Document:

Contribution Agreement

 Exhibit 10.2 
 EXECUTION COPY 
 CONTRIBUTION AGREEMENT 
 By and Among, 
 PENN VIRGINIA
RESOURCE LP CORP., 
 PENN VIRGINIA RESOURCE GP, LLC, 
 KANAWHA RAIL CORP., 
 PENN VIRGINIA RESOURCE GP CORP., 
 and 
 PENN VIRGINIA GP HOLDINGS,
L.P. 
 Dated as of December 8, 2006 

 TABLE OF CONTENTS 
  

					
	ARTICLE I	  	
	DEFINITIONS	  	
		
	ARTICLE II	  	
	CONTRIBUTION AND DISTRIBUTION TRANSACTIONS	  	
			
	Section 2.1	  	Distribution of the LTIP Units	  	3
	Section 2.2	  	Contribution of Interest in PVR GP LLC by PVR GP Corp.	  	3
	Section 2.3	  	Contribution of Interests in the MLP by PVR LP Corp and Kanawha	  	4
	Section 2.4	  	Public Cash Contribution	  	4
	Section 2.5	  	Payment of Transaction Expenses by PVG	  	4
	Section 2.6	  	Issuance of New Certificates	  	4
	Section 2.7	  	Certificate Legend	  	4
		
	ARTICLE III	  	
	ADDITIONAL TRANSACTIONS	  	
			
	Section 3.1	  	Over-Allotment Option	  	5
	Section 3.2	  	Purchase of Additional Interests in the MLP by PVG	  	5
		
	ARTICLE IV	  	
	REPRESENTATIONS AND WARRANTIES	  	
			
	Section 4.1	  	Representations and Warranties of PVR GP Corp, PVR LP Corp and Kanawha	  	5
		
	ARTICLE V	  	
	FURTHER ASSURANCES	  	
		
	ARTICLE VI	  	
	EFFECTIVE TIME	  	
		
	ARTICLE VII	  	
	INDEMNIFICATION	  	
			
	Section 7.1	  	Indemnification by the Penn Virginia Parties	  	7
	Section 7.2	  	Indemnification by PVG	  	8
	Section 7.3	  	Indemnification Procedure	  	8
		
	ARTICLE VIII	  	
	MISCELLANEOUS	  	
			
	Section 8.1	  	Order of Completion of Transactions	  	9
	Section 8.2	  	Costs	  	9
	Section 8.3	  	Headings; References; Interpretation	  	9
	Section 8.4	  	Successors and Assigns	  	10

					
	 Section 8.5
	  	No Third Party Rights	  	10
	 Section 8.6
	  	Counterparts	  	10
	 Section 8.7
	  	Governing Law	  	10
	 Section 8.8
	  	Severability	  	10
	 Section 8.9
	  	Amendment or Modification	  	10
	 Section 8.10
	  	Integration	  	10
	 Section 8.11
	  	Deed; Bill of Sale; Assignment	  	11

 CONTRIBUTION AND CONVEYANCE AGREEMENT 
 This Contribution and Conveyance Agreement, dated as of December 8, 2006 (this “Contribution Agreement”), is by and among PENN
VIRGINIA RESOURCE LP CORP., a Delaware corporation (“PVR LP Corp”), PENN VIRGINIA RESOURCE GP, LLC, a Delaware limited liability company (“PVR GP LLC”), KANAWHA RAIL CORP., a Virginia corporation
(“Kanawha”), PENN VIRGINIA GP HOLDINGS, L.P., a Delaware limited partnership (“PVG”), and PENN VIRGINIA RESOURCE GP CORP., a Delaware corporation (“PVR GP Corp”). The above-named entities are
sometimes referred to in this Contribution Agreement each as a “Party” and collectively as the “Parties.” Capitalized terms used herein shall have the meanings assigned to such terms in Section 1.1. 

W I T N E S S E T H: 
 WHEREAS, PVR GP Corp owns a 100% interest in PVR GP LLC, the general partner of Penn Virginia Resource Partners, L.P. (the “MLP”); 
 WHEREAS, the PVR GP LLC owns 306,327 common units representing limited partner interests in the MLP (the “LTIP Units”) and the 2.0% general partner interest in the MLP and the incentive
distribution rights in the MLP; 
 WHEREAS, PVR LP Corp owns 14,074,682 common units representing limited partner interests in the
MLP; 
 WHEREAS, Kanawha owns 1,050,612 common units representing limited partner interests in the MLP; 
 WHEREAS, PVR GP Corp and PVR LP Corp have formed PVG pursuant to the terms of the Delaware Revised Uniform Limited Partnership Act (the
“Delaware LP Act”) for the purpose of facilitating the Offering; 
 WHEREAS, PVR GP Corp., PVR LP Corp and Kanawha
desire to transfer the economic benefits of their existing ownership interests in the MLP GP and the MLP to PVG in order to promote the long-term growth opportunities of the Parties; 
 WHEREAS, in order to accomplish the objectives and purposes in the preceding recital, each of the following actions has been taken prior to the
date hereof: 
  

	 	1.	PVR GP Corp has formed PVG GP, LLC ( “PVG GP”) pursuant to the terms of the Delaware LLC Act and contributed $1,000 to PVG GP in exchange for all of the member
interests in PVG GP. 

  

	 	2.	PVR GP Corp and PVR LP Corp have formed PVG pursuant to the terms of the Delaware LP Act and PVR GP Corp contributed $100 to PVG in exchange for a noneconomic general partner
interest in PVG and PVR LP Corp contributed $900 to PVG in exchange for a 100% limited partner interest in PVG. 

  

	 	3.	PVR GP Corp has conveyed its noneconomic general partner interest in PVG to PVG GP. 

 WHEREAS, concurrently with the consummation of the transactions contemplated hereby, each of the following shall occur: 
  

	 	4.	PVR GP LLC will distribute (a) the LTIP Units and (b) all of the net intercompany receivables as of the date hereof to PVR GP Corp. 

  

	 	5.	PVR GP Corp will contribute 100% of the interests in PVR GP LLC to PVG in exchange for 11,317,501 PVG Common Units, representing a 29.5% limited partner interest in PVG.

  

	 	6.	PVR LP Corp will contribute its 14,074,682 common units representing the limited partner interest in the MLP to PVG in exchange for 19,362,198 PVG Common Units, representing a 50.4%
limited partner interest in PVG. 

  

	 	7.	Kanawha will contribute its 1,050,612 common units representing the limited partner interest in the MLP to PVG in exchange for 1,445,301 PVG Common Units, representing a 3.8%
limited partner interest in PVG. 

  

	 	8.	In connection with the Offering, the public, through the Underwriters, will contribute $116,550,000 in cash less the Underwriters’ discounts and commissions of $6,993,000 (the
“Spread”) and a structuring fee of $582,750 to PVG in exchange for 6,300,000 PVG Common Units, representing a 16.4% limited partner interest in PVG. 

