Document:

Exhibit 4.1

 

SYNCHRONY CARD ISSUANCE TRUST

as Issuer

 

CLASS A(2022-2) TERMS DOCUMENT

dated as of July 15, 2022

 

to

 

SYNCHRONYSERIES INDENTURE SUPPLEMENT

dated as of September 26, 2018

 

to

 

AMENDED AND RESTATED MASTER INDENTURE

dated as of May 1, 2018

 

THE BANK OF NEW YORK MELLON

as Indenture Trustee

 

    

     

    

 

Table of Contents

 

	 	Page
	 	 
	ARTICLE I                 Definitions and Other Provisions of General Application	1
	 	 	 
	Section 1.01	Definitions and Interpretive Matters	1
	 	 	 
	Section 1.02	Governing Law	3
	 	 	 
	Section 1.03	Counterparts	3
	 	 	 
	Section 1.04	Ratification of Indenture and Indenture Supplement	3
	 	 	 
	ARTICLE II                The Class A(2022-2) Notes	3
	 	 	 
	Section 2.01	Creation and Designation	3
	 	 	 
	Section 2.02	Form of Delivery of Class A(2022-2) Notes; Depository; Denominations	3
	 	 	 
	Section 2.03	Delivery and Payment for the Class A(2022-2) Notes	3
	 	 	 
	Section 2.04	Specification of SynchronySeries Subordinated Transferor Amount	3
	 	 	 
	Section 2.05	[Reserved.]	4
	 	 	 
	Section 2.06	Maximum Delinquency Percentage	4
	 	 	 
	ARTICLE III               Allocations, Deposits and Payments	4
	 	 	 
	Section 3.01	Targeted Deposits into the Class A(2022-2) Interest Funding Sub-Account	4
	 	 	 
	Section 3.02	[Reserved.]	4
	 	 	 
	Section 3.03	Withdrawals from Class A(2022-2) Interest Funding Sub-Account	4
	 	 	 
	Section 3.04	Withdrawals from Class A(2022-2) Principal Funding Sub-Account	4
	 	 	 
	Section 3.05	Payments of Interest and Principal	5
	 	 	 
	ARTICLE IV              Miscellaneous provisions	5
	 	 	 
	Section 4.01	Limitation of Liability	5

 

    

     

    

 

THIS CLASS A(2022-2) TERMS
DOCUMENT (this “Terms Document”), among the Synchrony CARD ISSUANCE TRUST,
a statutory trust created under the laws of the State of Delaware (the “Issuer”), having its principal office at c/o Citibank,
N.A., 388 Greenwich Street, New York, New York 10013, and THE BANK OF NEW YORK MELLON, a New York state-chartered bank, as indenture trustee
(the “Indenture Trustee”), is made and entered into as of July 15, 2022.

 

Pursuant to this Terms Document,
the Issuer and the Indenture Trustee shall create a new Tranche of SynchronySeries Class A Notes and shall specify the principal
terms thereof.

 

ARTICLE
I

Definitions and Other Provisions of General Application

 

Section 1.01          Definitions
and Interpretive Matters. For all purposes of this Terms Document, except as otherwise expressly provided or unless the context otherwise
requires:

 

(a)           All terms used herein and not otherwise defined herein shall have meanings ascribed to them in the Indenture or the Indenture Supplement.
This Terms Document shall be interpreted in accordance with the conventions set forth in Sections 1.01(a) through (g) of the Indenture.

 

(b)           All terms defined in this Terms Document shall have the defined meanings when used in any certificate or other document made or
delivered pursuant hereto unless otherwise defined therein.

 

(c)           In the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained
in the Indenture or the Indenture Supplement, the terms and provisions of this Terms Document shall be controlling.

 

(d)           Each capitalized term defined herein shall relate only to the Class A(2022-2) Notes and no other Tranche of SynchronySeries Notes
issued by the Issuer.

