Document:

Severance Plan for Senior Officers and General Managers

 Exhibit 10.2 
 NUCOR CORPORATION 
 SEVERANCE PLAN FOR SENIOR OFFICERS AND GENERAL MANAGERS 
 as amended and restated effective February 18, 2009 

 Table of Contents 
  

					
	ARTICLE I INTRODUCTION	  	1
		
	ARTICLE II DEFINITIONS	  	1
			
	 2.1
	    	“AIP”	  	1
	 2.2
	    	“Base Salary”	  	1
	 2.3
	    	“Board”	  	1
	 2.4
	    	“Change in Control”	  	1
	 2.5
	    	“Change in Control Severance Benefits”	  	3
	 2.6
	    	“Change in Control Severance Period”	  	3
	 2.7
	    	“Code”	  	3
	 2.8
	    	“Committee”	  	3
	 2.9
	    	“Company”	  	3
	 2.10
	    	“Date of Termination”	  	3
	 2.11
	    	“Effective Date”	  	3
	 2.12
	    	“Employee”	  	3
	 2.13
	    	“Equity Award Plan”	  	3
	 2.14
	    	“General Severance Benefits”	  	4
	 2.15
	    	“Good Reason”	  	4
	 2.16
	    	“LTIP”	  	4
	 2.17
	    	“Month’s Base Pay”	  	4
	 2.18
	    	“Participant”	  	4
	 2.19
	    	“Plan”	  	5
	 2.20
	    	“Severance Benefits”	  	5
	 2.21
	    	“Severance Multiple”	  	5
	 2.22
	    	“Subsidiary”	  	5
	 2.23
	    	“Year of Service”	  	5
		
	ARTICLE III ELIGIBILITY	  	5
			
	 3.1
	    	Participation	  	5
	 3.2
	    	Duration of Participation	  	5
		
	ARTICLE IV GENERAL SEVERANCE BENEFITS	  	6
			
	 4.1
	    	Right to General Severance Benefits	  	6
	 4.2
	    	General Severance Benefits	  	6
	 4.3
	    	Other Benefits Payable	  	7
		
	ARTICLE V CHANGE IN CONTROL SEVERANCE BENEFITS	  	7
			
	 5.1
	    	Terminations of Employment Which Trigger Change in Control Severance Benefits	  	7
	 5.2
	    	Change in Control Severance Benefits	  	7
	 5.3
	    	Change in Control Severance Benefits for Certain Managers and Directors	  	10
	 5.4
	    	Payment Obligations Absolute	  	10
	 5.5
	    	General Several Benefits Not Payable	  	10

					
		
	ARTICLE VI NON-COMPETITION AND NON-SOLICITATION AGREEMENT; WAIVER AND RELEASE AGREEMENT	  	10
			
	 6.1
	    	Non-Competition and Non-Solicitation Agreement	  	10
	 6.2
	    	Waiver and Release Agreement	  	11
	 6.3
	    	Effect of Breach	  	11
		
	ARTICLE VII SUCCESSOR TO COMPANY	  	11
		
	ARTICLE VIII DURATION, AMENDMENT AND TERMINATION	  	11
			
	 8.1
	    	Amendment and Termination	  	11
	 8.2
	    	Form of Amendment	  	12
		
	ARTICLE IX MISCELLANEOUS	  	12
			
	 9.1
	    	Employment Status	  	12
	 9.2
	    	Non-exclusivity of Rights and Benefits	  	12
	 9.3
	    	Validity and Severability	  	12
	 9.4
	    	Governing Law	  	12
	 9.5
	    	Named Fiduciary; Administration	  	12
	 9.6
	    	Claims Procedure	  	12
	 9.7
	    	Unfunded Plan Status	  	13
	 9.8
	    	Tax Withholding	  	13
	 9.9
	    	Nonalienation of Benefits	  	13
	 9.10
	    	Facility of Payment	  	13
	 9.11
	    	Gender and Number	  	14
	 9.12
	    	Headings	  	14
	 9.13
	    	Code Section 280G	  	14
	 9.14
	    	Code Section 409A	  	14

  

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 NUCOR CORPORATION 
 SEVERANCE PLAN FOR SENIOR OFFICERS AND GENERAL MANAGERS 
 as amended and restated effective February 18,
2009 
 ARTICLE I  
 INTRODUCTION 
 The Company maintains the Nucor Corporation Severance Plan for Senior Officers and General Managers to
provide severance benefits for senior officers and general managers upon their separation from service with the Company. The Company desires to amend the Plan to (i) add additional provisions to be effective in the event of a Participant’s
separation from service following a Change in Control and (ii) otherwise meet current needs. The amendments can best be made by amending and restating the Plan in its entirety. This instrument sets forth the amended and restated Plan.

 NOW, THEREFORE, the Plan, as heretofore amended, is hereby amended and restated in its entirety effective February 18, 2009 to
consist of the following Articles I through IX: 
 ARTICLE II  
 DEFINITIONS 
 As used herein, the following words and phrases shall have
meanings set forth below unless the context clearly indicates otherwise: 
 2.1 “AIP” shall mean the Nucor Corporation Senior
Officers Annual Incentive Plan and any successor plan. 
 2.2 “Base Salary” shall mean the amount a Participant is entitled
to receive from the Company or a Subsidiary in cash as wages or salary on an annualized basis in consideration for his or her services, (i) including any such amounts which have been deferred and (ii) excluding all other elements of
compensation such as, without limitation, any bonuses, commissions, overtime, health benefits, perquisites and incentive compensation. For the purpose of determining a Participant’s Change in Control Severance Benefits, “Base Salary”
shall mean, with respect to any Participant, the greater of (i) the Participant’s highest Base Salary during the twelve (12) month period immediately preceding the Change in Control and (ii) the Participant’s highest Base
Salary in effect at any time thereafter. 
 2.3 “Board” shall mean the Board of Directors of the Company. 
 2.4 “Change in Control” shall mean and include the occurrence of any one of the following events: 
 (a) individuals who, at the Effective Date, constitute the Board (the “Incumbent Directors”) cease for any reason to
constitute at least a majority of the Board, 

 
provided that any person becoming a director after the Effective Date and whose election or nomination for election was approved by a vote of at least a
majority of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without written objection to such nomination) shall be an
Incumbent Director; provided, however, that no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest (as described in Rule 14a-11 under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”)) (“Election Contest”) or other actual or threatened solicitation of proxies or consents by or on behalf of any “person” (as such term is defined in
Section 3(a)(9) of the Exchange Act and as used in Section 13(d)(3) and 14(d)(2) of the Exchange Act) other than the Board (“Proxy Contest”), including by reason of any agreement intended to avoid or settle any Election
Contest or Proxy Contest, shall be an Incumbent Director; 
 (b) any person becomes a “beneficial owner” (as
defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing twenty-five percent (25%) or more of the combined voting power of the Company’s then outstanding securities eligible to vote
for the election of the Board (the “Company Voting Securities”); provided, however, that the event described in this paragraph (b) shall not be a Change in Control if it is the result of any of the following
acquisitions: (i) an acquisition directly by or from the Company or any Subsidiary; (ii) an acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary, (iii) an acquisition by
an underwriter temporarily holding securities pursuant to an offering of such securities, or (iv) an acquisition pursuant to a Non-Qualifying Transaction (as defined in Section 2.4(c)); or 
 (c) the consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction
involving the Company that requires the approval of the Company’s stockholders, whether for such transaction or the issuance of securities in the transaction (a “Reorganization”), or the sale or other disposition of all or
substantially all of the Company’s assets to an entity that is not an affiliate of the Company (a “Sale”), unless immediately following such Reorganization or Sale: (i) more than fifty percent (50%) of the total
voting power of (x) the corporation resulting from such Reorganization or the corporation which has acquired all or substantially all of the assets of the Company (in either case, the “Surviving Corporation”), or (y) if
applicable, the ultimate parent corporation that directly or indirectly has beneficial ownership of one hundred percent (100%) of the voting securities eligible to elect directors of the Surviving Corporation (the “Parent
Corporation”), is represented by the Company Voting Securities that were outstanding immediately prior to such Reorganization or Sale (or, if applicable, is represented by shares into which Company Voting Securities were converted pursuant
to such Reorganization or Sale), and such voting power among the holders thereof is in substantially the same proportion as the voting power of such Company Voting Securities among the holders thereof immediately prior to the Reorganization or Sale,
(ii) no person (other than (x) the Company, (y) any employee benefit plan (or related trust) sponsored or maintained by the Surviving Corporation or the Parent Corporation, or (z) a person 

  

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who immediately prior to the Reorganization or Sale was the beneficial owner of twenty-five percent (25%) or more of the outstanding Company Voting
Securities) is the beneficial owner, directly or indirectly, of twenty-five percent (25%) or more of the total voting power of the outstanding voting securities eligible to elect directors of the Parent Corporation (or, if there is no Parent
Corporation, the Surviving Corporation), and (iii) at least a majority of the members of the board of directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) following the consummation of the
Reorganization or Sale were Incumbent Directors at the time of the Board’s approval of the execution of the initial agreement providing for such Reorganization or Sale (any Reorganization or Sale which satisfies all of the foregoing criteria, a
“Non-Qualifying Transaction”). 
 2.5 “Change in Control Severance Benefits” shall mean the payments and
benefits provided under Article V. 
 2.6 “Change in Control Severance Period” shall mean the period beginning on a
Participant’s Date of Termination with a duration in months equal to (i) with respect to a Participant who is the Chief Executive Officer, the Chief Operating Officer, Steel Making Operations, the Chief Financial Officer or an Executive
Vice President of the Company, the Participant’s Severance Multiple times twelve (12) and (ii) with respect to any other Participant, the number of Month’s Base Pay that the Participant is entitled to receive as Change in Control
Severance Benefits. 
 2.7 “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time. 
 2.8 “Committee” shall mean the Compensation and Executive Development Committee of the Board. 
 2.9 “Company” shall mean Nucor Corporation, a Delaware corporation and any successor thereto. 
 2.10 “Date of Termination” shall mean the date of a Participant’s separation from service with the Company and its Subsidiaries.
For purposes of the Plan, the term “separation from service” shall be defined as provided in Section 409A of the Code and applicable regulations. 
 2.11 “Effective Date” of this amended and restated Plan shall mean February 18, 2009. The original effective date of the Plan was October 1, 2007. 
 2.12 “Employee” shall mean any person who is employed by the Company, including any such person who also serves as a member of the
Board. 
 2.13 “Equity Award Plan” shall mean the Nucor Corporation 2005 Stock Option and Award Plan and any successor plan
and the award methodology adopted by the Committee and in effect thereunder from time to time. 
  

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 2.14 “General Severance Benefits” shall mean the payments and benefits provided under
Article IV. 
 2.15 “Good Reason” shall mean, with respect to a Participant, the occurrence of any of the following events
after a Change in Control: 
 (a) a reduction in the Participant’s Base Salary; 
 (b) a reduction in the Participant’s annual or long-term incentive compensation opportunity under the AIP, the LTIP or other annual
or long-term incentive plan for which the Participant is eligible from the Participant’s annual or long-term incentive compensation opportunity under the AIP, the LTIP or other annual or long-term incentive plan for which the Participant is
eligible immediately prior to the Change in Control; 
 (c) a reduction in the value of the Participant’s target equity
incentive award under the Equity Award Plan from the value of the Participant’s target equity incentive award under the Equity Award Plan immediately prior to the Change in Control; 
 (d) a reduction in the aggregate level of employee benefits offered to the Participant in comparison to the employee benefit programs and
arrangements enjoyed by the Participant immediately prior to the Change in Control; 
 (e) a change in the Participant’s
principal work location to a work location that is more than 50 miles from the location where the Participant was based immediately prior to the Change in Control; or 
 (f) the assignment to the Participant of any duties inconsistent in any respect with the Participant’s position, authority, duties or
responsibilities as in effect immediately prior to the public announcement of the Change in Control (including offices, titles, reporting requirements and relationships and status) or any other action by the Company which results in any diminution
in the Participant’s position, authority, duties or responsibilities. 
 Any good faith determination of Good Reason made by the Participant shall be
conclusive and binding on the Company. 
 2.16 “LTIP” shall mean the Nucor Corporation Senior Officers Long-Term Incentive
Plan and any successor plan. 
 2.17 “Month’s Base Pay” shall mean the Participant’s Base Salary divided by twelve
(12). 
 2.18 “Participant” shall mean an Employee who meets the eligibility requirements of Section 3.1. 