  

	 	9.	PVG will (a) pay transaction expenses of approximately $9.5 million (exclusive of the Spread), (b) retain $2.5 million for general partnership purposes and (c) use
the balance of the proceeds of the Offering to purchase from the MLP, pursuant to the Units Purchase Agreement, common units and Class B units representing limited partner interests in the MLP. 

 NOW, THEREFORE, in consideration of the mutual covenants, representations, warranties and agreements herein contained, the parties hereto
agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 The terms set forth below in this Article I shall have the meanings ascribed to them below or in the
part of this Contribution Agreement referred to below: 
 “Business Day” means any day other than a Saturday, a Sunday or any
other day when banks are not open for business generally in the State of Delaware. 
 “Commission” means the U.S. Securities
and Exchange Commission. 
  

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 “Closing” means the closing of the transactions contemplated pursuant to this
Contribution Agreement. 
 “Delaware LLC Act” means the Limited Liability Company Act of the State of Delaware, as amended
and any successor to such act. 
 “Delaware LP Act” means the Delaware Revised Uniform Limited Partnership Act, as amended
and any successor to such act. 
 “Effective Time” means immediately prior to the closing of the Offering pursuant to the
Underwriting Agreement. 
 “Offering” means the initial public offering of the PVG Common Units contemplated by the
Registration Statement. 
 “Person” means an individual, corporation, partnership (limited or general), limited liability
company, trust, joint stock company, Governmental Authority, unincorporated association or other legal entity. 
 “PVG Common
Units” means the common units representing limited partner interests in PVG. 
 “Registration Statement” means the
Registration Statement on Form S-1 filed with the Commission (Registration No. 333-135686). 
 “Securities Act” means
the Securities Act of 1933, as amended. 
 “Underwriters” means those underwriters listed in the Underwriting Agreement
between Lehman Brothers Inc. and UBS Securities LLC, as representatives of the Underwriters, PVG GP and PVG dated as of December 4, 2006. 
 “Units Purchase Agreement” means the Units Purchase Agreement, dated December 4, 2006, between PVG and the MLP. 
 ARTICLE II 
 CONTRIBUTION AND DISTRIBUTION TRANSACTIONS 
 Section 2.1 Distribution of the LTIP Units. PVR GP LLC hereby distributes, grants, contributes, bargains, assigns, transfers, sets over and
delivers to PVR GP Corp, its successors and assigns, for its and their own use forever, (a) the LTIP Units and (b) all of the net intercompany receivables as of the date hereof, and PVR GP Corp accepts such LTIP units and intercompany
receivables. 
 Section 2.2 Contribution of Interest in PVR GP LLC by PVR GP Corp. PVR GP Corp hereby grants, contributes,
bargains, assigns, transfers, sets over and delivers to PVG, its successors and assigns, for its and their own use forever, a 100% membership interest in the PVR GP LLC (the “Transferred MLP GP Interest”, and together with the limited
partner interests in the MLP described in Section 2.3 below, the “Transferred Assets”) in exchange for 11,317,501 PVG Common Units, representing a 29.5% limited partner interest in PVG. 
  

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 Section 2.3 Contribution of Interests in the MLP by PVR LP Corp and Kanawha. (a) PVR
LP Corp hereby distributes, grants, contributes, bargains, assigns, transfers, sets over and delivers to PVG, its successors and assigns, for its and their own use forever, 14,074,682 common units representing a 30.2% limited partner interest in the
MLP to PVG in exchange for 19,362,198 PVG Common Units, representing a 50.4% limited partner interest in PVG; and (b) Kanawha hereby distributes, grants, contributes, bargains, assigns, transfers, sets over and delivers to PVG, its successor
and assigns, for its and their own use forever, 1,050,612 common units of the MLP representing a 2.3% limited partner interest in the MLP to PVG in exchange for 1,445,301 PVG Common Units, representing a 3.8% limited partner interest in PVG.

 Section 2.4 Public Cash Contribution. The Parties acknowledge a capital contribution by the public, through the
Underwriters, to PVG of $116,550,000 in cash, ($109,557,000 after the Underwriters’ Spread of $6,993,000 and $108,974,250 after the payment of the structuring fee of $582,750) in exchange for 6,300,000 PVG Common Units representing a 16.4%
limited partner interest in PVG. 
 Section 2.5 Payment of Transaction Expenses by PVG. The Parties acknowledge (a) the
payment by PVG, in connection with the transactions contemplated hereby, of estimated transaction expenses in the amount of approximately $1.9 million (exclusive of the Spread and the structuring fee), (b) the retention by PVG of $2.5 million
of the net proceeds of the Offering for general partnership purposes and (c) the use by PVG of the balance of the net proceeds of the Offering to purchase from the MLP 416,444 common units and 3,610,383 Class B units representing limited
partner interests in the MLP pursuant to the Units Purchase Agreement. 
 Section 2.6 Issuance of New Certificates. At the
Closing, PVG shall issue to each of PVR GP Corp, PVR LP Corp and Kanawha a certificate or certificates, which may be held in book entry form, representing the respective number of PVG Common Units to be issued to each of PVR GP Corp, PVR LP Corp and
Kanawha pursuant to Section 2.2 and Section 2.3. Each such certificate shall be registered in the name of the Person or Persons specified by the recipient thereof to PVG in writing at least two Business Days prior to the Closing. 
 Section 2.7 Certificate Legend. The certificates evidencing the PVG Common Units delivered pursuant to Section 2.2 and Section 2.3
shall bear a legend substantially in the form set forth below and containing such other information as PVG may deem necessary or appropriate: 
 THE HOLDER OF THIS SECURITY ACKNOWLEDGES FOR THE BENEFIT OF THE PARTNERSHIP THAT THIS SECURITY MAY NOT BE SOLD, OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED IF SUCH TRANSFER WOULD (A) VIOLATE THE THEN
APPLICABLE FEDERAL OR STATE SECURITIES LAWS OR RULES AND REGULATIONS OF THE SECURITIES AND EXCHANGE COMMISSION, ANY STATE SECURITIES COMMISSION OR ANY OTHER GOVERNMENTAL AUTHORITY WITH JURISDICTION OVER SUCH TRANSFER, (B) TERMINATE THE
EXISTENCE OR QUALIFICATION OF THE 
  

