Document:

Exhibit 4.1

 Exhibit 4.1 
 CHASE ISSUANCE TRUST 
 as Issuing Entity 
 CLASS A(2008-15) TERMS DOCUMENT 
 dated as of September 29, 2008 
 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	  	5
	Section 1.04	 	Ratification of Indenture and Indenture Supplement	  	5
	
	ARTICLE II
	
	The Class A(2008-15) Notes
			
	Section 2.01	 	Creation and Designation	  	6
	Section 2.02	 	Specification of Required Subordinated Amount and Other Terms	  	6
	Section 2.03	 	Interest Payment	  	6
	Section 2.04	 	Calculation Agent; Determination of LIBOR	  	7
	Section 2.05	 	Payments of Interest and Principal	  	8
	Section 2.06	 	Form of Delivery of Class A(2008-15) Notes; Depository; Denominations	  	8
	Section 2.07	 	Delivery of the Class A(2008-15) Notes	  	8
	Section 2.08	 	Supplemental Indenture	  	8
	
	ARTICLE III
	
	Restrictions on Transfer of the Class A(2008-15) Notes
			
	Section 3.01	 	Registration; Registration of Transfer and Exchange; Transfer Restrictions	  	10
	Section 3.02	 	Payment of Principal and Interest on and Exchange of Temporary Regulation S Global Notes	  	14
	Section 3.03	 	Global Notes	  	14
	Section 3.04	 	Regulation S Global Notes	  	15
	Section 3.05	 	Special Transfer Provisions	  	16
	
	ARTICLE IV
	
	Miscellaneous Provision
			
	Section 4.01	 	Amendments	  	19

  

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 THIS CLASS A(2008-15) 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 September 29, 2008. 
 Pursuant to this Terms Document, the Issuing Entity and the Indenture Trustee shall create a new Tranche of CHASEseries Class A Notes and shall
specify the principal terms thereof. 
 ARTICLE I 
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 
 Section 1.01
Definitions. For all purposes of this Terms Document, except as otherwise expressly provided or unless the context otherwise requires: 
 (1) the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular; 
 (2) all other terms used herein which are defined in the Indenture Supplement, the Indenture or the Asset Pool Supplement, either directly or by reference therein, have the meanings assigned to them therein; 
 (3) as used in this Terms Document and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in
this Terms Document or in any such certificate or other document, and accounting terms partly defined in this Terms Document or in any such certificate or other document to the extent not defined, shall have the respective meanings given to them
under GAAP. To the extent that the definitions of accounting terms in this Terms Document or in any such certificate or other document are inconsistent with the meanings of such terms under GAAP, the definitions contained in this Terms Document or
in any such certificate or other document shall control; 
 (4) the words “hereof,” “herein,” “hereunder” and
words of similar import when used in this Terms Document shall refer to this Terms Document as a whole and not to any particular provision of this Terms Document; references to any subsection, Section, clause, Schedule or Exhibit are references to
subsections, Sections, clauses, Schedules and Exhibits in or to this Terms Document unless otherwise specified; the term “including” means “including without limitation”; references to any law or regulation refer to that law or
regulation as amended from time to time and include any successor law or regulation; references to any Person include that Person’s successors and assigns; and references to any agreement refer to such agreement, as amended, supplemented or
otherwise modified from time to time; 
 (5) in the event that any term or provision contained herein shall conflict with or be inconsistent
with any term or provision contained in the Indenture Supplement, the Indenture or the Asset Pool Supplement, the terms and provisions of this Terms Document shall be controlling; and 

 (6) each capitalized term defined herein shall relate only to the Class A(2008-15) Notes and no other
Tranche of CHASEseries Notes issued by the Issuing Entity. 
 “Asset Pool Supplement” means the Second Amended and Restated
Asset Pool One Supplement to the Indenture, dated as of December 19, 2007, by and among the Issuing Entity, the Indenture Trustee and the Collateral Agent. 
 “Beneficiary” means Chase Bank USA, National Association, in its capacity as beneficial owner of the Issuing Entity. 
 “Calculation Agent” is defined in Section 2.04(a). 
 “Class A(2008-15) Adverse
Event” means the occurrence of any of the following: (a) an Early Amortization Event with respect to the Class A(2008-15) Notes, (b) an Event of Default and acceleration of the Class A(2008-15) Notes, (c) the Class A
Usage of the Class B Required Subordinated Amount for the Class A(2008-15) Notes becomes greater than zero or (d) the Class A Usage of the Class C Required Subordinated Amount for the Class A(2008-15) Notes becomes greater than zero.

 “Class A(2008-15) Note” means any Note, substantially in the form set forth in Exhibit A, Exhibit B or Exhibit C to this
Terms Document, designated therein as a Class A(2008-15) Note and duly executed and authenticated in accordance with the Indenture. 
 “Class A(2008-15) Noteholder” means a Person in whose name a Class A(2008-15) Note is registered in the Note Register. 
 “Class A(2008-15) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2008-15) Notes is paid in full, (b) the Legal
Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to Article V thereof. 
 “Class A
Required Subordinated Amount of Class B Notes” is defined in Section 2.02(a). 
 “Class A Required Subordinated
Amount of Class C Notes” is defined in Section 2.02(b). 
 “Clearing Agency” means an organization registered
as a “clearing agency” pursuant to Section 17A of the Securities Exchange Act. 
 “Clearstream” means
Clearstream Banking, societe anonyme. 
 “Controlled Accumulation Amount” means $300,000,000; provided,
however, if the Accumulation Period Length is determined to be less than twelve months pursuant to Section 3.12(b)(ii) of the Indenture Supplement, the Controlled Accumulation Amount for any Note Transfer Date with respect to the Class
A(2008-15) Notes will be the amount specified in the definition of “Controlled Accumulation Amount” in the Indenture Supplement. 
  

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 “Custodian” means the entity maintaining possession of the Global Notes for the Clearing
Agency. 
 “Depository Certification” is defined in Section 3.02. 
 “Distribution Compliance Period” has the meaning specified in Rule 902 of Regulation S under the Securities Act. 
 “DWAC” means Deposit and Withdrawal At Custodian Service. 
 “Euroclear” means Euroclear Bank, S.A./N.V., as operator of the Euroclear System. 
 “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 $3,600,000,000

 “Interest Payment Date” means October 15, 2008 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 September 29, 2008. 
 “Legal Maturity Date” means January 16, 2012. 
 “LIBOR” means, for
any Interest Period, the London interbank offered rate for one-month United States dollar deposits determined by the Calculation Agent on the LIBOR Determination Date for each Interest Period in accordance with the provisions of Section 2.04.

 “LIBOR Determination Date” means (1) September 25, 2008 for the period from and including the Issuance Date
through but excluding October 15, 2008 and (2) for each Interest Period thereafter, the second London Business Day prior to the commencement of the second and each subsequent Interest Period. 
 “London Business Day” means any Business Day on which dealings in deposits in United States Dollars are transacted in the London
interbank market. 
  

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 “Note Interest Rate” means a rate per annum equal to 1.43% in excess of LIBOR as
determined by the Calculation Agent on the related LIBOR Determination Date with respect to each Interest Period. 
 “Paying
Agent” means Wells Fargo Bank, National Association. 
 “Permanent Regulation S Global Note” is defined in
Section 3.04(a). 
 “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. 
 “QIB” means a “qualified
institutional buyer,” as defined in Rule 144A under the Securities Act. 
 “Record Date” means, for any Note Transfer
Date, the last Business Day of the preceding Monthly Period. 
 “Reference Banks” means four major banks in the London
interbank market selected by the Beneficiary. 
 “Regulation S Certification” is defined in Section 3.02. 

“Regulation S Global Note” means a Temporary Regulation S Global Note or a Permanent Regulation S Global Note. 
 “Release Date” is defined in Section 3.02. 
 “Reuters Screen LIBOR01 Page” means the display page so designated on the Reuters Monitor Money Rates (or such other page as may replace that page on that service, or such other service as may be
nominated as the information vendor, for the purposes of displaying rates comparable to LIBOR). 
 “Rule 144A Global Note”
is defined in Section 3.03. 
 “Scheduled Principal Payment Date” means January 15, 2010. 
 “Stated Principal Amount” means $3,600,000,000. 
 “Temporary Regulation S Global Note” is defined in Section 3.03. 
 “Transfer” means a sale, conveyance, assignment, hypothecation, pledge, participation, or other form of transfer of any Class A(2008-15) 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 

  

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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] 
  

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 ARTICLE II 
 THE CLASS A(2008-15) NOTES 
 Section 2.01 Creation and Designation. There is
hereby created a Tranche of CHASEseries Class A Notes to be issued pursuant to the Indenture and the Indenture Supplement to be known as the “CHASEseries Class A(2008-15) Notes.” 
 Section 2.02 Specification of Required Subordinated Amount and Other Terms. 
 (a) For the Class A(2008-15) Notes for any date of determination, the Class A Required Subordinated Amount of Class B Notes will be an amount equal
to 6.49718% of (i) prior to the occurrence of a Class A(2008-15) Adverse Event, the Adjusted Outstanding Dollar Principal Amount of the Class A(2008-15) Notes on such date of determination or (ii) on and after the date on which a Class
A(2008-15) Adverse Event shall have occurred, the greater of (1) the Adjusted Outstanding Dollar Principal Amount of the Class A(2008-15) Notes on such date of determination and (2) the Adjusted Outstanding Dollar Principal Amount of the
Class A(2008-15) Notes as of the close of business on the day immediately preceding the date on which such Class A(2008-15) Adverse Event shall have occurred. 
 (b) For the Class A(2008-15) Notes for any date of determination, the Class A Required Subordinated Amount of Class C Notes will be an amount equal to 6.49718% of (i) prior to the occurrence of a Class
A(2008-15) Adverse Event, the Adjusted Outstanding Dollar Principal Amount of the Class A(2008-15) Notes on such date of determination or (ii) on and after the date on which a Class A(2008-15) Adverse Event shall have occurred, the greater of
(1) the Adjusted Outstanding Dollar Principal Amount of the Class A(2008-15) Notes on such date of determination and (2) Adjusted Outstanding Dollar Principal Amount of the Class A(2008-15) Notes as of the close of business on the day
immediately preceding the date on which such Class A(2008-15) Adverse Event shall have occurred. 
 (c) The Issuing Entity may change the
percentages or the formulas set forth in either clause (a) or (b) above without the consent of any Noteholder so long as the Issuing Entity has (i) received written confirmation from each Note Rating Agency that has rated any
Outstanding Notes that the change in either of such percentages or formulas, as applicable, will not result in a Ratings Effect with respect to any Outstanding Notes and (ii) delivered to the Indenture Trustee and the Note Rating Agencies a
Master Trust Tax Opinion and an Issuing Entity Tax Opinion. 
 Section 2.03 Interest Payment. (a) For each Interest Payment
Date, the amount of interest due with respect to the Class A(2008-15) Notes shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the related Interest Period and the
denominator of which is 360, times (B) the Note Interest Rate in effect with respect to the related Interest Period, times (ii) the Outstanding Dollar Principal Amount of the Class A(2008-15) Notes determined as of the close
of business on the Interest Payment Date preceding the related Note Transfer Date for the Class A(2008-15) Notes; provided, however, 

  

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that for the first Interest Payment Date, the amount of interest due with respect to the Class A(2008-15) Notes shall be an amount equal to the product of
(x) the Outstanding Dollar Principal Amount of the Class A(2008-15) Notes on the Issuance Date, (y) 16 divided by 360 and (z) the Note Interest Rate in effect with respect to the Class A(2008-15) Notes determined on September 25,
2008. Interest on the Class A(2008-15) Notes will be calculated on the basis of the actual number of days elapsed and a 360-day year. 
 (b)
Pursuant to Section 3.03 of the Indenture Supplement, on each Note Transfer Date with respect to the Class A(2008-15) Notes, the Indenture Trustee shall deposit into the Class A(2008-15) Interest Funding Sub-Account the portion of CHASEseries
Available Finance Charge Collections allocable to the Class A(2008-15) Notes. 
 Section 2.04 Calculation Agent; Determination of
LIBOR. 
 (a) The Issuing Entity hereby agrees that for so long as any Class A(2008-15) Notes are Outstanding, there shall at all times
be an agent appointed to calculate LIBOR for each Interest Period (the “Calculation Agent”). The Issuing Entity hereby initially appoints the Indenture Trustee as the Calculation Agent for purposes of determining LIBOR for each Interest
Period. The Calculation Agent may be removed by the Issuing Entity at any time. If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuing Entity, or if the Calculation Agent fails to determine LIBOR for an Interest
Period, the Issuing Entity shall promptly appoint a replacement Calculation Agent that does not control or is not controlled by or under common control with the Issuing Entity or its Affiliates. The Calculation Agent may not resign its duties, and
the Issuing Entity may not remove the Calculation Agent, without a successor having been duly appointed. 
 (b) On each LIBOR Determination
Date, the Calculation Agent shall determine LIBOR on the basis of the rate for deposits in United States dollars for a one-month period which appears on Reuters Screen LIBOR01 Page or on such comparable system as is customarily used to quote LIBOR
as of 11:00 a.m., London time, on such date. If such rate does not appear on Reuters Screen LIBOR01 Page or on a comparable system as is customarily used to quote LIBOR the rate for that LIBOR Determination Date shall be determined on the basis of
the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a one-month period. The Calculation Agent shall request
the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date shall be the arithmetic mean of the quotations. If fewer than two
quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Beneficiary, at approximately 11:00 a.m., New York City time, on that
day for loans in United States dollars to leading European banks for a one-month period. 
 (c) The Note Interest Rate applicable to the
then current and the immediately preceding Interest Periods may be obtained by telephoning the Indenture Trustee at its corporate trust office at (612) 667-8058 or such other telephone number as shall be designated by the Indenture Trustee for
such purpose by prior written notice by the Indenture Trustee to each Noteholder from time to time. 
  

