10-D

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 October 1, 2017 to October 31, 2017

Commission File Number of issuing entity:	333-130030-01, 333-169151-01, 333-144945-01, 333-181466
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:	333-130030, 333-169151, 333-144945, 333-181466-01
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)

	Section 12(b)	Section 12(g)	Section 15(d)	Name of Exchange     (If Section 12(b))
Title of Class
Series 2012-2, Class A	|__|	|__|	|_X_|	___________
Series 2012-7, Class A	|__|	|__|	|_X_|	___________
Series 2012-7, Class B	|__|	|__|	|_X_|	___________
Series 2013-1, Class A	|__|	|__|	|_X_|	___________
Series 2013-1, Class B	|__|	|__|	|_X_|	___________
Series 2014-1, Class A	|__|	|__|	|_X_|	___________
Series 2014-1, Class B	|__|	|__|	|_X_|	___________
Series 2014-1, Class C	|__|	|__|	|_X_|	___________
Series 2015-1, Class A	|__|	|__|	|_X_|	___________
Series 2015-1, Class B	|__|	|__|	|_X_|	___________
Series 2015-2, Class A	|__|	|__|	|_X_|	___________
Series 2015-3, Class A	|__|	|__|	|_X_|	___________
Series 2015-3, Class B	|__|	|__|	|_X_|	___________
Series 2015-4, Class A	|__|	|__|	|_X_|	___________
Series 2015-4, Class B	|__|	|__|	|_X_|	___________
Series 2016-1, Class A	|__|	|__|	|_X_|	___________
Series 2016-1, Class B	|__|	|__|	|_X_|	___________
Series 2016-2, Class A	|__|	|__|	|_X_|	___________
Series 2016-2, Class B	|__|	|__|	|_X_|	___________
Series 2016-3, Class A	|__|	|__|	|_X_|	___________
Series 2016-3, Class B	|__|	|__|	|_X_|	___________
Series 2017-1, Class A	|__|	|__|	|_X_|	___________
Series 2017-1, Class B	|__|	|__|	|_X_|	___________
Series 2017-1, 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, 99.2, 99.3, 99.4, 99.5, 99.6, 99.7, 99.8, 99.9, 99.10, 99.11, and 99.12.

Trust Performance
	Oct-17			Sep-17			Aug-17			3-Month Avg
Gross Trust Yield		25.83	%		24.92	%		25.63	%		25.46	%
Gross Charge-Off Rate		6.54	%		5.25	%		6.01	%		5.93	%
Gross Charge-Off Rate Excluding Fraud		6.33	%		5.06	%		5.84	%		5.74	%
Net Charge Off excluding Fraud		5.23	%		4.16	%		4.86	%		4.75	%
Trust excess spread percentage		15.61	%		16.02	%		15.98	%		15.87	%
Payment Rate		13.88	%		13.44	%		14.18	%		13.83	%
Delinquency Data
1-29 Days Delinquent		2.94	%		3.47	%		3.09	%		3.17	%
30-59 Days Delinquent		0.97	%		1.00	%		0.92	%		0.96	%
60-89 Days Delinquent		0.71	%		0.70	%		0.66	%		0.69	%
90-119 Days Delinquent		0.57	%		0.56	%		0.54	%		0.56	%
120-149 Days Delinquent		0.50	%		0.49	%		0.47	%		0.49	%
150-179 Days Delinquent		0.41	%		0.44	%		0.35	%		0.40	%
180 or Greater Days Delinquent		0.00	%		0.00	%		0.00	%		0.00	%
BOP Principal Receivables ($B)	$	11.6		$	11.7		$	11.8		$	11.7

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 ending in or prior to April 2017 began on the 22^nd day of the previous calendar month and ended on the 21^st day of the calendar month indicated below. The distribution period ending in May 2017 began on April 22, 2017 and ended on May 31, 2017. Each distribution period ending after May 2017 begins on the first calendar day and ends on the last calendar day of the calendar month indicated below.

	2016		2017
January		28		26
February		30		32
March		26		25
April		29		29
May		26		38*
June		30		27
July		27		28
August		28		28
September		30		26
October		26		30
November		30		28
December		27		28

* The May 2017 distribution period began on April 22, 2017 and ended on May 31, 2017.

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 October 1, 2017 through October 31, 2017. The most recent Form ABS-15G filed by the Securitizer was filed on February 13, 2017. The CIK number of the Securitizer is 0001226006.

ITEM 1A – Asset-Level Information.

Inapplicable.

ITEM 1B – Asset Representations Reviewer and Investor Communication.

Inapplicable.

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

Exhibit No.	Document Description
99.1	Monthly Noteholder's Statement for Synchrony Credit Card Master Note Trust, Series 2012-2, for November 15, 2017 Payment Date.
99.2	Monthly Noteholder's Statement for Synchrony Credit Card Master Note Trust, Series 2012-7, for November 15, 2017 Payment Date.
99.3	Monthly Noteholder's Statement for Synchrony Credit Card Master Note Trust, Series 2013-1, for November 15, 2017 Payment Date.
99.4	Monthly Noteholder's Statement for Synchrony Credit Card Master Note Trust, Series 2014-1, for November 15, 2017 Payment Date.
99.5	Monthly Noteholder's Statement for Synchrony Credit Card Master Note Trust, Series 2015-1, for November 15, 2017 Payment Date.
99.6	Monthly Noteholder's Statement for Synchrony Credit Card Master Note Trust, Series 2015-2, for November 15, 2017 Payment Date.
99.7	Monthly Noteholder's Statement for Synchrony Credit Card Master Note Trust, Series 2015-3, for November 15, 2017 Payment Date.
99.8	Monthly Noteholder's Statement for Synchrony Credit Card Master Note Trust, Series 2015-4, for November 15, 2017 Payment Date.
99.9	Monthly Noteholder's Statement for Synchrony Credit Card Master Note Trust, Series 2016-1, for November 15, 2017 Payment Date.
99.10	Monthly Noteholder's Statement for Synchrony Credit Card Master Note Trust, Series 2016-2, for November 15, 2017 Payment Date.
99.11	Monthly Noteholder's Statement for Synchrony Credit Card Master Note Trust, Series 2016-3, for November 15, 2017 Payment Date.
99.12	Monthly Noteholder's Statement for Synchrony Credit Card Master Note Trust, Series 2017-1, for November 15, 2017 Payment Date.

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: November 15, 2017	By: /s/ Andrew Lee
	Name: Andrew Lee
	Title: Vice President

INDEX TO EXHIBITS

Exhibit No.	Document Description
99.1	Monthly Noteholder's Statement for Synchrony Credit Card Master Note Trust, Series 2012-2, for November 15, 2017 Payment Date.
99.2	Monthly Noteholder's Statement for Synchrony Credit Card Master Note Trust, Series 2012-7, for November 15, 2017 Payment Date.
99.3	Monthly Noteholder's Statement for Synchrony Credit Card Master Note Trust, Series 2013-1, for November 15, 2017 Payment Date.
99.4	Monthly Noteholder's Statement for Synchrony Credit Card Master Note Trust, Series 2014-1, for November 15, 2017 Payment Date.
99.5	Monthly Noteholder's Statement for Synchrony Credit Card Master Note Trust, Series 2015-1, for November 15, 2017 Payment Date.
99.6	Monthly Noteholder's Statement for Synchrony Credit Card Master Note Trust, Series 2015-2, for November 15, 2017 Payment Date.
99.7	Monthly Noteholder's Statement for Synchrony Credit Card Master Note Trust, Series 2015-3, for November 15, 2017 Payment Date.
99.8	Monthly Noteholder's Statement for Synchrony Credit Card Master Note Trust, Series 2015-4, for November 15, 2017 Payment Date.
99.9	Monthly Noteholder's Statement for Synchrony Credit Card Master Note Trust, Series 2016-1, for November 15, 2017 Payment Date.
99.10	Monthly Noteholder's Statement for Synchrony Credit Card Master Note Trust, Series 2016-2, for November 15, 2017 Payment Date.
99.11	Monthly Noteholder's Statement for Synchrony Credit Card Master Note Trust, Series 2016-3, for November 15, 2017 Payment Date.
99.12	Monthly Noteholder's Statement for Synchrony Credit Card Master Note Trust, Series 2017-1, for November 15, 2017 Payment Date.

EX-99.1

Exhibit 99.1

Monthly Noteholder’s Statement

Synchrony Credit Card Master Note Trust

Series 2012-2

Class A 2.2200% Notes

Class B 2.7600% Notes

Class C 3.6500% 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 2012-2 Indenture Supplement (the “Indenture Supplement”), dated as of February 02, 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 2012-2 Noteholders and the performance of the Trust during the previous month. The information required to be prepared with respect to the Payment Date of November 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 indicated. The undersigned, an Authorized Officer of the Servicer, does hereby certify as follows:

Record Date:	10/31/2017
Monthly Period Beginning:	10/01/2017
Monthly Period Ending:	10/31/2017
Previous Payment Date:	10/16/2017
Payment Date:	11/15/2017
Interest Period Beginning:	10/16/2017
Interest Period Ending:	11/14/2017
Days in Interest Period:	30
Days in Monthly Period:	31
Loss Cycles in Period:	30
Is there a Reset Date?	No

I. Trust Receivables Information

a.	Number of Accounts Beginning	15,064,329
b.	Number of Accounts Ending	14,876,844
c.	Average Account Balance (q / b)	774.01
d.	BOP Principal Receivables	11,557,571,434.72
e.	BOP Finance Charge Receivables	431,528,975.14
f.	BOP Total Receivables	11,989,100,409.86
g.	Increase in Principal Receivables from Additional Accounts	0.00
h.	Increase in Principal Activity on Existing Securitized Accounts	1,624,985,830.91
i.	Increase in Finance Charge Receivables from Additional Accounts	0.00
j.	Increase in Finance Charge Activity on Existing Securitized Accounts	241,350,058.14
k.	Increase in Total Receivables	1,866,335,889.05
l.	Decrease in Principal Receivables due to Account Removal	0.00
m.	Decrease in Principal Activity on Existing Securitized Accounts	1,667,666,200.15
n.	Decrease in Finance Charge Receivables due to Account Removal	0.00
o.	Decrease in Finance Charge Activity on Existing Securitized Accounts	242,362,301.84
p.	Decrease in Total Receivables	1,910,028,501.99
q.	EOP Aggregate Principal Receivables	11,514,891,065.48
r.	EOP Finance Charge Receivables	430,516,731.44
s.	EOP Total Receivables	11,945,407,796.92
t.	Excess Funding Account Balance	0.00
u.	Required Principal Balance	10,347,219,462.00
v.	Minimum Free Equity Amount (EOP Aggregate Principal Receivables * 5.5%)	633,319,008.60
w.	Free Equity Amount (EOP Principal Receivables - EOP Collateral Amount)	2,091,282,714.48
x.	Risk Retention - Dodd-Frank
	i. Required Seller’s Interest (as of EOP)	481,450,629.85
	ii. Seller’s Interest (as of EOP)	1,885,878,468.47

II. Investor Information (Sum of all Series)

a.	Note Principal Balance
	i.	Beginning of Interest Period	9,629,012,597.00

Page 1 of 9

	ii.	Increase in Note Principal Balance due to New Issuance / Additional draws	976,027,397.00
	iii.	Decrease in Note Principal Balance due to Principal Paid and Notes Retired	923,611,111.00
	iv.	As of Payment Date	9,681,428,883.00
b.	Excess Collateral Amount
	i.	Beginning of Interest Period	718,206,865.00
	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	51,369,864.00
	iv.	Reductions in Required Excess Collateral Amount	48,611,112.00
	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	720,965,617.00
c.	Principal Accumulation Account Balance
	i.	Beginning of Interest Period	0.00
	ii.	Controlled Deposit Amount	923,611,111.00
	iii.	Withdrawal for Principal Payment	923,611,111.00
	iv.	As of Payment Date	0.00
d.	Collateral Amount
	i.	End of Prior Monthly Period	10,347,219,462.00
	ii.	Beginning of Interest Period	10,347,219,462.00
	iii.	As of Payment Date	10,402,394,500.00

III. Trust Performance Data (Monthly Period)

a.	Gross Trust Yield (Finance Charge Collections + Recoveries / BOP Principal Receivables)
	i.	Current	25.8349%
	ii.	Prior Monthly Period	24.9209%
	iii.	Two Months Prior Monthly Period	25.6251%
	iv.	Three-Month Average	25.4603%
b.	Payment Rate (Principal Collections / BOP Principal Receivables)
	i.	Current	13.8840%
	ii.	Prior Monthly Period	13.4375%
	iii.	Two Months Prior Monthly Period	14.1784%
	iv.	Three-Month Average	13.8333%
c.	Gross Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts - Fraud Amount / BOP Principal Receivables)
	i.	Current	6.3328%
	ii.	Prior Monthly Period	5.0583%
	iii.	Two Months Prior Monthly Period	5.8433%
	iv.	Three Months Prior Monthly Period	5.7534%
	v.	Three-Month Average	5.7448%
	vi.	Four-Month Average	5.7469%
d.	Gross Charge-Off Rate (Default Amount for Defaulted Accounts / BOP Principal Receivables)
	i.	Current	6.5420%
	ii.	Prior Monthly Period	5.2459%
	iii.	Two Months Prior Monthly Period	6.0082%
	iv.	Three Months Prior Monthly Period	5.9166%
	v.	Three-Month Average	5.9320%
	vi.	Four-Month Average	5.9282%

Page 2 of 9

e.	Net Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts - Recoveries - Fraud Amount / BOP Principal Receivables)
	i.	Current	5.2311%
	ii.	Prior Monthly Period	4.1559%
	iii.	Two Months Prior Monthly Period	4.8579%
	iv.	Three Months Prior Monthly Period	4.7312%
	v.	Three-Month Average	4.7483%
	vi.	Four-Month Average	4.7440%
f.	Net Charge-Off Rate (Default Amount for Defaulted Accounts - Recoveries/ BOP Principal Receivables)
	i.	Current	5.4402%
	ii.	Prior Monthly Period	4.3436%
	iii.	Two Months Prior Monthly Period	5.0229%
	iv.	Three Months Prior Monthly Period	4.8945%
	v.	Three-Month Average	4.9356%
	vi.	Four-Month Average	4.9253%
g.	Trust excess spread percentage ((FC Coll - Charged-Off Rec - Monthly Interest +/- Net Swaps - Monthly Servicing Fee) / BOP Principal Receivables)		15.6106%
h.	Default Amount for Defaulted Accounts		63,007,636.34
i.	Recovery Amount		10,611,409.04
j.	Net Charge-Off (Default Amount for Defaulted Accounts - Recoveries)		52,396,227.30
k.	Number of Accounts Charged Off		30,608
l.	Average Account Charge-Off (Net Charge-Off / Number of Accounts Charged Off)		1,711.85
m.	Collections
	i.	Total Trust Finance Charge Collections	238,212,962.46
	ii.	Total Trust Principal Collections	1,604,658,563.81
	iii.	Total Trust Collections	1,842,871,526.27

n.	Delinquency Data		Accounts	Pctg. of Tot. Accts.	Total Receivables	Pctg. of Tot. Recv.
	i.	1-29 Days Delinquent	220,402	1.4815%	351,557,216.17	2.9430%
	ii.	30-59 Days Delinquent	55,222	0.3712%	116,136,843.60	0.9722%
	iii.	60-89 Days Delinquent	33,745	0.2268%	84,556,393.84	0.7079%
	iv.	90-119 Days Delinquent	25,341	0.1703%	68,677,796.92	0.5749%
	v.	120-149 Days Delinquent	21,101	0.1418%	59,631,650.11	0.4992%
	vi.	150-179 Days Delinquent	16,580	0.1114%	49,043,514.77	0.4106%
	vii.	180 or Greater Days Delinquent	0	0.0000%	0.00	0.0000%
		Total	372,391	2.5032%	729,603,415.41	6.1078%

Page 3 of 9

IV. Series Performance Data

a.	Portfolio Yield (Finance Charge Collections + Recoveries - Aggregate Investor Default Amount + PAA Inv Proceeds / BOP Collateral)
	i.	Current	19.2930%
	ii.	Prior Monthly Period	19.6750%
	iii.	Two Months Prior Monthly Period	19.6168%
	iv.	Three-Month Average	19.5283%
b.	Base Rate (Noteholder Servicing Fee + Admin Fee + Monthly Interest + Swap Payments - Swap Receipts / BOP Collateral)
	i.	Current	4.0658%
	ii.	Prior Monthly Period	4.0658%
	iii.	Two Months Prior Monthly Period	4.0658%
	iv.	Three-Month Average	4.0658%
c.	Excess Spread Percentage (Portfolio Yield - Base Rate)
	i.	Current	15.2272%
	ii.	Prior Monthly Period	15.6092%
	iii.	Two Months Prior Monthly Period	15.5510%
	iv.	Quarterly Excess Spread Percentage	15.4624%

V. Investor Information Regarding Distributions to Noteholders

a.	The total amount of the distribution to Class A Noteholders per $1000 Note Initial Principal Balance.	1.850000
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.	1.850000
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.	2.300000
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.	2.300000
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.	3.041667
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.	3.041667
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		75,709,779.00
c.	Class C Note Initial Principal Balance		51,104,101.00
d.	Initial Excess Collateral Amount (As of Payment Date)		109,423,054.00
e.	Initial Collateral Amount (As of Payment Date)		836,236,934.00
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	75,709,779.00
	ii.	Principal Payment	0.00
	iii.	As of Payment Date	75,709,779.00

Page 4 of 9

h.	Class C Note Principal Balance
	i.	Beginning of Interest Period	51,104,101.00
	ii.	Principal Payment	0.00
	iii.	As of Payment Date	51,104,101.00
i.	Excess Collateral Amount
	i.	Beginning of Interest Period	109,423,054.00
	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	109,423,054.00
j.	Collateral Amount
	i.	Beginning of Interest Period	836,236,934.00
	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	836,236,934.00
	viii.	Collateral Amount as a Percentage of Note Trust Principal Balance	7.2622%
	ix.	Amount by which Note Principal Balance exceeds Collateral Amount	N/A
k.	Required Excess Collateral Amount (As of Payment Date)		109,423,054.00

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	836,236,934.00
b.	Allocation Percentage Numerator - for Principal Collections	836,236,934.00
c.	Allocation Percentage Denominator

i.	Aggregate Principal Receivables Balance as of Prior Monthly Period	11,557,571,434.71
ii.	Number of Days at Balance	31
iii.	Average Principal Balance	11,557,571,434.71

d.	Sum of Allocation Percentage Numerators for all outstanding Series with respect to Finance Charge Collections and Default Amounts	10,347,219,462.00
e.	Sum of Allocation Percentage Numerators for all outstanding Series with respect to Principal Collections	10,347,219,462.00
f.	Average Daily Allocation Percentage, Finance Charge Collections and Default Amount (a. / greater of c.iii. or d.)	7.2354%
g.	Average Daily Allocation Percentage, Principal Collections (b. / greater of c.iii. or e.)	7.2354%
h.	Series Allocation Percentage	8.0818%

Page 5 of 9

IX. Collections and Allocations		Trust	Series
a.	Finance Charge Collections	238,212,962.46	17,235,670.20
b.	Recoveries	10,611,409.04	767,778.30
c.	Principal Collections	1,604,658,563.81	116,103,529.90
d.	Default Amount	63,007,636.34	4,558,857.03
e.	Dilution	100,701,663.87	7,286,172.22
f.	Investor Uncovered Dilution Amount	0.00	0.00
g.	Dilution including Fraud Amount	102,716,022.18

h.	Available Finance Charge Collections
	i.	Investor Finance Charge Collections	17,235,670.20
	ii.	Excess Finance Charge Collections allocable to Series 2012-2	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	767,778.30
i.	Available Finance Charge Collections (Sum of h.i through h.vii)		18,003,448.50
j.	Total Collections (c.Series + i.)		134,106,978.40
k.	Total Finance Charge Collections deposited in the Collection Account (net of any amounts distributed to Transferor and owed to Servicer)		1,439,602.42

X. Application of Available Funds pursuant to Section 4.4(a) of the Indenture Supplement

a.	Available Finance Charge Collections		18,003,448.50
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	28.29
ii.	To the Servicer:
	a.	Noteholder Servicing Fee	1,393,728.22
	b.	Noteholder Servicing Fee previously due but not paid	0.00
	c.	Total Noteholder Servicing Fee	1,393,728.22
iii.	On a pari passu basis:
	a.	Class A Monthly Interest	1,110,000.00
	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	174,132.49
	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	155,441.64
	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	4,558,857.03
	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

Page 6 of 9

ix.	Amounts required to be deposited to the Spread Account or 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:		10,611,260.83
	a.	Unless an Early Amortization Event has occurred, to the Transferor; and or	10,611,260.83
	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 2012_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	132,908,458.58
b.	Finance Charge Shortfall for Series 2012-2	0.00
c.	Finance Charge Shortfall for all Series in Group One	0.00
d.	Excess Finance Charges Collections Allocated to Series 2012-2	0.00

XII. Available Principal Collections and Distributions (Section references relate to Indenture Supplement)

a.	Investor Principal Collections			116,103,529.90
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)(vi)			4,558,857.03
e.	Plus: Aggregate amount to be treated as Available Principal Collections pursuant to Section 4.4(a)(vii)			0.00
f.	Plus: During an Early Amortization Period, the amount of Available Finance Charge			0.00
	Collections used to pay principal on the Notes pursuant to Section 4.4(a)(xii)
g.	Available Principal Collections (Deposited to Principal Account)			120,662,386.93
	i.	During the Revolving Period, Available Principal Collections treated as Shared Principal Collections Pursuant to Section 4.4(b)		120,662,386.93
	ii.	During the Controlled Accumulation Period, Available Principal Collections deposited to the Principal Accumulation Account pursuant to Section 4.4(c)(i),(ii)		0.00
	iii.	During the Early Amortization Period, Available Principal Collections deposited to the Distribution Account pursuant to Section 4.4(c)		0.00
	iv.	Series Shared Principal Collections available to Group One pursuant to Section 4.4(c)(iii)		120,662,386.93
	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 2012-2)		1,352,738,011.45
	vii.	Series Principal Shortfall		0.00
	viii.	Shared Principal Collections allocated to this Series from other Series		0.00

Page 7 of 9

XIII. Series 2012-2 Accumulation

a.	Controlled Accumulation Period Length in months (scheduled)	1
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)	10/15/2018
b.	Required Reserve Account Amount (Reduced to 0% due to the reduction of Controlled Accumulation Period to 1 month)	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. 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 C 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

Page 8 of 9

XVI. Series Early Amortization Events

a.	The Free Equity Amount is less than the Minimum Free Equity Amount Free Equity:		No
	i.	Free Equity Amount	2,091,282,714.48
	ii.	Minimum Free Equity Amount	633,319,008.60
	iii.	Excess Free Equity Amount	1,457,963,705.88
b.	The Note Trust Principal Balance is less than the Required Principal Balance Note Trust Principal Balance:		No
	i.	Note Trust Principal Balance	11,514,891,065.48
	ii.	Required Principal Balance	10,347,219,462.00
	iii.	Excess Principal Balance	1,167,671,603.48
c.	The three-month average Portfolio Yield is less than three-month average Base Rate Portfolio Yield:		No
	i.	Three month Average Portfolio Yield	19.5283%
	ii.	Three month Average Base Rate	4.0658%
	iii.	Three month Average Excess Spread	15.4624%
d.	The Note Principal Balance is outstanding beyond the Expected Principal Payment Date		No
	i.	Expected Principal Payment Date	01/15/2019
	ii.	Current Payment Date	11/15/2017
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 9th day of November 2017.

