Form 10-D RFS HOLDING LLC For: Jul 31

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

 

Washington, D.C. 20549

 

FORM 10-D

 

ASSET-BACKED ISSUER

DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

 

 

For the monthly distribution period from

July 1, 2022 to July 31, 2022

 

 

Commission File Number of issuing entity:	333-206176-01, 333-181466, 333-229815-01
Central Index Key Number of issuing entity:	0001290098

 

 

 

Synchrony Credit Card Master Note Trust

(Exact Name of issuing entity as specified in its charter)

 

Commission File Number of depositor:	333-206176, 333-181466-01, 333-229815
Central Index Key Number of depositor:	0001226006

 

RFS Holding, L.L.C.

(Exact Name of Registrant as Specified in its Charter)

 

Synchrony Bank

(Exact Name of Sponsor as Specified in its Charter)

Central Index Key Number of Sponsor: 0001602566

 

Delaware

(State or Other Jurisdiction of Incorporation or organization of the issuing entity)

 

57-1173164 (RFS Holding, L.L.C.) 20-0268039 (Synchrony Credit Card Master Note Trust)

(I.R.S. Employer Identification No.)

 

c/o Synchrony Financial
777 Long Ridge Rd, Building S, 3rd Floor
Stamford, CT		06902
(Address of Principal Executive Office of the issuing entity)		(Zip Code)

 

 

(877) 441-5094

(Telephone Number, Including Area Code)

 

 

 

(Former Name or Former Address, if Changed Since Last Report)

 

 

Registered reporting pursuant to (check one)

 

Title of Class		Section 12(b)		Section 12(g)		Section 15(d)		Name of Exchange (If Section 12(b))
Series 2017-2, Class A		¨		¨		x		________
Series 2017-2, Class B		¨		¨		x		________
Series 2017-2, Class C		¨		¨		x		________
Series 2018-2, Class A		¨		¨		x		________
Series 2018-2, Class B		¨		¨		x		________
Series 2018-2, Class C		¨		¨		x		________

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such requirements for the past 90 days. Yes: x      No: ¨

 

 

PART I - Distribution Information.

 

Item 1. Distribution and Pool Performance Information.

 

The response to Item 1 is set forth herein and in Exhibits 99.1 and 99.2.

 

Trust Performance

 

		July 2022				June 2022				May 2022				3-Month Avg
Gross Trust Yield			24.59	%			23.40	%			25.45	%			24.48	%
Gross Charge-Off Rate			3.43	%			2.84	%			3.44	%			3.24	%
Gross Charge-Off Rate Excluding Fraud			3.28	%			2.73	%			3.30	%			3.10	%
Net Charge-Off Rate Excluding Fraud			2.51	%			2.09	%			2.53	%			2.38	%
Trust Excess Spread Percentage			17.11	%			17.05	%			18.57	%			17.58	%
Payment Rate			21.17	%			21.05	%			22.44	%			21.55	%
Delinquency Data
1-29 Days Delinquent			1.88	%			1.88	%			1.78	%			1.85	%
30-59 Days Delinquent			0.48	%			0.46	%			0.43	%			0.46	%
60-89 Days Delinquent			0.33	%			0.34	%			0.28	%			0.32	%
90-119 Days Delinquent			0.30	%			0.29	%			0.26	%			0.28	%
120-149 Days Delinquent			0.25	%			0.28	%			0.23	%			0.25	%
150-179 Days Delinquent			0.24	%			0.23	%			0.18	%			0.22	%
180 or Greater Days Delinquent			0.00	%			0.00	%			0.00	%			0.00	%
BOP Principal Receivables ($B)		$	5.0			$	6.0			$	5.9			$	5.6

 

Charge-offs are executed on charge-off cycle dates which occur on various days during each distribution period. The number of different charge-off cycle dates in each distribution period varies based on such factors as the calendar and the timing of billing cycles. As a result, the amount of charged-off receivables can vary between distribution periods with no corresponding change in the performance of the trust portfolio. The following table sets forth the number of different charge-off cycle dates for each distribution period ending in the months indicated. Each distribution period begins on the first calendar day and ends on the last calendar day of the calendar month indicated below.

 

 

		2021		2022
January		28		28
February		28		28
March		29		28
April		27		26
May		28		30
June		29		28
July		25		28
August		30		29
September		28		27
October		28		28
November		28		29
December		28		25

 

No assets securitized by RFS Holding, L.L.C. (the “Securitizer”) and held by Synchrony Credit Card Master Note Trust were the subject of a demand to repurchase or replace for breach of the representations and warranties during the distribution period July 1, 2022 through July 31, 2022. The most recent Form ABS-15G filed by the Securitizer was filed on February 7, 2022. The CIK number of the Securitizer is 0001226006.

 

ITEM 1A – Asset-Level Information.

Inapplicable.

 

ITEM 1B – Asset Representations Reviewer and Investor Communication.

Nothing to report.

 

 

PART II - Other Information

 

ITEM 2 – Legal Proceedings.

 

Nothing to report. 

 

ITEM 3 – Sales of Securities and Use of Proceeds.

 

Nothing to report.

 

ITEM 4 – Defaults Upon Senior Securities.

Nothing to report.

 

ITEM 5 – Submission of Matters to a Vote of Security Holders.

Nothing to report.

 

ITEM 6 – Significant Obligors of Pool Assets.

Nothing to report.

 

ITEM 7 – Change in Sponsor Interest in the Securities.

 

Nothing to report.

 

ITEM 8 – Significant Enhancement Provider Information.

Inapplicable.

 

ITEM 9 – Other Information.

Nothing to report.

 

ITEM 10 – Exhibits

 

(a)

The exhibits listed below are filed as a part of this report.

 

Exhibit No.	Document Description
99.1	Monthly Noteholder's Statement for Synchrony Credit Card Master Note Trust, Series 2017-2, for August 15, 2022 Payment Date.
99.2	Monthly Noteholder's Statement for Synchrony Credit Card Master Note Trust, Series 2018-2, for August 15, 2022 Payment Date.

 

(b)

See (a) above for the exhibits filed in response to Item 601 of Regulations S-K.

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

		RFS Holding, L.L.C., as depositor
Dated:  August 15, 2022		By:	/s/ Chris Coffey
		Name: Chris Coffey
		Title: Vice President

 

 

 

 

Exhibit 99.1

 

Monthly Noteholder's Statement

Synchrony Credit Card Master Note Trust

Series 2017-2

 

Class A 2.6200% Notes
Class B 2.8200% Notes
Class C 3.0100% Notes
Class D 3.4100% Notes

 

Pursuant to the Master Indenture, dated as of September 25, 2003 (as amended and supplemented, the "Indenture") between Synchrony Credit Card Master Note Trust (the "Issuer") and Deutsche Bank Trust Company Americas, as indenture trustee (the "Indenture Trustee"), as supplemented by the Series 2017-2 Indenture Supplement (the "Indenture Supplement"), dated as of November 02, 2017, between the Issuer and the Indenture Trustee, the Issuer is required to prepare, or cause the Servicer to prepare, certain information each month regarding current distributions to the Series 2017-2 Noteholders and the performance of the Trust during the previous month.  The information required to be prepared with respect to the Payment Date of August 15, 2022, and with respect to the performance of the Trust during the Monthly Period ended July 31, 2022 is set forth below.  Capitalized terms used herein are defined in the Indenture and the Indenture Supplement. The Discount Percentage (as defined in the Transfer Agreement) remains at 0% for all the Receivables in the Trust until otherwise indicated.  The undersigned, an Authorized Officer of the Servicer, does hereby certify as follows:

 

Record Date:	07/29/2022	Interest Period Beginning:	07/15/2022
Monthly Period Beginning:	07/01/2022	Interest Period Ending:	08/14/2022
Monthly Period Ending:	07/31/2022	Days in Interest Period:	31
Previous Payment Date:	07/15/2022	Days in Monthly Period:	31
Payment Date:	08/15/2022	Loss Cycles in Period:	28
Is there a Reset Date?	No

 

I. Trust Receivables Information
a.	Number of Accounts Beginning			5,828,086
b.	Number of Accounts Ending			5,763,714
c.	Average Account Balance (q / b)			875.16
d.	BOP Principal Receivables			5,042,672,005.27
e.	BOP Finance Charge Receivables			222,828,749.40
f.	BOP Total Receivables			5,265,500,754.67
g.	Increase in Principal Receivables from Additional Accounts			0.00
h.	Increase in Principal Activity on Existing Securitized Accounts			1,083,391,687.33
i.	Increase in Finance Charge Receivables from Additional Accounts			0.00
j.	Increase in Finance Charge Activity on Existing Securitized Accounts			96,599,510.25
k.	Increase in Total Receivables			1,179,991,197.58
l.	Decrease in Principal Receivables due to Account Removal			0.00
m.	Decrease in Principal Activity on Existing Securitized Accounts			1,081,915,946.14
n.	Decrease in Finance Charge Receivables due to Account Removal			0.00
o.	Decrease in Finance Charge Activity on Existing Securitized Accounts			97,149,823.89
p.	Decrease in Total Receivables			1,179,065,770.03
q.	EOP Aggregate Principal Receivables			5,044,147,746.46
r.	EOP Finance Charge Receivables			222,278,435.76
s.	EOP Total Receivables			5,266,426,182.22
t.	Excess Funding Account Balance			0.00
u.	Required Principal Balance			4,043,869,797.34
v.	Minimum Free Equity Amount (EOP Aggregate Principal Receivables * 5.5%)			277,428,126.06
w.	Free Equity Amount			1,325,620,415.12
x.	Risk Retention - Dodd-Frank
	i. Required Seller's Interest (as of EOP)			176,702,315.10
	ii. Seller's Interest (as of EOP)			1,510,101,444.45
II. Investor Information (Sum of all Series)
a.	Note Principal Balance
		i.	Beginning of Interest Period	3,534,046,302.00

 

 

		ii.	Increase in Note Principal Balance due to New Issuance / Additional draws	0.00
		iii.	Decrease in Note Principal Balance due to Principal Paid and Notes Retired	0.00
		iv.	As of Payment Date	3,534,046,302.00
b.	Excess Collateral Amount
		i.	Beginning of Interest Period	509,823,495.34
		ii.	Change to Excess Collateral Amount in connection with the Supplemental Indenture	0.00
		iii.	Increase in Excess Collateral Amount due to New Issuance / Additional draws	0.00
		iv.	Reductions in Required Excess Collateral Amount	0.00
		v.	Increase in Unreimbursed Investor Charge-Off	0.00
		vi.	Decrease in Unreimbursed Investor Charge-Off	0.00
		vii.	Increase in Unreimbursed Reallocated Principal Collections	0.00
		viii.	Decrease in Unreimbursed Reallocated Principal Collections	0.00
		ix.	As of Payment Date	509,823,495.34
c.	Principal Accumulation Account Balance
		i.	Beginning of Interest Period	0.00
		ii.	Controlled Deposit Amount	325,342,466.00
		iii.	Withdrawal for Principal Payment	0.00
		iv.	As of Payment Date	325,342,466.00
d.	Collateral Amount
		i.	Beginning of Interest Period	4,043,869,797.34
		ii.	As of Payment Date	3,718,527,331.34
III. Trust Performance Data (Monthly Period)
a.	Gross Trust Yield (Finance Charge Collections + Recoveries / BOP Principal Receivables)
		i.	Current	24.5914%
		ii.	Prior Monthly Period	23.4016%
		iii.	Two Months Prior Monthly Period	25.4500%
		iv.	Three-Month Average	24.4810%
b.	Payment Rate (Principal Collections / BOP Principal Receivables)
		i.	Current	21.1697%
		ii.	Prior Monthly Period	21.0458%
		iii.	Two Months Prior Monthly Period	22.4351%
		iv.	Three-Month Average	21.5502%
c.	Gross Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts - Fraud Amount / BOP Principal Receivables)
		i.	Current	3.2788%
		ii.	Prior Monthly Period	2.7252%
		iii.	Two Months Prior Monthly Period	3.2984%
		iv.	Three Months Prior Monthly Period	2.9466%
		v.	Three-Month Average	3.1008%
		vi.	Four-Month Average	3.0623%
d.	Gross Charge-Off Rate (Default Amount for Defaulted Accounts / BOP Principal Receivables)
		i.	Current	3.4263%
		ii.	Prior Monthly Period	2.8441%
		iii.	Two Months Prior Monthly Period	3.4422%
		iv.	Three Months Prior Monthly Period	3.0762%
		v.	Three-Month Average	3.2376%
		vi.	Four-Month Average	3.1972%

 

 

e.	Net Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts - Recoveries - Fraud Amount / BOP Principal Receivables)
		i.	Current	2.5091%
		ii.	Prior Monthly Period	2.0862%
		iii.	Two Months Prior Monthly Period	2.5325%
		iv.	Three Months Prior Monthly Period	2.1890%
		v.	Three-Month Average	2.3759%
		vi.	Four-Month Average	2.3292%
f.	Net Charge-Off Rate (Default Amount for Defaulted Accounts - Recoveries/ BOP Principal Receivables)
		i.	Current	2.6566%
		ii.	Prior Monthly Period	2.2051%
		iii.	Two Months Prior Monthly Period	2.6764%
		iv.	Three Months Prior Monthly Period	2.3186%
		v.	Three-Month Average	2.5127%
		vi.	Four-Month Average	2.4642%
g.	Trust excess spread percentage ((FC Coll - Charged-Off Rec - Monthly Interest +/- Net Swaps - Monthly Servicing Fee) / BOP Principal Receivables)			17.1109%
h.	Default Amount for Defaulted Accounts			14,398,219.47
i.	Recovery Amount			3,234,602.47
j.	Net Charge-Off (Default Amount for Defaulted Accounts - Recoveries)			11,163,617.00
k.	Number of Accounts Charged Off			8,742
l.	Average Account Charge-Off (Net Charge-Off / Number of Accounts Charged Off)			1,277.01
m.	Collections
		i.	Total Trust Finance Charge Collections	100,104,200.57
		ii.	Total Trust Principal Collections	1,067,517,726.67
		iii.	Total Trust Collections	1,167,621,927.24

