Document:

EX-10.1

 Exhibit 10.1 
  

 
 PRIVATE AND CONFIDENTIAL REVISED OFFER 

August 17, 2017 
 Michael J. Burwell 

2951 Chestnut Run 
 Bloomfield Hills, MI 48302 

Dear Mike: 
 On behalf of Towers Watson Delaware Inc., a Willis
Towers Watson Company (hereinafter “Willis Towers Watson”), we are very pleased to formally offer you the position of Chief Financial Officer starting October 2, 2017. 

We are impressed with your skills and attributes and are confident you will enhance Willis Towers Watson’s position as a leading risk, advisory and
broking company. We are known for improving our clients’ results through our unique combination of technical excellence and innovation and believe you will be a strong addition in that endeavor. In working here, you will have the opportunity to
grow as well as partner with talented colleagues in solving issues for some of the world’s largest and most complex organizations. This letter serves to document some of the finer points of the terms of our offer as well. 

In this position, you will be reporting to John Haley. As you know, we operate a virtual headquarters so we expect that you will be spending time in our major
locations on a regular basis, particularly Philadelphia, Arlington, VA, and London. Given that you live in Michigan, for administrative purposes, you will be assigned to the Southfield, MI office, located at 26555 Evergreen Road, Southfield, MI
48076. 
 255 Alhambra Circle, Suite 950 
 Coral Gables, FL
33134 
 D +44 0 20 3456 7890 
 M +44 0 7890 123456 

E address@wtw.com 
 W willistowerswatson.com 

  
 Page 1 of 5 

			
	

	  	 Michael J. Burwell

17 August 2017

  

 COMPENSATION 

Your initial base salary will be $750,000.00 per annum, earned at the semi-monthly rate of $31,250.00, less applicable statutory deductions. Employees are paid
on the 15th and last day of each month via payroll direct deposit. 
 You will participate in the
Willis Towers Watson Discretionary Individual Bonus Program. The bonus year runs from January 1 to December 31, and bonuses are payable annually, usually in March. Your target bonus is 125% of your base salary, and any bonus awarded will
be based on individual performance and reflect the performance of the Finance function and the overall Company as well. In certain circumstances bonus payments may be prorated, for example, in line with base salary changes, part year periods of
service or extended periods of absence, in accordance with applicable law. 
 As part of your offer, we agree to guarantee your 2017 bonus at full year
target of $937,500. 
 A current condition of eligibility to receive a bonus payment, including without limitation the guaranteed bonus described above, is
that you are still in the Company’s service on the date of payment and not working out any period of notice, whether given or received. Except as otherwise provided herein, any bonus payable under this program is discretionary. The Company
reserves the right to amend or terminate any and all bonus provisions at its sole discretion at any time with or without notice or replacement. 
 As an
Operating Committee member, you will participate in our Long Term Incentive (LTI) program. Your annual LTI target amount will be 200% of base salary. Although your LTI award would normally be prorated to reflect the number of months (3/12) that you
will be serving in your new role in 2017, we agree to award you LTI for the full amount for 2017, $1,500,000, an additional $1,130,000 in value. The Operating Committee LTI awards are normally entirely performance based. However, for this year, we
are prepared to consider time vesting for some portion of your award. Once we have determined the specifics with respect to your 2017 LTI award, a separate grant letter with relevant 2017 terms and conditions will be provided to you under separate
cover. 
 Willis Towers Watson will pay you a signing bonus totaling $1,450,000, less appropriate payroll deductions. This will be paid within 31 days of
employment. If you voluntarily leave Willis Towers Watson or if you are terminated for cause within twelve (12) months of a signing bonus payment, you will be required to repay Willis Towers Watson in full for that payment immediately upon your
termination. In the event that you are required to repay the signing bonus to Willis Towers Watson under the terms of this paragraph, you authorize Willis Towers Watson (by signing this letter) to withhold any such amount from any amounts due to you
at the time of your termination and apply such after-tax amounts against the outstanding repayment obligation you owe to Willis Towers Watson. Your authorization expressly includes, but is not limited to,
allowing Willis Towers Watson to withhold any amounts you owe from any compensation (including but not limited to wages), accrued paid time off, expense reimbursement, or any other amounts due to you from Willis Towers Watson. The Company may in its
absolute discretion elect not to pay any sign-on bonus payment or to reduce the sign-on bonus payment if you have committed any act of misconduct and/or any material
breach of the terms of the Willis Towers Watson Code of Conduct and/or is subject to any performance management process in any such case during any period prior to the sign-on bonus payment date. 

