Document:

EX-10.11

 Exhibit 10.11 

FIRST HOME BANCORP, INC. 

THIS OBLIGATION IS NOT A DEPOSIT AND IS NOT INSURED BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES, INCLUDING THE FEDERAL
DEPOSIT INSURANCE CORPORATION. THIS OBLIGATION IS SUBORDINATED TO THE CLAIMS OF GENERAL AND SECURED CREDITORS OF THE COMPANY, IS INELIGIBLE AS COLLATERAL FOR ANY EXTENSION OF CREDIT BY THE COMPANY OR ANY OF ITS SUBSIDIARIES AND IS UNSECURED. 

THIS SUBORDINATED NOTE WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN MINIMUM DENOMINATIONS OF $100,000 AND MULTIPLES OF $1,000 IN EXCESS
THEREOF. ANY ATTEMPTED TRANSFER OF SUCH NOTES IN A DENOMINATION OF LESS THAN $100,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER. ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE
HOLDER OF THIS SUBORDINATED NOTE FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF PAYMENTS ON THIS SUBORDINATED NOTE, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN THIS SUBORDINATED NOTE. 

THIS SUBORDINATED NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY
STATE SECURITIES LAWS OR ANY OTHER APPLICABLE SECURITIES LAWS. NEITHER THIS SUBORDINATED NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
REGISTRATION UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF THIS SUBORDINATED NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER THIS SUBORDINATED
NOTE ONLY (A) TO THE COMPANY, (B) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT
PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (C) TO A “NON U.S. PERSON” IN AN “OFFSHORE TRANSACTION”
PURSUANT TO REGULATION S UNDER THE SECURITIES ACT, (D) PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT TO AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (1), (2), (3) OR (7) OF RULE
501(a) UNDER THE SECURITIES ACT THAT IS ACQUIRING THIS SUBORDINATED NOTE FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN “ACCREDITED INVESTOR,” FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY
DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO
CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT TO CONFIRM THE AVAILABILITY OF SUCH EXEMPTION. THE HOLDER OF THIS SUBORDINATED NOTE BY ITS ACCEPTANCE HEREOF AGREES
THAT IT WILL COMPLY WITH THE FOREGOING RESTRICTIONS. 
 THE HOLDER OF THIS SUBORDINATED NOTE BY ITS ACCEPTANCE HEREOF AGREES, REPRESENTS AND
WARRANTS THAT IT WILL NOT ENGAGE IN HEDGING TRANSACTIONS INVOLVING THIS SECURITY UNLESS SUCH TRANSACTIONS ARE IN COMPLIANCE WITH THE SECURITIES ACT OR AN APPLICABLE EXEMPTION THEREFROM. 

 IN CONNECTION WITH ANY TRANSFER, THE HOLDER OF THIS SUBORDINATED NOTE WILL DELIVER TO THE
COMPANY SUCH CERTIFICATES AND OTHER INFORMATION AS MAY BE REQUIRED BY THE COMPANY TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 

CERTAIN ERISA CONSIDERATIONS: 
 EACH PURCHASER AND HOLDER
OF THIS SUBORDINATED NOTE, OR ANY INTEREST HEREIN, BY ITS ACCEPTANCE HEREOF OR THEREOF ALSO AGREES, REPRESENTS AND WARRANTS THAT EITHER (I) IT IS NOT AN EMPLOYEE BENEFIT PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT
TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH A “PLAN”), A TRUSTEE OR
OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN, OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, OR (II) THAT SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE
RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS SUBORDINATED NOTE, OR ANY INTEREST HEREIN, ARE NOT PROHIBITED BY SECTION 406 OF ERISA OR
SECTION 4975 OF THE CODE. ANY FIDUCIARY OF ANY PLAN WHO IS CONSIDERING THE ACQUISITION OF THIS SUBORDINATED NOTE OR ANY INTEREST HEREIN SHOULD CONSULT WITH HIS OR HER LEGAL COUNSEL PRIOR TO ACQUIRING THIS SUBORDINATED NOTE OR ANY INTEREST HEREIN.
 

 FIRST HOME BANCORP, INC. 

6.875% FIXED-TO-FLOATING SUBORDINATED NOTE DUE 2028 

 

			
	 Certificate No.: 1
	  	 CUSIP: 32050L AA3

		
	 U.S. $6,000,000.00
	  	 Dated: December 21, 2018

 FOR VALUE RECEIVED, the undersigned, First Home Bancorp, Inc., a Florida corporation (the “Company”),
promises to pay to the order of U.S. Bank, N.A. FBO BUCKHEAD ONE, LTD. or its registered assigns (collectively, the “Holder”), the principal amount of $6,000,000.00 (SIX MILLION DOLLARS), in the lawful currency of the United States
of America, or such lesser or greater amount as shall then remain outstanding under this Subordinated Note, at the times and in the manner provided herein, but no later than December 21, 2028 (the “Maturity Date”), or such
other date upon which this Subordinated Note shall become due and payable, whether by reason of extension, acceleration or otherwise. 
 Interest on this
Subordinated Note will be payable in arrears on March 31, June 20, September 30 and December 31 of each year, commencing on March 31, 2019, to the Holder of record on March 15, June 15, September 15 and
December 15 and at maturity. 
 Reference is hereby made to the further provisions of this Subordinated Note set forth on the reverse hereof, which
further provisions shall for all purposes have the same effect as if set forth at this place. 
 IN WITNESS WHEREOF, the Company has caused this instrument
to be duly executed. 
  

			
	 FIRST HOME BANCORP, INC.

		
	By:	 	/s/ Anthony N. Leo
		 	 Anthony N. Leo

		 	 Chief Executive Officer

  

	
	 ATTEST:

	
	 /s/ Jaleisce Williams Aidoo

	 Jaleisce Williams Aidoo

	 Assistant Corporate Secretary

 [REVERSE SIDE OF NOTE] 

FIRST HOME BANCORP, INC. 

6.875% FIXED-TO-FLOATING SUBORDINATED NOTE DUE 2028 

The Company promises to pay interest on the principal amount of this Subordinated Note, commencing on the original issue date of this
Subordinated Note, until December 21, 2028 (the “Maturity Date”), or such earlier date as this Subordinated Note is paid in full, at the rate provided herein. The unpaid principal balance of this Subordinated Note plus all
accrued but unpaid interest thereon shall be due and payable on the Maturity Date, or such earlier date on which such amount shall become due and payable. This Subordinated Note is one of the “Notes” referred to in that certain
Subordinated Note Purchase Agreement, dated December 21, 2018 (the “Purchase Agreement”), by and among the Company, the Holder (referred to therein as the “Purchaser”) and the other Purchasers (as defined therein) of
the Notes, and the Subordinated Note is entitled to the benefits thereof. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Purchase Agreement. 

1. Computation and Payment of Interest. This Subordinated Note will bear interest (a) from and including the original issue date
of this Subordinated Note to but excluding December 21, 2023 (the “Fixed-Rate Period End Date”) (or the earlier Redemption Date contemplated by Section 4(a) herein), payable quarterly in arrears at simple
interest of Six and Seven-Eighths percent (6.875%) per annum (the “Fixed Interest Rate”) on each Interest Payment Date through and including the Fixed-Rate Period End Date; and (b) from and including the Fixed-Rate Period End
Date to but excluding the Maturity Date (the “Floating-Rate Period”), at the rate per annum, reset quarterly, equal to the Benchmark plus 404.5 basis points (the “Floating Interest Rate”), payable quarterly in
arrears on each Interest Payment Date during the Floating-Rate Period. “Interest Payment Date” means March 31, June 30, September 30 and December 31 of each year through the Maturity Date. The payments of
interest and principal, if any, due on any Interest Payment Date shall be paid to the holders of record on the fifteenth (15th) of the month of each Interest Payment Date. Interest, whether based on the Fixed Interest Rate or the Floating Interest
Rate, shall be computed on the basis of thirty (30)-day months and a year of three hundred sixty (360) days. 

If a Benchmark Replacement Date shall have occurred prior to the Reference Time for any determination of the Benchmark, the Replacement
Benchmark shall be selected and such determination and all subsequent determinations will be made using the Replacement Benchmark as of the Reference Time for such Replacement Benchmark. 