 

n.	Delinquency Data			Accounts	Pctg. of Tot. Accts.	Total Receivables	Pctg. of Tot. Recv.
		i.	1-29 Days Delinquent	67,133	1.1648%	99,096,069.64	1.8817%
		ii.	30-59 Days Delinquent	13,536	0.2348%	25,541,137.76	0.4850%
		iii.	60-89 Days Delinquent	7,771	0.1348%	17,188,957.76	0.3264%
		iv.	90-119 Days Delinquent	6,397	0.1110%	15,628,810.35	0.2968%
		v.	120-149 Days Delinquent	5,006	0.0869%	13,064,971.07	0.2481%
		vi.	150-179 Days Delinquent	4,639	0.0805%	12,413,258.82	0.2357%
		vii.	180 or Greater Days Delinquent	0	0.0000%	0.00	0.0000%
			Total	104,482	1.8128%	182,933,205.40	3.4736%

 

IV. Series Performance Data
a.	Portfolio Yield
		i.	Current	21.3832%
		ii.	Prior Monthly Period	20.5614%
		iii.	Two Months Prior Monthly Period	22.0091%
		iv.	Three-Month Average	21.3179%
b.	Base Rate
		i.	Current	3.9643%
		ii.	Prior Monthly Period	4.5976%
		iii.	Two Months Prior Monthly Period	4.5976%
		iv.	Three-Month Average	4.3865%
c.	Excess Spread Percentage
		i.	Current	17.4189%
		ii.	Prior Monthly Period	15.9638%
		iii.	Two Months Prior Monthly Period	17.4115%
		iv.	Quarterly Excess Spread Percentage	16.9314%

 

 

V. Investor Information Regarding Distributions to Noteholders
a.	The total amount of the distribution to Class A Noteholders per $1000 Note Initial Principal Balance.			2.183333
b.	The amount of the distribution set forth in paragraph a. above in respect of interest on the Class A Notes, per $1000 Note Initial Principal Balance.			2.183333
c.	The amount of the distribution set forth in paragraph a. above in respect of principal on the Class A Notes, per $1000 Note Initial Principal Balance.			0.000000
d.	The total amount of the distribution to Class B Noteholders per $1000 Note Initial Principal Balance.			2.350000
e.	The amount of the distribution set forth in paragraph d. above in respect of interest on the Class B Notes, per $1000 Note Initial Principal Balance.			2.350000
f.	The amount of the distribution set forth in paragraph d. above in respect of principal on the Class B Notes, per $1000 Note Initial Principal Balance.			0.000000
g.	The total amount of the distribution to Class C Noteholders per $1000 Note Initial Principal Balance.			2.508333
h.	The amount of the distribution set forth in paragraph g. above in respect of interest on the Class C Notes, per $1000 Note Initial Principal Balance.			2.508333
i.	The amount of the distribution set forth in paragraph g. above in respect of principal on the Class C Notes, per $1000 Note Initial Principal Balance.			0.000000
j.	The total amount of the distribution to Class D Noteholders per $1000 Note Initial Principal Balance.			2.841667
k.	The amount of the distribution set forth in paragraph j. above in respect of interest on the Class D Notes, per $1000 Note Initial Principal Balance.			2.841667
l.	The amount of the distribution set forth in paragraph j. above in respect of principal on the Class D Notes, per $1000 Note Initial Principal Balance.			0.000000
VI. Investor Information
a.	Class A Note Initial Principal Balance			750,000,000.00
b.	Class B Note Initial Principal Balance			71,917,808.00
c.	Class C Note Initial Principal Balance			61,643,836.00
d.	Class D Note Initial Principal Balance			92,465,753.00
e.	Initial Excess Collateral Amount (As of Payment Date)			51,369,864.00
f.	Initial Collateral Amount (As of Payment Date)			1,027,397,261.00
g.	Class A Note Principal Balance
		i.	Beginning of Interest Period	750,000,000.00
		ii.	Principal Payment	0.00
		iii.	As of Payment Date	750,000,000.00
h.	Class B Note Principal Balance
		i.	Beginning of Interest Period	71,917,808.00
		ii.	Principal Payment	0.00
		iii.	As of Payment Date	71,917,808.00

 

 

i.	Class C Note Principal Balance
		i.	Beginning of Interest Period	61,643,836.00
		ii.	Principal Payment	0.00
		iii.	As of Payment Date	61,643,836.00
j.	Class D Note Principal Balance
		i.	Beginning of Interest Period	92,465,753.00
		ii.	Principal Payment	0.00
		iii.	As of Payment Date	92,465,753.00
k.	Excess Collateral Amount
		i.	Beginning of Interest Period	51,369,864.00
		ii.	Increase in Excess Collateral Amount in connection with the Supplemental Indenture	0.00
		iii.	Reduction in Excess Collateral Amount	0.00
		iv.	As of Payment Date	51,369,864.00
l.	Collateral Amount
		i.	Beginning of Interest Period	1,027,397,261.00
		ii.	Increase in Excess Collateral Amount in connection with the Supplemental Indenture	0.00
		iii.	Increase/Decrease in Unreimbursed Investor Charge-Offs	0.00
		iv.	Increase/Decrease in Reallocated Principal Collections	0.00
		v.	Reduction in Excess Collateral Amount	0.00
		vi.	Principal Accumulation Account Deposit	325,342,466.00
		vii.	As of Payment Date	702,054,795.00
		viii.	Collateral Amount as a Percentage of Note Trust Principal Balance	13.9182%
		ix.	Amount by which Note Principal Balance exceeds Collateral Amount	273,972,602.00
m.	Required Excess Collateral Amount (As of Payment Date)			35,102,740.40
VII. Investor Charge-Offs and Reallocated Principal Collections
(Section references relate to Indenture Supplement)
a.	Beginning Unreimbursed Investor Charge-Offs			0.00
b.	Current Unreimbursed Investor Defaults			0.00
c.	Current Unreimbursed Investor Uncovered Dilution Amount			0.00
d.	Current Reimbursement of Investor Charge-Offs pursuant to Section 4.4(a)(vii)			0.00
e.	Ending Unreimbursed Investor Charge-Offs			0.00
f.	Beginning Unreimbursed Reallocated Principal Collections			0.00
g.	Current Reallocated Principal Collections pursuant to Section 4.7			0.00
h.	Current Reimbursement of Reallocated Principal Collections pursuant to Section 4.4(a)(vii)			0.00
i.	Ending Unreimbursed Reallocated Principal Collections			0.00
VIII. Investor Percentages - BOP Balance and Series Account Information
a.	Allocation Percentage Numerator - for Finance Charge Collections and Default Amounts			1,027,397,261.00
b.	Allocation Percentage Numerator - for Principal Collections			1,027,397,261.00
c.	Allocation Percentage Denominator
		i.	Aggregate Principal Receivables Balance as of Prior Monthly Period	5,042,672,005.26
		ii.	Number of Days at Balance	31
		iii.	Average Principal Balance	5,042,672,005.26
d.	Sum of Allocation Percentage Numerators for all outstanding Series with respect to Finance Charge Collections and Default Amounts			4,043,869,797.34
e.	Sum of Allocation Percentage Numerators for all outstanding Series with respect to Principal Collections			4,043,869,797.34
f.	Average Daily Allocation Percentage, Finance Charge Collections and Default Amount
	(a. / greater of c.iii. or d.)			20.3741%
g.	Average Daily Allocation Percentage, Principal Collections
	(b. / greater of c.iii. or e.)			20.3741%
h.	Series Allocation Percentage			25.4063%

