS Surveillance Group

Facsimile: (212) 438-264

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 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.

ARTICLE
IX

FASIT MATTERS

SECTION 9.1.  FASIT Administration.

(a)                                  FASIT
Matters.  An election has been made
to treat the Trust Estate as a FASIT known as the RFS FASIT.  December 30, 2002 was designated as the “Startup
Day” of the RFS

 40
 

FASIT within the meaning of section 860L(d)(1) of the
Code.  The Ownership Interest was
designated as the single class of “ownership interest” (within the meaning of
section 860L(b)(2) of the Code) in the RFS FASIT.  Notwithstanding any provision of the
Indenture or this Indenture Supplement to the contrary, each class of Series
2007-3 Regular Interests shall mature on or before December 1, 2020.

(b)                                 Series
2007-3 Regular Interests.  Each Class
of Notes is hereby designated a separate class of “regular interests” in the
RFS FASIT within the meaning of section 860L(b)(1)(A) of the Code and each Note
is hereby designated a separate “regular interest” within such Class.  Each of the Class A Notes is hereby
designated a “Class A Regular Interest,” each of the Class B Notes is
hereby designated a “Class B Regular Interest” and each of the Class C
Notes is hereby designated a “Class C Regular Interest” (the Class A
Regular Interests, the Class B Regular Interests and the Class C Regular
Interests being referred to collectively as the “Series 2007-3 Regular
Interests”).  The Series 2007-3
Regular Interest shall bear interest at a rate equal to the rate of interest on
the related Class A Note, Class B Note or Class C Note, as applicable (such
related interest, a “Related Interest”). 
The rate of interest on each Related Interest is intended to qualify as
a qualifying variable rate under section 860L(b)(1)(A)(ii) of the Code.  Interest shall be paid on each Class of
Series 2007-3 Regular Interest at the same times as Interest is paid on the
Class A Notes, Class B Notes and Class C Notes (which Interest shall be
allocated among the Series 2007-3 Regular Interests in proportion to the amount
of Interest owning on the respective Related Interests if there is more than
one class of such Series 2007-3 Regular Interests and Interest with respect to
each class is not paid in full).  The
principal amount of each Series 2007-3 Regular Interest shall equal the
respective amount of the Class A Note Principal Balance, Class B Note Principal
Balance or Class C Note Principal Balance, as applicable, with respect to the
Related Interest for such Series 2007-3 Regular Interest.

(c)                                  Payment
of Principal on Class A Regular Interests. 
On each Payment Date, 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, the principal amount of
each Class A Regular Interest related to a Class A Note shall be reduced by
such Class A Note’s pro rata share of an amount equal to the least of (i) the
Available Principal Collections on deposit in the Principal Account with
respect to such Payment Date, (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.

(d)                                 Payment
of Principal on Class B Regular Interests. 
On each Payment Date, 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, the principal amount of
each Class B Regular Interest related to a Class B Note shall be reduced by
such Class B Note’s pro rata share of an amount equal to the least of (i) the
Available Principal Collections on deposit in the Principal Account with
respect to such Payment Date, (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

 41
 

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.

(e)                                  Payment
of Principal on Class C Regular Interests. On each Payment Date, 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, the principal amount of each Class C Regular Interest related
to a Class C Note shall be reduced by such Class C Note’s pro rata share of an
amount equal to the least of (i) the Available Principal Collections on deposit
in the Principal Account with respect to such Payment Date, (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.

(f)                                    The
Issuer hereby agrees to take such further actions as may be required to
effectuate this Article IX and the intent that the RFS FASIT be treated
as a FASIT.

(g)                                 Alternative
Characterization.  The Issuer acknowledges
that the American Jobs Creation Act of 2004 (the “Jobs Act”) repealed
the provisions of the Code governing FASITs. 
In the event that the Internal Revenue Service issues guidance in the
form of a Notice, Revenue Procedure, Revenue Ruling, or Private Letter Ruling
providing for FASITs existing prior to October 22, 2004 to terminate
and/or cease issuing regular interests, then it is the intent of the parties
hereto that, for federal income tax purposes, (i) the Trust Estate be
disregarded as an entity separate from RFS Holding L.L.C. and (ii) the Notes be
treated as debt.

