Document:

Exhibit 4.1

 

SYNCHRONY CREDIT CARD MASTER NOTE TRUST,

 

as Issuer

 

and

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,

 

as Indenture Trustee

 

Series 2017-1 INDENTURE SUPPLEMENT

 

Dated as of June 16, 2017

 

    	 	 	 

     

    

Table
of Contents

 

	 	 	Page
	 	 
	ARTICLE I      Definitions	 
	 	 
	SECTION 1.1.	Definitions	1
	SECTION 1.2.	Incorporation of Terms	16
	 	 	 
	ARTICLE II      Creation of the Series 2017-1 Notes	 
	 	 
	SECTION 2.1.	Designation	16
	SECTION 2.2.	Transfer Restrictions Applicable to the Class C Notes and the Class D Notes	17
	 	 
	ARTICLE III      REPRESENTATIONS, WARRANTIES and Covenants	 
	 	 
	SECTION 3.1.	Representations, Warranties and Covenants with respect to Receivables	19
	SECTION 3.2.	Representations, Warranties and Covenants with respect to ERISA	19
	 	 
	ARTICLE IV      Rights of Series 2017-1 Noteholders and Allocation and Application of Collections	 
	 	 
	SECTION 4.1.	Determination of Interest and Principal	20
	SECTION 4.2.	Establishment of Accounts	22
	SECTION 4.3.	Calculations and Series Allocations	23
	SECTION 4.4.	Application of Available Finance Charge Collections and Available Principal Collections	25
	SECTION 4.5.	Distributions	28
	SECTION 4.6.	Investor Charge-Offs	29
	SECTION 4.7.	Reallocated Principal Collections	29
	SECTION 4.8.	Excess Finance Charge Collections	29
	SECTION 4.9.	Shared Principal Collections	29
	SECTION 4.10.	Reserve Account	30
	SECTION 4.11.	Spread Account	31
	SECTION 4.12.	Investment of Accounts	32
	SECTION 4.13.	Controlled Accumulation Period	33
	SECTION 4.14.	[Reserved]	34
	SECTION 4.15.	Deposit of Collections	34
	 	 	 
	ARTICLE V      Delivery of Series 2017-1 Notes; Reports to Series 2017-1 Noteholders	 
	 	 
	SECTION 5.1.	Delivery and Payment for the Series 2017-1 Notes	34
	SECTION 5.2.	Reports and Statements to Series 2017-1 Noteholders	34
	 	 	 
	ARTICLE VI      Series 2017-1 Early Amortization Events	 
	 	 
	SECTION 6.1.	Series 2017-1 Early Amortization Events	35

 

    	 	-i- 	 

     

    

 

Table
of Contents

(continued)

 

	 	Page
	 	 
	ARTICLE VII      Redemption of Series 2017-1 Notes; Final Distributions; Series Termination	 
	 	 
	SECTION 7.1.	Optional Redemption of Series 2017-1 Notes; Final Distributions	36
	SECTION 7.2.	Series Termination	37
	SECTION 7.3.	Sale of Collateral	38
	 	 	 
	ARTICLE VIII      Miscellaneous Provisions	 
	 	 
	SECTION 8.1.	Ratification of Indenture; Amendments	38
	SECTION 8.2.	Form of Delivery of the Series 2017-1 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
	SECTION 8.9.	Notes to be Treated as Debt for Tax	40
	SECTION 8.10.	Deemed Consent	40

  

EXHIBITS

 

	EXHIBIT A-1	FORM OF CLASS A NOTE
	 	 
	EXHIBIT A-2	FORM OF CLASS B NOTE
	 	 
	EXHIBIT A-3	FORM OF CLASS C NOTE
	 	 
	EXHIBIT A-4	FORM OF CLASS D NOTE
	 	 
	EXHIBIT B	FORM OF MONTHLY NOTEHOLDER’S STATEMENT

 

SCHEDULES

 

	SCHEDULE I	PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS (With Respect to Receivables)

 

    	 	-ii- 	 

     

    

 

SERIES 2017-1 INDENTURE
SUPPLEMENT, dated as of June 16, 2017 (this “Indenture Supplement”), between SYNCHRONY 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 as provided in the Master Indenture referred to below, the “Indenture Trustee”)
under the Master Indenture, dated as of September 25, 2003 (the “Indenture”), between the Issuer and the Indenture
Trustee, as amended by the Omnibus Amendment No.1 to Securitization Documents, dated as of February 9, 2004, among RFS Holding,
L.L.C., RFS Funding Trust, the Issuer, Deutsche Bank Trust Company Delaware, as trustee of RFS Funding Trust, RFS Holding, Inc.
and the Indenture Trustee, as further amended by the Second Amendment to Master Indenture, dated as of June 17, 2004, between the
Issuer and the Indenture Trustee, as further amended by the Third Amendment to Master Indenture, dated as of August 31, 2006, between
the Issuer and the Indenture Trustee, as further amended by the Fourth Amendment to Master Indenture, dated as of June 28, 2007,
between the Issuer and the Indenture Trustee, as further amended by the Fifth Amendment to Master Indenture, dated as of May 22,
2008, between the Issuer and the Indenture Trustee, as further amended by the Sixth Amendment to Master Indenture, dated as of
August 7, 2009, between the Issuer and the Indenture Trustee, as further amended by the Seventh Amendment to Master Indenture,
dated as of January 21, 2014, between the Issuer and the Indenture Trustee, as further amended by the Eighth Amendment to
Master Indenture and Omnibus Supplement to Specified Indenture Supplements, dated as of March 11, 2014, between the Issuer
and the Indenture Trustee, as further amended by the Ninth Amendment to Master Indenture, dated as of November 24, 2015, between
the Issuer and the Indenture Trustee, as further amended by the Tenth Amendment to Master Indenture, dated as of March 3, 2016,
between the Issuer and the Indenture Trustee, and as further amended by the Eleventh Amendment to Master Indenture, dated as of
April 21, 2017, 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 and Section 1.3 of
the Indenture.

 

(b)          Each
capitalized term defined herein relates only to Series 2017-1 and to no other Series. Whenever used in this Indenture Supplement,
the following words and phrases shall have the following meanings:

 

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

 

    	 	 	 

     

    

 

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

 

“Additional Interest”
means, for any Payment Date, Class A Additional Interest, Class B Additional Interest, Class C Additional Interest and Class
D 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 SYNCHRONY FINANCIAL, in its capacity as Administrator under the Administration Agreement or any other Person designated as
an Administrator under the Administration Agreement.

 

“Advisers Act”
is defined in Section 3.2(b)(i).

 

“Agreement”
is defined in the preamble.

 

“Allocation Percentage”
means, with respect to any date of determination in 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 makes a single monthly deposit of Collections to the Collection
Account pursuant to Section 8.4 of the Indenture for such Monthly Period and has not elected to make daily deposits to the
Collection Account, 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.

 

    	 	2	 

     

    

 

“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 2017-1 Excess Finance Charge Collections for such Monthly Period, (c) Principal Accumulation
Investment Proceeds, if any, with respect to the related Transfer Date, (d) interest and earnings on funds on deposit in the Reserve
Account which will be treated as Available Finance Charge Collections pursuant to Section 4.10(a) and (e) amounts, if any,
to be withdrawn from the Reserve Account which will be deposited into the Finance Charge Account on the related Transfer Date to
be treated as Available Finance Charge Collections pursuant to Section 4.10(c); provided, that for purposes
of the statement to be delivered pursuant to Section 5.2(a), the Servicer may estimate the amount of interest, earnings
and expenses on any Series Account based on the most recent statement delivered by the related deposit bank.

 

“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 2017-1 for application as Shared Principal Collections), (ii) the aggregate amount to be treated
as Available Principal Collections pursuant to Sections 4.4(a)(vii), (viii) and (xi) and (iii) during an Early Amortization
Period, the amount of Available Finance Charge Collections used to pay principal on the Notes pursuant to Section 4.4(a)(xiv)
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(a) on such date, but before
giving effect to any deposit made or to be made pursuant to Section 4.4(a)(ix) 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.

 

    	 	3	 

     

    

 

“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 (based on a 360-day year of twelve 30-day months, or in the case of the
initial Monthly Period, the actual number of days and a 360-day year) equivalent of a fraction, the numerator of which is equal
to the sum of (a) the Monthly Interest, (b) the amount required to be paid pursuant to Section 4.4(a)(i) and (c) the Noteholder
Servicing Fee, each with respect to the related Payment Date, and the denominator of which is the Collateral Amount plus amounts
on deposit in the Principal Accumulation Account, each as of the close of business on the last day of such Monthly Period.

 

“Benefit Plan”
means (i) an “employee benefit plan” as defined in Section 3(3) of ERISA, that is subject to Title I of ERISA, (ii)
a “plan” as defined in Section 4975 of the Code that is subject to Section 4975 of the Code, or (iii) an entity whose
underlying assets include plan assets by reason of investment by an employee benefit plan or plan in such entity.

 

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

 

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

 

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

 

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

 

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

 

“Class A Note
Interest Rate” means a per annum rate of 1.93%.

 

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

 

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

 

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

 

    	 	4	 

     

    

 

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

 

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

 

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

 

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

 

“Class B Note
Initial Principal Balance” means $71,917,808.

 

“Class B Note
Interest Rate” means a per annum rate of 2.19%.

 

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

 

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

 

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

 

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

 

“Class C Note
Initial Principal Balance” means $61,643,836.

 

“Class C Note
Interest Rate” means a per annum rate of 2.56%.

 

“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 Note
Transfer” is defined in Section 2.2(b).

 

“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.

 

    	 	5	 

     

    

 

“Class C Required
Amount” means, for 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 D Additional
Interest” is defined in Section 4.1(d).

 

“Class D Deficiency
Amount” is defined in Section 4.1(d).

 

“Class D Monthly
Interest” is defined in Section 4.1(d).

 

“Class D Note
Initial Principal Balance” means $92,465,753.

 

“Class D Note
Interest Rate” means a per annum rate of 2.95%.

 

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

 

“Class D Note
Transfer” is defined in Section 2.2(b).

 

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

 

“Class D 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-4.

 

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

 

“Closing Date”
means June 16, 2017.

 

“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 2017-1 Noteholders (other than any principal payments made from
funds on deposit in the Spread Account), (ii) reductions in the Collateral Amount pursuant to Section 4.4(f), (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)(viii) prior to such date.

 

“Controlled Accumulation
Amount” means, for any Payment Date with respect to the Controlled Accumulation Period, $325,342,466; provided,
however, that if the Controlled Accumulation Period Length is determined to be more than or less than three 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.

 

    	 	6	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

(c)          product
of (i) the Class C Monthly Interest and (ii) a fraction (A) the numerator of which is equal to the lesser of (x) the excess of
the Principal Accumulation Account Balance over the Class A Note Principal Balance and the Class B Note Principal Balance 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; and

 

(d)          product
of (i) the Class D Monthly Interest and (ii) a fraction (A) the numerator of which is equal to the lesser of (x) the excess of
the Principal Accumulation Account Balance over the sum of the Class A Note Principal Balance, the Class B Note Principal Balance
and the Class C Note Principal Balance, each as of the last day of the calendar month preceding such Transfer Date and (y) the
Class D 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 D 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 (as such term is defined
in the Transfer Agreement), unless there is an Insolvency Event with respect to the Originator or the Transferor) in such Defaulted
Account on the day it became a Defaulted Account.

 

    	 	7	 

     

    

 

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

 

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

 

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

 

“Early Amortization
Period” means the period commencing on the date on which a Trust Early Amortization Event or a Series 2017-1 Early Amortization
Event is deemed to occur and ending on the Final Payment Date.

 

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

 

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

 

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

 

“Expected Principal
Payment Date” means the June 2020 Payment Date.

 

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

 

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

 

“Finance Charge
Shortfall” is defined in Section 4.8.

 

“Group One”
means Series 2017-1 and each other outstanding Series previously or hereafter specified in the related Indenture Supplement to
be included in Group One.

 

“Hague Securities
Convention” means The Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary
(Concluded 5 July 2006), which became effective in the United States of America on April 1, 2017.

 

“Indenture”
is defined in the preamble.

 

“Indenture Trustee”
is defined in the preamble.

 

“Initial Collateral
Amount” means $1,027,397,261, 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, (iv) the Class D Note Initial Principal Balance
and (v) the Initial Excess Collateral Amount.

 

    	 	8	 

     

    

 

“Initial Excess
Collateral Amount” means $51,369,864.

 

“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 initial Payment Date, from and including the Closing Date) to but excluding such Payment Date.

 

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

 

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

 

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

 

“Investor Finance
Charge Collections” means, for any Monthly Period, an amount equal to the aggregate amount of Finance Charge Collections
allocated to the Series issued pursuant to this Indenture Supplement pursuant to Section 4.3(a) for all Dates of Processing during
such Monthly Period.

 

“Investor Principal
Collections” means, for any Monthly Period, (a) during the Revolving Period, amounts deposited by the holder(s) of the
Transferor Interest to the Collection Account in respect of Reallocated Principal Collections pursuant to Section 4.3(c),
and (b) during the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the lesser of (i) the Required
Principal Deposit Amount for such Monthly Period and (ii) the aggregate amount of Principal Collections allocated to the Series
issued pursuant to this Indenture Supplement pursuant to Section 4.3(b) for all Dates of Processing during such Monthly
Period; provided, that for any Monthly Period in which the Early Amortization Period commences, the amount described
in this clause (ii) shall equal the sum of (x) the lesser of (A) the aggregate amount of Principal Collections allocated
to the Series issued pursuant to this Indenture Supplement pursuant to Section 4.3(b) for all Dates of Processing during
any portion of the Monthly Period preceding the date on which the Early Amortization Period commences and (B) the Required Principal
Deposit Amount during the portion of such Monthly Period preceding the date on which the Early Amortization Period commences, plus
(y) the aggregate amount of Principal Collections allocated to the Series issued pursuant to this Indenture Supplement pursuant
to Section 4.3(b) for all Dates of Processing during any portion of the Monthly Period on and after the commencement of
the Early Amortization 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 (which with respect to any Monthly Period in which a Reset Date occurs during that Monthly Period will
be the daily average of the Series Allocation Percentages for all dates during such Monthly Period) and (b) the aggregate Dilutions
occurring during such Monthly Period as to which any deposit is required to be made hereunder 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.

 

    	 	9	 

     

    

 

“Issuer”
is defined in the preamble.

 

“Maximum Delinquency
Percentage” means, for purposes of Series 2017-1, 9%.

 

“Minimum Free
Equity Percentage” means, for purposes of Series 2017-1, 5.5%.

 

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

 

“Monthly Period”
means, (a) with respect to the July 2017 Payment Date, the period beginning on the Closing Date and ending on June 30, 2017, and
(b) with respect to any Payment Date thereafter, the calendar month immediately preceding such Payment Date.

 

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

 

“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) 27.00% of the Initial Collateral Amount minus the sum of (x) the amount
of unreimbursed Investor Charge-Offs (after giving effect to Investor Charge-Offs for the related Monthly Period) and unreimbursed
Reallocated Principal Collections (as of the previous Payment Date) and (y) any reductions to the Collateral Amount pursuant to
Section 4.4(f), but not less than zero;

 

(b)          the
lesser of (i) the Class B Required Amount and (ii) 20.00% of the Initial Collateral Amount minus the sum of (x) the amount
of unreimbursed Investor Charge-Offs (after giving effect to Investor Charge-Offs for the related Monthly Period) and unreimbursed
Reallocated Principal Collections (as of the previous Payment Date and as required in clause (a) above) and (y) any reductions
to the Collateral Amount pursuant to Section 4.4(f), but not less than zero;

 

(c)          the
lesser of (i) the Class C Required Amount and (ii) 14.00% of the Initial Collateral Amount minus the sum of (x) the amount
of unreimbursed Investor Charge-Offs (after giving effect to Investor Charge-Offs for the related Monthly Period) and unreimbursed
Reallocated Principal Collections (as of the previous Payment Date and as required in clauses (a) and (b) above)
and (y) any reductions to the Collateral Amount pursuant to Section 4.4(f), but not less than zero; and

 

(d)          the
lesser of (i) the Class D Required Amount and (ii) 5.00% of the Initial Collateral Amount minus the sum of (x) the amount
of unreimbursed Investor Charge-Offs after giving effect to Investor Charge-Offs for the related Monthly Period) and unreimbursed
Reallocated Principal Collections (as of the previous Payment Date and as required in clauses (a), (b) and (c) above)
and (y) any reduction to the Collateral Amount pursuant to Section 4.4(f), but not less than zero.

 

    	 	10	 

     

    

 

“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, the Class C Note Principal Balance and the Class D 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 pro rated for the number of days in the first Monthly Period.

 

“Payment Date”
means July 17, 2017 and the 15th day of each calendar month thereafter, or if such 15th day is not a Business
Day, the next succeeding Business Day.

 

“Plan Fiduciary”
means any fiduciary purchasing a Series 2017-1 Note (or interest therein) on behalf of a Benefit Plan.

 

“Portfolio Yield”
means, for any Monthly Period, the annualized percentage (based on a 360-day year of twelve 30-day months, or in the case of the
initial Monthly Period, the actual number of days and a 360-day year) equivalent of a fraction, (a) the numerator of which is equal
to the excess of (i) the Available Finance Charge Collections (excluding any Excess Finance Charge Collections), over (ii) the
Investor Default Amount and the Investor Uncovered Dilution Amount for such Monthly Period and (b) the denominator of which is
the Collateral Amount plus amounts on deposit in the 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; provided, that for purposes of all calculations to be made prior to the related Payment
Date and the statement to be delivered pursuant to Section 5.2(a), the Servicer may estimate the amount of interest, earnings
and expenses on the Principal Accumulation Account based on the most recent statement delivered by the related deposit bank.

 

    	 	11	 

     

    

 

“Principal Shortfall”
is defined in Section 4.9.

 

“QIB”
means a qualified institutional buyer, within the meaning of Rule 144A under the Securities Act.

 

“Quarterly Excess
Spread Percentage” means (a) with respect to the September 2017 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 2017 Payment
Date and (ii) the Excess Spread Percentage for the Monthly Period relating to the September 2017 Payment Date and the denominator
of which is two and (b) with respect to the October 2017 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, as of any date and with respect to any Class of the Series 2017-1 Notes, the nationally recognized statistical rating organizations
that have been requested by the Transferor to provide ratings of such Class and that are rating the Series 2017-1 Notes on such
date.

 

“Rating Agency
Condition” means, with respect to Series 2017-1 and any action, (i) with respect to any Class of the Series 2017-1 Notes
with respect to which S&P is a Rating Agency, if any, that S&P shall have notified the Issuer in writing that such action
will not result in a reduction or withdrawal of the rating, if any, of such Class (ii) with respect to any outstanding Class of
the Series 2017-1 Notes rated by any other Rating Agency, ten (10) days’ prior written notice (or, if ten (10) days’
advance notice is impracticable, as much advance notice as is practicable) is delivered electronically to each applicable Rating
Agency as provided in Section 8.7.

 

“Reallocated Principal
Collections” is defined in Section 4.7.

 

“Reassignment
Amount” means, with respect to Series 2017-1, the Redemption Amount.

 

“Redemption Amount”
means, for any Transfer Date, after giving effect to any deposits and payments otherwise to be made on the related Payment Date,
the sum of (i) the Note Principal Balance on such Payment Date, (ii) Monthly Interest for such Payment Date and any Monthly Interest
previously due but not distributed to the Series 2017-1 Noteholders and (iii) the amount of Additional Interest, if any, for the
related Payment Date and any Additional Interest previously due but not distributed to the Series 2017-1 Noteholders on a prior
Payment Date.

 

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

 

“Required Deposit
Amount” means, with respect to the Series issued pursuant to this Indenture Supplement, for any Monthly Period, the sum
of (a) the Required Finance Charge Deposit Amount on such Date of Processing and (b) the Required Principal Deposit Amount on such
Date of Processing.

 

    	 	12	 

     

    

 

“Required Excess
Collateral Amount” means, at any time, 5.00% 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 Finance
Charge Deposit Amount” means, with respect to the Series issued pursuant to this Indenture Supplement, for any Monthly
Period, the sum of (a) the fees payable to the Indenture Trustee, the Trustee and the Administrator on the related Payment Date,
(b) the Monthly Interest on the related Payment Date, (c) the Noteholder Servicing Fee, (d) if on such Date of Processing the Free
Equity Amount is less than the Minimum Free Equity Amount after giving effect to all transfers and deposits on that Date of Processing,
the Investor Default Amount and (e) any amount required to be deposited in the Reserve Account and the Spread Account on the related
Payment Date. To the extent any data needed to calculate the Required Finance Charge Deposit Amount is not available on any Date
of Processing, the Issuer shall use the corresponding data as most recently determined or other reasonable estimate of such data
until the required data is available (which shall be no later than the Transfer Date in the following Monthly Period). Without
limiting the foregoing, for purposes of determining the Investor Default Amount on any Date of Processing, the Investor Default
Amount shall be estimated based on the assumption that the Investor Default Amount for the current Monthly Period will equal the
Investor Default Amount for the prior Monthly Period multiplied by 1.25.

 

“Required Principal
Deposit Amount” means, with respect to the Series issued pursuant to this Indenture Supplement, for any Monthly Period,
an amount equal to (a) during the Revolving Period, zero, (b) during the Controlled Accumulation Period, the Controlled Deposit
Amount for the related Payment Date, and (c) during the Early Amortization Period, the Note Principal Balance, minus any amount
already 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 2017-1; provided, further, however, that at any time during which the Controlled
Accumulation Period Length is equal to one month, the Required Reserve Account Amount shall be equal to $0.00.

 

    	 	13	 

     

    

 

“Required Spread
Account Amount” means, for the July 2017 Payment Date and the August 2017 Payment Date, zero, and for any Payment Date
thereafter, the product of (i) the Spread Account Percentage in effect on such date and (ii) during (x) the Revolving Period, the
Collateral Amount, and (y) during the Controlled Accumulation Period or the Early Amortization Period, the Collateral Amount as
of the last day of the Revolving Period; provided, that, prior to the occurrence of an Event of Default and acceleration
of the Series 2017-1 Notes, the Required Spread Account Amount will never exceed the Class D 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 4.13); provided, however,
that if the Rating Agency Condition is satisfied, the Issuer may postpone the Reserve Account Funding Date.

 

“Reserve Account
Surplus” means, as of any Transfer Date following the Reserve Account Funding Date, the amount, if any, by which the
amount on deposit in the Reserve Account exceeds the Required Reserve Account Amount, after giving effect to all deposits to and
withdrawals from the Reserve Account to occur on or prior to the related Payment Date.

 

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

 

“Reset Date”
means:

 

(a)          each
Addition Date;

 

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

 

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

 

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

 

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

 

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

 

    	 	14	 

     

    

 

“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 2017-1, the June 2023 Payment Date.

 

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

 

“Series 2017-1”
means the Series of Notes the terms of which are specified in this Indenture Supplement.

 

“Series 2017-1
Early Amortization Event” is defined in Section 6.1.