 

 

IX. Collections and Allocations				Trust	Series
a.	Finance Charge Collections			100,104,200.57	20,395,294.89
b.	Recoveries			3,234,602.47	659,020.00
c.	Principal Collections			1,067,517,726.67	217,496,755.50
d.	Default Amount			14,398,219.47	2,933,502.60
e.	Dilution			87,294,456.82	17,785,429.36
f.	Investor Uncovered Dilution Amount			0.00	0.00
g.	Dilution including Fraud Amount			87,914,266.39
h.	Available Finance Charge Collections
		i.	Investor Finance Charge Collections		20,395,294.89
		ii.	Excess Finance Charge Collections allocable to Series 2017-2		0.00
		iii.	Principal Accumulation Account Investment Proceeds		181,214.12
		iv.	Investment earnings in the Reserve Account		5,488.32
		v.	Reserve Account Draw Amount		0.00
		vi.	Net Swap Receipts		N/A
		vii.	Recoveries		659,020.00
i.	Available Finance Charge Collections (Sum of h.i through h.vii)				21,241,017.33
j.	Total Collections (c.Series + i.)				238,737,772.83
k.	Total Finance Charge Collections deposited in the Collection Account (net of any amounts distributed to Transferor and owed to Servicer)				2,223,975.91
X. Application of Available Funds pursuant to Section 4.4(a) of the Indenture Supplement
a.	Available Finance Charge Collections				21,241,017.33
i.	On a pari passu basis:
		a.	Payment to the Indenture Trustee, to a maximum of $25,000		0.00
		b.	Payment to the Trustee, to a maximum of $25,000		0.00
		c.	Payment to the Administrator, to a maximum of $25,000		88.92
ii.	To the Servicer:
		a.	Noteholder Servicing Fee		1,170,091.33
		b.	Noteholder Servicing Fee previously due but not paid		0.00
		c.	Total Noteholder Servicing Fee		1,170,091.33
iii.	On a pari passu basis:
		a.	Class A Monthly Interest		1,637,500.00
		b.	Class A Deficiency Amount		0.00
		c.	Class A Additional Interest		0.00
		d.	Class A Additional Interest not paid on prior Payment Date		0.00
iv.	On a pari passu basis:
		a.	Class B Monthly Interest		169,006.85
		b.	Class B Deficiency Amount		0.00
		c.	Class B Additional Interest		0.00
		d.	Class B Additional Interest not paid on prior Payment Date		0.00
v.	On a pari passu basis:
		a.	Class C Monthly Interest		154,623.29
		b.	Class C Deficiency Amount		0.00
		c.	Class C Additional Interest		0.00
		d.	Class C Additional Interest not paid on prior Payment Date		0.00
vi.	On a pari passu basis:
		a.	Class D Monthly Interest		262,756.85
		b.	Class D Deficiency Amount		0.00
		c.	Class D Additional Interest		0.00
		d.	Class D Additional Interest not paid on prior Payment Date		0.00
vii.	To be treated as Available Principal Collections
		a.	Aggregate Investor Default Amount		2,933,502.60
		b.	Aggregate Investor Uncovered Dilution Amount		0.00
viii.	To be treated as Available Principal Collections, to the extent not previously reimbursed
		a.	Investor Charge-offs		0.00
		b.	Reallocated Principal Collections		0.00

 

 

ix.	Excess of Required Reserve Account Amount Over Available Reserve Account Amount				0.00
x.	Amounts required to be deposited to the Spread or Reserve Account				0.00
xi.	To be treated as Available Principal Collections: Series Allocation Percentage of Minimum Free Equity Shortfall				0.00
xii.	On a pari passu basis:
		a.	Partial or early termination or other additional amount owed to Class A Swap Counterparty		N/A
		b.	Partial or early termination or other additional amount owed to Class B Swap Counterparty		N/A
		c.	Partial or early termination or other additional amount owed to Class C Swap Counterparty		N/A
		d.	Partial or early termination or other additional amount owed to Class D Swap Counterparty		N/A
xiii.	Unless an Early Amortization Event has occurred, amounts that have not been paid pursuant to (a)(i) above				0.00
xiv.	The balance, if any, will constitute a portion of Excess Finance Charge Collections for such Payment Date and first will be available for allocation to other Series in Group One and, then:				14,913,447.49
		a.	Unless an Early Amortization Event has occurred, to the Transferor; and or		14,913,447.49
		b.	If an Early Amortization Event has occurred, first, to pay Monthly Principal in accordance with Section 4.4(c) of the Indenture to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause), second, to pay on a pari passu basis any amounts owed to such Persons listed in clause (a)(i) above that have been allocated to Series 2017_2 in accordance with Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (a)(i) and (a)(xii) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (a)(i) above shall be paid to the Issuer.		0.00

 

 

XI. Excess Finance Charge Collections (Group One)
a.	Total Excess Finance Charge Collections in Group One					56,680,968.59
b.	Finance Charge Shortfall for Series 2017-2					0.00
c.	Finance Charge Shortfall for all Series in Group One					0.00
d.	Excess Finance Charges Collections Allocated to Series 2017-2					0.00
XII. Available Principal Collections and Distributions (Section references relate to Indenture Supplement)
a.	Investor Principal Collections					217,496,755.50
b.	Less: Reallocated Principal Collections for the Monthly Period pursuant to Section 4.7					0.00
c.	Plus: Shared Principal Collections allocated to this Series					104,912,207.90
d.	Plus: Aggregate amount to be treated as Available Principal Collections pursuant to Section 4.4(a)(vii)					2,933,502.60
e.	Plus: Aggregate amount to be treated as Available Principal Collections pursuant to Section 4.4(a)(viii)					0.00
f.	Plus: During an Early Amortization Period, the amount of Available Finance Charge Collections used to pay principal on the Notes pursuant to Section 4.4(a)(xiv)					0.00
g.	Available Principal Collections (Deposited to Principal Account)					325,342,466.00
		i.	During the Revolving Period, Available Principal Collections treated as Shared Principal Collections Pursuant to Section 4.4(b)			0.00
		ii.	During the Controlled Accumulation Period, Available Principal Collections deposited to the Principal Accumulation Account pursuant to Section 4.4(c)(i)			325,342,466.00
		iii.	During the Early Amortization Period, Available Principal Collections deposited to the Distribution Account pursuant to Section 4.4(c)(ii)			0.00
		iv.	Series Shared Principal Collections available to Group One pursuant to Section 4.4(c)(iii)			0.00
		v.	Principal Distributions pursuant to Section 4.4(e) in order of priority
				a.	Principal paid to Class A Noteholders	0.00
				b.	Principal paid to Class B Noteholders	0.00
				c.	Principal paid to Class C Noteholders	0.00
				d.	Principal paid to Class D Noteholders	0.00
		vi.	Total Principal Collections Available to Share (Inclusive of Series 2017-2)			647,190,564.14
		vii.	Series Principal Shortfall			104,912,207.90
		viii.	Shared Principal Collections allocated to this Series from other Series			104,912,207.90