[SIGNATURE PAGE FOLLOWS]

 42

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:

  	
  The Bank of New York (Delaware), not in

  its individual capacity, but solely as Trustee

  on behalf of Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Kristine K. Gullo

  	
   

  
	
   

  	
  Name: Kristine
  K. Gullo

  
	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DEUTSCHE BANK TRUST COMPANY

  AMERICAS, as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michele Hy Voon

  	
   

  
	
   

  	
  Name: Michele Hy
  Voon

  
	
   

  	
  Title: Attorney
  in Fact

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Dorit Ritter Haddad

  	
   

  
	
   

  	
  Name: Dorit
  Ritter Haddad

  
	
   

  	
  Title: Attorney
  in Fact

  
							

 

 S-1

EXHIBIT A-1-A

FORM OF CLASS A-1 SERIES 2007-3 FLOATING RATE 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
INSTITUTE 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-1 NOTE, BY ACCEPTANCE OF
THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE
CLASS A-1 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”)), (C) AN ENTITY WHOSE
UNDERLYING ASSETS ARE DEEMED TO BE PLAN ASSETS OF A PLAN DESCRIBED IN (A) OR
(B) 

 A-1-A-1
 

ABOVE OR (D) OTHER PLAN
THAT IS SUBJECT TO ANY APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO ERISA OR
SECTION 4975 OF THE CODE OR (II) ITS ACQUISITION, CONTINUED HOLDING AND
DISPOSITION OF THIS NOTE WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION
UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY
SUBSTANTIALLY SIMILAR APPLICABLE LAW.

 A-1-A-2
 

 

	
  REGISTERED

  	
  $

  	
   

  
	
  No. R-

  	
   

  	
  CUSIP NO.

  

 

GE
CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2007-3

CLASS A-1
SERIES 2007-3 FLOATING RATE 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 June 2013 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-1 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 June 2013 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 and the actual number of days elapsed.  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.

 A-1-A-3
 

IN WITNESS WHEREOF, the Issuer has caused this Class
A-1 Note to be duly executed.

	
  

  	
  GE CAPITAL
  CREDIT CARD MASTER NOTE

  TRUST, as Issuer

  
	
   

  	
   

  
	
   

  	
  By:

  	
  THE BANK OF NEW YORK (DELAWARE),

  
	
   

  	
   

  	
   not in its
  individual capacity but solely as

  
	
   

  	
   

  	
    Trustee
  on behalf of Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
  Dated:
                         ,           

  	
   

  	
   

  

 

 A-1-A-4
 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Class A-1 Notes described in the
within-mentioned Indenture.

	
   

  	
  DEUTSCHE BANK TRUST COMPANY

  AMERICAS, as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

 A-1-A-5
 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2007-3

CLASS A-1 SERIES 2007-3 FLOATING RATE ASSET BACKED NOTE

Summary of Terms and Conditions

This Class A-1 Note is one of a duly authorized issue
of Notes of the Issuer, designated as GE Capital Credit Card Master Note Trust,
Series 2007-3 (the “Series 2007-3 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 June 28, 2007 (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-1 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-1 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-1 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.

 A-1-A-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.

 A-1-A-7

EXHIBIT A-1-B

FORM OF CLASS A-2 SERIES 2007-3 5.40% 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
INSTITUTE 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-2 NOTE, BY ACCEPTANCE OF
THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE
CLASS A-2 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”)), (C) AN ENTITY WHOSE UNDERLYING
ASSETS ARE DEEMED TO BE PLAN ASSETS OF A PLAN DESCRIBED IN (A) OR (B)

 A-1-B-1
 

ABOVE OR (D) OTHER PLAN
THAT IS SUBJECT TO ANY APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO ERISA OR
SECTION 4975 OF THE CODE OR (II) ITS ACQUISITION, CONTINUED HOLDING AND
DISPOSITION OF THIS NOTE WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION
UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY
SUBSTANTIALLY SIMILAR APPLICABLE LAW.

