Document:

Exhibit 10.1

 

 

April 17, 2015

 

Ben Plummer

Via Hand Delivery

 

Dear Ben:

 

In connection with the termination of your employment with Datawatch
Corporation (the “Company”) as of Friday, May 1, 2015 (the “Separation Date”), you will be
eligible to receive the severance benefits described in Paragraph 1 below if (a) you sign and deliver this letter agreement (“Agreement”)
to me by Monday, May 11, 2015, and (b) do not revoke your signature within seven (7) days thereafter.

 

By signing and returning this Agreement and not revoking your
acceptance, you will be entering into a binding agreement with the Company and will be agreeing to the terms and conditions set
forth in the numbered paragraphs below, including the release of claims set forth in Paragraph 3 below. Therefore, you are advised
to consult with an attorney of your own choosing before signing this Agreement and you have been given at least twenty-one (21)
days to do so. If you sign this Agreement, you may change your mind and revoke your agreement during the seven (7) day period after
you have signed it, as described more fully in Paragraph 16(vi) below. If you do not so revoke, this Agreement will become a binding
agreement between you and the Company upon the expiration of the Revocation Period.

 

If you choose not to sign and return this Agreement by Monday,
May 11, 2015, if you breach any of the terms of the Agreement prior to signing it, or if you revoke your signature during the Revocation
Period, you shall not receive the severance benefits outlined in Paragraph 1 below from the Company and this offer and Agreement
will become null and void. You will, however, receive payment on your termination for your final wages and any unused vacation
time accrued through the Separation Date. Also, regardless of signing this Agreement, if eligible, you may elect to continue receiving
group medical insurance pursuant to the federal “COBRA” law (the terms for that opportunity will be set forth in a
separate written notice). Your eligibility to participate in any other employee benefit plans and programs of the Company ceases
on the Separation Date. You may be eligible to apply for unemployment compensation.

 

In addition, the terms of the October 2, 2012 Proprietary Information,
Inventions and Non-Competition Agreement (the “Non-Competition Agreement”) which you signed as a condition of
your employment with the Company, shall continue in full force and effect regardless of whether you enter into this Agreement.

 

With those understandings, the following numbered paragraphs
set forth the terms and conditions which will apply if you timely sign and return this Agreement and do not revoke it within the
Revocation Period:

 

 

Datawatch
Corporation | 271 Mill Road | Quorum Office Park | Chelmsford, MA 01824 | T: 978.441.2200 | F: 978.441.1114 | www.datawatch.com

 

    	 

    	 

    

 

 

 

		1.	Severance Benefits - If you timely sign, return, and do not revoke this Agreement, and if you comply fully with its
terms, the Company will:

 

(A) provide you with payments in equal semi-monthly
installments at your semi-monthly base salary rate ($12,500.00 for a period of nine months (the “Severance Pay”);

 

(B) if you elect continuing COBRA health insurance
coverage, continue its present level of contribution to the payment of your medical and dental insurance premiums (the “Benefits
Continuation”) through the earlier of January 31, 2016, (ii) your acceptance of employment with another individual or
entity, or (iii) your becoming eligible for medical benefits under any plan covering a member of your immediate family. You agree
that in the event that either (B) or (C) occurs prior to January 31, 2016, you will immediately so notify Brigid MacDonald at the
Company; and

 

Severance Pay shall commence on the first payroll date
following the Effective Date. All Severance Pay under this paragraph shall be made in accordance with the Company’s customary
payroll practices and shall be subject to all applicable federal and state withholding, payroll and other taxes.

 

		2.	Receipt of Compensation - You acknowledge and agree that as of the Separation Date, your employment, positions, officerships,
and all other affiliations with the Company will end. You further acknowledge and agree that you are not owed any wages, bonuses,
commissions, vacation time, severance pay, expense reimbursements, compensation or benefits from the Company other than the compensation
and benefits expressly referenced in this Agreement. You further acknowledge and agree that you have received all leave or other
time off under the Family Medical Leave Act and any other leave or disability laws to which you were entitled, and that you have
not suffered from any workplace injuries or illnesses during your employment with the Company.

 

		3.	General Release - In consideration of the payment of the Severance Pay, and Benefits Continuation (collectively, the
“Severance Benefits”), which you acknowledge you would not otherwise be entitled to receive, you hereby voluntarily
and unconditionally release and forever discharge the Company, its affiliates, parent companies, subsidiaries, predecessors, successors
and assigns, and all of their respective current and former officers, directors, stockholders, employees, agents, representatives,
plan administrators, attorneys, insurers and fiduciaries (each in their individual and corporate capacities) (hereinafter, the
“Released Parties”) generally from any and all claims, charges, complaints, demands, actions, causes of action,
suits, rights, debts, sums of money, costs, accounts, reckonings, covenants, contracts, agreements, promises, doings, omissions,
damages, executions, obligations, liabilities, and expenses (including attorneys’ fees and costs), of every kind and nature
(collectively, “Claims”), which you ever had or now have against the Released Parties, as of the date you sign
this Agreement. This release includes, without limitation, all Claims:

 

		·	relating to your employment by the Company;

		·	relating to the termination of your employment with the Company;

		·	for wrongful discharge, defamation, breach of privacy, intentional
infliction of emotional distress, or any other tort or under common law; 

		·	for breach of contract, express or implied;

		·	for violation of public policy, or alleged whistleblower activity;

		·	relating to harassment, discrimination, retaliation, and/or civil
rights;

 

 