 

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 2.19 “Plan” shall mean the Nucor Corporation Severance Plan for Senior Officers and
General Managers, as set forth herein and as amended from time to time. 
 2.20 “Severance Benefits” shall mean Change in
Control Severance Benefits and General Severance Benefits. 
 2.21 “Severance Multiple” shall mean (i) 3.0, with
respect to the Chief Executive Officer of the Company, (ii) 2.5, with respect to the Chief Operating Officer, Steel Making Operations and the Chief Financial Officer of the Company, and (iii) 2.0, with respect to any Executive Vice
President of the Company. 
 2.22 “Subsidiary” shall mean any corporation (other than the Company), limited liability
company, or other business organization in an unbroken chain of entities beginning with the Company in which each of such entities other than the last one in the unbroken chain owns stock, units, or other interests possessing fifty percent
(50%) or more of the total combined voting power of all classes of stock, units, or other interests in one of the other entities in that chain. 
 2.23 “Year of Service” shall mean each continuous twelve (12) month period of employment, including fractional portions thereof and periods of authorized vacation, authorized leave of absence and
short-term disability leave, with the Company and its Subsidiaries or their respective successors. Employment with an entity prior to the date it became a Subsidiary shall not be considered for purposes of determining a Participant’s Years of
Service unless the agreement pursuant to which the Subsidiary was acquired by the Company provides otherwise or the Company otherwise agrees in writing to consider such employment for purposes of determining a Participant’s Years of Service.

 ARTICLE III 
 ELIGIBILITY

 3.1 Participation. Each Employee who is determined by the Committee to be a Senior Officer or a General Manager of the Company
shall be eligible to be a Participant in the Plan. In addition, each Employee who is employed at the Company’s corporate headquarters as a Department Manager, Director or Manager shall be a Participant solely for purposes of Section 5.3.
Notwithstanding the foregoing, if an Employee is party to a written employment agreement with the Company or a Subsidiary that expressly precludes the Employee’s participation in the Plan, the Employee shall not be eligible to be a Participant
or receive General Severance Benefits under Article IV; however, such Employee shall be eligible to be a Participant and receive Change in Control Severance Benefits in accordance with Article V. 
 3.2 Duration of Participation. A Participant shall cease to be a Participant in the Plan when he or she no longer is a Senior Officer or a General
Manager of the Company or a Department Manager, Director or Manager employed at the Company’s headquarters. Notwithstanding the foregoing, a Participant who has become entitled to receive Severance 

  

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Benefits shall remain a Participant in the Plan until the full amount of the Severance Benefits and any other amounts payable under the Plan have been paid
to the Participant. 
 ARTICLE IV  
 GENERAL SEVERANCE BENEFITS 
 4.1 Right to General Severance Benefits. A Participant shall be entitled to receive
General Severance Benefits from the Company as provided in Section 4.2, if (i) on the Participant’s Date of Termination, he is a Senior Officer or General Manager of the Company (as determined in the Committee’s sole discretion),
(ii) the Participant’s employment with the Company and its Subsidiaries is terminated for any reason, including due to the Participant’s death, disability, voluntary retirement, involuntary termination or resignation, and
(iii) the Participant executes a Non-Competition and Non-Solicitation Agreement and a Waiver and Release Agreement as provided in Article VI. 
 4.2 General Severance Benefits. 
 (a) General. If a Participant’s employment is terminated in
circumstances entitling him or her to General Severance Benefits as provided in Section 4.1, the Company shall pay such Participant General Severance Benefits in an amount equal to the greater of (i) six (6) Month’s Base Pay or
(ii) the product of (A) one Month’s Base Pay and (B) the number of the Participant’s Years of Service through the Participant’s Date of Termination; provided that, if the Participant is under age
fifty-five (55) as of the Participant’s Date of Termination, the Participant’s General Severance Benefits shall not be less than the sum of the value, as of the Participant’s Date of Termination, of the Participant’s
forfeitable deferred common stock units credited to the Participant’s deferral account under the LTIP and the Participant’s forfeitable shares of restricted stock awarded under the LTIP. (For the avoidance of doubt, the minimum amount of
General Severance Benefits payable to a Participant who is under age fifty-five (55) as of the Participant’s Date of Termination shall not include the value of the Participant’s forfeitable deferred common stock units credited to the
Participant’s deferral account under the AIP or the value of any forfeitable restricted stock units or forfeitable shares of restricted stock awarded to the Participant under the Equity Award Plan). A Participant’s General Severance
Benefits shall be reduced and offset, but not below zero, by (i) any severance pay or pay in lieu of notice required to be paid to the Participant under applicable law, including, without limitation, the Worker Adjustment and Retraining
Notification Act or any similar state or local law and (ii) any severance benefits provided to a Participant pursuant to any employment agreement between the Participant and the Company except to the extent specifically provided otherwise in
such employment agreement. Subject to Section 9.14, General Severance Benefits shall be paid at the time and in the form described in Section 4.2(b). 
 (b) Time and Form of Payment. If a Participant’s employment with the Company and its Subsidiaries is terminated for any reason
other than the Participant’s death, the Participant’s General Severance Benefits shall be paid to the Participant in twenty-four (24) equal monthly installments, without interest or other increment thereon, 

  

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commencing with the first month following the Participant’s Date of Termination, and if the Participant dies during the twenty-four (24) month
installment payment period, the remaining payments that would have been paid to the Participant shall be paid to the Participant’s estate in a single sum payment as soon as practicable but not more than ninety (90) days following the
Participant’s death. In the event a Participant dies while employed by the Company or a Subsidiary, the Participant’s General Severance Benefits shall be paid to the Participant’s estate in a single sum payment as soon as practicable
following the Participant’s death. 
 4.3 Other Benefits Payable. General Severance Benefits provided pursuant to
Section 4.2 shall be provided in addition to, and not in lieu of, all other accrued or earned and vested equity awards, deferred compensation, rights, options or other benefits which may be owed to a Participant upon or following termination.

 ARTICLE V 
 CHANGE IN CONTROL
SEVERANCE BENEFITS 
 5.1 Terminations of Employment Which Trigger Change in Control Severance Benefits. A Participant shall be
entitled to receive Change in Control Severance Benefits from the Company as provided in Section 5.2, in lieu of General Severance Benefits under Article IV, if (i) a Change in Control has occurred and the Participant’s
employment with the Company and its Subsidiaries is involuntarily terminated by the Company or is voluntarily terminated by the Participant for Good Reason, provided that, (x) such termination occurs after such Change in Control
and on or before the second anniversary thereof, or (y) the termination occurs before such Change in Control but the Participant can reasonably demonstrate that such termination or the event or action causing Good Reason to occur, as
applicable, occurred at the request of a third party who had taken steps reasonably calculated to effect a Change in Control, and (ii) the Participant executes a Non-Competition and Non-Solicitation Agreement and a Waiver and Release Agreement
as provided in Article VI. Change in Control Severance Benefits shall not be payable to a Participant who terminates employment with the Company due to the Participant’s death, disability, voluntary retirement or resignation without Good
Reason. 
 5.2 Change in Control Severance Benefits. 
 (a) Executive Officers. If a Participant is the Chief Executive Officer, the Chief Operating Officer, Steel Making Operations, the
Chief Financial Officer or an Executive Vice President of the Company and the Participant’s employment is terminated under circumstances entitling him or her to Change in Control Severance Benefits as provided in Section 5.1, the Company
shall pay such Participant, in a single lump sum payment in cash, and subject to Section 9.14, within ten (10) days of the Participant’s Date of Termination, Change in Control Severance Benefits in an amount equal to the sum of:

 (i) the product of the Participant’s Severance Multiple multiplied by the sum of (A) the Participant’s Base
Salary, (B) the greater of (y) 150% of the Participant’s Base Salary and (z) the Participant’s average performance award 

  

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under the AIP (including any portion thereof the Participant elected to defer but excluding the related “Deferral Incentive” (as defined in the
AIP)) for the three fiscal years prior to the Participant’s Date of Termination (or if less, the number of fiscal years prior to the Participant’s Date of Termination during which the Participant participated in the AIP), and (C) the
greater (y) 85% of the Participant’s Base Salary and (z) the value of the Participant’s performance award under the LTIP for the performance period applicable to the Participant that ended immediately prior to the
Participant’s Date of Termination (including any portion thereof the Participant elected to defer) based on the closing price of the Company’s common stock on the last trading day of such Performance Period; 
 (ii) if the Participant’s Date of Termination occurs prior to the annual grant date under the Equity Award Plan (which date is
currently June 1) for the year in which such Date of Termination occurs, an amount equal to the aggregate dollar value of the base equity award and the performance-based equity award the Participant would have become entitled to receive under
the Equity Award Plan for such year if the Participant’s employment had continued to the annual grant date; and 
 (iii)
the sum of (A) the dollar value of the performance-based equity award the Participant would have become entitled to receive under the Equity Award Plan if the Participant’s employment had continued to the annual grant date under the Equity
Award Plan (which date is currently June 1) for the year immediately following the year of the Participant’s Date of Termination based on the Company’s performance through the Change in Control and (B) the dollar value of the
base (non-performance-based) equity award the Participant would have become entitled to receive under the Equity Award Plan if the Participant’s employment had continued to the annual grant date under the Equity Award Plan for the year
immediately following the year of the Participant’s Date of Termination. 
 (b) Other Participants. If a
Participant is not the Chief Executive Officer, the Chief Operating Officer, Steel Making Operations, the Chief Financial Officer or an Executive Vice President of the Company and the Participant’s employment is terminated under circumstances
entitling him or her to Change in Control Severance Benefits as provided in Section 5.1, the Company shall pay such Participant, in a single lump sum payment in cash, and subject to Section 9.14, within ten (10) days of the
Participant’s Date of Termination, Change in Control Severance Benefits in an amount equal to the sum of: 
 (i) the greatest of (A) twelve (12) Month’s Base Pay, (B) the
product of (y) one and one-half (1 1/2) Month’s Base Pay and (z) the number of the Participant’s Years of
Service through the Participant’s Date of Termination up to a maximum of thirty-six (36) Years of Service or (C) the product of (y) one Month’s Base Pay and (z) the number of the Participant’s Years of Service
through the Participant’s Date of Termination; 
  

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 (ii) if the Participant’s Date of Termination occurs prior to the annual grant date
under the Equity Award Plan (which date is currently June 1) for the year in which such Date of Termination occurs, an amount equal to the aggregate dollar value of the base equity award and the performance-based equity award the Participant
would have become entitled to receive under the Equity Award Plan for such year if the Participant’s employment had continued to the annual grant date; and 
 (iii) the sum of (A) the dollar value of the performance-based equity award the Participant would have become entitled to receive
under the Equity Award Plan if the Participant’s employment had continued to the annual grant date under the Equity Award Plan (which date is currently June 1) for the year immediately following the year of the Participant’s Date of
Termination based on the Company’s performance through the Change in Control and (B) the dollar value of the base (non-performance-based) equity award the Participant would have become entitled to receive under the Equity Award Plan if the
Participant’s employment had continued to the annual grant date under the Equity Award Plan for the year immediately following the year of the Participant’s Date of Termination. 
 (c) Offsets. A Participant’s Change in Control Severance Benefits shall be reduced and offset, but not below zero, by
(i) any severance pay or pay in lieu of notice required to be paid to the Participant under applicable law, including, without limitation, the Worker Adjustment and Retraining Notification Act or any similar state or local law and (ii) any
severance benefits provided to a Participant pursuant to any employment agreement between the Participant and the Company except to the extent specifically provided otherwise in such employment agreement. 
 (d) Welfare Benefits. A Participant entitled to Change in Control Severance Benefits pursuant to Section 5.1 shall continue to
be provided with medical, dental, and prescription drug benefits comparable to the benefits provided to the Participant immediately prior to the Participant’s Date of Termination, or if more favorable to the Participant, the Change in Control,
for the duration of the Change in Control Severance Period with the same contribution rate for which the Participant would have been responsible if the Participant had remained employed through the Change in Control Severance Period. Any benefits so
provided shall not be considered a continuation of coverage required under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended; provided that, if the Participant becomes reemployed with another employer and is eligible to
receive medical, dental or prescription drug insurance coverage under another employer-provided plan (regardless of whether the Participant actually enrolls under such coverage), then the medical, dental or prescription drug insurance benefits
provided pursuant to this Section shall be secondary to those provided under such other plan during such applicable period of eligibility. 
  

