Document:

Exhibit 4.1

ASSIGNMENT NO. 40 OF RECEIVABLES

IN ADDITIONAL ACCOUNTS

 

(As required
by Section 2.6 of the Agreement)

 

ASSIGNMENT No. 40 OF RECEIVABLES IN ADDITIONAL
ACCOUNTS (this “Assignment”) dated as of May 10, 2019, by and between SYNCHRONY BANK, a federal savings bank
organized under the laws of the United States (formerly known as GE Capital Retail Bank, “Seller”), and RFS
HOLDING, L.L.C., a Delaware limited liability company (“Buyer”), pursuant to the Agreement referred to below.

 

WITNESSETH:

 

WHEREAS, Seller and
Buyer are parties to the Receivables Sale Agreement, dated as of June 27, 2003 (as it may be amended and supplemented from time
to time the “Agreement”);

 

WHEREAS, pursuant to
the Agreement, Seller wishes to designate Amazon Services LLC as an Additional Retailer;

 

WHEREAS, pursuant to
the Agreement, Seller wishes to designate Additional Accounts to be included as Accounts and to convey the Transferred Receivables
in such Additional Accounts that have been designated “Additional Accounts” pursuant to the Agreement, whether now
existing or hereafter created, to Buyer (as each such term is defined in the Agreement); and

 

WHEREAS, Buyer is willing
to accept such designation and conveyance subject to the terms and conditions hereof;

 

NOW, THEREFORE, Seller
and Buyer hereby agree as follows:

 

1.            Defined
Terms. All terms defined in the Agreement and used herein shall have such defined meanings when used herein, unless otherwise
defined herein.

 

“Addition
Date” means, with respect to the Additional Accounts designated hereby, May 10, 2019.

 

“Addition
Cut-Off Date” means, with respect to Additional Accounts designated hereby, May 7, 2019.

 

2.            Designation
of Additional Retailer. Seller does hereby designate Amazon Services LLC, for which Seller maintains a Private Label Program,
as an “Additional Retailer” pursuant to Section 2.6(d) of the Agreement.

 

3.            Designation
of Additional Accounts. The Accounts listed on Schedule 1 to this Assignment have been designated “Additional Accounts”
pursuant to the Agreement. Schedule 1 to this Assignment, as of the Addition Date, shall supplement Schedule 1 to the Agreement
as required by Section 2.1(b) of the Agreement.

 

     

     

    

 

4.            Conveyance
of Receivables. (a) Seller does hereby transfer, assign, set over and otherwise convey, without recourse except as set forth
in this Agreement, to Buyer, all its right, title and interest in, to and under the Receivables in such Additional Accounts existing
at the close of business on the Addition Date and thereafter created from time to time until the Agreement Termination Date, the
Related Security and Collections with respect thereto and related Recoveries, together with all monies due or to become due and
all amounts received or receivable with respect thereto and Insurance Proceeds relating thereto, without limiting the generality
of the foregoing or the following, all of Seller’s rights to receive payments from any Retailer on account of in-store payments
and any other amounts received by such Retailer in payment of Receivables, and all proceeds of all of the foregoing (collectively,
the “Transferred Assets”). The foregoing does not constitute and is not intended to result in the creation or
assumption by Buyer of any obligation of any Originator, any Seller or any other Person in connection with the Accounts or the
Transferred Receivables or under any agreement or instrument relating thereto, including any obligation to Obligors, merchant banks,
Retailers, clearance systems or insurers.

 

(b)          Seller
agrees to record and file, at its own expense, financing statements (and continuation statements when applicable) with respect
to the Receivables in Additional Accounts existing on the Addition Date and thereafter created meeting the requirements of applicable
state law in such manner and in such jurisdictions as are necessary to perfect, and maintain perfection of, the sale and assignment
of its interest in such Receivables to Buyer, and to deliver a file-stamped copy of each such financing statement or other evidence
of such filing to Buyer within ten (10) days of the Addition Date. Buyer shall be under no obligation whatsoever to file such financing
or continuation statements or to make any other filing under the UCC in connection with such sale and assignment.

 

(c)          In
connection with such assignment, Seller further agrees, at its own expense, on or prior to the date of this Assignment, to indicate
and cause Servicer to indicate in the appropriate computer files that Receivables created in connection with the Additional Accounts
and designated hereby have been conveyed to Buyer pursuant to the Agreement and this Assignment.

