Document:

EXHIBIT 10.8

 

PG&E CORPORATION

 2014 LONG-TERM INCENTIVE PLAN

2015 PERFORMANCE SHARE AWARD – SAFETY AND AFFORDABILITY – JULIE M. KANE

PG&E CORPORATION, a California corporation, hereby grants Performance Shares to the Recipient named below.  The Performance Shares have been granted under the PG&E Corporation 2014 Long-Term Incentive Plan, as amended (the "LTIP").  The terms and conditions of the Performance Shares are set forth in this cover sheet and the attached Performance Share Agreement (the "Agreement").

Date of Grant:                                             May 29, 2015

Name of Recipient:                                    JULIE M. KANE

Recipient's Participant ID:                          ########

Number of Performance Shares:                1,123

By accepting this award, you agree to all of the terms and conditions described in the attached Agreement.  You and PG&E Corporation agree to execute such further instruments and to take such further action as may reasonably be necessary to carry out the intent of the attached Agreement.  You are also acknowledging receipt of this award, the attached Agreement, and a copy of the prospectus describing the LTIP and the Performance Shares dated March 2, 2015 and any supplements to that Prospectus.

If, for any reason, you wish to not accept this award, please notify PG&E Corporation in writing within 30 calendar days of the date of this award at ATTN: LTIP Administrator, Pacific Gas and Electric Company, 245 Market Street, N2T, San Francisco, 94105.

Attachment

PG&E CORPORATION

2014 LONG-TERM INCENTIVE PLAN

PERFORMANCE SHARE AGREEMENT

SAFETY AND AFFORDABILITY

	
The LTIP and Other Agreements

	
This Agreement constitutes the entire understanding between you and PG&E Corporation regarding the Performance Shares, subject to the terms of the LTIP.  Any prior agreements, commitments or negotiations are superseded.  In the event of any conflict or inconsistency between the provisions of this Agreement and the LTIP, the LTIP will govern.  Capitalized terms that are not defined in this Agreement are defined in the LTIP. In the event of any conflict between the provisions of this Agreement and the PG&E Corporation Officer Severance Policy or the PG&E Corporation 2012 Officer Severance Policy, this Agreement will govern.  The LTIP provides the Committee with discretion to adjust the performance award formula.

For purposes of this Agreement, employment with PG&E Corporation means employment with any member of the Participating Company Group.

 

	
Grant of

Performance Shares

	
PG&E Corporation grants you the number of Performance Shares shown on the cover sheet of this Agreement (the "Performance Shares").  The Performance Shares are subject to the terms and conditions of this Agreement and the LTIP.

 

	Vesting of Performance Shares	
As long as you remain employed with PG&E Corporation, the Performance Shares will vest upon, and to the extent of, the Committee's certification of the extent to which performance goals have been attained for this award, which certification will occur on or after January 1 but before March 15 of the third year following the calendar year of grant specified in the cover sheet (the "Vesting Date").  Except as described below, all Performance Shares that have not vested will be cancelled upon termination of your employment.

 

	 Settlement in Shares/

Performance Goals

	
Vested Performance Shares will be settled in shares of PG&E Corporation common stock, subject to the satisfaction of Withholding Taxes, as described below. The number of shares you are entitled to receive will be calculated by multiplying the number of vested Performance Shares by the "payout percentage" determined as follows (except as set forth elsewhere in this Agreement), rounded to the nearest whole number:

 

Fifty percent of the Performance Shares have a safety performance goal and resulting payout percentage, and the other fifty percent of the Performance Shares have an Affordability performance goal and resulting payout percentage.  Subject to rounding considerations, in each case, if performance is below threshold, the payout percentage will be 0%; if performance is at threshold, the payout percentage will be 25%; if performance is at target, the payout percentage will be 100%; and if performance is at or better than maximum, the payout percentage will be 200%.  The actual payout percentage for performance between threshold and maximum will be determined based on linear interpolation between the payout percentages for threshold and target, or target and maximum, as appropriate.

The measures and goals are discussed in more detail below:

 

Safety - At the end of 2017, PG&E Corporation's lost workday ("LWD") case rate ("LWD Rate") for that year will be measured as the number of LWD cases incurred per 200,000 hours worked during 2017. LWD cases will be measured in the same manner as for the 2015 Short-Term Incentive Plan, will include OSHA recordable incidents that result in loss of work, and will exclude fatalities.  Threshold performance is 0.311, target performance is 0.247, and maximum performance is 0.207.