Datawatch Corporation | 271 Mill Road | Quorum
Office Park | Chelmsford, MA 01824 | T: 978.441.2200 | F: 978.441.1114 | www.datawatch.com

 

    	 

    	 

    

 

 

 

		·	for compensation, salary, wages, bonuses, commissions, overtime, expense
reimbursement, incentive compensation, stock, stock options, vacation pay or any other compensation or benefits, including any
claim conferred by or arising under any state, federal or local law, including M.G.L. ch. 149 ¶¶148 and 150 (also known
as the Massachusetts Wage Act); the Arizona Wage Act, the Arizona Minimum Wage Act, or any other state, federal or local wage and
hour laws;

		·	for damages or other remedies of any sort, including, without limitation,
compensatory damages, punitive damages, injunctive relief and attorney’s fees; and 

		·	Claims otherwise conferred by or arising under any federal, state,
and/or municipal law including but not limited to Title VII of the Civil Rights Act, the Equal Pay Act, 42 U.S.C. §1981, the
Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, the Americans With Disabilities Act, the Family
and Medical Leave Act, the Rehabilitation Act, the Worker Adjustment and Retraining Notification Act, the Employee Retirement Income
Security Act, the Massachusetts Fair Employment Practices Act, the Massachusetts Civil Rights Act, the Massachusetts Equal Rights
Act, the Arizona Employment Protection Act, the Arizona Civil Rights Act, the Arizona Equal Pay Act, the Arizona Occupational Health
and Safety Act, Arizona Right to Work Act, Arizona Drug Testing of Employees Act, Arizona Medical Marijuana Act, and similar provisions
under the laws of the Commonwealth of Massachusetts, the State of Arizona or any other state or municipality, all as amended. 

 

Notwithstanding the foregoing, this release of claims
shall not be construed to impair your right to enforce the terms of this Agreement or to file, comply with or participate in an
investigation or proceeding instituted by the Equal Employment Opportunity Commission or any applicable state anti-discrimination
agency (except that you acknowledge that you hereby waive any right to recover any monetary benefits in connection with any such
claim, charge or proceeding).

 

As a material inducement to the Company to enter
into this Agreement, you represent that you have not assigned to any third party and you have not filed with any agency or court
any Claim released by this Agreement. You further acknowledge and agree that you have waived any relief available to you (including
without limitation, monetary damages, equitable relief and reinstatement) under any of the Claims referenced in this Paragraph
3.

 

		4.	Return of Company Property - You confirm that you have returned to the Company all Company-owned property in your possession
and control, including, without limitation, all keys, files, documents and records (and copies thereof), equipment (including,
but not limited to, computer hardware, software and printers, wireless handheld devices, cellular phones, etc.), Company identification
and Company vehicles, and that you have left intact all electronic records and other Company documents, including, but not limited
to, those that you developed or helped to develop during your employment. You further confirm that you have cancelled all accounts
for your benefit, if any, in the Company’s name, including, but not limited to, credit cards, telephone charge cards, cellular
phone and/or and computer accounts.

 

		5.	Non-Disparagement - You agree not to make any statement, written or oral, or cause any encourage others to make any
statements, written or oral, that defame, disparage or in any way criticize the reputation, practices, products, services, business
prospects, or conduct of the Company, its current or former officers, directors, shareholders, employees or agents, or any other
affiliated party involved in a business relationship with the Company. This obligation extends to statements, written or oral,
made in any manner (including email and social media) to anyone, including but not limited to, to the new media , investors, potential
investors, any board of directors or advisory board or directors, industry analysts, competitors, strategic partners, vendors,
employees (past and present) and clients.

 

 

Datawatch Corporation | 271 Mill Road | Quorum
Office Park | Chelmsford, MA 01824 | T: 978.441.2200 | F: 978.441.1114 | www.datawatch.com

 

    	 

    	 

    

 

 

 

		6.	Compliance with Non-Competition Agreement - By signing this Agreement, you confirm the existence and continued validity
of the Non-Competition Agreement, and represent and warrant that you have fully complied with all terms of the Non-Competition
Agreement to date and that you will continue to do so going forward, in accordance with its terms.

 

		7.	Cooperation - You hereby agree to provide any and all necessary assistance to and cooperation with the Company if called
upon by it with regard to: (a) the transition of your job responsibilities at the Company, and (b) any lawsuit, claim, action,
investigation, administrative review or otherwise that may be brought by a third party against the Company and which may involve
facts or knowledge of which you may be aware as a result of your employment or position with the Company.

 

		8.	Consequences of Breach - You understand and agree that the Company may terminate your eligibility for the Severance
Benefits if you violate this Agreement, and that the Company shall further have the right to recover from you any Severance Pay
or Benefits Continuation paid to you or on your behalf during any time periods following the commencement of any such breach. You
further agree that a breach of Paragraphs 3, 4, 5, 6, 7 and/or 8 herein would result in irreparable harm to the Company and that
money damages would not provide an adequate remedy. Therefore, you agree that in addition to any other rights that it may have,
the Company shall have the right to specific performance and injunctive relief in the event you breach any of those Paragraphs
of this Agreement, as well as to an award of its attorneys’ fees in connection with its efforts to enforce its rights under
this Agreement.

 

		9.	Compliance with Section 409A - The Severance Benefits shall be subject to and compliant with any requirements provided
under Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”). The Company shall have no liability
to you or any other person if the payments and benefits provided that are intended to be exempt from or compliant with Section
409A are not so exempt or compliant.