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 5.3 Change in Control Severance Benefits for Certain Managers and Directors. A Department Manager,
Manager or Director employed at the Company’s corporate headquarters as of the date of a Change in Control (a “Manager”) shall be entitled to receive Change in Control Severance Benefits pursuant to this Section 5.3 if
(i) the Manager’s employment with the Company or a Subsidiary is involuntarily terminated by the Company or is voluntarily terminated by the Manager for Good Reason, provided that, (a) such termination occurs after a
Change in Control and on or before the first anniversary thereof, or (b) the termination occurs before such Change in Control but the Manager can reasonably demonstrate that such termination or the event or action causing Good Reason to occur,
as applicable, occurred at the request of a third party who had taken steps reasonably calculated to effect a Change in Control and (ii) the Manager executes a Waiver and Release Agreement as provided in Section 6.2. Such severance
benefits shall be equal to the greater of (i) three (3) Month’s Base Pay or (ii) the product of (A) one Month’s Base Pay and (B) the number of the Manager’s Years of Service through the Manager’s Date of
Termination up to a maximum of twelve (12) Years of Service, less any severance pay or pay in lieu of notice required to be paid to the Manager under applicable law, including, without limitation, the Worker Adjustment and Retraining
Notification Act or any similar state or local law. Payment under this Section shall be made to a Manager in a lump sum in cash within ten (10) days of the Manager’s Date of Termination. A Manager who receives severance benefits pursuant
to this Section 5.3 shall be entitled to continue to receive welfare benefits as described in Section 5.2(d), and the “Change in Control Severance Period” for such purposes shall mean the period beginning on a Manager’s Date
of Termination with a duration in months equal to the number of Month’s Base Pay the Manager is entitled to receive as severance benefits pursuant to this Section 5.3. 
 5.4 Payment Obligations Absolute. Upon a Change in Control, the obligations of the Company to pay and provide the Change in Control Severance
Benefits described in Sections 5.2 and 5.3 shall be absolute and unconditional and shall not be affected by any circumstances, including, without limitation, any set-off, counterclaim, recoupment, defense or other right which the Company or any of
its subsidiaries may have against any Participant. In no event shall a Participant be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to a Participant under any of the provisions of this Plan,
nor shall the amount of any payment hereunder be reduced by any compensation earned by a Participant as a result of employment by another employer, except with respect to the continued welfare benefits provided under Section 5.2(d). 

5.5 General Several Benefits Not Payable. The Change in Control Severance Benefits provided pursuant to Section 5.2 above shall be
provided in lieu of and not in addition to the General Severance Benefits provided in Article IV. 
 ARTICLE VI 
 NON-COMPETITION AND NON-SOLICITATION AGREEMENT; 
 WAIVER AND RELEASE AGREEMENT 
 6.1 Non-Competition and Non-Solicitation Agreement. As a condition to the receipt of
Severance Benefits, a Participant shall enter into an agreement in form and content reasonably satisfactory to the Committee pursuant to which the Participant agrees to refrain, for a reasonable 

  

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period of time following the Participant’s Date of Termination, from (i) competing with the Company, (ii) soliciting or influencing any
customer or prospective customer of the Company to alter its business with the Company or to do business with another company, (iii) soliciting or offering employment to any employee of the Company, or (iv) disclosing any confidential
information or trade secrets of the Company. 
 6.2 Waiver and Release Agreement. As a condition to the receipt of Severance Benefits,
a Participant must submit a signed Waiver and Release Agreement in form and content reasonably satisfactory to the Committee on or within forty-five (45) days of the Participant’s Date of Termination. A Participant may revoke the signed
Waiver and Release Agreement within seven (7) days of signing. Any such revocation must be made in writing and must be received by the Committee within such seven (7) day period. A Participant who timely revokes a Waiver and Release
Agreement shall not be eligible to receive Severance Benefits under the Plan. 
 6.3 Effect of Breach. In the event a Participant
breaches any agreement entered into in accordance with Section 6.1 or fails to sign a Waiver and Release Agreement in accordance with Section 6.2, the Committee may require the Participant to (a) immediately forfeit any portion of the
Severance Benefits that is then outstanding and (b) return to the Company all or some of the economic value of the Severance Benefits that was realized or obtained by the Participant prior to the breach. 
 ARTICLE VII 
 SUCCESSOR TO COMPANY

 This Plan shall bind any successor of the Company, its assets or its businesses (whether direct or indirect, by purchase, merger,
consolidation or otherwise), in the same manner and to the same extent that the Company would be obligated under this Plan if no succession had taken place. In the case of any transaction in which a successor would not by the foregoing provision or
by operation of law be bound by this Plan, the Company shall require such successor expressly and unconditionally to assume and agree to perform the Company’s obligations under this Plan, in the same manner and to the same extent that the
Company would be required to perform if no such succession had taken place. The term “Company,” as used in this Plan, shall mean the Company as hereinbefore defined and any successor or assignee to the business or assets which by reason
hereof becomes bound by this Plan. 
 ARTICLE VIII  
 DURATION, AMENDMENT AND TERMINATION 
 8.1 Amendment and Termination. The Plan may be
terminated or amended in any respect by resolution adopted by a majority of the Board, unless a Change in Control has previously occurred. If a Change in Control occurs, the Plan shall not be subject to amendment, change, substitution, deletion,
revocation or termination in any respect which adversely affects the rights of Participants for a period of two (2) years following the date of the Change in Control. 
  

 11 

 8.2 Form of Amendment. The form of any amendment or termination of the Plan shall be a written
instrument signed by a duly authorized officer or officers of the Company, certifying that the amendment or termination has been approved by the Board. An amendment of the Plan in accordance with the terms hereof shall automatically effect a
corresponding amendment to all Participants’ rights hereunder. A termination of the Plan, in accordance with the terms hereof, shall automatically effect a termination of all Participants’ rights and benefits hereunder. 
 ARTICLE IX  
 MISCELLANEOUS

 9.1 Employment Status. This Plan does not constitute a contract of employment or impose on the Company or any Subsidiary any
obligation to retain the Participant as an Employee, to change the status of the Participant’s employment, or to change the Company’s policies or those of its subsidiaries’ regarding termination of employment. 
 9.2 Non-exclusivity of Rights and Benefits. Nothing in this Plan shall prevent or limit a Participant’s continuing or future participation in
any plan, program, policy or practice provided by the Company or any of its Subsidiaries and for which the Participant may qualify. Amounts which are or become vested benefits or which a Participant is otherwise entitled to receive under the AIP,
the LTIP, the Equity Award Plan or any other plan, policy, practice or program of or any contract or agreement with the Company or any of Subsidiaries at or subsequent to the Participant’s Date of Termination or a Change in Control shall be
payable or provided in accordance with such plan, policy, practice or program or contract or agreement. 
 9.3 Validity and
Severability. The invalidity or unenforceability of any provision of the Plan shall not affect the validity or enforceability of any other provision of the Plan, which shall remain in full force and effect, and any prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 9.4
Governing Law. The validity, interpretation, construction and performance of the Plan shall in all respects be governed by the laws of North Carolina, without reference to principles of conflict of law. 
 9.5 Named Fiduciary; Administration. The Company is the named fiduciary of the Plan, with full authority to control and manage the operation and
administration of the Plan, acting through the Committee and the Board. 
 9.6 Claims Procedure. If an Employee or former Employee
makes a written request alleging a right to receive benefits under the Plan or alleging a right to receive an adjustment in benefits being paid under the Plan, the Company shall treat it as a claim for benefits. All claims for Severance Benefits
under the Plan shall be sent to the Human Resources Department of the Company and must be received within thirty (30) days after the Date of Termination. If the Company determines that any individual who has claimed a right to receive Severance
Benefits under the Plan is not entitled to receive all or any part of the benefits claimed, it will inform the claimant in writing of its determination and the reasons therefor in terms calculated to be 

  

 12 

 
understood by the claimant. The notice will be sent within thirty (30) days of the written request, unless the Company determines additional time, not
exceeding forty-five (45) days, is needed. The notice shall make specific reference to the pertinent Plan provisions on which the denial is based, and describe any additional material or information that is necessary. Such notice shall, in
addition, inform the claimant what procedure the claimant should follow to take advantage of the review procedures set forth below in the event the claimant desires to contest the denial of the claim. The claimant may, within ninety (90) days
thereafter, submit in writing to the Company a notice that the claimant contests the denial of his or her claim by the Company and desires a further review. The Company shall, within thirty (30) days thereafter, review the claim and authorize
the claimant to appear personally and review pertinent documents and submit issues and comments relating to the claim to the persons responsible for making the determination on behalf of the Company. The Company will render its final decision with
specific reasons therefor in writing and will transmit it to the claimant within thirty (30) days of the written request for review, unless the Company determines additional time, not exceeding thirty (30) days, is needed, and so notifies
the Participant. If the Company fails to respond to a claim filed in accordance with the foregoing within thirty (30) days or any such extended period, the Company shall be deemed to have denied the claim. 
 9.7 Unfunded Plan Status. This Plan is intended to be an unfunded plan. All payments pursuant to the Plan shall be made from the general funds of
the Company and no special or separate fund shall be established or other segregation of assets made to assure payment. No Participant or other person shall have under any circumstances any interest in any particular property or assets of the
Company as a result of participating in the Plan. Notwithstanding the foregoing, the Company may (but shall not be obligated to) create one or more grantor trusts, the assets of which are subject to the claims of the Company’s creditors, to
assist it in accumulating funds to pay its obligations under the Plan. 
 9.8 Tax Withholding. Any payment provided for hereunder
shall be paid net of any applicable tax withholding required under federal, state, local or foreign law. 
 9.9 Nonalienation of
Benefits. Except as otherwise specifically provided herein, amounts payable under the Plan shall not be subject to any manner of anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, charge, garnishment, execution or levy of
any kind, either voluntary or involuntary, including any liability which is for alimony of other payments for the support of a spouse or former spouse, or for any other relative of a Participant, prior to actually being received by the person
entitled to payment under the terms of the Plan. Any attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber, charge, garnish, execute or levy upon, otherwise dispose of any right to amounts payable hereunder, shall be null and
void. 
 9.10 Facility of Payment. 
 (a) If a Participant is declared an incompetent, and a conservator, guardian, or other person legally charged with his or her care has been appointed, any Severance Benefits to which such individual is entitled may be
paid or provided to such conservator, guardian, or other person legally charged with his or her care; 
  