 

(e)           Whenever used in this Terms Document, the following words and phrases shall have the following meanings, and the definitions of
such terms and phrases are applicable to the singular as well as the plural forms of such terms and to the masculine as well as the neuter
genders of such terms:

 

“Accumulation Commencement
Date” means April 1, 2025; provided, however, that if the Accumulation Period Length for the Class A(2022-2) Notes is more or
less than the Initial Accumulation Period Length for the Class A(2022-2) Notes, the Accumulation Commencement Date for the Class A(2022-2)
Notes will be the date determined pursuant to the definition of “Accumulation Commencement Date” in the Indenture Supplement.

 

“Class A(2022-2)
Note” means any Note, substantially in the form set forth in Exhibit A-1 to the Indenture Supplement, designated therein as
a Class A(2022-2) Note and duly executed and authenticated in accordance with the Indenture.

 

    

     

    

 

“Class A(2022-2)
Noteholder” means a Person in whose name a Class A(2022-2) Note is registered in the Note Register.

 

“Class A(2022-2)
Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal
Amount of the Class A(2022-2) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is
discharged and satisfied pursuant to Article V thereof.

 

“Controlled Accumulation
Amount” means $225,000,000.00; provided, however, if the Accumulation Period Length is determined to be more or less than twelve
months pursuant to Section 3.11(b)(ii) of the Indenture Supplement, the Controlled Accumulation Amount for any Transfer Date with
respect to the Class A(2022-2) Notes will be the amount specified in the definition of “Controlled Accumulation Amount” in
the Indenture Supplement; provided, further, that the Controlled Accumulation Amount for any Monthly Period shall not exceed the Outstanding
Dollar Principal Amount for the Class A(2022-2) Notes minus the amount on deposit in the Class A(2022-2) Principal Funding Sub-Account.

 

“Indenture”
means the Amended and Restated Master Indenture, dated as of May 1, 2018, as amended, between the Issuer and the Indenture Trustee.

 

“Indenture Supplement”
means the SynchronySeries Indenture Supplement, dated as of September 26, 2018, between the Issuer and the Indenture Trustee.

 

“Initial Dollar Principal
Amount” means $675,000,000.

 

“Interest Payment
Date” means August 15, 2022 and the 15th day of each month thereafter, or if such 15th day is not a Business Day, the next succeeding
Business Day.

 

“Interest Period”
means, with respect to any Interest Payment Date, the period from and including the previous Interest Payment Date (or in the case of
the initial Interest Payment Date, from and including the Issuance Date) to but excluding such Interest Payment Date.

 

“Issuance Date”
means July 15, 2022.

 

“Legal Maturity Date”
means the July 2028 Interest Payment Date.

 

“Note Interest Rate”
means a rate per annum equal to 3.86%.

 

“Paying Agent”
means Indenture Trustee.

 

“Predecessor Note”
means, with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such
particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 3.06 of the Indenture
in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or
stolen Note.

 

“Scheduled Principal
Payment Date” means the July 2025 Interest Payment Date.

 

“Stated Principal
Amount” means $675,000,000.

 

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Section 1.02         Governing
Law. THIS TERMS DOCUMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL IN ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY
AND PERFORMANCE, BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING
SECTION 5-1401(1) OF THE GENERAL OBLIGATIONS LAW, BUT WITHOUT REGARD TO ANY OTHER CONFLICT OF LAW PROVISIONS THEREOF).

 

Section 1.03          Counterparts. This Terms Document may be executed in any number of counterparts, including by e-signature, each of which
so executed will be deemed to be an original, but all such counterparts will together constitute but one and the same instrument.

 

Section 1.04          Ratification of Indenture and Indenture Supplement. As supplemented by this Terms Document, each of the Indenture and the
Indenture Supplement is in all respects ratified and confirmed and the Indenture as so supplemented by the Indenture Supplement as so
supplemented by this Terms Document shall be read, taken and construed as one and the same instrument.

 

[END OF ARTICLE I]

 

ARTICLE
II

The Class A(2022-2) Notes

 

Section 2.01          Creation and Designation. There is hereby created a Tranche of SynchronySeries Class A Notes to be issued pursuant
to the Indenture and the Indenture Supplement to be known as the “SynchronySeries Class A(2022-2) Notes.”