  
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	  	 Michael J. Burwell

17 August 2017

  

 SEVERANCE 

In the event that your employment relationship is involuntarily terminated for any reason other than Good Cause (defined below), you will be eligible for
severance compensation equivalent to twelve (12) months’ Base Salary at time of termination plus Target Bonus (estimated value $1,687,500.00). 

If you ever become eligible to receive any severance payments described in this provision, you agree that such these severance payments are contingent upon
your execution of a Severance Agreement and Release in the form the Company provides. Your acceptance of these severance payments shall constitute your knowing and voluntary waiver of any right or claim to receive severance benefits from Willis
Towers Watson (or any of its affiliates) under any severance benefit plan that Willis Towers Watson (or any of its affiliates) may maintain at the time of your employment termination. 

You will not be eligible to receive any of the severance benefits described in this provision if you terminate your employment voluntarily or if you are
terminated by the Company for Good Cause. For purposes of this provision, “Good Cause” is defined as (1) your gross and/or chronic neglect of your duties, (2) your conviction of a felony or conviction of a misdemeanor involving
moral turpitude, (3) dishonesty, embezzlement, fraud or other material willful misconduct by you in connection with your employment, (4) your violation of the restrictive covenant provisions contained in your Confidentiality and Non-Solicitation Agreement or in any other agreement with the Company or any affiliate, (5) your material breach of any duty owed to the Company, including, without limitation, the duty of loyalty,
(6) your material breach of any material obligations under any agreement with the Company or any affiliate, and (7) any material breach by you of the Company’s Code of Conduct. For purposes of this provision, “Good Cause”
shall not include any immaterial, isolated instance of ordinary negligence or failure to act, whether due to an error in judgment or otherwise, if you have exercised substantial efforts in good faith to perform the duties reasonably assigned or
appropriate to your position. 
 BENEFITS 
 A summary of
Willis Towers Watson’s current benefit package for full-time employees is available on the Onboarding Portal. All benefits are subject to the terms of the applicable policies and plan documents, which may change from time to time. 

Noting the one-year waiting period for participation in the Willis Towers Watson Pension Plan for U.S. employees, we
have agreed to keep you whole during the first year. 
 In addition, consistent with your qualified pension plan benefits, we will vest your non-qualified pension benefits after you have attained five years of service. 
 LEGAL OBLIGATIONS TO PRIOR EMPLOYERS
AND OTHER THIRD PARTIES 
 Willis Towers Watson requires its employees to honor their legal obligations to their prior employers (just as we expect you
will honor your ongoing legal obligations to Willis Towers Watson should you leave our employ). Therefore, as a condition of your employment by Willis Towers Watson, you must not bring with you from your current or former employer(s) any
confidential or proprietary business 

  
 Page 3 of 5 

			
	

	  	 Michael J. Burwell

17 August 2017

  

 
information or copies of such information; and you may not reveal to Willis Towers Watson or any of our employees or use on behalf of Willis Towers Watson any confidential or proprietary
information belonging to any prior employer or other third party, unless you have been expressly authorized by the owner of such information to do so in writing. 

