Document:

Amended and Restated Receivables Purchase Agreement

 Exhibit 10.13 
 EXECUTION COPY 
 AMENDMENT NO. 4 
 Dated as of July 31, 2006 
 to 
 AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT 
 Dated as of September 22, 2003 
 THIS AMENDMENT NO. 4 (this “Amendment”) dated as of July 31, 2006, is
entered into by and among (i) MEDCO HEALTH RECEIVABLES, LLC, a Delaware limited liability company (the “Seller”), (ii) MEDCO HEALTH SOLUTIONS, INC., a Delaware corporation (the “Servicer”), (iii) the
“Conduit Purchasers” identified on the signature pages hereto, (iv) the “Committed Purchasers” identified on the signature pages hereto, (v) the “Managing Agents” identified on the signature pages hereto and
(vi) CITICORP NORTH AMERICA, INC., as administrative agent (in such capacity, the “Administrative Agent”). 
 PRELIMINARY STATEMENTS 
 A. Reference is made to the Amended and Restated Receivables Purchase Agreement dated as of
September 22, 2003 among the Seller, the Servicer, the “Conduit Purchasers”, “Committed Purchasers” and “Managing Agents” from time to time parties thereto and the Administrative Agent (as amended, the
“Receivables Purchase Agreement”). Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to them in the Receivables Purchase Agreement. 
 B. The parties hereto have agreed to amend the Receivables Purchase Agreement on the terms and conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the premises set forth above, and other good and valuable consideration the receipt and sufficiency of which is
hereby acknowledged, the parties hereto agree as follows: 
 SECTION 1. Amendments. Effective as of the Effective Date (as defined
below), the Receivables Purchase Agreement is amended as follows: 
 1.1 The definition of “Adjusted Net Receivables Pool
Balance” in Schedule I of the Receivables Purchase Agreement is deleted. 

 1.2 The definition of “Bad Debt Reserve Percentage” in Schedule I of the
Receivables Purchase Agreement is amended in its entirety to read as follows: 
 “Bad Debt Reserve
Percentage” means, as of any Monthly Reporting Date, and continuing until (but not including) the next Monthly Reporting Date, the product of: 
 [(BDR x NRPB/BPR) x 1.50]/NRPB 
 where: 
  

					
	NRPB	  	=	  	 the Net Receivables Pool Balance as of as of the
 close of business of the Servicer on the last day of Current Calculation Period (the “Calculation Date”)

			
	BDR	  	=	  	the Bad Debt Reserves as of such Calculation Date
			
	BPR	  	=	  	 the Outstanding Balance of all Pool Receivables as of
 such Calculation Date.

 1.3 The definition of “Bank One” in Schedule I of the Receivables
Purchase Agreement is deleted. 
 1.4 The following definition is added to Schedule I of the Receivables Purchase Agreement in
appropriate alphabetical order: 
 “BTM” means The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, and
any successor thereto. 
 1.5 The definition of “Concentration Limit” in Schedule I of the Receivables Purchase
Agreement is amended in its entirety to read as follows. 
 “Concentration Limit” means, at any time for any
Obligor: 
 (a) if such Obligor has Debt Ratings of AA- or better from S&P and Aa3 or better from Moody’s, an amount
equal to the product of (i) the Loss Reserve Percentage Floor and (ii) the Net Receivables Pool Balance at such time; 
 (b) if such Obligor has Debt Ratings of BBB- or better from S&P and Baa3 or better from Moody’s (and clause (a) does not apply), an amount equal to the product of (i) 50%, (ii) the Loss Reserve Percentage Floor and
(iii) the Net Receivables Pool Balance at such time; and 
 (c) in the case of any other Obligor, 5% of the Net
Receivables Pool Balance at such time (the “Normal Concentration Limit”); provided that if at the time of determination a Rating Level 2 Period, Rating Level 3 Period or Rating Level 4 Period is in effect, the Normal
Concentration Limit shall be 4% of the Net Receivables Pool Balance at such time; 
 provided, however, that, notwithstanding
the foregoing, the Administrative Agent (acting either on its own initiative or at the direction of any Managing Agent) may at any time reduce the Concentration Limit of an Obligor described in clauses (a)

  

 2 

 
and (b) above to the Normal Concentration Limit upon not less than three (3) Business Days’ notice to the Servicer. In the case of an Obligor
and its Affiliates, the Concentration Limit shall be calculated as if such Obligor and such Affiliates were a single Obligor. If an Obligor has a Debt Rating from only one of S&P and Moody’s, then the Concentration Limit shall be determined
by reference to such Debt Rating. If an Obligor does not have a Debt Rating from either S&P or Moody’s, then the Concentration Limit for such Obligor will be determined pursuant to clause (c) above. 
 1.6 The definition of “Default Ratio” in Schedule I of the Receivables Purchase Agreement is amended to delete the parenthetical
appearing in clause (i) thereof and to substitute therefor the following: 
 “(excluding, for the avoidance of
doubt, any Defaulted Receivables that were written off as uncollectible in a prior Calculation Period in accordance with the Credit and Collection Policy)”. 
 1.7 The definition of “Delinquency Ratio” in Schedule I of the Receivables Purchase Agreement is amended in its entirety to read
as follows: 
 “Delinquency Ratio” means the ratio (expressed as a percentage) computed as of each Monthly
Reporting Date for the immediately preceding Calculation Period by dividing (i) the aggregate Outstanding Balance of all Delinquent Receivables as of the end of such Calculation Period by (ii) aggregate Outstanding Balance of all
Receivables that have been billed as of the end of such Calculation Period (excluding Defaulted Receivables and Receivables owing by Obligors that have a Debt Rating of AA- or better from S&P and Aa3 or better from Moody’s). 
 1.8 The definition of “Dilution Reserve” in Schedule I of the Receivables Purchase Agreement is amended to delete the term
“Adjusted Net Receivables Pool Balance” and to substitute therefor the term “Net Receivables Pool Balance”. 
 1.9 The definition of “Loss Reserve” in Schedule I of the Receivables Purchase Agreement is amended in its entirety to read as follows: 
 “Loss Reserve” means, on any date, an amount equal to: 
 LRP x NRPB 
 where: 
  