 13 

 (b) If a Participant is incompetent, the Company may (i) require the appointment of
a conservator or guardian, (ii) distribute amounts to his or her spouse, with respect to a Participant who is married, or to such other relative of an unmarried Participant for the benefit of such Participant, or (iii) distribute such
amounts directly to or for the benefit of such Participant; provided however, that a conservator, guardian, or other person charged with his or her care has not been appointed. 
 9.11 Gender and Number. Except when the context indicates to the contrary, when used herein masculine terms shall be deemed to include the
feminine, and plural the singular. 
 9.12 Headings. The headings of Articles and Sections are included solely for convenience of
reference, and are not to be used in the interpretation of the provisions of the Plan. 
 9.13 Code Section 280G. Notwithstanding
any other provisions of the Plan, in the event that any payment or benefit received or to be received by a Participant in connection with a Change in Control or the termination of the Participant’s employment (whether pursuant to the terms of
this Plan or any other plan, arrangement or agreement with the Company) (all such payments and benefits, the “Total Payments”) would not be deductible (in whole or part), by the Company (or an affiliate making such payment or
providing such benefit) as a result of Section 280G of the Code, then the Total Payments shall be reduced if, and only if, such reduction results in the Participant’s receipt, on an after-tax basis, of a greater amount of the Total
Payments after taking into account all applicable federal, state and local employment taxes, income taxes and the excise tax imposed by Section 4999 of the Code (all computed at the highest applicable marginal rate). Any reduction in the Total
Payments required by this Section 9.13 shall first reduce the cash Severance Benefits (if necessary, to zero), and all other Severance Benefits shall thereafter be reduced (if necessary, to zero); provided, however, the
Participant may elect to have the noncash Severance Benefits reduced (or eliminated) prior to any reduction of the cash Severance Benefits. 
 9.14 Code Section 409A. 
 (a) Delay of Certain Payments. Notwithstanding anything in the Plan to
the contrary, if any amount or benefit that the Company determines would constitute non-exempt “deferred compensation” for purposes of Section 409A of the Code would otherwise be payable or distributable under this Plan by reason of a
Participant’s termination of employment, then to the extent necessary to comply with Code Section 409A: 
 (i) if
the payment or distribution is payable in a lump sum, the Participant’s right to receive payment or distribution of such non-exempt deferred compensation will be delayed until the earlier of the Participant’s death or the seventh month
following the Participant’s Date of Termination; and 
 (ii) if the payment or distribution is payable over time, the
amount of such non-exempt deferred compensation that would otherwise be payable during the six (6)

  

 14 

 
month period immediately following the Participant’s Date of Termination will be accumulated and the Participant’s right to receive payment or
distribution of such accumulated amount will be delayed until the earlier of the Participant’s death or the seventh month following the Participant’s Date of Termination and paid on the earlier of such dates, without interest, and the
normal payment or distribution schedule for any remaining payments or distributions will commence. 
 (b) Expense
Reimbursements. To the extent any expense reimbursement or in-kind benefit to which a Participant is or may be entitled to receive under the Plan constitutes non-exempt “deferred compensation” for purposes of Section 409A of the
Code, then (i) such reimbursement shall be paid to the Participant as soon as administratively practicable after the Participant submits a valid claim for reimbursement, but in no event later than the last day of the Participant’s taxable
year following the taxable year in which the expense was incurred, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during any taxable year of the Participant shall not affect the expenses eligible for
reimbursement, or in-kind benefits to be provided, in any other taxable year of the Participant, and (iii) the Participant’s right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit.

 (c) Separation from Service Required. A termination of employment shall not be deemed to have occurred for purposes
of any provision of this Plan providing for the payment of any amounts or benefits subject to Code Section 409A upon or following a termination of employment unless such termination is also a “separation from service” within the
meaning of Code Section 409A and, for purposes of any such provision of this Plan, references to a “termination,” “termination of employment” or like terms shall mean “separation from service.” 
 (d) Interpretation and Administration. Nothing in this Plan shall operate or be construed to cause the Plan to fail to comply with
the requirements of Code Section 409A and, to the extent applicable, it is intended that the Plan comply with the provisions of Code Section 409A and shall be administered in a manner consistent with that intent. Any provision of this Plan
that would cause the Plan or any payment made hereunder to fail to satisfy Code Section 409A shall have no force and effect until amended by the Company to comply with Code Section 409A (which amendment may be retroactive to the extent
permitted by Code Section 409A) and may be made by the Company without the consent of any Participant. 
  

 15 

 IN WITNESS WHEREOF, the undersigned, being a duly authorized officer of the Company, hereby certifies
that the foregoing Nucor Corporation Severance Plan for Senior Officers and General Managers, as amended and restated effective February 18, 2009, has been authorized and approved by the Board. 
  

	
	NUCOR CORPORATION
	
	 /s/ Terry S. Lisenby

	Terry S. Lisenby
	Executive Vice President and Chief Financial Officer

  

 16Class C(2009-2) Terms Document

 Exhibit 4.1 
 CHASE ISSUANCE TRUST 
 as Issuing Entity 
 CLASS C(2009-2) TERMS DOCUMENT 
 dated as of May 12, 2009 
 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	  	4
	 Section 1.03
	  	Counterparts	  	4
	 Section 1.04
	  	Ratification of Indenture and Indenture Supplement	  	4
	
	ARTICLE II
	
	The Class C(2009-2) Notes
			
	 Section 2.01
	  	Creation and Designation	  	5
	 Section 2.02
	  	Interest Payment	  	5
	 Section 2.03
	  	Payments of Interest and Principal	  	5
	 Section 2.04
	  	Targeted Amount to be on Deposit in the Class C Reserve Sub-Account	  	5
	 Section 2.05
	  	Form and Delivery of Class C(2009-2) Notes; Depository; Denominations	  	6
	 Section 2.06
	  	Delivery and Payment for the Class C(2009-2) Notes	  	7
	 Section 2.07
	  	Supplemental Indenture	  	7
	
	ARTICLE III
	
	Restrictions on Transfer of the Class C(2009-2) Notes
			
	 Section 3.01
	  	Private Placement of the Class C(2009-2) Notes	  	8
	 Section 3.02
	  	Transfer of the Class C(2009-2) Notes	  	8
	
	ARTICLE IV
	
	Miscellaneous Provision
			
	 Section 4.01
	  	Amendments	  	17
	 Section 4.02
	  	Section 3.12(b)(ii) of the Indenture Supplement	  	17
	 Section 4.03
	  	Limitation on Changing the Scheduled Principal Payment Date or Legal Maturity Date	  	17

  

 i 

 THIS CLASS C(2009-2) TERMS DOCUMENT (this “Terms Document”), by and between 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 collateral agent (the “Collateral Agent”), is made and entered into as of May 12, 2009. 
 Pursuant to this Terms Document, the Issuing Entity and the Indenture Trustee shall create a new Tranche of CHASEseries Class C 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 

  

 1 

 
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 C(2009-2) Notes and no other Tranche of CHASEseries Notes issued by the Issuing Entity. 
 “Accumulation Commencement Date” means June 1, 2009. 
 “Asset Pool Supplement” means the Second Amended and Restated Asset Pool One Supplement to the Indenture, dated as of December 19, 2007, by and among the Issuing Entity, the Indenture Trustee and
the Collateral Agent. 
 “Bank” means Chase Bank USA, National Association, a national banking association. 
 “Beneficiary” means Chase Bank USA, National Association, in its capacity as beneficial owner of the Issuing Entity. 
 “Class C Reserve Account Percentage” means, for any Monthly Period, (i) 1.50%, if the Quarterly Excess Spread Percentage for such
Monthly Period is greater than or equal to 4.50%, (ii) 2.50%, if the Quarterly Excess Spread Percentage for such Monthly Period is less than 4.50% and greater than or equal to 4.00%, (iii) 3.00%, if the Quarterly Excess Spread Percentage
for such Monthly Period is less than 4.00% and greater than or equal to 3.50%, (iv) 4.00%, if the Quarterly Excess Spread Percentage for such Monthly Period is less than 3.50% and greater than or equal to 3.00%, (v) 5.50%, if the Quarterly
Excess Spread Percentage for such Monthly Period is less than 3.00% and greater than or equal to 2.50%, (vi) 6.50%, if the Quarterly Excess Spread Percentage for such Monthly Period is less than 2.50% and greater than or equal to 2.00% and
(vii) 7.00%, if the Quarterly Excess Spread Percentage for such Monthly Period is less than 2.00%. 
 “Class C(2009-2)
Note” means any Note, substantially in the form set forth in Exhibit A-3 to the Indenture Supplement, designated therein as a Class C(2009-2) Note and duly executed and authenticated in accordance with the Indenture. 
 “Class C(2009-2) Noteholder” means a Person in whose name a Class C(2009-2) Note is registered in the Note Register. 
 “Class C(2009-2) Tax Opinion” means an Opinion of Counsel stating that the Class C(2009-2) Notes will be characterized as debt for
United States federal income tax purposes. 
  

 2 

 “Class C(2009-2) Termination Date” means the earliest to occur of (a) the Principal
Payment Date on which the Outstanding Dollar Principal Amount of the Class C(2009-2) 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.

 “Controlled Accumulation Amount” means $1,550,000,000. 
 “Eligible Purchaser” means a corporation, partnership or other entity which can make the representations set forth in
Section 3.02(b) or (c) hereof, as applicable, and that is either (x) a QIB, or in the case of an initial Transfer by the Bank only, an “Accredited Investor” within the meaning of Rule 501(a)(1)(2)(3) or (7) of
Regulation D under the Securities Act or (y) a Non-U.S. Person (as defined in Regulation S under the Securities Act) in an offshore transaction in compliance with Rule 903 or Rule 904 of Regulation S under the Securities Act. 
 “Exempt Transaction” means a Transfer to an Eligible Purchaser in a transaction exempt from the registration requirements of the
Securities Act and applicable state securities or “blue sky” laws. 
 “Indenture” means the Third Amended and
Restated Indenture, dated as of December 19, 2007, between the Issuing Entity and the Indenture Trustee. 
 “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 $1,550,000,000. 
 “Interest Payment Date” means June 15, 2009 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 May 12, 2009. 
 “Legal Maturity Date” means July 15, 2011.

 “Note Interest Rate” means a rate per annum equal to 0%. 
 “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. 
  

 3 

 “QIB” means a “qualified institutional buyer,” as defined in Rule 144A under
the Securities Act. 
 “Quarterly Excess Spread Percentage” means, for each Determination Date, the percentage equivalent of
a fraction the numerator of which is the sum of the Excess Spread Percentages with respect to the immediately preceding three Monthly Periods and the denominator of which is three. 
 “Record Date” means, for any Note Transfer Date, the last Business Day of the preceding Monthly Period. 
 “Scheduled Principal Payment Date” means July 15, 2009. 
 “Stated Principal Amount” means $1,550,000,000. 
 “Targeted Holders” means each holder of a right to receive interest or principal with respect to any interest in the Issuing Entity with respect to which a Class C(2009-2) Tax Opinion has not been
rendered; provided, however, that any Person holding more than one right or interest each of which would cause such Person to be a Targeted Holder shall be treated as a single Targeted Holder. 
 “Transfer” means a sale, conveyance, assignment, hypothecation, pledge, participation, or other form of transfer of any Class C(2009-2)
Note. 
 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 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 C(2009-2) NOTES 
 Section 2.01 Creation and Designation. There is hereby
created a Tranche of CHASEseries Class C Notes to be issued pursuant to the Indenture and the Indenture Supplement to be known as the “CHASEseries Class C(2009-2) Notes.” 
 Section 2.02 Interest Payment. 
 (a)
For each Interest Payment Date, the amount of interest due with respect to the Class C(2009-2) Notes shall be an amount equal to the one-twelfth of the product of (i) the Note Interest Rate, times, (ii) the Outstanding Dollar
Principal Amount of the Class C(2009-2) Notes determined as of the close of business on the Interest Payment Date preceding the related Note Transfer Date for the Class C(2009-2) Notes; provided, however, that for the first Interest
Payment Date, the amount of interest due with respect to the Class C(2009-2) Notes shall be $0. Interest on the Class C(2009-2) 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 C(2009-2) Notes, the Indenture
Trustee shall deposit into the Class C(2009-2) Interest Funding Sub-Account the portion of CHASEseries Available Finance Charge Collections allocable to the Class C(2009-2) Notes. 
 Section 2.03 Payments of Interest and Principal. 
 (a) Any installment of interest or principal payable on any Class C(2009-2) 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 C(2009-2) 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
C(2009-2) Noteholders to receive payments from the Issuing Entity will terminate on the first Business Day following the Class C(2009-2) Termination Date. 
 Section 2.04 Targeted Amount to be on Deposit in the Class C Reserve Sub-Account. 
  