 

Affordability - PG&E Corporation's affordability performance will be measured as the reduction in standard rate case expense for unitized work and support operations and maintenance costs over the three calendar years prior to the normal Vesting Date (the "Performance Period"), as compared to escalated actual costs in these areas for 2014 ("Affordability"), as determined in the sole discretion of the Committee in accordance with the terms adopted by the Committee at its February 17, 2015 meeting.  Threshold performance is $75 million, target performance is $100 million, and maximum performance is $200 million.

 

The final payout percentage, if any, will be determined as soon as practicable following the date that the Committee (or a subcommittee of that Committee) or an equivalent body certifies the extent to which the performance goals have been attained, pursuant to Section 10.5(a) of the LTIP.  PG&E Corporation will issue shares as soon as practicable after such determination, but no earlier than the Vesting Date, and not later than March 15 of the calendar year following completion of the Performance Period.

 

	
Dividends

	
Each time that PG&E Corporation declares a dividend on its shares of common stock, an amount equal to the dividend multiplied by the number of Performance Shares granted to you by this Agreement will be accrued on your behalf.  If you receive a Performance Share settlement in accordance with the preceding paragraph, at that same time you also will receive a cash payment equal to the amount of any dividends accrued with respect to your Performance Shares over the Performance Period multiplied by the same payout percentage used to determine the number of shares you are entitled to receive, if any.

 

	
Voluntary Termination

	
In general, if you terminate your employment with PG&E Corporation voluntarily before the Vesting Date (other than for Retirement), all of the Performance Shares will be cancelled as of the date of such termination and any dividends accrued with respect to your Performance Shares will be forfeited.  However, if your voluntary termination is for "good reason," i.e., if PG&E Corporation materially breaches the terms of your March 2015 offer letter and does not cure the breach within thirty (30) days of your delivering to PG&E Corporation a written notice that describes the breach in reasonable detail and requests that PG&E Corporation cure the breach, then all outstanding Performance Shares will vest upon such termination. Your vested performance shares will be settled, if at all, no later than March 15 of the year following completion of the Performance Period, based on the same payout percentage applied to active employees. At that time you also will receive a cash payment, if any, equal to the amount of dividends accrued over the Performance Period with respect to your vested Performance Shares multiplied by the same payout percentage used to determine the number of shares you are entitled to receive, if any.

 

	
Termination for Cause

	
If your employment with PG&E Corporation is terminated at any time by PG&E Corporation for cause before the Vesting Date, all of the Performance Shares will be cancelled as of the date of such termination and any dividends accrued with respect to your Performance Shares will be forfeited.

 

For these purposes, "cause" is defined in the same manner as in the 2012 Officer Severance Policy (but will not include any statement made, or action taken, in the good faith performance of your duties).

	
Termination other than for Cause

	
If your employment with PG&E Corporation is terminated by PG&E Corporation other than for cause or Retirement before the Vesting Date, all of your outstanding Performance Shares will vest immediately. Your vested Performance Shares will be settled, if at all, no later than March 15 of the year following completion of the Performance Period, based on the same payout percentage applied to active employees.  At that time you also will receive a cash payment, if any, equal to the amount of dividends accrued over the Performance Period with respect to your vested Performance Shares multiplied by the same payout percentage used to determine the number of shares you are entitled to receive, if any.

 

	
Retirement

	
If you retire before the Vesting Date, your outstanding Performance Shares will continue to vest as though your employment had continued and will be settled, if at all, as soon as practicable following the Vesting Date and no later than March 15 of the year following completion of the Performance Period, based on the same payout percentage applicable to active employees.  At the same time you also will receive a cash payment, if any, equal to the amount of dividends accrued over the Performance Period with respect to your Performance Shares multiplied by the same payout percentage used to determine the number of shares you are entitled to receive, if any.   Your termination of employment will be considered a Retirement if you are age 55 or older on the date of termination (other than termination for cause) and if you were employed by PG&E Corporation for at least five consecutive years ending on the date of termination of your employment.

