Document:

Exhibit 10.1

 Exhibit 10.1 
 CHASE ISSUANCE TRUST 
 SECOND AMENDED AND RESTATED 
 TRANSFER AND SERVICING AGREEMENT 
 among 
 CHASE BANK USA, NATIONAL ASSOCIATION, 
 Transferor, Servicer and Administrator 
 and 
 CHASE ISSUANCE TRUST, 
 Issuing Entity 
 and 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 Indenture Trustee and Collateral Agent 
 Dated
as of March 14, 2006 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
		  	ARTICLE I DEFINITIONS	  	
	 Section 1.01
	  	Definitions	  	1
	 Section 1.02
	  	Other Definitional Provisions	  	16
			
		  	ARTICLE II CONVEYANCE OF COLLATERAL	  	
			
	 Section 2.01
	  	Conveyance of Collateral	  	18
	 Section 2.02
	  	Acceptance by Trust	  	19
	 Section 2.03
	  	Representations and Warranties of Each Transferor Relating to Such Transferor	  	20
	 Section 2.04
	  	Representations and Warranties of each Transferor Relating to this Agreement and any Series Supplement and the Collateral	  	22
	 Section 2.05
	  	Transfer of Ineligible Receivables and Ineligible Collateral Certificates	  	26
	 Section 2.06
	  	Reassignment of Collateral	  	28
	 Section 2.07
	  	Additional Transferors	  	30
	 Section 2.08
	  	Covenants of each Transferor	  	30
	 Section 2.09
	  	Covenants of Each Transferor with Respect to Any Applicable Receivables Purchase Agreement	  	31
	 Section 2.10
	  	[Reserved]	  	31
	 Section 2.11
	  	Increases in the Invested Amount of an Existing Collateral Certificate	  	32
	 Section 2.12
	  	Addition of Collateral	  	32
	 Section 2.13
	  	Removal of Accounts	  	36
	 Section 2.14
	  	Account Allocations	  	38
	 Section 2.15
	  	Discount Receivables	  	39
			
		  	ARTICLE III COLLECTIONS, ALLOCATIONS, DEPOSITS AND PAYMENTS	  	
			
	 Section 3.01
	  	Collections and Allocations	  	41
	 Section 3.02
	  	Allocations of Finance Charge Collections, the Default Amount and the Trust Servicing Fee	  	42
	 Section 3.03
	  	Allocations of Principal Collections	  	42
	 Section 3.04
	  	Allocations of Finance Charge Collections, the Default Amount, the Servicing Fee and Principal Collections Allocable to the Transferor Interest of an Asset Pool	  	42
	 Section 3.05
	  	Transfer of Defaulted Accounts	  	43
	 Section 3.06
	  	Adjustments for Miscellaneous Credits and Fraudulent Charges	  	43
	 Section 3.07
	  	Recoveries and Interchange	  	44

  

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		  	ARTICLE IV SERVICING OF RECEIVABLES	  	
			
	 Section 4.01
	  	Acceptance of Appointment and Other Matters Relating to the Servicer	  	46
	 Section 4.02
	  	Servicing Compensation	  	47
	 Section 4.03
	  	Representations, Warranties and Covenants of the Servicer	  	48
	 Section 4.04
	  	Reports and Records for the Owner Trustee, the Indenture Trustee and the Applicable Collateral Agent	  	49
	 Section 4.05
	  	Annual Certificate of Servicer	  	50
	 Section 4.06
	  	Annual Servicing Report of Independent Certified Public Accountants; Copies of Reports Available	  	51
	 Section 4.07
	  	Tax Treatment	  	52
	 Section 4.08
	  	Notices to Chase USA	  	52
	 Section 4.09
	  	Reports to the Commission	  	52
			
		  	ARTICLE V ADMINISTRATION OF THE TRUST; DUTIES OF THE	  	
		  	ADMINISTRATOR	  	
			
	 Section 5.01
	  	Appointment of Administrator; Duties of Administrator	  	53
	 Section 5.02
	  	Records	  	58
	 Section 5.03
	  	Compensation	  	58
	 Section 5.04
	  	Additional Information To Be Furnished to Issuing Entity	  	59
	 Section 5.05
	  	Independence of Administrator	  	59
	 Section 5.06
	  	No Joint Venture	  	59
	 Section 5.07
	  	Other Activities of Administrator	  	59
	 Section 5.08
	  	Termination, Resignation and Removal of Administrator	  	59
	 Section 5.09
	  	Action upon Termination, Resignation or Removal	  	60
			
		  	ARTICLE VI OTHER MATTERS RELATING TO EACH TRANSFEROR	  	
			
	 Section 6.01
	  	Liability of each Transferor	  	61
	 Section 6.02
	  	Merger or Consolidation of, or Assumption of the Obligations of, a Transferor	  	61
	 Section 6.03
	  	Limitations on Liability of Each Transferor	  	62
			
		  	ARTICLE VII OTHER MATTERS RELATING TO THE SERVICER	  	
			
	 Section 7.01
	  	Liability of the Servicer	  	63
	 Section 7.02
	  	Merger or Consolidation of, or Assumption of the Obligations of, the Servicer	  	63
	 Section 7.03
	  	Limitation on Liability of the Servicer and Others	  	63
	 Section 7.04
	  	Servicer Indemnification of the Trust, the Owner Trustee and the Indenture Trustee	  	64
	 Section 7.05
	  	Resignation of the Servicer	  	65
	 Section 7.06
	  	Delegation of Duties	  	65
	 Section 7.07
	  	Examination of Records	  	66

  

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		  	ARTICLE VIII ACQUISITION OF TRUST ASSETS	  	
	 Section 8.01
	  	Acquisition of Trust Assets	  	67
			
		  	ARTICLE IX INSOLVENCY EVENTS	  	
			
	 Section 9.01
	  	Rights upon the Occurrence of an Insolvency Event	  	68
			
		  	ARTICLE X SERVICER DEFAULTS	  	
			
	 Section 10.01
	  	Servicer Defaults	  	69
	 Section 10.02
	  	Indenture Trustee To Act; Appointment of Successor	  	71
	 Section 10.03
	  	Notification to Noteholders	  	72
	 Section 10.04
	  	Waiver of Past Defaults	  	73
			
		  	ARTICLE XI TERMINATION	  	
			
	 Section 11.01
	  	Termination of Agreement	  	74
			
		  	ARTICLE XII MISCELLANEOUS PROVISIONS	  	
			
	 Section 12.01
	  	Amendment; Waiver of Past Defaults	  	75
	 Section 12.02
	  	Protection of Right, Title and Interest in and to Trust Assets	  	76
	 Section 12.03
	  	Fees Payable by the Transferor	  	77
	 Section 12.04
	  	GOVERNING LAW	  	78
	 Section 12.05
	  	Notices; Payments	  	78
	 Section 12.06
	  	Severability of Provisions	  	80
	 Section 12.07
	  	Further Assurances	  	80
	 Section 12.08
	  	No Waiver; Cumulative Remedies	  	80
	 Section 12.09
	  	Counterparts	  	80
	 Section 12.10
	  	Third-Party Beneficiaries	  	80
	 Section 12.11
	  	Actions by Noteholders	  	80
	 Section 12.12
	  	Rule 144A Information	  	81
	 Section 12.13
	  	Merger and Integration	  	81
	 Section 12.14
	  	Headings	  	81
	 Section 12.15
	  	Limitation of Liability	  	81
	 Section 12.16
	  	No Petition	  	81
	 Section 12.17
	  	Fiscal Year	  	81
		  	ARTICLE XIII COMPLIANCE WITH REGULATION AB	  	
	 Section 13.01
	  	Intent of the Parties; Reasonableness	  	82
	 Section 13.02
	  	Additional Representations and Warranties of the Servicer	  	82
	 Section 13.03
	  	Information to Be Provided by the Servicer	  	83
	 Section 13.04
	  	Report on Assessment of Compliance and Attestation	  	85
	 Section 13.05
	  	Use of Subservicers and Servicing Participants	  	86

  

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 EXHIBITS 
  

			
	EXHIBIT A-1	  	Form of Assignment of Collateral Certificates
	 EXHIBIT A-2
	  	 Form of Assignment of Receivables in Additional Accounts

	 EXHIBIT B
	  	 Form of Reassignment of Receivables in Removed Accounts

	 EXHIBIT C
	  	 Form of Annual Servicer’s Certificate

	 EXHIBIT D-1
	  	 Form of Opinion of Counsel with Respect to Amendments

	 EXHIBIT D-2
	  	 Form of Opinion of Counsel with Respect to Collateral Certificates

	 EXHIBIT D-3
	  	 Provisions to be Included in Annual Opinion of Counsel

	 EXHIBIT E
	  	 Form of Power of Attorney

	 EXHIBIT F
	  	 Form of Annual Certification

	 EXHIBIT G
	  	 Servicing Criteria to be Addressed in Assessment of Compliance

  

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 This SECOND AMENDED AND RESTATED TRANSFER AND SERVICING AGREEMENT (the “Agreement”)
among CHASE BANK USA, NATIONAL ASSOCIATION (formerly known as Chase Manhattan Bank USA, National Association and successor to Bank One, Delaware, National Association, the “Bank”), a national banking association, as Transferor,
Servicer and Administrator, the CHASE ISSUANCE TRUST, a statutory business trust created under the laws of the State of Delaware, as Issuing Entity, and WELLS FARGO BANK, NATIONAL ASSOCIATION (formerly known as Wells Fargo Minnesota Bank, National
Association), a national banking association, as Indenture Trustee and Collateral Agent, is made and entered into as of March 14, 2006. 
 RECITALS 
 WHEREAS, the predecessor to Chase Bank USA, National Association, the Issuing Entity and the Indenture Trustee have
heretofore executed and delivered a Transfer and Servicing Agreement, dated as of May 1, 2002 (as amended and supplemented or otherwise modified through the date hereof, including by the Assumption Agreement, dated as of October 1, 2004,
by Chase Bank USA, National Association, a national banking association, as successor Transferor, Servicer and Administrator, in favor of and for the benefit of the Issuing Entity, the Indenture Trustee and the Collateral Agent, the
“Original Transfer and Servicing Agreement”); 
 WHEREAS, the parties hereto have heretofore executed and delivered an
Amended and Restated Transfer and Servicing Agreement, dated as of October 15, 2004, as amended by the First Amendment thereto, dated as of May 10, 2005, and a Second Amendment thereto, dated as of February 1, 2006 (as amended,
supplemented or otherwise modified, the “Amended and Restated Transfer and Servicing Agreement”); 
 WHEREAS, the parties
hereto desire to amend and restate the Amended and Restated Transfer and Servicing Agreement to read in its entirety as set forth below; 
 WHEREAS, all conditions precedent to the execution of this Agreement have been complied with; 
 NOW, THEREFORE, the parties hereto
hereby agree that effective on and as of the date hereof, the Amended and Restated Transfer and Servicing Agreement is hereby amended and restated in its entirety as follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.01 Definitions. Whenever used in this Agreement, the following words and phrases shall have the following meanings, and the definitions
of such terms are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. 
  

 1 

 “Account” means each consumer revolving credit card account established pursuant to a
Credit Card Agreement between Chase USA or an Affiliate and any Person, identified by account number and by the Receivable balance as of each Addition Cut Off Date in each computer file delivered to the applicable Collateral Agent, as designee of
the Issuing Entity, by the applicable Transferor pursuant to subsection 2.12(c). The definition of “Account” shall include each Transferred Account. The term “Account” shall be deemed to refer to an Additional Account only from
and after the Addition Date with respect thereto, and the term “Account” shall be deemed to refer to any Removed Account only prior to the Removal Date with respect thereto. 
 “Account Assignment” has the meaning specified in subsection 2.12(c)(iv). 
 “Account Owner” means Chase USA or any Affiliate which is the Issuing Entity of the credit card relating to an Account pursuant to a
Credit Card Agreement. 
 “Addition Cut Off Date” means each date as of which Additional Accounts will be selected to be
included as Accounts pursuant to Section 2.12. 
 “Addition Date” has the meaning specified in subsection 2.12(a)(i).

 “Additional Account” means each additional Eligible Account owned by an Account Owner and designated for inclusion as an
Account pursuant to Section 2.12. 
 “Additional Collateral Certificate” means each additional Collateral Certificate
designated for inclusion as a Collateral Certificate by the applicable Transferor to the Trust pursuant to Section 2.12. 
 “Additional Transferors” has the meaning specified in Section 2.07. 
 “Adjustment Payment”
has the meaning specified in subsection 3.06(a). 
 “Administrator” means Chase USA, in its capacity as Administrator
pursuant to this Agreement, and any successors or assigns. 
 “Aggregate Addition Limit” means, with respect to any Asset
Pool, the aggregate number of Additional Accounts that may be designated as belonging to such Asset Pool without prior satisfaction of the Note Rating Agency Condition, equal to the aggregate number of Additional Accounts which would either
(x) with respect to any consecutive three-month period, equal 15% of the aggregate number of Accounts designated for inclusion in such Asset Pool as of the first day of such three-month period or (y) with respect to any twelve-month
period, equal 20% of aggregate number of Accounts as of the first day of such twelve-month period. 
 “Agreement” means this
Second Amended and Restated Transfer and Servicing Agreement. 
 “Amendment Closing Date” means March 14, 2006.

  

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 “Annual Membership Fee” has the meaning specified in the Credit Card Agreement
applicable to each Account for annual membership fees or similar fees. 
 “Appointment Day” has the meaning specified in
Section 9.01. 
 “Authorized Officer” means, with respect to the Issuing Entity, (a) an authorized signatory of
the Owner Trustee, or (b) the chairman or vice-chairman of the board of directors, chairman or vice-chairman of the executive committee of the board of directors, the president, any vice-president, the secretary, any assistant secretary, the
treasurer, or any assistant treasurer, in each case of the Owner Trustee, or any other officer or employee of the Owner Trustee who is authorized to act on behalf of the Issuing Entity. 
 “Cash Advance Fees” has the meaning specified in the Credit Card Agreement applicable to each Account for cash advance fees or similar
fees. 
 “Certificate Assignment” has the meaning specified in subsection 2.12(c)(v). 
 “Chase Collateral Certificate” means the Collateral Certificate issued by the Chase Credit Card Master Trust pursuant to the Series
2004-CC Supplement to the Chase Credit Card Master Trust Pooling and Servicing Agreement. 
 “Chase Credit Card Master Trust Pooling
and Servicing Agreement” means the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of March 14, 2006, by and between Chase Bank USA, National Association, as Transferor and Servicer, JPMorgan Chase Bank, National
Association, as Paying Agent, and The Bank of New York, as Trustee. 
 “Collateral” has, with respect to any Asset Pool, the
meaning specified in the Granting Clause in the applicable Asset Pool Supplement for such Asset Pool. 
 “Collateral Agent”
has, with respect to any Asset Pool, the meaning specified in the applicable Asset Pool Supplement. 
 “Collateral Certificate
Principal Shortfall Payments” means amounts received on each Collateral Certificate in respect of Principal Shortfalls (as such term is defined in the applicable Series Supplement). 
 “Collection Account” has, with respect to each Asset Pool, the meaning specified in the applicable Asset Pool Supplement for such Asset
Pool. 
 “Collections” means, with respect to any Asset Pool, for any Monthly Period, the sum of (i) with respect to
Receivables designated for inclusion in such Asset Pool, all payments by or on behalf of Obligors received in respect of the Receivables, in the form of cash, checks, wire transfers, electronic transfers, ATM transfers or any other form of payment
in accordance with a Credit Card Agreement in effect from time to time and all other amounts specified by this Agreement, the Indenture or any Indenture 

  

 3 

 
Supplement as constituting Collections on the Receivables and (ii) with respect to any Collateral Certificate designated for inclusion in such Asset
Pool, collections allocable to the holder of such Collateral Certificate pursuant to the applicable Series Supplement. Collections of Recoveries will be treated as Collections of Principal Receivables; provided, however, that to the
extent the amount of Recoveries received with respect to any Monthly Period exceeds the aggregate amount of Principal Receivables (other than Ineligible Receivables) in Accounts that became Defaulted Accounts during such Monthly Period, the amount
of such excess shall be treated as Collections of Finance Charge Receivables. Collections, with respect to any Asset Pool, for any Monthly Period, shall include the Interchange Amount, if any, with respect to such Asset Pool for such Monthly Period,
to be applied as if such amount were Collections of Finance Charge Receivables for such Monthly Period. 
 “Credit
Adjustment” has the meaning specified in subsection 3.06(a). 
 “Credit Card Agreement” means, with respect to a
consumer revolving credit card account, the agreement and Federal Truth in Lending Statement for consumer revolving credit card accounts between the Account Owner and the Obligor governing the terms and conditions of such account, as such agreements
may be amended, modified or otherwise changed from time to time and as distributed (including any amendments and revisions thereto) to holders of such credit card account. 
 “Credit Card Guidelines” means the respective policies and procedures of the Account Owner, as the case may be, as such policies and
procedures may be amended from time to time, (a) relating to the operation of its credit card business, which generally are applicable to its portfolio of consumer revolving credit card accounts and in each case which are consistent with
prudent practice, including the policies and procedures for determining the creditworthiness of credit card customers and the extension of credit to credit card customers, and (b) relating to the maintenance of consumer revolving credit card
accounts and collection of credit card receivables. 
 “Cut Off Date” means, with respect to an Initial Account, the
“Additional Cut Off Date” specified in the related Initial Account Assignment and, with respect to an Additional Account, the Additional Cut Off Date for such Additional Account. 
 “Date of Processing” means, with respect to any transaction the date on which such transaction is first recorded on the Servicer’s
computer file of accounts (without regard to the effective date of such recordation). 
 “Default Amount” means, with
respect to any Asset Pool, for any Monthly Period, the sum of (1) with respect to Receivables designated for inclusion in such Asset Pool, an amount (which shall not be less than zero) equal to (a) the aggregate amount of Principal
Receivables (other than Ineligible Receivables) in Accounts designated for inclusion in such Asset Pool which became Defaulted Accounts during such Monthly Period on the day each such Account became a Defaulted Account, minus (b) the aggregate
amount of Recoveries received in such Monthly Period (not to exceed the amount set forth in clause (a)) in respect of Defaulted Accounts in such Asset Pool for 

  

 4 

 
such Monthly Period and (2) with respect to any Collateral Certificate designated for inclusion in such Asset Pool, the investor default amount or
similar amount allocated to the holder of the Collateral Certificate for such Monthly Period pursuant to the applicable Series Supplement. 
 “Defaulted Account” means each Account with respect to which, in accordance with the Credit Card Guidelines or the Servicer’s customary and usual servicing procedures for servicing credit card receivables comparable to
the Receivables, the Servicer has charged off the Receivables in such Account as uncollectible; an Account shall become a Defaulted Account on the day on which such Receivables are recorded as charged off as uncollectible on the Servicer’s
computer master file of consumer revolving credit card accounts. Notwithstanding any other provision hereof, any Receivables in a Defaulted Account that are Ineligible Receivables shall be treated as Ineligible Receivables rather than Receivables in
Defaulted Accounts. 
 “Delaware Act” means the Asset-Backed Securities Facilitation Act located in Title 6, Chapter 27A of
the Delaware Code. 
 “Derivative Agreement” has, with respect to any Series, Class or Tranche of Notes, the meaning
specified in the Indenture. 
 “Determination Date” has the meaning specified in the applicable Asset Pool Supplement.

 “Discount Option Date” has the meaning specified in subsection 2.15(a) hereof. 
 “Discount Receivables” means, with respect to any Asset Pool, the Gross Principal Receivables so designated as such pursuant to the
designation formula as described in subsection 2.15(a). The aggregate amount of Discount Receivables outstanding on any Date of Processing occurring on or after the Discount Option Date, shall equal the sum of (a) the aggregate Discount
Receivables at the end of the prior Date of Processing (which amount, prior to the Discount Option Date, shall be zero) plus (b) any new Discount Receivables created on such Date of Processing minus (c) any Discount Receivables Collections
received on such Date of Processing. Discount Receivables created on any Date of Processing shall mean the product of the amount of the Gross Principal Receivables arising in Accounts on such Date of Processing specified in accordance with
subsection 2.15(a) and the applicable Yield Factor. 
 “Discount Receivables Collections” means, with respect to any Asset
Pool, on any Date of Processing occurring in any Monthly Period succeeding the Monthly Period in which the Discount Option Date occurs, the product of (a) the Yield Factor and (b) Collections of Gross Principal Receivables outstanding in
such Asset Pool on such Date of Processing. 
 “Dollars,” “$” or “U.S. $” means United
States dollars. 
  

 5 

 “Eligible Account” means a consumer revolving credit card account owned by an Account
Owner which meets the following requirements as of the Addition Cut Off Date: 
 (a) is a consumer revolving credit card account in existence
and maintained with an Account Owner; 
 (b) is payable in Dollars; 
 (c) has an Obligor who has provided, as his or her most recent billing address, an address located in the United States or its territories or possessions
or a military address; 
 (d) has an Obligor who has not been identified by the Servicer in its computer files as being involved in a
voluntary or involuntary bankruptcy proceeding; 
 (e) has not been classified by the Servicer as cancelled, counterfeit, deleted,
fraudulent, stolen or lost; 
 (f) does not have Receivables which are at the time of transfer sold or pledged to any other party;

 (g) which has not been charged-off by the Servicer in its customary and usual manner for charging-off accounts as of their date of
designation for inclusion in the Trust; and 
 (h) has an Obligor who has not been identified by the Servicer as being deceased. 

“Eligible Collateral Certificate” means a Collateral Certificate that has been duly authorized by the applicable Transferor and
validly issued by the applicable Master Trust and is entitled to the benefits of the applicable Pooling and Servicing Agreement and with respect to which the representations and warranties made in subsections 2.04(a)(ii), (iii), (iv), (v),
(vii) and (viii) are true and correct in all material respects. 
 “Eligible Receivable” means each Receivable:

 (a) which has arisen in an Eligible Account (as of the relevant Addition Cut Off Date); 
 (b) which was created in compliance in all material respects with all Requirements of Law applicable to the institution which owned such Receivable at
the time of its creation and pursuant to a Credit Card Agreement which complies in all material respects with all Requirements of Law applicable to the applicable Account Owner, as the case may be; 
  

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 (c) with respect to which all consents, licenses, approvals or authorizations of, or registrations or
declarations with, any Governmental Authority required to be obtained, effected or given in connection with the creation of such Receivable or the execution, delivery and performance by the applicable Account Owner, as the case may be, of the Credit
Card Agreement pursuant to which such Receivable was created, have been duly obtained, effected or given and are in full force and effect; 
 (d) as to which at the time of the transfer of such Receivable to the Trust, the applicable Transferor or the Trust has good and marketable title thereto, free and clear of all Liens occurring under or through such applicable Transferor or
any of its Affiliates (other than Liens permitted pursuant to subsection 2.04(a)(v)); 
 (e) which is the legal, valid and binding payment
obligation of the Obligor thereon enforceable against such Obligor in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws, now or hereafter in
effect, affecting the enforcement of creditors’ rights in general and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity); 
 (f) which constitutes an “account” under and as defined in Article 9 of the UCC; and 
 (g) which is not subject to any setoff, right of rescission, counterclaim, or other defense, including the defense of usury, other than defenses arising
out of applicable bankruptcy, insolvency, reorganization, moratorium, or other similar laws affecting the enforcement of creditors’ rights in general. 
 “Eligible Servicer” means Chase USA or the Indenture Trustee or, if neither Chase USA nor the Indenture Trustee is acting as Servicer, an entity which, at the time of its appointment as Servicer,
(a) is servicing a portfolio of consumer revolving credit card accounts, (b) is legally qualified and has the capacity to service the Accounts, (c) in the sole determination of the Indenture Trustee, which determination shall be
conclusive and binding, has demonstrated the ability to service professionally and competently a portfolio of similar accounts in accordance with high standards of skill and care, (d) is qualified to use the software that is then being used to
service the Accounts or obtains the right to use or has its own software which is adequate to perform its duties under this Agreement and (e) has a net worth of at least $50,000,000 as of the end of its most recent fiscal quarter. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 
 “Excess Funding Account” has, with respect to any Asset Pool, the meaning specified in the applicable Asset Pool Supplement for such
Asset Pool. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time (15 U.S.C. 78a et
seq.). 
  

 7 

 “Finance Charge Collections” means, with respect to any Asset Pool, for any Monthly
Period, the sum of (a) with respect to Receivables designated for inclusion in such Asset Pool, all Collections received by the Servicer on behalf of the Issuing Entity of Finance Charge Receivables (including Discount Receivables Collections
and Recoveries received for such Monthly Period to the extent such Recoveries are deemed Finance Charge Collections under the definition of “Collections” above), (b) with respect to any Collateral Certificate designated for inclusion
in such Asset Pool, collections of finance charge receivables allocable to the holder of the Collateral Certificate for such Monthly Period pursuant to the applicable Series Supplement and (c) any amounts received by the Issuing Entity which
are designated as Finance Charge Collections pursuant to any Asset Pool Supplement or Indenture Supplement for such Monthly Period. Finance Charge Collections with respect to any Monthly Period shall include the Interchange Amount (if any) paid to
the Trust with respect to such Asset Pool with respect to such Monthly Period (to the extent received by the Trust and deposited into the applicable Collection Account on the First Note Transfer Date following such Monthly Period). 
 “Finance Charge Receivables” means Receivables created in respect of the Periodic Finance Charges, Annual Membership Fees, Cash Advance
Fees, Late Fees, Overlimit Fees, return check fees and similar fees and charges and Discount Receivables. 
 “First Note Transfer
Date” has, with respect to any Asset Pool, the meaning specified in the applicable Asset Pool Supplement for such Asset Pool. 
 “First USA Collateral Certificate” means the Collateral Certificate issued by the First USA Credit Card Master Trust pursuant to the Series 2002-CC Supplement to the First USA Credit Card Master Trust Pooling and Servicing
Agreement. 
 “First USA Credit Card Master Trust Pooling and Servicing Agreement” means the Second Amended and Restated
Pooling and Servicing Agreement for the First USA Credit Card Master Trust, dated as of March 14, 2006, as amended and supplemented, including by the Series 2002-CC Supplement thereto. 
 “Fitch” means Fitch, Inc. or any successor thereto. 
 “Governmental Authority” means the United States of America, any state or other political subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government. 
 “Gross Principal Receivables” means Receivables other than (i) Periodic
Finance Charges, Annual Membership Fees, Cash Advance Fees, Late Fees, Overlimit Fees, return check fees and similar fees and other charges and (ii) Receivables in Defaulted Accounts. 
 “Increase Date” has the meaning specified in subsection 2.12(a)(i). 
 “Indenture” means the Second Amended and Restated Indenture, dated as of March 14, 2006, between the Issuing Entity and the
Indenture Trustee. 
  

 8 

 “Ineligible Collateral Certificate” has the meaning specified in subsection 2.05(c).

 “Ineligible Receivables” has the meaning specified in subsection 2.05(c). 
 “Initial Account Assignments” means Assignment No. 1 of Receivables in Additional Accounts, dated as of November 29, 2002,
Assignment No. 2 of Receivables in Additional Accounts, dated as of March 24, 2003, Assignment No. 3 of Receivables in Additional Accounts, dated as of August 18, 2003, Assignment No. 4 of Receivables in Additional Accounts,
dated as of March 26, 2004, Assignment No. 5 of Receivables in Additional Accounts, dated as of December 17, 2004, Assignment No. 6 of Receivables in Additional Accounts, dated as of May 16, 2005, Assignment No. 7 of
Receivables in Additional Accounts, dated as of August 17, 2005, Assignment No. 8 of Receivables in Additional Accounts, dated as of September 30, 2005 and Assignment No. 9 of Receivables in Additional Accounts, dated as of
November 10, 2005, each between the Bank and the Issuing Entity. 
 “Initial Accounts” means the Accounts designated
pursuant to the Initial Account Assignments. 
 “Initial Collateral Certificates” means the First USA Collateral Certificate
issued pursuant to the First USA Credit Card Master Trust Pooling and Servicing Agreement and the related Series 2002-CC Supplement thereto and the Chase Collateral Certificate issued pursuant to the Chase Credit Card Master Trust Pooling and
Servicing Agreement and the related Series 2004-CC Supplement thereto. 
 “Initial Issuance Date” means May 1, 2002.

 “Insolvency Event” has the meaning specified in Section 9.01. 
 “Insurance Proceeds” means any amounts recovered by the Servicer pursuant to any credit insurance policies covering any Obligor with
respect to Receivables under such Obligor’s Account. 
 “Interchange” means interchange fees payable to the Servicer
with respect to the Accounts by the Account Owner, in its capacity as credit card issuer, through bankcard associations or other similar organizations. 
 “Interchange Amount” means, with respect to any Asset Pool for any Monthly Period, an amount determined by the Account Owner, in its sole discretion, to be reasonably representative of the amount of
Interchange generated by the Receivables arising in the Accounts of such Account Owner. 
 “Internal Revenue Code” means the
Internal Revenue Code of 1986, as amended from time to time. 
 “Invested Amount” has, with respect to any Collateral
Certificate, the meaning specified in the applicable Series Supplement for such Collateral Certificate. 
  

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 “Investor Certificate” has the meaning specified in the applicable Pooling and Servicing
Agreement. 
 “Issuance Date” means each date on which a Series, Class or Tranche of Notes is issued pursuant to the
Indenture. 
 “Issuing Entity” means Chase Issuance Trust, a Delaware statutory trust. 
 “Late Fees” has the meaning specified in the Credit Card Agreement applicable to each Account for late fees or similar fees. 

“Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment, participation or equity interest, deposit arrangement,
encumbrance, lien (statutory or other), preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever, including any conditional sale or other title retention agreement, any financing lease having
substantially the same economic effect as any of the foregoing and the filing of any financing statement under the UCC (other than any such financing statement filed for informational purposes only) or comparable law of any jurisdiction to evidence
any of the foregoing. 
 “Master Trust Servicer” means the entity responsible for the servicing obligations under the
applicable Pooling and Servicing Agreement. 
 “Master Trust Transferor” means the entity acting as transferor under the
applicable Pooling and Servicing Agreement. 
 “Master Trust Trustee” means the entity acting as trustee under the
applicable Pooling and Servicing Agreement. 
 “Minimum Pool Balance” has, with respect to any Asset Pool, the meaning
specified in the applicable Asset Pool Supplement for such Asset Pool. 
 “Monthly Servicer’s Certificate” means the
certificate delivered by the Servicer as described in subsection 4.04(b). 
 “Moody’s” means Moody’s Investors
Service, Inc., or its successor. 
 “Nominal Liquidation Amount” has, with respect to any Series, Class or Tranche of Notes,
the meaning specified in the applicable Indenture Supplement for such Series, Class or Tranche of Notes. 
 “Nominal Liquidation
Amount Deficit” has, with respect to any Series, Class or Tranche of Notes, the meaning specified in the applicable Indenture Supplement for such Series, Class or Tranche of Notes. 
 “Note Rating Agency Condition” means, at any time with respect to any Series, Class or Tranche of Notes, the written confirmation of the
Note Rating Agency that a specified event or modification of the terms of such Series, Class or Tranche will 

  

 10 

 
not result in the withdrawal or downgrade by such Note Rating Agency of the rating of the Notes of any Series, Class or Tranche then in effect. 

“Note Transfer Date” has, with respect to any Asset Pool, the meaning specified in the applicable Asset Pool Supplement for such
Asset Pool. 
 “Noteholder Percentage” means, for any Series of Notes, with respect to Principal Collections, Finance Charge
Collections, the Default Amount and the Servicing Fee of any Asset Pool, the percentage stated in the applicable Indenture Supplement for such Series of Notes. 
 “Notice Date” has the meaning specified in subsection 2.12(c)(i). 
 “Notices” has the meaning specified in subsection 12.05(a). 
 “Obligor” means, with respect to
any Account, the Person or Persons obligated to make payments with respect to such Account, including any guarantor thereof, but excluding any merchant. 
 “Officer’s Certificate” means a certificate signed by the Owner Trustee, the Administrator or the Servicer and delivered to the Indenture Trustee or the applicable Collateral Agent or a
certificate signed by the applicable Transferor and delivered to the Owner Trustee, the Indenture Trustee or the applicable Collateral Agent. Wherever this Agreement requires that an Officer’s Certificate be signed also by an accountant or
other expert, such accountant or other expert (except as otherwise expressly provided in this Agreement) may be an employee of the Owner Trustee, the Administrator or the Servicer. 
 “Opinion of Counsel” means a written opinion of counsel acceptable to the Owner Trustee and the Indenture Trustee, who may, without
limitation, and except as otherwise expressly provided in this Agreement, be an employee of or of counsel to the Issuing Entity, the Servicer or any of their Affiliates. 
 “Overlimit Fees” has the meaning specified in the Credit Card Agreement applicable to each Account for overlimit fees or similar fees if such fees are provided for with respect to such Account.

 “Periodic Finance Charges” has the meaning specified in the Credit Card Agreement applicable to each Account for finance
charges (due to periodic rate) or any similar term. 
 “Pool Balance” has, with respect to any Asset Pool, the meaning
specified in the applicable Asset Pool Supplement for such Asset Pool. 
 “Principal Collections” means, with respect to any
Asset Pool, for any Monthly Period, the sum of (1) with respect to Receivables designated for inclusion in such Asset Pool, all Collections other than those designated as Finance Charge Collections on Accounts designated for such Monthly Period
and (2) with respect to any 

  

 11 

 
Collateral Certificate designated for inclusion in such Asset Pool, all collections of principal receivables, including Collateral Certificate Principal
Shortfall Payments, allocable to the holder of such Collateral Certificate for such Monthly Period pursuant to the applicable Series Supplement. 
 “Principal Receivables” means Gross Principal Receivables minus Discount Receivables. In calculating the aggregate amount of Principal Receivables for any Monthly Period, the amount of Principal Receivables shall be reduced
by the aggregate amount of credit balances in the Accounts on the last day of such Monthly Period. Any Principal Receivables which a Transferor is unable to transfer as provided in Section 2.14 or 9.01 shall not be included in calculating the
amount of Principal Receivables. 
 “Reassignment” has the meaning specified in subsection 2.13(b)(iii). 
 “Reassignment Amount” means, with respect to the Receivables or a particular Collateral Certificate designated for inclusion in any
Asset Pool, subject to reassignment pursuant to Section 2.06, for any First Note Transfer Date, unless otherwise provided in the related Asset Pool Supplement, the sum of (a)(i) an amount equal to the outstanding principal balance of such
Receivables designated for inclusion in such Asset Pool or (ii) the Invested Amount of such Collateral Certificate designated for inclusion in such Asset Pool plus (b) accrued and unpaid interest, determined based upon a weighted average
interest rate, through such Payment Date, on Notes secured by the related Asset Pool with an outstanding principal amount equal to the applicable amount specified in clause (a). 
 “Receivables” means any amount owing by the Obligors including amounts owing for the payment of goods and services, cash advances,
access checks, Annual Membership Fees, Cash Advance Fees, Periodic Finance Charges, Late Fees, Overlimit Fees, return check fees and similar fees and charges, if any. 
 “Receivables Purchase Agreement” means any receivables purchase agreement entered into between a special purpose entity and the applicable Account Owner for the sale of receivables to the special
purpose entity if such special purpose entity either transfers Receivables or a Collateral Certificate secured by such receivables to the Issuing Entity. 
 “Recoveries” means, with respect to any Asset Pool, all net amounts received, including Insurance Proceeds, by the Servicer with respect to Receivables in Defaulted Accounts, including amounts
received by the Servicer from the purchaser or transferee with respect to the sale or other disposition of Receivables in Defaulted Accounts. 
 “Regulation AB” means Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1123, and all related rules and regulations of the Commission, as such may be amended from time to
time, and subject to such clarification and interpretation as have been provided by the Commission in the adopting 

  

 12 

 
release (Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the
Commission, or as may be provided by the Commission or its staff from time to time. 
 “Related Agreements” means, with
respect to any Series, Class or Tranche of Notes, collectively, the Indenture, any applicable Indenture Supplement, any applicable Asset Pool Supplement, any applicable Terms Document and the Trust Agreement. 
 “Removal Date” has the meaning specified in subsection 2.13(a). 
 “Removal Notice Date” has the meaning specified in subsection 2.13(a). 
 “Removed Accounts” has the meaning specified in subsection 2.13(a). 
 “Required Transferor Amount” has, with respect to any Asset Pool, the meaning specified in the applicable Asset Pool Supplement for such
Asset Pool. 
 “Requirements of Law” means, for any Person, the certificate of incorporation or articles of association and
by-laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation, or determination of an arbitrator or Governmental Authority, whether federal, state or local (including usury laws, the Federal Truth in
Lending Act and Regulation B and Regulation Z of the Board of Governors of the Federal Reserve System). 
 “Sarbanes
Certification” means the certification specified in paragraph (2) of Exchange Act Rules 13a-14 and 15d-14 as set forth in Item 601(31)(ii) of Regulation S-K as such may be amended from time to time or any successor or replacement
specified by the Commission or its staff from time to time. 
 “Second Amendment” means the Second Amendment to the Amended
and Restated Transfer and Servicing Agreement, dated as of February 1, 2006. 
 “Securities Act” means the Securities
Act of 1933, as amended from time to time (15 U.S.C. 77a et seq.). 
 “Securitization Transaction” means any new
Notes issued by the Issuing Entity, whether publicly offered or privately placed, rated or unrated. 
 “Series 2002-CC
Supplement” means the supplement to the First USA Credit Card Master Trust Pooling and Servicing Agreement, whereby First USA, as transferor, has authorized the issuance and authentication by the Master Trust Trustee of the First USA Credit
Card Master Trust to Chase USA of one or more Investor Certificates. 
 “Series 2004-CC Supplement” means the supplement to
the Chase Credit Card Master Trust Pooling and Servicing Agreement, whereby Chase USA, as transferor, 

  

 13 

 
has authorized the issuance and authentication by the Master Trust Trustee of the Chase Credit Card Master Trust to Chase USA of one or more Investor
Certificates. 
 “Service Transfer” has the meaning specified in Section 10.01. 
 “Servicer” means Chase USA, in its capacity as Servicer pursuant to this Agreement, and, after any Service Transfer, the Successor
Servicer. 
 “Servicer Default” has the meaning specified in Section 10.01. 
 “Servicer Rating Event” means the Servicer’s failure to maintain a short-term credit rating of at least “A-1” by
Standard & Poor’s and “P-1” by Moody’s and, if rated by Fitch, at least “F1” by Fitch; provided, however, that the Transferor may allow the Servicer to maintain a short-term credit rating below
“A-1” or “P-1,” or to the extent rated by Fitch, “F1,” as the case may be, provided that such action will satisfy the Note Rating Agency Condition. 
 “Servicing Criteria” means the “servicing criteria” set forth in Item 1122(d) of Regulation AB. 
 “Servicing Fee” has, with respect to any Asset Pool, the meaning specified in the applicable Asset Pool Supplement for such Asset Pool.

 “Servicing Participant” means the Servicer, any Subservicer or any Person that participates in any of the servicing
functions specified in Item 1122(d) of Regulation AB with respect to Accounts. 
 “Servicing Party” has the meaning
specified in subsection 13.03(a). 
 “SFAS 140” means Statement of Financial Accounting Standards No. 140,
Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities (or any replacement Financial Accounting Standards Board statement, or amendment or interpretation thereof). 
 “Standard & Poor’s” means Standard & Poor’s Ratings Services, or its successor. 
 “Static Pool Information” means static pool information as described in Items 1105(b) and 1105(c) of Regulation AB. 
 “Subservicer” means any Person that services the Receivables on behalf of the Servicer or any other Subservicer and is responsible for
the performance (whether directly or through other Subservicers or Servicing Participants) of a substantial portion of the material servicing functions required to be performed by the Servicer under this Agreement or any Transaction Document that
are identified in Item 1122(d) of Regulation AB. 
 “Successor Servicer” has the meaning specified in subsection
10.02(a). 
  

 14 

 “Supplemental Bank Account” has, with respect to any Asset Pool, the meaning specified
in the applicable Asset Pool Supplement for such Asset Pool. 
 “Supplemental Credit Enhancement” means any Supplemental
Credit Enhancement Agreement or Supplemental Liquidity Agreement entered into between the Issuing Entity and the applicable Supplemental Credit Enhancement Provider or Supplemental Liquidity Provider. 
 “Targeted Interest Deposit Amount” has, with respect to any Series, Class or Tranche of Notes, the meaning specified in the applicable
Indenture Supplement for such Series, Class or Tranche of Notes. 
 “Targeted Principal Deposit Amount” has, with respect to
any Series, Class or Tranche of Notes, the meaning specified in the applicable Indenture Supplement for such Series, Class or Tranche of Notes. 
 “Termination Notice” has the meaning specified in Section 10.01. 
 “Transaction Document”
means the Trust Agreement, the applicable Series Supplement, the applicable Asset Pool Supplement, the Indenture or the related Indenture Supplement, as applicable. 
 “Transfer Restriction Event” has the meaning specified in Section 2.14. 
 “Transferor” means (a) Chase USA or its successor under this Agreement and (b) any Additional Transferor or Transferors. References to “each Transferor” shall refer to each entity mentioned in the
preceding sentence and references to “the Transferor” shall refer to all of such entities. 
 “Transferor Amount”
has, with respect to any Asset Pool, the meaning specified in the applicable Asset Pool Supplement for such Asset Pool. 
 “Transferor Certificate” has, with respect to any Asset Pool, the meaning specified in the applicable Asset Pool Supplement for such Asset Pool. 
 “Transferor Interest” means, with respect to any Asset Pool, the interest in such Asset Pool not represented by issued and Outstanding Notes secured by that Asset Pool. 
 “Transferor Percentage” means, with respect to any Asset Pool for any Monthly Period, the percentage in such Asset Pool not represented
by the aggregate of the Noteholder Percentage for all Series secured by such Asset Pool. 
 “Transferred Account” means
(a) an Account with respect to which a new credit account number has been issued by the Account Owner under circumstances resulting from a lost or stolen credit card or from the transfer from one affinity group to another affinity group or
otherwise and not requiring standard application and credit evaluation procedures under the Credit Card Guidelines or (b) an Eligible Account 

  

 15 

 
resulting from a status change, including the conversion of an Account that was a standard account to a premium account or from a premium account to a
standard account, and which in the case of (a) or (b), can be traced or identified by reference to or by way of the computer files delivered to the applicable Collateral Agent, as designee of the Issuing Entity, as an account into which an
Account has been transferred. 
 “Trust” means the Chase Issuance Trust, a Delaware statutory business trust. 
 “Trust Agreement” means the Third Amended and Restated Trust Agreement relating to the Trust, dated as of March 14, 2006, between
the Transferor and the Owner Trustee. 
 “Trust Assets” has the meaning specified in Section 2.01. 
 “Trust Servicing Fee” has the meaning specified in Section 4.02. 
 “Trust Termination Date” means the date on which the Trust is dissolved in accordance with Section 8.01 of the Trust Agreement.

 “Yield Factor” has the meaning specified in subsection 2.15(a). 
 Section 1.02 Other Definitional Provisions. 
 (a) The terms defined in this Article have the meanings assigned to them in this Article, and, along with any other term defined in any Section of this Agreement, include the plural as well as the singular.

 (b) With respect to any Series, all terms used herein and not otherwise defined herein shall have meanings ascribed to them
in the applicable Transaction Document. 
 (c) All terms defined in this Agreement shall have the defined meanings when used
in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. 
 (d) As used in
this Agreement and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in this Agreement or in any such certificate or other document, and accounting terms partly defined in this Agreement
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 Agreement or in any such certificate or other
document are inconsistent with the meanings of such terms under GAAP, the definitions contained in this Agreement or in any such certificate or other document shall control. 
 (e) The agreements, representations and warranties of Chase USA in this Agreement in each of its capacities as Transferor, Servicer and
Administrator 

  

 16 

 
shall be deemed to be the agreements, representations and warranties of Chase USA solely in each such capacity for so long as Chase USA acts in each such
capacity under this Agreement. 
 (f) Any reference to each Rating Agency shall only apply to any specific rating agency if
such rating agency is then rating any Outstanding Series, Class or Tranche of Notes. 
 (g) Unless otherwise specified,
references to any amount as on deposit or outstanding on any particular date shall mean such amount at the close of business on such day. 
 (h) The words “hereof,” “herein,” “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this
Agreement; references to any subsection, Section, clause, Schedule or Exhibit are references to subsections, Sections, clauses, Schedules and Exhibits in or to this Agreement 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. 
 [END OF ARTICLE I] 
  

 17 

 ARTICLE II 
 CONVEYANCE OF COLLATERAL 
 Section 2.01 Conveyance of Collateral. By execution of the Original
Transfer and Servicing Agreement, the Transferor transferred, assigned, set-over and otherwise conveyed to the Trust, without recourse except as provided therein, all its right, title and interest in, to and under the FUSA Collateral Certificate. By
execution of each Initial Account Assignment, the Transferor transferred, assigned, set over and otherwise conveyed to the Trust, without recourse except as provided therein, all its right, title and interest in, to and under the Receivables in the
Initial Accounts designated thereby existing at the open of business on the applicable Cut Off Date and thereafter created from time to time until the termination of the Trust, all Interchange and Recoveries allocable to the Trust as provided
therein, all monies due or to become due and all amounts received or receivable with respect thereto and all proceeds (including “proceeds” as defined in the UCC) thereof and all Insurance Proceeds relating thereto. By execution of this
Agreement, the Transferor does hereby transfer, assign, set over and otherwise convey to the Trust, without recourse except as provided herein, all its right, title and interest in, to and under the Chase Collateral Certificate and, on and after
each applicable Addition Date, each Additional Collateral Certificate and all Receivables arising in each Additional Account designated on such Addition Date, together with all monies and other property credited to the Bank Accounts established
pursuant to each Asset Pool Supplement and Indenture Supplement, the rights of the Trust under this Agreement and the Trust Agreement and the property conveyed to the Trust under any Asset Pool Supplement and any Series Supplement (the “Trust
Assets”). 
 Each Transferor shall be under no obligation whatsoever to file any financing or continuation statements or to make any
other filing under the UCC in connection with the transfer and assignment of a Collateral Certificate. 
 Each Transferor further agrees, at
its own expense, on or prior to (x) the Amendment Closing Date, in the case of the Initial Collateral Certificates and Initial Accounts and (y) the applicable Addition Date, in the case of Additional Collateral Certificates and Additional
Accounts with respect to such Transferor: (a) to indicate in the appropriate official records or computer files that such Collateral Certificates or Receivables created in connection with such Accounts have been designated for inclusion in a
particular Asset Pool in the Trust pursuant to this Agreement and (b) to deliver to the applicable Collateral Agent, as designee of the Issuing Entity, one or more computer files containing a true and complete list of all such Accounts
specifying for each such Account, the applicable Addition Date for such Accounts. In addition, such computer file or list shall, in connection with each Additional Account, include its account number, the aggregate Receivables outstanding in such
Additional Account and state to which Asset Pool such Additional Account belongs. Each such official record, as supplemented, from time to time, to reflect Additional Collateral Certificates and removed Collateral Certificates shall be marked as
Schedule 1 to this Agreement, and each such computer file or list, as supplemented, from time to time, to reflect Initial Accounts, Additional 

  

 18 

 
Accounts and Removed Accounts, shall be marked as Schedule 2 to this Agreement and is hereby incorporated into and made a part of this Agreement. 

It is the intention of the parties hereto that all such transfers be subject to, and be treated in accordance with, the Delaware Act and each of the
parties hereto agrees that this Agreement has been entered into by the parties hereto in express reliance upon the Delaware Act. For purposes of complying with the requirements of the Delaware Act, each of the parties hereto hereby agrees that any
property, assets or rights purported to be transferred, in whole or in part, by the Transferor pursuant to this Agreement shall be deemed to no longer be the property, assets or rights of the Transferor. The parties hereto acknowledge and agree that
the transactions contemplated hereby shall constitute, and each such transfer is occurring in connection with, a “securitization transaction” within the meaning of the Delaware Act. 
 The parties hereto intend that each transfer of Receivables, the Initial Collateral Certificates and any Additional Collateral Certificates pursuant to
this Agreement constitute a sale, and not a secured borrowing for accounting purposes. If and to the extent that, notwithstanding such intent, any Transferor retains any interest in the Initial Collateral Certificates, Additional Collateral
Certificates or the Receivables, it is the intention of the parties hereto that this Agreement shall constitute a security agreement under applicable law, and therefor such Transferor hereby grants to the Trust a first priority perfected security
interest in all of such Transferor’s right, title and interest, in, to and under the Initial Collateral Certificates, any Additional Collateral Certificates, the Receivables and the other Trust Assets conveyed by such Transferor, and all money,
accounts, general intangibles, chattel paper, instruments, documents, goods, investment property, deposit accounts, certificates of deposit, letters of credit, letter-of-credit-rights and advices of credit consisting of, arising from or related to
the Trust Assets, and all proceeds thereof, to secure a loan in an amount equal to the unpaid principal amount of the Notes issued pursuant to the Indenture and the applicable Indenture Supplement and interest accrued with respect thereto.

 Section 2.02 Acceptance by Trust. 
 (a) The Trust hereby acknowledges its acceptance of all right, title and interest to the property, now existing and hereafter created, conveyed to the Trust pursuant to Section 2.01. The Trust further
acknowledges that, prior to or simultaneously with the execution and delivery of this Agreement, the Transferor delivered to the applicable Collateral Agent, as designee of the Issuing Entity, Schedule 1 identifying the Initial Collateral
Certificates and the Initial Accounts. The applicable Collateral Agent shall forward a copy of Schedule 1 to the Owner Trustee who shall maintain a copy of Schedule 1, as delivered from time to time, at its Corporate Trust Office. 
 (b) The Trust hereby designates to the Servicer the right to receive all payments to be made to the Trust hereunder. 
  

 19 

 (c) The Owner Trustee and the Trust each hereby agrees (and the Indenture Trustee and each applicable
Collateral Agent shall, pursuant to the Indenture or applicable Asset Pool Supplement, agree) not to disclose to any Person the identity of any of the account numbers or other information contained in the computer files marked as Schedule 2 and
delivered to the applicable Collateral Agent, as designee of the Issuing Entity, from time to time, except (i) to a Successor Servicer or as required by a Requirement of Law applicable to the Owner Trustee, (ii) in connection with the
performance of the Owner Trustee’s or the Trust’s duties hereunder, (iii) to the Indenture Trustee in connection with its duties in enforcing the rights of Noteholders, (iv) to the applicable Collateral Agent in connection with
its duties under the applicable Asset Pool Supplement or (v) to bona fide creditors or potential creditors of any Account Owner, the Administrator or any Transferor for the limited purpose of enabling any such creditor to identify applicable
Receivables or Accounts subject to this Agreement. The Owner Trustee and the Trust each agrees to take such measures as shall be reasonably requested by any Transferor to protect and maintain the security and confidentiality of such information and,
in connection therewith, shall allow each Transferor or its duly authorized representatives to inspect the Owner Trustee’s security and confidentiality arrangements as they specifically relate to the administration of the Trust from time to
time during normal business hours upon prior written notice. The Owner Trustee and the Trust shall provide the applicable Transferor with notice five Business Days prior to disclosure of any information of the type described in this subsection
2.02(c). 
 Section 2.03 Representations and Warranties of Each Transferor Relating to Such Transferor. Each Transferor hereby
severally represents and warrants to the Trust (and agrees that the Owner Trustee, the Indenture Trustee and the applicable Collateral Agent may conclusively rely on each such representation and warranty in accepting the Receivables and Collateral
Certificates in trust, in authenticating the Notes and each as a secured party) as of each Issuance Date, each Increase Date and each Addition Date (but only if it was a Transferor on such date and only if it was a party to the applicable Related
Agreement on such date) that: 
 (a) Organization and Good Standing. Such Transferor is an entity, duly organized and
validly existing in good standing under the laws of the jurisdiction of its organization or incorporation and has, in all material respects, full power, authority and legal right to own its properties and conduct its business as such properties are
at present owned and such business is at present conducted, and to execute, deliver and perform its obligations under this Agreement, the applicable Receivables Purchase Agreement, if any, and each applicable Series Supplement. 
 (b) Due Qualification. Such Transferor is duly qualified to do business and is in good standing (or is exempt from such
requirement) in any state required in order to conduct business, and has obtained all necessary licenses and approvals with respect to such Transferor required under federal law; provided, however, that no representation or warranty is
made with respect to any qualifications, licenses or approvals which the Indenture Trustee, the Owner Trustee or the applicable Collateral Agent would have to obtain to do business in any state in which the Indenture Trustee or the Owner Trustee
seeks to enforce any Collateral Certificate or any Receivable. 
  

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 (c) Due Authorization. The execution and delivery of this Agreement, the
applicable Receivables Purchase Agreement, if any, and each applicable Series Supplement by such Transferor and the order to the Indenture Trustee to have the Notes authenticated and delivered and the consummation by such Transferor of the
transactions provided for in this Agreement, the applicable Receivables Purchase Agreement, if any, and each applicable Series Supplement have been duly authorized by such Transferor by all necessary corporate action on the part of such Transferor
and this Agreement will remain, from the time of its execution, an official record of such Transferor. 
 (d) No
Conflict. The execution and delivery by such Transferor of this Agreement, the applicable Receivables Purchase Agreement, if any, and each applicable Series Supplement, and the performance of the transactions contemplated by this Agreement, the
applicable Receivables Purchase Agreement, if any, and each applicable Series Supplement and the fulfillment of the terms hereof and thereof applicable to such Transferor, will not conflict with, result in any breach of any of the material terms and
provisions of, or constitute (with or without notice or lapse of time or both) a material default under, any indenture, contract, agreement, mortgage, deed of trust or other instrument to which such Transferor is a party or by which it or its
properties are bound. 
 (e) No Proceedings. There are no proceedings or investigations, pending or, to the best
knowledge of such Transferor, threatened against such Transferor before any Governmental Authority (i) asserting the invalidity of this Agreement, the applicable Receivables Purchase Agreement, if any, or any applicable Series Supplement,
(ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement, the applicable Receivables Purchase Agreement, if any, or any applicable Series Supplement, (iii) seeking any determination or ruling that,
in the reasonable judgment of such Transferor, would materially and adversely affect the performance by such Transferor of its obligations under this Agreement, the applicable Receivables Purchase Agreement, if any, or any applicable Series
Supplement, (iv) seeking any determination or ruling that would materially and adversely affect the validity or enforceability of this Agreement, the applicable Receivables Purchase Agreement, if any, or any applicable Series Supplement or
(v) seeking to affect adversely the income tax attributes of the Trust under the United States federal or any state income tax systems. 
 (f) All Consents. All appraisals, authorizations, consents, orders or other actions of any Person or of any Governmental Authority required in connection with the execution and delivery by such Transferor of
this Agreement, the applicable Receivables Purchase Agreement, if any, and each applicable Series Supplement and the performance of the transactions contemplated by this Agreement, the applicable Receivables Purchase Agreement, if any, and each
applicable Series Supplement by such Transferor have been duly obtained, effected or given and are in full force and effect. 
  

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 (g) No Violation. The execution and delivery of this Agreement, the applicable
Receivables Purchase Agreement, if any, and each applicable Series Supplement, the performance of the transactions contemplated by this Agreement, the applicable Receivables Purchase Agreement, if any, and each applicable Series Supplement and the
fulfillment of the terms hereof and thereof will not conflict with or violate any Requirements of Law applicable to such Transferor. 
 Section 2.04 Representations and Warranties of each Transferor Relating to this Agreement and any Series Supplement and the Collateral. 
 (a) Representations and Warranties. Each Transferor hereby severally represents and warrants to the Trust that: 
 (i) as of each day on which any new Receivable is created, this Agreement and the applicable Receivables Purchase Agreement, if any, as of each Addition Date with respect to Additional Accounts designated on such
Addition Date, this Agreement, the applicable Receivables Purchase Agreement, if any, and the related Account Assignment, each constitutes a legal, valid and binding obligation of such Transferor enforceable against such Transferor in accordance
with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally from time to time in effect or general principles of
equity; 
 (ii) as of each Issuance Date, this Agreement, the applicable Receivables Purchase Agreement, if any, the
applicable Pooling and Servicing Agreement and the applicable Series Supplement, each constitutes a legal, valid and binding obligation of such Transferor enforceable against such Transferor in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally from time to time in effect or general principles of equity; 
 (iii) as of each Increase Date, this Agreement, the applicable Pooling and Servicing Agreement and the applicable Series Supplement, and
as of each Addition Date on which an Additional Collateral Certificate is designated, this Agreement, the applicable Pooling and Servicing Agreement, the applicable Series Supplement and the related Certificate Assignment, each constitutes a legal,
valid and binding obligation of such Transferor enforceable against such Transferor in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws
affecting creditors’ rights generally from time to time in effect or general principles of equity; 
 (iv) as of
(A) the Initial Issuance Date, with respect to the FUSA Collateral Certificate, and the Amendment Closing Date, with respect to the Chase Collateral Certificate, (B) the applicable Cut Off Date with respect to 

  

 22 

 
the Initial Accounts (and the Receivables arising therein) and each Additional Cut Off Date with respect to Additional Accounts (and the Receivables arising
therein) and (C) the Addition Date with respect to an Additional Collateral Certificate, the portion of Schedule 1 or Schedule 2, as applicable, to this Agreement under such Transferor’s name, as supplemented to such date, is an accurate
and complete listing or identification, as applicable, in all material respects of: 
 (1) with respect to Schedule 2, the
Initial Accounts and Additional Accounts the Receivables in which were transferred by such Transferor, and the information contained therein with respect to the identity of such Accounts and the Receivables existing thereunder as of the applicable
Cut Off Date is, in each case, true and correct in all material respects; or 
 (2) with respect to Schedule 1, the Initial
Collateral Certificates which were transferred by such Transferor as of the Amendment Closing Date and each Additional Collateral Certificate transferred thereafter that remains outstanding, including any Additional Collateral Certificate
transferred as of an Addition Date, and the information contained therein with respect to the identity of such Collateral Certificate as of the Amendment Closing Date or such Addition Date, is, in each case, true and correct in all material
respects; 
 (v) as of (A) each day on which any new Receivable is created, (B) the Initial Issuance Date with
respect to the FUSA Collateral Certificate and the Amendment Closing Date with respect to the Chase Collateral Certificate, (C) the applicable Cut Off Date with respect to the Initial Accounts (and the Receivables arising therein) and each
Additional Cut Off Date with respect to Additional Accounts (and the Receivables arising therein), (D) each Addition Date with respect to Additional Collateral Certificates and (E) each Increase Date with respect to increases in the
Invested Amount of a Collateral Certificate previously conveyed to the Trust, such Transferor owns and has good marketable title to such Receivable, Initial Collateral Certificate or Additional Collateral Certificate, as applicable, free and clear
of any Lien (other than any Lien for municipal or other local taxes if such taxes are not then due and payable or if such Transferor is then contesting the validity thereof in good faith by appropriate proceedings and has set aside on its books and
records adequate reserves with respect thereto), claim or encumbrance of any Person and such conveyance of such Receivable, Initial Collateral Certificate or Additional Collateral Certificate to the Trust, or such increase in the Invested Amount of
a Collateral Certificate previously conveyed to the Trust, as applicable, is made by such Transferor in compliance, in all material respects, with all Requirements of Law applicable to such Transferor; 
 (vi) as of (A) each day on which any new Receivable is created, (B) the Initial Issuance Date with respect to the FUSA
Collateral Certificate and the Amendment Closing Date with respect to the Chase Collateral 

  

 23 

 
Certificate, (C) the applicable Cut Off Date with respect the Initial Accounts (and the Receivables arising therein) and each Addition Cut Off Date with
respect to Additional Accounts (and the Receivables arising therein), (D) each Addition Date with respect to an Additional Collateral Certificate and (E) each Increase Date with respect to an increase in the Invested Amount of a Collateral
Certificate previously conveyed to the Trust, all authorizations, consents, orders or approvals of or registrations or declarations with any Governmental Authority required to be obtained, effected or given by such Transferor in connection with the
conveyance to the Trust by such Transferor of such Receivables or Additional Collateral Certificate or the increase of the Invested Amount of any Collateral Certificate previously conveyed to the Trust by such Transferor have been duly obtained,
effected or given and are in full force and effect; 
 (vii) as of (A) each Issuance Date, (B) the applicable Cut
Off Date with respect the Initial Accounts (and the Receivables arising therein) and each Addition Cut Off Date with respect to Additional Accounts (and the Receivables arising therein), (C) each Addition Date with respect to an Additional
Collateral Certificate and (D) each Increase Date with respect to an increase in the Invested Amount of a Collateral Certificate previously conveyed to the Trust, this Agreement constitutes a valid sale, transfer and assignment to the Trust of
all right, title and interest of such Transferor in the Initial Collateral Certificate, any Receivables existing on and after such date, any Additional Collateral Certificate or any increased amount of such Collateral Certificate, as applicable,
transferred to the Trust by such Transferor and the proceeds thereof and Interchange and Recoveries identified as relating to the Receivables transferred to the Trust by such Transferor or, if this Agreement or, in the case of an Additional
Collateral Certificate or Additional Accounts, the related Certificate Assignment or Account Assignment, as applicable, does not constitute a sale of such property, it creates a valid and continuing security interest (as defined in the applicable
UCC) in such property in favor of the Trust, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from such Transferor; 
 (viii) as of (A) each Issuance Date, (B) the applicable Cut Off Date with respect the Initial Accounts (and the Receivables
arising therein) and each Addition Cut Off Date with respect to Additional Accounts (and the Receivables arising therein), (C) each Addition Date with respect to an Additional Collateral Certificate and (D) each Increase Date with respect
to an increase in the Invested Amount of a Collateral Certificate previously conveyed to the Trust, such Transferor has caused or will have caused within ten days, the filing of all appropriate financing statements in the proper filing office in the
appropriate jurisdictions under applicable law in order to perfect the security interest in such property granted to the Trust hereunder and upon the filing of all such appropriate financing statements, the Trust shall have a first priority
perfected security or ownership interest in such property and proceeds; 
  

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 (ix) as of (A) each Issuance Date, (B) the applicable Cut Off Date with respect
the Initial Accounts (and the Receivables arising therein) and each Addition Cut Off Date with respect to Additional Accounts (and the Receivables arising therein), (C) each Addition Date with respect to an Additional Collateral Certificate and
(D) each Increase Date with respect to an increase in the Invested Amount of a Collateral Certificate previously conveyed to the Trust, other than the security interest granted to the Trust pursuant to this Agreement or any other security
interest that has been terminated, such Transferor has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed such property; such Transferor has not authorized the filing of and is not aware of any financing statements
against such Transferor that include a description of collateral covering such property other than any financing statement relating to the security interest granted to the Trust hereunder or that has been terminated; and such Transferor is not aware
of any judgment or tax lien filings against such Transferor. Upon the filing of any applicable financing statements and, in the case of Receivables hereafter created and the proceeds thereof, upon the creation thereof, the Trust shall have a first
priority perfected security interest or ownership interest in such property and proceeds; 
 (x) as of (A) each Issuance
Date, (B) each Increase Date with respect to an increase in the Invested Amount of a Collateral Certificate previously conveyed to the Trust and (C) each Addition Date with respect to an Additional Collateral Certificate, such Collateral
Certificate constitutes a “certificated security” within the meaning of the applicable UCC; such Transferor has in its possession all original copies of each certificate that constitutes or evidences such Collateral Certificate; the
certificates that constitute or evidence such Collateral Certificate do not have any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Trust; and all financing statements filed or
to be filed against such Transferor in favor of the Trust in connection herewith describing such Collateral Certificate contain a statement to the following effect: “A purchase of or security interest in any collateral described in this
financing statement will violate the rights of the Trust”; 
 (xi) as of each Addition Date with respect to an Additional
Collateral Certificate, such Additional Collateral Certificate is an Eligible Collateral Certificate; 
 (xii) as of each Cut
Off Date, the related Initial Accounts, and as of each Addition Cut Off Date, the related Additional Accounts are Eligible Accounts; 
 (xiii) as of (A) the applicable Cut Off Date with respect to the Receivables then existing in each Initial Account owned by such Transferor and the applicable Addition Cut Off Date with respect to the Receivables then existing in each
Additional Account owned by such Transferor, (B) the date of the creation of each new Receivable transferred to the Trust by such Transferor and 

  