 

“Series 2017-1
Excess Finance Charge Collections” means Excess Finance Charge Collections allocated from other Series in Group One to
Series 2017-1 pursuant to Section 8.6 of the Indenture.

 

“Series 2017-1
Note” means a Class A Note, a Class B Note, a Class C Note or a Class D Note.

 

“Series 2017-1
Noteholder” means a Class A Noteholder, a Class B Noteholder, a Class C Noteholder or a Class D Noteholder.

 

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

 

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

 

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

 

“Spread Account
Percentage” means, (i) 0% if the Quarterly Excess Spread Percentage on such Payment Date is greater than or equal to
5.00%, (ii) 2.00% if the Quarterly Excess Spread Percentage on such Payment Date is less than 5.00% and greater than or equal to
4.50%, (iii) 2.50% if the Quarterly Excess Spread Percentage on such Payment Date is less than 4.50% and greater than or equal
to 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%.

 

    	 	15	 

     

    

 

“Surplus Collateral
Amount” means, with respect to any Payment Date, the excess, if any, of the Excess Collateral Amount over the Required
Excess Collateral Amount, in each case calculated after giving effect to any deposits into the Principal Accumulation Account and
payments of principal on such Payment Date, but before giving effect to any reduction in the Collateral Amount on such Payment
Date pursuant to Section 4.4(f).

 

“Transaction Parties”
is defined in Section 3.2(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 2017-1.

 

ARTICLE
II

Creation of the Series 2017-1 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 “Synchrony Credit Card Master Note Trust, Series 2017-1” or the “Series 2017-1 Notes.”
The Series 2017-1 Notes shall be issued in four Classes, known as the “Class A Series 2017-1 Fixed Rate Asset Backed Notes”,
the “Class B Series 2017-1 Fixed Rate Asset Backed Notes”, the “Class C Series 2017-1 Fixed Rate Asset
Backed Notes” and the “Class D Series 2017-1 Fixed Rate Asset Backed Notes.”

 

(b)          Series
2017-1 shall be included in Group One and shall be a Principal Sharing Series. Series 2017-1 shall be an Excess Allocation Series
with respect to Group One only. Series 2017-1 shall not be subordinated to any other Series.

 

(c)          The
Series 2017-1 Class A Notes shall be issued in minimum denominations of $10,000 and in integral multiples of $1,000 and the Class
B Notes, the Class C Notes and the Class D Notes shall be issued in minimum denominations of $10,000 and in integral multiples
of $1.

 

    	 	16	 

     

    

 

SECTION 2.2. Transfer
Restrictions Applicable to the Class C Notes and the Class D Notes.

 

(a)          The
Class C Notes and the Class D Notes have not been registered under the Securities Act or any state securities law. None of the
Issuer, the Note Registrar or the Indenture Trustee is obligated to register the Class C Notes or the Class D Notes under the Securities
Act or any other securities or “blue sky” laws or to take any other action not otherwise required under this Indenture
Supplement or the Trust Agreement to permit the transfer of any Class C Note or Class D Note without registration.

 

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

 

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

 

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

 

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

 

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

 

    	 	17	 

     

    

 

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

 

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

 

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

 

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

 

    	 	18	 

     

    

 

(g)          Any
Notes that were beneficially owned by the Issuer or the single beneficial owner of the Issuer for U.S. federal income tax purposes
as of the Closing Date, may not be transferred for U.S. federal income tax purposes to another Person (other than the single beneficial
owner of the Issuer for U.S. federal income tax purposes) unless the Administrator shall cause an opinion of nationally recognized
tax counsel to be delivered to the Administrator and Indenture Trustee to the effect that such Notes will be treated as debt for
U.S. federal income tax purposes. In addition, if for tax or other reasons it may be necessary to track such Notes (e.g., if the
Notes have original issue discount), tracking conditions such as requiring that such Notes be in definitive registered form may
be required by the Administrator as a condition to such transfer.

 

ARTICLE
III

REPRESENTATIONS, WARRANTIES and Covenants

 

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

 

SECTION 3.2. Representations,
Warranties and Covenants with respect to ERISA.

 

(a)          By
acquiring a Series 2017-1 Note (or interest therein), each purchaser and subsequent transferee shall be deemed to represent and
warrant that either (i) it is not (and for so long as it holds such Series 2017-1 Note will not be), is not acting on behalf of
(and for so long as it holds such Series 2017-1 Note will not be acting on behalf of), and is not investing the assets of a Benefit
Plan or a governmental plan, church plan or non-U.S. plan that is subject to any Similar Law or (ii) its acquisition, continued
holding and disposition of such Series 2017-1 Note will not result in a non-exempt prohibited transaction under ERISA or Section
4975 of the Code or a violation of any Similar Law. Benefit Plans may not acquire the Series 2017-1 Notes at any time that the
Series 2017-1 Notes do not have a current investment grade rating from a nationally recognized statistical rating organization.

 

(b)          
By acquiring a Series 2017-1 Note (or interest therin), each purchaser and subsequent transferee that is a Benefit Plan, including
any Plan Fiduciary, shall be deemed to represent and warrant that:

 

(i)          none
of the Transferor, the Trust, any underwriter of such Series 2017-1 Note, the Trustee, the Servicer, the Administrator or the Indenture
Trustee or any of their respective Affiliates (for purposes of this Section, the “Transaction Parties”) has
provided or will provide advice with respect to the acquisition of such Series 2017-1 Note by such Benefit Plan, other than to
the Plan Fiduciary which is independent of the Transaction Parties, and such Plan Fiduciary either (A) is a bank as defined in
Section 202 of the Investment Advisers Act of 1940, as amended (the “Advisers Act”), or similar institution
that is regulated and supervised and subject to periodic examination by a state or federal agency, (B) is an insurance carrier
which is qualified under the laws of more than one state to perform the services of managing, acquiring or disposing of assets
of a Benefit Plan; (C) is an investment adviser registered under the Advisers Act, or, if not registered as an investment advisor
under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisors Act, is registered as an investment advisor under
the laws of the state in which it maintains its principal office and place of business, (D) is a broker-dealer registered under
the Securities Exchange Act or (E) has, and at all times that such Benefit Plan is invested in such Series 2017-1 Note will have,
total assets of at least $50,000,000 under its management or control; provided, that this clause (E) shall not be satisfied
if such Plan Fiduciary is either (1) the owner or a relative of the owner of an investing IRA or (2) a participant or beneficiary
or such Benefit Plan investing in such Series 2017-1 Note in such capacity;

 

    	 	19	 

     

    

 

(ii)         the
Plan Fiduciary is capable of evaluating investment risks independently, both in general and with respect to particular transactions
and investment strategies, including the acquisition by such Benefit Plan of such Series 2017-1 Note;

 

(iii)        the
Plan Fiduciary is a “fiduciary” with respect to such Benefit Plan within the meaning of Section 3(21) of ERISA, Section
4975 of the Code, or both, and is responsible for exercising independent judgment in evaluating such Benefit Plan’s acquisition
of such Series 2017-1 Note;

 

(iv)        none
of the Transaction Parties has exercised any authority to cause such Benefit Plan to invest in the Series 2017-1 Notes or to negotiate
the terms of such Benefit Plan’s investment in the Series 2017-1 Notes; and

 

(v)         the
Plan Fiduciary has been informed by the Transaction Parties (A) that none of the Transaction Parties is undertaking to provide
impartial investment advice or to give advice in a fiduciary capacity, and no such entity has given investment advice or otherwise
made a recommendation, in connection with such Benefit Plan’s acquisition of such Series 2017-1 Note and (B) of the existence
and nature of the Transaction Parties’ financial interests in such Benefit Plan’s acquisition of such Series 2017-1
Note.

 

ARTICLE
IV

Rights of Series 2017-1 Noteholders and Allocation and Application of Collections

 

SECTION 4.1. Determination
of Interest and Principal.

 

(a)          The
amount of monthly interest (“Class A Monthly Interest”) due and payable with respect to the Class A Notes on
any Payment Date shall be an amount equal to the product of (i) a fraction, the numerator of which is 30 (but in the case of the
initial Interest Period, 29) and the denominator of which is 360, (ii) the Class A Note Interest Rate in effect with respect to
the related Interest Period and (iii) the Class A Note Principal Balance as of the close of business on the last day of the preceding
Monthly Period (or, with respect to the initial Payment Date, the Class A Note Initial Principal Balance).

 

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

 

(b)          The
amount of monthly interest (“Class B Monthly Interest”) due and payable with respect to the Class B Notes on
any Payment Date shall be an amount equal to the product of (i) a fraction, the numerator of which is 30 (but in the case of the
initial Interest Period, 29) and the denominator of which is 360, (ii) the Class B Note Interest Rate in effect with respect to
the related Interest Period 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).

 

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 effect with respect to the related Interest Period 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 30 (but in the case of the
initial Interest Period, 29) and the denominator of which is 360, (ii) the Class C Note 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 30 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.

 

    	 	21	 

     

    

 

(d)          The
amount of monthly interest (“Class D Monthly Interest”) due and payable with respect to the Class D Notes on
any Payment Date shall be an amount equal to the product of (i) a fraction, the numerator of which is 30 (but in the case of the
initial Interest Period, 29) and the denominator of which is 360, (ii) the Class D Note Interest Rate in effect with respect to
the related Interest Period and (iii) the Class D 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 D Note Initial Principal Balance).

 

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

 

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

 

SECTION 4.2. Establishment
of Accounts.

 

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

 

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

 

    	 	22	 

     

    

 

(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 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
of Finance Charge Collections. On each Date of Processing, the Issuer shall allocate to the Noteholders of the Series issued
pursuant to this Indenture Supplement an amount equal to the product of (A) the Allocation Percentage and (B) the aggregate Finance
Charge Collections processed on such Date of Processing. On or prior to 12:00 noon, New York City time, on each Transfer Date,
the Issuer shall transfer from the Collection Account to the Finance Charge Account, an amount equal to the lesser of the Investor
Finance Charge Collections for the preceding Monthly Period and the Required Finance Charge Deposit Amount for the preceding Monthly
Period.

 

(b)          Allocations
of Principal Collections. On each Date of Processing, the Issuer shall allocate to the Noteholders of the Series issued pursuant
to this Indenture Supplement an amount equal to the product of (A) the Allocation Percentage and (B) the aggregate amount of Principal
Collections processed on such Date of Processing. Principal Collections allocated to the Series issued pursuant to this Indenture
Supplement in excess of the Investor Principal Collections shall be treated as Shared Principal Collections. On or prior to 12:00
noon, New York City time, on each Transfer Date, the Issuer shall transfer from the Collection Account to the Principal Account,
an amount equal to the Available Principal Collections to the extent such funds have not been deposited into the Principal Account
pursuant to Section 4.4(a) or any other provision of this Agreement.

 

    	 	23	 

     

    

 

(c)          Calculations
and Additional Deposits. With respect to each Monthly Period falling in the Revolving Period, to the extent that Principal
Collections allocated to the Noteholders of the Series issued pursuant to this Indenture Supplement pursuant to Section 4.3(b)
are paid to the holders(s) of the Transferor Interest, the Issuer shall cause the holder(s) of the Transferor Interest to make
an amount equal to the Reallocated Principal Collections for the related Transfer Date available on or prior to the related Payment
Date for application in accordance with Section 4.7. Notwithstanding the provisions of Section 8.4(a) of the Indenture
allowing Collections for any Monthly Period in excess of the Aggregate Required Deposit Amount for such Monthly Period to be distributed
to the holder(s) of the Transferor Interest, (1) “Reallocated Principal Collections” for the related Transfer
Date shall be calculated as if the full amount of Finance Charge Collections allocated to the Series issued pursuant to this Indenture
Supplement during that Monthly Period had been deposited in the Collection Account and applied as Available Finance Charge Collections
on the related Payment Date in accordance with Section 4.4(a) and (2) Collections of Finance Charge Receivables allocated
to the Series issued pursuant to this Indenture Supplement during that Monthly Period that were released to the holder(s) of the
Transferor Interest pursuant to Section 8.4(a) of the Indenture shall be deemed, for purposes of all calculations under this Indenture
Supplement, to have been applied as Available Finance Charge Collections 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 Collection Account on the related Payment Date. To avoid doubt, the calculations referred to in clause (2) of the preceding
sentence include the calculations required by clause (b)(iv) of the definition of Collateral Amount. 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 to occur
on or prior to the related Payment Date, the Issuer shall cause the holder(s) of the Transferor Interest, on or prior to the related
Payment 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 Sections 4.4(a)(vii), (viii) and (xi)
but are not available from funds in the Finance Charge Account as a result of the release of Collections to the holder(s) of the
Transferor Interest pursuant to Section 8.4(a) of the Indenture.

 

(d)          Notwithstanding
anything to the contrary contained in the Agreement, (i) funds required to be deposited into the Finance Charge Account or Principal
Account pursuant to this Indenture Supplement that would be subsequently transferred to the Distribution Account may instead be
directly deposited to the Distribution Account, and (ii) any funds required to be deposited into the Finance Charge Account or
Principal Account pursuant to this Indenture Supplement that would be subsequently transferred to the Issuer or the holder(s) of
the Transferor Interest shall not be required to be transferred to any Series Account and may be directly paid to the Issuer or
the holder(s) of the Transferor Interest pursuant to the priority of payments set forth in this Indenture Supplement.

 

(e)          Allocations
of Interchange. Notwithstanding anything to the contrary in Section 4.3(a) or the Indenture, Interchange for each Monthly Period
shall be allocated to the Noteholders of the Series issued pursuant to this Indenture Supplement based on the daily average of
the Allocation Percentages for Finance Charge Collections for all dates during such Monthly Period, and shall be deposited into
the Collection Account not later 12:00 noon, New York City time, on the Payment Date following the related Monthly Period.

 

    	 	24	 

     

    

 

SECTION 4.4. Application
of Available Finance Charge Collections and Available Principal Collections. On or prior to 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
or prior to each Payment Date, an amount equal to the Available Finance Charge Collections with respect to the related Monthly
Period 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 2017-1 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 the related Transfer Date, plus the amount of any Noteholder Servicing
Fee previously due but not paid by the Issuer on a prior Payment Date, shall be paid to the Servicer;

 

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

 

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

 

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

 

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

 

    	 	25	 

     

    

 

(vii)       (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 (vii) during the Controlled Accumulation
Period or the Early Amortization Period, shall be deposited into the Principal Account on the related Payment Date;

 

(viii)      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)(viii) 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;

 

(ix)         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;

 

(x)          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;

 

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

 

(xii)        [Reserved];

 

(xiii)       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 2017-1 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

 

    	 	26	 

     

    

 

(xiv)      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 (xiv)), 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 2017-1 pursuant to Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (i)
and (xiii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed
to such Persons listed in clause (i) above shall be paid to the Issuer.

 

(b)          On
or prior to 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 allocated in accordance with Section 8.5
of the Indenture.

 

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

 

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

 

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

 

(iii)        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.

 

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

 

    	 	27	 

     

    

 

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

 

(f)          As
of any Payment Date during the Controlled Accumulation Period or Early Amortization Period on which Principal Collections allocated
to the Series issued pursuant to this Indenture Supplement are treated as Shared Principal Collections, the Collateral Amount shall
be reduced by an amount equal to the lesser of (x) the amount of Principal Collections allocated to the Series issued pursuant
to this Indenture Supplement that are applied as Shared Principal Collections and (y) the Surplus Collateral Amount.

 

SECTION 4.5. Distributions.

 

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

 

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

 

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

 

(d)          On
each Payment Date, the Issuer shall pay to each Class D Noteholder of record on the related Record Date such Class D 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 D 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 2017-1 Noteholder (at such Noteholder’s
address as it appears in the Note Register), except that for any Series 2017-1 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 2017-1 Note or the making of any notation thereon.

 

    	 	28	 

     

    

 

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)(vii) 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 allocate Investor 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), (v) and (vi) on the related Payment Date (any such Investor Principal Collections so allocated, “Reallocated
Principal Collections”); provided, that for any Monthly Period, Reallocated Principal Collections may not exceed
the Monthly Principal Reallocation Amount for such Monthly Period. On each Transfer Date, the Collateral Amount shall be reduced
by the amount of Reallocated Principal Collections for such Transfer Date.

 

SECTION 4.8. Excess
Finance Charge Collections. Series 2017-1 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 with respect to any
Monthly Period will be allocated to Series 2017-1 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 Monthly Period and (y) a fraction, the
numerator of which is the Finance Charge Shortfall for Series 2017-1 for such Monthly Period and the denominator of which is the
aggregate amount of Finance Charge Shortfalls for all the Excess Allocation Series in Group One, in each case with respect to payments
to be made on or prior to the Payment Date following such Monthly Period. The “Finance Charge Shortfall” for
Series 2017-1 for any date on which Excess Finance Charge Collections are allocated pursuant to Section 8.6 of the Indenture
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 (xiii) with respect to the next following Payment Date over (b) the Available Finance
Charge Collections with respect to the related Monthly Period (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
2017-1 with respect to any Monthly Period will be equal to the product of (x) the aggregate amount of Shared Principal Collections
with respect to all Principal Sharing Series for such Monthly Period and (y) a fraction, the numerator of which is the Principal
Shortfall for Series 2017-1 for such Monthly Period and the denominator of which is the aggregate amount of Principal Shortfalls
for all the Series which are Principal Sharing Series, in each case with respect to payments to be made on or prior to the Payment
Date following such Monthly Period. The “Principal Shortfall” for Series 2017-1 for any date on which Shared
Principal Collections are allocated pursuant to Section 8.5 of the Indenture will be equal to (a) for any allocation date
with respect to the Revolving Period or any allocation date during the Early Amortization Period prior to the earlier of (i) the
end of the Monthly Period immediately preceding the Expected Principal Payment Date and (ii) the date on which all outstanding
Series are in early amortization periods, zero, (b) for any allocation date with respect to the Controlled Accumulation Period,
the excess, if any, of the Controlled Deposit Amount with respect to the next following Payment Date over the amount of
Available Principal Collections for the related Monthly Period (excluding any portion thereof attributable to Shared Principal
Collections or amounts available to be treated as Available Principal Collections pursuant to clause (ix) of Section
4.4(a)) and (c) for any allocation date on or after the earlier of (i) the end of the Monthly Period immediately preceding
the Expected Principal Payment Date and (ii) the date on which all outstanding Series are in early amortization periods, the Note
Principal Balance.

 

    	 	29	 

     

    

 

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). Any remaining interest and earnings (net of losses and investment expenses)
shall be (i) deposited on or prior to the related Payment Date into the Finance Charge Account (to the extent such funds are needed
for distributions pursuant to Section 4.4(a)) and (ii) included in Available Finance Charge Collections for the related Monthly
Period. For purposes of determining the availability of funds or the balance in the Reserve Account for any reason under this Indenture
Supplement, except as otherwise provided in the preceding sentence, investment earnings on such funds shall be deemed not to be
available or on deposit.

 

(b)          On
or before each Transfer Date with respect to the Controlled Accumulation Period and on or before the first Transfer Date with respect
to the Early Amortization Period, the Issuer shall calculate the Reserve Draw Amount; provided, however, that such
amount will be reduced to the extent that funds otherwise would be available for deposit in the Reserve Account under Section 4.4(a)(ix)
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 or prior to the related Payment 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 is greater than zero, on or prior to the related Payment Date, the Indenture Trustee,
acting in accordance with the written instructions of the Issuer, shall withdraw from the Reserve Account an amount equal to such
Reserve Account Surplus and distribute any such amounts to the holders of the Transferor Interest.

 

(e)          Upon
the earliest to occur of (i) the termination of the Trust pursuant to Article VIII of the Trust Agreement, (ii) the
first Transfer Date relating to the Early Amortization Period and (iii) the Expected Principal Payment Date, the Issuer, after
the prior payment of all amounts owing to the Series 2017-1 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.

 

    	 	30	 

     

    

 

SECTION 4.11. Spread
Account.

 

(a)          On
or before each Payment Date, if the aggregate amount of Available Finance Charge Collections available for application pursuant
to Section 4.4(a)(vi) is less than the aggregate amount required to be deposited pursuant to Section 4.4(a)(vi),
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)(vi).

 

(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 D Noteholders on the Expected Principal Payment Date for the Series 2017-1 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 D 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 D Notes on the earlier of the Series Maturity Date and
the first Payment Date on which the Class A Note Principal Balance, the Class B Note Principal Balance and the Class C Note Principal
Balance have been paid in full.

 

(d)          On
any day following the occurrence of an Event of Default with respect to Series 2017-1 that has resulted in the acceleration of
the Series 2017-1 Notes, the Issuer shall withdraw from the Spread Account the Available Spread Account Amount and deposit such
amount in the Distribution Account for payment to the Series 2017-1 Notes in the following order of priority until all amounts
owed to such Noteholders have been paid in full: (i) the Class D Noteholders, (ii) the Class A Noteholders, (iii) the Class B Noteholders
and (iv) the Class C 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)(x) 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 D 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.

 

    	 	31	 

     

    

 

SECTION 4.12. Investment
of Accounts. (a) Except as provided in the following sentence, 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 following Transfer Date. To the extent there are uninvested amounts deposited into any Series Account on a Transfer
Date for distribution on the related Payment Date, the Issuer shall cause such amounts to be invested overnight in Permitted Investments
described in clause (b) of the definition of “Permitted Investments” held at the Indenture Trustee or at a depository
institution or trust company that has entered into an agreement with the Issuer and the Indenture Trustee in accordance with the
Custody and Control Agreement.

 

(b)          To
the extent that there are any other agreements with the Indenture Trustee or Custodian governing the Series Accounts (any or each
of such agreements, also an “Account Agreement”), the parties agree that each and every such agreement is hereby amended
to provide that with respect to the Series Accounts, the law applicable to all issues specified in Article 2(1) of the Hague Securities
Convention shall be the laws of the State of New York.

 

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

 

(d)          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.

 

(e)          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, on or before the related Payment Date, 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 2017-1 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.

 

(f)          To
the extent that the Indenture Trustee or Custodian shall hold Permitted Investments that constitute investment property through
a securities intermediary, such securities intermediary shall agree with the Indenture Trustee or Custodian, as applicable, that
(i) the account agreement establishing a securities account with such institution shall provide that the account agreement is governed
solely by the law of New York and that the law of the State of New York shall govern all issues specified in Article 2(1) of the
Hague Securities Convention; and (ii) such institution acting as securities intermediary shall have and shall continue to have
at all relevant times one or more offices (within the meaning of the Hague Securities Convention) in the United States of America
which satisfies the “qualifying office” condition provided in the second sentence of Article 4(1) of the Hague Securities
Convention. Terms used in the preceding sentence that are defined in the New York UCC and not otherwise defined herein shall have
the meaning set forth in the New York UCC.

 

    	 	32	 

     

    

 

(g)          To
the extent that the Indenture Trustee or the Custodian shall hold Permitted Investments that constitute investment property as
a securities intermediary, the Indenture Trustee or the Custodian, as applicable and in each case in its capacity as securities
intermediary, represents that:

 

(i)          it
is a “securities intermediary,” as such term is defined in Section 8-102(a)(14)(B) of the relevant UCC, that in the
ordinary course of its business maintains "securities accounts" for others, as such term is used in Section 8-501 of
the relevant UCC, and an “intermediary” as defined in the Hague Securities Convention; and

 

(ii)         the
Indenture Trustee is not a “clearing corporation,” as such term is defined in Section 8-102(a)(5) of the relevant UCC.