 

	
Death/Disability

	
If your employment terminates due to your death or disability before the Vesting Date, all of your Performance Shares will immediately vest and will be settled, if at all, as soon as practicable after the Vesting Date and no later than March 15 of the year following completion of the Performance Period, based on the same payout percentage applied to active employees.  At that same time you also will receive a cash payment, if any, equal to the amount of dividends accrued over the Performance Period with respect to your Performance Shares multiplied by the same payout percentage used to determine the number of shares you are entitled to receive, if any.

 

	
Termination Due to Disposition of Subsidiary

	
 If your employment is terminated (other than for cause, your voluntary termination, or Retirement) (1) by reason of a divestiture or change in control of a subsidiary of PG&E Corporation, which divestiture or change in control results in such subsidiary no longer qualifying as a subsidiary corporation under Section 424(f) of the Internal Revenue Code of 1986, as amended, or (2) coincident with the sale of all or substantially all of the assets of a subsidiary of PG&E Corporation, then your outstanding Performance Shares will vest and be settled in the same manner as for a "Termination other than for Cause" described above.

 

	
Change in Control

	
In the event of a Change in Control, the surviving, continuing, successor, or purchasing corporation or other business entity or parent thereof, as the case may be (the "Acquiror"), may, without your consent, either assume or continue PG&E Corporation's rights and obligations under this Agreement or provide a substantially equivalent award in substitution for the Performance Shares subject to this Agreement.

If the Acquiror assumes or continues PG&E Corporation's rights and obligations under this Agreement or substitutes a substantially equivalent award, Performance Shares will vest on the Vesting Date, and performance will be deemed to have been achieved at target, resulting in a payout percentage of 100%. Settlement will occur as soon as practicable after the Vesting Date and no later than March 15 of the year following completion of the Performance Period.  At that time you also will receive a cash payment, if any, equal to the amount of dividends accrued with respect to your Performance Shares over the Performance Period multiplied by a payout percentage of 100%.

If the Change in Control of PG&E Corporation occurs before the Vesting Date, and if this award is neither assumed nor continued by the Acquiror or if the Acquiror does not provide a substantially equivalent award in substitution for the Performance Shares subject to this Agreement, all of your outstanding Performance Shares will vest and become nonforfeitable on the date of the Change in Control.  Such vested Performance Shares will be settled, if at all, as soon as practicable following the original Vesting Date and no later than March 15 of the year following completion of the Performance Period.  Performance will be deemed to have been achieved at target and the payout percentage will be 100%. At the same time you also will receive a cash payment, if any, equal to the amount of dividends accrued with respect to your Performance Shares to the date of the Change in Control multiplied by a payout percentage of 100%.

 

	
Termination In Connection with a Change in Control

	
If your employment is terminated by PG&E Corporation other than for cause in connection with a Change in Control within two years following the Change in Control, all of your outstanding Performance Shares (to the extent they did not previously vest upon failure of the Acquiror to assume or continue this award) will vest and become nonforfeitable on the date of termination of your employment.

If your employment is terminated by PG&E Corporation other than for cause in connection with a Change in Control within three months before the Change in Control occurs, all of your outstanding Performance Shares will vest in full and become nonforfeitable (including the portion that you would have otherwise forfeited based on the proration of vested Performance Shares through the date of termination of your employment) as of the date of the Change in Control.

 

Your vested Performance Shares will be settled, if at all, as soon as practicable following the original Vesting Date but no later than March 15 of the year following completion of the Performance Period, based on the same payout percentage applied to active employees (which in this case will be deemed to be at target, consistent with the "Change in Control" section, above).  At that time you also will receive a cash payment, if any, equal to the amount of dividends accrued over the Performance Period with respect to your vested Performance Shares multiplied by the same payout percentage used to determine the number of shares you are entitled to receive, if any.  PG&E Corporation has the sole discretion to determine whether termination of your employment was made in connection with a Change in Control.