 

		10.	Amendment/Waiver - This Agreement may not be modified in any manner, except by an instrument in writing of concurrent
or subsequent date signed by you and by a duly authorized representative of the Company. No delay of omission by the Company in
exercising any right under this Agreement shall operate as a waiver of that or any other right. No waiver of any provision of this
Agreement shall be effective unless made in writing and signed by a duly authorized representative of the waiving party. A waiver
or consent given by the Company on any once occasion shall be effective only in that instance and shall not be construed as a bar
to or wavier or any right on any other occasion.

 

		11.	Absence of Reliance - In signing this Agreement, you affirm that no other promises or representations of any kind have
been made to you by any person or entity whatsoever to cause you to sign this Agreement, and that are not relying upon any promises,
statements or representations made by anyone at or on behalf of the Company, except as set forth expressly in the Agreement.

 

		12.	Validity; Interpretation - Should any provision of this Agreement be declared or be determined by any court of competent
jurisdiction to be illegal or invalid, the validity of the remaining parts, terms or provisions shall not be affected thereby and
said illegal or invalid part, term or provision shall enforced to the fullest extent possible, with the remaining invalid portions
deemed not to be a part of this Agreement. In the event of any dispute, this Agreement will be construed as a whole, will be interpreted
in accordance with its fair meaning, and will not be construed strictly for or against either you or the Company.

 

		13.	Non-admission - This Agreement is a severance agreement and shall not be construed as an admission of any liability
by the Company to you or of any act of wrongdoing by the Company. The Company specifically disclaims that it or any of its representatives
has engaged in any wrongdoing or has taken any action that would be the basis for any finding of liability. This Agreement may
not be used as evidence in any proceeding of any kind, except a proceeding in which one of the parties alleges a breach of the
terms of this Agreement or a proceeding in which one of the parties elects to use this Agreement as a defense to any claim.

 

 

Datawatch Corporation | 271 Mill Road | Quorum
Office Park | Chelmsford, MA 01824 | T: 978.441.2200 | F: 978.441.1114 | www.datawatch.com

 

    	 

    	 

    

 

 

 

		14.	Applicable Law - This Agreement shall be interpreted and construed by the laws of the Commonwealth of Massachusetts,
without regard to conflict of laws provisions. You hereby irrevocably submit to and acknowledge and recognize the exclusive jurisdiction
of the courts of the Commonwealth of Massachusetts, or if appropriate, a federal court located in Massachusetts (which courts,
for purposes of this Agreement, are the only courts of competent jurisdiction), over any suit, action or other proceeding arising
out of, under or in connection with this Agreement or the subject matter hereof.

 

		15.	Entire Agreement - This Agreement constitutes the entire agreement between you and the Company. This Agreement supersedes
any previous agreements or understandings between you and the Company (including but not limited to the September 2012 letter agreement
between you and the Company), provided that the Non-Competition Agreement shall survive execution of this Agreement and remain
in full force and effect, and the Stock Agreements shall survive execution of this Agreement and remain in full force and effect
except as expressly modified by Paragraph 1(C) herein.

 

		16.	Time for Consideration; Effective Date - This Agreement is intended to comply with the Older Workers’
Benefit Protection Act of 1990 (“OWBPA”) with regard to your waiver and release of rights and/or claims under
the Age Discrimination in Employment Act of 1967 (“ADEA”). To that end, you agree and acknowledge as follows:

 

                                                              
i.      You are specifically waiving rights and claims under
the ADEA.

 

                                                            
ii.      You understand that rights or claims under the ADEA
which may arise after the date this Agreement is executed are not waived by you.

 

                                                          
iii.      You are receiving consideration in addition to what
you would otherwise be entitled.

 

                                                          
iv.      You have been advised to consult with or seek advice
from an attorney of your choosing before executing this Agreement.

 

                                                            
v.      You acknowledge that you have had a period of twenty-one
(21) days to consider the decision to enter into this Agreement. You also understand and agree that any changes to this letter
agreement, whether material or immaterial, will not restart the 21-day review period.

 

                                                          
vi.      You may revoke your acceptance of this Agreement
in the seven (7) day period following the date on which you sign the Agreement (the “Revocation Period”). Notice
of revocation must be in writing, and delivered to the Company’s Acting Vice President of Human Resources, within the Revocation
Period. This Agreement will not become effective or enforceable until the Revocation Period has expired. This Agreement shall become
effective on the first business day following the expiration of the Revocation Period (the “Effective Date”).

 

		17.	Counterparts - This Agreement may be executed in any number of counterparts, each of which when so executed and delivered
shall be taken to be an original, but all of which together shall constitute one and the same document. Facsimile and pdf signatures
shall be deemed to have the same legal effect as originals. This Agreement shall be binding upon and inure to the benefit of the
parties, their heirs, administrators, representatives, executors, successors, and assigns.

 

 

Datawatch Corporation | 271 Mill Road | Quorum
Office Park | Chelmsford, MA 01824 | T: 978.441.2200 | F: 978.441.1114 | www.datawatch.com

 

    	 

    	 

    

 

 

 

If you have any questions about the matters covered in this
Agreement, please contact me at (978) 275-8215.

 

	 	Very truly yours,
	 	 	 
	 	DATAWATCH CORPORATION.
	 	 	 
	 	By:  	 
	 	 	Brigid MacDonald
	 	 	Vice President, Human Resources

 

I hereby voluntarily and knowingly agree to the terms and conditions
set forth above. I have been given at least twenty-one (21) days to consider this Agreement, I understand it fully, and I have
voluntarily chosen to execute this on the date below. I intend that this Agreement become a binding agreement between me and the
Company if I do not revoke my acceptance in seven (7) days.