 

(h)          To
the extent that the Indenture Trustee shall hold Permitted Investments that constitute investment property as a securities intermediary,
the Indenture Trustee, in its capacity as securities intermediary, agrees that:

 

(i)          pursuant
to Section 8-110(e)(1) of the relevant UCC for purposes of the relevant UCC and the Hague Securities Convention, the local law
of the jurisdiction of the Indenture Trustee as securities intermediary is the law of the State of New York. Further, the law of
the State of New York shall govern all issues specified in Article 2(1) of the Hague Securities Convention, the “securities
intermediary's jurisdiction” as defined in the relevant UCC shall be the State of New York;

 

(ii)         the
Indenture Trustee has and shall continue to have at all relevant times one or more offices (within the meaning of the Hague Securities
Convention) in the United States of America, which satisfies the "qualifying office" condition provided in the second
sentence of Article 4(1) of the Hague Securities Convention.

 

SECTION 4.13. Controlled
Accumulation Period. The Controlled Accumulation Period is scheduled to commence on the first day of the third Monthly Period
preceding the Expected Principal Payment Date; 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.

 

    	 	33	 

     

    

 

SECTION 4.14. [Reserved].

 

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

 

ARTICLE
V

Delivery of Series 2017-1 Notes;

Reports to Series 2017-1 Noteholders

 

SECTION 5.1. Delivery
and Payment for the Series 2017-1 Notes.

 

The Issuer shall execute
and issue, and the Indenture Trustee shall authenticate, the Series 2017-1 Notes in accordance with Section 2.2 of
the Indenture. The Indenture Trustee shall deliver the Series 2017-1 Notes to or upon the written order of the Issuer when so authenticated.

 

SECTION 5.2. Reports
and Statements to Series 2017-1 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.

 

(b)          A
copy of each statement or certificate provided pursuant to Section 5.2(a) may be obtained by any Series 2017-1 Noteholder
by a request in writing to the Issuer.

 

(c)          On
or before January 31 of each calendar year, beginning with January 31, 2017, the Issuer shall furnish or cause to be furnished
to each Person who at any time during the preceding calendar year was a Series 2017-1 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 (5) Business Days prior to the end of the period required by applicable law, the information required to complete
a Form 1099-INT.

 

    	 	34	 

     

    

 

ARTICLE
VI

Series 2017-1 Early Amortization Events

 

SECTION 6.1. Series
2017-1 Early Amortization Events. If any one of the following events shall occur with respect to the Series 2017-1 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 2017-1 Noteholders and which continues unremedied for a period of sixty
(60) days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the
Transferor by the Indenture Trustee, or to the Transferor and the Indenture Trustee by any Noteholder of the Series 2017-1 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 (60) 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 2017-1 Notes and as a result
of which the interests of the Series 2017-1 Noteholders are materially and adversely affected for such period; provided,
however, that a Series 2017-1 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 (as such term is defined
in the Transfer Agreement) or Participation Interests to the Trust when it is required to convey such Transferred Receivables pursuant
to Section 2.6(a) of the Transfer Agreement;

 

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

 

(e)          (i)
the average of the Portfolio Yields for the two Monthly Periods immediately preceding the September 2017 Payment Date is less than
the average of the Base Rates for the same Monthly Periods, or (ii) beginning with the three consecutive Monthly Periods immediately
preceding the October 2017 Payment Date, the average of the Portfolio Yields for three consecutive Monthly Periods is less than
the average of the Base Rates for the same Monthly Periods (for the avoidance of doubt, the Monthly Period preceding the July 2017
Payment Date shall be excluded for purposes of calculating the three-month average Portfolio Yield and Base Rate under this clause
(e)(ii));

 

    	 	35	 

     

    

 

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

 

(g)          without
limiting the foregoing, the occurrence of an Event of Default with respect to Series 2017-1 and acceleration of the maturity of
the Series 2017-1 Notes pursuant to Section 5.3 of the Indenture;

 

then, in the case of any event described in
subsection (a), (b) or (d), after the applicable grace period, if any, set forth in such subparagraphs, either
the Indenture Trustee or the holders of Series 2017-1 Notes evidencing more than 50% of the aggregate unpaid principal amount
of Series 2017-1 Notes by notice then given in writing to the Issuer (and to the Indenture Trustee if given by the Series 2017-1
Noteholders) may declare that a “Series Early Amortization Event” with respect to Series 2017-1 (a “Series
2017-1 Early Amortization Event”) has occurred as of the date of such notice, and, in the case of any event described
in subsection (c), (e), (f) or (g) a Series 2017-1 Early Amortization Event shall occur without any
notice or other action on the part of the Indenture Trustee or the Series 2017-1 Noteholders immediately upon the occurrence of
such event.

 

ARTICLE
VII

Redemption of Series 2017-1 Notes; Final Distributions; Series Termination

 

SECTION 7.1. Optional
Redemption of Series 2017-1 Notes; Final Distributions.

 

(a)          On
any day occurring on or after the date on which the outstanding principal balance of the Series 2017-1 Notes is reduced to 10%
or less of the initial outstanding principal balance of Series 2017-1 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 2017-1 shall be reduced
to zero and the Series 2017-1 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).

 

    	 	36	 

     

    

 

(c)          (i)
The amount to be paid by the Transferor with respect to Series 2017-1 in connection with a reassignment of Transferred Receivables
to the Transferor pursuant to Section 6.1(f) 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 2017-1 in connection with a repurchase of the Notes pursuant to Section
10.1 of the Trust Agreement shall not be less than the Redemption Amount for the Payment Date of such repurchase.

 

(d)          With
respect to (i) the Redemption Amount deposited into the Distribution Account pursuant to this 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 2017-1,
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) (x) the Class A Note
Principal Balance on such Payment Date will be paid to the Class A Noteholders and (y) an amount equal to the sum of (A) Class
A Monthly Interest due and payable on such Payment Date or any prior Payment Date, (B) any Class A Deficiency Amount for such
Payment Date and (C) the amount of Class A Additional Interest, if any, for such Payment Date and any Class A Additional Interest
previously due but not paid to the Class A Noteholders on any prior Payment Date, will be paid to the Class A Noteholders, (ii) (x)
the Class B Note Principal Balance on such Payment Date will be paid to the Class B Noteholders and (y) an amount equal to the
sum of (A) Class B Monthly Interest due and payable on such Payment Date or any prior Payment Date, (B) any Class B Deficiency
Amount for such Payment Date and (C) the amount of Class B Additional Interest, if any, for such Payment Date and any Class B Additional
Interest previously due but not paid to the Class B Noteholders on any prior Payment Date, will be paid to the Class B Noteholders,
(iii) (x) the Class C Note Principal Balance on such Payment Date will be paid to the Class C Noteholders and (y) an amount
equal to the sum of (A) Class C Monthly Interest due and payable on such Payment Date or any prior Payment Date, (B) any Class
C Deficiency Amount for such Payment Date and (C) the amount of Class C Additional Interest, if any, for such Payment Date and
any Class C Additional Interest previously due but not paid to the Class C Noteholders on any prior Payment Date, will be paid
to the Class C Noteholders, (iv) (x) the Class D Note Principal Balance on such Payment Date will be paid to the Class D Noteholders
and (y) an amount equal to the sum of (A) Class D Monthly Interest due and payable on such Payment Date or any prior Payment Date,
(B) any Class D Deficiency Amount for such Payment Date and (C) the amount of Class D Additional Interest, if any, for such Payment
Date and any Class D Additional Interest previously due but not paid to the Class D Noteholders on any prior Payment Date, will
be paid to the Class D Noteholders and (v) 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 2017-1 Notes shall be due and payable.

 

    	 	37	 

     

    

 

SECTION 7.3. Sale of
Collateral.

 

If the Indenture Trustee
exercises its right to sell any portion of the Collateral in accordance with Section 5.16 of the Indenture upon the occurrence
of an Event of Default with respect to Series 2017-1, SYNCHRONY FINANCIAL shall have a right of first refusal to purchase any portion
of the Collateral for which the Indenture Trustee has received a bona fide offer from a third-party that is not an affiliate of
the Transferor at a price equal to the highest price bid for such Collateral by such third-party bidder.

 

ARTICLE
VIII

Miscellaneous Provisions

 

SECTION 8.1. Ratification
of Indenture; Amendments. As supplemented by this Indenture Supplement, the Indenture is in all respects ratified and confirmed
and the Indenture as so supplemented by this Indenture Supplement shall be read, taken and construed as one and the same instrument.
This Indenture Supplement may be amended only by a Supplemental Indenture entered in accordance with the terms of Section 9.1
or 9.2 of the Indenture. For purposes of the application of Section 9.2 to any amendment of this Indenture Supplement,
the Series 2017-1 Noteholders shall be the only Noteholders whose vote shall be required.

 

SECTION 8.2. Form of
Delivery of the Series 2017-1 Notes. The Class A Notes, the Class B Notes, the Class C Notes and the Class D 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 one 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 INDENTURE SUPPLEMENT 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 NEW YORK 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 INDENTURE SUPPLEMENT OR
TO ANY MATTER ARISING OUT OF OR RELATING TO THIS INDENTURE SUPPLEMENT; 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 INDENTURE SUPPLEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE THE INDENTURE
TRUSTEE FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY
FOR THE NOTES, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE INDENTURE TRUSTEE. EACH PARTY HERETO SUBMITS AND CONSENTS
IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH PARTY HERETO HEREBY WAIVES ANY OBJECTION
THAT SUCH PARTY MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS AND HEREBY CONSENTS
TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. EACH PARTY HERETO HEREBY WAIVES PERSONAL
SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS,
COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH PARTY AT ITS ADDRESS DETERMINED IN ACCORDANCE
WITH SECTION 10.4 OF THE INDENTURE AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF SUCH PARTY’S
ACTUAL RECEIPT THEREOF OR THREE (3) DAYS AFTER DEPOSIT IN THE UNITED STATES MAIL, PROPER POSTAGE PREPAID. NOTHING IN THIS SECTION
SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

 

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 Indenture Supplement has been executed and delivered
by BNY Mellon Trust of Delaware, not in its individual capacity, but solely in its capacity as Trustee of the Trust, in no event
shall BNY Mellon Trust of Delaware in its individual capacity have any liability in respect of the representations, warranties
or obligations of the Issuer hereunder or under any other document, as to all of which recourse shall be had solely to the assets
of the Trust, and for all purposes of this Indenture Supplement 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.

 

    	 	39	 

     

    

 

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. Delivery of any notices required to be delivered to the Rating Agencies by the Issuer, the Indenture
Trustee or the Trustee shall be sufficient for the purposes of this Indenture Supplement and the other Related Documents if sent
to such mailing addresses or such email addresses as may be provided by the Rating Agencies.

 

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.

 

SECTION 8.9. Notes to
be Treated as Debt for Tax. It is the intent of the parties hereto that, for purposes of federal, state and local income and
franchise tax and any other tax measured in whole or in part by income, the Class A Notes, the Class B Notes, the Class C Notes
and the Class D Notes shall be treated as debt and a person purchasing such Notes agrees to treat such Notes as debt for such purposes.
Notwithstanding the foregoing and the Indenture, no party is bound to treat any Notes beneficially owned during any period of time
either by the Issuer or the single beneficial owner of the Issuer for U.S. federal income tax purposes as debt for the purposes
described in the preceding sentence.

 

SECTION 8.10. Deemed
Consent. The Series 2017-1 Noteholders will be deemed to have consented to any amendment to any Related Document that changes
the definition of “Rating Agency Condition” in such Related Document to match the definition of “Rating Agency
Condition” in this Indenture Supplement.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	40	 

     

    

 

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.

 

	 	SYNCHRONY CREDIT CARD MASTER NOTE TRUST, as Issuer
	 	 	 
	 	By:	BNY Mellon Trust of Delaware, not in its individual capacity, but solely as Trustee on behalf of Issuer
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	 	
        Indenture Supplement

        Series 2017-1

 

    	 	S-1	 

     

    

 

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Indenture Trustee
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	By:  	 
	 	 	Name:
	 	 	Title:
	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Custodian
	 	
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	By:  	 
	 	 	Name:
	 	 	Title:

 

    	 	2	 

     

    

 

EXHIBIT A-1

FORM OF CLASS A SERIES 2017-1 FIXED 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 INSTITUTED AGAINST
THE TRANSFEROR ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDING OR OTHER PROCEEDING UNDER ANY
FEDERAL OR STATE BANKRUPTCY LAW IN ANY INSTANCE; PROVIDED, THAT THE FOREGOING SHALL NOT IN ANY WAY LIMIT THE NOTEHOLDER’S
RIGHTS TO PURSUE ANY OTHER CREDITOR RIGHTS OR REMEDIES THAT THE NOTEHOLDERS MAY HAVE FOR CLAIMS AGAINST THE ISSUER.

 

THE HOLDER OF THIS CLASS
A NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS A NOTES (OTHER THAN
A NOTE beneficially owned during any period of time either by the Issuer or the single
beneficial owner of the Issuer for U.S. federal income tax purposes) 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.

 

    	 	Exhibit A-1 (Page 1)	 

     

    

 

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

 

    	 	Exhibit A-1 (Page 2)	 

     

    

 

Any
holder of this note that is a Benefit Plan, including any Plan Fiduciary, by its acceptance of this note, and any holder of a beneficial
interest therein that is a benefit plan, including any Plan Fiduciary, shall be deemed to represent and warrant that: (i) NONE
of the Transferor, the Trust, any underwriter of this note, the Trustee, the Servicer, the Administrator or the Indenture Trustee
or any of their respective Affiliates (for purposes of this note, the “Transaction Parties”) has provided or
will provide advice with respect to the acquisition of this note (or any beneficial interest therein) by such Benefit Plan, other
than to the Plan Fiduciary which is independent of the Transaction Parties, and the Plan Fiduciary either (A) is a bank as defined
in Section 202 of the Investment Advisers Act of 1940, as amended (the “Advisers Act”), or similar institution
that is regulated and supervised and subject to periodic examination by a state or federal agency, (B) is an insurance carrier
which is qualified under the laws of more than one state to perform the services of managing, acquiring or disposing of assets
of a Benefit Plan; (C) is an investment adviser registered under the Advisers Act or, if not registered as an investment advisor
under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisors Act, is registered as an investment advisor under
the laws of the state in which it maintains its principal office and place of business, (D) is a broker-dealer registered under
the Securities Exchange Act or (E) has, and at all times that such Benefit Plan is invested in this Note (or any beneficial interest
therein) will have, total assets of at least $50,000,000 under its management or control; provided, that this clause (E) shall
not be satisfied if such Plan Fiduciary is either (1) the owner or a relative of the owner of an investing IRA or (2) a participant
or beneficiary or such Benefit Plan investing in this note (or any beneficial interest therein) in such capacity; (ii) the Plan
Fiduciary is capable of evaluating investment risks independently, both in general and with respect to particular transactions
and investment strategies, including the acquisition by such Benefit Plan of this Note (OR ANY BENEFICIAL INTEREST THEREIN); (iii)
the Plan Fiduciary is a “fiduciary” with respect to such Benefit Plan within the meaning of Section 3(21) of ERISA,
Section 4975 of the Code, or both, and is responsible for exercising independent judgment in evaluating such Benefit Plan’s
acquisition of this Note (OR ANY BENEFICIAL INTEREST THEREIN); (IV) none of the Transaction Parties has exercised any authority
to cause such benefit plan to invest in this note (or any beneficial interest therein) or to negotiate the terms of such benefit
plan’s investment in this note (or any beneficial interest therein); and (v) the Plan Fiduciary has been informed by the
Transaction Parties (A) that none of the Transaction Parties is undertaking to provide impartial investment advice or to give advice
in a fiduciary capacity, and no such entity has given investment advise or otherwise made a recommendation, in connection with
such Benefit Plan’s acquisition of this note (OR ANY BENEFICIAL INTEREST THEREIN) and (B) of the existence and nature of
the Transaction Parties’ financial interests in such Benefit Plan’s acquisition of such this Note (OR ANY BENEFICIAL
INTEREST THEREIN).

 

    	 	Exhibit A-1 (Page 3)	 

     

    

 

	REGISTERED

No. R-__________________	$750,000,000 

CUSIP NO. 87165L BP5

 

SYNCHRONY
CREDIT CARD

MASTER NOTE
TRUST SERIES 2017-1

 

CLASS A SERIES
2017-1 FIXED RATE ASSET BACKED NOTE

 

Synchrony 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 SEVEN HUNDRED FIFTY MILLION DOLLARS, or such greater or lesser amount
as determined in accordance with the Indenture, on the June 2023 Payment Date, except as otherwise provided below or in the Indenture.
The Issuer will pay interest on the unpaid principal amount of this Note at the Class A Note Interest Rate on each Payment Date
until the Final Payment Date (which is the earlier to occur of (a) the Payment Date on which the Note Principal Balance is paid
in full, (b) the date on which the Collateral Amount is reduced to zero and (c) the June 2023 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 twelve 30-day months (and in the case of the initial interest period following
the Closing Date, for a period of 29 days). Principal of this Note shall be paid in the manner specified in the Indenture Supplement
referred to on the reverse hereof.

 

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

 

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

 

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

 

    	 	Exhibit A-1 (Page 4)	 

     

    

 

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

 

	 	SYNCHRONY CREDIT CARD MASTER NOTE TRUST, as Issuer
	 	 
	 	By:	BNY Mellon Trust of Delaware,
	 	 	not in its individual capacity but solely as  Trustee on behalf of Issuer
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	Dated: _____________, _____	 	 

 

    	 	Exhibit A-1 (Page 5)	 

     

    

 

INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

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

 

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Indenture Trustee
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    	 	Exhibit A-1 (Page 6)	 

     

    

 

SYNCHRONY CREDIT CARD

MASTER NOTE TRUST SERIES 2017-1

CLASS A SERIES 2017-1 FIXED RATE ASSET BACKED NOTE

Summary of Terms and Conditions

 

This Class A Note is
one of a duly authorized issue of Notes of the Issuer, designated as Synchrony Credit Card Master Note Trust, Series 2017-1 (the
“Series 2017-1 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 16, 2017 (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,
the Class C Notes and the Class D 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 Trustee nor the Indenture Trustee is liable to the Noteholders for any amount payable
under the Notes or the Indenture or, except in the case of the Indenture Trustee as expressly provided in the Indenture, subject
to any liability under the Indenture.

 

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

 

THIS CLASS A NOTE DOES
NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST IN, GENERAL ELECTRIC CAPITAL CORPORATION, SYNCHRONY BANK, SYNCHRONY FINANCIAL, 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. THIS CLASS A NOTE IS LIMITED IN RIGHT OF PAYMENT TO CERTAIN COLLECTIONS OF THE RECEIVABLES
(AND CERTAIN OTHER COLLATERAL) ALLOCATED TO THE SERIES 2017-1 NOTES, ALL AS MORE SPECIFICALLY SET FORTH HEREINABOVE AND IN THE
MASTER INDENTURE AND INDENTURE SUPPLEMENT.

 

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

 

    	 	Exhibit A-1 (Page 7)	 

     

    

 

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

 

    	 	Exhibit A-1 (Page 8)	 

     

    

 

ASSIGNMENT

 

	Social Security or other identifying number of assignee	 

 

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

 

	Dated:	 	 	 	**
	 	 	 	Signature Guaranteed:	 

 

 

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

 

    	 	Exhibit A-1 (Page 9)	 

     

    

 

EXHIBIT A-2

FORM OF CLASS B SERIES 2017-1 FIXED 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 INSTITUTED AGAINST
THE TRANSFEROR ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDING OR OTHER PROCEEDING UNDER ANY
FEDERAL OR STATE BANKRUPTCY LAW IN ANY INSTANCE; PROVIDED, THAT THE FOREGOING SHALL NOT IN ANY WAY 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 (OTHER THAN A NOTE beneficially
owned during any period of time either by the Issuer or the single beneficial owner of the Issuer for U.S. federal income tax purposes)
AS INDEBTEDNESS OF THE ISSUER FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER
TAX IMPOSED ON, OR MEASURED BY, INCOME.

 

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

 

    	 	Exhibit A-2 (Page 1)	 

     

    

 

Any
holder of this note that is a Benefit Plan, including any Plan Fiduciary, by its acceptance of this note, and any holder of a beneficial
interest therein that is a benefit plan, including any Plan Fiduciary, shall be deemed to represent and warrant that: (i) NONE
of the Transferor, the Trust, any underwriter of this note, the Trustee, the Servicer, the Administrator or the Indenture Trustee
or any of their respective Affiliates (for purposes of this note, the “Transaction Parties”) has provided or
will provide advice with respect to the acquisition of this note (or any beneficial interest therein) by such Benefit Plan, other
than to the Plan Fiduciary which is independent of the Transaction Parties, and the Plan Fiduciary either (A) is a bank as defined
in Section 202 of the Investment Advisers Act of 1940, as amended (the “Advisers Act”), or similar institution
that is regulated and supervised and subject to periodic examination by a state or federal agency, (B) is an insurance carrier
which is qualified under the laws of more than one state to perform the services of managing, acquiring or disposing of assets
of a Benefit Plan; (C) is an investment adviser registered under the Advisers Act or, if not registered as an investment advisor
under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisors Act, is registered as an investment advisor under
the laws of the state in which it maintains its principal office and place of business, (D) is a broker-dealer registered under
the Securities Exchange Act or (E) has, and at all times that such Benefit Plan is invested in this Note (or any beneficial interest
therein) will have, total assets of at least $50,000,000 under its management or control; provided, that this clause (E) shall
not be satisfied if such Plan Fiduciary is either (1) the owner or a relative of the owner of an investing IRA or (2) a participant
or beneficiary or such Benefit Plan investing in this note (or any beneficial interest therein) in such capacity; (ii) the Plan
Fiduciary is capable of evaluating investment risks independently, both in general and with respect to particular transactions
and investment strategies, including the acquisition by such Benefit Plan of this Note (OR ANY BENEFICIAL INTEREST THEREIN); (iii)
the Plan Fiduciary is a “fiduciary” with respect to such Benefit Plan within the meaning of Section 3(21) of ERISA,
Section 4975 of the Code, or both, and is responsible for exercising independent judgment in evaluating such Benefit Plan’s
acquisition of this Note (OR ANY BENEFICIAL INTEREST THEREIN); (IV) none of the Transaction Parties has exercised any authority
to cause such benefit plan to invest in this note (or any beneficial interest therein) or to negotiate the terms of such benefit
plan’s investment in this note (or any beneficial interest therein); and (v) the Plan Fiduciary has been informed by the
Transaction Parties (A) that none of the Transaction Parties is undertaking to provide impartial investment advice or to give advice
in a fiduciary capacity, and no such entity has given investment advise or otherwise made a recommendation, in connection with
such Benefit Plan’s acquisition of this note (OR ANY BENEFICIAL INTEREST THEREIN) and (B) of the existence and nature of
the Transaction Parties’ financial interests in such Benefit Plan’s acquisition of such this Note (OR ANY BENEFICIAL
INTEREST THEREIN).

