Document:

DURECT Corporation Executive Change of Control Policy

 Exhibit 10.51 
 DURECT CORPORATION 
 EXECUTIVE CHANGE OF CONTROL POLICY 
 This Executive Change of Control Policy (the “Policy”) is effective as of April 7, 2004, as amended on September 25, 2008.

 POLICY GOALS 
 A. It is expected that the Company from time to time will consider the possibility of an acquisition by another company or other change of control transaction. The Board of Directors of the Company (the “Board”) recognizes
that such consideration can be a distraction to officers of the Company and can cause these individuals to consider alternative employment opportunities. The Board has determined that it is in the best interests of the Company and its stockholders
to assure that the Company will have the continued dedication and objectivity of its officers, notwithstanding the possibility, threat or occurrence of a Change of Control (as defined below) of the Company. 
 B. Accordingly, the Board believes that it is in the best interests of the Company and its stockholders to provide officers with an incentive to continue
their employment and to motivate such individuals to maximize the value of the Company upon a Change of Control for the benefit of its stockholders by providing them with certain benefits upon a Change of Control that provide them with enhanced
financial security and incentive notwithstanding the possibility or occurrence of a Change of Control. 
 POLICY 
 1. ELIGIBILITY. This Policy shall be applicable to each individual who is an employee of the Company holding a position of Vice President (or
equivalent position) or higher as of the effective date of a Change of Control or who held such a position with the Company within 90 days of such date but whose employment terminated under the conditions specified in Section 3 below (each, an
“Officer”); provided, however, that the terms of this Policy will not apply to any Officer who is party to one or more agreements with the Company providing for specified benefits to the Officer upon or in
connection with a Change of Control unless such Officer expressly consents (by executing the acknowledgment provided below) to becoming a participant eligible to receive benefits under this Policy and thereby expressly waiving and forfeiting any
rights or claims he or she has or may have under any such prior agreement(s). Once acknowledged below, the terms of this Policy shall constitute the entire agreement between the Officer and the Company as to the subject matter covered by the Policy
and such terms may thereafter be amended only by a written agreement signed by the Officer and, following approval by the Company’s Board or a Committee thereof, a duly authorized officer of the Company.  
 2. AT-WILL EMPLOYMENT. Unless otherwise agreed to expressly by the Company and an Officer through a separate written agreement which remains in
effect after the Officer becomes eligible to receive benefits under this Policy, each Officer’s employment is and shall continue to be on an at-will basis, meaning that either the Officer or the Company (or its successor) can terminate their
employment relationship with each other at any time for any or no reason. Nothing in this Policy shall give an Officer any benefits whatsoever in the event the Officer’s employment terminates in a manner that is not in connection with a Change
of Control. 
 3. SEPARATION BENEFITS UPON INVOLUNTARY TERMINATION FOLLOWING CHANGE OF CONTROL. If, in connection with and within 90
days prior to a Change of Control, or within twenty-four (24) months following the effective date of a Change of Control, the Officer’s employment with the Company (or its successor) is terminated by the Company or the successor without
Cause or the Officer experiences a Constructive Termination (in each case as defined below), then subject to Sections 3(c), 4 and 5 below the Officer will be entitled to the following benefits: 
 (a) Vesting Acceleration. The remaining unvested portion of any such stock options or shares of stock held by the Officer as of the
effective date of the employment termination shall automatically be accelerated so as to become completely vested and exercisable (and any such right of repurchase or forfeiture provision shall lapse in full) as of the effective date of such
termination; and 
 (b) Cash Benefits. The Officer will be entitled to payment of an amount equal in aggregate to his
or her then-current annual base salary, payable in equal installments (on the Company’s normal payroll schedule and subject to applicable withholdings) over the 12 months following the date of employment termination; provided however
that this Section 3(b) shall be subject to Section 5(c) below; and provided further that the Company’s obligations to make any payments under this Section 3(b) is subject to Section 3(c) below. 
 (c) Conditions to Payment of Benefits. Notwithstanding anything else to the contrary contained herein, no Officer shall be entitled
to payment of any benefits provided under this Section 3 or otherwise under this Policy unless and until (1) the Company (or its successor) shall have received from the Officer an effective release releasing the Company (or its successor)
from any and all claims Officer may have against such entities related to or arising in connection with his or her employment, the terms of such employment and termination thereof, and (2) the Officer is in compliance and continues to be in
compliance with the covenants contained in Section 4 below (the “Covenants”), which Covenants shall be acknowledged and agreed to by the Officer upon his or her executing this Policy in the 

