Document:

Second Amendment to Loan and Security Agreement

 Exhibit 10.1 
 SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT AND WAIVER 
 THIS SECOND AMENDMENT TO LOAN AND
SECURITY AGREEMENT AND WAIVER (“Amendment”) is made as of August 13, 2009 by and among COBRA ELECTRONICS CORPORATION, a Delaware corporation (the “Borrower”), THE PRIVATEBANK AND TRUST COMPANY, an Illinois
state chartered bank, as Administrative Agent (“Administrative Agent”) and the Lenders currently party to the Loan Agreement (as hereinafter defined). 
 RECITALS 
 A. The Administrative Agent, the Lenders and the Borrower entered into a Loan and Security
Agreement dated as of February 15, 2008 as amended by First Amendment to Loan and Security Agreement dated as of October 31, 2008 (as so amended, the “Loan Agreement”). 
 B. The parties to the Loan Agreement desire to enter into this Amendment for the purpose of making certain amendments to the Loan Agreement and waiving
compliance with certain covenants in the Loan Agreement. 
 AGREEMENT 
 In consideration of the matters set forth in the recitals and the covenants and provisions herein set forth, and other valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
 1. Definitions. Capitalized terms used but
not defined herein are used as defined in the Loan Agreement. 
 2. Amendments. Upon satisfaction of the conditions precedent
hereinafter set forth, the Loan Agreement shall be amended as follows: 
 2.1. The amount of the Revolving Loan Commitment of
each Lender (currently set forth on its signature page to the Loan Agreement) shall be amended as follows: 
  

				
	 Lender
	  	Revolving Loan
Commitment
	 PrivateBank
 RBS
	  	$
 $
	15,743,488.60
 12,256,511.40

 2.2. Section 1.1 of the Loan Agreement shall be amended by adding new
definitions of Availability Reserve, Dilution, Second Amendment Effective Date, Supplementary Fee Letter, Tangible Net Worth and Unmatured Event of Default thereto which read as follows: 

 “Availability Reserve” shall mean $2,500,000 for the period commencing the Second
Amendment Effective Date through and including September 30, 2009 and $3,000,000 at all times thereafter. 
 “Dilution”
shall mean, with respect to any period, the percentage obtained by dividing (i) the sum of non-cash credits against Accounts (including, but not limited to returns, adjustments and rebates) of Borrower for such period, plus pending or probable,
but not yet applied, non-cash credits against Accounts of Borrower for such period, as determined by the Administrative Agent in its reasonable credit judgment consistent with industry standards for asset-based loans by (ii) gross invoiced
sales of the Borrower for such period. 
 “Second Amendment Effective Date” shall mean August 13, 2009. 
 “Supplementary Fee Letter” shall mean the Supplementary Fee Letter dated August 13, 2009 between the Borrower and the Administrative
Agent, as amended from time to time.” 
 “Tangible Net Worth” shall mean, as of any date, shareholders’ equity
(including retained earnings) less prepaid assets and intangible assets of the Borrower and its Subsidiaries computed on a consolidated basis in accordance with GAAP. 
 “Unmatured Event of Default” shall mean any event that, if it continues uncured, will with the lapse of time or giving of notice, or both, constitute an Event of Default. 
 2.3. The definition of Applicable Margin contained in Section 1.1 of the Loan Agreement shall be amended in its entirety and
as so amended shall read as follows: 
 “Applicable Margin” means, for any day, the rate per annum set forth below
opposite the level (the “Level”) then in effect. 
  

											
	 Level
	  	 Total Debt
to EBITDA
Ratio
	  	Applicable
Margin for
Prime Rate
Loans	  	Applicable
Margin for
LIBOR Rate
Loans	  	Letter of Credit Fees
	  	  	  	  	Documentary L/C
Fees	  	Standby
L/C Fees
	 I
	  	Greater than or equal to 2.50:1	  	2.00%	  	4.50%	  	2.15%	  	3.00%
	 II
	  	Greater than or equal to 2.00:1 but less than 2.50:1	  	1.00%	  	3.50%	  	2.00%	  	2.75%
	 III
	  	Less than 2.00:1	  	0%	  	2.50%	  	1.85%	  	2.50%

  

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 The Applicable Margins with respect to Prime Rate Loans, LIBOR Rate Loans and the
Letter of Credit Fees shall be adjusted, to the extent applicable, on the tenth (10th) Business Day after the Borrower provides the annual and quarterly financial statements and other information pursuant to subsection 9(c), as applicable, and the related Compliance Certificate, with respect to fiscal quarters
of Borrower ending on and after December 31, 2009, based on the Total Debt to EBITDA Ratio for such Computation Period. Notwithstanding anything contained in this paragraph to the contrary, (a) if the Borrower fails to deliver such
financial statements and Compliance Certificate in accordance with the provisions of subsection 9(c), the Applicable Margin shall be based upon Level I above beginning on the date such financial statements and Compliance Certificate were
required to be delivered until the tenth (10th) Business Day after such
financial statements and Compliance Certificate are actually delivered, whereupon the Applicable Margin shall be determined by the then current Level; (b) no reduction to any Applicable Margin shall become effective at any time when an Event of
Default or Unmatured Event of Default has occurred and is continuing; (c) the initial Applicable Margin on the Second Amendment Effective Date shall be based on Level I until the date on which the financial statements and Compliance Certificate
are delivered for the Fiscal Quarter ending December 31, 2009; and (d) the Applicable Margin shall be based upon Level I above until such time as the Borrower’s Total Debt to EBITDA Ratio qualifies for a different level for two
(2) consecutive quarterly determination dates. 
 2.4. The introductory sentences of the definition of Eligible
Account contained in Section 1.1 of the Loan Agreement shall be amended in their entirety to read as follows: 
 “Eligible Account” shall mean an Account (or in the case of clause (iii)(C) below, a claim arising from the sale of an Account) owing to Borrower which is acceptable to Administrative Agent in its reasonable credit
judgment consistent with industry standards for asset-based loans for lending purposes. Without limiting Administrative Agent’s exercise of such judgment, Administrative Agent shall, in general, not consider an Account (or such claim) to be an
Eligible Account unless it meets, and so long as it continues to meet, the following requirements:” 
  

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 2.5. Clause (iv) of the definition of Eligible Account contained in
Section 1.1 of the Loan Agreement shall be amended by deleting “fifty percent (50%)” and by substituting “twenty-five percent (25%)” therefor. 
 2.6. Clause (xiii) of the definition of Eligible Account contained in Section 1.1 of the Loan Agreement shall be
amended by adding the following at the end thereof: 
 “and provided further that the Administrative Agent shall have the right, in its
reasonable credit judgment consistent with industry standards for asset-based loans, to increase any of the percentage concentration limits contemplated under this clause (xiii) from time to time” 
 2.7. The introductory sentences of the definition of Eligible Inventory contained in Section 1.1 of the Loan Agreement
shall be amended in their entirety to read as follows: 
 “Eligible Inventory” shall mean Inventory of Borrower which
is acceptable to Administrative Agent, in its reasonable credit judgment consistent with industry standards for asset-based loans, for lending purposes. Without limiting Administrative Agent’s exercise of such judgment, Administrative Agent
shall, in general, not consider Inventory to be Eligible Inventory unless it meets, and so long as it continues to meet, the following requirements:” 
 2.8. Section 2(a) of the Loan Agreement shall be amended in its entirety and as so amended shall read as follows: 
  

	 	(a)	Revolving Loans. 

 Subject to
the terms and conditions of this Agreement and the Other Agreements, so long as no Event of Default or Unmatured Event of Default is then continuing, during the Original Term, each Lender, severally and not jointly, agrees to make in Dollars, Euros
or Pounds Sterling, as requested by Borrower its Pro Rata Share of revolving loans and advances (the “Revolving Loans”) requested by Borrower up to such Lender’s Revolving Loan Commitment so long as after giving effect to such
Revolving Loans, the sum of the aggregate unpaid principal balance of the Revolving Loans and the Letter of Credit Obligations does not exceed a Dollar Equivalent amount of up to the sum of the following sublimits (the “Revolving Loan
Limit”) which shall be determined from time to time based on the most current borrowing base report furnished to the Administrative Agent pursuant to Section 9(a) hereof: 
  

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 (i) Seventy-five percent (75%) of the face amount of Borrower’s Eligible
Account; provided that such advance rate shall be reduced by one (1) percentage point for each whole percentage point (and rounded up to the nearest .25% in the case of a partial percentage point) by which Dilution (as determined by the
Administrative Agent in its reasonable discretion based on the results of the most recent twelve (12) month period for which the Administrative Agent has conducted a field audit of the Borrower) exceeds fifteen percent (15%); plus

 (ii) The lesser of (a) sixty percent (60%) of the lower of cost or market value of Borrower’s Eligible
Inventory or (b) eighty-five percent (85%) of the appraised orderly liquidation value of Borrower’s Eligible Inventory; plus 
 (iii) Sixty percent (60%) against the face amount of commercial Letters of Credit issued or guaranteed by the Issuing Lender or letters of credit permitted under Section 13(b)(xii) hereof for the purpose of
purchasing Eligible Inventory; provided, that such commercial Letters of Credit are in form and substance satisfactory to Administrative Agent; minus 
 (iv) The Availability Reserve and such other reserves as Administrative Agent elects, in its reasonable credit judgment consistent with
industry standards for asset-based loans, to establish from time to time (including, without limitation, a rent reserve in an amount equal to three (3) months rent payable by Borrower for all of its leased inventory locations, a reserve for
payments due under licensing agreements and a reserve with respect to Hedging Liabilities); 
 provided, that (x) the sum of the
advances with respect to clauses (ii) and (iii) above shall at no time exceed Fourteen Million and No/100 Dollars ($14,000,000), and (y) the Revolving Loan Limit shall in no event exceed Twenty-Eight Million and No/100 Dollars
($28,000,000) (the “Maximum Revolving Loan Limit”) and further provided that the Administrative Agent may, in its reasonable credit judgment consistent with industry standards for asset-based loans, from time to time reduce the
percentage advance rates specified in (i), (ii) and (iii) above upon notice to the Borrower and the Lenders. 
 The
aggregate unpaid principal balance of the Revolving Loans (including the Dollar Equivalent of all Loans made in Euros or Pounds Sterling) shall not at any time exceed the lesser of the (i) Revolving Loan Limit minus the Letter of Credit
Obligations and (ii) the Maximum Revolving Loan Limit minus the Letter of Credit Obligations. If at any time the outstanding Revolving Loans (including the Dollar Equivalent of all Loans made in Euros or Pounds Sterling) exceeds 
  

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 either the Revolving Loan Limit or the Maximum Revolving Loan Limit, in each case minus the Letter of
Credit Obligations, or any portion of the Revolving Loans (including the Dollar Equivalent of all Loans made in Euros or Pounds Sterling) and Letter of Credit Obligations exceeds any applicable sublimit within the Revolving Loan Limit, Borrower
shall immediately, and without the necessity of demand by Administrative Agent, pay to Administrative Agent such amount as may be necessary to eliminate such excess and Administrative Agent shall apply such payment to the Revolving Loans in such
order as Administrative Agent shall determine in its sole discretion; provided that Administrative Agent may, in its sole discretion, permit such excess (the “Interim Advance”) to remain outstanding and continue to advance Revolving Loans
to Borrower on behalf of Lenders without the consent of any Lender for a period of up to sixty (60) calendar days, so long as (i) the amount of the Interim Advances does not exceed at any time One Million and No/100 Dollars ($1,000,000),
(ii) the aggregate outstanding principal balance of the Revolving Loans (including the Dollar Equivalent of all Loans made in Euros or Pounds Sterling) does not exceed the Maximum Loan Limit, and (iii) Administrative Agent has not been
notified by Requisite Lenders (or, if there are only three (3) Lenders, any two (2) of the Lenders) to cease making such Revolving Loans. If the Interim Advance is not repaid in full within sixty (60) days of the initial occurrence of
the Interim Advance, no future advances may be made to Borrower without the consent of all Lenders until the Interim Advance is repaid in full. 
 Neither Administrative Agent nor any Lender shall be responsible for any failure by any other Lender to perform its obligations to make Revolving Loans hereunder, and the failure of any Lender to make its Pro Rata
Share of any Revolving Loan hereunder shall not relieve any other Lender of its obligation, if any, to make its Pro Rata Share of any Revolving Loans hereunder. 
 If Borrower makes a request for a Revolving Loan as provided herein, Administrative Agent, at its option and in its sole discretion, shall
do either of the following: 
 (i) advance the amount of the proposed Revolving Loan to Borrower disproportionately (a
“Disproportionate Advance”) out of Administrative Agent’s own funds on behalf of Lenders, which advance shall be on the same day as Borrower’s request therefor with respect to Prime Rate Loans if Borrower notifies Administrative
Agent of such request by 11:00 a.m., Chicago time on such day, and request settlement in accordance with Section 18 hereof such that upon such settlement each Lender’s share of the outstanding Revolving Loans (including,
without limitation, the amount of any Disproportionate Advance) equals its Pro Rata Share; or 
  

