Document:

Exhibit 4.3

Series 2006-1 (Class C)

ISDA®

International Swaps and Derivatives Association, Inc.

2002
MASTER AGREEMENT

dated as of September 27, 2006

BANK
OF AMERICA and GE CAPITAL
CREDIT CARD MASTER NOTE TRUST have entered and/or anticipate entering into one or more
transactions (each a “Transaction”) that are or will be governed by this 2002
Master Agreement, which includes the schedule (the “Schedule”), and the
documents and other confirming evidence (each a “Confirmation”) exchanged
between the parties or otherwise effective for the purpose of confirming or
evidencing those Transactions. This 2002 Master Agreement and the Schedule are
together referred to as this “Master Agreement”.

Accordingly, the parties
agree as follows:-

1.           Interpretation

(a)           Definitions. The terms defined in Section 14 and
elsewhere in this Master Agreement will have the meanings therein specified for
the purpose of this Master Agreement.

(b)           Inconsistency. In the event of any inconsistency between
the provisions of the Schedule and the other provisions of this Master
Agreement, the Schedule will prevail. In the event of any inconsistency between
the provisions of any Confirmation and this Master Agreement, such Confirmation
will prevail for the purpose of the relevant Transaction.

(c)           Single Agreement. All Transaction are entered into the
reliance on the fact that this Master Agreement and all Confirmations form a
single agreement between the parties (collectively referred to as this “Agreement”),
and the parties would not otherwise enter into any Transactions.

2.           Obligations

(a)           General Conditions.

(i)                 Each
party will make each payment or delivery specified in each Confirmation to be
made by it, subject to
the other provisions of this Agreement.

(ii)                Payments
under this Agreement will be made on the due date for value on that date in the
place of the account specified in the relevant Confirmation or otherwise
pursuant to this Agreement, in freely transferable funds and in the manner
customary for payments in the required currency. Where settlement is by
delivery (that is, other than by payment), such delivery will be made for
receipt on the due date in the manner customary for the relevant obligation
unless otherwise specified in the relevant Confirmation or elsewhere in this
Agreement.

Class
C Swap        Copyright ®  2002 by lnternational Swaps and Derivative
Association, Inc.

 

(iii)               Each
obligation of each party under Section 2(a)(i) is subject to (1) the condition
precedent that no Event of Default or Potential Event of Default with respect
to the other party has occurred and is continuing. (2) the condition precedent
that no Early Termination Date in respect of the relevant Transaction has
occurred or been effectively designated and (3) each other condition specified
in this Agreement to be a condition precedent for the purpose of this Section
2(a)(iii).

(b)         Change of
Account. Either party may change its account for
receiving a payment or delivery by giving notice to the other party at least five Local Business Days prior to the
Scheduled Settlement Date for the payment or delivery to which such change
applies unless such other party gives timely notice of a reasonable objection
to such change.

(c)         Netting of
Payments. If on any date
amounts would otherwise be payable:—

(i)         in the same currency; and

(ii)         in respect of the same Transaction.

by
each party to the other, then, on such date, each party’s obligation to make
payment of any such amount will be automatically satisfied and discharged and,
if the aggregate amount that would otherwise have been payable by one party
exceeds the aggregate amount that would otherwise have been payable by the
other party, replaced by an obligation upon the party by which the larger
aggregate amount would have been payable to pay to the other party the excess of
the larger aggregate amount over the smaller aggregate amount.

The parties may elect in respect of two or more Transactions that a net
amount and payment obligation will be determined in respect of all amounts
payable on the same date in the same currency in respect of those Transactions,
regardless of whether such amounts are payable in respect of the same
Transaction. The election may be made in the  Schedule or any Confirmation by specifying
that “Multiple Transaction Payment Netting” applies to the Transactions
identified as being subject to the election (in which case clause (ii) above
will not apply to such Transactions). If Multiple Transaction Payment Netting
is applicable to Transactions, it will apply to those Transactions with effect
from the starting date specified in the Schedule or such Confirmation, or, if a starting date is not specified in the Schedule or such Confirmation,
the starting date otherwise agreed by the parties in writing. This election may
be made separately for different groups of Transactions and will apply
separately to each pairing of Offices through which the parties make and
receive payments or deliveries.

(d)         Deduction
or Withholding for Tax.

(i)         Gross-Up. All payments under this Agreement will be made
without any deduction or withholding for or on account of any Tax unless such
deduction or withholding is required by any applicable law, as modified by the
practice of any relevant governmental revenue authority, then in effect. If a
party is so required to deduct or withhold, then that party (“X”) will:—

(1)        promptly notify the other party (“Y”) of such
requirement;

(2)         pay to the relevant authorities the full amount required to be deducted
or withheld (including the full
amount required to be deducted or withheld from any additional amount paid by X
to Y under this Section 2(d)) promptly upon the earlier of determining that
such deduction or withholding is required or receiving notice that such amount
has been assessed against Y;

(3)         promptly forward to Y an official receipt (or a certified copy), or
other documentation reasonably acceptable to Y, evidencing such payment to such
authorities; and

 	 
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(4)         if such Tax is an Indemnifiable Tax, pay to Y, in addition to the
payment to which Y is otherwise
entitled under this Agreement, such additional amount as is necessary to ensure
that the net amount actually received by Y (free and clear of Indemnifiable
Taxes, whether assessed against X or Y) will equal the full amount Y would have
received had no such deduction or withholding been required. However, X will
not be required to pay any additional amount to Y to the extent that it would
not be required to be paid but for: —

(A)       the failure by Y to comply with or perform any
agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d); or

(B)        the failure of a representation made by Y
pursuant to Section 3(f) to be accurate and true unless such failure would not
have occurred but for (I) any action taken by a taxing authority, or brought in
a court of competent jurisdiction, after a Transaction is entered into
(regardless of whether such action is taken or brought with respect to a party
to this Agreement) or (II) a Change in Tax Law.

(ii)        Liability. If:—

(1)        X is required by any applicable law, as modified by the practice of any
relevant governmental revenue authority, to make any deduction or withholding
in respect of which X would not
be required to pay an additional amount to Y under Section 2(d)(i)(4);

(2)        X does not so deduct or withhold; and

(3)        a liability resulting from such Tax is assessed
directly against X,

then,
except to the extent Y has satisfied or then satisfies the liability resulting
from such Tax, Y will promptly pay to X the amount of such liability (including
any related liability for interest, but including any related liability for
penalties only if Y has failed to comply with or perform any agreement
contained in Section 4(a)(i), 4(a)(iii) or 4(d)).

3.          Representation

Each
party makes the representations contained in Sections 3(a) , 3(b), 3(c), 3(d),
3(e) and 3(f) and, if specified in the Schedule as applying, 3(g) to the other
party (which representations will be deemed to be repeated by each party on
each date on which a Transaction is entered into and, in the case of the
representations in Section 3(f), at all times until the termination of this
Agreement). If any “Additional Representation” is specified in the Schedule or
any Confirmation as applying, the party or parties specified for such
Additional Representation will make and, if applicable, be deemed to repeat such
Additional Representation at the time or times specified for such Additional
Representation.

(a)        Basic
Representations.

(i)         Status. It is duly organised and validly existing
under the laws of the jurisdiction of its organisation or incorporation and, if relevant under such
laws, in good standing;

(ii)        Powers. It has the power to execute this Agreement
and any other documentation relating to this Agreement to which it is a party,
to deliver this Agreement and any other documentation relating to this Agreement
that it is required by this Agreement to deliver and to perform its obligations
under this Agreement and any obligations it has under any Credit Support
Document to which it is a party and has taken all necessary action to authorise
such execution, delivery and performance;

 	 
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(iii)           No
Violation or Conflict. Such
execution, delivery and performance do not violate or conflict with any law
applicable to it, any provision of its constitutional documents, any order or
judgment of any court or other agency of government applicable to it or any of
its asset or any contractual restriction binding on or affecting it or any of
its assets;

(iv)        Consents. All governmental and other consents that are
required to have been obtained by it with respect to this Agreement or any
Credit Support Document to which it is a party have been obtained and are in
full force and effect and all conditions of any such consents have been
complied with; and

(v)         Obligations Binding. Its
obligations under this Agreement and any Credit Support Document in which it is
a party constitute its legal, valid and binding obligations, enforceable in
accordance with their respective terms (subject to applicable bankruptcy,
reorganisation, insolvency, moratorium or similar laws affecting creditors rights
generally and subject, as to enforceability, to equitable principles of general
application (regardless of whether enforcement is sought in a proceeding in
equity or at law)).

(b)        Absence of
Certain Events. No Event
of Default or Potential Event of Default or, to its knowledge, Termination
Event with respect to it has occurred and is continuing and no such event or
circumstances would occur as a result of its entering into or performing its
obligations under this Agreement or any Credit Support Document to which it is
a party.

(c)        Absence of
Litigation. There is not pending
or, to its knowledge, threatened against it, any of its Credit Support
Providers or any of its applicable Specified Entities any action, suit or
proceeding at law or in equity or before any court, tribunal, governmental
body, agency or official or any arbitrator that is likely to affect the
legality, validity or enforceability against it of this Agreement or any Credit
Support Document to which it is a party or its ability to perform its
obligations under this Agreement or such Credit Support Document.

(d)        Accuracy of
Specified Information. All
applicable information that is furnished in writing by or on behalf of it to
the other party and is identified for the purpose of this Section 3(d) in the
Schedule is, as of the date of the information, true, accurate and complete in
every material respect.

(e)        Payer Tax
Representation. Each
representation specified in the Schedule as being made by it for the purpose of
this Section 3(e) is accurate and true.

(f)         Payee Tax
Representations. Each
representation specified in the Schedule as being made by it for the purpose of
this Section 3(f) is accurate and true.

(g)        No Agency. It is entering into this Agreement, including
each Transaction, as principal and not as agent of any person or entity.

4.          Agreements

Each
party agrees with the other that, so long as either party has or may have any
obligation under this Agreement or under any Credit Support Document to which
it is a party: —

(a)           Furnish Specified
Information. It will deliver to
the other party or, in certain cases under clause (iii) below, to such
government or taxing authority as the other party reasonably directs: —

(i)          any forms, documents or certificates relating to taxation specified in
the Schedule or any Confirmation;

(ii)        any other documents specified in the Schedule or any Confirmation; and

 	 
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(iii)             upon reasonable demand by such other party,
any form or document that may be required or reasonably requested in writing in
order to allow such other party or its Credit Support Provider to make a
payment under this Agreement or any applicable Credit Support Document without
any deduction or withholding for or on account of any Tax or with such
deduction or withholding at a reduced rate (so long as the completion,
execution or submission of such form or document would not materially prejudice
the legal or commercial position of the party in receipt of such demand), with
any such form or document to be accurate and completed in a manner reasonably
satisfactory to such other party and to be executed and to be delivered with
any reasonably required certification,

in
each case by the date specified in the Schedule or such Confirmation or, if
none is specified, as soon as reasonably practicable.

(b)         Maintain
Authorisations. It will
use all reasonable efforts to maintain in full force and effect all consents of
any governmental or other authority that are required to be obtained by it with
respect to this Agreement or any Credit Support Document to which it is a party
and will use all reasonable efforts to obtain any that may become necessary in
the future.

(c)         Comply With
Laws. It will comply in all
material respects with all applicable laws and orders to which it may be
subject if failure so to comply would materially impair its ability to perform
its obligations under this Agreement or any Credit Support Document to which it
is a party.

(d)         Tax
Agreement. It will give notice
of any failure of a representation made by it under Section 3(f) to be accurate
and true promptly upon learning of such failure.

(e)         Payment of
Stamp Tax. Subject to Section
11, it will pay any Stamp Tax levied or imposed upon it or in respect of its
execution or performance of this Agreement by a jurisdiction in which it is
incorporated, organised, managed and controlled or considered to have its seat,
or where an Office through which it is acting for the purpose of this Agreement
is located (“Stamp Tax Jurisdiction”), and will indemnify the other party
against any Stamp Tax levied or imposed upon the other party or in respect of
the other party’s execution or performance of this Agreement by any such Stamp
Tax Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the
other party.

5.         Events of Default and Termination
Events

(a)           Events of
Default. The occurrence at
any time with respect to a party or, if applicable, any Credit Support Provider
of such party or any Specified Entity of such party of any of the following
events constitutes (subject to Sections 5(c) and 6(e)(iv)) an event of default
(an “Event of Default”) with respect to such party:—

(i)         Failure to
Pay or Deliver. Failure
by the party to make, when due, any payment under this Agreement or delivery
under Section 2(a)(i) or 9(h)(i)(2) or (4) required to be made by it if such
failure is not remedied on or
before the first Local Business Day in the case of any such payment or the
first Local Delivery Day in the case of any such delivery after, in each case,
notice of such failure is given to the party;

(ii)        Breach of
Agreement; Repudiation of Agreement.

(1)         Failure by the party to comply with or perform any agreement or
obligation (other than an obligation to make any payment under this Agreement
or delivery under Section 2(a)(i) or 9(h)(i)(2) or (4) or to give notice of a
Termination Event or any agreement or obligation under Section 4(a)(i).
4(a)(iii) or 4(d)) to be complied with or performed by the party in accordance
with this Agreement if such failure is not remedied within 30 days after notice
of such failure is given to the party; or

(2)         the
party disaffirms, disclaims, repudiates or rejects, in whole or in part, or
challenges the validity of, this Master Agreement, any Confirmation executed
and delivered by that party or any

 	 
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Transaction evidenced by such a Confirmation (or such
action is taken by any person or entity appointed or empowered to operate it or
net on its behalf);

(iii)      Credit
Support Default.