 25 

 
(C) each Issuance Date with respect to all Receivables which have been conveyed to the Trust by such Transferor, each such Receivable constitutes an
“account” within the meaning of the applicable UCC; 
 (xiv) as of (A) the applicable Cut Off Date with respect
to the Receivables then existing in each Initial Account owned by such Transferor and the applicable Addition Cut Off Date with respect to the Receivables then existing in each Additional Account owned by such Transferor and (B) the date of the
creation of any new Receivable transferred to the Trust by such Transferor, such Receivable is an Eligible Receivable; 
 (xv)
on the applicable Cut Off Date, with respect to Initial Accounts owned by such Transferor, or Addition Cut Off Date, with respect to Additional Accounts owned by such Transferor, no selection procedures believed by such Transferor to be materially
adverse to the interests of the Noteholders have been used in selecting such Accounts; and 
 (xvi) on the Initial Issuance
Date, with respect to the FUSA Collateral Certificate, the Amendment Closing Date, with respect to the Chase Collateral Certificate, and on each applicable Increase Date, with respect to the Collateral Certificate which is to have its Invested
Amount increased, such Collateral Certificate is an Eligible Collateral Certificate. 
 (b) Notice of Breach. The
representations and warranties set forth in Section 2.03 and this Section 2.04 shall survive the transfers and assignments of the Collateral Certificates and the Receivables to the Trust, the pledge of the Collateral Certificates and the
Receivables to the Collateral Agent pursuant to the Asset Pool Supplement, and the issuance of the Notes. Upon discovery by any Transferor, the Servicer, the Indenture Trustee, the applicable Collateral Agent or the Owner Trustee of a breach of any
of the representations and warranties set forth in Section 2.03 or this Section 2.04, the party discovering such breach shall give prompt written notice to the other parties following such discovery. 
 Section 2.05 Transfer of Ineligible Receivables and Ineligible Collateral Certificates. 
 (a) Automatic Removal. With respect to Receivables or Collateral Certificates, in the event that: 
 (i) (1) any representation or warranty contained in subsection 2.04(a)(v) is not true and correct in any material respect as of the date
specified therein, or in the event that a Receivable is not an Eligible Receivable or a Collateral Certificate is not an Eligible Collateral Certificate, and (2) any of the following two conditions is met: (A) as a result of such breach or
event such Receivable is charged off as uncollectible or the Trust’s rights in, to or under such Collateral Certificate or Receivable or its proceeds are impaired or the proceeds of such Collateral Certificate or Receivable are not available
for any reason to the 

  

 26 

 
Trust free and clear of any Lien; or (B) the Lien upon the subject Receivable or Collateral Certificate arises in favor of the United States of America
or any state or any agency or instrumentality thereof and involves taxes or liens arising under Title IV of ERISA or has been consented to by the applicable Transferor; or 
 (ii) with respect to Receivables, the applicable Transferor has taken an action which causes a Receivable to be deemed to be an Ineligible
Receivable in accordance with subsection 2.08(a); 
 then, upon the earlier to occur of the discovery of such breach or event by the
applicable Transferor or the Servicer or receipt by the Transferor who conveyed such Receivable or Collateral Certificate of written notice of such breach or event given by the Indenture Trustee, the applicable Collateral Agent or the Owner Trustee,
then the applicable Transferor shall accept reassignment of all applicable Receivables or of the applicable Collateral Certificate on the terms and conditions set forth in paragraph (c) below. 
 (b) Removal After Cure Period. In the event any representation or warranty contained in subsection 2.04(a)(iv), (vi), (vii), (ix),
(x), (xi), (xii), (xiii), (xiv), (xv) or (xvi) is not true and correct in any material respect as of the date specified therein with respect to (x) any Collateral Certificate and such breach has a material adverse effect on such
Collateral Certificate or (y) any Receivable or the related Account and such breach has a material and adverse effect on such Receivable, then, unless cured within 60 days (or such longer period, not in excess of 120 days, as may be agreed to
by the Indenture Trustee, the applicable Collateral Agent and the Servicer) after the earlier to occur of the discovery thereof by the Transferor who conveyed such Collateral Certificate or Receivable to the Trust or receipt by such Transferor of
written notice thereof given by the Owner Trustee, the Indenture Trustee, the applicable Collateral Agent or the Servicer, then such Transferor shall accept reassignment of the Ineligible Collateral Certificate or of the Ineligible Receivable, as
the case may be, on the terms and conditions set forth in paragraph (c) below. 
 (c) Procedures for Removal. When
the provisions of subsection 2.05(a) or (b) above require (i) removal of a Collateral Certificate, the applicable Collateral Agent shall deliver such Collateral Certificate (such Collateral Certificate, an “Ineligible Collateral
Certificate”) to the applicable Transferor with a valid assignment in the name of such Transferor for cancellation by such Transferor and directing the Servicer to deduct the Invested Amount of each such Ineligible Collateral Certificate from
the Pool Balance for the applicable Asset Pool and to decrease the Transferor Amount of such Asset Pool by the Invested Amount of such Ineligible Collateral Certificate or (ii) removal of a Receivable, the applicable Transferor shall accept
reassignment of such Receivable (each such Receivable, an “Ineligible Receivable”) by directing the Servicer to deduct the principal balance of each such Ineligible Receivable from the Pool Balance for the applicable Asset Pool and to
decrease the Transferor Amount of such Asset Pool by the principal balance of such Ineligible Receivable. On and after the date of such removal, the Invested Amount of each Ineligible Collateral Certificate and the principal balance of each
Ineligible Receivable 

  

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shall be deducted from the Pool Balance and Transferor Amount for the applicable Asset Pool. In the event that the exclusion of an Ineligible Collateral
Certificate or an Ineligible Receivable from the calculation of the Transferor Amount for an Asset Pool would cause the Transferor Amount for such Asset Pool to be reduced below the Required Transferor Amount for such Asset Pool or the Pool Balance
for such Asset Pool to be reduced below the Minimum Pool Balance for such Asset Pool or would otherwise not be permitted by law, the Transferor who conveyed such Ineligible Collateral Certificate or Ineligible Receivable shall immediately, but in no
event later than 10 Business Days after such event, make a deposit in the Excess Funding Account for that Asset Pool in immediately available funds in an amount equal to the amount by which (x) the Transferor Amount for that Asset Pool would be
reduced below the Required Transferor Amount for that Asset Pool or (y) the Pool Balance for that Asset Pool would be reduced below the Minimum Pool Balance for that Asset Pool. 
 Upon reassignment of any Ineligible Collateral Certificate or Ineligible Receivable, the Trust shall automatically and without further
action be deemed to transfer, assign, set-over and otherwise convey to the applicable Transferor or its designee, without recourse, representation or warranty, all the right, title and interest of the Trust in and to such Ineligible Collateral
Certificate or Ineligible Receivable, all Interchange and Recoveries related to any such Receivable, all monies and amounts due or to become due and all proceeds thereof and such reassigned Ineligible Collateral Certificate or Ineligible Receivable
shall be treated by the Trust as collected in full as of the date on which it was transferred. The obligation of each Transferor to accept reassignment of any Ineligible Collateral Certificate or Ineligible Receivable conveyed to the Trust by such
Transferor, and to make the deposits, if any, required to be made to the applicable Excess Funding Account as provided in this Section, shall constitute the sole remedy respecting the event giving rise to such obligation available to the Trust or
the Noteholders (or the Indenture Trustee or the applicable Collateral Agent on behalf of the Noteholders). The Trust shall execute such documents and instruments of transfer or assignment and take such other actions as shall reasonably be requested
and provided by the applicable Transferor to effect the conveyance of such Ineligible Collateral Certificate or Ineligible Receivable pursuant to this subsection 2.05(c), but only upon receipt of an Officer’s Certificate from such Transferor
that states that all conditions set forth in this Section 2.05 have been satisfied. 
 Section 2.06 Reassignment of Collateral.
In the event any representation or warranty of a Transferor set forth in subsection 2.03(a) or (c) or subsection 2.04(a)(i), (ii), (iii) or (vii) is not true and correct in any material respect and such breach has a material adverse
effect on the Receivables designated for inclusion in an Asset Pool or a particular Collateral Certificate transferred to the Trust by such Transferor or the availability of the proceeds thereof to the Trust then, either the Owner Trustee, the
Indenture Trustee, the applicable Collateral Agent or the Holders of Notes secured by the applicable Asset Pool evidencing more than 66 2/3% of the aggregate unpaid principal amount of all Outstanding Notes secured by the applicable Asset Pool, by notice then given to the applicable Transferor, the Administrator and the Servicer (and to the Owner Trustee, the
Indenture Trustee and the applicable Collateral Agent, if given by the Noteholders), may direct such Transferor to accept a reassignment of the Receivables 

  

 28 

 
designated for inclusion in such Asset Pool and/or any such Collateral Certificate conveyed to the Trust by such Transferor and designated for inclusion in
such Asset Pool, pursuant to this Agreement, the applicable Receivables Purchase Agreement, if any, the applicable Series Supplement, the applicable Account Assignment or the applicable Certificate Assignment, if such breach and any material adverse
effect caused by such breach is not cured within 60 days of such notice (or within such longer period as may be specified in such notice), and upon those conditions such Transferor shall be obligated to accept such reassignment on the terms set
forth below; provided, however, that a Transferor shall only be required to accept reassignment of Receivables or Collateral Certificates transferred under an agreement with respect to which the relevant representation and warranty was
deemed to be breached; and provided, further, the affected Receivables and the affected Collateral Certificates will not be reassigned to such Transferor if, on any day during such applicable period the relevant representation and
warranty shall be true and correct in all material respects as if made on such day. The applicable Transferor shall deposit the portion of the Reassignment Amount attributable to the applicable Notes in the Collection Account to be treated
(i) in connection with amounts determined under clause (a) of the definition of “Reassignment Amount,” as Principal Collections for each Series of Notes and (ii) in connection with the amounts determined under clause
(b) of the definition of “Reassignment Amount,” as Finance Charge Collections for each Series of Notes, in either case, in immediately available funds not later than 1:00 p.m., New York City time, on the First Note Transfer Date
following the Monthly Period in which such reassignment obligation arises, in payment for such reassignment. 
 If the Owner Trustee, the
Indenture Trustee, the applicable Collateral Agent or the Noteholders give notice directing the applicable Transferor to accept a reassignment of any Receivables or any Collateral Certificate as provided above, the obligation of such Transferor to
accept such reassignment pursuant to this Section 2.06 and to make the deposit required to be made to the Collection Account for each Series of Notes as provided in this Section 2.06 shall constitute the sole remedy respecting an event of
the type specified above in this Section 2.06 available to the Noteholders (or the Indenture Trustee or any Collateral Agent on behalf of the Noteholders). Upon reassignment of the affected Receivables and any affected Collateral Certificate on
the First Note Transfer Date following the Monthly Period in which such obligation arises, the Trust shall automatically and without further action be deemed to transfer, assign, set-over and otherwise convey to the applicable Transferor, without
recourse, representation or warranty, all the right, title and interest of the Trust in and to the affected Receivables and affected Collateral Certificates, all Interchange and Recoveries allocable to the Trust with respect thereto, and all monies
and amounts due or to become due with respect thereto and all proceeds of the Receivables and Insurance Proceeds relating thereto allocated to the Receivables (and any costs or expenses incurred by the Indenture Trustee in connection with such
reassignment shall be reimbursed by the Servicer). The Trust shall execute such documents and instruments of transfer or assignment and take such other actions as shall reasonably be requested by the applicable Transferor to effect the conveyance of
such property pursuant to this Section. 
  

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 Section 2.07 Additional Transferors. The Transferor may designate Affiliates of the Transferor to
be included as Transferors (“Additional Transferors”) under this Agreement in an amendment hereto pursuant to subsection 12.01(a) and, in connection with such designation, the Transferor shall surrender the Transferor Certificate for the
applicable Asset Pool to the Owner Trustee in exchange for a newly issued Transferor Certificate for such Asset Pool modified to reflect such Additional Transferor’s interest in the Transferor Interest of such Asset Pool; provided,
however, that each Additional Transferor shall agree in such amendment hereto to assume all of the duties and obligations of the Transferor hereunder; and provided, further, that prior to any such designation and exchange
(i) the Owner Trustee shall have received an Issuing Entity Tax Opinion, (ii) the Note Rating Agency Condition shall have been satisfied, (iii) the Master Trust Trustee shall have received the Master Trust Tax Opinion and
(iv) any additional conditions to the transfer of a Beneficial Interest provided in Section 3.02 of the Trust Agreement shall have been satisfied. 
 Section 2.08 Covenants of each Transferor. Each Transferor hereby severally covenants that: 
 (a) Receivables Not To Be Evidenced by Promissory Notes. Except in connection with its enforcement or collection of an Account, such Transferor will take no action to cause any Receivable conveyed by it to the Trust to be evidenced
by any instrument (as defined in the UCC) and if any such Receivable is so evidenced it shall be deemed to be an Ineligible Receivable in accordance with subsection 2.05(a) and shall be reassigned to such Transferor in accordance with subsection
2.05(c). Each Receivable shall be payable pursuant to a contract which does not create a Lien on any goods purchased thereunder. Each Transferor will take no action to cause any Receivable to be anything other than an “account” (as defined
in the UCC). 
 (b) Security Interests. Except for the conveyances hereunder, such Transferor will not sell, pledge,
assign or transfer to any other Person, or grant, create, incur, assume or suffer to exist any Lien on, any Receivable or Collateral Certificate conveyed by it to the Trust, whether now existing or hereafter created, or any interest therein; such
Transferor will immediately notify the Indenture Trustee, the applicable Collateral Agent and the Owner Trustee of the existence of any Lien on any Receivable or Collateral Certificate; and such Transferor shall defend the right, title and interest
of the Trust, the Indenture Trustee and the applicable Collateral Agent in, to and under the Receivables and any Collateral Certificate, whether now existing or hereafter created, against all claims of third parties claiming through or under such
Transferor; provided, however, that nothing in this subsection 2.08(b) shall prevent or be deemed to prohibit such Transferor from suffering to exist upon any of the Receivables any Liens for municipal or other local taxes if such
taxes shall not at the time be due and payable or if such Transferor shall currently be contesting the validity thereof in good faith by appropriate proceedings and shall have set aside on its books adequate reserves with respect thereto.

 (c) Transferor Interest. Except for the conveyances hereunder, in connection with any transaction permitted by
subsection 6.02(a)(i) and as provided in 

  

 30 

 
Section 2.07 of this Agreement, such Transferor agrees not to transfer, sell, assign, exchange or otherwise convey or pledge, hypothecate or otherwise
grant a security interest in the Transferor Interest of any Asset Pool or any Transferor Certificate for any Asset Pool and any such attempted transfer, assignment, exchange, conveyance, pledge, hypothecation, grant or sale shall be void, unless the
Owner Trustee shall have received an Issuing Entity Tax Opinion. 
 (d) Delivery of Collections. In the event that such
Transferor receives Collections, such Transferor agrees to pay the Servicer all such Collections as soon as practicable after receipt thereof. 
 (e) Notice of Liens. Such Transferor shall notify the Owner Trustee, the Indenture Trustee and the applicable Collateral Agent promptly after becoming aware of any Lien on any Receivable or Collateral
Certificate conveyed by it to the Trust other than the conveyances hereunder and under the applicable Receivables Purchase Agreement, if any, the applicable Pooling and Servicing Agreement, the applicable Series Supplement, the Indenture and the
applicable Asset Pool Supplement. 
 (f) Credit Card Agreements and Guidelines. Each Transferor that is an Account
Owner covenants that it shall comply with and perform its obligations under the Credit Card Agreements relating to the Accounts and the Credit Card Guidelines and all applicable rules and regulations of the applicable credit card company except
insofar as any failure to comply or perform would not materially and adversely affect the rights of the Trust or the Noteholders; provided, however, the applicable Transferor may change the terms and provisions of the applicable Credit
Card Agreements or the applicable Credit Card Guidelines in any respect (including the reduction of the required minimum monthly payment, the calculation of the amount, or the timing, of charge-offs and the Periodic Finance Charges and other fees to
be assessed thereon) only if such change (i) would not, in the reasonable belief of such applicable Transferor, cause an Early Amortization Event or Event of Default to occur, and (ii) is made applicable to any comparable segment of the
consumer revolving credit card accounts owned by such applicable Transferor which have characteristics the same as, or substantially similar to, the Accounts that are the subject of such change, except as otherwise restricted by an endorsement,
sponsorship, or other agreement between such applicable Transferor and an unrelated third party or by the terms of the Credit Card Agreements. 
 Section 2.09 Covenants of Each Transferor with Respect to Any Applicable Receivables Purchase Agreement. Each Transferor, if such Transferor is a party to a Receivables Purchase Agreement, in its capacity as purchaser of Receivables
from any Account Owner pursuant to any such Receivables Purchase Agreement, hereby covenants that such Transferor will at all times enforce the covenants and agreements of any Account Owner in such Receivables Purchase Agreement, including covenants
that the Account Owner shall at all times enforce the covenants and agreements of it, as the case may be, in any Receivables Purchase Agreement. 
 Section 2.10 [Reserved] 
  

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 Section 2.11 Increases in the Invested Amount of an Existing Collateral Certificate. 

(a) The Invested Amount of any Collateral Certificate previously conveyed to the Trust and designated for inclusion in an Asset Pool
may be increased by the applicable Transferor on any Business Day in connection with: 
 (i) the issuance of an additional
Series, Class or Tranche of Notes secured by such Asset Pool; or 
 (ii) the increase of the Transferor Amount for such Asset
Pool. 
 (b) In connection with any increase in the Invested Amount of a Collateral Certificate previously conveyed to the
Trust, such increase shall either be funded from the proceeds of the issuance of an additional Series, Class or Tranche of Notes or funded by the applicable Transferor (which funding may be in cash or through an increase in the Transferor Interest
for such Asset Pool). 
 (c) Notwithstanding any other provision of this Agreement, with respect to any Monthly Period, the
Invested Amount of a Collateral Certificate previously conveyed to the Trust shall not be increased, including increases pursuant to this Section 2.11, if (i) an Early Amortization Event shall have occurred with respect to any Notes as a
result of a failure to add Collateral to the Trust for inclusion in a specified Asset Pool or a failure to increase the Invested Amount of a Collateral Certificate previously conveyed to the Trust at a time when the Pool Balance for such Asset Pool
for the prior Monthly Period is less than the Minimum Pool Balance for such Asset Pool for such prior Monthly Period and (ii) increasing the Invested Amount of or reinvesting in a Collateral Certificate previously conveyed to the Trust would
result in a reduction in the allocation percentage applicable for principal collections for such Collateral Certificate. 
 Section 2.12
Addition of Collateral. 
 (a) Required Additions. 
 (i) Required Additions. If, (A) as determined on any Determination Date, the Transferor Amount for an Asset Pool for the prior
Monthly Period is less than the Required Transferor Amount for such Asset Pool for such prior Monthly Period, the applicable Transferor shall (1) designate Receivables in additional Accounts to be transferred to the Trust (each, an
“Additional Account”) for designation pursuant to the applicable Asset Pool Supplement, (2) designate one or more additional Collateral Certificates to be transferred to the Trust (each, an “Additional Collateral
Certificate”) for designation pursuant to the applicable Asset Pool Supplement or (3) increase the Invested Amount of one or more Collateral Certificates previously conveyed to the Trust pursuant to Section 2.11 in a sufficient amount
such that, after giving effect to such addition or increase, the Transferor Amount for such Asset Pool for the prior Monthly Period would have been at least equal to the Required 

  

 32 

 
Transferor Amount for such Asset Pool for such prior Monthly Period, or (B) as determined on any Determination Date, the Pool Balance for such Asset
Pool for the prior Monthly Period is less than the Minimum Pool Balance for such Asset Pool for such prior Monthly Period, the applicable Transferor shall (1) designate Receivables in Additional Accounts to be transferred to the Trust for
designation pursuant to the applicable Asset Pool Supplement, (2) designate one or more Additional Collateral Certificates to be transferred to the Trust for designation pursuant to the applicable Asset Pool Supplement or (3) increase the
Invested Amount of one or more Collateral Certificates previously conveyed to the Trust pursuant to Section 2.11 in a sufficient amount such that, after giving effect to such addition or increase, the Pool Balance for the applicable Asset Pool
would have been at least equal to the Minimum Pool Balance for such Asset Pool for the prior Monthly Period; provided, however, that in the event of a Servicer Rating Event, the Transferor Amount and the Pool Balance for an Asset Pool
will be determined on a daily basis in accordance with a method to be determined by the Servicer, subject to satisfaction of the Note Rating Agency Condition. 
 Any increase in the Invested Amount of one or more Collateral Certificates previously conveyed to the Trust shall occur and/or designation
of Receivables in any Additional Accounts and/or any Additional Collateral Certificates to be transferred to the Trust for designation to a particular Asset Pool shall be transferred to the Trust and designated for inclusion in such Asset Pool on or
before the thirtieth Business Day following such Determination Date (such date, in connection with the addition of Additional Accounts or Additional Collateral Certificates, the “Addition Date” and in connection with the increase of a
Collateral Certificate previously conveyed to the Trust, the “Increase Date”); provided, however, that in the event of a Servicer Rating Event, any such Addition Date or Increase Date shall be on or before the tenth Business
Date following such Determination Date. The failure of the applicable Transferor to increase the Pool Balance or the Transferor Amount for the applicable Asset Pool as provided in this clause (i) solely as a result of the unavailability to the
applicable Transferor of a sufficient amount of Additional Accounts and/or Additional Collateral Certificates and/or the inability to increase the Invested Amount of one or more Collateral Certificates previously conveyed to the Trust shall not
constitute a breach of this Agreement; provided that any such failure which has not been timely cured may nevertheless result in the occurrence of an Early Amortization Event. 
 (ii) Any Additional Accounts or Additional Collateral Certificates designated to be included as Trust Assets pursuant to clause
(i) above may only be so included if the applicable conditions specified in subsection (c) below have been satisfied. 
 (b) Permitted Additions. 
 (i) In addition to its obligation under subsection 2.12(a), each Transferor may,
but shall not be obligated to, subject to the 

  

 33 

 
conditions in paragraph (c) below, (x) designate from time to time Receivables in Additional Accounts to be included as Trust Assets, and/or
Additional Collateral Certificates to be included as Trust Assets and (y) increase the Invested Amount of a Collateral Certificate previously conveyed to the Trust. Such additional Collateral shall be transferred to the Issuing Entity on the
Addition Date or Increase Date, as applicable. 
 (ii) On any Business Day, consideration in the form of cash will be applied
or an increase in the Transferor Interest will be effected in connection with any increase in the Trust Assets pursuant to Section 2.11 or this Section 2.12, as applicable. 
 (c) Conditions to Additions. On each Addition Date with respect to any Additional Accounts and/or Additional Collateral
Certificates, the applicable Receivables in Additional Accounts (and such Additional Accounts shall be deemed to be Accounts for purposes of this Agreement) or the applicable Additional Collateral Certificates existing as of the close of business on
the applicable Addition Date shall be designated as additional Trust Assets, subject to the satisfaction of the following conditions (which shall not apply with respect to any increase in the Invested Amount of any Collateral Certificate previously
conveyed to the Trust except as specified in clause (i) below): 
 (i) on or before the third Business Day prior to the
Addition Date or Increase Date with respect to additions or increases pursuant to subsection 2.12(a) and on or before the fifth Business Day prior to the Addition Date with respect to additions pursuant to subsection 2.12(b) (the “Notice
Date”), the applicable Transferor shall have delivered to the Owner Trustee, the Indenture Trustee, the Servicer, the applicable Collateral Agent and each Note Rating Agency written notice (unless such notice requirement is otherwise waived)
that the Additional Accounts and/or Additional Collateral Certificates will be included in the Trust Assets or an increased Invested Amount of a Collateral Certificate previously conveyed to the Trust will be included in the Trust Assets (the latter
notice requirement shall only apply to increases made pursuant to subsection 2.12(a); provided, however, that notice shall be delivered to the applicable Collateral Agent in connection with any increase in the Invested Amount of a
Collateral Certificate previously conveyed to the Trust on or prior to the relevant Increase Date), which notice shall specify, as applicable, (x) the approximate aggregate amount of the Principal Receivables to be pledged, (y) the
Invested Amount of the Collateral Certificates to be pledged or (z) the amount by which the Invested Amount of a Collateral Certificate previously conveyed to the Trust is to be increased, as well as the applicable Addition Date or Increase
Date and, in connection with the Additional Accounts, the Addition Cut Off Date; 
 (ii) the applicable Transferor shall
represent and warrant as of the applicable Addition Cut Off Date, each Additional Account is an Eligible Account; 
  

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 (iii) the applicable Transferor shall represent and warrant as of the applicable Addition
Date, each Additional Collateral Certificate is an Eligible Collateral Certificate; 
 (iv) on or before the Addition Date
with respect to Additional Accounts and the Receivables arising thereunder, the applicable Transferor shall have delivered to the Owner Trustee, on behalf of the Issuing Entity, and the Servicer a written assignment in substantially the form of
Exhibit A-2 (the “Account Assignment”) and the applicable Transferor shall have delivered to the Owner Trustee, on behalf of the Issuing Entity, a computer file containing a true and complete list of all Additional Accounts designated by
such Account Assignment, identified by account number and the aggregate amount of the Receivables in each Additional Account as of the Addition Cut Off Date, and stating to which Asset Pool such Additional Accounts belong, which computer file shall
be as of the date of such Account Assignment, incorporated into and made a part of such Account Assignment and this Agreement; 
 (v) on or before the Addition Date with respect to Additional Collateral Certificates, the applicable Transferor shall have delivered to the Owner Trustee, on behalf of the Issuing Entity, a written assignment in substantially the form of
Exhibit A-1 (the “Certificate Assignment”) and each Collateral Certificate shall be registered in the name of the Owner Trustee, on behalf of the Issuing Entity; 
 (vi) as of each of the Addition Cut Off Date and the Addition Date, no Insolvency Event with respect to the Account Owner, as applicable,
or such Transferor shall have occurred nor shall the transfer to the Trust of the Receivables arising in the Additional Accounts or of the Additional Collateral Certificate have been made in contemplation of the occurrence thereof; 
 (vii) the acquisition by the Trust of the Receivables arising in the Additional Accounts or of the Additional Collateral Certificate shall
not, in the reasonable belief of the applicable Transferor, result in an Adverse Effect; 
 (viii) as of (i) the Addition
Cut Off Date, the Assignment constitutes a valid sale, transfer and assignment to the Trust of all right, title and interest, whether owned on the Addition Cut Off Date or thereafter acquired, of the Transferor in the Receivables existing on the
Addition Cut Off Date or thereafter created in the Additional Accounts, all Interchange and Recoveries related thereto, all monies due or to become due and all amounts received or receivable with respect thereto and the “proceeds”
(including “proceeds” as defined in the applicable UCC) thereof, or, if this Assignment does not constitute a sale of such property, it constitutes a grant of a “security interest” (as defined in the applicable UCC) in such
property to the Trust, which, in the case of existing Receivables and the proceeds thereof, is enforceable upon execution and delivery of this Assignment, and which will be enforceable with respect to such 

  

 35 

 
Receivables hereafter created and the proceeds thereof upon such creation or (ii) the Addition Date in connection with an Additional Collateral
Certificate, the Assignment constitutes either (x) a valid sale, transfer and assignment to the Trust of all right, title and interest of the Transferor in the Additional Collateral Certificate designated on the Addition Date and such
Additional Collateral Certificate will be held by the Owner Trustee, on behalf of the Trust, free and clear of any Lien of any Person claiming through or under the Transferor or any of its Affiliates, or (y) a valid transfer for security of all
of the Transferor’s right, title and interest in such Additional Collateral Certificate to the Owner Trustee, on behalf of the Trust, which is enforceable upon execution and delivery of this Assignment. Upon the filing of all such appropriate
financing statements, the Trust shall have a first priority perfected security or ownership interest in such property and proceeds; 
 (ix) if, with respect to any three-month period or with respect to any twelve-month period, the aggregate number of Additional Accounts designated to have their Receivables added to the Trust and designated for inclusion in any Asset Pool,
shall exceed the applicable Aggregate Addition Limit for such Asset Pool, the applicable Transferor shall have received notice from each Note Rating Agency that the inclusion pursuant to subsection 2.12(b) of such Additional Accounts in excess of
the applicable Aggregate Addition Limit will not result in the reduction or withdrawal of its then existing rating of any Series, Class or Tranche of Notes then issued and Outstanding and shall have delivered such notice to the Owner Trustee, on
behalf of the Issuing Entity; 
 (x) if so notified by any Note Rating Agency on or before the second Business Day prior to
the Addition Date with respect to additions of Additional Collateral Certificates pursuant to subsection 2.12(a) or on or before the fourth Business Day prior to the Addition Date with respect to additions of Additional Collateral Certificates
pursuant to subsection 2.12(b) that such Note Rating Agency has elected to impose a Note Rating Agency Condition with respect to the addition of an Additional Collateral Certificate, the applicable Transferor shall have received notice from such
Note Rating Agency on or prior to the applicable Addition Date that the Note Rating Agency Condition shall have been satisfied with respect to such Note Rating Agency and the Transferor shall have delivered such notice to the Owner Trustee, on
behalf of the Issuing Entity; and 
 (xi) such Transferor shall have delivered to the Owner Trustee, on behalf of the Issuing
Entity, an Officer’s Certificate, dated the Addition Date, confirming, to the extent applicable, the items set forth in clauses (ii) through (x) above. 
 Section 2.13 Removal of Accounts. 
 (a) Subject to the conditions set forth below,
each Transferor may, but shall not be obligated to, designate Receivables for removal from the Trust (the 

  

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“Removed Accounts”). On or before the fifth Business Day (the “Removal Notice Date”) prior to the date on which the Receivables from the
designated Removed Accounts will be reassigned to the applicable Transferor (the “Removal Date”), the Issuing Entity shall give the Owner Trustee, the Indenture Trustee, the Servicer, the applicable Collateral Agent and each Note Rating
Agency written notice that the Receivables from such Removed Accounts are to be reassigned to the applicable Transferor. 
 (b) The applicable Transferor shall be permitted to designate and require reassignment to it of Receivables from Removed Accounts only upon satisfaction of the following conditions: 
 (i) all of the requirements for the removal of Accounts under the applicable Asset Pool Supplement have been satisfied; 
 (ii) the Servicer shall represent and warrant that (x) a random selection procedure was used by the Servicer in selecting the Removed
Accounts and only one such removal of randomly selected Accounts shall occur in the then current Monthly Period, (y) the Removed Accounts arose pursuant to an affinity, private-label, agent-bank, co-branding or other arrangement with a third
party that has been cancelled by such third party or has expired without renewal and which by its terms permits the third party to repurchase the Removed Accounts subject to such arrangement, upon such cancellation or non-renewal and the third party
has exercised such repurchase right or (z) the Removed Accounts were selected using another method that will not preclude transfers from being accounted for as sales under generally accepted accounting principles or prevent the applicable
Transferor from continuing to qualify as a qualifying special purpose entity in accordance with SFAS No. 140 (or any relevant replacement statement); 
 (iii) the removal of any Receivable of any Removed Accounts on any Removal Date shall not, in the reasonable belief of the applicable Transferor, cause, with respect to the Asset Pool in which such Receivables had
been designated for inclusion, an Adverse Effect or the Transferor Amount for such Asset Pool to be less than the Required Transferor Amount for that Asset Pool or the Pool Balance for that Asset Pool to be less than the Minimum Pool Balance for
such Monthly Period in which such removal occurs; 
 (iv) on or prior to the Removal Date, the applicable Transferor shall
have delivered to the Owner Trustee, on behalf of the Issuing Entity, for execution, a written assignment in substantially the form of Exhibit B (the “Reassignment”) and, within five Business Days thereafter, or as otherwise agreed upon
between the applicable Transferor and the Owner Trustee, on behalf of the Issuing Entity, the applicable Transferor shall have delivered to the Owner Trustee, on behalf of the Issuing Entity, a computer file containing a true and complete list of
all Removed Accounts identified by account number and the 

  

 37 

 
aggregate amount of Receivables outstanding in each Removed Account as of the Removal Date, and stating from which Asset Pool such Accounts are to be
removed, which computer file shall as of the Removal Date modify and amend and be made a part of this Agreement; 
 (v) on or
before the tenth Business Day prior to the Removal Date, each Note Rating Agency shall have received notice from the Servicer of such proposed removal of the Receivables of such Accounts and, if such removal is pursuant to subclause (ii)(z) above,
the Note Rating Agency Condition shall have been satisfied; and 
 (vi) (A) the Issuing Entity shall have delivered to the
Owner Trustee an Officer’s Certificate confirming the items set forth in clause (i), (B) the Servicer shall have delivered to the Owner Trustee, on behalf of the Issuing Entity, an Officer’s Certificate confirming the items set forth
in clause (ii) above and (C) the applicable Transferor shall have delivered to the Owner Trustee, on behalf of the Issuing Entity, an Officer’s Certificate confirming the items set forth in clauses (iii) through (v) above.
The Owner Trustee, the Indenture Trustee and the applicable Collateral Agent may each conclusively rely on each such Officer’s Certificate, shall have no duty to make inquiries with regard to the matters set forth therein and shall incur no
liability in so relying. 
 Upon satisfaction of the above conditions, the Owner Trustee, on behalf of the Issuing Entity,
shall execute and deliver the Reassignment to such Transferor, and the Receivables from the Removed Accounts shall no longer constitute a part of the Collateral. 
 Section 2.14 Account Allocations. In the event that any Transferor is unable for any reason to transfer Receivables to the Trust in accordance with the provisions of this Agreement (including by reason of the
application of the provisions of Section 9.01 or any order of any Governmental Authority (a “Transfer Restriction Event”)), then, in any such event, (a) such Transferor and the Servicer agree (except as prohibited by any such
order) to allocate and pay to the Trust, after the date of such inability, all Collections, including Collections of Principal Receivables and Finance Charge Receivables transferred to the Trust prior to the occurrence of such event, and all amounts
which would have constituted Collections with respect to Principal Receivables and Finance Charge Receivables but for such Transferor’s inability to transfer such Receivables (up to the lesser of the amount of such insufficiency or an aggregate
amount equal to the amount of Principal Receivables and Finance Charge Receivables in the Trust on such date transferred to the Trust by such Transferor), (b) such Transferor and the Servicer agree that such amounts will be applied as
Collections in accordance with the terms of the applicable Asset Pool Supplement and the terms of each Indenture Supplement and (c) for only so long as the allocation and application of all Collections and all amounts that would have
constituted Collections are made in accordance with clauses (a) and (b) above, Principal Receivables and Finance Charge Receivables (and all amounts which would have constituted Principal Receivables and Finance Charge Receivables but for
such Transferor’s inability to transfer Receivables to the Trust) which 

  

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are charged off as uncollectible in accordance with this Agreement shall continue to be allocated in accordance with the terms of the applicable Asset Pool
Supplement and each Indenture Supplement and all amounts that would have constituted Principal Receivables but for such Transferor’s inability to transfer Receivables to the Trust shall be deemed to be Principal Receivables for the purpose of
calculating the applicable Noteholder Percentage with respect to Principal Receivables with respect to any Series, Class or Tranche secured by the Receivables designated for inclusion in any Asset Pool. For the purpose of the immediately preceding
sentence, such Transferor and the Servicer shall treat the first received Collections with respect to the Accounts as allocable to the Trust until the Trust shall have been allocated and paid Collections in an amount equal to the aggregate amount of
Principal Receivables in the Trust as of the date of the occurrence of such event. If such Transferor and the Servicer are unable pursuant to any Requirements of Law to allocate Collections as described above, such Transferor and the Servicer agree
that, after the occurrence of such event, payments on each Account with respect to the principal balance of such Account shall be allocated first to the oldest principal balance of such Account and shall have such payments applied as Collections in
accordance with the terms of the applicable Asset Pool Supplement and each Indenture Supplement. The parties hereto agree that Finance Charge Receivables, whenever created, accrued in respect of Principal Receivables which have been conveyed to the
Trust, or that would have been conveyed to the Trust but for the above described inability to transfer such Receivables, shall continue to be a part of the Trust notwithstanding any cessation of the transfer of additional Principal Receivables to
the Trust and Collections with respect thereto shall continue to be allocated and paid in accordance with the terms of the applicable Asset Pool Supplement and each Indenture Supplement. 
 Section 2.15 Discount Receivables. 
 (a) The Transferor shall have the option to designate at any time and from time to time a fixed percentage or percentages, which may be a fixed percentage or a variable percentage based on a formula (the “Yield
Factor”), currently zero, of all or any specified portion of Gross Principal Receivables outstanding that have been designated for inclusion in a specified Asset Pool on any date of determination and subsequently created to be treated as
Discount Receivables and included as Finance Charge Receivables. Subject to the conditions specified below, the Transferor may, without notice to or the consent of any Noteholder whose notes are secured by a specified Asset Pool, from time to time,
increase, reduce or eliminate the Yield Factor on or after such initial date of determination and any other specified date (each, a “Discount Option Date”). The Transferor shall provide 30 days prior written notice of any such change in a
Yield Factor with respect to a specified Asset Pool and the related Discount Option Date to the Servicer, the Owner Trustee, the Indenture Trustee, the applicable Collateral Agent and any Note Rating Agency and such change in the Yield Factor shall
become effective on such Discount Option Date unless such designation in the reasonable belief of the Transferor would cause an Early Amortization Event or Event of Default with respect to any Series, Class or Tranche to occur, or an event which,
with notice or lapse of time or both, would constitute an Early Amortization Event or Event of Default with respect to any Series, Class or Tranche. In addition, on each Discount Option Date after a change in Yield Factor, the Transferor shall apply
the new Yield Factor to all or the portion of 

  

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the Gross Principal Receivables outstanding that have been designated for inclusion in a specified Asset Pool which are to be treated as Discount
Receivables. 
 (b) After the Discount Option Date, Discount Receivables Collections with respect to Receivables designated
for inclusion in an Asset Pool shall be treated as Finance Charge Collections to be allocated to such Asset Pool. 
 [END OF ARTICLE II]

  

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 ARTICLE III 
 COLLECTIONS, ALLOCATIONS, DEPOSITS AND PAYMENTS 
 Section 3.01 Collections and Allocations. The
Servicer (or, if the authority of the Servicer has been revoked pursuant to Section 10.01 hereof, or, if a Successor Servicer has been appointed, the Successor Servicer) shall receive from time to time funds from each Transferor in respect of
Receivables and from each applicable Master Trust with respect to the Collateral Certificates pledged to the Trust. Upon receipt of any funds in respect of a Collateral Certificate or Receivables, unless otherwise specified herein, the Servicer
shall deposit such amounts in the Collection Account for the Asset Pool in which such Collateral Certificate or Receivables have been designated for inclusion, which amounts shall be applied by the applicable Collateral Agent, on behalf of the
Indenture Trustee, for such Asset Pool pursuant to the Asset Pool Supplement for such Asset Pool. Except as otherwise provided below, the Servicer shall deposit Collections with respect to Receivables into the Collection Account for the applicable
Asset Pool as promptly as possible after the Date of Processing of such Collections, but in no event later than the second Business Day following the Date of Processing and shall deposit Collections received with respect to Collateral Certificates
with respect to any Monthly Period into the Collection Account for the applicable Asset Pool no later than the First Note Transfer Date for the applicable Asset Pool in the next succeeding Monthly Period. In the event of the insolvency of the
Servicer, then, immediately upon the occurrence of such event and thereafter, the Servicer shall deposit all Collections into the Collection Account for each applicable Asset Pool and in no such event shall the Servicer deposit any Collections
thereafter into any account established, held or maintained with the Servicer. 
 For as long as Chase USA remains the Servicer hereunder and
(i) no Servicer Rating Event shall have occurred and be continuing or (ii) Chase USA obtains a guarantee or letter of credit covering risk of collection with respect to its deposit and payment obligations under this Agreement (in form and
substance satisfactory to each Note Rating Agency) from a guarantor having a short-term credit rating of at least “A-1” from Standard & Poor’s or “P-1” from Moody’s or “F1” from Fitch (or such other
rating below “A-1” or “P-1,” or to the extent rated by Fitch, “F1,” as the case may be, which is acceptable to such Note Rating Agency), or (iii) the Note Rating Agency Condition will have been satisfied despite
the Servicer’s inability to satisfy the rating requirement specified in clause (i) or (ii) above, or (iv) for five Business Days following any reduction of any such rating or failure to satisfy the conditions specified in clause
(i) or (ii) above, the Servicer need not make daily deposits of Collections into the Collection Account as provided in the preceding paragraph, but may make deposits in an amount equal to the net amount of such deposits and payments which
would have been made with respect to Notes to receive payments on the related Payment Dates had the conditions of this sentence not applied, in the Collection Account in immediately available funds not later than 1:00 p.m., New York City time, on
each applicable Note Transfer Date following the Monthly Period with respect to which such deposit relates. To the extent that, in accordance with this Section 3.01, the Servicer has retained amounts which would 

  

 41 

 
otherwise be required to be deposited into a Collection Account or any Supplemental Bank Account with respect to any Monthly Period, the Servicer shall be
required to deposit such amounts in the applicable Collection Account or such applicable Supplemental Bank Account on the related Note Transfer Date to the extent necessary to make required distributions on the related Payment Date for such Asset
Pool. 
 Section 3.02 Allocations of Finance Charge Collections, the Default Amount and the Trust Servicing Fee. 
 (a) With respect to each Monthly Period, the Servicer shall allocate to each Asset Pool an amount equal to the Finance Charge Collections
from the Trust Assets identified in the applicable Asset Pool Supplement to be included in the Collateral for such Asset Pool for such Monthly Period. 
 (b) With respect to each Monthly Period, the Servicer shall allocate to each Asset Pool an amount equal to the Default Amount with respect to the Trust Assets identified in the applicable Asset Pool Supplement to be
included in the Collateral for such Asset Pool for such Monthly Period. 
 (c) With respect to each Monthly Period, the
Servicer shall allocate to each Asset Pool an amount equal to the Servicing Fee for that Asset Pool with respect to such Monthly Period. 
 Section 3.03 Allocations of Principal Collections. With respect to each Monthly Period, the Servicer shall allocate to each Asset Pool an amount equal to the Principal Collections from the Trust Assets identified in the applicable
Asset Pool Supplement to be included in the Collateral for such Asset Pool for such Monthly Period. 
 Section 3.04 Allocations of Finance
Charge Collections, the Default Amount, the Servicing Fee and Principal Collections Allocable to the Transferor Interest of an Asset Pool. 
 (a) With respect to each Monthly Period, unless otherwise stated in any Indenture Supplement, the Servicer shall allocate to the holder of the Transferor Interest for an Asset Pool an amount equal to the product of
(i) the Transferor Percentage for that Asset Pool with respect to such Monthly Period and (ii) the Finance Charge Collections allocable to that Asset Pool with respect to such Monthly Period. If so specified in any Indenture Supplement,
such amounts may be applied to cover certain shortfalls in the amount of investment earnings on investments of funds in certain Supplemental Bank Accounts. 
 (b) With respect to each Monthly Period, the Servicer shall allocate to the holder of the Transferor Interest for an Asset Pool an amount equal to the product of (i) the Transferor Percentage for that Asset Pool
with respect to such Monthly Period and (ii) the Default Amount allocable to that Asset Pool with respect to such Monthly Period. 
  

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 (c) With respect to each Monthly Period, the Servicer shall allocate to the holder of the
Transferor Interest for an Asset Pool an amount equal to the product of (i) the Transferor Percentage for that Asset Pool with respect to such Monthly Period and (ii) the Servicing Fee for that Asset Pool with respect to such Monthly
Period. 
 (d) With respect to each Monthly Period, unless otherwise stated in any Asset Pool Supplement or any Indenture
Supplement, the Servicer shall allocate to the holder of the Transferor Interest for an Asset Pool an amount equal to the product of (i) the Transferor Percentage for that Asset Pool with respect to such Monthly Period and (ii) the
Principal Collections allocable to that Asset Pool with respect to such Monthly Period; provided, however, that amounts payable to the holder of the Transferor Interest for an Asset Pool pursuant to this subsection 3.04(d) shall
instead be deposited in the Excess Funding Account for such Asset Pool to the extent that (i) the Transferor Amount for such Asset Pool is, or as a result of such payment would become, less than the Required Transferor Amount for such Asset
Pool or (ii) the Pool Balance for such Asset Pool is, or as a result of such payment would become, less than the Minimum Pool Balance for such Asset Pool. 
 (e) To the extent there is more than one Transferor for an Asset Pool, the Asset Pool Supplement for that Asset Pool shall describe the
distribution among the various Transferors of Collections, the Default Amount and the Trust Servicing Fee allocated to the Transferor Interest for that Asset Pool. 
 (f) Notwithstanding anything in this Agreement to the contrary, unless otherwise specified in the Indenture, any applicable Asset Pool
Supplement or any applicable Indenture Supplement, the Servicer need not deposit any amount allocated to be paid to any Transferor pursuant to this Agreement, the Indenture, any applicable Asset Pool Supplement or any applicable Indenture Supplement
into the Collection Account or any Supplemental Bank Account, but shall pay such amounts as collected to the applicable Transferor. 
 Section 3.05 Transfer of Defaulted Accounts. Unless otherwise provided in any Series Supplement, in consideration of receiving Recoveries as provided in subsection 3.07(a), on the date on which an Account becomes a Defaulted Account,
the Trust shall automatically and without further action or consideration be deemed to transfer, set over, and otherwise convey to the applicable Transferor, without recourse, representation, or warranty, all the right, title and interest of the
Trust in and to the Receivables in such Defaulted Account, all monies due or to become due with respect thereto, all proceeds thereof allocable to the Trust with respect to such Receivables, excluding Recoveries relating thereto, which shall remain
a Trust Asset. 
 Section 3.06 Adjustments for Miscellaneous Credits and Fraudulent Charges. 
 (a) The Servicer shall be obligated to reduce on a net basis for each Monthly Period the aggregate amount of Principal Receivables (a
“Credit Adjustment”) with respect to any Principal Receivable (i) which was created in respect of 

  

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merchandise refused or returned by the Obligor thereunder or as to which the Obligor thereunder has asserted a counterclaim or defense, (ii) which is
reduced by the Servicer by any rebate, refund, charge-back or adjustment (including Servicer errors) or (iii) which was created as a result of a fraudulent or counterfeit charge. 
 In the event that the inclusion of the amount of a Credit Adjustment in (x) the calculation of the Transferor Amount for the applicable Asset Pool
would cause the Transferor Amount for such Asset Pool to be an amount less than the Required Transferor Amount for such Asset Pool or (y) the calculation of the Pool Balance for such Asset Pool would cause the Pool Balance for such Asset Pool
to be an amount less than the Minimum Pool Balance for such Asset Pool, the applicable Transferor shall make a deposit, no later than (a) the First Note Transfer Date following the Monthly Period with respect to which such Credit Adjustment
occurs or (b) in the event of a Servicer Rating Event, 10 Business Days after the inclusion of the Credit Adjustment that caused the Transferor Amount for such Asset Pool to be less than the Required Transferor Amount for such Asset Pool or the
Pool Balance for such Asset Pool to be less than the Minimum Pool Balance for such Asset Pool, into the Excess Funding Account in immediately available funds in an amount equal to the greater of the amount by which (i) the Transferor Amount for
the applicable Asset Pool would be less than the Required Transferor Amount or (ii) the Pool Balance for the applicable Asset Pool would be an amount less than the Minimum Pool Balance for such Asset Pool, due to Credit Adjustments with respect
to Receivables conveyed by such Transferor (each such deposit, an “Adjustment Payment”). 
 (b) If (i) the
Servicer makes a deposit into the Collection Account in respect of a Collection of a Receivable and such Collection was received by the Servicer in the form of a check which is not honored for any reason or (ii) the Servicer makes a mistake
with respect to the amount of any Collection and deposits an amount that is less than or more than the actual amount of such Collection, the Servicer shall appropriately adjust the amount subsequently deposited into the Collection Account to reflect
such dishonored check or mistake. Any Receivable in respect of which a dishonored check is received shall be deemed not to have been paid. Notwithstanding the first two sentences of this paragraph, adjustments made pursuant to this Section 3.06
shall not require any change in any report previously delivered pursuant to subsection 4.04(a). 
 Section 3.07 Recoveries and
Interchange. 
 (a) Recoveries. On or prior to the second Business Day following the end of each Monthly Period,
the Transferor shall notify the Servicer of the amount of Recoveries to be included as Collections for each Asset Pool with respect to the preceding Monthly Period. On the First Note Transfer Date following the applicable Monthly Period, the
Transferor shall pay to the Servicer and the Servicer shall deposit into the Collection Account for each Asset Pool, in immediately available funds, the amount of Recoveries to be so included as Collections for that Asset Pool with respect to the
preceding Monthly Period; provided, however, that such deposit need be made only to the extent that such funds are required to be retained in the applicable Bank Accounts for the benefit of any Series, Class or Tranche of Notes for
that Asset Pool pursuant to the 

  

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provisions of this Article III of this Agreement, any applicable Asset Pool Supplement or any applicable Indenture Supplement provided that any such amount
that is not so deposited shall be paid to the applicable Transferor. 
 (b) Interchange. On or prior to the second
Business Day following the end of each Monthly Period, each Account Owner shall notify the Servicer of the Interchange Amount, if any, which is required to be included as Finance Charge Collections with respect to the preceding Monthly Period. On
the First Note Transfer Date following the applicable Monthly Period, each Account Owner shall pay to the Servicer and the Servicer shall deposit into the Collection Account, in immediately available funds, the Interchange Amount to be so included
as Finance Charge Collections with respect to the preceding Monthly Period; provided, however, that such deposit need be made only to the extent that such funds are required to be retained in the applicable Bank Accounts for the
benefit of any Series, Class or Tranche of Notes pursuant to the provisions of this Article III of this Agreement, any applicable Asset Pool Supplement or any applicable Indenture Supplement and any such amount that is not so deposited shall be paid
to the applicable Transferor. 
 [END OF ARTICLE III] 
  

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 ARTICLE IV 
 SERVICING OF RECEIVABLES 
 Section 4.01 Acceptance of Appointment and Other Matters Relating to the
Servicer. 
 (a) Chase USA agrees to act as the Servicer under this Agreement. 
 (b) The Servicer shall service and administer the Receivables and shall collect payments due under the Receivables in accordance with its
customary and usual servicing procedures for servicing credit card receivables comparable to the Receivables and in accordance with the Credit Card Guidelines. The Servicer shall service and administer the Collateral Certificates and shall collect
payments due under the Collateral Certificates in accordance with the terms and provisions of each such Collateral Certificate. The Servicer shall have full power and authority, acting alone or through any party properly designated by it hereunder,
to do any and all things in connection with such servicing and administration which it may deem necessary or desirable. Without limiting the generality of the foregoing and subject to Section 10.01, the Servicer is hereby authorized and
empowered unless such power is revoked by the Indenture Trustee on account of the occurrence of a Servicer Default pursuant to Section 10.01, (i) to instruct the applicable Collateral Agent, the Indenture Trustee or the Owner Trustee to
make allocations, withdrawals and payments to or from the Collection Account, the Excess Funding Account and any Supplemental Bank Account or Sub-Account as set forth in this Agreement, the Indenture, the applicable Asset Pool Supplement or any
Indenture Supplement, (ii) to take any action required or permitted under any Supplemental Credit Enhancement or Derivative Agreement, as set forth in this Agreement, the applicable Asset Pool Supplement, the Indenture or any Indenture
Supplement, (iii) to instruct the applicable Collateral Agent, the Indenture Trustee or the Owner Trustee in writing, as set forth in this Agreement, (iv) to execute and deliver, on behalf of the Trust any and all instruments of
satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Receivables or the Collateral Certificates and, after the delinquency of any Receivable and to the extent permitted
under and in compliance with applicable Requirements of Law, to commence enforcement proceedings with respect to such Receivables, (v) to execute and deliver, on behalf of the Trust, any and all instruments deemed necessary or appropriate by it
to take any action or fulfill any obligation with respect to the Collateral Certificates and (vi) to make any filings, reports, notices, applications, registrations with, and to seek any consents or authorizations from the Commission and any
state securities authority on behalf of the Trust as may be necessary or advisable to comply with any federal or state securities or reporting requirements. Each of the Collateral Agents, the Indenture Trustee and the Owner Trustee agree that it
shall promptly follow the instructions of the Servicer to withdraw funds from the applicable Bank Account and to take any action required under any Supplemental Credit Enhancement or Derivative Agreement at such time as required under this
Agreement, the applicable Asset Pool 

  

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Supplement, the Indenture or any Indenture Supplement. Each of the Collateral Agents, the Indenture Trustee and the Owner Trustee shall execute at the
Servicer’s written request such documents prepared by any Transferor and acceptable to the applicable Collateral Agent or the Indenture Trustee, as may be necessary or appropriate to enable the Servicer to carry out its servicing and
administrative duties hereunder. 
 (c) The Servicer shall not, and no Successor Servicer shall, be obligated to use separate
servicing procedures, offices, employees or accounts for servicing the Receivables from the procedures, offices, employees and accounts used by the Servicer or such Successor Servicer, as the case may be, in connection with servicing other credit
card receivables. 
 (d) The Servicer shall comply with and perform its servicing obligations with respect to the Accounts and
Receivables in accordance with the Credit Card Agreements relating to the Accounts and the Credit Card Guidelines and all applicable rules and regulations of the applicable credit card company, except insofar as any failure to so comply or perform
would not materially and adversely affect the Trust or the Noteholders. 
 (e) The Servicer shall, on and after such time as
Receivables are included as Trust Assets, pay out of its own funds, without reimbursement, all expenses incurred in connection with the Trust and the servicing activities hereunder including expenses related to enforcement of the Collateral
Certificates and the Receivables. Prior to the inclusion of Receivables as Trust Assets, such expenses shall be paid by each Transferor in accordance with Section 12.03. 
 (f) The Servicer shall maintain fidelity bond coverage insuring against losses through wrongdoing of its officers and employees who are
involved in the servicing of credit card accounts covering such actions and in such amounts as the Servicer believes to be reasonable from time to time. 
 Section 4.02 Servicing Compensation. As compensation for its servicing activities hereunder and under each Asset Pool Supplement and as reimbursement for any expense incurred by it in connection therewith, the
Servicer shall be entitled to receive a servicing fee (the “Trust Servicing Fee”) with respect to each Monthly Period prior to the termination of the Trust pursuant to Article VIII of the Trust Agreement, payable monthly on the related
Payment Date. For each Monthly Period, the Trust Servicing Fee shall be equal to the sum of the Servicing Fees for each Asset Pool for such Monthly Period. The Issuing Entity, as holder of each Collateral Certificate, agrees to pay the portion of
the Trust Servicing Fee owed to each Master Trust Servicer as servicer of the Receivables underlying such Collateral Certificate; provided, however, in no event shall the Owner Trustee (as such or in its individual capacity), the
Indenture Trustee, the Administrator, any Collateral Agent or the Noteholders of any Series be liable for the share of the Trust Servicing Fee with respect to any Monthly Period to be paid by the holder of any Collateral Certificates. 
  

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 Section 4.03 Representations, Warranties and Covenants of the Servicer. Chase USA, as Servicer,
hereby makes, and any Successor Servicer by its appointment hereunder shall make, with respect to itself, on each Issuance Date, each Addition Date and each Increase Date (and on the date of any such appointment), the following representations,
warranties and covenants on which the Trust, the Owner Trustee, the applicable Collateral Agent and the Indenture Trustee shall be deemed to have relied in accepting each Collateral Certificate, any increase in a Collateral Certificate previously
conveyed to the Trust and each Receivable in trust and in entering into the Indenture and the applicable Asset Pool Supplement: 
 (a) Organization and Good Standing. The Servicer is a national banking association duly organized and validly existing in good standing under the laws of the United States and has full corporate power, authority and legal right to
own its properties and conduct its credit card business as such properties are presently owned and such business is presently conducted, and to execute, deliver and perform its obligations under this Agreement. 
 (b) Due Qualification. The Servicer is not required to qualify nor register as a foreign corporation in any state in order to
service the Receivables as required by this Agreement and has obtained all licenses and approvals necessary in order to so service the Receivables as required under federal law. If the Servicer shall be required by any Requirement of Law to so
qualify or register or obtain such license or approval, then it shall do so. 
 (c) Due Authorization. The execution,
delivery, and performance of this Agreement and the other agreements and instruments executed or to be executed by the Servicer as contemplated hereby, have been duly authorized by the Servicer by all necessary action on the part of the Servicer and
this Agreement will remain, from the time of its execution, an official record of the Servicer. 
 (d) Binding
Obligation. This Agreement constitutes a legal, valid and binding obligation of the Servicer, enforceable in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
or other similar laws affecting creditors’ rights in general and the rights of creditors of national banking associations. 
 (e) No Violation. The execution and delivery of this Agreement by the Servicer, and the performance of the transactions contemplated by this Agreement and the fulfillment of the terms hereof applicable to the Servicer, will not
conflict with, violate, result in any breach of any of the material terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, any Requirement of Law applicable to the Servicer or any indenture,
contract, agreement, mortgage, deed of trust or other instrument to which the Servicer is a party or by which it is bound. 
 (f) No Proceedings. There are no proceedings or investigations pending or, to the best knowledge of the Servicer, threatened against the 

  

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Servicer before any Governmental Authority seeking to prevent the consummation of any of the transactions contemplated by this Agreement, seeking any
determination or ruling that, in the reasonable judgment of the Servicer, would materially and adversely affect the performance by the Servicer of its obligations under this Agreement or seeking any determination or ruling that would materially and
adversely affect the validity or enforceability of this Agreement. 
 (g) Compliance with Requirements of Law. The
Servicer shall duly satisfy all obligations on its part to be fulfilled under or in connection with each Receivable and the related Account, will maintain in effect all qualifications required under Requirements of Law in order to service properly
each Receivable and the related Account and will comply in all material respects with all other Requirements of Law in connection with servicing each Receivable and the related Account the failure to comply with which would have an Adverse Effect.

 (h) No Rescission or Cancellation. The Servicer shall not permit any rescission or cancellation of any Collateral
Certificate or any Receivable except as ordered by a court of competent jurisdiction or other Governmental Authority or in accordance with the normal operating procedures of the Servicer. 
 (i) Protection of Rights. The Servicer shall take no action which, nor omit to take any action the omission of which, would impair
the rights of the Trust, the applicable Collateral Agent, the Indenture Trustee or the Noteholders in any Collateral Certificate or any Receivable or the related Account, if any, nor shall it reschedule, revise or defer payments due on any
Receivable except in accordance with the Credit Card Guidelines. 
 (j) Receivables Not To Be Evidenced by Promissory
Notes. Except in connection with its enforcement or collection of an Account, the Servicer will take no action to cause any Receivable to be evidenced by any instrument (as defined in the UCC as in effect in the State of Delaware) and if any
Receivable is so evidenced it shall be reassigned or assigned to the Servicer as provided in this Section. 
 (k) All
Consents. All authorizations, consents, orders or approvals of or registrations or declarations with any Governmental Authority required to be obtained, effected or given by the Servicer in connection with the execution and delivery of this
Agreement by the Servicer and the performance of the transactions contemplated by this Agreement by the Servicer, have been duly obtained, effected or given and are in full force and effect. 
 Section 4.04 Reports and Records for the Owner Trustee, the Indenture Trustee and the Applicable Collateral Agent. 
 (a) Daily Records. On each Business Day, the Servicer shall prepare or cause to be made available at the office of the Servicer for
inspection by the Owner Trustee, the Indenture Trustee and the applicable Collateral Agent upon request a record setting forth (i) the aggregate amount of Collections processed by the Servicer on 

  

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the second preceding Business Day, (ii) the aggregate amount of Receivables as of the close of business on the second preceding Business Day in the
Accounts and (iii) the Invested Amount of each Collateral Certificate as of the close of business on the second preceding Business Day. 
 (b) Monthly Servicer’s Certificate. Unless otherwise stated in the related Asset Pool Supplement, on each Determination Date, the Servicer shall, with respect to each outstanding Series, deliver to the
Owner Trustee, the Indenture Trustee, the applicable Collateral Agent and each Note Rating Agency a certificate of an Authorized Officer in substantially the form set forth in the related Asset Pool Supplement. A copy of such certificate may be
obtained by any Noteholder or Note Owner by a request in writing to the Owner Trustee addressed to the Corporate Trust Office. 
 Section
4.05 Annual Certificate of Servicer. (a) Servicer Compliance Statement. Within the earlier of 90 days after the end of each fiscal year of the Servicer or such date as required by Regulation AB, beginning after the end of fiscal year
2006, the Servicer shall deliver to the Owner Trustee, the Indenture Trustee, the Collateral Agent and each Note Rating Agency, the statement of compliance required under Item 1123 of Regulation AB with respect to such fiscal year, which
statement shall be in the form of an Officer’s Certificate of the Servicer to the effect that (a) a review of the activities of the Servicer during such fiscal year and of its performance under this Agreement was made under the supervision
of the officer signing such certificate, (b) to the best of such officer’s knowledge, based on such review, the Servicer has fulfilled all of its obligations under this Agreement throughout such fiscal year, or, if there has been a failure
to fulfill any such obligation in any material respect, specifying each such failure known to such officer and the nature and status thereof; provided, however, that on or before the 90th day after the end of fiscal year 2005, the
Servicer shall cause to be delivered the Officer’s Certificate of the Servicer as required to be delivered pursuant to, and in accordance with, Section 4.05 of this Agreement as written prior to giving effect to the Second Amendment. A
copy of such statement may be obtained by any Noteholder or Note Owner by a request in writing to the Owner Trustee addressed to the Corporate Trust Office. 
 (b) Report of Assessment of Compliance with Servicing Criteria. Within the earlier of 90 days after the end of each fiscal year of
the Servicer or such date as required by Regulation AB, beginning after the end of fiscal year 2006, the Servicer shall deliver to the Owner Trustee, the Indenture Trustee, the Collateral Agent and each Note Rating Agency, a report of compliance
with servicing criteria required under Item 1122 of Regulation AB with respect to such fiscal year, which report will be in the form of an Officer’s Certificate of the Servicer to the effect that (i) the Servicer is responsible for
assessing compliance with the servicing obligations under this Agreement; (ii) the Servicer has used the criteria in paragraph (d) of Item 1122 of Regulation AB to assess compliance with the servicing obligations under this Agreement;
(iii) the Servicer has assessed compliance with the servicing obligations under this Agreement as of and for the period ending the end of such fiscal year and has disclosed any material instance of noncompliance identified by the Servicer; and
(iv) a registered 

  

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public accounting firm has issued an attestation report on the Servicer’s assessment of compliance with the servicing obligations under this Agreement
as of and for the period ending the end of such fiscal year. A copy of such report may be obtained by any Noteholder or Note Owner by a request in writing to the Owner Trustee addressed to the Corporate Trust Office. 
 Section 4.06 Annual Servicing Report of Independent Certified Public Accountants; Copies of Reports Available. 
 (a) Within the earlier of 90 days after the end of each fiscal year of the Servicer or such date as required by Regulation AB, beginning
after the end of fiscal year 2006, the Servicer shall cause a registered public accounting firm (who may also render other services to the Servicer or the Transferor) to furnish to the Owner Trustee, the Indenture Trustee, the Collateral Agent and
each Note Rating Agency an attestation report on each assessment of compliance with the servicing criteria with respect to the Servicer or any Affiliate thereof during the related fiscal year delivered by such accountants pursuant to Rule 13a-18 or
Rule 15d-18 of the Exchange Act and Item 1122 of Regulation AB; provided, however, that on or before the 90th day after the end of fiscal year 2005 the Servicer shall cause to be furnished such reports as were required to be
delivered pursuant to, and in accordance with, subsection 4.06(a) of this Agreement as written prior to giving effect to the Second Amendment. A copy of such report or reports may be obtained by any Noteholder or Note Owner by a request in writing
to the Owner Trustee addressed to the Corporate Trust Office. 
 (b) Within four months after the end of each fiscal year of
the Servicer beginning with the end of fiscal year 2006, the Servicer shall cause a firm of nationally recognized independent public accountants (who may also render other services to the Servicer or the applicable Transferor) to furnish a report to
the Indenture Trustee, the Owner Trustee, the applicable Collateral Agent and the Servicer to the effect that they have applied certain procedures agreed upon with the Servicer to compare the mathematical calculations of each amount set forth in the
Servicer’s certificates delivered pursuant to subsection 4.04(b) during the period covered by such report with the Servicer’s computer reports that were the source of such amounts and that on the basis of such agreed-upon procedures and
comparison, such accountants are of the opinion that such amounts are in agreement, except for such exceptions as they believe to be immaterial and such other exceptions as shall be set forth in such statement. Such report shall set forth the
agreed-upon procedures performed. 
 (c) In the event such independent public accountants require the Indenture Trustee to
agree to the procedures to be performed by such firm in any of the reports required to be prepared pursuant to this Section 4.06, the Servicer shall direct the Indenture Trustee in writing to so agree; it being understood and agreed that the
Indenture Trustee will deliver such letter of agreement in conclusive reliance upon the direction of the Servicer, and the Indenture Trustee has not made any independent inquiry or investigation as to, and shall have no obligation or liability in
respect of, the sufficiency, validity or correctness of such procedures. 
  