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 (ii) Notify each Lender by telecopy or other similar form of teletransmission of the
proposed advance on the same day Administrative Agent is notified or deemed notified by Borrower of Borrower’s request for an advance pursuant to this Section 2(a). Each Lender shall remit, to the demand deposit account designated
by the Administrative Agent (i) with respect to Prime Rate Loans, at or prior to 3:00 P.M., Chicago time, on the date of notification, if such notification is made by the Administrative Agent to the Lenders at or prior to 1:00 p.m.,
Chicago time, or 10:00 A.M., Chicago time, on the business day immediately succeeding the date of such notification, if such notification is made by the Administrative Agent to the Lenders after 1:00 p.m., Chicago time, and (ii) with
respect to LIBOR Rate Loans, at or prior to 12:00 noon., Chicago time, on the date such LIBOR Rate Loans are to be advanced, immediately available funds in an amount equal to such Lender’s Pro Rata Share of such proposed advance. 
 If and to the extent that a Lender does not settle with Administrative Agent as required under this Agreement (a “Defaulting
Lender”) Borrower and Defaulting Lender severally agree to repay to Administrative Agent forthwith on demand such amount required to be paid by such Defaulting Lender to Administrative Agent, together with interest thereon, for each day from
the date such amount is made available to Borrower until the date such amount is repaid to Administrative Agent (x) in the case of a Defaulting Lender at the Federal Funds Rate and (y) in the case of Borrower, at the interest rate
applicable at such time for such Loans; provided, that Borrower’s obligation to repay such advance to Administrative Agent shall not relieve such Lender of its liability to Administrative Agent for failure to settle as provided in this
Agreement. 
 Borrower hereby authorizes Administrative Agent, in its sole discretion, to charge any of Borrower’s
accounts or advance Revolving Loans to make any payments of principal, interest, fees, costs or expenses required to be made under this Agreement or the Other Agreements; provided that the Administrative Agent agrees to give the Borrower
advance notice (which may be telephonic or by electronic transmission) in the case of any such charge or Revolving Loan made in connection with payment of audit, legal or appraisal charges or any other payments to third parties. 
  

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 A request for a Revolving Loan shall be made or shall be deemed to be made, each in the
following manner: Borrower shall give Administrative Agent same day notice, no later than 12:00 noon (Chicago time) for such day, of its request for a Revolving Loan as a Prime Rate Loan, and at least three (3) Business Days prior notice of its
request for a Revolving Loan as a LIBOR Rate Loan, in which notice Borrower shall specify the amount of the proposed borrowing and the proposed borrowing date; provided, however, that no such request may be made at a time when there exists an Event
of Default or an event which, with the passage of time or giving of notice, will become an Event of Default. In the event that Borrower maintains a controlled disbursement account at Administrative Agent, each check presented for payment against
such controlled disbursement account and any other charge or request for payment against such controlled disbursement account shall constitute a request for a Revolving Loan as a Prime Rate Loan. As an accommodation to Borrower, Administrative Agent
may permit telephone requests for Revolving Loans and electronic transmittal of instructions, authorizations, agreements or reports to Administrative Agent by Borrower. Unless Borrower specifically directs Administrative Agent in writing not to
accept or act upon telephonic or electronic communications from Borrower, Administrative Agent shall have no liability to Borrower for any loss or damage suffered by Borrower as a result of Administrative Agent’s honoring of any requests,
execution of any instructions, authorizations or agreements or reliance on any reports communicated to it telephonically or electronically and purporting to have been sent to Administrative Agent by Borrower and Administrative Agent shall have no
duty to verify the origin of any such communication or the authority of the Person sending it, other than to verify that the Person purporting to make such request is a Person or officer identified by Borrower to Administrative Agent as having the
authority to make such request. 
 Borrower hereby irrevocably authorizes Administrative Agent to disburse the proceeds of
each Revolving Loan requested by Borrower, or deemed to be requested by Borrower, as follows: the proceeds of each Revolving Loan requested under Section 2(a) shall be disbursed by Administrative Agent in lawful money of the United
States of America in immediately available funds, in the case of the initial borrowing, in accordance with the terms of the written disbursement letter from Borrower, and in the case of each subsequent borrowing, by wire transfer or Automated
Clearing House (ACH) transfer to such bank account as may be agreed upon by Borrower and Administrative Agent from time to time, or elsewhere if pursuant to a written direction from Borrower. 
  

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 2.9. Section 3(a) of the Loan Agreement shall be amended by deleting
“Twelve Million Five Hundred Thousand and no/100 ($12,500,000)” appearing therein and by substituting “Six Million Five Hundred Thousand and no/100 Dollars ($6,500,000)” therefor. 
 2.10. Section 4(a)(i) of the Loan Agreement shall be amended in its entirety and as so amended shall read as follows:

 “(i) The sum of the Applicable Margin then in effect with respect to Prime Rate Loans per annum plus the Prime Rate in
effect from time to time, payable on the last day of each calendar quarter through and including June 30, 2009 and thereafter, commencing August 31, 2009, such interest shall be payable on the last day of each calendar month, in each case
in arrears. Said rate of interest shall increase or decrease by an amount equal to each increase or decrease in the Prime Rate effective on the effective date of each such change in the Prime Rate.” 
 2.11. Sections 4(c)(ii) and 4(c)(iii) of the Loan Agreement shall be amended in their entirety and as so amended shall read
as follows: 
 “(ii) Unused Line Fee: Borrower shall pay to Administrative Agent, for the benefit of Lenders, an
unused line fee equal to one-fourth of one percent (.25%) for the period through and including August 12, 2009 and one-half of one percent (.50%) at all times thereafter of the difference between the Maximum Revolving Loan Limit and the average
daily balance of the Revolving Loans plus the Letter of Credit Obligations for each calendar quarter through and including June 30, 2009 and thereafter for each calendar month, which fee shall be fully earned by Lenders and payable quarterly in
arrears on the last day of each calendar quarter through June 30, 2009 and thereafter payable monthly in arrears on the last day of each calendar month (commencing August 31, 2009). Said fee shall be calculated on the basis of a 360 day
year. 
 (iii) Agency Fees: Borrower shall pay to the Administrative Agent for its own account the fees described in
the Fee Letter and the Supplementary Fee Letter.” 
 2.12. Sections 8 and 9 of the Loan Agreement shall be amended
in their entirety and as so amended shall read as follows: 
  

	 	“8.	COLLECTIONS. 

 (a) Borrower shall
direct all of its Account Debtors to make all payments on the Accounts directly to a post office box (the “Lock Box”) designated by, and under the exclusive control of, Administrative Agent, at a financial institution 

  

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acceptable to Administrative Agent. Borrower shall establish an account (the “Lock Box Account”) in Administrative Agent’s name with a
financial institution acceptable to Administrative Agent, into which all payments received in the Lock Box shall be deposited, and into which Borrower will immediately deposit all payments received by Borrower on Accounts in the identical form in
which such payments were received, whether by cash or check. If Borrower, any Affiliate or Subsidiary, any shareholder, officer, director, employee or agent of Borrower or any Affiliate or Subsidiary, or any other Person acting for or in concert
with Borrower shall receive any monies, checks, notes, drafts or other payments relating to or as Proceeds of Accounts or other Collateral, Borrower and each such Person shall receive all such items in trust for, and as the sole and exclusive
property of, Administrative Agent and, immediately upon receipt thereof, shall remit the same (or cause the same to be remitted) in kind to the Lock Box Account. The financial institution with which the Lock Box Account is established shall
acknowledge and agree, in a manner satisfactory to Administrative Agent, that the amounts on deposit in such Lock Box and Lock Box Account are the sole and exclusive property of Administrative Agent, that such financial institution will follow the
instructions of Administrative Agent with respect to disposition of funds in the Lock Box and Lock Box Account without further consent from Borrower, that such financial institution has no right to setoff against the Lock Box or Lock Box Account or
against any other account maintained by such financial institution into which the contents of the Lock Box or Lock Box Account are transferred, and that such financial institution shall wire, or otherwise transfer in immediately available funds to
Administrative Agent in a manner satisfactory to Administrative Agent, funds deposited in the Lock Box Account on a daily basis as such funds are collected. Borrower agrees that all payments made to such Lock Box Account or otherwise received by
Administrative Agent, whether in respect of the Accounts or as Proceeds of other Collateral or otherwise, will be applied on account of the Liabilities in accordance with the terms of this Agreement; provided prior to the occurrence of any
Event of Default or Unmatured Event of Default, such lockbox collections shall be first applied to reduce the Revolving Loans and any interest or fees then due and owing hereunder. Borrower agrees to pay all fees, costs and expenses in connection
with opening and maintaining the Lock Box and Lock Box Account. All of such fees, costs and expenses if not paid by Borrower, may be paid by Administrative Agent and in such event all amounts paid by Administrative Agent shall constitute Liabilities
hereunder, shall be payable to Administrative Agent by Borrower upon demand, and, until paid, shall bear interest at the highest rate then applicable to 

  

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Loans hereunder. All checks, drafts, instruments and other items of payment or Proceeds of Collateral shall be endorsed by Borrower to Administrative Agent,
and, if that endorsement of any such item shall not be made for any reason, Administrative Agent is hereby irrevocably authorized to endorse the same on Borrower’s behalf. For the purpose of this section, Borrower irrevocably hereby makes,
constitutes and appoints Administrative Agent (and all Persons designated by Administrative Agent for that purpose) as Borrower’s true and lawful attorney and agent-in-fact (i) to endorse Borrower’s name upon said items of payment
and/or Proceeds of Collateral and upon any Chattel Paper, Document, Instrument, invoice or similar document or agreement relating to any Account of Borrower or Goods pertaining thereto; (ii) to take control in any manner of any item of payment
or Proceeds thereof and (iii) to have access to any lock box or postal box into which any of Borrower’s mail is deposited, and open and process all mail addressed to Borrower and deposited therein. 
 (b) Administrative Agent may, at any time and from time to time, whether before or after notification to any Account Debtor and whether
before or after the maturity of any of the Liabilities, (i) enforce collection of any of Borrower’s Accounts or other amounts owed to Borrower by suit or otherwise; (ii) exercise all of Borrower’s rights and remedies with respect
to proceedings brought to collect any Accounts or other amounts owed to Borrower; (iii) surrender, release or exchange all or any part of any Accounts or other amounts owed to Borrower, or compromise or extend or renew for any period (whether
or not longer than the original period) any indebtedness thereunder; (iv) sell or assign any Account of Borrower or other amount owed to Borrower upon such terms, for such amount and at such time or times as Administrative Agent deems
advisable; (v) prepare, file and sign Borrower’s name on any proof of claim in bankruptcy or other similar document against any Account Debtor or other Person obligated to Borrower; and (vi) do all other acts and things which are
necessary, in Administrative Agent’s sole discretion, to fulfill Borrower’s obligations under this Agreement and the Other Agreements and to allow Administrative Agent to collect the Accounts or other amounts owed to Borrower. In addition
to any other provision hereof, Administrative Agent may at any time, after the occurrence of an Event of Default, at Borrower’s expense, notify any parties obligated on any of the Accounts to make payment directly to Administrative Agent of any
amounts due or to become due thereunder. 
 (c) Administrative Agent shall, after receipt by Administrative Agent at its
office in Chicago, Illinois of (i) checks and (ii) cash or other immediately available funds from collections of items of payment and Proceeds of any Collateral, apply 

  

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the whole or any part of such collections or Proceeds, subject to actual collection, against the Liabilities in such order as Administrative Agent shall
determine in its sole discretion; provided that prior to the occurrence of an Event of Default or Unmatured Event of Default, such amounts shall be applied to payment of the Revolving Loans and any interest or fees then due and owing
hereunder. 
 (d) On a monthly basis, Administrative Agent shall deliver to Borrower an account statement showing all Loans,
charges and payments, which shall be deemed final, binding and conclusive upon Borrower unless Borrower notifies Administrative Agent in writing, specifying any error therein, within sixty (60) days of the date such account statement is sent to
Borrower and any such notice shall only constitute an objection to the items specifically identified. 
  

