Document:

Exhibit
10.3

CONVERTIBLE
PROMISSORY NOTE 

THIS
NOTE AND ANY SHARES OF STOCK ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THIS NOTE AND ANY SHARES OF STOCK ISSUABLE UPON THE CONVERSION HEREOF MAY NOT BE
SOLD, OFFERED FOR SALE, MORTGAGED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT COVERING THIS NOTE OR SUCH SHARES UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAWS OR THE DELIVERY OF AN OPINION
OF COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED. THIS NOTE IS ALSO SUBJECT TO RESTRICTIONS ON TRANSFER. 

Regen
BioPharma, Inc. 

Issue
Date: JANUARY 22,2015Principal Amount: $50,000

1.
Terms. For value received, the Regen BioPharma, Inc., a Nevada corporation (the “Company”) hereby absolutely
and unconditionally promises to pay to the order of Dunhill Ross Partners, inc., a corporation (the "Lender") ON DEMAND
AT ANY TIME AFTER January 22, 2016 (the “Maturity Date”), the principal amount of Fifty Thousand Dollars ($50,000)
and interest on the whole amount of said principal sum outstanding and remaining from time to time unpaid (the “Note”),
commencing from the date hereof and continuing until payment in full of this Note or conversion as hereinafter provided, at an
annual rate equal to ten percent (10%) simple interest. Interest shall be payable quarterly upon demand or upon conversion pursuant
to Section 2 hereunder. Interest shall be computed on the basis of the actual number of days elapsed divided by 365. Principal
and interest shall be payable in lawful money of the United States of America, at the principal place of business of the Lender
or at such other place as the Lender may have designated from time to time in writing to the Company.

2.
Conversion.

2.1
Conversion Right. The Lender shall have the right from time to time to convert all or a part of the outstanding and unpaid
principal amount of this Note into fully paid and non- assessable shares of Common Stock, as such Common Stock exists on the Issue
Date, or any shares of capital stock or other securities of the Company into which such Common Stock shall hereafter be changed
or reclassified at the conversion price (the “Conversion Price”) determined as provided herein (a “Conversion”).
The Lender shall have the right to convert one hundred percent (100%) of the Principal Amount immediately upon execution of this
agreement and any accrued interest may be converted as well.

The
number of shares of Common Stock to be issued upon each conversion of this Note shall be determined by dividing the principal
amount of this Note to be converted (the “Conversion Amount”) by the applicable Conversion Price as defined in this
Section 2 then in effect on the date specified in the notice of conversion, in the form attached hereto as Exhibit A (the “Notice
of Conversion”), delivered to the Company by the Lender on such conversion date (the “Conversion Date”).

2.2
Conversion Price. The “Conversion Price” shall be defined as a 65% discount to the lowest Trading Price (as defined
below) for the Common Stock during the thirty (30) Trading Day (as defined below) period ending on the latest complete Trading
Day prior to the Conversion Date. “Trading Price” means the closing bid price on the Over-the-Counter Bulletin Board,
or applicable trading market (the “OTCQB”) as reported by a reliable reporting service (“Reporting Service”)
designated by the Lender (i.e. Bloomberg) or, if the OTCQB is not the principal trading market for such security, the closing
bid price of such security on the principal securities exchange or trading market where such security is listed or traded or,
if no closing bid price of such security is available in any of the foregoing manners, the average of the closing bid prices of
any market makers for such security that are listed in the “pink sheets” by the National Quotation Bureau, Inc. If
the Trading Price cannot be calculated for such security on such date in the manner provided above, the Trading Price shall be
the fair market value as mutually determined by the Company and the Lender. “Trading Day” shall mean any day on which
the Common Stock is tradable for any period on the OTCQB, or on the principal securities exchange or other securities market on
which the Common Stock is then being traded. “Trading Volume” shall mean the number of shares traded on such Trading
Day as reported by such Reporting Service. The Conversion Price shall be equitably adjusted for stock splits, stock dividends,
rights offerings, combinations, recapitalization, reclassifications, extraordinary distributions and similar events by the Company
relating to the Lender’s securities.