 

(d)         The
parties hereto intend that each transfer of the Transferred Assets shall constitute a sale by Seller to Buyer and not a loan by
Buyer to Seller secured by the Transferred Assets.  Notwithstanding anything to the contrary set forth in this Section 4(d),
if a court of competent jurisdiction determines that any transaction provided for herein constitutes a loan and not a sale, then
Seller and Buyer intend that this Assignment shall constitute a security agreement under applicable law and that Seller shall be
deemed to have granted, and Seller hereby grants, to Buyer a first priority lien and security interest in and to all of Seller’s
right, title and interest in, to and under the Transferred Assets, subject only to Permitted Encumbrances.

 

5.            Acceptance
by Buyer. Buyer hereby acknowledges its acceptance of all right, title and interest to the property, existing on the Addition
Date and thereafter created, conveyed to Buyer pursuant to Sections 4(a) and (b) of this Assignment. Buyer further acknowledges
that, prior to or simultaneously with the execution and delivery of this Assignment, Seller delivered to it the Account Schedule
described in Section 2 of this Assignment.

 

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6.            Representations
and Warranties of Seller. Seller hereby represents and warrants to Buyer as of the Addition Date:

 

(a)          This
Assignment constitutes a legal, valid and binding obligation of such Seller enforceable against such Seller in accordance with
its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other
similar laws now or hereafter in effect affecting the enforcement of creditors’ rights in general and except as such enforceability
may be limited by general principles of equity (whether considered in a suit at law or in equity);

 

(b)          each
of the Transferred Receivables satisfies the criteria for an Eligible Receivable as of the Addition Cut-Off Date;

 

(c)          each
Additional Account is, as of the Addition Cut-Off Date, an Eligible Account,

 

(d)          no
selection procedures believed by Seller to be materially adverse to the interests of Buyer or any of its creditors were utilized
in selecting the Additional Accounts from the available Eligible Accounts;

 

(e)          as
of the Addition Date, Seller is solvent;

 

(f)          the
Account Schedule delivered pursuant to this Assignment is an accurate and complete listing in all material respects of all the
Accounts as of the date specified therein, and the information contained therein with respect to the identity of such Accounts
and the Transferred Receivables existing in such Accounts, is true and correct in all material respects as of the date specified
therein;

 

(g)          the
Agreement and this Assignment create a valid and continuing security interest in the Receivables in the Additional Accounts and
the Related Security and in Collections and Recoveries with respect thereto, together with all monies due or to become due and
all amounts received or receivable with respect thereto and Insurance Proceeds relating thereto and the proceeds thereof in favor
of Buyer, which security interest (x) is enforceable against such Seller, as such enforceability may be limited by applicable Debtor
Relief Laws, now or hereafter in effect, and by general principles of equity (whether considered in a suit at law or in equity)
and (y) upon filing of the financing statements described herein and, in the case of Transferred Receivables thereafter created,
upon the creation thereof, will be prior to all other Liens (other than Permitted Encumbrances);

 

(h)          the
Transferred Receivables constitute “accounts” or “general intangibles” within the meaning of UCC Section
9-102;

 

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(i)           immediately
prior to the conveyance of the Receivables pursuant to this Agreement, Seller owns and has good and marketable title to, or has
a valid security interest in, the Receivables free and clear of any Lien, claim or encumbrance of any Person, (other than Permitted
Encumbrances); and

 

(j)           subject
to Permitted Encumbrances, other than the transfer and assignment and the security interest granted to Buyer pursuant to this Agreement,
such Seller had not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Transferred Receivables.
Seller has not authorized the filing of and is not aware of any financing statements against Seller that included a description
of collateral covering the Transferred Receivables, that has not been released.

 

7.            Amendment
of the Agreement. The Agreement is hereby amended to provide that all references therein to “this Agreement” and
 “herein” shall be deemed from and after the Addition Date to be a dual reference to the Agreement as supplemented by
this Assignment. Except as expressly amended hereby, all of the representations, warranties, terms, covenants and conditions of
the Agreement shall remain unamended and shall continue to be, and shall remain, in full force and effect in accordance with its
terms.

 

8.            Counterparts.
This Assignment may be executed in two or more counterparts (and by different parties on separate counterparts), each of which
shall be an original, but all of which together shall constitute one and the same instrument.