 

Section 2.02           Form of Delivery of Class A(2022-2) Notes; Depository; Denominations.

 

(a)           The Class A(2022-2) Notes shall be delivered in the form of a Global Note as provided in Sections 2.02 and 3.01(g) of the Indenture.

 

(b)           The
Depository for the Class A(2022-2) Notes shall be The Depository Trust Company, and the Class A(2022-2) Notes shall initially be registered
in the name of Cede & Co., its nominee.

 

(c)           The
Class A(2022-2) Notes will be issued in minimum denominations of $10,000 and integral multiples of $1,000 in excess of $10,000.

 

Section 2.03          Delivery and Payment for the Class A(2022-2) Notes. The Issuer shall execute and deliver the Class A(2022-2) Notes to the
Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2022-2) Notes when authenticated, each in accordance
with Section 3.03 of the Indenture.

 

Section 2.04           Specification of SynchronySeries Subordinated Transferor Amount. As of the date of this Terms Document, after giving effect
to the issuance of the Class A(2022-2) Notes but prior to any adjustments pursuant to the terms of the Indenture Supplement, the SynchronySeries
Subordinated Transferor Amount will equal $588,513,514.00.

 

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Section 2.05           [Reserved.]

 

Section 2.06           Maximum
Delinquency Percentage. The Maximum Delinquency Percentage for the Class A(2022-2) Notes is 9.00%.

 

[END OF ARTICLE II]

 

ARTICLE
III

Allocations, Deposits and Payments

 

Section 3.01          
Targeted Deposits into the Class A(2022-2) Interest Funding Sub-Account.

 

(a)           The amount targeted to be deposited into the Class A(2022-2) Interest Funding Sub-Account pursuant to Sections 3.02(b) and 3.03
of the Indenture Supplement shall be the sum of the following:

 

(i)          On the Transfer Date related to each Interest Payment Date, the amount of interest targeted to be deposited in the Class A(2022-2)
Interest Funding Sub-Account shall be an amount equal to one-twelfth of the product of (i) the Note Interest Rate, and (ii) (A)
the Outstanding Dollar Principal Amount of the Class A(2022-2) Notes determined as of the close of business on the Interest Payment Date
preceding the related Transfer Date for the Class A(2022-2) Notes plus (B) any interest due but unpaid on any prior Interest Payment Date;
provided, however, that for the first Interest Payment Date, the amount of interest due with respect to the Class A(2022-2)
Notes shall be $2,171,250. Interest on the Class A(2022-2) Notes will be calculated on the basis of a 360-day year consisting of twelve
30-day months. Notwithstanding Section 3.03(d) of the Indenture Supplement, the interest targeted to be deposited in the Class A(2022-2)
Interest Funding Sub-Account shall not include interest accrued on any overdue interest.

 

Section 3.02         
[Reserved.]

 

Section 3.03          Withdrawals from Class A(2022-2) Interest Funding Sub-Account. On each Interest Payment Date, the interest due on the Class
A(2022-2) Notes, calculated pursuant to Section 3.01(a)(i) of this Terms Document, will be withdrawn from the Class A(2022-2) Interest
Funding Sub-Account and remitted to the Paying Agent for distribution pursuant to Section 3.05 of this Terms Document.

 

Section 3.04          Withdrawals from Class A(2022-2) Principal Funding Sub-Account. On each Principal Payment Date, an amount up to the Nominal
Liquidation Amount of the Class A(2022-2) Notes will be withdrawn from the Class A(2022-2) Principal Funding Sub-Account and remitted
to the Paying Agent for distribution pursuant to Section 3.05 of this Terms Document.

 

    4

     

    

 

Section 3.05           Payments
of Interest and Principal.

  

(a)           Any
installment of interest or principal payable on any Class A(2022-2) Note which is punctually paid or duly provided for by the Issuer
and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to the
Person in whose name such Class A(2022-2) Note (or one or more Predecessor Notes) is registered on the Record Date, by wire transfer
of immediately available funds to such Person’s account as has been designated by written instructions received by the Paying Agent
from such Person not later than the close of business on the third Business Day preceding the date of payment or, if no such account
has been so designated, by check mailed first-class, postage prepaid to such Person’s address as it appears on the Note Register
on such Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of Cede & Co.,
payment shall be made by wire transfer in immediately available funds to the account designated by such nominee.