 

    	 	Exhibit A-2 (Page 2)	 

     

    

 

	REGISTERED

No. R-                                          	$71,917,808

CUSIP NO. 87165L BQ3

 

SYNCHRONY CREDIT CARD

MASTER NOTE TRUST SERIES 2017-1

CLASS B SERIES 2017-1 FIXED RATE ASSET BACKED NOTE

 

Synchrony 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 SEVENTY-ONE MILLION NINE HUNDRED SEVENTEEN THOUSAND EIGHT HUNDRED
AND EIGHT DOLLARS, or such greater or lesser amount as determined in accordance with the Indenture, on the June 2023 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 2023 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 twelve 30-day months
(and in the case of the initial interest period following the Closing Date, for a period of 29 days). Principal of this Note shall
be paid in the manner specified in the Indenture Supplement referred to on the reverse hereof.

 

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

 

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

 

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

 

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

 

    	 	Exhibit A-2 (Page 3)	 

     

    

 

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

 

	 	SYNCHRONY CREDIT CARD MASTER NOTE TRUST, as Issuer
	 	 	 
	 	By:	BNY Mellon Trust of Delaware, not in its individual capacity but solely as Trustee on behalf of Issuer
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:                               ,
         

 

    	 	Exhibit A-2 (Page 4)	 

     

    

 

INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

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

 

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Indenture Trustee
	 	 	 
		By:	 
	 	 	Name:
	 	 	Title:

 

    	 	Exhibit A-2 (Page 5)	 

     

    

 

SYNCHRONY CREDIT CARD

MASTER NOTE TRUST SERIES 2017-1

CLASS B SERIES 2017-1 FIXED RATE 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 Synchrony Credit Card Master Note Trust, Series 2017-1 (the
“Series 2017-1 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 16, 2017 (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,
the Class C Notes and the Class D 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 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, GENERAL ELECTRIC CAPITAL CORPORATION, SYNCHRONY BANK, SYNCHRONY FINANCIAL, 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. THIS CLASS B NOTE IS LIMITED IN RIGHT OF PAYMENT TO CERTAIN COLLECTIONS OF THE RECEIVABLES
(AND CERTAIN OTHER COLLATERAL) ALLOCATED TO THE SERIES 2017-1 NOTES, ALL AS MORE SPECIFICALLY SET FORTH HEREINABOVE AND IN THE
MASTER INDENTURE AND INDENTURE SUPPLEMENT.

 

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.

 

    	 	Exhibit A-2 (Page 6)	 

     

    

 

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

 

    	 	Exhibit A-2 (Page 7)	 

     

    

 

ASSIGNMENT

 

	Social Security or other identifying number of assignee	 

 

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

 

	Dated:	 	 	 	**
	 	 	 	Signature Guaranteed:	 

 

 

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

 

    	 	Exhibit A-2 (Page 8)	 

     

    

 

EXHIBIT A-3

FORM OF CLASS C SERIES 2017-1 FIXED 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.

 

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

 

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

 

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

 

    	 	Exhibit A-3 (Page 1)	 

     

    

 

THE HOLDER OF THIS
NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME DIRECTLY OR INDIRECTLY INSTITUTE OR CAUSE TO BE
INSTITUTED AGAINST THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDING OR OTHER PROCEEDING
UNDER ANY FEDERAL OR STATE BANKRUPTCY LAW UNLESS NOTEHOLDERS OF NOT LESS THAN 662⁄3% OF THE OUTSTANDING PRINCIPAL AMOUNT OF
EACH CLASS OF EACH SERIES HAS APPROVED SUCH FILING AND IT WILL NOT DIRECTLY OR INDIRECTLY INSTITUTE OR CAUSE TO BE INSTITUTED AGAINST
THE TRANSFEROR ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDING OR OTHER PROCEEDING UNDER ANY
FEDERAL OR STATE BANKRUPTCY LAW IN ANY INSTANCE; PROVIDED, THAT THE FOREGOING SHALL NOT IN ANY WAY 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 (OTHER
THAN A NOTE beneficially owned during any period of time either by the Issuer or the single
beneficial owner of the Issuer for U.S. federal income tax purposes) AS INDEBTEDNESS OF THE ISSUER FOR APPLICABLE FEDERAL,
STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

 

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

 

    	 	Exhibit A-3 (Page 2)	 

     

    

 

Any
holder of this note that is a Benefit Plan, including any Plan Fiduciary, by its acceptance of this note, and any holder of a beneficial
interest therein that is a benefit plan, including any Plan Fiduciary, shall be deemed to represent and warrant that: (i) NONE
of the Transferor, the Trust, any underwriter of this note, the Trustee, the Servicer, the Administrator or the Indenture Trustee
or any of their respective Affiliates (for purposes of this note, the “Transaction Parties”) has provided or
will provide advice with respect to the acquisition of this note (or any beneficial interest therein) by such Benefit Plan, other
than to the Plan Fiduciary which is independent of the Transaction Parties, and the Plan Fiduciary either (A) is a bank as defined
in Section 202 of the Investment Advisers Act of 1940, as amended (the “Advisers Act”), or similar institution
that is regulated and supervised and subject to periodic examination by a state or federal agency, (B) is an insurance carrier
which is qualified under the laws of more than one state to perform the services of managing, acquiring or disposing of assets
of a Benefit Plan; (C) is an investment adviser registered under the Advisers Act or, if not registered as an investment advisor
under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisors Act, is registered as an investment advisor under
the laws of the state in which it maintains its principal office and place of business, (D) is a broker-dealer registered under
the Securities Exchange Act or (E) has, and at all times that such Benefit Plan is invested in this Note (or any beneficial interest
therein) will have, total assets of at least $50,000,000 under its management or control; provided, that this clause (E) shall
not be satisfied if such Plan Fiduciary is either (1) the owner or a relative of the owner of an investing IRA or (2) a participant
or beneficiary or such Benefit Plan investing in this note (or any beneficial interest therein) in such capacity; (ii) the Plan
Fiduciary is capable of evaluating investment risks independently, both in general and with respect to particular transactions
and investment strategies, including the acquisition by such Benefit Plan of this Note (OR ANY BENEFICIAL INTEREST THEREIN); (iii)
the Plan Fiduciary is a “fiduciary” with respect to such Benefit Plan within the meaning of Section 3(21) of ERISA,
Section 4975 of the Code, or both, and is responsible for exercising independent judgment in evaluating such Benefit Plan’s
acquisition of this Note (OR ANY BENEFICIAL INTEREST THEREIN); (IV) none of the Transaction Parties has exercised any authority
to cause such benefit plan to invest in this note (or any beneficial interest therein) or to negotiate the terms of such benefit
plan’s investment in this note (or any beneficial interest therein); and (v) the Plan Fiduciary has been informed by the
Transaction Parties (A) that none of the Transaction Parties is undertaking to provide impartial investment advice or to give advice
in a fiduciary capacity, and no such entity has given investment advise or otherwise made a recommendation, in connection with
such Benefit Plan’s acquisition of this note (OR ANY BENEFICIAL INTEREST THEREIN) and (B) of the existence and nature of
the Transaction Parties’ financial interests in such Benefit Plan’s acquisition of such this Note (OR ANY BENEFICIAL
INTEREST THEREIN).

 

    	 	Exhibit A-3 (Page 3)	 

     

    

 

	REGISTERED

No. R-                                          	$ 61,643,836

CUSIP NO. 87165L BR1

 

SYNCHRONY CREDIT CARD

MASTER NOTE TRUST SERIES 2017-1

CLASS C SERIES 2017-1 FIXED RATE ASSET BACKED NOTE

 

Synchrony 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 SIXTY-ONE MILLION SIX HUNDRED FORTY-THREE THOUSAND EIGHT HUNDRED
THIRTY-SIX DOLLARS, or such greater or lesser amount as determined in accordance with the Indenture, on the June 2023 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 2023 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 twelve 30-day months
(and in the case of the initial interest period following the Closing Date, for a period of 29 days). 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 NOTES AND CLASS B NOTES TO THE EXTENT SPECIFIED IN THE INDENTURE
SUPPLEMENT.

 

    	 	Exhibit A-3 (Page 4)	 

     

    

 

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

 

	 	SYNCHRONY CREDIT CARD MASTER NOTE TRUST, as Issuer
	 	 	 
	 	By:	BNY Mellon Trust of Delaware, not in its individual capacity but solely as Trustee on behalf of Issuer
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:                               ,
         

 

    	 	Exhibit A-3 (Page 5)	 

     

    

 

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:	
	 	 	Name:
	 	 	Title:

 

    	 	Exhibit A-3 (Page 6)	 

     

    

 

SYNCHRONY CREDIT CARD

MASTER NOTE TRUST SERIES 2017-1

CLASS C SERIES 2017-1 FIXED 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 Synchrony Credit Card Master Note Trust, Series 2017-1 (the
“Series 2017-1 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 16, 2017 (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,
the Class B Notes and the Class D 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 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, GENERAL ELECTRIC CAPITAL CORPORATION, SYNCHRONY BANK, SYNCHRONY FINANCIAL, 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. THIS CLASS C NOTE IS LIMITED IN RIGHT OF PAYMENT TO CERTAIN COLLECTIONS OF THE RECEIVABLES
(AND CERTAIN OTHER COLLATERAL) ALLOCATED TO THE SERIES 2017-1 NOTES, ALL AS MORE SPECIFICALLY SET FORTH HEREINABOVE AND IN THE
MASTER INDENTURE AND INDENTURE SUPPLEMENT.

 

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.

 

    	 	Exhibit A-3 (Page 7)	 

     

    

 

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

 

    	 	Exhibit A-3 (Page 8)	 

     

    

 

ASSIGNMENT

 

	Social Security or other identifying number of assignee	 

 

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

 

	Dated:	 	 	 	**
	 	 	 	Signature Guaranteed:	 

 

 

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

 

    	 	Exhibit A-3 (Page 9)	 

     

    

 

EXHIBIT A-4

FORM OF CLASS D SERIES 2017-1 FIXED 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.

 

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

 

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

 

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

 

    	 	Exhibit A-4 (Page 1)	 

     

    

 

THE HOLDER OF THIS
NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME DIRECTLY OR INDIRECTLY INSTITUTE OR CAUSE TO BE
INSTITUTED AGAINST THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDING OR OTHER PROCEEDING
UNDER ANY FEDERAL OR STATE BANKRUPTCY LAW UNLESS NOTEHOLDERS OF NOT LESS THAN 662⁄3% OF THE OUTSTANDING PRINCIPAL AMOUNT OF
EACH CLASS OF EACH SERIES HAS APPROVED SUCH FILING AND IT WILL NOT DIRECTLY OR INDIRECTLY INSTITUTE OR CAUSE TO BE INSTITUTED AGAINST
THE TRANSFEROR ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDING OR OTHER PROCEEDING UNDER ANY
FEDERAL OR STATE BANKRUPTCY LAW IN ANY INSTANCE; PROVIDED, THAT THE FOREGOING SHALL NOT IN ANY WAY 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 D NOTE, BY ACCEPTANCE
OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS D NOTES (OTHER THAN A NOTE beneficially
owned during any period of time either by the Issuer or the single beneficial owner of the Issuer for U.S. federal income tax purposes)
AS INDEBTEDNESS OF THE ISSUER FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER
TAX IMPOSED ON, OR MEASURED BY, INCOME.

 

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

 

    	 	Exhibit A-4 (Page 2)	 

     

    

 

Any
holder of this note that is a Benefit Plan, including any Plan Fiduciary, by its acceptance of this note, and any holder of a beneficial
interest therein that is a benefit plan, including any Plan Fiduciary, shall be deemed to represent and warrant that: (i) NONE
of the Transferor, the Trust, any underwriter of this note, the Trustee, the Servicer, the Administrator or the Indenture Trustee
or any of their respective Affiliates (for purposes of this note, the “Transaction Parties”) has provided or
will provide advice with respect to the acquisition of this note (or any beneficial interest therein) by such Benefit Plan, other
than to the Plan Fiduciary which is independent of the Transaction Parties, and the Plan Fiduciary either (A) is a bank as defined
in Section 202 of the Investment Advisers Act of 1940, as amended (the “Advisers Act”), or similar institution
that is regulated and supervised and subject to periodic examination by a state or federal agency, (B) is an insurance carrier
which is qualified under the laws of more than one state to perform the services of managing, acquiring or disposing of assets
of a Benefit Plan; (C) is an investment adviser registered under the Advisers Act or, if not registered as an investment advisor
under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisors Act, is registered as an investment advisor under
the laws of the state in which it maintains its principal office and place of business, (D) is a broker-dealer registered under
the Securities Exchange Act or (E) has, and at all times that such Benefit Plan is invested in this Note (or any beneficial interest
therein) will have, total assets of at least $50,000,000 under its management or control; provided, that this clause (E) shall
not be satisfied if such Plan Fiduciary is either (1) the owner or a relative of the owner of an investing IRA or (2) a participant
or beneficiary or such Benefit Plan investing in this note (or any beneficial interest therein) in such capacity; (ii) the Plan
Fiduciary is capable of evaluating investment risks independently, both in general and with respect to particular transactions
and investment strategies, including the acquisition by such Benefit Plan of this Note (OR ANY BENEFICIAL INTEREST THEREIN); (iii)
the Plan Fiduciary is a “fiduciary” with respect to such Benefit Plan within the meaning of Section 3(21) of ERISA,
Section 4975 of the Code, or both, and is responsible for exercising independent judgment in evaluating such Benefit Plan’s
acquisition of this Note (OR ANY BENEFICIAL INTEREST THEREIN); (IV) none of the Transaction Parties has exercised any authority
to cause such benefit plan to invest in this note (or any beneficial interest therein) or to negotiate the terms of such benefit
plan’s investment in this note (or any beneficial interest therein); and (v) the Plan Fiduciary has been informed by the
Transaction Parties (A) that none of the Transaction Parties is undertaking to provide impartial investment advice or to give advice
in a fiduciary capacity, and no such entity has given investment advise or otherwise made a recommendation, in connection with
such Benefit Plan’s acquisition of this note (OR ANY BENEFICIAL INTEREST THEREIN) and (B) of the existence and nature of
the Transaction Parties’ financial interests in such Benefit Plan’s acquisition of such this Note (OR ANY BENEFICIAL
INTEREST THEREIN).

 

    	 	Exhibit A-4 (Page 3)	 

     

    

 

	REGISTERED

No. R-                                          	$ 92,465,753

CUSIP NO. 87165L BS9

 

SYNCHRONY CREDIT CARD

MASTER NOTE TRUST SERIES 2017-1

 

CLASS D SERIES 2017-1 FIXED RATE ASSET BACKED
NOTE

 

Synchrony 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 NINETY TWO MILLION FOUR HUNDRED SIXTY-FIVE THOUSAND
SEVEN HUNDRED FIFTY-THREE DOLLARS, or such greater or lesser amount as determined in accordance with the Indenture, on the June
2023 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 D 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 2023 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 twelve 30-day months (and in the case of the initial interest period following the Closing Date, for a period of 29 days).
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 D NOTE IS
SUBORDINATED TO THE EXTENT NECESSARY TO FUND PAYMENTS ON THE CLASS A NOTES, CLASS B NOTES AND CLASS C NOTES TO THE EXTENT SPECIFIED
IN THE INDENTURE SUPPLEMENT.

 

    	 	Exhibit A-4 (Page 4)	 

     

    

 

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

 

	 	SYNCHRONY CREDIT CARD MASTER NOTE TRUST, as Issuer
	 	 	 
	 	By:	BNY MELLON TRUST OF DELAWARE not in its individual capacity but solely as Trustee on behalf of Issuer
	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

 

Dated:                               ,
         

 

    	 	Exhibit A-4 (Page 5)	 

     

    

 

INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

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

 

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Indenture Trustee
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    	 	Exhibit A-4 (Page 6)	 

     

    

 

SYNCHRONY CREDIT CARD

MASTER NOTE TRUST SERIES 2017-1

 

CLASS D SERIES 2017-1 FIXED RATE ASSET BACKED
NOTE

Summary of Terms and Conditions

 

This Class D Note is
one of a duly authorized issue of Notes of the Issuer, designated as Synchrony Credit Card Master Note Trust, Series 2017-1 (the
“Series 2017-1 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 16, 2017 (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,
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 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 D NOTE DOES
NOT REPRESENT AN OBLIGATION OF, OR AN INTEREST IN, GENERAL ELECTRIC CAPITAL CORPORATION, SYNCHRONY BANK, SYNCHRONY FINANCIAL, 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. THIS CLASS D NOTE IS LIMITED IN RIGHT OF PAYMENT TO CERTAIN COLLECTIONS OF THE RECEIVABLES
(AND CERTAIN OTHER COLLATERAL) ALLOCATED TO THE SERIES 2017-1 NOTES, ALL AS MORE SPECIFICALLY SET FORTH HEREINABOVE AND IN THE
MASTER INDENTURE AND INDENTURE SUPPLEMENT.

 

The Issuer, the Indenture
Trustee and any agent of the Issuer or the Indenture Trustee shall treat the person in whose name this Class D 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.

 

    	 	Exhibit A-4 (Page 7)	 

     

    

 

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

 

    	 	Exhibit A-4 (Page 8)	 

     

    

 

ASSIGNMENT

 

	Social Security or other identifying number of assignee	 

 

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

 

	Dated:	 	 	 	**
	 	 	 	Signature Guaranteed:	 

 

 

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

 

    	 	Exhibit A-4 (Page 9)	 

     

    

 

EXHIBIT B

 

FORM OF MONTHLY NOTEHOLDER’S STATEMENT

 

Monthly Noteholder’s Statement

Synchrony Credit Card Master Note Trust

 

Series 2017-1

Class A [●]% Notes

Class B [●]% Notes

Class C [●]% Notes

Class D [●]% Notes

 

Pursuant to the Master
Indenture, dated as of September 25, 2003 (as amended and supplemented, the “Indenture”) between Synchrony
Credit Card Master Note Trust (the “Issuer”) and Deutsche Bank Trust Company Americas, as indenture trustee
(the “Indenture Trustee”), as supplemented by the Series 2017-1 Indenture Supplement (the “Indenture
Supplement”), dated as of June 16, 2017, 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 2017-1 Noteholders
and the performance of the Trust during the previous month. The information required to be prepared with respect to the Payment
Date of [●], 20[●], and with respect to the performance of the Trust during the Monthly Period ended [●], 20[●]
is set forth below. Capitalized terms used herein are defined in the Indenture and the Indenture Supplement. The Discount Percentage
(as defined in the Transfer Agreement) remains at 0% for all the Receivables in the Trust until otherwise indicated. The undersigned,
an Authorized Officer of the Servicer, does hereby certify as follows:

 

	Record Date:	[●], 20[●]
	Monthly Period Beginning:	[●], 20[●]
	Monthly Period Ending:	[●], 20[●]
	Previous Payment Date:	[●], 20[●]
	Payment Date:	[●], 20[●]
	Interest Period Beginning:	[●], 20[●]
	Interest Period Ending:	[●], 20[●]
	Days in Monthly Period:	[●]
	Days in Interest Period:	[●]
	Loss Cycles in Period:	[●]
	Is there a Reset Date?	[No][Yes]

 

	I.            Trust Receivables Information	 
		 
	a.    Number of Accounts Beginning	 
	b.    Number of Accounts Ending	 
	c.    Average Account Balance (q/b)	 

 

    	 	Exhibit B (Page 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 * 5.5%)	 
	w.   Free Equity Amount (EOP Principal Receivables - EOP Collateral Amount (II.d.ii+II.a.ii+II.b.ii+II.b.iii))
	x.    Risk Retention – Dodd-Frank	 
	i.      Required Seller’s
        Interest (as of EOP)	 
	ii.     Seller’s Interest
        (as of EOP)	 
	 	 
	II.           Investor Information (Sum of all Series)	 
	 	 
	a.    Note Principal Balance	 
	i.      Beginning of Interest Period	 
	ii.     Increase in Note Principal Balance due to New Issuance / Additional draws	 
	iii.    Decrease in Note Principal Balance due to Principal Paid and Notes Retired	 
	iv.    As of Payment Date	 
	 	 
	b.    Excess Collateral Amount	 
	i.      Beginning of Interest Period	 

 

    	 	Exhibit B (Page 2)	 

     

    

 

	ii.     Change to Excess Collateral Amount in connection with the Supplemental Indenture
	iii.    Increase in Excess Collateral Amount due to New Issuance	 
	iv.    Reductions in Required Excess Collateral Amount	 
	v.     Increase in Unreimbursed Investor Charge-Off	 
	vi.    Decrease in Unreimbursed Investor Charge-Off	 
	vii.   Increase in Unreimbursed Reallocated Principal Collections	 
	viii.  Decrease in Unreimbursed Reallocated Principal Collections	 
	ix.     As of Payment Date	 
	 	 
	c.    Principal Accumulation Account Balance	 
	i.      Beginning of Interest Period	 
	ii.     Controlled Deposit Amount	 
	iii.    Withdrawal for Principal Payment	 
	iv.    As of Payment Date	 
	 	 
	d.    Collateral Amount	 
	i.      End of Prior Monthly Period	 
	ii.     Beginning of Interest Period (a.i + b.i)	 
	iii.    As of Payment Date	 
	 	 
	III.          Trust Performance Data (Monthly Period)	 
	 	 
	a.    Gross Trust Yield (Finance Charge Collections + Recoveries / BOP Principal Receivables)
	i.      Current	 
	ii.      Prior Monthly Period	 
	iii.     Two Months Prior Monthly Period	 
	iv.    Three-Month Average	 
	 	 
	b.    Payment Rate (Principal Collections / BOP Principal Receivables)	 
	i.      Current	 
	ii.     Prior Monthly Period	 
	iii.    Two Months Prior Monthly Period	 
	iv.    Three-Month Average	 
	 	 
	c.    Gross Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts – Fraud Amount / BOP Principal Receivables)
	i.      Current	 
	ii.     Prior Monthly Period	 
	iii.    Two Months Prior Monthly Period	 
	iv.    Three-Month Average	 
	 	 
	d.    Gross Charge-Off Rate (Default Amount for Defaulted Accounts / BOP Principal Receivables)

 

    	 	Exhibit B (Page 3)	 

     

    

 

	e.    Net Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts – Recoveries – Fraud Amount / BOP Principal Receivables
	i.      Current	 
	ii.      Prior Monthly Period	 
	iii.    Two Months Prior Monthly Period	 
	iv.    Three-Month Average	 
	 	 
	f.     Net Charge-Off Rate (Default Amount for Defaulted Accounts – Recoveries / BOP Principal Receivables)
	 	 
	g.    Trust excess spread percentage ((FC Coll – Charged-Off Rec – Monthly Interest +/- Net Swaps – Monthly Servicing Fee) / BOP Principal Receivables)
	 	 
	h.    Default Amount for Defaulted Accounts	 
	 	 
	i.     Recovery Amount	 
	 	 
	j.     Collections	 
	i.      Total Trust Finance Charge Collections	 
	ii.     Total Trust Principal Collections	 
	iii.    Total Trust Collections	 

 

	k.    Delinquency Data	 	Percentage	 	Total Receivables
	i.      1-29 Days Delinquent	 	 	 	 
	ii.     30-59 Days Delinquent	 	 	 	 
	iii.    60-89 Days Delinquent	 	 	 	 
	iv.    90-119 Days Delinquent	 	 	 	 
	v.    120-149 Days Delinquent	 	 	 	 
	vi.    150-179 Days Delinquent 	 	 	 	 
	vii.   180 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	 

 

    	 	Exhibit B (Page 4)	 

     

    

 

	c.    Excess Spread Percentage (Portfolio Yield – Base Rate)	 
	i.      Current	 
	ii.     Prior Monthly Period	 
	iii.    Two Months Prior Monthly Period	 
	iv.    Quarterly Excess Spread Percentage	 
	 	 
	V.           Investor Information Regarding Distributions to Noteholders	 
	 	 
	a.    The total amount of the distribution to Class A Noteholders per $1000 Note Initial Principal Balance.
	 	 
	b.    The amount of the distribution set forth in paragraph a. above in respect of interest on the Class A Notes, per $1000 Note Initial Principal Balance.
	 	 
	c.    The amount of the distribution set forth in paragraph a. above in respect of principal on the Class A Notes, per $1000 Note Initial Principal Balance.
	 	 
	d.    The total amount of the distribution to Class B Noteholders per $1000 Note Initial Principal Balance.
	 	 
	e.    The amount of the distribution set forth in paragraph d. above in respect of interest on the Class B Notes, per $1000 Note Initial Principal Balance.
	 	 
	f.    The amount of the distribution set forth in paragraph d. above in respect of principal on the Class B Notes, per $1000 Note Initial Principal Balance.
	 	 
	g.    The total amount of the distribution to Class C Noteholders per $1000 Note Initial Principal Balance.
	 	 
	h.    The amount of the distribution set forth in paragraph g. above in respect of interest on the Class C Notes, per $1000 Note Initial Principal Balance.
	 	 
	i.     The amount of the distribution set forth in paragraph g. above in respect of principal on the Class C Notes, per $1000 Note Initial Principal Balance.
	 	 
	j.     The total amount of the distribution to Class D Noteholders per $1000 Note Initial Principal Balance.
	 	 
	k.    The amount of the distribution set forth in paragraph j. above in respect of interest on the Class D Notes, per $1000 Note Initial Principal Balance.
	 
	l.     The amount of the distribution set forth in paragraph j. above in respect of principal on the Class D Notes, per $1000 Note Initial Principal Balance.