					
	LRP	  	=	  	the Loss Reserve Percentage on such date.
	NRPB	  	=	  	the Net Receivables Pool Balance at the close of business of the Servicer on such date.

  

 3 

 1.10 The definition of “Loss Reserve Percentage Floor” in Schedule I of the
Receivables Purchase Agreement is amended to change the percentage set forth therein from “22%” to “20%”. 
 1.11 The definition of “Scheduled Commitment Termination Date” in Schedule I of the Receivables Purchase Agreement is amended to change the date set forth therein from “August 8, 2006” to “July 30, 2007”.

 1.12 The definition of “Termination Date” in Schedule I of the Receivables Purchase Agreement is amended to
change the date set forth in clause (d) thereof from “August 8, 2006” to “July 31, 2009”. 
 1.13
Schedules II and III of the Receivables Purchase Agreement are amended and restated in their entirety to read as set forth in the new Schedule II and the new Schedule III, respectively, attached hereto. 
 SECTION 2. Temporary Waiver. Pursuant to Section 5.01(g) of the Receivables Purchase Agreement, each Deposit Account is required to be
maintained at all times in the name of the Seller. The Seller has notified the Administrative Agent that it is in breach of this covenant as of the date hereof. The Administrative Agent, each Managing Agent and each Purchaser hereby waives any
Termination Event that may exist by reason of such breach; provided that (i) such breach is remedied within 30 days of the date hereof and (ii) such waiver shall be limited to the specific circumstances described in this
Section 2, and shall not extend to any similar breach that may arise hereafter. 
 SECTION 3. Covenants, Representations and
Warranties. 
 3.1 Upon the effectiveness of this Amendment, each of the Seller and the Servicer hereby reaffirms all covenants,
representations and warranties made by it in the Receivables Purchase Agreement (as amended hereby) and agrees that all such covenants, representations and warranties shall be deemed to have been remade as of the effective date of this Amendment.

 3.2 Each of the Seller and the Servicer hereby represents and warrants that (i) this Amendment constitutes the legal, valid and
binding obligation of such party, enforceable against it in accordance with its terms and (ii) upon the effectiveness of this Amendment, except as provided above in Section 2, no Termination Event or event or circumstance which, with the
giving of notice or the passage of time, or both, would constitute a Termination Event shall exist under the Receivables Purchase Agreement. 
 SECTION 4. Amendment Fee. On the Effective Date, the Seller will pay to each Committed Purchaser a non-refundable fee (the “Amendment Fee”) equal to 0.05% of such Committed Purchaser’s Commitment. 
  

 4 

 SECTION 5. Conditions Precedent. This Amendment shall become effective as of the date (the
“Effective Date”) on which: 
 (a) the Administrative Agent shall have received copies of the following, each
in form and substance satisfactory to the Managing Agents: 
 (i) this Amendment duly executed by the Seller, the Servicer,
the Administrative Agent, each Managing Agent and each Purchaser; 
 (ii) the Assignment and Acceptance Agreement of even date
herewith among JPMorgan Chase Bank, N.A., Falcon Asset Securitization Company LLC, The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch and Victory Receivables Corporation (the “Assignment Agreement”); 
 (iii) the amended and restated Purchaser Fee Letter of even date herewith duly executed by the Seller, the Administrative Agent and each
Managing Agent; and 
 (iv) for each Transaction Party, a certificate of its Secretary certifying therein (i) a copy of
the certificate of formation or certificate of incorporation, as applicable, of such Transaction Party, (ii) a copy of the limited liability company agreement or by-laws, as applicable, of such Transaction Party, (iii) a copy of the
resolutions of the members or board of directors, as applicable, of such Transaction Party authorizing the execution, delivery and performance of this Amendment and the other Transaction Documents to which it is a party and (iv) the names and
true signatures of the officers of such Transaction Party authorized to sign this Amendment and the other Transaction Documents on its behalf; 
 (b) the assignments contemplated by the Assignment Agreement shall have been consummated; and 
 (c) each Committed Purchaser shall have received payment in full of the Amendment Fee pursuant to Section 3 above. 
 SECTION
6. Funding on Effective Date. The parties hereto acknowledge that an adjustment to the Capital held by the respective Purchaser Groups is required to be made on the effective date of this Amendment in order to ensure that the Capital
held by the Purchasers in each Purchaser Group is proportional to their respective Purchaser Group Limits. Accordingly, on the Effective Date, the Seller shall request a special non-pro rata Incremental Purchase in the amount of $15,000,000 to
be made by the Purchaser Group for which BTM acts as Managing Agent, and shall use the proceeds thereof to effect a special non-pro rata payment to the Purchaser Group for which CNAI acts as Managing Agent in the amount of $15,000,000 (to be applied
as a reduction of Capital held by the Purchasers in CNAI’s Purchaser Group), such that (after giving effect to such Purchase and payment and the assignments contemplated by the Assignment Agreement) the Capital held by the Purchasers in the
respective Purchaser Groups will be proportional to their respective Purchaser Group Limits. BTM is hereby directed to remit the proceeds of such special Incremental Purchase directly to CNAI for the benefit of the Purchasers in CNAI’s
Purchaser Group. 
  

