Monthly Noteholder's Statement Synchrony Credit Card Master Note Trust Series

Transcription

1 Monthly teholder's Statement Synchrony Credit Card Master te Trust Series Class A % tes Class B % tes Class C % tes Pursuant to the Master Indenture, dated as of September 25, 2003 (as amended and supplemented, the "Indenture") between Synchrony Credit Card Master te Trust (the "Issuer") and Deutsche Bank Trust Company Americas, as indenture trustee (the "Indenture Trustee"), as supplemented by the Series Indenture Supplement (the "Indenture Supplement"), dated as of October 17, 2012, 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 teholders and the performance of the Trust during the previous mont The information required to be prepared with respect to the Payment Date of vember 15, 2017, and with respect to the performance of the Trust during the Monthly Period ended October 31, 2017 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 indicate The undersigned, an Authorized Officer of the Servicer, does hereby certify as follows: Record Date: Monthly Period Beginning: Monthly Period Ending: Previous Payment Date: Payment Date: Is there a Reset Date? 10/31/ /01/ /31/ /16/ /15/2017 Interest Period Beginning: 10/16/2017 Interest Period Ending: 11/14/2017 Days in Interest Period: Days in Monthly Period: Loss Cycles in Period: 30 I. Trust Receivables Information Number of Accounts Beginning 15,064,329 Number of Accounts Ending 14,876,844 Average Account Balance (q / b) j. k. l. m. n. o. p. q. r. s. BOP Principal Receivables BOP Finance Charge Receivables BOP Total Receivables Increase in Principal Receivables from Additional Accounts Increase in Principal Activity on Existing Securitized Accounts Increase in Finance Charge Receivables from Additional Accounts Increase in Finance Charge Activity on Existing Securitized Accounts Increase in Total Receivables Decrease in Principal Receivables due to Account Removal Decrease in Principal Activity on Existing Securitized Accounts Decrease in Finance Charge Receivables due to Account Removal Decrease in Finance Charge Activity on Existing Securitized Accounts Decrease in Total Receivables EOP Aggregate Principal Receivables EOP Finance Charge Receivables EOP Total Receivables 11,557,571, ,528, ,989,100, ,624,985, ,350, ,866,335, ,667,666, ,362, ,910,028, ,514,891, ,516, ,945,407, t. u. w. Excess Funding Account Balance Required Principal Balance Minimum Free Equity Amount (EOP Aggregate Principal Receivables * 5.5%) 633,319, Free Equity Amount (EOP Principal Receivables - EOP Collateral Amount) 2,091,282, x. Risk Retention - Dodd-Frank Required Seller's Interest (as of EOP) i Seller's Interest (as of EOP) 481,450, ,885,878, II. Investor Information (Sum of all Series) te Principal Balance 9,629,012, Page 1 of 9

2 i Increase in te Principal Balance due to New Issuance / Additional draws ii Decrease in te Principal Balance due to Principal Paid and tes Retired i As of Payment Date 976,027, ,611, ,681,428, Excess Collateral Amount i ii i v Change to Excess Collateral Amount in connection with the Supplemental Indenture Increase in Excess Collateral Amount due to New Issuance / Additional draws Reductions in Required Excess Collateral Amount Increase in Unreimbursed Investor Charge-Off vi Increase in Unreimbursed Reallocated Principal Collections ix. Decrease in Unreimbursed Investor Charge-Off vii Decrease in Unreimbursed Reallocated Principal Collections i ii i As of Payment Date Principal Accumulation Account Balance Controlled Deposit Amount Withdrawal for Principal Payment As of Payment Date 718,206, ,369, ,611, ,965, ,611, ,611, Collateral Amount i ii End of As of Payment Date 10,402,394,50 III. Trust Performance Data (Monthly Period) Gross Trust Yield (Finance Charge Collections + Recoveries / BOP Principal Receivables) i ii i % % % % Payment Rate (Principal Collections / BOP Principal Receivables) i ii i % % % % Gross Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts - Fraud Amount / BOP Principal Receivables) i ii i v Three Months Four-Month Average % % % % % % Gross Charge-Off Rate (Default Amount for Defaulted Accounts / BOP Principal Receivables) i ii i v Three Months Four-Month Average % % % % % % Page 2 of 9