Synchrony Financial, as Servicer
By:	/s/ Brian Doubles
Name:	Brian Doubles
Title:	Chief Financial Officer

Page 9 of 9

EX-99.2

Exhibit 99.2

Monthly Noteholder’s Statement

Synchrony Credit Card Master Note Trust

Series 2012-7

Class A 1.7600% Notes

Class B 2.2100% Notes

Class C 3.0000% 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 2012-7 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 2012-7 Noteholders and the performance of the Trust during the previous month. The information required to be prepared with respect to the Payment Date of November 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 indicated. The undersigned, an Authorized Officer of the Servicer, does hereby certify as follows:

Record Date:	10/31/2017
Monthly Period Beginning:	10/01/2017
Monthly Period Ending:	10/31/2017
Previous Payment Date:	10/16/2017
Payment Date:	11/15/2017
Interest Period Beginning:	10/16/2017
Interest Period Ending:	11/14/2017
Days in Interest Period:	30
Days in Monthly Period:	31
Loss Cycles in Period:	30
Is there a Reset Date?	No

I. Trust Receivables Information
a.	Number of Accounts Beginning		15,064,329
b.	Number of Accounts Ending		14,876,844
c.	Average Account Balance (q / b)		774.01
d.	BOP Principal Receivables		11,557,571,434.72
e.	BOP Finance Charge Receivables		431,528,975.14
f.	BOP Total Receivables		11,989,100,409.86
g.	Increase in Principal Receivables from Additional Accounts		0.00
h.	Increase in Principal Activity on Existing Securitized Accounts		1,624,985,830.91
i.	Increase in Finance Charge Receivables from Additional Accounts		0.00
j.	Increase in Finance Charge Activity on Existing Securitized Accounts		241,350,058.14
k.	Increase in Total Receivables		1,866,335,889.05
l.	Decrease in Principal Receivables due to Account Removal		0.00
m.	Decrease in Principal Activity on Existing Securitized Accounts		1,667,666,200.15
n.	Decrease in Finance Charge Receivables due to Account Removal		0.00
o.	Decrease in Finance Charge Activity on Existing Securitized Accounts		242,362,301.84
p.	Decrease in Total Receivables		1,910,028,501.99
q.	EOP Aggregate Principal Receivables		11,514,891,065.48
r.	EOP Finance Charge Receivables		430,516,731.44
s.	EOP Total Receivables		11,945,407,796.92
t.	Excess Funding Account Balance		0.00
u.	Required Principal Balance		10,347,219,462.00
v.	Minimum Free Equity Amount (EOP Aggregate Principal Receivables * 5.5%)		633,319,008.60
w.	Free Equity Amount (EOP Principal Receivables - EOP Collateral Amount)		2,091,282,714.48
x.	Risk Retention - Dodd-Frank
	i. Required Seller’s Interest (as of EOP)		481,450,629.85
	ii. Seller’s Interest (as of EOP)		1,885,878,468.47
II. Investor Information (Sum of all Series)
a.	Note Principal Balance
	i.	Beginning of Interest Period	9,629,012,597.00

Page 1 of 9

	ii.	Increase in Note Principal Balance due to New Issuance / Additional draws	976,027,397.00
	iii.	Decrease in Note Principal Balance due to Principal Paid and Notes Retired	923,611,111.00
	iv.	As of Payment Date	9,681,428,883.00
b.	Excess Collateral Amount
	i.	Beginning of Interest Period	718,206,865.00
	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	51,369,864.00
	iv.	Reductions in Required Excess Collateral Amount	48,611,112.00
	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	720,965,617.00
c.	Principal Accumulation Account Balance
	i.	Beginning of Interest Period	0.00
	ii.	Controlled Deposit Amount	923,611,111.00
	iii.	Withdrawal for Principal Payment	923,611,111.00
	iv.	As of Payment Date	0.00
d.	Collateral Amount
	i.	End of Prior Monthly Period	10,347,219,462.00
	ii.	Beginning of Interest Period	10,347,219,462.00
	iii.	As of Payment Date	10,402,394,500.00
III. Trust Performance Data (Monthly Period)
a.	Gross Trust Yield (Finance Charge Collections + Recoveries / BOP Principal Receivables)
	i.	Current	25.8349%
	ii.	Prior Monthly Period	24.9209%
	iii.	Two Months Prior Monthly Period	25.6251%
	iv.	Three-Month Average	25.4603%
b.	Payment Rate (Principal Collections / BOP Principal Receivables)
	i.	Current	13.8840%
	ii.	Prior Monthly Period	13.4375%
	iii.	Two Months Prior Monthly Period	14.1784%
	iv.	Three-Month Average	13.8333%
c.	Gross Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts - Fraud Amount / BOP Principal Receivables)
	i.	Current	6.3328%
	ii.	Prior Monthly Period	5.0583%
	iii.	Two Months Prior Monthly Period	5.8433%
	iv.	Three Months Prior Monthly Period	5.7534%
	v.	Three-Month Average	5.7448%
	vi.	Four-Month Average	5.7469%
d.	Gross Charge-Off Rate (Default Amount for Defaulted Accounts / BOP Principal Receivables)
	i.	Current	6.5420%
	ii.	Prior Monthly Period	5.2459%
	iii.	Two Months Prior Monthly Period	6.0082%
	iv.	Three Months Prior Monthly Period	5.9166%
	v.	Three-Month Average	5.9320%
	vi.	Four-Month Average	5.9282%

Page 2 of 9

e.	Net Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts - Recoveries - Fraud Amount / BOP Principal Receivables)
	i.	Current	5.2311%
	ii.	Prior Monthly Period	4.1559%
	iii.	Two Months Prior Monthly Period	4.8579%
	iv.	Three Months Prior Monthly Period	4.7312%
	v.	Three-Month Average	4.7483%
	vi.	Four-Month Average	4.7440%
f.	Net Charge-Off Rate (Default Amount for Defaulted Accounts - Recoveries/ BOP Principal Receivables)
	i.	Current	5.4402%
	ii.	Prior Monthly Period	4.3436%
	iii.	Two Months Prior Monthly Period	5.0229%
	iv.	Three Months Prior Monthly Period	4.8945%
	v.	Three-Month Average	4.9356%
	vi.	Four-Month Average	4.9253%
g.	Trust excess spread percentage ((FC Coll - Charged-Off Rec - Monthly Interest +/- Net Swaps - Monthly Servicing Fee) / BOP Principal Receivables)		15.6106%
h.	Default Amount for Defaulted Accounts		63,007,636.34
i.	Recovery Amount		10,611,409.04
j.	Net Charge-Off (Default Amount for Defaulted Accounts - Recoveries)		52,396,227.30
k.	Number of Accounts Charged Off		30,608
l.	Average Account Charge-Off (Net Charge-Off / Number of Accounts Charged Off)		1,711.85
m.	Collections
	i.	Total Trust Finance Charge Collections	238,212,962.46
	ii.	Total Trust Principal Collections	1,604,658,563.81
	iii.	Total Trust Collections	1,842,871,526.27

n.	Delinquency Data		Accounts	Pctg. of Tot. Accts.	Total Receivables	Pctg. of Tot. Recv.
	i.	1-29 Days Delinquent	220,402	1.4815%	351,557,216.17	2.9430%
	ii.	30-59 Days Delinquent	55,222	0.3712%	116,136,843.60	0.9722%
	iii.	60-89 Days Delinquent	33,745	0.2268%	84,556,393.84	0.7079%
	iv.	90-119 Days Delinquent	25,341	0.1703%	68,677,796.92	0.5749%
	v.	120-149 Days Delinquent	21,101	0.1418%	59,631,650.11	0.4992%
	vi.	150-179 Days Delinquent	16,580	0.1114%	49,043,514.77	0.4106%
	vii.	180 or Greater Days Delinquent	0	0.0000%	0.00	0.0000%
		Total	372,391	2.5032%	729,603,415.41	6.1078%

Page 3 of 9

IV. Series Performance Data
a.	Portfolio Yield (Finance Charge Collections + Recoveries - Aggregate Investor Default Amount + PAA Inv Proceeds / BOP Collateral)
	i.	Current	19.2930%
	ii.	Prior Monthly Period	19.6750%
	iii.	Two Months Prior Monthly Period	19.6168%
	iv.	Three-Month Average	19.5283%
b.	Base Rate (Noteholder Servicing Fee + Admin Fee + Monthly Interest + Swap Payments - Swap Receipts / BOP Collateral)
	i.	Current	3.6520%
	ii.	Prior Monthly Period	3.6520%
	iii.	Two Months Prior Monthly Period	3.6520%
	iv.	Three-Month Average	3.6520%
c.	Excess Spread Percentage (Portfolio Yield - Base Rate)
	i.	Current	15.6410%
	ii.	Prior Monthly Period	16.0230%
	iii.	Two Months Prior Monthly Period	15.9648%
	iv.	Quarterly Excess Spread Percentage	15.8763%
V. Investor Information Regarding Distributions to Noteholders
a.	The total amount of the distribution to Class A Noteholders per $1000 Note Initial Principal Balance.		1.466667
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.		1.466667
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.		1.841667
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.		1.841667
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.		2.500000
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.		2.500000
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		500,000,000.00
b.	Class B Note Initial Principal Balance		63,091,483.00
c.	Class C Note Initial Principal Balance		42,586,750.00
d.	Initial Excess Collateral Amount (As of Payment Date)		88,766,212.00
e.	Initial Collateral Amount (As of Payment Date)		694,444,445.00
f.	Class A Note Principal Balance
	i.	Beginning of Interest Period	500,000,000.00
	ii.	Principal Payment	0.00
	iii.	As of Payment Date	500,000,000.00
g.	Class B Note Principal Balance
	i.	Beginning of Interest Period	63,091,483.00
	ii.	Principal Payment	0.00
	iii.	As of Payment Date	63,091,483.00

Page 4 of 9

h.	Class C Note Principal Balance
	i.	Beginning of Interest Period	42,586,750.00
	ii.	Principal Payment	0.00
	iii.	As of Payment Date	42,586,750.00
i.	Excess Collateral Amount
	i.	Beginning of Interest Period	88,766,212.00
	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	88,766,212.00
j.	Collateral Amount
	i.	Beginning of Interest Period	694,444,445.00
	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	694,444,445.00
	viii.	Collateral Amount as a Percentage of Note Trust Principal Balance	6.0308%
	ix.	Amount by which Note Principal Balance exceeds Collateral Amount	N/A
k.	Required Excess Collateral Amount (As of Payment Date)		88,766,212.00
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		694,444,445.00
b.	Allocation Percentage Numerator - for Principal Collections		694,444,445.00
c.	Allocation Percentage Denominator
	i.	Aggregate Principal Receivables Balance as of Prior Monthly Period	11,557,571,434.71
	ii.	Number of Days at Balance	31
	iii.	Average Principal Balance	11,557,571,434.71
d.	Sum of Allocation Percentage Numerators for all outstanding Series with respect to Finance Charge Collections and Default Amounts		10,347,219,462.00
e.	Sum of Allocation Percentage Numerators for all outstanding Series with respect to Principal Collections		10,347,219,462.00
f.	Average Daily Allocation Percentage, Finance Charge Collections and Default Amount (a. / greater of c.iii. or d.)		6.0086%
g.	Average Daily Allocation Percentage, Principal Collections (b. / greater of c.iii. or e.)		6.0086%
h.	Series Allocation Percentage		6.7114%

Page 5 of 9

IX. Collections and Allocations		Trust	Series
a.	Finance Charge Collections	238,212,962.46	14,313,185.44
b.	Recoveries	10,611,409.04	637,593.63
c.	Principal Collections	1,604,658,563.81	96,416,984.95
d.	Default Amount	63,007,636.34	3,785,856.06
e.	Dilution	100,701,663.87	6,050,726.93
f.	Investor Uncovered Dilution Amount	0.00	0.00
g.	Dilution including Fraud Amount	102,716,022.18

h.	Available Finance Charge Collections
	i.	Investor Finance Charge Collections	14,313,185.44
	ii.	Excess Finance Charge Collections allocable to Series 2012-7	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	637,593.63
i.	Available Finance Charge Collections (Sum of h.i through h.vii)		14,950,779.07
j.	Total Collections (c.Series + i.)		111,367,764.02
k.	Total Finance Charge Collections deposited in the Collection Account (net of any amounts distributed to Transferor and owed to Servicer)		956,017.18
X. Application of Available Funds pursuant to Section 4.4(a) of the Indenture Supplement
a.	Available Finance Charge Collections		14,950,779.07
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	23.49
ii.	To the Servicer:
	a.	Noteholder Servicing Fee	1,157,407.41
	b.	Noteholder Servicing Fee previously due but not paid	0.00
	c.	Total Noteholder Servicing Fee	1,157,407.41
iii.	On a pari passu basis:
	a.	Class A Monthly Interest	733,333.33
	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	116,193.48
	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	106,466.88
	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	3,785,856.06
	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

Page 6 of 9

ix.	Amounts required to be deposited to the Spread Account or 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:			9,051,498.42
	a.	Unless an Early Amortization Event has occurred, to the Transferor; and or		9,051,498.42
	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 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.		0.00
XI. Excess Finance Charge Collections (Group One)
a.	Total Excess Finance Charge Collections in Group One			132,908,458.58
b.	Finance Charge Shortfall for Series 2012-7			0.00
c.	Finance Charge Shortfall for all Series in Group One			0.00
d.	Excess Finance Charges Collections Allocated to Series 2012-7			0.00
XII. Available Principal Collections and Distributions (Section references relate to Indenture Supplement)
a.	Investor Principal Collections			96,416,984.95
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)(vi)			3,785,856.06
e.	Plus: Aggregate amount to be treated as Available Principal Collections pursuant to Section 4.4(a)(vii)			0.00
f.	Plus: During an Early Amortization Period, the amount of Available Finance Charge			0.00
	Collections used to pay principal on the Notes pursuant to Section 4.4(a)(xii)
g.	Available Principal Collections (Deposited to Principal Account)			100,202,841.01
	i.	During the Revolving Period, Available Principal Collections treated as Shared Principal Collections Pursuant to Section 4.4(b)		100,202,841.01
	ii.	During the Controlled Accumulation Period, Available Principal Collections deposited to the Principal Accumulation Account pursuant to Section 4.4(c)(i),(ii)		0.00
	iii.	During the Early Amortization Period, Available Principal Collections deposited to the Distribution Account pursuant to Section 4.4(c)		0.00
	iv.	Series Shared Principal Collections available to Group One pursuant to Section 4.4(c)(iii)		100,202,841.01
	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 2012-7)		1,352,738,011.45
	vii.	Series Principal Shortfall		0.00
	viii.	Shared Principal Collections allocated to this Series from other Series		0.00

Page 7 of 9

XIII. Series 2012-7 Accumulation
a.	Controlled Accumulation Period Length in months (scheduled)		2
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)		06/17/2019
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. 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 C 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

Page 8 of 9

XVI. Series Early Amortization Events
a.	The Free Equity Amount is less than the Minimum Free Equity Amount Free Equity:		No
	i.	Free Equity Amount	2,091,282,714.48
	ii.	Minimum Free Equity Amount	633,319,008.60
	iii.	Excess Free Equity Amount	1,457,963,705.88
b.	The Note Trust Principal Balance is less than the Required Principal Balance Note Trust Principal Balance:		No
	i.	Note Trust Principal Balance	11,514,891,065.48
	ii.	Required Principal Balance	10,347,219,462.00
	iii.	Excess Principal Balance	1,167,671,603.48
c.	The three-month average Portfolio Yield is less than three-month average Base Rate Portfolio Yield:		No
	i.	Three month Average Portfolio Yield	19.5283%
	ii.	Three month Average Base Rate	3.6520%
	iii.	Three month Average Excess Spread	15.8763%
d.	The Note Principal Balance is outstanding beyond the Expected Principal Payment Date		No
	i.	Expected Principal Payment Date	09/16/2019
	ii.	Current Payment Date	11/15/2017
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 9th day of November 2017.

Synchrony Financial, as Servicer
By:	/s/ Brian Doubles
Name:	Brian Doubles
Title:	Chief Financial Officer

Page 9 of 9

EX-99.3

Exhibit 99.3

Monthly Noteholder’s Statement

Synchrony Credit Card Master Note Trust

Series 2013-1

Class A 1.3500% Notes

Class B 1.6900% Notes

Class C 1.9400% 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 2013-1 Indenture Supplement (the “Indenture Supplement”), dated as of March 26, 2013, 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 2013-1 Noteholders and the performance of the Trust during the previous month. The information required to be prepared with respect to the Payment Date of November 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 indicated. The undersigned, an Authorized Officer of the Servicer, does hereby certify as follows:

Record Date:	10/31/2017
Monthly Period Beginning:	10/01/2017
Monthly Period Ending:	10/31/2017
Previous Payment Date:	10/16/2017
Payment Date:	11/15/2017
Interest Period Beginning:	10/16/2017
Interest Period Ending:	11/14/2017
Days in Interest Period:	30
Days in Monthly Period:	31
Loss Cycles in Period:	30
Is there a Reset Date?	No

I. Trust Receivables Information
a.	Number of Accounts Beginning		15,064,329
b.	Number of Accounts Ending		14,876,844
c.	Average Account Balance (q / b)		774.01
d.	BOP Principal Receivables		11,557,571,434.72
e.	BOP Finance Charge Receivables		431,528,975.14
f.	BOP Total Receivables		11,989,100,409.86
g.	Increase in Principal Receivables from Additional Accounts		0.00
h.	Increase in Principal Activity on Existing Securitized Accounts		1,624,985,830.91
i.	Increase in Finance Charge Receivables from Additional Accounts		0.00
j.	Increase in Finance Charge Activity on Existing Securitized Accounts		241,350,058.14
k.	Increase in Total Receivables		1,866,335,889.05
l.	Decrease in Principal Receivables due to Account Removal		0.00
m.	Decrease in Principal Activity on Existing Securitized Accounts		1,667,666,200.15
n.	Decrease in Finance Charge Receivables due to Account Removal		0.00
o.	Decrease in Finance Charge Activity on Existing Securitized Accounts		242,362,301.84
p.	Decrease in Total Receivables		1,910,028,501.99
q.	EOP Aggregate Principal Receivables		11,514,891,065.48
r.	EOP Finance Charge Receivables		430,516,731.44
s.	EOP Total Receivables		11,945,407,796.92
t.	Excess Funding Account Balance		0.00
u.	Required Principal Balance		10,347,219,462.00
v.	Minimum Free Equity Amount (EOP Aggregate Principal Receivables * 5.5%)		633,319,008.60
w.	Free Equity Amount (EOP Principal Receivables - EOP Collateral Amount)		2,091,282,714.48
x.	Risk Retention - Dodd-Frank
	i. Required Seller’s Interest (as of EOP)		481,450,629.85
	ii. Seller’s Interest (as of EOP)		1,885,878,468.47
II. Investor Information (Sum of all Series)
a.	Note Principal Balance
	i.	Beginning of Interest Period	9,629,012,597.00

Page 1 of 9

	ii.	Increase in Note Principal Balance due to New Issuance / Additional draws	976,027,397.00
	iii.	Decrease in Note Principal Balance due to Principal Paid and Notes Retired	923,611,111.00
	iv.	As of Payment Date	9,681,428,883.00
b.	Excess Collateral Amount
	i.	Beginning of Interest Period	718,206,865.00
	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	51,369,864.00
	iv.	Reductions in Required Excess Collateral Amount	48,611,112.00
	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	720,965,617.00
c.	Principal Accumulation Account Balance
	i.	Beginning of Interest Period	0.00
	ii.	Controlled Deposit Amount	923,611,111.00
	iii.	Withdrawal for Principal Payment	923,611,111.00
	iv.	As of Payment Date	0.00
d.	Collateral Amount
	i.	End of Prior Monthly Period	10,347,219,462.00
	ii.	Beginning of Interest Period	10,347,219,462.00
	iii.	As of Payment Date	10,402,394,500.00
III. Trust Performance Data (Monthly Period)
a.	Gross Trust Yield (Finance Charge Collections + Recoveries / BOP Principal Receivables)
	i.	Current	25.8349%
	ii.	Prior Monthly Period	24.9209%
	iii.	Two Months Prior Monthly Period	25.6251%
	iv.	Three-Month Average	25.4603%
b.	Payment Rate (Principal Collections / BOP Principal Receivables)
	i.	Current	13.8840%
	ii.	Prior Monthly Period	13.4375%
	iii.	Two Months Prior Monthly Period	14.1784%
	iv.	Three-Month Average	13.8333%
c.	Gross Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts - Fraud Amount / BOP Principal Receivables)
	i.	Current	6.3328%
	ii.	Prior Monthly Period	5.0583%
	iii.	Two Months Prior Monthly Period	5.8433%
	iv.	Three Months Prior Monthly Period	5.7534%
	v.	Three-Month Average	5.7448%
	vi.	Four-Month Average	5.7469%
d.	Gross Charge-Off Rate (Default Amount for Defaulted Accounts / BOP Principal Receivables)
	i.	Current	6.5420%
	ii.	Prior Monthly Period	5.2459%
	iii.	Two Months Prior Monthly Period	6.0082%
	iv.	Three Months Prior Monthly Period	5.9166%
	v.	Three-Month Average	5.9320%
	vi.	Four-Month Average	5.9282%

Page 2 of 9

e.	Net Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts - Recoveries - Fraud Amount / BOP Principal Receivables)
	i.	Current	5.2311%
	ii.	Prior Monthly Period	4.1559%
	iii.	Two Months Prior Monthly Period	4.8579%
	iv.	Three Months Prior Monthly Period	4.7312%
	v.	Three-Month Average	4.7483%
	vi.	Four-Month Average	4.7440%
f.	Net Charge-Off Rate (Default Amount for Defaulted Accounts - Recoveries/ BOP Principal Receivables)
	i.	Current	5.4402%
	ii.	Prior Monthly Period	4.3436%
	iii.	Two Months Prior Monthly Period	5.0229%
	iv.	Three Months Prior Monthly Period	4.8945%
	v.	Three-Month Average	4.9356%
	vi.	Four-Month Average	4.9253%
g.	Trust excess spread percentage ((FC Coll - Charged-Off Rec - Monthly Interest +/- Net Swaps - Monthly Servicing Fee) / BOP Principal Receivables)		15.6106%
h.	Default Amount for Defaulted Accounts		63,007,636.34
i.	Recovery Amount		10,611,409.04
j.	Net Charge-Off (Default Amount for Defaulted Accounts - Recoveries)		52,396,227.30
k.	Number of Accounts Charged Off		30,608
l.	Average Account Charge-Off (Net Charge-Off / Number of Accounts Charged Off)		1,711.85
m.	Collections
	i.	Total Trust Finance Charge Collections	238,212,962.46
	ii.	Total Trust Principal Collections	1,604,658,563.81
	iii.	Total Trust Collections	1,842,871,526.27

n.	Delinquency Data		Accounts	Pctg. of Tot. Accts.	Total Receivables	Pctg. of Tot. Recv.
	i.	1-29 Days Delinquent	220,402	1.4815%	351,557,216.17	2.9430%
	ii.	30-59 Days Delinquent	55,222	0.3712%	116,136,843.60	0.9722%
	iii.	60-89 Days Delinquent	33,745	0.2268%	84,556,393.84	0.7079%
	iv.	90-119 Days Delinquent	25,341	0.1703%	68,677,796.92	0.5749%
	v.	120-149 Days Delinquent	21,101	0.1418%	59,631,650.11	0.4992%
	vi.	150-179 Days Delinquent	16,580	0.1114%	49,043,514.77	0.4106%
	vii.	180 or Greater Days Delinquent	0	0.0000%	0.00	0.0000%
		Total	372,391	2.5032%	729,603,415.41	6.1078%

Page 3 of 9

IV. Series Performance Data
a.	Portfolio Yield (Finance Charge Collections + Recoveries - Aggregate Investor Default Amount + PAA Inv Proceeds / BOP Collateral)
	i.	Current	19.2930%
	ii.	Prior Monthly Period	19.6750%
	iii.	Two Months Prior Monthly Period	19.6168%
	iv.	Three-Month Average	19.5283%
b.	Base Rate (Noteholder Servicing Fee + Admin Fee + Monthly Interest + Swap Payments - Swap Receipts / BOP Collateral)
	i.	Current	3.2532%
	ii.	Prior Monthly Period	3.2532%
	iii.	Two Months Prior Monthly Period	3.2532%
	iv.	Three-Month Average	3.2532%
c.	Excess Spread Percentage (Portfolio Yield - Base Rate)
	i.	Current	16.0398%
	ii.	Prior Monthly Period	16.4218%
	iii.	Two Months Prior Monthly Period	16.3636%
	iv.	Quarterly Excess Spread Percentage	16.2751%
V. Investor Information Regarding Distributions to Noteholders
a.	The total amount of the distribution to Class A Noteholders per $1000 Note Initial Principal Balance.		1.125000
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.		1.125000
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.		1.408333
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.		1.408333
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.		1.616667
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.		1.616667
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		800,000,000.00
b.	Class B Note Initial Principal Balance		100,946,372.00
c.	Class C Note Initial Principal Balance		68,138,802.00
d.	Initial Excess Collateral Amount (As of Payment Date)		134,363,102.00
e.	Initial Collateral Amount (As of Payment Date)		1,103,448,276.00
f.	Class A Note Principal Balance
	i.	Beginning of Interest Period	800,000,000.00
	ii.	Principal Payment	0.00
	iii.	As of Payment Date	800,000,000.00
g.	Class B Note Principal Balance
	i.	Beginning of Interest Period	100,946,372.00
	ii.	Principal Payment	0.00
	iii.	As of Payment Date	100,946,372.00