 5 

 SECTION 7. Reference to and Effect on the Receivables Purchase Agreement. 
 7.1 Upon the effectiveness of this Amendment, each reference in the Receivables Purchase Agreement to “this Agreement,” “hereunder,”
“hereof,” “herein,” “hereby” or words of like import shall mean and be a reference to the Receivables Purchase Agreement as amended hereby, and each reference to the Receivables Purchase Agreement in any other document,
instrument and agreement executed and/or delivered in connection with the Receivables Purchase Agreement shall mean and be a reference to the Receivables Purchase Agreement as amended hereby. 
 7.2 Except as specifically amended hereby, the Receivables Purchase Agreement, the other Transaction Documents and all other documents, instruments and
agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed. 
 7.3 Except as specifically provided herein, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any Purchaser, any Managing Agent or the Administrative Agent under the
Receivables Purchase Agreement, the Transaction Documents or any other document, instrument, or agreement executed in connection therewith, nor constitute a waiver of any provision contained therein. 
 SECTION 8. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK. 
 SECTION 9. Execution in Counterparts. This Amendment may be executed in any number of counterparts and by different parties
hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument. Delivery of an executed counterpart of this Amendment
by facsimile shall be effective as delivery of a manually executed counterpart of this Amendment. 
 SECTION 10. Headings. Section
headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose. 
  

 6 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective
officers thereunto duly authorized as of the date first written above. 
  

			
	 MEDCO HEALTH RECEIVABLES, LLC,

	as Seller
		
	By:	 	 /s/ Thomas F. Bruscino

	Name:	 	Thomas F. Bruscino
	Title:	 	Vice President
	
	 MEDCO HEALTH SOLUTIONS, INC.,

	as Servicer
		
	By:	 	 /s/ Walter D. Hosp

	Name:	 	Walter D. Hosp
	Title:	 	Vice President and Treasurer

			
	CAFCO, LLC, as a Conduit Purchaser
		
	By:	 	Citicorp North America, Inc., as Attorney-in-Fact
		
	By:	 	 Patricia Schaupp

	Name:	 	
	Title:	 	

  

			
	CITICORP NORTH AMERICA, INC.,
	as Administrative Agent and as a Managing Agent
		
	By:	 	 Patricia Schaupp

	Name:	 	
	Title:	 	

  

			
	CITIBANK, N.A.,
	as a Committed Purchaser
		
	By:	 	 Patricia Schaupp

		 	Attorney-in-Fact

			
	VICTORY RECEIVABLES CORPORATION,
	as a Conduit Purchaser
		
	By:	 	 /s/ Geraldine St-Louis

	Name:	 	Geraldine St-Louis
	Title:	 	Vice President
	
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, as a Managing Agent
		
	By:	 	 /s/Aditya Reddy

	Name:	 	Aditya Reddy
	Title:	 	Vice President
	
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, as a Committed Purchaser
		
	By:	 	 /s/Harumi Kambara

	Name:	 	Harumi Kambara
	Title:	 	Authorized Signatory

			
	 THE BANK OF NOVA SCOTIA, as a Committed
 Purchaser

		
	By:	 	 /s/ J. Alan Edwards

	Name:	 	J. Alan Edwards
	Title:	 	Managing Director

 NEW SCHEDULE II 
 PURCHASER GROUPS 
  

			
	 Purchaser Group Managing Agent: Citicorp North America, Inc.

		
	Committed Purchaser: Citibank, N.A.	  	Commitment: $250,000,000
	 450 Mamaroneck Avenue
 Harrison, N.Y. 10528
 Attention: Robert Kohl
 Telephone: (914) 899-7218
 Telecopy: (914) 899-7903
	  	
		
	Committed Purchaser: The Bank of Nova Scotia	  	Commitment: $150,000,000
	 One Liberty Plaza
 New York, NY 10006
 Attention:
 Tel:
 Fax:
	  	
		
	Conduit Purchaser: CAFCO, LLC	  	Conduit Purchase Limit: $400,000,000
	 450 Mamaroneck Avenue
 Harrison, N.Y. 10528
 Attention: Laureta Lachman
 Telephone: (914) 899-7138
 Telecopy: (914) 899-7903
	  	

 Managing Agent: Citicorp North America, Inc. 
 450 Mamaroneck Avenue 
 Harrison, N.Y. 10528

 Attention: Robert Kohl 
 Telephone: (914) 899-7218 
 Telecopy: (914) 899-7903 
 with a copy to: 
 Citicorp North America, Inc.