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 (d) On each LIBOR Determination Date, the Calculation Agent shall send to the Indenture Trustee and the
Beneficiary, via email or by facsimile transmission, notification of LIBOR for the following Interest Period. 
 Section 2.05
Payments of Interest and Principal. 
 (a) Any installment of interest or principal payable on any Class A(2008-15) Note which is
punctually paid or duly provided for by the Issuing Entity and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to the Person in whose name such Class A(2008-15) 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 Class A(2008-15) Notes registered on the Record Date in the name of the nominee of Cede & Co., payment shall be made by wire transfer in immediately available funds to the account designated by such
nominee. 
 (b) The right of the Class A(2008-15) Noteholders to receive payments from the Issuing Entity will terminate on the first
Business Day following the Class A(2008-15) Termination Date. 
 Section 2.06 Form of Delivery of Class A(2008-15) Notes; Depository;
Denominations. 
 (a) The Class A(2008-15) Notes shall be delivered in the form of global Registered Notes substantially in the form of
Exhibit A, Exhibit B or Exhibit C to this Terms Document (or such other form as the Issuing Entity may determine), delivered as provided in Sections 2.02 and 3.01(i) of the Indenture, respectively. 
 (b) The Depository for the Class A(2008-15) Notes shall be The Depository Trust Company, and the Class A(2008-15) Notes shall initially be registered in
the name of Cede & Co., its nominee. 
 (c) The Class A(2008-15) Notes will be issued in minimum denominations of $250,000 and
integral multiples of $1,000 in excess thereof. 
 Section 2.07 Delivery of the Class A(2008-15) Notes. The Issuing Entity shall
execute and deliver the Class A(2008-15) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2008-15) Notes when authenticated, each in accordance with Section 3.03 of the Indenture.

 Section 2.08 Supplemental Indenture. The Issuing Entity may enter into a supplemental indenture with respect to the Class
A(2008-15) Notes as provided in Section 9.01 of the Indenture; provided, however, that any supplemental indenture which provides for an additional or alternative form of credit enhancement for the Class A(2008-15) Notes shall, in
addition to the requirements set forth in Section 9.01 of the Indenture, require confirmation 

  

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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] 
  

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 ARTICLE III 
 RESTRICTIONS ON TRANSFER OF THE CLASS A(2008-15) NOTES 
 Section 3.01 Registration;
Registration of Transfer and Exchange; Transfer Restrictions. 
 The Class A(2008-15) Notes have not been registered under the Securities
Act or any state securities law. None of the Beneficiary, the Issuing Entity or the Indenture Trustee is obligated to register the Class A(2008-15) Notes under the Securities Act or any other securities or “Blue Sky” laws or to take any
other action not otherwise required under this Terms Document to permit the transfer of any Class A(2008-15) Note without registration. 
 No
transfer of any of the Class A(2008-15) Notes or any interest therein (including by pledge or hypothecation) shall be made except in compliance with the restrictions on transfer set forth in this Section 3.01 (including the applicable legend to
be set forth on the face of each Note as provided in Exhibits A, B and C, as applicable) and in Section 3.05 in a transaction exempt from the registration requirements of the Securities Act and applicable state securities or “Blue
Sky” laws (i) to a Person (A) that the transferor reasonably believes is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act (a “QIB”) in the form of beneficial
interests in the Rule 144A Global Note, and (B) that is aware that the resale or other transfer is being made in reliance on Rule 144A under the Securities Act or (ii) in an offshore transaction in accordance with Rule 903 or Rule 904 of
Regulation S under the Securities Act, in the form of beneficial interests in the applicable Regulation S Global Note. As used in this Section 3.01, the terms “United States” and “U.S. persons” have the meanings given them
in Regulation S under the Securities Act. 
 Each Note Owner of any of the Class A(2008-15) Notes, by its acceptance thereof, will be deemed
to have acknowledged, represented to and agreed with the Issuing Entity, the Beneficiary, the Indenture Trustee and the Initial Purchaser as follows. 
 (i) It agrees not to (a) offer the Class A(2008-15) Notes or any interest or participation in such Class A(2008-15) Notes or (b) sell, transfer, assign, participate, pledge or otherwise dispose of any Class
A(2008-15) Note or any interest or participation in such Class A(2008-15) Note (any such act, a “Class A(2008-15) note transfer”), except in compliance with: 
  

	 	I)	the Indenture, 

  

	 	II)	the Securities Act, and 

  

	 	III)	the restrictions and conditions in the applicable note legend. 

 (ii) It understands and acknowledges that the Class A(2008-15) 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 A(2008-15)

  

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Notes, or any interest or participation therein, may not be offered, sold, pledged or otherwise transferred unless registered pursuant to, or exempt from
registration under, the Securities Act and any other applicable securities law. 
 (iii) It understands that the Class
A(2008-15) Notes will be offered and may be resold by the Initial Purchaser (A) in the United States to QIBs pursuant to Rule 144A under the Securities Act in the form of beneficial interests in the Rule 144A Global Note, or (B) outside
the United States pursuant to Regulation S under the Securities Act, initially in the form of beneficial interests in the Temporary Regulation S Global Note. As set forth in Section 3.04, beneficial interests in the Temporary Regulation S
Global Note may be exchanged for beneficial interests in the Permanent Regulation S Global Note. 
 (iv) It understands that
the Class A(2008-15) Notes have not been registered under the Securities Act and may not be offered or sold within the United States or to or for the account or benefit of U.S. persons (A) as part of their distribution at any time or
(B) otherwise until 40 days after the later of (x) the date upon which the offering of such notes commenced to persons other than distributors in reliance upon Regulation S under the Securities Act and (y) the date of issuance of the
Class A(2008-15) Notes, except in either case in accordance with Regulation S or Rule 144A under the Securities Act. Terms used in this clause (iv) have the meaning given to them by Regulation S under the Securities Act. 
 (v) It agrees that if in the future it should offer, sell or otherwise transfer such Class A(2008-15) Notes or any interest or
participation therein, it will do so only (A) to the Transferor or the Issuing Entity, (B) pursuant to Rule 144A under the Securities Act to a Person that it reasonably believes is a QIB in a transaction meeting the requirements of Rule
144A under the Securities Act, 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 under the Securities Act or (C) in an offshore
transaction meeting the requirements of Rule 903 or Rule 904 of Regulation S under the Securities Act. 
 (vi) It acknowledges
that the Class A(2008-15) Notes will bear a legend 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”). NEITHER THIS NOTE NOR ANY PORTION HEREOF MAY BE OFFERED, SOLD, PLEDGED OR
OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION PROVISIONS OF THE SECURITIES ACT AND ANY APPLICABLE PROVISIONS OF ANY STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH REGISTRATION 

  

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PROVISIONS (1) TO CHASE BANK USA, NATIONAL ASSOCIATION AND ITS AFFILIATES, (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 UNDER THE SECURITIES ACT, OR (3) 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, UNLESS THAT PERSON ACQUIRED THIS NOTE IN A TRANSFER DESCRIBED IN CLAUSE (3) 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. 
 BEFORE PURCHASING ANY NOTES, PURCHASERS SHOULD CONSULT COUNSEL WITH RESPECT TO THE
AVAILABILITY AND CONDITIONS OF EXEMPTION FROM THE RESTRICTION ON RESALE OR TRANSFER. NEITHER CHASE BANK USA, NATIONAL ASSOCIATION NOR CHASE ISSUANCE TRUST HAS AGREED TO REGISTER THE NOTES UNDER THE SECURITIES ACT, TO QUALIFY THE NOTES UNDER THE
SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION OR TO PROVIDE REGISTRATION RIGHTS TO ANY PURCHASER.” 
 (vii) It
(A)(1) is a QIB, (2) is aware that the sale to it is being made in reliance on Rule 144A under the Securities Act and if it is acquiring such Class A(2008-15) Note or any interest or participation therein for the account of another QIB, that
other QIB is aware that the sale is being made in reliance on Rule 144A under the Securities Act and (3) is acquiring such Class A(2008-15) Note or any interest or participation therein for its own account or for the account of a QIB, or
(B) is not a U.S. person and is purchasing such Class A(2008-15) Note or any interest or participation therein in an offshore transaction meeting the requirements of Rule 903 or Rule 904 of Regulation S under the Securities Act. 
 (viii) It is purchasing such Class A(2008-15) Note 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 

  

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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 A(2008-15)
Note, or any interest or participation therein, as provided in this Terms Document. 
 (ix) If it is acquiring such Class
A(2008-15) Notes or any interest or participation therein in an “offshore transaction” (as defined in Regulation S under the Securities Act), it acknowledges that such Class A(2008-15) Notes will initially be represented by the Temporary
Regulation S Global Note and that transfers thereof or any interest or participation therein are restricted as set forth in this Terms Document. If it is a QIB, it acknowledges that such Class A(2008-15) Note offered in reliance on Rule 144A under
the Securities Act will be represented by a Rule 144A Global Note and that transfers thereof or any interest or participation therein are restricted as set forth in this Terms Document. 
 (x) It understands that the Temporary Regulation S Global Note will bear a legend 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 UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAW OF ANY STATE OF THE UNITED STATES AND PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LATER OF THE COMMENCEMENT OF THE OFFERING OF THE NOTES AND THE DATE OF THE
ORIGINAL ISSUANCE OF THE NOTES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH ANY APPLICABLE PROVISION OF STATE BLUE SKY OR SECURITIES LAWS. 
 THIS GLOBAL
NOTE IS A TEMPORARY GLOBAL NOTE FOR PURPOSES OF REGULATION S UNDER THE SECURITIES ACT. NEITHER THIS TEMPORARY GLOBAL NOTE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE INDENTURE REFERRED TO BELOW.

 NO BENEFICIAL OWNERS OF THIS TEMPORARY GLOBAL NOTE WILL BE ENTITLED TO RECEIVE PAYMENT OF PRINCIPAL OR INTEREST HEREON UNLESS THE
REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE INDENTURE.” 
  

 13 

 (xi) If it is acquiring any Class A(2008-15) Notes, 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 acknowledgments, representations and agreements contained
herein on behalf of each such account. 
 (xii) It acknowledges that Chase USA and the Issuing Entity 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 will promptly notify
Chase USA and the Issuing Entity. 
 (xiii) With respect to any foreign purchaser claiming an exemption from United States
income or withholding tax that it has delivered to the Paying Agent a true and complete Form W-8BEN or Form W-8ECI indicating such exemption or such other forms and documentation as may be sufficient under the applicable regulations for claiming
such exemption. 
 (xiv) It agrees to treat the Class A(2008-15) Notes as indebtedness of Chase USA for applicable federal,
state and local income and franchise tax law purposes and for purposes of any other tax imposed on, or measured by, income. 
 (xv) It acknowledges that transfers of the Class A(2008-15) Note or any interest or participation therein shall otherwise be subject in all respects to the restrictions applicable thereto contained in this Terms Document. Any transfer,
resale, pledge or other transfer of the Class A(2008-15) Note contrary to the restrictions set forth above and elsewhere in this Terms Document shall be deemed void ab initio. 
 Section 3.02 Payment of Principal and Interest on and Exchange of Temporary Regulation S Global Notes. Holders of a beneficial interest in
Class A(2008-15) Notes sold in reliance on Regulation S under the Securities Act as Temporary Regulation S Global Notes are prohibited from receiving distributions on or from exchanging beneficial interests in such Temporary Regulation S Global
Notes for Permanent Regulation S Global Notes until the later of (i) the expiration of the Distribution Compliance Period (the “Release Date”) and (ii) the furnishing to Euroclear and Clearstream of a certificate substantially in
the form of Exhibit B-3 to the Indenture certifying that the beneficial owner of the Temporary Regulation S Global Note is a non-U.S. person (a “Regulation S Certification”) and the furnishing to the Indenture Trustee by Euroclear
or Clearstream of a certificate substantially in the form of Exhibit B-1 to the Indenture certifying that it has received the requisite Regulation S Certification with respect to the beneficial ownership of any portion of a Temporary Regulation S
Global Note (a “Depository Certification”). 
 Section 3.03 Global Notes. The Class A(2008-15) Notes, upon
original issuance, will be issued in global form (i) to QIBs in transactions exempt from the registration 
  