 

	
Withholding Taxes

	
The number of shares of PG&E Corporation common stock that you are otherwise entitled to receive upon settlement of your Performance Shares will be reduced by a number of shares having an aggregate Fair Market Value, as determined by PG&E Corporation, equal to the amount of any Federal, state, or local taxes of any kind required by law to be withheld by PG&E Corporation in connection with the Performance Shares determined using the applicable minimum statutory withholding rates, including social security and Medicare taxes due under the Federal Insurance Contributions Act and the California State Disability Insurance tax ("Withholding Taxes").  If the withheld shares were not sufficient to satisfy your minimum Withholding Taxes, you will be required to pay, as soon as practicable, including through additional payroll withholding, any amount of the Withholding Taxes that is not satisfied by the withholding of shares described above.

 

	
Leaves of Absence

	
For purposes of this Agreement, if you are on an approved leave of absence from PG&E Corporation, or a recipient of PG&E Corporation sponsored disability benefits, you will continue to be considered as employed.  If you do not return to active employment upon the expiration of your leave of absence or the expiration of your PG&E Corporation sponsored disability benefits, you will be considered to have voluntarily terminated your employment.  See above under "Voluntary Termination."

 

PG&E Corporation reserves the right to determine which leaves of absence will be considered as continuing employment and when your employment terminates for all purposes under this Agreement.

	
No Retention Rights

	
This Agreement is not an employment agreement and does not give you the right to be retained by PG&E Corporation.  Except as otherwise provided in an applicable employment agreement, PG&E Corporation reserves the right to terminate your employment at any time and for any reason.

	
Applicable Law

	
This Agreement will be interpreted and enforced under the laws of the State of California.EX-4.1

 Exhibit 4.1 

EXECUTION COPY 
 CHASE ISSUANCE
TRUST 
 as Issuing Entity 

CLASS A(2015-7) TERMS DOCUMENT 

dated as of July 29, 2015 

to 
 AMENDED AND
RESTATED 
 CHASESERIES INDENTURE SUPPLEMENT 

dated as of October 15, 2004 

to 
 THIRD AMENDED AND
RESTATED 
 INDENTURE 

dated as of December 19, 2007 

WELLS FARGO BANK, NATIONAL ASSOCIATION 

as Indenture Trustee and Collateral Agent 

 TABLE OF CONTENTS 
  

							
	 	 	 	 	PAGE	 
	
	ARTICLE I	  
	
	Definitions and Other Provisions of General Application	  
			
	 Section 1.01
	 	Definitions	 	 	1	  
	 Section 1.02
	 	Governing Law	 	 	3	  
	 Section 1.03
	 	Counterparts	 	 	3	  
	 Section 1.04
	 	Ratification of Indenture and Indenture Supplement	 	 	3	  
	
	ARTICLE II	  
	
	The Class A(2015-7) Notes	  
			
	 Section 2.01
	 	Creation and Designation	 	 	5	  
	 Section 2.02
	 	Specification of Required Subordinated Amount and Other Terms	 	 	5	  
	 Section 2.03
	 	Interest Payment	 	 	5	  
	 Section 2.04
	 	Payments of Interest and Principal	 	 	6	  
	 Section 2.05
	 	Form of Delivery of Class A(2015-7) Notes; Depository; Denominations	 	 	6	  
	 Section 2.06
	 	Delivery and Payment for the Class A(2015-7) Notes	 	 	6	  
	 Section 2.07
	 	Supplemental Indenture	 	 	7	  
	 Section 2.08
	 	No Ratings Confirmation Required for Class A(2015-7) Notes	 	 	7	  

 THIS CLASS A(2015-7) TERMS DOCUMENT (this “Terms Document”), among the CHASE ISSUANCE
TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuing Entity”), having its principal office at c/o Wilmington Trust Company, 1100 North Market Street, Wilmington, Delaware 19890-1600, and WELLS FARGO BANK,
NATIONAL ASSOCIATION, a national banking association, as indenture trustee (the “Indenture Trustee”) and as collateral agent (the “Collateral Agent”), is made and entered into as of July 29, 2015. 