Page 4 of 9

h.	Class C Note Principal Balance
	i.	Beginning of Interest Period	68,138,802.00
	ii.	Principal Payment	0.00
	iii.	As of Payment Date	68,138,802.00
i.	Excess Collateral Amount
	i.	Beginning of Interest Period	134,363,102.00
	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	134,363,102.00
j.	Collateral Amount
	i.	Beginning of Interest Period	1,103,448,276.00
	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	1,103,448,276.00
	viii.	Collateral Amount as a Percentage of Note Trust Principal Balance	9.5828%
	ix.	Amount by which Note Principal Balance exceeds Collateral Amount	N/A
k.	Required Excess Collateral Amount (As of Payment Date)		134,363,102.00
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		1,103,448,276.00
b.	Allocation Percentage Numerator - for Principal Collections		1,103,448,276.00
c.	Allocation Percentage Denominator
	i.	Aggregate Principal Receivables Balance as of Prior Monthly Period	11,557,571,434.71
	ii.	Number of Days at Balance	31
	iii.	Average Principal Balance	11,557,571,434.71
d.	Sum of Allocation Percentage Numerators for all outstanding Series with respect to Finance Charge Collections and Default Amounts		10,347,219,462.00
e.	Sum of Allocation Percentage Numerators for all outstanding Series with respect to Principal Collections		10,347,219,462.00
f.	Average Daily Allocation Percentage, Finance Charge Collections and Default Amount (a. / greater of c.iii. or d.)		9.5474%
g.	Average Daily Allocation Percentage, Principal Collections (b. / greater of c.iii. or e.)		9.5474%
h.	Series Allocation Percentage		10.6642%

Page 5 of 9

IX. Collections and Allocations		Trust	Series
a.	Finance Charge Collections	238,212,962.46	22,743,158.67
b.	Recoveries	10,611,409.04	1,013,114.30
c.	Principal Collections	1,604,658,563.81	153,203,268.00
d.	Default Amount	63,007,636.34	6,015,594.85
e.	Dilution	100,701,663.87	9,614,396.69
f.	Investor Uncovered Dilution Amount	0.00	0.00
g.	Dilution including Fraud Amount	102,716,022.18

h.	Available Finance Charge Collections
	i.	Investor Finance Charge Collections	22,743,158.67
	ii.	Excess Finance Charge Collections allocable to Series 2013-1	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	1,013,114.30
i.	Available Finance Charge Collections (Sum of h.i through h.vii)		23,756,272.97
j.	Total Collections (c.Series + i.)		176,959,540.97
k.	Total Finance Charge Collections deposited in the Collection Account (net of any amounts distributed to Transferor and owed to Servicer)		1,152,361.19
X. Application of Available Funds pursuant to Section 4.4(a) of the Indenture Supplement
a.	Available Finance Charge Collections		23,756,272.97
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	37.32
ii.	To the Servicer:
	a.	Noteholder Servicing Fee	1,839,080.46
	b.	Noteholder Servicing Fee previously due but not paid	0.00
	c.	Total Noteholder Servicing Fee	1,839,080.46
iii.	On a pari passu basis:
	a.	Class A Monthly Interest	900,000.00
	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	142,166.14
	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	110,157.73
	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	6,015,594.85
	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

Page 6 of 9

ix.	Amounts required to be deposited to the Spread Account or 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:			14,749,236.47
	a.	Unless an Early Amortization Event has occurred, to the Transferor; and or		14,749,236.47
	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 2013_1 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			132,908,458.58
b.	Finance Charge Shortfall for Series 2013-1			0.00
c.	Finance Charge Shortfall for all Series in Group One			0.00
d.	Excess Finance Charges Collections Allocated to Series 2013-1			0.00
XII. Available Principal Collections and Distributions (Section references relate to Indenture Supplement)
a.	Investor Principal Collections			153,203,268.00
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)(vi)			6,015,594.85
e.	Plus: Aggregate amount to be treated as Available Principal Collections pursuant to Section 4.4(a)(vii)			0.00
f.	Plus: During an Early Amortization Period, the amount of Available Finance Charge			0.00
	Collections used to pay principal on the Notes pursuant to Section 4.4(a)(xii)
g.	Available Principal Collections (Deposited to Principal Account)			159,218,862.85
	i.	During the Revolving Period, Available Principal Collections treated as Shared Principal Collections Pursuant to Section 4.4(b)		159,218,862.85
	ii.	During the Controlled Accumulation Period, Available Principal Collections deposited to the Principal Accumulation Account pursuant to Section 4.4(c)(i),(ii)		0.00
	iii.	During the Early Amortization Period, Available Principal Collections deposited to the Distribution Account pursuant to Section 4.4(c)		0.00
	iv.	Series Shared Principal Collections available to Group One pursuant to Section 4.4(c)(iii)		159,218,862.85
	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 2013-1)		1,352,738,011.45
	vii.	Series Principal Shortfall		0.00
	viii.	Shared Principal Collections allocated to this Series from other Series		0.00

Page 7 of 9

XIII. Series 2013-1 Accumulation
a.	Controlled Accumulation Period Length in months (scheduled)		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)		N/A
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. 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 C 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

Page 8 of 9

XVI. Series Early Amortization Events
a.	The Free Equity Amount is less than the Minimum Free Equity Amount Free Equity:		No
	i.	Free Equity Amount	2,091,282,714.48
	ii.	Minimum Free Equity Amount	633,319,008.60
	iii.	Excess Free Equity Amount	1,457,963,705.88
b.	The Note Trust Principal Balance is less than the Required Principal Balance Note Trust Principal Balance:		No
	i.	Note Trust Principal Balance	11,514,891,065.48
	ii.	Required Principal Balance	10,347,219,462.00
	iii.	Excess Principal Balance	1,167,671,603.48
c.	The three-month average Portfolio Yield is less than three-month average Base Rate Portfolio Yield:		No
	i.	Three month Average Portfolio Yield	19.5283%
	ii.	Three month Average Base Rate	3.2532%
	iii.	Three month Average Excess Spread	16.2751%
d.	The Note Principal Balance is outstanding beyond the Expected Principal Payment Date		No
	i.	Expected Principal Payment Date	03/15/2018
	ii.	Current Payment Date	11/15/2017
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 9th day of November 2017.

Synchrony Financial, as Servicer
By:	/s/ Brian Doubles
Name:	Brian Doubles
Title:	Chief Financial Officer

Page 9 of 9

EX-99.4

Exhibit 99.4

Monthly Noteholder’s Statement

Synchrony Credit Card Master Note Trust
Series 2014-1

Class A 1.6100% Notes

Class B 1.8100% Notes

Class C 1.9100% Notes

Class D 2.3600% 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 2014-1 Indenture Supplement (the “Indenture Supplement”), dated as of November 20, 2014, 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 2014-1 Noteholders and the performance of the Trust during the previous month. The information required to be prepared with respect to the Payment Date of November 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 indicated. The undersigned, an Authorized Officer of the Servicer, does hereby certify as follows:

Record Date:	10/31/2017
Monthly Period Beginning:	10/01/2017
Monthly Period Ending:	10/31/2017
Previous Payment Date:	10/16/2017
Payment Date:	11/15/2017
Interest Period Beginning:	10/16/2017
Interest Period Ending:	11/14/2017
Days in Interest Period:	30
Days in Monthly Period:	31
Loss Cycles in Period:	30
Is there a Reset Date?	No

I. Trust Receivables Information
a.	Number of Accounts Beginning		15,064,329
b.	Number of Accounts Ending		14,876,844
c.	Average Account Balance (q / b)		774.01
d.	BOP Principal Receivables		11,557,571,434.72
e.	BOP Finance Charge Receivables		431,528,975.14
f.	BOP Total Receivables		11,989,100,409.86
g.	Increase in Principal Receivables from Additional Accounts		0.00
h.	Increase in Principal Activity on Existing Securitized Accounts		1,624,985,830.91
i.	Increase in Finance Charge Receivables from Additional Accounts		0.00
j.	Increase in Finance Charge Activity on Existing Securitized Accounts		241,350,058.14
k.	Increase in Total Receivables		1,866,335,889.05
l.	Decrease in Principal Receivables due to Account Removal		0.00
m.	Decrease in Principal Activity on Existing Securitized Accounts		1,667,666,200.15
n.	Decrease in Finance Charge Receivables due to Account Removal		0.00
o.	Decrease in Finance Charge Activity on Existing Securitized Accounts		242,362,301.84
p.	Decrease in Total Receivables		1,910,028,501.99
q.	EOP Aggregate Principal Receivables		11,514,891,065.48
r.	EOP Finance Charge Receivables		430,516,731.44
s.	EOP Total Receivables		11,945,407,796.92
t.	Excess Funding Account Balance		0.00
u.	Required Principal Balance		10,347,219,462.00
v.	Minimum Free Equity Amount (EOP Aggregate Principal Receivables * 5.5%)		633,319,008.60
w.	Free Equity Amount (EOP Principal Receivables - EOP Collateral Amount)		2,091,282,714.48
x.	Risk Retention - Dodd-Frank
	i. Required Seller’s Interest (as of EOP)		481,450,629.85
	ii. Seller’s Interest (as of EOP)		1,885,878,468.47
II. Investor Information (Sum of all Series)
a.	Note Principal Balance
	i.	Beginning of Interest Period	9,629,012,597.00

Page 1 of 9

	ii.	Increase in Note Principal Balance due to New Issuance / Additional draws	976,027,397.00
	iii.	Decrease in Note Principal Balance due to Principal Paid and Notes Retired	923,611,111.00
	iv.	As of Payment Date	9,681,428,883.00
b.	Excess Collateral Amount
	i.	Beginning of Interest Period	718,206,865.00
	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	51,369,864.00
	iv.	Reductions in Required Excess Collateral Amount	48,611,112.00
	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	720,965,617.00
c.	Principal Accumulation Account Balance
	i.	Beginning of Interest Period	0.00
	ii.	Controlled Deposit Amount	923,611,111.00
	iii.	Withdrawal for Principal Payment	923,611,111.00
	iv.	As of Payment Date	0.00
d.	Collateral Amount
	i.	End of Prior Monthly Period	10,347,219,462.00
	ii.	Beginning of Interest Period	10,347,219,462.00
	iii.	As of Payment Date	10,402,394,500.00
III. Trust Performance Data (Monthly Period)
a.	Gross Trust Yield (Finance Charge Collections + Recoveries / BOP Principal Receivables)
	i.	Current	25.8349%
	ii.	Prior Monthly Period	24.9209%
	iii.	Two Months Prior Monthly Period	25.6251%
	iv.	Three-Month Average	25.4603%
b.	Payment Rate (Principal Collections / BOP Principal Receivables)
	i.	Current	13.8840%
	ii.	Prior Monthly Period	13.4375%
	iii.	Two Months Prior Monthly Period	14.1784%
	iv.	Three-Month Average	13.8333%
c.	Gross Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts - Fraud Amount / BOP Principal Receivables)
	i.	Current	6.3328%
	ii.	Prior Monthly Period	5.0583%
	iii.	Two Months Prior Monthly Period	5.8433%
	iv.	Three Months Prior Monthly Period	5.7534%
	v.	Three-Month Average	5.7448%
	vi.	Four-Month Average	5.7469%
d.	Gross Charge-Off Rate (Default Amount for Defaulted Accounts / BOP Principal Receivables)
	i.	Current	6.5420%
	ii.	Prior Monthly Period	5.2459%
	iii.	Two Months Prior Monthly Period	6.0082%
	iv.	Three Months Prior Monthly Period	5.9166%
	v.	Three-Month Average	5.9320%
	vi.	Four-Month Average	5.9282%

Page 2 of 9

e.	Net Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts - Recoveries - Fraud Amount / BOP Principal Receivables)
	i.	Current	5.2311%
	ii.	Prior Monthly Period	4.1559%
	iii.	Two Months Prior Monthly Period	4.8579%
	iv.	Three Months Prior Monthly Period	4.7312%
	v.	Three-Month Average	4.7483%
	vi.	Four-Month Average	4.7440%
f.	Net Charge-Off Rate (Default Amount for Defaulted Accounts - Recoveries/ BOP Principal Receivables)
	i.	Current	5.4402%
	ii.	Prior Monthly Period	4.3436%
	iii.	Two Months Prior Monthly Period	5.0229%
	iv.	Three Months Prior Monthly Period	4.8945%
	v.	Three-Month Average	4.9356%
	vi.	Four-Month Average	4.9253%
g.	Trust excess spread percentage ((FC Coll - Charged-Off Rec - Monthly Interest +/- Net Swaps - Monthly Servicing Fee) / BOP Principal Receivables)		15.6106%
h.	Default Amount for Defaulted Accounts		63,007,636.34
i.	Recovery Amount		10,611,409.04
j.	Net Charge-Off (Default Amount for Defaulted Accounts - Recoveries)		52,396,227.30
k.	Number of Accounts Charged Off		30,608
l.	Average Account Charge-Off (Net Charge-Off / Number of Accounts Charged Off)		1,711.85
m.	Collections
	i.	Total Trust Finance Charge Collections	238,212,962.46
	ii.	Total Trust Principal Collections	1,604,658,563.81
	iii.	Total Trust Collections	1,842,871,526.27

n.	Delinquency Data		Accounts	Pctg. of Tot. Accts.	Total Receivables	Pctg. of Tot. Recv.
	i.	1-29 Days Delinquent	220,402	1.4815%	351,557,216.17	2.9430%
	ii.	30-59 Days Delinquent	55,222	0.3712%	116,136,843.60	0.9722%
	iii.	60-89 Days Delinquent	33,745	0.2268%	84,556,393.84	0.7079%
	iv.	90-119 Days Delinquent	25,341	0.1703%	68,677,796.92	0.5749%
	v.	120-149 Days Delinquent	21,101	0.1418%	59,631,650.11	0.4992%
	vi.	150-179 Days Delinquent	16,580	0.1114%	49,043,514.77	0.4106%
	vii.	180 or Greater Days Delinquent	0	0.0000%	0.00	0.0000%
		Total	372,391	2.5032%	729,603,415.41	6.1078%

Page 3 of 9

IV. Series Performance Data
a.	Portfolio Yield (Finance Charge Collections + Recoveries - Aggregate Investor Default Amount + PAA Inv Proceeds / BOP Collateral)
	i.	Current	19.2930%
	ii.	Prior Monthly Period	19.6750%
	iii.	Two Months Prior Monthly Period	19.6168%
	iv.	Three-Month Average	19.5283%
b.	Base Rate (Noteholder Servicing Fee + Admin Fee + Monthly Interest + Swap Payments - Swap Receipts / BOP Collateral)
	i.	Current	3.6365%
	ii.	Prior Monthly Period	3.6365%
	iii.	Two Months Prior Monthly Period	3.6365%
	iv.	Three-Month Average	3.6365%
c.	Excess Spread Percentage (Portfolio Yield - Base Rate)
	i.	Current	15.6564%
	ii.	Prior Monthly Period	16.0384%
	iii.	Two Months Prior Monthly Period	15.9803%
	iv.	Quarterly Excess Spread Percentage	15.8917%

V. Investor Information Regarding Distributions to Noteholders
a.	The total amount of the distribution to Class A Noteholders per $1000 Note Initial Principal Balance.	1,001.341667
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.	1.341667
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.	1,000.000000
d.	The total amount of the distribution to Class B Noteholders per $1000 Note Initial Principal Balance.	1,001.508333
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.	1.508333
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.	1,000.000000
g.	The total amount of the distribution to Class C Noteholders per $1000 Note Initial Principal Balance.	1,001.591667
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.	1.591667
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.	1,000.000000
j.	The total amount of the distribution to Class D Noteholders per $1000 Note Initial Principal Balance.	1,001.966667
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.	1.966667
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.	1,000.000000

Page 4 of 9

VI. Investor Information
a.	Class A Note Initial Principal Balance		700,000,000.00
b.	Class B Note Initial Principal Balance		68,055,555.00
c.	Class C Note Initial Principal Balance		58,333,334.00
d.	Class D Note Initial Principal Balance		97,222,222.00
e.	Initial Excess Collateral Amount (As of Payment Date)		48,611,112.00
f.	Initial Collateral Amount (As of Payment Date)		972,222,223.00
g.	Class A Note Principal Balance
	i.	Beginning of Interest Period	700,000,000.00
	ii.	Principal Payment	700,000,000.00
	iii.	As of Payment Date	0.00
h.	Class B Note Principal Balance
	i.	Beginning of Interest Period	68,055,555.00
	ii.	Principal Payment	68,055,555.00
	iii.	As of Payment Date	0.00
i.	Class C Note Principal Balance
	i.	Beginning of Interest Period	58,333,334.00
	ii.	Principal Payment	58,333,334.00
	iii.	As of Payment Date	0.00
j.	Class D Note Principal Balance
	i.	Beginning of Interest Period	97,222,222.00
	ii.	Principal Payment	97,222,222.00
	iii.	As of Payment Date	0.00
k.	Excess Collateral Amount
	i.	Beginning of Interest Period	48,611,112.00
	ii.	Increase in Excess Collateral Amount in connection with the Supplemental Indenture	0.00
	iii.	Reduction in Excess Collateral Amount	48,611,112.00
	iv.	As of Payment Date	0.00
l.	Collateral Amount
	i.	Beginning of Interest Period	972,222,223.00
	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	48,611,112.00
	vi.	Principal Accumulation Account Deposit	923,611,111.00
	vii.	As of Payment Date	0.00
	viii.	Collateral Amount as a Percentage of Note Trust Principal Balance	0.0000%
	ix.	Amount by which Note Principal Balance exceeds Collateral Amount	0.00
m.	Required Excess Collateral Amount (As of Payment Date)		0.00

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	972,222,223.00
b.	Allocation Percentage Numerator - for Principal Collections	972,222,223.00
c.	Allocation Percentage Denominator

Page 5 of 9

	i.	Aggregate Principal Receivables Balance as of Prior Monthly Period	11,557,571,434.71
	ii.	Number of Days at Balance	31
	iii.	Average Principal Balance	11,557,571,434.71
d.	Sum of Allocation Percentage Numerators for all outstanding Series with respect to Finance Charge Collections and Default Amounts		10,347,219,462.00
e.	Sum of Allocation Percentage Numerators for all outstanding Series with respect to Principal Collections		10,347,219,462.00
f.	Average Daily Allocation Percentage, Finance Charge Collections and Default Amount (a. / greater of c.iii. or d.)		8.4120%
g.	Average Daily Allocation Percentage, Principal Collections (b. / greater of c.iii. or e.)		8.4120%
h.	Series Allocation Percentage		9.3960%

IX. Collections and Allocations		Trust	Series
a.	Finance Charge Collections	238,212,962.46	20,038,460.13
b.	Recoveries	10,611,409.04	892,631.10
c.	Principal Collections	1,604,658,563.81	134,983,782.12
d.	Default Amount	63,007,636.34	5,300,198.61
e.	Dilution	100,701,663.87	8,471,017.90
f.	Investor Uncovered Dilution Amount	0.00	0.00
g.	Dilution including Fraud Amount	102,716,022.18

h.	Available Finance Charge Collections
	i.	Investor Finance Charge Collections	20,038,460.13
	ii.	Excess Finance Charge Collections allocable to Series 2014-1	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	892,631.10
i.	Available Finance Charge Collections (Sum of h.i through h.vii)		20,931,091.23
j.	Total Collections (c.Series + i.)		155,914,873.35
k.	Total Finance Charge Collections deposited in the Collection Account (net of any amounts distributed to Transferor and owed to Servicer)		1,325,900.94

X. Application of Available Funds pursuant to Section 4.4(a) of the Indenture Supplement
a.	Available Finance Charge Collections		20,931,091.23
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	32.89
ii.	To the Servicer:
	a.	Noteholder Servicing Fee	1,620,370.37
	b.	Noteholder Servicing Fee previously due but not paid	0.00
	c.	Total Noteholder Servicing Fee	1,620,370.37
iii.	On a pari passu basis:
	a.	Class A Monthly Interest	939,166.67
	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	102,650.46
	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	92,847.22
	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

Page 6 of 9

vi.	On a pari passu basis:
	a.	Class D Monthly Interest	191,203.70
	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	5,300,198.61
	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 Account 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:		12,684,621.31
	a.	Unless an Early Amortization Event has occurred, to the Transferor; and or	12,684,621.31
	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 2014_1 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

Page 7 of 9

XI. Excess Finance Charge Collections (Group One)
a.	Total Excess Finance Charge Collections in Group One			132,908,458.58
b.	Finance Charge Shortfall for Series 2014-1			0.00
c.	Finance Charge Shortfall for all Series in Group One			0.00
d.	Excess Finance Charges Collections Allocated to Series 2014-1			0.00
XII. Available Principal Collections and Distributions (Section references relate to Indenture Supplement)
a.	Investor Principal Collections			134,983,782.12
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			783,327,130.27
d.	Plus: Aggregate amount to be treated as Available Principal Collections pursuant to Section 4.4(a)(vi)			5,300,198.61
e.	Plus: Aggregate amount to be treated as Available Principal Collections pursuant to Section 4.4(a)(vii)			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)(xii)			0.00
g.	Available Principal Collections (Deposited to Principal Account)			923,611,111.00
	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),(ii)		0.00
	iii.	During the Early Amortization Period, Available Principal Collections deposited to the Distribution Account pursuant to Section 4.4(c)		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	700,000,000.00
		b.	Principal paid to Class B Noteholders	68,055,555.00
		c.	Principal paid to Class C Noteholders	58,333,334.00
		d.	Principal paid to Class D Noteholders	97,222,222.00
	vi.	Total Principal Collections Available to Share (Inclusive of Series 2014-1)		1,352,738,011.45
	vii.	Series Principal Shortfall		783,327,130.27
	viii.	Shared Principal Collections allocated to this Series from other Series		783,327,130.27

XIII. Series 2014-1 Accumulation
a.	Controlled Accumulation Period Length in months (scheduled)		1
b.	Controlled Accumulation Amount		923,611,111.00
c.	Controlled Deposit Amount		923,611,111.00
d.	Accumulation Shortfall		0.00
e.	Principal Accumulation Account Balance
	i.	Beginning of Interest Period	0.00
	ii.	Controlled Deposit Amount	923,611,111.00
	iii.	Withdrawal for Principal Payment	923,611,111.00
	iv.	As of Payment Date	0.00
XIV. Reserve Account Funding (Section references relate to Indenture Supplement)
a.	Reserve Account Funding Date		10/16/2017
b.	Required Reserve Account Amount (Reduced to 0% due to the reduction of Controlled Accumulation Period to 1 month)		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

Page 8 of 9

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 Free Equity:		No
	i.	Free Equity Amount	2,091,282,714.48
	ii.	Minimum Free Equity Amount	633,319,008.60
	iii.	Excess Free Equity Amount	1,457,963,705.88
b.	The Note Trust Principal Balance is less than the Required Principal Balance Note Trust Principal Balance:		No
	i.	Note Trust Principal Balance	11,514,891,065.48
	ii.	Required Principal Balance	10,347,219,462.00
	iii.	Excess Principal Balance	1,167,671,603.48
c.	The three-month average Portfolio Yield is less than three-month average Base Rate Portfolio Yield:		No
	i.	Three month Average Portfolio Yield	19.5283%
	ii.	Three month Average Base Rate	3.6365%
	iii.	Three month Average Excess Spread	15.8917%
d.	The Note Principal Balance is outstanding beyond the Expected Principal Payment Date		No
	i.	Expected Principal Payment Date	11/15/2017
	ii.	Current Payment Date	11/15/2017
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 9th day of November 2017.