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 PARTNERSHIP UNDER THE LAWS OF THE STATE OF DELAWARE, OR (C) CAUSE THE PARTNERSHIP
TO BE TREATED AS AN ASSOCIATION TAXABLE AS A CORPORATION OR OTHERWISE TO BE TAXED AS AN ENTITY FOR FEDERAL INCOME TAX PURPOSES (TO THE EXTENT NOT ALREADY SO TREATED OR TAXED). PVG GP, LLC, THE GENERAL PARTNER OF THE PARTNERSHIP, MAY IMPOSE
ADDITIONAL RESTRICTIONS ON THE TRANSFER OF THIS SECURITY IF IT RECEIVES AN OPINION OF COUNSEL THAT SUCH RESTRICTIONS ARE NECESSARY TO AVOID A SIGNIFICANT RISK OF THE PARTNERSHIP BECOMING TAXABLE AS A CORPORATION OR OTHERWISE BECOMING TAXABLE AS AN
ENTITY FOR FEDERAL INCOME TAX PURPOSES. THE RESTRICTIONS SET FORTH ABOVE SHALL NOT PRECLUDE THE SETTLEMENT OF ANY TRANSACTIONS INVOLVING THIS SECURITY ENTERED INTO THROUGH THE FACILITIES OF ANY NATIONAL SECURITIES EXCHANGE ON WHICH THIS SECURITY IS
LISTED OR ADMITTED TO TRADING. 
 ARTICLE III 
 ADDITIONAL TRANSACTIONS 
 Section 3.1 Over-Allotment Option. The Parties acknowledge
that in the event the option granted by PVG to the Underwriters to purchase additional PVG Common Units is exercised in whole or in part by the Underwriters (the “Option”), the public, through the Underwriters, will contribute
additional cash to PVG in exchange for up to an additional 945,000 PVG Common Units. 
 Section 3.2 Purchase of Additional Interests in
the MLP by PVG. The Parties acknowledge, in the event that the Option is exercised in whole or in part by the Underwriters, PVG will use the net proceeds from the issuance of such additional PVG Common Units to purchase from the MLP up to an
additional 645,719 Class B units, representing limited partner interests in the MLP pursuant to the Units Purchase Agreement. 
 ARTICLE IV

 REPRESENTATIONS AND WARRANTIES 
 Section 4.1 Representations and Warranties of PVR GP Corp, PVR LP Corp and Kanawha. Each of PVR GP Corp, PVR LP Corp and Kanawha (the “Penn Virginia Parties”) hereby represents and
warrants to PVG as follows as of the date of this Contribution Agreement: 
 (a) Such Penn Virginia Party has been duly
incorporated and is validly existing in good standing under the laws of the State of Delaware in the case of PVR GP Corp and PVR LP Corp, and the State of Virginia in the case of Kanawha, with all corporate power and authority necessary to own or
hold each such Penn Virginia Party’s properties and conduct the businesses in which each such Penn Virginia Party is engaged and, to execute and deliver this Contribution Agreement and to consummate the transactions contemplated hereby.

  

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 (b) As of the date of this Contribution Agreement, following the consummation of the
transactions described in Section 2.2, PVG owns 100% of the issued and outstanding member interests in PVR GP LLC; such member interests have been duly authorized and validly issued in accordance with the limited liability company agreement
of PVR GP LLC, as amended, restated, supplemented or otherwise modified on or prior to the date on which the Offering is consummated (the “Closing Date”) or any settlement date, and PVG owns such member interests free and clear of
all liens, encumbrances, security interests, equities, charges or claims. 
 (c) As of the date of this Contribution
Agreement, following the consummation of the transactions described in Section 2.3 and Section 2.5, PVG owns 15,541,738 common units and 3,610,383 Class B units representing limited partner interests in the MLP; such limited partner interests
have been duly authorized and validly issued in accordance with the agreement limited partnership of the MLP, as amended, restated, supplemented or otherwise modified on or prior to the Closing Date or any settlement date, and PVG owns such member
interests free and clear of all liens, encumbrances, security interests, equities, charges or claims. 
 (d) All corporate
action required to be taken by each of the Penn Virginia Parties or any of their securityholders for the authorization, execution and delivery of this Agreement and the consummation of the transactions contemplated by this Agreement has been validly
taken. 
 (e) None of the (i) the execution, delivery and performance of this Agreement by each of the Penn Virginia
Parties, or (ii) consummation of the transactions contemplated hereby (A) conflicts or will conflict with or constitutes or will constitute a violation of the certificate of incorporation or bylaws of any Penn Virginia Party,
(B) conflicts or will conflict with or constitutes or will constitute a breach or violation of, or a default (or an event that, with notice or lapse of time or both, would constitute such a default) under, any indenture, mortgage, deed of
trust, loan agreement, lease or other agreement or instrument to which any Penn Virginia Party is a party or by which any Penn Virginia Party or any of their respective properties may be bound, (C) violates or will violate any statute, law or
regulation or any order, judgment, decree or injunction of any Governmental Authority or body having jurisdiction over any Penn Virginia Party, or any of their respective properties or assets, or (D) results or will result in the creation or
imposition of any lien, charge or encumbrance upon any property or assets of any Penn Virginia Party, which conflicts, breaches, violations, defaults or liens, in the case of clauses (B) or (D), would, individually or in the aggregate, have a
material adverse effect on (i) the transactions contemplated by this Agreement or (ii) the ownership and use by PVG of the Transferred Assets at or after the Effective Time (a “Material Adverse Effect”).
“Governmental Authority” means (i) the United States of America, (ii) any state, province, county, municipality or other governmental subdivision within the United States of America, and (iii) any court or any
governmental department, commission, board, bureau, agency or other instrumentality of the United States of America, or of any state, province, county, municipality or other governmental subdivision within the United States of America. 

 

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 (f) No permit, consent, approval, authorization, order, registration, filing or
qualification (a “consent”) of or with any Governmental Authority or body having jurisdiction over any Penn Virginia Party or any of their respective properties is required in connection with (i) the execution, delivery and
performance of this Agreement by each such Penn Virginia Party, or (ii) the consummation by each such Penn Virginia Party of the transactions contemplated by this Agreement, except for such consents that have been obtained. 
 ARTICLE V 
 FURTHER ASSURANCES

 From time to time after the Effective Time, and without any further consideration, the Parties agree to execute, acknowledge and
deliver all such additional deeds, assignments, bills of sale, conveyances, instruments, notices, releases, acquittances and other documents, and will do all such other acts and things, all in accordance with applicable law, as may be necessary or
appropriate (a) more fully to assure that the applicable Parties own all of the properties, rights, titles, interests, estates, remedies, powers and privileges granted by this Contribution Agreement, or which are intended to be so granted, or
(b) more fully and effectively to vest in the applicable Parties and their respective successors and assigns beneficial and record title to the interests contributed and assigned by this Contribution Agreement or intended so to be and to more
fully and effectively carry out the purposes and intent of this Contribution Agreement. 
 ARTICLE VI 
 EFFECTIVE TIME 
 Notwithstanding
anything contained in this Contribution Agreement to the contrary, none of the provisions of Article II or Article III of this Contribution Agreement shall be operative or have any effect until the Effective Time, at which time all the
provisions of Article II and Article III of this Contribution Agreement shall be effective and operative in accordance with Article VIII, without further action by any party hereto. 
 ARTICLE VII 
 INDEMNIFICATION