 5 

 (a) The amount targeted, with respect to any Monthly Period, to be on deposit in the Class C Reserve
Sub-Account for the Class C(2009-2) Notes on the Note Transfer Date in the immediately succeeding Monthly Period, will, on the Issuance Date, be $318,889,910 and, thereafter, will be an amount equal to the product of (A) the Class C Reserve
Account Percentage for such Monthly Period times (B) the Initial Dollar Principal Amount of the CHASEseries Notes (exclusive of (x) any Class or Tranche of CHASEseries Notes which will be paid in full on the applicable Payment Date for
such Class or Tranche of CHASEseries Notes in the immediately succeeding Monthly Period and (y) any Class or Tranche of CHASEseries Notes which will have a Nominal Liquidation Amount of zero on the applicable Payment Date for such Class or
Tranche of CHASEseries Notes in the immediately succeeding Monthly Period) times (C) a fraction, the numerator of which is the Nominal Liquidation Amount of the Class C(2009-2) Notes as of the close of business on the last day of such Monthly
Period (exclusive of the amount deposited with respect to the Targeted Principal Deposit Amount on the applicable Note Transfer Date for such Tranche of CHASEseries Class C Notes in the next succeeding Monthly Period) and the denominator of which is
the Nominal Liquidation Amount of all Class C Notes in the CHASEseries as of the close of business on the last day of such Monthly Period (exclusive of the amount deposited with respect to the Targeted Principal Deposit Amount on the applicable Note
Transfer Date for all Tranches of CHASEseries Class C Notes in the next succeeding Monthly Period); provided however, that if an Early Redemption Event or Event of Default occurs with respect to the Class C(2009-2) Notes, the amount targeted to be
on deposit will be the Initial Dollar Principal Amount of the Class C(2009-2) Notes. 
 (b) The Issuing Entity may change the percentage and
methodology set forth above for calculating the amount targeted to be on deposit in the Class C Reserve Sub-Account for the Class C(2009-2) Notes 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 such percentage or formula 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 2.05 Form and Delivery of Class
C(2009-2) Notes; Depository; Denominations. 
 (a) The Class C(2009-2) Notes, together with the Indenture Trustee’s certificate of
authentication, shall be in substantially the form set forth in Exhibit A. The terms of Class C(2009-2) Notes set forth in Exhibit A are part of the terms of this Terms Document. 
 (b) The Class C(2009-2) Notes shall initially be issued in definitive, fully registered, certificated form and shall initially be retained by and
registered in the name of the Bank. In the event any Class C(2009-2) Note is Transferred in an Exempt Transaction, such Class C(2009-2) Note may be issued either in the form of a global Registered Note as provided in Sections 2.02 and 3.01(i) of the
Indenture, respectively, or in definitive, fully registered, certificated form, as applicable, and shall initially be registered in the name of the beneficial owner as listed in the Note Register. If, however, any Class C(2009-2) Note is Transferred
pursuant to an effective registration under the Securities Act and applicable state securities or “blue sky” laws, such Class C(2009-2) Note shall be issued in the form of a global Registered Note as provided in Sections 2.02 and 3.01(i)
of the Indenture, respectively. The Depository for 

  

 6 

 
any Class C(2009-2) Notes issued as global Registered Notes shall be The Depository Trust Company, with each such Class C(2009-2) Note being registered in
the name of Cede & Co., its nominee. 
 (c) The Class C(2009-2) Notes (i) initially issued to and retained by the Bank and any
Class C(2009-2) Notes Transferred in an Exempt Transaction will be issued in minimum denominations of $250,000 and integral multiples of $1,000 in excess of that amount and (ii) Transferred pursuant to an effective registration statement will
be issued in minimum denominations of $1,000 and integral multiples of that amount. 
 Section 2.06 Delivery and Payment for the Class
C(2009-2) Notes. The Issuing Entity shall execute and deliver the Class C(2009-2) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class C(2009-2) Notes when authenticated, each in accordance with
Section 3.03 of the Indenture. 
 Section 2.07 Supplemental Indenture. The Issuing Entity may enter into a supplemental indenture
with respect to the Class C(2009-2) 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
C(2009-2) 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. 
 [END OF ARTICLE II] 

 

 7 

 ARTICLE III 
 RESTRICTIONS ON TRANSFER OF THE CLASS C(2009-2) NOTES 
 Section 3.01 Private Placement of
the Class C(2009-2) Notes. 
 (a) The Class C(2009-2) Notes have not been registered under the Securities Act, or any state securities or
blue sky law. No Transfer of any Class C(2009-2) Note shall be made except either (i) pursuant to an effective registration under the Securities Act and applicable state securities or “blue sky” laws or (ii) in an Exempt
Transaction. The Class C(2009-2) Notes initially purchased by the Bank and any Class C(2009-2) Notes Transferred in an Exempt Transaction shall bear a legend to the effect set forth in subsection (b) below. None of the Issuing Entity, the
Transfer Agent and Note Registrar, the Owner Trustee or the Indenture Trustee is obligated to register the Class C(2009-2) Notes under the Securities Act or any other securities or “blue sky” law or to take any other action not otherwise
required under this Terms Document, the Indenture, the Indenture Supplement, the Asset Pool Supplement or the Transfer and Servicing Agreement to permit the Transfer of Class C(2009-2) Notes without registration or as described above; provided
however that in connection with any Transfer of a Class C(2009-2) Note, the Bank may, in its sole discretion, register the Class C(2009-2) Notes under the Securities Act or any other securities or “blue sky” law. 
 (b) Each Class C(2009-2) Note (i) initially issued to the Bank or (ii) Transferred in an Exempt Transaction shall bear a restrictive legend to
the following effect: 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE, OR ANY INTEREST OR PARTICIPATION HEREIN, MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES
ACT AND OTHER APPLICABLE PROVISIONS OF ANY STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH PROVISIONS. 
 Section 3.02 Transfer of the Class C(2009-2) Notes. 
 (a) Transfer of the Class C(2009-2) Notes Pursuant to an Effective
Registration under the Securities Act with a Class C(2009-2) Tax Opinion. If, at the time of any proposed Transfer of the Class C(2009-2) Notes by the Bank, as initial holder of the Class C(2009-2) Notes, the Class C(2009-2) Notes have been
registered under the Securities Act and a Class C(2009-2) Tax Opinion is rendered, then the proposed Transfer will not be subject to any additional restrictions with respect to such Transfer or its proposed transferee. With respect to any such
Transfer, the Class C(2009-2) Note shall be transferred for a global Registered Note which shall bear a legend to the following effect: 
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK 

  

 8 

 
CORPORATION (“DTC”), TO THE ISSUING ENTITY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR TO SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE CHASE ISSUANCE TRUST, THE FIRST USA CREDIT CARD MASTER TRUST OR THE CHASE CREDIT CARD MASTER
TRUST, OR JOIN IN ANY INSTITUTION AGAINST THE CHASE ISSUANCE TRUST, THE FIRST USA CREDIT CARD MASTER TRUST OR THE CHASE CREDIT CARD MASTER TRUST, IN, ANY BANKRUPTCY PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN
CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES OR THE INDENTURE. 
 THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH
HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS OF CHASE BANK USA, NATIONAL ASSOCIATION FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW
AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME. 
 (b) Transfer of the Class C(2009-2) Notes in an Exempt Transaction
with a Class C(2009-2) Tax Opinion. If, at the time of any proposed Transfer of the Class C(2009-2) Notes in an Exempt Transaction, a Class C(2009-2) Tax Opinion is rendered, then such Transfer shall be made in compliance with the restrictions
set forth in this subsection 3.02(b) (including the applicable legends to be set forth on the face of the Class C(2009-2) Note as provided in Exhibit A) (1) to a Person (A)(x) who the Issuing Entity reasonably believes is a QIB or (y) only
in connection with an initial Transfer by the Bank of Class C(2009-2) Notes, who is an “Accredited Investor” as defined in Rule 501(a)(1)(2)(3) or (7) of Regulation D (“Regulation D”) under the Securities Act, and
(B) that is aware that the resale or other transfer is being made in reliance on Rule 144A or (2) in an offshore transaction in accordance with Rule 903 or Rule 904 of Regulation S (“Regulation S”) under the Securities Act. Each
Eligible Purchaser who becomes a Holder of a Class C(2009-2) Note in connection with an Exempt Transaction, by its acceptance of such Class C(2009-2) Note, will, in the case of a global Registered Note, be deemed to have acknowledged, represented to
and agreed with the Issuing Entity and the Bank (and in the case of a certificated Class C(2009-2) note will be required to provide a certificate acknowledging, representing to and agreeing with the Issuing Entity and the Bank) as follows:

 (i) It understands and acknowledges that the Class C(2009-2) Notes may only be Transferred (A) in the United States
to QIBs pursuant to Rule 144A, or (B) outside the United States pursuant to Regulation S. 
  

 9 

 (ii) It understands that the Class C(2009-2) Notes have not been and will not be
registered under the Securities Act or any state or other applicable securities law and that the Class C(2009-2) Notes, or any interest or participation therein, may not be Transferred unless registered pursuant to, or exempt from registration
under, the Securities Act and any other applicable securities law. 
 (iii) It has had access to such financial and other
information concerning the Issuing Entity, the Bank and the Class C(2009-2) Notes as it has deemed necessary in connection with its decision to purchase the Class C(2009-2) Notes. 
 (iv) It acknowledges that the Class C(2009-2) Notes will bear legends to the following effect unless the Issuing Entity determines
otherwise, consistent with applicable law: 
 “THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE, OR ANY INTEREST OR PARTICIPATION HEREIN, MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN
COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE PROVISIONS OF ANY STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH PROVISIONS AND ONLY (1) TO THE ISSUING ENTITY, (2) PURSUANT TO RULE 144A UNDER THE
SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A “QIB”) PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A
QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3) IN THE CASE OF INITIAL TRANSFERS ONLY, PURSUANT TO SECTION 4(2) UNDER THE SECURITIES ACT TO A PERSON
THAT THE HOLDER REASONABLY BELIEVES IS AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a)(1)(2)(3) or (7) OF REGULATION D (“REGULATION D”) UNDER THE SECURITIES ACT (AN “ACCREDITED INVESTOR”) PURCHASING FOR ITS OWN
ACCOUNT OR AN ACCREDITED INVESTOR PURCHASING FOR THE ACCOUNT OF AN ACCREDITED INVESTOR, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 501(a)(1)(2)(3) or (7) OF
REGULATION D OR (4) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT. EACH NOTE OWNER BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE PURSUANT TO CLAUSE (2) ABOVE, IS DEEMED TO
REPRESENT THAT IT IS EITHER A QIB PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF ANOTHER QIB. 
  

 10 

 THIS NOTE IS SUBJECT TO ADDITIONAL RESTRICTIONS ON RESALE OR TRANSFER SET FORTH IN THE CLASS C(2009-2)
TERMS DOCUMENT (AS HEREINAFTER DEFINED). 
 PRIOR TO PURCHASING ANY NOTES, PURCHASERS SHOULD CONSULT COUNSEL WITH RESPECT TO THE AVAILABILITY
AND CONDITIONS OF EXEMPTION FROM THE RESTRICTION ON RESALE OR TRANSFER. THE ISSUING ENTITY HAS NOT AGREED TO REGISTER THE NOTES UNDER THE SECURITIES ACT, TO QUALIFY THE NOTES UNDER THE SECURITIES LAWS OF ANY STATE OR TO PROVIDE REGISTRATION RIGHTS
TO ANY PURCHASER. 
 AS SET FORTH HEREIN, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE
FACE HEREOF.” 
 (v) If it is acquiring any Class C(2009-2) Note, or any interest or participation therein, as a
fiduciary or agent for one or more investor accounts, it represents that it has sole investment discretion with respect to such account and that it has full power to make the acknowledgements, representations and agreements contained herein on
behalf of each such account. 
 (vi) It (A)(x) is a QIB, (y) is aware that the sale to it is being made in reliance on
Rule 144A and if it is acquiring such Class C(2009-2) Notes or any interest or participation therein for the account of another QIB, such QIB is aware that the sale is being made in reliance on Rule 144A and (z) is acquiring such Class
C(2009-2) Notes or any interest or participation therein for its own account or for the account of a QIB, (B) in the case of initial Transfers only (x) is an Accredited Investor, (y) is aware that the sale to it is being made in
reliance on Section 4(2) under the Securities Act and if it is acquiring such Class C(2009-2) Notes or any interest or participation therein for the account of another Accredited Investor, such Accredited Investor is aware that the sale is
being made in reliance on Section 4(2) under the Securities Act and (z) is acquiring such Class C(2009-2) Notes or any interest or participation therein for its own account or for the account of an Accredited Investor, or (C) is not a
U.S. Person (as defined in Regulation S) and is purchasing such Class C(2009-2) Notes or any interest or participation therein in an offshore transaction pursuant to Regulation S. 
 (vii) It is purchasing the Class C(2009-2) Notes for its own account, or for one or more investor accounts for which it is acting as
fiduciary or agent, in each case for investment, and not with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act, subject to any requirements of law that the disposition of its property or
the property of such investor account or accounts be at all times within its or their control and subject to its or their ability to resell such Class C(2009-2) Notes, or any interest or participation therein pursuant to the provisions of this Terms
Agreement. 
  