 
acknowledgment signature block below. Each Officer further acknowledges and agrees that any breach by him or her of the Covenants at any time during the
period specified in Section 4 below will cause irreparable damage to the Company and that in the event of such breach the Company shall have, in addition to any and all remedies of law, the right to an injunction, specific performance or other
equitable relief to prevent the violation of his or her obligations hereunder, without showing or proving actual damages or exhausting any Company remedy in the form of money damages and without having to post a bond or any other security. In
addition, in the event of any breach of the Covenants by the Officer, the Company will be entitled without further liability to cease any and all payments yet to be made to the Officer under Section 3(b) above. 
 4. COVENANTS. During his or her employment with the Company, the Officer agrees to devote his or her full time and best efforts to the business of
the Company, and the Officer further agrees that during his or her employment with the Company and for any period thereafter for which he or she is receiving or has received payment of cash severance under Section 3(b) above (but in any event
not exceeding two years), he or she will not, directly or indirectly, act as a partner, joint venturer, consultant, officer, director, employee, agent, independent contractor or stockholder of any company or business organization (including any unit
or division of any company or organization) whose business is the development and marketing of products and services that are directly competitive with the products and services being developed and marketed by the Company immediately prior to the
Change of Control; provided, however, that the record or beneficial ownership by the Officer of 5% or less of the outstanding publicly traded capital stock of any such company shall not be deemed, in and of itself, to be in violation of the
Covenants set forth in this Section 4. 
 5. TAXES. 
 (a) General Withholding Tax Obligations. The Officer shall be responsible for any income, excise or other taxes imposed on the
Officer under applicable law with respect to the benefits provided hereunder, including without limitation delivering to the Company (or its successor) any amounts necessary to timely satisfy any applicable withholding tax obligations. The
Officer’s receipt of any benefit hereunder is conditioned on his or her satisfaction of any applicable withholding or similar obligations that apply to such benefit, and any cash payment owed hereunder will be reduced to satisfy any such
withholding or similar obligations that may apply. 
 (b) Limitation on Payments. In the event that the benefits
provided for under this Policy (x) constitute “parachute payments” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), and (y) but for this Section 4(b)
would be subject to the excise tax imposed by Section 4999 of the Code (or any corresponding provisions of state income tax law), then such benefits shall be either (1) delivered in full to the Officer, or (2) delivered as to such
lesser extent as would result in no portion of such severance benefits being subject to excise tax under Code Section 4999, whichever amount, taking into account the applicable federal, state and local income taxes and the excise tax imposed by
Code Section 4999, results in the receipt by the Officer on an after-tax basis of the greater amount of benefits, notwithstanding that all or some portion of such benefits may be taxable under Code Section 4999. Any determination required
under this Section 5(b) shall be made in writing by the Company’s independent accountants, whose determination shall be conclusive and binding for all purposes on the Company and the Officer. In the event that (1) above applies, then
the Officer shall be responsible for any excise taxes imposed with respect to such benefits. In the event that (2) above applies, then each benefit provided hereunder shall be proportionately reduced to the extent necessary to avoid imposition
of such excise taxes. 
 (c) Code Section 409A. It is the parties’ intent that this Policy and the benefits
payable hereunder comply with the requirements of Code Section 409A and any final regulations and guidance promulgated thereunder (collectively “Section 409A”) so that none of the severance payments and benefits to be provided
hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to so comply. Notwithstanding anything to the contrary in this Policy (or other agreement or arrangement referenced below
in this Section 9(b)), if Officer is a “specified employee” within the meaning of Section 409A at the time of Officer’s “separation from service” (as defined in Section 409A) (other than due to death), and if
the amounts payable to Officer pursuant to Section 3(b) this Policy, when considered together with other severance payments or separation benefits, if any, to which Officer may be entitled under any other agreement or arrangement, would be
considered deferred compensation under Section 409A (together, the “Deferred Compensation Separation Benefits”), then only that portion of the Deferred Compensation Separation Benefits which does not exceed the
Section 409A Limit (as defined below) may be made within the first six (6) months following Officer’s separation from service date in accordance with the payment schedule that otherwise applies to each payment or benefit. Any portion
of the Deferred Compensation Separation Benefits in excess of the Section 409A Limit otherwise due to Officer on or within the six (6) month period following Officer’s separation from service will accrue during such six (6) month
period and will become payable in a lump sum payment on the date six (6) months and one (1) day following the separation from service date. All subsequent Deferred Compensation Separation Benefits, if any, will be payable in accordance
with the payment schedule otherwise applicable to each payment or benefit. For these purposes, each severance payment provided for under this Policy is hereby designated as a separate payment and will not collectively be treated with any other
payments as a single payment. Notwithstanding anything herein to the contrary, if Officer dies following his or her separation from service but prior to the six (6) month anniversary of his or her separation from service date, then any payments
delayed in accordance with this Section 5(c) will be payable in a lump sum as soon as administratively practicable after the date of Officer’s death and all other Deferred Compensation Separation Benefits will be payable in accordance with
the payment schedule applicable to each payment or benefit. 
 For purposes of this Policy, “Section 409A Limit” will mean
the lesser of two (2) times: (i) Officer’s annualized compensation based upon the annual rate of pay paid to Officer during the Company’s taxable year preceding the Company’s taxable year of Officer’s termination of
employment as determined under Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account under a qualified plan pursuant to
Code Section 401(a)(17) for the year in which Officer’s separation from service occurs. 