 14 

 
requirements of the Securities Act in reliance on Rule 144A under the Securities Act, as one or more notes in fully registered form, without interest coupons
(each, a “Rule 144A Global Note”), executed, authenticated and delivered in substantially the form attached as Exhibit A and/or (ii) as one or more notes in “offshore transactions” (within the meaning of Regulation S
under the Securities Act), in fully registered form, without interest coupons (each, a “Temporary Regulation S Global Note”), executed, authenticated and delivered in substantially the form attached as Exhibit B. Such Class
A(2008-15) Note shall be delivered to The Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the Issuing Entity and shall initially be registered on the Note Register in the name of Cede & Co., the nominee of the
initial Clearing Agency, and no Note Owner will receive a definitive Note representing such Note Owner’s interest in such Note, except as provided in Section 2.04(c) of the Indenture. 
 Section 3.04 Regulation S Global Notes 
 (a) Class A(2008-15) Notes issued in reliance on Regulation S under the Securities Act will initially be in the form of one or more Temporary Regulation S Global Notes. Any interest in a Class A(2008-15) Note evidenced by a Temporary
Regulation S Global Note is exchangeable for an interest in a Class A(2008-15) Note in fully registered, global form, without interest coupons, executed, authenticated and delivered in substantially the form attached as Exhibit C (each, a
“Permanent Regulation S Global Note”), upon the later of (i) the Release Date and (ii) the furnishing of a Regulation S Certification. 
 (b) On or prior to the Release Date, each beneficial owner of a Temporary Regulation S Global Note shall deliver to Euroclear or Clearstream (as applicable) a Regulation S Certification; provided,
however, that any beneficial owner of a Temporary Regulation S Global Note on the Release Date or on any Interest Payment Date or Principal Payment Date that has previously delivered a Regulation S Certification hereunder shall not be
required to deliver any subsequent Regulation S Certification (unless the certification previously delivered is no longer true as of such subsequent date, in which case such beneficial owner shall promptly notify Euroclear or Clearstream, as
applicable, thereof and shall deliver an updated Regulation S Certification). Euroclear and/or Clearstream, as applicable, shall deliver to the Paying Agent or the Indenture Trustee a Depository Certification promptly upon the receipt of each such
Regulation S Certification, and no such beneficial owner (or transferee from such beneficial owner) shall be entitled to receive an interest in a Permanent Regulation S Global Note or any payment of principal of or interest on or any other payment
with respect to its beneficial interest in a Temporary Regulation S Global Note prior to the Paying Agent or the Indenture Trustee receiving a Depository Certification from Euroclear or Clearstream with respect to the portion of the Temporary
Regulation S Global Note owned by such beneficial owner (and, with respect to an interest in the Permanent Regulation S Global Note, prior to the Release Date). 
 (c) Any payments of principal of, interest on or any other payment with respect to a Temporary Regulation S Global Note received by Euroclear or Clearstream with respect to any portion of such Regulation S Global Note
owned by a Note Owner that has not delivered the Regulation S Certification required by this Section 3.04 shall be held by Euroclear and Clearstream solely as agents for the Paying Agent and the Indenture Trustee. Euroclear and Clearstream
shall remit such payments to the applicable Note Owner (or to a Euroclear or 

  

 15 

 
Clearstream member on behalf of such Note Owner) only after Euroclear or Clearstream has received the requisite Regulation S Certification. Until the Paying
Agent or the Indenture Trustee has received a Depository Certification from Euroclear or Clearstream, as applicable, the Paying Agent or the Indenture Trustee may revoke the right of Euroclear or Clearstream, as applicable, to hold any payments made
with respect to such portion of such Temporary Regulation S Global Note. If the Paying Agent or the Indenture Trustee exercises its right of revocation pursuant to the immediately preceding sentence, Euroclear or Clearstream, as applicable, shall
return such payments to the Paying Agent or the Indenture Trustee and the Indenture Trustee shall hold such payments in the applicable Bank Account until Euroclear or Clearstream, as applicable, has provided the necessary Depository Certification to
the Paying Agent or the Indenture Trustee (at which time the Paying Agent shall forward such payments to Euroclear or Clearstream, as applicable, to be remitted to the Note Owner that is entitled thereto on the records of Euroclear or Clearstream
(or on the records of their respective members)). 
 (d) Each Note Owner with respect to a Temporary Regulation S Global Note shall exchange
its interest therein for an interest in a Permanent Regulation S Global Note on or after the Release Date upon furnishing to Euroclear or Clearstream (as applicable) the Regulation S Certification and upon receipt by the Paying Agent or the
Indenture Trustee, as applicable, of the Depository Certification thereof from Euroclear or Clearstream, as applicable, in each case pursuant to the terms of this Section 3.04. On and after the Release Date, upon receipt by the Paying Agent or
the Indenture Trustee of any Depository Certification from Euroclear or Clearstream described in the immediately preceding sentence (i) with respect to the first such certification, the Issuing Entity shall execute, and the Indenture Trustee
shall, upon receipt of an order with respect thereto, authenticate and deliver to the Custodian the applicable Permanent Regulation S Global Note and (ii) with respect to the first and all subsequent certifications, the Custodian shall exchange
on behalf of the applicable beneficial owners the portion of the applicable Temporary Regulation S Global Note covered by such certification for a comparable portion of the applicable Permanent Regulation S Global Note. Upon any exchange of a
portion of a Temporary Regulation S Global Note for a comparable portion of a Permanent Regulation S Global Note, the Custodian shall endorse on the schedules affixed to each of such Regulation S Global Notes (or on continuations of such schedules
affixed to each of such Regulation S Global Notes and made parts thereof) appropriate notations evidencing the date of transfer and (x) with respect to the Temporary Regulation S Global Note, a decrease in the principal amount thereof equal to
the amount covered by the applicable certification and (y) with respect to the Permanent Regulation S Global Note, an increase in the principal amount thereof equal to the principal amount of the decrease in the Temporary Regulation S Global
Note pursuant to clause (x) above. 
 Section 3.05 Special Transfer Provisions. (a) If a holder of a beneficial interest in
the Rule 144A Global Note wishes at any time to exchange its interest in the Rule 144A Global Note for an interest in the Regulation S Global Note, or to transfer its interest in the Rule 144A Global Note to a Person who wishes to take delivery
thereof in the form of an interest in the Regulation S Global Note, such holder may, subject to the rules and procedures of the Clearing Agency and to the requirements set forth in the following sentence, exchange or transfer or cause the exchange
or transfer of such interest for an equivalent beneficial interest in the Regulation S Global Note. Upon receipt by the Indenture Trustee of (1) instructions given in accordance with the Clearing Agency’s procedures from or on behalf of a
Note Owner of the 
  

 16 

 
Rule 144A Global Note, directing the Indenture Trustee (via DWAC) to credit or cause to be credited a beneficial interest in the Regulation S Global Note in
an amount equal to the beneficial interest in the Rule 144A Global Note to be exchanged or transferred, (2) a written order in accordance with the Clearing Agency’s procedures containing information regarding the Euroclear or Clearstream
account to be credited with such increase and the name of such account, and (3) a certification given by such Note Owner stating that the exchange or transfer of such interest has been made pursuant to and in accordance with Rule 903 or Rule
904 of Regulation S under the Securities Act, the Indenture Trustee shall promptly deliver appropriate instructions to the Clearing Agency (via DWAC), its nominee, or the Custodian, as the case may be, to reduce or reflect on its records a reduction
of the Rule 144A Global Note by the aggregate principal amount of the beneficial interest in the Rule 144A Global Note to be so exchanged or transferred from the relevant participant, and the Indenture Trustee shall promptly deliver appropriate
instructions (via DWAC) to the Clearing Agency, its nominee, or the Custodian, as the case may be, concurrently with such reduction, to increase or reflect on its records an increase of the principal amount of such Regulation S Global Note by the
aggregate principal amount of the beneficial interest in the Rule 144A Global Note to be so exchanged or transferred, and to credit or cause to be credited to the account of the Person specified in such instructions (who may be Euroclear Bank
S.A./N.V. as operator of Euroclear or or another agent member of Euroclear, or Clearstream, or both, as the case may be, acting for and on behalf of them) a beneficial interest in such Regulation S Global Note equal to the reduction in the principal
amount of the Rule 144A Global Note. Notwithstanding anything to the contrary, the Indenture Trustee may conclusively rely upon the completed schedule set forth in the Rule 144A Global Note evidencing the Class A(2008-15) Notes. 
 (b) If a holder of a beneficial interest in the Regulation S Global Note wishes at any time to exchange its interest in the Regulation S Global Note for
an interest in the Rule 144A Global Note, or to transfer its interest in the Regulation S Global Note to a Person who wishes to take delivery thereof in the form of an interest in the Rule 144A Global Note, such holder may, subject to the rules and
procedures of Euroclear or Clearstream and the Clearing Agency, as the case may be, and to the requirements set forth in the following sentence, exchange or transfer or cause the exchange or transfer of such interest for an equivalent beneficial
interest in the Rule 144A Global Note. Upon receipt by the Indenture Trustee of (1) instructions given in accordance with the procedures of Euroclear or Clearstream and the Clearing Agency, as the case may be, from or on behalf of a Note Owner
of the Regulation S Global Note directing the Indenture Trustee to credit or cause to be credited a beneficial interest in the Rule 144A Global Note in an amount equal to the beneficial interest in the Regulation S Global Note to be exchanged or
transferred, (2) a written order given in accordance with the procedures of Euroclear or Clearstream and the Clearing Agency, as the case may be, containing information regarding the account with the Clearing Agency to be credited with such
increase and the name of such account, and (3) prior to the expiration of the Distribution Compliance Period, a certification given by such Class A(2008-15) Note Owner stating that the Person transferring such interest in such Regulation S
Global Note reasonably believes that the Person acquiring such interest in the Rule 144A Global Note is a QIB and is obtaining such beneficial interest for its own account or the account of a QIB in a transaction meeting the requirements of Rule
144A under the Securities Act and any applicable securities laws of any state of the United States or any other jurisdiction, the Indenture Trustee shall promptly deliver (via DWAC) appropriate instructions to the Clearing Agency, its nominee, or
the Custodian, as the case may 

  

 17 

 
be, to reduce or reflect on its records a reduction of the Regulation S Global Note by the aggregate principal amount of the beneficial interest in such
Regulation S Global Note to be exchanged or transferred, and the Indenture Trustee shall promptly deliver (via DWAC) appropriate instructions to the Clearing Agency, its nominee, or the Custodian, as the case may be, concurrently with such
reduction, to increase or reflect on its records an increase of the principal amount of the Rule 144A Global Note by the aggregate principal amount of the beneficial interest in the Regulation S Global Note to be so exchanged or transferred, and to
credit or cause to be credited to the account of the Person specified in such instructions a beneficial interest in the Rule 144A Global Note equal to the reduction in the principal amount of the Regulation S Global Note. After the expiration of the
Distribution Compliance Period, the certification requirement set forth in clause (3) of the second sentence of the first paragraph of this Section 3.05(b) will no longer apply to such exchanges and transfers. Notwithstanding anything to
the contrary, the Indenture Trustee may conclusively rely upon the completed schedule set forth in the Regulation S Global Note evidencing the Class A(2008-15) Notes. 
 (c) Any beneficial interest in one of the Global Notes that is transferred to a Person who takes delivery in the form of an interest in another Global Note will, upon transfer, cease to be an interest in such Global
Note and become an interest in the other Global Note and, accordingly, will thereafter be subject to all transfer restrictions and other procedures applicable to beneficial interests in such other Global Note for as long as it remains such an
interest. 
 (d) Until the later of the Release Date and the provision of the certifications required by Section 3.05, beneficial
interests in a Regulation S Global Note may only be held through Euroclear Bank S.A./N.V. as operator of Euroclear or Clearstream or another agent member of Euroclear and Clearstream acting for and on behalf of them. During the Distribution
Compliance Period, interests in the Regulation S Global Note may be exchanged for interests in the Rule 144A Global Note only in accordance with the certification requirements described above. 
 [END OF ARTICLE III] 
  

 18 

 ARTICLE IV 
 MISCELLANEOUS PROVISION 
 Section 4.01 Amendments. Notwithstanding anything to the
contrary contained herein, each Class A(2008-15) Note and this Terms Document may be amended or supplemented to modify the restrictions on and procedures for Transfer of the Class A(2008-15) 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 and Note Owner shall, by its acceptance of such Class A(2008-15) Note or, in the case of a Note Owner, a
beneficial interest in such Class A(2008-15) Note, have agreed to any such amendment or supplement. 
 [END OF ARTICLE IV] 
  

 19 

 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 A(2008-15) Terms Document 
 Signature Page 

 EXHIBIT A 
 CLASS A(2008-15) RULE 144A GLOBAL NOTE 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS NOTE NOR ANY PORTION HEREOF MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION PROVISIONS OF THE SECURITIES ACT AND ANY APPLICABLE
PROVISIONS OF ANY STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH REGISTRATION PROVISIONS (1) TO CHASE BANK USA, NATIONAL ASSOCIATION AND ITS AFFILIATES, (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 UNDER THE SECURITIES ACT, OR (3) 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, UNLESS THAT PERSON ACQUIRED THIS NOTE IN A TRANSFER DESCRIBED IN CLAUSE (3) 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. 
 BEFORE PURCHASING ANY NOTES, PURCHASERS SHOULD CONSULT COUNSEL WITH RESPECT TO THE
AVAILABILITY AND CONDITIONS OF EXEMPTION FROM THE RESTRICTION ON RESALE OR TRANSFER. NEITHER CHASE BANK USA, NATIONAL ASSOCIATION NOR CHASE ISSUANCE TRUST HAS AGREED TO REGISTER THE NOTES UNDER THE SECURITIES ACT, TO QUALIFY THE NOTES UNDER THE
SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION OR TO PROVIDE REGISTRATION RIGHTS TO ANY PURCHASER. 
 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. 
 THE HOLDER OF
THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE CHASE 

  

 A-1 

 
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, OF 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 PURPOSES AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME. 