 11 

 (viii) It agrees that if in the future it should offer, sell or otherwise transfer such
Class C(2009-2) Note or any interest or participation therein, it will do so only (A) to the Issuing Entity, (B) pursuant to Rule 144A to a person who it reasonably believes is a QIB in a transaction meeting the requirements of Rule 144A,
purchasing for its own account or for the account of a QIB, whom it has informed that such offer, sale or other transfer is being made in reliance on Rule 144A or (C) in an offshore transaction meeting the requirements of Rule 903 or Rule 904
of Regulation S under the Securities Act. 
 (ix) If it is acquiring such Class C(2009-2) Note or any interest or
participation therein in an offshore transaction (as defined in Regulation S), it acknowledges that the Class C(2009-2) Notes will be represented in the form of a global Registered Note as provided in Sections 2.02 and 3.01(i) of the Indenture,
respectively or in definitive, fully registered, certificated form, as applicable, and that transfers thereof or any interest or participation therein are restricted as set forth in this Terms Agreement. If it is a QIB, it acknowledges that the
Class C(2009-2) Notes offered in reliance on Rule 144A will be represented in the form of a global Registered Note as provided in Sections 2.02 and 3.01(i) of the Indenture, respectively or in definitive, fully registered, certificated form, as
applicable, and that transfers thereof or any interest or participation therein are restricted as set forth in this Terms Agreement. 
 (x) It acknowledges that the Issuing Entity, the Indenture Trustee, the Bank and others will rely on the truth and accuracy of the foregoing acknowledgments, representations and agreements, and agrees that if any of
the foregoing acknowledgments, representations and agreements deemed to have been made by it are no longer accurate, it shall promptly notify the Issuing Entity, the Owner Trust, and the Bank. 
 (xi) With respect to any foreign purchaser claiming an exemption from United States income or withholding tax, it shall have delivered to
the Indenture Trustee a true and complete Form W-8, Form 1001 or Form 4224 or such equivalent form then in effect, indicating such exemption. 
 (xii) It acknowledges that transfers of the Class C(2009-2) Notes or any interest or participation therein shall be subject in all respects to the restrictions applicable thereto contained in this Terms Agreement.

 (c) Transfer of the Class C(2009-2) Notes in an Exempt Transaction without a Class C(2009-2) Tax Opinion. If, at the time of any
proposed Transfer of the Class C(2009-2) Notes in an Exempt Transaction by the Bank, as initial holder of the Class C(2009-2) Notes, a Class C(2009-2) Tax Opinion has not been rendered, then the Transfer restrictions described in subsection
3.02(b)(i) through (iii) and (v) through (xii) (other than clause (iv)), in addition to the restrictions set forth below, will govern. Each Eligible Purchaser who becomes a Holder of a Class C(2009-2) Note, in connection with an
Exempt Transaction for which a Class C(2009-2) Tax Opinion has not been rendered, by its acceptance of such Class C(2009-2) Note, will be required to execute a certificate addressed to the Issuing Entity and the Bank in the form 

  

 12 

 
of Exhibit B attached hereto acknowledging and representing and agreeing to the restriction described in subsection (b)(i) through (iii) and
(v) through (xii) and as follows: 
 (i) Unless a Class C(2009-2) Tax Opinion is rendered, no portion of the Class
C(2009-2) Notes or any interest therein may be Transferred in an Exempt Transaction except in accordance with this subsection 3.02(c). No portion of the Class C(2009-2) Notes or any interest therein may be Transferred in an Exempt Transaction,
unless the Indenture Trustee has received an Issuing Entity Tax Opinion with respect to such Transfer. 
 (ii) Any attempted
Transfer of a Class C(2009-2) Note that would cause the number of Targeted Holders to exceed ninety-five shall be void. 
 (iii) Such Eligible Purchaser is, for federal income tax purposes, either (1) a citizen or resident of the United States, (2) a corporation or partnership organized in or under the laws of the United States or any state or the
District of Columbia which, if such entity is a tax exempt entity, recognizes that payments with respect to the Class C(2009-2) Notes may constitute unrelated business taxable income, (3) an estate the income of which is includible in gross
income for U.S. federal income tax purposes regardless of its source, or (iv) (a) a trust for which a court within the United States is able to exercise primary supervision over its administration and for which one or more persons
described in this paragraph are able to control all substantial decisions or (b) a trust for which a valid election has been made to be treated as an United States person. Such Eligible Purchaser also shall agree that it will furnish to the
Person from whom it is acquiring any interest in the Class C(2009-2) Notes and the Indenture Trustee, a properly executed U.S. Internal Revenue Service Form W 9 (and will agree to furnish a new Form W 9, or any successor applicable form, upon the
expiration or obsolescence of any previously delivered form) and such other certifications, representations or Opinions of Counsel as may be requested by the Indenture Trustee. 
 (iv) Such Eligible Purchaser has not acquired and will not Transfer any interest in the Class C(2009-2) Notes or cause an interest in the
Class C(2009-2) Notes to be marketed, on or through an “established securities market” within the meaning of Section 7704(b)(1) of the Code and any Treasury regulations thereunder, including, without limitation, an over the counter
market or an interdealer quotation system that regularly disseminates firm buy or sell quotations. In addition, such Eligible Purchaser shall certify to the Issuing Entity and the Indenture Trustee, prior to any delivery or Transfer to it of any
Class C(2009-2) Notes, (1) that it is not and will not become (and that, if it is disregarded as an entity separate from its owner within the meaning of Treasury Regulations Section 301.7701-3(a) (a “DRE”), its owner is
not and will not become), for so long as the Eligible Purchaser holds an interest in the Class C(2009-2) Notes, a partnership, Subchapter S corporation or grantor trust for U.S. federal income tax purposes (a “Flow-Thru Entity”), or
(2) that if the Eligible 

  

 13 

 
Purchaser (or, if the Eligible Purchaser is a DRE, its owner) is, or becomes, a Flow-Thru Entity, for so long as the Eligible Purchaser (or, if the Eligible
Purchaser is a DRE, its owner) is a Flow-Thru Entity and the Eligible Purchaser holds an interest in the Class C(2009-2) Notes, not more than 50% of the value of any interests in such Eligible Purchaser (or, if the Eligible Purchaser is a DRE, its
owner) will be attributable to interests in the Issuing Entity held by such Eligible Purchaser. Such Eligible Purchaser of an interest in the Class C(2009-2) Notes acknowledges that the Opinion of Counsel to the effect that the Issuing Entity will
not be treated as an association or publicly traded partnership taxable as a corporation is dependent in part on the accuracy of its certifications described in this subsection 3.02(c). 
 (v) Any request for registration of Transfer of all or any portion of the Class C(2009-2) Notes in an Exempt Transaction pursuant to
subsection 3.02(c) shall be made at the office of the Indenture Trustee, as Transfer Agent and Note Registrar. Only upon receipt by the Indenture Trustee of the written consent of the Issuing Entity to such Transfer shall the Class C(2009-2) Notes
(or such portion thereof) be transferred upon the Note Register; provided, however, that such consent shall only be withheld based upon the reasonable belief of the Issuing Entity that such Transfer may cause the number of Targeted
Holders to exceed ninety-five. Such Transfers of all or any portion of the Class C(2009-2) Notes shall be subject to the restrictions set forth in this subsection 3.02(c). Successive registrations and registrations of Transfers as aforesaid may be
made from time to time as desired, and each such registration shall be noted on the Note Register. 
 (vi) No portion of the
Class C(2009-2) Notes or any interest therein may be Transferred in an Exempt Transaction to (a) an “employee benefit plan” (as defined in Section 3(3) of ERISA), including governmental plans and church plans, (b) any
“plan” (as defined in Section 4975(e)(1) of the Code) including individual retirement accounts and Keogh plans, or (c) any other entity whose underlying assets include “plan assets” (within the meaning of Department of
Labor Regulation Section 2510.3 101, 29 C.F.R. § 2510.3 101 or otherwise under ERISA) by reason of a plan’s investment in the entity, including, without limitation, an insurance company general account. 
 (vii) It acknowledges that the Class C(2009-2) Notes will bear legends to the following effect unless the Issuing Entity determines
otherwise, consistent with applicable law: 
 “THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE, OR ANY INTEREST OR PARTICIPATION HEREIN, MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN
COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) TO THE ISSUING ENTITY, (2) PURSUANT TO RULE 144A UNDER THE 

  

 14 

 
SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A
“QIB”) PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A OR (3) IN THE
CASE OF INITIAL TRANSFERS ONLY, PURSUANT TO SECTION 4(2) UNDER THE SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a)(1)(2)(3) or (7) OF REGULATION D (“REGULATION
D”) UNDER THE SECURITIES ACT (AN “ACCREDITED INVESTOR”) PURCHASING FOR ITS OWN ACCOUNT OR AN ACCREDITED INVESTOR PURCHASING FOR THE ACCOUNT OF AN ACCREDITED INVESTOR, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER,
RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 501(a)(1)(2)(3) or (7) OF REGULATION D. EACH NOTE OWNER BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE PURSUANT TO CLAUSE (2) ABOVE, IS DEEMED TO REPRESENT THAT IT IS
EITHER A QIB PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF ANOTHER QIB. 
 PRIOR TO PURCHASING ANY NOTES, PURCHASERS
SHOULD CONSULT COUNSEL WITH RESPECT TO THE AVAILABILITY AND CONDITIONS OF EXEMPTION FROM THE RESTRICTION ON RESALE OR TRANSFER. THE ISSUING ENTITY HAS NOT AGREED TO REGISTER THE NOTES UNDER THE SECURITIES ACT, TO QUALIFY THE NOTES UNDER THE
SECURITIES LAWS OF ANY STATE OR TO PROVIDE REGISTRATION RIGHTS TO ANY PURCHASER. 
 AS SET FORTH HEREIN, THE OUTSTANDING PRINCIPAL AMOUNT OF
THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 THIS NOTE IS SUBJECT TO ADDITIONAL RESTRICTIONS ON RESALE OR
TRANSFER SET FORTH IN THE CLASS C(2009-2) TERMS DOCUMENT (AS HEREINAFTER DEFINED). THIS NOTE MAY NOT BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHOUT THE PRIOR WRITTEN CONSENT OF THE ISSUING ENTITY. 
 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE CHASE ISSUANCE TRUST, THE FIRST
USA CREDIT CARD MASTER TRUST OR THE CHASE CREDIT CARD MASTER TRUST, OR JOIN IN ANY INSTITUTION AGAINST THE CHASE ISSUANCE TRUST, THE FIRST USA CREDIT CARD MASTER TRUST OR THE CHASE CREDIT CARD MASTER TRUST, IN, ANY BANKRUPTCY PROCEEDINGS UNDER ANY
UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES OR THE INDENTURE. 
  