“Benchmark” means LIBOR; provided that if a Benchmark Replacement Date shall have occurred with respect to LIBOR, then the
term “Benchmark” shall mean the applicable Replacement Benchmark, in either case as observed two (2) New York banking days prior to the first day of the applicable floating rate interest period. 

“Benchmark Discontinuance Event” means the occurrence of one or more of the following events with respect to a Benchmark:

  

	 	(1)	 a public statement or publication of information by or on behalf of the administrator of such Benchmark
announcing that such administrator has ceased or will cease to provide such Benchmark, permanently or indefinitely, provided that, at the time of the statement or publication, there is no successor administrator that will continue to provide
such Benchmark; 

	 	(2)	 a public statement or publication of information by the regulatory supervisor for the administrator of such
Benchmark, the central bank for the currency of such Benchmark, an insolvency official with jurisdiction over the administrator for such Benchmark, a resolution authority with jurisdiction over the administrator for such Benchmark or a court or an
entity with similar insolvency or resolution authority over the administrator for such Benchmark, which states that the administrator of such Benchmark has ceased or will cease to provide such Benchmark permanently or indefinitely, provided
that, at the time of the statement or publication, there is no successor administrator that will continue to provide such Benchmark; 

  

	 	(3)	 a Benchmark rate is not published by the administrator of such Benchmark for five consecutive business days and
such failure is not the result of a temporary moratorium, embargo or disruption declared by the administrator of such Benchmark or by the regulatory supervisor for the administrator of such Benchmark and the Benchmark cannot be determined by
reference to an Interpolated Period; 

  

	 	(4)	 a public statement or publication of information by the administrator of such Benchmark that it has invoked or
will invoke, permanently or indefinitely, its insufficient submissions policy; or 

  

	 	(5)	 a public statement by the regulatory supervisor for the administrator of such Benchmark announcing that such
Benchmark is no longer representative or may no longer be used. 

 “Benchmark Replacement Date” means: 

 

	 	(1)	 for purposes of clauses (1) and (2) of the definition of “Benchmark Discontinuance Event,” the
later of (a) the date of such public statement or publication of information and (b) the date on which the administrator of the relevant Benchmark permanently or indefinitely ceases to provide such Benchmark, 

 

	 	(2)	 for purposes of clause (3) of the definition of “Benchmark Discontinuance Event,” the first
business day following such five (5) consecutive business days, 

  

	 	(3)	 for purposes of clause (4) of the definition of “Benchmark Discontinuance Event,” the later of
(a) the date of such public statement or publication of information and (b) the date such insufficient submissions policy is invoked, and 

  

	 	(4)	 for purposes of clause (5) of the definition of “Benchmark Discontinuance Event,” the later of
(a) the date of such public statement and (b) the date as of which the Benchmark may no longer be used (or, if applicable, is no longer representative). 

If a Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time for any determination, the Benchmark
Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and such determination will be made using the applicable Replacement Benchmark. 

  
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 “Compounded SOFR” means a compounded average of daily SOFR calculated over
a Corresponding Period or Interpolated Period, as applicable, that ends on the second New York business day preceding the first day of the applicable interest period, compounded according to the provisions describing the methodology for compounding
set forth under “USD-SOFR-COMPOUND” of the ISDA Definitions.  

“Corresponding Period” with respect to a Replacement Benchmark means a period or maturity (including overnight) having
approximately the same length (disregarding business day adjustments) as the term period for LIBOR.  
 “Federal
Reserve Bank of New York’s Website” means the website of the Board of Governors of the Federal Reserve System at http://www.newyorkfed.org, or any successor source.  

“Interpolated Period” with respect to a Benchmark means the period determined by interpolating on a linear basis between:
(1) such Benchmark for the longest period (for which such Benchmark is available) that is shorter than the Corresponding Period and (2) such Benchmark for the shortest period (for which such Benchmark is available) that is longer than the
Corresponding Period.  
 “ISDA” means the International Swaps and Derivatives Association, Inc. or any
successor thereto. 
 “ISDA Fallback Rate” means the rate to be effective upon the occurrence of an Index Cessation Event
with respect to the Benchmark according to (and as defined in) the ISDA Definitions, where such rate may have been adjusted for a tenor equal to the Corresponding Period or Interpolated Period, but without giving effect to any additional spread
adjustment to be applied according to such ISDA Definitions.  
 “ISDA Definitions” means the 2006 ISDA
Definitions published by ISDA, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published by ISDA from time to time.  

“LIBOR” means, the offered rate for deposits in U.S. dollars having a maturity of three (3) months, as published by ICE
Benchmark Administration Limited, a company incorporated in England, or a comparable or successor regulated quoting service, as of the Reference Time (or, if LIBOR has not been published as of the Reference Time, as of the first preceding day for
which LIBOR was published); provided that if LIBOR having the maturity of three (3) months shall not be available at the Reference Time, then LIBOR shall mean LIBOR for the Interpolated Period. 

“Reference Time” with respect to any determination of a Benchmark means (1) in the case of LIBOR, 11:00 a.m. (London
time) on the day that is two (2) London banking days preceding the date of such determination, (2) in the case of a forward-looking term SOFR, as published at approximately 8 a.m. (New York time) on the day that is two (2) New York
business days preceding the date of such determination, and (3) in the case of any other Benchmark, as of approximately 8 a.m. (New York time) on the day that is two (2) New York business days preceding the date of such
determination.  

  
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 “Relevant Governmental Body” means the Federal Reserve Board and/or the
Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto. 

“Replacement Benchmark” means: 
  

	 	(1)	 the forward-looking term SOFR rate for a Corresponding Period (or, if there is no Corresponding Period, such
rate for the Interpolated Period) that shall have been selected, endorsed or recommended as the forward-looking term SOFR by the Relevant Governmental Body, plus the applicable Replacement Benchmark Spread; provided that:

  

	 	(2)	 if the Unadjusted Replacement Benchmark cannot be determined as of the Benchmark Replacement Date in accordance
with clause (1) above, then the Replacement Benchmark shall be Compounded SOFR, plus the applicable Replacement Benchmark Spread; provided, further, that: 

 

	 	(3)	 if the Unadjusted Replacement Benchmark cannot be determined as of the Benchmark Replacement Date in accordance
with clause (1) or (2) above, then the Replacement Benchmark shall be SOFR determined as of the Reference Time and remaining in effect for the duration of the Corresponding Period, plus the applicable Replacement Benchmark Spread;
provided, further, that: 

  

	 	(4)	 if the Unadjusted Replacement Benchmark cannot be determined as of the Benchmark Replacement Date in accordance
with clause (1), (2) or (3) above, then the Replacement Benchmark shall be such other alternate, substitute or successor rate as shall have been selected, endorsed or recommended by the Relevant Governmental Body as the replacement for such
Replacement Benchmark, plus the applicable Replacement Benchmark Spread; provided, further, that: 

  

	 	(5)	 if the Unadjusted Replacement Benchmark cannot be determined as of the Benchmark Replacement Date in accordance
with clause (1), (2), (3) or (4) above, then the Replacement Benchmark shall be the fallback rate that is applicable under “USD-SOFR-COMPOUND” following the occurrence of a SOFR Index Cessation
Event (as such terms are defined in the ISDA Definitions), plus the applicable Replacement Benchmark Spread; provided, further, that: 

  

	 	(6)	 if the Unadjusted Replacement Benchmark cannot be determined in accordance with clause (1), (2), (3) or
(4) above as of the Benchmark Replacement Date and the Company, or its designee, (a) shall have determined, in its sole discretion, that the Unadjusted Replacement Benchmark determined in accordance with clause (5) above, if any, is
not an industry-accepted successor rate for determining the rate of interest as a replacement to the Benchmark for floating rate note 

  
 7 

 
issuances at such time and (b) shall have selected, in its sole discretion, as of the Benchmark Replacement Date an alternate rate of interest to replace the Benchmark that is an
industry-accepted successor rate for determining a rate of interest as a replacement to the Benchmark for floating rate notes at such time, then the Replacement Benchmark shall be the rate so determined in clause (b), plus the applicable Replacement
Benchmark Spread. 
 “Replacement Benchmark Spread”
with respect to any Replacement Benchmark, means:  
  