 

    	 	Exhibit B (Page 5)	 

     

    

 

	VI.          Investor Information	 
	 	 
	a.    Class A Note Initial Principal Balance	 
	b.    Class B Note Initial Principal Balance 	 
	c.    Class C Note Initial Principal Balance	 
	d.    Class D Note Initial Principal Balance	 
	e.    Initial Excess Collateral Amount (as of Payment Date)	 
	f.     Initial Collateral Amount (as of Payment Date)	 
	 	 
	g.    Class A Note Principal Balance	 
	i.      Beginning of Interest Period	 
	ii.     Principal Payment	 
	iii.    As of Payment Date	 
	 	 
	h.    Class B Note Principal Balance	 
	i.      Beginning of Interest Period	 
	ii.     Principal Payment	 
	iii.    As of Payment Date	 
	 	 
	i.     Class C Note Principal Balance	 
	i.      Beginning of Interest Period	 
	ii.     Principal Payment	 
	iii.    As of Payment Date	 
	 	 
	j.     Class D Note Principal Balance	 
	i.      Beginning of Interest Period	 
	ii.     Principal Payment	 
	iii.    As of Payment Date	 
	 	 
	k.   Excess Collateral Amount	 
	i.      Beginning of Interest Period	 
	ii.     Increase in Excess Collateral Amount in connection with the Supplemental Indenture
	iii.    Reduction in Excess Collateral Amount	 
	iv.    As of Payment Date	 
	 	 
	l.    Collateral Amount	 
	i.      Beginning of Interest Period	 
	ii.     Increase in Excess Collateral Amount in connection with the Supplemental Indenture
	iii.    Increase/Decrease in Unreimbursed Investor Charge-Offs	 
	iv.    Increase/Decrease in Reallocated Principal Collections	 
	v.     Reduction in Excess Collateral Amount	 
	vi.    Principal Accumulation Account Deposit	 
	vii.   As of Payment Date	 
	viii.  Collateral Amount as a Percentage of Note Trust Principal Balance	 
	ix.     Amount by which Note Principal Balance exceeds Collateral Amount	 

 

    	 	Exhibit B (Page 6)	 

     

    

 

 

	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)(viii)	 
	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)(viii)
	i.    Ending Unreimbursed Reallocated Principal Collections	 
	 	 
	VIII.        Investor Percentages –BOP Balance and Series Account Information	 
	 	 
	a.    Allocation Percentage Numerator – for Finance Charge Collections and Default Amounts
	b.    Allocation Percentage Numerator – for Principal Collections	 
	c.    Allocation Percentage Denominator	 
	i.      Aggregate Principal Receivables Balance as of Prior Monthly Period	 
	ii.     Number of Days at Balance	 
	iii.    Average Principal Balance	 
	d.    Sum of Allocation Percentage Numerators for all outstanding Series with respect to Finance Charge Collections and Default Amounts
	e.    Sum of Allocation Percentage Numerators for all outstanding Series with respect to Principal Collections
	f.     Average Daily Allocation Percentage, Finance Charge Collections and Default Amount (a./greater of c.iii. or d.)
	g.    Average Daily 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	 	 	 	 

 

    	 	Exhibit B (Page 7)	 

     

    

 

	f.     Investor Uncovered Dilution Amount  	 
	g.    Dilution including Fraud Amount  	 
	h.    Available Finance Charge Collections	 
	i.      Investor Finance Charge Collections	 
	ii.     Excess Finance Charge Collections allocable to Series 2017-1	 
	iii.    Principal Accumulation Account Investment Proceeds	 
	iv.    Investment earnings in the Reserve Account	 
	v.     Reserve Account Draw Amount	 
	vi.    Net Swap Receipts	 
	vii.   Recoveries	 
	i.     Available Finance Charge Collections (Sum of h.i through h.vii)	 
	j.     Total Collections (c. Series + i.)	 
	k.    Total Finance Charge Collections deposited in the Collection Account (net of any amounts distributed to Transferor and owed to Servicer)
	 	 
	X.           Application of Available Funds pursuant to Section 4.4(a) of the Indenture Supplement	 
	 	 
	a.    Available Finance Charge Collections	 
	i.      On a pari passu basis:	 
	a.    Payment to the Indenture Trustee, to a maximum of $25,000	 
	b.    Payment to the Trustee, to a maximum of $25,000	 
	c.    Payment to the Administrator, to a maximum of $25,000	 
	 	 
	ii.     To the Servicer:	 
	a.    Noteholder Servicing Fee	 
	b.    Noteholder Servicing Fee previously due but not paid	 
	c.    Total Noteholder Servicing Fee	 
	 	 
	iii.    On a pari passu basis:	 
	a.    Class A Monthly Interest	 
	b.    Class A Deficiency Amount	 
	c.    Class A Additional Interest	 
	d.    Class A Additional Interest not paid on prior Payment Date	 
	 	 
	iv.    On a pari passu basis:	 
	a.    Class B Monthly Interest	 
	b.    Class B Deficiency Amount	 
	c.    Class B Additional Interest	 
	d.    Class B Additional Interest not paid on prior Payment Date	 

 

    	 	Exhibit B (Page 8)	 

     

    

 

	v.     On a pari passu basis:	 
	a.    Class C Monthly Interest	 
	b.    Class C Deficiency Amount	 
	c.    Class C Additional Interest	 
	d.    Class C Additional Interest not paid on prior Payment Date	 
	 	 
	vi.   On a pari passu basis:	 
	a.    Class D Monthly Interest	 
	b.    Class D Deficiency Amount	 
	c.    Class D Additional Interest	 
	d.    Class D Additional Interest not paid on prior Payment Date	 
	 	 
	vii.   To be treated as Available Principal Collections	 
	a.    Aggregate Investor Default Amount	 
	b.    Aggregate Investor Uncovered Dilution Amount	 
	 	 
	viii.  To be treated as Available Principal Collections, to the extent not previously reimbursed
	a.    Investor Charge-offs	 
	b.    Reallocated Principal Collections	 
	 	 
	ix.     Excess of Required Reserve Account Amount Over Available Reserve Account Amount
	 	 
	x.     Amounts required to be deposited to the Spread Account or Reserve Account
	 	 
	xi.    To be treated as Available Principal Collections:  Series Allocation Percentage of Minimum Free Equity Shortfall
	 	 
	xii.    Unless an Early Amortization Event has occurred, amounts that have not been paid pursuant to (a)(i) above
	 	 
	xiii.  The balance, if any, will constitute a portion of Excess Finance Charge Collections for such Payment Date and first will be available for allocation to other Series in Group One and, then:
	a.    Unless an Early Amortization Event has occurred, to the Transferor; or 	 

 

    	 	Exhibit B (Page 9)	 

     

    

 

	b.    If an Early Amortization Event has occurred, first, to pay Monthly Principal in accordance with Section 4.4(c) of the Indenture Supplement to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause), second, to pay on a pari passu basis any amounts owed to such Persons listed in clause (a)(i) above that have been allocated to Series 2017-1 in accordance with Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (a)(i) and (a)(xii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (a)(i) above shall be paid to the Issuer.
	 	 
	XI.          Excess Finance Charge Collections (Group One)	 
	 	 
	a.    Total Excess Finance Charge Collections in Group One	 
	 	 
	b.    Finance Charge Shortfall for Series 2017-1	 
	 	 
	c.    Finance Charge Shortfall for all Series in Group One	 
	 	 
	d.    Excess Finance Charges Collections Allocated to Series 2017-1	 
	 	 
	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)(vii)
	 	 
	e.    Plus:  Aggregate amount to be treated as Available Principal Collections pursuant to Section 4.4(a)(viii)
	 	 
	f.     Plus:  During an Early Amortization Period, the amount of Available Finance Charge Collections used to pay principal on the Notes pursuant to Section 4.4(a)(xiv)
	 	 
	g.    Available Principal Collections (Deposited to Principal Account)
	i.      During the Revolving Period, Available Principal Collections treated as Shared Principal Collections pursuant to Section 4.4(b)

 

    	 	Exhibit B (Page 10)	 

     

    

 

	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	 
	d.    Principal paid to Class D Noteholders	 
	vi.    Total Principal Collections Available to Share (Inclusive of Series 2017-1)	 
	vii.   Series Principal Shortfall	 
	viii.  Shared Principal Collections allocated to this Series from other Series	 
	 	 
	XIII.       Series 2017-1 Accumulation	 
	 	 
	a.    Controlled Accumulation Period Length in months (scheduled)	 
	 	 
	b.    Controlled Accumulation Amount	 
	 	 
	c.    Controlled Deposit Amount	 
	 	 
	d.    Accumulation Shortfall	 
	 	 
	e.    Principal Accumulation Account Balance	 
	i.      Beginning of Interest Period	 
	ii.     Controlled Deposit Amount	 
	iii.    Withdrawal for Principal Payment	 
	iv.    As of Payment Date	 
	 	 
	XIV.      Reserve Account Funding (Section references relate to Indenture Supplement)	 
	 	 
	a.    Reserve Account Funding Date (scheduled)	 
	 	 
	b.    Required Reserve Account Amount (0.50% of Note Principal Balance beginning on Reserve Account Funding Date)
	 	 
	c.    Beginning Available Reserve Account Amount	 
	 	 
	d.    Reserve Draw Amount	 
	 	 
	e.    Deposit pursuant to 4.4(a)(ix) the excess of b. over c.	 
	 	 
	f.     Withdrawal for Reserve Account Surplus paid to Transferor pursuant to Section 4.10(d)

 

    	 	Exhibit B (Page 11)	 

     

    

 

	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)(vi) Shortfall	 
	 	 
	e.    Withdrawal pursuant to 4.11(b) – Class D 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)(x) – Spread Account Deficiency	 
	 	 
	i.     Withdrawal pursuant to 4.11(f) – Spread Account Surplus Amount	 
	 	 
	j.     Ending Available Spread Account Amount	 
	 	 
	XVI.    Series Early Amortization Events	 
	 	 
	a.    The Free Equity
    Amount is less than the Minimum Free Equity Amount Free Equity:	 
	 	 
	i.      Free Equity Amount	 
	ii.     Minimum Free Equity Amount	 
	iii.    Excess Free Equity Amount	 
	 	 
	b.    The Note Trust Principal Balance is less than the Required Principal Balance Note Trust Principal Balance:
	i.      Note Trust Principal Balance	 
	ii.     Required Principal Balance	 
	iii.    Excess Principal Balance	 
	 	 
	c.    The three-month Average Portfolio Yield is less than three-month average Base Rate Portfolio Yield:
	i.      Three month Average Portfolio Yield	 
	ii.     Three month Average Base Rate	 
	iii.    Three Month Average Excess Spread	 
	 	 
	d.    The Note Principal Balance is outstanding beyond the Expected Principal Payment Date
	i.      Expected Principal Payment Date	 

 

    	 	Exhibit B (Page 12)	 

     

    

 

	ii.    Current Payment Date	 
	e.    Are there any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments?
	f.     Are there any material breaches or pool of assets representations and warranties or covenants?
	g.    Are there any material changes in criteria used to originate, acquire, or select new pool assets?
	h.    Has an early amortization event occurred?	 

 

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

 

	 	SYNCHRONY FINANCIAL, as Servicer
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    	 	Exhibit B (Page 13)	 

     

    

 

SCHEDULE I

PERFECTION REPRESENTATIONS, WARRANTIES

AND COVENANTS (WITH RESPECT TO RECEIVABLES)

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(7)          Notwithstanding
any other provision of the Indenture, the representations and warranties set forth in this Schedule I shall be continuing,
and remain in full force and effect, until such time as the Series 2017-1 Notes are retired.

 

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

 

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

 

    	 	Schedule I (Page 1)EX-4.1

 Exhibit 4.1 

RECORDING REQUESTED BY 
 AND WHEN RECORDED MAIL TO: 

U.S. BANK NATIONAL ASSOCIATION 

633 W. FIFTH STREET, 24th FLOOR 

LOS ANGELES, CA 90071 

ATTN: GLOBAL CORPORATE TRUST SERVICES 

Index as a UCC Filing and an Indenture 

This is a Security Agreement and a Mortgage of Chattels 

as well as a Mortgage of Real Estate and Other Property 

SIXTY-SIXTH SUPPLEMENTAL INDENTURE 

FROM 
 SAN DIEGO
GAS & ELECTRIC COMPANY 
 TO 

U.S. BANK NATIONAL ASSOCIATION, as Trustee 

**************** 
 Dated as
of June 8, 2017 

 THIS SIXTY-SIXTH SUPPLEMENTAL INDENTURE IS A SECURITY 

AGREEMENT AND A MORTGAGE OF CHATTELS AS WELL AS 

A MORTGAGE OF REAL ESTATE AND OTHER PROPERTY 

THIS SIXTY-SIXTH SUPPLEMENTAL INDENTURE, dated as of the 8th day of June 2017, by and between SAN DIEGO GAS & ELECTRIC COMPANY, a
corporation duly organized and existing under and by virtue of the laws of the State of California, having its principal office in that State in the City of San Diego (the “Company”), and U.S. BANK NATIONAL ASSOCIATION, a banking
association duly organized under an act known as the “National Bank Act,” of the United States of America, having a corporate trust office in the City of Los Angeles, State of California, as Trustee (the “Trustee”). 

WHEREAS, the Company executed and delivered a Mortgage and Deed of Trust (the “Original Indenture”), dated July 1, 1940,
to The Bank of California, National Association, as predecessor trustee to Bankers Trust Company of California, National Association, as predecessor trustee to First Trust of California, National Association, (subsequently renamed U.S. Bank Trust
National Association) as predecessor trustee to the Trustee, to secure payment of the principal of and the interest on all bonds of the Company at any time outstanding thereunder according to their tenor and effect, and to provide the terms and
provisions with respect to its First Mortgage Bonds, 3 3/8% Series due July 1, 1970, issued in the aggregate principal amount of $16,000,000 and heretofore retired; and 

WHEREAS, the Company executed and delivered to the then current trustee, a First Supplemental Indenture dated as of December 1, 1946, a
Second Supplemental Indenture dated as of March 1, 1948, a Third Supplemental Indenture dated as of April 1, 1952, a Fourth Supplemental Indenture dated as of April 1, 1954, a Fifth Supplemental Indenture dated as of October 1,
1955, a Sixth Supplemental Indenture dated as of October 1, 1957, a Seventh Supplemental Indenture dated as of October 1, 1960, an Eighth Supplemental Indenture dated as of March 1, 1967, a Tenth Supplemental Indenture dated
as of December 1, 1968, an Eleventh Supplemental Indenture dated as of February 1, 1970, a Twelfth Supplemental Indenture dated as of September 1, 1971, a Thirteenth Supplemental Indenture dated as of January 15, 1974,
a Fourteenth Supplemental Indenture dated as of December 15, 1974, a Fifteenth Supplemental Indenture dated as of May 1, 1975, a Seventeenth Supplemental Indenture dated as of July 15, 1976, an Eighteenth Supplemental Indenture dated
as of March 15, 1977, a Nineteenth Supplemental Indenture dated as of May 1, 1978, a Twentieth Supplemental Indenture dated as of March 15, 1980, a Twenty-First Supplemental Indenture dated as of August 1, 1980, a Twenty-Second
Supplemental Indenture dated as of July 15, 1981, a Twenty-Third Supplemental Indenture dated as of January 15, 1982, a Twenty-Fourth Supplemental Indenture dated as of August 16, 1982, a Twenty-Fifth Supplemental Indenture dated as
of August 16, 1982, a Twenty-Sixth Supplemental Indenture dated as of August 16, 1982, a Twenty-Seventh Supplemental Indenture dated as of June 1, 1983, a Twenty-Eighth Supplemental Indenture dated as of July 15, 1983, a
Twenty-Ninth Supplemental Indenture dated as of September 1, 1983, a Thirty-First Supplemental Indenture dated as of May 1, 1984, a Thirty-Second Supplemental Indenture dated as of December 1, 1984, a Thirty-Third Supplemental
Indenture dated as of September 1, 1985, a Thirty-Fourth Supplemental Indenture dated as of December 1, 1985, a Thirty-Fifth Supplemental Indenture dated as of July 1, 1986, a Thirty-Sixth Supplemental Indenture dated as of December 1, 1986, a Thirty-Seventh Supplemental Indenture dated as of September 1, 1987, a Thirty-Eighth Supplemental Indenture dated as of
April 15, 1990, a Thirty-Ninth Supplemental Indenture dated as of December 1, 1991, a Fortieth Supplemental Indenture dated as of April 1, 1992, a Forty-First Supplemental Indenture dated as of June 15, 1992, a Forty-Second
Supplemental Indenture dated as of September 1, 1992, a Forty-Third Supplemental Indenture dated as of December 1, 1992, a Forty-Fourth Supplemental Indenture dated as of April 1, 1993, a Forty-Fifth Supplemental Indenture dated as of
June 1, 1993, a Forty-Sixth Supplemental Indenture dated as of July 1, 1993, a Forty-Seventh Supplemental Indenture dated as of June 1, 1995, a Forty-Eighth Supplemental Indenture dated as of June 1, 1995, a Forty-Ninth
Supplemental Indenture dated as of June 1, 2004, a Fiftieth Supplemental Indenture dated as of May 19, 2005, a Fifty-First Supplemental Indenture dated as of November 17, 2005, a Fifty-Second Supplemental Indenture dated as of
June 8, 2006, a Fifty-Third Supplemental Indenture dated as of September 1, 2006, a Fifty-Fourth Supplemental Indenture dated as of September 20, 2007, a Fifty-Fifth Supplemental Indenture dated as of May 14, 2009, a Fifty-Sixth
Supplemental Indenture dated as of May 13, 2010, a Fifty-Seventh Supplemental Indenture dated as of August 26, 2010, a Fifty-Eighth Supplemental Indenture dated as of August 18, 2011, a Fifty-Ninth Supplemental Indenture dated as
of October 6, 2011, a Sixtieth Supplemental Indenture dated as of November 17, 2011, a Sixty-First Supplemental Indenture dated as of March 22, 2012, a Sixty-Second Supplemental Indenture dated as of September 9, 2013, a Sixty-Third Supplemental Indenture dated as of March 12, 2015, a Sixty-Fourth Supplemental Indenture dated as of March 12, 2015 and a
Sixty-Fifth Supplemental Indenture dated May 19, 2016, whereby, among other things, the Company set forth certain of the particulars of the Bonds of series designated “First Mortgage Bonds, 2
3/4% Series due December 1, 1981” issued in the aggregate principal amount of $2,800,000, “First Mortgage Bonds, Series C due 1978” issued in the aggregate principal amount of $10,000,000, “First Mortgage Bonds, Series D due
1982” issued in the aggregate principal amount of $12,000,000, “First Mortgage Bonds, Series E due 1984” issued in the aggregate principal amount of $17,000,000, “First Mortgage Bonds, Series F due 1985” issued in the
aggregate principal amount of $18,000,000, “First Mortgage Bonds, Series G due 1987” issued in the aggregate principal amount of $12,000,000, “First Mortgage Bonds, Series H due 1990” issued in the aggregate principal amount of
$30,000,000, “First Mortgage Bonds, Series I due 1997” issued in the aggregate principal amount of $25,000,000, “First Mortgage Bonds, Series J due 1998” issued in the aggregate principal amount of $35,000,000, “First
Mortgage Bonds, Series K due 2000” issued in the aggregate principal amount of $40,000,000, “First Mortgage Boards, Series L due 2001” issued in the aggregate principal amount of $45,000,000, “First Mortgage Bonds, Series M due
2004” issued in the aggregate principal amount of $75,000,000, “First Mortgage Bonds, Series N due 1979” issued in the aggregate principal amount of $50,000,000, “First Mortgage Bonds, Series O due 1982” issued in the
aggregate principal amount of $40,000,000, “First Mortgage Bonds, Series P due 2006” issued in the aggregate principal amount of $45,000,000, “First Mortgage Bonds, Series Q due 2007” issued in the aggregate principal amount of
$50,000,000, “First Mortgage Bonds, Series R due 2008” issued in the aggregate principal amount of $50,000,000, “First Mortgage Bonds, Series S due 2010” issued in the aggregate principal amount of $50,000,000, “First
Mortgage Bonds, Series T due 2010” issued in the aggregate principal amount of $75,000,000, “First Mortgage Bonds, Series U-1 due 1984, and U-2 due 1994” issued in the aggregate principal amount of $6,567,000 for Series U-1 and
$13,268,000 for Series U-2, “First Mortgage Bonds, Series V due 2011” issued in the aggregate amount of $50,000,000, “First Mortgage Bonds, Series W due 1988” issued in the aggregate principal amount of $40,000,000, “First
Mortgage Bonds, Series X due 1987” issued in the aggregate principal amount of $20,000,000, “First Mortgage Bonds, Series Y due 1987” issued in the aggregate principal amount of $15,000,000, “First Mortgage Bonds, Series Z,
due 2013” issued in the aggregate principal amount of $65,000,000, “First Mortgage Bonds, Series AA, due 2018” issued in the aggregate principal amount of $150,000,000, “First Mortgage Bonds, Series BB, due 2018” issued in
the aggregate principal amount of $150,000,000, “First Mortgage Bonds, Series CC, due 2008” issued in the aggregate principal amount of $53,000,000, “First Mortgage Bonds Series DD, due 2008” issued in the aggregate
principal amount of $27,000,000, “First Mortgage Bonds, Series EE, due 2015” issued in the aggregate principal amount of $100,000,000, “First Mortgage Bonds, Series FF, due 2007” issued in the aggregate principal amount of
$35,000,000, “First Mortgage Bonds, Series GG, due 2021” issued in the aggregate principal amount of $44,250,000, “First Mortgage Bonds, Series HH, due 2021” issued in the aggregate principal amount of $81,350,000, “First
Mortgage Bonds, Series II due 2023” issued in the aggregate principal amount of $25,000,000, “First Mortgage Bonds, Series JJ, due 2015” issued in aggregate principal amount of $100,000,000, “First Mortgage Bonds, Series KK, due
2015” issued in the aggregate principal amount of $14,400,000, “First Mortgage Bonds, Series LL, due 2022” issued in the aggregate principal amount of $60,000,000, “First Mortgage Bonds, Series MM due 2002” issued in the
aggregate principal amount of $80,000,000, “First Mortgage Bonds, Series NN” issued in the aggregate principal amount of $118,615,000, “First Mortgage Bonds, Series OO due 2027” issued in the aggregate principal amount of
$250,000,000, “First Mortgage Bonds, Series PP, due 2018” issued in the aggregate principal amount of $70,795,000, “First Mortgage Bonds, Series QQ, due 2018” issued in the aggregate principal amount of $14,915,000, “First
Mortgage Bonds, Series RR, due 2021” issued in the aggregate principal amount of $60,000,000, “First Mortgage Bonds, Series SS, due 2018” issued in the aggregate principal amount of $92,945,000, “First Mortgage Bonds, Series TT
due 2020” issued in the aggregate principal amount of $57,650,000, “First Mortgage Bonds, Series UU due 2020” issued in the aggregate principal amount of $16,700,000, “First Mortgage Bonds, Series VV due 2034” issued in the
aggregate principal amount of $43,615,000, “First Mortgage Bonds, Series WW due 2034” issued in the aggregate principal amount of $40,000,000, “First Mortgage Bonds, Series XX due 2034” issued in the aggregate principal amount of
$35,000,000, “First Mortgage Bonds, Series YY due 2034” issued in the aggregate principal amount of $24,000,000, “First Mortgage Bonds, Series ZZ due 2034” issued in the aggregate principal amount of $33,650,000, “First
Mortgage Bonds, Series AAA due 2039” issued in the aggregate principal amount of $75,000,000, “First Mortgage Bonds, Series BBB due 2035” issued in the aggregate principal amount of $250,000,000, “First Mortgage Bonds, Series CCC
due 2015” issued in the aggregate principal amount of $250,000,000, “First Mortgage Bonds, Series DDD due 2026” issued in the aggregate principal amount of $250,000,000, “First Mortgage Bonds, Series EEE due 2018” issued in
the aggregate principal amount of $161,240,000, “First Mortgage Bonds, Series FFF due 2037” issued in the aggregate principal amount of $250,000,000, “First Mortgage Bonds, Series GGG due 2039” issued in the aggregate principal
amount of $300,000,000, “First Mortgage Bonds, Series HHH due 2040” issued in the aggregate principal amount of $250,000,000, “First Mortgage Bonds, Series III due 2040” issued in the aggregate principal amount of $500,000,000,
“First Mortgage Bonds, Series JJJ due 2021” issued in the aggregate principal amount of $350,000,000, “First Mortgage Bonds, Series LLL due 2041” issued in the aggregate principal amount of $250,000,000, “First Mortgage
Bonds, Series MMM due 2042” issued in the aggregate principal amount of $250,000,000, “First Mortgage Bonds, Series NNN due 2023” issued in the aggregate principal amount of $450,000,000, “Floating Rate First Mortgage Bonds,
Series OOO due 2017” issued in the aggregate principal amount of $140,000,000, “Amortizing First Mortgage Bonds, Series PPP due 2022” issued in the aggregate principal amount of $250,000,000 and “First Mortgage Bonds, Series QQQ
due 2026” in the aggregate principal amount of $500,000,000, respectively, all of which First Mortgage Bonds have heretofore been retired or redeemed, except the Series VV due 2034, the Series WW due 2034, the Series XX due 2034, the
Series YY due 2034, the Series ZZ due 2034, the Series AAA due 2039, the Series BBB due 2035, the Series DDD due 2026, the Series EEE due 2018, the Series FFF due 2037, the Series GGG due 2039, the Series HHH due 2040, the Series III due
2040, the Series JJJ due 2021, the Series LLL due 2041, the Series MMM due 2042, the Series NNN due 2023, the Series PPP due 2022 and the Series QQQ due 2026, which are presently issued and outstanding; and 