Synchrony Financial, as Servicer
By:	/s/ Brian Doubles
Name:	Brian Doubles
Title:	Chief Financial Officer

Page 9 of 9

EX-99.5

Exhibit 99.5

Monthly Noteholder’s Statement

Synchrony Credit Card Master Note Trust

Series 2015-1

Class A 2.3700% Notes

Class B 2.6400% Notes

Class C 2.7400% Notes

Class D 3.1300% 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 2015-1 Indenture Supplement (the “Indenture Supplement”), dated as of March 17, 2015, 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 2015-1 Noteholders and the performance of the Trust during the previous month. The information required to be prepared with respect to the Payment Date of November 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 indicated. The undersigned, an Authorized Officer of the Servicer, does hereby certify as follows:

Record Date:	10/31/2017
Monthly Period Beginning:	10/01/2017
Monthly Period Ending:	10/31/2017
Previous Payment Date:	10/16/2017
Payment Date:	11/15/2017
Interest Period Beginning:	10/16/2017
Interest Period Ending:	11/14/2017
Days in Interest Period:	30
Days in Monthly Period:	31
Loss Cycles in Period:	30
Is there a Reset Date?	No

I. Trust Receivables Information
a.	Number of Accounts Beginning		15,064,329
b.	Number of Accounts Ending		14,876,844
c.	Average Account Balance (q / b)		774.01
d.	BOP Principal Receivables		11,557,571,434.72
e.	BOP Finance Charge Receivables		431,528,975.14
f.	BOP Total Receivables		11,989,100,409.86
g.	Increase in Principal Receivables from Additional Accounts		0.00
h.	Increase in Principal Activity on Existing Securitized Accounts		1,624,985,830.91
i.	Increase in Finance Charge Receivables from Additional Accounts		0.00
j.	Increase in Finance Charge Activity on Existing Securitized Accounts		241,350,058.14
k.	Increase in Total Receivables		1,866,335,889.05
l.	Decrease in Principal Receivables due to Account Removal		0.00
m.	Decrease in Principal Activity on Existing Securitized Accounts		1,667,666,200.15
n.	Decrease in Finance Charge Receivables due to Account Removal		0.00
o.	Decrease in Finance Charge Activity on Existing Securitized Accounts		242,362,301.84
p.	Decrease in Total Receivables		1,910,028,501.99
q.	EOP Aggregate Principal Receivables		11,514,891,065.48
r.	EOP Finance Charge Receivables		430,516,731.44
s.	EOP Total Receivables		11,945,407,796.92
t.	Excess Funding Account Balance		0.00
u.	Required Principal Balance		10,347,219,462.00
v.	Minimum Free Equity Amount (EOP Aggregate Principal Receivables * 5.5%)		633,319,008.60
w.	Free Equity Amount (EOP Principal Receivables - EOP Collateral Amount)		2,091,282,714.48
x.	Risk Retention - Dodd-Frank
	i. Required Seller’s Interest (as of EOP)		481,450,629.85
	ii. Seller’s Interest (as of EOP)		1,885,878,468.47
II. Investor Information (Sum of all Series)
a.	Note Principal Balance
	i.	Beginning of Interest Period	9,629,012,597.00

Page 1 of 9

	ii.	Increase in Note Principal Balance due to New Issuance / Additional draws	976,027,397.00
	iii.	Decrease in Note Principal Balance due to Principal Paid and Notes Retired	923,611,111.00
	iv.	As of Payment Date	9,681,428,883.00
b.	Excess Collateral Amount
	i.	Beginning of Interest Period	718,206,865.00
	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	51,369,864.00
	iv.	Reductions in Required Excess Collateral Amount	48,611,112.00
	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	720,965,617.00
c.	Principal Accumulation Account Balance
	i.	Beginning of Interest Period	0.00
	ii.	Controlled Deposit Amount	923,611,111.00
	iii.	Withdrawal for Principal Payment	923,611,111.00
	iv.	As of Payment Date	0.00
d.	Collateral Amount
	i.	End of Prior Monthly Period	10,347,219,462.00
	ii.	Beginning of Interest Period	10,347,219,462.00
	iii.	As of Payment Date	10,402,394,500.00
III. Trust Performance Data (Monthly Period)
a.	Gross Trust Yield (Finance Charge Collections + Recoveries / BOP Principal Receivables)
	i.	Current	25.8349%
	ii.	Prior Monthly Period	24.9209%
	iii.	Two Months Prior Monthly Period	25.6251%
	iv.	Three-Month Average	25.4603%
b.	Payment Rate (Principal Collections / BOP Principal Receivables)
	i.	Current	13.8840%
	ii.	Prior Monthly Period	13.4375%
	iii.	Two Months Prior Monthly Period	14.1784%
	iv.	Three-Month Average	13.8333%
c.	Gross Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts - Fraud Amount / BOP Principal Receivables)
	i.	Current	6.3328%
	ii.	Prior Monthly Period	5.0583%
	iii.	Two Months Prior Monthly Period	5.8433%
	iv.	Three Months Prior Monthly Period	5.7534%
	v.	Three-Month Average	5.7448%
	vi.	Four-Month Average	5.7469%
d.	Gross Charge-Off Rate (Default Amount for Defaulted Accounts / BOP Principal Receivables)
	i.	Current	6.5420%
	ii.	Prior Monthly Period	5.2459%
	iii.	Two Months Prior Monthly Period	6.0082%
	iv.	Three Months Prior Monthly Period	5.9166%
	v.	Three-Month Average	5.9320%
	vi.	Four-Month Average	5.9282%

Page 2 of 9

e.	Net Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts - Recoveries - Fraud Amount / BOP Principal Receivables)
	i.	Current	5.2311%
	ii.	Prior Monthly Period	4.1559%
	iii.	Two Months Prior Monthly Period	4.8579%
	iv.	Three Months Prior Monthly Period	4.7312%
	v.	Three-Month Average	4.7483%
	vi.	Four-Month Average	4.7440%
f.	Net Charge-Off Rate (Default Amount for Defaulted Accounts - Recoveries/ BOP Principal Receivables)
	i.	Current	5.4402%
	ii.	Prior Monthly Period	4.3436%
	iii.	Two Months Prior Monthly Period	5.0229%
	iv.	Three Months Prior Monthly Period	4.8945%
	v.	Three-Month Average	4.9356%
	vi.	Four-Month Average	4.9253%
g.	Trust excess spread percentage ((FC Coll - Charged-Off Rec - Monthly Interest +/- Net Swaps - Monthly Servicing Fee) / BOP Principal Receivables)		15.6106%
h.	Default Amount for Defaulted Accounts		63,007,636.34
i.	Recovery Amount		10,611,409.04
j.	Net Charge-Off (Default Amount for Defaulted Accounts - Recoveries)		52,396,227.30
k.	Number of Accounts Charged Off		30,608
l.	Average Account Charge-Off (Net Charge-Off / Number of Accounts Charged Off)		1,711.85
m.	Collections
	i.	Total Trust Finance Charge Collections	238,212,962.46
	ii.	Total Trust Principal Collections	1,604,658,563.81
	iii.	Total Trust Collections	1,842,871,526.27

n.	Delinquency Data		Accounts	Pctg. of Tot. Accts.	Total Receivables	Pctg. of Tot. Recv.
	i.	1-29 Days Delinquent	220,402	1.4815%	351,557,216.17	2.9430%
	ii.	30-59 Days Delinquent	55,222	0.3712%	116,136,843.60	0.9722%
	iii.	60-89 Days Delinquent	33,745	0.2268%	84,556,393.84	0.7079%
	iv.	90-119 Days Delinquent	25,341	0.1703%	68,677,796.92	0.5749%
	v.	120-149 Days Delinquent	21,101	0.1418%	59,631,650.11	0.4992%
	vi.	150-179 Days Delinquent	16,580	0.1114%	49,043,514.77	0.4106%
	vii.	180 or Greater Days Delinquent	0	0.0000%	0.00	0.0000%
		Total	372,391	2.5032%	729,603,415.41	6.1078%

Page 3 of 9

IV. Series Performance Data
a.	Portfolio Yield (Finance Charge Collections + Recoveries - Aggregate Investor Default Amount + PAA Inv Proceeds / BOP Collateral)
	i.	Current	19.2930%
	ii.	Prior Monthly Period	19.6750%
	iii.	Two Months Prior Monthly Period	19.6168%
	iv.	Three-Month Average	19.5283%
b.	Base Rate (Noteholder Servicing Fee + Admin Fee + Monthly Interest + Swap Payments - Swap Receipts / BOP Collateral)
	i.	Current	4.3686%
	ii.	Prior Monthly Period	4.3686%
	iii.	Two Months Prior Monthly Period	4.3686%
	iv.	Three-Month Average	4.3686%
c.	Excess Spread Percentage (Portfolio Yield - Base Rate)
	i.	Current	14.9243%
	ii.	Prior Monthly Period	15.3063%
	iii.	Two Months Prior Monthly Period	15.2482%
	iv.	Quarterly Excess Spread Percentage	15.1596%

V. Investor Information Regarding Distributions to Noteholders
a.	The total amount of the distribution to Class A Noteholders per $1000 Note Initial Principal Balance.	1.975000
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.	1.975000
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.	2.200000
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.	2.200000
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.	2.283333
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.	2.283333
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.	2.608333
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.	2.608333
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

Page 4 of 9

VI. Investor Information
a.	Class A Note Initial Principal Balance		750,000,000.00
b.	Class B Note Initial Principal Balance		72,916,666.00
c.	Class C Note Initial Principal Balance		62,500,000.00
d.	Class D Note Initial Principal Balance		104,166,667.00
e.	Initial Excess Collateral Amount (As of Payment Date)		52,083,334.00
f.	Initial Collateral Amount (As of Payment Date)		1,041,666,667.00
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	72,916,666.00
	ii.	Principal Payment	0.00
	iii.	As of Payment Date	72,916,666.00
i.	Class C Note Principal Balance
	i.	Beginning of Interest Period	62,500,000.00
	ii.	Principal Payment	0.00
	iii.	As of Payment Date	62,500,000.00
j.	Class D Note Principal Balance
	i.	Beginning of Interest Period	104,166,667.00
	ii.	Principal Payment	0.00
	iii.	As of Payment Date	104,166,667.00
k.	Excess Collateral Amount
	i.	Beginning of Interest Period	52,083,334.00
	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	52,083,334.00
l.	Collateral Amount
	i.	Beginning of Interest Period	1,041,666,667.00
	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	1,041,666,667.00
	viii.	Collateral Amount as a Percentage of Note Trust Principal Balance	9.0463%
	ix.	Amount by which Note Principal Balance exceeds Collateral Amount	N/A
m.	Required Excess Collateral Amount (As of Payment Date)		52,083,334.00

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	1,041,666,667.00
b.	Allocation Percentage Numerator - for Principal Collections	1,041,666,667.00
c.	Allocation Percentage Denominator

Page 5 of 9

	i.	Aggregate Principal Receivables Balance as of Prior Monthly Period	11,557,571,434.71
	ii.	Number of Days at Balance	31
	iii.	Average Principal Balance	11,557,571,434.71
d.	Sum of Allocation Percentage Numerators for all outstanding Series with respect to Finance Charge Collections and Default Amounts		10,347,219,462.00
e.	Sum of Allocation Percentage Numerators for all outstanding Series with respect to Principal Collections		10,347,219,462.00
f.	Average Daily Allocation Percentage, Finance Charge Collections and Default Amount (a. / greater of c.iii. or d.)		9.0129%
g.	Average Daily Allocation Percentage, Principal Collections (b. / greater of c.iii. or e.)		9.0129%
h.	Series Allocation Percentage		10.0671%

IX. Collections and Allocations		Trust	Series
a.	Finance Charge Collections	238,212,962.46	21,469,779.40
b.	Recoveries	10,611,409.04	956,390.47
c.	Principal Collections	1,604,658,563.81	144,625,485.43
d.	Default Amount	63,007,636.34	5,678,784.42
e.	Dilution	100,701,663.87	9,076,090.91
f.	Investor Uncovered Dilution Amount	0.00	0.00
g.	Dilution including Fraud Amount	102,716,022.18

h.	Available Finance Charge Collections
	i.	Investor Finance Charge Collections	21,469,779.40
	ii.	Excess Finance Charge Collections allocable to Series 2015-1	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	956,390.47
i.	Available Finance Charge Collections (Sum of h.i through h.vii)		22,426,169.87
j.	Total Collections (c.Series + i.)		167,051,655.30
k.	Total Finance Charge Collections deposited in the Collection Account (net of any amounts distributed to Transferor and owed to Servicer)		2,056,111.62

X. Application of Available Funds pursuant to Section 4.4(a) of the Indenture Supplement
a.	Available Finance Charge Collections		22,426,169.87
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	35.23
ii.	To the Servicer:
	a.	Noteholder Servicing Fee	1,736,111.11
	b.	Noteholder Servicing Fee previously due but not paid	0.00
	c.	Total Noteholder Servicing Fee	1,736,111.11
iii.	On a pari passu basis:
	a.	Class A Monthly Interest	1,481,250.00
	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	160,416.67
	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	142,708.33
	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

Page 6 of 9

vi.	On a pari passu basis:
	a.	Class D Monthly Interest	271,701.39
	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	5,678,784.42
	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 Account 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:		12,955,162.72
	a.	Unless an Early Amortization Event has occurred, to the Transferor; and or	12,955,162.72
	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 2015_1 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

Page 7 of 9

XI. Excess Finance Charge Collections (Group One)
a.	Total Excess Finance Charge Collections in Group One			132,908,458.58
b.	Finance Charge Shortfall for Series 2015-1			0.00
c.	Finance Charge Shortfall for all Series in Group One			0.00
d.	Excess Finance Charges Collections Allocated to Series 2015-1			0.00
XII. Available Principal Collections and Distributions (Section references relate to Indenture Supplement)
a.	Investor Principal Collections			144,625,485.43
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)(vi)			5,678,784.42
e.	Plus: Aggregate amount to be treated as Available Principal Collections pursuant to Section 4.4(a)(vii)			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)(xii)			0.00
g.	Available Principal Collections (Deposited to Principal Account)			150,304,269.85
	i.	During the Revolving Period, Available Principal Collections treated as Shared Principal Collections Pursuant to Section 4.4(b)		150,304,269.85
	ii.	During the Controlled Accumulation Period, Available Principal Collections deposited to the Principal Accumulation Account pursuant to Section 4.4(c)(i),(ii)		0.00
	iii.	During the Early Amortization Period, Available Principal Collections deposited to the Distribution Account pursuant to Section 4.4(c)		0.00
	iv.	Series Shared Principal Collections available to Group One pursuant to Section 4.4(c)(iii)		150,304,269.85
	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 2015-1)		1,352,738,011.45
	vii.	Series Principal Shortfall		0.00
	viii.	Shared Principal Collections allocated to this Series from other Series		0.00

XIII. Series 2015-1 Accumulation
a.	Controlled Accumulation Period Length in months (scheduled)		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)		10/15/2019
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

Page 8 of 9

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 Free Equity:		No
	i.	Free Equity Amount	2,091,282,714.48
	ii.	Minimum Free Equity Amount	633,319,008.60
	iii.	Excess Free Equity Amount	1,457,963,705.88
b.	The Note Trust Principal Balance is less than the Required Principal Balance Note Trust Principal Balance:		No
	i.	Note Trust Principal Balance	11,514,891,065.48
	ii.	Required Principal Balance	10,347,219,462.00
	iii.	Excess Principal Balance	1,167,671,603.48
c.	The three-month average Portfolio Yield is less than three-month average Base Rate Portfolio Yield:		No
	i.	Three month Average Portfolio Yield	19.5283%
	ii.	Three month Average Base Rate	4.3686%
	iii.	Three month Average Excess Spread	15.1596%
d.	The Note Principal Balance is outstanding beyond the Expected Principal Payment Date		No
	i.	Expected Principal Payment Date	03/16/2020
	ii.	Current Payment Date	11/15/2017
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 9th day of November 2017.

Synchrony Financial, as Servicer
By:	/s/ Brian Doubles
Name:	Brian Doubles
Title:	Chief Financial Officer

Page 9 of 9

EX-99.6

Exhibit 99.6

Monthly Noteholder’s Statement

Synchrony Credit Card Master Note Trust

Series 2015-2

Class A 1.6000% Notes

Class B 1.8400% Notes

Class C 1.9900% Notes

Class D 2.3900% 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 2015-2 Indenture Supplement (the “Indenture Supplement”), dated as of May 12, 2015, 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 2015-2 Noteholders and the performance of the Trust during the previous month. The information required to be prepared with respect to the Payment Date of November 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 indicated. The undersigned, an Authorized Officer of the Servicer, does hereby certify as follows:

Record Date:	10/31/2017
Monthly Period Beginning:	10/01/2017
Monthly Period Ending:	10/31/2017
Previous Payment Date:	10/16/2017
Payment Date:	11/15/2017
Interest Period Beginning:	10/16/2017
Interest Period Ending:	11/14/2017
Days in Interest Period:	30
Days in Monthly Period:	31
Loss Cycles in Period:	30
Is there a Reset Date?	No

I. Trust Receivables Information
a.	Number of Accounts Beginning		15,064,329
b.	Number of Accounts Ending		14,876,844
c.	Average Account Balance (q / b)		774.01
d.	BOP Principal Receivables		11,557,571,434.72
e.	BOP Finance Charge Receivables		431,528,975.14
f.	BOP Total Receivables		11,989,100,409.86
g.	Increase in Principal Receivables from Additional Accounts		0.00
h.	Increase in Principal Activity on Existing Securitized Accounts		1,624,985,830.91
i.	Increase in Finance Charge Receivables from Additional Accounts		0.00
j.	Increase in Finance Charge Activity on Existing Securitized Accounts		241,350,058.14
k.	Increase in Total Receivables		1,866,335,889.05
l.	Decrease in Principal Receivables due to Account Removal		0.00
m.	Decrease in Principal Activity on Existing Securitized Accounts		1,667,666,200.15
n.	Decrease in Finance Charge Receivables due to Account Removal		0.00
o.	Decrease in Finance Charge Activity on Existing Securitized Accounts		242,362,301.84
p.	Decrease in Total Receivables		1,910,028,501.99
q.	EOP Aggregate Principal Receivables		11,514,891,065.48
r.	EOP Finance Charge Receivables		430,516,731.44
s.	EOP Total Receivables		11,945,407,796.92
t.	Excess Funding Account Balance		0.00
u.	Required Principal Balance		10,347,219,462.00
v.	Minimum Free Equity Amount (EOP Aggregate Principal Receivables * 5.5%)		633,319,008.60
w.	Free Equity Amount (EOP Principal Receivables - EOP Collateral Amount)		2,091,282,714.48
x.	Risk Retention - Dodd-Frank
	i. Required Seller’s Interest (as of EOP)		481,450,629.85
	ii. Seller’s Interest (as of EOP)		1,885,878,468.47
II. Investor Information (Sum of all Series)
a.	Note Principal Balance
	i.	Beginning of Interest Period	9,629,012,597.00

Page 1 of 9

	ii.	Increase in Note Principal Balance due to New Issuance / Additional draws	976,027,397.00
	iii.	Decrease in Note Principal Balance due to Principal Paid and Notes Retired	923,611,111.00
	iv.	As of Payment Date	9,681,428,883.00
b.	Excess Collateral Amount
	i.	Beginning of Interest Period	718,206,865.00
	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	51,369,864.00
	iv.	Reductions in Required Excess Collateral Amount	48,611,112.00
	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	720,965,617.00
c.	Principal Accumulation Account Balance
	i.	Beginning of Interest Period	0.00
	ii.	Controlled Deposit Amount	923,611,111.00
	iii.	Withdrawal for Principal Payment	923,611,111.00
	iv.	As of Payment Date	0.00
d.	Collateral Amount
	i.	End of Prior Monthly Period	10,347,219,462.00
	ii.	Beginning of Interest Period	10,347,219,462.00
	iii.	As of Payment Date	10,402,394,500.00
III. Trust Performance Data (Monthly Period)
a.	Gross Trust Yield (Finance Charge Collections + Recoveries / BOP Principal Receivables)
	i.	Current	25.8349%
	ii.	Prior Monthly Period	24.9209%
	iii.	Two Months Prior Monthly Period	25.6251%
	iv.	Three-Month Average	25.4603%
b.	Payment Rate (Principal Collections / BOP Principal Receivables)
	i.	Current	13.8840%
	ii.	Prior Monthly Period	13.4375%
	iii.	Two Months Prior Monthly Period	14.1784%
	iv.	Three-Month Average	13.8333%
c.	Gross Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts - Fraud Amount / BOP Principal Receivables)
	i.	Current	6.3328%
	ii.	Prior Monthly Period	5.0583%
	iii.	Two Months Prior Monthly Period	5.8433%
	iv.	Three Months Prior Monthly Period	5.7534%
	v.	Three-Month Average	5.7448%
	vi.	Four-Month Average	5.7469%
d.	Gross Charge-Off Rate (Default Amount for Defaulted Accounts / BOP Principal Receivables)
	i.	Current	6.5420%
	ii.	Prior Monthly Period	5.2459%
	iii.	Two Months Prior Monthly Period	6.0082%
	iv.	Three Months Prior Monthly Period	5.9166%
	v.	Three-Month Average	5.9320%
	vi.	Four-Month Average	5.9282%

Page 2 of 9

e.	Net Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts - Recoveries - Fraud Amount / BOP Principal Receivables)
	i.	Current	5.2311%
	ii.	Prior Monthly Period	4.1559%
	iii.	Two Months Prior Monthly Period	4.8579%
	iv.	Three Months Prior Monthly Period	4.7312%
	v.	Three-Month Average	4.7483%
	vi.	Four-Month Average	4.7440%
f.	Net Charge-Off Rate (Default Amount for Defaulted Accounts - Recoveries/ BOP Principal Receivables)
	i.	Current	5.4402%
	ii.	Prior Monthly Period	4.3436%
	iii.	Two Months Prior Monthly Period	5.0229%
	iv.	Three Months Prior Monthly Period	4.8945%
	v.	Three-Month Average	4.9356%
	vi.	Four-Month Average	4.9253%
g.	Trust excess spread percentage ((FC Coll - Charged-Off Rec - Monthly Interest +/- Net Swaps - Monthly Servicing Fee) / BOP Principal Receivables)		15.6106%
h.	Default Amount for Defaulted Accounts		63,007,636.34
i.	Recovery Amount		10,611,409.04
j.	Net Charge-Off (Default Amount for Defaulted Accounts - Recoveries)		52,396,227.30
k.	Number of Accounts Charged Off		30,608
l.	Average Account Charge-Off (Net Charge-Off / Number of Accounts Charged Off)		1,711.85
m.	Collections
	i.	Total Trust Finance Charge Collections	238,212,962.46
	ii.	Total Trust Principal Collections	1,604,658,563.81
	iii.	Total Trust Collections	1,842,871,526.27

n.	Delinquency Data		Accounts	Pctg. of Tot. Accts.	Total Receivables	Pctg. of Tot. Recv.
	i.	1-29 Days Delinquent	220,402	1.4815%	351,557,216.17	2.9430%
	ii.	30-59 Days Delinquent	55,222	0.3712%	116,136,843.60	0.9722%
	iii.	60-89 Days Delinquent	33,745	0.2268%	84,556,393.84	0.7079%
	iv.	90-119 Days Delinquent	25,341	0.1703%	68,677,796.92	0.5749%
	v.	120-149 Days Delinquent	21,101	0.1418%	59,631,650.11	0.4992%
	vi.	150-179 Days Delinquent	16,580	0.1114%	49,043,514.77	0.4106%
	vii.	180 or Greater Days Delinquent	0	0.0000%	0.00	0.0000%
		Total	372,391	2.5032%	729,603,415.41	6.1078%

Page 3 of 9

IV. Series Performance Data
a.	Portfolio Yield (Finance Charge Collections + Recoveries - Aggregate Investor Default Amount + PAA Inv Proceeds / BOP Collateral)
	i.	Current	19.2930%
	ii.	Prior Monthly Period	19.6750%
	iii.	Two Months Prior Monthly Period	19.6168%
	iv.	Three-Month Average	19.5283%
b.	Base Rate (Noteholder Servicing Fee + Admin Fee + Monthly Interest + Swap Payments - Swap Receipts / BOP Collateral)
	i.	Current	3.6392%
	ii.	Prior Monthly Period	3.6392%
	iii.	Two Months Prior Monthly Period	3.6392%
	iv.	Three-Month Average	3.6392%
c.	Excess Spread Percentage (Portfolio Yield - Base Rate)
	i.	Current	15.6537%
	ii.	Prior Monthly Period	16.0357%
	iii.	Two Months Prior Monthly Period	15.9776%
	iv.	Quarterly Excess Spread Percentage	15.8890%

V. Investor Information Regarding Distributions to Noteholders
a.	The total amount of the distribution to Class A Noteholders per $1000 Note Initial Principal Balance.	1.333333
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.	1.333333
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.	1.533333
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.	1.533333
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.	1.658333
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.	1.658333
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.	1.991667
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.	1.991667
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

Page 4 of 9

VI. Investor Information
a.	Class A Note Initial Principal Balance		750,000,000.00
b.	Class B Note Initial Principal Balance		72,916,666.00
c.	Class C Note Initial Principal Balance		62,500,000.00
d.	Class D Note Initial Principal Balance		104,166,667.00
e.	Initial Excess Collateral Amount (As of Payment Date)		52,083,334.00
f.	Initial Collateral Amount (As of Payment Date)		1,041,666,667.00
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	72,916,666.00
	ii.	Principal Payment	0.00
	iii.	As of Payment Date	72,916,666.00
i.	Class C Note Principal Balance
	i.	Beginning of Interest Period	62,500,000.00
	ii.	Principal Payment	0.00
	iii.	As of Payment Date	62,500,000.00
j.	Class D Note Principal Balance
	i.	Beginning of Interest Period	104,166,667.00
	ii.	Principal Payment	0.00
	iii.	As of Payment Date	104,166,667.00
k.	Excess Collateral Amount
	i.	Beginning of Interest Period	52,083,334.00
	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	52,083,334.00
l.	Collateral Amount
	i.	Beginning of Interest Period	1,041,666,667.00
	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	1,041,666,667.00
	viii.	Collateral Amount as a Percentage of Note Trust Principal Balance	9.0463%
	ix.	Amount by which Note Principal Balance exceeds Collateral Amount	N/A
m.	Required Excess Collateral Amount (As of Payment Date)		52,083,334.00