 Notwithstanding anything to the contrary contained in this Policy, to the extent that any amendment to
this Policy would constitute under Section 409A a delay or acceleration in payment of a Deferred Compensation Separation Benefit, or a change in the form of payment of a Deferred Compensation Separation Benefit, then such any amendment that
effects a delay in a payment or a change in the form of payment must be done in a manner that complies with Section 409A(a)(4)(C) and any amendment that effects an acceleration of payment must be done in a manner that complies with Treas. Reg.
§1.409A-3(j). 
 6. DEFINITION OF TERMS. The following terms referred to in this Policy shall have the following meanings:

 (a) Change of Control. “Change of Control” means the occurrence of any of the following events:

 (i) The closing of the sale of all or substantially all of the assets of the Company; or 
 (ii) The closing of a merger or consolidation of the Company with any other corporation (other than a merger effected exclusively
for the purpose of changing the domicile of the Company or a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by
being converted into voting securities of the surviving entity) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after such merger or
consolidation); 
 (iii) the direct or indirect acquisition (including by way of a tender or exchange offer) by any
person, or persons acting as a group, of beneficial ownership or a right to acquire beneficial ownership of shares representing a majority of the voting power of the then-outstanding shares of capital stock of the Company; 
 (iv) a contested election of members of the Board (each, a “Director”), as a result of which or in connection with
which the persons who were Directors before such election or their nominees cease to constitute a majority of the Board; or 
 (v) a dissolution or liquidation of the Company; provided however that a dissolution or liquidation of the Company will not constitute a “Change of Control” for purposes of this Policy if it is entered into in
connection with proceedings by or against the Company under the United States Bankruptcy Code, or any other bankruptcy or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or
proceedings seeking reorganization, arrangement, or other similar relief undertaken under U.S. federal, state or foreign law, including the Federal Bankruptcy Reform Act of 1978 (11 U.S.C. §101, et seq.), as amended. 