 A-1-B-2
 

 

	
  REGISTERED

  	
  $

  
	
  No. R-

  	
   

  	
  CUSIP NO.

  

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2007-3

CLASS A-2 SERIES 2007-3 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 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 June 2013 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-2 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 June 2013 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 and 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.

 A-1-B-3
 

IN WITNESS WHEREOF, the Issuer has caused this Class
A-2 Note to be duly executed.

	
  

  	
  GE CAPITAL
  CREDIT CARD MASTER NOTE

  TRUST, as Issuer

  
	
   

  	
   

  
	
   

  	
  By:

  	
  THE BANK OF NEW YORK (DELAWARE),

  
	
   

  	
   

  	
  not in its
  individual capacity but solely as

  
	
   

  	
   

  	
  Trustee on
  behalf of Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
  Dated:

  	
  ,

  	
   

  	
   

  
				

 

 A-1-B-4
 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Class A-2 Notes described in the
within-mentioned Indenture.

	
  

  	
  DEUTSCHE BANK
  TRUST COMPANY

  AMERICAS, as Indenture Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

 A-1-B-5
 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2007-3

CLASS A-2 SERIES 2007-3 5.40% ASSET BACKED NOTE

Summary of Terms and Conditions

This Class A-2 Note is one of a duly authorized issue
of Notes of the Issuer, designated as GE Capital Credit Card Master Note Trust,
Series 2007-3 (the “Series 2007-3 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 June 28, 2007 (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-2 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-2 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-2 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.

 A-1-B-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.

 A-1-B-1

EXHIBIT A-2

FORM OF CLASS B SERIES 2007-3 5.49% 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 INSTITUTE 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, 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”)), (C) AN ENTITY WHOSE
UNDERLYING ASSETS ARE DEEMED TO BE PLAN ASSETS OF A PLAN DESCRIBED IN (A) OR
(B)

 A-2-1
 

ABOVE OR (D) OTHER PLAN
THAT IS SUBJECT TO ANY APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO ERISA OR
SECTION 4975 OF THE CODE OR (II) ITS ACQUISITION, CONTINUED HOLDING AND
DISPOSITION OF THIS NOTE WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION
UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY
SUBSTANTIALLY SIMILAR APPLICABLE LAW.

 A-2-2
 

 

	
  REGISTERED

  	
  $

  
	
  No. R-

  	
   

  	
  CUSIP NO.

  

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2007-3

CLASS B SERIES 2007-3 5.49% 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 June 2013 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 June 2013 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 and 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.

 A-2-3
 

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:

  	
  THE BANK OF NEW YORK (DELAWARE),

  
	
   

  	
   

  	
  not in its
  individual capacity but solely as

  
	
   

  	
   

  	
  Trustee on
  behalf of Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
  Dated:

  	
  ,

  	
   

  	
   

  
				

 

 A-2-4
 

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:

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

 A-2-5
 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2007-3

CLASS B SERIES 2007-3 5.49% 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 2007-3 (the “Series 2007-3 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 June 28, 2007 (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.

 A-2-6
 

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.

 A-2-7

EXHIBIT A-3

FORM OF CLASS C SERIES 2007-3 FLOATING RATE 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 INSTITUTE 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
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”)), (C) AN ENTITY WHOSE UNDERLYING
ASSETS ARE DEEMED TO BE PLAN ASSETS OF A PLAN DESCRIBED IN (A) OR (B)

 A-3-1
 

ABOVE OR (D) OTHER PLAN THAT IS SUBJECT TO ANY
APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO ERISA OR SECTION 4975 OF THE
CODE OR (II) ITS ACQUISITION, CONTINUED HOLDING AND DISPOSITION OF THIS NOTE
WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF
ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SUBSTANTIALLY SIMILAR
APPLICABLE LAW.