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	1,041,666,667.00
b.	Allocation Percentage Numerator - for Principal Collections	1,041,666,667.00
c.	Allocation Percentage Denominator

Page 5 of 9

	i.	Aggregate Principal Receivables Balance as of Prior Monthly Period	11,557,571,434.71
	ii.	Number of Days at Balance	31
	iii.	Average Principal Balance	11,557,571,434.71
d.	Sum of Allocation Percentage Numerators for all outstanding Series with respect to Finance Charge Collections and Default Amounts		10,347,219,462.00
e.	Sum of Allocation Percentage Numerators for all outstanding Series with respect to Principal Collections		10,347,219,462.00
f.	Average Daily Allocation Percentage, Finance Charge Collections and Default Amount (a. / greater of c.iii. or d.)		9.0129%
g.	Average Daily Allocation Percentage, Principal Collections (b. / greater of c.iii. or e.)		9.0129%
h.	Series Allocation Percentage		10.0671%

IX. Collections and Allocations		Trust	Series
a.	Finance Charge Collections	238,212,962.46	21,469,779.40
b.	Recoveries	10,611,409.04	956,390.47
c.	Principal Collections	1,604,658,563.81	144,625,485.43
d.	Default Amount	63,007,636.34	5,678,784.42
e.	Dilution	100,701,663.87	9,076,090.91
f.	Investor Uncovered Dilution Amount	0.00	0.00
g.	Dilution including Fraud Amount	102,716,022.18

h.	Available Finance Charge Collections
	i.	Investor Finance Charge Collections	21,469,779.40
	ii.	Excess Finance Charge Collections allocable to Series 2015-2	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	956,390.47
i.	Available Finance Charge Collections (Sum of h.i through h.vii)		22,426,169.87
j.	Total Collections (c.Series + i.)		167,051,655.30
k.	Total Finance Charge Collections deposited in the Collection Account (net of any amounts distributed to Transferor and owed to Servicer)		1,422,951.89

X. Application of Available Funds pursuant to Section 4.4(a) of the Indenture Supplement
a.	Available Finance Charge Collections		22,426,169.87
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	35.23
ii.	To the Servicer:
	a.	Noteholder Servicing Fee	1,736,111.11
	b.	Noteholder Servicing Fee previously due but not paid	0.00
	c.	Total Noteholder Servicing Fee	1,736,111.11
iii.	On a pari passu basis:
	a.	Class A Monthly Interest	1,000,000.00
	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	111,805.55
	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	103,645.83
	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

Page 6 of 9

vi.	On a pari passu basis:
	a.	Class D Monthly Interest	207,465.28
	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	5,678,784.42
	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 Account 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:		13,588,322.45
	a.	Unless an Early Amortization Event has occurred, to the Transferor; and or	13,588,322.45
	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 2015_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

Page 7 of 9

XI. Excess Finance Charge Collections (Group One)
a.	Total Excess Finance Charge Collections in Group One			132,908,458.58
b.	Finance Charge Shortfall for Series 2015-2			0.00
c.	Finance Charge Shortfall for all Series in Group One			0.00
d.	Excess Finance Charges Collections Allocated to Series 2015-2			0.00
XII. Available Principal Collections and Distributions (Section references relate to Indenture Supplement)
a.	Investor Principal Collections			144,625,485.43
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)(vi)			5,678,784.42
e.	Plus: Aggregate amount to be treated as Available Principal Collections pursuant to Section 4.4(a)(vii)			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)(xii)			0.00
g.	Available Principal Collections (Deposited to Principal Account)			150,304,269.85
	i.	During the Revolving Period, Available Principal Collections treated as Shared Principal Collections Pursuant to Section 4.4(b)		150,304,269.85
	ii.	During the Controlled Accumulation Period, Available Principal Collections deposited to the Principal Accumulation Account pursuant to Section 4.4(c)(i),(ii)		0.00
	iii.	During the Early Amortization Period, Available Principal Collections deposited to the Distribution Account pursuant to Section 4.4(c)		0.00
	iv.	Series Shared Principal Collections available to Group One pursuant to Section 4.4(c)(iii)		150,304,269.85
	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 2015-2)		1,352,738,011.45
	vii.	Series Principal Shortfall		0.00
	viii.	Shared Principal Collections allocated to this Series from other Series		0.00

XIII. Series 2015-2 Accumulation
a.	Controlled Accumulation Period Length in months (scheduled)		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)		11/15/2017
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

Page 8 of 9

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 Free Equity:		No
	i.	Free Equity Amount	2,091,282,714.48
	ii.	Minimum Free Equity Amount	633,319,008.60
	iii.	Excess Free Equity Amount	1,457,963,705.88
b.	The Note Trust Principal Balance is less than the Required Principal Balance Note Trust Principal Balance:		No
	i.	Note Trust Principal Balance	11,514,891,065.48
	ii.	Required Principal Balance	10,347,219,462.00
	iii.	Excess Principal Balance	1,167,671,603.48
c.	The three-month average Portfolio Yield is less than three-month average Base Rate Portfolio Yield:		No
	i.	Three month Average Portfolio Yield	19.5283%
	ii.	Three month Average Base Rate	3.6392%
	iii.	Three month Average Excess Spread	15.8890%
d.	The Note Principal Balance is outstanding beyond the Expected Principal Payment Date		No
	i.	Expected Principal Payment Date	04/16/2018
	ii.	Current Payment Date	11/15/2017
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 9th day of November 2017.

Synchrony Financial, as Servicer
By:	/s/ Brian Doubles
Name:	Brian Doubles
Title:	Chief Financial Officer

Page 9 of 9

EX-99.7

Exhibit 99.7

Monthly Noteholder’s Statement

Synchrony Credit Card Master Note Trust
Series 2015-3

Class A 1.7400% Notes

Class B 1.9400% Notes

Class C 2.1400% Notes

Class D 2.5800% 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 2015-3 Indenture Supplement (the “Indenture Supplement”), dated as of September 30, 2015, 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 2015-3 Noteholders and the performance of the Trust during the previous month. The information required to be prepared with respect to the Payment Date of November 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 indicated. The undersigned, an Authorized Officer of the Servicer, does hereby certify as follows:

Record Date:	10/31/2017
Monthly Period Beginning:	10/01/2017
Monthly Period Ending:	10/31/2017
Previous Payment Date:	10/16/2017
Payment Date:	11/15/2017
Interest Period Beginning:	10/16/2017
Interest Period Ending:	11/14/2017
Days in Interest Period:	30
Days in Monthly Period:	31
Loss Cycles in Period:	30
Is there a Reset Date?	No

I. Trust Receivables Information
a.	Number of Accounts Beginning		15,064,329
b.	Number of Accounts Ending		14,876,844
c.	Average Account Balance (q / b)		774.01
d.	BOP Principal Receivables		11,557,571,434.72
e.	BOP Finance Charge Receivables		431,528,975.14
f.	BOP Total Receivables		11,989,100,409.86
g.	Increase in Principal Receivables from Additional Accounts		0.00
h.	Increase in Principal Activity on Existing Securitized Accounts		1,624,985,830.91
i.	Increase in Finance Charge Receivables from Additional Accounts		0.00
j.	Increase in Finance Charge Activity on Existing Securitized Accounts		241,350,058.14
k.	Increase in Total Receivables		1,866,335,889.05
l.	Decrease in Principal Receivables due to Account Removal		0.00
m.	Decrease in Principal Activity on Existing Securitized Accounts		1,667,666,200.15
n.	Decrease in Finance Charge Receivables due to Account Removal		0.00
o.	Decrease in Finance Charge Activity on Existing Securitized Accounts		242,362,301.84
p.	Decrease in Total Receivables		1,910,028,501.99
q.	EOP Aggregate Principal Receivables		11,514,891,065.48
r.	EOP Finance Charge Receivables		430,516,731.44
s.	EOP Total Receivables		11,945,407,796.92
t.	Excess Funding Account Balance		0.00
u.	Required Principal Balance		10,347,219,462.00
v.	Minimum Free Equity Amount (EOP Aggregate Principal Receivables * 5.5%)		633,319,008.60
w.	Free Equity Amount (EOP Principal Receivables - EOP Collateral Amount)		2,091,282,714.48
x.	Risk Retention - Dodd-Frank
	i. Required Seller’s Interest (as of EOP)		481,450,629.85
	ii. Seller’s Interest (as of EOP)		1,885,878,468.47
II. Investor Information (Sum of all Series)
a.	Note Principal Balance
	i.	Beginning of Interest Period	9,629,012,597.00

Page 1 of 9

	ii.	Increase in Note Principal Balance due to New Issuance / Additional draws	976,027,397.00
	iii.	Decrease in Note Principal Balance due to Principal Paid and Notes Retired	923,611,111.00
	iv.	As of Payment Date	9,681,428,883.00
b.	Excess Collateral Amount
	i.	Beginning of Interest Period	718,206,865.00
	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	51,369,864.00
	iv.	Reductions in Required Excess Collateral Amount	48,611,112.00
	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	720,965,617.00
c.	Principal Accumulation Account Balance
	i.	Beginning of Interest Period	0.00
	ii.	Controlled Deposit Amount	923,611,111.00
	iii.	Withdrawal for Principal Payment	923,611,111.00
	iv.	As of Payment Date	0.00
d.	Collateral Amount
	i.	End of Prior Monthly Period	10,347,219,462.00
	ii.	Beginning of Interest Period	10,347,219,462.00
	iii.	As of Payment Date	10,402,394,500.00
III. Trust Performance Data (Monthly Period)
a.	Gross Trust Yield (Finance Charge Collections + Recoveries / BOP Principal Receivables)
	i.	Current	25.8349%
	ii.	Prior Monthly Period	24.9209%
	iii.	Two Months Prior Monthly Period	25.6251%
	iv.	Three-Month Average	25.4603%
b.	Payment Rate (Principal Collections / BOP Principal Receivables)
	i.	Current	13.8840%
	ii.	Prior Monthly Period	13.4375%
	iii.	Two Months Prior Monthly Period	14.1784%
	iv.	Three-Month Average	13.8333%
c.	Gross Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts - Fraud Amount / BOP Principal Receivables)
	i.	Current	6.3328%
	ii.	Prior Monthly Period	5.0583%
	iii.	Two Months Prior Monthly Period	5.8433%
	iv.	Three Months Prior Monthly Period	5.7534%
	v.	Three-Month Average	5.7448%
	vi.	Four-Month Average	5.7469%
d.	Gross Charge-Off Rate (Default Amount for Defaulted Accounts / BOP Principal Receivables)
	i.	Current	6.5420%
	ii.	Prior Monthly Period	5.2459%
	iii.	Two Months Prior Monthly Period	6.0082%
	iv.	Three Months Prior Monthly Period	5.9166%
	v.	Three-Month Average	5.9320%
	vi.	Four-Month Average	5.9282%

Page 2 of 9

e.	Net Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts - Recoveries - Fraud Amount / BOP Principal Receivables)
	i.	Current	5.2311%
	ii.	Prior Monthly Period	4.1559%
	iii.	Two Months Prior Monthly Period	4.8579%
	iv.	Three Months Prior Monthly Period	4.7312%
	v.	Three-Month Average	4.7483%
	vi.	Four-Month Average	4.7440%
f.	Net Charge-Off Rate (Default Amount for Defaulted Accounts - Recoveries/ BOP Principal Receivables)
	i.	Current	5.4402%
	ii.	Prior Monthly Period	4.3436%
	iii.	Two Months Prior Monthly Period	5.0229%
	iv.	Three Months Prior Monthly Period	4.8945%
	v.	Three-Month Average	4.9356%
	vi.	Four-Month Average	4.9253%
g.	Trust excess spread percentage ((FC Coll - Charged-Off Rec - Monthly Interest +/- Net Swaps - Monthly Servicing Fee) / BOP Principal Receivables)		15.6106%
h.	Default Amount for Defaulted Accounts		63,007,636.34
i.	Recovery Amount		10,611,409.04
j.	Net Charge-Off (Default Amount for Defaulted Accounts - Recoveries)		52,396,227.30
k.	Number of Accounts Charged Off		30,608
l.	Average Account Charge-Off (Net Charge-Off / Number of Accounts Charged Off)		1,711.85
m.	Collections
	i.	Total Trust Finance Charge Collections	238,212,962.46
	ii.	Total Trust Principal Collections	1,604,658,563.81
	iii.	Total Trust Collections	1,842,871,526.27

n.	Delinquency Data		Accounts	Pctg. of Tot. Accts.	Total Receivables	Pctg. of Tot. Recv.
	i.	1-29 Days Delinquent	220,402	1.4815%	351,557,216.17	2.9430%
	ii.	30-59 Days Delinquent	55,222	0.3712%	116,136,843.60	0.9722%
	iii.	60-89 Days Delinquent	33,745	0.2268%	84,556,393.84	0.7079%
	iv.	90-119 Days Delinquent	25,341	0.1703%	68,677,796.92	0.5749%
	v.	120-149 Days Delinquent	21,101	0.1418%	59,631,650.11	0.4992%
	vi.	150-179 Days Delinquent	16,580	0.1114%	49,043,514.77	0.4106%
	vii.	180 or Greater Days Delinquent	0	0.0000%	0.00	0.0000%
		Total	372,391	2.5032%	729,603,415.41	6.1078%

Page 3 of 9

IV. Series Performance Data
a.	Portfolio Yield (Finance Charge Collections + Recoveries - Aggregate Investor Default Amount + PAA Inv Proceeds / BOP Collateral)
	i.	Current	19.2930%
	ii.	Prior Monthly Period	19.6750%
	iii.	Two Months Prior Monthly Period	19.6168%
	iv.	Three-Month Average	19.5283%
b.	Base Rate (Noteholder Servicing Fee + Admin Fee + Monthly Interest + Swap Payments - Swap Receipts / BOP Collateral)
	i.	Current	3.7666%
	ii.	Prior Monthly Period	3.7666%
	iii.	Two Months Prior Monthly Period	3.7666%
	iv.	Three-Month Average	3.7666%
c.	Excess Spread Percentage (Portfolio Yield - Base Rate)
	i.	Current	15.5263%
	ii.	Prior Monthly Period	15.9083%
	iii.	Two Months Prior Monthly Period	15.8502%
	iv.	Quarterly Excess Spread Percentage	15.7616%

V. Investor Information Regarding Distributions to Noteholders
a.	The total amount of the distribution to Class A Noteholders per $1000 Note Initial Principal Balance.	1.450000
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.	1.450000
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.	1.616667
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.	1.616667
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.	1.783333
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.	1.783333
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.	2.150000
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.	2.150000
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

Page 4 of 9

VI. Investor Information
a.	Class A Note Initial Principal Balance		325,000,000.00
b.	Class B Note Initial Principal Balance		31,164,384.00
c.	Class C Note Initial Principal Balance		26,712,328.00
d.	Class D Note Initial Principal Balance		40,068,493.00
e.	Initial Excess Collateral Amount (As of Payment Date)		22,260,275.00
f.	Initial Collateral Amount (As of Payment Date)		445,205,480.00
g.	Class A Note Principal Balance
	i.	Beginning of Interest Period	325,000,000.00
	ii.	Principal Payment	0.00
	iii.	As of Payment Date	325,000,000.00
h.	Class B Note Principal Balance
	i.	Beginning of Interest Period	31,164,384.00
	ii.	Principal Payment	0.00
	iii.	As of Payment Date	31,164,384.00
i.	Class C Note Principal Balance
	i.	Beginning of Interest Period	26,712,328.00
	ii.	Principal Payment	0.00
	iii.	As of Payment Date	26,712,328.00
j.	Class D Note Principal Balance
	i.	Beginning of Interest Period	40,068,493.00
	ii.	Principal Payment	0.00
	iii.	As of Payment Date	40,068,493.00
k.	Excess Collateral Amount
	i.	Beginning of Interest Period	22,260,275.00
	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	22,260,275.00
l.	Collateral Amount
	i.	Beginning of Interest Period	445,205,480.00
	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	445,205,480.00
	viii.	Collateral Amount as a Percentage of Note Trust Principal Balance	3.8663%
	ix.	Amount by which Note Principal Balance exceeds Collateral Amount	N/A
m.	Required Excess Collateral Amount (As of Payment Date)		22,260,275.00

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	445,205,480.00
b.	Allocation Percentage Numerator - for Principal Collections	445,205,480.00
c.	Allocation Percentage Denominator

Page 5 of 9

	i.	Aggregate Principal Receivables Balance as of Prior Monthly Period	11,557,571,434.71
	ii.	Number of Days at Balance	31
	iii.	Average Principal Balance	11,557,571,434.71
d.	Sum of Allocation Percentage Numerators for all outstanding Series with respect to Finance Charge Collections and Default Amounts		10,347,219,462.00
e.	Sum of Allocation Percentage Numerators for all outstanding Series with respect to Principal Collections		10,347,219,462.00
f.	Average Daily Allocation Percentage, Finance Charge Collections and Default Amount (a. / greater of c.iii. or d.)		3.8521%
g.	Average Daily Allocation Percentage, Principal Collections (b. / greater of c.iii. or e.)		3.8521%
h.	Series Allocation Percentage		4.3027%

IX. Collections and Allocations		Trust	Series
a.	Finance Charge Collections	238,212,962.46	9,176,125.29
b.	Recoveries	10,611,409.04	408,758.68
c.	Principal Collections	1,604,658,563.81	61,812,539.05
d.	Default Amount	63,007,636.34	2,427,097.01
e.	Dilution	100,701,663.87	3,879,096.57
f.	Investor Uncovered Dilution Amount	0.00	0.00
g.	Dilution including Fraud Amount	102,716,022.18

h.	Available Finance Charge Collections
	i.	Investor Finance Charge Collections	9,176,125.29
	ii.	Excess Finance Charge Collections allocable to Series 2015-3	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	408,758.68
i.	Available Finance Charge Collections (Sum of h.i through h.vii)		9,584,883.97
j.	Total Collections (c.Series + i.)		71,397,423.02
k.	Total Finance Charge Collections deposited in the Collection Account (net of any amounts distributed to Transferor and owed to Servicer)		655,431.72

X. Application of Available Funds pursuant to Section 4.4(a) of the Indenture Supplement
a.	Available Finance Charge Collections		9,584,883.97
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	15.06
ii.	To the Servicer:
	a.	Noteholder Servicing Fee	742,009.13
	b.	Noteholder Servicing Fee previously due but not paid	0.00
	c.	Total Noteholder Servicing Fee	742,009.13
iii.	On a pari passu basis:
	a.	Class A Monthly Interest	471,250.00
	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	50,382.42
	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	47,636.98
	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

Page 6 of 9

vi.	On a pari passu basis:
	a.	Class D Monthly Interest	86,147.26
	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	2,427,097.01
	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 Account 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:		5,760,346.11
	a.	Unless an Early Amortization Event has occurred, to the Transferor; and or	5,760,346.11
	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 2015_3 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

Page 7 of 9

XI. Excess Finance Charge Collections (Group One)
a.	Total Excess Finance Charge Collections in Group One			132,908,458.58
b.	Finance Charge Shortfall for Series 2015-3			0.00
c.	Finance Charge Shortfall for all Series in Group One			0.00
d.	Excess Finance Charges Collections Allocated to Series 2015-3			0.00
XII. Available Principal Collections and Distributions (Section references relate to Indenture Supplement)
a.	Investor Principal Collections			61,812,539.05
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)(vi)			2,427,097.01
e.	Plus: Aggregate amount to be treated as Available Principal Collections pursuant to Section 4.4(a)(vii)			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)(xii)			0.00
g.	Available Principal Collections (Deposited to Principal Account)			64,239,636.06
	i.	During the Revolving Period, Available Principal Collections treated as Shared Principal Collections Pursuant to Section 4.4(b)		64,239,636.06
	ii.	During the Controlled Accumulation Period, Available Principal Collections deposited to the Principal Accumulation Account pursuant to Section 4.4(c)(i),(ii)		0.00
	iii.	During the Early Amortization Period, Available Principal Collections deposited to the Distribution Account pursuant to Section 4.4(c)		0.00
	iv.	Series Shared Principal Collections available to Group One pursuant to Section 4.4(c)(iii)		64,239,636.06
	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 2015-3)		1,352,738,011.45
	vii.	Series Principal Shortfall		0.00
	viii.	Shared Principal Collections allocated to this Series from other Series		0.00

XIII. Series 2015-3 Accumulation
a.	Controlled Accumulation Period Length in months (scheduled)		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)		04/16/2018
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

Page 8 of 9

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 Free Equity:		No
	i.	Free Equity Amount	2,091,282,714.48
	ii.	Minimum Free Equity Amount	633,319,008.60
	iii.	Excess Free Equity Amount	1,457,963,705.88
b.	The Note Trust Principal Balance is less than the Required Principal Balance Note Trust Principal Balance:		No
	i.	Note Trust Principal Balance	11,514,891,065.48
	ii.	Required Principal Balance	10,347,219,462.00
	iii.	Excess Principal Balance	1,167,671,603.48
c.	The three-month average Portfolio Yield is less than three-month average Base Rate Portfolio Yield:		No
	i.	Three month Average Portfolio Yield	19.5283%
	ii.	Three month Average Base Rate	3.7666%
	iii.	Three month Average Excess Spread	15.7616%
d.	The Note Principal Balance is outstanding beyond the Expected Principal Payment Date		No
	i.	Expected Principal Payment Date	09/17/2018
	ii.	Current Payment Date	11/15/2017
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 9th day of November 2017.