	 	(1)	 the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a
positive or negative value or zero) that shall have been selected, endorsed or recommended by the Relevant Governmental Body for the applicable Unadjusted Replacement Benchmark, provided that: 

 

	 	(2)	 if the Replacement Benchmark Spread cannot be determined as of the Benchmark Replacement Date in accordance
with clause (1) above and the applicable Unadjusted Replacement Benchmark is equivalent to the ISDA Fallback Rate, then the Replacement Benchmark Spread shall be the spread adjustment, or method for calculating or determining such spread
adjustment, (which may be a positive or negative value or zero) (“ISDA Spread Adjustment”) that shall have been selected by ISDA as the spread adjustment that would apply to such ISDA Fallback Rate, provided, further,
that: 

  

	 	(3)	 if (a) the Replacement Benchmark Spread cannot be determined as of the Benchmark Replacement Date in
accordance with clause (1) or (2) above or (b) the Company, or its designee, shall have determined, in its sole discretion as of the Benchmark Replacement Date, that the ISDA Spread Adjustment determined in accordance with clause
(2) above does not produce a Replacement Benchmark that is an industry-accepted successor rate for floating rate notes at such time, then the Replacement Benchmark Spread shall be the spread adjustment, or method for calculating or determining
such spread adjustment, (which may be a positive or negative value or zero) determined by the Company, or its designee, in its sole discretion (that modifies the ISDA Spread Adjustment, if available) to produce a Replacement Benchmark that is an
industry-accepted successor rate for floating rate notes at such time. 

 “SOFR” means the daily Secured
Overnight Financing Rate provided by the Federal Reserve Bank of New York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website. 

2. Non-Business Days. Whenever any payment to be made by the Company hereunder shall be stated
to be due on a day that is not a business day, such payment shall be made on the next succeeding business day without change in any computation of interest with respect to such payment (or any succeeding payment). “Business day”
means any day other than a Saturday, Sunday or any other day on which banking institutions in New York are permitted or required by any applicable Law or executive order to close. 

  
 8 

 3. Transfer. The Company or its agent (the “Registrar”) shall
maintain a register of each holder of the Subordinated Note. The Company shall be entitled to treat each Person in its register as the beneficial owner of this Subordinated Note. The Subordinated Note will initially be issued in certificated form.
This Subordinated Note may be transferred in whole or in part at the principal offices of the Company or Registrar, accompanied by due endorsement or written instrument of transfer. Upon such surrender and presentment, the Company or the Registrar
shall issue one or more Subordinated Notes with an aggregate principal amount equal to the aggregate principal amount of this Subordinated Note and registered in such name or names requested by the holder of record, and shall update its register
accordingly. Such transferee shall be solely responsible for delivering to the Company or the Registrar a mailing address or other information necessary for the Company or the Registrar to deliver notices and payments to such transferee. 

4. Affirmative Covenants of the Company. During the time that any portion of the principal balance of this Subordinated Note is unpaid
and outstanding, the Company shall take or cause to be taken the actions set forth below. 
 (a) Notice of Certain Events. The
Company shall provide written notice to the Holder of the occurrence following the date of this Subordinated Note of the following events as soon as practicable but in no event later than ten (10) business days following the Company’s
becoming aware of the occurrence of such event: 
 (i) the total risk-based capital ratio, Tier 1 risk-based capital ratio, Common Equity
Tier 1 capital ratio or leverage ratio of the Company (but only to the extent the Company is required to measure and report such ratios on a consolidated basis under applicable Law) or any of the Company’s banking subsidiaries (each, a
“Bank”) becomes less than ten percent (10.0%), eight percent (8.0%), six-and-one-half percent (6.5%) or five
percent (5.0%), respectively; 
 (ii) the Company, the Bank, or any executive officer of the Company or the Bank becomes subject to any
formal, written regulatory enforcement action; 
 (iii) the ratio of non-performing assets to total
assets of the Bank, as calculated by the Company in the ordinary course of business and consistent with past practices, becomes greater than three percent (3.0%); 

(iv) the appointment, resignation, removal or termination of the chief executive officer, president, chief operating officer, chief financial
officer, chief credit officer, chief lending officer or any director of the Company or the Bank; or 
 (v) there occurs a change in
ownership of twenty-five percent (25.0%) or more of the voting securities of the Company, except as a result of the issuance of Company common stock. 

(b) Compliance with Laws. The Company and each Subsidiary of the Company shall comply with the requirements of all Laws, regulations,
orders, and decrees applicable to it or its properties, except for such noncompliance that would not reasonably be expected to have a Material Adverse Effect. 

(c) Taxes and Assessments. The Company and each of its Subsidiaries shall punctually pay and discharge all taxes, assessments, and
other governmental charges or levies imposed upon it or upon its income or upon any of its properties; provided, that no such taxes, assessments or other governmental charges need be paid if they are being contested in good faith by the Company.

  
 9 

 (d) Compliance Certificate. Not later than forty-five (45) days following the
end of each fiscal quarter, the Company shall provide the Holder with a certificate (the “Compliance Certificate”), executed by the principal executive officer and principal financial officer of the Company in their capacities as
such, stating whether as of the end of such immediately preceding fiscal quarter, (i) the Company has complied with all notice provisions and covenants contained in this Subordinated Note; (ii) an Event of Default has occurred;
(iii) an event of default has occurred under any other indebtedness of the Company; or (iv) an event or events have occurred that in the reasonable judgment of the management of the Company would have a material adverse effect on the
ability of the Company to perform its obligations under this Subordinated Note. 
 (e) Financial Statements; Access to Records. 

(i) In the event that the Company has not submitted a Consolidated Financial Statements for Holding Companies Reporting Form FR Y-9C to the Board of Governors of the Federal Reserve System (the “Federal Reserve”) within forty-five (45) days following the end of any fiscal quarter, the Company shall provide the Holder
with copies of the Company’s unaudited consolidated balance sheet and statement of income (loss) for and as of the end of such immediately preceding fiscal quarter, prepared in accordance with past practice and in a form substantially similar
to the form provided to the Holders prior to the date hereof. Quarterly financial statements, if required herein, shall be unaudited and, except for the balance sheet and statement of income (loss) for the Bank, need not comply with GAAP. 

(ii) Not later than the earlier of one hundred twenty (120) days from the end of each fiscal year or ten (10) business days after
receipt thereof, the Company shall provide the Holder with copies of the Company’s audited financial statements consisting of the consolidated balance sheet of the Company as of date of the fiscal year end and the related statements of income
(loss) and retained earnings, stockholders’ equity and cash flows for the fiscal year then ended. Such financial statements shall be prepared in accordance with GAAP applied on a consistent basis throughout the period involved. 

(iii) In addition to the foregoing Sections 4(e)(i) and (ii), the Company shall furnish Holder with such financial, business
and legal information of the Company and the Bank, and afford Holder with access to inspect Company records, in each case as Holder may reasonably request, upon reasonable notice, as may be reasonably necessary or advisable to allow Holder to
confirm compliance by the Company with this Subordinated Note. 
 (f) Business Continuation. The Company and each of its subsidiaries
shall use reasonable best efforts to maintain and preserve intact the current organization, business and franchise of the Company and the Bank, including but not limited to (i) maintaining the corporate existence of the Company and the Bank,
and (ii) conducting the business of the Company and the Bank in the ordinary course of business consistent with past practice. 

  
 10 

 5. Negative Covenants. 

(a) The Company shall not declare or pay any dividend or make any distribution on capital stock or other equity securities of any kind of the
Company, except for dividends payable solely in shares of common stock, if either of the Company (but only to the extent the Company is required to measure and report such ratios on a consolidated basis under applicable Law) or the Bank are not
“well capitalized” for regulatory capital purposes, both immediately prior to the declaration of such dividend or distribution and after giving effect to the payment of such dividend or distribution. 