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 Section 4.07 Tax Treatment. Unless otherwise specified in the Indenture or an Indenture Supplement
with respect to a particular Series, Class or Tranche, each Transferor has entered into this Agreement, and the Notes will be issued, with the intention that, for federal, state and local income and franchise tax purposes, (i) the Notes of each
Series, Class or Tranche which are characterized as indebtedness at the time of their issuance will qualify as indebtedness secured by the Trust Assets and (ii) the Trust shall not be treated as an association or publicly traded partnership
taxable as a corporation. Each Transferor, by entering into this Agreement, and each Noteholder, by the acceptance of any such Note (and each Note Owner, by its acceptance of an interest in the applicable Note), agree to treat such Note for federal,
state and local income and franchise tax purposes as indebtedness of the Transferor. Each Holder of such Note agrees that it will cause any Note Owner acquiring an interest in a Note through it to comply with this Agreement as to treatment as
indebtedness under applicable tax law, as described in this Section 4.07. The parties hereto agree that they shall not cause or permit the making, as applicable, of any election under Treasury Regulation Section 301.7701-3 whereby the
Trust or any portion thereof would be treated as a corporation for federal income tax purposes and, except as required by Section 7.15 of the Indenture, shall not file tax returns or obtain any federal employer identification number for the
Trust but shall treat the Trust as a security device for federal income tax purposes. The provisions of this Agreement shall be construed in furtherance of the foregoing intended tax treatment. 
 Section 4.08 Notices to Chase USA. In the event that Chase USA is no longer acting as Servicer, any Successor Servicer shall deliver or make
available to Chase USA each certificate and report required to be provided thereafter pursuant to subsection 4.04(b) and Sections 4.05 and subsections 4.06(a) and (b). 
 Section 4.09 Reports to the Commission. The Servicer shall, on behalf of the Trust, cause to be filed with the Commission any periodic reports required to be filed under the provisions of the Securities
Exchange Act of 1934 and the rules and regulations of the Commission thereunder. The applicable Transferor shall, at its own expense, cooperate in any reasonable request of the Servicer in connection with such filings. 
 [END OF ARTICLE IV] 
  

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 ARTICLE V 
 ADMINISTRATION OF THE TRUST; DUTIES OF THE ADMINISTRATOR 
 Section 5.01 Appointment of Administrator;
Duties of Administrator. 
 (a) The Issuing Entity hereby appoints Chase USA to act as administrator (the
“Administrator”), subject to Section 5.08. 
 (b) Duties of Administrator with Respect to the Related
Agreements. The Administrator shall consult with the Owner Trustee regarding the duties of the Issuing Entity and the Owner Trustee under the Related Agreements. The Administrator shall monitor the performance of the Issuing Entity and shall
advise the Owner Trustee when action is necessary to comply with the Issuing Entity’s or the Owner Trustee’s duties under the Related Agreements. The Administrator shall prepare for execution by the Issuing Entity or the Owner Trustee or
shall cause the preparation by other appropriate Persons of all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Issuing Entity or the Owner Trustee to prepare, file or deliver pursuant to any
Related Agreement. In furtherance of the foregoing, the Administrator shall take all appropriate action that it is the duty of the Issuing Entity or the Owner Trustee to take pursuant to the Indenture, any Indenture Supplement and any Asset Pool
Supplement including, such of the foregoing as are required with respect to the following matters under the Indenture, any Indenture Supplement and any Asset Pool Supplement (parenthetical references are to Articles or Sections of the Indenture):

 (A) the duty to cause the Note Register to be kept, and notifying the Indenture Trustee of any appointment of a new Note
Registrar and the location, or change in location, of the Note Registrar (subsection 3.05(a)); 
 (B) preparing or obtaining
the documents, legal opinions and instruments required for execution, authentication and delivery of the Notes, and delivery of the same to the Indenture Trustee for authentication (Sections 3.03, 3.04 and 3.10), providing for the replacement of
mutilated, destroyed, lost or stolen Notes (Section 3.06), providing for the exchange or transfer of Notes (Section 3.05) and, to the extent set forth in the related Indenture Supplement, notifying each Note Rating Agency in writing of the issuance
of any Tranche, Class or Series of Notes; 
 (C) directing the Collateral Agent with respect to the investment of funds in
the Bank Accounts (Section 4.03); 
 (D) preparing or obtaining the documents, legal opinions and instruments required to be
delivered to the Indenture Trustee with respect to the satisfaction and discharge of the 

  

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Indenture (subsection 5.01(c)) and preparing the documents necessary for the Indenture Trustee to acknowledge the same (subsection 5.01(a)); 
 (E) on the resignation or removal of any Indenture Trustee, appointing a successor Indenture Trustee (subsection 7.10(e)) and giving
written notice of such resignation or removal and appointment to each Noteholder (subsection 7.10(f)); 
 (F) preparing or
causing to be prepared tax returns for the Issuing Entity (if required) and the reporting information for the Noteholders (Section 7.15); 
 (G) preparing on behalf of the Issuing Entity written instructions regarding any action proposed to be taken or omitted by the Indenture Trustee upon the Indenture Trustee’s application therefor (Section 7.18);

 (H) furnishing to the Indenture Trustee a list of the names and addresses of the Registered Noteholders not more than 15
days after each Record Date or at such other times as the Indenture Trustee may request in writing (Section 8.01); 
 (I)
establishing reasonable rules for matters relating to Action by or a meeting of Noteholders not otherwise set forth in Section 8.04 of the Indenture (subsection 8.04(g)); 
 (J) preparing for the Issuing Entity such filings for filing with the Commission, and providing the Indenture Trustee with copies thereof
once filed, as required by the Securities Exchange Act of 1934 or otherwise as in accordance with rules and regulations prescribed from time to time by the Commission (Section 8.05); 
 (K) preparing, completing and delivering to the Indenture Trustee and the trustee for the applicable Master Trust (with a copy to each
Note Rating Agency), a Monthly Noteholders’ Statement (Section 8.06); 
 (L) preparing for the Issuing Entity the
Payment Instruction after the Issuing Entity receives each Monthly Servicer’s Certificate under the applicable Series Supplement, delivering a copy thereof to the Indenture Trustee and the trustee for the applicable Master Trust and compiling
such other information for the Issuing Entity (subsection 8.07(a)); 
 (M) preparing or obtaining any necessary Opinion of
Counsel, Issuing Entity Tax Opinion, Officer’s Certificate, or other document or instrument as may be required in connection with any 

  

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supplemental indenture or amendment to the Indenture, any Indenture Supplement or any Asset Pool Supplement (Article IX); 
 (N) giving notice to each Note Rating Agency and collecting the vote of Noteholders, as necessary, in connection with any supplemental
indenture or amendment to the Indenture, any Indenture Supplement or any Asset Pool Supplement (Article IX); 
 (O)
appointing Paying Agents (Section 10.02) and causing any such Paying Agents to execute and deliver to the Indenture Trustee an instrument pursuant to which it agrees to act as Paying Agent as set forth in Section 10.03 of the Indenture;

 (P) preparing Officer’s Certificates of the Issuing Entity directing the Paying Agent to pay to the Indenture Trustee
sums held in trust by the Issuing Entity or such Paying Agent for the purpose of discharging the Indenture (Section 10.03); 
 (Q) preparing written statements for execution by an Authorized Officer as required by Section 10.04 of the Indenture; 
 (R) performing or causing to be performed all things necessary to preserve and keep in full force and effect the legal existence of the Issuing Entity (Section 10.05) and comply with applicable law (Section 10.07);

 (S) giving prompt written notice to the Indenture Trustee and each Note Rating Agency of each Event of Default under the
Indenture, each breach on the part of the applicable Master Trust Servicer or the applicable Master Trust Transferor of its respective obligations under the applicable Pooling and Servicing Agreement or any default of a Derivative Counterparty
(Section 10.08); 
 (T) providing to Noteholders and prospective Noteholders information required to be provided by the
Issuing Entity pursuant to Rule 144A under the Securities Act (Section 10.12); 
 (U) performing and observing all of the
Issuing Entity’s obligations under the Indenture, any Indenture Supplement, any Asset Pool Supplement, the Trust Agreement and any other instrument or agreement relating to the Collateral including preparing and causing the Issuing Entity to
file UCC financing statements and continuation statements (Section 10.13); 
  

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 (V) preparing or obtaining the instruments, documents, agreements and legal opinions
required to be delivered by the Issuing Entity and preparing any notice required to be given to the Note Rating Agencies, in connection with the merger or consolidation of the Issuing Entity with any other Person (subsection 10.14(a)) or the
conveyance or transfer of any of the Issuing Entity’s property or assets (subsection 10.14(b)); 
 (W) giving written
notice to the affected Noteholders of any optional repurchase by the Servicer (Section 11.02) and to the Indenture Trustee and each Note Rating Agency with respect to any such optional repurchase or Early Amortization Event (Section 11.03);

 (X) to the extent set forth herein or in the related Asset Pool Supplement, preparing or obtaining the instruments,
documents, agreements and legal opinions required to be delivered by the Issuing Entity and/or the Collateral Agent and preparing any notice required to be given by the Issuing Entity to the Note Rating Agencies, the Indenture Trustee, the
applicable Collateral Agent and the Servicer in connection with addition or removal of Collateral, and designating such Collateral to be added or removed, as the case may be; 
 (Y) to the extent set forth herein or in the related Asset Pool Supplement, taking, or assisting the Issuing Entity and/or the Collateral
Agent in taking, all actions necessary and advisable to obtain, maintain and enforce a perfected lien on and security interest in the Collateral in favor of the Collateral Agent and preparing for execution and delivery or filing by the Issuing
Entity all such supplements and amendments to this Agreement and any Asset Pool Supplement and all such financing statements, continuation statements, instruments of further assurance and other instruments; 
 (Z) to the extent set forth herein or in the related Asset Pool Supplement, obtaining legal opinions with respect to the security
interest in the Collateral; 
 (AA) to the extent set forth in the related Asset Pool Supplement, assisting the Issuing
Entity in appointing a suitable successor Collateral Agent as necessary, and giving written notice to each Note Rating Agency with respect to the removal of the Collateral Agent and the appointment of a successor; 
 (BB) to the extent set forth in the related Asset Pool Supplement, establishing and maintaining or causing to be established and
maintained certain Bank Accounts; and 
  

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 (CC) to the extent set forth in the related Asset Pool Supplement, directing the
Collateral Agent with respect to the investment of funds in the Bank Accounts. 
 (c) Additional Duties. 
 (i) In addition to the duties of the Administrator set forth above, the Administrator shall perform all duties and obligations of the
Issuing Entity under the Related Agreements and shall perform such calculations and shall prepare for execution by the Issuing Entity and shall cause the preparation by other appropriate Persons of all such documents, reports, filings, instruments,
certificates and opinions as it shall be the duty of the Issuing Entity or the Owner Trustee to prepare, file or deliver pursuant to the Related Agreements, and at the request of the Issuing Entity shall take all appropriate action that it is the
duty of the Issuing Entity or the Owner Trustee to take pursuant to the Related Agreements. Subject to Section 5.05 of this Agreement, and in accordance with the directions of the Issuing Entity, the Administrator shall administer, perform or
supervise the performance of such other activities in connection with the Collateral (including the Related Agreements) as are not covered by any of the foregoing provisions and as are expressly requested by the Owner Trustee and are reasonably
within the capability of the Administrator. 
 (ii) The Administrator shall perform the duties of the Administrator specified
in Section 5.02 of the Trust Agreement required to be performed in connection with the resignation or removal of the Owner Trustee, and any other duties expressly required to be performed by the Administrator under the Trust Agreement.

 (iii) In carrying out the foregoing duties or any of its other obligations under this Agreement, the Administrator may
enter into transactions with or otherwise deal with any of its Affiliates; provided, however, that the terms of any such transactions or dealings shall be in accordance with any directions received from the Issuing Entity and shall be,
in the Administrator’s opinion, no less favorable to the Issuing Entity than would be available from unaffiliated parties. 
 (iv) It is the intention of the parties hereto that the Administrator shall, and the Administrator hereby agrees to, execute on behalf of the Issuing Entity all such documents, reports, filings, instruments, certificates and opinions as it
shall be the duty of the Issuing Entity to prepare, file or deliver pursuant to the Related Agreements. In furtherance thereof, the Owner Trustee shall, on behalf of the Issuing Entity, execute and deliver to the Administrator and its agents, and to
each successor Administrator appointed pursuant to the terms hereof, one or more powers of attorney substantially in the form of Exhibit E, appointing the Administrator the attorney-in-fact of the Issuing Entity for the purpose of executing on
behalf of the Issuing Entity all such documents, reports, filings, instruments, certificates and opinions. 
  

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 (d) Non-Ministerial Matters. 
 (i) With respect to matters that in the reasonable judgment of the Administrator are non-ministerial, the Administrator shall not take any
action unless within a reasonable time before the taking of such action, the Administrator shall have notified the Owner Trustee of the proposed action and the Owner Trustee shall not have withheld consent or provided an alternative direction. For
the purpose of the preceding sentence, “non-ministerial matters” shall include: 
 (1) the amendment of or any
supplement to the Indenture; 
 (2) the initiation of any claim or lawsuit by the Issuing Entity and the compromise of any
action, claim or lawsuit brought by or against the Issuing Entity; 
 (3) the amendment, change or modification of the
Related Agreements; 
 (4) the appointment of successor Note Registrars, successor Paying Agents and successor trustees
pursuant to the Indenture or the appointment of successor Administrators, or the consent to the assignment by the Note Registrar, Paying Agent or trustee of its obligations under the Indenture; and 
 (5) the removal of the Indenture Trustee. 
 (ii) Notwithstanding anything to the contrary in this Agreement, the Administrator shall not be obligated to, and shall not, (x) make any payments to the Noteholders or any Transferor under the Related Agreements
or (y) take any other action that the Issuing Entity directs the Administrator not to take on its behalf. 
 Section 5.02
Records. The Administrator shall maintain appropriate books of account and records relating to services performed hereunder, which books of account and records shall be accessible for inspection by the Issuing Entity, the Owner Trustee, the
Indenture Trustee, the applicable Collateral Agent and any Transferor at any time during normal business hours. 
 Section 5.03
Compensation. As compensation for the performance of the Administrator’s obligations under this Agreement, the Administrator shall be entitled to an amount not to exceed $5,000 per month, in addition to reimbursement for its liabilities
and extra out-of-pocket expenses related to its performance hereunder or under any Related Agreement. Such amounts shall be paid by the Transferor in accordance with Section 12.03. 
  

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 Section 5.04 Additional Information To Be Furnished to Issuing Entity. The Administrator shall
furnish to the Issuing Entity, the Indenture Trustee or the applicable Collateral Agent from time to time such additional information regarding the Related Agreements and the Trust as each of them shall reasonably request. 
 Section 5.05 Independence of Administrator. For all purposes of this Agreement, the Administrator shall be an independent contractor and shall not
be subject to the supervision of the Issuing Entity or the Owner Trustee with respect to the manner in which it accomplishes the performance of its obligations hereunder. Unless expressly authorized by the Issuing Entity, the Administrator shall
have no authority to act for or represent the Issuing Entity or the Owner Trustee in any way and shall not otherwise be deemed an agent of the Issuing Entity or the Owner Trustee. 
 Section 5.06 No Joint Venture. Nothing contained in this Agreement shall (i) constitute the Administrator and either of the Issuing Entity or
the Owner Trustee as members of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity, (ii) be construed to impose any liability as such on any of them or (iii) be deemed to confer on any
of them any express, implied or apparent authority to incur any obligation or liability on behalf of the others. 
 Section 5.07 Other
Activities of Administrator. Nothing herein shall prevent the Administrator or its Affiliates from engaging in other businesses or, in its sole discretion, from acting in a similar capacity as an administrator for any other person or entity even
though such person or entity may engage in business activities similar to those of the Issuing Entity, the Owner Trustee, the Collateral Agent or the Indenture Trustee. 
 Section 5.08 Termination, Resignation and Removal of Administrator. 
 (a) Subject to
subsection 5.08(d), the Administrator may resign its duties hereunder by providing the Issuing Entity with at least 60 days prior written notice. 
 (b) Subject to subsection 5.08(d), the Issuing Entity may, with written notice to each Note Rating Agency, remove the Administrator without cause by providing the Administrator with at least 60 days prior written
notice. 
 (c) Subject to subsection 5.08(d), at the sole option of the Issuing Entity and with written notice to each Note
Rating Agency, the Administrator may be removed immediately upon written notice of termination from the Issuing Entity to the Administrator if any of the following events shall occur: 
 (i) the Administrator shall default in the performance of any of its duties under this Agreement and, after notice of such default, shall
not cure such default within 10 days (or, if such default cannot be cured in such time, shall not give within 10 days such assurance of cure as shall be reasonably satisfactory to the Issuing Entity); 
  

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 (ii) a court having jurisdiction in the premises shall enter a decree or order for
relief, and such decree or order shall not have been vacated within 60 days, in respect of the Administrator in any involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect or appoint a receiver,
liquidator, assignee, custodian, trustee, sequestrator or similar official for the Administrator or any substantial part of its property or order the winding-up or liquidation of its affairs; or 
 (iii) the Administrator shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter
in effect, shall consent to the entry of an order for relief in an involuntary case under any such law, or shall consent to the appointment of a receiver, liquidator, assignee, trustee, custodian, sequestrator or similar official for the
Administrator or any substantial part of its property, shall consent to the taking of possession by any such official of any substantial part of its property, shall make any general assignment for the benefit of its creditors or shall fail generally
to pay its debts as they become due. 
 The Administrator agrees that if any of the events specified in clause (ii) or
(iii) of this subsection 5.08(c) shall occur, it shall give written notice thereof to the Issuing Entity, the Owner Trustee, the Indenture Trustee and the applicable Collateral Agent within seven days after the happening of such event.

 (d) No termination, resignation or removal of the Administrator pursuant to this Section shall be effective until
(i) a successor Administrator shall have been appointed by the Issuing Entity and (ii) such successor Administrator shall have agreed in writing to be bound by the terms of this Agreement in the same manner as the Administrator is bound
hereunder. 
 Section 5.09 Action upon Termination, Resignation or Removal. Promptly upon the effective date of termination of the
Administrator pursuant to subsection 5.08(c) or the resignation or removal of the Administrator pursuant to subsection 5.08(a) or (b), respectively, the Administrator shall be entitled to be paid all fees and reimbursable expenses accruing to it to
the date of such resignation or removal. The Administrator shall forthwith upon such termination pursuant to subsection 5.08(c) deliver to the Issuing Entity all property and documents of or relating to the Collateral then in the custody of the
Administrator. In the event of the resignation or removal of the Administrator pursuant to subsection 5.08(a), (b) or (d), respectively, the Administrator shall cooperate with the Issuing Entity and take all reasonable steps requested to assist
the Issuing Entity in making an orderly transfer of the duties of the Administrator. 
 [END OF ARTICLE V] 
  

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 ARTICLE VI 
 OTHER MATTERS RELATING TO EACH TRANSFEROR 
 Section 6.01 Liability of each Transferor. Each
Transferor shall be severally, and not jointly, liable for all obligations, covenants, representations and warranties of such Transferor arising under or related to this Agreement. Except as provided in the preceding sentence, each Transferor shall
be liable only to the extent of the obligations specifically undertaken by it in its capacity as a Transferor. 
 Section 6.02 Merger or
Consolidation of, or Assumption of the Obligations of, a Transferor. 
 (a) No Transferor shall dissolve, liquidate,
consolidate with or merge into any other Person or convey, transfer or sell its properties and assets substantially as an entirety to any Person unless: 
 (i) (x) the Person formed by such consolidation or into which such Transferor is merged or the Person which acquires by conveyance, transfer or sale the properties and assets of such Transferor substantially as an
entirety shall be, if such Transferor is not the surviving entity, organized and existing under the laws of the United States of America or any state or the District of Columbia, and shall be a savings association, a national banking association, a
bank or other entity which is not eligible to be a debtor in a case under Title 11 of the United States Code or is a special purpose entity whose powers and activities are limited and, if such Transferor is not the surviving entity, shall expressly
assume, by an agreement supplemental hereto, executed and delivered to the Owner Trustee, the Indenture Trustee and the applicable Collateral Agent, in form reasonably satisfactory to the Owner Trustee, the Indenture Trustee and the applicable
Collateral Agent, the performance of every covenant and obligation of such Transferor hereunder and shall benefit from all the rights granted to such Transferor, as applicable hereunder; and (y) such Transferor or the surviving entity, as the
case may be, has delivered to the Owner Trustee, the Indenture Trustee and the applicable Collateral Agent (with a copy to each Note Rating Agency) an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation, merger,
conveyance, transfer or sale and such supplemental agreement comply with this Section, that such supplemental agreement is a valid and binding obligation of such surviving entity enforceable against such surviving entity in accordance with its
terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally from time to time in effect or general principles of equity, and
that all conditions precedent herein provided for relating to such transaction have been complied with; 
 (ii) to the extent
that any right, covenant or obligation of such Transferor, as applicable hereunder, is inapplicable to the successor entity, 

  

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such successor entity shall be subject to such covenant or obligation, or benefit from such right, as would apply, to the extent practicable, to such
successor entity; and 
 (iii) such Transferor shall have given the Note Rating Agencies notice of such consolidation, merger
or transfer of assets. 
 (b) Except as permitted by subsection 2.08(c), the obligations, rights or any part thereof of each
Transferor hereunder shall not be assignable nor shall any Person succeed to such obligations or rights of any Transferor hereunder except (i) for conveyances, mergers, consolidations, assumptions, sales or transfers in accordance with the
provisions of the foregoing paragraph and (ii) for conveyances, mergers, consolidations, assumptions, sales or transfers to other entities (1) which such Transferor and the Servicer determine will not result in an Adverse Effect,
(2) which meet the requirements of clause (ii) of the preceding paragraph and (3) for which such purchaser, transferee, pledgee or entity shall expressly assume, in an agreement supplemental hereto, executed and delivered to the Owner
Trustee, the Indenture Trustee and the applicable Collateral Agent in writing in form satisfactory to the Owner Trustee, the Indenture Trustee and the applicable Collateral Agent, the performance of every covenant and obligation of such Transferor
thereby conveyed. 
 Section 6.03 Limitations on Liability of Each Transferor. Subject to Section 6.01, no Transferor nor any of
the directors, officers, members, managers, employees, incorporators or agents of any Transferor acting in such capacities shall be under any liability to the Trust, the Owner Trustee, the Indenture Trustee, the applicable Collateral Agent, the
Noteholders or any other Person for any action taken, or for refraining from the taking of any action, in good faith in such capacities pursuant to this Agreement, it being expressly understood that all such liability is expressly waived and
released as a condition of, and consideration for, the execution of this Agreement, the Indenture and any Indenture Supplement and the issuance of the Notes; provided, however, that this provision shall not protect any Transferor, any
director, officer, employee, incorporator or agent of any Transferor or, if applicable, any manager or member of any Transferor against any liability which would otherwise be imposed by reason of willful misfeasance, bad faith or gross negligence in
the performance of duties or by reason of reckless disregard of obligations and duties hereunder. Each Transferor and, any director, officer, employee, incorporator or agent of such Transferor and, if applicable, any member or manager of such
Transferor may rely in good faith on any document of any kind prima facie properly executed and submitted by any Person (other than such Transferor) respecting any matters arising hereunder. 
 [END OF ARTICLE VI] 
  

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 ARTICLE VII 
 OTHER MATTERS RELATING TO THE SERVICER 
 Section 7.01 Liability of the Servicer. The Servicer shall
be liable under this Article VII only to the extent of the obligations specifically undertaken by the Servicer in its capacity as Servicer. 
 Section 7.02 Merger or Consolidation of, or Assumption of the Obligations of, the Servicer. The Servicer shall not consolidate with or merge into any other Person or convey, transfer or sell its properties and assets substantially as
an entirety to any Person, unless: 
 (a) (i) the Person formed by such consolidation or into which the Servicer is merged or
the Person which acquires by conveyance, transfer or sale the properties and assets of the Servicer substantially as an entirety shall be, if the Servicer is not the surviving entity, a corporation or a national banking association organized and
existing under the laws of the United States of America or any state or the District of Columbia or is a special purpose entity whose powers and activities are limited, and, if the Servicer is not the surviving entity, such entity shall expressly
assume, by an agreement supplemental hereto, executed and delivered to the Owner Trustee, the Indenture Trustee and the applicable Collateral Agent, in form satisfactory to the Owner Trustee, the Indenture Trustee and the applicable Collateral
Agent, the performance of every covenant and obligation of the Servicer hereunder (to the extent that any right, covenant or obligation of the Servicer, as applicable hereunder, is inapplicable to the successor entity, such successor entity shall be
subject to such covenant or obligation, or benefit from such right, as would apply, to the extent practicable, to such successor entity); 
 (ii) the Servicer has delivered to the Owner Trustee, the Indenture Trustee and the applicable Collateral Agent an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation, merger,
conveyance, transfer or sale comply with this Section 7.02 and that all conditions precedent herein provided for relating to such transaction have been complied with; 
 (iii) the Servicer shall have given the Note Rating Agencies notice of such consolidation, merger or transfer or assets; and 

(b) the corporation formed by such consolidation or into which the Servicer is merged or the Person which acquires by conveyance or
transfer the properties and assets of the Servicer substantially as an entirety shall be an Eligible Servicer. 
 Section 7.03 Limitation
on Liability of the Servicer and Others. Except as provided in Section 7.04, neither the Servicer nor any of the directors, officers, employees or agents of the Servicer in its capacity as Servicer shall be under any liability 

  

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to the Trust, the Owner Trustee, the Indenture Trustee, any Collateral Agent, the Noteholders or any other Person for any action taken, or for refraining
from the taking of any action, in good faith in its capacity as Servicer pursuant to this Agreement; provided, however, that this provision shall not protect the Servicer or any directors, officers, employees or agents of the Servicer against any
liability which would otherwise be imposed by reason of willful misfeasance, bad faith or gross negligence in the performance of duties or by reason of reckless disregard of obligations and duties hereunder. The Servicer and any director, officer,
employee or agent of the Servicer may rely in good faith on any document of any kind prima facie properly executed and submitted by any Person (other than the Servicer) respecting any matters arising hereunder. The Servicer shall not be under any
obligation to appear in, prosecute or defend any legal action which is not incidental to its duties as Servicer in accordance with this Agreement and which in its reasonable judgment may involve it in any expense or liability. The Servicer may, in
its sole discretion, undertake any such legal action which it may deem necessary or desirable for the benefit of the Noteholders with respect to this Agreement and the rights and duties of the parties hereto and the interests of the Noteholders
hereunder. 
 Section 7.04 Servicer Indemnification of the Trust, the Owner Trustee and the Indenture Trustee. To the fullest extent
permitted by applicable law, the Servicer shall indemnify and hold harmless each of the Trust, the Owner Trustee (as such and in its individual capacity), the Indenture Trustee and any trustees predecessor thereto (including the Indenture Trustee in
its capacity as Transfer Agent and Note Registrar or as Paying Agent), any Collateral Agent and their respective directors, officers, employees and agents from and against any and all reasonable loss, liability, claim, expense, damage or injury
suffered or sustained by reason of (a) any acts or omissions of the Servicer with respect to the Trust pursuant to this Agreement or (b) the administration of the Trust by the Owner Trustee, the issuance by the Trust of the Notes, any
Servicer Default, or any termination of the rights and obligations of the Servicer, including, but not limited to, any judgment, award, settlement, reasonable attorneys’ fees and other costs or expenses incurred in connection with the defense
of any actual or threatened action, proceeding or claim; provided, however, that the Servicer shall not indemnify the Owner Trustee, the Indenture Trustee, each Collateral Agent or the Noteholders if such acts, omissions or alleged
acts or omissions constitute or are caused by fraud, negligence, or willful misconduct by the Owner Trustee, the Indenture Trustee or the applicable Collateral Agent; provided further, that the Servicer shall not indemnify the Trust, the Noteholders
or the Note Owners for any liabilities, costs or expenses of the Trust with respect to any action taken by the Owner Trustee, the Indenture Trustee or the applicable Collateral Agent at the request of the Noteholders; provided further, that the
Servicer shall not indemnify the Trust, the Noteholders or the Note Owners as to any losses, claims or damages incurred by any of them in their capacities as investors, including losses incurred as a result of Defaulted Accounts or Receivables which
are written off as uncollectible or losses suffered by the Collateral Certificates; and provided further, that the Servicer shall not indemnify the Trust, the Noteholders or the Note Owners for any liabilities, costs or expenses of the Trust, the
Noteholders or the Note Owners arising under any tax law, including any federal, state, local or foreign income or franchise taxes or any other tax imposed on or measured by income (or any interest or penalties with 

  

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respect thereto or arising from a failure to comply therewith) required to be paid by the Trust, the Noteholders or the Note Owners in connection herewith to
any taxing authority. Any such indemnification shall not be payable from the Trust Assets. The provisions of this indemnity shall run directly to and be enforceable by an injured party subject to the limitations hereof and shall survive the
resignation or removal of the Servicer, the resignation or removal of the Owner Trustee, the Indenture Trustee and the applicable Collateral Agent and the termination of the Trust. 
 Section 7.05 Resignation of the Servicer. The Servicer shall not resign from the obligations and duties hereby imposed on it except (a) upon
determination that (i) the performance of its duties hereunder is no longer permissible under applicable law and (ii) there is no reasonable action which the Servicer could take to make the performance of its duties hereunder permissible
under applicable law or (b) upon the assumption, by an agreement supplemental hereto, executed and delivered to the Owner Trustee, the Indenture Trustee and the applicable Collateral Agent, in form satisfactory to the Owner Trustee, the
Indenture Trustee and the applicable Collateral Agent, of the obligations and duties of the Servicer hereunder by any of its Affiliates or by any entity the appointment of which shall have satisfied the Note Rating Agency Condition and, in either
case, qualifies as an Eligible Servicer. Any determination permitting the resignation of the Servicer shall be evidenced as to clause (a) above by an Opinion of Counsel to such effect delivered to the Owner Trustee, the Indenture Trustee and
the applicable Collateral Agent. No resignation shall become effective until the Indenture Trustee or a Successor Servicer shall have assumed the responsibilities and obligations of the Servicer in accordance with Section 7.02 hereof. If within
120 days of the date of the determination that the Servicer may no longer act as Servicer under clause (a) above the Indenture Trustee is unable to appoint a Successor Servicer, the Indenture Trustee shall serve as Successor Servicer (but shall
have continued authority to appoint another Person as Successor Servicer). Notwithstanding the foregoing, the Indenture Trustee shall, if it is legally unable so to act, petition a court of competent jurisdiction to appoint any established
institution qualifying as an Eligible Servicer as the Successor Servicer hereunder. The Trust shall give prompt notice to each Note Rating Agency upon the appointment of a Successor Servicer. Notwithstanding anything in this Agreement to the
contrary, Chase USA may assign part or all of its obligations and duties as Servicer under this Agreement to an Affiliate of Chase USA so long as Chase USA shall have fully guaranteed the performance of such obligations and duties under this
Agreement. 
 Section 7.06 Delegation of Duties. In the ordinary course of business, the Servicer may at any time delegate certain of
its duties hereunder to First Data Resources, Inc. and/or Total Systems Services, Inc. In the ordinary course of business, the Servicer may at any time delegate any duties hereunder to any Person that agrees to conduct such duties in accordance with
the Credit Card Guidelines and this Agreement. Any such delegation shall not relieve the Servicer of its liability and responsibility with respect to such duties, and shall not constitute a resignation within the meaning of Section 7.05. If any
such delegation is to a party other than First Data Resources, Inc., Total Systems Services, Inc. or any Affiliate of the Servicer, notification thereof shall be given to each Note Rating Agency. 
  

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 Section 7.07 Examination of Records. Each Transferor and the Servicer shall indicate generally in
their computer files or other records that the Receivables arising in the Accounts have been conveyed to the Trust, pursuant to this Agreement. Each Transferor and the Servicer shall, prior to the sale or transfer to a third party of any receivable
held in its custody, examine its computer records and other records to determine that such receivable is not, and does not include, a Receivable. Each Transferor and the Servicer shall also indicate generally in their computer files or other records
that each applicable Collateral Certificate has been conveyed to the Trust, pursuant to this Agreement. 
 [END OF ARTICLE VII] 
  

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 ARTICLE VIII 
 ACQUISITION OF TRUST ASSETS 
 Section 8.01 Acquisition of Trust Assets. If the Master Trust
Transferor exercises its option to accept retransfer of any Collateral Certificate pursuant to the terms of the related Series Supplement, the Master Trust Transferor shall (a) acquire the Collateral Certificate, which acquisition shall be
effective as of the date on which such retransfer occurs, (b) deliver notice of such acquisition to the Owner Trustee, the Indenture Trustee, the applicable Collateral Agent and the Servicer on or prior to the Determination Date following the
applicable Monthly Period for which the option is deemed exercised, (c) deposit in the Collection Account for the relevant Asset Pool on or prior to the First Note Transfer Date following the applicable Monthly Period an amount equal to the
lesser of (1) (x) the amount required so that the Transferor Amount for such Asset Pool is equal to or greater than the Required Transferor Amount for such Asset Pool and (y) the amount required so that the Pool Balance for such Asset
Pool is equal to or greater than the Minimum Pool Balance for such Asset Pool and (2) the Invested Amount of the Collateral Certificate on such date and all other amounts payable to the Noteholders of each Outstanding Series of Notes including
accrued interest on the Notes. Upon the completion of the foregoing condition, the applicable Master Trust shall succeed to all interests in and to the Trust with respect to such Collateral Certificate. 
 [END OF ARTICLE VIII] 
  

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 ARTICLE IX 
 INSOLVENCY EVENTS 
 Section 9.01 Rights upon the Occurrence of an Insolvency Event. If any Transferor
shall consent to the appointment of a bankruptcy trustee or conservator or receiver or liquidator for the winding-up or liquidation of its affairs, or a decree or order of a court or agency or supervisory authority having jurisdiction in the
premises for the appointment of a bankruptcy trustee or conservator or receiver or liquidator for the winding-up or liquidation of its affairs shall have been entered against such Transferor (an “Insolvency Event”), each Transferor shall
on the day of such Insolvency Event (the “Appointment Day”) immediately cease to (i) transfer Principal Receivables or additional Collateral Certificates to the Trust and (ii) increase any Invested Amount of a Collateral
Certificate transferred to the Trust by such Transferor and shall promptly give notice to the Owner Trustee, the Indenture Trustee and the applicable Collateral Agent of such Insolvency Event. Notwithstanding any cessation of the transfer to the
Trust of additional Principal Receivables, Finance Charge Receivables, whenever created, accrued in respect of Principal Receivables which have been transferred to the Trust shall continue to be a part of the Trust, and Collections with respect
thereto shall continue to be allocated to Noteholders in accordance with the terms of the Indenture and each Indenture Supplement. 
 [END OF
ARTICLE IX] 
  

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 ARTICLE X 
 SERVICER DEFAULTS 
 Section 10.01 Servicer Defaults. If any one of the following events (a
“Servicer Default”) shall occur and be continuing: 
 (a) any failure by the Servicer to make any payment, transfer
or deposit or to give notice or instructions to the Indenture Trustee to make any required withdrawal or payment, transfer or deposit on the date the Servicer is required to do so under the terms of this Agreement, the Indenture or any Indenture
Supplement, or within the applicable grace period, which will not exceed 35 Business Days; 
 (b) failure on the part of the
Servicer duly to observe or perform in any material respect any other covenants or agreements of the Servicer set forth in this Agreement which has an Adverse Effect on the Noteholders of any Series, Class or Tranche and which continues unremedied
for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Servicer by the Owner Trustee, the Indenture Trustee or the applicable Collateral Agent or to the
Servicer, the Owner Trustee, the Indenture Trustee and the applicable Collateral Agent by Holders of Notes evidencing not less than 50% of the aggregate unpaid principal amount of all Notes sustaining such Adverse Effect (or, with respect to any
such failure that does not relate to all Series, Classes or Tranches, not less than 50% of the aggregate unpaid principal amount of all Series, Classes or Tranches to which such failure related); or the Servicer shall assign or delegate its duties
under this Agreement, except as permitted by Sections 7.02, 7.05 and 7.06; 
 (c) any representation, warranty or
certification made by the Servicer in this Agreement or in any certificate delivered pursuant to this Agreement shall prove to have been incorrect when made, which has an Adverse Effect on the rights of the Noteholders of any Series, Class or
Tranche and which Adverse Effect continues for a period of 60 days after the date on which written notice thereof, requiring the same to be remedied, shall have been given to the Servicer by the Owner Trustee, the Indenture Trustee or the applicable
Collateral Agent, or to the Servicer, the Owner Trustee, the Indenture Trustee and the applicable Collateral Agent by the Holders of Notes evidencing not less than 50% of the aggregate unpaid principal amount of all Notes (or, with respect to any
such representation, warranty or certification that does not relate to all Series, Classes or Tranches, not less than 50% of the aggregate unpaid principal amount of all Series, Classes or Tranches to which such representation, warranty or
certification relates); 
 (d) the Servicer shall consent to the appointment of a bankruptcy trustee or conservator or
receiver or liquidator in any bankruptcy proceeding or other insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Servicer or of or relating to all or substantially all its property, or
a decree or order of a court or agency or supervisory authority having 

  

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jurisdiction in the premises for the appointment of a bankruptcy trustee or a conservator or receiver or liquidator in any bankruptcy, insolvency,
readjustment of debt, marshalling of assets and liabilities or similar proceedings, or the winding-up or liquidation of its affairs, shall have been entered against the Servicer and such decree or order shall have remained in force undischarged or
unstayed for a period of 60 days; or the Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable bankruptcy, insolvency or reorganization statute, make any
assignment for the benefit of its creditors or voluntarily suspend payment of its obligations; or 
 (e) any other Servicer
Default described in any Indenture Supplement; 
 then, so long as the Servicer Default shall not have been remedied, either the Indenture Trustee or the
Holders of Notes evidencing more than 50% of the aggregate unpaid principal amount of all affected Notes, by notice then given in writing to the Servicer and the Owner Trustee (and to the Indenture Trustee if given by the Noteholders) (a
“Termination Notice”), may terminate all but not less than all the rights and obligations of the Servicer as Servicer under this Agreement; provided, however, if within 60 days of receipt of a Termination Notice the Indenture
Trustee does not receive any bids from Eligible Servicers in accordance with subsection 10.02(a) to act as a Successor Servicer and receives an Officer’s Certificate of the Servicer to the effect that the Servicer cannot in good faith cure the
Servicer Default which gave rise to the Termination Notice, the Indenture Trustee shall assume the role of Successor Servicer. 
 After
receipt by the Servicer of a Termination Notice, and on the date that a Successor Servicer is appointed by the Indenture Trustee pursuant to Section 10.02, all authority and power of the Servicer under this Agreement shall pass to and be vested
in the Successor Servicer (a “Service Transfer”) and, without limitation, the Indenture Trustee is hereby authorized and empowered (upon the failure of the Servicer to cooperate) to execute and deliver, on behalf of the Servicer, as
attorney-in-fact or otherwise, all documents and other instruments upon the failure of the Servicer to execute or deliver such documents or instruments, and to do and accomplish all other acts or things necessary or appropriate to effect the
purposes of such Service Transfer. The Servicer agrees to cooperate with the Indenture Trustee and such Successor Servicer in effecting the termination of the responsibilities and rights of the Servicer to conduct servicing hereunder, including the
transfer to such Successor Servicer of all authority of the Servicer to service the Collateral provided for under this Agreement, including all authority over all Collections which shall on the date of transfer be held by the Servicer for deposit,
or which have been deposited by the Servicer, in the Collection Account for the applicable Asset Pool, or which shall thereafter be received with respect to the Collateral, and in assisting the Successor Servicer and in enforcing all rights to
Insurance Proceeds and Interchange (if any) applicable to the Trust. The Servicer shall within 20 Business Days transfer its electronic records or electronic copies thereof relating to the Receivables to the Successor Servicer in such electronic
form as the Successor Servicer may reasonably request and shall promptly transfer to the Successor Servicer all other records, correspondence and documents necessary for the continued servicing of the 

  

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Collateral in the manner and at such times as the Successor Servicer shall reasonably request. To the extent that compliance with this Section shall require
the Servicer to disclose to the Successor Servicer information of any kind which the Servicer deems to be confidential, the Successor Servicer shall be required to enter into such customary licensing and confidentiality agreements as the Servicer
shall deem reasonably necessary to protect its interests. 
 Notwithstanding the foregoing, a delay in or failure of performance referred to
in paragraph (a) above for a period of 10 Business Days after the applicable grace period or under paragraph (b) or (c) above for a period of 60 Business Days after the applicable grace period, shall not constitute a Servicer Default
if such delay or failure could not be prevented by the exercise of reasonable diligence by the Servicer and such delay or failure was caused by an act of God or the public enemy, acts of declared or undeclared war, public disorder, rebellion or
sabotage, epidemics, landslides, lightning, fire, hurricanes, earthquakes, floods or similar causes. The preceding sentence shall not relieve the Servicer from using all commercially reasonable efforts to perform its obligations in a timely manner
in accordance with the terms of this Agreement and the Servicer shall provide the Indenture Trustee, the Owner Trustee, the applicable Collateral Agent and each Transferor with an Officer’s Certificate giving prompt notice of such failure or
delay by it, together with a description of its efforts so to perform its obligations. 
 Section 10.02 Indenture Trustee To Act;
Appointment of Successor. 
 (a) On and after the receipt by the Servicer of a Termination Notice pursuant to
Section 10.01, the Servicer shall continue to perform all servicing functions under this Agreement until the date specified in the Termination Notice or otherwise specified by the Indenture Trustee or until a date mutually agreed upon by the
Servicer and the Indenture Trustee. The Indenture Trustee shall as promptly as possible after the giving of a Termination Notice appoint an Eligible Servicer as a successor servicer (the “Successor Servicer”), and such Successor Servicer
shall accept its appointment by a written assumption in a form acceptable to the Indenture Trustee. The Indenture Trustee may obtain bids from any potential successor Servicer. In the event that a Successor Servicer has not been appointed or has not
accepted its appointment at the time when the Servicer ceases to act as Servicer, the Indenture Trustee without further action shall automatically be appointed the Successor Servicer. The Indenture Trustee may delegate any of its servicing
obligations to an Affiliate or agent in accordance with subsection 4.01(b) and Section 7.06. 
 Notwithstanding the foregoing, the
Indenture Trustee shall, if it is legally unable so to act, petition at the expense of the Servicer a court of competent jurisdiction to appoint any established institution qualifying as an Eligible Servicer as the Successor Servicer hereunder. The
Indenture Trustee shall notify each Note Rating Agency and the Administrator upon the removal of the Servicer and upon the appointment of a Successor Servicer. 
  

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 (b) Upon its appointment, the Successor Servicer shall be the successor in all respects
to the Servicer with respect to servicing functions under this Agreement and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof, and all references in this
Agreement to the Servicer shall be deemed to refer to the Successor Servicer; provided, however, that the Successor Servicer shall have (i) no liability with respect to any obligation which was required to be performed by the
terminated Servicer prior to the date that the Successor Servicer becomes the Servicer or any claim of a third party based on any alleged action or inaction of the terminated Servicer and (ii) no liability or obligation with respect to any
Servicer indemnification obligations of any prior servicer including the original Servicer. 
 (c) In connection with such
appointment and assumption, the Indenture Trustee shall be entitled to such compensation, or may make such arrangements for the compensation of the Successor Servicer out of Collections, as it and such Successor Servicer shall agree;
provided, however, that no such compensation shall be in excess of the Trust Servicing Fee permitted to the Servicer pursuant to Section 4.02. Each Transferor agrees that if the Servicer is terminated hereunder, it will agree to
deposit a portion of the Collections in respect of Finance Charge Receivables that it is entitled to receive pursuant to this Agreement to pay its share of the compensation of the Successor Servicer. 
 (d) All authority and power granted to the Servicer under this Agreement shall automatically cease and terminate upon termination of the
Trust pursuant to Article VIII of the Trust Agreement, and shall pass to and be vested in the applicable Transferor and, without limitation, the applicable Transferor is hereby authorized and empowered to execute and deliver, on behalf of the
Servicer as attorney-in-fact or otherwise, all documents and other instruments, and to do and accomplish all other acts or things necessary or appropriate to effect the purposes of such transfer of servicing rights. The Servicer agrees to cooperate
with the applicable Transferor in effecting the termination of the responsibilities and rights of the Servicer to conduct servicing on the Receivables. The Servicer shall transfer its electronic records relating to the Receivables to the applicable
Transferor or its designee in such electronic form as it may reasonably request and shall transfer all other records, correspondence and documents to it in the manner and at such times as it shall reasonably request. To the extent that compliance
with this Section shall require the Servicer to disclose to the applicable Transferor information of any kind which the Servicer deems to be confidential, the applicable Transferor shall be required to enter into such customary licensing and
confidentiality agreements as the Servicer shall deem necessary to protect its interests. 
 Section 10.03 Notification to
Noteholders. Within five Business Days after the Servicer becomes aware of any Servicer Default, the Servicer shall give written notice thereof to the Owner Trustee, the Indenture Trustee, the applicable Collateral Agent, each Note Rating Agency
and the Indenture Trustee shall give notice to the Noteholders. Upon any termination or appointment of a Successor Servicer pursuant to 

  

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this Article, the Indenture Trustee shall give prompt written notice thereof to the Noteholders. 
 Section 10.04 Waiver of Past Defaults. The Holders of Notes evidencing more than 66 2/3% of the aggregate unpaid principal amount of all Notes sustaining an Adverse Effect by any default by the Servicer may, on behalf of all Noteholders of
such Series, Class or Tranche, waive any default by the Servicer in the performance of its obligations hereunder and its consequences, except a default in the failure to make any required deposits or payments of interest or principal relating to
such Series, Class or Tranche pursuant to Article III. Upon any such waiver of a past default, such default shall cease to exist, and any default arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such
waiver shall extend to any subsequent or other default or impair any right consequent thereon except to the extent expressly so waived. 
 [END OF ARTICLE X] 
  

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 ARTICLE XI 
 TERMINATION 
 Section 11.01 Termination of Agreement. This Agreement and the respective obligations
and responsibilities of the Trust, each Transferor, the Administrator and the Servicer under this Agreement shall terminate, except with respect to the indemnification obligations described in Section 7.04, on the Trust Termination Date.

 [END OF ARTICLE XI] 
  

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 ARTICLE XII 
 MISCELLANEOUS PROVISIONS 
 Section 12.01 Amendment; Waiver of Past Defaults. 
 (a) This Agreement may be amended from time to time by the Servicer, the Transferor, the Administrator and the Issuing Entity, by a
written instrument signed by each of them, without the consent of the Indenture Trustee, any Collateral Agent or any of the Noteholders; provided that (i) each Transferor shall have delivered to the Indenture Trustee and the Owner Trustee an
Officer’s Certificate, dated the date of any such amendment, stating that such Transferor reasonably believes that such amendment will not have an Adverse Effect and (ii) the Note Rating Agency Condition shall have been satisfied.
Additionally, notwithstanding the preceding sentence, this Agreement will be amended by the Servicer, the Administrator and the Issuing Entity at the direction of the Transferor without the consent of the Indenture Trustee or any of the Noteholders
to add, modify or eliminate such provisions as may be necessary or advisable in order to enable all or a portion of the Trust (i) to qualify as, and to permit an election to be made to cause the Trust to be treated as, a “financial asset
securitization investment trust” as described in the provisions of Section 860L of the Internal Revenue Code, and (ii) to avoid the imposition of state or local income or franchise taxes imposed on the Trust’s property or its
income; provided, however, that (i) each Transferor delivers to the Indenture Trustee, the Owner Trustee and the applicable Collateral Agent an Officer’s Certificate to the effect that the proposed amendments meet the
requirements set forth in this subsection and (ii) such amendment does not affect the rights, duties, benefits, protections, privileges or immunities of the Indenture Trustee, the Owner Trustee (as such or in its individual capacity) or the
applicable Collateral Agent hereunder. 
 This Agreement may also be amended from time to time by the Servicer, the
Transferor, the Administrator and the Issuing Entity by a written instrument signed by each of them, without the consent of the Indenture Trustee or any of the Noteholders and without satisfaction of the Note Rating Agency Condition to add, modify
or eliminate such provisions as may be necessary to satisfy accounting requirements under SFAS 140 and any related or successor accounting interpretations or requirements hereto for off-balance sheet treatment for the Collateral of the Issuing
Entity. 
 Any amendments regarding the addition to or removal of Collateral Certificates or Receivables from the Trust as
provided in Sections 2.12 and 2.13, executed in accordance with the provisions hereof, shall not be considered amendments to this Agreement for the purpose of subsections 12.01(a) and (b). 
 (b) This Agreement may also be amended in writing from time to time by the Servicer, the Transferor, the Administrator, the Indenture
Trustee, the Collateral Agent and the Trust, with the consent of the Holders of Notes evidencing more 

  

 75 

 
than 66 2/3% of the
aggregate unpaid principal amount of the Notes of all affected Series, Classes or Tranches for which the Transferor has not delivered an Officer’s Certificate stating that there is no Adverse Effect, for the purpose of adding any provisions to
or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders; provided, however, that no such amendment shall (i) reduce in any manner the amount of
or delay the timing of any distributions (changes in Early Amortization Events or Events of Default that decrease the likelihood of the occurrence thereof shall not be considered delays in the timing of distributions for purposes of this clause) to
be made to Noteholders or deposits of amounts to be so distributed or the amount available under any Supplemental Credit Enhancement and any Derivative Agreement without the consent of each affected Noteholder, (ii) change the definition of or
the manner of calculating the interest of any Noteholder without the consent of each affected Noteholder or (iii) reduce the aforesaid percentage required to consent to any such amendment without the consent of each Noteholder without the
consent of the Holders of Notes of such Series, Class or Tranche evidencing more than 66 2/3% of the aggregate
unpaid principal amount of the Notes of such Series, Class or Tranche. 
 (c) Promptly after the execution of
any such amendment or consent (other than an amendment pursuant to paragraph (a)), the Trust shall furnish notification of the substance of such amendment to the Indenture Trustee and each Noteholder, and the Servicer shall furnish notification of
the substance of such amendment to each Note Rating Agency. 
 (d) It shall not be necessary for the consent of Noteholders
under this Section 12.01 to approve the particular form of any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents and of evidencing the authorization of the
execution thereof by Noteholders shall be subject to such reasonable requirements as the Indenture Trustee may prescribe. 
 (e) Any Indenture Supplement executed in accordance with the provisions of Article IX of the Indenture shall not be considered an amendment of this Agreement for the purposes of this Section 12.01. 
 (f) The Owner Trustee may, but shall not be obligated to, enter into any such amendment which affects the Owner Trustee’s rights,
duties, benefits, protections, privileges or immunities under this Agreement or otherwise. In connection with the execution of any amendment hereunder, the Owner Trustee shall be entitled to receive the Opinion of Counsel described in subsection
12.02(d). 
 Section 12.02 Protection of Right, Title and Interest in and to Trust Assets. 
 (a) Each Transferor shall cause this Agreement, all amendments and supplements hereto and all financing statements and continuation
statements and any other necessary documents covering the Indenture Trustee’s and the 

  

 76 

 
Trust’s right, title and interest to the Trust Assets to be promptly recorded, registered and filed, and at all times to be kept recorded, registered
and filed, all in such manner and in such places as may be required by law fully to preserve and protect the right, title and interest of the Indenture Trustee, Noteholders and the Trust hereunder to all property comprising the Trust Assets. Each
Transferor shall deliver to the Owner Trustee and Indenture Trustee file-stamped copies of, or filing receipts for, any document recorded, registered or filed as provided above, as soon as available following such recording, registration or filing.
Each Transferor shall cooperate fully with the Servicer in connection with the obligations set forth above and will execute any and all documents reasonably required to fulfill the intent of this paragraph. 
 (b) Within 30 days after any Transferor makes any change in its name, identity or corporate structure which would make any financing
statement or continuation statement filed in accordance with paragraph (a) seriously misleading within the meaning of Section 9-506 (or any comparable provision) of the UCC, such Transferor shall give the Owner Trustee and the Indenture
Trustee notice of any such change and shall file such financing statements or amendments as may be necessary to continue the perfection of the Trust’s security interest or ownership interest in the Receivables and Collateral Certificates and
the proceeds thereof. 
 (c) Each Transferor and the Servicer shall give the Owner Trustee and the Indenture Trustee prompt
written notice of any relocation of its chief executive office or any change in the jurisdiction under whose laws it is organized, provided, that, as a result of such relocation or change, the applicable provisions of the UCC would
require the filing of any amendment of any previously filed financing or continuation statement or of any new financing statement. If so required, each of the Transferor and the Servicer shall file such financing statements or amendments as may be
necessary to perfect or to continue the perfection of the Trust’s security interest in each Collateral Certificate and the Receivables and the proceeds thereof. Each Transferor shall at all times maintain its chief executive offices within the
United States and shall at all times be organized under the laws of a jurisdiction located within the United States. 
 (d)
Each Transferor shall deliver to the Owner Trustee and the Indenture Trustee (i) upon the execution and delivery of each amendment of this Agreement, an Opinion of Counsel to the effect specified in Exhibit D-1; (ii) on each date specified
in subsection 2.12(c) with respect to the addition of Additional Accounts to be designated as Accounts, an Opinion of Counsel substantially in the form of Exhibit D-2, (iii) on each Addition Date on which any Collateral Certificates are to be
included in the Trust pursuant to subsection 2.12(a) or (b), an Opinion of Counsel covering the same substantive legal issues addressed by Exhibits D-1 and D-2, but conformed to the extent appropriate to relate to Collateral Certificates; and
(iv) on or before April 30 of each year, beginning with April 30, 2006, an Opinion of Counsel substantially in the form of Exhibit D-3. 
 Section 12.03 Fees Payable by the Transferor. Notwithstanding anything contained in any other Transaction Document (unless such document specifically refers to this Section), the Transferor shall pay out of its
own funds, without reimbursement, all 

  

 77 

 
expenses incurred, fees and disbursements of the Owner Trustee (as such and in its individual capacity), the Administrator, the Indenture Trustee and the
applicable Collateral Agent (including, in each case, the reasonable fees and expenses of its outside counsel) and independent accountants and all other fees and expenses, including the costs of filing UCC continuation statements, the costs and
expenses relating to obtaining and maintaining the listing of any Notes on any stock exchange, the costs and expenses relating to maintaining Bank Accounts, and any stamp, documentary, excise, property (whether on real, personal or intangible
property) or any similar tax levied on the Trust or the Trust’s assets that are not expressly stated in this Agreement to be payable by any Transferor or the Trust (other than federal, state, local and foreign income and franchise taxes, if
any, or any interest or penalties with respect thereto, assessed on the Trust). In addition, the Transferor shall, until such time as Receivables are included as Trust Assets, pay the expenses incurred by the Servicer in connection with the Trust
and the servicing activities hereunder including expenses related to enforcement of the Collateral Certificates and the Receivables, as set forth in subsection 4.01(e). In the event an Additional Transferor is added, the existing Transferor or
Transferors and the new Additional Transferor will, at such time, determine how the expenses described in this Section 12.03 shall be allocated. 
 Section 12.04 GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 Section 12.05 Notices; Payments.

 (a) All demands, notices, instructions, directions and communications (collectively, “Notices”) under this
Agreement shall be in writing and shall be deemed to have been duly given if personally delivered at, mailed by registered mail, return receipt requested, or sent by facsimile transmission: 
 (i) in the case of Chase USA, as Transferor, Servicer or Administrator, to: 
 Chase Bank USA, National Association 
 201
North Walnut Street 
 Wilmington, Delaware 19801 
 Attention: Patricia M. Garvey 
 Fax: (302) 282-7634 
  

 78 

 with a copy to: 
 JPMorgan Chase & Co. 
 1 Bank One Plaza, Suite IL1 0460 
 Chicago, Illinois 60670 
 Attention: Stephen
R. Etherington 
 Fax: (312) 732-3366 
 (ii) in the case of the Trust or the Owner Trustee, to: 
 Wilmington Trust Company 
 1100 North Market Street 
 Wilmington,
Delaware 19890-1600 
 Attention: Corporate Trust Administration 
 Fax: (302) 636-4140 
 (iii) in the case of the Indenture Trustee or the Collateral Agent, to: 
 Wells Fargo Bank, National Association 
 6th & Marquette 
 MAC N9311-161

 Minneapolis, Minnesota 55479 
 Attention: Corporate Trust Services Asset Backed Administration 
 Fax: (612) 667-3464 
 (iv) in the case of the Note Rating Agency for a particular Series, the address, if any, specified in the Indenture Supplement relating
to such Series, and 
 (v) to any other Person as specified in the Indenture or any Indenture Supplement; or, as to each
party, at such other address or facsimile number as shall be designated by such party in a written notice to each other party. 
 (b) Any Notice required or permitted to be given to a Holder of Registered Notes shall be given by first-class mail, postage prepaid, at the address of such Holder as shown in the Note Register. No Notice shall be required to be mailed to a
Holder of Bearer Notes but shall be given as provided below. Any Notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Noteholder receives such Notice. In addition,
(a) if and so long as any Series, Class or Tranche is listed on the Luxembourg Stock Exchange and such stock exchange shall so require, any Notice to Noteholders shall be published in an Authorized Newspaper of general circulation in Luxembourg
within the time period prescribed in this Agreement and (b) in the case of any Series, Class or Tranche with respect to which any Bearer Notes are Outstanding, any Notice required or permitted to 

  

 79 

 
be given to Noteholders of such Series, Class or Tranche shall be published in an Authorized Newspaper within the time period prescribed in this Agreement.

 Section 12.06 Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement
shall for any reason whatsoever be held invalid, then such provisions shall be deemed severable from the remaining provisions of this Agreement and shall in no way affect the validity or enforceability of the remaining provisions or of the Notes or
the rights of the Noteholders. 
 Section 12.07 Further Assurances. Each Transferor and the Servicer agree to do and perform, from
time to time, any and all acts and to execute any and all further instruments required or reasonably requested by the Owner Trustee and the Indenture Trustee more fully to effect the purposes of this Agreement, including the execution of any
financing statements or continuation statements relating to the Receivables for filing under the provisions of the UCC of any applicable jurisdiction. 
 Section 12.08 No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Trust, the Owner Trustee, the Indenture Trustee or the Noteholders, any right, remedy, power
or privilege under this Agreement shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege under this Agreement preclude any other or further exercise thereof or the exercise of any other
right, remedy, power or privilege. The rights, remedies, powers and privileges provided under this Agreement are cumulative and not exhaustive of any rights, remedies, powers and privileges provided by law. 
 Section 12.09 Counterparts. This Agreement may be executed in two or more counterparts (and by different parties on separate counterparts), each
of which shall be an original, but all of which together shall constitute one and the same instrument. 
 Section 12.10 Third-Party
Beneficiaries. This Agreement will inure to the benefit of and be binding upon the parties hereto, the Owner Trustee, the Indenture Trustee, the Noteholders and their respective successors and permitted assigns. Except as otherwise expressly
provided in this Agreement, no other Person will have any right or obligation hereunder. 
 Section 12.11 Actions by Noteholders.

 (a) Wherever in this Agreement a provision is made that an action may be taken or a Notice, demand or instruction given by
Noteholders, such action, Notice or instruction may be taken or given by any Noteholder, unless such provision requires a specific percentage of Noteholders. 
 (b) Any Notice, request, demand, authorization, direction, consent, waiver or other act by the Holder of a Note shall bind such Holder and
every subsequent Holder of such Note and of any Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done or omitted to 

  

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be done by the Owner Trustee, any Transferor or the Servicer in reliance thereon, whether or not notation of such action is made upon such Note. 

Section 12.12 Rule 144A Information. For so long as any of the Notes of any Series or Class are “restricted securities” within the
meaning of Rule 144(a)(3) under the Securities Act, each Transferor and each of the Owner Trustee, the Indenture Trustee and the Servicer agree to cooperate with each other to provide to any Noteholders of such Series or Class and to any prospective
purchaser of Notes designated by such Noteholder, upon the request of such Noteholder or prospective purchaser, any information required to be provided to such Holder or prospective purchaser to satisfy the condition set forth in Rule 144A(d)(4)
under the Securities Act. 
 Section 12.13 Merger and Integration. Except as specifically stated otherwise herein, this Agreement sets
forth the entire understanding of the parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded by this Agreement. This Agreement may not be modified, amended, waived or supplemented except as
provided herein. 
 Section 12.14 Headings. The headings herein are for purposes of reference only and shall not otherwise affect the
meaning or interpretation of any provision hereof. 
 Section 12.15 Limitation of Liability. Notwithstanding any other provision
herein or elsewhere, this Agreement has been executed and delivered by Wilmington Trust Company, not in its individual capacity, but solely in its capacity as Owner Trustee of the Trust. In no event shall Wilmington Trust Company in its individual
capacity have any liability in respect of the representations, warranties, or obligations of the Trust hereunder or under any other document, as to all of which recourse shall be had solely to the Trust Assets, and for all purposes of this Agreement
and each other document, the Owner Trustee (as such or in its individual capacity) shall be subject to, and entitled to the benefits of, the terms and provisions of the Trust Agreement. 
 Section 12.16 No Petition. To the fullest extent permitted by applicable law, the Indenture Trustee, Collateral Agent, Servicer, Transferor and
Administrator, by entering into this Agreement, and each Noteholder, by accepting a Note, agrees that it will not at any time institute against any Master Trust or the Issuing Entity, or join in any institution against any Master Trust or the
Issuing Entity of any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes
and this Agreement. 
 Section 12.17 Fiscal Year. The fiscal year of the Trust will end on the last day of each calendar year.

 [END OF ARTICLE XII] 
  

 81 

 ARTICLE XIII 
 COMPLIANCE WITH REGULATION AB 
 Section 13.01 Intent of the Parties; Reasonableness. 
 The Transferor, the Servicer and the Indenture Trustee acknowledge and agree that the purpose of this Article XIII is to facilitate compliance by the
Transferor with the provisions of Regulation AB and related rules and regulations of the Commission. The Transferor shall not exercise its right to request delivery of information or other performance under these provisions other than in good faith,
or for purposes other than the Transferor’s compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder (or the provision in a private offering of disclosure comparable to that required under
the Securities Act). The Servicer agrees to cooperate in good faith with any reasonable request by the Transferor for information regarding the Servicer which is required in order to enable the Transferor to comply with the provisions of Regulation
AB, including, without limitation, Items 1103(a)(1), 1105, 1108, 1117, 1118, 1119, 1121, 1122 and 1123 of Regulation AB as it relates to the Servicer or to the Servicer’s obligations under this Agreement or any Transaction Document. 

Section 13.02 Additional Representations and Warranties of the Servicer. 
 The Servicer shall be deemed to represent to the Transferor, as of the date on which information is provided to the Transferor under Section 13.03
that, except as disclosed in writing to the Transferor prior to such dates, to the best of its knowledge: (i) the Servicer is not aware and has not received notice that any default, early amortization or other performance triggering event has
occurred as to any other securitization involving credit card receivables due to any act or failure to act of the Servicer; (ii) the Servicer has not been terminated as servicer in a securitization involving credit card receivables, either due
to a servicing default or to application of a servicing performance test or trigger; (iii) no material noncompliance with the applicable servicing criteria with respect to other securitizations of credit card receivables involving the Servicer
as servicer has been disclosed or reported by the Servicer; (iv) no material changes to the Servicer’s policies or procedures with respect to the servicing function it will perform under this Agreement and any Transaction Document have
occurred during the three-year period immediately preceding the related Securitization Transaction; (v) there are no aspects of the Servicer’s financial condition that could have a material adverse effect on the performance by the Servicer
of its servicing obligations under this Agreement or any Transaction Document; and (vi) there are no material legal or governmental proceedings pending (or known to be contemplated) against the Servicer, any Subservicer or any third-party
originator. 
  

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 Section 13.03 Information to Be Provided by the Servicer. 
 In connection with any Securitization Transaction, the Servicer shall (i) within five (5) Business Days following request by the Transferor,
provide to the Transferor, in writing, the information specified in this Section 13.03, and (ii) as promptly as practicable following notice to or discovery by the Servicer of any changes to such information, provide to the Transferor, in
writing, such updated information. 
 (a) The Servicer shall provide such information regarding the Servicer and each
Subservicer (each of the Servicer and each Subservicer, for purposes of this paragraph, a “Servicing Party”) as is required for the purpose of compliance with Item 1108 of Regulation AB. Such information shall include, at a
minimum: 
 (A) the Servicing Party’s name and form of organization; 
 (B) a description of how long the Servicing Party has been servicing credit card accounts; a general discussion of the Servicing
Party’s experience in servicing assets of any type as well as a more detailed discussion of the Servicing Party’s experience in, and procedures for, the servicing function it will perform under this Agreement; information regarding the
size, composition and growth of the Servicing Party’s portfolio of credit card accounts of a type similar to the Accounts and information on factors related to the Servicing Party that may be material, in the good faith judgment of the
Transferor, to any analysis of the servicing of the Accounts or the related asset-backed securities, as applicable, including, without limitation: 
 (1) whether any prior securitizations of credit card receivables involving the Servicing Party has defaulted or experienced an early amortization or other performance triggering event because of servicing during the
three-year period immediately preceding the related Securitization Transaction; 
 (2) the extent of outsourcing the
Servicing Party utilizes; 
 (3) whether there has been previous disclosure of material noncompliance with the applicable
servicing criteria with respect to other securitizations of credit card receivables involving the Servicing Party as a servicer during the three-year period immediately preceding the related Securitization Transaction; 
 (4) whether the Servicing Party has been terminated as servicer in a securitization of credit card receivables, either due to a servicing
default or to application of a servicing performance test or trigger; and 
 (5) such other information as the Transferor may
reasonably request for the purpose of compliance with Item 1108(b)(2) of Regulation AB; 
  

 83 

 (C) a description of any material changes during the three-year period immediately
preceding the related Securitization Transaction to the Servicing Party’s policies or procedures with respect to the servicing function it will perform under this Agreement or any Transaction Document; 
 (D) information regarding the Servicing Party’s financial condition, to the extent that there is a material risk that an adverse
financial event or circumstance involving the Servicing Party could have a material adverse effect on the performance by the Servicing Party of its servicing obligations under this Agreement or any Transaction Document; 
 (E) a description of the Servicing Party’s processes and procedures designed to address any special or unique factors involved in
servicing; 
 (F) a description of the Servicing Party’s processes for handling delinquencies, losses, bankruptcies and
recoveries, such as sale of defaulted receivables; and 
 (G) information as to how the Servicing Party defines or determines
delinquencies and charge-offs, including the effect of any grace period, re-aging, restructuring, partial payments considered current or other practices with respect to delinquency and loss experience. 
 (b) As a condition to the succession to the Servicer or any Subservicer as servicer or subservicer under this Agreement or any Transaction
Document by any Person (i) into or with which the Servicer or such Subservicer may be merged or consolidated, or (ii) which may be appointed as a successor to the Servicer or any Subservicer, the Servicer shall provide to the Transferor at
least fifteen (15) calendar days prior to the effective date of such succession or appointment, (x) written notice to the Transferor of such succession or appointment and (y) in writing and in form and substance reasonably
satisfactory to the Transferor, all information reasonably required by the Transferor in order to comply with its reporting obligation under Item 6.02 of Form 8-K with respect to any series or class of Notes issued by the Issuing Entity.