 

(b)           The
right of the Class A(2022-2) Noteholders to receive payments from the Issuer will terminate on the first Business Day following the Class
A(2022-2) Termination Date.

 

[END OF ARTICLE III]

 

ARTICLE
IV

Miscellaneous provisions

 

Section 4.01          
Limitation of Liability.

 

(a)           It is expressly understood and agreed by the parties hereto that (a) this document is executed and delivered by Citibank, N.A.,
not individually or personally, but solely as Trustee of the Issuer, (b) each of the representations, undertakings and agreements herein
made on the part of the Issuer is made and intended not as a personal representation, undertaking and agreement by Citibank, N.A. but
is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability
on Citibank, N.A., 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, (d) Citibank,
N.A. has made no investigation as to the accuracy or completeness of any representations and warranties made by the Issuer or any other
party in this Agreement, and (e) under no circumstances shall Citibank, N.A. be personally liable for the payment of any indebtedness
or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken
by the Issuer under this document or any other related documents.

 

(b)           The Indenture Trustee shall be entitled to the same protections and indemnities under this Terms Document that it is entitled to
under the Indenture.

 

[END OF ARTICLE IV]

 

    5

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Terms Document to be duly executed, all as of the day and year first above written.

 

	 	SYNCHRONY CARD ISSUANCE TRUST
	 	 
	 	By:	 CITIBANK, N.A., not in its individual capacity but solely as Trustee on behalf of the Issuer
	 	 
	 	By:	/s/ Jose Mayorga
	 	 	Name: Jose Mayorga
	 	 	Title: Senior Trust Officer
	 	  
	 	THE BANK OF NEW YORK MELLON,
	 	as Indenture Trustee
	 	  
	 	By:	/s/ Christopher W. Grose
	 	 	Name: Christopher W. Grose
	 	 	Title: Vice President

 

Synchrony Card Issuance Trust 

SynchronySeries Class A(2022-2)
Terms DocumentExhibit 4.2

 

RISK RETENTION AGREEMENT, dated
as of July 15, 2022 (this “Agreement”), by and among SYNCHRONY BANK,
a federal savings association organized under the laws of the United States (“Synchrony Bank”), SYNCHRONY CARD FUNDING,
LLC, a Delaware limited liability company (“Synchrony Card Funding”), and SYNCHRONY CARD ISSUANCE TRUST, a Delaware
statutory trust (the “Issuer”).

 

W I T N E S S E T H:

 

WHEREAS,
Synchrony Bank and Synchrony Card Funding have entered into an Amended and Restated Receivables Sale Agreement, dated as of May 1, 2018
(the “Receivables Sale Agreement”), pursuant to which Synchrony Bank sells Receivables arising under certain Accounts
to Synchrony Card Funding;

 

WHEREAS,
Synchrony Card Funding and the Issuer have entered into an Amended and Restated Transfer Agreement, dated as of May 1, 2018 (as
amended, restated, supplemented or otherwise modified, the “Transfer Agreement”), pursuant to which Synchrony Card
Funding conveyed to the Issuer all of its right, title and interest in and to the Receivables arising under certain Accounts;

 

WHEREAS,
Synchrony Card Funding, Citibank, N.A., as the trustee (in such capacity, the “Trustee”) and Citicorp Trust Delaware,
National Association, as the Delaware trustee, have entered into an Amended and Restated Trust Agreement, dated as of May 1, 2018
(as amended, restated, supplemented or otherwise modified, the “Trust Agreement”), pursuant to which the Issuer issued
the Transferor Interest to Synchrony Card Funding;

 

WHEREAS,
the Issuer and The Bank of New York Mellon (the “Indenture Trustee”) have entered into an Amended and Restated Master
Indenture, dated as of May 1, 2018 (as amended, restated, supplemented or otherwise modified, the “Master Indenture”),
and a SynchronySeries Indenture Supplement, dated as of September 26, 2018, (as amended, restated, supplemented or otherwise modified,
the “Indenture Supplement”, and together with the Master Indenture, the “Indenture”), pursuant to
which the Issuer has issued and may from time to time issue the SynchronySeries Notes; and

 

WHEREAS,
Synchrony Card Funding intends to cause the Issuer to issue the Class A(2022-2) Notes pursuant to the Indenture and the Class A(2022-2)
Terms Document, dated as of July 15, 2022 (the “Terms Document”), between the Issuer and the Indenture Trustee.