(1)        Failure by the party or any Credit Support Provider of such party to
comply with or perform any agreement or obligation to be complied with or
performed by it in accordance with any Credit Support Document if such failure
is continuing after any applicable grace period has elapsed;

(2)        the expiration or termination of such Credit
Support Document or the failing or ceasing of such Credit Support Document, or
any security interest granted by such party or such Credit Support Provider to
the other party pursuant to any such Credit Support Document, to be in full
force and effect for the purpose of this Agreement (in each case other than in
accordance with its terms) prior to the satisfaction of all obligations of such
party under each Transaction to which such Credit Support Document relates
without the written consent of the other party; or

(3)         the party or such Credit Support Provider
disaffirms, disclaims, repudiates or rejects, in whole or in part, or
challenges the validity of, such Credit Support Document (or such action is
taken by any person or entity appointed or empowered to operate it or act on
its behalf);

(iv)       Misrepresentation. A representation (other than a representation under Section 3(e) or
3(f)) made or repeated or deemed to have been made or repeated by the party or
any Credit Support Provider of such party in this Agreement or any Credit
Support Document proves to have been incorrect or misleading in any material
respect when made or repeated or deemed to have been made or repeated;

(v)         Default
Under Specified Transaction. The
party, any Credit Support Provider of such party or any applicable Specified
Entity of such party: —

(1)         defaults (other than by failing to make a delivery) under a Specified
Transaction or any credit support arrangement relating to a Specified
Transaction and, after giving effect to any applicable notice requirement or
grace period, such default results in a liquidation of an acceleration of
obligations under, or an early termination of, that Specified Transaction;

(2)         defaults, after giving effect to any
applicable notice requirement or grace period, in making any payment due on the
last payment or exchange date of, or any payment on early termination of, a
Specified Transaction (or, if there is no applicable notice requirement or
grace period, such default continues for atleast one Local Business Day);

(3)         defaults in making any delivery due under
(including any delivery due on the last delivery or exchange date of) a
Specified Transaction or any credit support arrangement relating to a Specified
Transaction and, after giving effect to any applicable notice requirement or
grace period, such default results in a liquidation of, an acceleration of
obligations under, or an early termination of, all transactions outstanding
under the documentation applicable to that Specified Transaction; or

(4)         disaffirms, disclaims, repudiates or rejects,
in whole or in part, or challenges the validity of, a Specified Transaction or
any credit support arrangement relating to a Specified Transaction that is, in
either case, confirmed or evidenced by a document or other confirming evidence
executed and delivered by that party, Credit Support Provider or Specified
Entity (or such action is taken by any person or entity appointed or empowered
to operate it or act on its behalf);

 	 
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(vi)       Cross-Default. If “Cross-Default” is specified in the Schedule
as applying to the party, the occurrence or existence of:—

(1)       a
default, event of default or other similar condition or event (however
described) in respect of such party, any Credit Support Provider of such party
or any applicable Specified Entity of such party under one or more agreements
or instruments relating to Specified indebtedness of any of them (individually
or collectively) where the aggregate principal amount of such agreements or
Instruments, either alone or together with the amount, if any, referred to in
clause (2) below, is not less
than the applicable Threshold Amount (as specified in the Schedule) which has
resulted in such Specified Indebtedness becoming, or becoming capable at such
time of being declared, due and payable under such agreements or instruments
before it would otherwise have been due and payable; or

(2)       a
default by such party, such Credit Support Provider or such Specified Entity
(individually or collectively) in making one or more payments under such
agreements or instruments on the due date for payment (after giving effect to
any applicable notice requirement or grace period) in an aggregate amount,
either alone or together with the amount, if any, referred to in clause (1)
above, of not less than the applicable Threshold Amount;

(vii)      Bankruptcy. The party, any Credit Support Provider of
such party or any applicable Specified Entity
of such party:—

(1)       is dissolved (other than pursuant to a
consolidation, amalgamation or merger); (2) becomes insolvent or is unable to
pay its debts or fails or admits in writing its inability generally to pay its
debts as they become due; (3) makes a general assignment, arrangement or
composition with or for the benefit of its creditors; (4)(A) institutes or has
instituted against it, by a regulator, supervisor or any similar official with
primary insolvency, rehabilitative or regulatory jurisdiction over it in the
jurisdiction of its incorporation or organization or the jurisdiction of its
head or home office, a proceeding seeking a judgment of insolvency or
bankruptcy or any other relief under any bankruptcy or insolvency law or other
similar law affecting creditors’ rights, or a petition is presented for its
winding-up or liquidation by it or such regulator, supervisor or similar official,
or (B) has instituted against it a proceeding seeking a judgment of insolvency
or bankruptcy or any other relief under any bankruptcy or insolvency law or
other similar law affecting creditors’ rights, or a petition is presented for
its winding-up or liquidation, and, such proceeding or petition is instituted
or presented by a person or entity not described in clause (A) above and either
(I) results in a judgment of insolvency or bankruptcy or the entry of an order
for relief or the making of an order for its winding-up or liquidation or (II)
is not dismissed, discharged, stayed or restrained in each case within 15 days
of the institution or presentation thereof; (5) has a resolution passed for its
winding-up official management or liquidation (other than pursuant to a
consolidation, amalgamation or merger); (6) seeks or becomes subject to the
appointment of an administrator provisional liquidator, conservator, receiver,
trustee, custodian or other similar official for it or for all or substantially
all its assets; (7) has a secured party take possession of all or substantially
all its assets or has a distress, execution, attachment, sequestration or other
legal process levied, enforced or sued on or against all or substantially all
its assets and such secured party maintains possession, or any such process is
not dismissed, discharged, stayed or restrained, in each case within 15 days
thereafter; (8) causes or it subject to any event with respect to it which,
under the applicable laws of any jurisdiction, has an analogous effect to any
of the events specified in clauses (I) to (7) above (inclusive); or (9) takes
any action in furtherance of, or indicating its consent to, approval of, or
acquiescence in, any of the foregoing acts; or

 	 
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(viii)     Merger Without
Assumption. The
party or any Credit Support Provider of such party consolidates or amalgamates
with, or merges with or into, or transfers all or substantially all its assets
to, or reorganises, reincorporates or reconstitutes into or as, another entity
and, at the time of such consolidation, amalgamation, merger, transfer,
reorganisation, reincorporation or reconstitution: —

(1)         the
resulting, surviving or transferee entity fails to assume all the obligations
of such party

or such Credit Support Provider under this Agreement or any Credit Support
Document to which it

or its predecessor was a party; or

(2)         the
benefits of any Credit Support Document fail to extend (without the content of
the

other party) to the performance by such resulting, surviving or transferee
entity of its obligations

under this Agreement.

(b)           Termination Events. The occurrence at any time with respect
to a party or, if applicable, any Credit Support Provider of such party or any
Specified Entity of such party of any event specified below constitutes
(subject to Section 5(c)) an illegality if the event is specified in clause (i)
below, a Force Majeure Event if the event is specified in clause (ii) below, a
Tax Event if the event is specified
in clause (iii) below, a Tax Event Upon Merger if the event is specified in
clause (iv) below, and, if specified to be applicable, a Credit Event Upon
Merger if the event is specified pursuant to clause (v) below or an Additional
Termination Event if the event is specified pursuant to clause (vi)below:—

(i)        Illegality. After giving effect to any applicable
provision, disruption fallback or remedy specified in, or pursuant to, the
relevant Confirmation or elsewhere in this Agreement, due to an event or
circumstance (other than any action taken by a party or, if applicable, any
Credit Support Provider of such party) occurring after a Transaction is entered
into, it becomes unlawful under any applicable law (including without
limitation the laws of any country in which payment, delivery or compliance is required
by either party or any Credit Support Provider, as the case may be), on any
day, or it would be unlawful if the relevant payment, delivery or compliance
were required on that day (in each case, other than as a result of a breach by
the party of Section 4(b)): —

(1)         for
the Office through which such party (which will be the Affected Party) makes
and receives payments or deliveries with respect to such Transaction to perform
any absolute or contingent obligation to make a payment or delivery in respect
of such Transaction, to receive a payment or delivery in respect of such
Transaction or to comply with any other material provision of this Agreement
relating to such Transaction; or

(2)         for
such party or any Credit Support Provider of such party (which will be the
Affected Party) to perform any absolute or contingent obligation to make a
payment or delivery which such party or Credit Support Provider has under any
Credit Support Document relating to such Transaction, to receive a payment or
delivery under such Credit Support Document or to comply with any other
material provision of such Credit Support Document;

(ii)               Force Majeure Event. After giving effect to any applicable
provision, disruption fallback or remedy specified in, or pursuant to, the
relevant Confirmation or elsewhere in this Agreement, by reason of force
majuere or act of state occurring after a Transaction is entered into, on any
day: —

(1)         the
Office through which such party (which will be the Affected Party) makes and
receives payments or deliveries with respect to such Transaction is prevented
from performing any absolute or contingent obligation to make a payment or
delivery in respect of such Transaction, from receiving a payment or delivery
in respect of such Transaction or from complying with any other material
provision of this Agreement relating to such Transaction (or would be so
prevented if such payment, delivery or compliance were required on that day),
or it becomes impossible or

 	 
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impracticable
for such Office so to perform,
receive or comply (or it would be impossible or impracticable for such Office
so to perform, receive or comply
if such payment, delivery of compliance were required on that day); or

(2)         such
party or any Credit Support Provider of such party (which will be the Affected
Party) is prevented from performing any absolute or contingent obligation to
make a payment or delivery which such party or Credit Support Provider has
under any Credit Support Document relating to such Transaction, from receiving
a payment or delivery under such Credit Support Document or from complying with
any other material provision of Such Credit Support Document (or would be so
prevented if such payment, delivery or compliance were required on that day),
or it becomes impossible or impracticable for such party or Credit Support
Provider so to perform, receive or comply (or it would be impossible or
impracticable for such party or Credit Support Provider so to perform, receive
or comply if such payment, delivery or compliance were required on that day),

so long as the force majeure or act of state is beyond
the control of such Office, such party or such Credit Support Provider, as
appropriate, and such Office, party or Credit Support Provider could not, after
using all reasonable efforts (which will not require such party or Credit
Support Provider to incur a loss,
other than immaterial, incidental expenses), overcome such prevention,
impossibility or impracticability;

(iii)     Tax Event. Due to (I) any action taken by a taxing
authority, or brought in a court of competent jurisdiction, after a Transaction
is entered into (regardless of whether such action is taken or brought with
respect to a party to this Agreement) or (2) a Change in Tax Law, the party
(which will be the Affected Party) will, or there is a substantial likelihood
that it will, on the next succeeding
Scheduled Settlement Date (A) be required to pay to the other party an
additional amount in respect of an indemnifiable Tax under Section 2(d)(i)(4)
(except in respect of interest under Section 9(h)) or (B) receive a payment
from which an amount is required to be deducted or withheld for or on account
of a Tax (except in respect of interest under Section 9(h)) and no additional
amount is required to be paid in respect of such Tax under Section 2(d)(i)(4)
(other than by reason of Section 2(d)(i)(4)(A) or (B));

(iv)      Tax Event Upon Merger. The party (the “Burdened Party”) on the
next succeeding Scheduled Settlement Date will either (I) be required to pay an
additional amount in respect of an Indenmifiable Tax under Section 2(d)(i)(4)
(except in respect of interest under
Section 9(h)) or (2) receive a payment from which an amount has been deducted
or withheld for or on account of any Tax in respect of which the other party is
not required to pay an additional amount (other than by reason of Section
2(d)(i)(4)(A) or (B)), in either case as a result of a party consolidating or
amalgamating with, or merging with or into, or transferring all or
substantially all its assets (or any substantial part of the assets comprising the business conducted by it as of the of this
Master Agreement) to, or reorganising, reincorporating or reconstituting into
or as, another entity (which will be the Affected Party) where such action does
not constitute a Merger Without
Assumption;

(v)       Credit Event Upon Merger. If “Credit Event Upon Merger” is
specified in the Schedule as applying to the party, a Designated Event (as
defined below) occurs with respect to such party, any Credit Support Provider
of such party or any applicable Specified Entity of such party (in each case, “X”)
and such Designated Event does not constitute a Merger Without Assumption, and
the creditworthiness of X or, if applicable, the successor, surviving or
transferee entity of X, after taking into account any applicable Credit Support
Document, is materially weaker
immediately after the occurrence of such Designated Event than that of X
immediately prior to the occurrence of such Designated Event (and, in any such
event, such party or its successor, surviving or transferee entity, as
appropriate, will be the Affected Party). A “Designated Event” with respect to
X means that: —

(1)         X
consolidates or amalgamates with, or merges with or into, or transfers all or
substantially all its assets (or any substantial part of the assets comprising
the business conducted by X as of the

 	 
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date
of this Master Agreement) to, or
reorganises, reincorporates or reconstitutes into or as, another entity;

(2)         any person, related group of persons or entity
acquires directly or indirectly the beneficial ownership of (A) equity
securities having the power to elect a majority of the board of directors (or
its equivalent) of X or (B) any other ownership interest enabling it to
exercise control of X; or

(3)         X effects any substantial change in its
capital structure by means of the issuance, incurrence or guarantee of debt or
the issuance of (A) preferred stock or other securities convertible into or
exchangeable for debt or preferred stock or (B) in the case of entities other
than corporations, any other form of
ownership interest; or

(vi)       Additional
Termination Event.   If any “Additional Termination Event” is
specified in the Schedule or any Confirmation as applying, the occurrence of
such event (and, in such event, the Affected Party or Affected Parties will be
as specified for such Additional Termination Event in the Schedule or such
Confirmation).

(c)        Hierarchy
of Events.