 (c) In addition to such information as the Servicer is obligated to provide pursuant to other provisions of this Agreement
or any Transaction Document, if so requested by the Transferor, the Servicer shall provide such information regarding the performance of the Receivables or the servicing of the Accounts as is reasonably required to facilitate preparation of
distribution reports in accordance with Item 1121 of Regulation AB. Such information shall be provided concurrently with the distribution reports otherwise required to be delivered monthly by the Servicer under this Agreement or any Transaction
Document, commencing with the first such report due not less than ten (10) Business Days following such request. 
  

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 Section 13.04 Report on Assessment of Compliance and Attestation. 
 (a) On or before March 1 of each calendar year, commencing in 2007, the Servicer shall: 
 (i) deliver to the Transferor a report regarding the Servicer’s or any Subservicer’s assessment of compliance with the Servicing
Criteria during the immediately preceding calendar year, as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such report shall be addressed to the Transferor and signed by an authorized officer of the
Servicer or the applicable Subservicer, and shall address each of the relevant Servicing Criteria set forth in Exhibit G, as may be amended from time to time by the parties hereto; 
 (ii) deliver to the Transferor a report of a registered public accounting firm reasonably acceptable to the Transferor that attests to,
and reports on, the assessment of compliance made by the Servicer and delivered pursuant to the preceding paragraph. Such attestation shall be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the
Exchange Act; 
 (iii) instruct each Servicing Participant to deliver to the Transferor an assessment of compliance and
accountants’ attestation as and when provided in paragraphs (a) and (b) of this Section; and 
 (iv) deliver to
the Transferor and any other Person that will be responsible for signing the Sarbanes Certification on behalf of the Issuing Entity or the Transferor with respect to a Securitization Transaction a certification in the form attached hereto as
Exhibit F or such other form as may be mutually agreed upon. 
 The Servicer acknowledges that the parties identified
in clause (iv) above may rely on the certification provided by the Servicer pursuant to such clause in signing a Sarbanes Certification and filing such with the Commission. 
 (b) Each assessment of compliance provided by a Subservicer pursuant to Section 13.04(a)(i) shall address each of the Servicing
Criteria specified on a certification substantially in the form of Exhibit G hereto delivered to the Transferor concurrently with the execution of this Agreement or, in the case of a Subservicer subsequently appointed as such, on or prior to
the date of such appointment. An assessment of compliance provided by a Servicing Participant pursuant to Section 13.04(a)(iii) need not address any elements of the Servicing Criteria other than those specified by the Servicer pursuant to
Section 13.05. 
 (c) Within thirty (30) days of receipt, the Transferor shall provide a copy of all reports
prepared and delivered pursuant to this Section 13.04 to each Note Rating Agency. 
  

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 Section 13.05 Use of Subservicers and Servicing Participants. 
 (a) The Servicer shall use its best efforts to hire or otherwise utilize only the services of Subservicers that agree to comply with the
provisions of this Section. The Servicer shall use its best efforts to hire or otherwise utilize only the services of Servicing Participants, and shall use its best efforts to ensure that Subservicers hire or otherwise utilize only the services of
Servicing Participants, to fulfill any of the obligations of the Servicer as servicer under this Agreement or any Transaction Document, if those Servicing Participants agree to comply with the provisions of Section 13.05(b). 
 (b) The Servicer shall use its best efforts to cause any Subservicer used by the Servicer (or by any Subservicer) to comply with the
provisions of this Section and with Sections 4.05, 13.02, 13.03(c) and 13.04 to the same extent as if such Subservicer were the Servicer. The Servicer shall be responsible for obtaining from each Subservicer and delivering to the Transferor any
servicer compliance statement required to be delivered by such Subservicer under Section 4.05, any assessment of compliance and attestation required to be delivered by such Subservicer under Section 13.04 and any certification required to
be delivered to the Person that will be responsible for signing the Sarbanes Certification as and when required to be delivered. 
 (c) Except as may otherwise be required pursuant to Section 7.06, it shall not be necessary for the Servicer to seek the consent of the Transferor to the utilization of any Servicing Participant. The Servicer shall promptly upon
request provide to the Transferor a written description (in form and substance satisfactory to the Transferor) of the role and function of each Servicing Participant utilized by the Servicer or any Subservicer, specifying (i) the identity of
each such Servicing Participant and (ii) which elements of the Servicing Criteria will be addressed in assessments of compliance provided by each Servicing Participant. 
 As a condition to the utilization of any Servicing Participant, the Servicer shall use its best efforts to cause any such Servicing
Participant used by the Servicer (or by any Subservicer) for the benefit of the Transferor to comply with the provisions of Section 13.04 to the same extent as if such Servicing Participant were the Servicer. The Servicer shall be responsible
for obtaining from each Servicing Participant and delivering to the Transferor any assessment of compliance and attestation required to be delivered by such Servicing Participant under Section 13.04, in each case as and when required to be
delivered. 
 [END OF ARTICLE XIII] 
  

 86 

 IN WITNESS WHEREOF, the Transferor, the Servicer, the Administrator, the Indenture Trustee, the
Collateral Agent and the Trust have caused this Transfer and Servicing Agreement to be duly executed by their respective officers as of the day and year first above written. 
  

			
	CHASE BANK USA, NATIONAL
	ASSOCIATION, as Transferor, Servicer and
	Administrator
		
	By:	 	/s/ Patricia M. Garvey
		 	Name: Patricia M. Garvey
		 	Title:   Vice President
	
	CHASE ISSUANCE TRUST,
	as Issuing Entity
		
	By:	 	WILMINGTON TRUST
		 	COMPANY, not in its individual
		 	capacity but solely as Owner Trustee
		 	on behalf of the Trust
		
	By:	 	/s/ Michele C. Harra
		 	Name: Michele C. Harra
		 	Title:   Financial Services Officer
	
	WELLS FARGO BANK,
	NATIONAL ASSOCIATION,
	as Indenture Trustee and Collateral Agent
		
	By:	 	/s/ Cheryl Zimmerman
		 	Name: Cheryl Zimmerman
		 	Title:   Assistant Vice President

			
	 Acknowledged and Accepted:

	
	 WILMINGTON TRUST COMPANY,

	 not in its individual capacity but

	 solely as Owner Trustee

		
	By:	 	 /s/ Michele C. Harra

		 	 Name: Michele C. Harra

		 	 Title:   Financial Services Officer

 Exhibit A-1 
 FORM OF ASSIGNMENT OF AN ADDITIONAL COLLATERAL CERTIFICATE 
 (as required by section 2.12(c)(v) of the
Transfer and Servicing Agreement) 
 ASSIGNMENT No. __ OF AN ADDITIONAL COLLATERAL CERTIFICATE dated as of _____________, by and among CHASE
BANK USA, NATIONAL ASSOCIATION, a national banking association (the “Bank”), as Transferor (the “Transferor”), and the CHASE ISSUANCE TRUST (the “Trust”), pursuant to the Agreement referred to below. 
 WITNESSETH: 
 WHEREAS, the Bank, as
Transferor, Servicer and Administrator, Wells Fargo Bank, National Association, as Indenture Trustee and Collateral Agent, and the Trust are parties to the Second Amended and Restated Transfer and Servicing Agreement, dated as of March 14, 2006
(hereinafter as such agreement may have been, or may from time to time be, amended, supplemented or otherwise modified, the “Agreement”); 
 WHEREAS, pursuant to subsection 2.12(a) or 2.12(b) of the Agreement, the Transferor wishes to designate an Additional Collateral Certificate and to convey hereby such Additional Collateral Certificate (as such term is defined in the
Agreement) to the Trust for designation pursuant to the applicable Asset Pool Supplement; and 
 WHEREAS, the Owner Trustee, on behalf of the
Trust is willing to accept such designation and conveyance subject to the terms and conditions hereof; 
 NOW, THEREFORE, the Transferor and
the Owner Trustee, on behalf of the Trust hereby agree as follows: 
 1. Defined Terms. All capitalized terms used herein shall have
the meanings ascribed to them in the Agreement unless otherwise defined herein. 
 “Addition Cut Off Date” shall mean, with
respect to the Additional Collateral Certificate designated hereby, ____________. 
 “Addition Date” shall mean, with
respect to the Additional Collateral Certificate designated on Schedule 1 hereto, ____________. 
 “Notice Date” shall
mean, with respect to the Additional Collateral Certificate designated on Schedule 1 hereto, _____________ [which shall be a date on or prior to the third Business Day prior to the Addition Date with respect to additions pursuant to subsection
2.12(a) of the Agreement and the fifth Business Day prior to the Addition Date with respect to additions pursuant to subsection 2.12(b) of the Agreement]. 
  

 A-1-1 

 2. Conveyance of Additional Collateral Certificates. (a) The Transferor does hereby transfer,
assign, set over and otherwise convey, without recourse except as set forth in the Agreement, to the Trust, all its right, title and interest in, to and under the Additional Collateral Certificate existing as of the close of business on the Addition
Cut Off Date. The foregoing does not constitute and is not intended to result in the creation or assumption by the Trust, the Owner Trustee (as such or in its individual capacity), the Indenture Trustee, the applicable Collateral Agent, any
Noteholders, any Supplemental Credit Enhancer or any Derivative Counterparty of any obligation of the Transferor or any other Person in connection with the Additional Collateral Certificate or under any agreement or instrument relating thereto,
including any obligation to Obligors, merchant banks, merchants clearance systems, VISA, MasterCard or insurers. 
 (b) If necessary, the
Transferor agrees to record and file, at its own expense, financing statements (and continuation statements when applicable) with respect to the Additional Collateral Certificate existing on the Addition Cut Off Date meeting the requirements of
applicable state law in such manner and in such jurisdictions as are necessary to perfect, and maintain perfection of, the sale and assignment of its interest in such Additional Collateral Certificate to the Trust, and to deliver a file-stamped copy
of each such financing statement or other evidence of such filing to the Owner Trustee on or prior to the Addition Date. None of the Owner Trustee, the Indenture Trustee or the applicable Collateral Agent shall be under any obligation whatsoever to
file such financing or continuation statements or to make any filing under the UCC in connection with such sale and assignment. 
 (c) The
Transferor does hereby grant to the Trust a security interest in all of its right, title and interest, whether now owned or hereafter acquired, in and to the Additional Collateral Certificate designated for sale on the Addition Cut Off Date. This
Assignment constitutes a security agreement under the UCC. 
 (d) It is the intention of the parties hereto that all transfers of Additional
Collateral Certificates to the Trust pursuant to this Assignment be subject to, and be treated in accordance with, the Delaware Act and each of the parties hereto agrees that this Assignment has been entered into by the parties hereto in express
reliance upon the Delaware Act. For purposes of complying with the requirements of the Delaware Act, each of the parties hereto hereby agrees that any property, assets or rights purported to be transferred, in whole or in part, by the Transferor
pursuant to this Assignment shall be deemed to no longer be the property, assets or rights of the Transferor. The parties hereto acknowledge and agree that each such transfer is occurring in connections with a “securitization transaction”
within the meaning of the Delaware Act. 
 3. Acceptance by Owner Trustee. The Owner Trustee hereby acknowledges its acceptance on
behalf of the Trust of all right, title and interest to the property existing on the Addition Cut Off Date which has been conveyed to the Trust pursuant to Section 2(a) of this Assignment. 
  

 A-1-2 

 4. Representations and Warranties of the Transferor. The Transferor hereby represents and warrants
to the Trust, as of the Addition Date, that: 
 (a) Legal Valid and Binding Obligation. This Assignment constitutes a legal, valid and
binding obligation of the Transferor enforceable against the Transferor in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or
hereafter in effect affecting the enforcement of creditors’ rights in general and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity); 
 (b) Eligibility of Additional Collateral Certificate. As of the Addition Cut Off Date, the Additional Collateral Certificate designated hereby is
an Eligible Collateral Certificate; 
 (c) Insolvency. As of each of the Addition Cut Off Date and the Addition Date, no Insolvency
Event with respect to the Transferor has occurred and the transfer by the Transferor of Additional Collateral Certificates to the Trust has not been made in contemplation of the occurrence thereof; 
 (d) No Adverse Effect. The acquisition by the Trust of the Additional Collateral Certificate shall not, in the reasonable belief of the applicable
Transferor, result in an Adverse Effect; 
 (e) Security Interest. This Assignment constitutes either (i) a valid sale, transfer
and assignment to the Trust of all right, title and interest of the Transferor in the Additional Collateral Certificate designated on the Addition Cut Off Date and such Additional Collateral Certificate will be held by the Owner Trustee, on behalf
of the Trust, free and clear of any Lien of any Person claiming through or under the Transferor or any of its Affiliates, or (ii) a valid transfer for security of all of the Transferor’s right, title and interest in such Additional
Collateral Certificate to the Owner Trustee, on behalf of the Trust, which is enforceable upon execution and delivery of this Assignment. Upon the filing of all such appropriate financing statements, the Trust shall have a first priority perfected
security or ownership interest in such property and proceeds; 
 (f) No Conflict. The execution and delivery by the Transferor of this
Assignment, the performance of the transactions contemplated by this Assignment and the fulfillment of the terms hereof applicable to the Transferor, will not conflict with or violate any Requirements of Law applicable to the Transferor or conflict
with, result in any breach of any of the material terms and provisions of, or constitute (with or without notice or lapse of time or both) a material default under, any indenture, contract, agreement, mortgage, deed of trust or other instrument to
which the Transferor is a party or by which it or its properties are bound; 
 (g) No Proceedings. There are no proceedings or
investigations pending or, to the best knowledge of the Transferor, threatened against the Transferor 

  

 A-1-3 

 
before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality (i) asserting the invalidity of this
Assignment, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Assignment, (iii) seeking any determination or ruling that, in the reasonable judgment of the Transferor, would materially and adversely
affect the performance by the Transferor of its obligations under this Assignment or (iv) seeking any determination or ruling that would materially and adversely affect the validity or enforceability of this Assignment; and 
 (h) All Consents. All authorizations, consents, orders or approvals of any court or other governmental authority required to be obtained by the
Transferor in connection with the execution and delivery of this Assignment by the Transferor and the performance of the transactions contemplated by this Assignment by the Transferor, have been obtained. 
 6. Conditions Precedent. The designation of an Additional Collateral Certificate pursuant to Section 2 of this Assignment, the acceptance by
the Trust pursuant to Section 3 of this Assignment and the Amendment of the Agreement pursuant to Section 7 of this Assignment are each subject to the satisfaction of the conditions precedent set forth in Section 2.12(c) of the
Agreement on or prior to the dates specified in such Section 2.12(c). For purposes of Section 2.12(c)(i) of the Agreement, “Notice Date” shall having the meaning specified in Section 1 hereof. With respect to the condition
specified in Section 2.12(c)(xi) of the Agreement, the Bank shall have delivered to the Administrator, on behalf of the Trust, on or prior to the date hereof, a certificate of a Vice President or more senior officer substantially in the form of
Schedule 2 hereto, certifying that (i) all requirements set forth in subsection 2.12(c) of the Transfer and Servicing Agreement for designating and conveying Receivables in Additional Accounts have been satisfied and (ii) each of the
representations and warranties made by the Transferor in Section 5 of this Assignment is true and correct as of the Addition Date. The Owner Trustee and the Administrator may conclusively rely on such Officer’s Certificate, shall have no
duty to make inquiries with regard to the matters set forth therein, and shall incur no liability in so relying. 
 7. Amendment of the
Transfer and Servicing Agreement. The Agreement is hereby amended to provide that all references therein to the “Transfer and Servicing Agreement,” to “this Agreement” and “herein” shall be deemed from and after the
Addition Date to be a dual reference to the Agreement as supplemented by this Assignment and all references therein to Additional Collateral Certificates shall be deemed to include the Additional Collateral Certificate designated hereby. Except as
expressly amended hereby, all of the representations, warranties, terms, covenants and conditions of the Agreement shall remain unamended and shall continue to be, and shall remain, in full force and effect in accordance with its terms and except as
expressly provided herein shall not constitute or be deemed to constitute a waiver of compliance with or a consent to noncompliance with any term or provision of the Agreement. 
  

 A-1-4 

 8. Counterparts. This Assignment may be executed in two or more counterparts (and by different
parties on separate counterparts), each of which shall be an original, but all of which shall constitute one and the same instrument. 
 9.
GOVERNING LAW. THIS ASSIGNMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 10. Limitation of Liability. Notwithstanding any other provision herein or elsewhere,
this Assignment has been executed and delivered by Wilmington Trust Company on behalf of the Trust, not in its individual capacity, but solely in its capacity as Owner Trustee, in no event shall Wilmington Trust Company in its individual capacity
have any liability in respect of the representations, warranties, or obligations of the Trust hereunder or under any other document, as to all of which recourse shall be had solely to the assets of the Trust, and for all purposes of this Assignment
and each other document, the Owner Trustee (as such or in its individual capacity) shall be subject to, and entitled to the benefits of, the terms and provisions of the Trust Agreement. 
 11. Removal Upon Breach. In the event of a breach of any of the warranties set forth in subsection 5(B) other than a breach or event set forth in
subsection 2.05(a) of the Agreement, if as a result of such breach the related Collateral Certificate is no longer an Eligible Collateral Certificate or the Trust’s rights in, to or under such Collateral Certificate or its proceeds are
impaired, then upon the expiration of 60 days (or such longer period as may be agreed to by the Indenture Trustee, the applicable Collateral Agent and the Servicer, but in no event later than 120 days) after the earlier to occur of the discovery
thereof by the Transferor who conveyed such Collateral Certificate to the Trust or receipt by such Transferor of written notice thereof given by the Owner Trustee, the Indenture Trustee, the applicable Collateral Agent or the Servicer, such
Collateral Certificate shall be removed from the Trust on the terms and conditions set forth in subsection 2.05(b) of the Agreement and the Transferor shall accept reassignment of such Collateral Certificate; provided, however, that no
such removal shall be required to be made if, on any day within such applicable period, such representations and warranties with respect to such Collateral Certificate shall then be true and correct in all material respects as if such Collateral
Certificate had been designated for inclusion in the Trust on such day. 
  

 A-1-5 

 IN WITNESS WHEREOF, the Transferor and the Owner Trustee, on behalf of the Trust, have caused this
Assignment to be duly executed by their respective officers as of the day and year first above written. 
  

			
	CHASE BANK USA, NATIONAL
	 ASSOCIATION, as Transferor

		
	By:	 	  
		 	 Name:

		 	 Title:

	
	 CHASE ISSUANCE TRUST

		
	By:	 	 CHASE BANK USA, NATIONAL

		 	 ASSOCIATION, not in its individual

		 	 capacity, but solely as Administrator

		 	 on behalf of the Trust

		
	By:	 	  
		 	 Name:

		 	 Title:

  

 A-1-6 

 Schedule 1 (to Exhibit A-1) 
 List of Additional Collateral Certificates 
  

 A-1-7 

 Schedule 2 (to Exhibit A-1) 
 Chase Bank USA, National Association 
 Officer’s Certificate

 ____________________, a duly authorized officer of Chase Bank USA, National Association (“Chase USA”), a national banking
association, as transferor (the “Transferor”), hereby certifies and acknowledges on behalf of the Transferor that to the best of [her/his] knowledge the following statements are true on ___________ (the “Addition Date”), and
acknowledges on behalf of the Transferor that this Officer’s Certificate will be relied upon by Wilmington Trust Company, as Owner Trustee on behalf of the Trust, in connection with the Trust entering into Assignment No. ___ of Additional
Collateral Certificates, dated as of the related Addition Date (the “Assignment”), by and between the Transferor and the Trust, in connection with the Second Amended and Restated Transfer and Servicing Agreement, dated as of March 14,
2006 (as heretofore supplemented and amended, the “Transfer and Servicing Agreement”), by and between Chase USA, as Transferor, Servicer and Administrator, the Chase Issuance Trust, as Issuing Entity, and Wells Fargo Bank, National
Association, as Indenture Trustee and Collateral Agent. The undersigned hereby certifies and acknowledges on behalf of the Transferor that: 
 (a) Delivery of Assignment. On or prior to the Addition Date, (i) the Transferor has delivered to the Trust the Assignment and (ii) the Transferor shall deliver to the Trust the Additional Collateral Certificate.

 (b) Legal Valid and Binding Obligation. This Assignment constitutes a legal, valid and binding obligation of the Transferor
enforceable against the Transferor in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect affecting the enforcement
of creditors’ rights in general and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity). 
 (c) Eligibility of Additional Collateral Certificate. As of the Addition Cut Off Date, the Additional Collateral Certificate designated hereby is an Eligible Collateral Certificate; 
 (d) Insolvency. As of each of the Addition Cut Off Date and the Addition Date, no Insolvency Event with respect to the Transferor has occurred and
the transfer by the Transferor of Additional Collateral Certificates to the Trust has not been made in contemplation of the occurrence thereof; 
 (e) No Adverse Effect. The acquisition by the Trust of the Additional Collateral Certificate shall not, in the reasonable belief of the Transferor, result in an Adverse Effect; and 
  

 A-1-8 

 (f) Conditions Precedent. All requirements set forth in subsection 2.12(c) of the Transfer and
Servicing Agreement for designating Additional Collateral Certificates have been satisfied. 
 (g) No Proceedings. There are no
proceedings or investigations pending or, to the best knowledge of the Transferor, threatened against the Transferor before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality (i) asserting the
invalidity of this Assignment, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Assignment, (iii) seeking any determination or ruling that, in the reasonable judgment of the Transferor, would
materially and adversely affect the performance by the Transferor of its obligations under this Assignment or (iv) seeking any determination or ruling that would materially and adversely affect the validity or enforceability of this Assignment;
and 
 (h) All Consents. All authorizations, consents, orders or approvals of any court or other governmental authority required to be
obtained by the Transferor in connection with the execution and delivery of this Assignment by the Transferor and the performance of the transactions contemplated by this Assignment by the Transferor, have been obtained. 
 Initially capitalized terms used herein and not otherwise defined are used as defined in the Asset Pool One Supplement. 
 IN WITNESS WHEREOF, I have hereunto set my hand this _____ day of ________ ____. 
  

			
	 CHASE BANK USA,

	 NATIONAL ASSOCIATION

		
	By:	 	  
		 	 Name:

		 	 Title:

  

 A-1-9 

 Exhibit A-2 
 FORM OF ASSIGNMENT OF RECEIVABLES IN ADDITIONAL ACCOUNTS 
 (as required by section 2.12(c)(iv) of the Transfer
and Servicing Agreement) 
 ASSIGNMENT NO. ___ OF RECEIVABLES IN ADDITIONAL ACCOUNTS, dated as of __________, by and among CHASE BANK USA,
NATIONAL ASSOCIATION, a national banking association (the “Bank”), as Transferor (in such capacity, the “Transferor”), and the CHASE ISSUANCE TRUST (the “Trust”), pursuant to the Agreement referred to below, and
acknowledged by the Bank in its capacity as servicer under the Agreement referred to below (in such capacity, the “Servicer”). 
 WITNESSETH: 
 WHEREAS, the Bank, as Transferor, Servicer and Administrator, Wells Fargo Bank, National Association, as Indenture
Trustee and Collateral Agent, and the Trust are parties to the Second Amended and Restated Transfer and Servicing Agreement, dated as of March 14, 2006 (hereinafter as such agreement may have been, or may from time to time be, amended,
supplemented or otherwise modified, the “Agreement”); 
 WHEREAS, pursuant to the Agreement, the Transferor wishes to designate
Additional Accounts to be included as Accounts and to convey hereby the Receivables of such Additional Accounts (as each such term is defined in the Agreement), whether now existing or hereafter created, to the Trust; and 
 WHEREAS, the Administrator, on behalf of the Trust is willing to accept such designation and conveyance subject to the terms and conditions hereof;

 NOW, THEREFORE, the Transferor and the Administrator, on behalf of the Trust hereby agree as follows: 
 1. Defined Terms. All capitalized terms used herein shall have the meanings ascribed to them in the Agreement unless otherwise defined herein.

 “Addition Cut Off Date” shall mean, with respect to the Additional Accounts designated hereby, _________________.

 “Addition Date” shall mean, with respect to the Additional Accounts designated on Schedule 1 hereto, _________________.

 “Notice Date” shall mean, with respect to the Additional Accounts designated on Schedule 1 hereto, ________________
[which shall be a date on or prior to the third Business Day prior to the Addition Date with respect to additions pursuant to 

  

 A-2-1 

 
subsection 2.12(a) of the Agreement and the fifth Business Day prior to the Addition Date with respect to additions pursuant to subsection 2.12(b) of the
Agreement]. 
 2. Designation of Additional Accounts. On or before the Addition Date, the Transferor shall deliver to the Owner
Trustee, on behalf of the Issuing Entity, a computer file containing a true and complete list of each VISA and MasterCard account, which as of the Addition Date shall be deemed to be an Additional Account, identified by account number and the
aggregate amount of the Receivables in each such Additional Account as of the Addition Cut Off Date, and stating to which Asset Pool each such Additional Account belongs, which computer file shall be marked as Schedule 1 to this Assignment and, as
of the date of this Assignment, shall supplement Schedule 1 to the Agreement. 
 3. Conveyance of Receivables. (a) The Transferor
does hereby sell, transfer and assign to the Trust all right, title and interest, whether owned on the Addition Cut Off Date or thereafter acquired, of the Transferor in the Receivables existing on the Addition Cut Off Date or thereafter created in
the Additional Accounts, all Interchange and Recoveries related thereto, all monies due or to become due and all amounts received or receivable with respect thereto and all proceeds (including “proceeds” as defined in the applicable UCC)
thereof and all Insurance Proceeds related thereto. This Section 3(a) does not constitute and is not intended to result in the creation or assumption by the Trust, the Owner Trustee (as such or in its individual capacity), the Indenture
Trustee, the applicable Collateral Agent, any Noteholders, any Supplemental Credit Enhancer or any Derivative Counterparty of any obligation of the Transferor or any other Person in connection with the Accounts, the Receivables or under any
agreement or instrument relating thereto, including any obligation to Obligors, merchant banks, merchants clearance systems, VISA, MasterCard or insurers. 
 (b) The Transferor hereby grants to the Trust a security interest in all of its right, title and interest, whether owned on the Addition Cut Off Date or thereafter acquired, of the Transferor in the Receivables
existing on the Addition Cut Off Date or thereafter created in the Additional Accounts, all Interchange and Recoveries related thereto, all monies due or to become due and all amounts received or receivable with respect thereto and the
“proceeds” (including “proceeds” as defined in the applicable UCC) thereof and all Insurance Proceeds related thereto to secure a loan in an amount equal to the unpaid principal amount of the Notes issued pursuant to the
Indenture and the applicable Indenture Supplement and interest accrued with respect thereto. This Assignment constitutes a security agreement under the UCC. 
 (c) If necessary, the Transferor agrees to record and file, at its own expense, financing statements (and continuation statements when applicable) with respect to the Receivables in Additional Accounts existing on the
Addition Cut Off Date and thereafter created meeting the requirements of applicable state law in such manner and in such jurisdictions as are necessary to perfect, and maintain perfection of, the sale and assignment of its interest in such
Receivables to the Trust, and to deliver a file-stamped copy of each such financing statement or other evidence of such filing to the Owner 

  

 A-2-2 

 
Trustee on or prior to the Addition Date. The Owner Trustee shall be under no obligation whatsoever to file such financing or continuation statements or to
make any filing under the UCC in connection with such sale and assignment. 
 (d) In connection with such transfers, the Transferor further
agrees, at its own expense, on or prior to the date of this Assignment, to indicate in the appropriate computer files that Receivables created in connection with the Additional Accounts and designated hereby have been conveyed to the Trust pursuant
to this Assignment for the benefit of the Noteholders. 
 (e) It is the intention of the parties hereto that all transfers of Receivables to
the Trust pursuant to this Assignment be subject to, and be treated in accordance with, the Delaware Act and each of the parties hereto agrees that this Assignment has been entered into by the parties hereto in express reliance upon the Delaware
Act. For purposes of complying with the requirements of the Delaware Act, each of the parties hereto hereby agrees that any property, assets or rights purported to be transferred, in whole or in part, by the Transferor pursuant to this Assignment
shall be deemed to no longer be the property, assets or rights of the Transferor. The parties hereto acknowledge and agree that each such transfer is occurring in connections with a “securitization transaction” within the meaning of the
Delaware Act. 
 4. Acceptance by Administrator on Behalf of the Trust. The Administrator, on behalf of the Trust hereby acknowledges
its acceptance of all right, title and interest in and to the Receivables in the Additional Accounts now existing and hereafter created, conveyed to the Trust pursuant to Section 3(a) hereof and declares that the Trust shall maintain such
right, title and interest, upon the trust herein set forth, for the benefit of the Noteholders. 
 5. Representations and Warranties of
the Transferor. 
 (a) Legal Valid and Binding Obligation. This Assignment constitutes a legal, valid and binding obligation of
the Transferor enforceable against the Transferor in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect affecting
the enforcement of creditors’ rights in general and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity); 
 (b) Eligibility of Accounts. As of the Addition Cut Off Date, each Additional Account designated hereby is an Eligible Account; 
 (c) Insolvency. As of each of the Addition Cut Off Date and the Addition Date, no Insolvency Event with respect to the Transferor has occurred and
the transfer by the Transferor of Receivables arising in the Additional Accounts to the Trust has not been made in contemplation of the occurrence thereof; 
  

 A-2-3 

 (d) No Adverse Effect. The acquisition by the Trust of the Receivables arising in the Additional
Accounts shall not, in the reasonable belief of the applicable Transferor, result in an Adverse Effect; 
 (e) Security Interest. This
Assignment constitutes a valid sale, transfer and assignment to the Trust of all right, title and interest, whether owned on the Addition Cut Off Date or thereafter acquired, of the Transferor in the Receivables existing on the Addition Cut Off Date
or thereafter created in the Additional Accounts, all Interchange and Recoveries related thereto, all monies due or to become due and all amounts received or receivable with respect thereto and the “proceeds” (including
“proceeds” as defined in the applicable UCC) thereof and Insurance Proceeds related thereto, or, if this Assignment does not constitute a sale of such property, the Agreement as amended by this Assignment constitutes a grant of a
“security interest” (as defined in the applicable UCC) in such property to the Trust, which, in the case of existing Receivables and the proceeds thereof, is enforceable upon execution and delivery of this Assignment, and which will be
enforceable with respect to such Receivables hereafter created and the proceeds thereof upon such creation. Upon the filing of the financing statements described in Section 3 of this Assignment and, in the case of the Receivables hereafter
created and the proceeds thereof, upon the creation thereof, the Trust shall have a first priority perfected security or ownership interest in such property; 
 (f) No Conflict. The execution and delivery by the Transferor of this Assignment, the performance of the transactions contemplated by this Assignment and the fulfillment of the terms hereof applicable to the
Transferor, will not conflict with or violate any Requirements of Law applicable to the Transferor or conflict with, result in any breach of any of the material terms and provisions of, or constitute (with or without notice or lapse of time or both)
a material default under, any indenture, contract, agreement, mortgage, deed of trust or other instrument to which the Transferor is a party or by which it or its properties are bound; 
 (g) No Proceedings. There are no proceedings or investigations, pending or, to the best knowledge of the Transferor, threatened against the
Transferor before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality (i) asserting the invalidity of this Assignment, (ii) seeking to prevent the consummation of any of the transactions
contemplated by this Assignment, (iii) seeking any determination or ruling that, in the reasonable judgment of the Transferor, would materially and adversely affect the performance by the Transferor of its obligations under this Assignment or
(iv) seeking any determination or ruling that would materially and adversely affect the validity or enforceability of this Assignment; and 
 (h) All Consents. All authorizations, consents, orders or approvals of any court or other governmental authority required to be obtained by the Transferor in connection with the execution and delivery of this Assignment by the
Transferor and the performance of the transactions contemplated by this Assignment by the Transferor, have been obtained. 
  

 A-2-4 

 6. Conditions Precedent. The designation of Additional Accounts pursuant to Section 2 of this
Assignment, the conveyance of Receivables pursuant to Section 3 of this Assignment and the Amendment of the Agreement pursuant to Section 7 hereof are each subject to the satisfaction of the conditions precedent set forth in
Section 2.12(c) of the Agreement on or prior to the dates specified in such Section 2.12(c). For purposes of Section 2.12(c)(i) of the Agreement, “Notice Date” shall having the meaning specified in Section 1 hereof.
With respect to the condition specified in Section 2.12(c)(xi) of the Agreement, the Bank shall have delivered to the Administrator, on behalf of the Trust, on or prior to the date hereof, a certificate of a Vice President or more senior
officer substantially in the form of Schedule 2 hereto, certifying that (i) all requirements set forth in subsection 2.12(c) of the Transfer and Servicing Agreement for designating and conveying Receivables in Additional Accounts have been
satisfied and (ii) each of the representations and warranties made by the Transferor in Section 5 of this Assignment is true and correct as of the Addition Date. The Owner Trustee and the Administrator may conclusively rely on such
Officer’s Certificate, shall have no duty to make inquiries with regard to the matters set forth therein, and shall incur no liability in so relying. 
 7. Amendment of the Transfer and Servicing Agreement. The Agreement is hereby amended to provide that all references therein to the “Transfer and Servicing Agreement,” to “this Agreement”
and “herein” shall be deemed from and after the Addition Date to be a dual reference to the Agreement as supplemented by this Assignment. All references therein to Additional Accounts shall be deemed to include the Additional Accounts
designated hereby and all references therein to Receivables shall be deemed to include the Receivables conveyed hereby. Except as expressly amended hereby, all of the representations, warranties, terms, covenants and conditions of the Agreement
shall remain unamended and shall continue to be, and shall remain, in full force and effect in accordance with its terms and except as expressly provided herein shall not constitute or be deemed to constitute a waiver of compliance with or a consent
to noncompliance with any term or provision of the Agreement. 
 8. Counterparts. This Assignment may be executed in two or more
counterparts, and by different parties on separate counterparts, each of which shall be an original, but all of which shall constitute one and the same instrument. 
 9. GOVERNING LAW. THIS ASSIGNMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 10. Removal Upon Breach. In the event of a breach of any of
the warranties set forth in Section 5(b) hereof other than a breach or event set forth in Section 2.05(a) of the Agreement, if as a result of such breach the related Receivable is no longer 

  

 A-2-5 

 
an Eligible Receivable or the Trust’s rights in, to or under such Receivable or its proceeds are impaired, then upon the expiration of 60 days (or such
longer period as may be agreed to by the Indenture Trustee, the applicable Collateral Agent and the Servicer, but in no event later than 120 days) after the earlier to occur of the discovery thereof by the Transferor who conveyed such Receivable to
the Trust or receipt by such Transferor of written notice thereof given by the Owner Trustee, the Indenture Trustee, the applicable Collateral Agent or the Servicer, such Receivable shall be removed from the Trust on the terms and conditions set
forth in Section 2.05(b) of the Agreement and the Transferor shall accept reassignment of such Receivable; provided, however, that no such removal shall be required to be made if, on any day within such applicable period, such
representations and warranties with respect to such Receivable shall then be true and correct in all material respects as if such Receivable had been designated for inclusion in the Trust on such day. 
  

 A-2-6 

 IN WITNESS WHEREOF, the Transferor and Chase Bank USA, National Association, as Administrator on behalf
of the Trust, have caused this Assignment to be duly executed by their respective officers as of the day and year first above written. 
  

			
	CHASE BANK USA, NATIONAL
	 ASSOCIATION, as Transferor

		
	By:	 	  
		 	 Name:

		 	 Title:

  

			
	 CHASE ISSUANCE TRUST

		
	By:	 	 CHASE BANK USA, NATIONAL

		 	 ASSOCIATION, as Administrator on behalf of the

		 	 Trust

		
	By:	 	  
		 	 Name:

		 	 Title:

 Acknowledged by: 
  

			
	 CHASE BANK USA,

	 NATIONAL ASSOCIATION,

	 as Servicer

		
	By:	 	  
		 	 Name:

		 	 Title:

  

 A-2-7 

 Schedule 1 (to Exhibit A-2) 
 List of Additional Accounts 
  

 A-2-8 

 Schedule 2 (to Exhibit A-2) 
 Chase Bank USA, National Association 
 Officer’s Certificate

 ____________________, a duly authorized officer of Chase Bank USA, National Association (“Chase USA”), a national banking
association, as transferor (the “Transferor”), hereby certifies and acknowledges on behalf of the Transferor that to the best of [her/his] knowledge the following statements are true on ___________ (the “Addition Date”), and
acknowledges on behalf of the Transferor that this Officer’s Certificate will be relied upon by Wilmington Trust Company, as Owner Trustee on behalf of the Trust, in connection with the Trust entering into Assignment No. ___ of Additional
Collateral Certificates, dated as of the related Addition Date (the “Assignment”), by and between the Transferor and the Trust, in connection with the Second Amended and Restated Transfer and Servicing Agreement, dated as of March 14,
2006 (as heretofore supplemented and amended, the “Transfer and Servicing Agreement”), by and between Chase USA, as Transferor, Servicer and Administrator, the Chase Issuance Trust, as Issuing Entity, and Wells Fargo Bank, National
Association, as Indenture Trustee and Collateral Agent. The undersigned hereby certifies and acknowledges on behalf of the Transferor that: 
 (a) Delivery of Assignment. On or prior to the Addition Date, (i) the Transferor has delivered to the Trust the Assignment and (ii) the Transferor has indicated in its computer files that the
Receivables created in connection with the Additional Accounts have been transferred to the Trust and (iii) shall deliver to the Trust a computer file containing a true and complete list of all Additional Accounts identified by account number
and the aggregate amount of the Receivables in such Additional Accounts as of the related Addition Cut-Off Date, which computer file or microfiche list shall be as of the date of such Assignment, incorporated into and made a part of such Assignment
and the Transfer and Servicing Agreement. 
 (b) Legal Valid and Binding Obligation. This Assignment constitutes a
legal, valid and binding obligation of the Transferor enforceable against the Transferor in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar
laws now or hereafter in effect affecting the enforcement of creditors’ rights in general and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity). 
 (c) Eligibility of Additional Collateral Certificate. As of the Addition Cut Off Date, each Additional Account designated thereby
is an Eligible Account; 
 (d) Insolvency. As of each of the Addition Cut Off Date and the Addition Date, no Insolvency
Event with respect to the Transferor has occurred and the transfer by the Transferor of Receivables arising in the Additional Accounts to the Trust has not been made in contemplation of the occurrence thereof; 
  

 A-2-9 

 (e) No Adverse Effect. The acquisition by the Trust of the Receivables arising in
the Additional Accounts shall not, in the reasonable belief of the Transferor, result in an Adverse Effect; and 
 (f)
Conditions Precedent. All requirements set forth in subsection 2.12(c) of the Transfer and Servicing Agreement for designating Receivables arising in the Additional Accounts have been satisfied. 
 (g) No Proceedings. There are no proceedings or investigations pending or, to the best knowledge of the Transferor, threatened
against the Transferor before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality (i) asserting the invalidity of this Assignment, (ii) seeking to prevent the consummation of any of the
transactions contemplated by this Assignment, (iii) seeking any determination or ruling that, in the reasonable judgment of the Transferor, would materially and adversely affect the performance by the Transferor of its obligations under this
Assignment or (iv) seeking any determination or ruling that would materially and adversely affect the validity or enforceability of this Assignment; and 
 (h) All Consents. All authorizations, consents, orders or approvals of any court or other governmental authority required to be
obtained by the Transferor in connection with the execution and delivery of this Assignment by the Transferor and the performance of the transactions contemplated by this Assignment by the Transferor, have been obtained. 
 Initially capitalized terms used herein and not otherwise defined are used as defined in the Asset Pool One Supplement. 
 IN WITNESS WHEREOF, I have hereunto set my hand this _____ day of _________________. 
  

			
	 CHASE BANK USA,

	 NATIONAL ASSOCIATION

		
	By:	 	  
		 	 Name:

		 	 Title:

  

 A-2-10 

 Exhibit B 
 FORM OF REASSIGNMENT OF RECEIVABLES IN REMOVED ACCOUNTS 
 (as required by section 2.13 of the Transfer and
Servicing Agreement) 
 REASSIGNMENT No. _______ OF RECEIVABLES dated as of _________, by and among CHASE BANK USA, NATIONAL ASSOCIATION, a
national banking association (the “Bank”), as Transferor (the “Transferor”) and the CHASE ISSUANCE TRUST (the “Trust”), pursuant to the Agreement referred to below. 
 WITNESSETH: 
 WHEREAS the Bank, as
Transferor, Servicer and Administrator, Wells Fargo Bank, National Association, as Indenture Trustee and as Collateral Agent, and the Trust are parties to the Second Amended and Restated Transfer and Servicing Agreement, dated as of March 14,
2006 (as amended and supplemented, the “Agreement”); 
 WHEREAS pursuant to the Agreement, the Transferor wishes to remove from the
Trust all Receivables owned by the Trust in certain designated Accounts (the “Removed Accounts”) and to cause the Trust to reconvey the Receivables of such Removed Accounts, whether now existing or hereafter created, from the Trust to the
Transferor; and 
 WHEREAS the Owner Trustee, on behalf of the Trust, is willing to accept such designation and to reconvey the Receivables
in the Removed Accounts subject to the terms and conditions hereof; 
 NOW, THEREFORE, the Transferor and the Owner Trustee, on behalf of the
Trust, hereby agree as follows: 
 1. Defined Terms. All terms defined in the Agreement and used herein shall have such
defined meanings when used herein, unless otherwise defined herein. 
 “Removal Date” shall mean, with
respect to the Removed Accounts designated hereby, ______________. 
 “Removal Notice Date” shall mean, with
respect to the Removed Accounts, ______________. 
 2. Designation of Removed Accounts. On or before the Removal Date,
the Transferor will deliver to the Owner Trustee a computer file containing a true and complete schedule identifying all Accounts the Receivables of which are being removed from the Trust, specifying for each such Account, as of the Removal Notice
Date, its account number, the aggregate amount outstanding in such Account and the aggregate amount of Principal Receivables in such Account, which computer file shall be 

  

 B-1 

 
marked as Schedule 1 to this Reassignment and, as of the date of this Reassignment, shall supplement Schedule 1 to the Agreement. 
 3. Conveyance of Receivables. (a) The Trust does hereby transfer, assign, set over and otherwise reconvey to the Transferor,
without recourse, on and after the Removal Date, all right, title and interest of the Trust in, to and under the Receivables existing at the close of business on the Removal Notice Date and thereafter created from time to time in the Removed
Accounts identified on Schedule 1 hereto, all Interchange and Recoveries related thereto, all monies due or to become due (including all Finance Charge Receivables), all amounts received or receivable with respect thereto and all proceeds (as
defined in the UCC as in effect in the applicable jurisdiction) thereof and Insurance Proceeds related thereto. 
 (b) In
connection with such transfer, the Trust agrees to execute and deliver to the Transferor on or prior to the date this Reassignment is delivered, applicable termination statements prepared by the Transferor with respect to the Receivables existing at
the close of business on the Removal Date and thereafter created from time to time in the Removed Accounts reassigned hereby and the proceeds thereof evidencing the release by the Trust of its in the Receivables in the Removed Accounts, and meeting
the requirements of applicable state law, in such manner and such jurisdictions as necessary to terminate such interest. 
 4.
Representations and Warranties of the Transferor. The Transferor hereby represents and warrants to the Trust as of the Removal Date: 
 (a) Legal Valid and Binding Obligation. This Reassignment constitutes a legal, valid and binding obligation of the Transferor enforceable against the Transferor, in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect affecting the enforcement of creditors’ rights in general and except as such enforceability may be
limited by general principles of equity (whether considered in a suit at law or in equity); 
 (b) Satisfaction of
Additional Requirements. All of the requirements for the removal of Accounts under the applicable Asset Pool Supplement have been satisfied; and 
 (c) Required Transferor Amount. The removal of any Receivable of any Removed Accounts on any Removal Date shall not, in the reasonable belief of the applicable Transferor, cause, with respect to the Asset Pool
in which such Receivables had been designated for inclusion, an Adverse Effect or the Transferor Amount for such Asset Pool to be less than the Required Transferor Amount for that Asset Pool or the Pool Balance for that Asset Pool to be less than
the Minimum Pool Balance for such Monthly Period in which such removal occurs. 
  

 B-2 

 5. Conditions Precedent. The reassignment hereunder of the Receivables in the
Removed Accounts and the amendment of the Agreement pursuant to Section 7 of this Reassignment are each subject to: 
 (a) the satisfaction, on or prior to the Removal Date, of the conditions set forth in Section 2.13(b) of the Agreement; and 
 (b) the delivery, on or prior to the Removal Date, to the Owner Trustee by the Transferor and the Servicer of an Officer’s Certificate substantially in the form of Schedule 2-A or 2-B hereto to this Reassignment,
as applicable. The Owner Trustee may conclusively rely on such Officer’s Certificate, shall have no duty to make inquiries with regard to the matters set forth therein and shall incur no liability in so relying. 
 6. Representations and Warranties of the Trust. Since the date of the transfer by the Transferor under the Agreement, the Owner
Trustee, on behalf of the Trust, has not sold, transferred or encumbered any Receivable in any Removed Account or any interest therein. 
 7. Amendment of the Transfer and Servicing Agreement. The Agreement is hereby amended to provide that all references therein to the “Transfer and Servicing Agreement,” to “this Agreement”
and “herein” shall be deemed from and after the Removal Date to be a dual reference to the Agreement as supplemented by this Reassignment. All references therein to the Accounts shall be deemed not to include the Removed Accounts
designated hereunder and all references to Receivables shall be deemed not to include the Receivables reconveyed hereunder. Except as expressly amended hereby, all of the representations, warranties, terms, covenants and conditions of the Agreement
shall remain unamended and shall continue to be, and shall remain, in full force and effect in accordance with its terms and except as expressly provided herein shall not constitute or be deemed to constitute a waiver of compliance with or a consent
to noncompliance with any term or provision of the Agreement. 
 8. Counterparts. This Reassignment may be executed in
two or more counterparts, and by different parties on separate counterparts, each of which shall be an original, but all of which shall constitute one and the same instrument. 
 9. GOVERNING LAW. THIS REASSIGNMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE
TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 10. Limitation of Liability. Notwithstanding any other provision herein or elsewhere, this Reassignment has been executed and delivered by Wilmington Trust Company, not in its individual capacity, but solely in
its capacity as Owner Trustee of the Trust, in no event shall Wilmington Trust Company in its individual capacity have any 

  

 B-3 

 
liability in respect of the representations, warranties, or obligations of the Trust hereunder or under any other document, as to all of which recourse shall
be had solely to the assets of the Trust, and for all purposes of this Reassignment and each other document, the Owner Trustee (as such or in its individual capacity) shall be subject to, and entitled to the benefits of, the terms and provisions of
the Trust Agreement. 
 IN WITNESS WHEREOF, the Transferor and the Owner Trustee, on behalf of the Trust, have caused this
Assignment to be duly executed by their respective officers as of the day and year first above written. 
  

			
	CHASE BANK USA, NATIONAL ASSOCIATION, as Transferor and Servicer
		
	By:	 	  
		 	Name:
		 	Title:
	
	CHASE ISSUANCE TRUST
		
	By:	 	CHASE BANK USA, NATIONAL ASSOCIATION, not in its individual capacity but solely as Administrator on behalf of the Trust
		
	By:	 	  
		 	Name:
		 	Title:

  

 B-4 

 Schedule 1 
 to Reassignment 
 of Receivables 
 List of Removed Accounts 
  

 B-5 

 Schedule 2-A 
 to Reassignment 
 of Receivables 
 Chase Bank USA, National Association 
 Officers Certificate 
                                 , a duly authorized officer of Chase Bank
USA, National Association, a national banking association (the “Transferor”), hereby certifies and acknowledges on behalf of the Transferor that to the best of [her/his] knowledge the following statements are true on
                     (the “Removal Date”), and acknowledges on behalf of the Transferor that this Officer’s Certificate will be
relied upon by Wilmington Trust Company, as Owner Trustee (the “Owner Trustee”) of the Chase Issuance Trust in connection with the Owner Trustee entering into Reassignment No.        of Receivables in
Additional Accounts, dated as of the related Removal Date (the “Reassignment”), among the Transferor and the Owner Trustee, on behalf of the Trust, in connection with the Second Amended and Restated Transfer and Servicing Agreement, dated
as of March 14, 2006 (as heretofore supplemented and amended, the “Transfer and Servicing Agreement”), by and among Chase Bank USA, National Association, as Transferor, Servicer and Administrator and Wells Fargo Bank, National
Association, as Indenture Trustee and Collateral Agent. The undersigned hereby certifies and acknowledges on behalf of the Transferor that: 
 (a) On or prior to the Removal Date, the Transferor has delivered to the Owner Trustee on behalf of the Trust, for execution, the Reassignment and within five Business Days after the Removal Date, the Transferor shall deliver to the Owner
Trustee, on behalf of the Trust, a computer list as of                      with respect to the Removed Accounts identified on Schedule 1 to
the Reassignment, containing a true and complete list of such Removed Accounts identified by account number and the aggregate amount of the Receivables in such Removed Accounts incorporated into and made a part of such Reassignment and the Transfer
and Servicing Agreement. 
 (c) The Reassignment constitutes a legal, valid and binding obligation of the Transferor enforceable against the
Transferor in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect affecting the enforcement of creditors’
rights in general and the rights of creditors of national banking associations and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity). 
 (d) On or before the fifth Business Day prior to the Removal Date, the Transferor gave the Owner Trustee, on behalf of the Trust, and the Servicer
written notice that the Receivables from the Removed Accounts are to be reassigned to the Transferor or its designee, specifying the date for removal of the Removed Accounts. 
  

 B-6 

 (e) After giving effect to the removal of such Removed Accounts, the Transferor Interest shall not be
less than the Minimum Transferor Interest and the amount of Principal Receivables in the Trust shall not be less than the Minimum Aggregate Principal Receivables. 
 (f) All requirements set forth in Section 2.13 of the Transfer and Servicing Agreement for designating Removed Accounts and conveying the Principal Receivables of such Accounts, whether now existing or hereafter
created, have been satisfied. 
  

 B-7 

 Initially capitalized terms used herein and not otherwise defined are used as defined in the Transfer and
Servicing Agreement. 
 IN WITNESS WHEREOF, I have hereunto set my hand as of the        day of
                    . 
  

			
	 CHASE BANK USA, NATIONAL ASSOCIATION

		
	By:	 	  
		 	 Name:

		 	 Title:

  

 B-8 

 Schedule 2-B 
 to Reassignment 
 of Receivables 
 Chase Bank USA, National Association 
 Officer’s Certificate of the

 Servicer 
                                       
  , a duly authorized officer of Chase Bank USA, National Association, a national banking association (the “Servicer”), hereby certifies and acknowledges on behalf of the Servicer that to the best of [her/his] knowledge the
following statements are true on                      (the “Removal Date”), and acknowledges on behalf of the Servicer that this
Officer’s Certificate will be relied upon by Wilmington Trust Company, as Owner Trustee (the “Owner Trustee”) of the Chase Issuance Trust in connection with the Owner Trustee entering into Reassignment No.
       of Receivables in Additional Accounts, dated as of the related Removal Date (the “Reassignment”), among the Transferor and the Owner Trustee, on behalf of the Trust, in connection with the Second
Amended and Restated Transfer and Servicing Agreement, dated as of March 14, 2006 (as heretofore supplemented and amended, the “Transfer and Servicing Agreement”), by and among Chase Bank USA, National Association, as Transferor,
Servicer and Administrator, and Wells Fargo Bank, National Association, as Indenture Trustee and Collateral Agent. 
 The undersigned hereby
certifies and acknowledges on behalf of the Transferor that either (x) a random selection procedure was used by the Servicer in selecting the Removed Accounts and only one such removal of randomly selected Accounts shall occur in the then
current Monthly Period, (y) the Removed Accounts arose pursuant to an affinity, private-label, agent-bank, co-branding or other arrangement with a third party that has been cancelled by such third party or has expired without renewal and which
by its terms permits the third party to repurchase the Removed Accounts subject to such arrangement, upon such cancellation or non-renewal and the third party has exercised such repurchase right or (z) the Removed Accounts were selected using
another method that will not preclude transfers from being accounted for as sales under generally accepted accounting principles or prevent the Transferor from continuing to qualify as a qualifying special purpose entity in accordance with SFAS
No. 140 (or any relevant replacement statement). 
 Initially capitalized terms used herein and not otherwise defined are used as
defined in the Transfer and Servicing Agreement. 
 IN WITNESS WHEREOF, I have hereunto set my hand as of the
       day of                     . 
  

			
	CHASE BANK USA, NATIONAL ASSOCIATION, as Servicer
		
	By:	 	  
		 	Name:
		 	Title:

  

 B-9 

 Exhibit C 
 FORM OF ANNUAL SERVICER’S CERTIFICATE 
 (To be delivered on or before April 30 of 
 each calendar year beginning with April 30, [      ], 
 pursuant to Section 4.05 of the Transfer and 
 Servicing Agreement referred to
below) 
 CHASE ISSUANCE TRUST 
 The undersigned, a duly authorized representative of Chase Bank USA, National Association (“Chase USA”), pursuant to the Second Amended and Restated Transfer and Servicing Agreement, dated as of March 14, 2006 (as amended and
supplemented, the “Agreement”), among Chase USA, as Transferor, Servicer and Administrator, the Chase Issuance Trust (the “Trust”) and Wells Fargo Bank, National Association, as Indenture Trustee and Collateral Agent, does hereby
certify that: 
 1. Chase USA is, as of the date hereof, the Servicer under the Agreement. 
 2. The undersigned is an Authorized Officer who is duly authorized pursuant to the Agreement to execute and deliver this Certificate to the Trust.

 3. A review of the activities of the Servicer during the year ended December 31,
            , and of its performance under the Agreement was conducted under my supervision. 
 4. Based on such review, the Servicer has, to the best of my knowledge, performed in all material respects its obligations under the Agreement throughout such year and no default in the performance of such obligations
has occurred or is continuing except as set forth in paragraph 5 below. 
 5. The following is a description of each failure of the Servicer
to fulfill its obligations under the provisions of the Agreement known to me to have been made by the Servicer during the year ended December 31,              which sets forth
in detail (i) the nature of each such failure, (ii) the action taken by the Servicer, if any, to remedy each such failure and (iii) the current status of each such failure: [If applicable, insert “NONE.”] 
 Capitalized terms used in this Certificate have their respective meanings as set forth in the Agreement. 
  

 C-1 

 IN WITNESS WHEREOF, the undersigned has duly executed this Certificate this
       day of                     . 
  

			
	CHASE BANK USA, NATIONAL ASSOCIATION, as Servicer
		
	By:	 	  
		 	Name:
		 	Title:

  

 C-2 

 Exhibit D-1 
 FORM OF OPINION OF COUNSEL 
 WITH RESPECT TO AMENDMENTS 
 Provisions to be included in 
 Opinion of
Counsel to be delivered pursuant 
 to subsection 12.02(d)(i) 
 The opinions set forth below may be subject to all the qualifications, assumptions, limitations and exceptions taken or made in the Opinions Of Counsel delivered on any applicable Closing Date. 
 1. The amendment to the Transfer and Servicing Agreement, attached hereto as Schedule 1 (the “Amendment”), has been duly authorized, executed and delivered by
the Transferor and constitutes the legal, valid and binding agreement of the Transferor, enforceable in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other
laws from time to time in effect affecting creditors’ rights generally. The enforceability of the Transferor’s obligations is also subject to general principles of equity (regardless of whether such enforceability is considered in a
proceeding in equity or at law). 
 2. The Amendment has been entered into in accordance with the terms and provisions of Section 12.01 of the Transfer
and Servicing Agreement. 
  

 D-1-1 

 Exhibit D-2 
 FORM OF OPINION OF COUNSEL 
 WITH RESPECT TO COLLATERAL CERTIFICATES 
 Provisions to be included in 
 Opinion of
Counsel to be 
 delivered pursuant to 
 subsections 12.02(d)(ii) or (iii) 
 The opinions set forth below may be subject to all the qualifications, assumptions, limitations
and exceptions taken or made in the Opinions of Counsel delivered on any applicable Closing Date. 
 1. To the extent that the transfer of the Collateral
Certificate to the Owner Trustee on behalf of the Owner Trust is characterized as a transfer for security, the provisions of the Transfer and Servicing Agreement are effective under the UCC of the State of Delaware to create a valid security
interest in the Owner Trustee’s rights, on behalf of the Owner Trust, in the Collateral Certificate and the proceeds thereof to secure a loan in an amount equal to the unpaid principal amount of the Notes and accrued and unpaid interest with
respect thereto. 
 2. The Bank has authorized the filing of the financing statement (the “Bank Financing Statement”) identifying “Chase Bank
USA, National Association,” as debtor, and “Wilmington Trust Company, as Owner Trustee on behalf of the Chase Issuance Trust,” as secured party, for purposes of Section 9-509 of the Delaware UCC. 
 3. The Bank Financing Statement includes not only all types of information required by Section 9-502(a) of the UCC of the State of Delaware but also all of the
types of information without which the office of the Secretary of State of the State of Delaware (the “Filing Office”) may refuse to accept the Bank Financing Statement pursuant to Section 9-516 of the UCC of the State of Delaware.

 4. Under the UCC of the State of Delaware, the security interest of the Owner Trustee, for the benefit of the Owner Trust, will be perfected in the
Collateral Certificate and proceeds thereof upon the later of the attachment of the security interest and the filing of the Bank Financing Statement in the Filing Office. 
 5. To the extent that the transfer of the Collateral Certificate to the Collateral Agent is characterized as a transfer for security, the provisions of the Asset Pool One Supplement are effective under the Delaware
UCC to create, in favor of the Collateral Agent for the benefit of the Asset Pool One Noteholders under the Asset Pool One Supplement, a valid security interest in the Collateral Agent’s rights in the Collateral Certificate and the proceeds
thereof to secure a loan in an amount equal to the unpaid principal amount of the Notes and accrued and unpaid interest with respect thereto. 
  

 D-2-1 

 6. The Owner Trustee, on behalf of the Owner Trust, has authorized the filing of the financing statement (the “Owner
Trust Financing Statement”) identifying “Chase Issuance Trust,” as debtor, and “Wells Fargo Bank, National Association, as Collateral Agent,” as secured party, for purposes of Section 9-509 of the UCC of the State of
Delaware. 
 7. The Owner Trust Financing Statement includes not only all types of information required by Section 9-502(a) of the UCC of the State of
Delaware but also all of the types of information without which the Filing Office may refuse to accept the Owner Trust Financing Statement pursuant to Section 9-516 of the UCC of the State of Delaware. 
 8. Under the UCC of the State of Delaware, the security interest of the Collateral Agent, as secured party, will be perfected in the Collateral Certificate and proceeds
thereof upon the later of the attachment of the security interest and the filing of the Owner Trust Financing Statement in the Filing Office. 
  

 D-2-2 

 Exhibit D-3 
 PROVISIONS TO BE INCLUDED IN 
 ANNUAL OPINION OF COUNSEL 
 The opinions set forth below may be subject to all the qualifications, assumptions, limitations and exceptions taken or made in the Opinions of Counsel
delivered on any applicable Closing Date with respect to similar matters. Unless otherwise indicated, all capitalized terms used herein shall have the meanings ascribed to them in the Transfer and Servicing Agreement. 
 1. No filing or other action, other than such filing or other action described in such opinion, is necessary from the date of such opinion through April 30 of the
following year to continue the perfected status of the security interest of the Trust in the Receivables described in the financing statements referenced in such opinion. 
 2. No filing or other action, other than such filing or other action described in such opinion, is necessary from the date of such opinion through April 30 of the following year to continue the perfected status
of the security interest of the Collateral Agent in the Receivables described in the financing statements referenced in such opinion. 
  

 D-3-1 

 Exhibit E 
 FORM OF POWER OF ATTORNEY 
 POWER OF ATTORNEY 
  

	STATE OF NEW YORK        )	

                                        
          ) ss.: 

	COUNTY	OF NEW YORK     ) 

 KNOW ALL MEN BY THESE
PRESENTS, that Chase Issuance Trust, a Delaware statutory business trust (the “Trust”) does hereby make, constitute and appoint Chase Bank USA, National Association, as Administrator under the Transfer and Servicing Agreement (as defined
below), and its agents and attorneys, as Attorneys in Fact to execute on behalf of the Trust all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Trust to prepare, file or deliver pursuant to
the Related Agreements (as defined in the Transfer and Servicing Agreement) including, without limitation, to appear for and represent the Trust in connection with the preparation, filing and audit of federal, state and local tax returns pertaining
to the Trust, and with full power to perform any and all acts associated with such returns and audits that the Trust could perform including, without limitation, the right to distribute and receive confidential information, defend and assert
positions in response to deficiencies, consents to the extension of any statutory or regulatory time limit, and settlements. For the purpose of this Power of Attorney, the term “Transfer and Servicing Agreement” means the Second Amended
and Restated Transfer and Servicing Agreement, dated as of March 14, 2006, among the Trust, Chase Bank USA, National Association, as Transferor, Servicer and Administrator, and Wells Fargo Bank, National Association, as Indenture Trustee and
Collateral Agent, as such may be amended from time to time. 
 All powers of attorney for this purpose heretofore filed or
executed by the Trust are hereby revoked. 
 EXECUTED this        day of
                    , 2006. 
  

			
	 CHASE ISSUANCE TRUST

		
	By:	 	WILMINGTON TRUST COMPANY,
as Owner Trustee
		
	By:	 	  
		 	 Name:

		 	 Title:

  

 E-1 

 Exhibit F 
 FORM OF ANNUAL CERTIFICATION 
  

	 	Re:	The [            ] agreement dated as of [            ],
200[    ] (the “Agreement”), among [IDENTIFY PARTIES] 

 I,
                                        ,
the
                                        
of [NAME OF COMPANY] (the “Company”), certify to the Transferor, and its officers, with the knowledge and intent that they will rely upon this certification, that: 
 (1) I have reviewed the report on assessment of the Company’s compliance provided in accordance with Rules 13a-18 and 15d-18 under
the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (17 C.F.R. §229.1100, et seq.) (the “Servicing Assessment”), and the registered public accounting
firm’s attestation report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b) of Regulation AB (the “Attestation Report”) that were delivered by the Company to the Transferor
pursuant to the Agreement (collectively, the “Company Information”); 
 (2) To the best of my knowledge, the
Company Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in the light of the circumstances under which such statements were made, not
misleading with respect to the period of time covered by the Company Information; 
 (3) To the best of my knowledge, all of
the Company Information required to be provided by the Company under the Agreement has been provided to the Transferor; and 
 (4) To the best of my knowledge, except as disclosed in the Servicing Assessment or the Attestation Report, the Company has fulfilled its obligations under the Agreement. 
  

			
		
	Date:	 	  
		
	By:	 	  
		 	 Name:

		 	 Title:

  

 F-1 

 Exhibit G 
 SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF 
 COMPLIANCE 
 The assessment of compliance to be delivered by the [Servicer] [Subservicer] shall address, at a minimum, the criteria identified below as
“Applicable Servicing Criteria”: 
  

							
	 Servicing Criteria
	  	Applicable
Servicing
Criteria for
Servicer	  	Applicable
Servicing
Criteria for a
Subservicer
	 Reference
	  	 Criteria
	  	  
			
	 General Servicing Considerations
	  		  	
				
	 1122(d)(1)(i)
	  	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	  	ü	  	
				
	 1122(d)(1)(ii)
	  	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing
activities.	  	ü	  	
				
	 1122(d)(1)(iii)
	  	Any requirements in the transaction agreements to maintain a back-up servicer for the credit card accounts or accounts are maintained.	  		  	
				