3 Net Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts - Recoveries - Fraud Amount / BOP Principal Receivables) i ii i Three Months v Four-Month Average % % % % % % Net Charge-Off Rate (Default Amount for Defaulted Accounts - Recoveries/ BOP Principal Receivables) i ii i Three Months v Four-Month Average Trust excess spread percentage ((FC Coll - Charged-Off Rec - Monthly Interest +/- Net Swaps - Monthly Servicing Fee) / BOP Principal Receivables) % % % % % % % Default Amount for Defaulted Accounts Recovery Amount 63,007, ,611, j. Net Charge-Off (Default Amount for Defaulted Accounts - Recoveries) 52,396, k. Number of Accounts Charged Off 30,608 l. Average Account Charge-Off (Net Charge-Off / Number of Accounts Charged Off) 1, m. n. Collections Total Trust Finance Charge Collections 238,212, i Total Trust Principal Collections 1,604,658, ii Total Trust Collections 1,842,871, Delinquency Data Accounts Pct of Tot. Accts. Total Receivables Pct of Tot. Rec 1-29 Days Delinquent 220, % 351,557, % i Days Delinquent 55, % 116,136, % ii Days Delinquent i Days Delinquent 33,745 25, % % 84,556, ,677, % % Days Delinquent 21, % 59,631, % v Days Delinquent 16, % 49,043, % vi 180 or Greater Days Delinquent 0 00% 00% Total 372, % 729,603, % Page 3 of 9

4 IV. Series Performance Data Portfolio Yield (Finance Charge Collections + Recoveries - Aggregate Investor Default Amount + PAA Inv Proceeds / BOP Collateral) i ii i Base Rate (teholder Servicing Fee + Admin Fee + Monthly Interest + Swap Payments - Swap Receipts / BOP Collateral) i ii i Excess Spread Percentage (Portfolio Yield - Base Rate) i ii i Quarterly Excess Spread Percentage % % % % % % % % V. Investor Information Regarding Distributions to teholders The total amount of the distribution to Class A teholders per $1000 te Initial Principal Balanc The amount of the distribution set forth in paragraph above in respect of interest on the Class A tes, per $1000 te Initial Principal Balanc The amount of the distribution set forth in paragraph above in respect of principal on the Class A tes, per $1000 te Initial Principal Balanc The total amount of the distribution to Class B teholders per $1000 te Initial Principal Balanc The amount of the distribution set forth in paragraph above in respect of interest on the Class B tes, per $1000 te Initial Principal Balanc The amount of the distribution set forth in paragraph above in respect of principal on the Class B tes, per $1000 te Initial Principal Balanc The total amount of the distribution to Class C teholders per $1000 te Initial Principal Balanc The amount of the distribution set forth in paragraph above in respect of interest on the Class C tes, per $1000 te Initial Principal Balanc The amount of the distribution set forth in paragraph above in respect of principal on the Class C tes, per $1000 te Initial Principal Balanc VI. Investor Information Class A te Initial Principal Balance 500,000,00 Class B te Initial Principal Balance 63,091, Class C te Initial Principal Balance 42,586,75 Initial Excess Collateral Amount (As of Payment Date) 88,766, Initial Collateral Amount (As of Payment Date) Class A te Principal Balance 500,000,00 i Principal Payment ii As of Payment Date Class B te Principal Balance i Principal Payment 500,000,00 63,091, ii As of Payment Date 63,091, Page 4 of 9