(i)         An event or circumstance that constitutes or gives rise to an Illegality
or a Force Majeure Event will not, for so long as that is the case, also
constitute or give rise to an Event of Default under Section 5(a)(i),
5(a)(ii)(1) or 5(a)(iii)(1) insofar as such event or circumstance relates to
the failure to make any payment or delivery or a failure to comply with any
other material provision of this Agreement or a Credit Support Document, as the
case may be.

(ii)        Except in circumstances contemplated by clause (i) above, if an event or
circumstance which would otherwise constitute or give rise to an Illegality or
a Force Majeure Event also constitutes an Event of Default or any other
Termination Event, it will be treated as an Event of Default or such other
Termination Event, as the case may be, and will not constitute or give rise to
an Illegality or a Force Majeure Event.

(iii)        If an event or circumstance which would otherwise constitute or give
rise to a Force Majeure Event also constitutes an Illegality, it will be
treated as an Illegality, except as described in clause (ii) above, and not a
Force Majeure Event.

(d)        Deferral of
Payments and Deliveries During Waiting Period.   If an Illegality or a Force Majeure Event has occurred and is continuing
with respect to a Transaction, each payment or delivery which would otherwise
be required to be made under that Transaction will be deferred to, and will not
be due until: —

(i)          the first Local Business Day or, in the case of a delivery, the first
Local Delivery Day (or the first day that would have been a Local Business Day
or Local Delivery Day, as appropriate, but for the occurrence of the event or
circumstance constituting or giving rise to that (Illegality or Force Majeure
Event) following the end of any applicable Waiting Period in respect of that
Illegality or Force Majeure Event, as the case may be; or

(ii)         if earlier, the date on which the event or circumstance constituting or
giving rise to that Illegality or Force Majeure Event ceases to exist or, if
such date is not a Local Business Day or, in the case of a delivery, a Local
Delivery Day, the first following day that is a Local Business Day or Local
Delivery Day, as appropriate.

(e)        Inability
of Head or Home Office to Perform Obligations of Branch. If (i) an Illegality or a Force Majeure Event
occurs under Section 5(b)(i)(1) or 5(b)(ii)(1) and the relevant Office is not
the Affected Party’s head or home office, (ii) Section 10(a) applies, (iii) the
other party seeks performance of the relevant obligation or

 	 
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compliance
with the relevant provision by the Affected Party’s head or home office and
(iv) the Affected Party’s head or home office fails so to perform or comply due
to the occurrence of an event or circumstance which would, if that head or home
office were the Office through which the Affected Party makes and receives
payments and deliveries with respect to the relevant Transaction, constitute or
give rise to an Illegality or a Force Majeure Event, and such failure would
otherwise constitute an Event of Default under Section 5(a)(1) or 5(a)(iii))(1)
with respect to such party, then, for so long as the relevant event or
circumstance continues to exist with respect to both the Office referred to in
Section 5(b)(i)(1) or 5(b)(ii)(1), as the case may be, and the Affected Party’s
head or home office, such failure will not constitute an Event of Default under
Section 5(a)(i) or 5(a)(iii)(1).

6.          Early Termination; Close-Out
Netting

(a)        Right to
Terminate Following Event of Default. If
at any time an Event of Default with respect to a party (the “Defaulting Party”)
has occurred and is then continuing, the other party (the “Non-defaulting Party”)
may, by not more than 20 days notice to the Defaulting Party specifying the
relevant Event of Default, designate a day not earlier than the day such notice
is effective as an Early Termination Date in respect of all outstanding Transactions. If, however, “Automatic
Early Termination” is specified in the Schedule as applying to a party, then an
Early Termination Date in respect of all outstanding Transactions will occur
immediately upon the occurrence with respect to such party of an Event of
Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the extent
analogous thereto, (8), and as of the time immediately preceding the
institution of the relevant proceeding or the presentation of the relevant
petition upon the occurrence with respect to such party of an Event of Default
specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8).

(b)        Right to
Terminate Following Termination Event.

(i)         Notice. If a Termination Event other than a Force
Majeure Event occurs, an Affected Party will, promptly upon becoming aware of
it, notify the other party, specifying the nature of that Termination Event and
each Affected Transaction, and will also give the other party such other
information about that Termination Event as the other party may reasonably
require. If a Force Majeure Event occurs, each party will, promptly upon
becoming aware of it, use all reasonable efforts to notify the other party,
specifying the nature of that Force Majeure Event, and will also give the other
party such other information about that Force Majeure Event as the other party
may reasonably require.

(ii)         Transfer to
Avoid Termination Event. If a Tax
Event occurs and there is only one Affected Party, or if a Tax Event Upon
Merger occurs and the Burdened Party is the Affected Party, the Affected Party
will, as a condition to its right
to designate an Early Termination Date under Section 6(b)(iv), use all
reasonable efforts (which will not require such party to incur a loss, other
than immaterial, incidental expenses) to transfer within 20 days after it gives
notice under Section 6(b)(i) all its rights and obligations under this
Agreement in respect of the Affected Transactions to another of its Offices or
Affiliates so that such Termination Event ceases to exist.

If
the Affected Party is not able to make such a transfer it will give notice to
the other party to that effect within such 20 day period,  whereupon the other party may effect such a
transfer within 30 days after the notice is given under Section 6(b)(i).

Any
such transfer by a party under this Section 6(b)(ii) will be subject to and
conditional upon the prior written consent of the other party, which consent
will not be withheld if such other party’s policies in effect at such time
would permit it to enter into transactions with the transferee on the terms
proposed.

(iii)       Two
Affected Parties.   If a Tax Event occurs and there are two Affected
Parties, each party will use all reasonable efforts to reach agreement within
30 days after notice of such occurrence is given under Section 6(b)(i) to avoid
that Termination Event.

 	 
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(iv)       Right to
Terminate.

(1)         If:—

(A)       a transfer under Section 6(b)(ii) or an agreement under Section
6(b)(iii), as the case may be, has not been effected with respect to all
Affected Transactions within 30 days after an Affected Party gives notice under
Section 6(b)(i); or

(B)       a Credit Event Upon Merger or an Additional Termination
Event occurs, or a Tax Event Upon Merger occurs and the Burdened Party is not
the Affected Party.

the
Burdened Party in the case of a Tax Event Upon Merger, any Affected Party in
the case of a Tax Event or an Additional Termination Event if there are two
Affected Parties, or the Non-affected Party in the case of a Credit Event Upon
Merger or an Additional Termination Event if there is only one Affected Party
may, if the relevant Termination Event is then continuing, by not more than 20
days notice to the other party, designate a day not earlier than the day such
notice is effective as an Early Termination Date in respect of all Affected
Transactions.

(2)         If at any time an Illegality
or a Force Majeure Event has occurred and is then continuing and any applicable
Waiting Period has expired: —

(A)      Subject to clause (B) below, either party may, by not more than 20 days
notice to the other party, designate (I) a day not earlier than the day on
which such notice becomes effective as an Early Termination Date in respect of
all Affected Transactions or (II) by specifying in that notice the Affected
Transactions in respect of which it is designating the relevant day as an Early
Termination Date, a day not earlier than two Local Business Days following the
day on which such notice becomes effective as an Early Termination Date in
respect of less than all Affected Transactions. Upon receipt of a notice
designating an Early Termination Date in respect of less than all Affected
Transactions, the other party may, by notice to the designating party, if such
notice is effective on or before the day so designated, designate that same day
as an Early Termination Date in respect of any or all other Affected
Transactions.

(B)       An Affected Party (if the Illegality or Force Majeure Event relates to
performance by such party or any Credit Support Provider of such party of an
obligation to make any payment or delivery under, or to compliance with any
other material provision of, the relevant Credit Support Document) will only
have the right to designate an Early Termination Date under Section
6(b)(iv)(2)(A) as a result of an Illegality under Section 5(b)(i)(2) or a Force
Majeure Event under Section 5(b)(ii)(2) following the prior designation by the
other party of an Early Termination Date, pursuant to Section 6(b)(iv)(2)(A),
in respect of less than all Affected Transactions.

(c)        Effect of
Designation.

(i)          If notice designating an Early Termination
Date is given under Section 6(a) or 6(b), the Early Termination Date will occur
on the date so designated, whether or not the relevant Event of Default or
Termination Event is then continuing.

(ii)         Upon the occurrence or effective designation
of an Early Termination Date, no further payments or deliveries under Section 2(a)(i) or 9(h)(i) in
respect of the Terminated Transactions will be required to be made, but without prejudice to the other
provisions of this Agreement. The amount, if any, payable in respect of an
Early Termination Date will be determined pursuant to Sections 6(e) and 9(h)(ii).

 	 
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(d)        Calculations;
Payment Date.

(i)               Statement. On or as soon as reasonably practicable
following the occurrence of an Early Termination Date, each party will make the calculations on its part, if
any, contemplated by Section 6(e) and will provide to the other party a
statement (1) showing, in reasonable detail, such calculations (including any
quotations, market data or information from internal sources used in making
such calculations), (2) specifying
(except where there are two Affected Parties) any Early Termination Amount
payable and (3) giving details of the relevant account to which any amount
payable to it is to be paid. In the absence of written confirmation from the
source of a quotation or market data obtained in determining a Close-out Amount,
the records of the party obtaining such quotation or market data will be
conclusive evidence of the existence and accuracy of such quotation or market
data.

(ii)              Payment
Date. An Early Termination Amount
due in respect of any Early Termination Date will, together with any amount of interest payable
pursuant to Section 9(b)(ii)(2), be payable (1) on the day on which notice of
the amount payable is effective in the case of an Early Termination Date which
is designated or occurs as a result of an Event of Default and (2) on the day
which is two Local Business Days after the day on which notice of the amount
payable is effective (or, if there are two Affected Parties, after the day on
which the statement provided pursuant to clause (i) above by the second party
to provide such a statement is effective) in the case of an Early Termination
Date which is designated as a result of a Termination Event.

(e)
        Payments an
Early Termination. If an
Early Termination Date occurs, the amount, if any, payable in respect of that
Early Termination Date (the “Early Termination Amount”) will be determined
pursuant to this Section 6(e) and will be subject to

Section 6(f).

(i)                 Events of Default. If the Early Termination Date results from an Event of
Default, the Early Termination
Amount will be an amount equal to (1) the sum of (A) the Termination Currency
Equivalent of the Close-out Amount or Close-out Amounts (whether positive or
negative) determined by the Non-defaulting Party for each Terminated
Transaction or group of Terminated Transactions, as the case may be, and (B)
the Termination Currency Equivalent of the Unpaid Amounts owing to the
Non-defaulting Party less (2) the Termination Currency Equivalent of the Unpaid
Amounts owing to the Defaulting Party. If the Early Termination Amount is a
positive number, the Defaulting Party will pay it to the Non-defaulting Party;
if it is a negative number, the Non-defaulting Party will pay the absolute
value of the Early Termination Amount to the Defaulting Party.

(ii)         Termination
Events. If the Early Termination Date
results from a Termination Event: —

(1)         One
Affected Party. Subject to clause
(3) below, if there is one Affected Party, the Early Termination Amount will be
determined in accordance with Section 6(e)(i), except that references to the
Defaulting Party and to the Non-defaulting Party will be deemed to be
references to the Affected Party and to the Non-affected Party, respectively.

(2)         Two
Affected Parties. Subject to
clause (3) below, if there are two Affected Parties, each party will determine
an amount equal to the Termination Currency Equivalent of the sum of the
Close-out Amount or Close-out Amounts (whether positive or negative) for each
Terminated Transaction or group of Terminated Transactions, as the case may be,
and the Early Termination Amount will be an amount equal to (A) the sum of (I)
one-half of the difference between the higher amount so determined (by party “X”)
and the lower amount so determined (by party “Y”) and (II) the Termination
Currency Equivalent of the Unpaid Amounts owing to X less (B) the Termination Currency Equivalent of the
Unpaid Amounts owing to Y. If the Early Termination Amount is a positive
number, Y will pay it to X; if it is a negative number, X will pay the absolute
value of the Early Termination Amount to Y.

 	 
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(3)        Mid-Market Events. If that Termination Event is an Illegality or
a Force Majeure Event, then the
Early Termination Amount will be determined in accordance with clause (1) or
(2) above, as appropriate, except that, for the purpose of determining a
Close-out Amount or Close-out Amounts, the Determining Party will: —

(A)       if obtaining quotations from one or more third
parties (or from any of the Determining Party’s Affiliates), ask each third
party or Affiliate (I) not to take account of the current creditworthiness of
the Determining Party or any existing Credit Support Document and (II) to
provide mid-market quotations; and

(B)        in any other case, use mid-market values
without regard to the creditworthiness of the Determining Party.

(iii)             Adjustment
for Bankruptcy. In
circumstances where an Early Termination Date occurs because Automatic Early Termination applies in respect
of a party, the Early Termination Amount will be subject to such adjustments as
are appropriate and permitted by applicable law to reflect any payments or
deliveries made by one party to the other under this Agreement (and retained by
such other party) during the period from the relevant Early Termination Date to
the date for payment determined under Section 6(d)(ii).

(iv)
            Adjustment
for Illegality or Force Majeure Event. The
failure by a party or any Credit Support Provider of such party to pay, when
due, any Early Termination Amount will not constitute an Event of Default under
Section 5(a)(i) or 5(a)(iii)(1) if such failure is due to the occurrence of an
event or circumstance which would, if it occurred with respect to payment,
delivery or compliance related to a Transaction, constitute or give rise to an
Illegality or a Force Majeure Event. Such amount will (1) accrue interest and
otherwise be treated as an Unpaid Amount owing to the other party if
subsequently an Early Termination Date results from an Event of Default, a
Credit Event Upon Merger or an Additional Termination Event in respect of which
all outstanding Transactions are Affected Transactions and (2) otherwise accrue
interest in accordance with

Section 9(h)(ii)(2).