	 1122(d)(1)(iv)
	  	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and
otherwise in accordance with the terms of the transaction agreements.	  	ü	  	
			
	 Cash Collection and Administration
	  		  	
				
	 1122(d)(2)(i)
	  	Payments on credit card accounts are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other
number of days specified in the transaction agreements.	  	ü	  	
				
	 1122(d)(2)(ii)
	  	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	  	ü	  	
				
	 1122(d)(2)(iii)
	  	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the
transaction agreements.	  		  	
				
	 1122(d)(2)(iv)
	  	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling
of cash) as set forth in the transaction agreements.	  	ü	  	
				
	 1122(d)(2)(v)
	  	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository
institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	  	ü	  	
				
	 1122(d)(2)(vi)
	  	Unissued checks are safeguarded so as to prevent unauthorized access.	  	ü
(if checks
used)	  	

  

 G-1 

							
	 Servicing
Criteria
	  	Applicable
Servicing
Criteria for
Servicer	  	Applicable
Servicing
Criteria for a
Subservicer
	 Reference
	  	 Criteria
	  	  
				
	 1122(d)(2)(vii)
	  	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations (A)
are mathematically accurate; (B) are prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) are reviewed and approved by someone other than the person who
prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction
agreements.	  	ü	  	
			
	 Investor Remittances and Reporting
	  		  	
				
	 1122(d)(3)(i)
	  	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such
reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the
Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of credit card accounts serviced by the Servicer.	  	ü	  	
				
	 1122(d)(3)(ii)
	  	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	  	ü	  	
				
	 1122(d)(3)(iii)
	  	Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.	  	ü	  	
				
	 1122(d)(3)(iv)
	  	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	  	ü	  	
			
	 Pool Asset Administration
	  		  	
				
	 1122(d)(4)(i)
	  	Collateral or security on pool assets is maintained as required by the transaction agreements or related asset pool documents.	  	ü	  	
				
	 1122(d)(4)(ii)
	  	Pool assets and related documents are safeguarded as required by the transaction agreements.	  	ü	  	
				
	 1122(d)(4)(iii)
	  	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	  	ü	  	
				
	 1122(d)(4)(iv)
	  	Payments on credit card accounts, including any payoffs, made in accordance with the related credit card accounts documents are posted to the Servicer’s obligor records maintained no more
than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related asset pool documents.	  	ü	  	
				
	 1122(d)(4)(v)
	  	The Servicer’s records regarding the accounts and the accounts agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.	  	ü	  	
				
	 1122(d)(4)(vi)
	  	Changes with respect to the terms or status of an obligor’s account (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the
transaction agreements and related pool asset documents.	  	ü	  	
				
	 1122(d)(4)(vii)
	  	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and
concluded in accordance with the timeframes or other requirements established by the transaction agreements.	  		  	

  

 G-2 

							
	 Servicing
Criteria
	  	Applicable
Servicing
Criteria for
Servicer	  	Applicable
Servicing
Criteria for a
Subservicer
	 Reference
	  	 Criteria
	  	  
				
	 1122(d)(4)(viii)
	  	Records documenting collection efforts are maintained during the period an Account is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly
basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent Accounts including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency
is deemed temporary (e.g., illness or unemployment).	  	ü	  	
				
	 1122(d)(4)(ix)
	  	Adjustments to interest rates or rates of return for Accounts with variable rates are computed based on the related Account documents.	  	ü	  	
				
	 1122(d)(4)(x)
	  	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s Account documents, on at least an annual basis, or
such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable Account documents and state laws; and (C) such funds are returned to the obligor within 30 calendar
days of full repayment of the related Accounts, or such other number of days specified in the transaction agreements.	  		  	
				
	 1122(d)(4)(xi)
	  	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such
payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	  		  	
				
	 1122(d)(4)(xii)
	  	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was
due to the obligor’s error or omission.	  		  	
				
	 1122(d)(4)(xiii)
	  	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction
agreements.	  		  	
				
	 1122(d)(4)(xiv)
	  	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	  	ü	  	
				
	 1122(d)(4)(xv)
	  	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	  	ü	  	

  

			
	 [NAME OF [SERVICER] [SUBSERVICER]]

		
	Date:	 	  
		 	
	
		
	By:	 	  
		 	 Name:

		 	 Title:

  

 G-3Exhibit 10.2

 Exhibit 10.2 
 CHASE ISSUANCE TRUST 
 as Issuing Entity 
 and 
 WELLS FARGO BANK, NATIONAL ASSOCIATION 
 as Indenture Trustee 
  

 SECOND AMENDED AND RESTATED 
 INDENTURE

 dated as of March 14, 2006 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  	
			
	 Section 1.01
	  	Definitions	  	3
	 Section 1.02
	  	Compliance Certificates and Opinions	  	20
	 Section 1.03
	  	Form of Documents Delivered to Indenture Trustee	  	21
	 Section 1.04
	  	Acts of Noteholders	  	22
	 Section 1.05
	  	Notices, etc., to Indenture Trustee and Issuing Entity	  	24
	 Section 1.06
	  	Notices to Noteholders; Waiver	  	24
	 Section 1.07
	  	Conflict with Trust Indenture Act	  	25
	 Section 1.08
	  	Effect of Headings and Table of Contents	  	25
	 Section 1.09
	  	Successors and Assigns	  	25
	 Section 1.10
	  	Separability	  	26
	 Section 1.11
	  	Benefits of Indenture	  	26
	 Section 1.12
	  	Governing Law	  	26
	 Section 1.13
	  	Counterparts	  	26
	 Section 1.14
	  	Indenture Referred to in the Trust Agreement	  	26
	 Section 1.15
	  	Legal Holidays	  	26
		
	ARTICLE II NOTE FORMS	  	
			
	 Section 2.01
	  	Forms Generally	  	27
	 Section 2.02
	  	Forms of Notes	  	27
	 Section 2.03
	  	Form of Indenture Trustee’s Certificate of Authentication	  	27
	 Section 2.04
	  	Notes Issuable in the Form of a Global Note	  	28
	 Section 2.05
	  	Temporary Global Notes and Permanent Global Notes	  	30
	 Section 2.06
	  	Beneficial Ownership of Global Notes	  	32
	 Section 2.07
	  	Notices to Depository	  	32
		
	ARTICLE III THE NOTES	  	
			
	 Section 3.01
	  	General Title; General Limitations; Issuable in Series; Terms of a Series, Class or Tranche of Notes	  	33
	 Section 3.02
	  	Denominations	  	36
	 Section 3.03
	  	Execution, Authentication and Delivery and Dating	  	37
	 Section 3.04
	  	Temporary Notes	  	37
	 Section 3.05
	  	Registration, Transfer and Exchange	  	38
	 Section 3.06
	  	Mutilated, Destroyed, Lost and Stolen Notes	  	41
	 Section 3.07
	  	Payment of Interest; Interest Rights Preserved; Withholding Taxes	  	42
	 Section 3.08
	  	Persons Deemed Owners	  	42
	 Section 3.09
	  	Cancellation	  	42

  

 i 

					
	 Section 3.10
	  	New Issuances of Notes	  	43
	 Section 3.11
	  	Specification of Required Subordinated Amount and other Terms with Respect to each Series, Class or Tranche of Notes	  	45
	 Section 3.12
	  	Shared Excess Available Finance Charge Collection Groups and Other Groups	  	45
	 Section 3.13
	  	Unapplied Excess Finance Charge Collections	  	45
	 Section 3.14
	  	Unapplied Master Trust Level Excess Finance Charge Collections	  	46
	 Section 3.15
	  	Unapplied Master Trust Level Principal Collections	  	47
		
	ARTICLE IV BANK ACCOUNTS AND INVESTMENTS	  	
			
	 Section 4.01
	  	Collections	  	48
	 Section 4.02
	  	Bank Accounts	  	48
	 Section 4.03
	  	Investment of Funds in the Bank Accounts	  	49
		
	ARTICLE V SATISFACTION AND DISCHARGE; CANCELLATION OF NOTES HELD BY THE ISSUING ENTITY OR CHASE USA	  	
			
	 Section 5.01
	  	Satisfaction and Discharge of Indenture	  	51
	 Section 5.02
	  	Application of Trust Money	  	51
	 Section 5.03
	  	Cancellation of Notes Held by the Issuing Entity or the Transferor	  	52
		
	ARTICLE VI EVENTS OF DEFAULT AND REMEDIES	  	
			
	 Section 6.01
	  	Events of Default	  	53
	 Section 6.02
	  	Acceleration of Maturity; Rescission and Annulment	  	54
	 Section 6.03
	  	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee or the Collateral Agent on Behalf of the Indenture Trustee	  	56
	 Section 6.04
	  	Indenture Trustee or the Collateral Agent May File Proofs of Claim	  	56
	 Section 6.05
	  	Indenture Trustee and the Collateral Agent May Enforce Claims Without Possession of Notes	  	57
	 Section 6.06
	  	Application of Money Collected	  	58
	 Section 6.07
	  	Collateral Agent May Elect to Hold the Collateral Certificate	  	58
	 Section 6.08
	  	Sale of Collateral for Accelerated Notes	  	58
	 Section 6.09
	  	Noteholders Have the Right to Direct the Time, Method and Place of Conducting Any Proceeding for Any Remedy Available to the Indenture Trustee or the Collateral Agent	  	59
	 Section 6.10
	  	Limitation on Suits	  	59
	 Section 6.11
	  	Unconditional Right of Noteholders to Receive Principal and Interest; Limited Recourse	  	60
	 Section 6.12
	  	Restoration of Rights and Remedies	  	60
	 Section 6.13
	  	Rights and Remedies Cumulative	  	60
	 Section 6.14
	  	Delay or Omission Not Waiver	  	60
	 Section 6.15
	  	Control by Noteholders	  	61
	 Section 6.16
	  	Waiver of Past Defaults	  	61
	 Section 6.17
	  	Undertaking for Costs	  	61
	 Section 6.18
	  	Waiver of Stay or Extension Laws	  	62

  

 ii 

					
	ARTICLE VII THE INDENTURE TRUSTEE	  	
			
	 Section 7.01
	  	Certain Duties and Responsibilities	  	63
	 Section 7.02
	  	Notice of Defaults	  	64
	 Section 7.03
	  	Certain Rights of Indenture Trustee	  	64
	 Section 7.04
	  	Not Responsible for Recitals or Issuance of Notes	  	65
	 Section 7.05
	  	May Hold Notes	  	66
	 Section 7.06
	  	Money Held in Trust	  	66
	 Section 7.07
	  	Compensation and Reimbursement, Limit on Compensation, Reimbursement and Indemnity	  	66
	 Section 7.08
	  	Disqualification; Conflicting Interests	  	67
	 Section 7.09
	  	Corporate Indenture Trustee Required; Eligibility	  	67
	 Section 7.10
	  	Resignation and Removal; Appointment of Successor	  	67
	 Section 7.11
	  	Acceptance of Appointment by Successor	  	69
	 Section 7.12
	  	Merger, Conversion, Consolidation or Succession to Business	  	70
	 Section 7.13
	  	Preferential Collection of Claims Against Issuing Entity	  	70
	 Section 7.14
	  	Appointment of Authenticating Agent	  	70
	 Section 7.15
	  	Tax Returns	  	72
	 Section 7.16
	  	Representations and Covenants of the Indenture Trustee	  	72
	 Section 7.17
	  	Custody of Collateral Certificates and Collateral	  	72
	 Section 7.18
	  	Indenture Trustee’s Application for Instructions from the Issuing Entity	  	73
		
	ARTICLE VIII NOTEHOLDERS’ MEETINGS, LISTS, REPORTS BY INDENTURE TRUSTEE, ISSUING ENTITY AND BENEFICIARY	  	
			
	 Section 8.01
	  	Issuing Entity To Furnish Indenture Trustee Names and Addresses of Noteholders	  	74
	 Section 8.02
	  	Preservation of Information; Communications to Noteholders	  	74
	 Section 8.03
	  	Reports by Indenture Trustee	  	75
	 Section 8.04
	  	Meetings of Noteholders; Amendments and Waivers	  	76
	 Section 8.05
	  	Reports by Issuing Entity to the Commission	  	78
	 Section 8.06
	  	Monthly Noteholders’ Statement	  	79
	 Section 8.07
	  	Payment Instruction to Master Trust	  	79
		
	ARTICLE IX INDENTURE SUPPLEMENTS; AMENDMENTS TO THE POOLING AND SERVICING AGREEMENT AND AMENDMENTS TO THE TRUST AGREEMENT	  	
			
	 Section 9.01
	  	Supplemental Indentures and Amendments Without Consent of Noteholders	  	80
	 Section 9.02
	  	Supplemental Indentures with Consent of Noteholders	  	82
	 Section 9.03
	  	Execution of Amendments and Indenture Supplements	  	83
	 Section 9.04
	  	Effect of Amendments and Indenture Supplements	  	84
	 Section 9.05
	  	Conformity with Trust Indenture Act	  	84
	 Section 9.06
	  	Reference in Notes to Indenture Supplements	  	84
	 Section 9.07
	  	Amendments to the Pooling and Servicing Agreement	  	84

  

 iii 

					
	 Section 9.08
	  	Amendments to the Trust Agreement	  	85
		
	ARTICLE X REPRESENTATIONS, WARRANTIES AND COVENANTS OF ISSUING ENTITY	  	
			
	 Section 10.01
	  	Payment of Principal and Interest	  	86
	 Section 10.02
	  	Maintenance of Office or Agency	  	86
	 Section 10.03
	  	Money for Note Payments to be Held in Trust	  	86
	 Section 10.04
	  	Statement as to Compliance	  	88
	 Section 10.05
	  	Legal Existence	  	89
	 Section 10.06
	  	Further Instruments and Acts	  	89
	 Section 10.07
	  	Compliance with Laws	  	89
	 Section 10.08
	  	Notice of Events of Default	  	89
	 Section 10.09
	  	Certain Negative Covenants	  	89
	 Section 10.10
	  	No Other Business	  	89
	 Section 10.11
	  	Rule 144A Information	  	90
	 Section 10.12
	  	Performance of Obligations; Servicing of Receivables	  	90
	 Section 10.13
	  	Issuing Entity May Consolidate, Etc., Only on Certain Terms	  	90
	 Section 10.14
	  	Successor Substituted	  	92
	 Section 10.15
	  	Guarantees, Loans, Advances and Other Liabilities	  	92
	 Section 10.16
	  	Capital Expenditures	  	93
	 Section 10.17
	  	Restricted Payments	  	93
	 Section 10.18
	  	No Borrowing	  	93
		
	ARTICLE XI EARLY AMORTIZATION OF NOTES	  	
			
	 Section 11.01
	  	Applicability of Article	  	94
	 Section 11.02
	  	Optional Repurchase	  	95
	 Section 11.03
	  	Notice	  	96
		
	ARTICLE XII MISCELLANEOUS	  	
			
	 Section 12.01
	  	No Petition	  	97
	 Section 12.02
	  	Trust Obligations	  	97
	 Section 12.03
	  	Limitations on Liability	  	97
	 Section 12.04
	  	Tax Treatment	  	98
	 Section 12.05
	  	Actions Taken by the Issuing Entity	  	98
	 Section 12.06
	  	Alternate Payment Provisions	  	98
	 Section 12.07
	  	Termination of Issuing Entity	  	98
	 Section 12.08
	  	Final Distribution	  	98
	 Section 12.09
	  	Termination Distributions	  	99
	 Section 12.10
	  	Derivative Counterparty, Supplemental Credit Enhancement Provider and Supplemental Liquidity Provider as Third-Party Beneficiary	  	99
	 Section 12.11
	  	Notices	  	100
	 Section 12.12
	  	No Asset Pool Other Than Asset Pool One	  	100

  

 iv 

					
	ARTICLE XIII	  	
		
	COMPLIANCE WITH REGULATION AB	  	
			
	 Section 13.01
	  	Intent of Parties; Reasonableness	  	101
	 Section 13.02
	  	Additional Representations and Warranties of the Indenture Trustee	  	101
	 Section 13.03
	  	Information to be Provided by the Indenture Trustee	  	101
	 Section 13.04
	  	Report on Assessment of Compliance and Attestation; Annual Certification	  	102

  

 v 

 EXHIBITS 
  

			
	 EXHIBIT A
	  	FORM OF INVESTMENT LETTER
		
	 EXHIBIT B-1
	  	FORM OF CLEARANCE SYSTEM CERTIFICATE TO BE GIVEN TO THE INDENTURE TRUSTEE BY EUROCLEAR OR CLEARSTREAM FOR DELIVERY OF DEFINITIVE NOTES IN EXCHANGE FOR A PORTION OF A TEMPORARY GLOBAL
NOTE
		
	 EXHIBIT B-2
	  	FORM OF CERTIFICATE TO BE DELIVERED TO EUROCLEAR OR CLEARSTREAM BY A BENEFICIAL OWNER OF NOTES WITH RESPECT TO REGISTERED NOTES SOLD TO QUALIFIED INSTITUTIONAL BUYERS
		
	 EXHIBIT B-3
	  	FORM OF CERTIFICATE TO BE DELIVERED TO EUROCLEAR OR CLEARSTREAM BY A BENEFICIAL OWNER OF NOTES, OTHER THAN A QUALIFIED INSTITUTIONAL BUYER
		
	 EXHIBIT C
	  	FORM OF ANNUAL CERTIFICATION
		
	 EXHIBIT D
	  	SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE
		
	 EXHIBIT E
	  	FORM OF CHASE ISSUANCE TRUST INDENTURE TRUSTEE’S CERTIFICATE

  

 vi 

 RECONCILIATION AND TIE BETWEEN TRUST INDENTURE

 ACT OF 1939 AND INDENTURE PROVISIONS* 
  

			
	 Trust Indenture Act Section
	  	 Indenture Section

	 310(a)(1)
	  	5.11
	       (a)(2)
	  	5.11
	       (a)(3)
	  	5.10
	       (a)(4)
	  	Not Applicable
	       (a)(5)
	  	5.11
	       (b)
	  	7.08, 7.10(d)(i)
	       (c)
	  	Not Applicable
	 311(a)
	  	7.13
	       (b)
	  	5.12
	       (c)
	  	Not Applicable
	 312(a)
	  	8.03, 6.02(a)
	       (b)
	  	6.02(b)
	       (c)
	  	6.02(c)
	 313(a)
	  	6.04
	       (b)
	  	8.03(c)
	       (c)
	  	8.03, 8.03(c)
	       (d)
	  	6.04
	 314(a)
	  	3.09, 7.03(a)
	       (b)
	  	3.06
	       (c)(1)
	  	2.11, 8.09(c), 12.01(a)
	       (c)(2)
	  	2.11, 8.09(c), 12.01(a)
	       (c)(3)
	  	2.11, 8.09(c), 12.01(a)
	       (d)(1)
	  	2.11, 8.09(c), 12.01(b)
	       (d)(2)
	  	Not Applicable
	       (d)(3)
	  	Not Applicable
	       (e)
	  	11.01(a)
	 315(a)
	  	5.01(b)
	       (b)
	  	5.02
	       (c)
	  	5.01(c)
	       (d)
	  	5.01(d)
	       (d)(1)
	  	5.01(d)
	       (d)(2)
	  	5.01(d)
	       (d)(3)
	  	5.01(d)
	       (e)
	  	5.14
	 316(a)(1)(A)
	  	5.12
	 316(a)(1)(B)
	  	5.13
	 316(a)(2)
	  	Not Applicable

  

 vii 

			
	 316(b)
	  	5.08
	 317(a)(1)
	  	5.04
	 317(a)(2)
	  	5.04(d)
	 317(b)
	  	5.04(a)
	 318(a)
	  	11.07

	*	This reconciliation and tie shall not, for any purpose, be deemed to be part of the within indenture. 

  

 viii 

 This SECOND AMENDED AND RESTATED INDENTURE, dated as of March 14, 2006 (this “Indenture”),
between CHASE ISSUANCE TRUST, a statutory business trust organized under the laws of the State of Delaware (the “Issuing Entity”), having its principal office at 1100 North Market Street, Wilmington, Delaware 19890-1600, and WELLS FARGO
BANK, NATIONAL ASSOCIATION, a national banking association, in its capacity as Indenture Trustee (the “Indenture Trustee”), is made and entered into as of March 14, 2006. 
 RECITALS OF THE ISSUING ENTITY 
 WHEREAS, the Issuing Entity and the Indenture Trustee
have heretofore executed and delivered an Indenture, dated as of May 1, 2002 (as amended, supplemented or otherwise modified, the “Original Indenture”), by and between the Issuing Entity and the Indenture Trustee; 
 WHEREAS, the Issuing Entity and the Indenture Trustee have heretofore executed and delivered an Amended and Restated Indenture, dated as of
October 15, 2004 (as amended, supplemented or otherwise modified, the “Amended and Restated Indenture”), by and between the Issuing Entity and the Indenture Trustee, as amended by the Amendment thereto, dated as of February 1,
2006, by and between the Issuing Entity and the Indenture Trustee; 
 WHEREAS, the Issuing Entity and the Indenture Trustee desire to amend
and restate the Amended and Restated Indenture to read in its entirety as set forth below; 
 WHEREAS, all conditions precedent to the
execution of this Indenture have been complied with; 
 NOW, THEREFORE, the Issuing Entity and the Indenture Trustee hereby agree that
effective on and as of the date hereof, the Amended and Restated Indenture is hereby amended and restated in its entirety as follows: 
 PRELIMINARY STATEMENT 
 The Issuing Entity has duly authorized the execution and delivery of this Indenture to provide for the
issuance of its notes to be issued in one or more fully registered or bearer Series, Classes or Tranches. 
 All things necessary to make
this Indenture a valid agreement of the Issuing Entity, in accordance with its terms, have been done. 
 GRANTING CLAUSE 
 Pursuant to an Asset Pool Supplement, the Issuing Entity shall grant to the Collateral Agent (the “Secured Party”) for the related Asset Pool
for the benefit and security of (a) the Noteholders secured by such Asset Pool, (b) the Indenture Trustee, in its individual capacity and (c) the Collateral Agent, in its individual capacity, a security 

 
interest in all of its right, title and interest, whether now owned or hereafter acquired, in and to, the Collateral specified in the related Asset Pool
Supplement. 
 The security interest in the Collateral designated for inclusion in an Asset Pool is granted to secure the Notes issued with
respect to that Asset Pool (and the obligations under this Indenture, the related Asset Pool Supplement and the related Indenture Supplement) equally and ratably without prejudice, priority or distinction between any Note and any other Note that is
expressly secured by such Asset Pool by reason of difference in time of issuance or otherwise, except as otherwise expressly provided in this Indenture, or in the Indenture Supplement which establishes any Series, Class or Tranche of Notes, and to
secure (i) the payment of all amounts due on such Notes in accordance with their terms, (ii) the payment of all other sums payable by the Issuing Entity under this Indenture or any Indenture Supplement relating to such secured Notes and
(iii) compliance by the Issuing Entity with the provisions of this Indenture or any Indenture Supplement or any Asset Pool Supplement relating to such Notes. This Indenture, as may be supplemented, including by each Asset Pool Supplement, is a
security agreement within the meaning of the UCC. 
 The Indenture Trustee acknowledges the grant of such Security Interest, and agrees to
perform the duties herein such that the interests of the Noteholders secured by such Asset Pool may be adequately and effectively protected. 
 Particular Notes, Derivative Agreements, Supplemental Credit Enhancement Agreements and Supplemental Liquidity Agreements will benefit from the Security Interest to the extent (and only to the extent) proceeds of and distributions on the
Collateral are allocated for their benefit pursuant to this Indenture, the applicable Asset Pool Supplement and the applicable Indenture Supplement. 
 AGREEMENTS OF THE PARTIES 
 To set forth or to provide for the establishment of the terms and conditions upon which the Notes are
to be authenticated, issued and delivered, and in consideration of the premises and the purchase of Notes by the Holders thereof, it is mutually covenanted and agreed as follows, for the equal and proportionate benefit of all Holders of the Notes of
a Series, Class or Tranche thereof, as the case may be: 
 LIMITED RECOURSE 
 The obligation of the Issuing Entity to make payments of principal, interest and other amounts on the Notes and to make payments in respect of Derivative
Agreements, Supplemental Credit Enhancement Agreements or Supplemental Liquidity Agreements, as applicable, is limited in recourse as set forth in Section 6.11. 
  

 2 

 ARTICLE I 
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 
 Section 1.01 Definitions. For all purposes
of this Indenture and of any Indenture Supplement, except as otherwise expressly provided or unless the context otherwise requires: 
 (a) With respect to any Series, all terms used herein and not otherwise defined herein shall have meanings ascribed to them in the Trust Agreement, the Transfer and Servicing Agreement, the related Asset Pool Supplement or the related
Indenture Supplement, as applicable. 
 (b) All terms defined in this Indenture shall have the defined meanings when used in
any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. 
 (c) As used in this
Indenture and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in this Indenture or in any such certificate or other document, and accounting terms partly defined in this Indenture 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 Indenture or in any such certificate or other document are
inconsistent with the meanings of such terms under GAAP, the definitions contained in this Indenture or in any such certificate or other document shall control. 
 (d) Any reference to each Rating Agency shall only apply to a specific rating agency if such rating agency is then rating any Outstanding
Series, Class or Tranche of Notes. 
 (e) Unless otherwise specified, references to any amount as on deposit or outstanding on
any particular date shall mean such amount at the close of business on such day. 
 (f) The words “hereof,”
“herein,” “hereunder” and words of similar import when used in this Indenture shall refer to this Indenture as a whole and not to any particular provision of this Indenture; references to any subsection, Section, clause, Schedule
or Exhibit are references to subsections, Sections, clauses, Schedules and Exhibits in or to this Indenture 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. 
  

 3 

 (g) Whenever this Indenture refers to a provision of the TIA, the provision is
incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 
 “indenture securities” means the Notes. 
 “indenture security holder”
means a Noteholder. 
 “indenture to be qualified” means this Indenture. 
 “indenture trustee” or “institutional trustee” means the Indenture Trustee. 
 “obligor” on the indenture securities means the Issuing Entity and any other obligor on the indenture securities. 
 All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by
Commission rule have the meaning assigned to them by such definitions. Notwithstanding anything to the contrary contained herein, if it is not necessary for this Indenture to be qualified under the TIA, then all references to the TIA hereunder shall
be inapplicable to this Indenture. 
 (h) In the event that the UCC, as in effect on the date hereof, is revised, any
reference herein to specific sections of the UCC shall be deemed to be references to any such successor sections. 
 (i)
Whenever used in this Indenture, the following words and phrases shall have the following meanings, and the definitions of such terms and phrases are applicable to the singular as well as the plural forms of such terms and to the masculine as well
as the neuter genders of such terms: 
 “Act” has, when used with respect to any Noteholder, the meaning specified in
Section 1.04(a). 
 “Action” has, when used with respect to any Noteholder, the meaning specified in
Section 1.04(a). 
 “Adjusted Outstanding Dollar Principal Amount” means at any time during a Monthly Period with
respect to any Series, Class or Tranche of Notes, the Outstanding Dollar Principal Amount of all Outstanding Notes of such Series, Class or Tranche of Notes at such time, less any funds on deposit in the Principal Funding Account or the related
Sub-Account, as applicable, for the benefit of such Series, Class or Tranche of Notes at such time. 
 “Adverse Effect”
means, whenever used in this Indenture with respect to any Series, Class or Tranche of Notes with respect to any Action, that such Action will at the time of its occurrence (a) result in the occurrence of an Early Amortization Event or Event of
Default relating to such Series, Class or Tranche of Notes, as applicable, (b)

  

 4 

 
have a material adverse effect on the amount of funds available to be distributed to the Noteholders of any such Series, Class or Tranche of Notes pursuant
to this Indenture or on the timing of such distributions, or (c) adversely affect the security interest of the applicable Collateral Agent in the Collateral securing the Outstanding Notes in the related Asset Pool unless otherwise permitted by
this Indenture or any related Asset Pool Supplement. 
 “Affiliate” means, with respect to any specified Person, any other
Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power
to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to
the foregoing. 
 “Aggregate Remaining Master Trust Level Required Amount” has, with respect to any Unapplied Excess Finance
Charge Sharing Collateral Certificate, the meaning specified in the related Series Supplement. 
 “Asset Pool” means a pool
of Collateral designated for inclusion in a particular Asset Pool pursuant to an Asset Pool Supplement, that secures a particular Series, Class or Tranche of Notes or more than one Series, Class or Tranche of Notes as specified in the applicable
Indenture Supplements for each such Series, Class or Tranche of Notes. 
 “Asset Pool Supplement” means, with respect to any
Asset Pool, a supplement to this Indenture, executed and delivered in conjunction with the first issuance of Notes secured by that Asset Pool, including all amendments thereof and supplements thereto. 
 “Authenticating Agent” means any Person authorized by the Indenture Trustee to authenticate Notes under Section 7.14. 

“Authorized Newspaper” means, with respect to any Series, Class or Tranche of Notes, publication in the newspaper of record specified
in the applicable Indenture Supplement for that Series, Class or Tranche of Notes, or if and so long as Notes of such Series, Class or Tranche are listed on any securities exchange and that exchange so requires, in the newspaper of record required
by the applicable securities exchange, printed in any language specified in the applicable Indenture Supplement or satisfying the requirements of such exchange. 
 “Available Finance Charge Collections” means, for any Monthly Period, (a) with respect to the Noteholders, the Finance Charge Collections paid to the Issuing Entity and allocated to the
Noteholders, and (b) with respect to any Series, Class or Tranche of Notes, the amount of collections in clause (a) allocated to such Series, Class or Tranche of Notes, as applicable, plus investment earnings allocable to the amounts on
deposit in the Collection Account and Excess Funding Account allocable to such Series, 

  

 5 

 
Class or Tranche of Notes, plus any other amounts, or allocable portion thereof, to be treated as Available Finance Charge Collections with respect to such
Series, Class or Tranche of Notes, subject to the applicable Indenture Supplement. 
 “Available Principal Collections”
means, for any Monthly Period, (a) with respect to the Noteholders, the Principal Collections paid to the Issuing Entity and allocated to the Noteholders, and (b) with respect to any Series, Class or Tranche of Notes, (i) the amount
of collections in clause (a) allocated to such Series, Class or Tranche of Notes, as applicable, plus (ii) any other amounts, or allocable portion thereof, to be treated as Available Principal Collections with respect to such Series, Class
or Tranche of Notes, subject to the applicable Indenture Supplement. 
 “Bearer Note” means a Note in bearer form.

 “Business Day” means, unless otherwise specified in the Indenture Supplement for any Series, Class or Tranche of Notes,
any day other than (a) a Saturday or Sunday or (b) any other day on which national banking associations or state banking institutions in New York, New York, Minneapolis, Minnesota or Newark, Delaware (or, with respect to any Series, Class
or Tranche, any additional city specified in the related Indenture Supplement), are authorized or obligated by law, executive order or governmental decree to be closed. 
 “Certificate of Authentication” means the certificate of authentication of the Indenture Trustee, the form of which is described in Section 2.03, or the alternate certificate of authentication of
the Authenticating Agent, the form of which is described in Section 7.14. 
 “Chase USA” means Chase Bank USA, National
Association, a national banking association. 
 “Class” means, with respect to any Note, the class specified in the
applicable Indenture Supplement. 
 “Class C Reserve Account” means, for any Notes, the Bank Account and any Sub-Account
thereof established and maintained as described in the related Indenture Supplement. 
 “Collateral Certificate Finance Charge
Shortfall Allocation” means, for any Note Transfer Date, with respect to each Unapplied Master Trust Level Excess Finance Charge Sharing Collateral Certificate relating to any Shared Excess Available Finance Charge Collections Group, an
amount equal to: 
 (a) if the aggregate amount of all Unapplied Master Trust Level Excess Finance Charge Collections for all Unapplied
Master Trust Level Excess Finance Charge Sharing Collateral Certificates for such Note Transfer Date is less than or equal to the sum of the Remaining Series Finance Charge Shortfalls for all Series in such Group for such Note Transfer Date, the
amount of Unapplied Master Trust Level Excess 

  

 6 

 
Finance Charge Collections with respect to such Unapplied Master Trust Level Excess Finance Charge Sharing Collateral Certificate for such Note Transfer
Date; or 
 (b) if the aggregate amount of all Unapplied Master Trust Level Excess Finance Charge Collections for all Unapplied Master Trust
Level Excess Finance Charge Sharing Collateral Certificates for such Note Transfer Date is greater than the sum of the Remaining Series Finance Charge Shortfalls for all Series in such Group for such Note Transfer Date, the product of (i) the
sum of the Remaining Series Finance Charge Shortfalls for all Series in such Group for such Note Transfer Date and (b) a fraction, (x) the numerator of which is the Unapplied Master Trust Level Excess Finance Charge Collections with
respect to such Unapplied Master Trust Level Excess Finance Charge Sharing Collateral Certificate for such Note Transfer Date and (y) the denominator of which is the aggregate amount of all Unapplied Master Trust Level Excess Finance Charge
Collections for all Unapplied Master Trust Level Excess Finance Charge Sharing Collateral Certificates for such Note Transfer Date. 
 “Collateral Certificate Principal Shortfall Allocation” means, for any Note Transfer Date, with respect to each Unapplied Master Trust Level Principal Sharing Collateral Certificate in any Asset Pool, an amount equal to

 (a) if the aggregate amount of all Unapplied Master Trust Level Principal Collections for all Unapplied Master Trust Level Principal
Sharing Collateral Certificates in such Asset Pool for such Note Transfer Date is less than or equal to the sum of the Remaining Series Principal Shortfalls for all Series secured by such Asset Pool, the amount of Unapplied Master Trust Level
Principal Collections with respect to such Unapplied Master Trust Level Principal Sharing Collateral Certificate for such Note Transfer Date; or 
 (b) if the aggregate amount of all Unapplied Master Trust Level Principal Collections for all Unapplied Master Trust Level Principal Sharing Collateral Certificates in such Asset Pool for such Note Transfer Date is greater than the sum of
the Remaining Series Principal Shortfalls for all Series secured by such Asset Pool for such Note Transfer Date, the product of (i) the sum of the Remaining Series Principal Shortfalls for all Series secured by such Asset Pool for such Note
Transfer Date and (b) a fraction, (x) the numerator of which is the Unapplied Master Trust Level Principal Collections with respect to such Unapplied Master Trust Level Principal Sharing Collateral Certificate for such Note Transfer Date
and (y) the denominator of which is the aggregate amount of all Unapplied Master Trust Level Principal Collections for all Unapplied Master Trust Level Principal Sharing Collateral Certificates in such Asset Pool for such Note Transfer Date.

 “Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Securities
Exchange Act, or, if at any time after the execution of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such date. 
  

 7 

 “Corporate Trust Office” means the principal office of the Indenture Trustee in
Minneapolis, Minnesota at which at any particular time its corporate trust business will be principally administered, which office at the date hereof is located at MAC N9311-161, Sixth Street & Marquette Avenue, Minneapolis, Minnesota
55479. 
 “Depository” means a U.S. Depository or a Foreign Depository, as the case may be. 
 “Derivative Agreement” means any currency, interest rate or other swap, cap, collar, guaranteed investment contract or other derivative
agreement. 
 “Derivative Counterparty” means any party to any Derivative Agreement other than the Issuing Entity or the
Indenture Trustee. 
 “Discount Note” means a Note that provides for an amount less than the Stated Principal Amount (but
not less than the Initial Dollar Principal Amount) thereof to be due and payable upon the occurrence of an Early Amortization Event or mandatory redemption or the occurrence of an Event of Default and the acceleration of such Note, in each case
before the Scheduled Principal Payment Date of the applicable Note. 
 “Early Amortization Event” has the meaning specified
in Section 11.01. 
 “Effective Date” means the date on which this Indenture is executed and delivered by the parties
hereto. 
 “Entity” means any Person other than an individual or government (including any agency or political subdivision
thereof). 
 “Event of Default” has the meaning specified in Section 6.01. 
 “Exchange Date” means, with respect to any Tranche of Notes, the latest of: 
 (a) in the case of exchanges of beneficial interests in Temporary Global Notes for beneficial interests in Permanent Global Notes in registered form, any
date that is after the related issuance date; 
 (b) in the case of exchanges of beneficial interests in Temporary Global Notes for
beneficial interests in Permanent Global Notes in bearer form, the date of presentation of certification of non-United States beneficial ownership (as described in Section 2.05); and 
 (c) the earliest date on which such an exchange of a beneficial interest in a Temporary Global Note for a beneficial interest in a Permanent Global Note
is permitted by applicable law. 
 “FDIC” means the Federal Deposit Insurance Corporation or any successor thereto.

  

 8 

 “Federal Bankruptcy Code” means Title 11 of the United States Code, as amended from time
to time. 
 “Foreign Currency” means (a) a currency other than Dollars, or (b) denominated in a currency other
than Dollars. 
 “Foreign Currency Note” means a Note denominated in a Foreign Currency. 
 “Foreign Depository” means the Person specified in the applicable Indenture Supplement, in its capacity as depository for the accounts
of any clearing agencies located outside the United States. 
 “GAAP” means generally accepted accounting principles in the
United States of America in effect from time to time. 
 “Global Note” means any Note issued pursuant to Section 2.04.

 “Group” means any one or more Series of Notes which are specified as belonging to a common Group (including any Shared
Excess Available Finance Charge Collections Group or any group established by an Indenture Supplement) in the applicable Indenture Supplement. A particular Series may be included in more than one Group if the Indenture Supplement for such Series so
provides. 
 “Holder” means, when used with respect to any Note, a Noteholder. 
 “Indenture” or “this Indenture” means this Second Amended and Restated Indenture, dated as of March 14, 2006, as
originally executed and as amended, supplemented, restated or otherwise modified from time to time by one or more indentures supplemental hereto. 
 “Indenture Supplement” means, with respect to any Series of Notes, a supplement to this Indenture, executed and delivered in conjunction with the issuance of such Series of Notes pursuant to Section 3.01, together with
any applicable Terms Document for any Classes and Tranches of Notes belonging to such Series related to such Indenture Supplement and any amendment to the Indenture Supplement executed pursuant to Section 9.01 or 9.02, and, in either case,
including all amendments thereof and supplements thereto. 
 “Indenture Trustee” means the Person named as the Indenture
Trustee in the first paragraph of this Indenture until a successor Indenture Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Indenture Trustee” means and includes each Person who is
then an Indenture Trustee hereunder. If at any time there is more than one such Person, “Indenture Trustee” as used with respect to the Notes of any Series, Class or Tranche means the Indenture Trustee with respect to Notes of that Series,
Class or Tranche. 
  

 9 

 “Indenture Trustee Authorized Officer” means, when used with respect to the Indenture
Trustee, any vice president, any assistant vice president, the treasurer, any assistant treasurer, any senior trust officer or trust officer, or any other officer of the Indenture Trustee customarily performing functions similar to those performed
by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject. 
 “Initial Dollar Principal Amount” means (a) unless otherwise specified in the applicable Indenture Supplement, with respect to a
Series, Class or Tranche of Dollar Interest-bearing Notes, the aggregate initial principal amount of the Outstanding Notes of such Series, Class or Tranche plus the aggregate initial principal amount of any additional Notes of such Series, Class or
Tranche, and (b) with respect to a Series, Class or Tranche of Discount Notes or Foreign Currency Notes, the amount specified in the applicable Indenture Supplement as the Initial Dollar Principal Amount thereof. 
 “Interest-bearing Note” means a Note that bears interest at a stated or computed rate on the principal amount thereof. A Note may be
both an Interest-bearing Note and a Discount Note. 
 “Interest Funding Account” means, with respect to any Notes, the Bank
Account and any Sub-Account thereof established and maintained as described in the related Indenture Supplement. 
 “Interest Payment
Date” means, with respect to any Series, Class or Tranche of Notes, the scheduled due date of any payment of interest on such Notes, as specified in the applicable Indenture Supplement, or if such day is not a Business Day, the next
following Business Day, unless such day is in the next calendar month, in which case the Interest Payment Date, unless otherwise specified in the related Indenture Supplement, will be the last Business Day of the current calendar month;
provided, however, that upon the acceleration of a Series, Class or Tranche of Notes following an Event of Default or upon the occurrence of an Early Amortization Event, or other optional or mandatory redemption of that Series, Class
or Tranche of Notes, each Monthly Principal Accrual Date will be an Interest Payment Date. 
 “Internal Revenue Code” means
the Internal Revenue Code of 1986, as amended from time to time. 
 “Invested Amount” has, with respect to any Collateral
Certificate, the meaning specified in the Series Supplement for the applicable Collateral Certificate and with respect to any other Investor Certificate, the meaning specified in the applicable Pooling and Servicing Agreement and the related Series
Supplement. 
 “Investor Certificate” means an investor certificate, and not a seller certificate or transferor certificate,
issued pursuant to a Pooling and Servicing Agreement and related Series Supplement. 
  

 10 

 “Investor Certificateholder” means the holder of record of an Investor Certificate.

 “Investment Company Act” means the Investment Company Act of 1940, as amended. 
 “Issuing Entity” means Chase Issuance Trust, a Delaware statutory trust. 
 “Issuing Entity Authorized Officer” means (a) an authorized signatory of the Owner Trustee, or (b) the chairman or
vice-chairman of the board of directors, chairman or vice-chairman of the executive committee of the board of directors, the president, any vice-president, the secretary, any assistant secretary, the treasurer, or any assistant treasurer, in each
case of the Beneficiary, or any other officer or employee of the Beneficiary who is authorized to act on behalf of the Issuing Entity. 
 “Issuing Entity Certificate” means a certificate (including an Officer’s Certificate) signed in the name of an Issuing Entity Authorized Officer, or the Issuing Entity by an Issuing Entity Authorized Officer and, in
each case delivered to the Indenture Trustee relating to, among other things, the issuance of a new Series, Class or Tranche of Notes. Wherever this Indenture requires that an Issuing Entity Certificate be signed also by an accountant or other
expert, such accountant or other expert (except as otherwise expressly provided in this Indenture) may be an employee of the Beneficiary. 
 “Issuing Entity Tax Opinion” means, with respect to any Action, an Opinion of Counsel to the effect that, for United States federal income tax purposes, (a) such Action will not cause any Outstanding Series, Class or
Tranche of Notes that were characterized as debt at the time of their issuance to be characterized as other than debt, (b) such Action will not cause the Issuing Entity to be treated as an association (or publicly traded partnership) taxable as
a corporation and (c) such Action will not cause or constitute an event in which gain or loss would be recognized by any Holder of any such Notes. 
 “Legal Maturity Date” means, with respect to a Series, Class or Tranche of Notes, the date specified in the Indenture Supplement, for such Notes as the fixed date on which the principal of such
Series, Class or Tranche of Notes is due and payable. 
 “Majority Holders” means, with respect to any Series, Class or
Tranche of Notes or all Outstanding Notes, the Holders of greater than 50% in Outstanding Dollar Principal Amount of the Outstanding Notes of that Series, Class or Tranche or of all Outstanding Notes, as the case may be. 
 “Master Trust” means a master trust or other securitization special purpose entity for which Chase USA or an Affiliate of Chase USA acts
as transferor or seller or servicer, established pursuant to a Pooling and Servicing Agreement. 
 “Master Trust Tax
Opinion” means, with respect to any Action, an Opinion of Counsel to the effect that, for United States federal income tax purposes, (a) such Action will not cause any Investor Certificates that were characterized as debt at the

  

 11 

 
time of their issuance to be characterized as other than debt and (b) such Action will not cause any Master Trust to be treated as an association (or
publicly traded partnership) taxable as a corporation. 
 “Monthly Noteholders’ Statement” means, with respect to any
Series of Notes, a report, the form of which is attached as an exhibit to the related Indenture Supplement. 
 “Monthly
Period” means the period from and including the first day of a calendar month to and including the last day of a calendar month. 
 “Monthly Principal Accrual Date” has, with respect to any Class or Tranche of Notes, the meaning specified in the related Indenture Supplement. 
 “Nominal Liquidation Amount” means, with respect to any Outstanding Series, Class or Tranche of Notes, an amount determined in accordance with the applicable Indenture Supplement. The Nominal
Liquidation Amount for a Series of Notes will be the sum of the Nominal Liquidation Amounts of all of the Classes or Tranches of Notes of such Series. 
 “Note” or “Notes” means any note or notes of any Series, Class or Tranche authenticated and delivered from time to time under this Indenture. 
 “Note Owner” means the beneficial owner of an interest in a Global Note. 
 “Note Rating Agency” means, with respect to any Outstanding Series, Class or Tranche of Notes, each statistical note rating agency
selected by the Issuing Entity to rate such Notes. 
 “Note Register” has the meaning specified in Section 3.05.

 “Note Registrar” means the Person who keeps the Note Register specified in Section 3.05. 
 “Noteholder” means a Person in whose name a Note is registered in the Note Register or the bearer of any Bearer Note (including a Global
Note in bearer form), as the case may be. 
 “Officer’s Certificate” means a certificate signed by the Beneficiary or
the Owner Trustee and delivered to the Indenture Trustee. Wherever this Indenture requires that an Officer’s Certificate be signed also by an accountant or other expert, such accountant or other expert (except as otherwise expressly provided in
this Indenture) may be an employee of the Beneficiary. 
 “Opinion of Counsel” means a written opinion of counsel acceptable
to the Indenture Trustee, who may, except as otherwise expressly provided in this Indenture, be an employee of or of counsel to the Issuing Entity, the Beneficiary or any of their Affiliates. 
  

 12 

 “Outstanding” means, with respect to all Notes, all Notes in all Asset Pools and, with
respect to a Note or with respect to Notes of any Series, Class or Tranche, as of the date of determination, all such Notes theretofore authenticated and delivered under this Indenture, except: 
 (a) any Notes theretofore canceled by the Indenture Trustee or delivered to the Indenture Trustee for cancellation pursuant to Section 3.09, or
canceled by the Issuing Entity, Chase USA or any Affiliate thereof and delivered to the Indenture Trustee pursuant to Section 3.09; 
 (b) any Notes for whose full payment (including principal and interest) or redemption money in the necessary amount has been theretofore deposited with the Indenture Trustee or any Paying Agent in trust for the Holders of such Notes;
provided that, if such Notes are to be redeemed, notice of such redemption has been duly given if required pursuant to this Indenture and the related Indenture Supplement, or provision therefor satisfactory to the Indenture Trustee has been
made; 
 (c) any Notes which are canceled pursuant to Section 5.03; and 
 (d) any Notes in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture, or which will have been
paid pursuant to the terms of Section 3.06 (except with respect to any such Note as to which proof satisfactory to the Indenture Trustee is presented that such Note is held by a person in whose hands such Note is a legal, valid and binding
obligation of the Issuing Entity). 
 For purposes of determining the amounts of deposits, allocations, reallocations or payments to be made,
unless the context clearly requires otherwise, references to “Notes” will be deemed to be references to “Outstanding Notes.” In determining whether the Holders of the requisite principal amount of such Outstanding Notes have
taken any Action hereunder, and for purposes of Section 8.04, Notes beneficially owned by the Issuing Entity or Chase USA or any Affiliate of the Issuing Entity or Chase USA will be disregarded and deemed not to be Outstanding. In determining
whether the Indenture Trustee will be protected in relying upon any such Action, only Notes which an Indenture Trustee Authorized Officer knows to be owned by the Issuing Entity or Chase USA or any Affiliate of the Issuing Entity or Chase USA will
be so disregarded. Notes so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee demonstrates to the satisfaction of the Indenture Trustee the pledgee’s right to act as owner with respect to such Notes and
that the pledgee is not the Issuing Entity, Chase USA or any other obligor upon the Notes or any Affiliate of the Issuing Entity, Chase USA or such other obligor. 
 “Outstanding Dollar Principal Amount” means at any time: 
 (a) with respect to any Series,
Class or Tranche of non-Discount Notes, the aggregate Initial Dollar Principal Amount of the Outstanding Notes of such Series, Class or Tranche at such time, less the amount of any withdrawals from the Principal Funding Account or Sub-Account, as
applicable, for such Series, Class or Tranche of 

  

 13 

 
Notes for payment of principal to the Holders of such Series, Class or Tranche of Notes or the applicable Derivative Counterparty, pursuant to the related
Indenture Supplement, and 
 (b) with respect to any Series, Class or Tranche of Discount Notes, an amount of the Outstanding Notes of such
Series, Class or Tranche calculated by reference to the applicable formula specified in the applicable Indenture Supplement, taking into account the amount and timing of payments of principal made to the Holders of such Series, Class or Tranche or
to the applicable Derivative Counterparty and accretions of principal, each pursuant to the related Indenture Supplement. 
 “Paying
Agent” means any Person authorized by the Issuing Entity to pay the principal of or interest on any Notes on behalf of the Issuing Entity, as provided in Section 10.02 hereof. 
 “Payment Date” means, with respect to any Series, Class or Tranche of Notes, the applicable Principal Payment Date or Interest Payment
Date. 
 “Payment Instruction” means, with respect to any Series of Notes, an instruction, the form of which is attached as
an exhibit to the related Indenture Supplement. 
 “Performing” means, with respect to any Derivative Agreement, no payment
default or repudiation of performance by a Derivative Counterparty has occurred, and such Derivative Agreement has not been terminated. 
 “Permanent Global Note” is defined in Section 2.05. 
 “Permitted Investments” means, unless
otherwise provided in the Indenture Supplement with respect to any Series, Class or Tranche of Notes: 
 (a) instruments, investment property
or other property consisting of: 
 (i) obligations of or fully guaranteed by the United States of America; 
 (ii) time deposits, promissory notes or certificates of deposit of any depository institution or trust company incorporated under the laws
of the United States of America or any state thereof (or domestic branches of foreign depository institutions or trust companies) and subject to supervision and examination by federal or state banking or depository institution authorities;
provided, however, that at the time of the Indenture Trustee’s investment or contractual commitment to invest therein, the certificates of deposit or short-term deposits of such depository institution or trust company shall have a
credit rating from Moody’s and Standard & Poor’s of “P-1” and “A-1+,” respectively, and, if rated by Fitch, “F1+” from Fitch; 
 (iii) commercial paper (including but not limited to asset backed commercial paper) having, at the time of the Indenture Trustee’s
investment or 

  

 14 

 
contractual commitment to invest therein, a rating from Moody’s and Standard & Poor’s of “P-1” and “A-1+”
respectively, and, if rated by Fitch, “F1+” from Fitch; 
 (iv) bankers’ acceptances issued by any depository
institution or trust company described in clause (a)(ii) above; and 
 (v) investments in money market funds rated
“AAA-m” or “AAA-mg” by Standard & Poor’s and “Aaa” by Moody’s and, if rated by Fitch “AAA-V1+” from Fitch, or otherwise approved in writing by each Note Rating Agency; 
 (b) demand deposits in the name of the Indenture Trustee in any depository institution or trust company referred to in clause (a)(ii) above; 

(c) uncertificated securities that are registered in the name of the Indenture Trustee upon books maintained for that purpose by the issuing entity
thereof and identified on books maintained for that purpose by the Indenture Trustee as held for the benefit of the Noteholders, and consisting of shares of an open end diversified investment company which is registered under the Investment Company
Act, and which (i) invests its assets exclusively in obligations of or guaranteed by the United States of America or any instrumentality or agency thereof having in each instance a final maturity date of less than one year from their date of
purchase or other Permitted Investments, (ii) seeks to maintain a constant net asset value per share, (iii) has aggregate net assets of not less than $100,000,000 on the date of purchase of such shares and (iv) with respect to which
each Note Rating Agency confirms in writing that such investment will not cause a Ratings Effect; and 
 (d) any other investment if each
Note Rating Agency confirms in writing that such investment will not cause a Ratings Effect. 
 “Person” means any
individual, corporation, estate, partnership, limited liability company, limited liability partnership, joint venture, association, joint-stock company, business trust, trust, unincorporated organization or government or any agency or political
subdivision thereof. 
 “Place of Payment” means, with respect to any Series, Class or Tranche of Notes issued hereunder,
the city or political subdivision so designated with respect to such Series, Class or Tranche of Notes in accordance with the provisions of Section 3.01. 
 “Pooling and Servicing Agreement” means a pooling and servicing agreement, indenture or other agreement for the issuance of securities from time to time from a Master Trust and the servicing of the
receivables in such Master Trust. 
 “Predecessor Notes” 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 purposes of this definition, any Note authenticated and delivered under Section 3.06 in lieu of a mutilated, lost, destroyed or stolen Note
will be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note. 
  

 15 

 “Principal Funding Account” means, with respect to any Notes, the Bank Account and any
Sub-Account thereof established and maintained as described in the related Indenture Supplement. 
 “Principal Payment Date”
means, with respect to any Series, Class or Tranche of Notes, each Scheduled Principal Payment Date, or upon the acceleration of such Series, Class or Tranche of Notes following an Event of Default or upon the occurrence of an Early Amortization
Event, or other optional or mandatory redemption of such Series, Class or Tranche of Notes, each Monthly Principal Accrual Date. 
 “Qualified Bank Account” means either (a) a segregated account (including a securities account) with a Qualified Institution or (b) a segregated trust account with the corporate trust department of a depository
institution organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank having corporate trust powers and acting as Trustee for funds deposited in
such account), so long as any of the securities of such depository institution shall have a credit rating from each applicable Note Rating Agency in one of its generic rating categories which signifies investment grade. 
 “Qualified Institution” means a depository institution organized under the laws of the United States of America or any one of the states
thereof, including the District of Columbia (or any domestic branch of a foreign bank), which at all times has (a)(i) a long-term unsecured debt rating of A2 or better by Moody’s and (ii) a certificate of deposit rating of P-1 by
Moody’s and (b)(i) in the case of the Collection Account, if such depository institution is an Affiliate of Chase USA, a certificate of deposit rating of A-1 or better by Standard & Poor’s or (ii) for any other depository
institution (or for any Affiliate of Chase USA in the case of any Account other than the Collection Account), either (x) a long-term unsecured debt rating of AAA by Standard & Poor’s or (y) a certificate of deposit rating of
A-1+ by Standard & Poor’s. If so qualified, the Indenture Trustee, the Owner Trustee, Chase USA or an Affiliate of any of the foregoing may be considered a Qualified Institution for the purposes of this definition. 
 “Ratings Effect” means a reduction, qualification with negative implications or withdrawal of any then current rating of the Notes.

 “Record Date” means, for the interest or principal payable on any Note on any applicable Payment Date, the last day of
the month before the related Interest Payment Date or Principal Payment Date, as applicable, unless otherwise specified in the applicable Indenture Supplement. 
 “Registered Note” means a Note issued in registered form. 
 “Registered
Noteholder” means a holder of a Registered Note. 
 “Regulation AB” means Subpart 229.1100 – Asset Backed
Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1123, and all related rules and regulations of the Commission, as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the
Commission in the adopting 

  

 16 

 
release (Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the Commission, or as
may be provided by the Commission or its staff from time to time. 
 “Required Subordinated Amount” means, with respect to
any Tranche of a Senior Class of Notes, the amount specified in the related Indenture Supplement. 
 “Remaining Series Finance Charge
Shortfall” has, for each Series relating to any Shared Excess Available Finance Charge Collections Group, the meaning specified in the related Indenture Supplement. 
 “Remaining Series Principal Shortfall” has, with respect to any Series secured by an Asset Pool, the meaning specified in the related
Indenture Supplement. 
 “Sarbanes Certification” means the certification specified in paragraph (2) of Securities
Exchange Act Rules 13a-14 and 15d-14 as set forth in Item 601(31)(ii) of Regulation S-K as such may be amended from time to time or any successor or replacement specified by the Commission or its staff from time to time. 
 “Scheduled Principal Payment Date” means, with respect to any Series, Class or Tranche of Notes, the scheduled due date of any payment
of principal on such Notes, as specified in the related Indenture Supplement, or if such day is not a Business Day, the next following Business Day, unless such day is in the next calendar month, in which case such Scheduled Principal Payment Date,
unless otherwise specified in the related Indenture Supplement, will be the last Business Day of the current calendar month. 
 “Secured Party” has the meaning specified in the Granting Clause. 
 “Securities Act” means the
Securities Act of 1933, as amended from time to time. 
 “Securities Exchange Act” means the Securities Exchange Act of
1934, as amended from time to time. 
 “Securitization Transaction” means any new Notes issued, pursuant to
Section 3.10, by the Issuing Entity, whether publicly offered or privately placed, rated or unrated. 
 “Security
Interest” means the security interest granted pursuant to the Granting Clause. 
 “Senior Class” has, with respect
to a Class of Notes of any Series, the meaning specified in the related Indenture Supplement. 
 “Series” means, with
respect to any Note, the series specified in the applicable Indenture Supplement. 
  

 17 

 “Series Available Finance Charge Collections Shortfalls” has, with respect to any Shared
Excess Available Finance Charge Collections Series, the meaning specified in the related Indenture Supplement. 
 “Series
Supplement” means a series supplement to a Pooling and Servicing Agreement or similar document setting forth the terms of a Collateral Certificate. 
 “Servicing Criteria” means the “servicing criteria” set forth in Item 1122(d) of Regulation AB. 
 “Shared Excess Available Finance Charge Collections Series” means a Series that, pursuant to the Indenture Supplement therefor, will share certain Finance Charge Collections allocated to such Series
with other Series in the same Shared Excess Available Finance Charge Collections Group, as more specifically specified in such Indenture Supplement. 
 “Shared Excess Available Finance Charge Collections Group” means a Group of Series which have all been designated to share certain excess Finance Charge Collections allocated to such Series with one
another. 
 “Stated Principal Amount” has, with respect to any Note, the meaning specified in the related Indenture
Supplement or Terms Document. 
 “Sub-Account” means each portion of a Bank Account designated as such pursuant to this
Indenture, the related Indenture Supplement or the applicable Asset Pool Supplement. 
 “Subordinated Class” has, with
respect to a Class of Notes of any Series, the meaning specified in the related Indenture Supplement. 
 “Subordinated
Notes” means Notes of a Subordinated Class of a Series. 
 “Supplemental Bank Account” means the trust account or
accounts designated as such and established pursuant to subsection 4.02(a). 
 “Supplemental Credit Enhancement Agreement”
means a letter of credit, cash collateral account or surety bond or other similar arrangement with various credit enhancement providers which provides the benefit of one or more additional forms of credit enhancement which is referenced in the
applicable Indenture Supplement for any Series, Class or Tranche of Notes in an Asset Pool. 
 “Supplemental Credit Enhancement
Provider” means any party to any Supplemental Credit Enhancement Agreement other than the Issuing Entity or the Indenture Trustee. 
 “Supplemental Liquidity Agreement” means a liquidity facility or other similar arrangements with various liquidity providers which provides the benefit of 

  

 18 

 
additional liquidity for any Series, Class or Tranche of Notes secured by an Asset Pool which is referenced in the applicable Indenture Supplement for such
Series, Class or Tranche of Notes. 
 “Supplemental Liquidity Provider” means any party to any Supplemental Liquidity
Agreement other than the Issuing Entity or the Indenture Trustee. 
 “Temporary Global Note” has the meaning specified in
Section 2.05. 
 “Terms Document” means, with respect to any Class or Tranche of Notes, a supplement to the Indenture
Supplement that establishes such Class or Tranche. 
 “Tranche” means, with respect to any Class of Notes, Notes of such
Class which have identical terms, conditions and designation. Notes of a single Tranche may be issued on different dates. 
 “Transfer and Servicing Agreement” means the Second Amended and Restated Transfer and Servicing Agreement, dated as of March 14, 2006, among Chase USA, as Transferor, Servicer and Administrator, the Issuing Entity, and
Wells Fargo Bank, National Association, as Indenture Trustee and Collateral Agent. 
 “Transfer Agent” means Wells Fargo
Bank, National Association. 
 “Trust Agreement” means the Third Amended and Restated Trust Agreement, dated as of
March 14, 2006, between Chase USA, as Transferor, and Wilmington Trust Company, as Owner Trustee. 
 “Trust Indenture
Act” means the Trust Indenture Act of 1939, as amended by the Trust Indenture Reform Act of 1990, as in force at the date as of which this Indenture was executed except as provided in Section 9.05. 
 “UCC” means, unless the context otherwise requires, the Uniform Commercial Code, as in effect in the relevant jurisdiction. 

“Unapplied Excess Finance Charge Collections” means, for any Note Transfer Date, with respect to each Shared Excess Available Finance
Charge Collections Group, the aggregate amount to be treated as “Unapplied Excess Finance Charge Collections” from such Shared Excess Available Finance Charge Collections Group for such Note Transfer Date pursuant to the Indenture
Supplements for all Series in such Shared Excess Available Finance Charge Collections Group and Section 3.13 of the Indenture. 
 “Unapplied Excess Finance Charge Sharing Collateral Certificate” means, with respect to each Shared Excess Available Finance Charge Collections Group, each Collateral Certificate included in any Asset Pool that is
designated as an “Unapplied Excess Finance Charge Sharing Collateral Certificate” with respect to such Shared Excess Available Finance Charge Collections Group in the related Series Supplement. 
  

 19 

 “Unapplied Master Trust Level Excess Finance Charge Collections” has, with respect to
each Unapplied Master Trust Level Excess Finance Charge Sharing Collateral Certificate, the meaning specified in the related Series Supplement. 
 “Unapplied Master Trust Level Excess Finance Charge Sharing Collateral Certificate” means, with respect to each Shared Excess Available Finance Charge Collections Group, each Collateral Certificate included in any Asset
Pool that is designated as an “Unapplied Master Trust Level Excess Finance Charge Sharing Collateral Certificate” with respect to such Shared Excess Available Finance Charge Collections Group in the related Series Supplement. 

“Unapplied Master Trust Level Principal Collections” has, with respect to each Unapplied Master Trust Level Principal Sharing
Collateral Certificate, the meaning specified in the related Series Supplement. 
 “Unapplied Master Trust Level Principal Sharing
Collateral Certificate” shall mean each Collateral Certificate included in any Asset Pool that is designated as an “Unapplied Master Trust Level Principal Sharing Collateral Certificate” with respect to such Asset Pool in the
related Series Supplement. 
 “United States Person” means a citizen or resident of the United States, a corporation,
partnership or other entity created or organized in or under the laws of the United States, or any political subdivision thereof, or an estate or trust the income of which is subject to United States federal income taxation regardless of its source.

 “U.S. Depository” means, unless otherwise specified by the Issuing Entity pursuant to Section 2.04, 2.06, or 3.01,
with respect to Notes of any Tranche issuable or issued as a Global Note within the United States, The Depository Trust Company, New York, New York, or any successor thereto registered as a clearing agency under the Securities Exchange Act, or other
applicable statute or regulation. 
 Section 1.02 Compliance Certificates and Opinions. Upon any application or request by the Issuing
Entity to the Indenture Trustee to take any action under any provision of this Indenture, the Issuing Entity will furnish to the Indenture Trustee (i) an Officer’s Certificate stating that all conditions precedent, if any, provided for in
this Indenture relating to the proposed action have been complied with and (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, except that in the case of any
such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished.

 Notwithstanding the provisions of Section 3.10 and of the preceding paragraph, if all Notes of a Tranche are not to be originally
issued at one time, it will not be necessary to deliver the Issuing Entity Certificate otherwise required pursuant to Section 3.10 or the Officer’s Certificate and Opinion of Counsel otherwise required pursuant to such preceding paragraph
at or before the time of authentication of each Note 

  

 20 

 
of such Tranche if such documents are delivered at or prior to the authentication upon original issuance of the first Note of such Tranche to be issued.