2.3
Method of Conversion. Subject to Section 2.1, this Note may be converted by the Lender by submitting to the Company a
Notice of Conversion by facsimile, e-mail or other reasonable means of communication dispatched on the Conversion Date prior
to 5:00 p.m., New York, New York time. The Lender shall not be required to physically surrender this Note to the Company
unless the entire unpaid principal amount of this Note is so converted. The Lender and the Company shall maintain records
showing the principal amount so converted and the dates of such conversions so as not to require physical surrender of this
Note upon each such conversion. In the event of any dispute or discrepancy, such records of the Company shall, prima facie,
be controlling and determinative in the absence of manifest error. Notwithstanding the foregoing, if any portion of this Note
is converted as aforesaid, the Lender may not transfer this Note unless the Lender first physically surrenders this Note to
the Company, whereupon the Company will forthwith issue and deliver upon the order of the Lender a new Note of like tenor,
registered as the Lender (upon payment by the Lender of any applicable transfer taxes) may request, representing in the
aggregate the remaining unpaid principal amount of this Note.

Upon
receipt by the Company from the Lender of a facsimile transmission, e-mail, or other reasonable means of communication of a Notice
of Conversion meeting the requirements for conversion, the Company shall issue and deliver or cause to be issued and delivered
to or upon the order of the Lender certificates for the Common Stock issuable upon such conversion within five (5) business days
after such receipt. Upon receipt by the Company of a Notice of Conversion, the Lender shall be deemed to be the Lender of record
of the Common Stock issuable upon such conversion, the outstanding principal amount and the amount of accrued and unpaid interest
on this Note shall be reduced to reflect such conversion. All rights with respect to the portion of this Note being so converted
shall forthwith terminate except the right to receive the Common Stock or other securities as herein provided on such conversion.
In lieu of delivering physical certificates representing the Common Stock issuable upon conversion, provided the Company is participating
in the Depository Trust Company (“DTC”) Fast Automated Securities Transfer (“FAST”) program, upon request
of the Lender, the Company shall use its best efforts to cause its transfer agent to electronically transmit the Common Stock
issuable upon conversion to the Lender by crediting the account of Lender’s Prime Broker with DTC through its Deposit Withdrawal
Agent Commission (“DWAC”) system.

2.4
Timing of the sale of Common Shares. Upon expiration of Rule 144, the Company will, at the request of the Investor, remove
the sale restrictions on one sixth (1/6) of the shares that resulted from conversions made through the issuance of this note,
each month, for a period of six months, with all restrictions being removed by the Company by the expiration of the six month
subsequent to Rule 144. 

2.5
Concerning the Shares. The shares of Common Stock and/or Preferred Stock  issuable
upon conversion of this Note may not be sold or transferred unless (i) such shares are sold pursuant to an effective
registration statement under the Act or (ii) the Company or its transfer agent shall have been furnished with an opinion of
counsel (which opinion shall be in form, substance and scope customary for opinions of counsel in comparable transactions) to
the effect that the shares to be sold or transferred may be sold or transferred pursuant to an exemption from such
registration or (iii) such shares are sold or transferred pursuant to Rule 144 under the Act (or a successor rule)
("Rule 144") or (iv) such shares are transferred to an "affiliate" (as defined in Rule 144) of the
Company who agrees to sell or otherwise transfer the shares only in accordance with this Section 2.5 and who is an Accredited
Investor as the term Accredited Investor is defined in Rule 501 of Regulation D, promulgated under the Act.

Subject
to the removal provisions set forth below, until such time as the shares of Common Stock and/or Preferred Stock  issuable
upon conversion of this Note have been registered under the Act or otherwise may be sold pursuant to Rule 144 without any restriction
as to the number of securities as of a particular date that can then be immediately sold, each certificate for shares of issuable
upon conversion of this Note that has not been so included in an effective registration statement or that has not been sold pursuant
to an effective registration statement or an exemption that permits removal of the legend, shall bear a legend substantially in
the following form, as appropriate:

"NEITHER
THE ISSUANCE OR  SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAS BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I)
IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
(B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE LENDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS
NOT REQUIRED UNDER SAID ACT."