 

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

 

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IN WITNESS WHEREOF,
the undersigned have caused this Assignment No. 40 of Receivables in Additional Accounts to be duly executed and delivered by their
respective duly authorized officers on the day and year first above written.

 

	 	SYNCHRONY BANK, Seller
	 	 
	 	By:	/s/ Eric Duenwald
	 	Name:	Eric Duenwald
	 	Title:	Senior Vice President & Treasurer

 

	 	RFS HOLDING, L.L.C., Buyer
	 	 
	 	By:	/s/ Andrew Lee
	 	Name:	Andrew Lee
	 	Title:	Vice President

 

    	5

     

    

 

Schedule
1 to

 

Assignment
No. 40 of Receivables

in Additional Accounts

 

ADDITIONAL
ACCOUNTS

 

This Account Schedule
relating to Additional Accounts consists of computer data files listing the “Additional Accounts” designated pursuant
to the Agreement and such computer files have been posted on a shared network drive to which the Buyer has access on the Addition
Date and is incorporated herein. Upon request, Seller shall provide a compact disk listing such data to Buyer or any Person permitted
to receive the Account Schedule pursuant to Section 2.2 of the Agreement.

 

    	Sch 1Exhibit 4.2

 

ASSIGNMENT NO. 37 OF TRANSFERRED RECEIVABLES

IN ADDITIONAL ACCOUNTS

 

(As required by Section 2.6 of the Agreement)

 

ASSIGNMENT NO. 37 OF
TRANSFERRED RECEIVABLES IN ADDITIONAL ACCOUNTS (this “Assignment”) dated as of May 10, 2019, by and between
RFS HOLDING, L.L.C., a limited liability company organized under the laws of the State of Delaware, as Transferor (“Transferor”)
and SYNCHRONY CREDIT CARD MASTER NOTE TRUST, a statutory trust organized under the laws of the State of Delaware, as Buyer (“Buyer”),
pursuant to the Agreement referred to below.

 

WITNESSETH:

 

WHEREAS, Transferor
and Buyer are parties to the Transfer Agreement, dated as of September 25, 2003, as amended by the Omnibus Amendment No. 1
to Securitization Documents, dated as of February 9, 2004, by and among Synchrony Bank (formerly known as GE Capital Retail Bank),
the Transferor, RFS Funding Trust, the Buyer, Deutsche Bank Trust Company Delaware, RFS Holding, Inc. and Deutsche Bank Trust Company
Americas, and as further amended by the Second Amendment to Transfer Agreement, dated as of June 17, 2004, the Third Amendment
to Transfer Agreement, dated as of November 21, 2004, the Fourth Amendment to Transfer Agreement, dated as of August 31, 2006,
the Fifth Amendment to Transfer Agreement, dated as of December 21, 2006, the Sixth Amendment to Transfer Agreement, dated as of
May 21, 2008, the Reassignment of Receivables in Removed Accounts and Seventh Amendment to Transfer Agreement, dated as of December
29, 2008, the Reassignment of Receivables in Removed Accounts and Eighth Amendment to Transfer Agreement, dated as of February
26, 2009, the Ninth Amendment to Transfer Agreement, dated as of March 31, 2010, the Tenth Amendment to Transfer Agreement, dated
as of March 20, 2012, the Eleventh Amendment to Transfer Agreement, dated as of March 3, 2016, the Twelfth Amendment to Transfer
Agreement, dated as of February 23, 2017, and the Thirteenth Amendment to Transfer Agreement, dated as of April 21, 2017, each
by and between the Transferor and the Buyer (as so amended and as it may further be amended and supplemented from time to time,
the “Agreement”);

 

WHEREAS, pursuant to
the Agreement, Transferor wishes to designate Amazon Services LLC as an Additional Retailer;

 

WHEREAS, pursuant to
the Agreement, Transferor wishes to designate Additional Accounts to be included as Accounts and to convey the Transferred Receivables
in such Additional Accounts that have been designated “Additional Accounts” pursuant to the Agreement, whether now
existing or hereafter created, to Buyer (as each such term is defined in the Agreement); and

 

WHEREAS, Buyer is willing
to accept such designation and conveyance subject to the terms and conditions hereof;

 

NOW, THEREFORE, Transferor
and Buyer hereby agree as follows:

 

Second Tier Account Addition Agreement

 

     

     

    

 

1.            Defined
Terms. All terms defined in the Agreement and used herein shall have such defined meanings when used herein, unless otherwise
defined herein.