 

 A-2 

			
	 REGISTERED
	  	up to $[                    ]
		
	 No. R-[    ]
	  	CUSIP NO. 161571DF8

 CHASE ISSUANCE TRUST 
 Floating Rate 
 CHASEseries CLASS A(2008-15) RULE 144A GLOBAL 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 CEDE & CO., or registered assigns, subject to the following provisions, a principal sum of
[                    ] DOLLARS payable on January 15, 2010 (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 January 16, 2012 (the “Legal Maturity Date”). Interest will accrue on this Note at the rate of LIBOR plus
1.43% per annum, as more specifically set forth in the Class A(2008-15) Terms Document, dated as of September 29, 2008 (the “Class A(2008-15) 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 and including the Monthly Interest Accrual Date in the related Monthly Period 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 and the actual number of days elapsed. 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-3 

 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:	 	 /s/ Keith W. Schuck

	Name:	 	Keith W. Schuck
	Title:	 	President
	
	Date: September 29, 2008

 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:	 	 /s/ Cheryl C. Zimmerman

	Name:	 	Cheryl C. Zimmerman, CCTS
	Title:	 	Vice President
	
	Date: September 29, 2008

  

 A-4 

 [REVERSE OF NOTE] 
 This Class A Note is one of the Notes of a duly authorized issue of Notes of the Issuing Entity, designated as its “CHASEseries Class A Notes” (herein called the “Notes”), all issued
under a 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 a 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 A(2008-15) 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. 
 Class B Notes
and Class C Notes have been and will 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 66 2/3% 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 66 2/3% 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-5 

 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.), 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-6 

 On any redemption, purchase, exchange or cancellation of any of the Class A(2008-15) Notes represented by
this Class A(2008-15) Rule 144A Global Note, details of such redemption, purchase, exchange or cancellation shall be entered by the Indenture Trustee in Part III of Schedule A hereto recording any such redemption, purchase, exchange or cancellation
and shall be signed by or on behalf of the Issuing Entity. Upon any such redemption, purchase, exchange or cancellation, the principal amount of this Class A(2008-15) Rule 144A Global Note and the Class A(2008-15) Notes represented by this Class
A(2008-15) Rule 144A Global Note shall be reduced or increased, as appropriate, by the principal amount so redeemed, purchased, exchanged or canceled. 
 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, her or its
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 transferor 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 Chase Bank USA, National Association, First USA Credit Card Master Trust, Chase Credit Card Master Trust or the Issuing
Entity, or join in any institution against Chase Bank USA, National Association, First USA Credit Card Master Trust, Chase Credit Card Master Trust or the Issuing Entity, of any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other 

  

 A-7 

 
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. 
 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 66 2/3% 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.

  

 A-8 

 THIS NOTE AND THE INDENTURE 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. 
 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
Indenture Supplement and the Class A(2008-15) 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-9 

 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-10 

 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-11 

 PART II 
 PRINCIPAL PAYMENTS 
  

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

  

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

  

 A-12 

 PART III 
 SCHEDULE OF EXCHANGES BETWEEN THE REGULATION S GLOBAL 
 NOTE AND THIS RULE 144A GLOBAL NOTE, 

 OR REDEMPTIONS OR PURCHASES OR CANCELLATIONS 
 The following increases or decreases in principal amount of this Rule 144A Global Note, or redemptions, purchases or cancellations of this Rule 144A Global Note have been made: 
  

							
	 Date of
 exchange, or
 redemption or
 purchase
or
 cancellation
	 	 Increase or decrease in
 principal amount of this
 Rule 144A Global Note
 due to exchanges
 between the Regulation
 S Global Note and this
 Rule 144A Global Note
	 	 Remaining principal
 amount of this Rule
 144A Global Note
 following such
 exchange, or
 redemption or purchase
 or cancellation
	 	 Notation made
 by or on behalf
 of the Issuing
 Entity

  

 A-13 

 EXHIBIT B 
 CLASS A(2008-15) TEMPORARY REGULATION S GLOBAL NOTE 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAW OF ANY STATE OF THE UNITED STATES AND PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LATER OF THE COMMENCEMENT OF THE OFFERING OF THE NOTES AND THE
DATE OF THE ORIGINAL ISSUANCE OF THE NOTES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) EXCEPT PURSUANT TO AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH ANY APPLICABLE PROVISION OF STATE BLUE SKY OR SECURITIES LAWS. 
 THIS GLOBAL NOTE IS
A TEMPORARY GLOBAL NOTE FOR PURPOSES OF REGULATION S UNDER THE SECURITIES ACT. NEITHER THIS TEMPORARY GLOBAL NOTE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE INDENTURE REFERRED TO BELOW. 
 NO BENEFICIAL OWNERS OF THIS TEMPORARY GLOBAL NOTE WILL BE ENTITLED TO RECEIVE PAYMENT OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN
DELIVERED PURSUANT TO THE TERMS OF THE INDENTURE. 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT. NEITHER THIS NOTE NOR ANY
PORTION HEREOF MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION PROVISIONS OF THE SECURITIES ACT AND ANY APPLICABLE PROVISIONS OF ANY STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM SUCH REGISTRATION PROVISIONS (1) TO CHASE BANK USA, NATIONAL ASSOCIATION AND ITS AFFILIATES, (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 UNDER THE SECURITIES ACT, OR (3) 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, UNLESS THAT PERSON ACQUIRED THIS NOTE IN A TRANSFER DESCRIBED IN CLAUSE (3) 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. 
  

 B-1 

 BEFORE PURCHASING ANY NOTES, PURCHASERS SHOULD CONSULT COUNSEL WITH RESPECT TO THE AVAILABILITY AND CONDITIONS OF
EXEMPTION FROM THE RESTRICTION ON RESALE OR TRANSFER. NEITHER CHASE BANK USA, NATIONAL ASSOCIATION NOR CHASE ISSUANCE TRUST HAS AGREED TO REGISTER THE NOTES UNDER THE SECURITIES ACT, TO QUALIFY THE NOTES UNDER THE SECURITIES LAWS OF ANY STATE OR
OTHER JURISDICTION OR TO PROVIDE REGISTRATION RIGHTS TO ANY PURCHASER. 
 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. 
 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, OF 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 PURPOSES AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME. 
  

 B-2 

			
	 REGISTERED
	 	up to $[                    ]
		
	 No. R-[    ]
	 	CUSIP NO. U02617AA3

 CHASE ISSUANCE TRUST 
 Floating Rate 
 CHASEseries CLASS A(2008-15) TEMPORARY REGULATION S GLOBAL
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 CEDE & CO., or registered assigns, subject to the following provisions, a principal sum of
[                    ] DOLLARS payable on January 15, 2010 (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 January 16, 2012 (the “Legal Maturity Date”). Interest will accrue on this Note at the rate of LIBOR plus
1.43% per annum, as more specifically set forth in the Class A(2008-15) Terms Document, dated as of September 29, 2008 (the “Class A(2008-15) 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 and including the Monthly Interest Accrual Date in the related Monthly Period 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 and the actual number of days elapsed. 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. 
  

 B-3 

 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:	 	 /s/ Keith W. Schuck

	Name:	 	Keith W. Schuck
	Title:	 	President
	
	Date: September 29, 2008

 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:	 	 /s/ Cheryl C. Zimmerman

	Name:	 	Cheryl C. Zimmerman, CCTS
	Title:	 	Vice President
	
	Date: September 29, 2008

  

 B-4 

 [REVERSE OF NOTE] 
 This Class A Note is one of the Notes of a duly authorized issue of Notes of the Issuing Entity, designated as its “CHASEseries Class A Notes” (herein called the “Notes”), all issued
under a 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 a 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 A(2008-15) 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. 
 Class B Notes
and Class C Notes have been and will 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 66 2/3% 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 66 2/3% 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. 
  

 B-5 

 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; provided, however, that Noteholders of Class
A(2008-15) Notes sold in reliance on Regulation S as Class A(2008-15) Temporary Regulation S Global Notes are prohibited from receiving distributions on or from exchanging beneficial interests in such Class A(2008-15) Temporary Regulation S Global
Notes for Class A(2008-15) Permanent Regulation S Global Notes until the later of (i) the expiration of the Distribution Compliance Period (the “Release Date”) and (ii) the furnishing of a certificate, certifying that the
beneficial owner of the Class A(2008-15) Temporary Regulation S Global Note is a non-U.S. person, as provided in Section 3.02 of the Class A(2008-15) Terms Document. 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.), 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 

  

 B-6 

 
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. 
 On any
redemption, purchase, exchange or cancellation of any of the Class A(2008-15) Notes represented by this Class A(2008-15) Temporary Regulation S Global Note, details of such redemption, purchase, exchange or cancellation shall be entered by the
Indenture Trustee in Part III of Schedule A hereto recording any such redemption, purchase, exchange or cancellation and shall be signed by or on behalf of the Issuing Entity. Upon any such redemption, purchase, exchange or cancellation, the
principal amount of this Class A(2008-15) Temporary Regulation S Global Note and the Class A(2008-15) Notes represented by this Class A(2008-15) Temporary Regulation S Global Note shall be reduced or increased, as appropriate, by the principal
amount so redeemed, purchased, exchanged or canceled. 
 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, her or its 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
transferor 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. 
  

 B-7 

 On or after the Release Date, this Class A(2008-15) Temporary Regulation S Global Note may be exchanged,
in whole or in part (free of charge), for the Class A(2008-15) Permanent Regulation S Global Note substantially in the form set out in Exhibit C to the Class A(2008-15) Terms Document, upon certification of non-U.S. beneficial ownership
substantially in the form set out in Exhibit B-3 to the Indenture. The Class A(2008-15) Permanent Regulation S Global Note shall be so issued and delivered in exchange for only that portion of this Class A(2008-15) Temporary Regulation S Global Note
in respect of which there shall have been presented to the Paying Agent or the Indenture Trustee by Euroclear or Clearstream, as applicable, a certificate substantially in the form set out in Exhibit B-1 to the Indenture. 
 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 Chase Bank USA, National Association, First USA Credit Card Master Trust, Chase Credit Card Master Trust or the Issuing Entity, or join in any
institution against Chase Bank USA, National Association, First USA Credit Card Master Trust, Chase Credit Card Master Trust or the Issuing Entity, of 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. 
 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 66 2/3% 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. 
  

 B-8 

 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. 
  

 B-9 

 THIS NOTE AND THE INDENTURE 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. 
 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
Indenture Supplement and the Class A(2008-15) 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. 
  

 B-10 

 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. 

  

 B-11 

 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

  

 B-12 

 PART II 
 PRINCIPAL PAYMENTS 
  

							
	 Date of Payment
	  	 Total Amount of
Interest Payable
	  	 Amount of

 Interest Paid
	  	 Confirmation of
payment by or on
behalf of the
Trust

  

							
	 Date of Payment
	  	 Total Amount of
Interest Payable
	  	 Amount of

 Interest Paid
	  	 Confirmation of
payment by or on
behalf of the
Trust

  

 B-13 

 PART III 
 SCHEDULE OF EXCHANGES 
 FOR NOTES REPRESENTED BY THE PERMANENT 
 REGULATION S GLOBAL NOTE OR THE RULE 144A GLOBAL NOTE, 
 OR REDEMPTIONS OR PURCHASES OR CANCELLATIONS 
 The following exchanges of a part of
this Temporary Regulation S Global Note for the Permanent Regulation S Global Note or the Rule 144A Global Note, in whole or in part, or redemptions, purchases or cancellations of this Temporary Regulation S Global Note have been made: 

 

									
	 Date of
exchange, or
redemption or
purchase or
cancellation
	  	 Part of principal
amount of this
Temporary
Regulation S Global
Note exchanged for
Notes
represented by
the Permanent
Regulation S Global
Note or the Rule
144A Global Note, or
redeemed or
purchased or
cancelled
	  	 Remaining
principal
amount of this
Temporary
Regulation S
Global Note
following
such
exchange, or
redemption or
purchase or
cancellation
	  	 Amount of
interest paid
with delivery of
the Permanent
Regulation S
Global
Note
	  	 Notation
made by or
on behalf of
the Issuing
Entity

  

 B-14 

 EXHIBIT C 
 CLASS A(2008-15) PERMANENT REGULATION S GLOBAL NOTE 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS NOTE NOR ANY PORTION HEREOF MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION PROVISIONS OF THE SECURITIES ACT AND ANY
APPLICABLE PROVISIONS OF ANY STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH REGISTRATION PROVISIONS (1) TO CHASE BANK USA, NATIONAL ASSOCIATION AND ITS AFFILIATES, (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 UNDER THE SECURITIES ACT, OR (3) 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, UNLESS THAT PERSON ACQUIRED THIS NOTE IN A TRANSFER DESCRIBED IN CLAUSE (3) 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. 
 BEFORE PURCHASING ANY NOTES, PURCHASERS SHOULD CONSULT COUNSEL WITH RESPECT TO THE
AVAILABILITY AND CONDITIONS OF EXEMPTION FROM THE RESTRICTION ON RESALE OR TRANSFER. NEITHER CHASE BANK USA, NATIONAL ASSOCIATION NOR CHASE ISSUANCE TRUST HAS AGREED TO REGISTER THE NOTES UNDER THE SECURITIES ACT, TO QUALIFY THE NOTES UNDER THE
SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION OR TO PROVIDE REGISTRATION RIGHTS TO ANY PURCHASER. 
 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. 
 THE HOLDER OF
THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE CHASE 

  

 C-1 

 
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, OF 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 PURPOSES AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME. 

 

 C-2 

			
	REGISTERED	  	up to $[            ]
		
	No. R-[  ]	  	CUSIP NO. [            ]

 CHASE ISSUANCE TRUST 
 Floating Rate 
 CHASEseries CLASS A(2008-15) PERMANENT REGULATION S GLOBAL
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 CEDE & CO., or registered assigns, subject to the following provisions, a principal sum of
[                    ] DOLLARS payable on January 15, 2010 (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 January 16, 2012 (the “Legal Maturity Date”). Interest will accrue on this Note at the rate of LIBOR plus
1.43% per annum, as more specifically set forth in the Class A(2008-15) Terms Document, dated as of September 29, 2008 (the “Class A(2008-15) 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 and including the Monthly Interest Accrual Date in the related Monthly Period 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 and the actual number of days elapsed. 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. 
  