Synchrony Financial, as Servicer
By:	/s/ Brian Doubles
Name:	Brian Doubles
Title:	Chief Financial Officer

Page 9 of 9

EX-99.8

Exhibit 99.8

Monthly Noteholder’s Statement

Synchrony Credit Card Master Note Trust

Series 2015-4

Class A 2.3800% Notes

Class B 2.6200% Notes

Class C 2.8200% Notes

Class D 3.2600% 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 2015-4 Indenture Supplement (the “Indenture Supplement”), dated as of September 30, 2015, 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 2015-4 Noteholders and the performance of the Trust during the previous month. The information required to be prepared with respect to the Payment Date of November 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 indicated. The undersigned, an Authorized Officer of the Servicer, does hereby certify as follows:

Record Date:	10/31/2017
Monthly Period Beginning:	10/01/2017
Monthly Period Ending:	10/31/2017
Previous Payment Date:	10/16/2017
Payment Date:	11/15/2017
Interest Period Beginning:	10/16/2017
Interest Period Ending:	11/14/2017
Days in Interest Period:	30
Days in Monthly Period:	31
Loss Cycles in Period:	30
Is there a Reset Date?	No

I. Trust Receivables Information
a.	Number of Accounts Beginning		15,064,329
b.	Number of Accounts Ending		14,876,844
c.	Average Account Balance (q / b)		774.01
d.	BOP Principal Receivables		11,557,571,434.72
e.	BOP Finance Charge Receivables		431,528,975.14
f.	BOP Total Receivables		11,989,100,409.86
g.	Increase in Principal Receivables from Additional Accounts		0.00
h.	Increase in Principal Activity on Existing Securitized Accounts		1,624,985,830.91
i.	Increase in Finance Charge Receivables from Additional Accounts		0.00
j.	Increase in Finance Charge Activity on Existing Securitized Accounts		241,350,058.14
k.	Increase in Total Receivables		1,866,335,889.05
l.	Decrease in Principal Receivables due to Account Removal		0.00
m.	Decrease in Principal Activity on Existing Securitized Accounts		1,667,666,200.15
n.	Decrease in Finance Charge Receivables due to Account Removal		0.00
o.	Decrease in Finance Charge Activity on Existing Securitized Accounts		242,362,301.84
p.	Decrease in Total Receivables		1,910,028,501.99
q.	EOP Aggregate Principal Receivables		11,514,891,065.48
r.	EOP Finance Charge Receivables		430,516,731.44
s.	EOP Total Receivables		11,945,407,796.92
t.	Excess Funding Account Balance		0.00
u.	Required Principal Balance		10,347,219,462.00
v.	Minimum Free Equity Amount (EOP Aggregate Principal Receivables * 5.5%)		633,319,008.60
w.	Free Equity Amount (EOP Principal Receivables - EOP Collateral Amount)		2,091,282,714.48
x.	Risk Retention - Dodd-Frank
	i. Required Seller’s Interest (as of EOP)		481,450,629.85
	ii. Seller’s Interest (as of EOP)		1,885,878,468.47
II. Investor Information (Sum of all Series)
a.	Note Principal Balance
	i.	Beginning of Interest Period	9,629,012,597.00

Page 1 of 9

	ii.	Increase in Note Principal Balance due to New Issuance / Additional draws	976,027,397.00
	iii.	Decrease in Note Principal Balance due to Principal Paid and Notes Retired	923,611,111.00
	iv.	As of Payment Date	9,681,428,883.00
b.	Excess Collateral Amount
	i.	Beginning of Interest Period	718,206,865.00
	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	51,369,864.00
	iv.	Reductions in Required Excess Collateral Amount	48,611,112.00
	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	720,965,617.00
c.	Principal Accumulation Account Balance
	i.	Beginning of Interest Period	0.00
	ii.	Controlled Deposit Amount	923,611,111.00
	iii.	Withdrawal for Principal Payment	923,611,111.00
	iv.	As of Payment Date	0.00
d.	Collateral Amount
	i.	End of Prior Monthly Period	10,347,219,462.00
	ii.	Beginning of Interest Period	10,347,219,462.00
	iii.	As of Payment Date	10,402,394,500.00
III. Trust Performance Data (Monthly Period)
a.	Gross Trust Yield (Finance Charge Collections + Recoveries / BOP Principal Receivables)
	i.	Current	25.8349%
	ii.	Prior Monthly Period	24.9209%
	iii.	Two Months Prior Monthly Period	25.6251%
	iv.	Three-Month Average	25.4603%
b.	Payment Rate (Principal Collections / BOP Principal Receivables)
	i.	Current	13.8840%
	ii.	Prior Monthly Period	13.4375%
	iii.	Two Months Prior Monthly Period	14.1784%
	iv.	Three-Month Average	13.8333%
c.	Gross Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts - Fraud Amount / BOP Principal Receivables)
	i.	Current	6.3328%
	ii.	Prior Monthly Period	5.0583%
	iii.	Two Months Prior Monthly Period	5.8433%
	iv.	Three Months Prior Monthly Period	5.7534%
	v.	Three-Month Average	5.7448%
	vi.	Four-Month Average	5.7469%
d.	Gross Charge-Off Rate (Default Amount for Defaulted Accounts / BOP Principal Receivables)
	i.	Current	6.5420%
	ii.	Prior Monthly Period	5.2459%
	iii.	Two Months Prior Monthly Period	6.0082%
	iv.	Three Months Prior Monthly Period	5.9166%
	v.	Three-Month Average	5.9320%
	vi.	Four-Month Average	5.9282%

Page 2 of 9

e.	Net Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts - Recoveries - Fraud Amount / BOP Principal Receivables)
	i.	Current	5.2311%
	ii.	Prior Monthly Period	4.1559%
	iii.	Two Months Prior Monthly Period	4.8579%
	iv.	Three Months Prior Monthly Period	4.7312%
	v.	Three-Month Average	4.7483%
	vi.	Four-Month Average	4.7440%
f.	Net Charge-Off Rate (Default Amount for Defaulted Accounts - Recoveries/ BOP Principal Receivables)
	i.	Current	5.4402%
	ii.	Prior Monthly Period	4.3436%
	iii.	Two Months Prior Monthly Period	5.0229%
	iv.	Three Months Prior Monthly Period	4.8945%
	v.	Three-Month Average	4.9356%
	vi.	Four-Month Average	4.9253%
g.	Trust excess spread percentage ((FC Coll - Charged-Off Rec - Monthly Interest +/- Net Swaps - Monthly Servicing Fee) / BOP Principal Receivables)		15.6106%
h.	Default Amount for Defaulted Accounts		63,007,636.34
i.	Recovery Amount		10,611,409.04
j.	Net Charge-Off (Default Amount for Defaulted Accounts - Recoveries)		52,396,227.30
k.	Number of Accounts Charged Off		30,608
l.	Average Account Charge-Off (Net Charge-Off / Number of Accounts Charged Off)		1,711.85
m.	Collections
	i.	Total Trust Finance Charge Collections	238,212,962.46
	ii.	Total Trust Principal Collections	1,604,658,563.81
	iii.	Total Trust Collections	1,842,871,526.27

n.	Delinquency Data		Accounts	Pctg. of Tot. Accts.	Total Receivables	Pctg. of Tot. Recv.
	i.	1-29 Days Delinquent	220,402	1.4815%	351,557,216.17	2.9430%
	ii.	30-59 Days Delinquent	55,222	0.3712%	116,136,843.60	0.9722%
	iii.	60-89 Days Delinquent	33,745	0.2268%	84,556,393.84	0.7079%
	iv.	90-119 Days Delinquent	25,341	0.1703%	68,677,796.92	0.5749%
	v.	120-149 Days Delinquent	21,101	0.1418%	59,631,650.11	0.4992%
	vi.	150-179 Days Delinquent	16,580	0.1114%	49,043,514.77	0.4106%
	vii.	180 or Greater Days Delinquent	0	0.0000%	0.00	0.0000%
		Total	372,391	2.5032%	729,603,415.41	6.1078%

Page 3 of 9

IV. Series Performance Data
a.	Portfolio Yield (Finance Charge Collections + Recoveries - Aggregate Investor Default Amount + PAA Inv Proceeds / BOP Collateral)
	i.	Current	19.2930%
	ii.	Prior Monthly Period	19.6750%
	iii.	Two Months Prior Monthly Period	19.6168%
	iv.	Three-Month Average	19.5283%
b.	Base Rate (Noteholder Servicing Fee + Admin Fee + Monthly Interest + Swap Payments - Swap Receipts / BOP Collateral)
	i.	Current	4.3834%
	ii.	Prior Monthly Period	4.3834%
	iii.	Two Months Prior Monthly Period	4.3834%
	iv.	Three-Month Average	4.3834%
c.	Excess Spread Percentage (Portfolio Yield - Base Rate)
	i.	Current	14.9095%
	ii.	Prior Monthly Period	15.2916%
	iii.	Two Months Prior Monthly Period	15.2334%
	iv.	Quarterly Excess Spread Percentage	15.1448%

V. Investor Information Regarding Distributions to Noteholders
a.	The total amount of the distribution to Class A Noteholders per $1000 Note Initial Principal Balance.	1.983333
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.	1.983333
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.	2.183333
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.	2.183333
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.	2.350000
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.	2.350000
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.	2.716667
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.	2.716667
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

Page 4 of 9

VI. Investor Information
a.	Class A Note Initial Principal Balance		275,000,000.00
b.	Class B Note Initial Principal Balance		26,369,863.00
c.	Class C Note Initial Principal Balance		22,602,739.00
d.	Class D Note Initial Principal Balance		33,904,110.00
e.	Initial Excess Collateral Amount (As of Payment Date)		18,835,617.00
f.	Initial Collateral Amount (As of Payment Date)		376,712,329.00
g.	Class A Note Principal Balance
	i.	Beginning of Interest Period	275,000,000.00
	ii.	Principal Payment	0.00
	iii.	As of Payment Date	275,000,000.00
h.	Class B Note Principal Balance
	i.	Beginning of Interest Period	26,369,863.00
	ii.	Principal Payment	0.00
	iii.	As of Payment Date	26,369,863.00
i.	Class C Note Principal Balance
	i.	Beginning of Interest Period	22,602,739.00
	ii.	Principal Payment	0.00
	iii.	As of Payment Date	22,602,739.00
j.	Class D Note Principal Balance
	i.	Beginning of Interest Period	33,904,110.00
	ii.	Principal Payment	0.00
	iii.	As of Payment Date	33,904,110.00
k.	Excess Collateral Amount
	i.	Beginning of Interest Period	18,835,617.00
	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	18,835,617.00
l.	Collateral Amount
	i.	Beginning of Interest Period	376,712,329.00
	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	376,712,329.00
	viii.	Collateral Amount as a Percentage of Note Trust Principal Balance	3.2715%
	ix.	Amount by which Note Principal Balance exceeds Collateral Amount	N/A
m.	Required Excess Collateral Amount (As of Payment Date)		18,835,617.00

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	376,712,329.00
b.	Allocation Percentage Numerator - for Principal Collections	376,712,329.00
c.	Allocation Percentage Denominator

Page 5 of 9

	i.	Aggregate Principal Receivables Balance as of Prior Monthly Period	11,557,571,434.71
	ii.	Number of Days at Balance	31
	iii.	Average Principal Balance	11,557,571,434.71
d.	Sum of Allocation Percentage Numerators for all outstanding Series with respect to Finance Charge Collections and Default Amounts		10,347,219,462.00
e.	Sum of Allocation Percentage Numerators for all outstanding Series with respect to Principal Collections		10,347,219,462.00
f.	Average Daily Allocation Percentage, Finance Charge Collections and Default Amount (a. / greater of c.iii. or d.)		3.2594%
g.	Average Daily Allocation Percentage, Principal Collections (b. / greater of c.iii. or e.)		3.2594%
h.	Series Allocation Percentage		3.6407%

IX. Collections and Allocations		Trust	Series
a.	Finance Charge Collections	238,212,962.46	7,764,413.35
b.	Recoveries	10,611,409.04	345,872.71
c.	Principal Collections	1,604,658,563.81	52,302,915.20
d.	Default Amount	63,007,636.34	2,053,697.36
e.	Dilution	100,701,663.87	3,282,312.32
f.	Investor Uncovered Dilution Amount	0.00	0.00
g.	Dilution including Fraud Amount	102,716,022.18

h.	Available Finance Charge Collections
	i.	Investor Finance Charge Collections	7,764,413.35
	ii.	Excess Finance Charge Collections allocable to Series 2015-4	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	345,872.71
i.	Available Finance Charge Collections (Sum of h.i through h.vii)		8,110,286.06
j.	Total Collections (c.Series + i.)		60,413,201.26
k.	Total Finance Charge Collections deposited in the Collection Account (net of any amounts distributed to Transferor and owed to Servicer)		748,226.22

X. Application of Available Funds pursuant to Section 4.4(a) of the Indenture Supplement
a.	Available Finance Charge Collections		8,110,286.06
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	12.74
ii.	To the Servicer:
	a.	Noteholder Servicing Fee	627,853.88
	b.	Noteholder Servicing Fee previously due but not paid	0.00
	c.	Total Noteholder Servicing Fee	627,853.88
iii.	On a pari passu basis:
	a.	Class A Monthly Interest	545,416.67
	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	57,574.20
	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	53,116.44
	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

Page 6 of 9

vi.	On a pari passu basis:
	a.	Class D Monthly Interest	92,106.17
	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	2,053,697.36
	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 Account 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:		4,680,508.60
	a.	Unless an Early Amortization Event has occurred, to the Transferor; and or	4,680,508.60
	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 2015_4 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

Page 7 of 9

XI. Excess Finance Charge Collections (Group One)
a.	Total Excess Finance Charge Collections in Group One			132,908,458.58
b.	Finance Charge Shortfall for Series 2015-4			0.00
c.	Finance Charge Shortfall for all Series in Group One			0.00
d.	Excess Finance Charges Collections Allocated to Series 2015-4			0.00
XII. Available Principal Collections and Distributions (Section references relate to Indenture Supplement)
a.	Investor Principal Collections			52,302,915.20
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)(vi)			2,053,697.36
e.	Plus: Aggregate amount to be treated as Available Principal Collections pursuant to Section 4.4(a)(vii)			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)(xii)			0.00
g.	Available Principal Collections (Deposited to Principal Account)			54,356,612.56
	i.	During the Revolving Period, Available Principal Collections treated as Shared Principal Collections Pursuant to Section 4.4(b)		54,356,612.56
	ii.	During the Controlled Accumulation Period, Available Principal Collections deposited to the Principal Accumulation Account pursuant to Section 4.4(c)(i),(ii)		0.00
	iii.	During the Early Amortization Period, Available Principal Collections deposited to the Distribution Account pursuant to Section 4.4(c)		0.00
	iv.	Series Shared Principal Collections available to Group One pursuant to Section 4.4(c)(iii)		54,356,612.56
	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 2015-4)		1,352,738,011.45
	vii.	Series Principal Shortfall		0.00
	viii.	Shared Principal Collections allocated to this Series from other Series		0.00

XIII. Series 2015-4 Accumulation
a.	Controlled Accumulation Period Length in months (scheduled)		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)		04/15/2020
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

Page 8 of 9

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 Free Equity:		No
	i.	Free Equity Amount	2,091,282,714.48
	ii.	Minimum Free Equity Amount	633,319,008.60
	iii.	Excess Free Equity Amount	1,457,963,705.88
b.	The Note Trust Principal Balance is less than the Required Principal Balance Note Trust Principal Balance:		No
	i.	Note Trust Principal Balance	11,514,891,065.48
	ii.	Required Principal Balance	10,347,219,462.00
	iii.	Excess Principal Balance	1,167,671,603.48
c.	The three-month average Portfolio Yield is less than three-month average Base Rate Portfolio Yield:		No
	i.	Three month Average Portfolio Yield	19.5283%
	ii.	Three month Average Base Rate	4.3834%
	iii.	Three month Average Excess Spread	15.1448%
d.	The Note Principal Balance is outstanding beyond the Expected Principal Payment Date		No
	i.	Expected Principal Payment Date	09/15/2020
	ii.	Current Payment Date	11/15/2017
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 9th day of November 2017.

Synchrony Financial, as Servicer
By:	/s/ Brian Doubles
Name:	Brian Doubles
Title:	Chief Financial Officer

Page 9 of 9

EX-99.9

Exhibit 99.9

Monthly Noteholder’s Statement

Synchrony Credit Card Master Note Trust
Series 2016-1

Class A 2.0400% Notes

Class B 2.3900% Notes

Class C 2.8800% Notes

Class D 3.3800% 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 2016-1 Indenture Supplement (the “Indenture Supplement”), dated as of March 18, 2016, 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 2016-1 Noteholders and the performance of the Trust during the previous month. The information required to be prepared with respect to the Payment Date of November 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 indicated. The undersigned, an Authorized Officer of the Servicer, does hereby certify as follows:

Record Date:	10/31/2017
Monthly Period Beginning:	10/01/2017
Monthly Period Ending:	10/31/2017
Previous Payment Date:	10/16/2017
Payment Date:	11/15/2017
Interest Period Beginning:	10/16/2017
Interest Period Ending:	11/14/2017
Days in Interest Period:	30
Days in Monthly Period:	31
Loss Cycles in Period:	30
Is there a Reset Date?	No

I. Trust Receivables Information
a.	Number of Accounts Beginning		15,064,329
b.	Number of Accounts Ending		14,876,844
c.	Average Account Balance (q / b)		774.01
d.	BOP Principal Receivables		11,557,571,434.72
e.	BOP Finance Charge Receivables		431,528,975.14
f.	BOP Total Receivables		11,989,100,409.86
g.	Increase in Principal Receivables from Additional Accounts		0.00
h.	Increase in Principal Activity on Existing Securitized Accounts		1,624,985,830.91
i.	Increase in Finance Charge Receivables from Additional Accounts		0.00
j.	Increase in Finance Charge Activity on Existing Securitized Accounts		241,350,058.14
k.	Increase in Total Receivables		1,866,335,889.05
l.	Decrease in Principal Receivables due to Account Removal		0.00
m.	Decrease in Principal Activity on Existing Securitized Accounts		1,667,666,200.15
n.	Decrease in Finance Charge Receivables due to Account Removal		0.00
o.	Decrease in Finance Charge Activity on Existing Securitized Accounts		242,362,301.84
p.	Decrease in Total Receivables		1,910,028,501.99
q.	EOP Aggregate Principal Receivables		11,514,891,065.48
r.	EOP Finance Charge Receivables		430,516,731.44
s.	EOP Total Receivables		11,945,407,796.92
t.	Excess Funding Account Balance		0.00
u.	Required Principal Balance		10,347,219,462.00
v.	Minimum Free Equity Amount (EOP Aggregate Principal Receivables * 5.5%)		633,319,008.60
w.	Free Equity Amount (EOP Principal Receivables - EOP Collateral Amount)		2,091,282,714.48
x.	Risk Retention - Dodd-Frank
	i. Required Seller’s Interest (as of EOP)		481,450,629.85
	ii. Seller’s Interest (as of EOP)		1,885,878,468.47
II. Investor Information (Sum of all Series)
a.	Note Principal Balance
	i.	Beginning of Interest Period	9,629,012,597.00

Page 1 of 9

	ii.	Increase in Note Principal Balance due to New Issuance / Additional draws	976,027,397.00
	iii.	Decrease in Note Principal Balance due to Principal Paid and Notes Retired	923,611,111.00
	iv.	As of Payment Date	9,681,428,883.00
b.	Excess Collateral Amount
	i.	Beginning of Interest Period	718,206,865.00
	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	51,369,864.00
	iv.	Reductions in Required Excess Collateral Amount	48,611,112.00
	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	720,965,617.00
c.	Principal Accumulation Account Balance
	i.	Beginning of Interest Period	0.00
	ii.	Controlled Deposit Amount	923,611,111.00
	iii.	Withdrawal for Principal Payment	923,611,111.00
	iv.	As of Payment Date	0.00
d.	Collateral Amount
	i.	End of Prior Monthly Period	10,347,219,462.00
	ii.	Beginning of Interest Period	10,347,219,462.00
	iii.	As of Payment Date	10,402,394,500.00
III. Trust Performance Data (Monthly Period)
a.	Gross Trust Yield (Finance Charge Collections + Recoveries / BOP Principal Receivables)
	i.	Current	25.8349%
	ii.	Prior Monthly Period	24.9209%
	iii.	Two Months Prior Monthly Period	25.6251%
	iv.	Three-Month Average	25.4603%
b.	Payment Rate (Principal Collections / BOP Principal Receivables)
	i.	Current	13.8840%
	ii.	Prior Monthly Period	13.4375%
	iii.	Two Months Prior Monthly Period	14.1784%
	iv.	Three-Month Average	13.8333%
c.	Gross Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts - Fraud Amount / BOP Principal Receivables)
	i.	Current	6.3328%
	ii.	Prior Monthly Period	5.0583%
	iii.	Two Months Prior Monthly Period	5.8433%
	iv.	Three Months Prior Monthly Period	5.7534%
	v.	Three-Month Average	5.7448%
	vi.	Four-Month Average	5.7469%
d.	Gross Charge-Off Rate (Default Amount for Defaulted Accounts / BOP Principal Receivables)
	i.	Current	6.5420%
	ii.	Prior Monthly Period	5.2459%
	iii.	Two Months Prior Monthly Period	6.0082%
	iv.	Three Months Prior Monthly Period	5.9166%
	v.	Three-Month Average	5.9320%
	vi.	Four-Month Average	5.9282%

Page 2 of 9

e.	Net Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts - Recoveries - Fraud Amount / BOP Principal Receivables)
	i.	Current	5.2311%
	ii.	Prior Monthly Period	4.1559%
	iii.	Two Months Prior Monthly Period	4.8579%
	iv.	Three Months Prior Monthly Period	4.7312%
	v.	Three-Month Average	4.7483%
	vi.	Four-Month Average	4.7440%
f.	Net Charge-Off Rate (Default Amount for Defaulted Accounts - Recoveries/ BOP Principal Receivables)
	i.	Current	5.4402%
	ii.	Prior Monthly Period	4.3436%
	iii.	Two Months Prior Monthly Period	5.0229%
	iv.	Three Months Prior Monthly Period	4.8945%
	v.	Three-Month Average	4.9356%
	vi.	Four-Month Average	4.9253%
g.	Trust excess spread percentage ((FC Coll - Charged-Off Rec - Monthly Interest +/- Net Swaps - Monthly Servicing Fee) / BOP Principal Receivables)		15.6106%
h.	Default Amount for Defaulted Accounts		63,007,636.34
i.	Recovery Amount		10,611,409.04
j.	Net Charge-Off (Default Amount for Defaulted Accounts - Recoveries)		52,396,227.30
k.	Number of Accounts Charged Off		30,608
l.	Average Account Charge-Off (Net Charge-Off / Number of Accounts Charged Off)		1,711.85
m.	Collections
	i.	Total Trust Finance Charge Collections	238,212,962.46
	ii.	Total Trust Principal Collections	1,604,658,563.81
	iii.	Total Trust Collections	1,842,871,526.27

n.	Delinquency Data		Accounts	Pctg. of Tot. Accts.	Total Receivables	Pctg. of Tot. Recv.
	i.	1-29 Days Delinquent	220,402	1.4815%	351,557,216.17	2.9430%
	ii.	30-59 Days Delinquent	55,222	0.3712%	116,136,843.60	0.9722%
	iii.	60-89 Days Delinquent	33,745	0.2268%	84,556,393.84	0.7079%
	iv.	90-119 Days Delinquent	25,341	0.1703%	68,677,796.92	0.5749%
	v.	120-149 Days Delinquent	21,101	0.1418%	59,631,650.11	0.4992%
	vi.	150-179 Days Delinquent	16,580	0.1114%	49,043,514.77	0.4106%
	vii.	180 or Greater Days Delinquent	0	0.0000%	0.00	0.0000%
		Total	372,391	2.5032%	729,603,415.41	6.1078%

Page 3 of 9

IV. Series Performance Data
a.	Portfolio Yield (Finance Charge Collections + Recoveries - Aggregate Investor Default Amount + PAA Inv Proceeds / BOP Collateral)
	i.	Current	19.2930%
	ii.	Prior Monthly Period	19.6750%
	iii.	Two Months Prior Monthly Period	19.6168%
	iv.	Three-Month Average	19.5283%
b.	Base Rate (Noteholder Servicing Fee + Admin Fee + Monthly Interest + Swap Payments - Swap Receipts / BOP Collateral)
	i.	Current	4.1335%
	ii.	Prior Monthly Period	4.1335%
	iii.	Two Months Prior Monthly Period	4.1335%
	iv.	Three-Month Average	4.1335%
c.	Excess Spread Percentage (Portfolio Yield - Base Rate)
	i.	Current	15.1594%
	ii.	Prior Monthly Period	15.5414%
	iii.	Two Months Prior Monthly Period	15.4833%
	iv.	Quarterly Excess Spread Percentage	15.3947%

V. Investor Information Regarding Distributions to Noteholders
a.	The total amount of the distribution to Class A Noteholders per $1000 Note Initial Principal Balance.	1.700000
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.	1.700000
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.	1.991667
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.	1.991667
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.	2.400000
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.	2.400000
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.	2.816667
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.	2.816667
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

Page 4 of 9

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	0.00
	vii.	As of Payment Date	1,027,397,261.00
	viii.	Collateral Amount as a Percentage of Note Trust Principal Balance	8.9223%
	ix.	Amount by which Note Principal Balance exceeds Collateral Amount	N/A
m.	Required Excess Collateral Amount (As of Payment Date)		51,369,864.00

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	1,027,397,261.00
b.	Allocation Percentage Numerator - for Principal Collections	1,027,397,261.00
c.	Allocation Percentage Denominator

Page 5 of 9

	i.	Aggregate Principal Receivables Balance as of Prior Monthly Period	11,557,571,434.71
	ii.	Number of Days at Balance	31
	iii.	Average Principal Balance	11,557,571,434.71
d.	Sum of Allocation Percentage Numerators for all outstanding Series with respect to Finance Charge Collections and Default Amounts		10,347,219,462.00
e.	Sum of Allocation Percentage Numerators for all outstanding Series with respect to Principal Collections		10,347,219,462.00
f.	Average Daily Allocation Percentage, Finance Charge Collections and Default Amount (a. / greater of c.iii. or d.)		8.8894%
g.	Average Daily Allocation Percentage, Principal Collections (b. / greater of c.iii. or e.)		8.8894%
h.	Series Allocation Percentage		9.9292%

IX. Collections and Allocations		Trust	Series
a.	Finance Charge Collections	238,212,962.46	21,175,672.13
b.	Recoveries	10,611,409.04	943,289.22
c.	Principal Collections	1,604,658,563.81	142,644,309.78
d.	Default Amount	63,007,636.34	5,600,992.65
e.	Dilution	100,701,663.87	8,951,760.63
f.	Investor Uncovered Dilution Amount	0.00	0.00
g.	Dilution including Fraud Amount	102,716,022.18

h.	Available Finance Charge Collections
	i.	Investor Finance Charge Collections	21,175,672.13
	ii.	Excess Finance Charge Collections allocable to Series 2016-1	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	943,289.22
i.	Available Finance Charge Collections (Sum of h.i through h.vii)		22,118,961.35
j.	Total Collections (c.Series + i.)		164,763,271.13
k.	Total Finance Charge Collections deposited in the Collection Account (net of any amounts distributed to Transferor and owed to Servicer)		1,826,661.46

X. Application of Available Funds pursuant to Section 4.4(a) of the Indenture Supplement
a.	Available Finance Charge Collections		22,118,961.35
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	34.75
ii.	To the Servicer:
	a.	Noteholder Servicing Fee	1,712,328.77
	b.	Noteholder Servicing Fee previously due but not paid	0.00
	c.	Total Noteholder Servicing Fee	1,712,328.77
iii.	On a pari passu basis:
	a.	Class A Monthly Interest	1,275,000.00
	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	143,236.30
	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	147,945.21
	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

Page 6 of 9

vi.	On a pari passu basis:
	a.	Class D Monthly Interest	260,445.20
	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	5,600,992.65
	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 Account 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:		12,978,978.47
	a.	Unless an Early Amortization Event has occurred, to the Transferor; and or	12,978,978.47
	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 2016_1 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

Page 7 of 9

XI. Excess Finance Charge Collections (Group One)
a.	Total Excess Finance Charge Collections in Group One			132,908,458.58
b.	Finance Charge Shortfall for Series 2016-1			0.00
c.	Finance Charge Shortfall for all Series in Group One			0.00
d.	Excess Finance Charges Collections Allocated to Series 2016-1			0.00
XII. Available Principal Collections and Distributions (Section references relate to Indenture Supplement)
a.	Investor Principal Collections			142,644,309.78
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)(vi)			5,600,992.65
e.	Plus: Aggregate amount to be treated as Available Principal Collections pursuant to Section 4.4(a)(vii)			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)(xii)			0.00
g.	Available Principal Collections (Deposited to Principal Account)			148,245,302.43
	i.	During the Revolving Period, Available Principal Collections treated as Shared Principal Collections Pursuant to Section 4.4(b)		148,245,302.43
	ii.	During the Controlled Accumulation Period, Available Principal Collections deposited to the Principal Accumulation Account pursuant to Section 4.4(c)(i),(ii)		0.00
	iii.	During the Early Amortization Period, Available Principal Collections deposited to the Distribution Account pursuant to Section 4.4(c)		0.00
	iv.	Series Shared Principal Collections available to Group One pursuant to Section 4.4(c)(iii)		148,245,302.43
	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 2016-1)		1,352,738,011.45
	vii.	Series Principal Shortfall		0.00
	viii.	Shared Principal Collections allocated to this Series from other Series		0.00

XIII. Series 2016-1 Accumulation
a.	Controlled Accumulation Period Length in months (scheduled)		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)		10/15/2018
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

Page 8 of 9

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 Free Equity:		No
	i.	Free Equity Amount	2,091,282,714.48
	ii.	Minimum Free Equity Amount	633,319,008.60
	iii.	Excess Free Equity Amount	1,457,963,705.88
b.	The Note Trust Principal Balance is less than the Required Principal Balance Note Trust Principal Balance:		No
	i.	Note Trust Principal Balance	11,514,891,065.48
	ii.	Required Principal Balance	10,347,219,462.00
	iii.	Excess Principal Balance	1,167,671,603.48
c.	The three-month average Portfolio Yield is less than three-month average Base Rate Portfolio Yield:		No
	i.	Three month Average Portfolio Yield	19.5283%
	ii.	Three month Average Base Rate	4.1335%
	iii.	Three month Average Excess Spread	15.3947%
d.	The Note Principal Balance is outstanding beyond the Expected Principal Payment Date		No
	i.	Expected Principal Payment Date	03/15/2019
	ii.	Current Payment Date	11/15/2017
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 9th day of November 2017.