 15 

 THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS
NOTE, BY THE ACQUISITION OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS OF CHASE BANK USA, NATIONAL ASSOCIATION FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX
IMPOSED ON OR MEASURED BY INCOME. 
 EACH PURCHASER OR HOLDER REPRESENTS AND WARRANTS FOR THE BENEFIT OF THE ISSUING ENTITY AND THE INDENTURE
TRUSTEE THAT SUCH PURCHASER OR HOLDER IS NOT (A) AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF ERISA), INCLUDING GOVERNMENTAL PLANS AND CHURCH PLANS, (B) ANY “PLAN” (AS DEFINED IN SECTION 4975(E)(1) OF THE
CODE) INCLUDING INDIVIDUAL RETIREMENT ACCOUNTS AND KEOGH PLANS, OR (C) ANY OTHER ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION SECTION 2510.3 101, 29 C.F.R. § 2510.3
101 OR OTHERWISE UNDER ERISA) BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY, INCLUDING, WITHOUT LIMITATION, AN INSURANCE COMPANY GENERAL ACCOUNT.” 
 The Issuing Entity will facilitate any Transfer of the Class C(2009-2) Notes consistent with the requirements of this Section 3.02, including assisting in the determination as to whether the number of
Targeted Holders would exceed ninety-five. 
 Any transfer, resale, pledge or other transfer of the Class C(2009-2) Notes contrary to the
restrictions set forth in this Section 3.02 and in this Terms Agreement shall be deemed void ab initio by the Indenture Trustee. As used in this Section 3.02, the terms “United States” and “U.S. persons” have the
meaning given them in Regulation S. 
 [END OF ARTICLE III] 
  

 16 

 ARTICLE IV 
 MISCELLANEOUS PROVISION 
 Section 4.01 Amendments. Notwithstanding anything to the
contrary contained herein, each Class C(2009-2) Note and this Terms Document may be amended or supplemented to modify the restrictions on and procedures for Transfer of the Class C(2009-2) Notes to reflect any change in applicable law or regulation
(or the interpretation thereof) or in practices relating to the Transfer of restricted securities generally. Each Noteholder shall by its acceptance of such Class C(2009-2) Note, have agreed to any such amendment or supplement. 
 Section 4.02 Section 3.12(b)(ii) of the Indenture Supplement. Notwithstanding anything to the contrary contained in Section 3.12(b)(ii)
of the Indenture Supplement, with respect to the Class C(2009-2) Notes, any reference in Section 3.12(b)(ii) of the Indenture Supplement to “twelve (12) whole calendar months” shall be changed to “one (1) whole calendar
month”. 
 Section 4.03 Limitation on Changing the Scheduled Principal Payment Date or Legal Maturity Date. So long as the Class
C(2009-2) Notes are held by Chase USA or any Affiliate of Chase USA, (a) neither the Scheduled Principal Payment Date nor the Legal Maturity Date of such Class C(2009-2) Notes may be amended to an earlier date and (b) the Class C(2009-2)
Notes may not be cancelled prior to their Scheduled Principal Payment Date by presentation by Chase USA or any Affiliate of Chase USA of such Class C(2009-2) Notes to the Indenture Trustee for cancellation except in accordance with
Section 11.02 of the Indenture or if the Outstanding Dollar Principal Amount of the Class C(2009-2) Notes is paid in full pursuant to the provisions of this Terms Document. 
 [END OF ARTICLE IV] 
  

 17 

 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/ Keith W. Schuck

	Name:	 	Keith W. Schuck
	Title:	 	President
	
	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION, as
Indenture Trustee and Collateral Agent

		
	By:	 	 /s/ Cheryl C. Zimmerman

	Name:	 	Cheryl C. Zimmerman
	Title:	 	Vice President

 Chase Issuance Trust 
 CHASEseries Class C(2009-2) Terms Document 
 Signature Page 

 EXHIBIT A 
 FORM OF CLASS C NOTE 
 I. Legends to be applied with respect to the initial Class C(2009-2) Note issued to the
Bank: 
 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE CHASE ISSUANCE
TRUST, THE FIRST USA CREDIT CARD MASTER TRUST OR THE CHASE CREDIT CARD MASTER TRUST, OR JOIN IN ANY INSTITUTION AGAINST THE CHASE ISSUANCE TRUST, THE FIRST USA CREDIT CARD MASTER TRUST OR THE CHASE CREDIT CARD MASTER TRUST, IN, ANY BANKRUPTCY
PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES OR THE INDENTURE. 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE, OR ANY INTEREST
OR PARTICIPATION HEREIN, MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) TO THE ISSUING ENTITY, (2) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT
TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A “QIB”) PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE
HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3) IN THE CASE OF INITIAL TRANSFERS ONLY, PURSUANT TO SECTION 4(2) UNDER THE SECURITIES ACT TO A PERSON THAT THE
HOLDER REASONABLY BELIEVES IS AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a)(1)(2)(3) or (7) OF REGULATION D (“REGULATION D”) UNDER THE SECURITIES ACT (AN “ACCREDITED INVESTOR”) PURCHASING FOR ITS OWN ACCOUNT OR AN
ACCREDITED INVESTOR PURCHASING FOR THE ACCOUNT OF AN ACCREDITED INVESTOR, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 501(a)(1)(2)(3) or (7) OF REGULATION D OR
(4) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 

  

 A-1 

 
OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT. EACH NOTE OWNER BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE PURSUANT TO CLAUSE (2) ABOVE, IS
DEEMED TO REPRESENT THAT IT IS EITHER A QIB PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF ANOTHER QIB. 
 PRIOR TO PURCHASING ANY
NOTES, PURCHASERS SHOULD CONSULT COUNSEL WITH RESPECT TO THE AVAILABILITY AND CONDITIONS OF EXEMPTION FROM THE RESTRICTION ON RESALE OR TRANSFER. THE ISSUING ENTITY HAS NOT AGREED TO REGISTER THE NOTES UNDER THE SECURITIES ACT, TO QUALIFY THE NOTES
UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE OR TO PROVIDE REGISTRATION RIGHTS TO ANY PURCHASER. 
 AS SET FORTH HEREIN, THE OUTSTANDING PRINCIPAL
AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  

 A-2 

 II. Legends to be applied with respect to Class C(2009-2) Notes Transferred pursuant to an effective registration
under the Securities Act and a Class C(2009-2) Tax Opinion: 
 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT
AT ANY TIME INSTITUTE AGAINST THE CHASE ISSUANCE TRUST, THE FIRST USA CREDIT CARD MASTER TRUST OR THE CHASE CREDIT CARD MASTER TRUST, OR JOIN IN ANY INSTITUTION AGAINST THE CHASE ISSUANCE TRUST, THE FIRST USA CREDIT CARD MASTER TRUST OR THE CHASE
CREDIT CARD MASTER TRUST, IN, ANY BANKRUPTCY PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES OR THE INDENTURE. 
 THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A BENEFICIAL INTEREST THEREIN, AGREE TO
TREAT THE NOTES AS INDEBTEDNESS OF CHASE BANK USA, NATIONAL ASSOCIATION FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME. 
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUING ENTITY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR TO SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN. 
  

 A-3 

 III. Legends to be applied with respect to Class C(2009-2) Notes Transferred in an Exempt Transaction with a Class
C(2009-2) Tax Opinion: 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE, OR ANY INTEREST OR PARTICIPATION HEREIN, MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES
ACT AND OTHER APPLICABLE LAWS AND ONLY (1) TO THE ISSUING ENTITY, (2) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER
THE SECURITIES ACT (A “QIB”) PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE
144A, (3) IN THE CASE OF INITIAL TRANSFERS ONLY, PURSUANT TO SECTION 4(2) UNDER THE SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a)(1)(2)(3) or (7) OF REGULATION D
(“REGULATION D”) UNDER THE SECURITIES ACT (AN “ACCREDITED INVESTOR”) PURCHASING FOR ITS OWN ACCOUNT OR AN ACCREDITED INVESTOR PURCHASING FOR THE ACCOUNT OF AN ACCREDITED INVESTOR, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT
THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 501(a)(1)(2)(3) or (7) OF REGULATION D OR (4) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT. EACH
NOTE OWNER BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE PURSUANT TO CLAUSE (2) ABOVE, IS DEEMED TO REPRESENT THAT IT IS EITHER A QIB PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF ANOTHER QIB. 
 PRIOR TO PURCHASING ANY NOTES, PURCHASERS SHOULD CONSULT COUNSEL WITH RESPECT TO THE AVAILABILITY AND CONDITIONS OF EXEMPTION FROM THE RESTRICTION ON RESALE OR TRANSFER.
THE ISSUING ENTITY HAS NOT AGREED TO REGISTER THE NOTES UNDER THE SECURITIES ACT, TO QUALIFY THE NOTES UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE OR TO PROVIDE REGISTRATION RIGHTS TO ANY PURCHASER. 
  

 A-4 

 AS SET FORTH HEREIN, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE
FACE HEREOF. 
 THIS NOTE IS SUBJECT TO ADDITIONAL RESTRICTIONS ON RESALE OR TRANSFER SET FORTH IN THE CLASS C(2009-2) TERMS DOCUMENT (AS HEREINAFTER
DEFINED). 
 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE CHASE ISSUANCE TRUST,
THE FIRST USA CREDIT CARD MASTER TRUST OR THE CHASE CREDIT CARD MASTER TRUST, OR JOIN IN ANY INSTITUTION AGAINST THE CHASE ISSUANCE TRUST, THE FIRST USA CREDIT CARD MASTER TRUST OR THE CHASE CREDIT CARD MASTER TRUST, IN, ANY BANKRUPTCY PROCEEDINGS
UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES OR THE INDENTURE. 
 THE HOLDER
OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS OF CHASE BANK USA, NATIONAL ASSOCIATION FOR APPLICABLE
FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME. 
  

 A-5 

 IV. Legends to be applied with respect to Class C(2009-2) Notes Transferred in an Exempt Transaction without a
Class C(2009-2) Tax Opinion: 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE, OR ANY INTEREST OR PARTICIPATION HEREIN, MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES
ACT AND OTHER APPLICABLE LAWS AND ONLY (1) TO THE ISSUING ENTITY, (2) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER
THE SECURITIES ACT (A “QIB”) PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A
OR (3) IN THE CASE OF INITIAL TRANSFERS ONLY, PURSUANT TO SECTION 4(2) UNDER THE SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a)(1)(2)(3) or (7) OF REGULATION D
(“REGULATION D”) UNDER THE SECURITIES ACT (AN “ACCREDITED INVESTOR”) PURCHASING FOR ITS OWN ACCOUNT OR AN ACCREDITED INVESTOR PURCHASING FOR THE ACCOUNT OF AN ACCREDITED INVESTOR, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT
THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 501(a)(1)(2)(3) or (7) OF REGULATION D. EACH NOTE OWNER BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE PURSUANT TO CLAUSE (2) ABOVE, IS DEEMED TO REPRESENT
THAT IT IS EITHER A QIB PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF ANOTHER QIB. 
 PRIOR TO PURCHASING ANY NOTES, PURCHASERS
SHOULD CONSULT COUNSEL WITH RESPECT TO THE AVAILABILITY AND CONDITIONS OF EXEMPTION FROM THE RESTRICTION ON RESALE OR TRANSFER. THE ISSUING ENTITY HAS NOT AGREED TO REGISTER THE NOTES UNDER THE SECURITIES ACT, TO QUALIFY THE NOTES UNDER THE
SECURITIES OR BLUE SKY LAWS OF ANY STATE OR TO PROVIDE REGISTRATION RIGHTS TO ANY PURCHASER. 
  