 Section 7.1 Indemnification by the Penn Virginia Parties. Subject to the other provisions of this Article VII,
each the Penn Virginia Parties, jointly and severally, shall indemnify, defend and hold harmless PVG from and against any losses, damages, liabilities, claims, demands, causes of action, judgments, settlements, fines, penalties, costs and expenses
(including, without limitation, court costs and reasonable attorney’s fees and expert fees) of any and every kind and character (“Losses”), insofar as such Losses arise out of or are based upon: 
 (a) the failure of any of the Penn Virginia Parties to be the owner of the respective assets transferred to PVG pursuant to the terms of
this Contribution Agreement as is necessary for PVG to continue to own all of the Transferred Assets and to derive the benefits therefrom in accordance with the terms of such equity interests; 
  

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 (b) the failure of any Penn Virginia Party to have at the Effective Time on the Closing
Date any consent or approval of a Governmental Authority necessary to allow transfer by such Penn Virginia Party of any of the Transferred Assets; and 
 (c) all federal, state and local income tax liabilities attributable to the Transferred Assets allocable prior to the Effective Time on the Closing Date, including any such income tax liabilities of any Penn Virginia
Party that may result from the consummation of the transactions contemplated by this Contribution Agreement. 
 Section 7.2
Indemnification by PVG. PVG shall indemnify, defend and hold harmless the Penn Virginia Parties from and against all Losses suffered or incurred by the Penn Virginia Parties arising out of or relating to the Transferred Assets, except
with respect to matters for which PVG is entitled to indemnification therefor under Section 7.1. 
 Section 7.3 Indemnification
Procedure. 
 (a) As used in this Section 7.3, the term “Indemnifying Party” refers to the Penn
Virginia Parties, jointly and severally, in the case of any indemnification obligation arising under Section 7.1, and to PVG, in the case of any indemnification obligation arising under Section 7.2; and the term “Indemnified
Party” refers to PVG, in the case of any indemnification obligation arising under Section 7.1, and to the Penn Virginia Parties, in the case of any indemnification obligation arising under Section 7.2. 
 (b) The Indemnified Party agrees that within a reasonable period of time after it becomes aware of facts giving rise to a claim for
indemnification under this Article VII, it will provide notice thereof in writing to the Indemnifying Party, specifying the nature of and specific basis for such claim. 
 (c) The Indemnifying Party shall have the right to control, at its sole cost and expense, all aspects of the defense of (and any
counterclaims with respect to) any claims brought against the Indemnified Party that are covered by the indemnification under this Article VII, including, without limitation, the selection of counsel, determination of whether to appeal any
decision of any Governmental Authority and the settling of any such matter or any issues relating thereto; provided, however, that no such settlement shall be entered into without the consent of the Indemnified Party (which consent
shall not be unreasonably withheld) unless it includes a full release of the Indemnified Party from such matter or issues, as the case may be. 
 (d) The Indemnified Party agrees to cooperate fully with the Indemnifying Party, with respect to (i) its pursuit of insurance coverage or recoveries with respect to the claims covered by the indemnification under
this Article VII and (ii) all aspects of the defense of any claims covered by the indemnification under this Article VII, including, without limitation, the prompt furnishing to the Indemnifying Party of any correspondence or other notice
relating thereto that the Indemnified Party may receive, permitting the name of the Indemnified Party to be utilized in connection with such defense, the making available to the Indemnifying Party of any files, records or other information of the
Indemnified Party that the Indemnifying Party considers relevant to 
  

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 such defense and the making available to the Indemnifying Party of any employees of the Indemnified
Party; provided, however, that in connection therewith the Indemnifying Party agrees to use reasonable efforts to minimize the impact thereof on the operations of the Indemnified Party and further agrees to maintain the confidentiality of all files,
records, and other information furnished by the Indemnified Party pursuant to this Section 7.3. In no event shall the obligation of the Indemnified Party to cooperate with the Indemnifying Party as set forth in the immediately preceding sentence be
construed as imposing upon the Indemnified Party an obligation to hire and pay for counsel in connection with the defense of any claims covered by the indemnification set forth in this Article VII provided, however, that the Indemnified Party may,
at its own option, cost and expense, hire and pay for counsel in connection with any such defense. The Indemnifying Party agrees to keep any such counsel hired by the Indemnified Party informed as to the status of any such defense, but the
Indemnifying Party shall have the right to retain sole control over such defense. 
 (e) The date on which written
notification of a claim for indemnification is received by the Indemnifying Party shall determine whether such claim is timely made within the limitations specified in Section 7.1. No claim for indemnification pursuant to Section 7.1(a) shall
be brought or made unless, prior to thirty (30) days after the actual knowledge by the Indemnified Party of the Losses set forth in Section 7.1(a), the Indemnified Party shall have delivered to the Indemnifying Party a good faith written notice
to the effect that the Indemnified Party has incurred Losses entitled to be indemnified against under Section 7.1(a), which notice specifies in reasonable detail the amount of such Losses and the nature and basis of such claim. 
 ARTICLE VIII 
 MISCELLANEOUS

 Section 8.1 Order of Completion of Transactions. The transactions provided for in Article II and Article III of
this Contribution Agreement shall be completed immediately following the Effective Time in the following order: first, the transactions provided for in Article II shall be completed in the order set forth therein; and second, following the
completion of the transactions as provided in Article II, the transactions, if they occur, provided for in Article III shall be completed. 
 Section 8.2 Costs. PVG shall pay all expenses, fees and costs, including but not limited to, all sales, use and similar taxes arising out of the contributions, conveyances and deliveries to be made hereunder and shall pay all
documentary, filing, recording, transfer, deed, and conveyance taxes and fees required in connection therewith. In addition, PVG shall be responsible for all costs, liabilities and expenses (including court costs and reasonable attorneys’ fees)
incurred in connection with the implementation of any conveyance or delivery pursuant to Article VI. 
 Section 8.3 Headings;
References; Interpretation. All Article and Section headings in this Contribution Agreement are for convenience only and shall not be deemed to control or affect the meaning or construction of any of the provisions hereof. The words
“hereof,” “herein” and “hereunder” and words of similar import, when used in this Contribution Agreement, shall 
  

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 refer to this Contribution Agreement as a whole, including, without limitation, all Schedules and Exhibits attached
hereto, and not to any particular provision of this Contribution Agreement. All personal pronouns used in this Contribution Agreement, whether used in the masculine, feminine or neuter gender, shall include all other genders, and the singular shall
include the plural and vice versa. The use herein of the word “including” following any general statement, term or matter shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately
following such word or to similar items or matters, whether or not non-limiting language (such as “without limitation”, “but not limited to”, or words of similar import) is used with reference thereto, but rather shall be deemed
to refer to all other items or matters that could reasonably fall within the broadest possible scope of such general statement, term or matter. 
 Section 8.4 Successors and Assigns. The Contribution Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and assigns. 
 Section 8.5 No Third Party Rights. The provisions of this Contribution Agreement are intended to bind the Parties as to each other and are
not intended to and do not create rights in any other person or confer upon any other person any benefits, rights or remedies and no person is or is intended to be a third party beneficiary of any of the provisions of this Contribution Agreement.