	 	9.	COLLATERAL, AVAILABILITY AND FINANCIAL REPORTS AND SCHEDULES. 

 (a) Borrowing Base Reports. 
 Borrower shall deliver an executed loan report and certificate in Administrative Agent’s then current form at least once each week and at each month end (or more frequently as may be requested by Administrative
Agent), which shall be accompanied by supporting documentation (satisfactory to the Administrative Agent) verifying the amounts reported for sales, credits and collections shown on the borrowing base report for the relevant period. Each such report
shall reflect the activity of Borrower with respect to Accounts for the immediately preceding week, and shall be in a form and with such specificity as is satisfactory to Administrative Agent and shall contain such additional information concerning
Accounts and Inventory as may be requested by Administrative Agent including, without limitation, but only if specifically requested by Administrative Agent, copies of all invoices prepared in connection with such Accounts. 
 (b) Monthly Reports. 
 Borrower shall deliver to Administrative Agent, in addition to any other reports, as soon as practicable and in any event: (i) within fifteen (15) days after the end of each month, (A) a detailed trial
balance of Borrower’s Accounts aged per invoice date, in form and substance reasonably satisfactory to Administrative Agent including, without limitation, the names and addresses of all Account Debtors of Borrower, and (B) a summary and
detail of 

  

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accounts payable (such Accounts and accounts payable divided into such time intervals as Administrative Agent may require in its sole discretion), including
a listing of any held checks; and (ii) within fifteen (15) days after the end of each month, the general ledger inventory account balance, a perpetual inventory report and Administrative Agent’s standard form of Inventory report then
in effect or the form most recently requested from Borrower by Administrative Agent, for Borrower by each category of Inventory, together with a description of the monthly change in each category of Inventory. 
 (c) Compliance Certificate. 
 As soon as practicable and in any event within forty-five (45) days after the end of each fiscal quarter of the Borrower, a compliance certificate in the form of Exhibit B (a “Compliance
Certificate”), which Compliance Certificate shall include a calculation of all financial covenants contained in this Agreement, including a description of any deviation therefrom. 
 (d) Financial Statements. 
 Borrower shall deliver to Administrative Agent and each Lender the following financial information, all of which shall be prepared on a consolidated and consolidating basis in accordance with generally accepted
accounting principles consistently applied: (i) no later than forty-five (45) days after each calendar month, copies of internally prepared financial statements, including, without limitation, balance sheets and statements of income,
retained earnings and cash flow of Borrower, certified by the Chief Financial Officer or Vice President-Finance of Borrower and (ii) no later than ninety (90) days after the end of each of Borrower’s Fiscal Years, (x) audited
financial statements for such Fiscal Year with an unqualified opinion by independent certified public accountants selected by Borrower and reasonably satisfactory to Administrative Agent, which financial statements shall be accompanied by copies of
any management letters sent to the Borrower by such accountants and (y) copies of Borrower’s Form 10-K report filed with the Securities and Exchange Commission. 
 (d) Projections. 
 As soon as practicable and in any event prior to the beginning of each Fiscal Year, Borrower shall deliver to Administrative Agent and each Lender projected balance sheets, statements of income and cash flow for
Borrower, for each of the twelve (12) months during such Fiscal Year, which shall include the assumptions used therein, 

  

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together with appropriate supporting details as reasonably requested by Administrative Agent. The Borrower shall update such projections quarterly throughout
each Fiscal Year, such updated projections to be delivered to the Administrative Agent no later than 15 days prior to the beginning of each fiscal quarter. The Borrower agrees to deliver updated projections for the balance of 2009 to the
Administrative Agent and each Lender in form reasonably acceptable to them within ten (10) days of the Second Amendment Effective Date. 
 As soon as practicable and in any event within fifteen (15) days prior to the beginning of each calendar quarter, projected cash flow and projected usage and availability of the Revolving Loan Commitments on a
weekly basis for the Borrower for such quarter, together with appropriate supporting details as reasonably requested by the Administrative Agent. 
 (e) Explanation of Budgets and Projections. 
 In conjunction with the delivery of the
projections or budgets referred to in subsection 9(d) above, Borrower shall deliver a letter signed by the President or a Vice President of Borrower and by the Treasurer or Chief Financial Officer of Borrower, describing, comparing and
analyzing, in detail, all changes and developments between the anticipated financial results included in such projections or budgets and the historical financial statements of Borrower. 
 (f) Public Reporting. 
 Promptly upon the filing thereof, Borrower shall deliver to Administrative Agent and each Lender copies of all registration statements and annual, quarterly, monthly or other regular reports which Borrower or any of
its Subsidiaries files with the Securities and Exchange Commission, as well as promptly providing to Administrative Agent and each Lender copies of any reports and proxy statements delivered to its shareholders. 
 (g) Other Information. 
 Promptly following request therefor by Administrative Agent or any Lender, Borrower shall deliver to Administrative Agent and each Lender such other business or financial data, reports, appraisals and projections as
Administrative Agent or such Lender may reasonably request. 
 2.13. The last sentence of Section 12(d) of the Loan
Agreement shall be deleted and replaced with the following: 
  

 14 

 “Without limiting the foregoing, Borrower agrees that the Administrative Agent,
through its officers, employees, agents and independently engaged appraisers or other Persons shall conduct field audits of the Collateral not less than two (2) times in each year, including appraisals of the Borrower’s and its
Subsidiaries Inventory, the first such appraisal to be completed no later than September 15, 2009 and the Borrower shall fully cooperate in connection with such field audits. The Borrower shall pay to the Administrative Agent all customary fees
and all costs and out-of-pocket expenses incurred by the Administrative Agent in the exercise of its rights hereunder, and all of such fees, costs and expenses shall constitute Liabilities hereunder, shall be payable on demand and, until paid, shall
bear interest at the highest rate then applicable to Loans hereunder.” 
 2.14. Section 14 of the Loan
Agreement shall be amended in its entirety and as so amended shall read as follows: 
  

	 	“14.	FINANCIAL COVENANTS. 

 Borrower
shall maintain and keep in full force and effect each of the financial covenants set forth below: 
 (a) Minimum
EBITDA. 
 Borrower shall not permit the EBITDA as of the last day of any fiscal quarter during the periods specified
below to be less than the amount set forth below for the period specified below: 
  

				
	 Period
	  	Minimum
EBITDA
	 July 1, 2009 through September 30, 2009
	  	$	1,350,000
	 July 1, 2009 through December 31, 2009
	  	$	3,375,000
	 July 1, 2009 through March 31, 2010
	  	$	4,025,000
	 July 1, 2009 through June 30, 2010
	  	$	4,900,000
	 Each Computation Period ending on and after September 30, 2010
	  	$	5,000,000

 (b) Fixed Charge Coverage Ratio. 
 Borrower shall not permit the Fixed Charge Coverage Ratio as of the last day of any period set forth below to be less than the applicable
ratio set forth below for such period: 
  

			
	 Period
	  	Fixed Charge 
Coverage Ratio
	 July 1, 2009 through September 30, 2009
	  	1.00:1.00
	 July 1, 2009 through December 31, 2009
	  	1.10:1.00
	 July 1, 2009 through March 31, 2010
	  	1.00:1.00
	 July 1, 2009 through June 30, 2010
	  	1.00:1.00
	 Each Computation Period ending on and after September 30, 2010
	  	1.10:1.00

  

 15 

 (c) Tangible Net Worth. Borrower will not permit Tangible Net Worth to be
less than Minimum Required Amount. For purposes hereof, “Minimum Required Amount” shall mean (i) commencing June 30, 2009 an amount equal to $13,419,794 (subject to adjustment in the event such amount does not equal 90% of
Borrower’s actual Tangible Net Worth as of June 30, 2009 as reported on its final financial statements for such date) and (ii) thereafter from the last day of each Fiscal Quarter of Borrower through the day prior to the last day of
each immediately succeeding Fiscal Quarter of Borrower, the Minimum Tangible Net Worth required pursuant hereto during the immediately preceding period plus fifty percent (50%) of Borrower’s consolidated net income for such Fiscal Quarter
(but without reduction for any net loss) and excluding any gain or loss on cash surrender value (CSV) life insurance which is an amount calculated from the Borrower’s Consolidated Statement of Cash Flows and Notes to Consolidated Financial
Statements, respectively, in Borrower’s annual Form 10-K and quarterly Form 10-Qs filed pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934. 
 2.15. Section 29 of the Loan Agreement shall be amended by adding the following immediately preceding the period at the end thereof:

 “and the Borrower further consents to the disclosure of information relating to the Borrower to any third party engaged by the
Administrative Agent or any Lender or any of its Affiliates to perform services on its behalf in connection with any Bank Products made available to the Borrower or in connection with processing or evaluating reports furnished by the Borrower
hereunder with respect to the Collateral” 
 3. Waiver. The Borrower has advised the Administrative Agent that the Borrower is in
violation of the provisions of Sections 14(a) and 14(b) of the Loan Agreement as of June 30, 2009 (the “Violations”). Subject to the satisfaction of the conditions precedent set forth in Section 6 below, the Requisite
Lenders hereby acknowledge the Violations and waive any Event of Default or Unmatured Event of Default that would otherwise be caused by the Violations. The waiver under this Section 3 is limited as specifically written herein and shall be
solely a waiver of the above described Violations and it shall not constitute a waiver of any other terms or conditions of the Loan Agreement. 
  

 16 

 4. Affirmation. Except as expressly amended hereby, the Loan Agreement and the Other Agreements
are and shall continue in full force and effect and the Borrower hereby fully ratifies and affirms the Loan Agreement and each Other Agreement to which it is a party. Reference in any of this Amendment, the Loan Agreement or any Other Agreement to
the Loan Agreement shall be a reference to the Loan Agreement as amended hereby and as further amended, modified, restated, supplemented or extended from time to time. 
 5. Representations and Warranties. To induce the Administrative Agent and Lenders to execute this Amendment, the Borrower hereby represents and warrants to the Lenders as follows: 
 5.1. The Borrower is duly authorized to execute and deliver this Amendment and is duly authorized to perform its obligations hereunder.

 5.2. The execution, delivery and performance by the Borrower of this Amendment do not and will not (i) require any
consent or approval of any Person (other than any consent or approval which has been obtained and is in full force and effect), (ii) conflict with (A) any provision of law, (B) the charter, by-laws or other organizational documents of
the Borrower or (C) any agreement, indenture, instrument or other document, or any judgment, order or decree, which is binding upon the Borrower or any of its properties or (iii) require, or result in, the creation or imposition of any
Lien on any asset of the Borrower other than Liens in favor of the Administrative Agent. 
 5.3. This Amendment is the legal,
valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, subject to bankruptcy, insolvency and similar laws affecting enforceability of creditors’ rights generally and to general principles of
equity. 
 5.4. The representations and warranties in the Loan Agreement and Other Agreements (including but not limited to
Section 11 of the Loan Agreement) are true and correct with the same effect as though made on and as of the date of this Amendment (except to the extent stated to relate to a specific earlier date, in which case such representations and
warranties were true and correct as of such earlier date). 
 5.5. Except for the Violations waived pursuant to Section 3
of this Amendment, no Unmatured Event of Default or Event of Default has occurred and is continuing. 
 6. Conditions to Amendment.
This Amendment shall become effective upon the satisfaction in full of all of the following conditions precedent, each of which shall be satisfactory to the Administrative Agent and the Requisite Lenders: 
 6.1. Amendment. The Borrower and the Requisite Lenders shall have executed and delivered to the Administrative Agent this
Amendment. 
 6.2. Amendment Fee. The Administrative Agent shall have received $159,150.00 as and for a nonrefundable
amendment fee for the pro rata account of the Lenders executing this Amendment. 
  