(b) Cause. For purposes of this Policy, “Cause” for an Officer’s termination will exist at any time after
the happening of one or more of the following events: 
 (i) The Officer’s deliberate material violation of any
policy of the Company (or its successor) or deliberate refusal to comply in any material respect with the legal directives of his or her supervisor or the Board (so long as such directives are legal and consistent with the Officer’s position
and duties); or 
 (ii) The Officer’s commission of any act of fraud, embezzlement, dishonesty or any other
willful misconduct (including conviction of a felony) that has caused or is reasonably expected to cause material injury to the Company, its business or its reputation (or to its successor or its successor’s business or reputation), or any act
that constitutes fraud, or any knowing misrepresentation, involving or related to the Company’s financial statements; or 
 (iii) Any unauthorized use or disclosure by the Officer of any proprietary information or trade secrets of the Company (or its successor) or any other party to whom the Officer owes an obligation of nondisclosure or use (through a written
agreement or otherwise) as a result of his or her relationship with the Company (or its successor); or 
 (iv) The
Officer’s willful, material breach of any of his or her obligations under any written agreement or covenant with the Company (or its successor); or 
 (v) The Officer’s failure to materially perform his or her duties or materially comply with the conditions applicable to his or her employment. 
 (c) Constructive Termination. “Constructive Termination” shall be deemed to occur if there is (i)(A) a material
reduction in job title or responsibilities of the Officer (provided, however, that reassignment to a position, irrespective of title, that changes the Officer’s responsibilities in a manner designed merely to reflect the fact that the
Company has become a wholly-owned subsidiary or division of the counter-party to the Change of Control shall not constitute grounds for Constructive Termination); (B) a reduction of more than 20% of the Officer’s base salary unless in
connection with similar decreases of other similarly-situated officers of the Company or its successor entity; or (C) the Officer’s refusal to relocate to a facility or location more than 50 miles from the Company’s location at which
the Officer works as of 

 
the effective date of the Change of Control; and (ii) immediately following any of the foregoing events, the Officer provides to his or her
employer within 20 business days of such event written notice of his or her intent to terminate employment as a result of Constructive Termination, which written notice specifies the events or circumstances giving rise to the Officer’s claim
that Constructive Termination has occurred as well as the effective date of termination (which date shall be within 45 days of the date on which such notice is given); provided however that the Company shall have 30 days in which to cure the
events or circumstances giving rise to the Constructive Termination claim and, if the Company is able to cure such events or circumstances within such 30-day period, then the Officer shall not have a basis to terminate his or her employment for
Constructive Termination. 
 6. GOVERNING LAW. This policy shall be governed by the laws of the state in which the Officer performs or
most recently performed his or her primary duties to the Company, without giving effect to the principles of conflicts of laws. 
 7.
SEVERABILITY. By executing this Policy below, the Officer agrees with the Company that each provision herein will be treated as a separate and independent clause, and the unenforceability of any one clause shall in no way impair the
enforceability of any of the other clauses. The parties intend that the Covenants will be construed as a series of separate covenants, one for each county, city, state, nation and other political subdivision of the territories in which the Company
does business. If, in any judicial proceeding, a court refuses to enforce any of the separate covenants (or any part thereof) deemed included in the Covenants, then such unenforceable separate covenant (or such part) shall be deemed eliminated from
this Policy for the purpose of those proceedings to the extent necessary to permit the remaining separate covenants (or portions thereof) to be enforced by the court. The parties intend that the Covenants be enforced to the maximum degree permitted
by applicable law. 
 8. GENERAL. Any successor to the Company (whether direct or indirect, and whether by purchase, lease, merger,
consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets will assume the Company’s obligations under this Policy. Without the written consent of the Company, an Officer may not assign or
transfer his or her rights under the Policy to any other person or entity. Notwithstanding the foregoing, the terms of the Policy and all rights of an Officer hereunder will inure to the benefit of, and be enforceable by, his or her personal or
legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 

 Acknowledgment: 
 By signing below, the Officer indicates his or her agreement to and acceptance of the terms and conditions of the Durect Corporation Change of Control Policy, which include: 
  

	 	•	 	 waiving and forfeiting in full any benefits contingent upon or related to a Change of Control provided to the Officer under any agreement or arrangement, written or
otherwise, with the Company made or entered into prior to the date hereof; and 

  

	 	•	 	 agreeing to the terms and conditions of, and the restrictions imposed by, the Covenants set forth Section 4 above. 