 

	 	 	Date  	 
	Employee Name: Ben Plummer	 	 	 

  

To be returned no later than the close of business on Monday,
May 11, 2015.

 

 

Datawatch Corporation | 271 Mill Road | Quorum
Office Park | Chelmsford, MA 01824 | T: 978.441.2200 | F: 978.441.1114 | www.datawatch.comEX-4.1

 Exhibit 4.1 

EXECUTION COPY 
 CHASE ISSUANCE
TRUST 
 as Issuing Entity 

CLASS B(2015-1) TERMS DOCUMENT 

dated as of April 22, 2015 

to 
 AMENDED AND
RESTATED 
 CHASESERIES INDENTURE SUPPLEMENT 

dated as of October 15, 2004 

to 
 THIRD AMENDED AND
RESTATED 
 INDENTURE 

dated as of December 19, 2007 

WELLS FARGO BANK, NATIONAL ASSOCIATION 

as Indenture Trustee and Collateral Agent 

 TABLE OF CONTENTS 
  

							
	 	  	 	  	PAGE	 
	
	ARTICLE I	  
	
	Definitions and Other Provisions of General Application	  
			
	 Section 1.01
	  	 Definitions
	  	 	1	  
	 Section 1.02
	  	 Governing Law
	  	 	5	  
	 Section 1.03
	  	 Counterparts
	  	 	5	  
	 Section 1.04
	  	 Ratification of Indenture and Indenture Supplement
	  	 	5	  
	
	ARTICLE II	  
	
	The Class B(2015-1) Notes	  
			
	 Section 2.01
	  	 Creation and Designation
	  	 	6	  
	 Section 2.02
	  	 Specification of Required Subordinated Amount and Other Terms
	  	 	6	  
	 Section 2.03
	  	 Interest Payment
	  	 	7	  
	 Section 2.04
	  	 Calculation Agent; Determination of LIBOR
	  	 	7	  
	 Section 2.05
	  	 Payments of Interest and Principal
	  	 	8	  
	 Section 2.06
	  	 Form of Delivery of Class B(2015-1) Notes; Depository; Denominations
	  	 	9	  
	 Section 2.07
	  	 Delivery and Payment for the Class B(2015-1) Notes
	  	 	9	  
	 Section 2.08
	  	 Supplemental Indenture
	  	 	9	  
	
	ARTICLE III	  
	
	Restrictions on Transfer of the Class B(2015-1) Notes	  
			
	 Section 3.01
	  	 Private Placement of the Class B(2015-1) Notes
	  	 	11	  
	 Section 3.02
	  	 Transfer of the Class B(2015-1) Notes
	  	 	11	  
	
	ARTICLE IV	  
	
	Miscellaneous Provision	  
			
	 Section 4.01
	  	 Amendments
	  	 	21	  
	 Section 4.02
	  	 Limitation on Changing the Scheduled Principal Payment Date or Legal Maturity Date
	  	 	21	  
	 Section 4.03
	  	 No Ratings Confirmation Required for Class B(2015-1) Notes
	  	 	21	  

  
 i 

 THIS CLASS B(2015-1) 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 April 22, 2015. 

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(2015-1) Notes and no other Tranche of CHASEseries Notes issued by
the Issuing Entity. 
 “Asset Pool Supplement” means the Second Amended and Restated Asset Pool One Supplement to the
Indenture, dated as of December 19, 2007, as amended, by and among the Issuing Entity, the Indenture Trustee and the Collateral Agent. 

“Bank” means Chase Bank USA, National Association, a national banking association. 

“Beneficiary” means Chase Bank USA, National Association, in its capacity as beneficial owner of the Issuing Entity. 

“Calculation Agent” is defined in Section 2.04(a). 

“Class B(2015-1) Adverse Event” means the occurrence of any of the following: (a) an Early Amortization Event with
respect to the Class B(2015-1) Notes, (b) an Event of Default and acceleration of the Class B(2015-1) Notes, (c) the Class B Usage of the Class C Required Subordinated Amount for the Class B(2015-1) Notes becomes greater than zero. 

“Class B(2015-1) Note” means any Note, substantially in the form set forth in Exhibit A-1 to the Indenture Supplement,
designated therein as a Class B(2015-1) Note and duly executed and authenticated in accordance with the Indenture. 
 “Class
B(2015-1) Noteholder” means a Person in whose name a Class B(2015-1) Note is registered in the Note Register. 
 “Class
B(2015-1) Tax Opinion” means an Opinion of Counsel stating that the Class B(2015-1) Notes will be characterized as debt for United States federal income tax purposes. 

  
 2 

 “Class B(2015-1) Termination Date” means the earliest to occur of (a) the
Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class B(2015-1) 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(a). 

“Controlled Accumulation Amount” means $62,500,000.00. 

“Eligible Purchaser” means a corporation, partnership or other entity which can make the representations set forth in
Section 3.02(b) or (c) hereof, as applicable, and that is either (x) a QIB, or in the case of an initial Transfer by the Bank only, an “Accredited Investor” within the meaning of Rule 501(a)(1)(2)(3) or (7) of
Regulation D under the Securities Act or (y) a Non-U.S. Person (as defined in Regulation S under the Securities Act) in an offshore transaction in compliance with Rule 903 or Rule 904 of Regulation S under the Securities Act. 