 

“Addition
Date” means, with respect to the Additional Accounts designated hereby, May 10, 2019.

 

“Addition
Cut-Off Date” means, with respect to the Additional Accounts designated hereby, May 7, 2019.

 

2.            Designation
of Additional Retailer. Transferor does hereby designate Amazon Services LLC, for which Originator maintains a Private Label
Program, as an “Additional Retailer” pursuant to Section 2.6(e) of the Agreement. Buyer hereby consents to such designation.

 

3.            Designation
of Additional Accounts. The Accounts listed on Schedule I to this Assignment have been designated “Additional Accounts”
pursuant to the Agreement. Schedule I to this Assignment, as of the Addition Date, shall supplement Schedule 1 to the
Agreement as required by Section 2.1(c) of the Agreement.

 

4.            Conveyance
of Transferred Receivables.

 

(a)          Transferor
does hereby transfer, assign, set over and otherwise convey, without recourse except as set forth in this Agreement, to Buyer,
all its right, title and interest in, to and under the Receivables in such Additional Accounts existing at the close of business
on the Addition Date and thereafter created from time to time until the Agreement Termination Date, the Related Security and Collections
with respect thereto and related Recoveries, together with all monies due or to become due and all amounts received or receivable
with respect thereto and all Insurance Proceeds relating thereto and all proceeds of the foregoing. The foregoing does not constitute
and is not intended to result in the creation or assumption by Buyer of any obligation of any Originator, Transferor or any other
Person in connection with the Accounts or the Transferred Receivables or under any agreement or instrument relating thereto, including
any obligation to Obligors, merchant banks, Retailers, clearance systems or insurers.

 

(b)          Transferor
agrees to record and file, at its own expense, financing statements (and continuation statements when applicable) with respect
to the Receivables in Additional Accounts existing on the Addition Date and thereafter created meeting the requirements of applicable
state law in such manner and in such jurisdictions as are necessary to perfect, and maintain perfection of, the sale and assignment
of its interest in such Receivables to Buyer, and to deliver a file-stamped copy of each such financing statement or other evidence
of such filing to Buyer within ten (10) days of the Addition Date. Buyer shall be under no obligation whatsoever to file such financing
or continuation statements or to make any other filing under the UCC in connection with such sale and assignment.

 

(c)          In
connection with such assignment, Transferor further agrees, at its own expense, on or prior to the date of this Assignment, to
indicate and cause Servicer to indicate in the appropriate computer files that Receivables created in connection with the Additional
Accounts and designated hereby have been conveyed to Buyer pursuant to the Agreement and this Assignment.

 

Second Tier Account Addition Agreement

 

    	2

     

    

 

(d)          Transferor
does hereby grant to Buyer a security interest in all of its right, title and interest, whether now owned or hereafter acquired,
in and to the Receivables in the Additional Accounts existing on the Addition Date and thereafter created, the Related Security
and Collections with respect thereto and Recoveries allocated to Buyer as provided in the Agreement, together with all monies due
or to become due and all amounts received or receivable with respect thereto and all Insurance Proceeds relating thereto and all
proceeds of the foregoing. This Assignment constitutes a security agreement under the UCC.

 

5.            Acceptance
by Buyer. Buyer hereby acknowledges its acceptance in trust of all right, title and interest to the property, existing on the
Addition Date and thereafter created, conveyed to Buyer pursuant to Section 4(a) of this Assignment. Buyer further acknowledges
that, prior to or simultaneously with the execution and delivery of this Assignment, Transferor delivered to it the Account Schedule
described in Section 3 of this Assignment.