 388 Greenwich Street, 19th Floor 
 New York, New York 10013 
 Attention: Patricia Schaupp (Global Securitized Markets) 
 Telecopy: (646) 843-3696 
 Purchaser Group’s Account: 
 Citibank, N.A. 
 ABA # 021-000-089 

Account # 4063-6695 
 Account Name: CAFCO
Redemption Account 
 Attention: Laureta Lachman 

			
	 Purchaser Group Managing Agent: The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch

		
	 Committed Purchaser: The Bank of Tokyo-Mitsubishi UFJ, Ltd.,
 New York Branch
	  	Commitment: $200,000,000
		
	 1251 Avenue of the Americas, 10th Floor
 New York, NY 10020
 Attention:
 Telephone:
 Telecopy:
	  	
		
	Conduit Purchaser: Victory Receivables Corporation	  	Conduit Purchase Limit: $200,000,000
	 c/o The Bank of Tokyo-Mitsubishi UFJ,
 Ltd., New York Branch
 1251 Avenue of the Americas, 10th Floor
 New York, NY 10020
 Attention:
 Telephone:
 Telecopy:
	  	
		
	 Managing Agent: The Bank of Tokyo-Mitsubishi UFJ, Ltd.,
 New York Branch
	  	
	 1251 Avenue of the Americas, 10th Floor
 New York, NY 10020
 Attention:
 Telephone:
 Telecopy:
	  	
		
	Purchaser Group’s Account	  	
	 [To be provided by BTM]
	  	
		
		  	Aggregate Commitment: $600,000,000
		
		  	Purchase Limit: $600,000,000

 SCHEDULE III 
 CP RATES 
 CNAI Purchaser Group 
 When used in reference to any Conduit Purchaser for which CNAI acts as the Managing Agent (or any successor Managing Agent for such Conduit
Purchaser’s Purchaser Group), the term “CP Rate” means, for each day during a Fixed Period and to the extent such Conduit Purchaser funds the related Receivable Interest on such day through the issuance of Promissory Notes, the
per annum rate equivalent to the weighted average of the per annum rates paid or payable by such Conduit Purchaser from time to time as interest on or otherwise (by means of interest rate hedges or otherwise) in respect of those Promissory
Notes issued by such Conduit Purchaser that are allocated, in whole or in part, by such Managing Agent (on behalf of such Conduit Purchaser) to fund such Receivable Interest on such day as determined by such Managing Agent (on behalf of such Conduit
Purchaser) and reported to the Seller, which rates shall reflect and give effect to the commissions of placement agents and dealers in respect of such Promissory Notes, to the extent such commissions are allocated, in whole or in part, to such
Promissory Notes by such Managing Agent on behalf of such Conduit Purchaser; provided, however, that if any component of such rate is a discount rate, in calculating the “CP Rate” for such day the Managing Agent shall for
such component use the rate resulting from converting such discount rate to an interest bearing equivalent rate per annum; provided, further, that the CP Rate with respect to any portion of a Receivable Interest funded by
Conduit Participants shall be the same rate as in effect from time to time on the Receivable Interest or portions thereof that are not funded by Conduit Participants; and provided further that if all of the Receivable Interest is
funded by Conduit Participants, then the CP Rate applicable to such Receivable Interest shall be such Conduit Purchaser’s pool funding rate in effect from time to time for its largest size pool of transactions which settles with a frequency
corresponding to the applicable Fixed Period. 
 BTM Purchaser Group 
 When used in reference to any Conduit Purchaser for which BTM acts as Managing Agent (or any successor Managing Agent for such Conduit Purchaser’s
Purchaser Group), the term “CP Rate” means, for each day during a Fixed Period and to the extent such Conduit Purchaser funds the related Receivable Interest (or any portion thereof) on such day through the issuance of Promissory
Notes, (i) unless such Conduit Purchaser or its Managing Agent has determined that the Pooled CP Rate shall be applicable, a rate per annum equal to the rate per annum calculated by such Managing Agent to
reflect such Conduit Purchaser’s cost of funding such Receivable Interest (or portion thereof), taking into account the weighted daily average interest rate payable in respect of such Promissory Notes during such period (determined in the case
of discount Promissory Notes by converting the discount to an interest bearing equivalent rate per annum), applicable placement fees and commissions, and such other costs and expenses as such Managing Agent in good faith deems
appropriate; and (ii) to the extent such Managing Agent has determined that the Pooled CP Rate shall be applicable, the Pooled CP Rate. 
 For purposes of the foregoing: 
 “Pooled Commercial Paper” means commercial paper notes of a Conduit Purchaser
which are subject to any particular pooling arrangement, as determined by the Managing Agent for such Conduit Purchaser (it being recognized that there may be more than one distinct groups of Pooled Commercial Paper at any time). 