 A-6 

 AS SET FORTH HEREIN, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE
FACE HEREOF. 
 THIS NOTE IS SUBJECT TO ADDITIONAL RESTRICTIONS ON RESALE OR TRANSFER SET FORTH IN THE CLASS C(2009-2) TERMS DOCUMENT (AS HEREINAFTER
DEFINED). THIS NOTE MAY NOT BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHOUT THE PRIOR WRITTEN CONSENT OF THE ISSUING ENTITY. 
 THE HOLDER OF
THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE CHASE ISSUANCE TRUST, THE FIRST USA CREDIT CARD MASTER TRUST OR THE CHASE CREDIT CARD MASTER TRUST, OR JOIN IN ANY INSTITUTION AGAINST THE
CHASE ISSUANCE TRUST, THE FIRST USA CREDIT CARD MASTER TRUST OR THE CHASE CREDIT CARD MASTER TRUST, IN, ANY BANKRUPTCY PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE
NOTES OR THE INDENTURE. 
 THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF
A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS OF CHASE BANK USA, NATIONAL ASSOCIATION FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME.

 EACH PURCHASER OR HOLDER REPRESENTS AND WARRANTS FOR THE BENEFIT OF THE ISSUING ENTITY AND THE INDENTURE TRUSTEE THAT SUCH PURCHASER OR HOLDER IS NOT
(A) AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF ERISA), INCLUDING GOVERNMENTAL PLANS AND CHURCH PLANS, (B) ANY “PLAN” (AS DEFINED IN SECTION 4975(E)(1) OF THE CODE) INCLUDING INDIVIDUAL RETIREMENT ACCOUNTS
AND KEOGH PLANS, OR (C) ANY OTHER ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, 29 C.F.R. § 2510.3-101 OR OTHERWISE UNDER ERISA) BY REASON OF A
PLAN’S INVESTMENT IN THE ENTITY, INCLUDING, WITHOUT LIMITATION, AN INSURANCE COMPANY GENERAL ACCOUNT. 
 . 
  

 A-7 

			
	 REGISTERED
	 	up to $[                ]
		
	 No. [      ]
	 	CUSIP NO. 161571DL5

 CHASE ISSUANCE TRUST 
 Fixed Rate 
 CHASEseries CLASS C(2009-2) NOTE 
 Chase Issuance Trust, a statutory trust created under the laws of the State of Delaware (herein referred to as the “Issuing Entity”), for value
received, hereby promises to pay to CHASE BANK USA, NATIONAL ASSOCIATION, or registered assigns, subject to the following provisions, a principal sum of
[                    ] payable on July 15, 2009 (the “Scheduled Principal Payment Date”), except as otherwise provided below or in the
Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on July 15, 2011 (the “Legal Maturity Date”). Interest will accrue on this Note at the rate of 0% per annum, as
more specifically set forth in the Class C(2009-2) Terms Document, dated as of May 12, 2009 (the “Class C(2009-2) Terms Document”), between the Issuing Entity, the Indenture Trustee and the Collateral Agent, and shall be due and
payable on each Interest Payment Date from the Monthly Interest Accrual Date in the related Monthly Period (or, in the case of the first Interest Payment Date, from and including the date of issuance of this Note) to but excluding the first Monthly
Interest Accrual Date after the end of that Monthly Period. Interest will be computed on the basis of a 360-day year consisting of twelve thirty-day months. Such principal of and interest on this Note shall be paid in the manner specified on the
reverse hereof. 
 The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid
principal of this Note. 
 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the
same effect as though fully set forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the
Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 
  

 A-8 

 IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be signed, manually or in facsimile,
by its Authorized Officer. 
  

			
	CHASE ISSUANCE TRUST, as Issuing Entity
		
	By:	 	CHASE BANK USA, NATIONAL ASSOCIATION, not in its individual capacity but solely as Beneficiary under the Trust Agreement
		
	By:	 	  

	Name:	 	Keith W. Schuck
	Title:	 	President
		
	Date:	 	May 12, 2009

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is the one of the Notes designated above and referred to in the within-mentioned Indenture. 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
		
	By:	 	  

	Name:	 	Cheryl C. Zimmerman, CCTS
	Title:	 	Vice President
		
	Date:	 	May 12, 2009

  

 A-9 

 [REVERSE OF NOTE] 
 This Class C Note is one of the Notes of a duly authorized issue of Notes of the Issuing Entity, designated as its “CHASEseries Class C(2009-2) Notes” (herein called the “Notes”), all issued under
an Third Amended and Restated Indenture dated as of December 19, 2007 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuing Entity and Wells Fargo Bank, National Association, as indenture
trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the Indenture), as supplemented by an Second Amended and Restated Asset Pool One Supplement dated as of December 19, 2007 (the “Asset
Pool One Supplement”), an Amended and Restated CHASEseries Indenture Supplement, dated as of October 15, 2004 (the “Indenture Supplement”), and the Class C(2009-2) Terms Document, each between the Issuing Entity and Wells Fargo
Bank, National Association, as Indenture Trustee and collateral agent (the “Collateral Agent”), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations
thereunder of the Issuing Entity, the Indenture Trustee, the Collateral Agent and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or
amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 
 Although a summary of
certain provisions of the Indenture is set forth below, this Note is qualified in its entirety by the terms and provisions of the Indenture and reference is made to that Indenture for information with respect to the interests, rights, benefits,
obligations, proceeds and duties evidenced hereby and the rights, duties and obligations of the Indenture Trustee. 
 The Class A Notes
and the Class B Notes will also be issued under the Indenture. 
 The Notes are and will be equally and ratably secured by the collateral
pledged as security therefor as provided in the Indenture and the Asset Pool One Supplement. 
 Principal of this Note will be payable on the
Scheduled Principal Payment Date in an amount described on the face hereof, subject to the provisions of the Indenture. 
 As described
above, the entire unpaid principal amount of this Note shall be due and payable on the Legal Maturity Date. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of
Default relating solely to the non-payment of interest on the Notes shall have occurred and be continuing and the Indenture Trustee or the Holders of more than 66b%
of the Outstanding Dollar Principal Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in Section 6.02 of the Indenture; provided, however, that such acceleration of the entire
unpaid principal amount of the Notes may be rescinded by the holders of more than 66b% of the Outstanding Dollar Principal Amount of the Notes. All principal
payments on the Notes shall be made pro rata to the Noteholders entitled thereto. 
  

 A-10 

 On any Payment Date on or after the Payment Date on which the aggregate Nominal Liquidation Amount (after
giving effect to all payments on such Payment Date) of any class of Notes is reduced to less than 10% of its highest Outstanding Dollar Principal Amount at any time, the Servicer has the right, but not the obligation, to redeem such class of Notes
in whole but not in part, pursuant to Section 11.02 of the Indenture. The redemption price of such Notes will equal 100% of the Outstanding Dollar Principal Amount of such Tranche plus accrued, unpaid and additional interest or principal
accreted and unpaid on such Tranche to but excluding the date of redemption. 
 Subject to the terms and conditions of the Indenture, the
Issuing Entity may, from time to time, issue one or more series of Notes secured by one or more asset pools. Subject to the terms of the Asset Pool One Supplement, the Issuing Entity may, from time to time, issue one or more series of Notes secured
by Asset Pool One. Subject to the terms and conditions of the Indenture Supplement, the Issuing Entity may, from time to time, issue one or more Tranches of CHASEseries Notes. 
 On each Payment Date, the Paying Agent shall distribute to each Noteholder of record on the related Record Date (except for the final distribution with
respect to this Note) such Noteholder’s pro rata share of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest and principal on the Notes. Final payments of this Note will be made
only upon presentation and surrender of this Note at the office or offices therein specified. 
 Payments of interest on this Note due and
payable on each Interest Payment Date, together with the installment of principal, if any, due and payable on each Principal Payment Date, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears
as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the clearing
agency (initially, such nominee to be Cede & Co.), as applicable, payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at
the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor
Notes) effected by any payments made on any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If
funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuing Entity, will
notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed within five days of such Payment Date and the amount then due and payable shall be payable only upon presentation and surrender
of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the City of New York. On any payment of interest or principal being made,
details of such payment shall be entered by the Indenture Trustee on behalf of the Issuing Entity in Schedule A hereto. 
  

 A-11 

 As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this
Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuing Entity pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by a commercial bank or trust company located, or having a correspondent located,
in the City of New York or the city in which the Corporate Trust Office is located, or a member firm of a national securities exchange, and such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized
denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the Issuing Entity may be required
to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee, the Collateral Agent or
the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee, the Collateral Agent or
the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee, the Collateral Agent or the Indenture Trustee or of any successor or assign of the Indenture Trustee, the Collateral Agent or
the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration
for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
 Each Noteholder or Note Owner, by
acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that by accepting the benefits of the Indenture that such Noteholder will not at any time institute against First USA Credit Card Master
Trust, Chase Credit Card Master Trust or the Issuing Entity, or join with any institution against First USA Credit Card Master Trust, Chase Credit Card Master Trust or the Issuing Entity, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture, the Asset Pool One Supplement, the CHASEseries Indenture
Supplement, the Terms Agreement or any Derivative Agreement. 
 Prior to the due presentment for registration of transfer of this Note, the
Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuing Entity, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 
  

 A-12 

 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Issuing Entity and the rights of the Holders of the Notes under the Indenture at any time by the Issuing Entity with the consent of the Holders of Notes representing more than 66b% of the Outstanding Dollar Principal Amount of the Notes. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the
Outstanding Dollar Principal Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuing Entity with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any
such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the
consent of Holders of the Notes issued thereunder. 
 The term “Issuing Entity” as used in this Note includes any successor to the
Issuing Entity under the Indenture. 
 The Issuing Entity is permitted by the Indenture, under certain circumstances, to merge or
consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Notes are issuable only in
registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 
 THIS NOTE AND THE
INDENTURE WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, 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. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the
obligation of the Issuing Entity, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 
 No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity on the Notes or under the Indenture or any
certificate or other writing delivered in connection herewith or therewith, against (i) the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuing Entity or (iii) any partner, owner,
beneficiary, agent, officer, director, employee or agent of the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuing Entity or the Owner Trustee or of any successor or assign of the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (it being understood that the Owner Trustee has no such obligations in its individual capacity). The Holder of this Note by the acceptance hereof agrees that, except as
expressly provided in the Indenture, the Asset Pool One Supplement, the CHASEseries 

  

 A-13 

 
Indenture Supplement and the Class C(2009-2) Terms Document, in the case of an Event of Default under the Indenture, the Holder shall have no claim against
any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuing Entity for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note. 
 Notwithstanding the allocation provisions of the Indenture, the
Asset Pool One Supplement, each additional Asset Pool Supplement, the CHASEseries Indenture Supplement and the indenture supplements for each other Series of Notes, if any, to the extent that the CHASEseries Noteholders are deemed to have any
interest in any assets of the Issuing Entity allocated to other Notes, each Noteholder or Note Owner, by acceptance of a Note, or in the case of a Note Owner, a beneficial interest in a Note, shall agree that their interest in those assets is
subordinate to claims or rights of such other Noteholders to those other assets. Further, each Noteholder or Note Owner, by acceptance of a Note, or in the case of a Note Owner, a beneficial interest in a Note, shall agree that such agreement
constitutes a subordination agreement for purposes of Section 510(a) of the Bankruptcy Code. 
  

 A-14 

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee 
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto 
 (name and address of assignee) 
 the within Note and all
rights thereunder, and hereby irrevocably constitutes and appoints attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises. 
 Dated:
                             
  

			
	  
	 	*
	Signature Guaranteed:	 	
		 	

  

	*	NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration,
enlargement or any change whatsoever. 

  

 A-15 

 SCHEDULE A 
 PART I 
 INTEREST PAYMENTS 
  

									
	 Interest Payment Date
	 	 Date of Payment
	 	 Total Amount
 of Interest
 Payable
	 	 Amount of
 Interest Paid
	 	 Confirmation
 of payment by
 or on behalf
 of the Trust

  
  
  
  
  
  

 A-16 

 PART II 
 PRINCIPAL PAYMENTS 
  

							
	 Date of Payment
	 	 Total Amount Payable
	 	 Total Amount Paid
	 	 Confirmation of
 payment by or on
 behalf of the
Trust

  
  

							
	 Date of Payment
	 	 Total Amount Payable
	 	 Total Amount Paid
	 	 Confirmation of
 payment by or on
 behalf of the
Trust

  
  
  
  
  

 A-17

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