 17 

 6.3. Fees and Expenses. The Borrower shall have paid all of the Administrative
Agent’s and RBS’ legal fees and expenses in connection with this Amendment to the extent invoiced. 
 6.4.
Other. Such other documents as the Administrative Agent or Lender shall reasonably request. 
 7. Costs and Expenses. The
Borrower shall pay or reimburse the Administrative Agent and RBS within five Business Days after demand for all reasonable costs and expenses (including reasonable attorneys fees) incurred by them in connection with the preparation, delivery,
administration, and execution of this Amendment and the documentation and transactions contemplated hereby, and in connection with any review of the Collateral and Other Agreements considered necessary by them in connection with this Amendment
(capped in the case of attorney’s fees for RBS at $5,000). 
 8. Counterparts. This Amendment may be executed in two or more
counterparts, each of which shall constitute an original, but all of which when taken together shall constitute one instrument. Delivery of an executed counterpart of this Amendment by facsimile or electronic transmission shall be effective as
delivery of an original counterpart. 
 9. Headings. The headings and captions of this Amendment are for the purposes of reference
only and shall not affect the construction of, or be taken into consideration in interpreting, this Amendment. 
 10. APPLICABLE LAW.
THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF ILLINOIS WITHOUT GIVING EFFECT TO ILLINOIS CHOICE OF LAW DOCTRINE. 
 The parties hereto have caused this Amendment to be executed by their duly authorized officers, all as of the day and year first above written. 
 Signature Pages Follow 
  

 18 

			
	COBRA ELECTRONICS CORPORATION
		
	By:	 	/s/ Michael Smith
	Name:  	 	Michael Smith
	Title:	 	Senior Vice President and Chief Financial Officer
	
	THE PRIVATEBANK AND TRUST COMPANY, individually as a Lender and as Administrative Agent
		
	By:	 	/s/ Mitchell B. Rasky
	Name:  	 	Mitchell B. Rasky
	Title:	 	Managing Director
	
	RBS CITIZENS, N.A., as a Lender
		
	By:	 	/s/ Paul M. Mongeau
	Name:  	 	Paul M. Mongeau
	Title:	 	Senior Vice President

  

 19Exhibit 4.1

 Exhibit 4.1 
 CHASE ISSUANCE TRUST 
 as Issuing Entity 
 CLASS B(2009-4) TERMS DOCUMENT 
 dated as of August 14, 2009 
 to 
 AMENDED AND RESTATED 
 CHASESERIES INDENTURE SUPPLEMENT 
 dated as of October 15, 2004 
 to 
 THIRD AMENDED AND RESTATED 
 INDENTURE 
 dated as of December 19, 2007 
 WELLS FARGO BANK, NATIONAL ASSOCIATION 
 as Indenture Trustee and Collateral Agent 

					
	TABLE OF CONTENTS
			
	 	 	 	  	PAGE
	ARTICLE I
			
		 	Definitions and Other Provisions of General Application	  	
			
	 Section 1.01
	 	Definitions	  	1
	 Section 1.02
	 	Governing Law	  	4
	 Section 1.03
	 	Counterparts	  	5
	 Section 1.04
	 	Ratification of Indenture and Indenture Supplement	  	5
	
	ARTICLE II
	
	The Class B(2009-4) Notes
			
	 Section 2.01
	 	Creation and Designation	  	6
	 Section 2.02
	 	Specification of Required Subordinated Amount and Other Terms	  	6
	 Section 2.03
	 	Interest Payment	  	7
	 Section 2.04
	 	Calculation Agent; Determination of LIBOR	  	7
	 Section 2.05
	 	Payments of Interest and Principal	  	8
	 Section 2.06
	 	Form of Delivery of Class B(2009-4) Notes; Depository; Denominations	  	8
	 Section 2.07
	 	Delivery and Payment for the Class B(2009-4) Notes	  	9
	 Section 2.08
	 	Supplemental Indenture	  	9
	
	ARTICLE III
	
	Restrictions on Transfer of the Class B(2009-4) Notes
			
	 Section 3.01
	 	Private Placement of the Class B(2009-4) Notes	  	10
	 Section 3.02
	 	Transfer of the Class B(2009-4) Notes	  	10
	
	ARTICLE IV
	
	Miscellaneous Provision
			
	 Section 4.01
	 	Amendments	  	19
	 Section 4.02
	 	Section 3.12(b)(ii) of the Indenture Supplement	  	19
	 Section 4.03
	 	Limitation on Changing the Scheduled Principal Payment Date or Legal Maturity Date	  	19

  

 i 

 THIS CLASS B(2009-4) TERMS DOCUMENT (this “Terms Document”), by and between the CHASE ISSUANCE
TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuing Entity”), having its principal office at c/o Wilmington Trust Company, 1100 North Market Street, Wilmington, Delaware 19890-1600, and WELLS FARGO BANK,
NATIONAL ASSOCIATION, a national banking association, as indenture trustee (the “Indenture Trustee”) and collateral agent (the “Collateral Agent”), is made and entered into as of August 14, 2009. 
 Pursuant to this Terms Document, the Issuing Entity and the Indenture Trustee shall create a new Tranche of CHASEseries Class B 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 B(2009-4) Notes and no other Tranche of CHASEseries Notes issued by the Issuing
Entity. 
 “Accumulation Commencement Date” means October 1, 2009; provided, however, that, if the Accumulation Period
Length for the Class B(2009-4) Notes is less than ten (10) whole calendar months, the Accumulation Commencement Date will be the first calendar day of the month that is the number of whole calendar months prior to such Scheduled Principal
Payment Date at least equal to the Accumulation Period Length and, as a result, the number of Monthly Periods during the period from the Accumulation Commencement Date to and including the Monthly Period prior to such Scheduled Principal Payment
Date will at least equal the Accumulation Period Length. 
 “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. 
 “Bank” means Chase Bank USA, National Association, a national banking association. 
 “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 B(2009-4) Adverse Event” means
the occurrence of any of the following: (a) an Early Amortization Event with respect to the Class B(2009-4) Notes, (b) an Event of Default and acceleration of the Class B(2009-4) Notes, (c) the Class B Usage of the Class C Required
Subordinated Amount for the Class B(2009-4) Notes becomes greater than zero. 
 “Class B(2009-4) Note” means any Note,
substantially in the form set forth in Exhibit A-1 to the Indenture Supplement, designated therein as a Class B(2009-4) Note and duly executed and authenticated in accordance with the Indenture. 
 “Class B(2009-4) Noteholder” means a Person in whose name a Class B(2009-4) Note is registered in the Note Register. 
 “Class B(2009-4) Tax Opinion” means an Opinion of Counsel stating that the Class B(2009-4) Notes will be characterized as debt for
United States federal income tax purposes. 
 “Class B(2009-4) Termination Date” means the earliest to occur of (a) the
Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class B(2009-4) 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. 
  

 2 

 “Class B Required Subordinated Amount of Class C Notes” is defined in
Section 2.02(a). 
 “Controlled Accumulation Amount” means $28,000,000; provided, however, if the Accumulation Period
Length is determined to be less than ten 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 B(2009-4) Notes will be the amount specified in
the definition of “Controlled Accumulation Amount” in the Indenture Supplement. 
 “Eligible Purchaser” means a
corporation, partnership or other entity which can make the representations set forth in Section 3.02(b) or (c) hereof, as applicable, and that is either (x) a QIB, or in the case of an initial Transfer by the Bank only, an
“Accredited Investor” within the meaning of Rule 501(a)(1)(2)(3) or (7) of Regulation D under the Securities Act or (y) a Non-U.S. Person (as defined in Regulation S under the Securities Act) in an offshore transaction in
compliance with Rule 903 or Rule 904 of Regulation S under the Securities Act. 
 “Exempt Transaction” means a Transfer to
an Eligible Purchaser in a transaction exempt from the registration requirements of the Securities Act and applicable state securities or “blue sky” laws. 
 “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 $280,000,000.

 “Interest Payment Date” means September 15, 2009 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 August 14, 2009. 
 “Legal Maturity Date” means August 15, 2012. 
 “LIBOR” means, for any
Interest Period, the London interbank offered rate for one-month United States dollar deposits determined by the Calculation Agent on the LIBOR Determination Date for each Interest Period in accordance with the provisions of Section 2.04.

 “LIBOR Determination Date” means (1) August 12, 2009 for the period from and including the Issuance Date
through but excluding September 15, 2009 and (2) for each interest 

  

 3 

 
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 2.66% 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. 
 “QIB” means a “qualified institutional buyer,” as defined in Rule 144A under the Securities Act. 
 “Record Date” means, for any Note Transfer Date, the last Business Day of the preceding Monthly Period. 
 “Reference Banks” means four major banks in the London interbank market selected by the Beneficiary. 
 “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
August 16, 2010. 
 “Stated Principal Amount” means $280,000,000. 
 “Targeted Holders” means each holder of a right to receive interest or principal with respect to any interest in the Issuing Entity with
respect to which a Class B(2009-4) Tax Opinion has not been rendered; provided, however, that any Person holding more than one right or interest each of which would cause such Person to be a Targeted Holder shall be treated as a single Targeted
Holder. 
 “Transfer” means a sale, conveyance, assignment, hypothecation, pledge, participation, or other form of transfer
of any Class B(2009-4) Note. 
 Section 1.02 Governing Law. THIS TERMS DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED
BY THE LAWS OF THE STATE OF DELAWARE WITHOUT REFERENCE TO ITS CONFLICT OF LAW 
  

 4 

 
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] 
  

 5 

 ARTICLE II 
 THE CLASS B(2009-4) NOTES 
 Section 2.01 Creation and Designation. There is hereby
created a Tranche of CHASEseries Class B Notes to be issued pursuant to the Indenture and the Indenture Supplement to be known as the “CHASEseries Class B(2009-4) Notes.” 
 Section 2.02 Specification of Required Subordinated Amount and Other Terms. For the Class B(2009-4) Notes, for any date of determination, the
Class B Required Subordinated Amount of Class C Notes will be an amount equal to: 
 (a) for any date of determination prior
to the occurrence of a Class B(2009-4) Adverse Event, the product of 
 (i) the sum of 
 (1) a fraction (x) the numerator of which is equal to the sum of the Class A Required Subordinated Amount of Class C Notes on
such date of determination for all outstanding Tranches of CHASEseries Class A Notes for which the Class A Required Subordinated Amount of Class B Notes on such date of determination is greater than zero and (y) the denominator of
which is equal to the Adjusted Outstanding Dollar Principal Amount on such date of determination of all outstanding CHASEseries Class B Notes (including the Class B(2009-4) Notes), and 
 (2) the product of (x) 7.52688% and (y) a fraction (A) the numerator of which is equal to (1) the Adjusted
Outstanding Dollar Principal Amount on such date of determination of all outstanding CHASEseries Class B Notes (including the Class B(2009-4) Notes) minus (2) the Class A Required Subordinated Amount of Class B Notes on such date of
determination for all outstanding Tranches of CHASEseries Class A Notes for which the Class A Required Subordinated Amount of Class B Notes is greater than zero; provided, however, that such numerator shall not be less than
zero and (B) the denominator of which is equal to the Adjusted Outstanding Dollar Principal Amount on such date of determination of all outstanding CHASEseries Class B Notes (including the Class B(2009-4) Notes), and 
 (ii) the Adjusted Outstanding Dollar Principal Amount on such date of determination of the Class B(2009-4) Notes; and 
 (b) for any date of determination on and after the date on which a Class B(2009-4) Adverse Event shall have occurred, the greater of
(1) the amount determined in subsection 2.02(a) for such date of determination and (2) the amount determined in subsection 2.02(a) for the date immediately prior to the date on which such Class B(2009-4) Adverse Event shall have occurred.