The
legend set forth above shall be removed and the Company shall issue to the Lender a new certificate therefore free of any transfer
legend if (i) the Company or its transfer agent shall have received an opinion of counsel, in form, substance and scope customary
for opinions of counsel in comparable transactions, to the effect that a public sale or transfer of such Common Stock and/or Preferred
Stock  may be made without registration under the Act and the shares are so sold or transferred, (ii) such Lender provides
the Company or its transfer agent with reasonable assurances that the Common Stock and/or Preferred Stock  issuable upon
conversion of this Note (to the extent such securities are deemed to have been acquired on the same date) can be sold pursuant
to Rule 144 or (iii) in the case of the Common Stock and/or Preferred Stock  issuable upon conversion of this Note, such
security is registered for sale by under an effective registration statement filed under the Act or (iv) otherwise may be sold
pursuant to Rule 144 without any restriction as to the number of securities as of a particular date that can then be immediately
sold. 

2.6 
Incentive to Convert on or prior to 180 Days from Issue Date.  Each Lender who converts principal into Common
Stock of the Company on or prior to 180 days from Issuance shall receive one share of Preferred Series “A” Stock
of the Company for each share of Common Stock received through conversion.  Lenders who convert principal into Common
Stock of the Company after 180 from Issuance shall receive no shares of Preferred Stock of the Company. 

3.
Prepayment. Notwithstanding anything to the contrary contained herein, the Company shall have the right, exercisable on
not less than three (3) Trading Days prior written notice to the Lender, to prepay the outstanding Note in part or in full, including
outstanding principal and accrued interest. Any notice of prepayment hereunder shall be delivered to the Lender at its registered
addresses and shall state that the Company is exercising its right to prepay the Note and the date of prepayment, which shall
be not more than three (3) Trading Days from the date of the prepayment notice. Upon receipt of a prepayment notice, Lender shall
have the right, but not the obligation, to accelerate the conversion period specified in Section 2.1 and convert that portion
of the outstanding principal balance which is subject to prepayment to Common Shares as provided for in Section 2.

4.
Events of Default. 

4.1
The following shall constitute events of default (individually an "Event of Default"):

(a)
default in the payment, when due or payable, of an obligation to pay interest or principal under this Note, which default is not
cured by payment in full of the amount due within thirty (30) days from the date that the Lender receives notice of the occurrence
of such default;

(b)
filing of a petition in bankruptcy or the commencement of any proceedings under any bankruptcy laws by or against the Company,
which filing or proceeding, is not dismissed within ninety (90) days after the filing or commencement thereof; or 

(c)
failure of the Company to comply in any way with the terms, covenants or conditions contained in this Note.

4.2
If an Event of Default shall occur and be continuing, the Lender may, at its option, declare this Note to be immediately due
and payable without further notice or demand, whereupon this Note shall become immediately due and payable without
presentment, demand or protest, all of which are hereby waived by the Company.

5.
Transfer of Note. This Note may not be transferred or assigned other than a transfer or assignment to an Affiliate of the
Lender. As used herein, the term “Affiliate” means an entity that directly, or indirectly through one or more intermediaries,
controls, or is controlled by, or is under common control with, the Lender.

6.
Certain Waivers. The Company hereby expressly and irrevocably waives presentment, demand, protest, notice of protest and
any other formalities of any kind.

7.
Amendment, Modification or Termination. This Note may only be modified, amended, or terminated (other than by payment in
full) by an agreement in writing signed by the Company and the Lender. No waiver of any term, covenant or provision of this Note
shall be effective unless given in writing by the Lender.

8.
Governing Law. This Note and the obligations of the Company hereunder shall be governed by and interpreted and determined
in accordance with the laws of the State of California (excluding the laws and rules of law applicable to conflicts or choice
of law).

IN
WITNESS WHEREOF, this Note has been duly executed on behalf of the undersigned on the day and in the year first above written. 