 A-3-2
 

 

	
  REGISTERED

  	
  $

  
	
  No. R-

  	
   

  	
  CUSIP NO.

  

 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2007-3

CLASS C SERIES 2007-3 FLOATING RATE 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 June 2013 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 June 2013 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 and the actual number of days elapsed.  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.

 A-3-3
 

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:

  	
  THE BANK OF NEW YORK (DELAWARE),

  
	
   

  	
   

  	
  not in its
  individual capacity but solely as

  
	
   

  	
   

  	
  Trustee on
  behalf of Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
  Dated:

  	
  ,

  	
   

  	
   

  
				

 

 A-3-4
 

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

  

 

 A-3-5
 

GE CAPITAL CREDIT CARD

MASTER NOTE TRUST SERIES 2007-3

CLASS C SERIES 2007-3 FLOATING RATE 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 2007-3 (the “Series 2007-3 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 June 28, 2007 (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.

 A-3-6
 

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.

 A-3-7

EXHIBIT B

FORM OF MONTHLY NOTEHOLDER’S STATEMENT

Monthly Noteholder’s Statement

GE
Capital Credit Card Master Note Trust

Series 2007 – 3

Class A-1 LIBOR +
0.01% Notes

Class A-2 5.40%
Notes

Class B 5.49%
Notes

Class C LIBOR + 0.30% 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 2007-3 Indenture Supplement (the “Indenture
Supplement”), dated as of June 28, 2007, 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 2007-3 Noteholders and the performance of the Trust during the previous
month.  The information required to be
prepared with respect to the Payment Date of [  ·  ],
20[  ·  ],
and with respect to the performance of the Trust during the Monthly Period
ended [ 
·  ], 20[ 
·  ] is set forth below.  Capitalized terms used herein are defined in
the Indenture and the Indenture Supplement. The undersigned, an Authorized
Officer of the Servicer, does hereby certify as follows:

	
  Record Date:

  	
  [ ·
  ], 20[ · ]

  
	
  Monthly Period
  Beginning:

  	
  [ ·
  ], 20[ · ]

  
	
  Monthly Period
  Ending:

  	
  [ ·
  ], 20[ · ]

  
	
  Previous Payment
  Date:

  	
  [ ·
  ], 20[ · ]

  
	
  Payment Date:

  	
  [ ·
  ], 20[ · ]

  
	
  Interest Period
  Beginning:

  	
  [ ·
  ], 20[ · ]

  
	
  Interest Period
  Ending:

  	
  [ ·
  ], 20[ · ]

  
	
  Days in Monthly
  Period:

  	
  [ ·
  ]

  
	
  Days in Interest
  Period:

  	
  [ ·
  ]

  
	
  LIBOR
  Determination Date

  	
  [ ·
  ], 20[ · ]

  
	
  LIBOR Rate

  	
  [ ·
  ]

  
	
  Is there a Reset
  Date?

  	
  [No][Yes]

  

 

	
  I.

  	
  Trust Receivables Information

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  a.

  	
  Number of
  Obligors (Total Securitized) Beginning

  	
   

  	
   

  	
   

  	
   

  
	
  b.

  	
  Number of
  Obligors (Total Securitized) Ending

  	
   

  	
   

  	
   

  	
   

  
	
  c.

  	
  Average Obligor
  Balance (q / b)

  	
   

  	
   

  	
   

  	
   

  

 

 B-1
 

 

	
  d.

  	
  BOP Principal Receivables

  	
   

  	
   

  	
   

  	
   

  
	
  e.

  	
  BOP Finance Charge Receivables

  	
   

  	
   

  	
   

  	
   

  
	
  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 * 4.0%)

  	
   

  	
   

  	
   

  	
   

  
	
  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.

  	
  End of Interest Period

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  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

  	
   

  	
   

  	
   

  	
   

  

 

 B-2
 

 

	
   

  	
  viii.

  	
  Decrease in
  Unreimbursed Reallocated Principal Collections

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ix.

  	
  End of Interest
  Period

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  c.