5 Class C te Principal Balance i ii Principal Payment As of Payment Date Excess Collateral Amount i ii Increase in Excess Collateral Amount in connection with the Supplemental Indenture Reduction in Excess Collateral Amount i As of Payment Date 42,586,75 42,586,75 88,766, ,766, j. Collateral Amount i Increase in Excess Collateral Amount in connection with the Supplemental Indenture ii Increase/Decrease in Unreimbursed Investor Charge-Offs i Increase/Decrease in Reallocated Principal Collections Reduction in Excess Collateral Amount v Principal Accumulation Account Deposit vi As of Payment Date viicollateral Amount as a Percentage of te Trust Principal Balance % ix. Amount by which te Principal Balance exceeds Collateral Amount N/A k. Required Excess Collateral Amount (As of Payment Date) 88,766, VII. Investor Charge-Offs and Reallocated Principal Collections (Section references relate to Indenture Supplement) Beginning Unreimbursed Investor Charge-Offs Unreimbursed Investor Defaults Unreimbursed Investor Uncovered Dilution Amount Reimbursement of Investor Charge-Offs pursuant to Section 4.4(a)(vii) Ending Unreimbursed Investor Charge-Offs Beginning Unreimbursed Reallocated Principal Collections Reallocated Principal Collections pursuant to Section 4.7 Reimbursement of Reallocated Principal Collections pursuant to Section 4.4(a)(vii) Ending Unreimbursed Reallocated Principal Collections VIII. Investor Percentages - BOP Balance and Series Account Information Allocation Percentage Numerator - for Finance Charge Collections and Default Amounts Allocation Percentage Numerator - for Principal Collections Allocation Percentage Denominator Aggregate Principal Receivables Balance as of 11,557,571, i ii Number of Days at Balance 31 Average Principal Balance 11,557,571, Sum of Allocation Percentage Numerators for all outstanding Series with respect to Finance Charge Collections and Default Amounts Sum of Allocation Percentage Numerators for all outstanding Series with respect to Principal Collections Average Daily Allocation Percentage, Finance Charge Collections and Default Amount ( / greater of ii or ) Average Daily Allocation Percentage, Principal Collections ( / greater of ii or ) % % Series Allocation Percentage % Page 5 of 9

6 IX. Collections and Allocations Trust Series Finance Charge Collections 238,212, ,313, Recoveries 10,611, , Principal Collections 1,604,658, ,416, Default Amount 63,007, ,785, Dilution 100,701, ,050, Investor Uncovered Dilution Amount Dilution including Fraud Amount 102,716, j. k. Available Finance Charge Collections i ii i v Investor Finance Charge Collections Excess Finance Charge Collections allocable to Series Principal Accumulation Account Investment Proceeds Investment earnings in the Reserve Account Reserve Account Draw Amount Net Swap Receipts vi Recoveries Available Finance Charge Collections (Sum of i through vii) Total Collections (Series + ) Total Finance Charge Collections deposited in the Collection Account (net of any amounts distributed to Transferor and owed to Servicer) 14,313, N/A 637, ,950, ,367, , X. Application of Available Funds pursuant to Section 4.4(a) of the Indenture Supplement Available Finance Charge Collections 14,950, i ii i v vi To the Servicer: Payment to the Indenture Trustee, to a maximum of $25,000 Payment to the Trustee, to a maximum of $25,000 Payment to the Administrator, to a maximum of $25, teholder Servicing Fee 1,157, teholder Servicing Fee previously due but not paid Total teholder Servicing Fee 1,157, Class A Monthly Interest 733, Class A Deficiency Amount Class A Additional Interest Class A Additional Interest not paid on prior Payment Date Class B Monthly Interest 116, Class B Deficiency Amount Class B Additional Interest Class B Additional Interest not paid on prior Payment Date Class C Monthly Interest 106, Class C Deficiency Amount Class C Additional Interest Class C Additional Interest not paid on prior Payment Date To be treated as Available Principal Collections Aggregate Investor Default Amount 3,785, Aggregate Investor Uncovered Dilution Amount To be treated as Available Principal Collections, to the extent not previously reimbursed Investor Charge-offs Reallocated Principal Collections vii Excess of Required Reserve Account Amount Over Available Reserve Account Amount Page 6 of 9