“Exempt Transaction” means a Transfer to an Eligible Purchaser in a transaction exempt from the registration requirements of
the Securities Act and applicable state securities or “blue sky” laws. 
 “Indenture” means the Third Amended and
Restated Indenture, dated as of December 19, 2007, as amended, between the Issuing Entity and the Indenture Trustee. 

“Indenture Supplement” means the Amended and Restated CHASEseries Indenture Supplement, dated as of October 15, 2004,
among the Issuing Entity, the Indenture Trustee and the Collateral Agent. 
 “Initial Dollar Principal Amount” means
$750,000,000. 
 “Interest Payment Date” means May 15, 2015 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 April 22, 2015. 

  
 3 

 “Legal Maturity Date” means April 15, 2022. 

“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) April 20, 2015 for the period from and including the Issuance Date through but
excluding May 15, 2015 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 0.66% in excess of LIBOR as determined by
the Calculation Agent on the related LIBOR Determination Date with respect to each Interest Period. 
 “Paying Agent” means
Wells Fargo Bank, National Association. 
 “Predecessor Note” means, with respect to any particular Note, every previous
Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 3.06 of the Indenture in lieu of a mutilated, lost,
destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note. 

“QIB” means a “qualified institutional buyer,” as defined in Rule 144A under the Securities Act. 

“Record Date” means, for any Note Transfer Date, the last Business Day of the preceding Monthly Period. 

“Reference Banks” means four major banks in the London interbank market selected by the Beneficiary. 

“Reuters Screen LIBOR01 Page” means the display page so designated on the Reuters Monitor Money Rates (or such other page as
may replace that page on that service, or such other service as may be nominated as the information vendor, for the purposes of displaying rates comparable to LIBOR). 

  
 4 

 “Scheduled Principal Payment Date” means April 15, 2020. 

“Stated Principal Amount” means $750,000,000. 

“Targeted Holders” means each holder of a right to receive interest or principal with respect to any interest in the Issuing
Entity with respect to which a Class B(2015-1) Tax Opinion has not been rendered; provided, however, that any Person holding more than one right or interest each of which would cause such Person to be a Targeted Holder shall be treated as a single
Targeted Holder. 
 “Transfer” means a sale, conveyance, assignment, hypothecation, pledge, participation, or other form of
transfer of any Class B(2015-1) Note. 
 Section 1.02 Governing Law. THIS TERMS DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH
AND GOVERNED BY THE LAWS OF THE STATE OF DELAWARE WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

Section 1.03 Counterparts. This Terms Document may be executed in any number of counterparts, each of which so executed will be
deemed to be an original, but all such counterparts will together constitute but one and the same instrument. 
 Section 1.04
Ratification of Indenture and Indenture Supplement. As supplemented by this Terms Document, each of the Indenture, the Asset Pool Supplement and the Indenture Supplement is in all respects ratified and confirmed and the Indenture as so
supplemented by the Asset Pool Supplement and the Indenture Supplement as so supplemented by this Terms Document shall be read, taken and construed as one and the same instrument. 

[END OF ARTICLE I] 

  
 5 

 ARTICLE II 

THE CLASS B(2015-1) 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(2015-1) Notes.” 
 Section 2.02
Specification of Required Subordinated Amount and Other Terms. For the Class B(2015-1) 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(2015-1) 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(2015-1) Notes), and 

(2) the product of (x) 7.52688% and (y) a fraction (A) the numerator of which is equal to (1) the Adjusted
Outstanding Dollar Principal Amount on such date of determination of all outstanding CHASEseries Class B Notes (including the Class B(2015-1) 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(2015-1) Notes), and 

(ii) the Adjusted Outstanding Dollar Principal Amount on such date of determination of the Class B(2015-1) Notes; and 

  
 6 

 (b) for any date of determination on and after the date on which a Class B(2015-1) 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(2015-1)
Adverse Event shall have occurred. 
 (c) The Issuing Entity may change the percentage set forth in subsection 2.02(a)(i)(2)(x), above, or
the formula set forth in clause (a) above, without the consent of any Noteholder so long as the Issuing Entity has (i) received written confirmation from each Note Rating Agency that has rated any Outstanding Notes that the change in
either of such percentages or formulas, as applicable, will not result in a Ratings Effect with respect to any Outstanding Notes and (ii) delivered to the Indenture Trustee and the Note Rating Agencies a Master Trust Tax Opinion and an Issuing
Entity Tax Opinion. 
 Section 2.03 Interest Payment. (a) For each Interest Payment Date, the amount of interest due with
respect to the Class B(2015-1) 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(2015-1) Notes determined as of the close of business on the Interest Payment Date preceding the
related Note Transfer Date for the Class B(2015-1) Notes; provided, however, that for the first Interest Payment Date, the amount of interest due with respect to the Class B(2015-1) Notes shall be an amount equal to the product of (x) the
Outstanding Dollar Principal Amount of the Class B(2015-1) Notes on the Issuance Date, (y) 23 divided by 360 and (z) the Note Interest Rate in effect with respect to the Class B(2015-1) Notes determined on April 20, 2015. Interest on
the Class B(2015-1) 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(2015-1) Notes, the Indenture Trustee shall deposit into the Class B(2015-1) Interest Funding Sub-Account the portion of CHASEseries Available
Finance Charge Collections allocable to the Class B(2015-1) Notes. 
 Section 2.04 Calculation Agent; Determination of LIBOR.

 (a) The Issuing Entity hereby agrees that for so long as any Class B(2015-1) 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

  
 7 

 
not resign its duties, and the Issuing Entity may not remove the Calculation Agent, without a successor having been duly appointed. 