 “Pooled CP Rate” shall mean, for each day with respect to any Fixed Period as to which
the Pooled CP Rate is applicable, the sum of (i) discount or yield accrued (including, without limitation, any associated with financing the discount or interest component on the roll-over of any Pooled Commercial Paper) on Pooled Commercial
Paper on such day, plus (ii) any and all accrued commissions in respect of placement agents and commercial paper dealers, and issuing and paying agent fees incurred, in respect of such Pooled Commercial Paper for such day, plus (iii) other
costs (including without limitation those associated with funding small or odd-lot amounts) with respect to all receivable purchase, credit and other investment facilities which are funded by the applicable Pooled Commercial Paper for such day. The
Pooled CP Rate shall be determined by the Managing Agent for the applicable Conduit Purchaser, whose determination shall be conclusive. 
 Other Purchaser Groups 
 When used in reference to any Conduit Purchaser the Managing Agent for which is not BTM or
CNAI (or any of their respective successors), except as otherwise provided in the Joinder Agreement pursuant to which such Conduit Purchaser became a party hereto, the term “CP Rate” means, for each day during a Fixed Period and to
the extent such Conduit Purchaser funds the related Receivable Interest on such day through the issuance of Promissory Notes, the per annum rate equivalent to the weighted average cost (as determined by such Managing Agent, and which shall
include (without duplication) the fees and commissions of placement agents and dealers, incremental carrying costs incurred with respect to Commercial Paper maturing on dates other than those on which corresponding funds are received by such Conduit
Purchaser, other borrowings by such Conduit Purchaser and any other costs associated with the issuance of Commercial Paper) of or related to the issuance of Promissory Notes that are allocated, in whole or in part, by such Conduit Purchaser or its
Managing Agent to fund or maintain such Receivable Interest on such day (and which may also be allocated in part to the funding of other assets of the Conduit Purchaser); provided, however, that if any component of any such rate is a
discount rate, in calculating the “CP Rate” for such Receivable Interest for such Fixed Period, the Managing Agent shall for such component use the rate resulting from converting such discount rate to an interest bearing equivalent
rate per annum.EXHIBIT 4.1

 Exhibit 4.1 
 CHASE ISSUANCE TRUST 
 as Issuing Entity 
 CLASS B(2007-1) TERMS DOCUMENT 
 dated as of February 21, 2007 
 to 
 AMENDED AND RESTATED 
 CHASESERIES INDENTURE SUPPLEMENT 
 dated as of October 15, 2004 
 to 
 SECOND AMENDED AND RESTATED 
 INDENTURE 
 dated as of March 14, 2006 
 WELLS FARGO BANK, NATIONAL ASSOCIATION 
 as Indenture Trustee and Collateral Agent 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	PAGE
			
		  	ARTICLE I	  	
			
		  	Definitions and Other Provisions of General Application	  	
			
	Section 1.01	  	Definitions	  	1
			
	Section 1.02	  	Governing Law	  	4
			
	Section 1.03	  	Counterparts	  	4
			
	Section 1.04	  	Ratification of Indenture and Indenture Supplement	  	4
			
		  	ARTICLE II	  	
			
		  	The Class B(2007-1) Notes	  	
			
	Section 2.01	  	Creation and Designation	  	5
			
	Section 2.02	  	Specification of Required Subordinated Amount and Other Terms	  	5
			
	Section 2.03	  	Interest Payment	  	6
			
	Section 2.04	  	Calculation Agent; Determination of LIBOR	  	6
			
	Section 2.05	  	Payments of Interest and Principal	  	7
			
	Section 2.06	  	Form of Delivery of Class B(2007-1) Notes; Depository; Denominations	  	7
			
	Section 2.07	  	Delivery and Payment for the Class B(2007-1) Notes	  	8
			
	Section 2.08	  	Supplemental Indenture	  	8
			
	Section 2.09	  	Appointment of co-Paying Agent and co-Transfer Agent	  	8

  

 i 

 THIS CLASS B(2007-1) TERMS DOCUMENT (this “Terms Document”), by and between the CHASE ISSUANCE
TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuing Entity”), having its principal office at c/o Wilmington Trust Company, 1100 North Market Street, Wilmington, Delaware 19890-1600, and WELLS FARGO BANK,
NATIONAL ASSOCIATION, a national banking association, as indenture trustee (the “Indenture Trustee”) and collateral agent (the “Collateral Agent”), is made and entered into as of February 21, 2007. 
 Pursuant to this Terms Document, the Issuing Entity and the Indenture Trustee shall create a new Tranche of CHASEseries Class B Notes and shall specify
the principal terms thereof. 
 ARTICLE I 
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 
 Section 1.01
Definitions. For all purposes of this Terms Document, except as otherwise expressly provided or unless the context otherwise requires: 
 (1) the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular; 
 (2) all other terms used herein which are defined in the Indenture Supplement, the Indenture or the Asset Pool Supplement, either directly or by reference therein, have the meanings assigned to them therein; 
 (3) as used in this Terms Document and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in
this Terms Document or in any such certificate or other document, and accounting terms partly defined in this Terms Document or in any such certificate or other document to the extent not defined, shall have the respective meanings given to them
under GAAP. To the extent that the definitions of accounting terms in this Terms Document or in any such certificate or other document are inconsistent with the meanings of such terms under GAAP, the definitions contained in this Terms Document or
in any such certificate or other document shall control; 
 (4) the words “hereof,” “herein,” “hereunder” and
words of similar import when used in this Terms Document shall refer to this Terms Document as a whole and not to any particular provision of this Terms Document; references to any subsection, Section, clause, Schedule or Exhibit are references to
subsections, Sections, clauses, Schedules and Exhibits in or to this Terms Document unless otherwise specified; the term “including” means “including without limitation”; references to any law or regulation refer to that law or
regulation as amended from time to time and include any successor law or regulation; references to any Person include that Person’s successors and assigns; and references to any agreement refer to such agreement, as amended, supplemented or
otherwise modified from time to time; 
 (5) in the event that any term or provision contained herein shall conflict with or be inconsistent
with any term or provision contained in the Indenture Supplement, the 