 The Indenture Trustee may rely, as to authorization by the Issuing Entity of any Tranche of Notes, the form and terms thereof and the
legality, validity, binding effect and enforceability thereof, upon the Opinion of Counsel and the other documents delivered pursuant to Section 3.10 and this Section 1.02, as applicable, in connection with the first authentication of
Notes of such Tranche. 
 Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture
(except for the written statement required by Section 10.04) will include: 
 (a) a statement that each individual
signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto; 
 (b) a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (c) a statement that such individual has made such examination or investigation as is necessary to express an informed opinion as to
whether or not such covenant or condition has been complied with; and 
 (d) a statement as to whether, in the opinion of each
such individual, such condition or covenant has been complied with. 
 Section 1.03 Form of Documents Delivered to Indenture Trustee.
In any case where several matters are required to be certified by, or covered by an opinion of, one or more specified Persons, one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to the
other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 Any certificate or
opinion of the Issuing Entity may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless the Issuing Entity knows, or in the exercise of reasonable care should know, that the
certificate or opinion or representations are erroneous. Any such certificate or opinion of, or representation by, counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, the Issuing
Entity stating that the information with respect to such factual matters is in the possession of the Issuing Entity, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations are
erroneous. 
 Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements,
opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
  

 21 

 Section 1.04 Acts of Noteholders. 
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action (collectively, an “Action”) provided
by this Indenture to be given or taken by Noteholders of any Series, Class or Tranche may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by an agent duly appointed in
writing. If Notes of a Series, Class or Tranche are issuable in whole or in part as Bearer Notes, any Action provided by this Indenture to be given or taken by such Noteholders may, alternatively, be embodied in and evidenced by the record of such
Noteholders voting in favor thereof, either in person or by proxies duly appointed in writing, at any meeting of Noteholders duly called and held in accordance with the provisions of Section 8.04, or a combination of such instruments and any
such record. Except as herein otherwise expressly provided, such Action will become effective when such instrument or instruments or record are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuing Entity.
Such instrument or instruments and any such record (and the Action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments and so voting at any
meeting. Proof of execution of any such instrument or of a writing appointing any such agent, or the holding by any Person of a Note, will be sufficient for any purpose of this Indenture and (subject to Section 7.01) conclusive in favor of the
Indenture Trustee and the Issuing Entity, if made in the manner provided in this Section 1.04. The record of any meeting of Noteholders shall be proved in the manner provided in Section 8.04. 
 (b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness to such
execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such
execution is by an officer of a corporation or a member of a partnership, on behalf of such corporation or partnership, such certificate or affidavit will also constitute sufficient proof of his authority. The fact and date of the execution of any
such instrument or writing, or the authority of the person executing the same, may also be proved in any other manner which the Indenture Trustee deems sufficient. 
 (c) (i) The ownership of Registered Notes will be proved by the Note Register. 
 (ii) The ownership of Bearer Notes or coupons will be proved by the production of such Bearer Notes or coupons or by a certificate,
satisfactory to the Issuing Entity, executed, as depository, by any bank, trust company, recognized securities dealer or depository, wherever situated, satisfactory to the Issuing Entity. Each such certificate will be dated and will state that on
the date thereof a Bearer Note or coupon bearing a specified serial number was deposited with or exhibited to such bank, trust company, recognized securities dealer or depository by the Person named in such certificate. Any such certificate may be
issued in respect of one or more Bearer Notes or coupons 

  

 22 

 
specified therein. The holding by the Person named in any such certificate of any Bearer Note specified therein will be presumed to continue for a period of
one year from the date of such certificate unless at the time of any determination of such holding (A) another certificate bearing a later date issued in respect of the same Bearer Note or coupon produced, (B) the Bearer Note or coupon
specified in such certificate is produced by some other Person or (C) the Bearer Note or coupon specified in such certificate has ceased to be Outstanding. 
 (d) The fact and date of execution of any such instrument or writing, the authority of the Person executing the same and the principal
amount and serial numbers of Bearer Notes held by the Person so executing such instrument or writing and the date of holding the same may also be proved in any other manner which the Indenture Trustee deems sufficient; and the Indenture Trustee may
in any instance require further proof with respect to any of the matters referred to in this Section. 
 (e) If the Issuing
Entity will solicit from the Holders any Action, the Issuing Entity may, at its option, by an Officer’s Certificate and consistent with the Trust Indenture Act, fix in advance a record date for the determination of Holders entitled to give such
Action, but the Issuing Entity will have no obligation to do so. If the Issuing Entity does not so fix a record date, such record date will be the later of 30 days before the first solicitation of such Action or the date of the most recent list of
Noteholders furnished to the Indenture Trustee pursuant to Section 8.01 before such solicitation. Such Action may be given before or after the record date, but only the Holders of record at the close of business on the record date will be
deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of Notes Outstanding have authorized or agreed or consented to such Action, and for that purpose the Notes Outstanding will be computed as of the record
date; provided that no such authorization, agreement or consent by the Holders on the record date will be deemed effective unless it will become effective pursuant to the provisions of this Indenture not later than six months after the record
date. 
 (f) Any Action by the Holder of any Note will bind the Holder of every Note issued upon the transfer thereof or in
exchange therefor or in lieu thereof, in respect of anything done or suffered to be done by the Indenture Trustee or the Issuing Entity in reliance thereon whether or not notation of such Action is made upon such Note. 
 (g) Without limiting the foregoing, a Holder entitled hereunder to take any Action hereunder with regard to any particular Note may do so
with regard to all or any part of the principal amount of such Note or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. Any notice given or Action
taken by a Holder or its agents with regard to different parts of such principal amount pursuant to this paragraph shall have the same effect as if given or taken by separate Holders of each such different part. 
 (h) Without limiting the generality of the foregoing, unless otherwise specified pursuant to Section 3.01 or pursuant to one or more
Indentures Supplements, a Holder, including a Depository that is the Holder of a Global Note, may 

  

 23 

 
make, give or take, by a proxy or proxies duly appointed in writing, any Action provided in this Indenture to be made, given or taken by Holders, and a
Depository that is the Holder of a Global Note may provide its proxy or proxies to the beneficial owners of interests in any such Global Note through such Depository’s standing instructions and customary practices. 
 (i) The Issuing Entity may fix a record date for the purpose of determining the Persons who are beneficial owners of interests in any
Global Note held by a Depository entitled under the procedures of such Depository to make, give or take, by a proxy or proxies duly appointed in writing, any Action provided in this Indenture to be made, given or taken by Holders. If such a record
date is fixed, the Holders on such record date or their duly appointed proxy or proxies, and only such Persons, shall be entitled to make, give or take such Action, whether or not such Holders remain Holders after such record date. No such Action
shall be valid or effective if made, given or taken more than 90 days after such record date. 
 Section 1.05 Notices, etc., to Indenture
Trustee and Issuing Entity. Any Action of Noteholders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with, the Indenture Trustee by any Noteholder or by the Issuing Entity will be
sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Indenture Trustee at its Corporate Trust Office, or the Issuing Entity by the Indenture Trustee or by any Noteholder will be sufficient for every
purpose hereunder (except as provided in subsection 6.01(c)) if in writing and mailed, first-class postage prepaid, to the Issuing Entity addressed to it at the address of its principal office specified in the first paragraph of this Indenture or at
any other address previously furnished in writing to the Indenture Trustee by the Issuing Entity. 
 Section 1.06 Notices to Noteholders;
Waiver. 
 (a) Where this Indenture, any Indenture Supplement or any Registered Note provides for notice to Registered
Noteholders of any event, such notice will be sufficiently given (unless otherwise herein, in such Indenture Supplement or in such Registered Note expressly provided) if in writing and mailed, first-class postage prepaid, sent by facsimile, sent by
electronic transmission or personally delivered to each Holder of a Registered Note affected by such event, at such Noteholder’s address as it appears in the Note Register, not later than the latest date, and not earlier than the earliest date,
prescribed for the giving of such notice. In any case where notice to Registered Noteholders is given by mail, facsimile, electronic transmission or delivery neither the failure to mail, send by facsimile, electronic transmission or deliver such
notice, nor any defect in any notice so mailed, to any particular Noteholders will affect the sufficiency of such notice with respect to other Noteholders and any notice that is mailed, sent by facsimile, electronic transmission or delivered in the
manner herein provided shall conclusively have been presumed to have been duly given. 
  

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 Where this Indenture, any Indenture Supplement or any Registered Note provides for notice
in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver will be the equivalent of such notice. Waivers of notice by Registered Noteholders will be filed
with the Indenture Trustee, but such filing will not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
 (b) In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or otherwise, it will be impractical to mail notice of any event to any Holder of a Registered Note when such
notice is required to be given pursuant to any provision of this Indenture, then any method of notification as will be satisfactory to the Indenture Trustee and the Issuing Entity will be deemed to be a sufficient giving of such notice. 

(c) No notice will be given by mail, facsimile, electronic transmission or otherwise delivered to a Holder of Bearer Notes or coupons
in bearer form. In the case of any Series, Class or Tranche with respect to which any Bearer Notes are Outstanding, any notice required or permitted to be given to Holders of such Bearer Notes will be published in an Authorized Newspaper within the
time period prescribed in this Indenture or the applicable Indenture Supplement. 
 (d) With respect to any Series, Class or
Tranche of Notes, the applicable Indenture Supplement may specify different or additional means of giving notice to the Holders of the Notes of such Series, Class or Tranche. 
 (e) Where this Indenture provides for notice to any Note Rating Agency, failure to give such notice will not affect any other rights or
obligations created hereunder and will not under any circumstance constitute an Adverse Effect. 
 Section 1.07 Conflict with Trust
Indenture Act. If and to the extent that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by, or with another provision (an “incorporated provision”) included in this Indenture by operation of,
Sections 310 to 318, inclusive, of the Trust Indenture Act, such imposed duties or incorporated provision will control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or
excluded, the latter provision will be deemed to apply to this Indenture as so modified or excluded, as the case may be. 
 Section 1.08
Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience only and will not affect the construction hereof. 
 Section 1.09 Successors and Assigns. All covenants and agreements in this Indenture by the Issuing Entity will bind its successors and assigns,
whether so expressed or not. All covenants and agreements of the Indenture Trustee in this Indenture shall bind its successors, co-trustees and agents of the Indenture Trustee. 
  

 25 

 Section 1.10 Separability. In case any provision in this Indenture or in the Notes will be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby. 
 Section 1.11 Benefits of Indenture. Nothing in this Indenture or in any Notes, express or implied, will give to any Person, other than the parties hereto and their successors hereunder, the Collateral Agent,
any Authenticating Agent or Paying Agent, the Note Registrar, Derivative Counterparties (to the extent specified in the applicable Derivative Agreement), Supplemental Credit Enhancement Providers and Supplemental Liquidity Providers (each, to the
extent specified in the applicable Supplemental Credit Enhancement Agreement or Supplemental Liquidity Agreement, as applicable) and the Holders of Notes (or such of them as may be affected thereby), any benefit or any legal or equitable right,
remedy or claim under this Indenture. 
 Section 1.12 Governing Law. THIS INDENTURE WILL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 Section 1.13 Counterparts. This Indenture 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 1.14 Indenture Referred to in the
Trust Agreement. This is the Indenture referred to in the Trust Agreement. 
 Section 1.15 Legal Holidays. In any case where the
date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force
and effect as if made on the date on which nominally due, and no interest shall accrue for the period from and after any such nominal date. 
 [END OF ARTICLE I] 
  

 26 

 ARTICLE II 
 NOTE FORMS 
 Section 2.01 Forms Generally. The Notes will have such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by this Indenture or the applicable Indenture Supplement and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon,
as may be required to comply with applicable laws or regulations or with the rules of any securities exchange, or as may, consistently herewith, be determined by the Issuing Entity, as evidenced by the Issuing Entity’s execution of such Notes.
Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note. 
 The definitive Notes will be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or without steel engraved borders) or may be produced in any other manner, all as determined by the Issuing
Entity, as evidenced by the Issuing Entity’s execution of such Notes, subject, with respect to the Notes of any Series, Class or Tranche, to the rules of any securities exchange on which such Notes are listed. 
 Section 2.02 Forms of Notes. Each Note will be in one of the forms approved from time to time by or pursuant to an Indenture Supplement. Before
the delivery of a Note to the Indenture Trustee for authentication in any form approved by or pursuant to an Issuing Entity Certificate, the Issuing Entity will deliver to the Indenture Trustee the Issuing Entity Certificate by or pursuant to which
such form of Note has been approved, which Issuing Entity Certificate will have attached thereto a true and correct copy of the form of Note which has been approved thereby or, if an Issuing Entity Certificate authorizes a specific officer or
officers of the Beneficiary to approve a form of Note, a certificate of such officer or officers approving the form of Note attached thereto. Any form of Note approved by or pursuant to an Issuing Entity Certificate must be acceptable as to form to
the Indenture Trustee, such acceptance to be evidenced by the Indenture Trustee’s authentication of Notes in that form or a certificate signed by an Indenture Trustee Authorized Officer and delivered to the Issuing Entity. 
 Section 2.03 Form of Indenture Trustee’s Certificate of Authentication. The form of Indenture Trustee’s Certificate of Authentication
for any Note issued pursuant to this Indenture will be substantially as follows: 
 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the Series, Class or Tranche designated therein referred to in the within-mentioned Indenture. 
  

			
	 WELLS FARGO BANK,

	       NATIONAL ASSOCIATION,

  

 27 

			
	 as Indenture Trustee,

		
	By:	 	  
		 	 Authorized Signatory

			
		
	 Dated:
	 	  

 Section 2.04 Notes Issuable in the Form of a Global Note. 
 (a) If the Issuing Entity establishes pursuant to Sections 2.02 and 3.01 that the Notes of a particular Series, Class or Tranche are to be
issued in whole or in part in the form of one or more Global Notes, then the Issuing Entity will execute and the Indenture Trustee or its agent will, in accordance with Section 3.03 and the Issuing Entity Certificate delivered to the Indenture
Trustee or its agent thereunder, authenticate and deliver, such Global Note or Notes, which, unless otherwise provided in the applicable Indenture Supplement (i) will represent, and will be denominated in an amount equal to the aggregate Stated
Principal Amount (or in the case of Discount Notes, the aggregate Stated Principal Amount at the Scheduled Principal Payment Date of such Notes) of the Outstanding Notes of such Series, Class or Tranche to be represented by such Global Note or
Notes, or such portion thereof as the Issuing Entity will specify in an Issuing Entity Certificate, (ii) in the case of Registered Notes, will be registered in the name of the Depository for such Global Note or Notes or its nominee,
(iii) will be delivered by the Indenture Trustee or its agent to the Depository or pursuant to the Depository’s instruction, (iv) if applicable, will bear a legend substantially 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 registration of transfer, exchange or payment, and any Note issued is registered in the name
of Cede & Co. or in 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” and (v) may bear such other legend as the Issuing Entity, upon advice of
counsel, deems to be applicable. 
 (b) Notwithstanding any other provisions of this Section 2.04 or of
Section 3.05, and subject to the provisions of paragraph (c) below, unless the terms of a Global Note or the applicable Indenture Supplement expressly permit such Global Note to be exchanged in whole or in part for individual Notes, a
Global Note may be transferred, in whole but not in part and in the manner provided in Section 3.05, only to a nominee of the Depository for such Global Note, or to the Depository, or a successor Depository for such Global Note selected or
approved by the Issuing Entity, or to a nominee of such successor Depository. 
 (c) With respect to Notes issued within the
United States, unless otherwise specified in the applicable Indenture Supplement, or with respect to Notes issued outside the United States, if specified in the applicable Indenture Supplement: 
  

 28 

 (i) If at any time the Depository for a Global Note notifies the Issuing Entity that it
is unwilling or unable to continue as Depository for such Global Note or if at any time the Depository for the Notes for such Series, Class or Tranche ceases to be a clearing agency registered under the Securities Exchange Act, or other applicable
statute or regulation, the Issuing Entity will appoint a successor Depository with respect to such Global Note. If a successor Depository for such Global Note is not appointed by the Issuing Entity within 90 days after the Issuing Entity receives
such notice or becomes aware of such ineligibility, the Issuing Entity will execute, and the Indenture Trustee or its agent, upon receipt of an Issuing Entity Certificate requesting the authentication and delivery of individual Notes of such Series,
Class or Tranche in exchange for such Global Note, will authenticate and deliver, individual Notes of such Series, Class or Tranche of like tenor and terms in an aggregate Stated Principal Amount equal to the Stated Principal Amount of the Global
Note in exchange for such Global Note. 
 (ii) The Issuing Entity may at any time and in its sole discretion determine that
the Notes of any Series, Class or Tranche or portion thereof issued or issuable in the form of one or more Global Notes will no longer be represented by such Global Note or Notes. In such event the Issuing Entity will execute, and the Indenture
Trustee, upon receipt of a written request by the Issuing Entity for the authentication and delivery of individual Notes of such Series, Class or Tranche in exchange in whole or in part for such Global Note, will authenticate and deliver individual
Notes of such Series, Class or Tranche of like tenor and terms in definitive form in an aggregate Stated Principal Amount equal to the Stated Principal Amount of such Global Note or Notes representing such Series, Class or Tranche or portion thereof
in exchange for such Global Note or Notes. 
 (iii) If specified by the Issuing Entity pursuant to Sections 2.02 and 3.01 with
respect to Notes issued or issuable in the form of a Global Note, the Depository for such Global Note may surrender such Global Note in exchange in whole or in part for individual Notes of such Series, Class or Tranche of like tenor and terms in
definitive form on such terms as are acceptable to the Issuing Entity and such Depository. Thereupon the Issuing Entity will execute, and the Indenture Trustee or its agent will authenticate and deliver, without service charge, (A) to each
Person specified by such Depository a new Note or Notes of the same Series, Class or Tranche of like tenor and terms and of any authorized denomination as requested by such Person in aggregate Stated Principal Amount equal to and in exchange for
such Person’s beneficial interest in the Global Note; and (B) to such Depository a new Global Note of like tenor and terms and in an authorized denomination equal to the difference, if any, between the Stated Principal Amount of the
surrendered Global Note and the aggregate Stated Principal Amount of Notes delivered to the Holders thereof. 
 (iv) If any
Event of Default has occurred with respect to such Global Notes, and Holders of Notes evidencing more than 50% of the unpaid 

  

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Outstanding Dollar Principal Amount of the Global Notes of that Series, Class or Tranche advise the Indenture Trustee and the Depository that a Global Note
is no longer in the best interest of the Noteholders, the Holders of Global Notes may exchange such Notes for individual Notes. 
 (v) In any exchange provided for in any of the preceding three paragraphs, the Issuing Entity will execute and the Indenture Trustee or its agent will authenticate and deliver individual Notes in definitive registered form in authorized
denominations. Upon the exchange of the entire Stated Principal Amount of a Global Note for individual Notes, such Global Note will be canceled by the Indenture Trustee or its agent. Except as provided in the preceding paragraphs, Notes issued in
exchange for a Global Note pursuant to this Section 2.04 will be registered in such names and in such authorized denominations as the Depository for such Global Note, pursuant to instructions from its direct or indirect participants or
otherwise, will instruct the Indenture Trustee or the Note Registrar. The Indenture Trustee or the Note Registrar will deliver such Notes to the Persons in whose names such Notes are so registered. 
 Section 2.05 Temporary Global Notes and Permanent Global Notes. 
 (a) If specified in the applicable Indenture Supplement for any Tranche, all or any portion of a Global Note may initially be issued in
the form of a single temporary global Bearer Note or Registered Note (the “Temporary Global Note”), without interest coupons, in the denomination of the entire aggregate principal amount of such Series, Class or Tranche and substantially
in the form set forth in the exhibit with respect thereto attached to the applicable Indenture Supplement. The Temporary Global Note will be authenticated by the Indenture Trustee upon the same conditions, in substantially the same manner and with
the same effect as the Notes in definitive form. The Temporary Global Note may be exchanged as described below or in the applicable Indenture Supplement for permanent global Bearer Notes or Registered Notes (the “Permanent Global Notes”).

 (b) Unless otherwise provided in the applicable Indenture Supplement, exchanges of beneficial interests in Temporary Global
Notes for beneficial interests in Permanent Global Notes will be made as provided in this subsection 2.05(b). The Beneficiary will, upon its determination of the date of completion of the distribution of the Notes of such Series, Class or Tranche,
so advise the Indenture Trustee, the Issuing Entity, the Foreign Depository, and each foreign clearing agency forthwith. Without unnecessary delay, but in any event not prior to the Exchange Date, the Issuing Entity will execute and deliver to the
Indenture Trustee at the office or its designated agent outside the United States Permanent Global Notes in bearer or registered form (as specified in the applicable Indenture Supplement) in an aggregate principal amount equal to the Outstanding
Dollar Principal Amount of such Series, Class or Tranche of Notes. Bearer Notes so issued and delivered may have coupons attached. The Temporary Global Note may be exchanged for an equal aggregate principal amount of Permanent Global Notes only on
or after the Exchange Date. A United States Person may exchange the portion of the Temporary Global Note beneficially owned by it only for an equal 

  

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aggregate principal amount of Permanent Global Notes in registered form bearing the applicable legend set forth in the form of Registered Note attached to
the applicable Indenture Supplement, which may be in temporary form if the Issuing Entity so elects. Upon any demand for exchange for Permanent Global Notes in accordance with this clause, the Issuing Entity will cause the Indenture Trustee to
authenticate and deliver the Permanent Global Notes to the Holder (x) outside the United States, in the case of Bearer Notes and (y) according to the instructions of the Holder, in the case of Registered Notes, but in either case only upon
presentation to the Indenture Trustee of a written statement substantially in the form of Exhibit B-1 (or such other form as the Issuing Entity may determine) with respect to the Temporary Global Note, or portion thereof being exchanged, signed by a
foreign clearing agency or Foreign Depository and dated on the Exchange Date or a subsequent date, to the effect that it has received in writing or by tested telex a certification substantially in the form of (i) in the case of beneficial
ownership of the Temporary Global Note, or a portion thereof being exchanged, by a United States institutional investor pursuant to this clause, the certificate in the form of Exhibit B-2 (or such other form as the Issuing Entity may determine)
signed by the Beneficiary which sold the relevant Notes or (ii) in all other cases, the certificate in the form of Exhibit B-3 (or such other form as the Issuing Entity may determine), the certificate referred to in this subsection 2.05(b)
being dated on the earlier of the first payment of interest in respect of such Note and the date of the delivery of such Note in definitive form. Upon receipt of such certification, the Indenture Trustee will cause the Temporary Global Note to be
endorsed in accordance with subsection 2.05(d). Any exchange as provided in this Section 2.05 will be made free of charge to the Holders and the beneficial owners of the Temporary Global Note and to the beneficial owners of the Permanent Global
Note issued in exchange, except that a person receiving the Permanent Global Note must bear the cost of insurance, postage, transportation and the like in the event that such Person does not receive such Permanent Global Note in person at the
offices of a foreign clearing agency or Foreign Depository. 
 (c) The delivery to the Indenture Trustee by a foreign clearing
agency or Foreign Depository of any written statement referred to above may be relied upon by the Issuing Entity and the Indenture Trustee as conclusive evidence that a corresponding certification or certifications has or have been delivered to such
foreign clearing agency pursuant to the terms of this Indenture. 
 (d) Upon any such exchange of all or a portion of the
Temporary Global Note for a Permanent Global Note or Notes, such Temporary Global Note will be endorsed by or on behalf of the Indenture Trustee to reflect the reduction of its principal amount by an amount equal to the aggregate principal amount of
such Permanent Global Note or Notes. Until so exchanged in full, such Temporary Global Note will in all respects be entitled to the same benefits under this Indenture as Permanent Global Notes authenticated and delivered hereunder except that the
beneficial owners of such Temporary Global Note will not be entitled to receive payments of interests on the Notes until they have exchanged their beneficial interests in such Temporary Global Note for Permanent Global Notes. 
  

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 Section 2.06 Beneficial Ownership of Global Notes. Until definitive Notes have been issued to the
applicable Noteholders pursuant to Section 2.04 or as otherwise specified in any applicable Indenture Supplement: 
 (a)
the Issuing Entity and the Indenture Trustee may deal with the applicable clearing agency or Depository and the clearing agency’s or Depository’s participants for all purposes (including the making of distributions) as the authorized
representatives of the respective Note Owners; and 
 (b) the rights of the respective Note Owners will be exercised only
through the applicable clearing agency or Depository and the clearing agency’s or Depository’s participants and will be limited to those established by law and agreements between such Note Owners and the clearing agency or Depository
and/or the clearing agency’s or Depository’s participants. Pursuant to the operating rules of the applicable clearing agency, unless and until Notes in definitive form are issued pursuant to Section 2.04, the clearing agency or the
Depository will make book-entry transfers among the clearing agency’s or the Depository’s participants and receive and transmit distributions of principal and interest on the related Notes to such clearing agency’s or
Depository’s participants. 
 For purposes of any provision of this Indenture requiring or permitting Actions with the consent of, or at
the direction of, Noteholders evidencing a specified percentage of the Outstanding Dollar Principal Amount of Outstanding Notes, such direction or consent may be given by Note Owners (acting through the clearing agency and the clearing agency’s
participants) owning interests in Notes evidencing the requisite percentage of principal amount of Notes. 
 Section 2.07 Notices to
Depository. Whenever any notice or other communication is required to be given to Noteholders with respect to which book-entry Notes have been issued, unless and until Notes in definitive form will have been issued to the related Note Owners,
the Indenture Trustee will give all such notices and communications to the applicable clearing agency or Depository. 
 [END OF ARTICLE II]

  

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 ARTICLE III 
 THE NOTES 
 Section 3.01 General Title; General Limitations; Issuable in Series; Terms of a Series, Class
or Tranche of Notes. 
 (a) The aggregate Stated Principal Amount of Notes which may be authenticated and delivered and
Outstanding under this Indenture is not limited. 
 (b) The Notes may be issued in one or more Series, Classes or Tranches up
to an aggregate Stated Principal Amount of Notes as from time to time may be authorized by the Issuing Entity. All Notes of each Series, Class or Tranche under this Indenture will in all respects be equally and ratably entitled to the benefits
hereof with respect to such Series, Class or Tranche without preference, priority or distinction on account of the actual time of the authentication and delivery or Scheduled Principal Payment Date or Legal Maturity Date of the Notes of such Series,
Class or Tranche, except as specified in the applicable Indenture Supplement for such Series, Class or Tranche of Notes. 
 (c) Each Note issued must be part of a Series, Class and Tranche of Notes for purposes of allocations pursuant to the related Asset Pool Supplement and the related Indenture Supplement. A Series of Notes is created pursuant to an Indenture
Supplement. A Class or Tranche of Notes is created pursuant to an Indenture Supplement or pursuant to a Terms Document related to the Indenture Supplement for the applicable Series. 
 (d) Each Series of Notes will be secured by a particular Asset Pool. The related Indenture Supplement will identify the Asset Pool under
which a Series of Notes has been issued. 
 (e) Each Series of Notes may be assigned to a Group or Groups (now existing or
hereafter created) of Notes for purposes of allocations of certain collections pursuant to Section 3.12, the related Asset Pool Supplement and the related Indenture Supplement. The related Indenture Supplement will identify the Group or Groups,
if any, to which a Series of Notes has been assigned and the manner and extent to which Series in the same Group or Groups will share certain amounts. 
 (f) Each Series of Notes may, but need not be, subdivided into multiple Classes. Notes belonging to a Class in any Series may be entitled to specified payment priorities over other Classes of Notes in that Series.

 (g) Notes of a Series that belong to different Classes in that Series belong to different Tranches on the basis of the
difference in Class membership. 
 (h) Each Class of Notes may consist of a single Tranche or may be subdivided into multiple
Tranches. Notes of a single Class of a Series will 

  

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belong to different Tranches if they have different terms and conditions. With respect to any Class of Notes, Notes which have identical terms, conditions
and Tranche designation will be deemed to be part of a single Tranche of Notes. 
 (i) Before the initial issuance of Notes of
each Series, Class or Tranche, there shall also be established in or pursuant to an Indenture Supplement or pursuant to a Terms Document related to the applicable Indenture Supplement, provision for: 
 (i) the Series designation; 
 (ii) the Asset Pool designation; 
 (iii) the Stated Principal Amount of the Notes;

 (iv) whether such Series belongs to any Group or Groups; 
 (v) whether such Notes are of a particular Class of Notes or a Tranche of a Class of Notes; 
 (vi) the Required Subordinated Amount (if any) for such Class or Tranche of Notes; 
 (vii) the currency or currencies in which such Notes will be denominated and in which payments of principal of, and interest on, such
Notes will or may be payable; 
 (viii) if the principal of or interest, if any, on such Notes are to be payable, at the
election of the Issuing Entity or a Holder thereof, in a currency or currencies other than that in which the Notes are stated to be payable, the period or periods within which, and the terms and conditions upon which, such election may be made;

 (ix) if the amount of payments of principal of or interest, if any, on such Notes may be determined with reference to an
index based on (A) a currency or currencies other than that in which the Notes are stated to be payable, (B) changes in the prices of one or more other securities or Groups or indexes of securities or (C) changes in the prices of one
or more commodities or Groups or indexes of commodities, or any combination of the foregoing, the manner in which such amounts will be determined; 
 (x) the price or prices at which such Series, Class or Tranche of Notes will be issued; 
 (xi) the times at which such Series, Class or Tranche of Notes may, pursuant to any optional or mandatory redemption provisions, be redeemed, and the other terms and provisions of any such redemption provisions; 
  

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 (xii) the rate per annum at which such Series, Class or Tranche of Notes will bear
interest, if any, or the formula or index on which such rate will be determined, including all relevant definitions, and the date from which interest will accrue; 
 (xiii) each Interest Payment Date, the Scheduled Principal Payment Date and the Legal Maturity Date for such Series, Class or Tranche of
Notes; 
 (xiv) the Initial Dollar Principal Amount of such Notes, and the means for calculating the Outstanding Dollar
Principal Amount of such Series, Class or Tranche of Notes; 
 (xv) the Nominal Liquidation Amount of such Series, Class or
Tranche of Notes, and the means for calculating the Nominal Liquidation Amount of such Series, Class or Tranche of Notes; 
 (xvi) whether or not application will be made to list such Series, Class or Tranche of Notes on any securities exchange; 
 (xvii) any Events of Default or Early Amortization Events with respect to such Series, Class or Tranche of Notes, if not set forth herein and any additions, deletions or other changes to the Events of Default or Early Amortization Events
set forth herein that will be applicable to such Series, Class or Tranche of Notes (including a provision making any Event of Default or Early Amortization Event set forth herein inapplicable to the Notes of that Series, Class or Tranche);

 (xviii) the appointment by the Indenture Trustee of an Authenticating Agent in one or more places with power to act on
behalf of the Indenture Trustee and subject to its direction in the authentication and delivery of such Notes in connection with such transactions as will be specified in the provisions of this Indenture or in or pursuant to the applicable Indenture
Supplement creating such Series, Class or Tranche; 
 (xix) if such Notes will be issued in whole or in part in the form of a
Global Note or Global Notes, the terms and conditions, if any, upon which such Global Note or Global Notes may be exchanged in whole or in part for other individual Notes; and the Depository for such Global Note or Global Notes (if other than the
Depository specified in Section 1.01); 
 (xx) if such Notes will be issued in whole or in part as Registered Notes,
Bearer Notes or both, whether such Notes are to be issued with or without coupons or both; 
 (xxi) the subordination of such
Notes to any other indebtedness of the Issuing Entity, including the Notes of any other Series, Class or Tranche; 
  

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 (xxii) if such Notes are to have the benefit of any Derivative Agreement, the terms and
provisions of such agreement; 
 (xxiii) if such Notes are to have the benefit of any Supplemental Credit Enhancement
Agreement or Supplemental Liquidity Agreement, the terms and provisions of the applicable agreement; 
 (xxiv) the Record Date
for any Payment Date of such Notes, if different from the last day of the month before the related Payment Date; 
 (xxv) the
Target Principal Deposit Amount scheduled to be deposited on each Principal Payment Date during an amortization period or accumulation period for such Series, Class or Tranche of Notes; 
 (xxvi) whether and under what conditions, additional amounts will be payable to Noteholders; and 
 (xxvii) any other terms of such Notes as stated in the related Indenture Supplement; 
 all upon such terms as may be determined in or pursuant to an Indenture Supplement with respect to such Series, Class or Tranche of Notes. 
 (j) The form of the Notes of each Series, Class or Tranche will be established pursuant to the provisions of this Indenture and the
related Indenture Supplement or Terms Document creating such Series, Class or Tranche of Notes. The Notes of each Series, Class or Tranche will be distinguished from the Notes of each other Series, Class or Tranche in such manner, reasonably
satisfactory to the Indenture Trustee, as the Issuing Entity may determine. 
 (k) Any terms or provisions in respect of the
Notes of any Series, Class or Tranche issued under this Indenture may be determined pursuant to this Section 3.01 by providing in the applicable Indenture Supplement the method by which such terms or provisions will be determined. 

(l) The Transferor Interest for each Asset Pool will be held by the Transferor. The Transferor Interest for each Asset Pool may be
transferred by the holder of such Transferor Interest in whole or in part subject to certain limitations and conditions described in the Indenture Supplements related to such Asset Pool. The Transferor Interest for each Asset Pool may be held either
in an uncertificated form or in the form of a certificate representing the Transferor Interest, called a Transferor Certificate. 
 Section
3.02 Denominations. The Notes of each Series, Class or Tranche will be issuable in such denominations and currency as will be provided in the provisions of this Indenture or in or pursuant to the applicable Indenture Supplement. In the
absence of any such provisions with respect to the Registered Notes of any Series, Class or Tranche, the Registered Notes of that Series, Class or Tranche will be issued in 

  

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denominations of $1,000 and multiples thereof. In the absence of any such provisions with respect to the Bearer Notes of any Series, Class or Tranche, the
Bearer Notes of that Series, Class or Tranche will be issued in denominations of 1,000, 5,000, 50,000 and 100,000 units of the applicable currency. 
 Section 3.03 Execution, Authentication and Delivery and Dating. 
 (a) The Notes will be executed on behalf of
the Issuing Entity by an Issuing Entity Authorized Officer. The signature of any officer of the Beneficiary or the Owner Trustee on the Notes may be manual or facsimile. 
 (b) Notes bearing the manual or facsimile signatures of individuals who were at any time an Issuing Entity Authorized Officer will bind
the Issuing Entity, notwithstanding that such individuals or any of them have ceased to hold such offices before the authentication and delivery of such Notes or did not hold such offices at the date of issuance of such Notes. 
 (c) At any time and from time to time after the execution and delivery of this Indenture, the Issuing Entity may deliver Notes executed by
the Issuing Entity to the Indenture Trustee for authentication; and the Indenture Trustee will, upon request by an Officer’s Certificate, authenticate and deliver such Notes as in this Indenture provided and not otherwise. 
 (d) Before any such authentication and delivery, the Indenture Trustee will be entitled to receive, in addition to any Officer’s
Certificate and Opinion of Counsel required to be furnished to the Indenture Trustee pursuant to Section 1.02, the Issuing Entity Certificate and any other opinion or certificate relating to the issuance of the Series, Class or Tranche of Notes
required to be furnished pursuant to Section 2.02 or Section 3.10. 
 (e) The Indenture Trustee will not be required
to authenticate such Notes if the issue thereof will adversely affect the Indenture Trustee’s own rights, duties or immunities under the Notes and this Indenture. 
 (f) Unless otherwise provided in the form of Note for any Series, Class or Tranche, all Notes will be dated the date of their
authentication. 
 (g) No Note will be entitled to any benefit under this Indenture or be valid or obligatory for any purpose
unless there appears on such Note a Certificate of Authentication substantially in the form provided for herein executed by the Indenture Trustee by manual signature of an authorized signatory, and such certificate upon any Note will be conclusive
evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 
 Section 3.04 Temporary Notes.

 (a) Pending the preparation of definitive Notes of any Series, Class or Tranche, the Issuing Entity may execute, and, upon
receipt of the documents 

  

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required by Section 3.03, together with an Officer’s Certificate, the Indenture Trustee will authenticate and deliver, temporary Notes which are
printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Notes in lieu of which they are issued and with such appropriate insertions, omissions,
substitutions and other variations as the Issuing Entity may determine, as evidenced by the Issuing Entity’s execution of such Notes. 
 (b) If temporary Notes of any Series, Class or Tranche are issued, the Issuing Entity will cause definitive Notes of such Series, Class or Tranche to be prepared without unreasonable delay. After the preparation of
definitive Notes, the temporary Notes of such Series, Class or Tranche will be exchangeable for definitive Notes of such Series, Class or Tranche upon surrender of the temporary Notes of such Series, Class or Tranche at the office or agency of the
Issuing Entity in a Place of Payment, without charge to the Holder; and upon surrender for cancellation of any one or more temporary Notes the Issuing Entity will execute and the Indenture Trustee will authenticate and deliver in exchange therefor a
like Stated Principal Amount of definitive Notes of such Series, Class or Tranche of authorized denominations and of like tenor and terms. Until so exchanged the temporary Notes of such Series, Class or Tranche will in all respects be entitled to
the same benefits under this Indenture as definitive Notes of such Series, Class or Tranche. 
 Section 3.05 Registration, Transfer and
Exchange. 
 (a) The Issuing Entity will keep or cause to be kept a register (herein sometimes referred to as the
“Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Issuing Entity will provide for the registration of Registered Notes, or of Registered Notes of a particular Series, Class or Tranche, and for
transfers of Registered Notes or of Registered Notes of such Series, Class or Tranche. Any such register will be in written form or in any other form capable of being converted into written form within a reasonable time. At all reasonable times the
information contained in such register or registers will be available for inspection by the Indenture Trustee at the office or agency to be maintained by the Issuing Entity as provided in Section 10.02. 
 (b) Subject to Section 2.04, upon surrender for transfer of any Registered Note of any Series, Class or Tranche at the office or
agency of the Issuing Entity in a Place of Payment, if the requirements of Section 8-401(a) of the UCC are met, the Issuing Entity will execute, and, upon receipt of such surrendered Note, the Indenture Trustee will authenticate and deliver, in
the name of the designated transferee or transferees, one or more new Registered Notes of such Series, Class or Tranche of any authorized denominations, of a like aggregate Stated Principal Amount, Scheduled Principal Payment Date and Legal Maturity
Date and of like terms. 
 (c) Subject to Section 2.04, at the option of the Holder, Notes of any Series, Class or
Tranche may be exchanged for other Notes of such Series, Class or Tranche of any authorized denominations, of a like aggregate Stated Principal Amount, Scheduled Principal Payment Date and Legal Maturity Date and of like terms, upon 

  

 38 

 
surrender of the Notes to be exchanged at such office or agency. Registered Notes, including Registered Notes received in exchange for Bearer Notes, may not
be exchanged for Bearer Notes. At the option of the Holder of a Bearer Note, subject to applicable laws and regulations, Bearer Notes may be exchanged for other Bearer Notes or Registered Notes (of the same Series, Class and Tranche of Notes) of
authorized denominations of like aggregate fractional undivided interests in the Noteholders’ interest, upon surrender of the Bearer Notes to be exchanged at an office or agency of the Note Registrar located outside the United States. Each
Bearer Note surrendered pursuant to this Section 3.05 will have attached thereto all unmatured coupons; provided, however, that any Bearer Note, so surrendered after the close of business on the last day of the month preceding the
relevant Payment Date need not have attached the coupon relating to such Payment Date. Whenever any Notes are so surrendered for exchange, the Issuing Entity will execute, and the Indenture Trustee will authenticate and deliver (in the case of
Bearer Notes, outside the United Sates), the Notes which the Noteholders making the exchange are entitled to receive. 
 (d)
All Notes issued upon any transfer or exchange of Notes will be the valid and legally binding obligations of the Issuing Entity, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such
transfer or exchange. 
 (e) Every Note presented or surrendered for transfer or exchange will (if so required by the Issuing
Entity or the Indenture Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Issuing Entity and the Note Registrar duly executed, by the Holder thereof or his attorney duly authorized in
writing. 
 (f) Unless otherwise provided in the Note to be transferred or exchanged, no service charge will be made on any
Noteholder for any transfer or exchange of Notes, but the Issuing Entity may (unless otherwise provided in such Note) require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any
transfer or exchange of Notes, other than exchanges pursuant to Section 3.04 or 9.06 not involving any transfer. 
 (g)
None of the Issuing Entity, the Note Registrar or the Indenture Trustee shall be required (i) to issue, register the transfer of or exchange any Notes of any Series, Class or Tranche during a period beginning at the opening of business 15 days
before the day of selection of Notes of such Series, Class or Tranche to be redeemed and ending at the close of business on (A) if Notes of such Series, Class or Tranche are issuable only as Registered Notes, the day of the mailing of the
relevant notice of redemption of Registered Notes of such Series, Class or Tranche so selected for redemption or (B) if Notes of the Series, Class or Tranche are issuable as Bearer Notes, the day of the first publication of the relevant notice
of redemption or, if Notes of the Series, Class or Tranche are also issuable as Registered Notes and there is no publication, the mailing of the relevant notice of redemption or (ii) to register the transfer or exchange of any Notes or portions
thereof so selected for redemption. 
  

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 Notwithstanding anything herein to the contrary, the exchange of Bearer Notes into
Registered Notes shall be subject to applicable laws and regulations in effect at the time of exchange; none of the Issuing Entity, the Indenture Trustee nor the Note Registrar shall exchange any Bearer Notes into Registered Notes if it has received
an Opinion of Counsel that as a result of such exchanges the Issuing Entity or any Transferor would suffer adverse consequences under the United States federal income tax laws and regulations then in effect and the Issuing Entity has delivered to
the Indenture Trustee an Issuing Entity Certificate directing the Indenture Trustee not to make such exchanges unless and until the Indenture Trustee receives a subsequent Issuing Entity Certificate to the contrary. The Issuing Entity shall deliver
copies of such Issuing Entity Certificates to the Note Registrar. 
 (h) None of the Issuing Entity, the Indenture Trustee,
any agent of the Indenture Trustee, any Paying Agent or the Note Registrar will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Note or for
maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 
 (i) The Issuing Entity
initially appoints Wells Fargo Bank, National Association to act as Note Registrar for the Registered Notes on its behalf. The Issuing Entity may at any time and from time to time authorize any Person to act as Note Registrar with respect to any
Series, Class or Tranche of Notes issued under this Indenture. 
 (j) Registration of transfer of Notes containing the
following legend or to which the following legend is applicable: 
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS NOTE NOR ANY PORTION HEREOF MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION PROVISIONS OF THE SECURITIES ACT AND ANY APPLICABLE
PROVISIONS OF ANY STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH REGISTRATION PROVISIONS. THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN CONDITIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN.” 

will be effected only if such transfer is made pursuant to an effective registration statement under the Securities Act, or is exempt from the registration
requirements under the Securities Act. In the event that registration of a transfer is to be made in reliance upon an exemption from the registration requirements under the Securities Act other than Rule 144A under the Securities Act or Rule 903 or
Rule 904 of Regulation S under the Securities Act, the transferor or the transferee will deliver, at its expense, to the Issuing Entity and the Indenture Trustee, an investment letter from the transferee, substantially in the form of the investment
letter attached hereto as Exhibit A or such other form as the Issuing Entity may determine, and no registration of transfer will be made until such letter is so delivered. 
  

 40 

 Notes issued upon registration or transfer of, or Notes issued in exchange for, Notes bearing the legend
referred to above will also bear such legend unless the Issuing Entity, the Indenture Trustee and the Note Registrar receive an Opinion of Counsel, satisfactory to each of them, to the effect that such legend may be removed. 
 Whenever a Note containing the legend referred to above is presented to the Note Registrar for registration of transfer, the Note Registrar will promptly
seek instructions from the Issuing Entity regarding such transfer and will be entitled to receive an Issuing Entity Certificate prior to registering any such transfer. The Issuing Entity hereby agrees to indemnify the Note Registrar and the
Indenture Trustee and to hold each of them harmless against any loss, liability or expense incurred without negligence or bad faith on their part arising out of or in connection with actions taken or omitted by them in relation to any such
instructions furnished pursuant to this clause. 
 Section 3.06 Mutilated, Destroyed, Lost and Stolen Notes. 
 (a) If (i) any mutilated Note (together, in the case of Bearer Notes, with all unmatured coupons, if any, appertaining thereto) is
surrendered to the Indenture Trustee or the Note Registrar, or the Issuing Entity, the Note Registrar or the Indenture Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to
the Issuing Entity, the Note Registrar and the Indenture Trustee such security or indemnity as may be required by them to save each of them harmless, then, in the absence of notice to the Issuing Entity, the Note Registrar or the Indenture Trustee
that such Note has been acquired by a protected purchaser, the Issuing Entity will execute and upon its request the Indenture Trustee will authenticate and deliver (in the case of Bearer Notes, outside the United States), in exchange for or in lieu
of any such mutilated, destroyed, lost or stolen Note, a new Note of like tenor, Series, Class or Tranche, Scheduled Principal Payment Date, Legal Maturity Date and Stated Principal Amount, bearing a number not contemporaneously Outstanding.

 (b) In case any such mutilated, destroyed, lost or stolen Note has become or is about to become due and payable, the
Issuing Entity in its discretion may, instead of issuing a new Note, pay such Note. 
 (c) Upon the issuance of any new Note
under this Section 3.06, the Issuing Entity may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the
Indenture Trustee) connected therewith. 
 (d) Every new Note issued pursuant to this Section 3.06 in lieu of any
destroyed, lost or stolen Note will constitute an original additional contractual obligation of the Issuing Entity, whether or not the destroyed, lost or stolen Note will be at any time enforceable by anyone, and will be entitled to all the benefits
of this Indenture equally and proportionately with any and all other Notes of the same Series, Class or Tranche duly issued hereunder. 
  

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 (e) The provisions of this Section 3.06 are exclusive and will preclude (to the
extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
 Section 3.07 Payment of Interest; Interest Rights Preserved; Withholding Taxes. 
 (a) Unless otherwise
provided with respect to such Note pursuant to Section 3.01, interest payable on any Registered Note will be paid to the Person in whose name that Note (or one or more Predecessor Notes) is registered at the close of business on the most recent
Record Date and interest payable on any Bearer Note will be paid to the bearer of that Note (or the applicable coupon). 
 (b)
Subject to clause (a), each Note delivered under this Indenture upon transfer of or in exchange for or in lieu of any other Note will carry the rights to interest accrued or principal accreted and unpaid, and to accrue or accrete, which were carried
by such other Note. 
 (c) The right of any Noteholder to receive interest on or principal of any Note shall be subject to any
applicable withholding or deduction imposed pursuant to the Internal Revenue Code or other applicable tax law, including foreign withholding and deduction. Any amounts properly so withheld or deducted shall be treated as actually paid to the
appropriate Noteholder. 
 Section 3.08 Persons Deemed Owners. Title to any Bearer Note, including any coupons appertaining thereto,
shall pass by delivery. The Issuing Entity, the Indenture Trustee, the Owner Trustee, the Beneficiary and any agent of the Issuing Entity, the Indenture Trustee, the Owner Trustee, or the Beneficiary may treat the Person who is proved to be the
owner of such Note pursuant to subsection 1.04(c) as the owner of such Note for the purpose of receiving payment of principal of and (subject to Section 3.07) interest on such Note and for all other purposes whatsoever, whether or not such Note
be overdue, and neither the Issuing Entity, the Indenture Trustee, the Owner Trustee, nor any agent of the Issuing Entity, the Indenture Trustee, the Owner Trustee, or the Beneficiary will be affected by notice to the contrary. 
 Section 3.09 Cancellation. All Notes surrendered for payment, redemption, transfer, conversion or exchange will, if surrendered to any Person
other than the Indenture Trustee, be delivered to the Indenture Trustee and, if not already canceled, will be promptly canceled by it. The Issuing Entity may at any time deliver to the Indenture Trustee for cancellation any Notes previously
authenticated and delivered hereunder which the Issuing Entity may have acquired in any manner whatsoever, and all Notes so delivered will be promptly canceled by the Indenture Trustee. No Note will be authenticated in lieu of or in exchange for any
Notes canceled as provided in this Section, except as expressly permitted by this Indenture. The Indenture Trustee will dispose of all canceled Notes in accordance with its customary procedures and will deliver a certificate of such disposition to
the Issuing Entity. 
  

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 Section 3.10 New Issuances of Notes 
 (a) The Issuing Entity may issue new Notes of any Series, Class or Tranche, so long as the following conditions precedent are satisfied:

 (i) on or before the third Business Day before a new issuance is to occur, the Issuing Entity delivers to the Indenture
Trustee and each Note Rating Agency notice of such new issuance; 
 (ii) on or prior to the date that the new issuance is to
occur, the Issuing Entity delivers to the Indenture Trustee and each Note Rating Agency an Issuing Entity Certificate to the effect that: 
 (A) the Issuing Entity reasonably believes that the new issuance will not cause an Adverse Effect on any Outstanding Notes; 
 (B) all instruments furnished to the Indenture Trustee conform to the requirements of this Indenture and constitute sufficient authority
hereunder for the Indenture Trustee to authenticate and deliver such Notes; 
 (C) the form and terms of such Notes have been
established in conformity with the provisions of this Indenture; and 
 (D) such other matters as the Indenture Trustee may
reasonably request; 
 (iii) on or before the date that the new issuance is to occur, the Issuing Entity will have delivered
to the Indenture Trustee and each Note Rating Agency an Opinion of Counsel, which may be from internal counsel, that all laws and requirements with respect to the execution and delivery by the Issuing Entity of such Notes have been complied with,
the Issuing Entity has the trust power and authority to issue such Notes and such Notes have been duly authorized and delivered by the Issuing Entity and, assuming due authentication and delivery by the Indenture Trustee, constitute legal, valid and
binding obligations of the Issuing Entity enforceable in accordance with their terms (subject, as to enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, moratorium or other laws and legal principles affecting
creditors’ rights generally from time to time in effect and to general equitable principles, whether applied in an action at law or in equity) and entitled to the benefits of this Indenture, equally and ratably with all other Outstanding Notes,
if any, of such Series, Class or Tranche of Notes, subject to the terms of this Indenture, each Indenture Supplement and each Terms Document; 
 (iv) if any additional conditions to the new issuance are specified in writing by a Note Rating Agency to the Issuing Entity, either (A) the Issuing Entity satisfies such conditions or (B) the Issuing Entity
obtains 
  

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 confirmation from the applicable Note Rating Agency that the new issuance will not have a Ratings Effect
on any Outstanding Notes; 
 (v) in the case of Bearer Notes, such Notes shall be described in section 163(f)(2)(B) of the
Internal Revenue Code and such section shall apply to such Notes; 
 (vi) on or before the date that the new issuance is to
occur, the Issuing Entity will have delivered to the Indenture Trustee an Indenture Supplement and, if applicable, the Issuing Entity Certificate or on or before the date that the new issuance is to occur, the Issuing Entity will have executed with
the Indenture Trustee a Terms Document relating to the applicable Class or Tranche of Notes; 
 (vii) in the case of Foreign
Currency Notes, the Issuing Entity will have appointed one or more Paying Agents in the appropriate countries; 
 (viii) the
conditions specified herein or in Section 3.11 are satisfied; and 
 (ix) any other conditions specified in the
applicable Indenture Supplement; 
 provided, however, that any one of the aforementioned conditions may be eliminated or modified as a
condition precedent to any new issuance of a Series, Class or Tranche of Notes if the Issuing Entity has obtained approval from each Note Rating Agency. 
 (b) The Issuing Entity and the Indenture Trustee will not be required to provide prior notice to or to obtain the consent of any Noteholder of any Outstanding Series, Class or Tranche to issue any additional Notes of
any Series, Class or Tranche. In addition, the Issuing Entity agrees to provide notice of new issuances of Series, Classes or Tranches of Notes as may be required by and in accordance with Item 1121(a)(14) of Regulation AB. 
 (c) There are no restrictions on the timing or amount of any additional issuance of Notes of an Outstanding Class or Tranche of a Series
of Notes, so long as the conditions described in subsection 3.10(a) are met or waived. As of the date of any additional issuance of Notes of an Outstanding Class or Tranche of Notes, the Stated Principal Amount, Outstanding Dollar Principal Amount
and Nominal Liquidation Amount of that Class or Tranche will be increased to reflect the principal amount of the additional Notes. If the additional Notes are a Class or Tranche of Notes that has the benefit of a Derivative Agreement, the Issuing
Entity will enter into a Derivative Agreement for the benefit of the additional Notes. In addition, if the additional Notes are a Class or Tranche of Notes that has the benefit of any Supplemental Credit Enhancement Agreement or any Supplemental
Liquidity Agreement, the Issuing Entity will enter into a Supplemental Credit Enhancement Agreement or Supplemental Liquidity Agreement, as applicable, for the benefit of the additional Notes. Furthermore, the targeted deposits, if any, to the
Interest Funding Account, the Principal Funding Account, and if applicable, 
  

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 the Class C Reserve Account, will be increased proportionately to reflect the principal amount of the additional Notes.

 When issued, the additional Notes of a Class or Tranche will be identical in all respects to the other Outstanding Notes of that Class or
Tranche and will be equally and ratably entitled to the benefits of the Indenture and the related Indenture Supplement applicable to such Notes as the other Outstanding Notes of that Class or Tranche without preference, priority or distinction.

 Section 3.11 Specification of Required Subordinated Amount and other Terms with Respect to each Series, Class or Tranche of Notes.

 (a) The applicable Indenture Supplement for each Class or Tranche of Notes will specify a Required Subordinated Amount of
each subordinated Class or Tranche of Notes, if any. 
 (b) The Issuing Entity may change the Required Subordinated Amount, or
method of computing such amount, for any Class or Tranche of Notes at any time without the consent of any Noteholders so long as the Issuing Entity has (i) received confirmation from the Note Rating Agencies that have rated any Outstanding
Notes of the Series to which such Class or Tranche belongs that the change in the Required Subordinated Amount will not result in a Ratings Effect with respect to any Outstanding Notes of such Series and (ii) delivered to the Indenture Trustee
and the Note Rating Agencies an Issuing Entity Tax Opinion. 
 Section 3.12 Shared Excess Available Finance Charge Collection Groups and
Other Groups. The Issuing Entity shall reallocate and redistribute certain excess Finance Charge Collections allocated to any Series to cover Series Available Finance Charge Collections Shortfalls incurred by Series belonging to any particular
Shared Excess Available Finance Charge Collections Group to the extent and as specified in the related Indenture Supplements. The Issuing Entity may also establish other Groups for purposes of reallocating other amounts initially allocated to
designated Series to the extent and as specified in the related Indenture Supplements. 
 Section 3.13 Unapplied Excess Finance Charge
Collections. On each Note Transfer Date, Unapplied Excess Finance Charge Collections for each Shared Excess Available Finance Charge Collections Group for such Note Transfer Date shall be applied in the following manner: 
 (a) if the Unapplied Excess Finance Charge Collections for such Group for such Note Transfer Date and the sum of the Aggregate Remaining
Master Trust Level Required Amounts for all Unapplied Excess Finance Charge Sharing Collateral Certificates with respect to such Group for such Note Transfer Date are both greater than zero: 
  

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 (i) if the amount of Unapplied Excess Finance Charge Collections for such Group for such
Note Transfer Date is greater than or equal to the sum of the Aggregate Remaining Master Trust Level Required Amounts for all Unapplied Excess Finance Charge Sharing Collateral Certificates with respect to such Group for such Note Transfer Date, the
issuing entity of each Unapplied Excess Finance Charge Sharing Collateral Certificate with respect to such Group shall be paid an amount equal to the Aggregate Remaining Master Trust Level Required Amount for such Unapplied Excess Finance Charge
Sharing Collateral Certificate, or 
 (ii) if the amount of Unapplied Excess Finance Charge Collections for such Group is less
than the sum of the Aggregate Remaining Master Trust Level Required Amounts for all Unapplied Excess Finance Charge Sharing Collateral Certificates with respect to such Group for such Note Transfer Date, the issuing entity of each Unapplied Excess
Finance Charge Sharing Collateral Certificate with respect to such Group shall be paid an amount equal to the product of (x) the Unapplied Excess Finance Charge Collections for such Group for such Note Transfer Date and (y) a fraction, the
numerator of which is the Aggregate Remaining Master Trust Level Required Amount for such Unapplied Excess Finance Charge Sharing Collateral Certificate for such Note Transfer Date and the denominator of which is the sum of the Aggregate Remaining
Master Trust Level Required Amounts for all Unapplied Excess Finance Charge Sharing Collateral Certificates with respect to such Group for such Note Transfer Date; 
 (b) Unapplied Excess Finance Charge Collections remaining with respect to such Group after any payments made pursuant to
Section 3.13(a) shall be paid to the Transferor. 
 Section 3.14 Unapplied Master Trust Level Excess Finance Charge Collections.
On each Note Transfer Date, the Servicer shall calculate the Remaining Series Finance Charge Shortfall for each Series related to each Shared Excess Available Finance Charge Collections Group. If any such Remaining Series Finance Charge Shortfall is
greater than zero, the Servicer shall calculate the Collateral Certificate Finance Charge Shortfall Allocation for each Unapplied Master Trust Level Excess Finance Charge Sharing Collateral Certificate and shall notify the servicer for the issuing
entity of each such Collateral Certificate of such amount. Unapplied Master Trust Level Excess Finance Charge Collections received on any Note Transfer Date from any Unapplied Master Trust Level Excess Finance Charge Sharing Collateral Certificate
relating to any Shared Excess Available Finance Charge Collections Group shall be applied in the following manner: 
 (a) if
the aggregate amount of Unapplied Master Trust Level Excess Finance Charge Collections received on such Note Transfer Date with respect to such Group is greater than or equal to the sum of the Remaining Series Finance Charge Shortfalls for all
Series in such Group, each such Series shall receive the amount of its Remaining Series Finance Charge Shortfall for such Note Transfer Date; and 
  

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 (b) if the aggregate amount of Unapplied Master Trust Level Excess Finance Charge
Collections received on such Note Transfer Date with respect to such Group is less than the sum of the Remaining Series Finance Charge Shortfalls for all Series in such Group, each such Series shall receive an amount equal to the product of
(i) the aggregate amount of Unapplied Master Trust Level Excess Finance Charge Collections received on such Note Transfer Date with respect to such Group and (ii) a fraction, the numerator of which is the Remaining Series Finance Charge
Shortfall for such Series and the denominator is equal to the sum of the Remaining Series Finance Charge Shortfalls for all Series in such Group. 
 Section 3.15 Unapplied Master Trust Level Principal Collections. On each Note Transfer Date, the Servicer shall calculate the Remaining Series Principal Shortfall for each Series of Notes for such Note Transfer Date. If the sum of
the Remaining Series Principal Shortfalls for all Series secured by any Asset Pool for such Note Transfer Date is greater than zero, the Servicer shall calculate the Collateral Certificate Principal Shortfall Allocation for each Unapplied Master
Trust Level Principal Sharing Collateral Certificate in such Asset Pool for such Note Transfer Date and shall notify the servicer for the issuing entity of each such Collateral Certificate of such amount. Unapplied Master Trust Level Principal
Collections received on any Note Transfer Date with respect to each Unapplied Master Trust Level Principal Sharing Collateral Certificate in an Asset Pool shall be applied in the following manner: 
 (a) if the aggregate amount of Unapplied Master Trust Level Principal Collections received on such Note Transfer Date with respect to such
Asset Pool is greater than or equal to the sum of the Remaining Series Principal Shortfalls for all Series secured by such Asset Pool for such Note Transfer Date, each such Series shall receive the amount of its Remaining Series Principal Shortfall
for such Note Transfer Date; and 
 (b) if the aggregate amount of Unapplied Master Trust Level Principal Collections received
on such Note Transfer Date with respect to such Asset Pool is less than the sum of the Remaining Series Principal Shortfalls for all Series secured by such Asset Pool for such Note Transfer Date, each such Series shall receive an amount equal to the
product of (i) the aggregate amount of Unapplied Master Trust Level Principal Collections received on such Note Transfer Date with respect to such Asset Pool and (ii) a fraction, the numerator of which is the Remaining Series Principal
Shortfall for such Series for such Note Transfer Date and the denominator is equal to the sum of the Remaining Series Principal Shortfalls for all Series secured by such Asset Pool for such Note Transfer Date. 
 [END OF ARTICLE III] 
  

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 ARTICLE IV 
 BANK ACCOUNTS AND INVESTMENTS 
 Section 4.01 Collections. Except as otherwise expressly provided in
this Indenture, the Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance from any fiscal agent or other intermediary, all money and other property payable to or
receivable by the Indenture Trustee pursuant to this Indenture including all funds and other property payable to the Indenture Trustee in connection with the Collateral designated for inclusion in each Asset Pool. The Indenture Trustee will hold all
such money and property received by it as part of the Collateral designated for inclusion in an Asset Pool and will apply it as provided in this Indenture. 
 Section 4.02 Bank Accounts. 
 (a) On or before the date of initial issuance of Notes
secured by the Collateral designated for inclusion in a specific Asset Pool, the Issuing Entity will, pursuant to the related Asset Pool Supplement, cause to be established and maintained for such Asset Pool one or more Qualified Bank Accounts (each
such account as described in the related Asset Pool Supplement) in the name of the related Collateral Agent, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the related Collateral Agent and the
applicable Noteholders. From time to time in connection with the issuance of a Series, Class or Tranche of Notes, the Indenture Trustee may cause the related Collateral Agent to establish one or more Qualified Bank Accounts denominated as
“Supplemental Bank Accounts” in the name of the related Collateral Agent. Each Bank Account shall be under the control (within the meaning of Section 9-104 of the UCC) of the Collateral Agent for the applicable Asset Pool for the
benefit of the Indenture Trustee, the applicable Collateral Agent and the applicable Noteholders whose Notes are secured by the Collateral designated for inclusion in the applicable Asset Pool. Supplemental Bank Accounts shall be created as
specified in the applicable Asset Pool Supplement or Indenture Supplement. Any Supplemental Bank Account will receive deposits as specified in the applicable Asset Pool Supplement or Indenture Supplement. If, at any time, the institution holding any
Bank Account ceases to be a Qualified Institution, the Issuing Entity shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Note Rating Agency may consent in writing) establish a new Bank Account that
is a Qualified Bank Account and shall transfer any cash and/or investments from the existing Bank Account to such new Bank Account. 
 (b) All payments to be made from time to time by or on behalf of the Indenture Trustee to Noteholders out of funds in the Bank Accounts for a particular Asset Pool pursuant to this Indenture will be made as provided in the applicable Asset
Pool Supplement or the applicable Indenture Supplement but only to the extent of available funds in the applicable Supplemental Bank Account. 
  

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 Section 4.03 Investment of Funds in the Bank Accounts. 
 (a) Funds on deposit in the Bank Accounts will (unless otherwise stated in the applicable Indenture Supplement) be invested and reinvested
by the related Collateral Agent or its designee acting on behalf of the Indenture Trustee at the written direction of the Issuing Entity in one or more Permitted Investments. Absent such written direction, the Collateral Agent shall invest the funds
in the Permitted Investments described in clause (a)(v) of the definition thereof. The Issuing Entity may authorize the Indenture Trustee to direct the Collateral Agent to make specific investments pursuant to written instructions, in such amounts
as the Issuing Entity will specify. Notwithstanding the foregoing, funds held by the Indenture Trustee in any of the Bank Accounts will be invested in Permitted Investments that will mature in each case no later than the date on which such funds in
the Bank Accounts are scheduled to be transferred or distributed by the Indenture Trustee pursuant to this Indenture (or as necessary to provide for timely payment of principal or interest on the applicable Principal Payment Date or Interest Payment
Date). 
 (b) All funds deposited from time to time in the Bank Accounts pursuant to this Indenture and all investments made
with such funds will be held by the related Collateral Agent in the Bank Accounts as part of the Collateral designated for inclusion in such Asset Pool as herein provided, subject to withdrawal by the Indenture Trustee or the applicable Collateral
Agent, as applicable, for the purposes specified herein. 
 (c) Funds and other property in any of the Bank Accounts will not
be commingled with any other funds or property of the Issuing Entity, the Indenture Trustee or the related Collateral Agent. The Indenture Trustee shall cause the related Collateral Agent to hold all Permitted Investments in a manner specified in
the related Asset Pool Supplement such as to insure that such Collateral Agent shall have a first priority perfected security interest therein; provided, that, other than following an Event of Default and acceleration pursuant to
Section 6.02, no Permitted Investment shall be disposed of prior to its maturity. 
 (d) On the applicable Note Transfer
Date, all interest and earnings (net of losses and investment expenses) on funds on deposit in the Bank Accounts will be applied as specified in the applicable Asset Pool Supplement or Indenture Supplement. Unless otherwise stated in the related
Asset Pool Supplement or Indenture Supplement, for purposes of determining the availability of funds or the balance in the Bank Accounts for any reason under this Indenture or any Indenture Supplement, investment earnings on such funds shall be
deemed not to be available or on deposit. 
 Subject to subsection 7.01(c), the Indenture Trustee will not in any way be held
liable by reason of any insufficiency in such Bank Accounts resulting from any loss on any Permitted Investment included therein except for losses attributable to the Indenture Trustee’s failure to make payments on such Permitted Investments
issued by the Indenture Trustee, in its commercial capacity, in accordance with their terms. 
  

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 (e) Funds on deposit in the Bank Accounts will be invested and reinvested by the
Indenture Trustee or, with respect to Bank Accounts relating to any Asset Pool, if so required by the Asset Pool Supplement relating to such Asset Pool, by the applicable Collateral Agent, to the fullest extent practicable, in such manner as the
Indenture Trustee or such Collateral Agent will from time to time determine, but only in Permitted Investments described in clause (a)(v) of the definition thereof, upon the occurrence of any of the following events: 
 (i) the Issuing Entity will have failed to give investment directions to the Indenture Trustee or such Collateral Agent; or 
 (ii) an Event of Default will have occurred and is continuing but no Notes have been declared due and payable pursuant to
Section 6.02. 
 [END OF ARTICLE IV] 
  

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 ARTICLE V 
 SATISFACTION AND DISCHARGE; CANCELLATION OF NOTES HELD BY THE ISSUING ENTITY OR CHASE USA 
 Section 5.01
Satisfaction and Discharge of Indenture. This Indenture will cease to be of further effect with respect to all Series, Class or Tranche of Notes (except as to any surviving rights of transfer or exchange of Notes of any Series, Class or
Tranche expressly provided for herein or in the form of Note for that Series, Class or Tranche), and the Indenture Trustee, on demand of and at the expense of the Issuing Entity, will execute proper instruments acknowledging satisfaction and
discharge of this Indenture with respect to all Notes when: 
 (a) all Notes theretofore authenticated and delivered (other
than (i) Notes which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 3.06, and (ii) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust
by the Issuing Entity and thereafter repaid to the Issuing Entity or discharged from that trust, as provided in Section 10.03) have been delivered to the Indenture Trustee canceled or for cancellation; 
 (b) the Issuing Entity has paid or caused to be paid all other sums payable under the Indenture (including payments to the Indenture
Trustee pursuant to Section 7.07 and to the Collateral Agent pursuant to the Asset Pool Supplement) by the Issuing Entity with respect to the Notes; and 
 (c) the Issuing Entity has delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that
all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture with respect to the Notes have been complied with. 
 Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Issuing Entity to the Indenture Trustee with respect to any Series, Class or Tranche of Notes under Section 7.07 and the obligations of the
Indenture Trustee under Sections 5.02 and 10.03 will survive such satisfaction and discharge. 
 Section 5.02 Application of Trust
Money. All money and obligations deposited with the Indenture Trustee pursuant to Section 5.01 or Section 5.03 and all money received by the Indenture Trustee in respect of such obligations will be held in trust and applied by it, in
accordance with the provisions of the Series, Class or Tranche of Notes in respect of which it was deposited and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuing Entity acting as its own Paying
Agent) as the Indenture Trustee may determine, to the Persons entitled thereto, of the principal and interest for whose payment that money and obligations have been deposited with or received by the Indenture Trustee; but that money and obligations
need not be segregated from other funds held by the Indenture Trustee except to the extent required by law. 
  