  

 6 

 (c) The Issuing Entity may change the percentage set forth in subsection
2.02(a)(i)(2)(x), above, or the formula set forth in clause (a) 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 B(2009-4) 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 B(2009-4) Notes determined as of the close of business on the Interest
Payment Date preceding the related Note Transfer Date for the Class B(2009-4) Notes; provided, however, that for the first Interest Payment Date, the amount of interest due with respect to the Class B(2009-4) Notes shall be an amount equal to the
product of (x) the Outstanding Dollar Principal Amount of the Class B(2009-4) Notes on the Issuance Date, (y) 32 divided by 360 and (z) the Note Interest Rate in effect with respect to the Class B(2009-4) Notes determined on
August 12, 2009. Interest on the Class B(2009-4) 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 B(2009-4) Notes, the Indenture Trustee shall deposit into the Class B(2009-4) Interest Funding
Sub-Account the portion of CHASEseries Available Finance Charge Collections allocable to the Class B(2009-4) Notes. 
 Section 2.04
Calculation Agent; Determination of LIBOR. 
 (a) The Issuing Entity hereby agrees that for so long as any Class
B(2009-4) 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 

  

 7 

 
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 B(2009-4) 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 B(2009-4) 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 B(2009-4) Noteholders to receive payments from the Issuing Entity will terminate on the first Business Day
following the Class B(2009-4) Termination Date. 
 Section 2.06 Form of Delivery of Class B(2009-4) Notes; Depository; Denominations.

 (a) The Class B(2009-4) Notes, together with the Indenture Trustee’s certificate of authentication, shall be in
substantially the form set forth in Exhibit A. The terms of Class B(2009-4) Notes set forth in Exhibit A are part of the terms of this Terms Document. 
 (b) The Class B(2009-4) Notes shall initially be issued in definitive, fully registered, certificated form and shall initially be retained by and registered in the name of 

  

 8 

 
the Bank. In the event any Class B(2009-4) Note is Transferred in an Exempt Transaction, such Class B(2009-4) Note may be issued either in the form of a
global Registered Note as provided in Sections 2.02 and 3.01(i) of the Indenture, respectively, or in definitive, fully registered, certificated form, as applicable, and shall initially be registered in the name of the beneficial owner as listed in
the Note Register. If, however, any Class B(2009-4) Note is Transferred pursuant to an effective registration under the Securities Act and applicable state securities or “blue sky” laws, such Class B(2009-4) Note shall be issued in the
form of a global Registered Note as provided in Sections 2.02 and 3.01(i) of the Indenture, respectively. The Depository for any Class B(2009-4) Notes issued as global Registered Notes shall be The Depository Trust Company, with each such Class
B(2009-4) Note being registered in the name of Cede & Co., its nominee. 
 (c) The Class B(2009-4) Notes
(i) initially issued to and retained by the Bank and any Class B(2009-4) Notes Transferred in an Exempt Transaction will be issued in minimum denominations of $250,000 and integral multiples of $1,000 in excess of that amount and
(ii) Transferred pursuant to an effective registration statement will be issued in minimum denominations of $1,000 and integral multiples of that amount. 
 Section 2.07 Delivery and Payment for the Class B(2009-4) Notes. The Issuing Entity shall execute and deliver the Class B(2009-4) Notes to the Indenture Trustee for authentication, and the Indenture Trustee
shall deliver the Class B(2009-4) 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 B(2009-4) 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 B(2009-4) 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] 
  

 9 

 ARTICLE III 
 RESTRICTIONS ON TRANSFER OF THE CLASS B(2009-4) NOTES 
 Section 3.01 Private Placement of
the Class B(2009-4) Notes. 
 (a) The Class B(2009-4) Notes have not been registered under the Securities Act, or any
state securities or blue sky law. No Transfer of any Class B(2009-4) Note shall be made except either (i) pursuant to an effective registration under the Securities Act and applicable state securities or “blue sky” laws or
(ii) in an Exempt Transaction. The Class B(2009-4) Notes initially purchased by the Bank and any Class B(2009-4) Notes Transferred in an Exempt Transaction shall bear a legend to the effect set forth in subsection (b) below. None of the
Issuing Entity, the Transfer Agent and Note Registrar, the Owner Trustee or the Indenture Trustee is obligated to register the Class B(2009-4) Notes under the Securities Act or any other securities or “blue sky” law or to take any other
action not otherwise required under this Terms Document, the Indenture, the Indenture Supplement, the Asset Pool Supplement or the Transfer and Servicing Agreement to permit the Transfer of Class B(2009-4) Notes without registration or as described
above; provided however that in connection with any Transfer of a Class B(2009-4) Note, the Bank may, in its sole discretion, register the Class B(2009-4) Notes under the Securities Act or any other securities or “blue sky” law.

 (b) Each Class B(2009-4) Note (i) initially issued to the Bank or (ii) Transferred in an Exempt Transaction shall
bear a restrictive legend to the following effect: 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE, OR ANY INTEREST OR PARTICIPATION HEREIN, MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN
COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE PROVISIONS OF ANY STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH PROVISIONS. 
 Section 3.02 Transfer of the Class B(2009-4) Notes. 
 (a) Transfer of the Class
B(2009-4) Notes Pursuant to an Effective Registration under the Securities Act with a Class B(2009-4) Tax Opinion. If, at the time of any proposed Transfer of the Class B(2009-4) Notes by the Bank, as initial holder of the Class B(2009-4) Notes,
the Class B(2009-4) Notes have been registered under the Securities Act and a Class B(2009-4) Tax Opinion is rendered, then the proposed Transfer will not be subject to any additional restrictions with respect to such Transfer or its proposed
transferee. With respect to any such Transfer, the Class B(2009-4) Note shall be transferred for a global Registered Note which shall bear a legend to the following effect: 
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUING
ENTITY OR ITS AGENT FOR 

  

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REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR TO SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE HOLDER OF THIS NOTE BY ITS
ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE CHASE ISSUANCE TRUST, THE FIRST USA CREDIT CARD MASTER TRUST OR THE CHASE CREDIT CARD MASTER TRUST, OR JOIN IN ANY INSTITUTION AGAINST THE CHASE ISSUANCE
TRUST, THE FIRST USA CREDIT CARD MASTER TRUST OR THE CHASE CREDIT CARD MASTER TRUST, IN, ANY BANKRUPTCY PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES OR THE
INDENTURE. 
 THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION
OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS OF CHASE BANK USA, NATIONAL ASSOCIATION FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY
INCOME. 
 (b) Transfer of the Class B(2009-4) Notes in an Exempt Transaction with a Class B(2009-4) Tax Opinion. If,
at the time of any proposed Transfer of the Class B(2009-4) Notes in an Exempt Transaction, a Class B(2009-4) Tax Opinion is rendered, then such Transfer shall be made in compliance with the restrictions set forth in this subsection 3.02(b)
(including the applicable legends to be set forth on the face of the Class B(2009-4) Notes as provided in Exhibit A) (1) to a Person (A)(x) who the Issuing Entity reasonably believes is a QIB or (y) only in connection with an initial
Transfer by the Bank of Class B(2009-4) Notes, who is an “Accredited Investor” as defined in Rule 501(a)(1)(2)(3) or (7) of Regulation D (“Regulation D”) under the Securities Act, and (B) that is aware that the resale
or other transfer is being made in reliance on Rule 144A or (2) in an offshore transaction in accordance with Rule 903 or Rule 904 of Regulation S (“Regulation S”) under the Securities Act. Each Eligible Purchaser who becomes a Holder
of a Class B(2009-4) Note in connection with an Exempt Transaction, by its acceptance of such Class B(2009-4) Note, will, in the case of a global Registered Note, be deemed to have acknowledged, represented to and agreed with the Issuing Entity and
the Bank (and in the case of a certificated Class B(2009-4) note will be required to provide a certificate acknowledging, representing to and agreeing with the Issuing Entity and the Bank) as follows: 
 (i) It understands and acknowledges that the Class B(2009-4) Notes may only be Transferred (A) in the United States to QIBs pursuant
to Rule 144A, or (B) outside the United States pursuant to Regulation S. 
  

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 (ii) It understands that the Class B(2009-4) Notes have not been and will not be
registered under the Securities Act or any state or other applicable securities law and that the Class B(2009-4) Notes, or any interest or participation therein, may not be Transferred unless registered pursuant to, or exempt from registration
under, the Securities Act and any other applicable securities law. 
 (iii) It has had access to such financial and other
information concerning the Issuing Entity, the Bank and the Class B(2009-4) Notes as it has deemed necessary in connection with its decision to purchase the Class B(2009-4) Notes. 
 (iv) It acknowledges that the Class B(2009-4) Notes will bear legends to the following effect unless the Issuing Entity determines
otherwise, consistent with applicable law: 
 “THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE, OR ANY INTEREST OR PARTICIPATION HEREIN, MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN
COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE PROVISIONS OF ANY STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH PROVISIONS AND ONLY (1) TO THE ISSUING ENTITY, (2) PURSUANT TO RULE 144A UNDER THE
SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A “QIB”) PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A
QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3) IN THE CASE OF INITIAL TRANSFERS ONLY, PURSUANT TO SECTION 4(2) UNDER THE SECURITIES ACT TO A PERSON
THAT THE HOLDER REASONABLY BELIEVES IS AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a)(1)(2)(3) or (7) OF REGULATION D (“REGULATION D”) UNDER THE SECURITIES ACT (AN “ACCREDITED INVESTOR”) PURCHASING FOR ITS OWN
ACCOUNT OR AN ACCREDITED INVESTOR PURCHASING FOR THE ACCOUNT OF AN ACCREDITED INVESTOR, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 501(a)(1)(2)(3) or (7) OF
REGULATION D OR (4) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT. EACH NOTE OWNER BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE PURSUANT TO CLAUSE (2) ABOVE, IS DEEMED TO
REPRESENT THAT IT IS EITHER A QIB PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF ANOTHER QIB. 
  

 12 

 THIS NOTE IS SUBJECT TO ADDITIONAL RESTRICTIONS ON RESALE OR TRANSFER SET FORTH IN THE CLASS B(2009-4)
TERMS DOCUMENT (AS HEREINAFTER DEFINED). 
 PRIOR TO PURCHASING ANY NOTES, PURCHASERS SHOULD CONSULT COUNSEL WITH RESPECT TO THE AVAILABILITY
AND CONDITIONS OF EXEMPTION FROM THE RESTRICTION ON RESALE OR TRANSFER. THE ISSUING ENTITY HAS NOT AGREED TO REGISTER THE NOTES UNDER THE SECURITIES ACT, TO QUALIFY THE NOTES UNDER THE SECURITIES LAWS OF ANY STATE OR TO PROVIDE REGISTRATION RIGHTS
TO ANY PURCHASER. 
 AS SET FORTH HEREIN, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE
FACE HEREOF.” 
 (v) If it is acquiring any Class B(2009-4) Note, or any interest or participation therein, as a
fiduciary or agent for one or more investor accounts, it represents that it has sole investment discretion with respect to such account and that it has full power to make the acknowledgements, representations and agreements contained herein on
behalf of each such account. 
 (vi) It (A)(x) is a QIB, (y) is aware that the sale to it is being made in reliance on
Rule 144A and if it is acquiring such Class B(2009-4) Notes or any interest or participation therein for the account of another QIB, such QIB is aware that the sale is being made in reliance on Rule 144A and (z) is acquiring such Class
B(2009-4) Notes or any interest or participation therein for its own account or for the account of a QIB, (B) in the case of initial Transfers only (x) is an Accredited Investor, (y) is aware that the sale to it is being made in
reliance on Section 4(2) under the Securities Act and if it is acquiring such Class B(2009-4) Notes or any interest or participation therein for the account of another Accredited Investor, such Accredited Investor is aware that the sale is
being made in reliance on Section 4(2) under the Securities Act and (z) is acquiring such Class B(2009-4) Notes or any interest or participation therein for its own account or for the account of an Accredited Investor, or (C) is not a
U.S. Person (as defined in Regulation S) and is purchasing such Class B(2009-4) Notes or any interest or participation therein in an offshore transaction pursuant to Regulation S. 
 (vii) It is purchasing the Class B(2009-4) Notes for its own account, or for one or more investor accounts for which it is acting as
fiduciary or agent, in each case for investment, and not with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act, subject to any requirements of law that the disposition of its property or
the property of such investor account or accounts be at all times within its or their control and subject to its or their ability to resell such Class B(2009-4) Notes, or any interest or participation therein pursuant to the provisions of this Terms
Agreement. 
  