  	
  Collateral Amount (Sum of all Series)

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  i.

  	
  End of Prior
  Monthly Period

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ii.

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

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  iii.

  	
  Increase in
  Unreimbursed Investor Charge-Off

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  iv.

  	
  Decrease in
  Unreimbursed Investor Charge-Off

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  v.

  	
  Increase in
  Unreimbursed Reallocated Principal Collections

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  vi.

  	
  Decrease in
  Unreimbursed Reallocated Principal Collections

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  vii.

  	
  End of Interest
  Period (c.ii + a.ii-a.iii + (b.ii through b.iv) - c.iii - c.iv)

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  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.

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

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  i.

  	
  Current

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ii.

  	
  Prior Monthly
  Period

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  iii.

  	
  Two Months Prior
  Monthly Period

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  iv.

  	
  Three-Month
  Average

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  d.

  	
  Default Amount
  for Defaulted Accounts

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  e.

  	
  Collections

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  i.

  	
  Total Trust
  Finance Charge Collections

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ii.

  	
  Total Trust
  Principal Collections

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  iii.

  	
  Total Trust
  Collections

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  f.

  	
  Delinquency Data

  	
   

  	
  Percentage

  	
   

  	
  Amount

  
	
   

  	
  i.

  	
  15-29 Days
  Delinquent

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ii.

  	
  30-59 Days
  Delinquent

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  iii.

  	
  60-89 Days
  Delinquent

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  iv.

  	
  90-119 Days
  Delinquent

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  v.

  	
  120-149 Days
  Delinquent

  	
   

  	
   

  	
   

  	
   

  

 

 B-3
 

 

	
  

  	
  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 + Swap Payments – Swap Receipts / 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-2
  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-1 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-1 Notes, per $1000
  Note Initial Principal Balance.

  	
   

  	
   

  	
   

  	
   

  
	
  d.

  	
  The total amount of the distribution to Class A-2
  Noteholders per $1000 Note Initial Principal Balance.

  	
   

  	
   

  	
   

  	
   

  
	
  e.

  	
  The amount of the distribution set forth in paragraph
  a. above in respect of interest on the Class A-2 Notes, per $1000 Note
  Initial Principal Balance.

  	
   

  	
   

  	
   

  	
   

  
	
  f.

  	
  The amount of the distribution set forth in
  paragraph a. above in respect of principal on the Class A-2 Notes, per $1000
  Note Initial Principal Balance.

  	
   

  	
   

  	
   

  	
   

  
	
  g.

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

  	
   

  	
   

  	
   

  	
   

  

 

 

 B-4
 

 

	
  h.

  	
  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.

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  i.

  	
  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.

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  j.

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

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  k.

  	
  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.

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  l.

  	
  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-1 Note
  Initial Principal Balance

  	
   

  	
   

  	
   

  	
   

  
	
  b.

  	
  Class A-2 Note
  Initial Principal Balance

  	
   

  	
   

  	
   

  	
   

  
	
  c.

  	
  Class B Note
  Initial Principal Balance

  	
   

  	
   

  	
   

  	
   

  
	
  d.

  	
  Class C Note
  Initial Principal Balance

  	
   

  	
   

  	
   

  	
   

  
	
  e.

  	
  Initial Excess
  Collateral Amount

  	
   

  	
   

  	
   

  	
   

  
	
  f.

  	
  Initial
  Collateral Amount

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  g.

  	
  Class A-1 Note
  Principal Balance

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  i.

  	
  Beginning of
  Interest Period

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ii.

  	
  Principal
  Payment

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  iii.

  	
  End of Interest
  Period

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  h.

  	
  Class A-2 Note
  Principal Balance

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  i.

  	
  Beginning of
  Interest Period

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ii.

  	
  Principal
  Payment

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  iii.

  	
  End of Interest
  Period

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  i.

  	
  Class B Note
  Principal Balance

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  i.

  	
  Beginning of
  Interest Period

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ii.

  	
  Principal
  Payment

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  iii.