 

NOW, THEREFORE, it is hereby
agreed by and among Synchrony Bank, Synchrony Card Funding and the Issuer as follows:

 

1.                 
DEFINITIONS. All capitalized terms used but not defined herein shall have the meanings given to such terms in the Terms
Document and, if not defined therein, in the Indenture. The following capitalized terms shall have the following meanings:

 

“Applicable Investor”
means each holder of a beneficial interest in any Class A(2022-2) Note that is (i) an “institutional investor” as defined
in the EU Securitization Regulation and to which the EU Securitization Regulation applies or (ii) an “institutional investor” as defined in the UK Securitization
Regulation and to which the UK Securitization Regulation applies.

 

     

     

    

 

“EU
Securitization Regulation” means Regulation (EU) 2017/2402 of the European Parliament and of the Council of December 12, 2017
laying down a general framework for securitization and creating a specific framework for simple, transparent and standardized securitization
and amending certain other European Union directives and regulations, as amended.

 

“EU Securitization
Rules” means the EU Securitization Regulation, together with any relevant regulatory and/or implementing technical standards
adopted by the European Commission in relation thereto, any relevant regulatory and/or implementing technical standards applicable in
relation thereto pursuant to any transitional arrangements made pursuant to the EU Securitization Regulation, and, in each case, any relevant
guidance published in relation thereto by the European Banking Authority or the European Securities and Markets Authority (or, in either
case, any predecessor authority) or by the European Commission.

 

“UK Securitization
Regulation” means Regulation (EU) 2017/2402 as it forms part of UK domestic law by operation of the European Union (Withdrawal)
Act 2018, as amended, and as amended by the Securitisation (Amendment) (EU Exit) Regulations 2019, and as further amended.

 

“UK
Securitization Rules” means the UK Securitization Regulation, together with (a) all applicable binding technical standards
made under the UK Securitization Regulation, (b) any EU regulatory technical standards or implementing technical standards relating to
the EU Securitization Regulation (including such regulatory technical standards or implementing technical standards which are applicable
pursuant to any transitional provisions of the EU Securitization Regulation) forming part of UK domestic law by operation of the European
Union (Withdrawal) Act 2018, as amended (the “EUWA”), (c) all relevant guidance, policy statements or directions relating
to the application of the UK Securitization Regulation (or any binding technical standards) published by the Financial Conduct Authority
and/or the Prudential Regulation Authority (or their successors), (d) any guidelines relating to the application of the EU Securitization
Regulation which are applicable in the United Kingdom, (e) any other transitional, saving or other provision relevant to the UK Securitization
Regulation by virtue of the operation of the EUWA and (f) any other applicable laws, acts, statutory instruments, rules, guidance or policy
statements published or enacted relating to the UK Securitization Regulation, in each case, as may be further amended, supplemented or
replaced, from time to time.

 

2.                 
REPRESENTATIONS. Synchrony Bank represents and warrants to the Issuer and the Indenture Trustee (solely for the benefit
of the Applicable Investors) that as of the date hereof:

 

(a)              
Synchrony Bank has all requisite power and authority to execute, deliver and perform its obligations under this Agreement;

 

(b)               The
execution, delivery and performance of this Agreement have been duly authorized by all necessary action, and do not violate any
provision of any law or regulation of any Governmental Authority, or contractual or other restrictions binding on Synchrony Bank,
except where such violations, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect;
and

 

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(c)              
This Agreement is the valid, binding and enforceable obligation of Synchrony Bank, except as the same 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).