Synchrony Financial, as Servicer
By:	/s/ Brian Doubles
Name:	Brian Doubles
Title:	Chief Financial Officer

Page 9 of 9

EX-99.10

Exhibit 99.10

Monthly Noteholder’s Statement

Synchrony Credit Card Master Note Trust
Series 2016-2

Class A 2.2100% Notes

Class B 2.5500% Notes

Class C 2.9500% Notes

Class D 3.6400% 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 2016-2 Indenture Supplement (the “Indenture Supplement”), dated as of May 26, 2016, 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 2016-2 Noteholders and the performance of the Trust during the previous month. The information required to be prepared with respect to the Payment Date of November 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 indicated. The undersigned, an Authorized Officer of the Servicer, does hereby certify as follows:

Record Date:	10/31/2017
Monthly Period Beginning:	10/01/2017
Monthly Period Ending:	10/31/2017
Previous Payment Date:	10/16/2017
Payment Date:	11/15/2017
Interest Period Beginning:	10/16/2017
Interest Period Ending:	11/14/2017
Days in Interest Period:	30
Days in Monthly Period:	31
Loss Cycles in Period:	30
Is there a Reset Date?	No

I. Trust Receivables Information
a.	Number of Accounts Beginning		15,064,329
b.	Number of Accounts Ending		14,876,844
c.	Average Account Balance (q / b)		774.01
d.	BOP Principal Receivables		11,557,571,434.72
e.	BOP Finance Charge Receivables		431,528,975.14
f.	BOP Total Receivables		11,989,100,409.86
g.	Increase in Principal Receivables from Additional Accounts		0.00
h.	Increase in Principal Activity on Existing Securitized Accounts		1,624,985,830.91
i.	Increase in Finance Charge Receivables from Additional Accounts		0.00
j.	Increase in Finance Charge Activity on Existing Securitized Accounts		241,350,058.14
k.	Increase in Total Receivables		1,866,335,889.05
l.	Decrease in Principal Receivables due to Account Removal		0.00
m.	Decrease in Principal Activity on Existing Securitized Accounts		1,667,666,200.15
n.	Decrease in Finance Charge Receivables due to Account Removal		0.00
o.	Decrease in Finance Charge Activity on Existing Securitized Accounts		242,362,301.84
p.	Decrease in Total Receivables		1,910,028,501.99
q.	EOP Aggregate Principal Receivables		11,514,891,065.48
r.	EOP Finance Charge Receivables		430,516,731.44
s.	EOP Total Receivables		11,945,407,796.92
t.	Excess Funding Account Balance		0.00
u.	Required Principal Balance		10,347,219,462.00
v.	Minimum Free Equity Amount (EOP Aggregate Principal Receivables * 5.5%)		633,319,008.60
w.	Free Equity Amount (EOP Principal Receivables - EOP Collateral Amount)		2,091,282,714.48
x.	Risk Retention - Dodd-Frank
	i. Required Seller’s Interest (as of EOP)		481,450,629.85
	ii. Seller’s Interest (as of EOP)		1,885,878,468.47
II. Investor Information (Sum of all Series)
a.	Note Principal Balance
	i.	Beginning of Interest Period	9,629,012,597.00

Page 1 of 9

	ii.	Increase in Note Principal Balance due to New Issuance / Additional draws	976,027,397.00
	iii.	Decrease in Note Principal Balance due to Principal Paid and Notes Retired	923,611,111.00
	iv.	As of Payment Date	9,681,428,883.00
b.	Excess Collateral Amount
	i.	Beginning of Interest Period	718,206,865.00
	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	51,369,864.00
	iv.	Reductions in Required Excess Collateral Amount	48,611,112.00
	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	720,965,617.00
c.	Principal Accumulation Account Balance
	i.	Beginning of Interest Period	0.00
	ii.	Controlled Deposit Amount	923,611,111.00
	iii.	Withdrawal for Principal Payment	923,611,111.00
	iv.	As of Payment Date	0.00
d.	Collateral Amount
	i.	End of Prior Monthly Period	10,347,219,462.00
	ii.	Beginning of Interest Period	10,347,219,462.00
	iii.	As of Payment Date	10,402,394,500.00
III. Trust Performance Data (Monthly Period)
a.	Gross Trust Yield (Finance Charge Collections + Recoveries / BOP Principal Receivables)
	i.	Current	25.8349%
	ii.	Prior Monthly Period	24.9209%
	iii.	Two Months Prior Monthly Period	25.6251%
	iv.	Three-Month Average	25.4603%
b.	Payment Rate (Principal Collections / BOP Principal Receivables)
	i.	Current	13.8840%
	ii.	Prior Monthly Period	13.4375%
	iii.	Two Months Prior Monthly Period	14.1784%
	iv.	Three-Month Average	13.8333%
c.	Gross Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts - Fraud Amount / BOP Principal Receivables)
	i.	Current	6.3328%
	ii.	Prior Monthly Period	5.0583%
	iii.	Two Months Prior Monthly Period	5.8433%
	iv.	Three Months Prior Monthly Period	5.7534%
	v.	Three-Month Average	5.7448%
	vi.	Four-Month Average	5.7469%
d.	Gross Charge-Off Rate (Default Amount for Defaulted Accounts / BOP Principal Receivables)
	i.	Current	6.5420%
	ii.	Prior Monthly Period	5.2459%
	iii.	Two Months Prior Monthly Period	6.0082%
	iv.	Three Months Prior Monthly Period	5.9166%
	v.	Three-Month Average	5.9320%
	vi.	Four-Month Average	5.9282%

Page 2 of 9

e.	Net Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts - Recoveries - Fraud Amount / BOP Principal Receivables)
	i.	Current	5.2311%
	ii.	Prior Monthly Period	4.1559%
	iii.	Two Months Prior Monthly Period	4.8579%
	iv.	Three Months Prior Monthly Period	4.7312%
	v.	Three-Month Average	4.7483%
	vi.	Four-Month Average	4.7440%
f.	Net Charge-Off Rate (Default Amount for Defaulted Accounts - Recoveries/ BOP Principal Receivables)
	i.	Current	5.4402%
	ii.	Prior Monthly Period	4.3436%
	iii.	Two Months Prior Monthly Period	5.0229%
	iv.	Three Months Prior Monthly Period	4.8945%
	v.	Three-Month Average	4.9356%
	vi.	Four-Month Average	4.9253%
g.	Trust excess spread percentage ((FC Coll - Charged-Off Rec - Monthly Interest +/- Net Swaps - Monthly Servicing Fee) / BOP Principal Receivables)		15.6106%
h.	Default Amount for Defaulted Accounts		63,007,636.34
i.	Recovery Amount		10,611,409.04
j.	Net Charge-Off (Default Amount for Defaulted Accounts - Recoveries)		52,396,227.30
k.	Number of Accounts Charged Off		30,608
l.	Average Account Charge-Off (Net Charge-Off / Number of Accounts Charged Off)		1,711.85
m.	Collections
	i.	Total Trust Finance Charge Collections	238,212,962.46
	ii.	Total Trust Principal Collections	1,604,658,563.81
	iii.	Total Trust Collections	1,842,871,526.27

n.	Delinquency Data		Accounts	Pctg. of Tot. Accts.	Total Receivables	Pctg. of Tot. Recv.
	i.	1-29 Days Delinquent	220,402	1.4815%	351,557,216.17	2.9430%
	ii.	30-59 Days Delinquent	55,222	0.3712%	116,136,843.60	0.9722%
	iii.	60-89 Days Delinquent	33,745	0.2268%	84,556,393.84	0.7079%
	iv.	90-119 Days Delinquent	25,341	0.1703%	68,677,796.92	0.5749%
	v.	120-149 Days Delinquent	21,101	0.1418%	59,631,650.11	0.4992%
	vi.	150-179 Days Delinquent	16,580	0.1114%	49,043,514.77	0.4106%
	vii.	180 or Greater Days Delinquent	0	0.0000%	0.00	0.0000%
		Total	372,391	2.5032%	729,603,415.41	6.1078%

Page 3 of 9

IV. Series Performance Data
a.	Portfolio Yield (Finance Charge Collections + Recoveries - Aggregate Investor Default Amount + PAA Inv Proceeds / BOP Collateral)
	i.	Current	19.2930%
	ii.	Prior Monthly Period	19.6750%
	iii.	Two Months Prior Monthly Period	19.6168%
	iv.	Three-Month Average	19.5283%
b.	Base Rate (Noteholder Servicing Fee + Admin Fee + Monthly Interest + Swap Payments - Swap Receipts / BOP Collateral)
	i.	Current	4.2964%
	ii.	Prior Monthly Period	4.2964%
	iii.	Two Months Prior Monthly Period	4.2964%
	iv.	Three-Month Average	4.2964%
c.	Excess Spread Percentage (Portfolio Yield - Base Rate)
	i.	Current	14.9965%
	ii.	Prior Monthly Period	15.3785%
	iii.	Two Months Prior Monthly Period	15.3204%
	iv.	Quarterly Excess Spread Percentage	15.2318%

V. Investor Information Regarding Distributions to Noteholders
a.	The total amount of the distribution to Class A Noteholders per $1000 Note Initial Principal Balance.	1.841667
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.	1.841667
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.	2.125000
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.	2.125000
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.	2.458333
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.	2.458333
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.	3.033333
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.	3.033333
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

Page 4 of 9

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.	Class D Note Initial Principal Balance		73,972,603.00
e.	Initial Excess Collateral Amount (As of Payment Date)		41,095,891.00
f.	Initial Collateral Amount (As of Payment Date)		821,917,809.00
g.	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
h.	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
i.	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
j.	Class D Note Principal Balance
	i.	Beginning of Interest Period	73,972,603.00
	ii.	Principal Payment	0.00
	iii.	As of Payment Date	73,972,603.00
k.	Excess Collateral Amount
	i.	Beginning of Interest Period	41,095,891.00
	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	41,095,891.00
l.	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	7.1379%
	ix.	Amount by which Note Principal Balance exceeds Collateral Amount	N/A
m.	Required Excess Collateral Amount (As of Payment Date)		41,095,891.00

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

Page 5 of 9

	i.	Aggregate Principal Receivables Balance as of Prior Monthly Period	11,557,571,434.71
	ii.	Number of Days at Balance	31
	iii.	Average Principal Balance	11,557,571,434.71
d.	Sum of Allocation Percentage Numerators for all outstanding Series with respect to Finance Charge Collections and Default Amounts		10,347,219,462.00
e.	Sum of Allocation Percentage Numerators for all outstanding Series with respect to Principal Collections		10,347,219,462.00
f.	Average Daily Allocation Percentage, Finance Charge Collections and Default Amount (a. / greater of c.iii. or d.)		7.1115%
g.	Average Daily Allocation Percentage, Principal Collections (b. / greater of c.iii. or e.)		7.1115%
h.	Series Allocation Percentage		7.9434%

IX. Collections and Allocations		Trust	Series
a.	Finance Charge Collections	238,212,962.46	16,940,538.65
b.	Recoveries	10,611,409.04	754,631.39
c.	Principal Collections	1,604,658,563.81	114,115,454.21
d.	Default Amount	63,007,636.34	4,480,794.35
e.	Dilution	100,701,663.87	7,161,408.89
f.	Investor Uncovered Dilution Amount	0.00	0.00
g.	Dilution including Fraud Amount	102,716,022.18

h.	Available Finance Charge Collections
	i.	Investor Finance Charge Collections	16,940,538.65
	ii.	Excess Finance Charge Collections allocable to Series 2016-2	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	754,631.39
i.	Available Finance Charge Collections (Sum of h.i through h.vii)		17,695,170.04
j.	Total Collections (c.Series + i.)		131,810,624.25
k.	Total Finance Charge Collections deposited in the Collection Account (net of any amounts distributed to Transferor and owed to Servicer)		1,572,904.51

X. Application of Available Funds pursuant to Section 4.4(a) of the Indenture Supplement
a.	Available Finance Charge Collections		17,695,170.04
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	27.80
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	1,105,000.00
	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	122,260.27
	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	121,232.88
	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

Page 6 of 9

vi.	On a pari passu basis:
	a.	Class D Monthly Interest	224,383.56
	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	4,480,794.35
	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 Account 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:		10,271,608.16
	a.	Unless an Early Amortization Event has occurred, to the Transferor; and or	10,271,608.16
	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 2016_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

Page 7 of 9

XI. Excess Finance Charge Collections (Group One)
a.	Total Excess Finance Charge Collections in Group One			132,908,458.58
b.	Finance Charge Shortfall for Series 2016-2			0.00
c.	Finance Charge Shortfall for all Series in Group One			0.00
d.	Excess Finance Charges Collections Allocated to Series 2016-2			0.00
XII. Available Principal Collections and Distributions (Section references relate to Indenture Supplement)
a.	Investor Principal Collections			114,115,454.21
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)(vi)			4,480,794.35
e.	Plus: Aggregate amount to be treated as Available Principal Collections pursuant to Section 4.4(a)(vii)			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)(xii)			0.00
g.	Available Principal Collections (Deposited to Principal Account)			118,596,248.56
	i.	During the Revolving Period, Available Principal Collections treated as Shared Principal Collections Pursuant to Section 4.4(b)		118,596,248.56
	ii.	During the Controlled Accumulation Period, Available Principal Collections deposited to the Principal Accumulation Account pursuant to Section 4.4(c)(i),(ii)		0.00
	iii.	During the Early Amortization Period, Available Principal Collections deposited to the Distribution Account pursuant to Section 4.4(c)		0.00
	iv.	Series Shared Principal Collections available to Group One pursuant to Section 4.4(c)(iii)		118,596,248.56
	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 2016-2)		1,352,738,011.45
	vii.	Series Principal Shortfall		0.00
	viii.	Shared Principal Collections allocated to this Series from other Series		0.00

XIII. Series 2016-2 Accumulation
a.	Controlled Accumulation Period Length in months (scheduled)		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)		12/15/2020
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

Page 8 of 9

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 Free Equity:		No
	i.	Free Equity Amount	2,091,282,714.48
	ii.	Minimum Free Equity Amount	633,319,008.60
	iii.	Excess Free Equity Amount	1,457,963,705.88
b.	The Note Trust Principal Balance is less than the Required Principal Balance Note Trust Principal Balance:		No
	i.	Note Trust Principal Balance	11,514,891,065.48
	ii.	Required Principal Balance	10,347,219,462.00
	iii.	Excess Principal Balance	1,167,671,603.48
c.	The three-month average Portfolio Yield is less than three-month average Base Rate Portfolio Yield:		No
	i.	Three month Average Portfolio Yield	19.5283%
	ii.	Three month Average Base Rate	4.2964%
	iii.	Three month Average Excess Spread	15.2318%
d.	The Note Principal Balance is outstanding beyond the Expected Principal Payment Date		No
	i.	Expected Principal Payment Date	05/17/2021
	ii.	Current Payment Date	11/15/2017
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 9th day of November 2017.

Synchrony Financial, as Servicer
By:	/s/ Brian Doubles
Name:	Brian Doubles
Title:	Chief Financial Officer

Page 9 of 9

EX-99.11

Exhibit 99.11

Monthly Noteholder’s Statement

Synchrony Credit Card Master Note Trust

Series 2016-3

Class A 1.5800% Notes

Class B 1.9100% Notes

Class C 2.3000% Notes

Class D 2.9500% 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 2016-3 Indenture Supplement (the “Indenture Supplement”), dated as of September 22, 2016, 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 2016-3 Noteholders and the performance of the Trust during the previous month. The information required to be prepared with respect to the Payment Date of November 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 indicated. The undersigned, an Authorized Officer of the Servicer, does hereby certify as follows:

Record Date:	10/31/2017
Monthly Period Beginning:	10/01/2017
Monthly Period Ending:	10/31/2017
Previous Payment Date:	10/16/2017
Payment Date:	11/15/2017
Interest Period Beginning:	10/16/2017
Interest Period Ending:	11/14/2017
Days in Interest Period:	30
Days in Monthly Period:	31
Loss Cycles in Period:	30
Is there a Reset Date?	No

I. Trust Receivables Information
a.	Number of Accounts Beginning		15,064,329
b.	Number of Accounts Ending		14,876,844
c.	Average Account Balance (q / b)		774.01
d.	BOP Principal Receivables		11,557,571,434.72
e.	BOP Finance Charge Receivables		431,528,975.14
f.	BOP Total Receivables		11,989,100,409.86
g.	Increase in Principal Receivables from Additional Accounts		0.00
h.	Increase in Principal Activity on Existing Securitized Accounts		1,624,985,830.91
i.	Increase in Finance Charge Receivables from Additional Accounts		0.00
j.	Increase in Finance Charge Activity on Existing Securitized Accounts		241,350,058.14
k.	Increase in Total Receivables		1,866,335,889.05
l.	Decrease in Principal Receivables due to Account Removal		0.00
m.	Decrease in Principal Activity on Existing Securitized Accounts		1,667,666,200.15
n.	Decrease in Finance Charge Receivables due to Account Removal		0.00
o.	Decrease in Finance Charge Activity on Existing Securitized Accounts		242,362,301.84
p.	Decrease in Total Receivables		1,910,028,501.99
q.	EOP Aggregate Principal Receivables		11,514,891,065.48
r.	EOP Finance Charge Receivables		430,516,731.44
s.	EOP Total Receivables		11,945,407,796.92
t.	Excess Funding Account Balance		0.00
u.	Required Principal Balance		10,347,219,462.00
v.	Minimum Free Equity Amount (EOP Aggregate Principal Receivables * 5.5%)		633,319,008.60
w.	Free Equity Amount (EOP Principal Receivables - EOP Collateral Amount)		2,091,282,714.48
x.	Risk Retention - Dodd-Frank
	i. Required Seller’s Interest (as of EOP)		481,450,629.85
	ii. Seller’s Interest (as of EOP)		1,885,878,468.47
II. Investor Information (Sum of all Series)
a.	Note Principal Balance
	i.	Beginning of Interest Period	9,629,012,597.00

Page 1 of 9

	ii.	Increase in Note Principal Balance due to New Issuance / Additional draws	976,027,397.00
	iii.	Decrease in Note Principal Balance due to Principal Paid and Notes Retired	923,611,111.00
	iv.	As of Payment Date	9,681,428,883.00
b.	Excess Collateral Amount
	i.	Beginning of Interest Period	718,206,865.00
	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	51,369,864.00
	iv.	Reductions in Required Excess Collateral Amount	48,611,112.00
	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	720,965,617.00
c.	Principal Accumulation Account Balance
	i.	Beginning of Interest Period	0.00
	ii.	Controlled Deposit Amount	923,611,111.00
	iii.	Withdrawal for Principal Payment	923,611,111.00
	iv.	As of Payment Date	0.00
d.	Collateral Amount
	i.	End of Prior Monthly Period	10,347,219,462.00
	ii.	Beginning of Interest Period	10,347,219,462.00
	iii.	As of Payment Date	10,402,394,500.00
III. Trust Performance Data (Monthly Period)
a.	Gross Trust Yield (Finance Charge Collections + Recoveries / BOP Principal Receivables)
	i.	Current	25.8349%
	ii.	Prior Monthly Period	24.9209%
	iii.	Two Months Prior Monthly Period	25.6251%
	iv.	Three-Month Average	25.4603%
b.	Payment Rate (Principal Collections / BOP Principal Receivables)
	i.	Current	13.8840%
	ii.	Prior Monthly Period	13.4375%
	iii.	Two Months Prior Monthly Period	14.1784%
	iv.	Three-Month Average	13.8333%
c.	Gross Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts - Fraud Amount / BOP Principal Receivables)
	i.	Current	6.3328%
	ii.	Prior Monthly Period	5.0583%
	iii.	Two Months Prior Monthly Period	5.8433%
	iv.	Three Months Prior Monthly Period	5.7534%
	v.	Three-Month Average	5.7448%
	vi.	Four-Month Average	5.7469%
d.	Gross Charge-Off Rate (Default Amount for Defaulted Accounts / BOP Principal Receivables)
	i.	Current	6.5420%
	ii.	Prior Monthly Period	5.2459%
	iii.	Two Months Prior Monthly Period	6.0082%
	iv.	Three Months Prior Monthly Period	5.9166%
	v.	Three-Month Average	5.9320%
	vi.	Four-Month Average	5.9282%