  	
  End of Interest
  Period

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  j.

  	
  Class C Note
  Principal Balance

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  i.

  	
  Beginning of
  Interest Period

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ii.

  	
  Principal Payment

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  iii.

  	
  End of Interest
  Period

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  k.

  	
  Excess
  Collateral Amount

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  i.

  	
  Beginning of
  Interest Period

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ii.

  	
  Reduction in
  Excess Collateral Amount

  	
   

  	
   

  	
   

  	
   

  

 

 

 B-5
 

 

	
  

  	
  iii.

  	
  End of Interest
  Period

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  l.

  	
  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.

  	
  End of Interest
  Period

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  vii.

  	
  Collateral
  Amount as a Percentage of Note Trust Principal Balance

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  viii.

  	
  Amount by which
  Note Principal Balance exceeds Collateral Amount

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  m.

  	
  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

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  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

  	
   

  	
   

  	
   

  	
   

  

 

 

 B-6
 

 

	
  f.

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

  	
   

  	
   

  	
   

  	
   

  
	
  g.

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

  	
   

  	
   

  	
   

  	
   

  
	
  h.

  	
  Series
  Allocation Percentage

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  IX.

  	
  Collections
  and Allocations

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Trust

  	
   

  	
  Series

  
	
  a.

  	
  Finance Charge
  Collections

  	
   

  	
   

  	
   

  	
   

  
	
  b.

  	
  Recoveries

  	
   

  	
   

  	
   

  	
   

  
	
  c.

  	
  Principal Collections

  	
   

  	
   

  	
   

  	
   

  
	
  d.

  	
  Default Amount

  	
   

  	
   

  	
   

  	
   

  
	
  e.

  	
  Dilution

  	
   

  	
   

  	
   

  	
   

  
	
  f.

  	
  Investor
  Uncovered Dilution Amount

  	
   

  	
   

  	
   

  	
   

  
	
  g.

  	
  Available
  Finance Charge Collections

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  i.

  	
  Investor Finance
  Charge Collections

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ii.

  	
  Excess Finance
  Charge Collections allocable to Series 2007-3

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  iii.

  	
  Principal
  Accumulation Account Investment Proceeds

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  iv.

  	
  Investment
  earnings in the Reserve Account

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  v.

  	
  Reserve Account
  Draw Amount

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  vi.

  	
  Net Swap
  Receipts

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  vii.

  	
  Recoveries

  	
   

  	
   

  	
   

  	
   

  
	
  h.

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

  	
   

  	
   

  	
   

  	
   

  
	
  i.

  	
  Total
  Collections to Series

  	
   

  	
   

  	
   

  	
   

  
	
  j.

  	
  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-1

  	
   

  	
   

  	
   

  	
   

  

 

 B-7
 

 

	
  

  	
   

  	
   

  	
  I.

  	
  Class A-1
  Monthly Interest

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  II.

  	
  Class A-1
  Deficiency Amount

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  III.

  	
  Class A-1
  Additional Interest

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  IV.

  	
  Class A-1
  Additional Interest not paid on prior Payment Date

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  V.

  	
  Class A-1 Senior
  Swap Payments

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  VI.

  	
  Class A-1 Senior
  Swap Payments not paid on a prior Payment Date

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  b.

  	
  Class A-2

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  I.

  	
  Class A-2
  Monthly Interest

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  II.

  	
  Class A-2
  Deficiency Amount

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  III.

  	
  Class A-2
  Additional Interest

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  IV.

  	
  Class A-2
  Additional Interest not paid on priorPayment Date

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  iv.

  	
  On a pari passu
  basis:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  a.

  	
  Class B Monthly
  Interest

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  b.

  	
  Class B
  Deficiency Amount

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  c.

  	
  Class B
  Additional Interest

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  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

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  e.

  	
  Class C Senior
  Swap Payments

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  f.

  	
  Class C Senior
  Swap Payments not paid on a 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.