 

XIII. Series 2017-2 Accumulation
a.	Controlled Accumulation Period Length in months				3
b.	Controlled Accumulation Amount				325,342,466.00
c.	Controlled Deposit Amount				325,342,466.00
d.	Accumulation Shortfall				0.00
e.	Principal Accumulation Account Balance
		i.	Beginning of Interest Period		0.00
		ii.	Controlled Deposit Amount		325,342,466.00
		iii.	Withdrawal for Principal Payment		0.00
		iv.	As of Payment Date		325,342,466.00
XIV. Reserve Account Funding (Section references relate to Indenture Supplement)
a.	Reserve Account Funding Date				05/16/2022
b.	Required Reserve Account Amount (.50% of Note Principal Balance beginning on Reserve Account Funding Date)				4,880,136.99
c.	Beginning Available Reserve Account Amount				4,880,136.99
d.	Reserve Draw Amount				0.00
e.	Deposit pursuant to 4.4(a)(viii) the excess of b. over c.				0.00
f.	Withdrawal for Reserve Account Surplus paid to Transferor pursuant to Section 4.10(d)				0.00
g.	Withdrawal for Reserve Account Surplus paid to Transferor pursuant to Section 4.10(e)				0.00
h.	Ending Available Reserve Account Amount				4,880,136.99

 

 

XV. Spread Account Funding (Section references relate to Indenture Supplement)
a.	Spread Account Percentage				0.00%
b.	Required Spread Account Amount				0.00
c.	Beginning Available Spread Account Amount				0.00
d.	Withdrawal pursuant to 4.11 (a) - Section 4.4(a)(v) Shortfall				0.00
e.	Withdrawal pursuant to 4.11 (b) - Class D Expected Principal Payment Date				0.00
f.	Withdrawal pursuant to 4.11 (c) - Early Amortization Event				0.00
g.	Withdrawal pursuant to 4.11 (d) - Event of Default				0.00
h.	Deposit pursuant to 4.4 (a)(ix) - Spread Account Deficiency				0.00
i.	Withdrawal pursuant to 4.11 (f) - Spread Account Surplus Amount				0.00
j.	Ending Available Spread Account Amount				0.00
k.	Investment Earnings on Spread Account distributable to holder of the Transferor Interest				0.00
XVI. Series Early Amortization Events
a.	The Free Equity Amount is less than the Minimum Free Equity Amount				No
	Free Equity:
		i.	Free Equity Amount		1,325,620,415.12
		ii.	Minimum Free Equity Amount		277,428,126.06
		iii.	Excess Free Equity Amount		1,048,192,289.06
b.	The Note Trust Principal Balance is less than the Required Principal Balance*				No
	Note Trust Principal Balance:
		i.	Note Trust Principal Balance		5,044,147,746.46
		ii.	Required Principal Balance		4,043,869,797.34
		iii.	Excess Principal Balance		1,000,277,949.12
c.	The three-month average Portfolio Yield is less than three-month average Base Rate				No
	Portfolio Yield:
		i.	Three month Average Portfolio Yield		21.3179%
		ii.	Three month Average Base Rate		4.3865%
		iii.	Three month Average Excess Spread		16.9314%
d.	The Note Principal Balance is outstanding beyond the Expected Principal Payment Date				No
		i.	Expected Principal Payment Date		10/17/2022
		ii.	Current Payment Date		08/15/2022
e.	Are there any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments?				No
f.	Are there any material breaches or pool of assets representations and warranties or covenants?				No
g.	Are there any material changes in criteria used to originate, acquire, or select new pool assets?				No
h.	Has an early amortization event occurred?				No

 

IN WITNESS WHEREOF, the undersigned has duly executed this Monthly Noteholder's Statement as of the 11th day of August 2022.

 

	Synchrony Financial, as Servicer
	By:	/s/ Chris Coffey
	Name:	Chris Coffey
	Its:	Authorized Signatory

 

*Calculated after giving effect to any payment of principal on Notes to occur on the related Payment Date.

 

 

Exhibit 99.2

 

Monthly Noteholder's Statement

Synchrony Credit Card Master Note Trust

Series 2018-2

 

Class A 3.4700% Notes
Class B 3.6700% Notes
Class C 3.8700% Notes

 

Pursuant to the Master Indenture, dated as of September 25, 2003 (as amended and supplemented, the "Indenture") between Synchrony Credit Card Master Note Trust (the "Issuer") and Deutsche Bank Trust Company Americas, as indenture trustee (the "Indenture Trustee"), as supplemented by the Series 2018-2 Indenture Supplement (the "Indenture Supplement"), dated as of June 01, 2018, between the Issuer and the Indenture Trustee, the Issuer is required to prepare, or cause the Servicer to prepare, certain information each month regarding current distributions to the Series 2018-2 Noteholders and the performance of the Trust during the previous month. The information required to be prepared with respect to the Payment Date of August 15, 2022, and with respect to the performance of the Trust during the Monthly Period ended July 31, 2022 is set forth below. Capitalized terms used herein are defined in the Indenture and the Indenture Supplement. The Discount Percentage (as defined in the Transfer Agreement) remains at 0% for all the Receivables in the Trust until otherwise indicated. The undersigned, an Authorized Officer of the Servicer, does hereby certify as follows:

 

Record Date:	07/29/2022	Interest Period Beginning:	07/15/2022
Monthly Period Beginning:	07/01/2022	Interest Period Ending:	08/14/2022
Monthly Period Ending:	07/31/2022	Days in Interest Period:	31
Previous Payment Date:	07/15/2022	Days in Monthly Period:	31
Payment Date:	08/15/2022	Loss Cycles in Period:	28
Is there a Reset Date?	No

 

I. Trust Receivables Information
a.	Number of Accounts Beginning	5,828,086
b.	Number of Accounts Ending	5,763,714
c.	Average Account Balance (q / b)	875.16
d.	BOP Principal Receivables	5,042,672,005.27
e.	BOP Finance Charge Receivables	222,828,749.40
f.	BOP Total Receivables	5,265,500,754.67
g.	Increase in Principal Receivables from Additional Accounts	0.00
h.	Increase in Principal Activity on Existing Securitized Accounts	1,083,391,687.33
i.	Increase in Finance Charge Receivables from Additional Accounts	0.00
j.	Increase in Finance Charge Activity on Existing Securitized Accounts	96,599,510.25
k.	Increase in Total Receivables	1,179,991,197.58
l.	Decrease in Principal Receivables due to Account Removal	0.00
m.	Decrease in Principal Activity on Existing Securitized Accounts	1,081,915,946.14
n.	Decrease in Finance Charge Receivables due to Account Removal	0.00
o.	Decrease in Finance Charge Activity on Existing Securitized Accounts	97,149,823.89
p.	Decrease in Total Receivables	1,179,065,770.03
q.	EOP Aggregate Principal Receivables	5,044,147,746.46
r.	EOP Finance Charge Receivables	222,278,435.76
s.	EOP Total Receivables	5,266,426,182.22
t.	Excess Funding Account Balance	0.00
u.	Required Principal Balance	4,043,869,797.34
v.	Minimum Free Equity Amount (EOP Aggregate Principal Receivables * 5.5%)	277,428,126.06
w.	Free Equity Amount	1,325,620,415.12
x.	Risk Retention - Dodd-Frank
	i. Required Seller's Interest (as of EOP)	176,702,315.10
	ii. Seller's Interest (as of EOP)	1,510,101,444.45