 

3.                 
COVENANTS. With reference to the EU Securitization Rules and the UK Securitization Rules, in each case as in effect and
applicable on the date hereof, Synchrony Bank hereby confirms, represents and warrants to and agrees with, and irrevocably and unconditionally
undertakes to the Issuer and the Indenture Trustee, solely for the benefit of each Applicable Investor, on an ongoing basis, that:

 

(a)              
Synchrony Bank, as an “originator” for the purposes of the EU Securitization Rules and the UK Securitization Rules,
will retain upon issuance of the Notes, and on an ongoing basis for so long as the Notes remain outstanding, a material net economic interest
in the securitization transaction described in the Offering Memorandum (the “Retained Interest”) that is not less than
5% of the nominal value of the securitized exposures, in a form that is intended to qualify as an originator’s interest as provided
in option (b) of Article 6(3) of the EU Securitization Regulation and option (b) of Article 6(3) of the UK Securitisation Regulation,
in each case, as in effect and applicable on the closing date, by holding all the membership interests in Synchrony Card Funding, which
in turn holds all or part of the Transferor Interest (the “Retained Interest”);

 

(b)              
Synchrony Bank will not (and will not permit Synchrony Card Funding or any of its other affiliates to) hedge or otherwise mitigate
its credit risk under or associated with the Retained Interest, or sell, transfer or otherwise surrender all of part of the rights, benefits
or obligations arising from the Retained Interest, except, to the extent permitted in accordance with the EU Securitization Rules and
the UK Securitization Rules;

 

(c)              
Synchrony Bank will not change the manner or form in which it retains its Retained Interest while any of the Class A(2022-2) Notes
are outstanding, except as permitted by the EU Securitization Rules and the UK Securitization Rules; and

 

(d)              
Synchrony Bank will provide ongoing confirmation of Synchrony Bank’s continued compliance with its obligations described
in (a), (b) and (c) above in or concurrently with the delivery of each Monthly Noteholders’ Statement.

 

4.                  AGREEMENTS
OF SYNCHRONY CARD FUNDING. Synchrony Card Funding hereby acknowledges the terms and conditions of this Agreement and, further,
covenants that it will not subject the Retained Interest to any credit risk mitigation or other hedge, or sell, transfer or
otherwise surrender all or part of the rights, benefits or obligations arising from the Retained Interest, other than as directed by
Synchrony Bank and as permitted in accordance with the terms of this Agreement.

 

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5.                 
LIMITATION OF LIABILITY.

 

(a)              
It is expressly understood and agreed by the parties hereto that (i) this Agreement is executed and delivered by Citibank, N.A.,
not individually or personally, but solely as Trustee of the Issuer, (ii) each of the representations, undertakings and agreements herein
made on the part of the Issuer is made and intended not as a personal representation, undertaking and agreement by Citibank, N.A. but
is made and intended for the purpose of binding only the Issuer, (iii) nothing herein contained shall be construed as creating any liability
on Citibank, N.A., 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, (iv) Citibank,
N.A. has made no investigation as to the accuracy or completeness of any representations and warranties made by the Issuer or any other
party in this Agreement, and (v) under no circumstances shall Citibank, N.A. be personally liable for the payment of any indebtedness
or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken
by the Issuer under this Agreement or any other related documents.

 

(b)              
Notwithstanding anything to the contrary contained herein or in any other document or agreement relating to the Class A(2022-2)
Notes, in no event shall Synchrony Bank or Synchrony Card Funding be liable to the Indenture Trustee, the Issuer, the Trustee, any Applicable
Investor or any other Noteholder, or responsible for, losses in respect of the Class A(2022-2) Notes or any interest therein, including,
without limitation any loss of value of any Class A(2022-2) Notes or any interest therein, due to the failure of the Retained Interest
and compliance by Synchrony Bank and Synchrony Card Funding with the terms of this Agreement to satisfy the EU Securitization Rules, the
UK Securitization Rules or other similar or equivalent provisions now or hereafter in effect. 