Further, if you have any written agreement with an existing or former employer that contains contractual restrictions that may continue to apply to you at any
time during your employment with Willis Towers Watson, you must provide us with a copy of any such agreement immediately. This offer and your employment with Willis Towers Watson is, therefore, necessarily contingent upon your ability to comply with
any restrictions and to satisfy any other conditions necessary to ensure your ability to accept this offer of employment. To the extent such restrictions exist, you agree to comply with those restrictions fully and to satisfy any other conditions
necessary to ensure your ability to accept this offer of employment. By accepting this offer, you certify that you have disclosed to Willis Towers Watson all contractual or other restrictions that may affect your ability to fully perform the duties
and responsibilities of your position in the location for which you are being hired, and that you have provided to Willis Towers Watson copies of all written contracts, correspondence or other documents that materially relate to any such
restrictions. 
 If, after you commence employment, any of your specific job responsibilities or activities on behalf of Willis Towers Watson are or might
reasonably be construed to conflict with your obligations to any of your prior employers, you will be required to notify us immediately and to observe any instructions we give you in that regard, including refraining from soliciting or serving any
particular organization, if required to do so. While Willis Towers Watson will cooperate with your efforts to comply with your obligations, please keep in mind that compliance with your contractual obligations remains your personal responsibility.
If you have any questions regarding these requirements, please contact your recruiter. 
 ADDITIONAL TERMS 

This offer and your employment with us are contingent upon the following conditions and terms: 

 

	 	•	 	Submission and review of documents that verify your eligibility for employment in the United States on your scheduled start date. U.S. immigration laws require all U.S. employers to verify that all new employees are
eligible to work in the United States. This law applies to both U.S. citizens and non-citizens. You must present acceptable original work authorization documentation necessary to complete an 1-9 form, which establishes proof of your eligibility to work in the United States, within three business days of commencing employment. If you are unable to provide the required documentation within that time
period, your offer will be withdrawn and/or your employment will be terminated. A list of acceptable documents is provided with this offer letter. Please be aware that Willis Towers Watson also participates in the
E-Verify employment eligibility verification system. 

  

	 	•	 	The truthfulness of the representations you have made to Willis Towers Watson during the interview process and completion and outcome of standard education, employment, credential and criminal checks 

  
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	  	 Michael J. Burwell

17 August 2017

  

	 	•	 	Your acknowledgement, by accepting this offer, that you have reviewed the enclosed Willis Towers Watson Code of Conduct that applies to all of your work at Willis Towers Watson, and that you will comply with it

  

	 	•	 	Your acknowledgement, by accepting this offer, that you have reviewed the Confidentiality and Non-Solicitation Agreement 

 

	 	•	 	Your agreement that information about your various benefits and entitlements shall be provided to you electronically, and not by hard copy 

 

	 	•	 	Your agreement that you will abide by all policies, practices and procedures of Willis Towers Watson, which are subject to change at any time in the sole discretion of Willis Towers Watson 

Your employment is “at will” and you may terminate your employment at any time by notifying Willis Towers Watson. Likewise, Willis Towers Watson may
terminate your employment at any time and for any reason, with or without cause or advance notice. 
 CLOSING 

Mike, we are delighted that you will be joining the leadership team of Willis Towers Watson as our Chief Financial Officer. I look forward to working closely
with you on driving our company’s success. 
 Sincerely, 
  

 
 John J. Haley 
 Chief Executive
Officer 

  
 Page 5 of 5Exhibit 4.1

 

BA CREDIT CARD TRUST

 

as Issuer

 

CLASS A(2017‐2) TERMS DOCUMENT

 

dated as of August 24, 2017

 

to

 

THIRD AMENDED AND RESTATED BASERIES INDENTURE SUPPLEMENT

 

dated as of December 17, 2015

 

to

 

FOURTH AMENDED AND RESTATED INDENTURE

 

dated as of December 17, 2015

 

THE BANK OF NEW YORK MELLON

 

as Indenture Trustee

 

TABLE OF CONTENTS

 

	 	
Page

	 	 	 
	
ARTICLE I

	
Definitions And Other Provisions Of General Application

	
1

	 	 	 	 
	 	
Section 1.01.