 

II. Investor Information (Sum of all Series)
a.	Note Principal Balance
		i.	Beginning of Interest Period	3,534,046,302.00

 

 

 

		ii.	Increase in Note Principal Balance due to New Issuance / Additional draws	0.00
		iii.	Decrease in Note Principal Balance due to Principal Paid and Notes Retired	0.00
		iv.	As of Payment Date	3,534,046,302.00
b.	Excess Collateral Amount
		i.	Beginning of Interest Period	509,823,495.34
		ii.	Change to Excess Collateral Amount in connection with the Supplemental Indenture	0.00
		iii.	Increase in Excess Collateral Amount due to New Issuance / Additional draws	0.00
		iv.	Reductions in Required Excess Collateral Amount	0.00
		v.	Increase in Unreimbursed Investor Charge-Off	0.00
		vi.	Decrease in Unreimbursed Investor Charge-Off	0.00
		vii.	Increase in Unreimbursed Reallocated Principal Collections	0.00
		viii.	Decrease in Unreimbursed Reallocated Principal Collections	0.00
		ix.	As of Payment Date	509,823,495.34
c.	Principal Accumulation Account Balance
		i.	Beginning of Interest Period	0.00
		ii.	Controlled Deposit Amount	325,342,466.00
		iii.	Withdrawal for Principal Payment	0.00
		iv.	As of Payment Date	325,342,466.00
d.	Collateral Amount
		i.	Beginning of Interest Period	4,043,869,797.34
		ii.	As of Payment Date	3,718,527,331.34
III. Trust Performance Data (Monthly Period)
a.	Gross Trust Yield (Finance Charge Collections + Recoveries / BOP Principal Receivables)
		i.	Current	24.5914%
		ii.	Prior Monthly Period	23.4016%
		iii.	Two Months Prior Monthly Period	25.4500%
		iv.	Three-Month Average	24.4810%
b.	Payment Rate (Principal Collections / BOP Principal Receivables)
		i.	Current	21.1697%
		ii.	Prior Monthly Period	21.0458%
		iii.	Two Months Prior Monthly Period	22.4351%
		iv.	Three-Month Average	21.5502%
c.	Gross Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts - Fraud Amount / BOP Principal Receivables)
		i.	Current	3.2788%
		ii.	Prior Monthly Period	2.7252%
		iii.	Two Months Prior Monthly Period	3.2984%
		iv.	Three Months Prior Monthly Period	2.9466%
		v.	Three-Month Average	3.1008%
		vi.	Four-Month Average	3.0623%
d.	Gross Charge-Off Rate (Default Amount for Defaulted Accounts / BOP Principal Receivables)
		i.	Current	3.4263%
		ii.	Prior Monthly Period	2.8441%
		iii.	Two Months Prior Monthly Period	3.4422%
		iv.	Three Months Prior Monthly Period	3.0762%
		v.	Three-Month Average	3.2376%
		vi.	Four-Month Average	3.1972%

 

 

e.	Net Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts - Recoveries - Fraud Amount / BOP Principal Receivables)
		i.	Current	2.5091%
		ii.	Prior Monthly Period	2.0862%
		iii.	Two Months Prior Monthly Period	2.5325%
		iv.	Three Months Prior Monthly Period	2.1890%
		v.	Three-Month Average	2.3759%
		vi.	Four-Month Average	2.3292%
f.	Net Charge-Off Rate (Default Amount for Defaulted Accounts - Recoveries/ BOP Principal Receivables)
		i.	Current	2.6566%
		ii.	Prior Monthly Period	2.2051%
		iii.	Two Months Prior Monthly Period	2.6764%
		iv.	Three Months Prior Monthly Period	2.3186%
		v.	Three-Month Average	2.5127%
		vi.	Four-Month Average	2.4642%
g.	Trust excess spread percentage ((FC Coll - Charged-Off Rec - Monthly Interest +/- Net Swaps - Monthly Servicing Fee) / BOP Principal Receivables)			17.1109%
h.	Default Amount for Defaulted Accounts			14,398,219.47
i.	Recovery Amount			3,234,602.47
j.	Net Charge-Off (Default Amount for Defaulted Accounts - Recoveries)			11,163,617.00
k.	Number of Accounts Charged Off			8,742
l.	Average Account Charge-Off (Net Charge-Off / Number of Accounts Charged Off)			1,277.01
m.	Collections
		i.	Total Trust Finance Charge Collections	100,104,200.57
		ii.	Total Trust Principal Collections	1,067,517,726.67
		iii.	Total Trust Collections	1,167,621,927.24

 

n.	Delinquency Data			Accounts	Pctg. of Tot. Accts.	Total Receivables	Pctg. of Tot. Recv.
		i.	1-29 Days Delinquent	67,133	1.1648%	99,096,069.64	1.8817%
		ii.	30-59 Days Delinquent	13,536	0.2348%	25,541,137.76	0.4850%
		iii.	60-89 Days Delinquent	7,771	0.1348%	17,188,957.76	0.3264%
		iv.	90-119 Days Delinquent	6,397	0.1110%	15,628,810.35	0.2968%
		v.	120-149 Days Delinquent	5,006	0.0869%	13,064,971.07	0.2481%
		vi.	150-179 Days Delinquent	4,639	0.0805%	12,413,258.82	0.2357%
		vii.	180 or Greater Days Delinquent	0	0.0000%	0.00	0.0000%
			Total	104,482	1.8128%	182,933,205.40	3.4736%

 

IV. Series Performance Data
a.	Portfolio Yield
		i.	Current	21.1651%
		ii.	Prior Monthly Period	20.5575%
		iii.	Two Months Prior Monthly Period	22.0077%
		iv.	Three-Month Average	21.2434%
b.	Base Rate
		i.	Current	5.0223%
		ii.	Prior Monthly Period	5.0223%
		iii.	Two Months Prior Monthly Period	5.0223%
		iv.	Three-Month Average	5.0223%
c.	Excess Spread Percentage
		i.	Current	16.1428%
		ii.	Prior Monthly Period	15.5352%
		iii.	Two Months Prior Monthly Period	16.9854%
		iv.	Quarterly Excess Spread Percentage	16.2211%

 

 