7 ix. Amounts required to be deposited to the Spread Account or Reserve Account x. To be treated as Available Principal Collections: Series Allocation Percentage of Minimum Free Equity Shortfall x Partial or early termination or other additional amount owed to Class A Swap N/A Counterparty Partial or early termination or other additional amount owed to Class B Swap N/A Counterparty Partial or early termination or other additional amount owed to Class C Swap Counterparty N/A xi xii Unless an Early Amortization Event has occurred, amounts that have not been paid pursuant to (a)(i) above 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: Unless an Early Amortization Event has occurred, to the Transferor; and or 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 2012_7 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. 9,051, ,051, XI. Excess Finance Charge Collections (Group One) Total Excess Finance Charge Collections in Group One 132,908, Finance Charge Shortfall for Series Finance Charge Shortfall for all Series in Group One Excess Finance Charges Collections Allocated to Series XII. Available Principal Collections and Distributions (Section references relate to Indenture Supplement) Investor Principal Collections 96,416, Less: Reallocated Principal Collections for the Monthly Period pursuant to Section 4.7 Plus: Shared Principal Collections allocated to this Series Plus: Aggregate amount to be treated as Available Principal Collections pursuant to Section 4.4(a)(vi) 3,785, Plus: Aggregate amount to be treated as Available Principal Collections pursuant to Section 4.4(a)(vii) Plus: During an Early Amortization Period, the amount of Available Finance Charge Collections used to pay principal on the tes pursuant to Section 4.4(a)(xii) Available Principal Collections (Deposited to Principal Account) 100,202, During the Revolving Period, Available Principal Collections treated as Shared Principal Collections Pursuant to Section 4.4(b) i During the Controlled Accumulation Period, Available Principal Collections deposited to the Principal Accumulation Account pursuant to Section 4.4(c)(i),(ii) 100,202, ii During the Early Amortization Period, Available Principal Collections deposited to the Distribution Account pursuant to Section 4.4(c) i Series Shared Principal Collections available to Group One pursuant to Section 4.4(c)(iii) Principal Distributions pursuant to Section 4.4(e) in order of priority Principal paid to Class A teholders Principal paid to Class B teholders 100,202, Principal paid to Class C teholders v Total Principal Collections Available to Share (Inclusive of Series ) 1,352,738, vi Series Principal Shortfall vii Shared Principal Collections allocated to this Series from other Series Page 7 of 9

8 XIII. Series Accumulation Controlled Accumulation Period Length in months (scheduled) Controlled Accumulation Amount Controlled Deposit Amount Accumulation Shortfall Principal Accumulation Account Balance i Controlled Deposit Amount ii Withdrawal for Principal Payment i As of Payment Date 2 XIV. Reserve Account Funding (Section references relate to Indenture Supplement) Reserve Account Funding Date (scheduled) Required Reserve Account Amount (.50% of te Principal Balance beginning on Reserve Account Funding Date) Beginning Available Reserve Account Amount Reserve Draw Amount Deposit pursuant to 4.4(a)(viii) the excess of over Withdrawal for Reserve Account Surplus paid to Transferor pursuant to Section 4.10(d) Withdrawal for Reserve Account Surplus paid to Transferor pursuant to Section 4.10(e) Ending Available Reserve Account Amount 06/17/2019 XV. Spread Account Funding (Section references relate to Indenture Supplement) j. k. Spread Account Percentage Required Spread Account Amount Beginning Available Spread Account Amount Withdrawal pursuant to 4.11 (a) - Section 4.4(a)(v) Shortfall Withdrawal pursuant to 4.11 (b) - Class C Expected Principal Payment Date Withdrawal pursuant to 4.11 (c) - Early Amortization Event Withdrawal pursuant to 4.11 (d) - Event of Default Deposit pursuant to 4.4 (a)(ix) - Spread Account Deficiency Withdrawal pursuant to 4.11 (f) - Spread Account Surplus Amount Ending Available Spread Account Amount Investment Earnings on Spread Account distributable to holder of the Transferor Interest % Page 8 of 9

9 XVI. Series Early Amortization Events The Free Equity Amount is less than the Minimum Free Equity Amount Free Equity: i ii Free Equity Amount Minimum Free Equity Amount Excess Free Equity Amount 2,091,282, ,319, ,457,963, The te Trust Principal Balance is less than the Required Principal Balance te Trust Principal Balance: i ii te Trust Principal Balance Required Principal Balance Excess Principal Balance 11,514,891, ,167,671, The three-month average Portfolio Yield is less than three-month average Base Rate Portfolio Yield: Three month Average Portfolio Yield i Three month Average Base Rate ii Three month Average Excess Spread % % The te Principal Balance is outstanding beyond the Expected Principal Payment Date Expected Principal Payment Date i Payment Date 09/16/ /15/2017 Are there any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments? Are there any material breaches or pool of assets representations and warranties or covenants? Are there any material changes in criteria used to originate, acquire, or select new pool assets? Has an early amortization event occurred? IN WITNESS WHEREOF, the undersigned has duly executed this Monthly teholder's Statement as of the 9th day of vember Synchrony Financial, as Servicer By: Name: Brian Doubles Title: Chief Financial Officer Page 9 of 9