 13 

 (viii) It agrees that if in the future it should offer, sell or otherwise transfer such
Class B(2009-4) Note or any interest or participation therein, it will do so only (A) to the Issuing Entity, (B) pursuant to Rule 144A to a person who it reasonably believes is a QIB in a transaction meeting the requirements of Rule 144A,
purchasing for its own account or for the account of a QIB, whom it has informed that such offer, sale or other transfer is being made in reliance on Rule 144A or (C) in an offshore transaction meeting the requirements of Rule 903 or Rule 904
of Regulation S under the Securities Act. 
 (ix) If it is acquiring such Class B(2009-4) Note or any interest or
participation therein in an offshore transaction (as defined in Regulation S), it acknowledges that the Class B(2009-4) Notes will be represented in the form of a global Registered Note as provided in Sections 2.02 and 3.01(i) of the Indenture,
respectively or in definitive, fully registered, certificated form, as applicable, and that transfers thereof or any interest or participation therein are restricted as set forth in this Terms Agreement. If it is a QIB, it acknowledges that the
Class B(2009-4) Notes offered in reliance on Rule 144A will be represented in the form of a global Registered Note as provided in Sections 2.02 and 3.01(i) of the Indenture, respectively or in definitive, fully registered, certificated form, as
applicable, and that transfers thereof or any interest or participation therein are restricted as set forth in this Terms Agreement. 
 (x) It acknowledges that the Issuing Entity, the Indenture Trustee, the Bank and others will rely on the truth and accuracy of the foregoing acknowledgments, representations and agreements, and agrees that if any of the foregoing
acknowledgments, representations and agreements deemed to have been made by it are no longer accurate, it shall promptly notify the Issuing Entity, the Owner Trust, and the Bank. 
 (xi) With respect to any foreign purchaser claiming an exemption from United States income or withholding tax, it shall have delivered to
the Indenture Trustee a true and complete Form W-8, Form 1001 or Form 4224 or such equivalent form then in effect, indicating such exemption. 
 (xii) It acknowledges that transfers of the Class B(2009-4) Notes or any interest or participation therein shall be subject in all respects to the restrictions applicable thereto contained in this Terms Agreement.

 (c) Transfer of the Class B(2009-4) Notes in an Exempt Transaction without a Class B(2009-4) Tax Opinion. If, at the
time of any proposed Transfer of the Class B(2009-4) Notes in an Exempt Transaction by the Bank, as initial holder of the Class B(2009-4) Notes, a Class B(2009-4) Tax Opinion has not been rendered, then the Transfer restrictions described in
subsection 3.02(b)(i) through (iii) and (v) through (xii) (other than clause (iv)), in addition to the restrictions set forth below, will govern. Each Eligible Purchaser who becomes a Holder of a Class B(2009-4) Note, in connection
with an Exempt Transaction for which a Class B(2009-4) Tax Opinion has not been rendered, by its acceptance of such Class B(2009-4) Note, will be required to execute a certificate addressed to the Issuing Entity and the Bank in the form 

  

 14 

 
of Exhibit B attached hereto acknowledging and representing and agreeing to the restriction described in subsection (b)(i) through (iii) and
(v) through (xii) and as follows: 
 (i) Unless a Class B(2009-4) Tax Opinion is rendered, no portion of the Class
B(2009-4) Notes or any interest therein may be Transferred in an Exempt Transaction except in accordance with this subsection 3.02(c). No portion of the Class B(2009-4) Notes or any interest therein may be Transferred in an Exempt Transaction,
unless the Indenture Trustee has received an Issuing Entity Tax Opinion with respect to such Transfer. 
 (ii) Any attempted
Transfer of a Class B(2009-4) Note that would cause the number of Targeted Holders to exceed ninety-five shall be void. 
 (iii) Such Eligible Purchaser is, for federal income tax purposes, either (1) a citizen or resident of the United States, (2) a corporation or partnership organized in or under the laws of the United States or any state or the
District of Columbia which, if such entity is a tax exempt entity, recognizes that payments with respect to the Class B(2009-4) Notes may constitute unrelated business taxable income, (3) an estate the income of which is includible in gross
income for U.S. federal income tax purposes regardless of its source, or (4) (a) a trust for which a court within the United States is able to exercise primary supervision over its administration and for which one or more persons described
in this paragraph are able to control all substantial decisions or (b) a trust for which a valid election has been made to be treated as an United States person. Such Eligible Purchaser also shall agree that it will furnish to the Person from
whom it is acquiring any interest in the Class B(2009-4) Notes and the Indenture Trustee, a properly executed U.S. Internal Revenue Service Form W 9 (and will agree to furnish a new Form W 9, or any successor applicable form, upon the expiration or
obsolescence of any previously delivered form) and such other certifications, representations or Opinions of Counsel as may be requested by the Indenture Trustee. 
 (iv) Such Eligible Purchaser has not acquired and will not Transfer any interest in the Class B(2009-4) Notes or cause an interest in the
Class B(2009-4) Notes to be marketed, on or through an “established securities market” within the meaning of Section 7704(b)(1) of the Code and any Treasury regulations thereunder, including, without limitation, an over the counter
market or an interdealer quotation system that regularly disseminates firm buy or sell quotations. In addition, such Eligible Purchaser shall certify to the Issuing Entity and the Indenture Trustee, prior to any delivery or Transfer to it of any
Class B(2009-4) Notes, (1) that it is not and will not become (and that, if it is disregarded as an entity separate from its owner within the meaning of Treasury Regulations Section 301.7701-3(a) (a “DRE”), its owner is
not and will not become), for so long as the Eligible Purchaser holds an interest in the Class B(2009-4) Notes, a partnership, Subchapter S corporation or grantor trust for U.S. federal income tax purposes (a “Flow-Thru Entity”), or
(2) that if the Eligible 

  

 15 

 
Purchaser (or, if the Eligible Purchaser is a DRE, its owner) is, or becomes, a Flow-Thru Entity, for so long as the Eligible Purchaser (or, if the Eligible
Purchaser is a DRE, its owner) is a Flow-Thru Entity and the Eligible Purchaser holds an interest in the Class B(2009-4) Notes, not more than 50% of the value of any interests in such Eligible Purchaser (or, if the Eligible Purchaser is a DRE, its
owner) will be attributable to interests in the Issuing Entity held by such Eligible Purchaser. Such Eligible Purchaser of an interest in the Class B(2009-4) Notes acknowledges that the Opinion of Counsel to the effect that the Issuing Entity will
not be treated as an association or publicly traded partnership taxable as a corporation is dependent in part on the accuracy of its certifications described in this subsection 3.02(c). 
 (v) Any request for registration of Transfer of all or any portion of the Class B(2009-4) Notes in an Exempt Transaction pursuant to this
subsection 3.02(c) shall be made at the office of the Indenture Trustee, as Transfer Agent and Note Registrar. Only upon receipt by the Indenture Trustee of the written consent of the Issuing Entity to such Transfer shall the Class B(2009-4) Notes
(or such portion thereof) be transferred upon the Note Register; provided, however, that such consent shall only be withheld based upon the reasonable belief of the Issuing Entity that such Transfer may cause the number of Targeted
Holders to exceed ninety-five. Such Transfers of all or any portion of the Class B(2009-4) Notes shall be subject to the restrictions set forth in this subsection 3.02(c). Successive registrations and registrations of Transfers as aforesaid may be
made from time to time as desired, and each such registration shall be noted on the Note Register. 
 (vi) No portion of the
Class B(2009-4) Notes or any interest therein may be Transferred in an Exempt Transaction to (a) an “employee benefit plan” (as defined in Section 3(3) of ERISA), including governmental plans and church plans, (b) any
“plan” (as defined in Section 4975(e)(1) of the Code) including individual retirement accounts and Keogh plans, or (c) any other entity whose underlying assets include “plan assets” (within the meaning of Department of
Labor Regulation Section 2510.3 101, 29 C.F.R. § 2510.3 101 or otherwise under ERISA) by reason of a plan’s investment in the entity, including, without limitation, an insurance company general account. 
 (vii) It acknowledges that the Class B(2009-4) Notes will bear legends to the following effect unless the Issuing Entity determines
otherwise, consistent with applicable law: 
 “THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE, OR ANY INTEREST OR PARTICIPATION HEREIN, MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN
COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) TO THE ISSUING ENTITY, (2) PURSUANT TO RULE 144A UNDER THE 

  

 16 

 
SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A
“QIB”) PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A OR (3) IN THE
CASE OF INITIAL TRANSFERS ONLY, PURSUANT TO SECTION 4(2) UNDER THE SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a)(1)(2)(3) or (7) OF REGULATION D (“REGULATION
D”) UNDER THE SECURITIES ACT (AN “ACCREDITED INVESTOR”) PURCHASING FOR ITS OWN ACCOUNT OR AN ACCREDITED INVESTOR PURCHASING FOR THE ACCOUNT OF AN ACCREDITED INVESTOR, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER,
RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 501(a)(1)(2)(3) or (7) OF REGULATION D. EACH NOTE OWNER BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE PURSUANT TO CLAUSE (2) ABOVE, IS DEEMED TO REPRESENT THAT IT IS
EITHER A QIB PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF ANOTHER QIB. 
 PRIOR TO PURCHASING ANY NOTES, PURCHASERS
SHOULD CONSULT COUNSEL WITH RESPECT TO THE AVAILABILITY AND CONDITIONS OF EXEMPTION FROM THE RESTRICTION ON RESALE OR TRANSFER. THE ISSUING ENTITY HAS NOT AGREED TO REGISTER THE NOTES UNDER THE SECURITIES ACT, TO QUALIFY THE NOTES UNDER THE
SECURITIES LAWS OF ANY STATE OR TO PROVIDE REGISTRATION RIGHTS TO ANY PURCHASER. 
 AS SET FORTH HEREIN, THE OUTSTANDING PRINCIPAL AMOUNT OF
THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 THIS NOTE IS SUBJECT TO ADDITIONAL RESTRICTIONS ON RESALE OR
TRANSFER SET FORTH IN THE CLASS B(2009-4) TERMS DOCUMENT (AS HEREINAFTER DEFINED). THIS NOTE MAY NOT BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHOUT THE PRIOR WRITTEN CONSENT OF THE ISSUING ENTITY. 
 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE CHASE ISSUANCE TRUST, THE FIRST
USA CREDIT CARD MASTER TRUST OR THE CHASE CREDIT CARD MASTER TRUST, OR JOIN IN ANY INSTITUTION AGAINST THE CHASE ISSUANCE TRUST, THE FIRST USA CREDIT CARD MASTER TRUST OR THE CHASE CREDIT CARD MASTER TRUST, IN, ANY BANKRUPTCY PROCEEDINGS UNDER ANY
UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES OR THE INDENTURE. 
  