 Section 8.6 Counterparts. This Contribution Agreement may be executed in any number of counterparts, all of which together
shall constitute one agreement binding on the parties hereto. 
 Section 8.7 Governing Law. This Contribution Agreement shall
be governed by, and construed in accordance with, the laws of the State of Delaware applicable to contracts made and to be performed wholly within such state without giving effect to conflict of law principles thereof. 
 Section 8.8 Severability. If any of the provisions of this Contribution Agreement are held by any court of competent jurisdiction to
contravene, or to be invalid under, the laws of any political body having jurisdiction over the subject matter hereof, such contravention or invalidity shall not invalidate the entire Contribution Agreement. Instead, this Contribution Agreement
shall be construed as if it did not contain the particular provision or provisions held to be invalid and an equitable adjustment shall be made and necessary provision added so as to give effect to the intention of the Parties as expressed in this
Contribution Agreement at the time of execution of this Contribution Agreement. 
 Section 8.9 Amendment or Modification. This
Contribution Agreement may be amended or modified from time to time only by the written agreement of all the Parties. Each such instrument shall be reduced to writing and shall be designated on its face as an Amendment to this Contribution
Agreement. 
 Section 8.10 Integration. This Contribution Agreement, the Units Purchase Agreement and the instruments
referenced herein supersede all previous understandings or agreements among the Parties, whether oral or written, with respect to their subject matter. This 
  

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 document and such instruments contain the entire understanding of the Parties with respect to the subject matter hereof
and thereof. No understanding, representation, promise or agreement, whether oral or written, is intended to be or shall be included in or form part of this Contribution Agreement unless it is contained in a written amendment hereto executed by the
parties hereto after the date of this Contribution Agreement. 
 Section 8.11 Deed; Bill of Sale; Assignment. To the extent
required and permitted by applicable law, this Contribution Agreement shall also constitute a “deed,” “bill of sale” or “assignment” of the assets and interests referenced herein. 
 [signature pages follow] 
  

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 IN WITNESS WHEREOF, the parties to this Contribution Agreement have caused it to be duly executed as of
the date first above written. 
  

			
	PENN VIRGINIA RESOURCE LP CORP.
		
	By:	 	 /s/ Nancy M. Snyder

	Name:	 	Nancy M. Snyder
	Title:	 	Vice President
	
	PENN VIRGINIA RESOURCE GP, LLC
		
	By:	 	 /s/ Nancy M. Snyder

	Name:	 	Nancy M. Snyder
	Title:	 	Vice President
	
	KANAWHA RAIL CORP.
		
	By:	 	 /s/ Nancy M. Snyder

	Name:	 	Nancy M. Snyder
	Title:	 	Vice President
	
	PENN VIRGINIA RESOURCE GP CORP.
		
	By:	 	 /s/ Nancy M. Snyder

	Name:	 	Nancy M. Snyder
	Title:	 	Vice President
	
	PENN VIRGINIA GP HOLDINGS, L.P.
		
	By:	 	PVG GP, LLC,
		 	its general partner
		
	By:	 	 /s/ Nancy M. Snyder

	Name:	 	Nancy M. Snyder
	Title:	 	Vice President

 Signature Page to Contribution AgreementClass A(2006-15) Terms Document

 Exhibit 4.1 
 EXECUTION COPY 
  

 BA CREDIT CARD TRUST 
 as Issuer 
 CLASS A(2006-15) TERMS DOCUMENT 
 dated as of December 13, 2006 
 to 
 AMENDED AND RESTATED BASERIES INDENTURE
SUPPLEMENT 
 dated as of June 10, 2006 
 to 
 SECOND AMENDED AND RESTATED INDENTURE 
 dated as of October 20, 2006 
 THE BANK OF NEW YORK 
 as Indenture Trustee 
  

 ARTICLE I 
  

					
	Definitions and Other Provisions of General Application
			
	 Section 1.01.
	  	Definitions	  	1
			
	 Section 1.02.
	  	Governing Law; Submission to Jurisdiction; Agent for Service of Process	  	5
			
	 Section 1.03.
	  	Counterparts	  	6
			
	 Section 1.04.
	  	Ratification of Indenture and Indenture Supplement	  	6
		
	ARTICLE II	  	
		
	The Class A(2006-15) Notes	  	
	 Section 2.01
	  	Creation and Designation	  	7
			
	 Section 2.02
	  	Specification of Required Subordinated Amount and other Terms	  	7
			
	 Section 2.03.
	  	Interest Payment	  	7
			
	 Section 2.04.
	  	Calculation Agent; Determination of LIBOR	  	8
			
	 Section 2.05.
	  	Payments of Interest and Principal	  	9
			
	 Section 2.06.
	  	Form of Delivery of Class A(2006-15) Notes; Depository; Denominations	  	9
			
	 Section 2.07.
	  	Delivery and Payment for the Class A(2006-15) Notes	  	9
			
	 Section 2.08.
	  	Targeted Deposits to the Accumulation Reserve Account	  	9
		
	ARTICLE III	  	
		
	Representations and Warranties	  	
			
	 Section 3.01
	  	Issuer’s Representations and Warranties	  	10

 THIS CLASS A(2006-15) TERMS DOCUMENT (this “Terms Document”), by and between BA CREDIT
CARD TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), having its principal office at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, and THE BANK OF NEW YORK, a New
York banking corporation, as Indenture Trustee (the “Indenture Trustee”), is made and entered into as of December 13, 2006. 
 Pursuant to this Terms Document, the Issuer and the Indenture Trustee shall create a new tranche of Class A Notes and shall specify the principal terms thereof. 
 ARTICLE I 
 Definitions and Other Provisions of General Application 
 Section 1.01. Definitions. For all purposes of this Terms Document, except as otherwise expressly provided or unless the context otherwise
requires: 
  

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

  

	 	(2)	all other terms used herein which are defined in the Amended and Restated BAseries Indenture Supplement, dated as of June 10, 2006 (the “Indenture
Supplement”), between the Issuer and the Indenture Trustee, or the Second Amended and Restated Indenture, dated as of October 20, 2006 (the “Indenture”), between the Issuer and the Indenture Trustee, as acknowledged
and accepted by FIA, as Servicer, either directly or by reference therein, have the meanings assigned to them therein; 

  

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

  

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

  

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

  

	 	(6)	in the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture 

 Supplement or the Indenture, the terms and provisions of this Terms Document shall be controlling;

  

	 	(7)	each capitalized term defined herein shall relate only to the Class A(2006-15) Notes and no other tranche of Notes issued by the Issuer; and 

