Prospectus Synchrony Credit Card Master Note Trust Issuing Entity Central Index Key Number: 0001290098 RFS Holding, L.L.C. Synchrony Bank Depositor Sponsor Central Index Key Number: 0001226006 Central Index Key Number: 0001602566 $49,315,069 Series 2016-2 Class C Asset Backed Notes(1) Class C Notes Principal amount.................... $49,315,069 Interest rate ....................... 2.95% per year Interest payment dates ............... monthly on the 15th Expected principal payment date ......... May2021 payment date Final maturity date .................. May2024 payment date Price to public ..................... $49,773,551.20 (or 100.92970%)(2) Underwriting discount ................ $194,794.52 (or 0.395%) Proceeds to issuing entity .............. $49,578,756.68 (or 100.53470%) (1) The Class C notes were issued on May 26, 2016. The issuing entity also issued Class A notes in the amount of $600,000,000, Class B notes in the amount of $57,534,246 and Class D notes in the amount of $73,972,603. The Class A notes, the Class B notes and the Class D notes are not offered by this prospectus. (2) In addition to the price referenced above, the Class C notes will be sold with accrued interest in the amount of $96,986.30. The Class C notes benefit from credit enhancement in the form of subordination of the Class D notes and a specified amount of excess collateral. The notes will be paid from the issuing entity’s assets consisting primarily of receivables in a portfolio of private label and co-branded revolving credit card accounts owned by Synchrony Bank. We expect to sell the Class C notes in book-entry form on or about November 9, 2017. You should consider carefully the risk factors beginning on page 13 in this prospectus. A note is not a deposit and neither the notes nor the underlying accounts or receivables are insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The notes are obligations of Synchrony Credit Card Master Note Trust (formerly known as GE Capital Credit Card Master Note Trust) only and are not obligations of or interests in RFS Holding, L.L.C., Synchrony Bank (formerly known as GE Capital Retail Bank), SYNCHRONY FINANCIAL, their respective affiliates or any other person. Neither the Securities and Exchange Commission nor any state securities commission has approved these notes or determined that this prospectus is accurate or complete. Any representation to the contrary is a criminal offense. Underwriter SOCIETE GENERALE November 3, 2017 TABLE OF CONTENTS Page Page SUMMARY OF TERMS .................................................1 THE TRUST...................................................................46 SERIES 2016-2.................................................................2 Synchrony Credit Card Master Note Trust..............46 OFFERED NOTES...........................................................2 Restrictions on Activities ........................................47 STRUCTURAL SUMMARY...........................................3 Administrator...........................................................48 Issuing Entity.............................................................3 Capitalization of Trust; Minimum Free Equity Collateral for the Notes..............................................3 Amount ................................................................49 Compliance with Underwriting Criteria ....................4 Transfer and Assignment of Receivables ................50 Addition of Assets to the Trust..................................4 Perfection and Priority of Security Interests............51 Removal of Assets from the Trust.............................4 Conservatorship and Receivership; Bankruptcy......52 Other Series of Notes.................................................5 FDIC’s Orderly Liquidation Authority under the Equity Amount ..........................................................5 Dodd-Frank Act ...................................................54 Allocations of Collections and Losses.......................6 Annual Compliance Statement ................................56 Application of Finance Charge Collections...............7 THE SERVICERS..........................................................56 Application of Principal Collections..........................7 SYNCHRONY FINANCIAL..................................56 Interest on the Notes..................................................8 Synchrony Bank ......................................................56 Credit Enhancement ..................................................8 Servicing Procedures...............................................57 Early Amortization Events ........................................9 Data Processing .......................................................57 Events of Default.....................................................10 Collection Account and Other Trust Accounts........58 Optional Redemption...............................................10 Collections; Commingling.......................................58 Servicing and Servicer’s Fee ...................................11 Delinquency and Collections Procedures ................59 Fees and Expenses for Asset Review ......................11 Defaulted Receivables; Dilution; Investor Tax Status ................................................................11 Charge-Offs .........................................................59 State Tax Consequences ..........................................11 Servicer’s Representations, Warranties and Certain Considerations for ERISA and Other Covenants ............................................................60 U.S. Benefit Plans................................................11 Limitations on Servicer’s Liability..........................61 Credit Risk Retention ..............................................12 Servicer Default; Successor Servicer.......................62 Risk Factors.............................................................12 Resignation of Servicer ...........................................63 Ratings.....................................................................12 Merger or Consolidation of Servicer .......................64 RFS Holding, L.L.C. ...............................................12 Servicing Compensation and Payment of RISK FACTORS ............................................................13 Expenses ..............................................................64 Risks Relating to the Securitization Structure .........13 Evidence as to Servicer’s Compliance ....................64 Risks Relating to the Credit Card Business.............17 Servicer Performance Guaranty...............................65 Risks Relating to Regulation ...................................27 THE INDENTURE TRUSTEE ......................................66 Security Interest and Bankruptcy Related Risks......35 Deutsche Bank Trust Company Americas...............66 Risks Related to the Company’s Separation from Duties and Responsibilities of Indenture Trustee....67 GE ........................................................................37 Limitations on Indenture Trustee’s Liability...........68 THE SPONSOR..............................................................37 Compensation and Indemnification of Indenture Synchrony Bank ......................................................37 Trustee .................................................................68 Credit Card Activities..............................................38 Appointment of Co-Trustees and Separate Program Agreements ...............................................39 Trustees................................................................68 Account Origination ................................................40 Resignation or Removal of Indenture Trustee.........69 Underwriting Process ..............................................41 THE OWNER TRUSTEE ..............................................69 Marketing Programs ................................................42 BNY Mellon Trust of Delaware..............................69 Sponsor’s Securitization Experience .......................42 Duties and Responsibilities of Owner Trustee ........69 Bank’s Ability to Change Account Terms and Limitations on Owner Trustee’s Liability ...............70 Procedures............................................................43 Compensation and Indemnification of Owner Assignment of Bank’s Obligations; Additional Trustee .................................................................71 Sponsors and Sellers ............................................43 Resignation or Removal of Owner Trustee; Credit Risk Retention ..............................................44 Eligibility .............................................................71 THE DEPOSITOR..........................................................45 THE ASSET REPRESENTATIONS REVIEWER........72 RFS Holding, L.L.C. ...............................................45 THE TRUST PORTFOLIO............................................72 Assignment of Depositor’s Interests........................45 Account Terms ........................................................73 i Consumer Protection Laws......................................74 Collateral Amount .................................................117 Representations and Warranties of the Depositor....75 Allocation Percentages ..........................................117 Representations and Warranties of the Bank...........79 Interest Payments ..................................................118