	 	
Definitions

	
1

	 	
Section 1.02.

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

	
5

	 	
Section 1.03.

	 	
Counterparts

	
6

	 	
Section 1.04.

	 	
Ratification of Indenture and Indenture Supplement

	
6

	 	 	 	 
	
ARTICLE II

	
The Class A(2017‐2) Notes

	
7

	 	 	 	 
	 	
Section 2.01.

	 	
Creation and Designation

	
7

	 	
Section 2.02.

	 	
Specification of Required Subordinated Amount and other Terms

	
7

	 	
Section 2.03.

	 	
Interest Payment

	
7

	 	
Section 2.04.

	 	
Payments of Interest and Principal

	
8

	 	
Section 2.05.

	 	
Form of Delivery of Class A(2017‐2) Notes; Depository; Denominations

	
8

	 	
Section 2.06.

	 	
Delivery and Payment for the Class A(2017‐2) Notes

	
8

	 	
Section 2.07.

	 	
Targeted Deposits to the Accumulation Reserve Account

	
8

	 	 	 	 
	
ARTICLE III

	
Representations and Warranties

	
9

	 	 	 	 
	 	
Section 3.01.

	 	
Issuer’s Representations and Warranties

	
9

 

- i -

THIS CLASS A(2017‐2) TERMS DOCUMENT (this “Terms Document”), by and between BA CREDIT CARD TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), having its principal office at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, and THE BANK OF NEW YORK MELLON, a New York banking corporation, as Indenture Trustee (the “Indenture Trustee”), is made and entered into as of August 24, 2017.

 

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

 

ARTICLE I

 

Definitions and Other Provisions of General Application

 

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

 

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

 

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

 

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

 

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

 

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

 

(6)          in the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture Supplement or the Indenture, the terms and provisions of this Terms Document shall be controlling;

 

(7)           each capitalized term defined herein shall relate only to the Class A(2017‐2) Notes and no other tranche of Notes issued by the Issuer; and 

 

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

 

“Accumulation Reserve Funding Period” shall mean, (a) if the Accumulation Period Length is determined to be one (1) month, there shall be no Accumulation Reserve Funding Period and (b) otherwise, the period (x) commencing on the earliest to occur of (i) the Monthly Period beginning three (3) calendar months prior to the first Transfer Date for which a budgeted deposit is targeted to be made into the Principal Funding sub-Account of the Class A(2017‐2) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (ii) the Monthly Period following the first Transfer Date following and including the July 2018 Transfer Date for which the Quarterly Excess Available Funds Percentage is less than 2%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 24 months prior to the Expected Principal Payment Date, (iii) the Monthly Period following the first Transfer Date following and including the January 2019 Transfer Date for which the Quarterly Excess Available Funds Percentage is less than 3%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 18 months prior to the Expected Principal Payment Date, and (iv) the Monthly Period following the first Transfer Date following and including the March 2019 Transfer Date for which the Quarterly Excess Available Funds Percentage is less than 4%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 16 months prior to the Expected Principal Payment Date and (y) ending on the close of business on the last day of the Monthly Period preceding the earlier to occur of (i) the Expected Principal Payment Date for the Class A(2017‐2) Notes and (ii) the date on which the Class A(2017‐2) Notes are paid in full.

 

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

 

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

 

- 2 -

“Class A(2017‐2) Note” means any Note, substantially in the form set forth in Exhibit A-1 to the Indenture Supplement, designated therein as a Class A(2017‐2) Note and duly executed and authenticated in accordance with the Indenture.

 

“Class A(2017‐2) Noteholder” means a Person in whose name a Class A(2017‐2) Note is registered in the Note Register.

 

“Class A(2017‐2) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2017‐2) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to Article VI thereof.

 

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

 

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

 

“Controlled Accumulation Amount” means $91,666,666.67; provided, however, if the Accumulation Period Length is determined to be less than twelve (12) months pursuant to Section 3.10(b)(ii) of the Indenture Supplement, the Controlled Accumulation Amount shall be the amount specified in the definition of “Controlled Accumulation Amount” in the Indenture Supplement.