  

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

 “Accumulation Reserve Funding Period” shall mean, (a) if the Accumulation Period Length is determined to be one (1) month,
there shall be no Accumulation Reserve Funding Period and (b) otherwise, the period (x) commencing on the earliest to occur of (i) the Monthly Period beginning three (3) calendar months prior to the first Transfer Date for which
a budgeted deposit is targeted to be made into the Principal Funding sub-Account of the Class A(2006-15) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (ii) the Monthly Period following the first Transfer Date
following and including the October 2009 Transfer Date for which the Quarterly Excess Available Funds Percentage is less than 2%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 24 months
prior to the Expected Principal Payment Date, (iii) the Monthly Period following the first Transfer Date following and including the April 2010 Transfer Date for which the Quarterly Excess Available Funds Percentage is less than 3%, but in such
event the Accumulation Reserve Funding Period shall not be required to commence earlier than 18 months prior to the Expected Principal Payment Date, and (iv) the Monthly Period following the first Transfer Date following and including the June
2010 Transfer Date for which the Quarterly Excess Available Funds Percentage is less than 4%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 16 months prior to the Expected Principal Payment
Date and (y) ending on the close of business on the last day of the Monthly Period preceding the earlier to occur of (i) the Expected Principal Payment Date for the Class A(2006-15) Notes and (ii) the date on which the Class
A(2006-15) Notes are paid in full. 
 “Base Rate” means, with respect to any Monthly Period, the sum of (i) the
Weighted Average Interest Rates for the Outstanding BAseries Notes, (ii) the Net Servicing Fee Rate (as such term is defined in the Series 2001-D Supplement) and (iii) so long as FIA or The Bank of New York is the Servicer, the Servicer
Interchange Rate, in each case, for such Monthly Period. 
 “BAseries Servicer Interchange” means, with respect to any
Monthly Period, an amount equal to the product of (a) the Servicer Interchange (as such term is defined in the Series 2001-D Supplement) with respect to such Monthly Period and (b) a fraction the numerator of which is the Weighted Average
Available Funds Allocation Amount for the BAseries for such Monthly Period and the denominator of which is the Weighted Average Available Funds Allocation Amount for all series of Notes for such Monthly Period. 
 “Calculation Agent” is defined in Section 2.04(a). 
  

 2 

 “Class A(2006-15) Note” means any Note, substantially in the form set forth in
Exhibit A-1 to the Indenture Supplement, designated therein as a Class A(2006-15) Note and duly executed and authenticated in accordance with the Indenture. 
 “Class A(2006-15) Noteholder” means a Person in whose name a Class A(2006-15) Note is registered in the Note Register. 
 “Class A(2006-15) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2006-15) Notes is paid in full,
(b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to Article VI thereof. 
 “Class A Required Subordinated Amount of Class B Notes” is defined in Section 2.02(a). 
 “Class A Required Subordinated Amount of Class C Notes” is defined in Section 2.02(b). 
 “Controlled Accumulation Amount” means $83,333,333.34; provided, however, if the Accumulation Period Length is determined to be less than twelve (12) months pursuant to Section 3.10(b)(ii) of
the Indenture Supplement, the Controlled Accumulation Amount shall be the amount specified in the definition of “Controlled Accumulation Amount” in the Indenture Supplement. 
 “Excess Available Funds Percentage” means, with respect to any Transfer Date, the amount, if any, by which the Portfolio Yield for the
preceding Monthly Period exceeds the Base Rate for such Monthly Period. 
 “Expected Principal Payment Date” means
November 15, 2011. 
 “Initial Dollar Principal Amount” means $1,000,000,000. 
 “Interest Payment Date” means the fifteenth day of each month, or if such fifteenth day is not a Business Day, the next succeeding
Business Day, commencing January 16, 2007. 
 “Interest Period” means, with respect to any Interest Payment Date, the
period from and including the previous Interest Payment Date (or in the case of the initial Interest Payment Date, from and including the Issuance Date) through the day preceding such Interest Payment Date. 
 “Issuance Date” means December 13, 2006. 
 “Legal Maturity Date” means April 15, 2014. 
  

 3 

 “LIBOR” means, for any Interest Period, the London interbank offered rate for one-month
United States dollar deposits determined by the Calculation Agent on the LIBOR Determination Date for that Interest Period in accordance with the provisions of Section 2.04. 
 “LIBOR Determination Date” means December 11, 2006 for the period from and including the Issuance Date to but excluding
January 16, 2007, and for each Interest Period thereafter, the second London Business Day prior to the Interest Payment Date on which such Interest Period commences. 
 “London Business Day” means any Business Day on which dealings in deposits in United States Dollars are transacted in the London interbank market. 
 “Note Interest Rate” means a per annum rate equal to 0.0% in excess of LIBOR as determined by the Calculation Agent on the related LIBOR
Determination Date with respect to each Interest Period. 
 “Paying Agent” means The Bank of New York. 
 “Portfolio Yield” means, with respect to any Monthly Period, the annualized percentage equivalent of a fraction, the numerator of which
is (a) the amount of Available Funds allocated to the BAseries pursuant to Section 501 of the Indenture, plus (b) any Interest Funding sub-Account Earnings on the related Transfer Date, plus (c) any amounts
to be treated as BAseries Available Funds pursuant to Sections 3.20(d) and 3.27(a) of the Indenture Supplement, plus (d) the BAseries Servicer Interchange for such Monthly Period, minus (e) the excess, if any,
of the sum of the PFA Prefunding Earnings Shortfall plus the PFA Accumulation Earnings Shortfall over the sum of the aggregate amount to be treated as BAseries Available Funds for such Monthly Period pursuant to Sections 3.04(a)(ii)
and 3.25(a) of the Indenture Supplement plus any other amounts applied to cover earnings shortfalls on amounts in the Principal Funding sub-Account for any tranche of BAseries Notes for such Monthly Period, minus (f) the
BAseries Investor Default Amount for such Monthly Period, and the denominator of which is the Weighted Average Available Funds Allocation Amount for the BAseries for such Monthly Period. 
 “Predecessor Note” means, with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as that
evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 306 of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the
same debt as the mutilated, lost, destroyed or stolen Note. 
 “Quarterly Excess Available Funds Percentage” means, with
respect to the October 2009 Transfer Date and each Transfer Date thereafter, the percentage equivalent of a fraction the numerator of which is the sum of the Excess Available Funds Percentages with respect to the immediately preceding three Monthly
Periods and the denominator of which is three. 
  

 4 

 “Record Date” means, for any Transfer Date, the last Business Day of the preceding
Monthly Period. 
 “Reference Banks” means four major banks in the London interbank market selected by the Beneficiary.