  

			
		
	Signature:	 	 

			
		
	Name (print):	 	 

			
		
	Date Executed:Class A(2008-14) Terms Document

 Exhibit 4.1 
 CHASE ISSUANCE TRUST 
 as Issuing Entity 
 CLASS A(2008-14) TERMS DOCUMENT 
 dated as of September 30, 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	  	4
	Section 1.04	  	Ratification of Indenture and Indenture Supplement	  	4
			
		  	ARTICLE II The Class A(2008-14) Notes	  	
			
	Section 2.01	  	Creation and Designation	  	5
	Section 2.02	  	Specification of Required Subordinated Amount and Other Terms	  	5
	Section 2.03	  	Interest Payment	  	6
	Section 2.04	  	Calculation Agent; Determination of LIBOR	  	6
	Section 2.05	  	Payments of Interest and Principal	  	7
	Section 2.06	  	Form of Delivery of Class A(2008-14) Notes; Depository; Denominations	  	7
	Section 2.07	  	Delivery and Payment for the Class A(2008-14) Notes	  	8
	Section 2.08	  	Supplemental Indenture	  	8

 THIS CLASS A(2008-14) TERMS DOCUMENT (this “Terms Document”), among 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 as collateral agent (the “Collateral Agent”), is made and entered into as of September 30, 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(2008-14) 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(2008-14) Adverse Event” means
the occurrence of any of the following: (a) an Early Amortization Event with respect to the Class A(2008-14) Notes, (b) an Event of Default and acceleration of the Class A(2008-14) Notes, (c) the Class A Usage of the Class B
Required Subordinated Amount for the Class A(2008-14) Notes becomes greater than zero or (d) the Class A Usage of the Class C Required Subordinated Amount for the Class A(2008-14) Notes becomes greater than zero. 
 “Class A(2008-14) Note” means any Note, substantially in the form set forth in Exhibit A-1 to the Indenture Supplement, designated
therein as a Class A(2008-14) Note and duly executed and authenticated in accordance with the Indenture. 
 “Class A(2008-14)
Noteholder” means a Person in whose name a Class A(2008-14) Note is registered in the Note Register. 
 “Class A(2008-14)
Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2008-14) 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). 
 “Controlled Accumulation Amount” means $20,833,333.34; 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(2008-14) Notes will be

 
the amount specified in the definition of “Controlled Accumulation Amount” in the Indenture Supplement. 
 “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 $250,000,000. 
 “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 30, 2008. 
 “Legal Maturity Date” means October 15, 2015. 
 “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 26, 2008 for the period from and including the Issuance Date through but excluding the initial Interest Payment Date 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. 
 “Note Interest Rate” means a rate per
annum equal to 1.60 % 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. 
 “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. 
 “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. 
 “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). 
 “Scheduled Principal Payment Date” means October 15, 2013. 
 “Stated Principal
Amount” means $250,000,000. 
 Section 1.02 Governing Law THIS TERMS DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH
AND GOVERNED BY THE LAWS OF THE STATE OF DELAWARE WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 Section 1.03 Counterparts This Terms Document may be executed in any number of counterparts, each of which so executed will be deemed to be
an original, but all such counterparts will together constitute but one and the same instrument. 
 Section 1.04 Ratification of
Indenture and Indenture Supplement As supplemented by this Terms Document, each of the Indenture, the Asset Pool Supplement and the Indenture Supplement is in all respects ratified and confirmed and the Indenture as so supplemented by the Asset
Pool Supplement and the Indenture Supplement as so supplemented by this Terms Document shall be read, taken and construed as one and the same instrument. 
 [END OF ARTICLE I] 