Page 2 of 9

e.	Net Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts - Recoveries - Fraud Amount / BOP Principal Receivables)
	i.	Current	5.2311%
	ii.	Prior Monthly Period	4.1559%
	iii.	Two Months Prior Monthly Period	4.8579%
	iv.	Three Months Prior Monthly Period	4.7312%
	v.	Three-Month Average	4.7483%
	vi.	Four-Month Average	4.7440%
f.	Net Charge-Off Rate (Default Amount for Defaulted Accounts - Recoveries/ BOP Principal Receivables)
	i.	Current	5.4402%
	ii.	Prior Monthly Period	4.3436%
	iii.	Two Months Prior Monthly Period	5.0229%
	iv.	Three Months Prior Monthly Period	4.8945%
	v.	Three-Month Average	4.9356%
	vi.	Four-Month Average	4.9253%
g.	Trust excess spread percentage ((FC Coll - Charged-Off Rec - Monthly Interest +/- Net Swaps - Monthly Servicing Fee) / BOP Principal Receivables)		15.6106%
h.	Default Amount for Defaulted Accounts		63,007,636.34
i.	Recovery Amount		10,611,409.04
j.	Net Charge-Off (Default Amount for Defaulted Accounts - Recoveries)		52,396,227.30
k.	Number of Accounts Charged Off		30,608
l.	Average Account Charge-Off (Net Charge-Off / Number of Accounts Charged Off)		1,711.85
m.	Collections
	i.	Total Trust Finance Charge Collections	238,212,962.46
	ii.	Total Trust Principal Collections	1,604,658,563.81
	iii.	Total Trust Collections	1,842,871,526.27

n.	Delinquency Data		Accounts	Pctg. of Tot. Accts.	Total Receivables	Pctg. of Tot. Recv.
	i.	1-29 Days Delinquent	220,402	1.4815%	351,557,216.17	2.9430%
	ii.	30-59 Days Delinquent	55,222	0.3712%	116,136,843.60	0.9722%
	iii.	60-89 Days Delinquent	33,745	0.2268%	84,556,393.84	0.7079%
	iv.	90-119 Days Delinquent	25,341	0.1703%	68,677,796.92	0.5749%
	v.	120-149 Days Delinquent	21,101	0.1418%	59,631,650.11	0.4992%
	vi.	150-179 Days Delinquent	16,580	0.1114%	49,043,514.77	0.4106%
	vii.	180 or Greater Days Delinquent	0	0.0000%	0.00	0.0000%
		Total	372,391	2.5032%	729,603,415.41	6.1078%

Page 3 of 9

IV. Series Performance Data
a.	Portfolio Yield (Finance Charge Collections + Recoveries - Aggregate Investor Default Amount + PAA Inv Proceeds / BOP Collateral)
	i.	Current	19.2930%
	ii.	Prior Monthly Period	19.6750%
	iii.	Two Months Prior Monthly Period	19.6168%
	iv.	Three-Month Average	19.5283%
b.	Base Rate (Noteholder Servicing Fee + Admin Fee + Monthly Interest + Swap Payments - Swap Receipts / BOP Collateral)
	i.	Current	3.6906%
	ii.	Prior Monthly Period	3.6906%
	iii.	Two Months Prior Monthly Period	3.6906%
	iv.	Three-Month Average	3.6906%
c.	Excess Spread Percentage (Portfolio Yield - Base Rate)
	i.	Current	15.6023%
	ii.	Prior Monthly Period	15.9843%
	iii.	Two Months Prior Monthly Period	15.9262%
	iv.	Quarterly Excess Spread Percentage	15.8376%

V. Investor Information Regarding Distributions to Noteholders
a.	The total amount of the distribution to Class A Noteholders per $1000 Note Initial Principal Balance.	1.316667
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.	1.316667
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.	1.591667
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.	1.591667
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.	1.916667
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.	1.916667
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.	2.458333
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.	2.458333
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

Page 4 of 9

VI. Investor Information
a.	Class A Note Initial Principal Balance		700,000,000.00
b.	Class B Note Initial Principal Balance		67,123,287.00
c.	Class C Note Initial Principal Balance		57,534,247.00
d.	Class D Note Initial Principal Balance		86,301,370.00
e.	Initial Excess Collateral Amount (As of Payment Date)		47,945,206.00
f.	Initial Collateral Amount (As of Payment Date)		958,904,110.00
g.	Class A Note Principal Balance
	i.	Beginning of Interest Period	700,000,000.00
	ii.	Principal Payment	0.00
	iii.	As of Payment Date	700,000,000.00
h.	Class B Note Principal Balance
	i.	Beginning of Interest Period	67,123,287.00
	ii.	Principal Payment	0.00
	iii.	As of Payment Date	67,123,287.00
i.	Class C Note Principal Balance
	i.	Beginning of Interest Period	57,534,247.00
	ii.	Principal Payment	0.00
	iii.	As of Payment Date	57,534,247.00
j.	Class D Note Principal Balance
	i.	Beginning of Interest Period	86,301,370.00
	ii.	Principal Payment	0.00
	iii.	As of Payment Date	86,301,370.00
k.	Excess Collateral Amount
	i.	Beginning of Interest Period	47,945,206.00
	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	47,945,206.00
l.	Collateral Amount
	i.	Beginning of Interest Period	958,904,110.00
	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	958,904,110.00
	viii.	Collateral Amount as a Percentage of Note Trust Principal Balance	8.3275%
	ix.	Amount by which Note Principal Balance exceeds Collateral Amount	N/A
m.	Required Excess Collateral Amount (As of Payment Date)		47,945,206.00

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	958,904,110.00
b.	Allocation Percentage Numerator - for Principal Collections	958,904,110.00
c.	Allocation Percentage Denominator

Page 5 of 9

	i.	Aggregate Principal Receivables Balance as of Prior Monthly Period	11,557,571,434.71
	ii.	Number of Days at Balance	31
	iii.	Average Principal Balance	11,557,571,434.71
d.	Sum of Allocation Percentage Numerators for all outstanding Series with respect to Finance Charge Collections and Default Amounts		10,347,219,462.00
e.	Sum of Allocation Percentage Numerators for all outstanding Series with respect to Principal Collections		10,347,219,462.00
f.	Average Daily Allocation Percentage, Finance Charge Collections and Default Amount (a. / greater of c.iii. or d.)		8.2968%
g.	Average Daily Allocation Percentage, Principal Collections (b. / greater of c.iii. or e.)		8.2968%
h.	Series Allocation Percentage		9.2673%

IX. Collections and Allocations		Trust	Series
a.	Finance Charge Collections	238,212,962.46	19,763,960.16
b.	Recoveries	10,611,409.04	880,403.22
c.	Principal Collections	1,604,658,563.81	133,134,685.92
d.	Default Amount	63,007,636.34	5,227,593.00
e.	Dilution	100,701,663.87	8,354,976.38
f.	Investor Uncovered Dilution Amount	0.00	0.00
g.	Dilution including Fraud Amount	102,716,022.18

h.	Available Finance Charge Collections
	i.	Investor Finance Charge Collections	19,763,960.16
	ii.	Excess Finance Charge Collections allocable to Series 2016-3	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	880,403.22
i.	Available Finance Charge Collections (Sum of h.i through h.vii)		20,644,363.38
j.	Total Collections (c.Series + i.)		153,779,049.30
k.	Total Finance Charge Collections deposited in the Collection Account (net of any amounts distributed to Transferor and owed to Servicer)		1,350,968.51

X. Application of Available Funds pursuant to Section 4.4(a) of the Indenture Supplement
a.	Available Finance Charge Collections		20,644,363.38
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	32.44
ii.	To the Servicer:
	a.	Noteholder Servicing Fee	1,598,173.52
	b.	Noteholder Servicing Fee previously due but not paid	0.00
	c.	Total Noteholder Servicing Fee	1,598,173.52
iii.	On a pari passu basis:
	a.	Class A Monthly Interest	921,666.67
	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	106,837.90
	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	110,273.97
	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

Page 6 of 9

vi.	On a pari passu basis:
	a.	Class D Monthly Interest	212,157.53
	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	5,227,593.00
	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 Account 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:		12,467,628.35
	a.	Unless an Early Amortization Event has occurred, to the Transferor; and or	12,467,628.35
	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 2016_3 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

Page 7 of 9

XI. Excess Finance Charge Collections (Group One)
a.	Total Excess Finance Charge Collections in Group One			132,908,458.58
b.	Finance Charge Shortfall for Series 2016-3			0.00
c.	Finance Charge Shortfall for all Series in Group One			0.00
d.	Excess Finance Charges Collections Allocated to Series 2016-3			0.00
XII. Available Principal Collections and Distributions (Section references relate to Indenture Supplement)
a.	Investor Principal Collections			133,134,685.92
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)(vi)			5,227,593.00
e.	Plus: Aggregate amount to be treated as Available Principal Collections pursuant to Section 4.4(a)(vii)			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)(xii)			0.00
g.	Available Principal Collections (Deposited to Principal Account)			138,362,278.92
	i.	During the Revolving Period, Available Principal Collections treated as Shared Principal Collections Pursuant to Section 4.4(b)		138,362,278.92
	ii.	During the Controlled Accumulation Period, Available Principal Collections deposited to the Principal Accumulation Account pursuant to Section 4.4(c)(i),(ii)		0.00
	iii.	During the Early Amortization Period, Available Principal Collections deposited to the Distribution Account pursuant to Section 4.4(c)		0.00
	iv.	Series Shared Principal Collections available to Group One pursuant to Section 4.4(c)(iii)		138,362,278.92
	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 2016-3)		1,352,738,011.45
	vii.	Series Principal Shortfall		0.00
	viii.	Shared Principal Collections allocated to this Series from other Series		0.00

XIII. Series 2016-3 Accumulation
a.	Controlled Accumulation Period Length in months (scheduled)		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)		04/15/2019
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

Page 8 of 9

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 Free Equity:		No
	i.	Free Equity Amount	2,091,282,714.48
	ii.	Minimum Free Equity Amount	633,319,008.60
	iii.	Excess Free Equity Amount	1,457,963,705.88
b.	The Note Trust Principal Balance is less than the Required Principal Balance Note Trust Principal Balance:		No
	i.	Note Trust Principal Balance	11,514,891,065.48
	ii.	Required Principal Balance	10,347,219,462.00
	iii.	Excess Principal Balance	1,167,671,603.48
c.	The three-month average Portfolio Yield is less than three-month average Base Rate Portfolio Yield:		No
	i.	Three month Average Portfolio Yield	19.5283%
	ii.	Three month Average Base Rate	3.6906%
	iii.	Three month Average Excess Spread	15.8376%
d.	The Note Principal Balance is outstanding beyond the Expected Principal Payment Date		No
	i.	Expected Principal Payment Date	09/16/2019
	ii.	Current Payment Date	11/15/2017
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 9th day of November 2017.

Synchrony Financial, as Servicer
By:	/s/ Brian Doubles
Name:	Brian Doubles
Title:	Chief Financial Officer

Page 9 of 9

EX-99.12

Exhibit 99.12

Monthly Noteholder’s Statement

Synchrony Credit Card Master Note Trust
Series 2017-1

Class A 1.9300% Notes

Class B 2.1900% Notes

Class C 2.5600% Notes

Class D 2.9500% 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 2017-1 Indenture Supplement (the “Indenture Supplement”), dated as of June 16, 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 2017-1 Noteholders and the performance of the Trust during the previous month. The information required to be prepared with respect to the Payment Date of November 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 indicated. The undersigned, an Authorized Officer of the Servicer, does hereby certify as follows:

Record Date:	10/31/2017
Monthly Period Beginning:	10/01/2017
Monthly Period Ending:	10/31/2017
Previous Payment Date:	10/16/2017
Payment Date:	11/15/2017
Interest Period Beginning:	10/16/2017
Interest Period Ending:	11/14/2017
Days in Interest Period:	30
Days in Monthly Period:	31
Loss Cycles in Period:	30
Is there a Reset Date?	No

I. Trust Receivables Information
a.	Number of Accounts Beginning		15,064,329
b.	Number of Accounts Ending		14,876,844
c.	Average Account Balance (q / b)		774.01
d.	BOP Principal Receivables		11,557,571,434.72
e.	BOP Finance Charge Receivables		431,528,975.14
f.	BOP Total Receivables		11,989,100,409.86
g.	Increase in Principal Receivables from Additional Accounts		0.00
h.	Increase in Principal Activity on Existing Securitized Accounts		1,624,985,830.91
i.	Increase in Finance Charge Receivables from Additional Accounts		0.00
j.	Increase in Finance Charge Activity on Existing Securitized Accounts		241,350,058.14
k.	Increase in Total Receivables		1,866,335,889.05
l.	Decrease in Principal Receivables due to Account Removal		0.00
m.	Decrease in Principal Activity on Existing Securitized Accounts		1,667,666,200.15
n.	Decrease in Finance Charge Receivables due to Account Removal		0.00
o.	Decrease in Finance Charge Activity on Existing Securitized Accounts		242,362,301.84
p.	Decrease in Total Receivables		1,910,028,501.99
q.	EOP Aggregate Principal Receivables		11,514,891,065.48
r.	EOP Finance Charge Receivables		430,516,731.44
s.	EOP Total Receivables		11,945,407,796.92
t.	Excess Funding Account Balance		0.00
u.	Required Principal Balance		10,347,219,462.00
v.	Minimum Free Equity Amount (EOP Aggregate Principal Receivables * 5.5%)		633,319,008.60
w.	Free Equity Amount (EOP Principal Receivables - EOP Collateral Amount)		2,091,282,714.48
x.	Risk Retention - Dodd-Frank
	i. Required Seller’s Interest (as of EOP)		481,450,629.85
	ii. Seller’s Interest (as of EOP)		1,885,878,468.47
II. Investor Information (Sum of all Series)
a.	Note Principal Balance
	i.	Beginning of Interest Period	9,629,012,597.00

Page 1 of 9

	ii.	Increase in Note Principal Balance due to New Issuance / Additional draws	976,027,397.00
	iii.	Decrease in Note Principal Balance due to Principal Paid and Notes Retired	923,611,111.00
	iv.	As of Payment Date	9,681,428,883.00
b.	Excess Collateral Amount
	i.	Beginning of Interest Period	718,206,865.00
	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	51,369,864.00
	iv.	Reductions in Required Excess Collateral Amount	48,611,112.00
	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	720,965,617.00
c.	Principal Accumulation Account Balance
	i.	Beginning of Interest Period	0.00
	ii.	Controlled Deposit Amount	923,611,111.00
	iii.	Withdrawal for Principal Payment	923,611,111.00
	iv.	As of Payment Date	0.00
d.	Collateral Amount
	i.	End of Prior Monthly Period	10,347,219,462.00
	ii.	Beginning of Interest Period	10,347,219,462.00
	iii.	As of Payment Date	10,402,394,500.00
III. Trust Performance Data (Monthly Period)
a.	Gross Trust Yield (Finance Charge Collections + Recoveries / BOP Principal Receivables)
	i.	Current	25.8349%
	ii.	Prior Monthly Period	24.9209%
	iii.	Two Months Prior Monthly Period	25.6251%
	iv.	Three-Month Average	25.4603%
b.	Payment Rate (Principal Collections / BOP Principal Receivables)
	i.	Current	13.8840%
	ii.	Prior Monthly Period	13.4375%
	iii.	Two Months Prior Monthly Period	14.1784%
	iv.	Three-Month Average	13.8333%
c.	Gross Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts - Fraud Amount / BOP Principal Receivables)
	i.	Current	6.3328%
	ii.	Prior Monthly Period	5.0583%
	iii.	Two Months Prior Monthly Period	5.8433%
	iv.	Three Months Prior Monthly Period	5.7534%
	v.	Three-Month Average	5.7448%
	vi.	Four-Month Average	5.7469%
d.	Gross Charge-Off Rate (Default Amount for Defaulted Accounts / BOP Principal Receivables)
	i.	Current	6.5420%
	ii.	Prior Monthly Period	5.2459%
	iii.	Two Months Prior Monthly Period	6.0082%
	iv.	Three Months Prior Monthly Period	5.9166%
	v.	Three-Month Average	5.9320%
	vi.	Four-Month Average	5.9282%

Page 2 of 9

e.	Net Charge-Off Rate excluding Fraud (Default Amount for Defaulted Accounts - Recoveries - Fraud Amount / BOP Principal Receivables)
	i.	Current	5.2311%
	ii.	Prior Monthly Period	4.1559%
	iii.	Two Months Prior Monthly Period	4.8579%
	iv.	Three Months Prior Monthly Period	4.7312%
	v.	Three-Month Average	4.7483%
	vi.	Four-Month Average	4.7440%
f.	Net Charge-Off Rate (Default Amount for Defaulted Accounts - Recoveries/ BOP Principal Receivables)
	i.	Current	5.4402%
	ii.	Prior Monthly Period	4.3436%
	iii.	Two Months Prior Monthly Period	5.0229%
	iv.	Three Months Prior Monthly Period	4.8945%
	v.	Three-Month Average	4.9356%
	vi.	Four-Month Average	4.9253%
g.	Trust excess spread percentage ((FC Coll - Charged-Off Rec - Monthly Interest +/- Net Swaps - Monthly Servicing Fee) / BOP Principal Receivables)		15.6106%
h.	Default Amount for Defaulted Accounts		63,007,636.34
i.	Recovery Amount		10,611,409.04
j.	Net Charge-Off (Default Amount for Defaulted Accounts - Recoveries)		52,396,227.30
k.	Number of Accounts Charged Off		30,608
l.	Average Account Charge-Off (Net Charge-Off / Number of Accounts Charged Off)		1,711.85
m.	Collections
	i.	Total Trust Finance Charge Collections	238,212,962.46
	ii.	Total Trust Principal Collections	1,604,658,563.81
	iii.	Total Trust Collections	1,842,871,526.27

n.	Delinquency Data		Accounts	Pctg. of Tot. Accts.	Total Receivables	Pctg. of Tot. Recv.
	i.	1-29 Days Delinquent	220,402	1.4815%	351,557,216.17	2.9430%
	ii.	30-59 Days Delinquent	55,222	0.3712%	116,136,843.60	0.9722%
	iii.	60-89 Days Delinquent	33,745	0.2268%	84,556,393.84	0.7079%
	iv.	90-119 Days Delinquent	25,341	0.1703%	68,677,796.92	0.5749%
	v.	120-149 Days Delinquent	21,101	0.1418%	59,631,650.11	0.4992%
	vi.	150-179 Days Delinquent	16,580	0.1114%	49,043,514.77	0.4106%
	vii.	180 or Greater Days Delinquent	0	0.0000%	0.00	0.0000%
		Total	372,391	2.5032%	729,603,415.41	6.1078%

Page 3 of 9

IV. Series Performance Data
a.	Portfolio Yield (Finance Charge Collections + Recoveries - Aggregate Investor Default Amount + PAA Inv Proceeds / BOP Collateral)
	i.	Current	19.2930%
	ii.	Prior Monthly Period	19.6750%
	iii.	Two Months Prior Monthly Period	19.6168%
	iv.	Three-Month Average	19.5283%
b.	Base Rate (Noteholder Servicing Fee + Admin Fee + Monthly Interest + Swap Payments - Swap Receipts / BOP Collateral)
	i.	Current	3.9813%
	ii.	Prior Monthly Period	3.9813%
	iii.	Two Months Prior Monthly Period	3.9813%
	iv.	Three-Month Average	3.9813%
c.	Excess Spread Percentage (Portfolio Yield - Base Rate)
	i.	Current	15.3116%
	ii.	Prior Monthly Period	15.6936%
	iii.	Two Months Prior Monthly Period	N/A
	iv.	Quarterly Excess Spread Percentage	N/A

V. Investor Information Regarding Distributions to Noteholders
a.	The total amount of the distribution to Class A Noteholders per $1000 Note Initial Principal Balance.	1.608333
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.	1.608333
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.	1.825000
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.	1.825000
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.	2.133333
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.	2.133333
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.	2.458333
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.	2.458333
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

Page 4 of 9

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	0.00
	vii.	As of Payment Date	1,027,397,261.00
	viii.	Collateral Amount as a Percentage of Note Trust Principal Balance	8.9223%
	ix.	Amount by which Note Principal Balance exceeds Collateral Amount	N/A
m.	Required Excess Collateral Amount (As of Payment Date)		51,369,864.00

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	1,027,397,261.00
b.	Allocation Percentage Numerator - for Principal Collections	1,027,397,261.00
c.	Allocation Percentage Denominator

Page 5 of 9

	i.	Aggregate Principal Receivables Balance as of Prior Monthly Period	11,557,571,434.71
	ii.	Number of Days at Balance	31
	iii.	Average Principal Balance	11,557,571,434.71
d.	Sum of Allocation Percentage Numerators for all outstanding Series with respect to Finance Charge Collections and Default Amounts		10,347,219,462.00
e.	Sum of Allocation Percentage Numerators for all outstanding Series with respect to Principal Collections		10,347,219,462.00
f.	Average Daily Allocation Percentage, Finance Charge Collections and Default Amount (a. / greater of c.iii. or d.)		8.8894%
g.	Average Daily Allocation Percentage, Principal Collections (b. / greater of c.iii. or e.)		8.8894%
h.	Series Allocation Percentage		9.9292%

IX. Collections and Allocations		Trust	Series
a.	Finance Charge Collections	238,212,962.46	21,175,672.13
b.	Recoveries	10,611,409.04	943,289.22
c.	Principal Collections	1,604,658,563.81	142,644,309.78
d.	Default Amount	63,007,636.34	5,600,992.65
e.	Dilution	100,701,663.87	8,951,760.63
f.	Investor Uncovered Dilution Amount	0.00	0.00
g.	Dilution including Fraud Amount	102,716,022.18

h.	Available Finance Charge Collections
	i.	Investor Finance Charge Collections	21,175,672.13
	ii.	Excess Finance Charge Collections allocable to Series 2017-1	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	943,289.22
i.	Available Finance Charge Collections (Sum of h.i through h.vii)		22,118,961.35
j.	Total Collections (c.Series + i.)		164,763,271.13
k.	Total Finance Charge Collections deposited in the Collection Account (net of any amounts distributed to Transferor and owed to Servicer)		1,696,353.24

X. Application of Available Funds pursuant to Section 4.4(a) of the Indenture Supplement
a.	Available Finance Charge Collections		22,118,961.35
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	34.75
ii.	To the Servicer:
	a.	Noteholder Servicing Fee	1,712,328.77
	b.	Noteholder Servicing Fee previously due but not paid	0.00
	c.	Total Noteholder Servicing Fee	1,712,328.77
iii.	On a pari passu basis:
	a.	Class A Monthly Interest	1,206,250.00
	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	131,250.00
	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	131,506.85
	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

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vi.	On a pari passu basis:
	a.	Class D Monthly Interest	227,311.64
	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	5,600,992.65
	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 Account 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:		13,109,286.69
	a.	Unless an Early Amortization Event has occurred, to the Transferor; and or	13,109,286.69
	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 2017-1 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

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XI. Excess Finance Charge Collections (Group One)
a.	Total Excess Finance Charge Collections in Group One			132,908,458.58
b.	Finance Charge Shortfall for Series 2017-1			0.00
c.	Finance Charge Shortfall for all Series in Group One			0.00
d.	Excess Finance Charges Collections Allocated to Series 2017-1			0.00
XII. Available Principal Collections and Distributions (Section references relate to Indenture Supplement)
a.	Investor Principal Collections			142,644,309.78
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)(vi)			5,600,992.65
e.	Plus: Aggregate amount to be treated as Available Principal Collections pursuant to Section 4.4(a)(vii)			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)(xii)			0.00
g.	Available Principal Collections (Deposited to Principal Account)			148,245,302.43
	i.	During the Revolving Period, Available Principal Collections treated as Shared Principal Collections Pursuant to Section 4.4(b)		148,245,302.43
	ii.	During the Controlled Accumulation Period, Available Principal Collections deposited to the Principal Accumulation Account pursuant to Section 4.4(c)(i),(ii)		0.00
	iii.	During the Early Amortization Period, Available Principal Collections deposited to the Distribution Account pursuant to Section 4.4(c)		0.00
	iv.	Series Shared Principal Collections available to Group One pursuant to Section 4.4(c)(iii)		148,245,302.43
	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 2017-1)		1,352,738,011.45
	vii.	Series Principal Shortfall		0.00
	viii.	Shared Principal Collections allocated to this Series from other Series		0.00

XIII. Series 2017-1 Accumulation
a.	Controlled Accumulation Period Length in months (scheduled)		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)		01/15/2020
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

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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 Free Equity:		No
	i.	Free Equity Amount	2,091,282,714.48
	ii.	Minimum Free Equity Amount	633,319,008.60
	iii.	Excess Free Equity Amount	1,457,963,705.88
b.	The Note Trust Principal Balance is less than the Required Principal Balance Note Trust Principal Balance:		No
	i.	Note Trust Principal Balance	11,514,891,065.48
	ii.	Required Principal Balance	10,347,219,462.00
	iii.	Excess Principal Balance	1,167,671,603.48
c.	The three-month average Portfolio Yield is less than three-month average Base Rate Portfolio Yield:		No
	i.	Three month Average Portfolio Yield	19.5283%
	ii.	Three month Average Base Rate	3.9813%
	iii.	Three month Average Excess Spread	15.5469%
d.	The Note Principal Balance is outstanding beyond the Expected Principal Payment Date		No
	i.	Expected Principal Payment Date	06/15/2020
	ii.	Current Payment Date	11/15/2017
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 9th day of November 2017.

Synchrony Financial, as Servicer
By:	/s/ Brian Doubles
Name:	Brian Doubles
Title:	Chief Financial Officer

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