Pursuant to this Terms Document, the Issuing Entity and the Indenture Trustee shall create a new Tranche of CHASEseries Class A Notes and
shall specify the principal terms thereof. 
 ARTICLE I 

Definitions and Other Provisions of General Application 

Section 1.01 Definitions. For all purposes of this Terms Document, except as otherwise expressly provided or unless the context
otherwise requires: 
 (1) the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as
well as the singular; 
 (2) all other terms used herein which are defined in the Indenture Supplement, the Indenture or the Asset Pool
Supplement, either directly or by reference therein, have the meanings assigned to them therein; 
 (3) as used in this Terms Document and
in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in this Terms Document or in any such certificate or other document, and accounting terms partly defined in this Terms Document or in any
such certificate or other document to the extent not defined, shall have the respective meanings given to them under GAAP. To the extent that the definitions of accounting terms in this Terms Document or in any such certificate or other document are
inconsistent with the meanings of such terms under GAAP, the definitions contained in this Terms Document or in any such certificate or other document shall control; 

(4) the words “hereof,” “herein,” “hereunder” and words of similar import when used in this Terms Document shall
refer to this Terms Document as a whole and not to any particular provision of this Terms Document; references to any subsection, Section, clause, Schedule or Exhibit are references to subsections, Sections, clauses, Schedules and Exhibits in or to
this Terms Document unless otherwise specified; the term “including” means “including without limitation”; references to any law or regulation refer to that law or regulation as amended from time to time and include any successor
law or regulation; references to any Person include that Person’s successors and assigns; and references to any agreement refer to such agreement, as amended, supplemented or otherwise modified from time to time; 

(5) in the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in
the Indenture Supplement, the 

 
Indenture or the Asset Pool Supplement, the terms and provisions of this Terms Document shall be controlling; and 

(6) each capitalized term defined herein shall relate only to the Class A(2015-7) Notes and no other Tranche of CHASEseries Notes issued by
the Issuing Entity. 
 “Asset Pool Supplement” means the Second Amended and Restated Asset Pool One Supplement to the
Indenture, dated as of December 19, 2007, as amended, by and among the Issuing Entity, the Indenture Trustee and the Collateral Agent. 

“Beneficiary” means Chase Bank USA, National Association, in its capacity as beneficial owner of the Issuing Entity. 

“Class A(2015-7) Adverse Event” means the occurrence of any of the following: (a) an Early Amortization Event with
respect to the Class A(2015-7) Notes, (b) an Event of Default and acceleration of the Class A(2015-7) Notes, (c) the Class A Usage of the Class B Required Subordinated Amount for the Class A(2015-7) Notes becomes greater than zero or
(d) the Class A Usage of the Class C Required Subordinated Amount for the Class A(2015-7) Notes becomes greater than zero. 

“Class A(2015-7) Note” means any Note, substantially in the form set forth in Exhibit A-1 to the Indenture Supplement,
designated therein as a Class A(2015-7) Note and duly executed and authenticated in accordance with the Indenture. 
 “Class
A(2015-7) Noteholder” means a Person in whose name a Class A(2015-7) Note is registered in the Note Register. 
 “Class
A(2015-7) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2015-7) Notes is paid in full, (b) the Legal Maturity Date and (c) the
date on which the Indenture is discharged and satisfied pursuant to Article V thereof. 
 “Class A Required Subordinated Amount of
Class B Notes” is defined in Section 2.02(a). 
 “Class A Required Subordinated Amount of Class C Notes” is
defined in Section 2.02(b). 
 “Controlled Accumulation Amount” means $58,333,333.34 provided, however, if the
Accumulation Period Length is determined to be less than twelve months pursuant to Section 3.12(b)(ii) of the Indenture Supplement, the Controlled Accumulation Amount for any Note Transfer Date with respect to the Class A(2015-7) Notes will be
the amount specified in the definition of “Controlled Accumulation Amount” in the Indenture Supplement. 

“Indenture” means the Third Amended and Restated Indenture, dated as of December 19, 2007, as amended, between the
Issuing Entity and the Indenture Trustee. 

  
 2 

 “Indenture Supplement” means the Amended and Restated CHASEseries Indenture
Supplement, dated as of October 15, 2004, among the Issuing Entity, the Indenture Trustee and the Collateral Agent. 
 “Initial
Dollar Principal Amount” means $700,000,000. 
 “Interest Payment Date” means August 17, 2015 and the 15th
day of each month thereafter, or if such 15th day is not a Business Day, the next succeeding Business Day. 
 “Interest
Period” means, with respect to any Interest Payment Date, the period from and including the previous Interest Payment Date (or in the case of the initial Interest Payment Date, from and including the Issuance Date) to but excluding such
Interest Payment Date. 
 “Issuance Date” means July 29, 2015. 