 C-3 

 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:	 	 /s/ Keith W. Schuck

	Name:	 	Keith W. Schuck
	Title:	 	President
	
	Date: September 29, 2008

 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:	 	 /s/ Cheryl C. Zimmerman

	Name:	 	Cheryl C. Zimmerman, CCTS
	Title:	 	Vice President
	
	Date: September 29, 2008

  

 C-4 

 [REVERSE OF NOTE] 
 This Class A Note is one of the Notes of a duly authorized issue of Notes of the Issuing Entity, designated as its “CHASEseries Class A Notes” (herein called the “Notes”), all issued
under a 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 a 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 A(2008-15) 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. 
 Class B Notes
and Class C Notes have been and will 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 66 2/3% 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 66 2/3% 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. 
  

 C-5 

 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.), 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. 
  

 C-6 

 On any redemption, purchase, exchange or cancellation of any of the Class A(2008-15) Notes represented by
this Class A(2008-15) Permanent Regulation S Global Note, details of such redemption, purchase, exchange or cancellation shall be entered by the Indenture Trustee in Part III of Schedule A hereto recording any such redemption, purchase, exchange or
cancellation and shall be signed by or on behalf of the Issuing Entity. Upon any such redemption, purchase, exchange or cancellation, the principal amount of this Class A(2008-15) Permanent Regulation S Global Note and the Class A(2008-15) Notes
represented by this Class A(2008-15) Permanent Regulation S Global Note shall be reduced or increased, as appropriate, by the principal amount so redeemed, purchased, exchanged or canceled. 
 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, her or its 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 transferor 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 Chase Bank USA, National Association, First USA Credit Card Master Trust,
Chase Credit Card Master Trust or the Issuing Entity, or join in any institution against Chase Bank USA, National Association, First USA Credit Card Master Trust, Chase Credit Card Master Trust or the Issuing Entity, of any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other 

  

 C-7 

 
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. 
 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 66 2/3% 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.

  

 C-8 

 THIS NOTE AND THE INDENTURE 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. 
 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
Indenture Supplement and the Class A(2008-15) 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. 
  

 C-9 

 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. 

  

 C-10 

 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

  

 C-11 

 PART II 
 PRINCIPAL PAYMENTS 
  

							
	 Date of Payment
	  	 Total Amount of
Interest Payable
	  	 Amount of

 Interest Paid
	  	 Confirmation of
payment by or on
behalf of the
Trust

  

							
	 Date of Payment
	  	 Total Amount of
Interest Payable
	  	 Amount of

 Interest Paid
	  	 Confirmation of
payment by or on
behalf of the
Trust

  

 C-12 

 PART III 
 SCHEDULE OF EXCHANGES BETWEEN THIS PERMANENT 
 REGULATION S GLOBAL NOTE AND THE RULE 144A GLOBAL
NOTE, 
 OR REDEMPTIONS OR PURCHASES OR CANCELLATIONS 
 The following increases or decreases in principal amount of this Permanent Regulation S Global Note, or redemptions, purchases or
cancellations of this Permanent Regulation S Global Note have been made: 
  

							
	 Date of
exchange, or
redemption or
purchase or
cancellation
	  	 Increase or decrease
in principal amount of this
Permanent Regulation
S Global Note due
to
exchanges between the
Rule 144A Global Note
and this Permanent
Regulation S Global
Note
	  	 Remaining principal
amount of this
Permanent Regulation
S Global Note
following
such
exchange, or
redemption or purchase
or cancellation
	  	 Notation made
by or on behalf
of the Issuing
Entity

  

 C-13Intellectual Property Purchase Agreement

 EXHIBIT 10.1 
 INTELLECTUAL PROPERTY PURCHASE AGREEMENT 
 by and among 
 ALLOY, INC., 
 SKATE DIRECT, LLC

 and 
 dELiA*s,
INC., solely for purposes of Sections 6.1(c), 6.2 and 10.13 
 Dated as of September 29, 2008 

 Table of Contents 
  

							
	 	 	 	    	 	  	Page
	 ARTICLE I PURCHASE AND SALE OF ASSETS
	  	1
		 	 Section 1.1
	    	Purchase and Sale of Assets.	  	1
		 	 Section 1.2
	    	Excluded Liabilities.	  	1
		 	 Section 1.3
	    	Purchase Price.	  	1
		 	 Section 1.4
	    	Closing Transactions.	  	2
		
	 ARTICLE II REPRESENTATIONS AND WARRANTIES OF SELLER
	  	3
		 	 Section 2.1
	    	Organization.	  	3
		 	 Section 2.2
	    	Authority Relative to this Agreement and Related Matters.	  	3
		 	 Section 2.3
	    	No Conflict; Required Filings and Consents.	  	3
		 	 Section 2.4
	    	Absence of Litigation.	  	3
		 	 Section 2.5
	    	Conveyed Intellectual Property.	  	4
		 	 Section 2.6
	    	Data.	  	4
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES OF BUYER
	  	5
		 	 Section 3.1
	    	Organization.	  	5
		 	 Section 3.2
	    	Authority Relative to this Agreement and Related Matters.	  	5
		 	 Section 3.3
	    	No Conflict; Required Filings and Consents.	  	5
		 	 Section 3.4
	    	Absence of Litigation.	  	6
		
	 ARTICLE IV COVENANTS OF SELLER
	  	6
		 	 Section 4.1
	    	Conduct of Seller Pending the Closing.	  	6
		 	 Section 4.2
	    	Notification of Certain Events.	  	6
		
	 ARTICLE V COVENANTS OF BUYER
	  	7
		 	 Section 5.1
	    	Representations and Warranties.	  	7
		 	 Section 5.2
	    	Notification of Certain Events.	  	7
		
	 ARTICLE VI ADDITIONAL AGREEMENTS OF THE PARTIES
	  	7
		 	 Section 6.1
	    	Commercially Reasonable Efforts.	  	7
		 	 Section 6.2
	    	Public Announcements.	  	8
		 	 Section 6.3
	    	Amendment of Trademark Coexistence Agreement.	  	8
		
	 ARTICLE VII CONDITIONS TO THE CLOSING
	  	8
		 	 Section 7.1
	    	Conditions to Obligations of Each Party.	  	8
		 	 Section 7.2
	    	Additional Conditions to Obligations of Buyer.	  	9
		 	 Section 7.3
	    	Additional Conditions to Obligations of Seller.	  	10
		
	 ARTICLE VIII TERMINATION
	  	10
		 	 Section 8.1
	    	Termination.	  	10
		 	 Section 8.2
	    	Effect of Termination.	  	11

  

 i 

 Table of Contents 
 (continued) 

							
	 	 	 	    	 	  	Page
	 ARTICLE IX INDEMNIFICATION PROVISIONS
	  	12
		 	 Section 9.1
	    	Seller’s Indemnification Obligation.	  	12
		 	 Section 9.2
	    	Buyer’s Indemnification Obligation.	  	12
		 	 Section 9.3
	    	Procedures for Indemnification for Third Party Claims.	  	12
		 	 Section 9.4
	    	Indemnification Limitations.	  	13
		 	 Section 9.5
	    	Exclusive Remedy.	  	14
		
	 ARTICLE X GENERAL PROVISIONS
	  	14
		 	 Section 10.1
	    	Survival of Representations and Warranties.	  	14
		 	 Section 10.2
	    	Notices.	  	14
		 	 Section 10.3
	    	Headings.	  	15
		 	 Section 10.4
	    	Entire Agreement.	  	15
		 	 Section 10.5
	    	Assignment: Parties in Interest.	  	16
		 	 Section 10.6
	    	Governing Law; Consent to Jurisdiction.	  	16
		 	 Section 10.7
	    	Counterparts.	  	16
		 	 Section 10.8
	    	Severability.	  	16
		 	 Section 10.9
	    	Specific Performance.	  	16
		 	 Section 10.10
	    	Fees and Expenses.	  	17
		 	 Section 10.11
	    	Amendment.	  	17
		 	 Section 10.12
	    	Waiver.	  	17
		 	 Section 10.13
	    	dELiA*s Undertaking and Guaranty.	  	17
		
	 ARTICLE XI CERTAIN DEFINITIONS
	  	17

  

 ii 

 INTELLECTUAL PROPERTY PURCHASE AGREEMENT 
 INTELLECTUAL PROPERTY PURCHASE AGREEMENT, dated as of September 29, 2008 (this “Agreement”), by and among Alloy, Inc. a
Delaware corporation (“Seller”), Skate Direct, LLC, a Delaware limited liability company (“Buyer”), and, solely for purposes of Sections 6.1(c), 6.2 and 10.13, dELiA*s, Inc., a Delaware
corporation and the sole member of Buyer (“dELiA*s”). Buyer, Seller and, solely for purposes of Sections 6.1(c), 6.2 and 10.13, dELiA*s are referred to collectively herein as the “Parties.”

 WHEREAS, Buyer is engaged in the business of marketing and selling apparel, footwear, skateboard and snowboard products and related
accessories via catalogs and the Internet under the trade name “CCS” (the “Business”); and 
 WHEREAS,
Seller desires to sell, and Buyer desires to purchase, the Purchased Assets (as defined below) upon the terms and subject to the conditions set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the foregoing, of the mutual covenants and agreements herein contained and of other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, and intending to be legally bound hereby, the Parties hereby agree as follows: 
 ARTICLE I 
 PURCHASE AND SALE OF ASSETS 
 Section 1.1 Purchase and Sale of Assets. 
 On and subject to the terms and conditions of this Agreement, at the
Closing, Seller shall sell, assign, transfer, convey and deliver to Buyer, and Buyer shall purchase and acquire from Seller, free and clear of all Encumbrances (other than Permitted Encumbrances), all of Seller’s right, title and interest, as
of the Closing, in and to the following assets, properties and rights (collectively, the “Purchased Assets”): 
 (a) the CCS
Trademark and the CCS Domain Name (collectively, the “Conveyed Intellectual Property”); and 
 (b) all of the goodwill
relating to the Purchased Assets. 
 Section 1.2 Excluded Liabilities. 
 Buyer will not assume any liability or obligation of Seller in connection with Buyer’s purchase of the Purchased Assets pursuant to this Agreement.

 Section 1.3 Purchase Price. 
 In consideration for the sale by Seller of the Purchased Assets to Buyer, at the Closing, Buyer shall pay to Seller cash in the amount of FIVE MILLION EIGHT HUNDRED 

 
THOUSAND DOLLARS ($5,800,000.00) (the “Purchase Price”), by wire transfer of immediately available funds to the account or accounts
designated in writing by Seller at least two Business Days prior to the Closing Date. 
 Section 1.4 Closing Transactions. 
 (a) Closing. Unless this Agreement shall have been terminated in accordance with Section 8.1, and subject to the satisfaction or, if
permissible, waiver of the conditions set forth in Article VII, the closing of the Transactions (the “Closing”) will take place at 10:00 a.m., New York City time, on a date to be specified by the Parties (the
“Closing Date”), which shall be not later than the second Business Day after the satisfaction or, if permissible, waiver of the conditions set forth in Article VII (other than those that by their terms are to be
satisfied or waived at the Closing), at the offices of Olshan Grundman Frome Rosenzweig & Wolosky LLP, Park Avenue Tower, 65 East 55th Street, New York, NY, 10022, unless another time, date or place is agreed to in writing by the Parties.

 (b) Actions and Deliveries by Seller. At the Closing, Seller shall deliver to Buyer: 
 (i) a trademark assignment agreement in the form of Exhibit A dated the Closing Date and duly executed by Seller, assigning all of Seller’s
right, title and interest in and to the CCS Trademark to Buyer (the “Trademark Assignment Agreement”); 
 (ii) a domain name
assignment agreement in the form of Exhibit B dated the Closing Date and duly executed by Seller, assigning all of Seller’s right, title and interest in and to the CCS Domain Name to Buyer (the “Domain Name Assignment
Agreement”); 
 (iii) the certificates and documents required to be delivered by Seller pursuant to Sections 7.1 and
7.2; and 
 (iv) all such other instruments of assignment and transfer as are reasonably required to effect the transfer to Buyer of
all of Seller’s right, title and interest in and to the Purchased Assets in accordance with this Agreement, in form and substance reasonably satisfactory to Buyer. 
 (c) Actions and Deliveries by Buyer. At the Closing, Buyer shall deliver to Seller: 
 (i) the Purchase
Price specified in Section 1.3 above; and 
 (ii) the certificates and documents required to be delivered by Buyer pursuant to
Sections 7.1 and 7.3. 