 

6.            Representations
and Warranties of Transferor. Transferor hereby represents and warrants to Buyer as of the Addition Date:

 

(a)          this
Assignment constitutes a legal, valid and binding obligation of Transferor enforceable against Transferor in accordance with its
terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar
laws now or hereafter in effect affecting the enforcement of creditors’ rights in general and the rights of creditors of
national banking associations and except as such enforceability may be limited by general principles of equity (whether considered
in a suit at law or in equity);

 

(b)          each
of the Transferred Receivables satisfies the criteria for an Eligible Receivable as of the Addition Cut-Off Date;

 

(c)          each
Additional Account is, as of the Addition Cut-Off Date, an Eligible Account;

 

(d)          no
selection procedures believed by Transferor to be materially adverse to the interests of Buyer or any of its creditors were utilized
in selecting the Additional Accounts from the available Eligible Accounts;

 

(e)          as
of the Addition Date, Transferor is solvent;

 

(f)          the
Account Schedule delivered pursuant to this Assignment is an accurate and complete listing in all material respects of all the
Accounts as of the date specified therein, and the information contained therein with respect to the identity of such Accounts
and the Transferred Receivables existing in such Accounts, is true and correct in all material respects as of the date specified
therein;

 

(g)          the
Agreement and this Assignment create a valid and continuing security interest in the Transferred Receivables in the Additional
Accounts and the Related Security and in Collections and Recoveries with respect thereto, together with all monies due or to become
due and all amounts received or receivable with respect thereto and Insurance Proceeds relating thereto and the proceeds thereof
in favor of Buyer, which security interest (x) is enforceable against Transferor, as such enforceability may be limited by applicable
Debtor Relief Laws, now or hereafter in effect, and by general principles of equity (whether considered in a suit at law or in
equity) and (y) upon filing of the financing statements described herein and, in the case of Transferred Receivables thereafter
created, upon the creation thereof, will be prior to all other Liens (other than Permitted Encumbrances);

 

Second Tier Account Addition Agreement

 

    	3

     

    

 

(h)          the
Transferred Receivables constitute “accounts” or “general intangibles” within the meaning of UCC Section
9-102;

 

(i)           immediately
prior to the conveyance of the Transferred Receivables pursuant to this Agreement, Transferor owns and has good and marketable
title to, or has a valid security interest in, the Transferred Receivables free and clear of any Lien, claim or encumbrance of
any Person, (other than Permitted Encumbrances); and

 

(j)           subject
to Permitted Encumbrances, other than the transfer and assignment and the security interest granted to Buyer pursuant to this Agreement,
Transferor had not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Transferred Receivables.
Transferor has not authorized the filing of and is not aware of any financing statements against Transferor that included a description
of collateral covering the Transferred Receivables.

 

7.            Amendment
of the Agreement. The Agreement is hereby amended to provide that all references therein to “this Agreement” and
 “herein” shall be deemed from and after the Addition Date to be a dual reference to the Agreement as supplemented by
this Assignment. Except as expressly amended hereby, all of the representations, warranties, terms, covenants and conditions of
the Agreement shall remain unamended and shall continue to be, and shall remain, in full force and effect in accordance with its
terms.

 

8.            Counterparts.
This Assignment may be executed in two or more counterparts (and by different parties on separate counterparts), each of which
shall be an original, but all of which together shall constitute one and the same instrument.

 

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

 

Second Tier Account Addition Agreement

 

    	4

     

    

 

IN WITNESS WHEREOF,
the undersigned have caused this Assignment No. 37 of Transferred Receivables in Additional Accounts to be duly executed and delivered
by their respective duly authorized officers on the day and year first above written.

 

	 	 
	 	RFS HOLDING, L.L.C., Transferor
	 	 
	 	By:	/s/ Andrew Lee
	 	Name:	Andrew Lee
	 	Title:	Vice President

 

	 	SYNCHRONY CREDIT CARD MASTER NOTE TRUST, Buyer
	 	 
	 	By:	SYNCHRONY FINANCIAL, 

as Administrator on behalf of the Buyer
	 	 
	 	By:	/s/ Eric Duenwald
	 	Name:	Eric Duenwald
	 	Title:	Senior Vice President, Treasurer

 

Second Tier Account Addition Agreement

(SYNCT)

 

    	S-1

     

    

 

Schedule 1

to Assignment No. 37 of Transferred Receivables

in Additional Accounts

 

LIST OF ADDITIONAL ACCOUNTS

 

This Account Schedule
relating to Additional Accounts consists of computer data files listing the “Additional Accounts” designated pursuant
to the Agreement and such computer files have been posted on a shared network drive to which the Buyer has access on the Addition
Date and is incorporated herein. Upon request, Seller shall provide a compact disk listing such data to Buyer or any Person permitted
to receive the Account Schedule pursuant to Section 2.2 of the Agreement.

 

Second Tier Account Addition Agreement

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