 

(c)              
Without limiting Section 5(b) of this Agreement, except as specifically provided in Sections 3 and 4 of this Agreement, neither
Synchrony Bank nor Synchrony Card Funding undertakes, or intends, to take or refrain from taking any action with regard to the Class A(2022-2)
Notes in a manner prescribed or contemplated by the EU Securitization Rules or the UK Securitization Rules, or to take any action for
purposes of, or in connection with, compliance by any Applicable Investor or other person with any applicable EU Securitization Rules
or UK Securitization Rules. In particular, neither of them makes any undertaking in this Agreement or otherwise with respect to the transparency
requirements in Article 7 of the EU Securitization Regulation or Article 7 of the UK Securitization Regulation.

 

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6.                 
MISCELLANEOUS. 

 

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

 

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

 

(c)              
BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN
EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES
DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS.  THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE
BENEFITS OF THE JUDICIAL SYSTEM, THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT
TO RESOLVE ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO
THE RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

    5

     

    

 

If to Synchrony Bank:

 

777 Long Ridge Road

Stamford, Connecticut 06902

Attention: Eric Duenwald – Treasurer

 

If to Synchrony Card
Funding:

 

777 Long Ridge Road

Stamford, Connecticut 06902

Attention:  Eric Duenwald – President

 

If to the Issuer:

 

388 Greenwich Street

New York, New York 10013

Attn:  Synchrony Card Issuance Trust

 

(d)              
Neither this Agreement nor any term or provision hereof may be changed, waived, discharged or terminated except by a writing signed
by a duly authorized officer of the party against whom enforcement of such change, waiver, discharge or termination is sought to be enforced.

 

(e)              
Any part, provision, representation, warranty or covenant of this Agreement that is prohibited or is held to be void or unenforceable
shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof.

 

Any part, provision,
representation, warranty or covenant of this Agreement that is prohibited or is held to be void or unenforceable in any particular jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any particular jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.

 

To the extent permitted
by applicable law, the parties hereto waive any provision of law which prohibits or renders void or unenforceable any provision hereof.

 

(f)               
This Agreement constitutes the entire agreement and understanding of the parties with respect to the matters addressed herein,
and this Agreement supersedes any prior agreements and/or understandings, written or oral, with respect to such matters.

 

    6

     

    

 

(g)              
 The Issuer is a party to this Agreement solely for the purposes of obtaining the benefit of the representations, warranties and
covenants contained therein and under no circumstances shall it be deemed to have undertaken any obligations thereunder or by virtue of
its entry into this Agreement.

 

(h)              
The Indenture Trustee is a third party beneficiary of this Agreement solely for the purpose of obtaining the benefit of the representations,
warranties and covenants contained herein and under no circumstances shall it be deemed to have undertaken any obligations hereunder.
For the avoidance of doubt, in no event shall the Indenture Trustee have any responsibility to monitor compliance with or be charged with
knowledge of the EU Securitization Rules or the UK Securitization Rules, nor shall it be liable to any Applicable Investor, Noteholder
or any party whatsoever for any violation of such EU Securitization Rules or such UK Securitization Rules or such similar provisions now
or hereafter in effect or for any breach of any term of this Agreement.

 

    7

     

    

 

Synchrony Bank, Synchrony Card
Funding and the Issuer have caused this Agreement to be duly executed by their respective officers as of the date first above written.

 

	 	SYNCHRONY BANK 
	 	 
	 	 	By:	/s/
    Eric Duenwald  
	 	 	Name: Eric Duenwald
	 	 	Title:
      SVP & Treasurer 
	 	 
	 	SYNCHRONY
    CARD FUNDING, LLC
	 	 
	 	 
	 	 	By:	/s/
    Christopher Coffey 
	 	 	Name: Christopher Coffey
	 	 	Title:
      Vice President 
	 	 
	 	SYNCHRONY
    CARD ISSUANCE TRUST
	 	 
	 	By:	Citibank, N.A., not in its individual
    capacity, but solely as Trustee
	 	 
	 	 	By:	 /s/ Jose Mayorga
	 	 	Name: Jose Mayorga
	 	 	Title: Senior Trust Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}]]