 WHEREAS, certain of the provisions of the Original Indenture have been amended by the aforesaid
Second and Tenth Supplemental Indentures, a Ninth Supplemental Indenture dated as of August 1, 1968, a Sixteenth Supplemental Indenture dated August 28, 1975, and a Thirtieth Supplemental Indenture dated September 28, 1983; and 

WHEREAS, the Original Indenture and each of said Supplemental Indentures have been recorded in the Official Records of the Recorders of the
Counties of San Diego, Orange, Riverside, and Imperial in the State of California, the Counties of Yuma and Maricopa in the State of Arizona and the County of Clark in the State of Nevada, as follows: 

 

											
	 	 	 	 	Counties of
	 Document
	 	 Official
	 	 San Diego
	 	 Orange
	 	 Riverside
	 	 Imperial

	 	 	 Records
	 	 	 	 	 	 	 	 
		 	Book	 	1087	 	1062	 	1765	 	1369
	 Original
	 	Page	 	1	 	300	 	364	 	232
	 Indenture
	 	Date	 	Oct. 10, 1940	 	Oct. 10, 1940	 	July 13, 1955	 	Nov. 22, 1974
						
	 First
	 	Book	 	2321	 	1506	 	1765	 	1369
	 Supplemental
	 	Page	 	48	 	472	 	499	 	332
	 Indenture
	 	Date	 	Jan. 2, 1947	 	Jan. 9, 1947	 	July 13, 1955	 	Nov. 22, 1974
						
	 Second
	 	Book	 	2537	 	1616	 	1765	 	1369
	 Supplemental
	 	Page	 	363	 	190	 	448	 	343
	 Indenture
	 	Date	 	Mar. 16, 1948	 	Mar. 15, 1948	 	July 13, 1955	 	Nov. 22, 1974
						
	 Third
	 	Book	 	4424	 	2311	 	1765	 	1369
	 Supplemental
	 	Page	 	535	 	116	 	475	 	370
	 Indenture
	 	Date	 	Apr. 3, 1952	 	Apr. 3, 1952	 	July 13, 1955	 	Nov. 22, 1974
						
	 Fourth
	 	Book	 	5193	 	2701	 	1765	 	1369
	 Supplemental
	 	Page	 	217	 	153	 	336	 	409
	 Indenture
	 	Date	 	Apr. 2, 1954	 	Apr. 2, 1954	 	July 13, 1955	 	Nov. 22, 1974
						
	 Fifth
	 	Book	 	5893	 	3304	 	1829	 	2369
	 Supplemental
	 	Page	 	291	 	205	 	3	 	456
	 Indenture
	 	Date	 	Dec. 5, 1955	 	Dec. 5, 1955	 	Dec. 5, 1955	 	Nov. 22, 1974
						
	 Sixth
	 	Book	 	6829	 	4099	 	2175	 	1369
	 Supplemental
	 	Page	 	390	 	109	 	538	 	492
	 Indenture
	 	Date	 	Nov. 12, 1957	 	Nov. 12, 1957	 	Nov. 12, 1957	 	Nov. 22, 1974
						
	 Seventh
	 	Book	 	1960 Series 1	 	5455	 	2780	 	1369
	 Supplemental
	 	Page	 	File No. 202061	 	385	 	3	 	541

  
 2 

											
	 	 	 	 	Counties of
	 Document
	 	 Official
	 	 San Diego
	 	 Orange
	 	 Riverside
	 	 Imperial

	 	 	 Records
	 	 	 	 	 	 	 	 
	 Indenture
	 	Date	 	Oct. 10, 1960	 	Oct. 10, 1960	 	Oct. 10, 1960	 	Nov. 22, 1974
						
	 Eighth
	 	Book	 	1967 Series 8	 	8197	 	Endorsement	 	1369
	 Supplemental
	 	Page	 	File No. 33860	 	129	 	No. 20925	 	618
	 Indenture
	 	Date	 	Mar. 13, 1967	 	Mar. 13, 1967	 	Mar. 13, 1967	 	Nov. 22, 1974
						
	 Ninth
	 	Book	 	1968 Series 9	 	8691	 		 	1369
	 Supplemental
	 	Page	 		 	69	 		 	694
	 Indenture
	 	Doc. No.	 	138926	 	9816	 	78781	 	
		 	Date	 	Aug. 14, 1968	 	Aug. 14, 1968	 	Aug. 14, 1968	 	Nov. 22, 1974
						
	 Tenth
	 	Book	 	1968 Series 9	 	8810	 	Endorsement	 	1369
	 Supplemental
	 	Page	 		 	375	 	No. 119982	 	706
	 Indenture
	 	Doc. No.	 	215131	 		 		 	
		 	Date	 	Dec. 9, 1968	 	Dec. 9, 1968	 	Dec. 9, 1968	 	Nov. 22, 1974
						
	 Eleventh
	 	Book	 	1970	 	9217	 	Endorsement	 	1369
	 Supplemental
	 	Page	 		 	516	 	No. 14780	 	725
	 Indenture
	 	Doc. No.	 	27782	 		 		 	
		 	Date	 	Feb. 16, 1970	 	Feb. 16, 1970	 	Feb. 16, 1970	 	Nov. 22, 1974
						
	 Twelfth
	 	Book	 	File/Page	 	9810	 	Endorsement	 	1369
	 Supplemental
	 	Page	 	No. 212688	 	539	 	No. 106508	 	744
	 Indenture
	 	Date	 	Sept. 20, 1971	 	Sept. 20, 1971	 	Sept. 20, 1971	 	Nov. 22, 1974
						
	 Thirteenth
	 	Book	 	File/Page	 	11055	 	Endorsement	 	1369
	 Supplemental
	 	Page	 	No. 74-006878	 	1	 	No. 3853	 	763
	 Indenture
	 	Date	 	Jan. 10, 1974	 	Jan. 10, 1974	 	Jan. 10, 1974	 	Nov. 22, 1974
						
	 Fourteenth
	 	Book	 	File/Page	 	11303	 	Endorsement	 	1369
	 Supplemental
	 	Page	 	No. 74-322156	 	458	 	No. 157219	 	1689
	 Indenture
	 	Date	 	Dec. 11, 1974	 	Dec. 11, 1974	 	Dec. 11, 1974	 	Dec. 11, 1974
						
	 Fifteenth
	 	Book	 	File/Page	 	11395	 	Instrument	 	1374
	 Supplemental
	 	Page	 	No. 755-108612	 	1879	 	No. 52617	 	809
	 Indenture
	 	Date	 	May 7, 1975	 	May 7, 1975	 	May 7, 1975	 	May 7, 1975
						
	 Sixteenth
	 	Book	 	File/Page	 	11500	 	Instrument	 	1378
	 Supplemental
	 	Page	 	No. 75-235624	 	1620	 	No. 107732	 	952
	 Indenture
	 	Date	 	Sept. 2, 1975	 	Sept. 2, 1975	 	Sept. 3, 1975	 	Sept. 2, 1975
						
	 Seventeenth
	 	Book	 	File/Page	 	11815	 	Instrument	 	1389
	 Supplemental
	 	Page	 	No. 76-224493	 	640	 	No. 103484	 	687
	 Indenture
	 	Date	 	July 16, 1976	 	July 16, 1976	 	July 16, 1976	 	July 16, 1976
						
	 Eighteenth
	 	Book	 	File/Page	 	12110	 	Instrument	 	1398
	 Supplemental
	 	Page	 	No. 77-100483	 	58	 	No. 45619	 	1675
	 Indenture
	 	Date	 	Mar. 18, 1977	 	Mar. 18, 1977	 	Mar. 18, 1977	 	Mar. 18, 1977
						
	 Nineteenth
	 	Book	 	File/Page	 	12672	 	Instrument	 	1415
	 Supplemental
	 	Page	 	No. 78-194210	 	1803-1822	 	No. 94450	 	1638
	 Indenture
	 	Date	 	May 12, 1978	 	May 12, 1978	 	May 12, 1978	 	May 12, 1978
						
	 Twentieth
	 	Book	 	File/Page	 	13530	 	Instrument	 	1448
	 Supplemental
	 	Page	 	No. 80-082569	 	722	 	No. 47195	 	1221
	 Indenture
	 	Date	 	Mar. 11, 1980	 	Mar. 11,1980	 	Mar. 11, 1980	 	Mar. 11, 1980
						
	 Twenty-First
	 	Book	 	File/Page	 	13687	 	Instrument	 	1455
	 Supplemental
	 	Page	 	No. 80-245100	 	349	 	No. 139349	 	1660

  
 3 

											
	 	 	 	 	Counties of
	 Document
	 	 Official
	 	 San Diego
	 	 Orange
	 	 Riverside
	 	 Imperial

	 	 	 Records
	 	 	 	 	 	 	 	 
	 Indenture
	 	Date	 	Aug. 1, 1980	 	Aug. 1, 1980	 	Aug. 1, 1980	 	Aug. 1, 1980
						
	 Twenty-Second
	 	Book	 	File/Page	 	Instrument	 	Instrument	 	1472
	 Supplemental
	 	Page	 	No. 81-22576	 	No. 24605	 	No. 135815	 	508
	 Indenture
	 	Date	 	July 17, 1981	 	July 17, 1981	 	July 17, 1981	 	July 17, 1981
						
	 Twenty-Third
	 	Book	 	File/Page	 	Instrument	 	Instrument	 	1479
	 Supplemental
	 	Page	 	No. 82-02387	 	No. 82-031423	 	No. 16093	 	1714
	 Indenture
	 	Date	 	Jan. 27, 1982	 	Jan. 27, 1982	 	Jan. 27, 1982	 	Jan. 27, 1982
						
	 Twenty-Fourth
	 	Book	 	File/Page	 	File/Page	 	File/Page	 	1489
	 Supplemental
	 	Page	 	No. 82-257258	 	No. 82-291894	 	No. 82/143370212	 	
	 Indenture
	 	Date	 	Aug. 19, 1982	 	Aug. 19, 1982	 	Aug. 19, 1982	 	Aug. 19, 1982
						
	 Twenty-Fifth
	 	Book	 	File/Page	 	File/Page	 	File/Page	 	1489
	 Supplemental
	 	Page	 	No. 82-257259	 	No. 82-291895	 	No. 82-143371	 	236
	 Indenture
	 	Date	 	Aug. 19, 1982	 	Aug. 19, 1982	 	Aug. 19, 1982	 	Aug. 19, 1982
						
	 Twenty-Sixth
	 	Book	 	File/Page	 	File/Page	 	File/Page	 	1489
	 Supplemental
	 	Page	 	No. 82-257260	 	No. 82-291896	 	No. 82/143372260	 	
	 Indenture
	 	Date	 	Aug. 19, 1982	 	Aug. 19, 1982	 	Aug. 19, 1982	 	Aug. 19, 1982
						
	 Twenty-Seventh
	 	Book	 	File/Page	 	File/Page	 	File/Page	 	1503
	 Supplemental
	 	Page	 	No. 83-200545	 	No. 83-253901	 	No. 118670	 	743
	 Indenture
	 	Date	 	June 15, 1983	 	June 15, 1983	 	June 15, 1983	 	June 15, 1983
						
	 Twenty-Eighth
	 	Book	 	File/Page	 	File/Page	 	File/Page	 	1505
	 Supplemental
	 	Page	 	No. 83-252396	 	No. 83-316224	 	No. 147671	 	583
	 Indenture
	 	Date	 	July 22, 1983	 	July 22, 1983	 	July 22, 1983	 	July 22, 1983
						
	 Twenty-Ninth
	 	Book	 	File/Page	 	File/Page	 	File/Page	 	1508
	 Supplemental
	 	Page	 	No. 83-339007	 	No. 83-417956	 	194083	 	1425
	 Indenture
	 	Date	 	Sept. 22, 1983	 	Sept. 22, 1983	 	Sept. 22, 1983	 	Sept. 22, 1983

  

							
	 	  	 	  	Counties of
	 	  	 Official
	  	 	  	 
	Thirtieth	  	 Records
	  	 Yuma
	  	 Maricopa

	 Supplemental
	  		  		  	
	 Indenture
	  	Book	  	Docket 1352	  	File No.
	 Consisting of
	  	Page	  	272-1002	  	83-399354
	 Original and
	  	Book	  	Docket 1353	  	
	 Twenty-Nine
	  	Page	  	1-264	  	
	 Supplemental
	  	Date	  	Sept. 28, 1983	  	Oct. 3, 1983
	 Indentures thereto
	  		  		  	

  

															
	 	 	 	 	Counties of
	 Document
	 	 Official
	 	 San Diego
	 	 Orange
	 	 Riverside
	 	 Imperial
	 	 Yuma
	 	 Maricopa

	 	 	 Records
	 	 	 	 	 	 	 	 	 	 	 	 
	Thirty-First	 	Book	 	File/Page	 	File/Page	 	File/Page	 	1520	 	Docket	 	File No.
	Supplemental	 	Page	 	84-161897	 	84-180870	 	92011	 	1552	 	1382	 	84-186813
	Indenture	 	Date	 	5/2/84	 	5/2/84	 	5/2/84	 	4/30/84	 	743-761	 	5/2/84
		 		 		 	4/30/84	 		 		 		 	
								
	Thirty-	 	Book	 	File/Page	 	File/Page	 	File/Page	 	1533	 	Docket	 	File No.
	Second	 	Page	 	84-466428	 	84-517843	 	267452	 	753	 	1413	 	84-537706
	Supplemental	 	Date	 	12/14/84	 	12/14/84	 	12/14/84	 	12/14/84	 	216-235	 	12/14/84
	Indenture	 		 		 		 		 		 	12/14/84	 	

  
 4 

															
	 	 	 	 	Counties of
	 Document
	 	 Official
	 	 San Diego
	 	 Orange
	 	 Riverside
	 	 Imperial
	 	 Yuma
	 	 Maricopa

	 	 	 Records
	 	 	 	 	 	 	 	 	 	 	 	 
	Thirty-Third	 	Book	 	File/Page	 	File/Page	 	File/Page	 	1546	 	Docket	 	File No.
	Supplemental	 	Page	 	85-323210	 	85-333505	 	198810	 	708	 	1450	 	85-418309
	Indenture	 	Date	 	9/4/85	 	9/4/85	 	9/4/85	 	9/4/85	 	816	 	9/4/85
		 		 		 		 		 		 	9/4/85	 	
								
	Thirty-Fourth	 	Book	 	File/Page	 	File/Page	 	File/Page	 	1550	 	Docket	 	File No.
	Supplemental	 	Page	 	85-42465	 	85-481794	 	270136	 	1573	 	1463	 	85-568874
	Indenture	 	Date	 	12/2/85	 	12/2/85	 	12/2/85	 	12/3/85	 	215	 	12/2/85
		 		 		 		 		 		 	12/3/85	 	
								
	Thirty-Fifth	 	Book	 	File/Page	 	File/Page	 	File/Page	 	1562	 	Docket	 	File No.
	Supplemental	 	Page	 	86-279922	 	86-290957	 	158161	 	549	 	1491	 	86-347412
	Indenture	 	Date	 	7/8/86	 	7/8/86	 	7/8/86	 	7/8/86	 	639-657	 	7/8/86
		 		 		 		 		 		 	7/8/86	 	
								
	Thirty-Sixth	 	Book	 	File/Page	 	File/Page	 	File/Page	 	1571	 	Docket	 	File/Page
	Supplemental	 	Page	 	86-576027	 	86-606666	 	314771	 	240	 	1512	 	86-680502
	Indenture	 	Date	 	12/10/86	 	12/10/86	 	12/10/86	 	12/10/86	 	5-24	 	12/10/86
		 		 		 		 		 		 	12/10/86	 	
								
	Thirty-	 	Book	 	File/Page	 	File/Page	 	File/Page	 	1588	 	Docket	 	File/Page
	Seventh	 	Page	 	87-532270	 	87-530266	 	273181	 	844	 	1555	 	87-585903
	Supplemental	 	Date	 	9/21/87	 	9/21/87	 	9/21/87	 	9/21/87	 	844	 	9/21/87
	Indenture	 		 		 		 		 		 	9/21/87	 	
								
	Thirty-Eighth	 	Book	 	File/Page	 	File/Page	 	File/Page	 	1646	 	Docket	 	File/Page
	Supplemental	 	Page	 	90-217585	 	90-212277	 	146794	 	1280	 	1686	 	90-176460
	Indenture	 	Date	 	4/23/90	 	4/23/90	 	4/23/90	 	4/23/90	 	92-120	 	4/23/90
		 		 		 		 		 		 	4/23/90	 	
								
	Thirty-Ninth	 	Book	 	File/Page	 	File/Page	 	File/Page	 	1687	 	Docket	 	File/Page
	Supplemental	 	Page	 	91-632073	 	91-674397	 	425578	 	743	 	1771	 	91-0574751
	Indenture	 	Date	 	12/09/91	 	12/09/91	 	12/09/91	 	12/09/91	 	711-728	 	12/09/91
		 		 		 		 		 		 	12/09/91	 	
								
	Fortieth	 	Book	 	File/Page	 	File/Page	 	File/Page	 	Book/Page	 	Docket	 	File/Page
	Supplemental	 	Page	 	92-185636	 	92-202372	 	115201	 	92-06577	 	1790	 	92-0169646
	Indenture	 	Date	 	4/1/92	 	4/1/92	 	4/1/92	 	4/1/92	 	954-970	 	4/1/92
		 		 		 		 		 		 	4/1/92	 	
								
	Forty-First	 	Book	 	File/Page	 	File/Page	 	File/Page	 	Book/Page	 	Docket	 	File/Page
	Supplemental	 	Page	 	92-0363471	 	92-393790	 	214904	 	92-011833	 	1804	 	92-0317072
	Indenture	 	Date	 	6/11/92	 	6/11/92	 	6/11/92	 	6/11/92	 	73-88	 	6/11/92
		 		 		 		 		 		 	6/11/92	 	
								