(v)              Pre-Estimate. The parties agree that an amount recoverable
under this Section 6(e) is a reasonable pre-estimate of loss and not a penalty.  Such amount is payable for the loss of
bargain and the loss of protection against future risks, and, except as
otherwise provided in this Agreement, neither party will be entitled to recover
any additional damages as a consequence of the termination of the Terminated
Transactions.

(f)            Set-Off. Any Early Termination Amount payable to one
party (the “Payee”) by the other party (the “Payer”), in circumstances where
there is a Defaulting Party or where there is one Affected Party in the case
where either a Credit Event Upon Merger has occurred or any other Termination
Event in respect of which all outstanding Transactions are Affected
Transactions has occurred, will, at the option of the Non-defaulting Party or
the Non-affected Party, as the case may be (“X”) (and without prior notice to
the Defaulting Party or the Affected Party, as the case may be), be reduced by
its set-off against any other amounts (“Other Amounts”) payable by the Payee to
the Payer (whether or not arising under this Agreement, matured or contingent
and irrespective of the currency, place of payment or place of booking of the
obligation). To the extent that any Other Amounts are so set-off, those Other
Amounts will be discharged promptly and in all respects. X will give notice to
the other party of any set-off effected under this Section 6(f).

For
this purpose, either the Early Termination Amount or the Other Amounts (or the
relevant portion of such amounts) may be converted by X into the currency in which the other is
denominated at the rate of exchange at which such party would be able, in good
faith and using commercially reasonable procedures, to purchase the relevant
amount of such currency.

 	 
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If
an obligation is unascertained, X may in good faith estimate that obligation
and set-off in respect of the estimate, subject to the relevant party
accounting to the other when the obligation is ascertained.

Nothing
in this Section 6(f) will be effective to create a charge or other security
interest. This Section 6(f) will be without prejudice and in addition to any
right of set-off, offset, combination of accounts, lien, right of retention or
withholding or similar right or requirement to which any party is at any time
otherwise entitled or subject (whether by operation of law, contract or otherwise).

7.          Transfer

Subject
to Section 6(b)(ii) and to the extent permitted by applicable law, neither this
Agreement nor any interest or obligation in or under this Agreement may be
transferred (whether by way of security or otherwise) by either party without
the prior written consent of the other party, except that: —

(a)        a party may make such a transfer of this Agreement pursuant to a
consolidation or amalgamation with, or merger with or into, or transfer of all
or substantially all its assets to, another entity (but without prejudice to
any other right or remedy under this Agreement); and

(b)        a party may make such a transfer of all or any part of its interest in
any Early Termination Amount payable to it by a Defaulting Party, together with
any amounts payable on or with respect to that interest and any other rights
associated with that interest pursuant to Sections 8, 9(h) and 11.

Any
purported transfer that is not in compliance with this Section 7 will be void.

8.          Contractual Currency

(a)         Payment in
the Contractual Currency.  Each payment under this Agreement will he made
in the relevant currency specified in this Agreement
for that payment (the “Contractual Currency”). To the extent permitted by
applicable law, any obligation to make payments under this Agreement in the
Contractual Currency will not be discharged or satisfied by any tender in any
currency other than the Contractual Currency, except to the extent such tender
results in the actual receipt by the party to which payment is owed, acting in good
faith and using commercially reasonable procedures in converting the currency
so tendered into the Contractual Currency, of the full amount in the
Contractual Currency of all amounts payable in respect of this Agreement. If
for any reason the amount in the Contractual Currency so received falls short
of the amount in the Contractual Currency payable in respect of this Agreement,
the party required to make the payment will, to the extent permitted by
applicable law, immediately pay such additional amount in the Contractual
Currency as may be necessary to compensate for the shortfall. If for any reason
the amount in the Contractual Currency so received exceeds the amount in the
Contractual Currency payable in respect of this Agreement, the party receiving
the payment will refund promptly the amount of such excess.

(b)           Judgments. To the extent permitted by applicable law, if
any judgment or order expressed in a currency other than the Contractual
Currency is rendered (i) for the payment of any amount owing in respect of this
Agreement, (ii) for the payment of any amount relating to any early termination
in respect of this Agreement or (iii) in respect of a judgment or order of
another court for the payment of any amount described in clause (i) or (ii)
above, the party seeking recovery, after recovery in full of the aggregate
amount to which such party is entitled pursuant to the judgment or order, will
be entitled to receive immediately from the other party the amount of any
shortfall of the Contractual Currency received by such party as a consequence
of sums paid in such other currency and will refund promptly to the other party
any excess of the Contractual Currency received by such party as a consequence
of sums paid in such other currency if such shortfall or such excess arises or
results from any variation between the rate of exchange at which the
Contractual Currency is converted into the currency of the judgment or order
for the purpose of such judgment or order and the rate of exchange at which
such party is able, acting in good faith and using

 	 
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commercially reasonable
procedures in converting the currency received into the Contractual Currency,
to purchase the Contractual Currency with the amount of the currency of the
judgment or order actually received by such party.

(c)           Separate Indemnities. To the extent permitted by applicable
law, the indemnities in this Section 8 constitute separate and independent
obligations from the other obligations in this Agreement, will be enforceable
as separate and independent causes of action, will apply notwithstanding any
indulgence granted by the party to which any payment is owed and will not be
affected by judgment being obtained or claim or proof being made for any other
sums payable in respect of this Agreement.

(d)           Evidence of Less. For the purpose of this Section 8, it
will be sufficient for a party to demonstrate that it would have suffered a
loss had an actual exchange or purchase been made.

9.             Miscellaneous

(a)           Entire Agreement. This Agreement constitutes the entire
agreement and understanding of the parties with respect to its subject matter.
Each of the parties acknowledges that in entering into this Agreement it has
not relied on any oral or written representation, warranty or other assurance
(except as provided for or referred to in this Agreement) and waives all rights
and remedies which might otherwise be available to it in respect thereof,
except that nothing in this Agreement will limit or exclude any liability of a
party for fraud.

(b)           Amendments. An amendment, modification or waiver in respect of this Agreement will
only be effective if in writing (including a writing evidenced by a facsimile
transmission) and executed by each of the parties or confirmed by an exchange
of telexes or by an exchange of electronic messages on an electronic messaging
system.

(c)           Survival of Obligations. Without prejudice to Sections 2(a)(iii)
and 6(c)(ii), the obligations of the parties under this Agreement will survive
the termination of any Transaction.

(d)           Remedies
Cumulative. Except
as provided in this Agreement, the rights, powers, remedies and
privileges provided in this Agreement are cumulative and not exclusive of any
rights, powers, remedies and privileges provided by law.

(e)           Counterparts
and Confirmations.

(i)            This Agreement
(and each amendment, modification and waiver in respect of it) may be executed
and delivered in counterparts (including by facsimile transmission and by
electronic messaging system), each of which will be deemed an original.

(ii)           The
parties intend that they are legally bound by the terms of each Transaction
from the moment they agree to those terms (whether orally or otherwise). A
Confirmation will be entered into as soon as practicable and may be executed
and delivered in counterparts (including by facsimile transmission) or be
created by an exchange of telexes, by an exchange of electronic messages on an
electronic messaging system or by an exchange of e-mails, which in each case
will be sufficient for all purposes to evidence a binding supplement to this
Agreement. The parties will specify therein or through another effective means
that any such counterpart, telex, electronic message or e-mail constitutes a
Confirmation.

(f)            No Waiver of Rights. A failure or delay in exercising any
right, power or privilege in respect of this Agreement will not be presumed to
operate as a waiver, and a single or partial exercise of any right, power or
privilege will not be presumed to preclude any subsequent or further exercise,
of that right, power or privilege or the exercise of any other right, power or
privilege.

(g)           Headings. The headings used in this Agreement are
for convenience of reference only and are not to affect the construction of or
to be taken into consideration in interpreting this Agreement.

 	 
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(h)           Interest
and Compensation.

(i)            Prior to Early Termination. Prior to the occurrence or effective
designation of an Early Termination Date in respect of the relevant
Transaction: —

(1)           Interest on Defaulted
Payments.  If a party defaults in the performance of any payment
obligation, it will, to the extent permitted by applicable law and subject to
Section 6(c), pay interest (before as well as after judgment) on the overdue
amount to the other party on demand in the same currency as the overdue amount,
for the period from (and including) the original due date for payment to (but
excluding) the date of actual payment (and excluding any period in respect of
which interest or compensation in respect of the over due amount is due
pursuant to clause (3)(B) at (C below), at the Default Rate.

(2)           Compensation for Defaulted
Deliveries.  If a party defaults in the performance of any obligation
required to be settled by delivery, it will on demand (A) compensate the other
party to the extent provided for in the relevant Confirmation or elsewhere in
this Agreement and (B) unless otherwise provided in the relevant Confirmation
or elsewhere in this Agreement, to the extent permitted by applicable law and
subject to Section 6(c), pay to the other party interest (before as well as
after judgment) on an amount equal to the fair market value of that which was
required to be delivered in the same currency as that amount, for the period
from (and including) the originally scheduled date for delivery to (but
excluding) the date of actual delivery (and excluding any period in respect of
which interest or compensation in respect of that amount is due pursuant to
clause (4) below), at the Default Rate The fair market value of any obligation
referred to above will be determined as of the originally scheduled date for
delivery, in good faith and using commercially reasonable procedures, by the
party that was entitled to take
delivery.

(3)           Interest on Deferred Payments.  If:—

(A)          a party
does not pay any amount that, but for Section 2(a)(iii), would have been
payable, it will, to the extent permitted by applicable law and subject to
Section 6(c) and clauses (B) and (C) below, pay interest (before as well as
after judgment) on that amount to the other party on demand (after such amount
becomes payable) in the same currency as that amount, for the period from (and
including) the date the amount would, but for Section 2(a)(iii), have been
payable to (but excluding) the date the amount actually becomes payable, at the
Applicable Deferral Rate:

(B)           a payment
is deferred pursuant to Section 5(d), the party which would otherwise have been
required to make that payment will, to the extent permitted by applicable law,
subject to Section 6(c) and for so long as no Event of Default or Potential
Event of Default with respect to that party has occurred and is continuing, pay
interest (before as well as after judgment) on the amount of the deferred
payment to the other party on demand (after such amount becomes payable) in the
same currency as the deferred payment, for the period from (and including) the
date the amount would, but for Section 5(d), have been payable to (but
excluding) the earlier of the date the payment is no longer deferred pursuant
to Section 5(d) and the date during the deferral period upon which an Event of
Default or Potential Event of Default with respect to that party occurs, at the
Applicable Deferral Rate; or

(C)           a party
fails to make any payment due to the occurrence of an Illegality or a Force
Majeure Event (after giving effect to any deferral period contemplated by
clause (B) above), it will, to the extent permitted by applicable law, subject
to Section 6(c) and for so long as that event or circumstance giving rise to
that Illegality or Force Majeure Event

 	 
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continues and no Event of Default or Potential Event
of Default with respect to that party has occurred and is continuing, pay
interest (before as well as after judgment) on the overdue amount to the other
party on demand in the same currency as the overdue amount, for the period from
(and including) the date the party fails to make the payment due to the
occurrence of the relevant Illegality or Force Majeure Event (or, if later, the
date the payment is no
longer deferred pursuant to Section 5(d)) to (but excluding) the earlier of the date the event or
circumstance giving rise to that Illegality or Force Majeure Event ceases to
exist and the date during the period upon which an Event of Default or
Potential Event of Default with respect to that party occurs (and excluding any
period in respect of which interest or compensation in respect of the overdue
amount is due pursuant to clause (B) above), at the Applicable Deferral Rate.

(4)    Compensation for Deferred
Deliveries. If:—

(A)       a party does
not perform any obligation that, but for Section 2(a)(iii), would have been
required to be settled by delivery;

(B)        a delivery is
deferred pursuant to Section 5(d); or

(C)        a party fails
to make a delivery due to the occurrence of an Illegality or a Force Majeure
Event at a time when any applicable Waiting Period has expired,

the party required (or that would otherwise have been
required) to make the delivery will, to the extent permitted by applicable law
and subject to Section 6(c), compensate and pay interest to the other party on
demand (after, in the case of clauses (A) and (B) above, such delivery is
required) if and to the extent provided for in the relevant Confirmation or
elsewhere in this Agreement.

(ii)       Early Termination. Upon the occurrence or effective
designation of on Early Termination Date in respect of a Transaction: —

(1)    Unpaid Amounts.  For
the purpose of determining an Unpaid Amount in respect of the relevant
Transaction, and to the extent permitted by applicable law, interest will
accrue on the amount of any payment obligation or the amount equal to the fair
market value of any obligation required to be settled by delivery included in
such determination in the same currency as that amount, for the period from
(and including) the date the relevant obligation was (or would have been but
for Section 2(a)(iii) or 5(d)) required to have been performed to (but
excluding) the relevant Early Termination Date, at the Applicable Close-out
Rate.

(2)    Interest on Early
Termination Amounts. If
an Early Termination Amount is due in respect of such Early Termination Date,
that amount will, to the extent permitted by applicable law, be paid together
with interest (before as well as after judgment) on that amount in the
Termination Currency, for the period from (and including) such Early
Termination Date to (but excluding) the date the amount is paid, at the
Applicable Close-out Rate.

(iii)      Interest Calculation. Any interest pursuant to this Section
9(h) will be calculated on the basis of daily compounding and the actual number
of days clapsed.