 ARTICLE II 
 The Class A(2008-14) 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(2008-14) Notes.” 
 Section 2.02 Specification of Required Subordinated Amount and Other Terms 
 (a) For the Class A(2008-14) 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(2008-14) Adverse Event, the Adjusted Outstanding Dollar Principal Amount of the Class A(2008-14) Notes on such date of determination or (ii) on and after the date on which a Class
A(2008-14) Adverse Event shall have occurred, the greater of (1) the Adjusted Outstanding Dollar Principal Amount of the Class A(2008-14) Notes on such date of determination and (2) the Adjusted Outstanding Dollar Principal Amount of the
Class A(2008-14) Notes as of the close of business on the day immediately preceding the date on which such Class A(2008-14) Adverse Event shall have occurred. 
 (b) For the Class A(2008-14) 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(2008-14) Adverse Event, the Adjusted Outstanding Dollar Principal Amount of the Class A(2008-14) Notes on such date or (ii) on and after the date on which a Class A(2008-14) Adverse Event shall have occurred, the greater of (1) the
Adjusted Outstanding Dollar Principal Amount of the Class A(2008-14) Notes on such date of determination and (2) Adjusted Outstanding Dollar Principal Amount of the Class A(2008-14) Notes as of the close of business on the day immediately
preceding the date on which such Class A(2008-14) 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(2008-14) 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(2008-14) Notes determined as of the close of business on the Interest Payment Date preceding the related Note Transfer Date for the Class A(2008-14) Notes;
provided, however, that for the first Interest Payment Date, the amount of interest due with respect to the Class A(2008-14) Notes shall be an amount equal to the product of (x) the Outstanding Dollar Principal Amount of the Class
A(2008-14) Notes on the Issuance Date, (y) 15 divided by 360 and (z) the Note Interest Rate in effect with respect to the Class A(2008-14) Notes determined on September 26, 2008. Interest on the Class A(2008-14) 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(2008-14) Notes, the Indenture Trustee shall deposit into the Class A(2008-14) Interest Funding Sub-Account the portion of CHASEseries Available Finance Charge Collections allocable
to the Class A(2008-14) Notes. 
 Section 2.04 Calculation Agent; Determination of LIBOR 
 (a) The Issuing Entity hereby agrees that for so long as any Class A(2008-14) 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. 
 (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(2008-14) 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(2008-14) Note (or one or more Predecessor Notes) is registered on
the Record Date, by wire transfer of immediately available funds to such Person’s account as has been designated by written instructions received by the Paying Agent from such Person not later than the close of business on the third Business
Day preceding the date of payment or, if no such account has been so designated, by check mailed first-class, postage prepaid to such Person’s address as it appears on the Note Register on such Record Date, except that with respect to Notes
registered on the Record Date in the name of the nominee of Cede & Co., payment shall be made by wire transfer in immediately available funds to the account designated by such nominee. 
 (b) The right of the Class A(2008-14) Noteholders to receive payments from the Issuing Entity will terminate on the first Business Day following the
Class A(2008-14) Termination Date. 
 Section 2.06 Form of Delivery of Class A(2008-14) Notes; Depository; Denominations.

 (a) The Class A(2008-14) Notes shall be delivered in the form of a global Registered Note as provided in Sections 2.02 and 3.01(i) of the
Indenture, respectively. 

 (b) The Depository for the Class A(2008-14) Notes shall be The Depository Trust Company, and the Class
A(2008-14) Notes shall initially be registered in the name of Cede & Co., its nominee. 
 (c) The Class A(2008-14) Notes will be
issued in minimum denominations of $100,000 and integral multiples of $1,000 in excess of $100,000. 
 Section 2.07 Delivery and
Payment for the Class A(2008-14) Notes 
 The Issuing Entity shall execute and deliver the Class A(2008-14) Notes to the Indenture Trustee
for authentication, and the Indenture Trustee shall deliver the Class A(2008-14) 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(2008-14) 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(2008-14)
Notes shall, in addition to the requirements set forth in Section 9.01 of the Indenture, require confirmation from the Note Rating Agencies that have rated any Outstanding Notes of the CHASEseries that such change in credit enhancement will not
result in a Ratings Effect with respect to any Outstanding Notes of the CHASEseries. 
 [END OF ARTICLE II] 

 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(2008-14) Terms Document 
 Signature Page

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}]]