 ARTICLE II 
 REPRESENTATIONS AND WARRANTIES OF SELLER 
 Seller hereby represents and warrants to Buyer
that, except as set forth in the disclosure schedule delivered by Seller to Buyer and attached hereto and made a part hereof (the “Seller Disclosure Schedule”): 
 Section 2.1 Organization. 
 Seller is duly incorporated, validly existing and in good
standing under the Laws of the jurisdiction of its incorporation and has the requisite corporate power and authority to own, operate or lease the properties that it purports to own, operate or lease and to carry on its business as it is now being
conducted. 
 Section 2.2 Authority Relative to this Agreement and Related Matters. 
 Seller has all necessary corporate power and authority to enter into this Agreement and to carry out its obligations hereunder. The execution and delivery
by Seller of this Agreement and the consummation by Seller of the transactions contemplated hereby (the “Transactions”) have been duly authorized by all necessary corporate action on the part of Seller. This Agreement has been duly
executed and delivered by Seller and, assuming the due authorization, execution and delivery hereof by Buyer and dELiA*s, constitutes the legal, valid and binding obligation of Seller, enforceable against Seller in accordance with its terms, except
as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally and by general equitable principles (regardless of whether such enforceability is
considered in a proceeding in equity or at law). 
 Section 2.3 No Conflict; Required Filings and Consents. 
 The execution and delivery of this Agreement by Seller do not, and the consummation by Seller of the Transactions will not, (a) conflict with or
violate the certificate of incorporation or bylaws, each as amended to date, of Seller, (b) conflict with or violate any Law or Order applicable to Seller or by which Seller or any of its properties is bound, (c) result in a breach of or
constitute a default (or an event that with notice or lapse of time or both would become a default) under, or give rise to any right of termination, acceleration or cancellation under, or result in the creation of an Encumbrance on any of the
Purchased Assets pursuant to, any note, bond, mortgage, indenture, contract, agreement, lease, license or other instrument or obligation to which Seller is a party or by which Seller or any of its properties is bound, or (d) require Seller to
obtain any consent, approval, authorization or permit of, or to make any filing with or notification to, any Governmental Authority, except (i) as set forth in Section 2.3 of the Seller Disclosure Schedule, or (ii) for any
filings required pursuant to the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the “Exchange Act”). 
 Section 2.4 Absence of Litigation. 
 Except as disclosed in Section 2.4 of the
Seller Disclosure Schedule, as of the date hereof, (a) there is no private or governmental action, suit, proceeding, litigation, arbitration or 

 
investigation (“Action”) pending or, to the knowledge of Seller, threatened against Seller before any Governmental Authority that, if
adversely determined, would prohibit, prevent, enjoin, restrict or materially impair or delay any of the Transactions, and (b) there is no legally binding judgment, decree, order, injunction, decision or award of any Governmental Authority
(“Order”) against Seller that would prohibit, prevent, enjoin, restrict or materially impair or delay any of the Transactions. 
 Section 2.5 Conveyed Intellectual Property. 
 Section 2.5 of the Seller Disclosure Schedule sets
forth a list of all registrations and applications for registration in respect of the Conveyed Intellectual Property. Except as set forth in Section 2.5 of the Seller Disclosure Schedule, Seller owns (beneficially and of record) all
right, title and interest in and to all Conveyed Intellectual Property, free and clear of all Encumbrances, other than Permitted Encumbrances. Except as set forth in Section 2.5 of the Seller Disclosure Schedule, all of the trademark
applications within the Conveyed Intellectual Property have been duly filed in the jurisdiction named in each such application, are being actively prosecuted and have not been abandoned or allowed to lapse. The CCS Domain Name has been validly
registered with an authorized domain name registrar and the registration therefor is current through the Closing Date. Except as set forth in Section 2.5 of the Seller Disclosure Schedule, there is no Action that is pending or, to the
knowledge of Seller, threatened that challenges the rights of Seller in respect of any Conveyed Intellectual Property or the validity, enforceability or effectiveness thereof. Seller has not received any written communication alleging that the
Business has infringed the Intellectual Property rights of any third party and there are no Actions that are pending or, to the knowledge of Seller, threatened against Seller with respect thereto. Except as set forth in Section 2.5 of
the Seller Disclosure Schedule, to the knowledge of Seller, there is no unauthorized use, infringement or misappropriation of the Conveyed Intellectual Property by any third party and there is no Action that is pending or threatened by Seller with
respect thereto. Notwithstanding anything to the contrary, this representation shall not limit or restrict the transfer to Buyer pursuant to this Agreement of all right, title and interest in and to (i) the Conveyed Intellectual Property owned
by Seller throughout the world and (ii) any internet domain names associated with the CCS Trademark owned by Seller; provided, however, that Seller does not represent, warrant or covenant that any rights in or to the Conveyed Intellectual
Property exist anywhere outside of the United States of America or that Seller has any right, title or interest in or to any internet domain names associated with the CCS Trademark, other than the CCS Domain Name. 
 Section 2.6 Data. 
 As of the Closing, as
among the Parties, each of Seller, dELiA*s and Buyer (and any transferee of dELiA*s or Buyer) will have unrestricted rights to sell, rent, send communications to customers whose information is included in, and otherwise use the Data, without
notification to, consent of, or payment of any further consideration (other than pursuant to any agreement or arrangement negotiated between Seller and any third party to whom Buyer or dELiA*s transfers the Data, or any parent entity of such third
party), in all such cases subject to applicable Law, consumer opt-ins and opt-outs, and applicable privacy and usage policies. 

 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES OF BUYER 
 Buyer hereby represents and warrants to Seller that,
except as set forth in the disclosure schedule delivered by Buyer to Seller and attached hereto and made a part hereof (the “Buyer Disclosure Schedule”): 
 Section 3.1 Organization. 
 Buyer is duly organized, validly existing and in good standing
under the Laws of its jurisdiction of organization and has the requisite limited liability company power and authority to own, operate or lease the properties that it purports to own, operate or lease and to carry on its business as it is now being
conducted. 
 Section 3.2 Authority Relative to this Agreement and Related Matters. 
 Each of dELiA*s and Buyer has all necessary corporate or limited liability company power and authority, as the case may be, to enter into this Agreement
and to carry out its obligations hereunder. The execution and delivery by each of dELiA*s and Buyer of this Agreement and the consummation by Buyer of the Transactions have been duly authorized by all necessary corporate or limited liability company
(as applicable) action on the part of each of dELiA*s and Buyer. This Agreement has been duly executed and delivered by each of dELiA*s and Buyer and, assuming the due authorization, execution and delivery hereof by Seller, constitutes the legal,
valid and binding obligation of each of dELiA*s and Buyer, enforceable against each of dELiA*s and Buyer in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar
laws relating to or affecting creditors’ rights generally and by general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law). 
 Section 3.3 No Conflict; Required Filings and Consents. 
 The execution and delivery of this Agreement by each of Buyer and dELiA*s do not, and the consummation of the Transactions will not, (a) conflict with or violate the organizational or governing documents of Buyer
or dELiA*s, (b) conflict with or violate any Law or Order applicable to Buyer or dELiA*s or by which Buyer or dELiA*s or any of their respective properties is bound, (c) result in a breach of or constitute a default (or an event that with
notice or lapse of time or both would become a default) under, or give rise to any right of termination, acceleration or cancellation under, any note, bond, mortgage, indenture, contract, agreement, lease, license or other instrument or obligation
to which Buyer or dELiA*s is a party or by which Buyer or dELiA*s or any of their respective properties is bound, or (d) require Buyer or dELiA*s to obtain any consent, approval, authorization or permit of, or to make any filing with or
notification to, any Governmental Authority, except (i) as set forth in Section 3.3 of the Buyer Disclosure Schedule, or (ii) for any filings required pursuant to the Exchange Act. 

 Section 3.4 Absence of Litigation. 
 Except as disclosed in Section 3.4 of the Buyer Disclosure Schedule, as of the date hereof, (a) there is no Action pending or, to the
knowledge of Buyer, threatened against Buyer before any Governmental Authority that, if adversely determined, would prohibit, prevent, enjoin, restrict or materially impair or delay any of the Transactions, and (b) there is no Order against
Buyer that would prohibit, prevent, enjoin, restrict or materially impair or delay any of the Transactions. 
 ARTICLE IV 

COVENANTS OF SELLER 
 Section 4.1
Conduct of Seller Pending the Closing. 
 Seller shall not, between the date of this Agreement and the Closing Date or the earlier
termination of this Agreement, do or agree to do any of the following without the prior written consent of Buyer: 
 (a) take or fail to take,
or agree to take or fail to take, any action which would make any representation or warranty made by Seller herein untrue or incorrect in any material respect; 
 (b) sell, lease, license, encumber, transfer or otherwise dispose of any Purchased Assets; and 
 (c) agree
to do any of the foregoing. 
 Section 4.2 Notification of Certain Events. 
 Seller shall give prompt notice to Buyer if any of the following occurs after the date of this Agreement: (i) there has been a material failure of
Seller to comply with or satisfy any covenant, condition or agreement to be complied with or satisfied by it hereunder; (ii) receipt by Seller of any material notice or other communication from any Governmental Authority in connection with the
Transactions; (iii) the occurrence of an event which would cause a condition in Section 7.2 not to be satisfied; or (iv) the commencement or threat, in writing, of any Action against Seller, or any of its properties, with
respect to the Transactions and/or any of the Purchased Assets. No such notice to Buyer shall have any effect on the determination of whether or not any of the conditions to Closing or to the consummation of the Transactions have been satisfied or
in determining whether or not any of the representations, warranties or covenants contained in this Agreement have been breached. 

 ARTICLE V 
 COVENANTS OF BUYER 
 Section 5.1 Representations and Warranties. 
 Buyer covenants and agrees that, except as otherwise contemplated by this Agreement or unless Seller shall give its prior written consent, Buyer shall
not, between the date of this Agreement and the Closing Date or the earlier termination of this Agreement, take or fail to take, or agree to take or fail to take, any action which would make any representation or warranty made by Buyer herein untrue
or incorrect in any material respect. 
 Section 5.2 Notification of Certain Events. 
 Buyer shall give prompt notice to Seller if any of the following occurs after the date of this Agreement: (i) there has been a material failure of
Buyer to comply with or satisfy any covenant, condition or agreement to be complied with or satisfied by it hereunder; (ii) receipt by Buyer of any material notice or other communication from any Governmental Authority in connection with the
Transactions; (iii) the occurrence of an event which would cause a condition in Section 7.3 not to be satisfied; or (iv) the commencement or threat, in writing, of any Action against Buyer, or any of its properties, with
respect to the Transactions. No such notice to Seller shall have any effect on the determination of whether or not any of the conditions to Closing or to the consummation of the Transactions have been satisfied or in determining whether or not any
of the representations, warranties or covenants contained in this Agreement have been breached. 
 ARTICLE VI 
 ADDITIONAL AGREEMENTS OF THE PARTIES 
 Section 6.1 Commercially Reasonable Efforts. 
 (a) Upon the terms and subject to the conditions hereof, each of
the Parties agrees to use its commercially reasonable efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable to consummate and make effective as promptly as practicable the
Transactions and to vest in Buyer (and any transferee of Buyer) good and marketable title to the Conveyed Intellectual Property, including obtaining all consents, waivers, authorizations and approvals from Governmental Authorities and other third
parties required for the consummation of the Transactions. 
 (b) From time to time after the Closing, at the request of Buyer (or any
transferee of Buyer) and at such requesting party’s expense, and without further consideration, Seller agrees on its own behalf, as well as on behalf of its subsidiaries, affiliates, successors, assigns and legal representatives, to execute and
deliver to Buyer any further documents or instruments and perform any further acts that may reasonably be deemed necessary or desirable by Buyer to vest, record, perfect, support and/or confirm the rights herein conveyed, or intended so to be, to
Buyer (and any transferee of Buyer) with respect to the Conveyed Intellectual Property, 

 
including without limitation such assignments, agreements and limited powers of attorney as may be needed for recording or effectuating the transfer of the
Conveyed Intellectual Property in the United States. Nothing herein shall be deemed a waiver by Buyer of its right to receive at the Closing an effective assignment of such rights by Seller as otherwise set forth in this Agreement. Without limiting
the generality of the foregoing, Seller shall execute and deliver to Buyer or obtain for delivery to Buyer, at the request of Buyer and at its expense, and without further consideration, any documents required to update record title to the owned
Conveyed Intellectual Property to reflect Buyer (and any transferee of Buyer) as the record owner in each jurisdiction in which such Conveyed Intellectual Property exists. At the request of Buyer and at its expense, and without further
consideration, Seller shall reasonably cooperate with Buyer (and any transferee of Buyer) in connection with the registration of the Conveyed Intellectual Property in jurisdictions outside of the United States. 
 (c) From time to time after the Closing, at the request of Buyer and at its expense, and without further consideration, Seller shall assist Buyer (and
any transferee of Buyer) as Buyer may reasonably require in connection with the defense or prosecution of any claim by or against any third party with respect to the ownership, validity, enforceability, infringement or other violation of or by the
Conveyed Intellectual Property. 
 Section 6.2 Public Announcements. 
 Each of the Parties agrees that no press release or announcement concerning this Agreement or the Transactions shall be issued by it or any of its
Affiliates without the prior consent of the other Party (which consent shall not be unreasonably withheld or delayed), except as such release or announcement may be required by applicable Law or the rules or regulations of any securities exchange,
in which case such Party shall use its commercially reasonable efforts to allow the other Party reasonable time to comment on such release or announcement in advance of such issuance. 
 Section 6.3 Amendment of Trademark Coexistence Agreement. 
 On the Closing Date, the
Trademark Coexistence Agreement shall be amended to delete the reference to “CCS” on Exhibit A thereto. 
 ARTICLE VII

 CONDITIONS TO THE CLOSING 
 Section 7.1 Conditions to Obligations of Each Party. 
 The respective obligations of each Party to consummate the
Transactions shall be subject to the satisfaction or waiver (where permissible), on or prior to the Closing Date, of each of the following conditions: 
 (a) No Governmental Authority shall have enacted, issued, promulgated, enforced or entered any Law or Order (whether temporary, preliminary or permanent) that is then in effect and has the effect of making the
Transactions illegal or otherwise preventing or prohibiting consummation of the Transactions. 