 	 
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10.          Offices;
Multibranch Parties

(a)           If
Section 10(a) is specified in the Schedule as applying, each party that enters
into a Transaction through an Office other than its head or home office
represents to and agrees with the other party that, notwithstanding the place
of booking or its jurisdiction of incorporation or organisation, its
obligations are the same in terms of recourse against it as if it had entered
into the Transaction through its head or home office, except that a party will
not have recourse to the head or home office of the other party in respect of
any payment or delivery deferred pursuant to Section 5(d) for so long as the
payment or delivery is so deferred. This representation and agreement will be
deemed to be repeated by each party on each date on which the parties enter
into a Transaction.

(b)           If
a party is specified as a Multibranch Party in the Schedule, such party may,
subject to clause (c) below, enter into a Transaction through, book a
Transaction in and make and receive payments and deliveries with respect to a
Transaction through any Office listed in respect of that party in the Schedule
(but not any other Office unless otherwise agreed by the parties in writing).

(c)           The
Office through which a party enters into a Transaction will be the Office
specified for that party in the relevant Confirmation or as otherwise agreed by
the parties in writing, and, if an Office for that party is not specified in
the Confirmation or otherwise agreed by the parties in writing, its head or
home office. Unless the parties otherwise agree in writing, the Office through
which a party enters into a Transaction will also be the Office in which it
books the Transaction and the Office through which it makes and receives
payments and deliveries with respect to the Transaction. Subject to Section
6(b)(ii), neither party may change the Office in which it books the Transaction
or the Office through which it makes and receives payments or deliveries with
respect to a Transaction without the prior written consent of the other party.

11.          Expenses

A Defaulting Party
will on demand indemnify and hold harmless the other party for and against all
reasonable out-of-pocket expenses, including legal fees, execution fees and
Stamp Tax, incurred by such other party by reason of the enforcement and
protection of its rights under this Agreement or any Credit Support Document to
which the Defaulting Party is a party or by reason of the early termination of
any Transaction, including, but not limited to, costs of collection.

12.          Notices

(a)           Effectiveness. Any notice or other
communication in respect of this Agreement may be given in any manner described
below (except that a notice or other communication under Section 5 or 6 may not
be given by electronic messaging system or e-mail) to the address or number or
in accordance with the electronic messaging system or e-mail details provided
(see the Schedule) and will be deemed effective as indicated:—

(i)            if
in writing and delivered in person or by courier, on the date it is delivered;

(ii)           if
sent by telex, on the date the recipient’s answerback is received;

(iii)          if
sent by facsimile transmission, on the date it is received by a responsible
employee of the recipient in legible form (it being agreed that the burden of
proving receipt will be on the sender and will not be met by a transmission
report generated by the sender’s facsimile machine);

(iv)          if
sent by certified or registered mail (airmail, if overseas) or the equivalent
(return receipt requested), on the date it is delivered or its delivery is
attempted;

(v)           if
sent by electronic messaging system, on the date it is received; or

 	 
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(vi)          if sent by
e-mail, on the date it is delivered.

unless the date of
that delivery (or attempted delivery) or that receipt, as applicable, is not a
Local Business Day or that communication is delivered (or attempted) or
received, as applicable, after the close of business on a Local Business Day,
in which case that communication will be deemed given and effective on the
first following day that is a Local Business Day.

(b)           Change of Details. Either party may
by notice to the other change the address, telex or facsimile number or
electronic messaging system or e-mail details at which notices or other
communications are to be given to it.

13.          Governing
Law and Jurisdiction

(a)           Governing Law. This Agreement will
be governed by and construed in accordance with the law specified in the
Schedule.

(b            Jurisdiction. With
respect to any suit, action or proceedings relating to any dispute arising out
of or in connection with this Agreement (“Proceedings”), each party
irrevocably:—

(i)           submits:—

(1)           if
this Agreement is expressed to be governed by English law, to (A) the
non-exclusive jurisdiction of the English courts if the Proceedings do not
involve a Convention Court and (B) the exclusive jurisdiction of the English
courts if the Proceedings do involve a Convention Court, or

(2)           if
this Agreement is expressed to be governed by the laws of the State of New
York, to the non-exclusive jurisdiction of the courts of the State of New York
and the United States District Court located in the Borough of Manhattan in New
York City.

(ii)           waivers
any objection which it may have at any time to the laying of venue of any
Proceedings brought in any such court, waives any claim that such Proceedings
have been brought in an inconvenient forum and further waives the right to
object, with respect to such Proceedings, that such court does not have any
jurisdiction over such party; and

(iii)          agrees,
to the extent permitted by applicable law, that the bringing of Proceedings in
any one or more jurisdictions will not preclude the bringing of Proceedings in
any other jurisdiction.

 (c)          Service of Process. Each party
irrevocably appoints the Process Agent, if any, specified opposite its name in
the Schedule to receive, for it and on its behalf, service of process in any
Proceedings. If for any reason any party’s Process Agent is unable to act as
such, such party will promptly notify the other party and within 30 days
appoint a substitute process agent acceptable to the other party. The parties
irrevocably consent to service of process given in the manner provided for
notices in Section 12(a)(i), 12(a)(iii) or 12(a)(iv). Nothing in this Agreement
will affect the right of either party to serve process in any other manner
permitted by applicable law.

(d)           Waiver of Immunities. Each party
irrevocably waives, to the extent permitted by applicable law, with respect to
itself and its revenues and assets (irrespective of their use or intended use),
all immunity on the grounds of sovereignty or other similar grounds from (i)
suit, (ii) jurisdiction of any court, (iii) relief by way of injunction or
order for specific performance or recovery of property, (iv) attachment of its
assets (whether before or after judgment) and (v) execution or enforcement of
any judgment to which it or its revenues or assets might otherwise be entitled
in any Proceedings in the courts of any jurisdiction and irrevocably agrees, to
the extent permitted by applicable law, that it will not claim any such
immunity in any Proceedings.

 	 
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14.                               Definitions

As used in this
Agreement: —

“Additional Representation” has the meaning specified
in Section 3.

“Additional Termination
Event” has the
meaning specified in Section 5(b).

“Affected Party” has the meaning specified
in Section 5(b).

“Affected Transactions” means (a) with respect to
any Termination Event consisting of an Illegality, Force Majeure Event, Tax
Event or Tax Event Upon Merger, all Transactions affected by the occurrence of
such Termination Event (which, in the case of an Illegality under Section
5(b)(i)(2) or a Force Majeure Event under Section 5(b)(ii)(2), means all
Transactions unless the relevant Credit Support Document references only
certain Transactions, in which case those Transactions and, if the relevant
Credit Support Document constitutes a Confirmation for a Transaction, that
Transaction) and (b) with respect to any other Termination Event, all
Transactions.

“Affiliate” means, subject to the
Schedule, in relation to any person, any entity controlled, directly or
indirectly, by the person, any entity that controls, directly or indirectly,
the person or any entity directly or indirectly under common control with the
person. For this purpose, “control” of any entity or person means ownership of
a majority of the voting power of the entity or person.

“Agreement” has the meaning specified
in Section 1(c).

“Applicable Close-out Rate” means: —

(a)                                  in
respect of the determination of an Unpaid Amount: —

(i)            in
respect of obligations payable or deliverable (or which would have been but for
Section 2(a)(iii)) by a Defaulting Party, the Default Rate;

(ii)           in
respect of obligations payable or deliverable (or which would have been but for
Section 2(a)(iii)) by a Non-defaulting Party, the Non-default Rate;

(iii)          in
respect of obligations deferred pursuant in Section 5(d), if there is no
Defaulting Party and for so long as the deferral period continues, the
Applicable Deferral Rate; and

(iv)          in
all other cases following the occurrence of a Termination Event (except where
interest accrues pursuant to clause (iii) above), the Applicable Deferral Rate;
and

(b)                                 in
respect of an Early Termination Amount: —

(i)            for
the period from (and including) the relevant Early Termination Date to (but
excluding) the date (determined in accordance with Section 6(d) (ii)) on which
that amount is payable: —

(1)                     if the Early
Termination Amount is payable by a Defaulting Party, the Default Rate;

(2)       if the Early Termination Amount is
payable by a Non-defaulting Party, the Non-default Rate; and

(3)                     in all other
cases, the Applicable Deferral Rate; and

 	 
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(ii)           for
the period from (and including) the date (determined in accordance with Section
6(d)(ii)) on which that amount is payable to (but excluding) the date of actual
payment: —

(1)           if
a party fails to pay the Early Termination Amount due to the occurrence of an
event or circumstance which would, if it occurred with respect to a payment or
delivery under a Transaction, constitute or give rise to an Illegality or a
Force Majeure Event, and for so long as the Early Termination Amount remains
unpaid due to the continuing existence of such event or circumstance, the
Applicable Deferral Rate;

(2)           if
the Early Termination Amount is payable by a Defaulting Party (but excluding
any period in respect of which clause (1) above applies), the Default Rate;

(3)           if
the Early Termination Amount is payable by a Non-defaulting Party (but
excluding any period in respect of which clause (l) above applies), the
Non-default Rate; and

(4)           in
all other cases, the Termination Rate.

“Applicable Deferral Rate” means:—

(a)           for the purpose of Section
9(h)(i)(3)(A), the rate certified by the relevant payer to be a rate offered to
the payer by a major bank in a relevant interbank market for overnight deposits
in the applicable currency, such bank to be selected in good faith by the payer
for the purpose of obtaining a representative rate that will reasonably reflect
conditions prevailing at the time in that relevant market;

(b)           for purposes of Section 9(h)(i)(3)(B)
and clause (a)(iii) of the definition of Applicable Close-out Rate, the rate
certified by the relevant payer to be a rate offered to prime banks by a major
bank in a relevant interbank market for overnight deposits in the applicable
currency, such bank to be selected in good faith by the payer after
consultation with the other party, if practicable, for the purpose of obtaining
a representative rate that will reasonably reflect conditions prevailing at the
time in that relevant market; and

(c)           for purposes of Section 9(h)(i)(3)(C)
and clauses (a)(iv), (b)(i)(3) and (b)(ii)(1) of the definition of Applicable
Close-out Rate, a rate equal to the arithmetic mean of the rate determined
pursuant to clause (a) above and a rate per annum equal to the cost (without
proof or evidence of any actual cost) to the relevant payee (as certified by
it) if it were to fund or of funding the relevant amount.

“Automatic Early Termination” has the
meaning specified in Section 6(a).

“Burdened Party” has the meaning
specified in Section 5(b)(iv).

“Change in Tax Law” means the
enactment, promulgation, execution or ratification of, or any change in or
amendment to, any law (or in the application or official interpretation of any
law) that occurs after the parties enter into the relevant Transaction.

“Close-out Amount” means, with respect
to each Terminated Transaction or each group of Terminated Transactions and a
Determining Party, the amount of the losses or costs of the Determining Party
that are or would be incurred under then prevailing circumstances (expressed as
a positive number) or gains of the Determining Party that are or would be
realised under then prevailing circumstances (expressed as a negative number)
in replacing, or in providing for the Determining Party the economic equivalent
of, (a) the material terms of that Terminated Transaction or group of
Terminated Transactions, including the payments and deliveries by the parties
under Section 2(a)(i) in respect of that Terminated Transaction or group of
Terminated Transactions that would, but for the occurrence of the relevant
Early Termination Date, have been required after that date (assuming
satisfaction of the conditions precedent in

 	 
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Section 2(a)(iii))
and (b) the option rights of the parties in respect of that Terminated
Transaction or group of Terminated Transactions.

Any Close-out
Amount will be determined by the Determining Party (or its agents), which will
act in good faith and use commercially reasonable procedures in order to
produce a commercially reasonable result. The Determining Party may determine a
Close-out Amount for any group of Terminated Transactions or any individual
Terminated Transaction but, in the aggregate, for not less than all Terminated
Transactions. Each Close-out Amount will be determined as of the Early
Termination Date or, if that would not be commercially reasonable, as of the
date or dates following the Early Termination Date as would be commercially
reasonable.

Unpaid Amounts in
respect of a Terminated Transaction or group of Terminated Transactions and
legal fees and out-of-pocket expenses referred to in Section 11 are to be
excluded in all determinations of Close-out Amounts.

In determining a
Close-out Amount, the Determining Party may consider any relevant information,
including, without limitation, one or more of the following types of
information:—

(i)            quotations (either firm or
indicative) for replacement transactions supplied by one or more third parties
that may take into account the creditworthiness of the Determining Party at the
time the quotation is provided and the terms of any relevant documentation,
including credit support documentation, between the Determining Party and the
third party providing the quotation;

(ii)           information consisting of relevant
market data in the relevant market supplied by one or more third parties
including, without limitation, relevant rates, prices, yields, yield curves,
volatilities, spreads, correlations or other relevant market data in the
relevant market; or

(iii)          information of the types described in
clause (i) or (ii) above from internal sources (including any of the
Determining Party’s Affiliates) (if that information is of the same type used
by the Determining Party in the regular course of its business for the
valuation of similar transactions.

The Determining
Party will consider, taking into account the standards and procedures described
in this definition, quotations pursuant to clause (i) above or relevant market
data pursuant to clause (ii) above unless the Determining Party reasonably
believes in good faith that such quotations or relevant market data are not
readily available or would produce a result that would not satisfy those
standards. When considering information described in clause (i), (ii) or (iii)
above, the Determining Party may include costs of funding, to the extent costs
of funding are not and would not be a component of the other information being
utilised. Third parties supplying quotations pursuant to clause (i) above or
market data pursuant to clause (ii) above may include, without limitation,
dealers in the relevant markets, end-users of the relevant product, information
vendors, brokers and other sources of market information.

Without
duplication of amounts calculated based on information described in clause (i),
(ii) or (iii) above, or other relevant information, and when it is commercially
reasonable to do so, the Determining Party may in addition consider in
calculating a Close-out Amount any loss or cost incurred in connection with its
terminating, liquidating or re-establishing any hedge related to a Terminated
Transaction or group of Terminated Transactions (or any gain resulting from any
of them).