  	
  Subordinated Termination Payments and other
  additional amount owed to Class A-1 Swap Counterparty

  	
   

  	
   

  	
   

  	
   

  

 

 B-8
 

 

	
   

  	
  xii.

  	
  Subordinated Termination Payments and other
  additional amount owed to Class C Swap Counterparty

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  xiii.

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

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  xiv.

  	
  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, second, paid to the
  Transferor, to be applied in accordance with Section 8.6 of the Indenture
  unless:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  a.

  	
  There is an Early Amortization Period, in which case
  Excess Finance Charge Collections will be used to pay Monthly Principal; or

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  b.

  	
  GE Capital’s long-term unsecured debt rating is Aa2
  or lower by Moody’s or AA or lower by S&P and the Free Equity Amount is
  less than the Minimum Free Equity Amount, in which case Excess Finance Charge
  Collections will be deposited to the Excess Funding Account up to such
  shortfall

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  XI.

  	
  Excess
  Finance Charge Collections (Group One)

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  a.

  	
  Total Excess
  Finance Charge Collections in Group One

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  b.

  	
  Finance Charge
  Shortfall for Series 2007–3

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  c.

  	
  Finance Charge
  Shortfall for all Series in Group One

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  d.

  	
  Excess Finance
  Charges Collections Allocated to Series 2007–3

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  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: Unless there is an Early Amortization Period,
  the amount of Available Finance Charge Collections used to pay principal on
  the Notes pursuant to Section 4.4(a)(xv)

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  g.

  	
  Available Principal Collections (Deposited to
  Principal Account)

  	
   

  	
   

  	
   

  	
   

  

 

 B-9
 

 

	
  

  	
  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 2007—3)

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  vii.

  	
  Series Principal Shortfall

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  viii.

  	
  Shared Principal Collections allocated to this
  Series from other Series

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  XIII.

  	
  Series 2007-3 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.

  	
  End of Interest Period

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  XIV.

  	
  Reserve Account Funding (Section references
  relate to Indenture Supplement)

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  a.

  	
  Reserve Account Funding Date (scheduled)

  	
   

  	
   

  	
   

  	
   

  
	
  b.

  	
  Required Reserve Account Amount (.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.

  	
   

  	
   

  	
   

  	
   

  

 

 B-10
 

 

	
  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

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  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.

  	
  Excess Spread over Base Rate

  	
   

  	
   

  	
   

  	
   

  

 

 B-11
 

 

	
  d.

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

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  i.

  	
  Expected
  Principal Payment Date

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ii.

  	
  Current Payment
  Date

  	
   

  	
   

  	
   

  	
   

  

 

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

	
   

  	
  GE MONEY BANK, as Servicer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
					

 

 B-12

EXHIBIT C-1

FORM OF CLASS A-1 SWAP

[See Exhibits 4.3, 4.5, 4.7 and 4.9]

 C-1-1

EXHIBIT C-2

[Reserved]

 C-2-1

EXHIBIT C-3

FORM OF CLASS C SWAP

[See Exhibits 4.4, 4.6, 4.8, and 4.10]

 C-3-1

SCHEDULE I

PERFECTION REPRESENTATIONS, WARRANTIES

AND COVENANTS (WITH RESPECT TO NET SWAP RECEIPTS)

(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 Net Swap Receipts 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 Issuer.

(2)           The
Net Swap Receipts constitute “general intangibles” within the meaning of the
applicable UCC.

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

(4)           There
are no consents or approvals required by the terms of the Class A-1 Swap or
Class C Swap for the pledge of the Net Swap Receipts 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 Net Swap
Receipts.

(6)           Other
than the pledge of the Net Swap Receipts to the Indenture Trustee pursuant to
the Indenture, the Issuer has not pledged, assigned, sold, granted a security
interest in, or otherwise conveyed the Net Swap Receipts.  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 Net Swap Receipts, 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
2007-3 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 Net Swap Receipts.

 I-1

SCHEDULE II

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 II shall be continuing, and
remain in full force and effect, until such time as the Series 2007-3 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 II.

(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.

 II-1

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