(b) On each LIBOR Determination Date, the Calculation Agent shall determine LIBOR on the basis of the rate for deposits in United States
dollars for a one-month period which appears on Reuters Screen LIBOR01 Page or on such comparable system as is customarily used to quote LIBOR as of 11:00 a.m., London time, on such date. If such rate does not appear on Reuters Screen LIBOR01 Page
or on a comparable system as is customarily used to quote LIBOR the rate for that LIBOR Determination Date shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately
11:00 a.m., London time, on that day to prime banks in the London interbank market for a one-month period. The Calculation Agent shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least
two such quotations are provided, the rate for that LIBOR Determination Date shall be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic
mean of the rates quoted by major banks in New York City, selected by the Beneficiary, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a one-month period. 

(c) The Note Interest Rate applicable to the then current and the immediately preceding Interest Periods may be obtained by telephoning the
Indenture Trustee at its corporate trust office at (612) 667-8058 or such other telephone number as shall be designated by the Indenture Trustee for such purpose by prior written notice by the Indenture Trustee to each Noteholder from time to
time. 
 (d) On each LIBOR Determination Date, the Calculation Agent shall send to the Indenture Trustee and the Beneficiary, via email or
by facsimile transmission, notification of LIBOR for the following Interest Period. 
 Section 2.05 Payments of Interest and
Principal. 
 (a) Any installment of interest or principal payable on any Class B(2015-1) 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(2015-1) 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. 

  
 8 

 (b) The right of the Class B(2015-1) Noteholders to receive payments from the Issuing Entity
will terminate on the first Business Day following the Class B(2015-1) Termination Date. 
 Section 2.06 Form of Delivery of Class
B(2015-1) Notes; Depository; Denominations. 
 (a) The Class B(2015-1) Notes, together with the Indenture Trustee’s certificate of
authentication, shall be in substantially the form set forth in Exhibit A. The terms of Class B(2015-1) Notes set forth in Exhibit A are part of the terms of this Terms Document. 

(b) The Class B(2015-1) Notes shall initially be issued in definitive, fully registered, certificated form and shall initially be retained by
and registered in the name of the Bank. In the event any Class B(2015-1) Note is Transferred in an Exempt Transaction, such Class B(2015-1) Note may be issued either in the form of a global Registered Note as provided in Sections 2.02 and 3.01(i) of
the Indenture, respectively, or in definitive, fully registered, certificated form, as applicable, and shall initially be registered in the name of the beneficial owner as listed in the Note Register. If, however, any Class B(2015-1) Note is
Transferred pursuant to an effective registration under the Securities Act and applicable state securities or “blue sky” laws, such Class B(2015-1) Note shall be issued in the form of a global Registered Note as provided in Sections 2.02
and 3.01(i) of the Indenture, respectively. The Depository for any Class B(2015-1) Notes issued as global Registered Notes shall be The Depository Trust Company, with each such Class B(2015-1) Note being registered in the name of Cede &
Co., its nominee. 
 (c) The Class B(2015-1) Notes (i) initially issued to and retained by the Bank and any Class B(2015-1) Notes
Transferred in an Exempt Transaction will be issued in minimum denominations of $250,000 and integral multiples of $1,000 in excess of that amount and (ii) Transferred pursuant to an effective registration statement will be issued in minimum
denominations of $1,000 and integral multiples of that amount. 
 Section 2.07 Delivery and Payment for the Class B(2015-1)
Notes. The Issuing Entity shall execute and deliver the Class B(2015-1) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class B(2015-1) 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(2015-1) 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(2015-1) 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. 

  
 9 

 [END OF ARTICLE II] 

  
 10 

 ARTICLE III 

RESTRICTIONS ON TRANSFER OF THE CLASS B(2015-1) NOTES 

Section 3.01 Private Placement of the Class B(2015-1) Notes. 

(a) The Class B(2015-1) Notes have not been registered under the Securities Act, or any state securities or blue sky law. No Transfer of any
Class B(2015-1) Note shall be made except either (i) pursuant to an effective registration under the Securities Act and applicable state securities or “blue sky” laws or (ii) in an Exempt Transaction. The Class B(2015-1) Notes
initially purchased by the Bank and any Class B(2015-1) Notes Transferred in an Exempt Transaction shall bear a legend to the effect set forth in subsection (b) below. None of the Issuing Entity, the Transfer Agent and Note Registrar, the Owner
Trustee or the Indenture Trustee is obligated to register the Class B(2015-1) Notes under the Securities Act or any other securities or “blue sky” law or to take any other action not otherwise required under this Terms Document, the
Indenture, the Indenture Supplement, the Asset Pool Supplement or the Transfer and Servicing Agreement to permit the Transfer of Class B(2015-1) Notes without registration or as described above; provided however that in connection with any Transfer
of a Class B(2015-1) Note, the Bank may, in its sole discretion, register the Class B(2015-1) Notes under the Securities Act or any other securities or “blue sky” law. 

(b) Each Class B(2015-1) Note (i) initially issued to the Bank or (ii) Transferred in an Exempt Transaction shall bear a
restrictive legend to the following effect: 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE, OR ANY INTEREST OR PARTICIPATION HEREIN, MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN
COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE PROVISIONS OF ANY STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH PROVISIONS. 

Section 3.02 Transfer of the Class B(2015-1) Notes. 