Commercially
reasonable procedures used in determining a Close-out Amount may include the
following:—

(1)           application to relevant market data
from third parties pursuant to clause (ii) above or information from internal
sources pursuant to clause (iii) above of pricing or other valuation models
that are, at the time of the determination of the Close-out Amount, used by the
Determining Party in the regular course of its business in pricing or valuing
transactions between the Determining Party and unrelated third parties that are
similar to the Terminated Transaction or group of Terminated Transactions; and

 	 
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(2)           application of different valuation
methods to Terminated Transactions or groups of Terminated Transactions
depending on the type, complexity, size or number of the Terminated
Transactions or group of Terminated Transactions.

“Confirmation” has the meaning specified in the preamble.

“consent” includes a consent, approval, action, authorization,
exemption, notice, filing, registration or exchange control consent.

“Contractual
Currency” has the
meaning specified in Section 8(a).

“Convention
Court” means any
court which is bound to apply to the Proceedings either Article 17 of the 1968
Brussels Convention on Jurisdiction and the Enforcement of Judgments in Civil
and Commercial Matters or Article 17 of the 1988 Lugano Convention on
Jurisdictions and the Enforcement of Judgments in Civil and Commercial Matters.

“Credit
Event Upon Merger” has the meaning specified in Section
5(b).

“Credit
Support Document” means any
agreement or instrument that is specified as such in this Agreement.

“Credit
Support Provider” has the
meaning specified in the Schedule.

“Cross-Default” means the event specified in Section 5(a)(vi).

“Default
Rate” means a rate
per annum equal to the cost (without proof or evidence of any actual cost) to
the relevant payee (as certified by it) if it were to fund or of funding the
relevant amount plus 1% per annum.

“Defaulting
Party” has the
meaning specified in Section 6(a).

“Designated
Event” has the
meaning specified in Section 5(b)(v).

“Determining
Party” means the
party determining a Close-out Amount.

“Early
Termination Amount” has the
meaning specified in Section 6(e).

“Early
Termination Date” means the date determined in accordance
with Section 6(a) or 6(b)(iv).

“electronic
messages” does not
include e-mails but does include documents expressed in markup languages, and “electronic messaging system” will be constructed accordingly.

“English
law” means the law
of England and Wales, and “English” will be construed accordingly.

“Event
of Default” has the
meaning specified in Section 5(a) and, if applicable, in the Schedule.

“Force Majeure
Event” has the meaning
specified in Section 5(b).

“General
Business Day” means a day on
which commercial banks are open for general business (including dealings in
foreign exchange and foreign currency deposits).

“Illegality” has the meaning specified in Section 5(b).

 	 
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“Identifiable
Tax” means any Tax
other than a Tax that would not be imposed in respect of a payment under this
Agreement but for a present or former connection between the jurisdiction of
the government or taxation authority imposing such Tax and the recipient of
such payment or a person related to such recipient (including, without
limitation, a connection arising from such recipient or related person being or
having been a citizen or resident of such jurisdiction, or being or having been
organised, present or engaged in a trade or business in such jurisdiction, or
having or having had a permanent establishment or fixed place of business in
such jurisdiction, but excluding a connection arising solely from such
recipient or related person having executed, delivered, performed its
obligations or received a payment under, or enforced, this Agreement or a
Credit Support Document).

“law” includes any treaty, law, rules or regulation (as modified,
in the case of tax matters, by the practice of any relevant governmental revenue
authority), and “unlawful” will be construed accordingly.

“Local
Business Day” means (a) in
relation to any obligation under Section 2(a)(i), a General Business Day in the
place or places specified in the relevant Confirmation and a day on which a relevant
settlement system is open or operating as specified in the relevant
Confirmation or, if a place or a settlement system is not so specified, as
otherwise agreed by the parties in writing or determined pursuant to provisions
contained, or incorporated by reference, in this Agreement, (b) for the purpose
of determining when a Waiting Period expires, a General Business Day in the
place where the event or circumstance that constitutes or gives rise to the
Illegality or Force Majeure Event, as the case may be, occurs, (c) in relation
to any other payment, a General Business Day in the place where the relevant
account is located and, if different, in the principal financial centre, if
any, of the currency of such payment and, if that currency does not have a
single recognized principal financial centre, a day on which the settlement
system necessary to accomplish such payment is open (d) in relation to any
notice or other communication, including notice contemplated under Section 5(a)
(i), a General Business Day (or a day that would have been a General Business
Day but for the occurrence of an event or circumstance which would, if it
occurred with respect to payment, delivery or compliance related to a
Transaction, constitute or give rise to an illegality or a Force Majeure Event)
in the place specified in the address for notice provided by the recipient and,
in the case of a notice contemplated by Section 2(b), in the place where the
relevant new account is to be located and (c) in relation to Section 5(a)(v)(2),
a General Business Day in the relevant locations for performance with respect
to such Specified Transaction.

“Local
Delivery Day” means, for purposes of Sections 5(a)(i) and
5(d), a day on which settlement systems necessary to accomplish the relevant delivery
are generally open for business so that the delivery is capable of being
accomplished in accordance with customary market practice, in the place
specified in the relevant Confirmation or, if not so specified, in a location
as determined in accordance with customary market practice for the relevant
delivery.

“Master
Agreement” has the meaning specified in the preamble.

“Merger
Without Assumption” means the event specified in Section
5(a)(viii).

“Multiple
Transaction Payment Netting” has the meaning specified in
Section 2(c).

“Non-affected
Party” means, so long as there is only one Affected
Party, the other party.

“Non-default
Rate” means the rate certified by the Non-defaulting
Party to be a rate offered to the Non-defaulting Party by a major bank in a
relevant interbank market for overnight deposits in the applicable currency,
such bank to be selected in good faith by the Non-defaulting Party for the
purpose of obtaining a representative that will reasonably reflect conditions
prevailing at the time in that relevant market.

“Non-defaulting
Party” has the meaning specified in Section 6(a).

“Office”
means a branch or office of a party, which may be such
party’s head or home office.

“Other
Amounts” has the meaning specified in Section 6(f).

 	 
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“Payee”
has the meaning specified in Section 6(f).

“Payer”
has the meaning specified in Section 6(f).

“Potential
Event of Default” means any event which, with the giving
of notice or the lapse of time or both, would constitute an Event of Default.

“Proceedings”
has the meaning specified in Section 13(b).

“Process
Agent” has the meaning specified in the Schedule.

“rate
of exchange” includes, without limitation, any premiums
and costs of exchange payable in connection with the purchase of or conversion
into the Contractual Currency.

“Relevant
Jurisdiction” means, with respect to a party, the
jurisdiction (a) in which the party is incorporated, organised, managed and
controlled or considered to have its seat, (b) where an Office through which
the party is acting for purposes of this Agreement is located, (c) in which the
party executes this Agreement and (d) in relation to any payment, from or
through which such payment is made.

“Schedule”
has the meaning specified in the preamble.

“Scheduled
Settlement Date” means a date on which a payment or
delivery is to be made under Section 2(a)(i) with respect to a Transaction.

“Specified
Entity” has the meaning specified in the Schedule.

“Specified
Indebtedness” means, subject to the Schedule, any
obligation (whether present or future, contingent or otherwise, as principal or
surely or otherwise) in respect of borrowed money.

“Specified
Transaction” means, subject to the Schedule, (a) any
transaction (including an agreement with respect to any such transaction) now
existing or hereafter entered into between one party to this Agreement (or any
Credit Support Provider of such party or any applicable Specified Entity of
such party) and the other party to this Agreement (or any Credit Support
Provider of such other party or any applicable Specified Entity of such other
party) which is not a Transaction under this Agreement but (i) which is a rate
swap transaction, swap option, basis swap, forward rate transaction, commodity
swap, commodity option, equity or equity index swap, equity or equity index
option, bond option, interest rate option, foreign exchange transaction, cap
transaction, floor transaction, collar transaction, currency swap transaction,
cross-currency rate swap transaction, currency option, credit protection
transaction, credit swap, credit default swap, credit default option, total
return swap, credit spread transaction, repurchase transaction, reverse
repurchase transaction, buy/sell-back transaction, securities lending
transaction, weather index transaction or forward purchase or sale of a
security, commodity or other financial instrument or interest (including any
option with respect to any of these transactions) or (ii) which is a type of
transaction that is similar to any transaction referred to in clause (i) above
that is currently, or in the future becomes, recurrently entered into the
financial markets (including terms and conditions incorporated by reference in
such agreement) and which is a forward, swap, future, option or other
derivative on one or more rates, currencies, commodities, equity securities or
other equity instruments, debt securities or other debt instruments, economic
indices or measures of economic risk or value, or other benchmarks against
which payments or deliveries are to be made, (b) any combination of these
transactions and (c) any other transaction identified as a Specified
Transaction in this Agreement or the relevant confirmation.

“Stamp
Tax” means any stamp, registration, documentation or
similar tax.

“Stamp
Tax Jurisdiction” has the meaning specified in Section
4(e).

 	 
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“Tax” means any present or future tax,
levy, impost, duty, charge, assessment or fee of any nature (including
interest, penalties and additions thereto) that is imposed by any government or
other taxing authority in respect of any payment under this Agreement other
than a stamp, registration, documentation or similar tax.

“Tax Event” has the meaning specified
in Section 5(b).

“Tax Event Upon Merger” has the
meaning specified in Section 5(b).

“Terminated Transactions” means, with
respect to any Early Termination Date, (a) if resulting from an illegality or a
Force Majeure Event, all Affected Transactions specified in the notice given
pursuant to Section 6(b)(iv), (b) if resulting from any other Termination
Event, all Affected Transactions and (c) if resulting from an Event of Default,
all Transactions in effect either immediately before the effectiveness of the
notice designating that Early Termination Date or, if Automatic Early
Termination applies, immediately before that Early Termination Date.

“Termination Currency” means (a) if a
Termination Currency is specified in the Schedule and that currency is freely
available, that currency, and (b) otherwise, euro if this Agreement is
expressed to be governed by English law or United States Dollars if this
Agreement is expressed to be governed by the laws of the State of New York.

“Termination Currency Equivalent”  means,
in respect of any amount denominated in the Termination Currency, such
Termination Currency amount and, in respect of any amount denominated in a
currency other than the Termination Currency (the “Other Currency”), the amount
in the Termination Currency determined by the party making the relevant
determination as being required to purchase such amount of such Other Currency
as at the relevant Early Termination Date, or, if the relevant Close-out Amount
is determined as of a later date, that later date, with the Termination
Currency at the rate equal to the spot exchange rate of the foreign exchange
agent (selected as provided below) for the purchase of such Other Currency with
the Termination Currency at or about 11:00 a.m. (in the city in which such
foreign exchange agent is located) on such date as would be customary for the
determination of such a rate for the purchase of such Other Currency for value
on the relevant Early Termination Date or that later date. The foreign exchange
agent will, if only one party is obliged to make a determination under Section
6(e), be selected in good faith by that party and otherwise will be agreed by
the parties.

“Termination Event” means an
illegality, a Force Majeure Event, a Tax Event, a Tax Event Upon Merger or, if
specified to be applicable, a Credit Event Upon Merger or an Additional
Termination Event.

“Termination Rate” means a rate per
annum equal to the arithmetic mean of the cost (without proof or evidence of
any actual cost) to each party (as certified by such party) if it were to fund
or of funding such amounts.

“Threshold Amounts” means the amount,
if any, specified as such in the Schedule.

“Transaction”  has the
meaning specified in the preamble.

“Unpaid Amounts” owing to any party
means, with respect to an Early Termination Date, the aggregate of (a) in
respect of all Terminated Transactions, the amounts that became payable (or that
would have become payable but for Section 2(a)(iii) or due but for Section
5(d)) to such party under Section 2(a)(i) or 2(d)(i)(4) on or prior to such
Early Termination Date and which remain unpaid as at such Early Termination
Date, (b), in respect of each Terminated Transaction, for each obligation under
Section 2(a)(i) which was (or would have been but for Section 2(a)(iii) or
5(d)) required to be settled by delivery to such party on or prior to such
Early Termination Date and which has not been so settled as at such Early
Termination Date, an amount equal to the fair market value of that which was
(or would have been) required to be delivered and (c) if the Early Termination
Date results from an Event of Default, a Credit Event Upon Merger or an Additional
Termination Event in respect of which all outstanding Transactions are Affected
Transactions, any Early Termination Amount due prior to such Early Termination
Date and which remains unpaid as of such Early Termination Date, in each case
together with any amount of interest accrued or other

 	 
 	 27
 	 ISDA® 2002
 

  
 

 

compensation in
respect of that obligation or deferred obligation, as the case may be, pursuant
to Section 9(h)(ii)(1) or (2), as appropriate. The fair market value of any
obligation referred to in clause (b) above will be determined as of the
originally scheduled date for delivery, in good faith and using commercially
reasonable procedures, by the party obliged to make the determination under
Section 6(e) or, if each party is so obliged, it will be the average of the
Termination Currency Equivalents of the fair market values so determined by
both parties.

“Waiting Period” means:—

(a)           in respect of an event or
circumstance under Section 5(b)(i), other than in the case of Section
5(b)(i)(2) where the relevant payment, delivery or compliance is actually
required on the relevant day (in which case no Waiting Period will apply), a
period of three Local Business Days (or days that would have been Local
Business Days but for the occurrence of that event or circumstance) following
the occurrence of that event or circumstance: and

(b)           in respect of an event or
circumstance under Section 5(b)(ii), other than in the case of Section
5(b)(ii)(2) where the relevant payment, delivery or compliance is actually
required on the relevant day (in which case no Waiting Period will apply), a
period of eight Local Business Days (or days that would have been Local
Business Days but for the occurrence of that event or circumstance) following
the occurrence of that event or circumstance.