 (b) The closing under the Asset Purchase Agreement, dated as of the date hereof, by and among Buyer,
dELiA*s, Zephyr Acquisition, LLC and Foot Locker, Inc. (the “Asset Purchase Agreement”) shall have occurred. Notwithstanding the foregoing, the Closing under this Agreement shall be deemed to occur immediately prior to the closing
under the Asset Purchase Agreement. 
 (c) The Amendment to Media Services Agreement between dELiA*s and Seller in the form attached as
Exhibit C shall have been executed and delivered by the parties thereto and shall be in full force and effect. 
 Section 7.2 Additional
Conditions to Obligations of Buyer. 
 The obligation of Buyer to consummate the Transactions shall also be subject to the
satisfaction or waiver (where permissible), on or prior to the Closing Date, of each of the following conditions: 
 (a) The representations
and warranties of Seller set forth in Article II of this Agreement (i) that are qualified by the words “material” or “material adverse effect” shall be true and correct in all respects on and as of the Closing Date as
if made on and as of such date and (ii) that are not so qualified shall be true and correct in all material respects on and as of the Closing Date as if made on and as of such date, except in any such case (x) for changes contemplated by
this Agreement and by the Seller Disclosure Schedule, and (y) to the extent that any such representation or warranty is made as of a specified date, in which case such representation or warranty shall remain true and correct (in all material
respects, as the case may be) as of such date. 
 (b) Seller shall in all material respects have performed or complied with each obligation
and covenant to be performed or complied with by Seller hereunder on or prior to the Closing Date, including the deliveries under Section 1.4(b). 
 (c) Buyer shall have received a certificate of Seller, dated the Closing Date, signed by an officer of Seller, to the effect that the conditions specified in Sections 7.2(a) and (b) have been
satisfied. 
 (d) The Database Transfer Agreement, dated December 2005, by and between Buyer and Alloy Media, LLC (formerly known as 360
Youth, LLC) shall be terminated in its entirety. For the avoidance of doubt, Seller shall continue to be a joint owner of, and have an unrestricted right to use (other than pursuant to any agreement or arrangement negotiated between Seller and any
third party to whom Buyer or dELiA*s transfers such data, or any parent entity of such third party), the data that are subject to such Database Transfer Agreement, notwithstanding such termination, subject to applicable Law, consumer opt-ins and
opt-outs, and applicable privacy and usage policies. 

 Section 7.3 Additional Conditions to Obligations of Seller. 
 The obligation of Seller to consummate the Transactions shall also be subject to the satisfaction or waiver (where permissible), on or prior to the
Closing Date, of each of the following conditions: 
 (a) The representations and warranties of Buyer set forth in Article III of this
Agreement (i) that are qualified by the words “material” or “material adverse effect” shall be true and correct in all respects on and as of the Closing Date as if made on and as of such date and (ii) that are not so
qualified shall be true and correct in all material respects on and as of the Closing Date as if made on and as of such date, except in any such case (x) for changes contemplated by this Agreement and by the Buyer Disclosure Schedule, and
(y) to the extent that any such representation or warranty is made as of a specified date, in which case such representation or warranty shall remain true and correct (in all material respects, as the case may be) as of such date. 

(b) Buyer shall in all material respects have performed or complied with each obligation and covenant to be performed or complied with by it hereunder
on or prior to the Closing Date, including the deliveries under Section 1.4(c). 
 (c) Seller shall have received a certificate
of Buyer, dated the Closing Date, signed by an executive officer of Buyer, to the effect that the conditions specified in Sections 7.3(a) and (b) have been satisfied. 
 (d) The Media Placement Services Agreement between dELiA*s and Seller in the form attached as Exhibit D shall have been executed and delivered by
the parties thereto and shall be in full force and effect. 
 (e) The media services agreement and transition services agreement between
Seller and Zephyr Acquisition, LLC in the forms attached as Exhibit E and Exhibit F, respectively, shall have been executed and delivered by the parties thereto and shall be in full force and effect. 
 ARTICLE VIII 
 TERMINATION

 Section 8.1 Termination. 
 This Agreement may be terminated and the Transactions may be abandoned at any time prior to the Closing Date: 
 (a) By mutual
written consent of Buyer and Seller; 
 (b) by either Seller or Buyer, if the Closing shall not have occurred on or before November 26,
2008 (the “Outside Date”); provided, however, that the right to terminate this Agreement under this Section 8.1(b) shall not be available to any Party whose failure to fulfill any obligation under this
Agreement has been the cause of, or resulted in, the failure of the Transactions to be consummated on or before the Outside Date; 

 (c) by either Seller or Buyer if any Governmental Authority shall have enacted, issued, promulgated,
enforced or entered any Law or Order that is, in each case, then in effect and is final and nonappealable and has the effect of making the Transactions illegal or otherwise preventing or prohibiting consummation of the Transactions; provided,
however, that the right to terminate this Agreement under this Section 8.1(c) shall not be available to any Party whose failure to fulfill any obligation under this Agreement has been the cause of, or resulted in, any such Law or
Order to have been enacted, issued, promulgated, enforced or entered; 
 (d) by Buyer (if Buyer is not in material breach of any of its
representations, warranties, covenants or agreements under this Agreement), if there has been a breach by Seller of any of its representations, warranties, covenants or agreements contained in this Agreement, or if any representation or warranty of
Seller shall have become inaccurate, in either case that would result in a failure of a condition set forth in Section 7.2(a) or 7.2(b) (a “Terminating Seller Breach”); provided, that if such Terminating
Seller Breach is reasonably curable by Seller, within 30 days after Seller has received written notice from Buyer of such Terminating Seller Breach, through the exercise of its commercially reasonable efforts and for as long as Seller continues to
exercise such commercially reasonable efforts, Buyer may not terminate this Agreement under this Section 8.1(d) until the earlier of the expiration of such 30-day period and the Outside Date; 
 (e) by Seller (if Seller is not in material breach of any of its representations, warranties, covenants or agreements under this Agreement), if there has
been a breach by Buyer of any of its representations, warranties, covenants or agreements contained in this Agreement, or if any representation or warranty of Buyer shall have become inaccurate, in either case that would result in a failure of a
condition set forth in Section 7.3(a) or 7.3(b) (a “Terminating Buyer Breach”); provided, that if such Terminating Buyer Breach is reasonably curable by Buyer, within 30 days after Buyer has received
written notice from Seller of such Terminating Buyer Breach, through the exercise of its commercially reasonable efforts and for as long as Buyer continues to exercise such commercially reasonable efforts, Seller may not terminate this Agreement
under this Section 8.1(e) until the earlier of the expiration of such 30-day period and the Outside Date; and 
 (f) by either
Buyer or Seller if the Asset Purchase Agreement has been terminated in accordance with its terms. 
 Section 8.2 Effect of Termination. 

 In the event of the termination of this Agreement pursuant to Section 8.1, this Agreement shall forthwith become void, and
there shall be no liability on the part of any Party hereto or any of their respective Affiliates or the directors, officers, partners, members, managers, employees, agents or other representatives of any of them, and all rights and obligations of
each Party hereto shall cease, except that nothing herein shall relieve any Party from liability for any willful breach of this Agreement. Without limiting the foregoing, Section 6.2, this Section 8.2 and Article X
shall survive the termination of this Agreement. Notwithstanding anything to the contrary 

 
contained in this Agreement, nothing shall limit or prevent any Party from exercising any rights or remedies it may have under Section 10.9
hereof in lieu of terminating this Agreement pursuant to Section 8.1. 
 ARTICLE IX 
 INDEMNIFICATION PROVISIONS 
 Section 9.1 Seller’s Indemnification Obligation. 
 Seller agrees that, from and after the Closing, it shall
indemnify, defend and hold harmless Buyer, its officers, directors, Affiliates, partners, members, managers, employees, agents and other representatives (“Buyer Indemnified Parties”) from and against any damages, claims, losses,
liabilities, costs and expenses (including, without limitation, reasonable attorneys’ fees) (each, a “Liability” and, collectively, “Liabilities”) incurred by any of the foregoing Persons arising out of
(a) any inaccuracy or breach of any representation or warranty of Seller contained in Article II of this Agreement, (b) any breach of any covenant or agreement of Seller contained in this Agreement or (c) any use by Seller, its
Affiliates or their respective licensees (other than dELiA*s or Buyer) of the CCS Domain Name or the CCS Trademark prior to the Closing, including, without limitation, any claims of infringement relating thereto. 
 Section 9.2 Buyer’s Indemnification Obligation. 
 Buyer agrees that, from and after the Closing, it shall indemnify, defend and hold harmless Seller, its officers, directors, Affiliates, partners, members, managers, employees, agents and other representatives
(“Seller Indemnified Parties”) from and against any Liabilities incurred by any of the foregoing Persons arising out of (a) any inaccuracy or breach of any representation or warranty of Buyer contained in Article III of
this Agreement, (b) any breach of any covenant or agreement of Buyer contained in this Agreement, or (c) any use by Buyer, its Affiliates or their respective licensees of the CCS Domain Name or the CCS Trademark after the Closing,
including, without limitation, any claims of infringement relating thereto. 
 Section 9.3 Procedures for Indemnification for Third Party
Claims. 
 For purposes of this Article IX, any Party entitled to be indemnified under Article IX is referred to herein
as an “Indemnified Party,” and any Party obligated to provide indemnification under Article IX is referred to herein as an “Indemnifying Party.” The obligations and liabilities of the Parties under this
Article IX with respect to, relating to or arising out of claims of third parties (individually, a “Third Party Claim” and, collectively, the “Third Party Claims”) shall be subject to the following terms and
conditions: 
 (a) The Indemnified Party shall give the Indemnifying Party prompt written notice of any Third Party Claim, and the
Indemnifying Party may undertake the defense of that claim by representatives chosen by it and reasonably satisfactory to the Indemnified Party, provided, that, in such event, the Indemnified Party will have the right to participate in such
defense through counsel of its own choice and at its own expense. Any such notice of a Third Party Claim shall identify with reasonable specificity the basis for the Third Party Claim, the 

 
facts giving rise to the Third Party Claim and the amount of the Third Party Claim (or, if such amount is not yet known, a reasonable estimate of the amount
of the Third Party Claim). The Indemnified Party shall make available to the Indemnifying Party copies of all relevant documents and records in its possession. Failure of an Indemnified Party to give prompt notice shall not relieve the Indemnifying
Party of its obligation to indemnify, except to the extent that the failure to so notify materially prejudices the Indemnifying Party’s ability to defend such claim against a third party. 
 (b) If the Indemnifying Party, within 20 days after notice from the Indemnified Party of any such Third Party Claim, notifies the Indemnified Party in
writing of its election not to, or fails to, assume the defense thereof in accordance with Section 9.3(a) of this Agreement, the Indemnified Party shall have the right (but not the obligation) to undertake the defense of the Third Party
Claim. Any failure on the part of the Indemnifying Party to notify the Indemnified Party within the time period provided above regarding its election shall be deemed an election by the Indemnifying Party not to assume and control the defense of the
Third Party Claim. 
 (c) Anything in this Section 9.3 to the contrary notwithstanding, the Indemnifying Party shall not, without
the prior written consent of the Indemnified Party, settle or compromise any Third Party Claim or consent to the entry of judgment which does not include as an unconditional term thereof the giving by the claimant or the plaintiff to the Indemnified
Party of an unconditional release from all liability in respect of the Third Party Claim. The Indemnified Party shall not, without the prior written consent (which shall not be unreasonably withheld or delayed) of the Indemnifying Party, settle,
compromise or pay any Third Party Claim or consent to the entry of judgment with respect thereto. 
 Section 9.4 Indemnification Limitations.

 (a) Time Limits On Indemnification. No claim on account of a breach or inaccuracy of a representation or warranty shall be made
after the expiration of the survival periods referred to in Section 10.1 of this Agreement. Notwithstanding the foregoing, if a written claim or written notice is given under Article IX with respect to any representation or
warranty prior to the expiration of its survival period, the claim with respect to such representation or warranty shall continue until such claim is finally resolved. 
 (b) Limitations on Damages. 
 (i) In no event shall Seller be liable for indemnification pursuant to
Section 9.1(a) unless and until the aggregate of all Liabilities which are incurred or suffered by the Buyer Indemnified Parties exceeds $50,000 (the “Basket”), in which case the Buyer Indemnified Parties shall be
entitled to indemnification for all such Liabilities including the Basket (subject to Section 9.4(b)(ii)). In no event shall Buyer be liable for indemnification pursuant to Section 9.2(a) unless and until the aggregate of all
Liabilities which are incurred or suffered by the Seller Indemnified Parties exceeds the Basket, in which case the Seller Indemnified Parties shall be entitled to indemnification for all such Liabilities including the Basket (subject to
Section 9.4(b)(ii)). 

 (ii) Notwithstanding anything to the contrary in this Agreement, (x) the maximum aggregate liability
of Seller pursuant to Section 9.1(a) shall not exceed $7,500,000 and (y) the maximum aggregate liability of Buyer pursuant to Section 9.2(a) shall not exceed $7,500,000. 
 (iii) Notwithstanding anything to the contrary contained in this Agreement or otherwise, no Party to this Agreement shall be liable to any Indemnified
Party for any special, incidental, punitive, consequential or similar damages. 
 (c) Waiver of Conditions. The right of an
Indemnified Party to indemnification hereunder shall not be affected by any investigation conducted with respect to the accuracy of or compliance with any of the representations, warranties, covenants or obligations set forth in this Agreement.
Notwithstanding the foregoing, the waiver of any condition based on the accuracy of any representation or warranty, or on the performance of or compliance with any covenant or obligation, shall negate the right to indemnification or other remedy
based on such representations, warranties, covenants and obligations. 
 Section 9.5 Exclusive Remedy. 
 The remedies provided in this Article IX shall be the sole and exclusive remedies of the Parties with respect to the matters arising from or
related to this Agreement or the Transactions, except that nothing herein shall prevent a Party from seeking specific performance pursuant to Section 10.9, subject to the provisions thereof, including with respect to the obligations in
Section 6.1. 
 ARTICLE X 
 GENERAL PROVISIONS 
 Section 10.1 Survival of Representations and Warranties. 