 

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

 

“Expected Principal Payment Date” means August 17, 2020.

 

“Initial Dollar Principal Amount” means $1,100,000,000.

 

“Interest Payment Date” means the fifteenth day of each month, or if such fifteenth day is not a Business Day, the next succeeding Business Day, commencing October 16, 2017.

 

“Interest Period” means, with respect to any Interest Payment Date, the period from and including the previous Interest Payment Date (or in the case of the initial Interest Payment Date, from and including the Issuance Date) through the day preceding such Interest Payment Date.

 

“Issuance Date” means August 24, 2017.

 

“Legal Maturity Date” means January 17, 2023.

 

“Note Interest Rate” means a per annum rate equal to 1.84%.

 

- 3 -

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

 

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

 

“Predecessor Note” means, with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 306 of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note.

 

“Quarterly Excess Available Funds Percentage” means, with respect to the July 2018 Transfer Date and each Transfer Date thereafter, the percentage equivalent of a fraction the numerator of which is the sum of the Excess Available Funds Percentages with respect to the immediately preceding three Monthly Periods and the denominator of which is three.

 

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

 

“Required Accumulation Reserve sub-Account Amount” means, with respect to any Monthly Period during the Accumulation Reserve Funding Period, an amount equal to (i) 0.5% of the Outstanding Dollar Principal Amount of the Class A(2017‐2) Notes as of the close of business on the last day of the preceding Monthly Period or (ii) any other amount designated by the Issuer; provided, however, that if such designation is of a lesser amount, the Note Rating Agencies shall have provided prior written confirmation that a Ratings Effect will not occur with respect to such change.

 

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

 

- 4 -

“Stated Principal Amount” means $1,100,000,000.

 

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

 

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

 

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

 

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

 

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

 

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

 

- 5 -

Section 1.03.                 Counterparts.  This Terms Document may be executed in any number of counterparts, each of which so executed will be deemed to be an original, but all such counterparts will together constitute but one and the same instrument.

 

Section 1.04.                 Ratification of Indenture and Indenture Supplement.  As supplemented by this Terms Document, each of the Indenture and the Indenture Supplement is in all respects ratified and confirmed and the Indenture as so supplemented by the Indenture Supplement as so supplemented and this Terms Document shall be read, taken and construed as one and the same instrument.

 

[END OF ARTICLE I]

 

- 6 -

ARTICLE II

 

The Class A(2017‐2) Notes

 

Section 2.01.                 Creation and Designation.  There is hereby created a tranche of BAseries Class A Notes to be issued pursuant to the Indenture and the Indenture Supplement to be known as the “BAseries Class A(2017‐2) Notes.”

 

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

 

(a)           For the Class A(2017‐2) Notes for any date of determination, the Class A Required Subordinated Amount of Class B Notes will be an amount equal to 14.28571% of (i) the Adjusted Outstanding Dollar Principal Amount of the Class A(2017‐2) Notes on such date or (ii) if an Early Redemption Event with respect to the Class A(2017‐2) Notes shall have occurred, if an Event of Default and acceleration of the Class A(2017‐2) Notes shall have occurred or if the Class A Usage of the Class B Required Subordinated Amount for such tranche of Class A Notes is greater than zero, the Adjusted Outstanding Dollar Principal Amount of the Class A(2017‐2) Notes as of close of business on the day immediately preceding the occurrence of such Early Redemption Event, such Event of Default and acceleration or the date on which the Class A Usage of Class B Required Subordinated Amount exceeded zero.