	REGEN BIOPHARMA, INC. 	 
	 	 
	/s/: David R. Koos	February 6, 2015
	David R. Koos 	 
	Chairman and CEO 	 

  

The
foregoing Convertible Promissory Note is hereby accepted and agreed to by the undersigned on and as of the date first above written.

	Dunhill
    Ross Partners, Inc. 	 
	 	 
	/s/: Timothy Foat	January 22, 2015
	Timothy FoatEXHIBIT 4.1

 

 

 

 

 

BA CREDIT CARD TRUST

 

as Issuer

 

CLASS A(2015-1) TERMS
DOCUMENT

 

dated as of February 6, 2015

 

to

 

SECOND AMENDED AND RESTATED BASERIES
INDENTURE SUPPLEMENT

 

dated as of October 1, 2014

 

to

 

THIRD AMENDED AND RESTATED INDENTURE

 

dated as of October 1, 2014

 

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	6
	Section 1.03.	Counterparts	6
	Section 1.04.	Ratification of Indenture and Indenture Supplement	6
	ARTICLE II	The Class A(2015-1) Notes	7
	Section 2.01.	Creation and Designation	7
	Section 2.02.	Specification of Required Subordinated Amount and other Terms	7
	Section 2.03.	Interest Payment	7
	Section 2.04.	Calculation Agent; Determination of LIBOR	8
	Section 2.05.	Payments of Interest and Principal	9
	Section 2.06.	Form of Delivery of
    Class A(2015-1) Notes; Depository; Denominations	9
	Section 2.07.	Delivery and Payment for the Class A(2015-1) Notes	9
	Section 2.08.	Targeted Deposits to the Accumulation Reserve Account	9
	ARTICLE III	Representations and Warranties	10
	Section 3.01.	Issuer’s Representations and Warranties	10

 

    	- i
                                                                                                                                                                                                                    -

    	 

    

THIS CLASS A(2015-1)
TERMS DOCUMENT (this “Terms Document”), by and between BA CREDIT CARD TRUST, a statutory trust created under
the laws of the State of Delaware (the “Issuer”), having its principal office at Rodney Square North, 1100 North
Market Street, Wilmington, Delaware 19890, and THE BANK OF NEW YORK MELLON, a New York banking corporation, as Indenture Trustee
( the “Indenture Trustee”), is made and entered into as of February 6, 2015.

 

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 Second Amended and Restated BAseries Indenture
Supplement, dated as of October 1, 2014 (as modified, amended or supplemented from time to time, the “Indenture Supplement”),
between the Issuer and the Indenture Trustee, or the Third Amended and Restated Indenture, dated as of October 1, 2014 (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(2015-1) Notes and
no other tranche of Notes issued by the Issuer; and

 

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

 

“Accumulation
Reserve Funding Period” shall mean, (a) if the Accumulation Period Length is determined to be one (1) month, there
shall be no Accumulation Reserve Funding Period and (b) otherwise, the period (x) commencing on the earliest to occur of (i) the
Monthly Period beginning three (3) calendar months prior to the first Transfer Date for which a budgeted deposit is targeted to
be made into the Principal Funding sub-Account of the Class A(2015-1) Notes pursuant to Section 3.10(b) of
the Indenture Supplement, (ii) the Monthly Period following the first Transfer Date following and including the December 2015
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 June 2016 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 August 2016 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(2015-1) Notes and (ii) the date
on which the Class A(2015-1) Notes are paid in full.

 

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

 

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

 

    	- 2
                                                                                                                                                                                                                    -

    	 

    

“Calculation
Agent” is defined in Section 2.04(a).

 

“Class A(2015-1)
Note” means any Note, substantially in the form set forth in Exhibit A-1 to the Indenture Supplement, designated
therein as a Class A(2015-1) Note and duly executed and authenticated in accordance with the Indenture.

 

“Class A(2015-1)
Noteholder” means a Person in whose name a Class A(2015-1) Note is registered in the Note Register.