The representations and warranties made by Seller in Article II of this Agreement shall survive until the earlier of the date that is
fifteen (15) months after the Closing Date, or the expiration date of any substantially similar representations and warranties with respect to the Conveyed Intellectual Property made by Buyer to any transferee of Buyer. The representations and
warranties made by Buyer in Article III of this Agreement shall survive until the date that is fifteen (15) months after the Closing Date. 
 Section 10.2 Notices. 
 All notices and other communications under this Agreement shall be in writing and shall
be deemed given (a) when delivered personally by hand (with written confirmation of receipt) or (b) one Business Day following the day sent by nationally-recognized overnight courier (with written confirmation of receipt), in each case at
the following addresses (or to such other address as a Party may have specified by notice given to the other Party pursuant to this provision): 

	 	(a)	if to Buyer or dELiA*s: 

 dELiA*s, Inc. 
 50 West 23rd Street 
 New York, New York 10010 
 Attention: General Counsel 
 with a copy to:

 Olshan Grundman Frome Rosenzweig & Wolosky LLP 
 Park Avenue Tower 
 65 East 55th Street 
 New York, New York 10022 
 Attention: Steven Wolosky, Esq. 
  

	 	(b)	If to Seller: 

 Alloy, Inc. 
 151 West 26th Street, 11th Floor 
 New York, New York 10001 
 Attention: 
 with a copy to: 
 Alloy, Inc. 

151 West 26th Street, 11th Floor 
 New York, New York 10001 
 Attention: General Counsel 
 Any notice or other communication that has been given or made as of a date that is not a Business Day shall be deemed to have been given or made on the
next succeeding day that is a Business Day. 
 Section 10.3 Headings. 
 The headings contained in this Agreement and the disclosure schedules are for reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement or the disclosure schedules. Unless the context of this Agreement otherwise requires, words of any gender are deemed to include each other gender and words using the singular or plural number also include the plural
or singular number, respectively. 
 Section 10.4 Entire Agreement. 
 This Agreement, together with the exhibits and schedules attached hereto, constitutes the entire agreement, and supersede all prior agreements and
undertakings, both written and oral, between the Parties with respect to the subject matter hereof. 

 Section 10.5 Assignment: Parties in Interest. 
 Neither this Agreement nor any rights or obligations hereunder shall be assigned by any Party without the prior written consent of the other Party. This
Agreement shall be binding upon and inure solely to the benefit of each Party hereto and its successors and permitted assigns, and nothing in this Agreement, express or implied, is intended to confer upon any other Person any rights or remedies of
any nature whatsoever under this Agreement, other than Article IX hereof (which is intended to be for the benefit of the Persons covered thereby and may be enforced by such Persons). 
 Section 10.6 Governing Law; Consent to Jurisdiction. 
 This Agreement shall be governed by, and construed in accordance with, the Laws of the State of New York applicable to contracts executed in and to be performed entirely in that State, without regard to conflicts of
Laws principles thereof to the extent that the general application of the Laws of another jurisdiction would be required thereby. The Parties hereto hereby irrevocably submit to the jurisdiction of any New York state or federal court sitting in the
County of New York, State of New York, in any action or proceeding arising out of or relating to this Agreement, and the Parties hereby irrevocably agree that all claims in respect of such action or proceeding may be heard and determined exclusively
in such New York state or federal court. The Parties hereto hereby irrevocably waive, to the fullest extent permitted by Law, any objection which they or any of them may now or hereafter have to the laying of the venue of any such action or
proceeding brought in any such court, and any claim that any such action or proceeding brought in any such court has been brought in an inconvenient forum. 
 Section 10.7 Counterparts. 
 This Agreement may be executed and delivered (including by facsimile transmission or
..pdf) in one or more counterparts, and by the Parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. 
 Section 10.8 Severability. 
 In case any
provision in this Agreement shall be held invalid, illegal or unenforceable in a jurisdiction, such provision shall be modified or deleted, as to the jurisdiction involved, only to the extent necessary to render the same valid, legal and
enforceable, and the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby nor shall the validity, legality or enforceability of such provision be affected thereby in any other
jurisdiction. 
 Section 10.9 Specific Performance. 
 The Parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached.
Accordingly, the Parties further agree that each Party shall be entitled to seek an injunction or restraining order to prevent breaches of this Agreement and to seek to enforce specifically the terms and provisions hereof, this being in addition to
any other right or remedy to which such Party may be entitled under this Agreement, at law or in equity. 

 Section 10.10 Fees and Expenses. 
 All fees, costs and expenses incurred in connection with this Agreement and the Transactions shall be paid by the Party incurring the same, regardless of
the termination, if any, of this Agreement pursuant to Section 8.1. 
 Section 10.11 Amendment. 
 This Agreement may not be modified, amended, altered or supplemented except upon the execution and delivery of a written agreement executed by Buyer and
Seller. 
 Section 10.12 Waiver. 
 At any time prior to the Closing Date, any Party hereto may (a) extend the time for the performance of any of the obligations or other acts of the other Party hereto, (b) waive any inaccuracies in the representations and
warranties contained herein or in any document delivered pursuant hereto and (c) waive compliance with any of the agreements or conditions contained herein. Any such extension or waiver shall be valid if set forth in an instrument in writing
signed by the Parties hereto. The failure of any Party hereto to assert any of its rights hereunder shall not constitute a waiver of such rights. 
 Section 10.13 dELiA*s Undertaking and Guaranty. 
 dELiA*s, for the benefit of Seller and the other Seller
Indemnified Parties, in consideration of the promises, covenants and agreements of Seller under this Agreement, hereby (i) agrees to cause Buyer to take all actions as are necessary for it to perform its obligations under
Section 1.3, Section 6.1(c) and Article IX of this Agreement and (ii) unconditionally guarantees the performance of all the obligations of Buyer under Section 1.3, Section 6.1(c) and
Article IX of this Agreement, including but not limited to the full and prompt payment by Buyer of any and all payments required to be made by Buyer to Seller pursuant to Section 1.3, Section 6.1(c) and Article
IX of this Agreement. This guarantee is an absolute and continuing guarantee. dELiA*s waives any and all defenses and discharges it may have or otherwise be entitled to as a guarantor or surety hereunder and further waives presentment for
payment, notice of nonpayment or nonperformance, demand and protest. dELiA*s expressly agrees that Seller may proceed directly against dELiA*s under this Section 10.13 concurrently with proceeding against Buyer and is not required to
exhaust remedies against Buyer before proceeding against dELiA*s. 
 ARTICLE XI 
 CERTAIN DEFINITIONS 
 For
purposes of this Agreement, the term: 
 “Action” shall have the meaning ascribed to it in Section 2.4.

 “Affiliate” of a Person means a Person that directly or indirectly, through one or more
intermediaries, Controls, is Controlled by, or is under common Control with, the first mentioned Person. 
 “Agreement”
shall have the meaning ascribed to it in the preamble. 
 “Asset Purchase Agreement” shall have the meaning ascribed to it
in Section 7.1(b). 
 “Business” shall have the meaning ascribed to it in the recitals. 
 “Business Day” means any calendar day which is not a Saturday, Sunday or federal holiday. 
 “Buyer” shall have the meaning ascribed to it in the Preamble. 
 “Buyer Disclosure Schedule” shall have the meaning ascribed to it in the preamble to Article III. 
 “CCS Domain Name” means the domain name ccs.com and the universal resource locator shop.ccs.com and any and all domain names
incorporating the term CCS or any terms confusingly similar thereto that is owned by Seller and any and all rights of renewal in and to the foregoing. 
 “CCS Trademark” means United States trademark application Serial Number 77031675 and all of Seller’s right, title and interest in: (i) the trademark “CCS”, including all variations
thereof; all stylizations thereof; (ii) all logos and designs associated therewith; (iii) all common law rights therein; (iv) the registrations and applications for registration therefor; (v) and all past, present and future
rights and forms of protection of an equivalent or similar nature having the equivalent or similar effect to any of the foregoing which may subsist anywhere in the world, together with the goodwill associated therewith, appurtenant thereto, and
symbolized thereby. 
 “Closing” shall have the meaning ascribed to it in Section 1.4(a). 
 “Closing Date” shall have the meaning ascribed to it in Section 1.4(a). 
 “Control” (including the terms “Controlled by” and “under common Control with”) means the possession, directly or
indirectly or as trustee or executor, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, as trustee or executor, by contract or credit arrangement or
otherwise. 
 “Conveyed Intellectual Property” shall have the meaning ascribed to it in Section 1.1(a).

 “Data” means all information gathered in the conduct of the Business that identifies or describes an individual or an
individual’s record of behavior or action, including without limitation, name, telephone, postal address, phone number, email, date of birth, gender, but specifically excluding credit card data, as such information exists as of the Closing
Date. 

 “Domain Name Assignment Agreement” shall have the meaning ascribed to it in
Section 1.4(b)(ii). 
 “Encumbrance” means any charge, claim, community property interest, condition, easement,
covenant, warrant, demand, encumbrance, equitable interest, lien, mortgage, option, purchase right, pledge, security interest, right of first refusal or other right of third parties or restriction of any kind, including any restriction on use,
voting, transfer, receipt of income or exercise of any other attribute of ownership. 
 “Exchange Act” shall have the
meaning ascribed to it in Section 2.3. 
 “Governmental Authority” means any United States federal, state or
local government, governmental, regulatory or administrative authority, agency, self-regulatory body, instrumentality or commission, and any court, tribunal or judicial or arbitral body (including private bodies) and any political or other
subdivision, department or branch of any of the foregoing. 
 “Indemnified Party” shall have the meaning ascribed to it in
Section 9.3. 
 “Indemnifying Party” shall have the meaning ascribed to it in Section 9.3.

 “Intellectual Property” means all United States and foreign intellectual property and all other similar proprietary
rights, including all (i) patents and patent applications, including divisionals, continuations, continuations-in-part, reissues, reexaminations and extensions thereof and counterparts claiming priority therefrom; utility models; invention
disclosures; and statutory invention registrations and certificates; (ii) registered, pending and unregistered trademarks, service marks, trade dress, logos, trade names, corporate names and other source identifiers, domain names, Internet
sites and web pages; and registrations and applications for registration for any of the foregoing, together with all of the goodwill associated therewith; (iii) registered copyrights, and registrations and applications for registration thereof;
rights of publicity; and copyrightable works; (iv) all inventions and design rights (whether patentable or unpatentable) and all categories of trade secrets as defined in the Uniform Trade Secrets Act, including business, technical and
financial information; and (v) confidential and proprietary information, including know-how. 
 “knowledge” means, with
respect to Seller, the actual knowledge, with no duty to make inquiries, of one or more of the persons set forth in Section 11 of the Seller Disclosure Schedule. 
 “Laws” means any federal, state or local statute, law, rule, ordinance, code or regulation of any Governmental Authority. 
 “Liability” and, collectively, “Liabilities” shall have the meaning ascribed to it in Section 9.1.

 “Order” shall have the meaning ascribed to it in Section 2.4. 
 “Outside Date” shall have the meaning ascribed to it in Section 8.1(b). 
 “Parties” shall have the meaning ascribed to it in the preamble. 
 “Permitted Encumbrance” means: (i) statutory liens for Taxes, assessments and governmental charges or levies not yet due and
payable or that are being contested in good faith by appropriate proceedings; (ii) mechanics’, materialmen’s, carriers’, warehousemen’s or similar statutory liens for amounts not yet due or being diligently contested in good
faith in appropriate proceedings; and (iii) pledges or deposits to secure obligations under workers’ compensation laws or similar legislation or to secure public or statutory obligations. 
 “Person” means an individual, corporation, partnership, limited liability company, association, trust, unincorporated organization or
other entity. 
 “Purchase Price” shall have the meaning ascribed to it in Section 1.3. 
 “Purchased Assets” shall have the meaning ascribed to it in Section 1.1. 
 “Seller” shall have the meaning ascribed to it in the Preamble. 
 “Seller Disclosure Schedule” shall have the meaning ascribed to it in the preamble to Article II. 
 “Subsidiary” means any Person with respect to which a specified Person directly or indirectly (A) owns a majority of the equity
interests, (B) has the power to elect a majority of that Person’s board of directors or similar governing body, or (C) otherwise has the power, directly or indirectly, to direct the business and policies of that Person. 
 “Tax” or “Taxes” means any and all taxes, fees, levies, duties, tariffs, imposts and other charges of any kind
(together with any and all interest, penalties, additions to tax and additional amounts imposed with respect thereto) imposed by any Governmental Authority, including: taxes or other charges on or with respect to income, franchise, windfall or other
profits, gross receipts, property, sales, use, equity interests, payroll, employment, social security, workers’ compensation, unemployment compensation or net worth; taxes or other charges in the nature of excise, withholding, ad valorem,
stamp, transfer, value-added or gains taxes; license, registration and documentation fees; and customers’ duties, tariffs and similar charges. 
 “Terminating Buyer Breach” shall have the meaning ascribed to it in Section 8.1(e). 
 “Terminating Seller Breach” shall have the meaning ascribed to it in Section 8.1(d). 
 “Third
Party Claim” and, collectively, “Third Party Claims” shall have the meaning ascribed to it in Section 9.3. 

 “Trademark Assignment Agreement” shall have the meaning ascribed to it in Section
1.4(b)(i) 
 “Transactions” shall have the meaning ascribed to it in Section 2.2. 
 [Signature page follows] 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be duly executed as of
the date first written above. 
  

			
	ALLOY, INC.
		
	By:	 	 /s/ Gina DiGioia

	Name:	 	Gina DiGioia
	Title:	 	General Counsel

  

			
	SKATE DIRECT, LLC
		
	By:	 	 /s/ Robert E. Bernard

	Name:	 	Robert E. Bernard
	Title:	 	Chief Executive Officer

 The undersigned hereby agrees to be bound by the provisions of Sections 6.1(c), 6.2 and
10.13 of this Agreement. 
  

			
	dELiA*s, INC
		
	By:	 	 /s/ Robert E. Bernard

	Name:	 	Robert E. Bernard
	Title:	 	Chief Executive Officer

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