 17 

 THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS
NOTE, BY THE ACQUISITION OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS OF CHASE BANK USA, NATIONAL ASSOCIATION FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX
IMPOSED ON OR MEASURED BY INCOME. 
 EACH PURCHASER OR HOLDER REPRESENTS AND WARRANTS FOR THE BENEFIT OF THE ISSUING ENTITY AND THE INDENTURE
TRUSTEE THAT SUCH PURCHASER OR HOLDER IS NOT (A) AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF ERISA), INCLUDING GOVERNMENTAL PLANS AND CHURCH PLANS, (B) ANY “PLAN” (AS DEFINED IN SECTION 4975(E)(1) OF THE
CODE) INCLUDING INDIVIDUAL RETIREMENT ACCOUNTS AND KEOGH PLANS, OR (C) ANY OTHER ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION SECTION 2510.3 101, 29 C.F.R. § 2510.3
101 OR OTHERWISE UNDER ERISA) BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY, INCLUDING, WITHOUT LIMITATION, AN INSURANCE COMPANY GENERAL ACCOUNT.” 
 The Issuing Entity will facilitate any Transfer of the Class B(2009-4) Notes consistent with the requirements of this Section 3.02, including assisting in the determination as to whether the number of
Targeted Holders would exceed ninety-five. 
 Any transfer, resale, pledge or other transfer of the Class B(2009-4) Notes contrary to the
restrictions set forth in this Section 3.02 and in this Terms Agreement shall be deemed void ab initio by the Indenture Trustee. As used in this Section 3.02, the terms “United States” and “U.S. persons” have the
meaning given them in Regulation S. 
 [END OF ARTICLE III] 
  

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 ARTICLE IV 
 MISCELLANEOUS PROVISION 
 Section 4.01 Amendments. Notwithstanding anything to the
contrary contained herein, each Class B(2009-4) Note and this Terms Document may be amended or supplemented to modify the restrictions on and procedures for Transfer of the Class B(2009-4) Notes to reflect any change in applicable law or regulation
(or the interpretation thereof) or in practices relating to the Transfer of restricted securities generally. Each Noteholder shall by its acceptance of such Class B(2009-4) Note, have agreed to any such amendment or supplement. 
 Section 4.02 Section 3.12(b)(ii) of the Indenture Supplement. Notwithstanding anything to the contrary contained in Section 3.12(b)(ii)
of the Indenture Supplement, with respect to the Class B(2009-4) Notes, any reference in Section 3.12(b)(ii) of the Indenture Supplement to “twelve (12) whole calendar months” shall be changed to “ten (10) whole
calendar months”. 
 Section 4.03 Limitation on Changing the Scheduled Principal Payment Date or Legal Maturity Date. So long as
the Class B(2009-4) Notes are held by the Beneficiary or any Affiliate of the Beneficiary, (a) neither the Scheduled Principal Payment Date nor the Legal Maturity Date of such Class B(2009-4) Notes may be amended to an earlier date and
(b) the Class B(2009-4) Notes may not be cancelled prior to their Scheduled Principal Payment Date by presentation by the Beneficiary or any Affiliate of the Beneficiary of such Class B(2009-4) Notes to the Indenture Trustee for cancellation
except in accordance with Section 11.02 of the Indenture or if the Outstanding Dollar Principal Amount of the Class B(2009-4) Notes is paid in full pursuant to the provisions of this Terms Document. 
 [END OF ARTICLE IV] 
  

 19 

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

					
	CHASE ISSUANCE TRUST
		
	By:	 	CHASE BANK USA,
		 	NATIONAL ASSOCIATION,
		 	as Beneficiary and not in its individual capacity
		
	By:	 	/s/ Keith W. Schuck
		 	Name:	 	Keith W. Schuck
		 	Title:	 	President
	
	WELLS FARGO BANK, NATIONAL
ASSOCIATION, as Indenture Trustee
and Collateral Agent
		
	By:	 	/s/ Cheryl C. Zimmerman
		 	Name:	 	Cheryl C. Zimmerman
		 	Title:	 	Vice President

 Chase Issuance Trust 
 CHASEseries Class B(2009-4) Terms Document 
 Signature Page 

 EXHIBIT A 
 FORM OF CLASS B NOTE 
 I. Legends to be applied with respect to the initial Class B(2009-4) Note issued to the
Bank: 
 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE CHASE ISSUANCE
TRUST, THE FIRST USA CREDIT CARD MASTER TRUST OR THE CHASE CREDIT CARD MASTER TRUST, OR JOIN IN ANY INSTITUTION AGAINST THE CHASE ISSUANCE TRUST, THE FIRST USA CREDIT CARD MASTER TRUST OR THE CHASE CREDIT CARD MASTER TRUST, IN, ANY BANKRUPTCY
PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES OR THE INDENTURE. 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE, OR ANY INTEREST
OR PARTICIPATION HEREIN, MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) TO THE ISSUING ENTITY, (2) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT
TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A “QIB”) PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE
HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3) IN THE CASE OF INITIAL TRANSFERS ONLY, PURSUANT TO SECTION 4(2) UNDER THE SECURITIES ACT TO A PERSON THAT THE
HOLDER REASONABLY BELIEVES IS AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a)(1)(2)(3) or (7) OF REGULATION D (“REGULATION D”) UNDER THE SECURITIES ACT (AN “ACCREDITED INVESTOR”) PURCHASING FOR ITS OWN ACCOUNT OR AN
ACCREDITED INVESTOR PURCHASING FOR THE ACCOUNT OF AN ACCREDITED INVESTOR, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 501(a)(1)(2)(3) or (7) OF REGULATION D OR
(4) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 

  

 A-1 

 
OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT. EACH NOTE OWNER BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE PURSUANT TO CLAUSE (2) ABOVE, IS
DEEMED TO REPRESENT THAT IT IS EITHER A QIB PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF ANOTHER QIB. 
 PRIOR TO PURCHASING ANY
NOTES, PURCHASERS SHOULD CONSULT COUNSEL WITH RESPECT TO THE AVAILABILITY AND CONDITIONS OF EXEMPTION FROM THE RESTRICTION ON RESALE OR TRANSFER. THE ISSUING ENTITY HAS NOT AGREED TO REGISTER THE NOTES UNDER THE SECURITIES ACT, TO QUALIFY THE NOTES
UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE OR TO PROVIDE REGISTRATION RIGHTS TO ANY PURCHASER. 
 AS SET FORTH HEREIN, THE OUTSTANDING PRINCIPAL
AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  

 A-2 

 II. Legends to be applied with respect to Class B(2009-4) Notes Transferred pursuant to an effective registration
under the Securities Act and a Class B(2009-4) Tax Opinion: 
 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT
AT ANY TIME INSTITUTE AGAINST THE CHASE ISSUANCE TRUST, THE FIRST USA CREDIT CARD MASTER TRUST OR THE CHASE CREDIT CARD MASTER TRUST, OR JOIN IN ANY INSTITUTION AGAINST THE CHASE ISSUANCE TRUST, THE FIRST USA CREDIT CARD MASTER TRUST OR THE CHASE
CREDIT CARD MASTER TRUST, IN, ANY BANKRUPTCY PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES OR THE INDENTURE. 
 THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A BENEFICIAL INTEREST THEREIN, AGREE TO
TREAT THE NOTES AS INDEBTEDNESS OF CHASE BANK USA, NATIONAL ASSOCIATION FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME. 
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUING ENTITY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR TO SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN. 
  

 A-3 

 III. Legends to be applied with respect to Class B(2009-4) Notes Transferred in an Exempt Transaction with a Class
B(2009-4) Tax Opinion: 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE, OR ANY INTEREST OR PARTICIPATION HEREIN, MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES
ACT AND OTHER APPLICABLE LAWS AND ONLY (1) TO THE ISSUING ENTITY, (2) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER
THE SECURITIES ACT (A “QIB”) PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE
144A, (3) IN THE CASE OF INITIAL TRANSFERS ONLY, PURSUANT TO SECTION 4(2) UNDER THE SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a)(1)(2)(3) or (7) OF REGULATION D
(“REGULATION D”) UNDER THE SECURITIES ACT (AN “ACCREDITED INVESTOR”) PURCHASING FOR ITS OWN ACCOUNT OR AN ACCREDITED INVESTOR PURCHASING FOR THE ACCOUNT OF AN ACCREDITED INVESTOR, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT
THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 501(a)(1)(2)(3) or (7) OF REGULATION D OR (4) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT. EACH
NOTE OWNER BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE PURSUANT TO CLAUSE (2) ABOVE, IS DEEMED TO REPRESENT THAT IT IS EITHER A QIB PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF ANOTHER QIB. 
 PRIOR TO PURCHASING ANY NOTES, PURCHASERS SHOULD CONSULT COUNSEL WITH RESPECT TO THE AVAILABILITY AND CONDITIONS OF EXEMPTION FROM THE RESTRICTION ON RESALE OR TRANSFER.
THE ISSUING ENTITY HAS NOT AGREED TO REGISTER THE NOTES UNDER THE SECURITIES ACT, TO QUALIFY THE NOTES UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE OR TO PROVIDE REGISTRATION RIGHTS TO ANY PURCHASER. 
  

 A-4 

 AS SET FORTH HEREIN, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE
FACE HEREOF. 
 THIS NOTE IS SUBJECT TO ADDITIONAL RESTRICTIONS ON RESALE OR TRANSFER SET FORTH IN THE CLASS B(2009-4) TERMS DOCUMENT (AS HEREINAFTER
DEFINED). 
 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE CHASE ISSUANCE TRUST,
THE FIRST USA CREDIT CARD MASTER TRUST OR THE CHASE CREDIT CARD MASTER TRUST, OR JOIN IN ANY INSTITUTION AGAINST THE CHASE ISSUANCE TRUST, THE FIRST USA CREDIT CARD MASTER TRUST OR THE CHASE CREDIT CARD MASTER TRUST, IN, ANY BANKRUPTCY PROCEEDINGS
UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES OR THE INDENTURE. 
 THE HOLDER
OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS OF CHASE BANK USA, NATIONAL ASSOCIATION FOR APPLICABLE
FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME. 
  

 A-5 

 IV. Legends to be applied with respect to Class B(2009-4) Notes Transferred in an Exempt Transaction without a
Class B(2009-4) Tax Opinion: 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE, OR ANY INTEREST OR PARTICIPATION HEREIN, MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES
ACT AND OTHER APPLICABLE LAWS AND ONLY (1) TO THE ISSUING ENTITY, (2) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER
THE SECURITIES ACT (A “QIB”) PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A
OR (3) IN THE CASE OF INITIAL TRANSFERS ONLY, PURSUANT TO SECTION 4(2) UNDER THE SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a)(1)(2)(3) or (7) OF REGULATION D
(“REGULATION D”) UNDER THE SECURITIES ACT (AN “ACCREDITED INVESTOR”) PURCHASING FOR ITS OWN ACCOUNT OR AN ACCREDITED INVESTOR PURCHASING FOR THE ACCOUNT OF AN ACCREDITED INVESTOR, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT
THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 501(a)(1)(2)(3) or (7) OF REGULATION D. EACH NOTE OWNER BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE PURSUANT TO CLAUSE (2) ABOVE, IS DEEMED TO REPRESENT
THAT IT IS EITHER A QIB PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF ANOTHER QIB. 
 PRIOR TO PURCHASING ANY NOTES, PURCHASERS
SHOULD CONSULT COUNSEL WITH RESPECT TO THE AVAILABILITY AND CONDITIONS OF EXEMPTION FROM THE RESTRICTION ON RESALE OR TRANSFER. THE ISSUING ENTITY HAS NOT AGREED TO REGISTER THE NOTES UNDER THE SECURITIES ACT, TO QUALIFY THE NOTES UNDER THE
SECURITIES OR BLUE SKY LAWS OF ANY STATE OR TO PROVIDE REGISTRATION RIGHTS TO ANY PURCHASER. 
  