V. Investor Information Regarding Distributions to Noteholders
a.	The total amount of the distribution to Class A Noteholders per $1000 Note Initial Principal Balance.			2.891667
b.	The amount of the distribution set forth in paragraph a. above in respect of interest on the Class A Notes, per $1000 Note Initial Principal Balance.			2.891667
c.	The amount of the distribution set forth in paragraph a. above in respect of principal on the Class A Notes, per $1000 Note Initial Principal Balance.			0.000000
d.	The total amount of the distribution to Class B Noteholders per $1000 Note Initial Principal Balance.			3.058333
e.	The amount of the distribution set forth in paragraph d. above in respect of interest on the Class B Notes, per $1000 Note Initial Principal Balance.			3.058333
f.	The amount of the distribution set forth in paragraph d. above in respect of principal on the Class B Notes, per $1000 Note Initial Principal Balance.			0.000000
g.	The total amount of the distribution to Class C Noteholders per $1000 Note Initial Principal Balance.			3.225000
h.	The amount of the distribution set forth in paragraph g. above in respect of interest on the Class C Notes, per $1000 Note Initial Principal Balance.			3.225000
i.	The amount of the distribution set forth in paragraph g. above in respect of principal on the Class C Notes, per $1000 Note Initial Principal Balance.			0.000000
VI. Investor Information
a.	Class A Note Initial Principal Balance			600,000,000.00
b.	Class B Note Initial Principal Balance			57,534,246.00
c.	Class C Note Initial Principal Balance			49,315,069.00
d.	Initial Excess Collateral Amount (As of Payment Date)			115,068,494.00
e.	Initial Collateral Amount (As of Payment Date)			821,917,809.00
f.	Class A Note Principal Balance
		i.	Beginning of Interest Period	600,000,000.00
		ii.	Principal Payment	0.00
		iii.	As of Payment Date	600,000,000.00
g.	Class B Note Principal Balance
		i.	Beginning of Interest Period	57,534,246.00
		ii.	Principal Payment	0.00
		iii.	As of Payment Date	57,534,246.00

 

 

h.	Class C Note Principal Balance
		i.	Beginning of Interest Period	49,315,069.00
		ii.	Principal Payment	0.00
		iii.	As of Payment Date	49,315,069.00
i.	Excess Collateral Amount
		i.	Beginning of Interest Period	115,068,494.00
		ii.	Increase in Excess Collateral Amount in connection with the Supplemental Indenture	0.00
		iii.	Reduction in Excess Collateral Amount	0.00
		iv.	As of Payment Date	115,068,494.00
j.	Collateral Amount
		i.	Beginning of Interest Period	821,917,809.00
		ii.	Increase in Excess Collateral Amount in connection with the Supplemental Indenture	0.00
		iii.	Increase/Decrease in Unreimbursed Investor Charge-Offs	0.00
		iv.	Increase/Decrease in Reallocated Principal Collections	0.00
		v.	Reduction in Excess Collateral Amount	0.00
		vi.	Principal Accumulation Account Deposit	0.00
		vii.	As of Payment Date	821,917,809.00
		viii.	Collateral Amount as a Percentage of Note Trust Principal Balance	16.2945%
		ix.	Amount by which Note Principal Balance exceeds Collateral Amount	N/A
k.	Required Excess Collateral Amount (As of Payment Date)			115,068,494.00
VII. Investor Charge-Offs and Reallocated Principal Collections
(Section references relate to Indenture Supplement)
a.	Beginning Unreimbursed Investor Charge-Offs			0.00
b.	Current Unreimbursed Investor Defaults			0.00
c.	Current Unreimbursed Investor Uncovered Dilution Amount			0.00
d.	Current Reimbursement of Investor Charge-Offs pursuant to Section 4.4(a)(vii)			0.00
e.	Ending Unreimbursed Investor Charge-Offs			0.00
f.	Beginning Unreimbursed Reallocated Principal Collections			0.00
g.	Current Reallocated Principal Collections pursuant to Section 4.7			0.00
h.	Current Reimbursement of Reallocated Principal Collections pursuant to Section 4.4(a)(vii)			0.00
i.	Ending Unreimbursed Reallocated Principal Collections			0.00
VIII. Investor Percentages - BOP Balance and Series Account Information
a.	Allocation Percentage Numerator - for Finance Charge Collections and Default Amounts			821,917,809.00
b.	Allocation Percentage Numerator - for Principal Collections			821,917,809.00
c.	Allocation Percentage Denominator

 

		i.	Aggregate Principal Receivables Balance as of Prior Monthly Period	5,042,672,005.26
		ii.	Number of Days at Balance	31
		iii.	Average Principal Balance	5,042,672,005.26
d.	Sum of Allocation Percentage Numerators for all outstanding Series with respect to Finance Charge Collections and Default Amounts			4,043,869,797.34
e.	Sum of Allocation Percentage Numerators for all outstanding Series with respect to Principal Collections			4,043,869,797.34
f.	Average Daily Allocation Percentage, Finance Charge Collections and Default Amount (a. / greater of c.iii. or d.)			16.2993%
g.	Average Daily Allocation Percentage, Principal Collections (b. / greater of c.iii. or e.)			16.2993%
h.	Series Allocation Percentage			20.3250%

 

 

IX. Collections and Allocations		Trust	Series
a.	Finance Charge Collections	100,104,200.57	16,316,235.90
b.	Recoveries	3,234,602.47	527,216.01
c.	Principal Collections	1,067,517,726.67	173,997,404.41
d.	Default Amount	14,398,219.47	2,346,802.08
e.	Dilution	87,294,456.82	14,228,343.50
f.	Investor Uncovered Dilution Amount	0.00	0.00
g.	Dilution including Fraud Amount	87,914,266.39

 

h.	Available Finance Charge Collections
		i.	Investor Finance Charge Collections	16,316,235.90
		ii.	Excess Finance Charge Collections allocable to Series 2018-2	0.00
		iii.	Principal Accumulation Account Investment Proceeds	0.00
		iv.	Investment earnings in the Reserve Account	0.00
		v.	Reserve Account Draw Amount	0.00
		vi.	Net Swap Receipts	N/A
		vii.	Recoveries	527,216.01
i.	Available Finance Charge Collections (Sum of h.i through h.vii)			16,843,451.91
j.	Total Collections (c.Series + i.)			190,840,856.32
k.	Total Finance Charge Collections deposited in the Collection Account (net of any amounts distributed to Transferor and owed to Servicer)			2,070,071.14
X. Application of Available Funds pursuant to Section 4.4(a) of the Indenture Supplement
a.	Available Finance Charge Collections			16,843,451.91
i.	On a pari passu basis:
		a.	Payment to the Indenture Trustee, to a maximum of $25,000	0.00
		b.	Payment to the Trustee, to a maximum of $25,000	0.00
		c.	Payment to the Administrator, to a maximum of $25,000	71.14
ii.	To the Servicer:
		a.	Noteholder Servicing Fee	1,369,863.02
		b.	Noteholder Servicing Fee previously due but not paid	0.00
		c.	Total Noteholder Servicing Fee	1,369,863.02
iii.	On a pari passu basis:
		a.	Class A Monthly Interest	1,735,000.00
		b.	Class A Deficiency Amount	0.00
		c.	Class A Additional Interest	0.00
		d.	Class A Additional Interest not paid on prior Payment Date	0.00
iv.	On a pari passu basis:
		a.	Class B Monthly Interest	175,958.90
		b.	Class B Deficiency Amount	0.00
		c.	Class B Additional Interest	0.00
		d.	Class B Additional Interest not paid on prior Payment Date	0.00
v.	On a pari passu basis:
		a.	Class C Monthly Interest	159,041.10
		b.	Class C Deficiency Amount	0.00
		c.	Class C Additional Interest	0.00
		d.	Class C Additional Interest not paid on prior Payment Date	0.00
vi.	To be treated as Available Principal Collections
		a.	Aggregate Investor Default Amount	2,346,802.08
		b.	Aggregate Investor Uncovered Dilution Amount	0.00
vii.	To be treated as Available Principal Collections, to the extent not previously reimbursed
		a.	Investor Charge-offs	0.00
		b.	Reallocated Principal Collections	0.00
viii.	Excess of Required Reserve Account Amount Over Available Reserve Account Amount			0.00