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 Section 5.03 Cancellation of Notes Held by the Issuing Entity or the Transferor. If the Issuing
Entity, the Transferor or any of their Affiliates holds any Notes, that Holder may, subject to any provisions of a related Indenture Supplement limiting the repayment of such Notes, by notice from that Holder to the Indenture Trustee cause the Notes
to be canceled, whereupon the Notes will no longer be Outstanding. 
 [END OF ARTICLE V] 
  

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 ARTICLE VI 
 EVENTS OF DEFAULT AND REMEDIES 
 Section 6.01 Events of Default. “Event of Default,”
wherever used herein, means with respect to any Series, Class or Tranche of Notes any one of the following events (whatever the reason for such Event of Default and whether it will be voluntary or involuntary or be effected by operation of law or
pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body), unless such event is either expressly stated to be inapplicable to a particular Series, Class or Tranche of Notes or
specifically deleted or modified in the applicable Indenture Supplement creating such Series, Class or Tranche of Notes or in the form of Note for such Series, Class or Tranche: 
 (a) with respect to such Series, Class or Tranche of Notes, as applicable, a default by the Issuing Entity in the payment of any interest
on such Notes when such interest becomes due and payable, and continuance of such default for a period of 35 days following the date on which such interest became due and payable; 
 (b) with respect to such Series, Class or Tranche of Notes, as applicable, a default by the Issuing Entity in the payment of the Stated
Principal Amount of such Tranche of Notes at the applicable Legal Maturity Date; 
 (c) a default in the performance, or
breach, of any covenant or warranty of the Issuing Entity in this Indenture in respect of the Notes of such Series, Class or Tranche (other than a covenant or warranty in respect of the Notes of such Series, Class or Tranche a default in the
performance of which or the breach of which is elsewhere in this Section specifically dealt with), all of such covenants and warranties in this Indenture which are not expressly stated to be for the benefit of a particular Series, Class and Tranche
of Notes being deemed to be in respect of the Notes of all Series, Classes or Tranches for this purpose, and continuance of such default or breach for a period of 90 days after there has been given, by registered or certified mail, to the Issuing
Entity and the Collateral Agent by the Indenture Trustee, to the Issuing Entity and the Indenture Trustee by the Collateral Agent or to the Issuing Entity, the Collateral Agent and the Indenture Trustee by the Holders of at least 25% of the
aggregate Outstanding Dollar Principal Amount of the Outstanding Notes of the affected Series, Class or Tranche, a written notice specifying such default or breach and requesting it to be remedied and stating that such notice is a “Notice of
Default” hereunder and, as a result of such default, the interests of the Holders of the Notes of such Series, Class or Tranche are materially and adversely affected and continue to be materially and adversely affected during the 90 day period;

 (d) the entry of an order for relief against the Issuing Entity under the Federal Bankruptcy Code by a court having
jurisdiction in the premises or a decree or order by a court having jurisdiction in the premises adjudging the Issuing Entity as bankrupt or insolvent under any other applicable federal or state law, or the entry of a 

  

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decree or order approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Issuing Entity
under the Federal Bankruptcy Code or any other applicable federal or state law, or appointing a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Issuing Entity or of any substantial part of its property, or
ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 90 consecutive days; 
 (e) the consent by the Issuing Entity to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a
petition or answer or consent seeking reorganization or relief under the Federal Bankruptcy Code or any other applicable federal or state law, or the consent by it to the filing of any such petition or to the appointment of a receiver, liquidator,
assignee, trustee, sequestrator (or other similar official) of the Issuing Entity or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to
pay its debts generally as they become due, or the taking of corporate action by the Issuing Entity in furtherance of any such action; or 
 (f) with respect to such Series, Class or Tranche, any additional Event of Default specified in the Indenture Supplement for such Series, Class or Tranche of Notes as applying to such Series, Class or Tranche of
Notes, or specified in the form of Note for such Series, Class or Tranche. 
 Section 6.02 Acceleration of Maturity; Rescission and
Annulment. 
 (a) If an Event of Default described in clause (a), (b), (c) or (f) (if the Event of Default under
clause (c) or (f) is with respect to less than all Series, Classes and Tranches of Notes then Outstanding) of Section 6.01 occurs and is continuing with respect to any Series, Class or Tranche, then and in each and every such case,
unless the principal of all the Notes of such Series, Class or Tranche shall have already become due and payable, either the Indenture Trustee or the Holders of more than 66 2/3% of the Outstanding Dollar Principal Amount of the Notes of such Series, Class or Tranche then Outstanding hereunder (each such Series, Class or Tranche acting as a separate
Class), by notice in writing to the Issuing Entity (and to the Indenture Trustee if given by the Holders and in all cases with a copy of such notice to the applicable Collateral Agent), may declare the Outstanding Dollar Principal Amount of all the
Outstanding Notes of such Series, Class or Tranche and all interest accrued or principal accreted and unpaid (if any) thereon to be due and payable immediately, and upon any such declaration the same will become and will be immediately due and
payable, anything in this Indenture, the related Indenture Supplement or in the Notes of such Series, Class or Tranche to the contrary notwithstanding. Such payments are subject to the allocation provisions of the applicable Asset Pool Supplement
and the allocation, deposits and payment sections of the related Indenture Supplement. 
 (b) If an Event of Default
described in clause (c) or (f) of Section 6.01 occurs with respect to all Series, Classes and Tranches of Outstanding Notes and is continuing, then and in each and every such case, unless the principal of all the 

  

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Notes shall have already become due and payable, either the Indenture Trustee or the Holders of more than 66 2/3% of the Outstanding Dollar Principal Amount of all the Outstanding Notes hereunder (treated as one Class), by notice in writing to the Issuing Entity (and
to the Indenture Trustee if given by Holders ) and in all cases with a copy of such notice to the applicable Collateral Agent for each Asset Pool with affected Notes, may declare the Outstanding Dollar Principal Amount of all the Notes then
Outstanding and all interest accrued or principal accreted and unpaid (if any) thereon to be due and payable immediately, and upon any such declaration the same will become and will be immediately due and payable, notwithstanding anything in this
Indenture, the related Indenture Supplements or the Notes to the contrary. 
 (c) If an Event of Default described in
clause (d) or (e) of Section 6.01 occurs and is continuing, then the Notes of all Series, Classes and Tranches will automatically be and become immediately due and payable by the Issuing Entity, without notice or demand to any Person,
and the Issuing Entity will automatically and immediately be obligated to pay off the Notes. 
 At any time after such a
declaration of acceleration has been made or an automatic acceleration has occurred with respect to the Notes of any Series, Class or Tranche and before a judgment or decree for payment of the money due has been obtained by the Collateral Agent
and/or the Indenture Trustee as hereinafter in this Article VI provided, the Holders of more than 66 2/3% of the
Outstanding Dollar Principal Amount of such Series, Classes or Tranches, by written notice to the Issuing Entity, the Indenture Trustee and the Collateral Agent, may rescind and annul such declaration and its consequences if: 
 (i) the Issuing Entity has paid or deposited with the Indenture Trustee a sum sufficient to pay (A) all overdue installments of
interest on the Notes of such Series, Class or Tranche, (B) the principal of any Notes of such Series, Class or Tranche which have become due otherwise than by such declaration of acceleration, and interest thereon at the rate or rates
prescribed therefor by the terms of the Notes of such Series, Class or Tranche, to the extent that payment of such interest is lawful, (C) interest upon overdue installments of interest at the rate or rates prescribed therefor by the terms of
the Notes of such Series, Class or Tranche to the extent that payment of such interest is lawful, and (D) all sums paid by the Indenture Trustee hereunder and the reasonable compensation, expenses and disbursements of the Indenture Trustee, its
agents and counsel and all other amounts due to the Indenture Trustee under Section 7.07 and the Collateral Agent pursuant to the applicable Asset Pool Supplement; and 
 (ii) all Events of Default with respect to such Series, Class or Tranche of Notes, other than the nonpayment of the principal of the Notes
of such Series, Class or Tranche which has become due solely by such acceleration, have been cured or waived as provided in Section 6.16. 
 No such rescission will affect any subsequent default or impair any right consequent thereon. 
  

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 Section 6.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee or the
Collateral Agent on Behalf of the Indenture Trustee. The Issuing Entity covenants that if: 
 (a) the Issuing Entity
defaults in the payment of interest on any Series, Class or Tranche of Notes when such interest becomes due and payable and such default continues for a period of 35 days following the date on which such interest became due and payable, or

 (b) the Issuing Entity defaults in the payment of the principal of any Series, Class or Tranche of Notes on the Legal
Maturity Date thereof; 
 the Issuing Entity will, upon demand of the Indenture Trustee or the Collateral Agent, acting on behalf of the Indenture Trustee,
pay (subject to the allocation provided in this Article VI and any related Indenture Supplement) to the Collateral Agent, on behalf of the Indenture Trustee, for the benefit of the Holders of any such Notes of the affected Series, Class or Tranche,
the whole amount then due and payable on any such Notes for principal and interest, with interest, to the extent that payment of such interest will be legally enforceable, upon the overdue principal and upon overdue installments of interest,
(i) in the case of Interest-bearing Notes, at the rate of interest applicable to the stated principal amount thereof, unless otherwise specified in the applicable Indenture Supplement; and (ii) in the case of Discount Notes, as specified
in the applicable Indenture Supplement, and in addition thereto, will pay such further amount as will be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of
(x) the Indenture Trustee, its agents and counsel and all other amounts due to the Indenture Trustee under Section 7.07 and (y) the Collateral Agent, its agents and counsel and all other amounts due the Collateral Agent pursuant to
the applicable Asset Pool Supplement. 
 If the Issuing Entity fails to pay such amounts forthwith upon such demand, the Indenture Trustee
may or may instruct the Collateral Agent, in its own name and as trustee of an express trust, to institute a judicial proceeding for the collection of the sums so due and unpaid, and may directly or may instruct the Collateral Agent to prosecute
such proceeding to judgment or final decree, and the Indenture Trustee or the Collateral Agent may enforce the same against the Issuing Entity or any other obligor upon the Notes of such Series, Class or Tranche and collect the money adjudged or
decreed to be payable in the manner provided by law out of the Collateral or any other obligor upon such Notes, wherever situated. 
 Section
6.04 Indenture Trustee or the Collateral Agent May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding
relative to the Issuing Entity or any other obligor upon the Notes or the property of the Issuing Entity or of such other obligor or their creditors, the Indenture Trustee (irrespective of whether the principal of the Notes will then be due and
payable as therein expressed or by declaration or otherwise and irrespective of whether the Collateral Agent will have made any demand on the Issuing Entity for the payment of 

  

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overdue principal or interest) will be entitled and empowered either directly or through instruction to the Collateral Agent to do the same by intervention
in such proceedings or otherwise: 
 (a) to file and prove a claim for the whole amount of principal and interest owing and
unpaid in respect of the Notes and to file such other papers or documents as may be necessary and advisable in order to have the claims of the Indenture Trustee or the Collateral Agent (including any claim for the reasonable compensation, expenses,
disbursements and advances (x) of the Indenture Trustee, its agents and counsel and all other amounts due the Indenture Trustee under Section 7.07 and (y) of the Collateral Agent, its agents and counsel and all other amounts due the
Collateral Agent pursuant to the applicable Asset Pool Supplement) and of the Noteholders allowed in such judicial proceeding, and 
 (b) to collect and receive any funds or other property payable or deliverable on any such claims and to distribute the same; 
 and any receiver,
assignee, trustee, liquidator, sequestrator (or other similar official) in any such judicial proceeding is hereby authorized by each Noteholder to make such payment to the Collateral Agent or the Indenture Trustee, as the case may be, and in the
event that the Indenture Trustee and the Collateral Agent will consent to the making of such payments directly to the Noteholders, to pay (x) to the Indenture Trustee any amount due to it for the reasonable compensation, expenses, disbursements
and advances of the Indenture Trustee, its agents and counsel, and any other amounts due the Indenture Trustee under Section 7.07 and (y) to the Collateral Agent any amount due to it for the reasonable compensation, expenses, disbursements
and advances of the Collateral Agent, its agents and counsel, and any other amounts due to the Collateral Agent pursuant to the applicable Asset Pool Supplement. 
 Nothing herein contained will be deemed to authorize the Indenture Trustee or the Collateral Agent to authorize or consent to or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement,
adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Indenture Trustee or the Collateral Agent to vote in respect of the claim of any Noteholder in any such proceeding. 
 Section 6.05 Indenture Trustee and the Collateral Agent May Enforce Claims Without Possession of Notes. All rights of action and claims under this
Indenture or the Notes of any Series, Class or Tranche may be prosecuted and enforced by the Indenture Trustee or the Collateral Agent, at the direction of the Indenture Trustee, without the possession of any of the Notes of such Series, Class or
Tranche or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Indenture Trustee or the Collateral Agent, at the direction of the Indenture Trustee, will be brought in its own name as trustee of an
express trust, and any recovery of judgment will, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and the Collateral Agent and their 

  

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respective agents and counsel, be for the ratable benefit of the Holders of the Notes of the Series, Class or Tranche in respect of which such judgment has
been recovered. 
 Section 6.06 Application of Money Collected. Any money or other property collected by the Indenture Trustee or the
Collateral Agent, at the direction of the Indenture Trustee, with respect to a Series, Class or Tranche of Notes pursuant to this Article VI will be applied in the following order, at the date or dates fixed by the Indenture Trustee and, in case of
the distribution of such money on account of principal or interest, upon presentation of the Notes of such Series, Class or Tranche and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 

(a) first, to the payment of all amounts due the Indenture Trustee under Section 7.07(a) and the Collateral Agent, pari passu,
under the related Asset Pool Supplement; 
 (b) second, to the payment of the amounts then due and unpaid upon the Notes of
that Series, Class or Tranche for principal and interest, in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind (but subject to the allocation provided in the relevant
allocation provisions of the related Asset Pool Supplement and the related Indenture Supplements), according to the amounts due and payable on such Notes for principal and interest, respectively; and 
 (c) third, to pay any Trust Servicing Fees and any other fees or expenses then owing for that Series, Class or Tranche of Notes; and

 (d) fourth, to the Issuing Entity. 
 Section 6.07 Collateral Agent May Elect to Hold the Collateral Certificate. Following an acceleration of any Series, Class or Tranche of Notes, the Collateral Agent may, at the direction of the Indenture
Trustee, elect to continue to hold a Collateral Certificate and apply distributions on a Collateral Certificate in accordance with the regular distribution provisions pursuant to the relevant allocation provisions of the related Asset Pool
Supplement, except that principal will be paid on the accelerated Series, Class or Tranche of Notes to the extent funds are received and allocated to the accelerated Series, Class or Tranche of Notes, and payment is permitted by the subordination
provisions of the accelerated Series, Class or Tranche of Notes. 
 Section 6.08 Sale of Collateral for Accelerated Notes. In the case
of a Series, Class or Tranche of Notes that has been accelerated following an Event of Default, the Collateral Agent may, at the direction of the Indenture Trustee, and at the direction of the Holders of more than 66 2/3% of the Outstanding Dollar Principal Amount of that Series, Class or Tranche of Notes will, cause the Issuing
Entity to sell Collateral as provided in the related Indenture Supplement; provided, however, that none of the Transferor, any Affiliate of the Transferor or any agent of the Transferor shall be 

  

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permitted to purchase Receivables in such case or to participate in such vote whether as a Noteholder or otherwise. 
 Section 6.09 Noteholders Have the Right to Direct the Time, Method and Place of Conducting Any Proceeding for Any Remedy Available to the Indenture
Trustee or the Collateral Agent. The Holders of more than 66 2/3% of the Outstanding Dollar Principal Amount
of any accelerated Series, Class or Tranche of Notes have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Indenture Trustee or the Collateral Agent, or exercising any trust or power
conferred on the Indenture Trustee or on the Collateral Agent. This right may be exercised only if the direction provided by the Noteholders does not conflict with applicable law or this Indenture and does not have a substantial likelihood of
involving the Indenture Trustee or the Collateral Agent in personal liability. 
 Section 6.10 Limitation on Suits. To the
fullest extent permitted by applicable law, no Holder of any Note of any Series, Class or Tranche will have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or
trustee, or for any other remedy hereunder, unless: 
 (a) such Holder has previously given written notice to the Indenture
Trustee, who shall have forwarded such notice to the Collateral Agent of a continuing Event of Default with respect to Notes of such Series, Class or Tranche; 
 (b) the Holders of more than 25% in Outstanding Dollar Principal Amount of the Outstanding Notes of such Series, Class or Tranche have
made written request to the Indenture Trustee, who shall have forwarded such request to the Collateral Agent, to institute proceedings in respect of such Event of Default in the name of the Collateral Agent under the related Asset Pool Supplement
and on behalf of the Indenture Trustee hereunder; 
 (c) such Holder or Holders have offered to the Indenture Trustee for
itself and for the benefit of the Collateral Agent, indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request; 
 (d) both the Indenture Trustee and the Collateral Agent, on behalf of the Indenture Trustee, for 60 days after the Indenture Trustee has
received such notice, request and offer of indemnity have failed to institute any such proceeding; and 
 (e) no direction
inconsistent with such written request has been given to the Indenture Trustee, on behalf of the Collateral Agent, during such 60 day period by the Majority Holders of such Series, Class or Tranche; 
 it being understood and intended that no one or more Holders of Notes of such Series, Class or Tranche will have any right in any manner whatsoever by virtue of, or by
availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Notes of such Series, Class or Tranche, or to obtain or to seek to obtain priority or preference over any other such Holders or to
enforce any right under this 

  

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Indenture, except in the manner herein provided and for the equal and proportionate benefit of all the Holders of all Notes of such Series, Class or Tranche.

 Section 6.11 Unconditional Right of Noteholders to Receive Principal and Interest; Limited Recourse. Notwithstanding any other
provisions in this Indenture, the Holder of any Note will have the right, which is absolute and unconditional, to receive payment of the principal of and interest on such Note on the Legal Maturity Date expressed in the related Indenture Supplement
and to institute suit for the enforcement of any such payment, and such right will not be impaired without the consent of such Holder; provided, however, that notwithstanding any other provision of this Indenture to the contrary, the
obligation to pay principal of or interest on the Notes or any other amount payable to any Noteholder will be without recourse to the Transferor, the Indenture Trustee, the Collateral Agent, the Owner Trustee or any Affiliate, officer, employee or
director of any of them, and the obligation of the Issuing Entity to pay principal of or interest on the Notes or any other amount payable to any Noteholder will be subject to the allocation and payment provisions of the applicable Asset Pool
Supplements and the applicable Indenture Supplements and limited to amounts available from the Collateral pledged to secure the Notes of the applicable Asset Pool. 
 Section 6.12 Restoration of Rights and Remedies. If the Indenture Trustee or the Collateral Agent, on behalf of the Indenture Trustee, or any Noteholder has instituted any proceeding to enforce any right or
remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, then and in every such case the Issuing Entity, the Indenture Trustee, the Collateral Agent, on behalf of the Indenture Trustee, and the Noteholders
will, subject to any determination in such proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee, the Collateral Agent, on behalf of the Indenture
Trustee, and the Noteholders will continue as though no such proceeding had been instituted. 
 Section 6.13 Rights and Remedies
Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee, the Collateral Agent, on behalf of the Indenture Trustee, or to the Noteholders is intended to be exclusive of any other right or remedy, and every right
and remedy will, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, will not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 Section 6.14
Delay or Omission Not Waiver. No delay or omission of the Indenture Trustee, the Collateral Agent or of any Holder of any Note to exercise any right or remedy accruing upon any Event of Default will impair any such right or remedy or
constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article VI or by law to the Indenture Trustee, the Collateral Agent, on behalf of the Indenture Trustee, or to the Noteholders may be
exercised from time to time, and as often as may be deemed expedient, by the Indenture 

  

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Trustee, the Collateral Agent, on behalf of the Indenture Trustee, or by the Noteholders, as the case may be. 
 Section 6.15 Control by Noteholders. Holders of more than 66 2/3% of the Outstanding Dollar Principal Amount of any affected Series, Class or Tranche will have the right to direct the time, method and place of conducting any proceeding for
any remedy available to the Indenture Trustee and the Collateral Agent on behalf of the Indenture Trustee, or exercising any trust or power conferred on the Indenture Trustee with respect to the Notes of such Series, Class or Tranche,
provided that: 
 (a) the Indenture Trustee and the Collateral Agent, on behalf of the Indenture Trustee, will
have the right to decline to follow any such direction if the Indenture Trustee or the Collateral Agent, as the case may be, being advised by counsel, determines that the Action so directed may not lawfully be taken or would conflict with this
Indenture or if the Indenture Trustee or the Collateral Agent in good faith will, by a Collateral Agent Authorized Officer, determine that the proceedings so directed would involve it in personal liability or be unjustly prejudicial to the Holders
not taking part in such direction, and 
 (b) the Indenture Trustee and the Collateral Agent, on behalf of the Indenture
Trustee, may take any other action permitted hereunder deemed proper by the Indenture Trustee or the Collateral Agent, as the case may be, which is not inconsistent with such direction. 
 Section 6.16 Waiver of Past Defaults. Holders of more than 66 2/3% of the Outstanding Dollar Principal Amount of any Series, Class or Tranche may on behalf of the Holders of all the Notes of such Series, Class or Tranche waive any past default
hereunder or under the related Indenture Supplement with respect to such Series, Class or Tranche and its consequences, except a default not theretofore cured: 
 (a) in the payment of the principal of or interest on any Note of such Series, Class or Tranche, or 
 (b) in respect of a covenant or provision hereof which under Article IX cannot be modified or amended without the consent of the Holder of
each Outstanding Note of such Series, Class or Tranche. 
 Upon any such waiver, such default will cease to exist, and any Event of Default
arising therefrom will be deemed to have been cured, for every purpose of this Indenture; but no such waiver will extend to any subsequent or other default or impair any right consequent thereon. 
 Section 6.17 Undertaking for Costs. All parties to this Indenture agree, and each Holder of any Note by his acceptance thereof will be deemed to
have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Indenture Trustee or the Collateral Agent for any action taken or omitted by it as
Indenture Trustee or the Collateral Agent, respectively, the filing by any party litigant in such suit of an undertaking to pay the costs 

  

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of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party
litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section will not apply to any suit instituted by the Indenture Trustee, to any suit instituted by
any Noteholder, or group of Noteholders, holding in the aggregate more than 25% in Outstanding Dollar Principal Amount of the Outstanding Notes of any Series, Class or Tranche to which the suit relates, or to any suit instituted by any Noteholders
for the enforcement of the payment of the principal of or interest on any Note on or after the applicable Legal Maturity Date expressed in such Note. 
 Section 6.18 Waiver of Stay or Extension Laws. The Issuing Entity covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or
take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Issuing Entity (to the extent that it may lawfully do
so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Indenture Trustee or Collateral Agent, but will suffer and permit the
execution of every such power as though no such law had been enacted. 
 [END OF ARTICLE VI] 
  

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 ARTICLE VII 
 THE INDENTURE TRUSTEE 
 Section 7.01 Certain Duties and Responsibilities. 
 (a) The Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture with
respect to the Notes of any Series, Class or Tranche, and no implied covenants or obligations will be read into this Indenture against the Indenture Trustee. 
 (b) In the absence of bad faith on its part, the Indenture Trustee may, with respect to Notes of any Series, Class or Tranche,
conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture; but in the case of any
such certificates or opinions which by any provision hereof are specifically required to be furnished to the Indenture Trustee, the Indenture Trustee will be under a duty to examine the same to determine whether or not they conform to the
requirements of this Indenture but need not confirm or investigate the accuracy of any mathematical calculations or other facts stated therein. 
 (c) In case an Event of Default with respect to any Series, Class or Tranche of Notes has occurred and is continuing, the Indenture Trustee will exercise with respect to the Notes of such Series, Class or Tranche such
of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a fiduciary would exercise or use under the circumstances in the conduct of such person’s own affairs. 
 (d) No provision of this Indenture will be construed to relieve the Indenture Trustee from liability for its own negligent action, its own
negligent failure to act, or its own willful misconduct, except that: 
 (i) this clause (d) will not be construed to
limit the effect of subsection (a) of this Section; 
 (ii) the Indenture Trustee will not be liable for any error of
judgment made in good faith by an Indenture Trustee Authorized Officer, unless it will be proved that the Indenture Trustee was negligent in ascertaining the pertinent facts; 
 (iii) the Indenture Trustee will not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance
with the direction of the Holders of more than 66 2/3% of the Outstanding Dollar Principal Amount of any Series,
Class or Tranche relating to the time, method and place of conducting any proceeding for any remedy available to the Indenture Trustee, or exercising any trust or power conferred upon the Indenture Trustee, 

  

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under this Indenture with respect to the Notes of such Series, Class or Tranche; and 
 (iv) no provision of this Indenture will require the Indenture Trustee to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it will have reasonable grounds for believing that repayment of such funds or indemnity satisfactory to the Indenture Trustee against
such risk or liability is not reasonably assured to it. 
 (e) Whether or not therein expressly so provided, every provision
of this Indenture relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee will be subject to the provisions of this Section. 
 Section 7.02 Notice of Defaults. Within 90 days after the occurrence of any default hereunder with respect to Notes of any Series, Class or
Tranche: 
 (a) the Indenture Trustee will transmit by mail to all Registered Noteholders of such Series, Class or Tranche, as
their names and addresses appear in the Note Register, notice of such default hereunder known to the Indenture Trustee, 
 (b)
the Indenture Trustee will notify all Holders of Bearer Notes of such Series, Class or Tranche, by publication of notice of such default in an Authorized Newspaper, or as otherwise provided in the applicable Indenture Supplement, and 
 (c) the Indenture Trustee will give prompt written notification thereof to the Note Rating Agencies, unless such default will have been
cured or waived; 
 provided, however, that, except in the case of a default in the payment of the principal of or interest on any Note of such
Series, Class or Tranche, the Indenture Trustee will be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or Indenture Trustee Authorized Officers of the
Indenture Trustee in good faith determine that the withholding of such notice is in the interests of the Noteholders of such Series, Class or Tranche. For the purpose of this Section, the term “default,” with respect to Notes of any
Series, Class or Tranche, means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to Notes of such Series, Class or Tranche. 
 Section 7.03 Certain Rights of Indenture Trustee. Except as otherwise provided in Section 7.01: 
 (a) the Indenture Trustee may conclusively rely and will be protected in acting or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document (whether in its original or facsimile form) believed by it to be genuine and to have been signed or presented
by the proper party or parties; 
  

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 (b) whenever in the administration of this Indenture the Indenture Trustee will deem it
desirable that a matter be proved or established before taking, suffering or omitting any action hereunder, the Indenture Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an
Officer’s Certificate; 
 (c) the Indenture Trustee may consult with counsel of its own selection and the advice of such
counsel or any Opinion of Counsel will be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 
 (d) the Indenture Trustee will be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the
request or direction of any of the Noteholders pursuant to this Indenture, unless such Noteholders shall have offered to the Indenture Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities which
might be incurred by it in compliance with such request or direction; 
 (e) the Indenture Trustee will not be bound to make
any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Indenture Trustee, in its
discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Indenture Trustee will determine to make such further inquiry or investigation, it will be entitled to examine the books, records
and premises of the Issuing Entity, personally or by agent or attorney; 
 (f) the Indenture Trustee may execute any of the
trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Indenture Trustee will not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with
due care by it hereunder; and 
 (g) the Indenture Trustee will not be responsible for filing any financing statements or
continuation statements in connection with the Notes, but will cooperate with the Issuing Entity in connection with the filing of such financing statements or continuation statements. 
 Section 7.04 Not Responsible for Recitals or Issuance of Notes. The recitals contained herein and in the Notes, except the certificates of
authentication, will be taken as the statements of the Issuing Entity, and the Indenture Trustee assumes no responsibility for their correctness. The Indenture Trustee makes no representations as to the validity or sufficiency of this Indenture or
of the Notes. The Indenture Trustee will not be accountable for the use or application by the Issuing Entity of Notes or the proceeds thereof. 
  

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 Section 7.05 May Hold Notes. Subject to the requirements of Rule 3a-7(a)(4)(i) under the
Investment Company Act, the Indenture Trustee, any Paying Agent, the Note Registrar or any other agent of the Issuing Entity, in its individual or any other capacity, may become the owner or pledgee of Notes and, subject to Sections 7.08, 7.09 and
7.13, may otherwise deal with the Issuing Entity with the same rights it would have if it were not Indenture Trustee, Paying Agent, Note Registrar or such other agent. 
 Section 7.06 Money Held in Trust. Money held by the Indenture Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Indenture Trustee will be under no
liability for interest on any money received by it hereunder except as otherwise agreed with the Issuing Entity. 
 Section 7.07
Compensation and Reimbursement, Limit on Compensation, Reimbursement and Indemnity. 
 (a) The Issuing Entity agrees:

 (i) to pay to the Indenture Trustee from time to time reasonable compensation (or, for so long as Wells Fargo Bank,
National Association is the Indenture Trustee, such amount as has been mutually agreed upon) for all services rendered by it hereunder (which compensation will not be limited by any provision of law in regard to the compensation of a trustee of an
express trust); 
 (ii) except as otherwise expressly provided herein, to reimburse the Indenture Trustee upon its request for
all reasonable expenses, disbursements and advances incurred or made by the Indenture Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the reasonable expenses and disbursements of its agents and
counsel), except any such expense, disbursement or advance as may be attributable to its negligence or bad faith; and 
 (iii)
to indemnify the Indenture Trustee for, and to hold it harmless against, any and all loss, liability or expense incurred without negligence or bad faith on its part, arising out of or in connection with the acceptance or administration of this
trust, including the costs and expenses of defending itself against any claim or liability (whether asserted by the Issuing Entity, the Servicer, any Holder or any other Person) in connection with the exercise or performance of any of its powers or
duties hereunder. 
 The Indenture Trustee will have no recourse to any asset of the Issuing Entity other than funds available pursuant to Section 6.06
or to any Person other than the Servicer or the Issuing Entity. Except as specified in Section 6.06, any such payment to the Indenture Trustee shall be subordinate to payments to be made to Noteholders. 
 (b) This Section will survive the termination of this Indenture and the resignation or replacement of the Indenture Trustee under
Section 7.10. 
  

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 Section 7.08 Disqualification; Conflicting Interests. If the Indenture Trustee has or will acquire
a conflicting interest within the meaning of the Trust Indenture Act, the Indenture Trustee will, if so required by the Trust Indenture Act, either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the
provisions of, the Trust Indenture Act and this Indenture. Nothing herein will prevent the Indenture Trustee from filing with the Commission the application referred to in the second to last paragraph of Section 310(b) of the Trust Indenture
Act. 
 Section 7.09 Corporate Indenture Trustee Required; Eligibility. There will at all times be an Indenture Trustee hereunder with
respect to each Series, Class or Tranche of Notes, which will be either a bank or a corporation organized and doing business under the laws of the United States of America or of any state, authorized under such laws to exercise corporate trust
powers, having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by federal or state authority, having a rating of at least “BBB-” by Standard & Poor’s. The Indenture Trustee shall
at all times meet the requirements of Rule 3a-7(a)(4)(i) under the Investment Company Act and shall not provide credit or credit enhancement to the Issuing Entity. If such corporation publishes reports of condition at least annually, pursuant to law
or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation will be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. The Issuing Entity may not, nor may any Person directly or indirectly controlling, controlled by, or under common control with the Issuing Entity, serve as Indenture Trustee. If at any time the Indenture
Trustee with respect to any Series, Class or Tranche of Notes will cease to be eligible in accordance with the provisions of this Section, it will resign immediately in the manner and with the effect hereinafter specified in this Article VII.

 Section 7.10 Resignation and Removal; Appointment of Successor. 
 (a) No resignation or removal of the Indenture Trustee and no appointment of a successor Indenture Trustee pursuant to this Article VII
will become effective until the acceptance of appointment by the successor Indenture Trustee under Section 7.11. 
 (b)
The Indenture Trustee may resign with respect to any Series, Class or Tranche of Notes at any time by giving written notice thereof to the Issuing Entity. If an instrument of acceptance by a successor Indenture Trustee shall not have been delivered
to the Indenture Trustee within 30 days after the giving of such notice of resignation, the resigning Indenture Trustee may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee. 
 (c) The Indenture Trustee may be removed with respect to any Series, Class or Tranche of Notes at any time by Action of the Majority
Holders of that Series, Class or Tranche, delivered to the Indenture Trustee and to the Issuing Entity. 
  

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 (d) If at any time: 
 (i) the Indenture Trustee fails to comply with Section 310(b) of the Trust Indenture Act with respect to any Series, Class or Tranche
of Notes after written request therefor by the Issuing Entity or by any Noteholder who has been a bona fide Holder of a Note of that Series, Class or Tranche for at least 6 months, or 
 (ii) the Indenture Trustee ceases to be eligible under Section 7.09 with respect to any Series, Class or Tranche of Notes and fails
to resign after written request therefor by the Issuing Entity or by any such Noteholder, or 
 (iii) the Indenture Trustee
becomes incapable of acting with respect to any Series, Class or Tranche of Notes, or 
 (iv) the Indenture Trustee is
adjudged bankrupt or insolvent or a receiver of the Indenture Trustee or of its property is appointed or any public officer takes charge or control of the Indenture Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, 
 then, in any such case, (A) the Issuing Entity may remove the Indenture Trustee, with respect to the Series, Class or
Tranche, or in the case of clause (iv), with respect to all Series, Classes or Tranches, or (B) subject to Section 6.17, any Noteholder who has been a bona fide Holder of a Note of such Series, Class and Tranche for at least 6 months may,
on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Indenture Trustee with respect to such Series, Class or Tranche and the appointment of a successor Indenture Trustee with
respect to the Series, Class or Tranche, or, in the case of clause (iv), with respect to all Series, Classes and Tranches. 
 (e) If the Indenture Trustee resigns, is removed or becomes incapable of acting with respect to any Series, Class or Tranche of Notes, or if a vacancy shall occur in the office of the Indenture Trustee with respect to any Series, Class or
Tranche of Notes for any cause, the Issuing Entity will promptly appoint a successor Indenture Trustee for that Series, Class or Tranche of Notes. If, within one year after such resignation, removal or incapacity, or the occurrence of such vacancy,
a successor Indenture Trustee with respect to such Series, Class or Tranche of Notes is appointed by Action of the Majority Holders of such Series, Class or Tranche delivered to the Issuing Entity and the retiring Indenture Trustee, the successor
Indenture Trustee so appointed will, forthwith upon its acceptance of such appointment, become the successor Indenture Trustee with respect to such Series, Class or Tranche and supersede the successor Indenture Trustee appointed by the Issuing
Entity with respect to such Series, Class or Tranche of Notes. If no successor Indenture Trustee with respect to such Series, Class or Tranche of Notes shall have been so appointed by the Issuing Entity or the Noteholders of such Series, Class or
Tranche and accepted appointment in the manner hereinafter provided, any Noteholder who has been a bona fide Holder of a Note of such Series, 

  

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Class or Tranche for at least 6 months may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the
appointment of a successor Indenture Trustee with respect to such Series, Class or Tranche of Notes. 
 (f) The Issuing Entity
will give written notice of each resignation and each removal of the Indenture Trustee with respect to any Series, Class or Tranche of Notes and each appointment of a successor Indenture Trustee with respect to any Series, Class or Tranche to each
Noteholder as provided in Section 1.06 and to each Note Rating Agency. To facilitate delivery of such notice, upon request by the Issuing Entity, the Note Registrar shall provide to the Issuing Entity a list of the relevant Registered
Noteholders. Each notice will include the name of the successor Indenture Trustee and the address of its principal Corporate Trust Office. 
 Section 7.11 Acceptance of Appointment by Successor. Every successor Indenture Trustee appointed hereunder will execute, acknowledge and deliver to the Issuing Entity and to the predecessor Indenture Trustee an instrument accepting
such appointment, with a copy to the Note Rating Agencies, and thereupon the resignation or removal of the predecessor Indenture Trustee will become effective with respect to any Series, Class or Tranche as to which it is resigning or being removed
as Indenture Trustee, and such successor Indenture Trustee, without any further act, deed or conveyance, will become vested with all the rights, powers, trusts and duties of the predecessor Indenture Trustee with respect to any such Series, Class or
Tranche; but, on request of the Issuing Entity or the successor Indenture Trustee, such predecessor Indenture Trustee will, upon payment of its reasonable charges, if any, execute and deliver an instrument transferring to such successor Indenture
Trustee all the rights, powers and trusts of the predecessor Indenture Trustee, and will duly assign, transfer and deliver to such successor Indenture Trustee all property and money held by such predecessor Indenture Trustee hereunder with respect
to all or any such Series, Class or Tranche, subject nevertheless to its lien, if any, provided for in Section 7.07. Upon request of any such successor Indenture Trustee, the Issuing Entity will execute any and all instruments for more fully
and certainly vesting in and confirming to such successor Indenture Trustee all such rights, powers and trusts. 
 In case of the appointment
hereunder of a successor Indenture Trustee with respect to the Notes of one or more (but not all) Series, Classes or Tranches, the Issuing Entity, the predecessor Indenture Trustee and each successor Indenture Trustee with respect to the Notes of
any applicable Series, Class or Tranche will execute and deliver an Indenture Supplement which will contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the predecessor
Indenture Trustee with respect to the Notes of any Series, Class or Tranche as to which the predecessor Indenture Trustee is not being succeeded will continue to be vested in the predecessor Indenture Trustee, and will add to or change any of the
provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Indenture Trustee, it being understood that nothing herein or in such Indenture Supplement will constitute
such Indenture Trustees co-trustees of the same trust and that each such Indenture Trustee will 

  

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be Indenture Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Indenture Trustee.

 No successor Indenture Trustee with respect to any Series, Class or Tranche of Notes will accept its appointment unless at the time of
such acceptance such successor Indenture Trustee will be qualified and eligible under this Article VII. 
 Section 7.12 Merger,
Conversion, Consolidation or Succession to Business. Any corporation into which the Indenture Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to
which the Indenture Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Indenture Trustee, will be the successor of the Indenture Trustee hereunder, provided such
corporation shall be otherwise qualified and eligible under this Article VII, without the execution or filing of any paper or any further act on the part of any of the parties hereto. The Indenture Trustee shall give prompt written notice of such
merger, conversion, consolidation or succession to the Note Rating Agencies. In case any Notes shall have been authenticated, but not delivered, by the Indenture Trustee then in office, any successor by merger, conversion or consolidation to such
authenticating Indenture Trustee may adopt such authentication and deliver the Notes so authenticated with the same effect as if such successor Indenture Trustee had itself authenticated such Notes. 
 Section 7.13 Preferential Collection of Claims Against Issuing Entity. If and when the Indenture Trustee shall be or become a creditor of the
Issuing Entity (or any other obligor upon the Notes), the Indenture Trustee will be subject to the provisions of Section 311 of the Trust Indenture Act. An Indenture Trustee who has resigned or been removed will be subject to subsection 311(a)
of the Trust Indenture Act to the extent provided therein. 
 Section 7.14 Appointment of Authenticating Agent. At any time when any
of the Notes remain Outstanding the Indenture Trustee, with the approval of the Issuing Entity, may appoint an Authenticating Agent or Agents with respect to one or more Series, Classes or Tranches of Notes which will be authorized to act on behalf
of the Indenture Trustee to authenticate Notes of such Series, Classes or Tranches issued upon exchange, registration of transfer or partial redemption thereof or pursuant to Section 3.06, and Notes so authenticated will be entitled to the
benefits of this Indenture and will be valid and obligatory for all purposes as if authenticated by the Indenture Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Notes by the Indenture Trustee or
the Indenture Trustee’s Certificate of Authentication, such reference will be deemed to include authentication and delivery on behalf of the Indenture Trustee by an Authenticating Agent and a Certificate of Authentication executed on behalf of
the Indenture Trustee by an Authenticating Agent. Each Authenticating Agent will be acceptable to the Issuing Entity and will at all times be a corporation organized and doing business under the laws of the United States of America, any state
thereof or the District of Columbia, authorized under such laws to act as an Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and, if other than the Issuing Entity itself, subject to supervision or 

  

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examination by federal or state authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the
requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent will be deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. If at any time an Authenticating Agent will cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent will resign immediately in the manner and with the effect specified in
this Section. The initial Authenticating Agent for the Notes of all Series, Classes and Tranches will be Wells Fargo Bank, National Association. 
 Any corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent will be a
party, or any corporation succeeding to the corporate agency or corporate trust business of an Authenticating Agent, will continue to be an Authenticating Agent, provided such corporation will be otherwise eligible under this Section, without
the execution or filing of any paper or any further act on the part of the Indenture Trustee or the Authenticating Agent. 
 An
Authenticating Agent may resign at any time by giving written notice thereof to the Indenture Trustee and to the Issuing Entity. The Indenture Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof
to such Authenticating Agent and to the Issuing Entity. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent will cease to be eligible in accordance with the provisions of this
Section, the Indenture Trustee, with the approval of the Issuing Entity, may appoint a successor Authenticating Agent which will be acceptable to the Issuing Entity and will give notice to each Noteholder as provided in Section 1.06. Any
successor Authenticating Agent upon acceptance of its appointment hereunder will become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor
Authenticating Agent will be appointed unless eligible under the provisions of this Section. 
 The Indenture Trustee agrees to pay to each
Authenticating Agent (other than an Authenticating Agent appointed at the request of the Issuing Entity from time to time) reasonable compensation for its services under this Section, and the Indenture Trustee will be entitled to be reimbursed for
such payments, subject to the provisions of Section 7.07. 
 If an appointment with respect to one or more Series, Classes or Tranches
is made pursuant to this Section, the Notes of such Series, Classes or Tranches may have endorsed thereon, in addition to the Indenture Trustee’s Certificate of Authentication, an alternate Certificate of Authentication in the following form:

 This is one of the Notes of the Series, Classes or Tranches designated therein referred to in the within-mentioned Indenture. 

 

 71 

							
	 WELLS FARGO BANK,

		 	 NATIONAL ASSOCIATION, as

		 		 	Indenture Trustee
				
		 		 	 By:
	 	  
		 		 		 	 As Authenticating Agent

				
		 		 	 By:
	 	  
		 		 		 	 Authorized Signatory

 Section 7.15 Tax Returns. In the event that the Issuing Entity shall be required to
file tax returns, the Servicer shall prepare or shall cause to be prepared such tax returns and shall provide such tax returns to the Owner Trustee or the Beneficiary for signature at least 5 days before such tax returns are due to be filed. The
Issuing Entity, in accordance with the terms of each Indenture Supplement, shall also prepare or shall cause to be prepared all tax information required by law to be distributed to Noteholders and shall deliver such information to the Indenture
Trustee at least 5 days prior to the date it is required by law to be distributed to Noteholders. The Indenture Trustee, upon written request, will furnish the Servicer with all such information known to the Indenture Trustee as may be reasonably
requested and required in connection with the preparation of all tax returns of the Issuing Entity, and shall, upon request, execute such returns. In no event shall the Indenture Trustee or the Owner Trustee be personally liable for any liabilities,
costs or expenses of the Issuing Entity or any Noteholder arising under any tax law, including federal, state or local income or excise taxes or any other tax imposed on or measured by income (or any interest or penalty with respect thereto arising
from a failure to comply therewith). 
 Section 7.16 Representations and Covenants of the Indenture Trustee. The Indenture Trustee
represents, warrants and covenants that: 
 (a) The Indenture Trustee is a national banking association duly organized and
validly existing under the laws of the United States of America; 
 (b) The Indenture Trustee has full power and authority to
deliver and perform this Indenture and has taken all necessary action to authorize the execution, delivery and performance by it of this Indenture and other documents to which it is a party; and 
 (c) Each of this Indenture and other documents to which it is a party has been duly executed and delivered by the Indenture Trustee and
constitutes its legal, valid and binding obligation in accordance with its terms. 
 Section 7.17 Custody of Collateral Certificates and
Collateral. Unless otherwise specified in the related Asset Pool Supplement, each Collateral Certificate shall be registered in the name of and shall be delivered to and held by the applicable Collateral Agent in the State of New York separate
and apart from all other property held 

  

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by such Collateral Agent. The Collateral Agent shall hold such of the Collateral as constitutes a Permitted Investment and all other Collateral in accordance
with the related Asset Pool Supplement. 
 Section 7.18 Indenture Trustee’s Application for Instructions from the Issuing Entity.
Any application by the Indenture Trustee for written instructions from the Issuing Entity may, at the option of the Indenture Trustee, set forth in writing any action proposed to be taken or omitted by the Indenture Trustee under and in accordance
with this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective, provided that such application shall make specific reference to this Section 7.18. The Indenture Trustee shall not be
liable for any action taken by, or omission of, the Indenture Trustee in accordance with a proposal included in such application on or after the date specified in such application (which date shall not be less than 5 Business Days after the date any
officer of the Issuing Entity actually receives such application, unless any such officer shall have consented in writing to any earlier date) unless prior to taking any such action (or the effective date in the case of an omission), the Indenture
Trustee shall have received written instructions in response to such application specifying the action be taken or omitted. 
 [END OF ARTICLE
VII] 
  

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 ARTICLE VIII 
 NOTEHOLDERS’ MEETINGS, LISTS, REPORTS BY INDENTURE TRUSTEE, ISSUING ENTITY AND BENEFICIARY 
 Section
8.01 Issuing Entity To Furnish Indenture Trustee Names and Addresses of Noteholders. The Issuing Entity will furnish or cause to be furnished to the Indenture Trustee: 
 (a) not more than 15 days after each Record Date, in such form as the Indenture Trustee may reasonably require, a list of the names and
addresses of the Registered Noteholders of such Series, Classes or Tranches as of such date, and 
 (b) at such other times as
the Indenture Trustee may request in writing, within 30 days after the receipt by the Issuing Entity of any such request, a list of similar form and content as of a date not more than 15 days before the time such list is furnished; 
 provided, however, that so long as the Indenture Trustee is the Note Registrar, no such list shall be required to be furnished. 
 Section 8.02 Preservation of Information; Communications to Noteholders. 
 (a) The Indenture Trustee will preserve, in as current a form as is reasonably practicable, the names and addresses of Registered
Noteholders contained in the most recent list furnished to the Indenture Trustee as provided in Section 8.01 and the names and addresses of Registered Noteholders received by the Indenture Trustee in its capacity as Note Registrar. The
Indenture Trustee may destroy any list furnished to it as provided in Section 8.01 upon receipt of a new list so furnished. 
 (b) If 3 or more Holders of Notes of any Series, Class or Tranche (hereinafter referred to as “applicants”) (or, if there are less than 3 such Holders, all of the Holders) apply in writing to the Indenture Trustee, and furnish to
the Indenture Trustee reasonable proof that each such applicant has owned a Note of such Series, Class or Tranche for a period of at least 6 months preceding the date of such application, and such application states that the applicants desire to
communicate with other Holders of Notes of such Series, Class or Tranche or with the Holders of all Notes with respect to their rights under this Indenture or under such Notes and is accompanied by a copy of the form of proxy or other communication
which such applicants propose to transmit, then the Indenture Trustee will, within 5 Business Days after the receipt of such application, at its election, either 
 (i) afford such applicants access to the information preserved at the time by the Indenture Trustee in accordance with subsection 8.02(a),
or 
  

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 (ii) inform such applicants as to the approximate number of Holders of Notes of such
Series, Class or Tranche or all Notes, as the case may be, whose names and addresses appear in the information preserved at the time by the Indenture Trustee in accordance with subsection 8.02(a), and as to the approximate cost of mailing to such
Noteholders the form of proxy or other communication, if any, specified in such application. 
 If the Indenture Trustee shall
elect not to afford such applicants access to such information, the Indenture Trustee shall, upon the written request of such applicants, mail to each Holder of a Registered Note of such Series, Class or Tranche or to all Registered Noteholders, as
the case may be, whose names and addresses appear in the information preserved at the time by the Indenture Trustee in accordance with subsection 8.02(a), a copy of the form of proxy or other communication which is specified in such request, with
reasonable promptness after a tender to the Indenture Trustee of the material to be mailed and of payment, or provision for the payment, of the reasonable expenses of mailing, unless, within 5 days after such tender, the Indenture Trustee shall mail
to such applicants and file with the Commission, together with a copy of the material to be mailed, a written statement to the effect that, in the opinion of the Indenture Trustee, such mailing would be contrary to the best interests of the Holders
of Notes of such Series, Class or Tranche or all Noteholders, as the case may be, or would be in violation of applicable law. Such written statement will specify the basis of such opinion. If the Commission, after opportunity for a hearing upon the
objections specified in the written statement so filed, shall enter an order refusing to sustain any of such objections or if, after the entry of an order sustaining one or more of such objections, the Commission shall find, after notice and
opportunity for hearing, that all the objections so sustained have been met and shall enter an order so declaring, the Indenture Trustee will mail copies of such material to all Registered Noteholders of such Series, Class or Tranche or all
Registered Noteholders, as the case may be, with reasonable promptness after the entry of such order and the renewal of such tender; otherwise the Indenture Trustee will be relieved of any obligation or duty to such applicants respecting their
application. 
 (c) Every Holder of Notes, by receiving and holding the same, agrees with the Issuing Entity and the Indenture
Trustee that neither the Issuing Entity nor the Indenture Trustee will be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders of Notes in accordance with subsection 8.02(b), regardless of
the source from which such information was derived, and that the Indenture Trustee will not be held accountable by reason of mailing any material pursuant to a request made under subsection 8.02(b). 
 Section 8.03 Reports by Indenture Trustee. 
 (a) The term “reporting date” as used in this Section means December 31. Within 60 days after the reporting date in each year, beginning in 2003, the Indenture Trustee will transmit to Noteholders, in
the manner and to the extent provided in Section 313(c) of the Trust Indenture Act, a brief report dated as of such reporting date if required by Section 313(a) of the Trust Indenture Act. 
  

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 (b) To the extent required by the Trust Indenture Act, the Indenture Trustee will mail
each year to all Registered Noteholders, with a copy to the Note Rating Agencies a report concerning: 
 (i) its eligibility
and qualifications to continue as trustee under this Indenture; 
 (ii) any amounts advanced by the Indenture Trustee under
this Indenture; 
 (iii) the amount, interest rate and maturity date or indebtedness owing by the Issuing Entity to each of
the Indenture Trustee and the Collateral Agent, each in its individual capacity; 
 (iv) the property and funds physically
held by the related Collateral Agent as Collateral Agent of the Asset Pool by which such Notes are secured; 
 (v) any release
or release and substitution of Collateral subject to the lien of the related Asset Pool Supplement which has not previously been reported; and 
 (vi) any action taken by the Indenture Trustee or the Collateral Agent, on behalf of the Indenture Trustee, that materially affects the Notes and that has not previously been reported. 
 (c) The Indenture Trustee will comply with subsections 313(b) and 313(c) of the Trust Indenture Act. 
 (d) A copy of each such report will, at the time of such transmission to Noteholders, be filed by the Indenture Trustee with each stock
exchange upon which the Notes are listed, and also with the Commission. The Issuing Entity will notify the Indenture Trustee when the Notes are admitted to trading on any stock exchange. 
 Section 8.04 Meetings of Noteholders; Amendments and Waivers. 
 (a) If Notes of a Series, Class or Tranche are issuable in whole or in part as Bearer Notes, a meeting of Noteholders of the Notes of such
Series, Class or Tranche may be called at any time and from time to time pursuant to this Section 8.04 to make, give or take any Action provided by this Indenture or any Indenture Supplement to be made, given or taken by Noteholders of such
Series, Class or Tranche. 
 (b) The Indenture Trustee may call a meeting of the Noteholders of any Series, Class or Tranche
issuable in whole or in part as Bearer Notes at any time for any purpose specified in this Indenture or any Indenture Supplement. The Indenture Trustee will call a meeting upon request of the Issuing Entity or the Holders of at least 10% in
aggregate Outstanding Dollar Principal Amount of the Outstanding Notes 

  

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of such Series, Class or Tranche issuable in whole or in part as Bearer Notes. In any case, a meeting will be called after notice is given to such
Noteholders pursuant to Section 1.06. 
 (c) To be entitled to vote at any meeting of Noteholders of any Series, Class or
Tranche, a Person shall be (1) a Holder of one or more Outstanding Notes of such Series, Class or Tranche, or (2) a Person appointed by an instrument in writing as proxy for the Noteholder or Noteholders of one or more Outstanding Notes of
such Series, Class or Tranche by the Noteholder or Noteholders. The only Person who shall be entitled to be present or to speak at any meeting of Noteholders of any Series, Class or Tranche shall be the Persons entitled to vote at such meeting and
their counsel, any representatives of the Indenture Trustee and its counsel and any representatives of the Issuing Entity and its counsel. 
 (d) Except for any consent that must be given by the Holders of each Outstanding Note affected or any action to be taken by the Issuing Entity as holder of any Collateral Certificate, any resolution presented at any
meeting at which a quorum is present may be adopted by the affirmative vote of the Holders of more than 66 2/3%
of the Outstanding Dollar Principal Amount of that Series, Class or Tranche, as the case may be. However, any resolution with respect to any Action which may be given by the Holders of not less than a specified percentage in aggregate Outstanding
Dollar Principal Amount of Outstanding Notes of a Series, Class or Tranche of Bearer Notes may be adopted at any meeting at which a quorum is present only by the affirmative vote of the Holders of not less than the specified percentage in aggregate
Outstanding Dollar Principal Amount of the Outstanding Notes of such Series, Class or Tranche. Any resolution passed or decision taken at any meeting of Noteholders duly held in accordance with this Indenture will be binding on all Noteholders of
the affected Series, Class or Tranche. 
 (e) The quorum at any meeting will be persons holding or representing the
Holders of more than 66 2/3% of the Outstanding Dollar Principal Amount of a Series, Class or Tranche or all
Notes, as the case may be; provided, however, that if any action is to be taken at that meeting concerning an Action that may be given by the Holders of not less than a specified percentage in aggregate Outstanding Dollar Principal
Amount of the Outstanding Notes of a Series, Class or Tranche, the persons holding or representing such specified percentage in aggregate Outstanding Dollar Principal Amount of the Outstanding Notes of such Series, Class or Tranche or all Notes will
constitute a quorum. 
 (f) The ownership of Bearer Notes will be proved as provided in subsection 1.04(c)(ii).

 (g) The Issuing Entity may make reasonable rules for other matters relating to Action by or a meeting of Noteholders not
otherwise covered by this Section, including but not limited to the location or locations for such meeting, the manner of voting at such meeting, the appointment and duties of inspectors of the vote, the submission and examination of proxies,
certificates and other evidence of the right to vote and the appointment of a chairperson for the meeting. 
  

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 (h) As set forth in the applicable Pooling and Servicing Agreement and the related Series
Supplement, with respect to certain actions requiring the consent or direction of Investor Certificateholders holding a specified percentage of the aggregate unpaid amount outstanding of Investor Certificates (whether by number of Series or
percentage of all outstanding Investor Certificates depending on the manner of voting or consenting on such matter), including consenting to certain amendments and terminating the related Master Trust, the Issuing Entity, as holder of any Collateral
Certificate, will be deemed to have voted in accordance with the Investor Certificateholders holding a majority of the aggregate Invested Amount outstanding of such Investor Certificates which are entitled to vote or consent on such matter;
provided, however, that in the event Investor Certificateholders holding equal portions of the Invested Amount of such Investor Certificates vote in the positive and in the negative, without taking into consideration the vote of the
Issuing Entity, as holder of such Collateral Certificate, the Issuing Entity shall be deemed to vote in the negative; provided further, that if the Collateral Certificate is the sole Investor Certificate outstanding which is entitled to vote
or consent on such matter, the Issuing Entity, as holder thereof, will be deemed to have voted in the negative. 
 Section 8.05 Reports by
Issuing Entity to the Commission. The Issuing Entity will: 
 (a) file with the Indenture Trustee, within 15 days after
the Issuing Entity is required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by
rules and regulations prescribe) which the Issuing Entity may be required to file with the Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange Act; or, if the Issuing Entity is not required to file information,
documents or reports pursuant to either of said Sections, then it will file with the Indenture Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such of the supplementary and
periodic information, documents and reports which may be required pursuant to Section 13 of the Securities Exchange Act in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time in
such rules and regulations; 
 (b) file with the Indenture Trustee and the Commission, in accordance with rules and
regulations prescribed from time to time by the Commission, such additional information, documents and reports with respect to compliance by the Issuing Entity with the conditions and covenants of this Indenture as may be required from time to time
by such rules and regulations; and 
 (c) transmit by mail to all Registered Noteholders, as their names and addresses appear
in the Note Register, and notify all Holders of Bearer Notes of such Series, Class or Tranche, by publication of such notice in an Authorized Newspaper or as otherwise provided in the applicable Indenture Supplement, within 30 days after the filing
thereof with the Indenture Trustee, such summaries of any information, documents and reports required to be filed by the Issuing Entity pursuant to 

  

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paragraphs (a) and (b) of this Section as may be required by rules and regulations prescribed from time to time by the Commission. 
 Section 8.06 Monthly Noteholders’ Statement. On each Determination Date the Issuing Entity will, in cooperation with the Servicer of the
Master Trust and the Servicer under the Transfer and Servicing Agreement, complete and deliver to the Indenture Trustee and the Master Trust Trustee (with a copy to each Note Rating Agency), a Monthly Noteholders’ Statement. 
 On each Payment Date, the Indenture Trustee shall make the Monthly Noteholder’s Statement available electronically and, with the consent or at the
direction of the Issuing Entity, such other information regarding the Notes and/or the Collateral as the Indenture Trustee may have in its possession, but only with the use of a password provided by the Indenture Trustee or its agent to such Person
upon receipt by the Indenture Trustee from such Person of a certification in a form acceptable to the Indenture Trustee; provided, however, that the Indenture Trustee or its agent shall provide such password to the parties to this
Indenture and each Rating Agency without requiring such certification; provided, further, however, that the Indenture Trustee shall have no obligation to provide such information described in this Section 8.06 until it has
received the requisite information from the Issuing Entity or the Servicer, as applicable. The Indenture Trustee will make no representation or warranty as to the accuracy or completeness of such documents and will assume no responsibility therefor.

 The Indenture Trustee’s internet website shall be initially located at “www.ABSNet.net” or at such other address as shall
be specified by the Indenture Trustee from time to time in writing to each Note Rating Agency, each Noteholder and the parties to this Indenture and to the Transfer and Servicing Agreement. In connection with providing access to the Indenture
Trustee’s website, the Indenture Trustee may require registration and the acceptance of a disclaimer. Other than as set forth in Section 7.01 hereof, the Indenture Trustee shall not be liable for the electronic dissemination of information
as contemplated by this Section. 
 Section 8.07 Payment Instruction to Master Trust. 
 (a) Promptly after the receipt by the Issuing Entity of each Monthly Servicer’s Certificate under the applicable Series Supplement,
the Issuing Entity will, in cooperation with the Servicer, complete the Payment Instruction and deliver a copy thereof to the Indenture Trustee and the Master Trust Trustee. 
 (b) From time to time, the Issuing Entity will notify the Servicer of the information necessary to be provided by the Issuing Entity under
the applicable section of the applicable Pooling and Servicing Agreement as supplemented by any Series Supplement to calculate the Invested Amount of the Collateral Certificate issued under that Pooling and Servicing Agreement. 
 [END OF ARTICLE VIII] 
  

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 ARTICLE IX 
 INDENTURE SUPPLEMENTS; AMENDMENTS TO THE POOLING AND SERVICING AGREEMENT AND AMENDMENTS TO THE TRUST AGREEMENT 
 Section 9.01 Supplemental Indentures and Amendments Without Consent of Noteholders. Without the consent of the Holders of any Notes but with prior notice to each Note Rating Agency, the Collateral Agent and the Indenture Trustee, at
any time and from time to time, upon delivery by the Issuing Entity to the Indenture Trustee and the Collateral Agent of an Officer’s Certificate to the effect that the Issuing Entity reasonably believes that such amendment will not have an
Adverse Effect and is not reasonably expected to have an Adverse Effect at any time in the future, and, with respect to subsections (a), (b), (d), (f) through (j) and (l) through (n) of this Section 9.01, upon delivery of an
Issuing Entity Tax Opinion, the Issuing Entity may amend this Indenture, including any Asset Pool Supplement, any Indenture Supplement or enter into one or more Asset Pool Supplements or Indenture Supplements, in form satisfactory to the Indenture
Trustee and the Collateral Agent, for any of the following purposes: 
 (a) to evidence the succession of another Entity to
the Issuing Entity, and the assumption by any such successor of the covenants of the Issuing Entity herein and in the Notes; or 
 (b) to add to the covenants of the Issuing Entity, or to surrender any right or power herein conferred upon the Issuing Entity by the Issuing Entity, for the benefit of the Holders of the Notes of any or all Series, Classes or Tranches (and
if such covenants or the surrender of such right or power are to be for the benefit of less than all Series, Classes or Tranches of Notes, stating that such covenants are expressly being included or such surrenders are expressly being made solely
for the benefit of one or more specified Series, Classes or Tranches); or 
 (c) to cure any ambiguity, to correct or
supplement any provision herein which may be inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture; or 
 (d) to add to this Indenture such provisions as may be expressly permitted by the Trust Indenture Act, excluding, however, the provisions
referred to in Section 316(a)(2) of the Trust Indenture Act as in effect at the date as of which this Indenture was executed or any corresponding provision in any similar federal statute hereafter enacted; or 
 (e) to establish any form of Note, as provided in Article II, and to provide for the issuance of any Series, Class or Tranche of Notes as
provided in Article III and to set forth the terms thereof, and/or to add to the rights of the Holders of the Notes of any Series, Class or Tranche; or 
  

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 (f) to evidence and provide for the acceptance of appointment by another corporation as a
successor Indenture Trustee hereunder with respect to one or more Series, Classes or Tranches of Notes and to add to or change any of the provisions of this Indenture as will be necessary to provide for or facilitate the administration of the trusts
hereunder by more than one Indenture Trustee, pursuant to Section 7.11; or 
 (g) to evidence and provide for the
acceptance of appointment by another corporation as a successor Collateral Agent under the applicable Asset Pool Supplement with respect to the relevant Asset Pool and to add to or change any of the provisions of such Asset Pool Supplement as will
be necessary to provide for or facilitate the administration of the trusts under such Asset Pool Supplement by more than one Collateral Agent, to the extent provided for in such Asset Pool Supplement; or 
 (h) to add any additional Early Amortization Events or Events of Default in respect of the Notes of any or all Series, Classes or Tranches
(and if such additional Events of Default are to be in respect of less than all Series, Classes or Tranches of Notes, stating that such Events of Default are expressly being included solely for the benefit of one or more specified Series, Classes or
Tranches of Notes); or 
 (i) to provide for the consolidation of any Master Trust and the Issuing Entity into a single Entity
or the transfer of assets in such Master Trust to the Issuing Entity after the termination of all Series of Investor Certificates (other than the related Collateral Certificate or Certificates); or 
 (j) if one or more additional Transferors under the Transfer and Servicing Agreement or any Pooling and Servicing Agreement are added to,
or replaced under, the Transfer and Servicing Agreement or any such Pooling and Servicing Agreement, or one or more additional Beneficiaries under the Trust Agreement are added to, or replaced under, the Trust Agreement, to make any necessary
changes to the Indenture or any other related document; or 
 (k) to establish an Asset Pool and to set forth the terms
thereof, including the designation of Collateral thereto, and/or to add to the rights of the Holders of Notes of any Series, Class or Tranche secured by an Asset Pool; or 
 (l) to provide for additional or alternative forms of credit enhancement for any Tranche of Notes; or 
 (m) to comply with any regulatory, accounting or tax laws; or 
 (n) to qualify for sale treatment under generally accepted accounting principles. 
 Additionally, notwithstanding any provision of this Article IX to the contrary and in addition to (a) through (n) above, this Indenture,
including any Indenture Supplement or any Asset Pool Supplement, may also be amended without the consent of the Indenture Trustee, the Collateral Agent or any of the Noteholders, upon delivery of an Issuing Entity Tax Opinion for the purpose of
adding any provisions to, or changing in 

  

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any manner or eliminating any of the provisions of, this Indenture, any Indenture Supplement or any Asset Pool Supplement or of modifying in any manner the
rights of the Holders of the Notes under this Indenture, any Indenture Supplement or any Asset Pool Supplement; provided, however, that (i) the Issuing Entity shall deliver to the Indenture Trustee, the Collateral Agent and the
Owner Trustee an Officer’s Certificate to the effect that the Issuing Entity reasonably believes that such amendment will not have an Adverse Effect and is not reasonably expected to have an Adverse Effect at any time in the future and that
such amendment does not adversely affect the rights, duties, benefits, protections, privileges or immunities of the Indenture Trustee or the applicable Collateral Agent and (ii) each Note Rating Agency confirms in writing that such amendment
will not cause a Ratings Effect. 
 Section 9.02 Supplemental Indentures with Consent of Noteholders. In addition to any amendment
permitted pursuant to Section 9.01 hereof, with prior notice to each applicable Note Rating Agency and the consent of Holders of more than 66 2/3% in Outstanding Dollar Principal Amount of each Series, Class or Tranche of Notes affected by such amendment of this Indenture, including any Asset Pool Supplement and any Indenture Supplement, by Act
of said Holders delivered to the Issuing Entity, the Collateral Agent and the Indenture Trustee, the Issuing Entity, the Collateral Agent and the Indenture Trustee, as applicable, upon delivery of an Issuing Entity Tax Opinion, may enter into an
amendment of this Indenture for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Holders of the Notes of each such Series,
Class or Tranche under this Indenture or any Indenture Supplement; provided, however, that no such amendment of an Indenture Supplement will, without the consent of the Holder of each Outstanding Note affected thereby:

 (a) change the scheduled payment date of any payment of interest on any Note, or change a Scheduled Principal
Payment Date or Legal Maturity Date of any Note; 
 (b) reduce the Stated Principal Amount of, or the interest rate on any
Note, or change the method of computing the Outstanding Dollar Principal Amount, the Adjusted Outstanding Dollar Principal Amount or the Nominal Liquidation Amount in a manner that is adverse to the Holder of any Note; 
 (c) reduce the amount of a Discount Note payable upon the occurrence of an Early Amortization Event or other optional or mandatory
redemption or upon the acceleration of its legal maturity date; 
 (d) impair the right to institute suit for the enforcement
of any payment on any Note; 
 (e) reduce the percentage in Outstanding Dollar Principal Amount of the Outstanding Notes of
any Series, Class or Tranche of Notes, the consent of whose Holders is required for any such Indenture Supplement, or the consent of whose 

  

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Holders is required for any waiver of compliance with the provisions of this Indenture or of defaults hereunder and their consequences, provided for in this
Indenture; 
 (f) modify any of the provisions of this Section or Section 6.18, except to increase any percentage of
Holders required to consent to any such amendment or to provide that other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Note affected thereby; 
 (g) permit the creation of any lien or other encumbrance on the Collateral of any Asset Pool that secures any Tranche of Notes that is
prior to the lien in favor of the Holders of the Notes of such Tranche; 
 (h) change any Place of Payment where any principal
of, or interest on, any Note is payable, unless otherwise provided in the applicable Indenture Supplement; 
 (i) change the
method of computing the amount of principal of, or interest on, any Note on any date; or 
 (j) make any other amendment not
permitted by Section 9.01. 
 An amendment of this Indenture or an Indenture Supplement which changes or eliminates any covenant or other
provision of this Indenture which has expressly been included solely for the benefit of one or more particular Series, Class or Tranche of Notes, or which modifies the rights of the Holders of Notes of such Series, Class or Tranche with respect to
such covenant or other provision, will be deemed not to affect the rights under this Indenture of the Holders of Notes of any other Series, Class or Tranche. 
 It will not be necessary for any Act of Noteholders under this Section to approve the particular form of any proposed amendment or Indenture Supplement, but it will be sufficient if such Act will approve the substance
thereof. 
 Section 9.03 Execution of Amendments and Indenture Supplements. In executing or accepting the additional trusts created by
any amendment of this Indenture or Indenture Supplement permitted by this Article IX or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee or the Collateral Agent, on behalf of the Indenture Trustee, will be
entitled to receive, and (subject to Section 7.01 or the applicable provisions of the related Asset Pool Supplement) will be fully protected in relying upon, an Opinion of Counsel stating that the execution of such amendment or Indenture
Supplement is authorized or permitted by this Indenture and that all conditions precedent thereto have been satisfied. The Indenture Trustee or the Collateral Agent, on behalf of the Indenture Trustee, may, but will not (except to the extent
required in the case of an amendment or Indenture Supplement entered into under subsection 9.01(d) or 9.01(f)) be obligated to, enter into any such amendment or Indenture Supplement which affects the Indenture Trustee’s or the Collateral
Agent’s own rights, duties or immunities under this Indenture or otherwise. 
  