 

(b)           For the Class A(2017‐2) Notes for any date of determination, the Class A Required Subordinated Amount of Class C Notes will be an amount equal to 12.69841% of (i) the Adjusted Outstanding Dollar Principal Amount of the Class A(2017‐2) Notes on such date or (ii) if an Early Redemption Event with respect to the Class A(2017‐2) Notes shall have occurred, if an Event of Default and acceleration of the Class A(2017‐2) Notes shall have occurred or if the Class A Usage of the Class C Required Subordinated Amount for such tranche of Class A Notes is greater than zero, the Adjusted Outstanding Dollar Principal Amount of the Class A(2017‐2) Notes as of close of business on the day immediately preceding the occurrence of such Early Redemption Event, such Event of Default and acceleration or the date on which the Class A Usage of Class C Required Subordinated Amount exceeded zero.

 

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

 

Section 2.03.                  Interest Payment.

 

(a)           For each Interest Payment Date (other than the first Interest Payment Date), the amount of interest due with respect to the Class A(2017‐2) Notes shall be an amount equal to one-twelfth of the product of (i) the Note Interest Rate times (ii) the Outstanding Dollar Principal Amount of the Class A(2017‐2) Notes determined as of the Record Date preceding the related Transfer Date; provided, however, that for the first Interest Payment Date the amount of interest due is $2,867,333.33.  Interest on the Class A(2017‐2) Notes will be calculated on the basis of a 360-day year consisting of twelve 30-day months.

 

- 7 -

(b)           Pursuant to Section 3.03 of the Indenture Supplement, on each Transfer Date, the Indenture Trustee shall deposit into the Class A(2017‐2) Interest Funding sub-Account the portion of BAseries Available Funds allocable to the Class A(2017‐2) Notes. 

 

Section 2.04.                 Payments of Interest and Principal.  Any installment of interest or principal, if any, payable on any Class A(2017‐2) Note which is punctually paid or duly provided for by the Issuer and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to the Person in whose name such Class A(2017‐2) Note (or one or more Predecessor Notes) is registered on the Record Date, by wire transfer of immediately available funds to such Person’s account as has been designated by written instructions received by the Paying Agent from such Person not later than the close of business on the third Business Day preceding the date of payment or, if no such account has been so designated, by check mailed first-class, postage prepaid to such Person’s address as it appears on the Note Register on such Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of Cede & Co., payment shall be made by wire transfer in immediately available funds to the account designated by such nominee.

 

The right of the Class A(2017‐2) Noteholders to receive payments from the Issuer will terminate on the first Business Day following the Class A(2017‐2) Termination Date.

 

Section 2.05.                  Form of Delivery of Class A(2017‐2) Notes; Depository; Denominations.

 

(a)           The Class A(2017‐2) Notes shall be delivered in the form of a global Registered Note as provided in Sections 202 and 301(i) of the Indenture, respectively.

 

(b)           The Depository for the Class A(2017‐2) Notes shall be The Depository Trust Company, and the Class A(2017‐2) Notes shall initially be registered in the name of Cede & Co., its nominee.

 

(c)           The Class A(2017‐2) Notes will be issued in minimum denominations of $5,000 and multiples of $1,000 in excess of that amount.

 

Section 2.06.                Delivery and Payment for the Class A(2017‐2) Notes.  The Issuer shall execute and deliver the Class A(2017‐2) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2017‐2) Notes when authenticated, each in accordance with Section 303 of the Indenture.

 

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

 

[END OF ARTICLE II]

 

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ARTICLE III

 

Representations and Warranties

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

[END OF ARTICLE III]

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

 

	 	
BA CREDIT CARD TRUST,

	 	
by BA CREDIT CARD FUNDING, LLC,

	 	
as Beneficiary and not in its individual capacity

	 	 	 
	 	
By:

	 
	 	 	
Name:  

	 	 	
Title:  

 

[Signature Page to the Class A(2017‐2) Terms Document]

 

	 	
THE BANK OF NEW YORK MELLON, as Indenture Trustee

	 	
and not in its individual capacity

	 	 	 
	 	
By:

	
 

	 	 	
Name:  

	 	 	
Title:  

 

[Signature Page to the Class A(2017‐2) Terms Document]

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