IN WITNESS WHEREOF
the parties have executed this document on the respective dated specified below
with effect from the date specified on the first page of this document.

	
  BANK OF AMERICA

  	
  GE CAPITAL CREDIT CARD MASTER NOTE

  
	
   

  	
   

  	
  TRUST

  
	
   

  	
   

  	
  By: The Bank of
  New York (Delaware), not in its

  
	
   

  	
   

  	
  individual
  capacity, but solely as Trustee

  

 

	
  

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
    /s/ Roger Heintzelman

  	
   

  	
  By:

  	
    /s/ Kristine Gullo

  	
   

  	
   

  
	
   

  	
    Name:

  	
  Roger Heintzelman

  	
   

  	
    Name:

  	
  Kristine K. Gullo

  
	
   

  	
    Title:

  	
  Senior Vice President

  	
   

  	
    Title:

  	
  Vice President

  
	
   

  	
    Date:

  	
  9/26/06

  	
   

  	
    Date:

  	
  9/27/2006

  
										

 

 	 
 	 28
 	 ISDA® 2002Exhibit
4.4

Series 2006-1
(Class B)

SCHEDULE

to the

2002

Master Agreement

dated as of September
27, 2006

between BANK OF AMERICA, N.A.,

a national banking association organized under the laws of the United
States (“Party A”)

and

GE CAPITAL CREDIT CARD MASTER NOTE TRUST,

 a statutory trust organized under the laws of
the State of Delaware

(“Party B”)

Part 1

Termination
Provisions

The only Transaction that will be governed by the
terms of this Agreement will be the Class B Swap (as defined in the Indenture
Supplement) as documented in the Confirmation, dated as of the date
hereof.  Reference to “Transactions” or “Transaction”
shall be deemed to be reference to the Class B Swap.

In this Agreement –

(a)           “Specified Entity” means in relation
to Party A and Party B for the purpose of Sections 5(a)(v), (vi), (vii) and
Section 5(b)(v): Not applicable.

(b)           “Specified Transaction” will have
the meaning specified in Section 14 of this Agreement.

(c)           The
“Breach of Agreement” provision
of Section 5(a)(ii) will not apply to Party B.

(d)           The
“Credit Support Default”
provision of Section 5(a)(iii) will not apply to Party B.

(e)           The
“Misrepresentation” provision of
Section 5(a)(iv) will not apply to Party B.

(f)            The “Default Under Specified Transactions”
provision of Section 5(a)(v) will not apply to Party A and will not apply to
Party B.

 

(g)           The
“Cross Default” provisions of
Section 5(a)(vi) will apply to Party A and will not apply to Party B.

“Specified Indebtedness” will have the meaning
specified in Section 14, provided that Specified Indebtedness shall not include
deposits received in the course of a party’s ordinary banking business.

“Threshold Amount” means, with respect to
Party A (or its Credit Support Provider), 3% of shareholders’ equity of Bank of
America Corporation as described in its most recently published audited
financial statement or its equivalent in any currency.

(h)           The
“Bankruptcy” provision of Section
5(a)(vii) is hereby amended by replacing “15” with “30” in the 16th and 23rd lines thereof; provided
that with respect to Party B clause (2) thereof shall not apply; clause (4)
excludes actions taken by Party A or its Affiliates; the words “seeks a”, “trustee,
custodian” are deleted from clause (6); clause (7) thereof shall not apply and
at the end of clause (8) the following language is added at the end “to the
extent (1) — (7) apply”.

(i)            The “Force Majeure Event” provision of
Section 5(b)(ii) will not apply to Party A and will not apply to Party B.

(j)            The “Credit Event Upon Merger” provisions of
Section 5(b)(v) will not apply to Party A and will not apply to Party B.

(k)           The “Automatic Early Termination”
provisions of Section 6(a) will not apply to Party A and will not apply to
Party B.

(l)            “Termination
Currency” means United States Dollars.

(m)          Additional
Termination Event  will apply. 
Each of the following shall constitute an Additional Termination Event:

(i)
            Credit Downgrade – Party A.  If at any time (i) the
unsecured debt rating of Party A, or its Credit Support Provider, is withdrawn
by or reduced below “A” (long term) or “F1” (short term) if Party A is rated by
Fitch Ratings (“Fitch”); or (ii) the unsecured debt ratings of Party A,
or its Credit Support Provider, are withdrawn or reduced below “A+” (long term)
or, if a short term rating is in effect for Party A, or its Credit Support
Provider, below “A-1” (short term) by Standard & Poor’s Rating Services (“S&P”);
or (iii) (a) Party A, or its Credit Support Provider, has both long and short
term unsecured debt ratings from Moody’s Investors Service, Inc. (“Moody’s”),
and any such rating is withdrawn, reduced below “P-1” (short term) or reduced
below “A1” (long term) or (b) Party A, or its Credit Support Provider, has only
a long-term unsecured debt rating from Moody’s and such rating is withdrawn,
reduced below “Aa3” (any of the above referenced withdrawals or reductions in
credit status from the reference agencies being herein referred to as a “Downgrade”);
then Party A shall promptly notify Party B by telephone (promptly confirmed in
writing), and Party B then shall notify the Rating Agencies.  Party A shall then, at its own expense,
within 30 days of the date of the Downgrade, enter into a “Qualifying
Substitute Arrangement” (as defined below) to assure performance by Party A of
its obligations under the Transactions. 
If Party A fails to enter into a Qualifying Substitute Arrangement
pursuant to this provision, it shall be an Additional Termination Event in
which Party A is the sole Affected Party;

 2
 

 

In addition, if at any time the unsecured debt rating of Party A is
withdrawn or reduced below “BBB-” (long term) by S&P, then Party A shall
promptly notify Party B by telephone (promptly confirmed in writing), and Party
B then shall notify the Rating Agencies. 
Party A shall then, at its own expense, within 10 Business Days of the
date of the Downgrade specified in this paragraph, enter into a “Qualifying
Substitute Arrangement” (as defined below) to assure performance by Party A of
its obligations under the Transactions or otherwise satisfy the Rating Agency
Condition.  If Party A fails to enter
into a Qualifying Substitute Arrangement pursuant to this provision, it shall
be an Additional Termination Event in which Party A is the sole Affected Party.

(ii)           Failure by
Party A to comply with or perform in all material respects any agreement or
undertaking to be complied with or performed by the Swap Provider in accordance
with the Indemnification and Disclosure Agreement dated as of September 20,
2006 between Party A and RFS Holding, L.L.C., with Party A as the sole Affected
Party.

“Credit Support”
shall mean an unconditional letter of credit, guaranty, surety bond or
insurance policy providing for prompt payment of the obligations of Party A and
its successors under this Agreement, as amended from time to time, and all
Transactions hereunder for their duration from a Credit Support Provider
meeting the Counterparty Ratings Requirements, that is valid, binding and
enforceable in accordance with its terms.

“Counterparty Ratings Requirement” means with respect to any
entity, that either such entity or the Credit Support Provider, has (i) (a) a
Moody’s long-term unsecured debt rating or counterparty rating of at least “Aa3”,
and if a short term rating has been provided, such rating shall be at least “P-1”,
and (ii) an S&P long-term unsecured debt rating or counterparty rating of
at least “AA-”, and if a short term rating has been provided, such rating shall
be at least “A-1”; and, notwithstanding the foregoing, if such entity or its
Credit Support Provider, has a Fitch short-term unsecured debt rating, such
rating shall be at least “F1” and if such entity or its Credit Support Provider
has a Fitch long-term unsecured debt rating, such rating shall be at least “A”.

“Qualifying Substitute Arrangement” shall mean one of the
following arrangements satisfactory to Party B: 
(i) providing Credit Support to Party B and procure a Ratings
Reaffirmation, where applicable or (ii) procuring a Replacement Transaction and
a Ratings Reaffirmation, where applicable or (iii) satisfying any
other remedy permitted by the applicable Rating Agency and procure a Ratings
Reaffirmation, where applicable.

“Ratings Reaffirmation” means a written acknowledgement from
each applicable Rating Agency (with the exception of Moody’s who shall be
notified in writing on any Qualifying Substitute Arrangement), (i) the then
current rating of the Notes will not be reduced notwithstanding the applicable
Downgrade or applicable assignments, amendment, modification or waiver in
respect of this Agreement, or (ii) the rating of the Notes in effect prior to a
Downgrade will be reinstated to the rating in effect prior to the Downgrade.

“Replacement Transaction” means a transaction,
with a replacement counterparty meeting the Counterparty Rating Requirement
who, at no cost to Party B, shall assume Party A’s position under this
Agreement and all Transactions hereunder or replace all Transactions
outstanding under this Agreement with Transactions between said replacement
counterparty and Party B on identical terms.

 3
 

 

(n)           Discontinued
Agency.  If one of the
foregoing credit rating agencies ceases to be in the business of rating Debt
Securities and such business is not continued by a successor or assign of such
agency (“Discontinued Agency”) ratings shall not be deemed withdrawn hereunder,
and Party A and Party B shall use their best efforts to  jointly (i) select a nationally-recognized
credit rating agency in substitution thereof and (ii) agree on the rating level
issued by such substitute agency that is equivalent to the ratings specified
herein of the Discontinued Agency, whereupon such substitute agency and
equivalent rating shall replace the Discontinued Agency and the rating level
thereof for the purposes of this Agreement. If at any time all of the agencies
specified herein with respect to a party have become Discontinued Agencies and
Party A and Party B have not previously agreed in good faith on at least one
agency and equivalent rating in substitution for each Discontinued Agency and
the applicable rating thereof, the Downgrade provisions of Part 1(m)(i) shall
cease to apply to the parties until a substitute agency is agreed upon as
described above.

Part 2

Tax Representations

(a)           Payer Tax Representation.  For the purpose of Section 3(e) of this
Agreement, Party A and Party B make the following representation:

It is not required
by applicable law, as modified by the practice of any relevant governmental
revenue authority, of any Relevant Jurisdiction to make any deduction or
withholding for or on account of any Tax from any payment (other than interest
under Section9(h) of this Agreement) to be made by it to the other party under
this Agreement.  In making this
representation, it may rely on:

(i)            the
accuracy of any representations made by the other party pursuant to Section
3(f) of this Agreement;

(ii)           the
satisfaction of the agreement of the other party contained in Section 4(a)(i)
or 4(a)(iii) of this Agreement and the accuracy and effectiveness of any
document provided by the other party pursuant to Section 4(a)(i) or 4(a)(iii)
of this Agreement; and

(iii)          the
satisfaction of the agreement of the other party contained in Section 4(d) of
this Agreement;

except that it
will not be a breach of this representation where reliance is placed on clause
(ii) above and the other party does not deliver a form or document under
Section 4(a)(iii) of this Agreement by reason of prejudice to its legal or
commercial position.

(b)           Payee Tax Representations.  For the purpose of Section 3(f) of this
Agreement, Party A and/or Party B make the representations specified below:

(i)            Party A
represents that Party A is a national banking association organized under the
laws of the United States and the federal taxpayer identification number is
94-1687665.

(ii)           Party
A represents that it is a “U.S. person” (as that term is used in section
1.1441-4(a)(3)(ii) of United States Treasury Regulations) for United States
federal income tax purposes and an “Exempt recipient” within the meaning of
section 1.6049-4(c)(1)(ii) of the United States Treasury Regulations.

 4
 

 

(iii)          Party
B represents that it is a “U.S. person” (as that term is used in section
1.1441-4(a)(3)(ii) of United States Treasury Regulations) for United States
federal income tax purposes.

(c)           Modified Tax Provisions. 
Party B’s obligations under Section 2(d)(i) of this Agreement shall be
limited to complying with clauses (1), (2) and (3) thereof and Party B shall
not be obligated to pay any amount owing by it under clause (4).

Part 3

Agreement to Deliver Documents

For the purpose of
Sections 4(a)(i) and (ii) of this Agreement, each Party agrees to deliver the
following documents, as applicable:

(a)           Tax
forms, documents or certificates to be delivered are:

	
  Party
  Required

  to Deliver

  Documents

  	
   

  	
  Form/Document/

  Certificate

  	
   

  	
  Date by 

  which to be

  delivered

  	
   

  	
  Covered by

  §(3)(d) Representation

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party A and
  Party B

  	
   

  	
  IRS Form W-9

  	
   

  	
  (i) Upon execution of the Agreement, (ii) upon
  knowledge that such document is obsolete or inaccurate and (iii) thereafter,
  upon request of the other party.

  	
   

  	
  N/A

  

 

 5
 

 

(b)           Other
documents to be delivered are:

	
  Party

  Required

  to Deliver

  Documents

  	
   

  	
  Form/Document/

  Certificate

  	
   

  	
  Date by 

  which to be 

  delivered

  	
   

  	
  Covered by

  §(3)(d) Representation

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party A

  	
   

  	
  A copy of the most recent annual report of Bank of
  America Corporation, as applicable, containing audited consolidated financial
  statements for such fiscal year certified by independent certified public
  accountants and prepared in accordance with generally accepted accounting
  principles (“GAAP”) in the party’s country of organization, or, in lieu
  thereof, a copy of such party’s most recent Form 10-K as filed with the
  Securities and Exchange Commission (if any such statement is produced).

  	
   

  	
  To be made available on www.bankofamerica.com/investor
  and upon request by Party B after publicly available.

  	
   

  	
  Yes

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party A

  	
   

  	
  Quarterly Financial Statements of Bank of America
  Corporation containing unaudited, consolidated financial statements of such
  party’s fiscal quarter prepared in accordance with generally accepted
  accounting principles in the country in which Party A is organized.

  	
   

  	
  To be made available on www.bankofamerica.com/investor
  and upon request by Party B after publicly available.