(a) Transfer of the Class B(2015-1) Notes Pursuant to an Effective Registration under the Securities Act with a Class B(2015-1) Tax
Opinion. If, at the time of any proposed Transfer of the Class B(2015-1) Notes by the Bank, as initial holder of the Class B(2015-1) Notes, the Class B(2015-1) Notes have been registered under the Securities Act and a Class B(2015-1) Tax Opinion
is rendered, then the proposed Transfer will not be subject to any additional restrictions with respect to such Transfer or its proposed transferee. With respect to any such Transfer, the Class B(2015-1) Note shall be transferred for a global
Registered Note which shall bear a legend to the following effect: 

  
 11 

 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A
NEW YORK CORPORATION (“DTC”), TO THE ISSUING ENTITY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR TO SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF
COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE CHASE ISSUANCE TRUST OR THE FIRST USA CREDIT CARD MASTER TRUST, OR JOIN IN ANY INSTITUTION AGAINST THE CHASE ISSUANCE TRUST OR THE FIRST USA CREDIT CARD MASTER TRUST, IN, ANY
BANKRUPTCY PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES OR THE INDENTURE. 

THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A BENEFICIAL
INTEREST THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS OF CHASE BANK USA, NATIONAL ASSOCIATION FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME. 

(b) Transfer of the Class B(2015-1) Notes in an Exempt Transaction with a Class B(2015-1) Tax Opinion. If, at the time of any proposed
Transfer of the Class B(2015-1) Notes in an Exempt Transaction, a Class B(2015-1) Tax Opinion is rendered, then such Transfer shall be made in compliance with the restrictions set forth in this subsection 3.02(b) (including the applicable legends to
be set forth on the face of the Class B(2015-1) Notes as provided in Exhibit A) (1) to a Person (A)(x) who the Issuing Entity reasonably believes is a QIB or (y) only in connection with an initial Transfer by the Bank of Class B(2015-1)
Notes, who is an “Accredited Investor” as defined in Rule 501(a)(1)(2)(3) or (7) of Regulation D (“Regulation D”) under the Securities Act, and (B) that is aware that the resale or other transfer is being made in
reliance on Rule 144A or (2) in an offshore transaction in accordance with Rule 903 or Rule 904 of Regulation S (“Regulation S”) under the Securities Act. Each Eligible Purchaser who becomes a Holder of a Class B(2015-1) Note in
connection with an Exempt Transaction, by its acceptance of such Class B(2015-1) Note, will, in the case of a global Registered Note, be deemed to have acknowledged, represented to and agreed with the Issuing Entity and the Bank (and in the case of
a certificated Class B(2015-1) note will be required to provide a certificate acknowledging, representing to and agreeing with the Issuing Entity and the Bank) as follows: 

  
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 (i) It understands and acknowledges that the Class B(2015-1) Notes may only be
Transferred (A) in the United States to QIBs pursuant to Rule 144A, or (B) outside the United States pursuant to Regulation S. 

(ii) It understands that the Class B(2015-1) Notes have not been and will not be registered under the Securities Act or any
state or other applicable securities law and that the Class B(2015-1) Notes, or any interest or participation therein, may not be Transferred unless registered pursuant to, or exempt from registration under, the Securities Act and any other
applicable securities law. 
 (iii) It has had access to such financial and other information concerning the Issuing Entity,
the Bank and the Class B(2015-1) Notes as it has deemed necessary in connection with its decision to purchase the Class B(2015-1) Notes. 

(iv) It acknowledges that the Class B(2015-1) Notes will bear legends to the following effect unless the Issuing Entity
determines otherwise, consistent with applicable law: 
 “THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE, OR ANY INTEREST OR PARTICIPATION HEREIN, MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED
ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE PROVISIONS OF ANY STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH PROVISIONS AND ONLY (1) TO THE ISSUING ENTITY, (2) PURSUANT TO RULE 144A
UNDER THE SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A “QIB”) PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE
ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3) IN THE CASE OF INITIAL TRANSFERS ONLY, PURSUANT TO SECTION 4(2) UNDER THE SECURITIES
ACT TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a)(1)(2)(3) or (7) OF REGULATION D (“REGULATION D”) UNDER THE SECURITIES ACT (AN “ACCREDITED INVESTOR”) PURCHASING
FOR ITS OWN ACCOUNT OR AN ACCREDITED INVESTOR PURCHASING FOR THE ACCOUNT OF AN ACCREDITED INVESTOR, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 501(a)(1)(2)(3) or
(7) OF REGULATION D OR (4) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 