	Forty-Second	 	Book	 	File/Page	 	File/Page	 	File/Page	 	Book/Page	 	Docket	 	File/Page
	Supplemental	 	Page	 	92-0650893	 	92-692066	 	384167	 	92-21988	 	1824	 	92-0575062
	Indenture	 	Date	 	10/13/92	 	10/13/92	 	10/13/92	 	10/13/92	 	670-689	 	10/13/92
		 		 		 		 		 		 	10/13/92	 	
								
	Forty-Third	 	Book	 	File/Page	 	File/Page	 	File/Page	 	Book/Page	 	Docket	 	File/Page
	Supplemental	 	Page	 	92-0788665	 	92-845626	 	471625	 	92-27082	 	1834	 	92-0700568
	Indenture	 	Date	 	12/9/92	 	12/10/92	 	12/10/92	 	12/9/92	 	187-206	 	12/9/92
		 		 		 		 		 		 	12/9/92	 	

  
 5 

															
	 	 	 	 	Counties of
	 Document
	 	 Official
	 	 San Diego
	 	 Orange
	 	 Riverside
	 	 Imperial
	 	 Yuma
	 	 Maricopa

	 	 	 Records
	 	 	 	 	 	 	 	 	 	 	 	 
	Forty-Fourth	 	Book	 	File/Page	 	File/Page	 	File/Page	 	Book/Page	 	Docket	 	File/Page
	Supplemental	 	Page	 	93-0257065	 	93-0277892	 	153382	 	93-009487	 	1859
 Fee 09300
	 	93-0246725
	Indenture	 	Date	 	4/27/93	 	4/27/93	 	4/27/93	 	4/27/93	 	4/27/93	 	4/26/93
								
	Forty-Fifth	 	Book	 	File/Page	 	File/Page	 	File/Page	 	Book/Page	 	Docket	 	File/Page
	Supplemental	 	Page	 	93-0395609	 	93-0420127	 	239922	 	93-14224	 	Fee 14413	 	93-0403060
	Indenture	 	Date	 	6/23/93	 	6/23/93	 	6/23/93	 	6/23/93	 	6/23/93	 	6/23/93
								
	Forty-Sixth	 	Book	 	File/Page	 	File/Page	 	File/Page	 	Book/Page	 	Docket	 	File/Page
	Supplemental	 	Page	 	93-0474705	 	93-0496100	 	288868	 	93-17399	 	Fee 17163	 	93-0487598
	Indenture	 	Date	 	7/26/93	 	7/26/93	 	7/27/93	 	7/27/93	 	7/27/93	 	7/27/93
								
	Forty-Seventh	 	Book	 	File/Page	 	File/Page	 	File/Page	 	Book/Page	 	Docket	 	File/Page
	Supplemental	 	Page	 	95-0230457	 	95-0232951	 	175604	 	95-11739	 	246-264	 	95-0313576
	Indenture	 	Date	 	6/01/95	 	6/01/95	 	6/01/95	 	6/01/95	 	6/01/95	 	6/01/95
								
	Forty-Eighth	 	Book	 	File/Page	 	File/Page	 	File/Page	 	Book/Page	 	Docket	 	File/Page
	Supplemental	 	Page	 	95-0230458	 	95-0232952	 	175605	 	95-11740	 	265-284	 	95-0313577
	Indenture	 	Date	 	6/01/95	 	6/01/95	 	6/01/95	 	6/01/95	 	6/01/95	 	6/01/95
								
	Forty-Ninth	 	Book	 	File/Page	 	File/Page	 	File/Page	 	Book/Page	 	Docket	 	File/Page
	Supplemental	 	Page	 	05-00384477	 	04-683110	 	04-0766976	 	04-021901	 	04-29663	 	04-941699
	Indenture	 	Date	 	1/14/05	 	7/28/04	 	9/28/04	 	7/15/04	 	8/16/04	 	8/13/04
								
	Fiftieth	 	Book	 	File/Page	 	File/Page	 	File/Page	 	Book/Page	 	Docket	 	File/Page
	Supplemental	 	Page	 	20050441722	 	2005000405730	 	20050145832	 	019964	 	200522373	 	20050711918
	Indenture	 	Date	 	5/25/05	 	5/26/05	 	5/25/05	 	5/25/05	 	5/25/05	 	5/27/05
								
	Fifty-First	 	Book	 	File/Page	 	File/Page	 	File/Page	 	Book/Page	 	Docket	 	File/Page
	Supplemental	 	Page	 	20051016267	 	2005000945695	 	20050981667	 	2006005449	 	200553032	 	20051852692
	Indenture	 	Date	 	11/23/05	 	11/28/05	 	11/29/05	 	1/30/06	 	12/2/05	 	12/7/05
								
	Fifty-Second	 	Book	 	File/Page	 	File/Page	 	File/Page	 	Book/Page	 	Docket	 	File/Page
	Supplemental	 	Page	 	2006-0413693	 	2006000404447	 	2006-0422620	 	2006-032418	 	2006-23999	 	2006-0802735
	Indenture	 	Date	 	6/12/06	 	6/16/06	 	6/12/06	 	7/11/06	 	6/12/06	 	6/14/06
								
	Fifty-Third	 	Book	 	File/Page	 	File/Page	 	File/Page	 	Book/Page	 	Docket	 	File/Page
	Supplemental	 	Page	 	2006-0683713	 	2006000643109	 	713252	 	06-46145	 	2006-39635	 	20061310143
	Indenture	 	Date	 	9/26/06	 	9/27/06	 	9/27/06	 	9/28/06	 	9/29/06	 	10/3/06
								
	Fifty-Fourth	 	Book	 	File/Page	 	File/Page	 	File/Page	 	Book/Page	 	Docket	 	File/Page
	Supplemental	 	Page	 	2007-0625504	 	2007000581227	 	2007-0600369	 	2007-036497	 	2007-33238	 	2007-1062404
	Indenture	 	Date	 	9/25/07	 	9/25/07	 	9/25/07	 	9/25/07	 	9/25/07	 	9/26/07
								
	Fifty-Fifth	 	Book	 	File/Page	 	File/Page	 	File/Page	 	Book/Page	 	Docket	 	File/Page
	Supplemental	 	Page	 	2009-0320954	 	2009000305886	 	2009-0311041	 	2009-017587	 	16744	 	20090542104
	Indenture	 	Date	 	6/12/09	 	6/12/09	 	6/18/09	 	6/12/09	 	6/15/09	 	6/15/09
								
	Fifty-Sixth	 	Book	 	File/Page	 	File/Page	 	File/Page	 	Book/Page	 	Docket	 	File/Page
	Supplemental	 	Page	 	2010-0252569	 	2010000239342	 	2010-0235807	 	2010-012850	 	2010-12687	 	20100431348
	Indenture	 	Date	 	5/20/10	 	5/21/10	 	5/21/10	 	5/21/10	 	5/21/10	 	5/21/10

  
 6 

															
	 	 	 	 	Counties of
	 Document
	 	 Official
	 	 San Diego
	 	 Orange
	 	 Riverside
	 	 Imperial
	 	 Yuma
	 	 Maricopa

	 	 	 Records
	 	 	 	 	 	 	 	 	 	 	 	 
	Fifty-Seventh	 	Book	 	File/Page	 	File/Page	 	File/Page	 	Book/Page	 	Docket	 	File/Page
	Supplemental	 	Page	 	2010-0490784	 	2010000458947	 	2010-0443991	 	2010-023359	 	2010-22669	 	20100800415
	Indenture	 	Date	 	9/16/10	 	9/16/10	 	9/16/10	 	9/16/10	 	9/16/10	 	9/16/10
								
	Fifty-Eighth	 	Book	 	File/Page	 	File/Page	 	File/Page	 	Book/Page	 	Docket	 	File/Page
	Supplemental	 	Page	 	2011-0503399	 	2011000478379	 	2011-0432021	 	2011-023234	 	2011-21920	 	20110802020
	Indenture	 	Date	 	09/28/11	 	09/28/11	 	09/29/11	 	09/28/11	 	09/28/11	 	09/28/11

  

					
			
	 Document
	  	 Official
	  	 County of Clark

	 	  	 Records
	  	 
	 Fifty-Ninth

Supplemental

Indenture

including the

Original

Indenture and

fifty-eight prior

supplemental

indentures

thereto
	  	Book Page Date	  	File/Page
201110120001817
10/12/11

  

																	
	 	 	 	 	Counties of
	 Document
	 	 Official
	 	 	 	 San
	 	 	 	 
	 	 	 Records
	 	 Clark
	 	 Diego
	 	 Orange
	 	 Riverside
	 	 Imperial
	 	 Yuma
	 	 Maricopa

	Sixtieth	 	Book	 	File/Page	 	File/Page	 	File/Page	 	File/Page	 	Book/Page	 	Docket	 	File/Page
	Supplemental	 	Page	 	20111201000
 1775
	 	2011-
 0643662
	 	201100061
 1302
	 	2011-
 0529988
	 	2011-028759	 	2011-
 26889
	 	20110993
 917

	Indenture	 	Date	 	12/1/2011	 	12/1/11	 	12/1/11	 	12/1/11	 	12/1/11	 	12/1/11	 	12/1/11
									
	Sixty-First	 	Book	 	File/Page	 	File/Page	 	File/Page	 	File/Page	 	Book/Page	 	Docket	 	File/Page
	Supplemental
 Indenture
	 	Page	 	20120410
 000789
	 	2012-
0207656	 	20120020
 0917
	 	2012-
0163282	 	2012-007887	 	2012-
08966	 	20120296
 804

	Date	 		 	4/10/12	 	4/10/12	 	4/10/12	 	4/10/12	 	4/10/12	 	4/10/12	 	4/10/12
									
	Sixty-Second	 	Book	 	File/Page	 	File/Page	 	File/Page	 	File/Page	 	Book/Page	 	Docket	 	File/Page
	Supplemental
 Indenture
	 	Page	 	2013093000
 01532
	 	2013-
0592759	 	201300055
 9137
	 	0466671	 	2013022171	 	2013-
26910	 	20130866
 250

	Date	 		 	9/30/13	 	9/30/13	 	9/30/13	 	9/26/13	 	9/26/13	 	9/30/13	 	9/30/13
									
	Sixty-Third	 	Book	 	File/Page	 	File/Page	 	File/Page	 	File/Page	 	Book/Page	 	Docket	 	File/Page
	Supplemental
 Indenture
	 	Page	 	20150318-
0000267	 	2015-
0125062	 	201500013
 7709
	 	2015-
0105656	 	2015005389	 	2015-
06017	 	2015-
0308470
	Date	 		 	3/18/2015	 	3/18/2015	 	3/18/15	 	3/17/2015	 	3/20/2015	 	3/20/2015	 	5/01/15
									
	Sixty-Fourth	 	Book	 	File/Page	 	File/Page	 	File/Page	 	File/Page	 	Book/Page	 	Docket	 	File/Page
	Supplemental
 Indenture
	 	Page	 	20150318-
0000268	 	2015-
0125063	 	201500013
 7710
	 	2015-
0105657	 	2015005397	 	2015-
06018	 	2015-
0308471
	Date	 		 	3/18/2015	 	3/18/2015	 	3/18/2015	 	3/17/2015	 	3/20/15	 	3/20/2015	 	5/01/15
									
	Sixty-Fifth	 	Book	 	File/Page	 	File/Page	 	File/Page	 	File/Page	 	Book/Page	 	Docket	 	File/Page
	Supplemental
 Indenture
	 	Page	 	20160525-
0000179	 	2016-
0255036	 	201600023
 1993
	 	2016-
0218234	 	2016010377	 	2016-
12517	 	2016-
0355233
	Date	 		 	5/25/2016	 	5/25/2016	 	5/24/2016	 	5/27/2016	 	6/1/2016	 	5/25/2016	 	5/24/2016

  
 7 

 WHEREAS, the Board of Directors of the Company has duly authorized the creation of an additional
series of bonds to be designated “First Mortgage Bonds, Series RRR, due 2047,” as hereinafter set forth in this Sixty-Sixth Supplemental Indenture; and 

WHEREAS, the execution and delivery of this Sixty-Sixth Supplemental Indenture has been duly authorized by resolution of the Board of
Directors of the Company; and 
 WHEREAS, all the conditions and requirements necessary to make this Sixty-Sixth Supplemental Indenture a
valid, binding and legal instrument in accordance with its terms and for the purposes herein expressed have been performed and fulfilled and the execution and delivery hereof have been in all respects duly authorized. 

NOW, THEREFORE, in order further to secure the payment of the principal of and premium, if any, and interest on all of the bonds of the
Company at any time outstanding under the Original Indenture, as from time to time amended and supplemented (the “Indenture”) and to secure the performance and observance of each and every of the covenants, conditions and agreements
of the Indenture, as from time to time amended and supplemented, and for and in consideration of the premises, and of the sum of One Dollar ($1.00) to the Company duly paid by the Trustee (the receipt whereof is hereby acknowledged), the Company has
executed and delivered this Sixty-Sixth Supplemental Indenture and has granted, bargained, sold, warranted, released, conveyed, assigned, transferred, mortgaged, pledged, hypothecated, granted a security interest in, set over and confirmed, and by
these presents does grant, bargain, sell, warrant, release, convey, assign, transfer, mortgage, pledge, hypothecate, grant a security interest in, set over and confirm unto U.S. Bank National Association, as Trustee, and to its respective successors
in said trust forever, with power of sale, all property, real, personal and mixed, now owned or hereafter acquired or to be acquired by the Company, and wheresoever situated (except such property as is expressly excepted or excluded from the lien
and security interest of the Indenture, and property of a successor corporation or corporations excluded from the lien and security interest thereof by the provisions of Section 3 of Article XIV thereof) subject to the rights reserved by the
Company in and by other provisions of the Indenture, including in the property subject and to be subject to the lien and security interest thereof and hereof (without in any manner limiting or impairing by the enumeration of the same the scope and
intent of the foregoing or of any general description contained in the Original Indenture or in this or any other supplemental indenture) all lands, rights-of-way, other land rights, flowage and other water rights, power houses, dams, reservoirs,
docks, roads, and buildings, structures and other land improvements; steam, and other electric generating plants, including buildings and other structures, turbines, generators, exciters, boilers and other boiler plant equipment, condensing
equipment, and all auxiliary equipment; stations and substations; electric transmission and distribution systems, including structures, poles, towers, fixtures, conduits, insulators, wires, cables, transformers, services and meters; steam heating
plants and systems, including mains and equipment; gas plants, transmission and distribution systems, including pipe lines, structures, tanks, mains, compressor stations, purifier stations, pressure holders, governors, services and meters;
communication systems, office, shop and other buildings and structures, and equipment; apparatus and equipment and materials and supplies of all other kinds and descriptions; and all municipal and other franchises, leaseholds, licenses, permits, and
privileges; 
 TOGETHER WITH all and singular the tenements, hereditaments and appurtenances belonging or in any wise appertaining to the
aforesaid property or any part thereof with the reversion and reversions, remainder and remainders, tolls, rents and revenues, issues, income, proceeds, product and profits thereof, and all the estate, right, title and interest and claim whatsoever,
at law as well as in equity, which the Company now has or may hereafter acquire in and to the aforesaid property and franchises and every part and parcel thereof (except such property as is expressly excepted or excluded from the lien and security
interest of the Indenture, and property of a successor corporation or corporations excluded from the lien and security thereof by the provisions of Section 3 of Article XIV thereof), subject to the rights reserved by the Company in and by other
provisions of the Indenture; 
 It is hereby agreed by the Company that, except as aforesaid, all the property, rights, and franchises
acquired by the Company after the date hereof shall be as fully embraced within the lien and security interest hereof as if such property were now owned by the Company and were specifically described herein and conveyed and a security interest
therein granted hereby; 

  
 8 

 SAVING AND EXCEPTING, HOWEVER, anything to the contrary notwithstanding contained herein or in
the granting clauses of the Original Indenture and said Supplemental Indentures (a) such property described or referred to in any of such granting clauses as has been from time to time, released or sold free from the lien and security interest
of the Original Indenture (or the Original Indenture, as supplemented) in accordance and compliance with the provisions thereof (or of the Original Indenture, as supplemented, as the case may be), and (b) all of the following property (whether
now owned by the Company or hereafter acquired by it): (1) all gas, electric energy and steam produced, purchased or otherwise acquired; (2) all contracts, choses in action, shares of stock, bonds, notes, evidences of indebtedness, and
other securities, other than any of the foregoing which may be required to be deposited from time to time with the Trustee in accordance with the provisions of the Indenture or are required by some express provision thereof to be deposited with the
Trustee; (3) merchandise and appliances at any time acquired for the purpose of sale or lease to customers and others and contracts for the sale of merchandise and appliances; (4) motor vehicles; (5) timber on land owned by the
Company; (6) minerals or mineral rights in lands owned by the Company; (7) oil, coal or gas, or oil, coal or gas rights in land owned by the Company or gas wells or oil wells or equipment therefor or coal mines or equipment therefor;
(8) fuel and other personal property which are consumable in their use in the operation of the properties of the Company; (9) bills and accounts receivable; (10) cash on hand and in banks other than such cash as may be deposited from
time to time with the Trustee in accordance with the provisions of the Indenture or as is required by some express provision thereof to be deposited with the Trustee; and (11) the last day of the term of each leasehold estate now or hereafter
enjoyed by the Company. The Company may, however, expressly subject to the lien and security interest and operation of the Original Indenture and all indentures supplemental thereto all or any part of the property of the character described in
clause (b) of this paragraph; 
 TO HAVE AND TO HOLD all said properties, real, personal and mixed, mortgaged, pledged, or conveyed and
in which a security interest has been granted by the Company as aforesaid, or intended so to be, unto the Trustee and its successors and assigns forever, subject, however, to Permitted Liens as defined in the Indenture; 

IN TRUST NEVERTHELESS, for the equal pro rata benefit and security as provided in the Original Indenture and all indentures supplemental
thereto of all and every of the bonds issued and to be issued in accordance with the provisions of the Original Indenture and all indentures supplemental thereto, without preference, priority or distinction as to lien or security interest of any
over the others by reason of priority in time of the issue, negotiation or maturity thereof, subject, however, to the provisions of the Original Indenture and all indentures supplemental thereto relating to any sinking fund or similar fund for the
benefit of the bonds of any particular series; 
 The Company does further covenant and agree with the Trustee as follows: 

ARTICLE I 
 SERIES RRR
BONDS 
 Section 1: There is hereby created, for issuance under the Original Indenture as supplemented by the said
Supplemental Indentures (including this Sixty-Sixth Supplemental Indenture), a series of bonds designated Series RRR, due 2047, each of which shall bear the descriptive title “First Mortgage Bonds, Series RRR, due 2047” (herein sometimes
referred to as “Series RRR Bonds”), and the form thereof shall contain suitable provisions with respect to the matters hereinafter in this Section specified. The Series RRR Bonds shall mature on June 1, 2047 and shall be issued
in denominations of $1,000 and integral multiples thereof as the Company may from time to time execute and deliver. The Series RRR Bonds shall bear interest at the rate and from the date, shall be expressed to mature as to principal, and shall be
payable as to principal and premium, if any, and interest at such place or places and in such money, all as provided in the form of Series RRR Bond set forth on Exhibit A hereto (the “Form of Bond”) and by the applicable
provisions of the Indenture. In addition, June 8, 2017 shall be an interest payment date for the Series RRR Bonds for purposes of Section 9 of Article II of the Indenture, provided that no interest shall be payable on such date. The
principal and premium, if any, and interest on the Series RRR Bonds shall be payable at the corporate trust office of the Trustee in the City and County of Los Angeles, State of California and, if Series RRR Bonds are issued in definitive
certificated form under the circumstances set forth in clause (2) of Section 4 of this Article I, at the office or agency in the Borough of Manhattan, City and County of New York, State of New York that the Company maintains for such
purpose. The Series RRR Bonds shall be dated as in Section 9 of Article II of the Indenture provided with respect to registered bonds without coupons. 

The Series RRR Bonds shall further be redeemable, exchangeable, transferable and otherwise have the terms set forth in the Form of Bond. 

  
 9 

 The Series RRR Bonds shall otherwise be of such terms, provisions, tenor and form as provided in
this Sixty-Sixth Supplemental Indenture. 
 Section 2: The Series RRR Bonds shall be executed, authenticated and delivered in
accordance with the provisions and shall be entitled to the protection and security of the Original Indenture, as supplemented by this Sixty-Sixth Supplemental Indenture and the other supplemental indentures, and shall be subject to all of the
terms, conditions and covenants and limitations thereof. The aggregate principal amount of the Series RRR Bonds, which may be executed by the Company and authenticated and delivered by the Trustee and secured by the Indenture as from time to time in
effect, is limited only to the extent provided in Section 1 of Article II of the Original Indenture. 
 Section 3: The
Series RRR Bonds shall be issued only as fully registered bonds without coupons. The fully registered bonds without coupons and the certificate of authentication to be endorsed on all Series RRR Bonds shall be substantially in the form set forth on
the Form of Bond. In addition, the Series RRR Bonds may be issuable in whole or in part in the form of one or more securities that evidence all or part of the bonds of such series which is issued to a depositary or a nominee thereof for such series
(a “Global Security”) and, in such case, the Board of Directors of the Company (or an authorized officer designated by the Board of Directors of the Company) shall appoint a clearing agency registered under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), designated to act as depositary (a “depositary”) for such Global Securities. The definitive Series RRR Bonds shall be numbered in such manner as the Company shall at any
time or from time to time determine. 
 Section 4: In the event the Series RRR Bonds are issued as a Global Security the
following provisions, in addition to the provisions of the Indenture, shall apply: 
 (1) Each Global Security authenticated under the
Indenture shall be registered in the name of the depositary designated for such Global Security or a nominee thereof and delivered to such depositary or a nominee thereof or custodian therefor, and each such Global Security shall constitute a single
bond for all purposes of this Supplemental Indenture. 
 (2) Notwithstanding any other provision in this Supplemental Indenture, no
Global Security may be exchanged in whole or in part for Series RRR Bonds registered, and no transfer of a Global Security in whole or in part may be registered, in the name of any person other than the depositary for such Global Security or a
nominee thereof unless (A) such depositary has notified the Company that it is unwilling or unable to continue as depositary for the Global Securities and a successor depositary has not been appointed by the Company within 90 days of receipt by
the Company of such notification, (B) if at any time the depositary ceases to be a clearing agency registered under the Exchange Act at a time when the depositary is required to be so registered to act as such depositary and no successor
depositary shall have been appointed by the Company within 90 days after it became aware of such cessation, (C) the Company, in its sole discretion, executes and delivers to the Trustee a written order signed in the name of the Company by its
Chairman of the Board, its President or a Vice President, and by its Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary to the effect that such Global Securities shall be exchangeable as described below, or (D) a
“completed default” (as defined in the Indenture) has occurred and is continuing with respect to the Series RRR Bonds. If any of the events described in clauses (A) through (D) of the preceding sentence occur, the beneficial
owners of interests in the Global Securities will be entitled to exchange those interests for definitive Series RRR Bonds and, without unnecessary delay but in any event not later than the earliest date on which those interests may be so exchanged,
the Company will prepare and deliver to the Trustee definitive Series RRR Bonds in such form and denominations as are required by or pursuant to the Indenture, and in an aggregate principal amount equal to the aggregate principal amount of such
Global Securities, such bonds to be duly executed by the Company. On or after the earliest date on which such beneficial interests may be so exchanged, such Global Securities shall be surrendered from time to time by the depositary as shall be
specified in the order from the Company with respect thereto (which the Company agrees to deliver) to the Trustee, as the Company’s agent for such purpose, and in accordance with any instructions given to the Trustee and the depositary (which
instructions shall be in writing but need not be contained in or accompanied by an officers’ certificate or be accompanied by an opinion of counsel), to be exchanged, in whole or in part, for definitive Series RRR Bonds as described above
without charge. The Trustee shall authenticate and make available for delivery, in exchange for each portion of each surrendered Global Security, a like aggregate principal amount of definitive Series RRR Bonds of authorized denominations as the
portion of such Global Security to be exchanged. Promptly following any such exchange in part, such Global Security shall be returned by the Trustee to such depositary or its custodian. If a definitive Series RRR Bond is issued in exchange for any
portion of a Global Security after the close of business at the place where such exchange occurs on or after (i) any regular record date for a regularly scheduled interest payment date (an “Interest Payment Date”) for such bond
and before the opening of business at that place of payment on such Interest Payment Date, or (ii) any special record date for the payment of interest for such bond which was not punctually paid or duly provided for on any Interest Payment Date
and before the opening of business at such place of payment on the related proposed date for the payment of such interest, as the case may be, interest shall not be payable on such Interest Payment Date or proposed date for payment, as the case may
be, in respect of such definitive bond, but shall be payable on the Interest Payment Date or proposed date for payment, as the case may be, only to the person to whom interest in respect of such portion of such Global Security shall be payable in
accordance with the provisions of the Indenture and the Series RRR Bonds. 