 “Required Accumulation Reserve sub-Account Amount” means, with respect to any Monthly Period during the Accumulation
Reserve Funding Period, an amount equal to (i) 0.5% of the Outstanding Dollar Principal Amount of the Class A(2006-15) Notes as of the close of business on the last day of the preceding Monthly Period or (ii) any other amount designated by
the Issuer; provided, however, that if such designation is of a lesser amount, the Note Rating Agencies shall have provided prior written confirmation that a Ratings Effect will not occur with respect to such change. 
 “Servicer Interchange Rate” means, for any Monthly Period, the percentage equivalent of a fraction, the numerator of which is the
BAseries Servicer Interchange for such Monthly Period, and the denominator of which is the Weighted Average Available Funds Allocation Amount for the BAseries for such Monthly Period. 
 “Stated Principal Amount” means $1,000,000,000. 
 “Telerate Page 3750” means the display page currently so designated on the Moneyline Telerate Service (or such other page as may replace that page on that service for the purpose of displaying
comparable rates or prices). 
 “Weighted Average Interest Rates” means, with respect to any Outstanding Notes of a class or
tranche of the BAseries, or of all of the Outstanding Notes of the BAseries, on any date, the weighted average (weighted based on the Outstanding Dollar Principal Amount of the related Notes on such date) of the following rates of interest:

 (a) in the case of a tranche of Dollar Interest-bearing Notes with no Derivative Agreement for interest, the rate of interest applicable to
that tranche on that date; 
 (b) in the case of a tranche of Discount Notes, the rate of accretion (converted to an accrual rate) of that
tranche on that date; 
 (c) in the case of a tranche of Notes with a payment due under a Performing Derivative Agreement for interest, the
rate at which payments by the Issuer to the applicable Derivative Counterparty accrue on that date (prior to the netting of such payments, if applicable); and 
 (d) in the case of a tranche of Notes with a non-Performing Derivative Agreement for interest, the rate specified for that date in the related terms document. 
 Section 1.02. Governing Law; Submission to Jurisdiction; Agent for Service of Process. This Terms Document shall be governed by and construed
in accordance with the laws 
  

 5 

 of the State of Delaware, without regard to principles of conflict of laws. The parties hereto declare that it is their
intention that this Terms Document shall be regarded as made under the laws of the State of Delaware and that the laws of said State shall be applied in interpreting its provisions in all cases where legal interpretation shall be required. Each of
the parties hereto agrees (a) that this Terms Document involves at least $100,000.00, and (b) that this Terms Document has been entered into by the parties hereto in express reliance upon 6 DEL. C. § 2708. Each of the parties
hereto hereby irrevocably and unconditionally agrees (a) to be subject to the jurisdiction of the courts of the State of Delaware and of the federal courts sitting in the State of Delaware, and (b)(1) to the extent such party is not otherwise
subject to service of process in the State of Delaware, to appoint and maintain an agent in the State of Delaware as such party’s agent for acceptance of legal process, and (2) that, to the fullest extent permitted by applicable law,
service of process may also be made on such party by prepaid certified mail with a proof of mailing receipt validated by the United States Postal Service constituting evidence of valid service, and that service made pursuant to (b)(1) or
(2) above shall, to the fullest extent permitted by applicable law, have the same legal force and effect as if served upon such party personally within the State of Delaware. 
 Section 1.03. Counterparts. This Terms Document may be executed in any number of counterparts, each of which so executed will be deemed to be
an original, but all such counterparts will together constitute but one and the same instrument. 
 Section 1.04. Ratification of
Indenture and Indenture Supplement. As supplemented by this Terms Document, each of the Indenture and the Indenture Supplement is in all respects ratified and confirmed and the Indenture as so supplemented by the Indenture Supplement as so
supplemented and this Terms Document shall be read, taken and construed as one and the same instrument. 
 [END OF ARTICLE I] 
  

 6 

 ARTICLE II 
 The Class A(2006-15) Notes 
 Section 2.01. Creation and Designation. There is hereby created a
tranche of BAseries Class A Notes to be issued pursuant to the Indenture and the Indenture Supplement to be known as the “BAseries Class A(2006-15) Notes.” 
 Section 2.02. Specification of Required Subordinated Amount and other Terms. 
 (a) For the Class
A(2006-15) Notes for any date of determination, the Class A Required Subordinated Amount of Class B Notes will be an amount equal to 8.82353% of (i) the Adjusted Outstanding Dollar Principal Amount of the Class A(2006-15) Notes on such
date or (ii) if an Early Redemption Event with respect to the Class A(2006-15) Notes shall have occurred, if an Event of Default and acceleration of the Class A(2006-15) Notes shall have occurred or if the Class A Usage of the Class B
Required Subordinated Amount for such tranche of Class A Notes is greater than zero, the Adjusted Outstanding Dollar Principal Amount of the Class A(2006-15) Notes as of close of business on the day immediately preceding the occurrence of such
Early Redemption Event, such Event of Default and acceleration or the date on which the Class A Usage of Class B Required Subordinated Amount exceeded zero. 
 (b) For the Class A(2006-15) Notes for any date of determination, the Class A Required Subordinated Amount of Class C Notes will be an amount equal to 8.82353% of (i) the Adjusted Outstanding Dollar
Principal Amount of the Class A(2006-15) Notes on such date or (ii) if an Early Redemption Event with respect to the Class A(2006-15) Notes shall have occurred, if an Event of Default and acceleration of the Class A(2006-15) Notes shall have
occurred or if the Class A Usage of the Class C Required Subordinated Amount for such tranche of Class A Notes is greater than zero, the Adjusted Outstanding Dollar Principal Amount of the Class A(2006-15) Notes as of close of business on
the day immediately preceding the occurrence of such Early Redemption Event, such Event of Default and acceleration or the date on which the Class A Usage of Class C Required Subordinated Amount exceeded zero. 
 (c) The Issuer may change the percentages set forth in clause (a) or (b) above without the consent of any Noteholder so long as the Issuer has
(i) received written confirmation from each Note Rating Agency that has rated any Outstanding Notes of the BAseries that the change in either of such percentages will not result in a Ratings Effect with respect to any Outstanding Class
A(2006-15) Notes and (ii) delivered to the Indenture Trustee and the Note Rating Agencies a Master Trust Tax Opinion and an Issuer Tax Opinion. 
 Section 2.03. Interest Payment. 
 (a) For each Interest Payment Date, the amount of interest due
with respect to the Class A(2006-15) Notes shall be an amount equal to the product of (i)(A) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, times
(B) the Note Interest Rate in effect with respect to the related Interest Period, times (ii) the Outstanding Dollar Principal Amount of the Class A(2006-15) Notes determined as of the Record Date preceding the related Transfer
Date. Interest on the 
  