 

 

ix.	Amounts required to be deposited to the Reserve Account			0.00
x.	To be treated as Available Principal Collections: Series Allocation Percentage of Minimum Free Equity Shortfall			0.00
xi.	On a pari passu basis:
		a.	Partial or early termination or other additional amount owed to Class A Swap Counterparty	N/A
		b.	Partial or early termination or other additional amount owed to Class B Swap Counterparty	N/A
		c.	Partial or early termination or other additional amount owed to Class C Swap Counterparty	N/A
xii.	Unless an Early Amortization Event has occurred, amounts that have not been paid pursuant to (a)(i) above			0.00
xiii.	The balance, if any, will constitute a portion of Excess Finance Charge Collections for such Payment Date and first will be available for allocation to other Series in Group One and, then:			11,056,715.67
		a.	Unless an Early Amortization Event has occurred, to the Transferor; and or	11,056,715.67
		b.	If an Early Amortization Event has occurred, first, to pay Monthly Principal in accordance with Section 4.4(c) of the Indenture to the extent not paid in full from Available Principal Collections (calculated without regard to amounts available to be treated as Available Principal Collections pursuant to this clause), second, to pay on a pari passu basis any amounts owed to such Persons listed in clause (a)(i) above that have been allocated to Series 2018_2 in accordance with Section 8.4(d) of the Indenture and that have not been paid pursuant to clauses (a)(i) and (a)(xi) above, and, third, any amounts remaining after payment in full of the Monthly Principal and amounts owed to such Persons listed in clause (a)(i) above shall be paid to the Issuer.	0.00
XI. Excess Finance Charge Collections (Group One)
a.	Total Excess Finance Charge Collections in Group One			56,680,968.59
b.	Finance Charge Shortfall for Series 2018-2			0.00
c.	Finance Charge Shortfall for all Series in Group One			0.00
d.	Excess Finance Charges Collections Allocated to Series 2018-2			0.00
XII. Available Principal Collections and Distributions (Section references relate to Indenture Supplement)
a.	Investor Principal Collections			173,997,404.41
b.	Less: Reallocated Principal Collections for the Monthly Period pursuant to Section 4.7			0.00
c.	Plus: Shared Principal Collections allocated to this Series			0.00
d.	Plus: Aggregate amount to be treated as Available Principal Collections pursuant to Section 4.4(a)(vii)			2,346,802.08
e.	Plus: Aggregate amount to be treated as Available Principal Collections pursuant to Section 4.4(a)(viii)			0.00
f.	Plus: During an Early Amortization Period, the amount of Available Finance Charge Collections used to pay principal on the Notes pursuant to Section 4.4(a)(xiv)			0.00
g.	Available Principal Collections (Deposited to Principal Account)			176,344,206.49
		i.	During the Revolving Period, Available Principal Collections treated as Shared Principal Collections Pursuant to Section 4.4(b)	176,344,206.49
		ii.	During the Controlled Accumulation Period, Available Principal Collections deposited to the Principal Accumulation Account pursuant to Section 4.4(c)(i)	0.00

		iii.	During the Early Amortization Period, Available Principal Collections deposited to the Distribution Account pursuant to Section 4.4(c)(ii)			0.00
		iv.	Series Shared Principal Collections available to Group One pursuant to Section 4.4(c)(iii)			176,344,206.49
		v.	Principal Distributions pursuant to Section 4.4(e) in order of priority
				a.	Principal paid to Class A Noteholders	0.00
				b.	Principal paid to Class B Noteholders	0.00
				c.	Principal paid to Class C Noteholders	0.00
		vi.	Total Principal Collections Available to Share (Inclusive of Series 2018-2)			647,190,564.14
		vii.	Series Principal Shortfall			0.00
		viii.	Shared Principal Collections allocated to this Series from other Series			0.00

 

 

XIII. Series 2018-2 Accumulation
a.	Controlled Accumulation Period Length in months					3
b.	Controlled Accumulation Amount					0.00
c.	Controlled Deposit Amount					0.00
d.	Accumulation Shortfall					0.00
e.	Principal Accumulation Account Balance
		i.	Beginning of Interest Period			0.00
		ii.	Controlled Deposit Amount			0.00
		iii.	Withdrawal for Principal Payment			0.00
		iv.	As of Payment Date			0.00
XIV. Reserve Account Funding (Section references relate to Indenture Supplement)
a.	Reserve Account Funding Date (scheduled)					12/15/2022
b.	Required Reserve Account Amount (.50% of Note Principal Balance beginning on Reserve Account Funding Date)					0.00
c.	Beginning Available Reserve Account Amount					0.00
d.	Reserve Draw Amount					0.00
e.	Deposit pursuant to 4.4(a)(viii) the excess of b. over c.					0.00
f.	Withdrawal for Reserve Account Surplus paid to Transferor pursuant to Section 4.10(d)					0.00

g.	Withdrawal for Reserve Account Surplus paid to Transferor pursuant to Section 4.10(e)			0.00
h.	Ending Available Reserve Account Amount			0.00

 

 

XV. Series Early Amortization Events
a.	The Free Equity Amount is less than the Minimum Free Equity Amount			No
	Free Equity:
		i.	Free Equity Amount	1,325,620,415.12
		ii.	Minimum Free Equity Amount	277,428,126.06
		iii.	Excess Free Equity Amount	1,048,192,289.06
b.	The Note Trust Principal Balance is less than the Required Principal Balance*			No
	Note Trust Principal Balance:
		i.	Note Trust Principal Balance	5,044,147,746.46
		ii.	Required Principal Balance	4,043,869,797.34
		iii.	Excess Principal Balance	1,000,277,949.12
c.	The three-month average Portfolio Yield is less than three-month average Base Rate			No

	Portfolio Yield:
		i.	Three month Average Portfolio Yield	21.2434%
		ii.	Three month Average Base Rate	5.0223%
		iii.	Three month Average Excess Spread	16.2211%
d.	The Note Principal Balance is outstanding beyond the Expected Principal Payment Date			No
		i.	Expected Principal Payment Date	05/15/2023
		ii.	Current Payment Date	08/15/2022
e.	Are there any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments?			No
f.	Are there any material breaches or pool of assets representations and warranties or covenants?			No
g.	Are there any material changes in criteria used to originate, acquire, or select new pool assets?			No
h.	Has an early amortization event occurred?			No

 

IN WITNESS WHEREOF, the undersigned has duly executed this Monthly Noteholder's Statement as of the 11th day of August 2022.

 

	Synchrony Financial, as Servicer
	By:	/s/ Chris Coffey
	Name:	Chris Coffey
	Its:	Authorized Signatory

 

*Calculated after giving effect to any payment of principal on Notes to occur on the related Payment Date.

 

 

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