(b) The Company shall not take any action, omit to take any action or enter into any other transaction that would have the effect of
(i) the Company ceasing to be a bank holding company or financial holding company under the Bank Holding Company Act of 1956, as amended, (ii) the liquidation or dissolution of the Company or the Bank, (iii) the Bank ceasing to be an
“insured depository institution” under Section 3(c)(2) of the Federal Deposit Insurance Act, as amended, or (iv) the Company owning less than one hundred percent (100%) of the capital stock of the Bank. 

6. Subordination.  

(a) The obligations of the Company evidenced by this Subordinated Note, including the principal and interest, shall be subordinate and junior
in right of payment to its obligations to its general and secured creditors, whether now outstanding or hereafter incurred, except such other creditors holding obligations of the Company ranking by their terms on a parity with or junior to this
Subordinated Note. No provision of this Subordinated Note shall be construed to prohibit or restrict the Company’s ability to issue, renew or extend any senior indebtedness or obligations that rank on a parity with or junior to this
Subordinated Note. In the event of any insolvency, receivership, conservatorship, reorganization, readjustment of debt, marshaling of assets and liabilities or similar proceedings or any liquidation or winding up of or relating to the Company,
whether voluntary or involuntary, all such obligations shall be entitled to be paid in full before any payment shall be made on account of the principal of or interest on this Subordinated Note. In the event of any such proceedings, after payment in
full of all sums owing on such prior obligations, the Holder, together with holders of any obligations of the Company ranking on a parity with this Subordinated Note (including but not limited to the holders of the other Subordinated Notes),
shall be entitled to be paid from the remaining assets of the Company the unpaid principal thereof and any interest thereon before any payment or other distribution, whether in cash, property or otherwise, shall be made on account of any capital
stock or any obligations of the Company ranking junior to this Subordinated Note. Nothing herein shall impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Subordinated Note
according to its terms. 
 (b) Notwithstanding the provisions of Section 6(a) above, the obligations of the Company evidenced by
this Subordinated Note, including the principal and interest, shall be senior in right and interest of payment to the indebtedness of the Company in connection with any future indebtedness of the Company that is expressly made junior to this
Subordinated Note by the terms of such indebtedness. Nothing herein shall act to prohibit, limit or impede the Company from issuing additional debt of the Company having the same rank as the Subordinated Notes or which may be junior or senior in
rank to the Subordinated Notes. 
 (c) The Holder, if a depository institution, waives any applicable right of offset by it as a lender.

  
 11 

 7. Events of Default and Remedies. 

(a) Notwithstanding any cure periods described below, the Company shall promptly notify Holder in writing when the Company obtains knowledge
of the occurrence of any default specified below. Regardless of whether the Company has given the required notice, the occurrence of one or more of the following will constitute an “Event of Default” under this Subordinated Note:

 (i) the Company fails to pay any principal of or installment of interest on this Subordinated Note when due (or, in the case of interest,
after a fifteen (15)-day grace period); 
 (ii) the Company fails to keep or perform any of its
agreements, undertakings, obligations, covenants or conditions under the Purchase Agreement or this Subordinated Note not expressly referred to in another clause of this Section 7 and such failure continues for a period of thirty
(30) days; 
 (iii) any certification made pursuant to the Purchase Agreement or this Subordinated Note by the Company or otherwise
made in writing in connection with or as contemplated by the Purchase Agreement or this Subordinated Note by the Company shall be materially incorrect or false as of the delivery date of such certification, or any representation to Holder by the
Company as to the financial condition or credit standing of the Company is or proves to be false or misleading in any material respect; 

(iv) the Company or the Bank (A) becomes insolvent or unable to pay its debts as they mature, (B) makes an assignment for the
benefit of creditors, or (C) admits in writing its inability to pay its debts as they mature; or 
 (v) the Company or the Bank
becomes subject to a receivership, insolvency, liquidation, or similar proceeding. 
 (b) Remedies of Holders. Upon the occurrence of
any Event of Default, Holder shall have the right, if such Event of Default shall then be continuing, in addition to all the remedies conferred upon Holder by the terms of the Purchase Agreement or this Subordinated Note, to do any or all of the
following, concurrently or successively, without notice to the Company: 
 (i) solely pursuant to a default under
Section 7(a)(v), declare this Subordinated Note to be, and it shall thereupon become, immediately due and payable, without presentation, demand, protest or notice of any kind, all of which are hereby expressly waived, anything contained
herein or in this Subordinated Note to the contrary; or 
 (ii) exercise all of its rights and remedies at law or in equity, excluding the
right, if any, to declare this Subordinated Note to be immediately due and payable (such right to acceleration being governed solely by Section 7(b)(i). 

(c) Distribution Limitations Upon Event of Default. Upon the occurrence of any Event of Default and until such Event of Default is
cured by the Company, the Company shall not (i) declare, pay, or make any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company’s capital stock, (ii) make any
payment of principal or interest or premium, if any on or repay, repurchase or redeem any debt securities of the Company that rank equal with or junior to the Subordinated Notes, or (iii) make any payments under any guarantee that ranks equal
with or junior to the Subordinated Notes. The limitations imposed by the provisions of this Section 7(c) shall apply whether or not notice of an Event of Default has been given. 

  
 12 

 (d) Reimbursement of Expenses. Upon the occurrence of any Event of Default, in
addition to all the remedies conferred upon Holder by the terms of the Purchase Agreement or this Subordinated Note and subject to any applicable Law, the Company shall pay Holder’s reasonable fees and expenses including attorneys’ fees
and expenses, in connection with the enforcement of this Agreement or other related documents. 
 (e) Other Remedies. Nothing in this
Section 7 is intended to restrict Holder’s rights under this Subordinated Note, other related documents, or at law or in equity, and Holder may exercise such rights and remedies as and when they are available to the extent permitted
by Section 7(b). 
 8. Successors to the Company. 

(a) Conditions Applicable to Successors. The Company shall not merge with or into, nor sell all or substantially all of its assets to,
nor effect a Change in Bank Ownership to, any Person unless: 
 (i) except in a case in which the Company is the surviving entity in a
merger, such Person (the “Successor”) executes, and delivers to the Holder, a copy of an instrument pursuant to which such Person assumes the due and punctual payment of the principal of and interest on this Subordinated Note and
the performance and observance of all the obligations of the Company under this Subordinated Note, and 
 (ii) immediately after giving
effect to the transaction, no Event of Default and no event which after notice or lapse of time or both would become an Event of Default shall have occurred. 

“Change in Bank Ownership” means the sale, transfer, lease or conveyance by the Company, or an issuance of stock by the Bank,
in either case resulting in ownership by the Company of less than 80% of the Bank. 
 (b) Successor as Company. Upon compliance with
this Section 8, the Successor shall succeed to and be substituted for the Company under this Subordinated Note with the same effect as if the Successor had been named as the Company herein, and the Company shall be released from the
obligation to pay the principal of and interest accrued on the Subordinated Notes. 
 9. Amendments and Waivers. 

(a) Amendment of Subordinated Notes. Except as otherwise provided in this Section 9, and subject to any necessary
regulatory approval, the Subordinated Notes may, with the consent of the Company and the Holders of more than fifty percent (50.0%) of the aggregate outstanding principal amount of the Subordinated Notes then outstanding, be amended or any
provision, past or existing default, or non-compliance thereof waived (or modify any previously granted waiver); provided, however, that, without the consent of each Holder of an affected Subordinated
Note, no such amendment or waiver may: 
 (i) reduce the principal amount of the Subordinated Note; 

  
 13 

 (ii) reduce the rate of or change the time for payment of interest on any Subordinated
Note; 
 (iii) extend the maturity of any Subordinated Note; 

(iv) make any change in Sections 6 through 9 hereof; 

(v) make any change in Section 11 hereof that adversely affects the rights of any holder of a Subordinated Note; or 

(vi) disproportionately affect any of the Holders of the then outstanding Subordinated Notes. 