  	
   

  	
  Yes

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party A and 

  Party B

  	
   

  	
  Incumbency certificate or other documents evidencing
  the authority of the party entering into this Agreement or any other document
  executed in connection with this Agreement.

  	
   

  	
  Concurrently with the execution of this Agreement or
  of any other documents executed in connection with this Agreement.

  	
   

  	
  Yes

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party A and 

  Party B

  	
   

  	
  Legal opinion in a form satisfactory to the other
  party.

  	
   

  	
  Upon or promptly following execution of the
  Agreement.

  	
   

  	
  No

  

 

 6
 

 

Part 4

Miscellaneous

(a)           Addresses for Notices.  For the purpose of Section 12(a) of this
Agreement: 

Address for notices or communications to Party A:

Bank of America,
N.A.

Sears Tower

233 South Wacker
Drive, Suite 2800

Chicago, IL 60606

Attention:  Swap Operations

Telephone
No.:  312-234-2732

Facsimile
No.:  312-234-3603

with a copy to:

Bank of America,
N.A.

100 N. Tryon St.,
NC1-007-13-01

Charlotte, North
Carolina  28255

Attention:  Capital Markets Documentation

Facsimile
No.:  704-386-4113

(For all purposes).

Address for notices or communications to Party B:

	
  Address:

  	
   

  	
  GE Capital Credit Card Master Note Trust

  
	
   

  	
   

  	
  c/o General
  Electric Capital Corporation, as Administrator

  
	
   

  	
   

  	
  777 Long Ridge
  Road, Building B

  
	
   

  	
   

  	
  Stamford, CT
  06927

  
	
   

  	
   

  	
   

  
	
  Attention:

  	
   

  	
  Manager Operations - Securitization

  	 

	
  Telephone:

  	
   

  	
  203-585-6838

  	 

	
  Facsimile:

  	
   

  	
  203-585-6564

  	 

 

Address for notices or communications to Fitch:

Fitch Ratings

Attn:  Cynthia Ullrich

1 State Street Plaza 32
FL

New York, NY 10004

cynthia.ullrich@fitchratings.com

cc:  surveillance-abs-consumer@fitchratings.com

Fax: 212-514-9879

Telephone: 212-908-0609

 7
 

 

(b)           Process Agent.  For the purpose of Section 13(c) of this
Agreement:

Party A appoints as its Process Agent: Not applicable.

Party B appoints as its Process Agent: 
Not applicable.

(c)           Offices.  The provisions of Section 10(a) shall apply
to this Agreement.

(d)           Multibranch Party.  For the purpose of Section 10(b), Party A is
a Multibranch Party and may act through its Charlotte, North Carolina, Chicago,
Illinois, San Francisco, California, New York, New York, Boston, Massachusetts
or London, England Office or such other Office as may be agreed to by the
parties in connection with a Transaction. 
Party B is not a Multibranch Party.

(e)           Calculation Agent.  The Calculation Agent shall be Party A.

(f)            Credit Support Document.  Details of any Credit Support Document:

Party A:         Not
applicable.

Party
B:          Not applicable.

(g)           Credit Support Provider.

Credit Support Provider
means in relation to Party A:  Not
applicable.

Credit Support
Provider means in relation to Party B: 
Not applicable.

(h)           Governing Law.  This Agreement will be governed by and
construed in accordance with the laws of the State of New York without
reference to choice of law doctrine.

(i)            Netting of Payments.  “Multiple Transaction Payment Netting” will
not apply for the purpose of Section 2(c) of this Agreement to all Transactions
(in each case starting from the date of this Agreement).

(j)            “Affiliate” will have the meaning
specified in Section 14; provided that Party B is deemed to have no Affiliates.

(k)           Absence of Litigation. For the
purpose of Section 3(c):–

“Specified Entity” means in relation to Party A: Not applicable.

“Specified Entity” means in relation to Party B:  Not applicable.

(l)            No Agency.  The provisions of Section 3(g) will apply to
this Agreement.

(m)          Additional Representations will apply.  For the purpose of Section 3 of this
Agreement, the following will constitute an Additional Representation:–

(i)            Non-Reliance.  It is acting for its own account, and it has
made its own independent decisions to enter into that Transaction and as to
whether that Transaction is appropriate or proper for it based upon its own
judgment and upon advice from such advisers as it has deemed necessary.  It is not relying on any communication
(written or oral) or the other party as investment advice or as a
recommendation to enter into that Transaction, it being understood that

 8
 

 

information and explanations related to the
terms and conditions of a Transaction will not be considered investment advice
or a recommendation to enter into that Transaction.  No communication (written or oral) received
from the other party will be deemed to be an assurance or guarantee as to the
expected results of that Transaction.

(ii)           Assessment and Understanding.  It is capable of assessing the merits of and
understanding (on its own behalf or through independent professional advice),
and understands and accepts, the terms, conditions and risks of that
Transaction.  It is also capable of
assuming, and assumes, the risks of that Transaction.

(iii)          Status of Parties. The other party is
not acting as a fiduciary for or an adviser to it in respect of that
Transaction.

(iv)          Eligible Contract Participant. It is
an “eligible contract participant” as defined in Section la(12) of the Commodity
Exchange Act, as amended.

(n)           Consent to Recording.  Each party (i) consents to the recording of
the telephone conversations of trading and marketing personnel of the parties
in connection with this Agreement or any potential Transaction, (ii) agrees to
obtain any necessary consent of, and give notice of such recording to, such
personnel and (iii) agrees, to the extent permitted by applicable law, that
recordings may be submitted in evidence in any Proceedings.

Part 5

Other Provisions

(a)         Recourse and Ranking.  The obligations of Party B under this
Agreement, and under any Transaction executed hereunder, are solely the
obligations of Party B.  No recourse
shall be had for the payment of any amount owing in respect of any Transaction
or any other obligation or claim arising out of or based upon this Agreement
against any member, employee, officer, director or agent of Party B.  Any accrued obligations owing by Party B
under this Agreement and any Transaction shall be payable by Party B solely to
the extent that funds are available therefor from time to time in accordance
with the provisions of the Indenture; and, following realization of the Trust
Estate, any claims of Party A against Party B shall be extinguished.  Notwithstanding any provisions contained in
this Agreement to the contrary, Party B shall not be obligated to pay any
amount pursuant to this Agreement unless Party B has received funds which may
be used to make such payment in accordance with the Indenture.  Any amount which Party B does not pay
pursuant to the operation of the preceding sentence shall not constitute a
claim (as defined in §101 of the Bankruptcy Code) against or corporate
obligation of Party B for any such insufficiency unless and until such payment
is permitted under such preceding sentence.

(b)           Limitation of Defaults and Termination.   Notwithstanding the terms of Sections 5 and
6 of this Agreement, Party A shall be entitled to designate an Early
Termination Date pursuant to Section 6 of this Agreement only as a result of the
occurrence of an Event of Default set forth in Section 5(a)(i) or 5(a)(vii)(4)
with respect to Party B as the Defaulting Party or a Termination Event set
forth in Sections 5(b)(i) or 5(b)(iii) of this Agreement with respect to Party
A as the Affected Party.

(c)           No Bankruptcy Petition Against Party B.  Party A hereby covenants and agrees that,
prior to the date which is one year and one day after all the Notes (or any
rated securities) issued by Party B

 9
 

 

under
the Indenture have been paid in full it will not institute against, or join any
other Person in instituting against, Party B any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings or other similar proceeding
under the laws of the United States or any state of the United States.

(d)           Transfers.  Party A consents to the pledge and
assignment by Party B of its rights hereunder and under any Transaction to the
Indenture Trustee.

(e)           Additional
Tax Provisions.  The
definition of “Indemnifiable Tax” in Section 14 of this Agreement is modified
by adding the following at the end thereof:

Notwithstanding the foregoing, “Indemnifiable Tax” also means any Tax
imposed in respect of a payment under this Agreement by reason of a Change in
Tax Law by a government or taxing authority of a Relevant Jurisdiction of the
party making such payment, unless the other party is incorporated, organized,
managed and controlled or considered to have its seat in such jurisdiction, or
is acting for purposes of this Agreement through a branch or office located in
such jurisdiction.

(f)            Definitions.  Reference is hereby made to the 2000 ISDA
Definitions (the “2000 Definitions”), as published by the International Swaps
and Derivatives Association, Inc. (“ISDA”), which are hereby incorporated by
reference herein and shall be deemed to be incorporated in each Confirmation
hereunder, unless otherwise specified in a Confirmation. Any terms used and not
otherwise defined herein which are contained in the 2000 Definitions shall have
the meaning set forth therein.  Capitalized
terms used and not otherwise defined herein or in the Agreement or the 2000
Definitions shall have the meanings assigned to them in the Indenture, dated as
of September 25, 2003, among Party B, as Issuer, and Deutsche Bank Trust
Company Americas, as Indenture Trustee, as supplemented by the Series 2006-VFN3
Indenture Supplement, dated as of the date hereof, as amended or supplemented
from time to time (collectively, the “Indenture”).

(g)           Jurisdiction.  Section 13(b) of this Agreement is hereby amended
by: (i) deleting the word “non-“ in the second line of subparagraph
(i)(2) thereof; (ii) adding the words “except as necessary to pursue
enforcement of the judgment of any such court in other jurisdictions” to the
last line of subparagraph (i)(2) thereof and (iii), deleting paragraph (iii)
thereof.

(h)           Waiver of
Contractual Right of Setoff. 
Without affecting the provisions of this Agreement requiring the
calculation of certain net payment or closeout amounts, notwithstanding any
provision of this Agreement or any other existing or future agreement, each
party irrevocably waives any and all contractual rights it may have to set off,
recoup or otherwise withhold or suspend or condition payment or performance of
any obligation between the two parties hereunder against any obligations
between the two parties under any other agreements.

(i)            Waiver of Right to Trial by Jury.  Each party irrevocably waives, to the fullest
extent permitted by applicable law, any right it may have to trial by jury of
any claim, demand or cause of action relating in any way to this Agreement or
any Credit Support Document, whether sounding in contract or tort or otherwise,
and agrees that either party may file a copy of this section with any court as
evidence of the waiver of its jury trial rights.

 10
 

 

(j)            Conditions Precedent.  Section 2(a)(iii)(1) of the Agreement shall
not apply to the obligations of Party A unless an Event of Default set forth in
Sections 5(a)(i) or 5(a)(vii)(4) with respect to Party B has occurred and is
continuing.

(k)           Amendment to Indenture.  Party B agrees that it shall not amend,
modify or waive any provisions in the Indenture (or the Servicing Agreement)
without the consent of Party A if such amendment, modification or waiver would
materially adversely affect the value of any Transactions to Party A or any of
Party A’s rights or obligations under this Agreement or any Transaction, modify
the obligations of Party B under this Agreement or any Transaction, or impair
the ability of Party B to fully perform any of Party B’s obligations, under
this Agreement or any Transaction.

(l)            Method of Notice. 
Section 12(a)(ii) of this Agreement is deleted in its entirety.

(m)          Limitation on Liability of Trustee.  It is expressly understood and agreed by the
parties hereto that (a) this Agreement is executed and delivered by The Bank of
New York (Delaware), not individually or personally but solely as trustee of GE
Capital Credit Card Master Note Trust (the “Trust”), in the exercise of the
powers and authority conferred and vested in it, (b) each of the
representations, under­takings and agreements herein made on the part of the
Trust is made and intended not as personal representations, undertakings and
agree­ments by The Bank of New York (Delaware) but is made and intended for the
purpose of binding only the Trust, (c) nothing herein contained shall be
construed as creating any liability on The Bank of New York (Delaware),
individually or personally, to perform any covenant either expressed or implied
contained herein, all such liability, if any, being expressly waived by the
parties hereto and by any Person claiming by, through or under the parties
hereto and (d) under no circumstances shall The Bank of New York (Delaware) be
personally liable for the payment of any indebtedness or expenses of the Trust
or be liable for the breach or failure of any obligation, representation,
warranty or covenant made or undertaken by the Trust under this Master
Agreement or any other related documents.

(n)           Payment and Consent Notices.  Party B shall provide Party A with copies of
all notices given under the Indenture (i) pertaining to payment(s) that relate
to or mention Party A and/or (ii) concerning matters requiring the consent of
Party A.  Additionally, upon request,
Party B shall provide Party A with any other notices which could be requested
by the holders of any Note.

(o)           Part 1(m)(i).  Party A acknowledges the various provisions
set forth in Part 1(m) hereof in connection with a Downgrade (as set forth
therein).  Party A agrees to act in good
faith and in a commercially reasonable manner in this regard.

(p)           Notice.  Party B agrees to provide notice to S&P
and Moody’s of any transfers or amendments to this Agreement.

(q)           Rating Agency Condition.  No assignments, amendment, modification
or waiver in respect of this Agreement will be effective unless, in addition to
meeting the requirements otherwise set forth herein, a Ratings Reaffirmation
has been obtained.

 11

Please confirm
your agreement to the terms of the foregoing Schedule by signing below.

	
   

  	
  BANK OF AMERICA, N.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Roger
  Heintzelman

  	
   

  
	
   

  	
   

  	
  Name: Roger
  Heintzelman

  
	
   

  	
   

  	
  Title: Senior
  Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GE
  CAPITAL CREDIT CARD MASTER 

  NOTE TRUST

  
	
   

  	
   

  
	
   

  	
  By: The
  Bank of New York (Delaware), not in 

  its individual capacity but solely as Trustee

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Kristine
  Gullo

  	
   

  
	
   

  	
   

  	
  Name: Kristine
  K. Gullo

  
	
   

  	
   

  	
  Title: Vice
  President

  
					

 

 Series 2006-1 (Class B)

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