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GE CAPITAL CREDIT CARD MASTER NOTE TRUST FILES (8-K) Disclosing Change of Servicer or Trustee, Financial Statements and Exhibits

August 4, 2014



Item 6.02 Change of Servicer or Trustee.

On July 30, 2014, General Electric Capital Corporation ("GECC") engaged Synchrony Financial ("Synchrony") to perform substantially all the services that GECC is obligated to provide under the Servicing Agreement, dated as of June 27, 2003 (as amended), between GECC and GE Capital Credit Card Master Note Trust (the "Issuer"), by entering into the Sub-Servicing Agreement, dated as of July 30, 2014, between GECC and Synchrony, a copy of which is filed with this Form 8-K as Exhibit 99.1. As compensation, Synchrony will receive a monthly fee based on the amount of principal receivables owned by the Issuer. However, these payments are solely the obligation of GECC and are not payable from assets of the Issuer. Further, on August 1, 2014, Synchrony and Synchrony Bank entered into a Sub-Servicing Agreement, a copy of which is filed with this Form 8-K as Exhibit 99.2. As compensation, Synchrony Bank will receive a per statement fee and will be reimbursed for certain expenses. However, these payments are solely the obligation of Synchrony and are not payable from assets of the Issuer.

Synchrony is a holding company for the legal entities that historically conducted GE's North American retail finance business. Synchrony (previously named GE Capital Retail Finance Corporation) was incorporated in Delaware on September 12, 2003, but prior to April 1, 2013 conducted no business. During the period from April 1, 2013 to September 30, 2013, as part of a regulatory restructuring, substantially all of the assets and operations of GE's North American retail finance business, including Synchrony Bank (formerly known as GE Capital Retail Bank) and GE Consumer Finance Inc., were transferred to Synchrony. Therefore, the servicing policies and procedures used to service the receivables owned by the Issuer have not changed from those described in the Registration Statement.

Item 9.01. Financial Statements and Exhibits.

(a) Not applicable. (b) Not applicable. (c) Not applicable. (d) Exhibits.



Exhibit No. Document Description

Exhibit 99.1 Sub-Servicing Agreement, dated July 30, 2014, between General

Electric Capital Corporation and Synchrony Financial.



Exhibit 99.2 Sub-Servicing Agreement, dated August 1, 2014, between Synchrony

Financial and Synchrony Bank


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Source: Edgar Glimpses


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