(b) Effectiveness of Amendments. An amendment or waiver becomes effective in accordance with its terms and thereafter binds every
holder of the Subordinated Notes, unless otherwise provided by Section 9(a) above. After an amendment or waiver becomes effective, the Company shall mail to the Holder a copy of such amendment or waiver. The Company may require the
Holder to surrender this Subordinated Note so that an appropriate notation concerning the amendment or waiver may be placed thereon or a new Subordinated Note, reflecting the amendment or waiver, exchanged therefor. Even if such a notation is not
made or such a new Subordinated Note is not issued, such amendment or waiver and any consent given thereto by a Holder of this Subordinated Note shall be binding according to its terms on any subsequent Holder of this Subordinated Note. 

(c) Amendments Without Consent of Holders. Notwithstanding Section 9(a) hereof but subject to the provisos contained
in subsections (i) through (vi) therein, the Company may amend or supplement this Subordinated Note without the consent of the holders of the Subordinated Notes to: (i) cure any ambiguity, defect or inconsistency therein; (ii) provide
for uncertificated Subordinated Notes in addition to or in place of certificated Subordinated Notes; or (iii) make any other change, in each case, that does not adversely affect the rights of any holder of any Subordinated Note. 

10. Order of Payments; Pari Passu. Any payments made hereunder shall be applied first against interest due hereunder; and then against
principal due hereunder. Holder acknowledges and agrees that the payment of all or any portion of the outstanding principal amount of this Subordinated Note and all interest hereon shall be pari passu in right of payment and in all other respects to
the other Subordinated Notes and subordinated debt issued by the Company in the future which by its terms are pari passu with the Subordinated Notes. In the event Holder receives payments in excess of its pro rata share of the Company’s
payments to the holders of all of the Subordinated Notes, then Holder shall hold in trust all such excess payments for the benefit of the holders of the other Subordinated Notes and shall pay such amounts held in trust to such other holders upon
demand by such holders. 
 11. Optional Redemption.  

(a) Redemption Prior to Fifth Anniversary. This Subordinated Note shall not be redeemable by the Company prior to the fifth anniversary
of the effective date of this Subordinated Note, except that in the event (i) the Company is subject to the consolidated capital requirements under applicable regulations of the Board of Governors of the Federal Reserve System (“Federal
Reserve”) and after such time this Subordinated Note no longer qualifies as “Tier 2” capital (as defined by the Federal Reserve) as a result of any amendment or change in interpretation or application of Law or regulation by any
judicial, legislative or regulatory authority that becomes effective after the date of issuance of this Subordinated Note, (ii) of a Tax Event (as defined below), or (iii) of an Investment Company Act Event 

  
 14 

 
(as defined below), the Company may redeem this Subordinated Note, in whole and not in part, at any time upon giving not less than ten (10) days’ notice to the Holder of this
Subordinated Note at an amount equal to one hundred percent (100.0%) of the principal amount outstanding plus accrued but unpaid interest to but excluding the date fixed for redemption (the “Redemption Date”). “Tax
Event” means the receipt by the Company of an opinion of counsel to the Company that as a result of any amendment to, or change (including any final and adopted (or enacted) prospective change) in, the Laws (or any regulations thereunder)
of the United States or any political subdivision or taxing authority thereof or therein, or as a result of any official administrative pronouncement or judicial decision interpreting or applying such Laws or regulations, there exists a material
risk that interest payable by the Company on the Subordinated Notes is not, or within one hundred twenty (120) days after the receipt of such opinion will not be, deductible by the Company, in whole or in part, for United States federal income
tax purposes. “Investment Company Act Event” means the receipt by the Company of an opinion of counsel to the Company to the effect that there is a material risk that the Company is, or within one hundred twenty (120) days of
the date of such opinion will be, considered an “investment company” that is required to register under the Investment Company Act of 1940, as amended. 

(b) Redemption on or After Fifth Anniversary. On or after the fifth anniversary of the effective date of this Subordinated Note, this
Subordinated Note shall be redeemable by the Company, in whole or in part, upon giving the notice required in Section 11(c), for a redemption price equal to one hundred percent (100.0%) of the principal amount of this Subordinated Note,
or portion thereof, to be redeemed, plus accrued but unpaid interest, if any, thereon to, but excluding, the Redemption Date. 
 (c)
Notice of Redemption. Notice of redemption of this Subordinated Note shall be given by first class mail, postage prepaid, addressed to the Holder at its last address appearing on the books of the Company. Such mailing shall be at least thirty
(30) days and not more than sixty (60) days before the Redemption Date. Any notice mailed as provided in this Subordinated Note shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice, but
failure duly to give such notice by mail, or any defect in such notice or in the mailing thereof, to the Holder shall not affect the validity of the proceedings for the redemption of any other holders of the Subordinated Notes. Each notice of
redemption given to the Holder shall state: (i) the Redemption Date; (ii) the principal amount of this Subordinated Note to be redeemed; (iii) the redemption price; and (iv) the place or places where this Subordinated Note is to
be surrendered for payment of the redemption price. 
 (d) Partial Redemption. If less than the then outstanding principal amount of
this Subordinated Note is redeemed, (i) a new Subordinated Note shall be issued representing the unredeemed portion without charge to the Holder thereof and (ii) such redemption shall be effected on a pro rata basis as to the Holders of
the Subordinated Notes. For purposes of clarity, upon a partial redemption, a like percentage of the principal amount of every Subordinated Note held by every Holder shall be redeemed. 

(e) Effectiveness of Redemption. If notice of redemption has been duly given and if on or before the Redemption Date all funds
necessary for the redemption have been deposited by the Company, in trust for the pro rata benefit of the Holders of the Subordinated Notes called for redemption, so as to be and continue to be available solely therefor, then, notwithstanding that
any Subordinated Notes so called for redemption have not been surrendered for cancellation, on and after the Redemption Date interest shall cease to accrue on all Subordinated Notes so called for redemption, all Subordinated Notes so called for
redemption shall no longer be deemed outstanding and all rights with respect to such Subordinated Notes shall forthwith on such Redemption Date cease and terminate, except only the right of the Holders thereof to receive the amount payable on such
redemption held in trust, without interest. Any funds unclaimed at the end of three (3) years from the Redemption Date shall, to the extent permitted by Law, be released to the Company, after which time the Holders of the Subordinated Notes so
called for redemption shall look only to the Company for payment of the redemption price of such Subordinated Notes. 

  
 15 

 (f) Federal Reserve Approval. If necessary, any redemption or prepayment of this
Subordinated Note shall be subject to receipt of prior written approval by the Federal Reserve (or any successor bank regulatory agency having supervisory authority over the Company) and any and all other required federal and state regulatory
approvals. 
 (g) No Sinking Fund. The Subordinated Notes are not entitled to any sinking fund. 

12. Notices. All notices and other communications hereunder shall be in writing and, for purposes of this Subordinated Note, shall be
delivered in accordance with, and effective as provided in, the Purchase Agreement. 
 13. Conflicts; Governing Law; Interpretation.
In the case of any conflict between the provisions of this Subordinated Note and the Purchase Agreement, the provisions of this Subordinated Note shall control. This Subordinated Note will be governed by and construed in accordance with the laws of
the State of New York applicable to contracts made and to be performed entirely within such State. The parties hereby irrevocably and unconditionally consent to submit to the exclusive jurisdiction of the state courts located in the City of New
York, New York and the federal courts located in the City of New York, Borough of Manhattan, New York for any actions, suits or proceedings arising out of or relating to this Subordinated Note, the transactions contemplated by this Subordinated Note
and/or the relationship of the parties. The parties hereby irrevocably and unconditionally consent to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such action, suit or proceeding and irrevocably waive,
to the fullest extent permitted by law, any objection that they may now or hereafter have to the laying of the venue of any such action, suit or proceeding in any such court or that any such action, suit or proceeding which is brought in any such
court has been brought in an inconvenient forum.. This Subordinated Note is intended to meet the criteria for qualification of the outstanding principal as Tier 2 capital under the regulatory guidelines of the Federal Reserve. If at any time the
Company is subject to consolidated capital requirements under applicable regulations of the Federal Reserve and after such time all or any portion of this Subordinated Note ceases to be deemed to be Tier 2 capital, other than due to the limitation
imposed on the capital treatment of subordinated debt during the five years immediately preceding the maturity date of this Subordinated Note, the Company will promptly notify the Holder, and thereafter, subject to the Company’s right to redeem
this Subordinated Note under such circumstances pursuant to the terms of this Subordinated Note, if requested by the Company, the Company and the Holder will work together in good faith to execute and deliver all agreements as reasonably necessary
in order to restructure the applicable portions of the obligations evidenced by this Subordinated Note to qualify as Tier 2 capital. 
 14.
Successors and Assigns. This Subordinated Note shall be binding upon the Company and inure to the benefit of the Holder and its respective successors and permitted assigns. The Holder may assign all, or any part of, or any interest in, the
Holder’s rights and benefits hereunder at any time without notice to or consent of the Company, and the failure of Holder to comply with the requirements of Section 3 shall have no effect of the effectiveness of such assignment. To
the extent of any such assignment, such assignee shall have the same rights and benefits against the Company and shall agree to be bound by and to comply with the terms and conditions of the Purchase Agreement as it would have had if it were the
Holder hereunder. The Company may not assign this Subordinated Note or its obligations hereunder except as provided in Section 8 hereto or with the prior written consent of the Holder. 