 

“Class A(2015-1)
Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar
Principal Amount of the Class A(2015-1) Notes is paid in full, (b) the Legal Maturity Date and (c) the date
on which the Indenture is discharged and satisfied pursuant to Article VI thereof.

 

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

 

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

 

“Controlled
Accumulation Amount” means $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 January 16, 2018.

 

“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 March 16, 2015.

 

“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 February 6, 2015.

 

“Legal Maturity
Date” means June 15, 2020.

 

    	- 3
                                                                                                                                                                                                                    -

    	 

    

“LIBOR”
means, for any Interest Period, the London interbank offered rate for one-month United States dollar deposits or, for the first
Interest Period, the rate that corresponds to the actual number of days in the first Interest Period determined by the Calculation
Agent on the LIBOR Determination Date for that Interest Period in accordance with the provisions of Section 2.04.

 

“LIBOR Determination
Date” means February 4, 2015 for the period from and including the Issuance Date to but excluding March 16, 2015, and
for each Interest Period thereafter, the second London Business Day prior to the Interest Payment Date on which such Interest Period
commences.

 

“London Business
Day” means any Business Day on which dealings in deposits in United States Dollars are transacted in the London interbank
market.

 

“Note Interest
Rate” means a per annum rate equal to 0.33% 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 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 December 2015 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.

 

    	- 4
                                                                                                                                                                                                                    -

    	 

    

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

 

“Reference Banks”
means four major banks in the London interbank market selected by the Beneficiary.

 

“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(2015-1) Notes as of the close
of business on the last day of the preceding Monthly Period or (ii) any other amount designated by the Issuer; provided,
however, that if such designation is of a lesser amount, the Note Rating Agencies shall have provided prior written confirmation
that a Ratings Effect will not occur with respect to such change.

 

“Reuters Screen
LIBOR01 Page” means the display page currently 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 purpose of
displaying comparable rates or prices).

 

“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.

 

“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;

 

    	- 5
                                                                                                                                                                                                                    -

    	 

    

(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.

 

             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]

 

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ARTICLE II

The Class A(2015-1) Notes

 

             Section 2.01.    Creation and
Designation. There is hereby created a tranche of BAseries Class A Notes to be issued pursuant to the Indenture and the
Indenture Supplement to be known as the “BAseries Class A(2015-1) Notes.”

 

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

 

(a)          For the Class A(2015-1)
Notes for any date of determination, the Class A Required Subordinated Amount of Class B Notes will be an amount equal
to 14.28571% of (i) the Adjusted Outstanding Dollar Principal Amount of the Class A(2015-1) Notes on such date or
(ii) if an Early Redemption Event with respect to the Class A(2015-1) Notes shall have occurred, if an Event of Default
and acceleration of the Class A(2015-1) Notes shall have occurred or if the Class A Usage of the Class B Required
Subordinated Amount for such tranche of Class A Notes is greater than zero, the Adjusted Outstanding Dollar Principal Amount
of the Class A(2015-1) Notes as of close of business on the day immediately preceding the occurrence of such Early Redemption
Event, such Event of Default and acceleration or the date on which the Class A Usage of Class B Required Subordinated
Amount exceeded zero.

 

(b)          For the Class A(2015-1)
Notes for any date of determination, the Class A Required Subordinated Amount of Class C Notes will be an amount equal
to 12.69841% of (i) the Adjusted Outstanding Dollar Principal Amount of the Class A(2015-1) Notes on such date or
(ii) if an Early Redemption Event with respect to the Class A(2015-1) Notes shall have occurred, if an Event of Default
and acceleration of the Class A(2015-1) Notes shall have occurred or if the Class A Usage of the Class C Required
Subordinated Amount for such tranche of Class A Notes is greater than zero, the Adjusted Outstanding Dollar Principal Amount
of the Class A(2015-1) Notes as of close of business on the day immediately preceding the occurrence of such Early Redemption
Event, such Event of Default and acceleration or the date on which the Class A Usage of Class C Required Subordinated
Amount exceeded zero.

 

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

 

             Section 2.03.    Interest Payment.

