UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported)		September 16, 2019
Synchrony Credit Card Master Note Trust RFS Holding, L.L.C. Synchrony Bank
(Exact Name of Issuing Entity, Depositor/Registrant and Sponsor as Specified in their respective Charters)
Delaware
(State or Other Jurisdiction of Incorporation of Issuing Entity and Registrant)
333-107495, 333-130030, 333-144945, 333-169151, 333-181466-01, 333-229815, 333-229815-01, 333-181466, 333-206176, 333-107495-02, 333-130030-01, 333-144945-01, 333-169151-01, 333-206176-01	57-1173164 (RFS Holding, L.L.C.) 20-0268039 (Synchrony Credit Card Master Note Trust)
(Commission File Numbers for Registrant and Issuing Entity, respectively)	(Registrants’ I.R.S. Employer Identification Nos. for Registrant and Issuing Entity, respectively)
0001226006 (RFS Holding, L.L.C.) and 0001290098 (Synchrony Credit Card Master Note Trust)
(Central Index Key for Registrant and Issuing Entity, respectively)
777 Long Ridge Road Stamford, Connecticut			06902
(Address of Principal Executive Offices)			(Zip Code)
(877) 441-5094
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report Pursuant

to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported)

October 11, 2019

Synchrony Credit Card Master Note Trust

RFS Holding, L.L.C.

Synchrony Bank

(Exact Name of Issuing Entity, Depositor/Registrant and Sponsor
as Specified in their respective Charters)

Delaware

(State or Other Jurisdiction of Incorporation of Issuing Entity and Registrant)

333-107495, 333-130030, 333-144945, 333-169151, 333-181466-01,333-229815, 333-229815-01,333-181466, 333-206176,333-107495-02, 333-130030-01, 333-144945-01, 333-169151-01,333-206176-01		57-1173164 (RFS Holding, L.L.C.) 20-0268039 (Synchrony Credit Card Master Note Trust)
(Commission File Numbers for Registrant and Issuing Entity, respectively)		(Registrants’ I.R.S. Employer Identification Nos. for Registrant and Issuing Entity, respectively)

0001226006 (RFS Holding, L.L.C.) and 0001290098 (Synchrony Credit Card Master Note Trust)

(Central Index Key for Registrant and Issuing Entity, respectively)

777 Long Ridge Road

Stamford, Connecticut

06902

(Address of Principal Executive Offices)

(Zip Code)

(877) 441-5094

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
N/A		N/A		N/A

Item 1.0201. ~~Termination~~Entry ofinto a Material Definitive ~~Agreement~~Agreements.

~~Pursuant~~On toOctober ~~that certain Servicer Performance Guaranty~~11, ~~dated as of December 2~~2019, ~~2015~~Synchrony ~~(as~~Credit ~~amended, the “Servicer Performance Guaranty”), between GE Capital~~Card ~~Global~~Master ~~Holdings,~~Note ~~LLC,~~Trust ~~as Servicer Performance Guarantor~~ (the “~~Servicer Performance Guarantor~~Trust”), and ~~SYNCHRONY FINANCIAL,~~RFS ~~an affiliate of the registrant~~Holding, asL.L.C. ~~Servicer~~entered ~~(the~~into ~~“Servicer”),~~a ~~the~~Reassignment ~~Servicer~~No. ~~Performance~~6 ~~Guarantor agreed to cause the due performance and observance by the Servicer~~ of ~~all~~Receivables ofin Removed ~~the terms~~Accounts, ~~covenants,~~a ~~conditions,~~copy ~~agreements and undertakings on the part~~ of ~~the~~which ~~Servicer~~is ~~under~~filed ~~that~~with ~~certain~~this ~~Servicing~~Form ~~Agreement,~~8-K ~~dated~~ as ofExhibit ~~June 27~~4.1, ~~2003,~~pursuant ~~between the Servicer and Synchrony Credit Card Master Note Trust. Pursuant~~ to ~~its terms, the Servicer Performance Guaranty will terminate on the date on~~ which the ~~noteholders~~ ~~of all series of notes issued by Synchrony Credit Card Master Note~~ Trust ~~that~~and ~~were~~RFS ~~outstanding on July 16~~Holding, ~~2014 shall have been paid in full or shall have consented to the termination of the Servicer Performance Guaranty~~L. ~~As of September 16, 2019,~~LC. ~~the~~agreed ~~noteholders of all series of notes issued by Synchrony Credit Card Master Note Trust~~ that ~~were~~certain ~~outstanding~~accounts onwould ~~July~~be ~~16,~~designated ~~2014 had~~for ~~either~~removal ~~been~~pursuant ~~paid in full or had consented~~ to the ~~termination~~terms of the ~~Servicer~~Transfer ~~Performance~~Agreement, ~~Guaranty.~~dated ~~Therefore,~~as onof September 1625, ~~2019~~2003, ~~the~~as ~~Servicer~~amended, ~~Performance~~between ~~Guaranty~~RFS ~~terminated~~Holding, ~~pursuant~~L.L.C. ~~to its terms~~ and isthe ~~of no further force or effect~~Trust.

On October 11, 2019, RFS Holding, L.L.C. and Synchrony Bank entered into a Designation of Removed Accounts and Fourteenth Amendment to Receivables Sale Agreement, a copy of which is filed with this Form 8-K as Exhibit 4.2, pursuant to which RFS Holding, L.L.C and Synchrony Bank amended certain provisions of the Receivables Sale Agreement, dated as of June 27, 2003, as amended, between RFS Holding, L.L.C. and Synchrony Bank.

Item 9.01.

Financial Statements and Exhibits.

(a)	Not applicable.

(b)	Not applicable.

(c)	Not applicable.

(d)

Exhibits.

Exhibit No.		Document Description

4.1		Reassignment No. 6 of Receivables in Removed Accounts, dated as of October 11, 2019, between Synchrony Credit Card Master Note Trust and RFS Holding, L.L.C.

4.2		Designation of Removed Accounts and Fourteenth Amendment to Receivables Sale Agreement, dated as of October 11, 2019, between RFS Holding, L.L.C. and Synchrony Bank

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 hereunto duly authorized.

September 17, 2019		RFS Holding, L.L.C., as depositor
October 15, 2019	RFS Holding, L.L.C., as depositor
	By:	~~By:~~/s/ Andrew Lee	~~/s/ Andrew Lee~~
	Name:	~~Name:~~Andrew Lee		~~Andrew Lee~~
	Title:	~~Title:~~Vice President		~~Vice President~~

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