  
 16 

 15. Notes Solely Corporate Obligations. The Holder shall not have any recourse for
the payment of principal or interest, on any Subordinated Note, for any claim based thereon or otherwise with respect thereto, under any obligation, covenant or agreement of the Company in this Subordinated Note, or because of the creation of any
indebtedness represented hereby, against any incorporator, stockholder, employee, agent, officer, director or subsidiary, as such, past, present or future, of the Company or of any successor Person, either directly or through the Company or any
successor Person, whether by virtue of any constitution, statute or rule of law, or by enforcement of any assessment or penalty or otherwise. The Holder agrees that all such liability is hereby expressly waived and released as a condition of, and
consideration for, the execution and issuance of this Subordinated Note. 
 16. Waivers. Neither any failure nor any delay on the
part of the Holder in exercising any right, power or privilege under this Subordinated Note shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any other right, power or
privilege. 

  
 17EXHIBIT 4.1

    

     

    

  

  
    BA CREDIT CARD TRUST

    

    

    as Issuer

    

    

    CLASS A(2021-1) TERMS DOCUMENT

    

    

    dated as of May 14, 2021

    

    

    to

    

    

    THIRD AMENDED AND RESTATED BASERIES INDENTURE SUPPLEMENT

    

    

    dated as of December 17, 2015

    

    

    to

    

    

    FOURTH AMENDED AND RESTATED INDENTURE

    

    

    dated as of December 17, 2015

    

    

    THE BANK OF NEW YORK MELLON

    

    

    as Indenture Trustee

     

    
      
        

    

    
    TABLE OF CONTENTS

     

    

    
      	 	 	 	
              Page

            
	 	 	 	

            
	
              ARTICLE I

            	
              Definitions And Other Provisions Of General Application

            	1

            
	 	 	

            
	 	
              Section 1.01.

            	
              Definitions

            	1

            
	 	
              Section 1.02.

            	
              Governing Law; Submission to Jurisdiction; Agent for Service of Process

            	5

            
	 	
              Section 1.03.

            	
              Counterparts

            	6

            
	 	
              Section 1.04.

            	
              Ratification of Indenture and Indenture Supplement

            	6

            
	 	 	 	 
	
              ARTICLE II

            	
              The Class A(2021‐1) Notes

            	7

            
	 	 	 
	 	
              Section 2.01.

            	
              Creation and Designation

            	7

            
	 	
              Section 2.02.

            	
              Specification of Required Subordinated Amount and other Terms

            	7

            
	 	
              Section 2.03.

            	
              Interest Payment

            	7

            
	 	
              Section 2.04.

            	
              Payments of Interest and Principal

            	8

            
	 	
              Section 2.05.

            	
              Form of Delivery of Class A(2021‐1) Notes; Depository; Denominations

            	8

            
	 	
              Section 2.06.

            	
              Delivery and Payment for the Class A(2021‐1) Notes

            	8

            
	 	
              Section 2.07.

            	
              Targeted Deposits to the Accumulation Reserve Account

            	8

            
	 	 	 	 
	
              ARTICLE III

            	
              Representations and Warranties

            	10

            
	 	 	 
	 	
              Section 3.01.

            	
              Issuer’s Representations and Warranties

            	10

            

    

    

    

    
      - i -

      
        

    

    THIS CLASS A(2021-1) TERMS DOCUMENT (this “Terms Document”), by and between BA CREDIT CARD TRUST, a statutory trust created under the laws of the
      State of Delaware (the “Issuer”), having its principal office at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, and THE BANK OF NEW YORK MELLON, a New York banking corporation, as Indenture Trustee (the “Indenture

        Trustee”), is made and entered into as of May 14, 2021.

     

    Pursuant to this Terms Document, the Issuer and the Indenture Trustee shall create a new tranche of Class A Notes and shall specify the principal terms
      thereof.

     

    ARTICLE I

      

        Definitions and Other Provisions of General Application

    

     

    Section 1.01.            Definitions.  For all purposes of this Terms Document, except as otherwise expressly provided
      or unless the context otherwise requires:

     

    (1)          the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the
      singular;

     

    (2)      all other terms used herein which are defined in the Third Amended and Restated BAseries Indenture Supplement, dated as of
      December 17, 2015 (as modified, amended or supplemented from time to time, the “Indenture Supplement”), between the Issuer and the Indenture Trustee, or the Fourth Amended and Restated Indenture, dated as of December 17, 2015 (as modified,
      amended or supplemented from time to time, the “Indenture”), between the Issuer and the Indenture Trustee, as acknowledged and accepted by BANA, as Servicer, either directly or by reference therein, have the meanings assigned to them therein;

     

    (3)         all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted
      accounting principles and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder means such accounting principles as are generally accepted
      in the United States of America at the date of such computation;

     

    (4)          all references in this Terms Document to designated “Articles,” “Sections” and other subdivisions are to the designated
      Articles, Sections and other subdivisions of this Terms Document as originally executed;

     

    (5)         the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Terms Document as a whole and
      not to any particular Article, Section or other subdivision; 

     

    
      
        

    

    
    (6)         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 or the Indenture, the terms and provisions of this Terms Document shall be controlling;

     

    (7)          each capitalized term defined herein shall relate only to the Class A(2021-1) Notes and no other tranche of Notes issued by
      the Issuer; and 

     

    (8)          “including” and words of similar import will be deemed to be followed by “without limitation.”

     

    “Accumulation Reserve Funding Period” shall mean, (a) if the Accumulation Period Length is determined to be one (1) month, there shall be no
      Accumulation Reserve Funding Period and (b) otherwise, the period (x) commencing on the earliest to occur of (i) the Monthly Period beginning three (3) calendar months prior to the first Transfer Date for which a budgeted deposit is targeted to be
      made into the Principal Funding sub-Account of the Class A(2021-1) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (ii) the Monthly Period following the first Transfer Date following and including the March 2022 Transfer Date
      for which the Quarterly Excess Available Funds Percentage is less than 2%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 24 months prior to the Expected Principal Payment Date, (iii) the
      Monthly Period following the first Transfer Date following and including the September 2022 Transfer Date for which the Quarterly Excess Available Funds Percentage is less than 3%, but in such event the Accumulation Reserve Funding Period shall not
      be required to commence earlier than 18 months prior to the Expected Principal Payment Date, and (iv) the Monthly Period following the first Transfer Date following and including the November 2022 Transfer Date for which the Quarterly Excess
      Available Funds Percentage is less than 4%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 16 months prior to the Expected Principal Payment Date and (y) ending on the close of business on the
      last day of the Monthly Period preceding the earlier to occur of (i) the Expected Principal Payment Date for the Class A(2021-1) Notes and (ii) the date on which the Class A(2021-1) Notes are paid in full.