 
Indenture or the Asset Pool Supplement, the terms and provisions of this Terms Document shall be controlling; and 
 (6) each capitalized term defined herein shall relate only to the Class B(2007-1) Notes and no other Tranche of CHASEseries Notes issued by the Issuing
Entity. 
 “Asset Pool Supplement” means the Amended and Restated Asset Pool One Supplement to the Indenture, dated as of
October 15, 2004, as amended by the First Amendment thereto, dated as of May 10, 2005, and the Second Amendment thereto, dated February 1, 2006, by and among the Issuing Entity, the Indenture Trustee and the Collateral Agent.

 “BDL” means Banque de Luxembourg. 
 “Beneficiary” means Chase Bank USA, National Association, in its capacity as beneficial owner of the Issuing Entity. 
 “Calculation Agent” is defined in Section 2.04(a). 
 “Class B(2007-1) Adverse
Event” means the occurrence of any of the following: (a) an Early Amortization Event with respect to the Class B(2007-1) Notes, (b) an Event of Default and acceleration of the Class B(2007-1) Notes, (c) the Class B Usage of
the Class C Required Subordinated Amount for the Class B(2007-1) Notes becomes greater than zero. 
 “Class B(2007-1) Note”
means any Note, substantially in the form set forth in Exhibit A-1 to the Indenture Supplement, designated therein as a Class B(2007-1) Note and duly executed and authenticated in accordance with the Indenture. 
 “Class B(2007-1) Noteholder” means a Person in whose name a Class B(2007-1) Note is registered in the Note Register. 
 “Class B(2007-1) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar
Principal Amount of the Class B(2007-1) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to Article V thereof. 
 “Class B Required Subordinated Amount of Class C Notes” is defined in Section 2.02(b). 
 “Controlled Accumulation Amount” means $42,916,666.67; provided, however, if the Accumulation Period Length is determined
to be less than twelve months pursuant to Section 3.12(b)(ii) of the Indenture Supplement, the Controlled Accumulation Amount for any Note Transfer Date with respect to the Class B(2007-1) Notes will be the amount specified in the definition of
“Controlled Accumulation Amount” in the Indenture Supplement. 
 “Indenture” means the Second Amended and Restated
Indenture, dated as of March 14, 2006, between the Issuing Entity and the Indenture Trustee. 
  

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 “Indenture Supplement” means the Amended and Restated CHASEseries Indenture Supplement,
dated as of October 15, 2004, among the Issuing Entity, the Indenture Trustee and the Collateral Agent. 
 “Initial Dollar
Principal Amount” means $515,000,000. 
 “Interest Payment Date” means March 15, 2007 and the 15th day of each
month thereafter, or if such 15th day is not a Business Day, the next succeeding Business Day. 
 “Interest Period” means,
with respect to any Interest Payment Date, the period from and including the previous Interest Payment Date (or in the case of the initial Interest Payment Date, from and including the Issuance Date) to but excluding such Interest Payment Date.

 “Issuance Date” means February 21, 2007. 
 “Legal Maturity Date” means April 15, 2019. 
 “LIBOR” means, for any Interest Period, the London interbank offered rate for one-month United States dollar deposits determined by the Calculation Agent on the LIBOR Determination Date for each
Interest Period in accordance with the provisions of Section 2.04. 
 “LIBOR Determination Date” means
(1) February 16, 2007, for the period from and including the Issuance Date through but excluding March 15, 2007 and (2) for each interest period thereafter, the second London Business Day prior to the commencement of the second
and each subsequent Interest Period. 
 “London Business Day” means any Business Day on which dealings in deposits in
United States Dollars are transacted in the London interbank market. 
 “Note Interest Rate” means a rate per annum equal to
0.25% in excess of LIBOR as determined by the Calculation Agent on the related LIBOR Determination Date with respect to each Interest Period. 
 “Paying Agent” means Wells Fargo Bank, National Association. 
 “Predecessor Note” means, with
respect to any particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 3.06 of the
Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note. 
 “Record Date” means, for any Note Transfer Date, the last Business Day of the preceding Monthly Period. 
 “Reference Banks” means four major banks in the London interbank market selected by the Beneficiary. 
  