  
 10 

 (3) Subject to Clause (2) above, any exchange or transfer of a Global Security for
other Series RRR Bonds may be made in whole or in part, and all Series RRR Bonds issued in exchange for or upon transfer of a Global Security or any portion thereof shall be registered in such names as the depositary for such Global Security shall
direct. 
 (4) Every Series RRR Bond authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, a
Global Security or any portion thereof, shall be authenticated and delivered in the form of, and shall be, a Global Security, unless such bond is registered in the name of a person other than the depositary for such Global Security or a nominee
thereof. 
 (5) Unless otherwise specified as contemplated by Section 1 of Article I of this Supplemental Indenture for the
Series RRR Bonds evidenced thereby, every Global Security authenticated and delivered hereunder shall bear a legend in substantially the following form: 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN
THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY OTHER PERSON IS WRONGFUL, INASMUCH AS THE REGISTERED OWNER HEREOF HAS AN INTEREST HEREIN. 

Section 5: The Series RRR Bonds may contain or have imprinted thereon such provisions or specifications not inconsistent with the
Indenture as may be required to comply with the rules of any stock exchange or any federal or state authority or commission, or to comply with usage with respect thereto, and may bear such other appropriate endorsements or notations as are
authorized or permitted by the Indenture. 
 Section 6: In the manner and subject to certain conditions and limitations
specified herein and in the Indenture, Series RRR Bonds may be exchanged without a service charge for a like aggregate principal amount of such Series RRR Bonds of other authorized denomination or denominations; provided that the Company may require
payment of a sum or sums sufficient to reimburse it for any stamp tax or other governmental charge payable in connection therewith. 

Section 7: The Company shall maintain in the City and County of Los Angeles, State of California, and in such other place or
places as the Company may designate at any time or from time to time, an office or agency where Series RRR Bonds, including Series RRR Bonds issued in definitive certificated form, may be presented for payment, registration, transfer and exchange as
provided therein or in the Indenture. Without limitation to the foregoing, if Series RRR Bonds are issued in definitive certificated form under the circumstances set forth in clause (2) of Section 4 of this Article I, the Company shall
also maintain in the Borough of Manhattan, City and County of New York, State of New York, an office or agency where Series RRR Bonds, including Series RRR Bonds issued in definitive certificated form, may be presented for payment, registration,
transfer and exchange as provided therein or in the Indenture. Such office or agency in the City and County of Los Angeles, State of California, and any such office or agency in the Borough of Manhattan, City and County of New York, State of New
York, shall be a corporate trust office of the Trustee unless and until the Company shall designate another office or agency by notice in writing delivered to the Trustee. 

  
 11 

 Section 8: No transfer or exchange of any Series RRR Bonds pursuant to any of the
provisions of this Article I shall be made except upon and in accordance with all of the applicable terms, provisions and conditions of said bonds and of the Indenture. 

ARTICLE II 

MISCELLANEOUS PROVISIONS 

Section 1: This instrument is executed and shall be construed as an indenture supplemental to the Original Indenture and shall
form a part thereof and, as supplemented by this Sixty-Sixth Supplemental Indenture, the Original Indenture as heretofore supplemented and amended is hereby confirmed. 

Section 2: All terms used in this Sixty-Sixth Supplemental Indenture shall be taken to have meaning as in the Original Indenture,
as heretofore supplemented and amended, except terms which may be otherwise expressly defined herein and in cases where the context clearly indicates otherwise. 

Section 3: In order to facilitate the filing of this Sixty-Sixth Supplemental Indenture, the same may be executed in several
counterparts, each of which, when so executed, shall be deemed to be an original, but such counterparts shall constitute but one and the same instrument. 

Section 4: All of the covenants, stipulations, promises and agreements in this Sixty-Sixth Supplemental Indenture by or on behalf
of the Company shall bind its successors and assigns, whether so expressed or not. 
 Section 5: To the extent any provision in
this Sixty-Sixth Supplemental Indenture conflicts with any provision in the Indenture, the provisions of this Sixty-Sixth Supplemental Indenture shall govern; provided, however, that in the event such conflict would require bondholder
consent, the terms and provisions of the Indenture shall govern. 
 Section 6: The Original Indenture, as heretofore amended and
supplemented, insofar as it applies to the Series RRR Bonds, this Sixty-Sixth Supplemental Indenture and the Series RRR Bonds shall be governed by and construed in accordance with the laws of the State of California, without regard (to the extent
permitted by applicable law) to conflicts of laws principles thereof; provided, that, notwithstanding the foregoing, the creation, perfection and enforcement of any mortgage or lien on real property or improvements thereon or fixtures
attached thereto under the Original Indenture, as heretofore amended and supplemented, insofar as it applies to the Series RRR Bonds, or this Sixty-Sixth Supplemental Indenture shall be governed by and construed in accordance with the laws of the
State where such real property or improvements thereon or fixtures attached thereto, as the case may be, are located, without regard (to the extent permitted by applicable law) to conflicts of laws principles thereof. 

{Signature Page Follows} 

  
 12 

 IN WITNESS WHEREOF, SAN DIEGO GAS & ELECTRIC COMPANY has caused this Sixty-Sixth
Supplemental Indenture to be signed in its name and behalf by its duly authorized officer and its corporate seal to be hereunto affixed duly attested by its Secretary or one of its Assistant Secretaries, and U.S. BANK NATIONAL ASSOCIATION, to
evidence its acceptance of the trusts hereby created, has caused this Sixty-Sixth Supplemental Indenture to be signed in its name and behalf by its duly authorized officer as of the day and year first above written. 

 

			
	SAN DIEGO GAS & ELECTRIC COMPANY

 
			
		
	By:	 	/s/ Scott D. Drury

 
			
	Name: Scott D. Drury
	Title:   President

 (CORPORATE SEAL) 
 Attest:

  

			
	
		
	By:	 	/s/ Kari E. McCulloch
	Name: Kari E. McCulloch
	Title:   Corporate Secretary

  

			
	U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE

 
			
		
	By:	 	/s/ Fonda Hall

 
			
	Name: Fonda Hall
	Title:   Vice President

  A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document
to   which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. 

  

			
	 STATE OF CALIFORNIA
	 	)
		 	) ss
	 COUNTY OF SAN DIEGO
	 	)

 On June 5, 2017, before me, LESLIE C. FRENCH, a Notary Public, personally appeared SCOTT D. DRURY and
KARI E. MCCULLOCH, who proved to me on the basis of satisfactory evidence to be the persons whose names are subscribed to the within instrument and acknowledged to me that they executed the same in their authorized capacities, and that by their
signatures on the instrument the persons, or the entity upon behalf of which the persons acted, executed the instrument. 
 I certify under
PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. 
 WITNESS my hand and
official seal. 
  

	
	
	/s/ Leslie C. French
	SIGNATURE OF NOTARY PUBLIC

  A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document
to   which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. 

  

			
	 STATE OF CALIFORNIA
	 	)
		 	) ss
	 COUNTY OF LOS ANGELES
	 	)

 On June 7, 2017, before me, Patricia L. Chase, a Notary Public, personally appeared FONDA HALL, of U.S.
BANK NATIONAL ASSOCIATION, who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her authorized capacity, and that by
his/her signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument. 
 I certify
under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. 
 WITNESS my hand and
official seal. 
  

	
	
	/s/ Patricia L. Chase
	SIGNATURE OF NOTARY PUBLIC

 EXHIBIT A 

FORM OF BOND 

(Attached) 

 [If this bond is issued as a global security, insert the following legend: THIS SECURITY IS A GLOBAL SECURITY
WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN
WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY OTHER PERSON IS WRONGFUL, INASMUCH AS THE REGISTERED OWNER HEREOF HAS AN INTEREST HEREIN.] 
 SAN DIEGO GAS & ELECTRIC
COMPANY 
 (INCORPORATED UNDER THE LAWS OF THE STATE OF CALIFORNIA) 

3.750% FIRST MORTGAGE BOND, 

SERIES RRR, DUE 2047 
  

			
	 No.             
	 	$                                   
      
		
		 	CUSIP No. 797440 BV5
		 	ISIN No. US797440BV50

 SAN DIEGO GAS & ELECTRIC COMPANY, a corporation organized and existing under the laws of the State of California
(hereinafter called the “Company”, which term shall include any successor corporation, as defined in the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to
                                        
                 [If this bond is issued as a global security, insert CEDE & CO. in the foregoing space], or registered assigns, the principal sum of
                                         
        dollars in lawful money of the United States of America, on June 1, 2047, and to pay interest thereon from June 8, 2017, at the rate of 3.750% per annum in like lawful money, payable
semi-annually in arrears, on June 1 and December 1 (each, an “Interest Payment Date”) in each year, commencing December 1, 2017, to the person in whose name this bond (as defined on the reverse hereof) is registered
at the close of business on the immediately preceding May 15 and November 15, respectively, until the Company’s obligation with respect to the payment of such principal (and premium, if any) shall be discharged as provided in the
Indenture hereinafter mentioned. The principal of (and premium, if any) and interest on this bond will be paid at the corporate trust office of U.S. Bank National Association, or its successor trustee under said Indenture, in the City and County of
Los Angeles, State of California, that the Company maintains for such purpose and, if Series RRR Bonds (as defined on the reverse hereof) are issued in definitive certificated form under the circumstances set forth in clause (2) of
Section 4 of Article I of the Sixty-Sixth Supplemental Indenture (as defined on the reverse hereof), at the office or agency maintained by the Company for such purpose in the Borough of Manhattan, City and County of New York, State of New York;
provided that, if Series RRR Bonds are issued in definitive certificated form under such circumstances, the Company may at its option pay interest on the Series RRR Bonds in definitive certificated form by check mailed to the addresses of the
persons entitled to payment or by wire transfer to bank accounts in the United States designated in writing to the Trustee (as defined on the reverse hereof) at least 15 days before the applicable Interest Payment Date by the persons entitled to
such payment. Notwithstanding the foregoing, so long as the holder of this bond is a depositary, or its nominee, payment of the principal of (and premium, if any) and interest on this bond will be made by wire transfer of immediately available
funds. 
 The provisions of this bond are continued on the reverse hereof and such continued provisions shall for all purposes have the same
effect as though fully set forth at this place. 
 This bond shall not be valid or become obligatory for any purpose unless and until U.S.
BANK NATIONAL ASSOCIATION, as Trustee under the Indenture, or its successor thereunder, shall have signed the certificate of authentication endorsed hereon. 

  
 A-1 

 IN WITNESS WHEREOF, SAN DIEGO GAS & ELECTRIC COMPANY has caused this instrument to be
executed in its name by the signature or facsimile signature of its President or any Vice President and its corporate seal or a facsimile thereof to be hereto affixed and attested by the signature or facsimile signature of its Secretary or any
Assistant Secretary. 
  

							
	Dated:                                     
               	 		 	SAN DIEGO GAS & ELECTRIC COMPANY
				
		 		 	By:	 	 
		 		 		 	President or Vice President

 (CORPORATE SEAL) 

Attest: 
  

	
	
	   

	Secretary or Assistant Secretary

  
 A-2 

 [REVERSE SIDE OF 3.750% FIRST MORTGAGE BOND, SERIES RRR, DUE 2047] 

This bond is one of a duly authorized issue of bonds of the Company, known as its First Mortgage Bonds, of the series and designation
indicated on the face hereof (the “Series RRR Bonds”), all issued and to be issued under and equally secured by a Mortgage and Deed of Trust dated July 1, 1940, and indentures supplemental thereto, including the Sixty-Sixth
Supplemental Indenture (the “Sixty-Sixth Supplemental Indenture”) dated as of June 8, 2017 (which Mortgage and Deed of Trust, as so amended and supplemented and as the same may be further amended or supplemented from time to
time, is herein called the “Indenture”) executed by the Company to U.S. Bank National Association, as successor trustee (herein called, together with its successors in such capacity, the “Trustee”), to which
Indenture reference is hereby made for a description of the property mortgaged, pledged, hypothecated and in which a security interest was granted, the nature and extent of the security, the rights of the holders of the Series RRR Bonds as to such
security, and the terms and conditions upon which the Series RRR Bonds may be issued under the Indenture and are secured. The principal hereof may be declared or may become due on the conditions, in the manner and at the time set forth in the
Indenture, upon the happening of a completed default as in the Indenture provided. This Series RRR Bond is one of a series of Series RRR Bonds and is sometimes referred to as “this bond.” 

Interest on the Series RRR Bonds will be calculated on the basis of a 360-day year consisting of twelve 30-day months. 

With the consent of the Company and to the extent permitted by and as provided in the Indenture, the rights and obligations of the Company or
of the holders of the Series RRR Bonds, or the terms and provisions of the Indenture or of any indentures supplemental thereto, may be modified or altered by the affirmative vote of the holders of the percentage of principal amount of bonds required
by the Indenture; provided, however, that without the consent of the holder hereof no such modification or alteration shall permit, among other things, the reduction of the principal or premium, if any, or the extension of the maturity of the
principal of this bond, or the reduction of the rate of interest hereon, or any other modification of the terms of payment of such principal or premium, if any, or interest. 

The Company, the Trustee, any paying agent, any registrar, and any depositary may deem and treat the person in whose name this bond is
registered as the absolute owner hereof for the purpose of receiving payment of or on account of the principal hereof and premium, if any, and interest hereon and for all other purposes and shall not be affected by any notice to the contrary. 

All or a portion of the Series RRR Bonds may be redeemed at the Company’s option at any time or from time to time pursuant to this
paragraph. The price at which the Series RRR Bonds will be redeemed pursuant to this paragraph (the “Redemption Price”) on any date fixed for such redemption (a “Redemption Date”) will be equal to (A) in the
case of any Redemption Date prior to December 1, 2046 (the “Par Call Date”), the greater of the following amounts: (a) 100% of the principal amount of the Series RRR Bonds being redeemed on the Redemption Date; or
(b) the sum of the present values of the remaining scheduled payments of principal and interest on the Series RRR Bonds being redeemed on that Redemption Date (not including any portion of any payments of accrued and unpaid interest to the
Redemption Date) that would be due if the Series RRR Bonds matured, and accrued and unpaid interest was payable, on the Par Call Date, discounted to the Redemption Date on a semiannual basis at the Adjusted Treasury Rate (as defined below) plus 15
basis points, as determined by the Independent Investment Banker (as defined below), plus, in each case, accrued and unpaid interest thereon to the Redemption Date, or (B) in the case of any Redemption Date on or after the Par Call Date, 100%
of the principal amount of the Series RRR Bonds to be redeemed on the Redemption Date, plus accrued and unpaid interest thereon to the Redemption Date. Notwithstanding the foregoing, installments of interest on Series RRR Bonds that are due and
payable on Interest Payment Dates falling on or prior to a Redemption Date will be payable on those Interest Payment Dates to the registered holders of such Series RRR Bonds as of the close of business on the relevant record dates according to the
terms of the Series RRR Bonds and the Indenture. The Redemption Price will, if applicable, be calculated on the basis of a 360-day year consisting of twelve 30-day months. 

Notice of any redemption will be mailed at least 30 days, but not more than 60 days, before the Redemption Date to each registered holder of
the Series RRR Bonds to be redeemed. Once notice of redemption is mailed, the Series RRR Bonds called for redemption will become due and payable on the Redemption Date and at the applicable Redemption Price, plus accrued and unpaid interest to the
Redemption Date, provided that the Company may rescind any notice of redemption by notice given not less than five days prior to the proposed Redemption Date. Redemption will not be conditional upon receipt by the Trustee of monies sufficient to pay
the Redemption Price. 

  
 A-3 

 Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date
interest will cease to accrue on the Series RRR Bonds or portions thereof called for redemption. The Company will pay the Redemption Price and any accrued interest once the Series RRR Bonds are surrendered for redemption. If only a portion of any
Series RRR Bonds is redeemed, the Trustee will deliver new Series RRR Bonds for the remaining portion without charge. 
 “Adjusted
Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. 
 “Comparable Treasury
Issue” means, with respect to any Redemption Date, the United States Treasury security selected by the Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Series RRR Bonds to be
redeemed on such Redemption Date (assuming the Series RRR Bonds matured on the Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of
comparable maturity to the remaining term of such Series RRR Bonds (assuming the Series RRR Bonds matured on the Par Call Date). 

“Comparable Treasury Price” means, with respect to any Redemption Date, (A) the average of the Reference Treasury Dealer
Quotations for such Redemption Date, or (B) if only one Reference Treasury Dealer Quotation is received, such quotation. 

“Independent Investment Banker” means, with respect to any Redemption Date, one of the Reference Treasury Dealers appointed
by the Company to act as the “Independent Investment Banker.” 
 “Reference Treasury Dealers” means, with respect
to any Redemption Date, (A) Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. LLC (or their respective affiliates which are Primary Treasury Dealers (as defined below)), and their respective successors, provided, however, that
if any of the foregoing shall cease to be a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), the Company will substitute therefor another Primary Treasury Dealer; (B) one Primary Treasury
Dealer selected by CastleOak Securities, L.P. and its successors; (C) one Primary Treasury Dealer selected by Credit Agricole Securities (USA) Inc. and its successors; (D) one Primary Treasury Dealer selected by SMBC Nikko Securities
America, Inc. and its successors; and (E) any other Primary Treasury Dealer(s) selected by the Company. 
 “Reference Treasury
Dealer Quotation” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 5:00 p.m. (New York City time) on the third business day preceding such Redemption Date. As used in the preceding sentence, “business
day” means any day (other than a Saturday or Sunday) on which banking institutions in The City of New York are not authorized or obligated by law or executive order to remain closed. 

In the event that the Company elects to redeem only a portion of the Series RRR Bonds, the bonds to be redeemed shall be selected as provided
in the Indenture and, in the case of bonds represented by a global security, in accordance with the procedures of The Depository Trust Company (or its successor as depositary). 

As more fully provided in and subject to the provisions of the Indenture, the Series RRR Bonds are also subject to redemption on any date,
under certain circumstances specified in the second paragraph of Section 13 of Article XI of the Indenture in case of the disposition or taking (among other things) of certain properties of the Company, at 100% of the principal amount thereof,
together with accrued interest thereon to the date of redemption. 

  
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 The Company may, from time to time, without notice to or the consent of the holders of the Series
RRR Bonds, increase the principal amount of the Series RRR Bonds under the Indenture and issue such increased principal amount, or any portion thereof. Any additional Series RRR Bonds so issued shall have the same form and terms (other than the
offering price, the date of issuance and, under certain circumstances, the date from which interest thereon shall begin to accrue and the first payment date) as the Series RRR Bonds previously issued and shall form a single series with the
previously issued Series RRR Bonds. 
 This bond is transferable as prescribed in the Indenture by the registered owner hereof in person, or
by his duly authorized attorney, at the corporate trust office of the Trustee in the City and County of Los Angeles, State of California, and, if Series RRR Bonds are issued in definitive certificated form under the circumstances set forth in clause
(2) of Section 4 of Article I of the Sixty-Sixth Supplemental Indenture, at the office or agency maintained by the Company for such purpose in the Borough of Manhattan, City and County of New York, State of New York, upon surrender and
cancellation of this bond and thereupon a new registered bond of the same series and principal amount will be issued to the transferee in exchange therefor as provided in the Indenture, upon payment of any tax or taxes or other governmental charges
required to be paid by the Company by reason of such transfer. 
 The registered owner of any Series RRR Bond, at the option of such holder,
may surrender the same, accompanied by a written instrument of transfer in form approved by the Company duly executed by the registered owner, at the corporate trust office of the Trustee in the City and County of Los Angeles, State of California
and, if Series RRR Bonds are issued in definitive certificated form under the circumstances set forth in clause (2) of Section 4 of Article I of the Sixty-Sixth Supplemental Indenture, at the office or agency maintained by the Company for
such purpose in the Borough of Manhattan, City and County of New York, State of New York, for cancellation in exchange for another or other registered bonds of the said series of higher or lower authorized denominations of an aggregate principal
amount equal to the aggregate principal amount of the bond or bonds so surrendered and bearing interest as provided in Section 9 of Article II of the Indenture, and upon payment of any tax or taxes or other governmental charges required to be
paid by the Company by reason of such exchange and subject to the terms and conditions specified in the Indenture, and thereupon the Company shall execute and deliver to the Trustee and the Trustee shall authenticate and deliver such other bonds to
such registered owner at its office or at such office or agency of the Company, at the option of such registered owner. 
 No recourse shall
be had for the payment of the principal of (or premium, if any) or the interest on this bond, or any part thereof, or of any claim based herein or in respect hereof or of said Indenture, against any incorporator, or any past or future stockholder,
officer or director, as such, of the Company or of any predecessor or successor corporation, either directly or through the Company, or through any such predecessor or successor corporation, or through any receiver or a trustee in bankruptcy,
whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived
and released, as more fully provided in the Indenture. 
 This Series RRR Bond shall be governed by and construed in accordance with the
laws of the State of California, without regard (to the extent permitted by applicable law) to conflicts of laws principles thereof. 

************** 
 This bond is one
of the bonds of the series designated therein, described in the within-mentioned Indenture. 
 U.S. BANK NATIONAL ASSOCIATION, 

As Trustee 
  

					
		
	By:	 	 

					
		 	Authorized Officer

			
	Date of Authentication:	 	  

  
 A-5

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