“Legal Maturity Date” means July 15, 2020. 

“Note Interest Rate” means a rate per annum equal to 1.62%. 

“Paying Agent” means Wells Fargo Bank, National Association. 

“Predecessor Note” means, with respect to any particular Note, every previous Note evidencing all or a portion of the same
debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 3.06 of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence
the same debt as the mutilated, lost, destroyed or stolen Note. 
 “Record Date” means, for any Note Transfer Date, the
last Business Day of the preceding Monthly Period. 
 “Scheduled Principal Payment Date” means July 16, 2018. 

“Stated Principal Amount” means $700,000,000. 

Section 1.02 Governing Law. THIS TERMS DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF
DELAWARE WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

Section 1.03 Counterparts. This Terms Document may be executed in any number of counterparts, each of which so executed will be
deemed to be an original, but all such counterparts will together constitute but one and the same instrument. 
 Section 1.04
Ratification of Indenture and Indenture Supplement. As supplemented by this Terms Document, each of the Indenture, the Asset Pool Supplement and 

  
 3 

 
the Indenture Supplement is in all respects ratified and confirmed and the Indenture as so supplemented by the Asset Pool Supplement and the Indenture Supplement as so supplemented by this Terms
Document shall be read, taken and construed as one and the same instrument. 
 [END OF ARTICLE I] 

  
 4 

 ARTICLE II 

The Class A(2015-7) Notes 

Section 2.01 Creation and Designation. There is hereby created a Tranche of CHASEseries Class A Notes to be issued pursuant
to the Indenture and the Indenture Supplement to be known as the “CHASEseries Class A(2015-7) Notes.” 
 Section 2.02
Specification of Required Subordinated Amount and Other Terms. 
 (a) For the Class A(2015-7) Notes for any date of determination,
the Class A Required Subordinated Amount of Class B Notes will be an amount equal to 8.13953% of (i) prior to the occurrence of a Class A(2015-7) Adverse Event, the Adjusted Outstanding Dollar Principal Amount of the Class A(2015-7) Notes
on such date of determination or (ii) on and after the date on which a Class A(2015-7) Adverse Event shall have occurred, the greater of (1) the Adjusted Outstanding Dollar Principal Amount of the Class A(2015-7) Notes on such date of
determination and (2) the Adjusted Outstanding Dollar Principal Amount of the Class A(2015-7) Notes as of the close of business on the day immediately preceding the date on which such Class A(2015-7) Adverse Event shall have occurred. 

(b) For the Class A(2015-7) Notes for any date of determination, the Class A Required Subordinated Amount of Class C Notes will be an
amount equal to 8.13953% of (i) prior to the occurrence of a Class A(2015-7) Adverse Event, the Adjusted Outstanding Dollar Principal Amount of the Class A(2015-7) Notes on such date or (ii) on and after the date on which a Class A(2015-7)
Adverse Event shall have occurred, the greater of (1) the Adjusted Outstanding Dollar Principal Amount of the Class A(2015-7) Notes on such date of determination and (2) Adjusted Outstanding Dollar Principal Amount of the Class A(2015-7)
Notes as of the close of business on the day immediately preceding the date on which such Class A(2015-7) Adverse Event shall have occurred. 

(c) The Issuing Entity may change the percentages or the formulas set forth in either clause (a) or (b) above without the consent of
any Noteholder so long as the Issuing Entity has (i) received written confirmation from each Note Rating Agency that has rated any Outstanding Notes that the change in either of such percentages or formulas, as applicable, will not result in a
Ratings Effect with respect to any Outstanding Notes and (ii) delivered to the Indenture Trustee and the Note Rating Agencies a Master Trust Tax Opinion and an Issuing Entity Tax Opinion. 

Section 2.03 Interest Payment. 

(a) For each Interest Payment Date, the amount of interest due with respect to the Class A(2015-7) Notes shall be an amount equal to
one-twelfth of the product of (i) the Note Interest Rate, times, (ii) the Outstanding Dollar Principal Amount of the Class A(2015-7) Notes determined as of the close of business on the Interest Payment Date preceding the related Note
Transfer Date for the Class A(2015-7) Notes; provided, however, that for the first Interest Payment Date, the amount of interest due with respect to the Class A(2015-7) Notes 

  
 5 

 
shall be $504,000.00. Interest on the Class A(2015-7) Notes will be calculated on the basis of a 360-day year consisting of twelve 30-day months. 