 3 

 “Scheduled Principal Payment Date” means February 15, 2017. 
 “Stated Principal Amount” means $515,000,000. 
 “Telerate Page 3750” means the display page currently so designated on the Bridge Telerate Market Report (or such other page as may replace that page on that service for the purpose of displaying
comparable rates or prices). 
 Section 1.02 Governing Law. THIS TERMS DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAWS OF THE STATE OF DELAWARE WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 Section 1.03 Counterparts. This Terms Document may be executed in any number of counterparts, each of which so executed will be deemed to be
an original, but all such counterparts will together constitute but one and the same instrument. 
 Section 1.04 Ratification of
Indenture and Indenture Supplement. As supplemented by this Terms Document, each of the Indenture, the Asset Pool Supplement and the Indenture Supplement is in all respects ratified and confirmed and the Indenture as so supplemented by the Asset
Pool Supplement and the Indenture Supplement as so supplemented by this Terms Document shall be read, taken and construed as one and the same instrument. 
 [END OF ARTICLE I] 
  

 4 

 ARTICLE II 
 THE CLASS B(2007-1) NOTES 
 Section 2.01 Creation and Designation. There is hereby
created a Tranche of CHASEseries Class B Notes to be issued pursuant to the Indenture and the Indenture Supplement to be known as the “CHASEseries Class B(2007-1) Notes.” 
 Section 2.02 Specification of Required Subordinated Amount and Other Terms. For the Class B(2007-1) Notes, for any date of determination, the
Class B Required Subordinated Amount of Class C Notes will be an amount equal to: 
 (a) for any date of determination prior to the
occurrence of a Class B(2007-1) Adverse Event, the product of 
 (i) the sum of 
 (1) a fraction (x) the numerator of which is equal to the sum of the Class A Required Subordinated Amount of Class C Notes on
such date of determination for all outstanding Tranches of CHASEseries Class A Notes for which the Class A Required Subordinated Amount of Class B Notes on such date of determination is greater than zero and (y) the denominator of
which is equal to the Adjusted Outstanding Dollar Principal Amount on such date of determination of all outstanding CHASEseries Class B Notes (including the Class B(2007-1) Notes), and 
 (2) the product of (x) 7.23861% and (y) a fraction (A) the numerator of which is equal to (1) the Adjusted
Outstanding Dollar Principal Amount on such date of determination of all outstanding CHASEseries Class B Notes (including the Class B(2007-1) Notes) minus (2) the Class A Required Subordinated Amount of Class B Notes on such date of
determination for all outstanding Tranches of CHASEseries Class A Notes for which the Class A Required Subordinated Amount of Class B Notes is greater than zero; provided, however, that such numerator shall not be less than
zero and (B) the denominator of which is equal to the Adjusted Outstanding Dollar Principal Amount on such date of determination of all outstanding CHASEseries Class B Notes (including the Class B(2007-1) Notes), and 
 (ii) the Adjusted Outstanding Dollar Principal Amount on such date of determination of the Class B(2007-1) Notes; and 
 (b) for any date of determination on and after the date on which a Class B(2007-1) Adverse Event shall have occurred, the greater of (1) the amount
determined in subsection 2.02(a) for such date of determination and (2) the amount determined in subsection 2.02(a) for the date immediately prior to the date on which such Class B(2007-1) Adverse Event shall have occurred. 
  

 5 

 (c) The Issuing Entity may change the percentage set forth in subsection 2.02(a)(1)(ii)(x), above, or
the formula set forth in clause (a), above, without the consent of any Noteholder so long as the Issuing Entity has (i) received written confirmation from each Note Rating Agency that has rated any Outstanding Notes that the change in either of
such percentages or formulas, as applicable, will not result in a Ratings Effect with respect to any Outstanding Notes and (ii) delivered to the Indenture Trustee and the Note Rating Agencies a Master Trust Tax Opinion and an Issuing Entity Tax
Opinion. 
 Section 2.03 Interest Payment. (a) For each Interest Payment Date, the amount of interest due with respect to
the Class B(2007-1) Notes shall be an amount equal to the product of (i)(A) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, times (B) the Note Interest
Rate in effect with respect to the related Interest Period, times (ii) the Outstanding Dollar Principal Amount of the Class B(2007-1) Notes determined as of the close of business on the Interest Payment Date preceding the related Note
Transfer Date for the Class B(2007-1) Notes; provided, however, that for the first Interest Payment Date, the amount of interest due with respect to the Class B(2007-1) Notes shall be an amount equal to the product of (x) the
Outstanding Dollar Principal Amount of the Class B(2007-1) Notes on the Issuance Date, (y) 22 divided by 360 and (z) the Note Interest Rate in effect with respect to the Class B(2007-1) Notes determined on February 16, 2007. Interest
on the Class B(2007-1) Notes will be calculated on the basis of the actual number of days elapsed and a 360-day year 
 (b) Pursuant to
Section 3.03 of the Indenture Supplement, on each Note Transfer Date with respect to the Class B(2007-1) Notes, the Indenture Trustee shall deposit into the Class B(2007-1) Interest Funding Sub-Account the portion of CHASEseries Available
Finance Charge Collections allocable to the Class B(2007-1) Notes. 
 Section 2.04 Calculation Agent; Determination of LIBOR.