 7 

 Class A(2006-15) Notes will be calculated on the basis of the actual number of days in the related Interest Period and a
360-day year. 
 (b) Pursuant to Section 3.03 of the Indenture Supplement, on each Transfer Date, the Indenture Trustee shall
deposit into the Class A(2006-15) Interest Funding sub-Account the portion of BAseries Available Funds allocable to the Class A(2006-15) Notes. 
 Section 2.04. Calculation Agent; Determination of LIBOR. 
 (a) The Issuer hereby agrees that for so long as any Class
A(2006-15) Notes are Outstanding, there shall at all times be an agent appointed to calculate LIBOR for each Interest Period (the “Calculation Agent”). The Issuer hereby initially appoints the Indenture Trustee as the Calculation
Agent for purposes of determining LIBOR for each Interest Period. The Calculation Agent may be removed by the Issuer at any time. If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuer, or if the Calculation Agent
fails to determine LIBOR for an Interest Period, the Issuer shall promptly appoint a replacement Calculation Agent that does not control or is not controlled by or under common control with the Issuer or its Affiliates. The Calculation Agent may not
resign its duties, and the Issuer may not remove the Calculation Agent, without a successor having been duly appointed. 
 (b) On each LIBOR
Determination Date, the Calculation Agent shall determine LIBOR on the basis of the rate for deposits in United States dollars for a one-month period which appears on Telerate Page 3750 as of 11:00 a.m., London time, on such date (or, for the first
Interest Period, the rate that corresponds to the actual number of days in the first Interest Period). If such rate does not appear on Telerate Page 3750, the rate for that LIBOR Determination Date shall be determined on the basis of the rates at
which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a one-month period. The Calculation Agent shall request the principal
London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date shall be the arithmetic mean of the quotations. If fewer than two quotations
are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by four major banks in New York City, selected by the Beneficiary, at approximately 11:00 a.m., New York City time, on that day for
loans in United States dollars to leading European banks for a one-month period. 
 (c) The Note Interest Rate applicable to the then current
and the immediately preceding Interest Periods may be obtained by telephoning the Indenture Trustee at its corporate trust office at (212) 815-3247 or such other telephone number as shall be designated by the Indenture Trustee for such purpose
by prior written notice by the Indenture Trustee to each Noteholder from time to time. 
 (d) On each LIBOR Determination Date, the
Calculation Agent shall send to the Indenture Trustee, the Beneficiary and the Servicer, by facsimile transmission, notification of LIBOR for the following Interest Period. 
  

 8 

 Section 2.05. Payments of Interest and Principal. 
 (a) Any installment of interest or principal, if any, payable on any Class A(2006-15) Note which is punctually paid or duly provided for by the Issuer
and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to the Person in whose name such Class A(2006-15) Note (or one or more Predecessor Notes) is registered on the Record Date,
by wire transfer of immediately available funds to such Person’s account as has been designated by written instructions received by the Paying Agent from such Person not later than the close of business on the third Business Day preceding the
date of payment or, if no such account has been so designated, by check mailed first-class, postage prepaid to such Person’s address as it appears on the Note Register on such Record Date, except that with respect to Notes registered on the
Record Date in the name of the nominee of Cede & Co., payment shall be made by wire transfer in immediately available funds to the account designated by such nominee. 
 (b) The right of the Class A(2006-15) Noteholders to receive payments from the Issuer will terminate on the first Business Day following the Class
A(2006-15) Termination Date. 
 Section 2.06. Form of Delivery of Class A(2006-15) Notes; Depository; Denominations. 

(a) The Class A(2006-15) Notes shall be delivered in the form of a global Registered Note as provided in Sections 202 and 301(i) of the
Indenture, respectively. 
 (b) The Depository for the Class A(2006-15) Notes shall be The Depository Trust Company, and the Class A(2006-15)
Notes shall initially be registered in the name of Cede & Co., its nominee. 
 (c) The Class A(2006-15) Notes will be issued in
minimum denominations of $5,000 and multiples of $1,000 in excess of that amount. 
 Section 2.07. Delivery and Payment for the Class
A(2006-15) Notes. The Issuer shall execute and deliver the Class A(2006-15) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2006-15) Notes when authenticated, each in accordance with
Section 303 of the Indenture. 
 Section 2.08. Targeted Deposits to the Accumulation Reserve Account. The deposit
targeted to be made to the Accumulation Reserve Account for any Monthly Period during the Accumulation Reserve Funding Period will be an amount equal to the Required Accumulation Reserve sub-Account Amount. 
 [END OF ARTICLE II] 
  

 9 

 ARTICLE III 
 Representations and Warranties 
 Section 3.01. Issuer’s Representations and Warranties. The
Issuer makes the following representations and warranties as to the Collateral Certificate on which the Indenture Trustee is deemed to have relied in acquiring the Collateral Certificate. Such representations and warranties speak as of the execution
and delivery of this Terms Document, but shall survive until the termination of this Terms Document. Such representations and warranties shall not be waived by any of the parties to this Terms Document unless the Issuer has obtained written
confirmation from each Note Rating Agency that there will be no Ratings Effect with respect to such waiver. 
 (a) The Indenture creates a
valid and continuing security interest (as defined in the Delaware UCC) in the Collateral Certificate in favor of the Indenture Trustee, which security interest is prior to all other liens, and is enforceable as such as against creditors of and
purchasers from the Issuer. 
 (b) The Collateral Certificate constitutes either an “account,” a “general intangible,” an
“instrument,” or a “certificated security,” each within the meaning of the Delaware UCC. 
 (c) At the time of the
transfer and assignment of the Collateral Certificate to the Indenture Trustee pursuant to the Indenture, the Issuer owned and had good and marketable title to the Collateral Certificate free and clear of any lien, claim or encumbrance of any
Person. 
 (d) The Issuer has caused, within ten days of the execution of the Indenture, the filing of all appropriate financing statements
in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Collateral Certificate granted to the Indenture Trustee pursuant to the Indenture. 
 (e) Other than the security interest granted to the Indenture Trustee pursuant to the Indenture, the Issuer has not pledged, assigned, sold, granted a
security interest in, or otherwise conveyed the Collateral Certificate. The Issuer has not authorized the filing of and is not aware of any financing statements against the Issuer that include a description of collateral covering the Collateral
Certificate other than any financing statement relating to the security interest granted to the Indenture Trustee pursuant to the Indenture or any financing statement that has been terminated. The Issuer is not aware of any judgment or tax lien
filings against the Issuer. 
 (f) All original executed copies of the Collateral Certificate have been delivered to the Indenture Trustee.

  

 10 

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

 11 

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

			
	BA CREDIT CARD TRUST,
	 by BA CREDIT CARD FUNDING, LLC,
 as
Beneficiary and not in its individual capacity

		
	By:	 	 /s/ Scott W. McCarthy

		 	Scott W. McCarthy
		 	Senior Vice President
	
	 THE BANK OF NEW YORK, as Indenture Trustee
 and not in its individual capacity

		
	By:	 	 /s/ Catherine L. Cerilles

	Name:	 	Catherine L. Cerilles
	Title:	 	Vice President

 [Signature Page to the Class A(2006-15) Terms Document]

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