 A-6 

 AS SET FORTH HEREIN, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE
FACE HEREOF. 
 THIS NOTE IS SUBJECT TO ADDITIONAL RESTRICTIONS ON RESALE OR TRANSFER SET FORTH IN THE CLASS B(2009-4) TERMS DOCUMENT (AS HEREINAFTER
DEFINED). THIS NOTE MAY NOT BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHOUT THE PRIOR WRITTEN CONSENT OF THE ISSUING ENTITY. 
 THE HOLDER OF
THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE CHASE ISSUANCE TRUST, THE FIRST USA CREDIT CARD MASTER TRUST OR THE CHASE CREDIT CARD MASTER TRUST, OR JOIN IN ANY INSTITUTION AGAINST THE
CHASE ISSUANCE TRUST, THE FIRST USA CREDIT CARD MASTER TRUST OR THE CHASE CREDIT CARD MASTER TRUST, IN, ANY BANKRUPTCY PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE
NOTES OR THE INDENTURE. 
 THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF
A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS OF CHASE BANK USA, NATIONAL ASSOCIATION FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME.

 EACH PURCHASER OR HOLDER REPRESENTS AND WARRANTS FOR THE BENEFIT OF THE ISSUING ENTITY AND THE INDENTURE TRUSTEE THAT SUCH PURCHASER OR HOLDER IS NOT
(A) AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF ERISA), INCLUDING GOVERNMENTAL PLANS AND CHURCH PLANS, (B) ANY “PLAN” (AS DEFINED IN SECTION 4975(E)(1) OF THE CODE) INCLUDING INDIVIDUAL RETIREMENT ACCOUNTS
AND KEOGH PLANS, OR (C) ANY OTHER ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, 29 C.F.R. § 2510.3-101 OR OTHERWISE UNDER ERISA) BY REASON OF A
PLAN’S INVESTMENT IN THE ENTITY, INCLUDING, WITHOUT LIMITATION, AN INSURANCE COMPANY GENERAL ACCOUNT. 
  

 A-7 

			
	 REGISTERED
	  	up to $[            ]
		
	 No. R-[    ]
	  	CUSIP NO. 161571DV3

 CHASE ISSUANCE TRUST 
 Floating Rate 
 CHASEseries CLASS B(2009-4) NOTE 
 Chase Issuance Trust, a statutory trust created under the laws of the State of Delaware (herein referred to as the “Issuing Entity”), for value
received, hereby promises to pay to CHASE BANK USA, NATIONAL ASSOCIATION, or registered assigns, subject to the following provisions, a principal sum of
[                    ] payable on August 16, 2010 (the “Scheduled Principal Payment Date”), except as otherwise provided below or in
the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on August 15, 2012 (the “Legal Maturity Date”). Interest will accrue on this Note at the rate of LIBOR plus
2.66% per annum, as more specifically set forth in the Class B(2009-4) Terms Document, dated as of August 14, 2009 (the “Class B(2009-4) Terms Document”), between the Issuing Entity, the Indenture Trustee and the Collateral
Agent, and shall be due and payable on each Interest Payment Date from the Monthly Interest Accrual Date in the related Monthly Period (or, in the case of the first Interest Payment Date, from and including the date of issuance of this Note) to but
excluding the first Monthly Interest Accrual Date after the end of that Monthly Period. Interest will be computed on the basis of a 360-day year and the actual number of days elapsed. Such principal of and interest on this Note shall be paid in the
manner specified on the reverse hereof. 
 The principal of and interest on this Note are payable in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest due and payable on this Note as provided above
and then to the unpaid principal of this Note. 
 Reference is made to the further provisions of this Note set forth on the reverse hereof,
which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate of authentication hereon has
been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 
  

 A-8 

 IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be signed, manually or in facsimile,
by its Authorized Officer. 
  

					
	CHASE ISSUANCE TRUST, as Issuing Entity
		
	By:	 	 CHASE BANK USA,
 NATIONAL ASSOCIATION, not in
its individual capacity but solely as Beneficiary under the Trust Agreement

			
	By:	 	 	 	 
		 	Name:	 	 Keith W. Schuck

		 	Title:	 	 President

		
	Date:	 	August 14, 2009

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is the one of the Notes designated above and referred to in the within-mentioned Indenture. 
  

					
	 WELLS FARGO BANK,

 NATIONAL ASSOCIATION,
not in its individual

 capacity but solely as Indenture Trustee

			
	By:	 	 	 	 
		 	Name:	 	 Cheryl C. Zimmerman, CCTS

		 	Title:	 	 Vice President

		
	Date:	 	August 14, 2009

  

 A-9 

 [REVERSE OF NOTE] 
 This Class B Note is one of the Notes of a duly authorized issue of Notes of the Issuing Entity, designated as its “CHASEseries Class B(2009-4) Notes” (herein called the “Notes”), all issued under
an Third Amended and Restated Indenture dated as of December 19, 2007 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuing Entity and Wells Fargo Bank, National Association, as indenture
trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the Indenture), as supplemented by an Second Amended and Restated Asset Pool One Supplement dated as of December 19, 2007 (the “Asset
Pool One Supplement”), an Amended and Restated CHASEseries Indenture Supplement, dated as of October 15, 2004 (the “Indenture Supplement”), and the Class B(2009-4) Terms Document, each between the Issuing Entity and Wells Fargo
Bank, National Association, as Indenture Trustee and collateral agent (the “Collateral Agent”), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations
thereunder of the Issuing Entity, the Indenture Trustee, the Collateral Agent and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or
amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 
 Although a summary of
certain provisions of the Indenture is set forth below, this Note is qualified in its entirety by the terms and provisions of the Indenture and reference is made to that Indenture for information with respect to the interests, rights, benefits,
obligations, proceeds and duties evidenced hereby and the rights, duties and obligations of the Indenture Trustee. 
 The Class A Notes
and the Class C Notes will also be issued under the Indenture. 
 The Notes are and will be equally and ratably secured by the collateral
pledged as security therefor as provided in the Indenture and the Asset Pool One Supplement. 
 Principal of this Note will be payable on the
Scheduled Principal Payment Date in an amount described on the face hereof, subject to the provisions of the Indenture. 
 As described above, the entire unpaid principal amount of this Note shall be due and payable on the Legal Maturity Date. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on
which an Event of Default relating solely to the non-payment of interest on the Notes shall have occurred and be continuing and the Indenture Trustee or the Holders of more than 66 2/3% of the Outstanding Dollar Principal Amount of the Notes have declared the Notes
to be immediately due and payable in the manner provided in Section 6.02 of the Indenture; provided, however, that such acceleration of the entire unpaid principal amount of the Notes may be rescinded by the holders of more than
66 2/3% of the Outstanding Dollar Principal Amount of the Notes.
All principal payments on the Notes shall be made pro rata to the Noteholders entitled thereto. 
  

 A-10 

 On any Payment Date on or after the Payment Date on which the aggregate Nominal Liquidation Amount (after
giving effect to all payments on such Payment Date) of any class of Notes is reduced to less than 10% of its highest Outstanding Dollar Principal Amount at any time, the Servicer has the right, but not the obligation, to redeem such class of Notes
in whole but not in part, pursuant to Section 11.02 of the Indenture. The redemption price of such Notes will equal 100% of the Outstanding Dollar Principal Amount of such Tranche plus accrued, unpaid and additional interest or principal
accreted and unpaid on such Tranche to but excluding the date of redemption. 
 Subject to the terms and conditions of the Indenture, the
Issuing Entity may, from time to time, issue one or more series of Notes secured by one or more asset pools. Subject to the terms of the Asset Pool One Supplement, the Issuing Entity may, from time to time, issue one or more series of Notes secured
by Asset Pool One. Subject to the terms and conditions of the Indenture Supplement, the Issuing Entity may, from time to time, issue one or more Tranches of CHASEseries Notes. 
 On each Payment Date, the Paying Agent shall distribute to each Noteholder of record on the related Record Date (except for the final distribution with
respect to this Note) such Noteholder’s pro rata share of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest and principal on the Notes. Final payments of this Note will be made
only upon presentation and surrender of this Note at the office or offices therein specified. 
 Payments of interest on this Note due and
payable on each Interest Payment Date, together with the installment of principal, if any, due and payable on each Principal Payment Date, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears
as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the clearing
agency (initially, such nominee to be Cede & Co.), as applicable, payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at
the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor
Notes) effected by any payments made on any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If
funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuing Entity, will
notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed within five days of such Payment Date and the amount then due and payable shall be payable only upon presentation and surrender
of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the City of New York. On any 

  

 A-11 

 
payment of interest or principal being made, details of such payment shall be entered by the Indenture Trustee on behalf of the Issuing Entity in Schedule A
hereto. 
 As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on
the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuing Entity pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory
to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by a commercial bank or trust company located, or having a correspondent located, in the City of New York or the
city in which the Corporate Trust Office is located, or a member firm of a national securities exchange, and such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same
aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the Issuing Entity may be required to pay a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 
 Each
Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the
Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee, the Collateral Agent or the Owner Trustee in its individual
capacity, (ii) any owner of a beneficial interest in the Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee, the Collateral Agent or the Owner Trustee in its individual
capacity, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee, the Collateral Agent or the Indenture Trustee or of any successor or assign of the Indenture Trustee, the Collateral Agent or the Owner Trustee in its individual
capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution
or failure to pay any installment or call owing to such entity. 
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of
a Note Owner, a beneficial interest in a Note, covenants and agrees that by accepting the benefits of the Indenture that such Noteholder will not at any time institute against First USA Credit Card Master Trust, Chase Credit Card Master Trust or the
Issuing Entity, or join with any institution against First USA Credit Card Master Trust, Chase Credit Card Master Trust or the Issuing Entity, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings
under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture, the Asset Pool One Supplement, the CHASEseries Indenture Supplement, the Terms Agreement or any Derivative
Agreement. 
  

 A-12 

 Prior to the due presentment for registration of transfer of this Note, the Issuing Entity, the Indenture
Trustee and any agent of the Issuing Entity or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for
all purposes, whether or not this Note be overdue, and neither the Issuing Entity, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Issuing Entity and the rights of the Holders of the Notes under the Indenture at any time by the Issuing Entity with the consent of the Holders of Notes representing more than 66 2/3% of the Outstanding Dollar Principal Amount of the Notes. The Indenture also
contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Dollar Principal Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuing Entity with certain
provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon
all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the
Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 
 The term “Issuing Entity” as used in this Note includes any successor to the Issuing Entity under the Indenture. 
 The Issuing Entity is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 THIS NOTE AND THE INDENTURE WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE
TO ITS CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute and unconditional, to pay the principal of and
interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 
  

 A-13 

 No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity
on the Notes or under the Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuing Entity
or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuing Entity or the Owner Trustee or of any successor or assign
of the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Owner Trustee has no such obligations in its individual capacity). The Holder of this Note by the acceptance hereof
agrees that, except as expressly provided in the Indenture, the Asset Pool One Supplement, the CHASEseries Indenture Supplement and the Class B(2009-4) Terms Document, in the case of an Event of Default under the Indenture, the Holder shall have no
claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuing Entity for any and all
liabilities, obligations and undertakings contained in the Indenture or in this Note. 
 Notwithstanding the allocation provisions of the
Indenture, the Asset Pool One Supplement, each additional Asset Pool Supplement, the CHASEseries Indenture Supplement and the indenture supplements for each other Series of Notes, if any, to the extent that the CHASEseries Noteholders are deemed to
have any interest in any assets of the Issuing Entity allocated to other Notes, each Noteholder or Note Owner, by acceptance of a Note, or in the case of a Note Owner, a beneficial interest in a Note, shall agree that their interest in those assets
is subordinate to claims or rights of such other Noteholders to those other assets. Further, each Noteholder or Note Owner, by acceptance of a Note, or in the case of a Note Owner, a beneficial interest in a Note, shall agree that such agreement
constitutes a subordination agreement for purposes of Section 510(a) of the Bankruptcy Code. 
  

 A-14 

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee 
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto 
 (name and address of assignee) 
 the within Note and all
rights thereunder, and hereby irrevocably constitutes and appoints attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises. 
  

					
			
	Dated:	 	 	 	 
		
	 	 	*
	Signature Guaranteed:	 	

  
  

	*	NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration,
enlargement or any change whatsoever. 

  

 A-15 

 SCHEDULE A 
 PART I 
 INTEREST PAYMENTS 
  

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

  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

 A-16 

 PART II 
 PRINCIPAL PAYMENTS 
  

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

  

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

  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

 A-17

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