 (a) The Issuing Entity hereby agrees that for so long as any Class B(2007-1) Notes are Outstanding, there shall at all times be an agent
appointed to calculate LIBOR for each Interest Period (the “Calculation Agent”). The Issuing Entity hereby initially appoints the Indenture Trustee as the Calculation Agent for purposes of determining LIBOR for each Interest Period. The
Calculation Agent may be removed by the Issuing Entity at any time. If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuing Entity, or if the Calculation Agent fails to determine LIBOR for an Interest Period, the
Issuing Entity shall promptly appoint a replacement Calculation Agent that does not control or is not controlled by or under common control with the Issuing Entity or its Affiliates. The Calculation Agent may not resign its duties, and the Issuing
Entity may not remove the Calculation Agent, without a successor having been duly appointed. 
 (b) On each LIBOR Determination Date, the
Calculation Agent shall determine LIBOR on the basis of the rate for deposits in United States dollars for a one-month period which appears on Telerate Page 3750 or on such comparable system as is customarily used to quote LIBOR as of 11:00 a.m.,
London time, on such date. If such rate does not appear on Telerate Page 3750 or on a comparable system as is customarily used to quote LIBOR the rate for that LIBOR Determination Date shall be determined on the basis of the rates at which 

  

 6 

 
deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London
interbank market for a one-month period. The Calculation Agent shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR
Determination Date shall be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City,
selected by the Beneficiary, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a one-month period. 
 (c) The Note Interest Rate applicable to the then current and the immediately preceding Interest Periods may be obtained by telephoning the Indenture
Trustee at its corporate trust office at (612) 667-8058 or such other telephone number as shall be designated by the Indenture Trustee for such purpose by prior written notice by the Indenture Trustee to each Noteholder from time to time.

 (d) On each LIBOR Determination Date, the Calculation Agent shall send to the Indenture Trustee and the Beneficiary, by facsimile
transmission, notification of LIBOR for the following Interest Period. 
 Section 2.05 Payments of Interest and Principal.

 (a) Any installment of interest or principal payable on any Class B(2007-1) Note which is punctually paid or duly provided for by the
Issuing Entity and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to the Person in whose name such Class B(2007-1) Note (or one or more Predecessor Notes) is registered on
the Record Date, by wire transfer of immediately available funds to such Person’s account as has been designated by written instructions received by the Paying Agent from such Person not later than the close of business on the third Business
Day preceding the date of payment or, if no such account has been so designated, by check mailed first-class, postage prepaid to such Person’s address as it appears on the Note Register on such Record Date, except that with respect to Notes
registered on the Record Date in the name of the nominee of Cede & Co., payment shall be made by wire transfer in immediately available funds to the account designated by such nominee. 
 (b) The right of the Class B(2007-1) Noteholders to receive payments from the Issuing Entity will terminate on the first Business Day following the
Class B(2007-1) Termination Date. 
 Section 2.06 Form of Delivery of Class B(2007-1) Notes; Depository; Denominations.

 (a) The Class B(2007-1) Notes shall be delivered in the form of a global Registered Note as provided in Sections 2.02 and 3.01(i) of the
Indenture, respectively. 
 (b) The Depository for the Class B(2007-1) Notes shall be The Depository Trust Company, and the Class B(2007-1)
Notes shall initially be registered in the name of Cede & Co., its nominee. 
  

 7 

 (c) The Class B(2007-1) Notes will be issued in minimum denominations of $100,000 and integral multiples
of $1,000 in excess of $100,000. 
 Section 2.07 Delivery and Payment for the Class B(2007-1) Notes. The Issuing Entity shall
execute and deliver the Class B(2007-1) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class B(2007-1) Notes when authenticated, each in accordance with Section 3.03 of the Indenture. 

Section 2.08 Supplemental Indenture. The Issuing Entity may enter into a supplemental indenture with respect to the Class B(2007-1) Notes
as provided in Section 9.01 of the Indenture; provided, however, that any supplemental indenture which provides for an additional or alternative form of credit enhancement for the Class B(2007-1) Notes shall, in addition to the
requirements set forth in Section 9.01 of the Indenture, require confirmation from the Note Rating Agencies that have rated any Outstanding Notes of the CHASEseries that such change in credit enhancement will not result in a Ratings Effect with
respect to any Outstanding Notes of the CHASEseries. 
 Section 2.09 Appointment of co-Paying Agent and co-Transfer Agent. BDL is
appointed as co-paying agent and as co-transfer agent in Luxembourg with respect to the Class B(2007-1) Notes for so long as the Class B(2007-1) Notes are listed on the Luxembourg Stock Exchange. Any reference in this Terms Document, the Indenture
Supplement, the Asset Pool Supplement and the Indenture to the Paying Agent or the Transfer Agent shall be deemed to include BDL as co-paying agent or co-transfer agent, as the case may be, unless the context requires otherwise. 
 [END OF ARTICLE II] 
  

 8 

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

			
	CHASE ISSUANCE TRUST
		
	By:	 	 CHASE BANK USA, NATIONAL
 ASSOCIATION, as Beneficiary
and
 not in its individual capacity

		
	By:	 	 /s/ Keith W. Schuck

	Name:	 	Keith W. Schuck
	Title:	 	President
	
	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION,
as Indenture Trustee and
 Collateral Agent

		
	By:	 	 /s/ Cheryl C. Zimmerman

	Name:	 	Cheryl C. Zimmerman, CCTS
	Title:	 	Assistant Vice President

  

 CHAIT B(2007-1) Terms Document 
 Signature Page

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