 

(a)          For each Interest
Payment Date, the amount of interest due with respect to the Class A(2015-1) 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(2015-1) Notes determined as of the Record Date preceding the related
Transfer Date. Interest on the Class A(2015-1) Notes will be calculated on the basis of the actual number of days in the
related Interest Period and a 360-day year.

 

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(b)          Pursuant to Section 3.03
of the Indenture Supplement, on each Transfer Date, the Indenture Trustee shall deposit into the Class A(2015-1) Interest
Funding sub-Account the portion of BAseries Available Funds allocable to the Class A(2015-1) Notes.

 

             Section 2.04.    Calculation
Agent; Determination of LIBOR.

 

(a)          The Issuer hereby
agrees that for so long as any Class A(2015-1) Notes are Outstanding, there shall at all times be an agent appointed to
calculate LIBOR for each Interest Period (the “Calculation Agent”). The Issuer 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 Issuer at any time. If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuer,
or if the Calculation Agent fails to determine LIBOR for an Interest Period, the Issuer shall promptly appoint a replacement Calculation
Agent that does not control or is not controlled by or under common control with the Issuer or its Affiliates. The Calculation
Agent may not resign its duties, and the Issuer 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 as of 11:00 a.m., London time, on such date (or, for the first
Interest Period, the rate that corresponds to the actual number of days in the first Interest Period). If such rate does not appear
on Reuters Screen LIBOR01 Page, 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 four 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 (800) 254-2826 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, the Beneficiary and the Servicer, by facsimile transmission,
notification of LIBOR for the following Interest Period.

 

             Section 2.05.    Payments of
Interest and Principal.

 

Any installment of interest
or principal, if any, payable on any Class A(2015-1) Note which is punctually paid or duly provided for by the Issuer
and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to
the Person in whose name such Class A(2015-1) Note (or one or more Predecessor Notes) is registered on the Record Date,
by wire transfer of immediately available funds to such Person’s account as has been designated by written instructions received
by the Paying Agent from such Person not later than the close of business on the third Business Day preceding the date of payment
or, if no such account has been so designated, by check mailed first-class, postage prepaid to such Person’s address as it
appears on the Note Register on such Record Date, except that with respect to Notes registered on the Record Date in the name of
the nominee of Cede & Co., payment shall be made by wire transfer in immediately available funds to the account designated
by such nominee.

 

The right of the Class A(2015-1)
Noteholders to receive payments from the Issuer will terminate on the first Business Day following the Class A(2015-1)
Termination Date.

 

             Section 2.06.    Form of Delivery
of Class A(2015-1) Notes; Depository; Denominations.

 

(a)          The Class A(2015-1)
Notes shall be delivered in the form of a global Registered Note as provided in Sections 202 and 301(i) of
the Indenture, respectively.

 

(b)          The Depository
for the Class A(2015-1) Notes shall be The Depository Trust Company, and the Class A(2015-1) Notes shall initially
be registered in the name of Cede & Co., its nominee.

 

(c)          The Class A(2015-1)
Notes will be issued in minimum denominations of $5,000 and multiples of $1,000 in excess of that amount.

 

             Section 2.07.    Delivery and
Payment for the Class A(2015-1) Notes. The Issuer shall execute and deliver the Class A(2015-1) Notes to
the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2015-1) Notes when authenticated,
each in accordance with Section 303 of the Indenture.

 

             Section 2.08.    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]

 

    	- 9
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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]

 

    	- 10
                                                                                                                                                                                                                    -

    	 

    

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:	/s/ Keith W. Landis
	 	 	Name:	Keith W. Landis
	 	 	Title:	Vice President

 

[Signature Page to the Class A(2015-1)
Terms Document]

 

    	 

    	 

    

	 	THE BANK OF NEW YORK MELLON, as
	 	Indenture Trustee
	 	and not in its individual capacity
	 	 	 	 
	 	By:	/s/ Leslie Morales
	 	 	Name:	Leslie Morales
	 	 	Title:	Vice President

 

[Signature Page to the Class A(2015-1)
Terms Document]

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