     

    “Base Rate” means, with respect to any Monthly Period, the sum of (i) the Weighted Average Interest Rates for the Outstanding BAseries Notes and the
      Class D Certificate (as such term is defined in the Series 2001‐D Supplement), (ii) the Net Servicing Fee Rate (as such term is defined in the Series 2001‐D Supplement) and (iii) so long as BANA or The Bank of New York Mellon is the Servicer, the
      Servicer Interchange Rate, in each case, for such Monthly Period.

     

    “BAseries Servicer Interchange” means, with respect to any Monthly Period, an amount equal to the product of (a) the Servicer Interchange (as such
      term is defined in the Series 2001‐D Supplement) with respect to such Monthly Period and (b) a fraction the numerator of which is the Weighted Average Available Funds Allocation Amount for the BAseries for such Monthly Period and the denominator of
      which is the Weighted Average Available Funds Allocation Amount for all series of Notes for such Monthly Period.

     

    
      - 2 -

      
        

    

    “Class A(2021-1) Note” means any Note, substantially in the form set forth in Exhibit A-1 to the Indenture Supplement, designated therein as a
      Class A(2021-1) Note and duly executed and authenticated in accordance with the Indenture.

     

    “Class A(2021-1) Noteholder” means a Person in whose name a Class A(2021-1) Note is registered in the Note Register.

     

    “Class A(2021-1) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of
      the Class A(2021-1) 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 VI thereof.

     

    “Class A Required Subordinated Amount of Class B Notes” is defined in Section 2.02(a). 

     

    “Class A Required Subordinated Amount of Class C Notes” is defined in Section 2.02(b).

     

    “Controlled Accumulation Amount” means $41,666,667; provided, however, if the Accumulation Period Length is determined to be less than
      twelve (12) months pursuant to Section 3.10(b)(ii) of the Indenture Supplement, the Controlled Accumulation Amount shall be the amount specified in the definition of “Controlled Accumulation Amount” in the Indenture Supplement.

     

    “Excess Available Funds Percentage” means, with respect to any Transfer Date, the amount, if any, by which the Portfolio Yield for the preceding
      Monthly Period exceeds the Base Rate for such Monthly Period.

     

    “Expected Principal Payment Date” means April 15, 2024.

     

    “Initial Dollar Principal Amount” means $1,000,000,000.

     

    “Interest Payment Date” means the fifteenth day of each month, or if such fifteenth day is not a Business Day, the next succeeding Business Day,
      commencing June 15, 2021.

     

    “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) through the day preceding such Interest Payment Date.

     

    “Issuance Date” means May 14, 2021.

     

    “Legal Maturity Date” means September 15, 2026.

     

    “Note Interest Rate” means a per annum rate equal to 0.44%.

     

    
      - 3 -

      
        

    

    “Paying Agent” means The Bank of New York Mellon.

     

    “Portfolio Yield” means, with respect to any Monthly Period, the annualized percentage equivalent of a fraction, the numerator of which is (a) the
      amount of Available Funds allocated to the BAseries pursuant to Section 501 of the Indenture, plus (b) the amount of Available Funds distributed pursuant to Sections 4.06(a)(ii) and (iii) of the Series 2001‐D Supplement, plus
      (c) any Interest Funding sub‐Account Earnings on the related Transfer Date, plus (d) any amounts to be treated as BAseries Available Funds pursuant to Sections 3.20(d) and 3.27(a) of the Indenture Supplement, plus (e) the BAseries
      Servicer Interchange for such Monthly Period, minus (f) the excess, if any, of the sum of the PFA Prefunding Earnings Shortfall plus the PFA Accumulation Earnings Shortfall over the sum of the aggregate amount to be treated as BAseries Available
      Funds for such Monthly Period pursuant to Sections 3.04(a)(ii) and 3.25(a) of the Indenture Supplement plus any other amounts applied to cover earnings shortfalls on amounts in the Principal Funding sub‐Account for any tranche of
      BAseries Notes for such Monthly Period, minus (g) the BAseries Investor Default Amount for such Monthly Period, minus (h) the Aggregate Class D Investor Default Amount (as such term is defined in the Series 2001‐D Supplement) for such Monthly Period,
      and the denominator of which is the Weighted Average Floating Allocation Investor Interest (as such term is defined in the Series 2001‐D Supplement) for such Monthly Period.

     

    “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 306 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.

     

    “Quarterly Excess Available Funds Percentage” means, with respect to the March 2022 Transfer Date and each Transfer Date thereafter, the percentage
      equivalent of a fraction the numerator of which is the sum of the Excess Available Funds Percentages with respect to the immediately preceding three Monthly Periods and the denominator of which is three.

     

    “Record Date” means, for any Transfer Date, the last day of the preceding Monthly Period.

     

    “Required Accumulation Reserve sub-Account Amount” means, with respect to any Monthly Period during the Accumulation Reserve Funding Period, an amount
      equal to (i) 0.5% of the Outstanding Dollar Principal Amount of the Class A(2021-1) Notes as of the close of business on the last day of the preceding Monthly Period or (ii) any other amount designated by the Issuer; provided, however,
      that if such designation is of a lesser amount, the Note Rating Agencies shall have provided prior written confirmation that a Ratings Effect will not occur with respect to such change.

     

    “Servicer Interchange Rate” means, for any Monthly Period, the percentage equivalent of a fraction, the numerator of which is the BAseries Servicer
      Interchange for such Monthly Period, and the denominator of which is the Weighted Average Floating Allocation Investor Interest (as such term is defined in the Series 2001‐D Supplement) for such Monthly Period.

     

    
      - 4 -

      
        

    

    “Stated Principal Amount” means $1,000,000,000.

     

    “Weighted Average Interest Rates” means, with respect to any Outstanding Notes of a class or tranche of the BAseries or the Class D Certificate (as
      such term is defined in the Series 2001‐D Supplement), or of all of the Outstanding Notes of the BAseries and the Class D Certificate, on any date, the weighted average (weighted based on the Outstanding Dollar Principal Amount of the related Notes
      on such date or, in the case of the Class D Certificate, based on the Class D Investor Interest (as such term is defined in the Series 2001‐D Supplement) on such date) of the following rates of interest:

     

    (a)          in the case of the Class D Certificate or a tranche of Dollar Interest-bearing Notes with no Derivative Agreement for interest, the rate of
      interest applicable to that tranche or the Class D Certificate on that date;

     

    (b)          in the case of a tranche of Discount Notes, the rate of accretion (converted to an accrual rate) of that tranche on that date;

     

    (c)         in the case of a tranche of Notes with a payment due under a Performing Derivative Agreement for interest, the rate at which payments by the
      Issuer to the applicable Derivative Counterparty accrue on that date (prior to the netting of such payments, if applicable); and 

     

    (d)          in the case of a tranche of Notes with a non-Performing Derivative Agreement for interest, the rate specified for that date in the related terms
      document.

     

    Section 1.02.          Governing Law; Submission to Jurisdiction; Agent for Service of Process.  This Terms Document shall be governed by and
      construed in accordance with the laws of the State of Delaware, without regard to principles of conflict of laws.  The parties hereto declare that it is their intention that this Terms Document shall be regarded as made under the laws of the State of
      Delaware and that the laws of said State shall be applied in interpreting its provisions in all cases where legal interpretation shall be required.  Each of the parties hereto agrees (a) that this Terms Document involves at least $100,000.00, and
      (b) that this Terms Document has been entered into by the parties hereto in express reliance upon 6 DEL. C. § 2708.  Each of the parties hereto hereby irrevocably and unconditionally agrees (a) to be subject to the jurisdiction of the courts
      of the State of Delaware and of the federal courts sitting in the State of Delaware, and (b)(1) to the extent such party is not otherwise subject to service of process in the State of Delaware, to appoint and maintain an agent in the State of
      Delaware as such party’s agent for acceptance of legal process, and (2) that, to the fullest extent permitted by applicable law, service of process may also be made on such party by prepaid certified mail with a proof of mailing receipt validated by
      the United States Postal Service constituting evidence of valid service, and that service made pursuant to (b)(1) or (2) above shall, to the fullest extent permitted by applicable law, have the same legal force and effect as if served upon such party
      personally within the State of Delaware.