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 Section 9.04 Effect of Amendments and Indenture Supplements. Upon the execution of any amendment
of this Indenture or Indenture Supplement under this Article IX, this Indenture will be modified in accordance therewith with respect to each Series, Class or Tranche of Notes affected thereby, or all Notes, as the case may be, and such amendment or
Indenture Supplement will form a part of this Indenture for all purposes; and every Holder of Notes theretofore or thereafter authenticated and delivered hereunder will be bound thereby to the extent provided therein. 
 Section 9.05 Conformity with Trust Indenture Act. Every amendment of this Indenture or Indenture Supplement executed pursuant to this Article IX
will conform to the requirements of the Trust Indenture Act as then in effect. 
 Section 9.06 Reference in Notes to Indenture
Supplements. Notes authenticated and delivered after the execution of any amendment of this Indenture or Indenture Supplement pursuant to this Article IX may, and will if required by the Indenture Trustee, bear a notation in form approved by the
Indenture Trustee as to any matter provided for in such amendment or Indenture Supplement. If the Issuing Entity will so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuing Entity, to any such
amendment or Indenture Supplement may be prepared and executed by the Issuing Entity and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes. 
 Section 9.07 Amendments to the Pooling and Servicing Agreement. By their acceptance of a Note, the Noteholders acknowledge that the Transferor and
the Master Trust Trustee may amend the applicable Pooling and Servicing Agreement and any supplement thereto without the consent of the Holders of any Investor Certificates (including the Issuing Entity) or any Noteholder, so long as such amendment
or supplement would not materially adversely affect the interest of the Holders of any Investor Certificates. 
 For purposes of any vote or
consent under a Pooling and Servicing Agreement or any supplement thereto, with respect to certain actions requiring the consent or direction of Investor Certificateholders holding a specified percentage of the aggregate unpaid amount outstanding of
Investor Certificates (whether by number of Series or percentage of all outstanding Investor Certificates depending on the manner of voting or consenting on such matter), the Issuing Entity, as holder of the Collateral Certificate, shall be deemed
to be an Investor Certificateholder under such Pooling and Servicing Agreement, and will be deemed to have voted in accordance with the Investor Certificateholders holding a majority of the aggregate Invested Amount outstanding of such Investor
Certificates which are entitled to vote or consent on such matter; provided, however, that in the event Investor Certificateholders holding equal portions of the Invested Amount outstanding of such Investor Certificates vote in the
positive and in the negative, without taking into consideration the vote of the Issuing Entity, as holder of such Collateral Certificate, the Issuing Entity shall be deemed to vote in the negative; provided further, that if the
Collateral Certificate is the sole Investor Certificate outstanding entitled to vote or consent on such matter, the Issuing Entity, as holder thereof, will be deemed to have voted in the negative. 
  

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 Section 9.08 Amendments to the Trust Agreement. 
 (a) Subject to the provisions of the Trust Agreement, without the consent of the Holders of any Notes or the Indenture Trustee, the Owner
Trustee (at the written direction of the Beneficiary) and the Beneficiary may amend the Trust Agreement so long as such amendment will not have an Adverse Effect and is not reasonably expected to have an Adverse Effect at any time in the future.

 (b) Subject to the provisions of the Trust Agreement, (A) in the case of a significant change in the permitted
activities of the Issuing Entity which is not materially adverse to the Holders of the Notes, with the consent of the Majority Holders of each Class or Tranche of Notes affected by such change, and (B) in all other cases, with the consent of
the Holders of more than 66 2/3% in Outstanding Dollar Principal Amount of the Outstanding Notes affected by such
amendment, by action of said Holders delivered to Chase USA and the Owner Trustee (at the written direction of the Beneficiary), the Beneficiary may amend the Trust Agreement for the purpose of adding, changing or eliminating any provisions of the
Trust Agreement or of modifying the rights of those Noteholders. 
 [END OF ARTICLE IX] 
  

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 ARTICLE X 
 REPRESENTATIONS, WARRANTIES AND COVENANTS OF ISSUING ENTITY 
 Section 10.01 Payment of Principal and
Interest. With respect to each Series, Class or Tranche of Notes, the Issuing Entity will duly and punctually pay the principal of and interest on such Notes in accordance with their terms and this Indenture, and will duly comply with all the
other terms, agreements and conditions contained in, or made in this Indenture for the benefit of, the Notes of such Series, Class or Tranche. 
 Section 10.02 Maintenance of Office or Agency. The Issuing Entity will maintain an office or agency in each Place of Payment where Notes may be presented or surrendered for payment, where Notes may be surrendered for transfer or
exchange and where notices and demands to or upon the Issuing Entity in respect of the Notes and this Indenture may be served. The Issuing Entity will give prompt written notice to the Indenture Trustee of the location, and of any change in the
location, of such office or agency. If at any time the Issuing Entity will fail to maintain such office or agency or will fail to furnish the Indenture Trustee with the address thereof, such presentations, surrenders, notices and demands may be made
or served at the Corporate Trust Office of the Indenture Trustee, and the Issuing Entity hereby appoints the Indenture Trustee its agent to receive all such presentations, surrenders, notices and demands. 
 The Issuing Entity may also from time to time designate one or more other offices or agencies where the Notes of one or more Series, Classes or Tranches
may be presented or surrendered for any or all of such purposes specified above and may constitute and appoint one or more Paying Agents for the payments of such Notes, in one or more other cities, and may from time to time rescind such designations
and appointments; provided, however, that no such designation, appointment or rescission shall in any matter relieve the Issuing Entity of its obligations to maintain an office or agency in each Place of Payment for Notes of any
Series, Class or Tranche for such purposes. The Issuing Entity will give prompt written notice to the Indenture Trustee of any such designation or rescission and of any change in the location of any such other office or agency. Unless and until the
Issuing Entity rescinds one or more of such appointments, the Issuing Entity hereby appoints the Indenture Trustee, at its principal office, as its Paying Agent in Minneapolis, Minnesota with respect to all Series, Classes and Tranches of Notes
having a Place of Payment in the City of Minneapolis, Minnesota. 
 Section 10.03 Money for Note Payments to be Held in Trust. The
Paying Agent, on behalf of the Indenture Trustee, will make distributions to Noteholders from the Collection Account of the applicable Asset Pool or other applicable Bank Account pursuant to the provisions of any Asset Pool Supplement or any
Indenture Supplement and will report the amounts of such distributions to the Indenture Trustee. Any Paying Agent will have the revocable power to withdraw funds from the Collection Account of the applicable Asset Pool or other applicable Bank
Account for the purpose of making the distributions referred to above. The Indenture Trustee may revoke such 

  

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power and remove the Paying Agent if the Indenture Trustee determines in its sole discretion that the Paying Agent has failed to perform its obligations
under this Indenture or any Indenture Supplement in any material respect. The Paying Agent upon removal will return all funds in its possession to the Indenture Trustee. 
 The Issuing Entity will cause each Paying Agent (other than the Indenture Trustee) for any Series, Class or Tranche of Notes to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent
will agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it so agrees), subject to the provisions of this Section, that such Paying Agent will: 
 (a) hold all sums held by it for the payment of principal of or interest on Notes of such Series, Class or Tranche in trust for the
benefit of the Persons entitled thereto until such sums will be paid to such Persons or otherwise disposed of as herein provided; 
 (b) if such Paying Agent is not the Indenture Trustee, give the Indenture Trustee notice of any default by the Issuing Entity (or any other obligor upon the Notes of such Series, Class or Tranche) in the making of any such payment of
principal or interest on the Notes of such Series, Class or Tranche; 
 (c) if such Paying Agent is not the Indenture Trustee,
at any time during the continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Paying Agent; 
 (d) immediately resign as a Paying Agent and, if such Paying Agent is not the Indenture Trustee, forthwith pay to the Indenture Trustee
all sums held by it in trust for the payment of Notes if at any time it ceases to meet the standards described in this Section required to be met by a Paying Agent at the time of its appointment; and 
 (e) comply with all requirements of the Internal Revenue Code or any other applicable tax law with respect to the withholding from any
payments made by it on any Notes of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith. 
 The Issuing Entity may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture with respect to any Series, Class or Tranche of Notes or for any other purpose, pay, or by an
Officer’s Certificate direct any Paying Agent to pay, to the Indenture Trustee all sums held in trust by the Issuing Entity or such Paying Agent in respect of each and every Series, Class or Tranche of Notes as to which it seeks to discharge
this Indenture or, if for any other purpose, all sums so held in trust by the Issuing Entity in respect of all Notes, such sums to be held by the Indenture Trustee upon the same trusts as those upon which such sums were held by the Issuing Entity or
such Paying Agent; and, upon such payment by any Paying Agent to the 

  

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Indenture Trustee, such Paying Agent will be released from all further liability with respect to such money. 
 Any money deposited with the Indenture Trustee or any Paying Agent, or then held by the Issuing Entity, in trust for the payment of the principal of or
interest on any Note of any Series, Class or Tranche and remaining unclaimed for two years after such principal or interest has become due and payable will be paid to the Issuing Entity upon request in an Officer’s Certificate, or (if then held
by the Issuing Entity) will be discharged from such trust; and the Holder of such Note will thereafter, as an unsecured general creditor, look only to the Issuing Entity for payment thereof, and all liability of the Indenture Trustee or such Paying
Agent with respect to such trust money, and all liability of the Issuing Entity as trustee thereof, will thereupon cease. The Indenture Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Issuing
Entity give to the Holders of the Notes as to which the money to be repaid was held in trust, as provided in Section 1.06, a notice that such funds remain unclaimed and that, after a date specified in the notice, which will not be less than 30
days from the date on which the notice was first mailed or published to the Holders of the Notes as to which the money to be repaid was held in trust, any unclaimed balance of such funds then remaining will be paid to the Issuing Entity free of the
trust formerly impressed upon it. 
 Each Paying Agent will at all times have a combined capital and surplus of at least $50,000,000 and be
subject to supervision or examination by a United States federal or state authority or be regulated by or subject to the supervision or examination of a governmental authority of a nation that is member of the Organization for Economic Co-operation
and Development. If such Paying Agent publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and
surplus of such Paying Agent will be deemed to be its combined capital and surplus as set forth in its most recent report of condition as so published. 
 Section 10.04 Statement as to Compliance. The Issuing Entity will deliver to the Indenture Trustee and the Note Rating Agencies, on or before April 30 of each year, beginning in 2003, a written statement
signed by an Issuing Entity Authorized Officer stating that: 
 (a) a review of the activities of the Issuing Entity during
the prior year and of the Issuing Entity’s performance under this Indenture and under the terms of the Notes has been made under such Issuing Entity Authorized Officer’s supervision; and 
 (b) to the best of such Issuing Entity Authorized Officer’s knowledge, based on such review, the Issuing Entity has complied in all
material respects with all conditions and covenants under this Indenture throughout such year, or, if there has been a default in the fulfillment of any such condition or covenant (without regard to any grace period or requirement of notice),
specifying each such default known to such Issuing Entity Authorized Officer and the nature and status thereof. 
  

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 Section 10.05 Legal Existence. The Issuing Entity will do or cause to be done all things necessary
to preserve and keep in full force and effect its legal existence. 
 Section 10.06 Further Instruments and Acts. Upon request of the
Indenture Trustee, the Issuing Entity will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 
 Section 10.07 Compliance with Laws. The Issuing Entity will comply with the requirements of all applicable laws, the noncompliance with which
would, individually or in the aggregate, materially and adversely affect the ability of the Issuing Entity to perform its obligations under the Notes or this Indenture. 
 Section 10.08 Notice of Events of Default. The Issuing Entity agrees to give the Indenture Trustee and the Note Rating Agencies prompt written notice of each Event of Default hereunder and each breach on the
part of the Master Trust or the Transferor of its respective obligations under the Pooling and Servicing Agreement and any default of a Derivative Counterparty. 
 Section 10.09 Certain Negative Covenants. The Issuing Entity will not: 
 (a) claim any
credit on, or make any deduction from the principal or interest payable in respect of, the Notes (other than amounts withheld in good faith from such payments under the Internal Revenue Code or other applicable tax law including foreign
withholding); 
 (b) permit the validity or effectiveness of this Indenture to be impaired, or permit the lien in favor of the
Indenture Trustee, the Collateral Agent and the Noteholders created by this Indenture and the applicable Asset Pool Supplement to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any
covenants or obligations with respect to the Notes under this Indenture except as may be expressly permitted hereby; 
 (c)
permit any lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien in favor of the Indenture Trustee, the Collateral Agent and the Noteholders created by this Indenture) to be created on or extend to or
otherwise arise upon or burden the Collateral designated for inclusion in an Asset Pool or any part thereof or any interest therein or the proceeds thereof; 
 (d) permit the lien in favor of the Indenture Trustee, the Collateral Agent and the Noteholders created by this Indenture and the
applicable Asset Pool Supplement not to constitute a valid first priority security interest in the Collateral designated for inclusion in an Asset Pool; or 
 (e) voluntarily dissolve or liquidate. 
 Section 10.10 No Other Business. The Issuing Entity will not
engage in any business other than as permitted under the Trust Agreement. 
  

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 Section 10.11 Rule 144A Information. For so long as any of the Notes of any Series, Class or
Tranche are “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Exchange Act, the Issuing Entity agrees to provide to any Noteholder of such Series, Class or Tranche and to any prospective purchaser of Notes
designated by such Noteholder, upon the request of such Noteholder or prospective purchaser, any information required to be provided to such Holder or prospective purchaser to satisfy the conditions set forth in Rule 144A(d)(4) under the Securities
Exchange Act. 
 Section 10.12 Performance of Obligations; Servicing of Receivables. 
 (a) The Issuing Entity will not take any action and will use its best efforts not to permit any action to be taken by others that would
release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Collateral or that would result in the amendment, hypothecation, subordination, termination or discharge of, or
impair the validity or effectiveness of, any such instrument or agreement, except as expressly provided in this Indenture, the Trust Agreement, the Transfer and Servicing Agreement, the applicable Pooling and Servicing Agreement or such other
instrument or agreement. 
 (b) The Issuing Entity will punctually perform and observe all of its obligations and agreements
contained in this Indenture, any Indenture Supplement, the Trust Agreement and in the instruments and agreements (including but not limited to, the applicable Pooling and Servicing Agreement) relating to the Collateral designated for inclusion in
each Asset Pool, including but not limited to filing or causing to be filed all UCC financing statements and continuation statements required to be filed by the terms of this Indenture and the Trust Agreement in accordance with and within the time
periods provided for herein and therein. Except as otherwise expressly provided herein or therein, the Issuing Entity shall not waive, amend, modify, supplement or terminate this Indenture, any Indenture Supplement or the Trust Agreement or any
provision thereof without the consent of the Majority Holders of the Notes of each adversely affected Series, Class or Tranche of Notes. 
 Section 10.13 Issuing Entity May Consolidate, Etc., Only on Certain Terms. 
 (a) The Issuing Entity shall not
consolidate or merge with or into any other Person, unless: 
 (i) the Person (if other than the Issuing Entity) formed by or
surviving such consolidation or merger (i) shall be a Person organized and existing under the laws of the United States of America or any state or the District of Columbia, (ii) shall not be subject to regulation as an “investment
company” under the Investment Company Act and (iii) shall expressly assume, by an Indenture Supplement, executed and delivered to the Indenture Trustee, in a form satisfactory to the Indenture Trustee, the due and punctual payment of the

  

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principal of and interest on all Notes and the performance of every covenant of this Indenture on the part of the Issuing Entity to be performed or observed;

 (ii) immediately after giving effect to such transaction, no Event of Default or Early Amortization Event shall have
occurred and be continuing; 
 (iii) the Issuing Entity shall have delivered to the Indenture Trustee an Officer’s
Certificate and an Opinion of Counsel each stating that (i) such consolidation or merger and such Indenture Supplement comply with this Section 10.13, (ii) all conditions precedent in this Section 10.13 relating to such
transaction have been complied with (including any filing required by the Securities Exchange Act), and (iii) such Indenture Supplement is duly authorized, executed and delivered and is valid, binding and enforceable against such Person;

 (iv) the Issuing Entity shall have received written confirmation from each Note Rating Agency that there will be no Ratings
Effect with respect to any Outstanding Notes as a result of such consolidation or merger; 
 (v) the Issuing Entity shall have
received (and shall have delivered copies thereof to the Indenture Trustee) an Issuing Entity Tax Opinion and a Master Trust Tax Opinion; 
 (vi) any action that is necessary to maintain the lien and security interest created by this Indenture shall have been taken; and 
 (vii) such action shall not be contrary to the status of the Issuing Entity as a qualified special purpose entity under existing
accounting literature. 
 (b) The Issuing Entity shall not convey or transfer any of its properties or assets, including those
included in the Collateral, substantially as an entirety to any Person, unless: 
 (i) the Person that acquires by conveyance
or transfer the properties and assets of the Issuing Entity the conveyance or transfer of which is hereby restricted shall (A) be a United States citizen or a Person organized and existing under the laws of the United States of America or any
state, or the District of Columbia, (B) expressly assume, by an Indenture Supplement, executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual payment of the principal of and interest
on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuing Entity to be performed or observed, all as provided herein, (C) expressly agree by means of such Indenture Supplement
that all right, title and interest so conveyed or transferred shall be subject and subordinate to the rights of Holders of the Notes, (D) expressly agree by means of such Indenture Supplement that such Person (or if a group of Persons, then one
specified Person) shall make all filings with the Commission (and any other 

  

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appropriate Person) required by the Securities Exchange Act in connection with the Notes and (E) not be an “investment company” as defined in
the Investment Company Act; 
 (ii) immediately after giving effect to such transaction, no Event of Default or Early
Amortization Event shall have occurred and be continuing; 
 (iii) the Issuing Entity shall have received written confirmation
from each Note Rating Agency that there will be no Ratings Effect with respect to any Outstanding Notes as a result of such conveyance or transfer; 
 (iv) the Issuing Entity shall have received (and shall have delivered copies thereof to the Indenture Trustee) an Issuing Entity Tax Opinion and a Master Trust Tax Opinion; 
 (v) any action that is necessary to maintain the lien and security interest created by this Indenture shall have been taken; and

 (vi) the Issuing Entity shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of
Counsel each stating that such conveyance or transfer and such Indenture Supplement comply with this Section 10.13 and that all conditions precedent herein provided for relating to such transaction have been complied with (including any filing
required by the Securities Exchange Act). 
 Section 10.14 Successor Substituted. Upon any consolidation or merger, or any conveyance
or transfer of the properties and assets of the Issuing Entity substantially as an entirety in accordance with Section 10.13 hereof, the Person formed by or surviving such consolidation or merger (if other than the Issuing Entity) or the Person
to which such conveyance or transfer is made shall succeed to, and be substituted for, and may exercise every right and power of, the Issuing Entity under this Indenture with the same effect as if such Person had been named as the Issuing Entity
herein. In the event of any such conveyance or transfer, the Person named as the Issuing Entity in the first paragraph of this Indenture or any successor which shall theretofore have become such in the manner prescribed in this Section 10.14
shall be released from its obligations under this Indenture as issued immediately upon the effectiveness of such conveyance or transfer, provided that the Issuing Entity shall not be released from any obligations or liabilities to the
Indenture Trustee or the Noteholders arising prior to such effectiveness. 
 Section 10.15 Guarantees, Loans, Advances and Other
Liabilities. Except as contemplated by this Indenture or the Trust Agreement, the Issuing Entity shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring
another’s payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or 

  

 92 

 
dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest
in, or make any capital contribution to, any other Person. 
 Section 10.16 Capital Expenditures. The Issuing Entity shall not make
any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty). 
 Section 10.17
Restricted Payments. The Issuing Entity shall not, directly or indirectly, (i) pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner
Trustee or any owner of a beneficial interest in the Issuing Entity or otherwise with respect to any ownership or equity interest or security in or of the Issuing Entity or to the Servicer, (ii) redeem, purchase, retire or otherwise acquire for
value any such ownership or equity interest or security or (iii) set aside or otherwise segregate any amounts for any such purpose; provided, however, that the Issuing Entity may make, or cause to be made, (x) distributions
as contemplated by, and to the extent funds are available for such purpose under, the Trust Agreement and (y) payments to the Indenture Trustee pursuant to Section 7.07 hereof. The Issuing Entity will not, directly or indirectly, make
payments to or distributions from the Collection Account except in accordance with this Indenture or any Indenture Supplement. 
 Section
10.18 No Borrowing. The Issuing Entity will not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any additional indebtedness, except pursuant to a subordinated note or as otherwise provided in the
Issuing Entity’s charter documents. 
 [END OF ARTICLE X] 
  

 93 

 ARTICLE XI 
 EARLY AMORTIZATION OF NOTES 
 Section 11.01 Applicability of Article. Unless otherwise specified in
the applicable Indenture Supplement related to a Series, Class or Tranche of Notes, pursuant to the terms of this Article XI, the Issuing Entity will redeem and pay, provided that funds are available, each affected Series, Class or Tranche of
Notes upon the occurrence of any Early Amortization Event. Unless otherwise specified in the applicable Indenture Supplement relating to a Series, Class or Tranche of Notes, or in the form of Notes for such Series, Class or Tranche, the following
are “Early Amortization Events”: 
 (a) the occurrence of an Event of Default and acceleration of the Notes of a
Series, Class or Tranche pursuant to Article VI hereof; 
 (b) with respect to any Series, Class or Tranche of Notes, the
occurrence of the Scheduled Principal Payment Date of such Series, Class or Tranche of Notes; 
 (c) the Issuing Entity
becomes an investment company within the meaning of the Investment Company Act; 
 (d) any Transferor shall consent to the
appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to all or substantially all of its property, or a decree or order of a court
or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the
winding-up or liquidation of its affairs, shall have been entered against such Transferor; or such Transferor shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable
insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations; or 
 (e) with respect to any Series, Class or Tranche of Notes, any additional Early Amortization Event specified in the Indenture Supplement for such Series, Class or Tranche of Notes as applying to such Series, Class or
Tranche of Notes. 
 The repayment price of a Tranche of Notes so redeemed will equal the Outstanding Dollar Principal Amount of such
Tranche, plus accrued, past due and additional interest to but excluding the date of repayment, the payment of which will be subject to the allocations, deposits and payments sections of the related Asset Pool Supplement and Indenture Supplement.

 If the Issuing Entity is unable to pay the repayment price in full on the Principal Payment Date following the end of the Monthly Period
in which the Early Amortization Event occurs, monthly payments on such Tranche of Notes will thereafter 

  

 94 

 
be made on each following Principal Payment Date until the Outstanding Dollar Principal Amount of such Series, Class or Tranche, plus all accrued, past due
and additional interest, is paid in full or the Legal Maturity Date occurs, whichever is earlier, subject to the allocations, deposits and payments sections of the related Asset Pool Supplement and Indenture Supplement. Any funds in any Supplemental
Bank Account for a repaid Tranche will be applied to make the principal and interest payments on that Tranche on the repayment date, subject to the allocations, deposits and payments sections of the related Asset Pool Supplement and Indenture
Supplement. 
 Section 11.02 Optional Repurchase. Unless otherwise provided in the applicable Indenture Supplement for a Series, Class
or Tranche of Notes, the Servicer has the right, but not the obligation, to redeem a Series, Class or Tranche of Notes in whole but not in part on any Payment Date on or after the Payment Date on which the aggregate Outstanding Dollar Principal
Amount (after giving effect to all payments on such Payment Date) of such Series, Class or Tranche of Notes is reduced to less than 10% of its highest Outstanding Dollar Principal Amount at any time (or such other percentage as shall be specified
from time to time by the Servicer, consistent with sale treatment under GAAP and regulatory accounting principles); provided, however, that if such Class or Tranche of Notes redeemed is of a Subordinated Class or Tranche of Notes, the
Servicer will not redeem such Notes if the provisions of the related Indenture Supplement would prevent the payment of such Subordinated Notes until a level of prefunding of the Principal Funding Accounts for the Senior Classes of Notes for that
Series has been reached such that the amount of such deficiency in the required subordination of a Senior Class of Notes is no longer required to provide subordination protection for the Senior Classes of that Series. 
 If the Servicer elects to redeem a Series, Class or Tranche of Notes, it will cause the Issuing Entity to notify the Holders of such redemption at least
30 days prior to the redemption date. Unless otherwise specified in the Indenture Supplement or Terms Document applicable to the Notes to be so redeemed, the redemption price of a Series, Class or Tranche so redeemed 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, the payment of which will be subject to the allocations,
deposits and payments sections of the related Asset Pool Supplement and Indenture Supplement. 
 If the Issuing Entity is unable to pay the
redemption price in full on the redemption date, monthly payments on such Series, Class or Tranche of Notes will thereafter be made until either the Outstanding Dollar Principal Amount of such Series, Class or Tranche, plus all accrued, unpaid and
additional interest, is paid in full or the Legal Maturity Date occurs, whichever is earlier, subject to Article V, Article VI and the allocations, deposits and payments sections of the related Indenture Supplement. Any funds in any Supplemental
Bank Account for a redeemed Tranche will be applied to make the principal and interest payments on that Tranche on the redemption date in accordance with the related Indenture Supplement. Principal payments on redeemed Tranches will be made in
accordance with the related Indenture Supplement. 
  

 95 

 Section 11.03 Notice. Promptly after the occurrence of any Early Amortization Event or a
redemption pursuant to Section 11.02, the Issuing Entity will notify the Indenture Trustee and the Note Rating Agencies in writing of the identity, Stated Principal Amount and Outstanding Dollar Principal Amount of the affected Series, Class or
Tranche of Notes to be redeemed. Notice of redemption will promptly be given as provided in Section 1.06. All notices of redemption will state (a) the date on which the redemption of the applicable Series, Class or Tranche of Notes
pursuant to this Article XI will begin, which will be the Principal Payment Date next following the end of the Monthly Period in which the applicable Early Amortization Event or redemption pursuant to Section 11.02 occurs, (b) the
repayment price for such Series, Class or Tranche of Notes and (c) the Series, Class or Tranche of Notes to be redeemed pursuant to this Article XI. 
 [END OF ARTICLE XI] 
  

 96 

 ARTICLE XII 
 MISCELLANEOUS 
 Section 12.01 No Petition. The Indenture Trustee, by entering into this Indenture,
each Derivative Counterparty, by accepting its rights as a third party beneficiary hereunder, each Supplemental Credit Enhancement Provider or Supplemental Liquidity Provider, as applicable, by accepting its rights as a third party beneficiary
hereunder, and each Noteholder, by accepting a Note, agrees, to the fullest extent permitted by applicable law, that it will not at any time institute against any Master Trust or the Issuing Entity, or join in any institution against any Master
Trust or the Issuing Entity of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating
to the Notes, this Indenture, any Derivative Agreement, any Supplemental Credit Enhancement Agreement and any Supplemental Liquidity Agreement. 
 Section 12.02 Trust Obligations. No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity on the Notes or under this 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). 
 Section 12.03 Limitations on
Liability. 
 (a) It is expressly understood and agreed by the parties hereto that (i) this Indenture is executed and
delivered by Chase USA not individually or personally but solely as Beneficiary, in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on the part of
the Issuing Entity is made and intended not as a personal representation, undertaking or agreement by Chase USA but is made and intended for the purpose of binding only the Issuing Entity, (iii) nothing herein contained will be construed as
creating any liability on Chase USA individually or personally, to perform any covenant of the Issuing Entity either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties to this Indenture and by
any Person claiming by, through or under them and (iv) under no circumstances will Chase USA be personally liable for the payment of any indebtedness or expenses of the Issuing Entity or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the Issuing Entity under this Indenture or any related documents. 
  

 97 

 (b) None of the Indenture Trustee, the Owner Trustee, Chase USA or any other beneficiary
of the Issuing Entity or any of their respective officers, directors, employers or agents will have any liability with respect to this Indenture, and recourse of any Noteholder may be had solely to the Collateral designated for inclusion in the
specific Asset Pool and pledged to secure the applicable Notes. 
 Section 12.04 Tax Treatment. The Issuing Entity and the Noteholders
agree that the Notes are intended to be debt for federal, state and local income and franchise tax purposes and agree to treat the Notes accordingly for all such purposes, unless otherwise required by a taxing authority. 
 Section 12.05 Actions Taken by the Issuing Entity. Any and all actions that are to be taken by the Issuing Entity may be taken by either the
Beneficiary or the Owner Trustee on behalf of the Issuing Entity. 
 Section 12.06 Alternate Payment Provisions. Notwithstanding any
provision of this Indenture or any of the Notes to the contrary, the Issuing Entity, with the written consent of the Indenture Trustee, may enter into any agreement with any Holder of a Note providing for a method of payment or notice that is
different from the methods provided for in this Indenture for such payments or notices. The Issuing Entity will furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee will cause payments or notices, as applicable,
to be made in accordance with such agreements. 
 Section 12.07 Termination of Issuing Entity. The Issuing Entity and the respective
obligations and responsibilities of the Indenture Trustee created hereby (other than the obligation of the Indenture Trustee to make payments to Noteholders as hereinafter set forth) shall terminate, except with respect to the duties described in
Section 12.08(b), as provided in the Trust Agreement. 
 Section 12.08 Final Distribution. 
 (a) The Servicer shall give the Indenture Trustee written notice of the Payment Date on which the Noteholders of any Series, Class or
Tranche may surrender their Notes for payment of the final distribution on and cancellation of such Notes at least 2 Business Days prior to the fifth day of the month in which the final distribution is to occur with respect to such Notes. Not later
than the fifth day of the month in which the final distribution in respect of such Series, Class or Tranche is payable to Noteholders, the Indenture Trustee shall provide notice to Noteholders of such Series, Class or Tranche specifying (i) the
date upon which final payment of such Series, Class or Tranche will be made upon presentation and surrender of Notes of such Series, Class or Tranche at the office or offices therein designated, (ii) the amount of any such final payment and
(iii) that the Record Date otherwise applicable to such payment date is not applicable, payments being made only upon presentation and surrender of such Notes at the office or offices therein specified (which, in the case of Bearer Notes, shall
be outside the United States). The Indenture Trustee shall give such notice to the Note Registrar and the Paying Agent at the time such notice is given to Noteholders. 
  

 98 

 (b) Notwithstanding a final distribution to the Noteholders of any Series, Class or
Tranche of Notes (or the termination of the Issuing Entity), except as otherwise provided in this clause, all funds then on deposit in any Bank Account allocated to such Noteholders shall continue to be held in trust for the benefit of such
Noteholders, and the Paying Agent or the Indenture Trustee shall pay such funds to such Noteholders upon surrender of their Notes, if certificated. In the event that all such Noteholders shall not surrender their Notes for cancellation within 6
months after the date specified in the notice from the Indenture Trustee described in paragraph (a), the Indenture Trustee shall give a second notice to the remaining such Noteholders to surrender their Notes for cancellation and receive the final
distribution with respect thereto (which surrender and payment, in the case of Bearer Notes, shall be outside the United States). If within one year after the second notice all such Notes shall not have been surrendered for cancellation, the
Indenture Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining such Noteholders concerning surrender of their Notes, and the cost thereof shall be paid out of the funds in the Collection
Account or any Supplemental Bank Account held for the benefit of such Noteholders. The Indenture Trustee and the Paying Agent shall pay to the Issuing Entity any monies held by them for the payment of principal or interest that remains unclaimed for
2 years. After payment to the Issuing Entity, Noteholders entitled to the money must look to the Issuing Entity for payment as general creditors unless an applicable abandoned property law designates another Person. 
 Section 12.09 Termination Distributions. Upon the termination of the Issuing Entity pursuant to the terms of the Trust Agreement, the Indenture
Trustee shall release, assign and convey to the Beneficiary or any of its designees, without recourse, representation or warranty, all of its right, title and interest in the Collateral designated for inclusion in an Asset Pool, whether then
existing or thereafter created, all monies due or to become due and all amounts received or receivable with respect thereto (including all moneys then held in any Bank Account) and all proceeds thereof, except for amounts held by the Indenture
Trustee pursuant to Section 12.08(b). The Indenture Trustee shall execute and deliver such instruments of transfer and assignment as shall be provided to it, in each case without recourse, as shall be reasonably requested by the Beneficiary to
vest in the Beneficiary or any of its designees all right, title and interest which the Indenture Trustee had in the Collateral and such other property designated for inclusion in an Asset Pool. 
 Section 12.10 Derivative Counterparty, Supplemental Credit Enhancement Provider and Supplemental Liquidity Provider as Third-Party Beneficiary.
Each Derivative Counterparty, Supplemental Credit Enhancement Provider and Supplemental Liquidity Provider is a third-party beneficiary of this Indenture to the extent specified in the applicable Derivative Agreement, Supplemental Credit Enhancement
Agreement, Supplemental Liquidity Agreement or Indenture Supplement. 
  

 99 

 Section 12.11 Notices. 
 (a) in the case of Issuing Entity, to: 
 Chase Issuance Trust 
 c/o Wilmington Trust Company 
 1100 North Market Street 
 Wilmington, Delaware 19890-1600 
 Attention: Corporate Trust Administration 
 Fax: (302) 636-6119 
 with a copy to: 
 Chase Bank USA, National Association 
 201 North Walnut Street 
 Wilmington, Delaware 19801 
 Attention: Patricia M. Garvey 
 Fax: (302) 282-7634 
 with a copy to: 
 JPMorgan Chase & Co. 
 1 Bank One Plaza, Suite IL1 0460 
 Chicago, Illinois 60670 
 Attention: Stephen R. Etherington 
 Fax: (312) 732-3366 
 (b) in the case of the Indenture Trustee, to: 
 Wells Fargo Bank, National Association

 6th & Marquette 
 MAC N9311-161 
 Minneapolis, Minnesota 55479 
 Attention: Corporate Trust Services Asset Backed Administration 
 Fax: (612) 667-3464 
 Section 12.12 No Asset Pool Other Than Asset Pool One. Notwithstanding anything to the contrary herein or in any other Transaction Document (as such term is defined in the Transfer and Servicing Agreement), there shall be no Asset
Pool other than Asset Pool One designated or established pursuant to any of the Transaction Documents. 
 [END OF ARTICLE XII] 
  

 100 

 ARTICLE XIII 
 COMPLIANCE WITH REGULATION AB 
 Section 13.01 Intent of Parties; Reasonableness. The Issuing Entity
and the Indenture Trustee acknowledge and agree that the purpose of this Article XIII is to facilitate compliance by the Transferor with the provisions of Regulation AB and related rules and regulations of the Commission. The Transferor shall not
exercise its right to request delivery of information or other performance under these provisions other than in good faith, or for purposes other than the Transferor’s compliance with the Securities Act, the Securities Exchange Act and the
rules and regulations of the Commission thereunder (or the provision in a private offering of disclosure comparable to that required under the Securities Act). The Indenture Trustee agrees to cooperate in good faith with any reasonable request by
the Transferor for information regarding the Indenture Trustee which is required in order to enable the Transferor to comply with the provisions of Regulation AB, including, without limitation, Items 1103(a)(1), 1109(a), 1109(b), 1117, 1118, 1119
and 1122 of Regulation AB as it relates to the Indenture Trustee or to the Indenture Trustee’s obligations under this Indenture or any other Transaction Document. 
 Section 13.02 Additional Representations and Warranties of the Indenture Trustee. The Indenture Trustee shall be deemed to represent to the Transferor, as of the date on which information is provided to the
Transferor under Section 13.03 that, except as disclosed in writing to the Transferor prior to such date to the best of its knowledge: (i) neither the execution, delivery and performance by the Indenture Trustee of this Indenture or any
other Transaction Document, the performance by the Indenture Trustee of its obligations under this Indenture or any other Transaction Document nor the consummation of any of the transactions by the Indenture Trustee contemplated thereby, is in
violation of any indenture, mortgage, bank credit agreement, note or bond purchase agreement, long-term lease, license or other agreement or instrument to which the Indenture Trustee is a party or by which it is bound, which violation would have a
material adverse effect on the Indenture Trustee’s ability to perform its obligations under this Indenture or any other Transaction Document, or of any judgment or order applicable to the Indenture Trustee; and (ii) there are no
proceedings pending or threatened against the Indenture Trustee in any court or before any governmental authority, agency or arbitration board or tribunal which, individually or in the aggregate, would have a material adverse effect on the right,
power and authority of the Indenture Trustee to enter into this Indenture or any other Transaction Document or to perform its obligations under this Indenture or Transaction Document. 
 Section 13.03 Information to be Provided by the Indenture Trustee. 
 The Indenture Trustee shall provide such information regarding the Indenture Trustee as is required for the purpose of compliance with Items 1103(a)(1), 1109(a), 1109(b), 1117, 1118 and 1119 of Regulation AB (or for
any private offering 

  

 101 

 
utilizing an offering document disclosure comparable to that required under the Securities Act) in the form of a certificate signed by an authorized officer
of the Indenture Trustee at the time of the offering of any new Notes issued by the Issuing Entity in the form attached hereto as Exhibit E, or such other form as may mutually be agreed upon. 
 The Indenture Trustee shall provide to the Transferor, in writing, any updates to the information regarding the Indenture Trustee as is required for the
purpose of compliance with Items 1109(a), 1109(b), 1117, 1118 and 1119 of Regulation AB, and as promptly as practicable following notice to or discovery by the Indenture Trustee of any changes to such information. 
 The Indenture Trustee’s obligations to provide disclosure required by Item 1119 of Regulation AB pursuant to this Section 13.03 shall be
deemed satisfied if the Indenture Trustee provides a description of any affiliation or material relationship between (a) the Indenture Trustee, on the one hand, and (b) those parties to the Securitization Transaction as are identified by
the Transferor in writing, on the other. 
 Section 13.04 Report on Assessment of Compliance and Attestation; Annual Certification.

 (a) On or before March 1 of each calendar year, commencing in 2007, the Indenture Trustee shall: 
 (i) deliver to the Transferor a report regarding the Indenture Trustee’s assessment of compliance with the Servicing Criteria during
the immediately preceding calendar year, as required under Rules 13a-18 and 15d-18 of the Securities Exchange Act and Item 1122 of Regulation AB. Such report shall be addressed to the Transferor and signed by an authorized officer of the
Indenture Trustee, and shall address each of the Servicing Criteria specified in Exhibit D, as may be amended from time to time by the parties hereto; 
 (ii) deliver to the Transferor a report of a registered public accounting firm reasonably acceptable to the Transferor that attests to,
and reports on, the assessment of compliance made by the Indenture Trustee and delivered pursuant to the preceding paragraph. Such attestation shall be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and
the Securities Exchange Act; and 
 (iii) deliver to the Transferor and any other Person that will be responsible for signing
the Sarbanes Certification on behalf of the Issuing Entity or the Transferor with respect to a Securitization Transaction a certification in the form attached hereto as Exhibit C, or such other form as may mutually be agreed upon. 

(b) The Indenture Trustee acknowledges that the parties identified in clause (iii) above may rely on the certification provided by
the Indenture 

  

 102 

 
Trustee pursuant to such clause in signing a Sarbanes Certification and filing such with the Commission. 
 (c) Within thirty (30) days of receipt, the Transferor shall provide a copy of all reports prepared and delivered pursuant to this
Section 13.04 to each Note Rating Agency. 
 [END OF ARTICLE XIII] 
  

 103 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed 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/ Patricia M. Garvey

		 	 Name: Patricia M. Garvey

		 	 Title:   Vice President

  
  

			
	 WELLS FARGO BANK,
 NATIONAL ASSOCIATION, as Indenture Trustee and not in its individual capacity

		
	By:	 	 /s/ Cheryl Zimmerman

		 	 Name: Cheryl Zimmerman

		 	 Title:   Assistant Vice President

  

			
	 Acknowledged and Accepted:
  
 CHASE BANK USA, NATIONAL ASSOCIATION,
 as Servicer

		
	By:	 	 /s/ Patricia M. Garvey

		 	 Name: Patricia M. Garvey

		 	 Title:   Vice President

 Exhibit A 
 FORM OF INVESTMENT LETTER 
 [Date] 
 Wells Fargo Bank, 
 National Association, 
 as Indenture Trustee, 
 Sixth & Marquette 
 MAC N9311-161 
 Minneapolis, Minnesota 55479 
 Attention: Corporate Trust Services Asset Backed Administration 
 Chase Issuance Trust 
 c/o Chase Bank USA, National Association, as Beneficiary 
 201 North Walnut Street

 Wilmington, Delaware 19801 
 Attention: Patricia M. Garvey 
 Fax: (302) 282-6605 
  

	 	Re:	Purchase of $                         principal amount
of Chase Issuance Trust, Series [•], Class [•] Notes 

 Ladies and Gentlemen: 
 In connection with our purchase of the above Notes (the “Notes”) we confirm that: 
 (1) We understand that the Notes are not being registered under the Securities Act of 1933, as amended (the “Securities Act”), and are being
sold to us in a transaction that is exempt from the registration requirements of the Securities Act. 
 (2) Any information we desire
concerning the Notes or any other matter relevant to our decision to purchase the Notes is or has been made available to us. 
 (3) We have
such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Notes, and we (and any account for which we are purchasing under paragraph (4) below) are able to bear
the economic risk of an investment in the Notes. We (and any account for which we are purchasing under paragraph (iv) below) are an “accredited investor” (as such term is defined in Rule 501(a)(1), (2) or (3) of Regulation D
under the Securities Act). 
 (4) We are acquiring the Notes for our own account or for accounts as to which we exercise sole investment
discretion and not with a view to any distribution of the 

  

 A-1 

 
Notes, subject, nevertheless, to the understanding that the disposition of our property shall at all times be and remain within our control. 
 (5) We agree that the Notes must be held indefinitely by us unless subsequently registered under the Securities Act or an exemption from any registration
requirements of the Securities Act and any applicable state securities law is available. 
 (6) We agree that in the event that at some
future time we wish to dispose of or exchange any of the Notes (such disposition or exchange not being currently foreseen or contemplated), we will not transfer or exchange any of the Notes unless: 
 (a) (i) the sale is of at least U.S. $250,000 principal amount of Notes to an Eligible Purchaser (as defined below), (ii) a
letter to substantially the same effect as paragraphs (1), (2), (3), (4), (5) and (6) of this letter is executed promptly by the purchaser and (3) all offers or solicitations in connection with the sale, whether directly or through
any agent acting on our behalf, are limited only to Eligible Purchasers and are not made by means of any form of general solicitation or general advertising whatsoever; or 
 (b) the Notes are transferred pursuant to Rule 144 under the Securities Act by us after we have held them for more than two years; or

 (c) the Notes are sold in any other transaction that does not require registration under the Securities Act and, if the
Issuing Entity, the Servicer, the Indenture Trustee or the Note Registrar so requests, we theretofore have furnished to such party an opinion of counsel satisfactory to such party, in form and substance satisfactory to such party, to such effect; or

 (d) the Notes are transferred pursuant to an exception from the registration requirements of the Securities Act under Rule
144A under the Securities Act; and 
 (7) We understand that the Notes will bear a legend to substantially the following effect: 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS NOTE NOR ANY PORTION
HEREOF MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION PROVISIONS OF THE SECURITIES ACT AND ANY APPLICABLE PROVISIONS OF ANY STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM SUCH PROVISIONS. THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN CONDITIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN. 
  

 A-2 

 This legend may be removed if the Issuing Entity, the Indenture Trustee and the Note Registrar have
received an opinion of counsel, in form and substance satisfactory to them, to the effect that the legend may be removed. 
 “Eligible
Purchaser” means either an Eligible Dealer or a corporation, partnership or other entity which we have reasonable grounds to believe and do believe can make representations with respect to itself to substantially the same effect as the
representations set forth herein. “Eligible Dealer” means any corporation or other entity the principal business of which is acting as a broker and/or dealer in securities. Capitalized terms used but not defined herein shall have the
meanings given to such terms in the Second Amended and Restated Indenture, dated as of March 14, 2006, between the Chase Issuance Trust and Wells Fargo Bank, National Association, as indenture trustee. 
  

			
	 Very truly yours,

	
	  
	 (Name of Purchaser)

		
	 By:
	 	  
		 	 (Authorized officer)

  

 A-3 

 Exhibit B-1 
 FORM OF CLEARANCE SYSTEM CERTIFICATE 
 TO BE GIVEN TO THE INDENTURE TRUSTEE BY 
 EUROCLEAR OR CLEARSTREAM, LUXEMBOURG FOR 
 DELIVERY OF DEFINITIVE NOTES IN EXCHANGE FOR A PORTION OF A 
 TEMPORARY GLOBAL NOTE 
 CHASE ISSUANCE TRUST, 
 Series [•], Class [•] Notes 
 [Insert title or sufficient description of Notes to be delivered] 
 We refer to that portion of the Temporary Global Note in respect of the Series [•], Class [•] Notes to be exchanged for definitive Notes (the “Submitted Portion”) pursuant to this certificate (the “Notes”) as
provided in the Indenture, dated as of March 14, 2006 (as amended and supplemented, the “Indenture”), in respect of such issue. This is to certify that (i) we have received a certificate or certificates, in writing or by tested
telex, with respect to each of the persons appearing in our records as being entitled to a beneficial interest in the Submitted Portion and with respect to such person’s beneficial interest either (a) from such person, substantially in the
form of Exhibit [•]-[•] to the Indenture Supplement, or (b) from __________, _____, substantially in the form of Exhibit [•]-[•] to the Indenture Supplement, and (ii) the Submitted Portion includes no part of the
Temporary Global Note excepted in such certificates. 
 We further certify that as of the date hereof we have not received any notification
from any of the persons giving such certificates to the effect that the statements made by them with respect to any part of the Submitted Portion are no longer true and cannot be relied on as of the date hereof. 
 We understand that this certificate is required in connection with certain securities and tax laws in the United States of America. If administrative or
legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate or a copy hereof to any interested party in such proceedings. 
 Dated: __________, _____, 
 [as operator
of the Euroclear System] 
 [Clearstream, Luxembourg] 
  

			
	By	 	  

  

 B-1-1 

 Exhibit B-2 
 FORM OF CERTIFICATE TO BE DELIVERED TO 
 EUROCLEAR OR CLEARSTREAM, LUXEMBOURG 
 BY [•] WITH RESPECT TO REGISTERED NOTES SOLD TO QUALIFIED 
 INSTITUTIONAL BUYERS 
 CHASE ISSUANCE TRUST, 
 Series [•], Class [•] Notes 
 In connection with the initial issuance and placement of the Series
[•], Class [•] Notes (the “Notes”), an institutional investor in the United States (an “institutional investor”) is purchasing [U.S.$/(pound)/(U)/SF] aggregate principal amount of the Notes hold in our account at
[                                        
                                        
                                    ], as operator of the Euroclear
System [Clearstream, Luxembourg] on behalf of such investor. 
 We reasonably believe that such institutional investor is a qualified
institutional buyer as such term is defined under Rule 144A of the Securities Act of 1933, as amended. 
 [We understand that this
certificate is required in connection with United States laws. We irrevocably authorize you to produce this certificate or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the
matters covered by this certificate.] 
 The Definitive Notes in respect of this certificate are to be issued in registered form in the
minimum denomination of [U.S.$/(pound)/(U)/SF] and such Definitive Notes (and, unless the Indenture or Terms Document relating to the Notes otherwise provides, any Notes issued in exchange or substitution for or on registration of transfer of Notes)
shall bear the following legend: 
 “THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933. NEITHER THIS NOTE
NOR ANY PORTION HEREOF MAY BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR TO U.S. PERSONS (EACH AS DEFINED HEREIN), EXCEPT IN COMPLIANCE WITH THE REGISTRATION PROVISIONS OF SUCH ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM
SUCH REGISTRATION PROVISIONS. THE TRANSFER OF THIS NOTE IS SUBJECT TO CERTAIN CONDITIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN. THIS NOTE CANNOT BE EXCHANGED FOR A BEARER NOTE.” 
 Dated: __________, _____, 
  

			
	[                                       
             ]
		
	By:	 	  
		 	 Authorized Officer

  

 B-2-1 

 Exhibit B-3 
 FORM OF CERTIFICATE TO BE DELIVERED 
 TO EUROCLEAR OR CLEARSTREAM, LUXEMBOURG 
 BY A BENEFICIAL OWNER OF NOTES, 
 OTHER THAN A
QUALIFIED INSTITUTIONAL BUYER 
 CHASE ISSUANCE TRUST, 
 Series
[•], Class [•] Notes 
 This is to certify that as of the date hereof and except as provided in the third paragraph hereof, the
Series [•], Class [•] Notes held by you for our account (the “Notes”) (i) are owned by a person that is a United States person, or (ii) are owned by a United States person that is (A) the foreign branch of a United
States financial institution (as defined in U.S. Treasury Regulations Section 1.165-12(c)(1)(v)) (a “financial institution”) purchasing for its own account or for resale, or (B) a United States person who acquired the Notes
through the foreign branch of a financial institution and who holds the Notes through the financial institution on the date hereof (and in either case (A) or (B), the financial institution hereby agrees to comply with the requirements of
Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (iii) are owned by a financial institution for purposes of resale during the Restricted Period (as defined in
U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)). In addition, financial institutions described in clause (iii) of the preceding sentence (whether or not also described in clause (i) or (ii)) certify that they have not
acquired the Notes for purposes of resale directly or indirectly to a United States person or to a person within the United States or its possessions. 
 We undertake to advise you by tested telex if the above statement as to beneficial ownership is not correct on the date of delivery of the Notes in bearer form with respect to such of the Notes as then appear in your
books as being held for our account. 
 This certificate excepts and does not relate to [U.S.$/(pound)/(U)/SF] principal amount of Notes held
by you for our account, as to which we are not yet able to certify beneficial ownership. We understand that delivery of Definitive Notes in such principal amount cannot be made until we are able to so certify. 
 We understand that this certificate is required in connection with certain securities and tax laws in the United States of America. If administrative or
legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate or a copy hereof to any interested party in such proceedings. As used herein,
“United States” means the United States of America, including the States and the District of Columbia, its territories, its possessions and other areas subject to its jurisdiction; and “United States person” means a citizen or
resident of the United States, a corporation, partnership or other entity created or organized in or under the laws of the United States, or any political subdivision thereof, 

  

 B-3-1 

 
or an estate or trust the income of which is subject to United States federal income taxation regardless of its source. 
 Dated: __________, _____ 
  

			
		
	By:	 	  
		 	 Name:

		 	 Title:

 As, or as agent for, the beneficial owner(s) of the interest in the Notes to which this
certificate relates. 
  

 B-3-2 

 Exhibit C 
 FORM OF ANNUAL CERTIFICATION 
  

	 	Re:	SECOND AMENDED AND RESTATED INDENTURE, dated as of March 14, 2006 (the “Agreement”), by and between Chase Issuance Trust, a Delaware statutory trust, as
issuing entity (the “Issuing Entity”) and Wells Fargo Bank, National Association, a national banking association, as indenture trustee (the “Indenture Trustee”) 

 I, ________________________________, the _______________________ of the Indenture Trustee, certify to the Transferor, and its officers, with the
knowledge and intent that they will rely upon this certification, that: 
 (1) I have reviewed the report on assessment of the
Indenture Trustee’s compliance provided in accordance with Rules 13a-18 and 15d-18 under the Securities Exchange Act of 1934, as amended (the “Securities Exchange Act”) and Item 1122 of Regulation AB (17 CFR
§229.1100, et seq.) (the “Servicing Assessment”), and the registered public accounting firm’s attestation report provided in accordance with Rules 13a-18 and 15d-18 under the Securities Exchange Act and
Section 1122(b) of Regulation AB (the “Attestation Report”) that were delivered by the Indenture Trustee to the Transferor pursuant to the Agreement (collectively, the “Indenture Trustee Information”);

 (2) To the best of my knowledge, the Indenture Trustee Information, taken as a whole, does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period of time covered by the Indenture Trustee
Information; 
 (3) To the best of my knowledge, all of the Indenture Trustee Information required to be provided by the
Indenture Trustee under the Agreement has been provided to the Transferor; and 
 (4) To the best of my knowledge, except as
disclosed in the Servicing Assessment or the Attestation Report, the Indenture Trustee has fulfilled its obligations under the Agreement. 
  

			
	 Date: _________________________

		
	By:	 	  
		 	 Name:

		 	 Title:

  

 C-1 

 Exhibit D 
 SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE 
 The assessment of compliance to be
delivered by the Indenture Trustee shall address, at a minimum, the criteria identified below as “Applicable Servicing Criteria”: 
  

					
	 Servicing
Criteria
	  	 Applicable Servicing
 Criteria

	 Reference
	  	 Criteria
	  
	
	General Servicing Considerations
			
	 1122(d)(1)(i)
	  	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	  	
			
	 1122(d)(1)(ii)
	  	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing
activities.	  	 ü

			
	 1122(d)(1)(iii)
	  	Any requirements in the transaction agreements to maintain a back-up servicer for the credit card accounts or accounts are maintained.	  	
			
	 1122(d)(1)(iv)
	  	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and
otherwise in accordance with the terms of the transaction agreements.	  	
	
	Cash Collection and Administration
			
	 1122(d)(2)(i)
	  	Payments on credit card accounts are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other
number of days specified in the transaction agreements.	  	 ü

			
	 1122(d)(2)(ii)
	  	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	  	 ü

			
	 1122(d)(2)(iii)
	  	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the
transaction agreements.	  	
			
	 1122(d)(2)(iv)
	  	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling
of cash) as set forth in the transaction agreements.	  	
			
	 1122(d)(2)(v)
	  	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository
institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	  	
			
	 1122(d)(2)(vi)
	  	Unissued checks are safeguarded so as to prevent unauthorized access.	  	
			
	 1122(d)(2)(vii)
	  	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations (A)
are mathematically accurate; (B) are prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) are reviewed and approved by someone other than the person who
prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction
agreements.	  	

  

 D-1 

					
	 Servicing
Criteria
	  	Applicable Servicing
Criteria
	 Reference
	  	 Criteria
	  
	
	Investor Remittances and Reporting
			
	 1122(d)(3)(i)
	  	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such
reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the
Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of credit card accounts serviced by the Servicer.	  	
			
	 1122(d)(3)(ii)
	  	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	  	ü
			
	 1122(d)(3)(iii)
	  	Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.	  	ü
			
	 1122(d)(3)(iv)
	  	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	  	ü
	
	Pool Asset Administration
			
	 1122(d)(4)(i)
	  	Collateral or security on pool assets is maintained as required by the transaction agreements or related asset pool documents.	  	ü1
			
	 1122(d)(4)(ii)
	  	Pool assets and related documents are safeguarded as required by the transaction agreements.	  	ü2
			
	 1122(d)(4)(iii)
	  	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	  	
			
	 1122(d)(4)(iv)
	  	Payments on credit card accounts, including any payoffs, made in accordance with the related credit card accounts documents are posted to the Servicer’s obligor records maintained no more
than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related asset pool documents.	  	
			
	 1122(d)(4)(v)
	  	The Servicer’s records regarding the accounts and the accounts agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.	  	
			
	 1122(d)(4)(vi)
	  	Changes with respect to the terms or status of an obligor’s account (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the
transaction agreements and related pool asset documents.	  	
			
	 1122(d)(4)(vii)
	  	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and
concluded in accordance with the timeframes or other requirements established by the transaction agreements.	  	
			
	 1122(d)(4)(viii)
	  	Records documenting collection efforts are maintained during the period an Account is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly
basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent Accounts including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency
is deemed temporary (e.g., illness or unemployment).	  	
			
	 1122(d)(4)(ix)
	  	Adjustments to interest rates or rates of return for Accounts with variable rates are computed based on the related Account documents.	  	

	1	With regard to the First USA Credit Card Master Trust and Chase Credit Card Master Trust collateral certificates. 

  

	2	With regard to the First USA Credit Card Master Trust and Chase Credit Card Master Trust collateral certificates. 

  

 D-2 

					
	 Servicing
Criteria
	  	 Applicable Servicing
Criteria

	 Reference
	  	 Criteria
	  
			
	 1122(d)(4)(x)
	  	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s Account documents, on at least an annual basis, or
such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable Account documents and state laws; and (C) such funds are returned to the obligor within 30 calendar
days of full repayment of the related Accounts, or such other number of days specified in the transaction agreements.	  	
			
	 1122(d)(4)(xi)
	  	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such
payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	  	
			
	 1122(d)(4)(xii)
	  	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was
due to the obligor’s error or omission.	  	
			
	 1122(d)(4)(xiii)
	  	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction
agreements.	  	
			
	 1122(d)(4)(xiv)
	  	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	  	
			
	 1122(d)(4)(xv)
	  	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	  	

  

			
	WELLS FARGO BANK, NATIONAL
	 ASSOCIATION, as Indenture Trustee

		
	 Date:
	 	  
		
	 By:
	 	  
		 	 Name:

		 	 Title:

  

 D-3 

 Exhibit E 
 FORM OF 
 CHASE ISSUANCE TRUST 
 INDENTURE TRUSTEE’S CERTIFICATE 
 [            ] [    ], 20[    ] 
 Reference is hereby made to the SECOND AMENDED AND RESTATED INDENTURE, dated as of March 14, 2006, by and between CHASE ISSUANCE TRUST (formerly known as the Bank One Issuance Trust), a Delaware statutory trust (the “Issuing
Entity”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as indenture trustee (the “Indenture Trustee”) and collateral agent. 
 In connection with transactions contemplated by a Terms Agreement, dated as of [            ]
[    ], 20[    ], incorporating an Underwriting Agreement, dated as of [            ] [    ], 20[    ]
(together, the “Underwriting Agreement”), by and among the underwriter (the “Underwriter”), Chase Bank USA, National Association (formerly known as Chase Manhattan Bank USA, National Association, the
“Bank”), a national banking association and the Issuing Entity, relating to the sale by the Issuing Entity to the Underwriter of
$[                    ] in aggregate principal amount of Class [ ](20[    ]- [    ]) Notes (the
“Class [ ](20[    ]- [    ]) Notes”), the undersigned, an authorized officer of the Indenture Trustee, hereby certifies the following: 
 1. The information provided by the Indenture Trustee in the prospectus, dated [            ]
[    ], 20[    ] (the “Initial Base Prospectus”), relating to the offering of the notes of the Issuing Entity in the form filed with the Securities and Exchange Commission (the
“Commission”) pursuant to Rule 424(b) of the General Rules and Regulations (the “Rules and Regulations”) under the Securities Act of 1933, as amended (the “Securities Act”), as excerpted in
Schedule A hereto, is true and accurate in all material respects. 
 2. The information provided by the Indenture Trustee in the final
prospectus, dated [            ] [    ], 20[    ] (the “Final Base Prospectus”), relating to the offering of the notes of the
Issuing Entity in the form filed with the Commission pursuant to Rule 424(b) of the Rules and Regulations under the Securities Act, as excerpted in Schedule B hereto, is true and accurate in all material respects. 
 3. There are no legal proceedings pending or known to be contemplated against the Indenture Trustee or against any property of the Indenture Trustee,
that would be material to security holders of the Class [ ](20[    ]- [    ]) Notes. 
 4. There are
no governmental proceedings pending or known to be contemplated against the Indenture Trustee or against any property of the Indenture Trustee, that would be material to security holders of the Class [ ](20[    ]-
[    ]) Notes. 
  

 E-1 

 5. There are no affiliations, relationships and/or related transactions that would be material to
security holders of the Class [ ](20[ ]- [ ]) Notes with any of the following: 
  

	 	(a)	the Bank; 

  

	 	(b)	Wilmington Trust Company; 

  

	 	(c)	The Bank of New York[;]/[; and] 

  

	 	(d)	The Bank of New York (Delaware)[.]/[; and 

  

	 	(e)	any enhancement or support provider.]1

	1	If applicable, the Transferor shall inform the Indenture Trustee of the identity of any enhancement or support provider; otherwise (e) is deleted.

  

 E-2 

 IN WITNESS WHEREOF, I have executed this certificate as of the date hereinabove set forth. 
  

			
	 WELLS FARGO BANK,

	 NATIONAL ASSOCIATION

		
	By:	 	  
		 	 Name:

		 	 Title:

  

 E-3 

 Schedule A 
  

	1.	Page [    ] of Initial Base Prospectus 

 [DESCRIPTION OF WELLS FARGO BANK, NATIONAL ASSOCIATION] 
  

	2.	Page [    ] of Initial Base Prospectus 

 [DESCRIPTION OF WELLS FARGO BANK, NATIONAL ASSOCIATION] 
  

 E-4 

 Schedule B 
  

	1.	Page [    ] of Final Base Prospectus 

 [DESCRIPTION OF WELLS FARGO BANK, NATIONAL ASSOCIATION] 
  

	2.	Page [    ] of Final Base Prospectus 

 [DESCRIPTION OF WELLS FARGO BANK, NATIONAL ASSOCIATION] 
  

 E-5

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