(b) Pursuant to Section 3.03 of the Indenture Supplement, on each Note Transfer Date with respect to the Class A(2015-7) Notes, the
Indenture Trustee shall deposit into the Class A(2015-7) Interest Funding Sub-Account the portion of CHASEseries Available Finance Charge Collections allocable to the Class A(2015-7) Notes. 

Section 2.04 Payments of Interest and Principal. 

(a) Any installment of interest or principal payable on any Class A(2015-7) Note which is punctually paid or duly provided for by the Issuing
Entity and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to the Person in whose name such Class A(2015-7) Note (or one or more Predecessor Notes) is registered on the Record
Date, by wire transfer of immediately available funds to such Person’s account as has been designated by written instructions received by the Paying Agent from such Person not later than the close of business on the third Business Day preceding
the date of payment or, if no such account has been so designated, by check mailed first-class, postage prepaid to such Person’s address as it appears on the Note Register on such Record Date, except that with respect to Notes registered on the
Record Date in the name of the nominee of Cede & Co., payment shall be made by wire transfer in immediately available funds to the account designated by such nominee. 

(b) The right of the Class A(2015-7) Noteholders to receive payments from the Issuing Entity will terminate on the first Business Day
following the Class A(2015-7) Termination Date. 
 Section 2.05 Form of Delivery of Class A(2015-7) Notes; Depository;
Denominations. 
 (a) The Class A(2015-7) Notes shall be delivered in the form of a global Registered Note as provided in Sections 2.02
and 3.01(i) of the Indenture, respectively. 
 (b) The Depository for the Class A(2015-7) Notes shall be The Depository Trust Company, and
the Class A(2015-7) Notes shall initially be registered in the name of Cede & Co., its nominee. 
 (c) The Class A(2015-7) Notes
will be issued in minimum denominations of $100,000 and integral multiples of $1,000 in excess of $100,000. 
 Section 2.06 Delivery
and Payment for the Class A(2015-7) Notes. 
 The Issuing Entity shall execute and deliver the Class A(2015-7) Notes to the Indenture
Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2015-7) Notes when authenticated, each in accordance with Section 3.03 of the Indenture. 

  
 6 

 Section 2.07 Supplemental Indenture. 

The Issuing Entity may enter into a supplemental indenture with respect to the Class A(2015-7) Notes as provided in Section 9.01 of the
Indenture; provided, however, that any supplemental indenture which provides for an additional or alternative form of credit enhancement for the Class A(2015-7) Notes shall, in addition to the requirements set forth in Section 9.01 of the
Indenture, require confirmation from the Note Rating Agencies that have rated any Outstanding Notes of the CHASEseries that such change in credit enhancement will not result in a Ratings Effect with respect to any Outstanding Notes of the
CHASEseries. 
 Section 2.08 No Ratings Confirmation Required for Class A(2015-7) Notes. 

Notwithstanding Section 3.10(iv) of the Indenture, the Issuing Entity will not be required to obtain written confirmation from each Note
Rating Agency that an issuance of a new Tranche of Notes will not have a Ratings Effect on the Class A(2015-7) Notes. 
 [END OF ARTICLE II]

  
 7 

 IN WITNESS WHEREOF, the parties hereto have caused this Terms Document to be duly executed, all
as of the day and year first above written. 
  

					
	CHASE ISSUANCE TRUST
		
	By:	 	CHASE BANK USA, NATIONAL ASSOCIATION,
		 	as Beneficiary and not in its individual capacity
		
	By:	 	 /s/ Todd S. Lehner

		 	Name:	 	Todd S. Lehner
		 	Title:	 	Managing Director
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Indenture Trustee and Collateral Agent

		
	By:	 	 /s/ Cheryl Zimmerman

		 	Name:	 	Cheryl Zimmerman
		 	Title:	 	Vice President

 Chase Issuance Trust 

CHASEseries Class A(2015-7) Terms Document

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