     

    
      - 5 -

      
        

    

    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 and the
      Indenture Supplement is in all respects ratified and confirmed and the Indenture as so supplemented by the Indenture Supplement as so supplemented and this Terms Document shall be read, taken and construed as one and the same instrument.

     

    [END OF ARTICLE I]

     

    

    
      - 6 -

      
        

    

    ARTICLE II

      

      The Class A(2021-1) Notes

     

    Section 2.01.           Creation and Designation.  There is hereby created a tranche of BAseries Class A Notes to be issued pursuant to the Indenture
      and the Indenture Supplement to be known as the “BAseries Class A(2021-1) Notes.”

     

    Section 2.02.            Specification of Required Subordinated Amount and other Terms.

     

    (a)        For the Class A(2021-1) Notes for any date of determination, the Class A Required Subordinated Amount of Class B Notes will be an amount equal to
      14.28571% of (i) the Adjusted Outstanding Dollar Principal Amount of the Class A(2021-1) Notes on such date or (ii) if an Early Redemption Event with respect to the Class A(2021-1) Notes shall have occurred, if an Event of Default and acceleration of
      the Class A(2021-1) Notes shall have occurred or if the Class A Usage of the Class B Required Subordinated Amount for such tranche of Class A Notes is greater than zero, the Adjusted Outstanding Dollar Principal Amount of the Class A(2021-1) Notes as
      of close of business on the day immediately preceding the occurrence of such Early Redemption Event, such Event of Default and acceleration or the date on which the Class A Usage of Class B Required Subordinated Amount exceeded zero.

     

    (b)        For the Class A(2021-1) Notes for any date of determination, the Class A Required Subordinated Amount of Class C Notes will be an amount equal to
      12.69841% of (i) the Adjusted Outstanding Dollar Principal Amount of the Class A(2021-1) Notes on such date or (ii) if an Early Redemption Event with respect to the Class A(2021-1) Notes shall have occurred, if an Event of Default and acceleration of
      the Class A(2021-1) Notes shall have occurred or if the Class A Usage of the Class C Required Subordinated Amount for such tranche of Class A Notes is greater than zero, the Adjusted Outstanding Dollar Principal Amount of the Class A(2021-1) Notes as
      of close of business on the day immediately preceding the occurrence of such Early Redemption Event, such Event of Default and acceleration or the date on which the Class A Usage of Class C Required Subordinated Amount exceeded zero.

     

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

     

    Section 2.03.            Interest Payment.

     

    (a)          For each Interest Payment Date (other than the first Interest Payment Date), the amount of interest due with respect to the Class A(2021-1)
      Notes shall be an amount equal to one-twelfth of the product of (i) the Note Interest Rate times (ii) the Outstanding Dollar Principal Amount of the Class A(2021-1) Notes determined as of the Record Date
      preceding the related Transfer Date; provided, however, that for the first Interest Payment Date the amount of interest due is $378,888.89.  Interest on the Class A(2021-1) Notes will be calculated on the basis of a 360-day year
      consisting of twelve 30-day months.

     

    
      - 7 -

      
        

    

    
    (b)         Pursuant to Section 3.03 of the Indenture Supplement, on each Transfer Date, the Indenture Trustee shall deposit into the Class A(2021-1)
      Interest Funding sub-Account the portion of BAseries Available Funds allocable to the Class A(2021-1) Notes. 

     

    Section 2.04.          Payments of Interest and Principal.  Any installment of interest or principal, if any, payable on any Class A(2021-1) Note
      which is punctually paid or duly provided for by the Issuer and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to the Person in whose name such Class A(2021-1) 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.

     

    The right of the Class A(2021-1) Noteholders to receive payments from the Issuer will terminate on the first Business Day following the Class A(2021-1)
      Termination Date.

     

    Section 2.05.            Form of Delivery of Class A(2021-1) Notes; Depository; Denominations.

     

    (a)          The Class A(2021-1) Notes shall be delivered in the form of a global Registered Note as provided in Sections 202 and 301(i) of
      the Indenture, respectively.

     

    (b)          The Depository for the Class A(2021-1) Notes shall be The Depository Trust Company, and the Class A(2021-1) Notes shall initially be registered
      in the name of Cede & Co., its nominee.

     

    (c)          The Class A(2021-1) Notes will be issued in minimum denominations of $5,000 and multiples of $1,000 in excess of that amount.

     

    Section 2.06.        Delivery and Payment for the Class A(2021-1) Notes.  The Issuer shall execute and deliver the Class A(2021-1) Notes to the
      Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2021-1) Notes when authenticated, each in accordance with Section 303 of the Indenture.

     

    Section 2.07.          Targeted Deposits to the Accumulation Reserve Account.  The deposit targeted to be made to the Accumulation Reserve
      Account for any Monthly Period during the Accumulation Reserve Funding Period will be an amount equal to the Required Accumulation Reserve sub-Account Amount.

     

     [END OF ARTICLE II]

     

      

    
      - 8 -

      
        

    

    
    ARTICLE III

      

        Representations and Warranties

     

    Section 3.01.          Issuer’s Representations and Warranties.  The Issuer makes the following representations and warranties as to the Collateral
      Certificate on which the Indenture Trustee is deemed to have relied in acquiring the Collateral Certificate.  Such representations and warranties speak as of the execution and delivery of this Terms Document, but shall survive until the termination
      of this Terms Document.  Such representations and warranties shall not be waived by any of the parties to this Terms Document unless the Issuer has obtained written confirmation from each Note Rating Agency that there will be no Ratings Effect with
      respect to such waiver.

     

    (a)          The Indenture creates a valid and continuing security interest (as defined in the Delaware UCC) in the Collateral Certificate in favor of the
      Indenture Trustee, which security interest is prior to all other liens, and is enforceable as such as against creditors of and purchasers from the Issuer.

     

    (b)          The Collateral Certificate constitutes either an “account,” a “general intangible,” an “instrument,” or a “certificated security,” each within
      the meaning of the Delaware UCC.

     

    (c)          At the time of the transfer and assignment of the Collateral Certificate to the Indenture Trustee pursuant to the Indenture, the Issuer owned
      and had good and marketable title to the Collateral Certificate free and clear of any lien, claim or encumbrance of any Person.

     

    (d)         The Issuer has caused, within ten days of the execution of the Indenture, the filing of all appropriate financing statements in the proper filing
      office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Collateral Certificate granted to the Indenture Trustee pursuant to the Indenture.

     

    (e)         Other than the security interest granted to the Indenture Trustee pursuant to the Indenture, the Issuer has not pledged, assigned, sold, granted
      a security interest in, or otherwise conveyed the Collateral Certificate.  The Issuer has not authorized the filing of and is not aware of any financing statements against the Issuer that include a description of collateral covering the Collateral
      Certificate other than any financing statement relating to the security interest granted to the Indenture Trustee pursuant to the Indenture or any financing statement that has been terminated.  The Issuer is not aware of any judgment or tax lien
      filings against the Issuer.

     

    (f)           All original executed copies of the Collateral Certificate have been delivered to the Indenture Trustee.

     

    (g)         At the time of the transfer and assignment of the Collateral Certificate to the Indenture Trustee pursuant to the Indenture, the Collateral
      Certificate had no marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee.

     

    [END OF ARTICLE III]

    

    

    
      - 9 -

      
        

    

    

    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.

     

    
      	

            	
              BA CREDIT CARD TRUST,

            
	

            	
              by BA CREDIT CARD FUNDING, LLC,

            
	

            	
              as Beneficiary and not in its individual capacity

            

      

      

      	

            	
              By:

            	

            

      	

            	

            	
              Name:

            	
              Keith W. Landis

            
	

            	

            	
              Title:

            	
              CEO & President

            

    

     

    

    
      [Signature Page to the Class A(2021-1) Terms Document]

    

     

    

    
      
        

    

    
      	

            	
              THE BANK OF NEW YORK MELLON, as Indenture Trustee

            
	

            	
              and not in its individual capacity

            

      

      

      	

            	
              By:

            	

            

      	

            	

            	
              Name:

              

            	

            
	

            	

            	
              Title:

              

            	

            

    

  

  

  

  

  

  
    [Signature Page to the Class A(2021-1) Terms Document]

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