  
 13 

 
OF REGULATION S UNDER THE SECURITIES ACT. EACH NOTE OWNER BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE PURSUANT TO CLAUSE (2) ABOVE, IS DEEMED TO REPRESENT THAT IT IS EITHER A QIB
PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF ANOTHER QIB. 
 THIS NOTE IS SUBJECT TO ADDITIONAL RESTRICTIONS ON
RESALE OR TRANSFER SET FORTH IN THE CLASS B(2015-1) TERMS DOCUMENT (AS HEREINAFTER DEFINED). 
 PRIOR TO PURCHASING ANY NOTES, PURCHASERS
SHOULD CONSULT COUNSEL WITH RESPECT TO THE AVAILABILITY AND CONDITIONS OF EXEMPTION FROM THE RESTRICTION ON RESALE OR TRANSFER. THE ISSUING ENTITY HAS NOT AGREED TO REGISTER THE NOTES UNDER THE SECURITIES ACT, TO QUALIFY THE NOTES UNDER THE
SECURITIES LAWS OF ANY STATE OR TO PROVIDE REGISTRATION RIGHTS TO ANY PURCHASER. 
 AS SET FORTH HEREIN, THE OUTSTANDING PRINCIPAL AMOUNT OF
THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.” 
 (v) If it is acquiring any Class
B(2015-1) Note, or any interest or participation therein, as a fiduciary or agent for one or more investor accounts, it represents that it has sole investment discretion with respect to such account and that it has full power to make the
acknowledgements, representations and agreements contained herein on behalf of each such account. 
 (vi) It (A)(x) is a
QIB, (y) is aware that the sale to it is being made in reliance on Rule 144A and if it is acquiring such Class B(2015-1) Notes or any interest or participation therein for the account of another QIB, such QIB is aware that the sale is being
made in reliance on Rule 144A and (z) is acquiring such Class B(2015-1) Notes or any interest or participation therein for its own account or for the account of a QIB, (B) in the case of initial Transfers only (x) is an Accredited
Investor, (y) is aware that the sale to it is being made in reliance on Section 4(2) under the Securities Act and if it is acquiring such Class B(2015-1) Notes or any interest or participation therein for the account of another Accredited
Investor, such Accredited Investor is aware that the sale is being made in reliance on Section 4(2) under the Securities Act and (z) is acquiring such Class B(2015-1) Notes or any interest or participation therein for its own account or
for the account of an Accredited Investor, or (C) is not a U.S. Person (as defined in Regulation S) and is purchasing such Class B(2015-1) Notes or any interest or participation therein in an offshore transaction pursuant to Regulation S. 

  
 14 

 (vii) It is purchasing the Class B(2015-1) Notes for its own account, or for one
or more investor accounts for which it is acting as fiduciary or agent, in each case for investment, and not with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act, subject to any
requirements of law that the disposition of its property or the property of such investor account or accounts be at all times within its or their control and subject to its or their ability to resell such Class B(2015-1) Notes, or any interest or
participation therein pursuant to the provisions of this Terms Agreement. 
 (viii) It agrees that if in the future it
should offer, sell or otherwise transfer such Class B(2015-1) Note or any interest or participation therein, it will do so only (A) to the Issuing Entity, (B) pursuant to Rule 144A to a person who it reasonably believes is a QIB in a
transaction meeting the requirements of Rule 144A, purchasing for its own account or for the account of a QIB, whom it has informed that such offer, sale or other transfer is being made in reliance on Rule 144A or (C) in an offshore transaction
meeting the requirements of Rule 903 or Rule 904 of Regulation S under the Securities Act. 
 (ix) If it is acquiring such
Class B(2015-1) Note or any interest or participation therein in an offshore transaction (as defined in Regulation S), it acknowledges that the Class B(2015-1) Notes will be represented in the form of a global Registered Note as provided in Sections
2.02 and 3.01(i) of the Indenture, respectively or in definitive, fully registered, certificated form, as applicable, and that transfers thereof or any interest or participation therein are restricted as set forth in this Terms Agreement. If it is a
QIB, it acknowledges that the Class B(2015-1) Notes offered in reliance on Rule 144A will be represented in the form of a global Registered Note as provided in Sections 2.02 and 3.01(i) of the Indenture, respectively or in definitive, fully
registered, certificated form, as applicable, and that transfers thereof or any interest or participation therein are restricted as set forth in this Terms Agreement. 

(x) It acknowledges that the Issuing Entity, the Indenture Trustee, the Bank and others will rely on the truth and accuracy of
the foregoing acknowledgments, representations and agreements, and agrees that if any of the foregoing acknowledgments, representations and agreements deemed to have been made by it are no longer accurate, it shall promptly notify the Issuing
Entity, the Owner Trust, and the Bank. 
 (xi) With respect to any foreign purchaser claiming an exemption from United
States income or withholding tax, it shall have delivered to the Indenture Trustee a true and complete Form W-8, Form 1001 or Form 4224 or such equivalent form then in effect, indicating such exemption. 

  
 15 

 (xii) It acknowledges that transfers of the Class B(2015-1) Notes or any
interest or participation therein shall be subject in all respects to the restrictions applicable thereto contained in this Terms Agreement. 

(c) Transfer of the Class B(2015-1) Notes in an Exempt Transaction without a Class B(2015-1) Tax Opinion. If, at the time of any
proposed Transfer of the Class B(2015-1) Notes in an Exempt Transaction by the Bank, as initial holder of the Class B(2015-1) Notes, a Class B(2015-1) Tax Opinion has not been rendered, then the Transfer restrictions described in
subsection 3.02(b)(i) through (iii) and (v) through (xii) (other than clause (iv)), in addition to the restrictions set forth below, will govern. Each Eligible Purchaser who becomes a Holder of a Class B(2015-1) Note, in
connection with an Exempt Transaction for which a Class B(2015-1) Tax Opinion has not been rendered, by its acceptance of such Class B(2015-1) Note, will be required to execute a certificate addressed to the Issuing Entity and the Bank in the form
of Exhibit B attached hereto acknowledging and representing and agreeing to the restriction described in subsection (b)(i) through (iii) and (v) through (xii) and as follows: 

(i) Unless a Class B(2015-1) Tax Opinion is rendered, no portion of the Class B(2015-1) Notes or any interest therein may be
Transferred in an Exempt Transaction except in accordance with this subsection 3.02(c). No portion of the Class B(2015-1) Notes or any interest therein may be Transferred in an Exempt Transaction, unless the Indenture Trustee has received an Issuing
Entity Tax Opinion with respect to such Transfer. 
 (ii) Any attempted Transfer of a Class B(2015-1) Note that would cause
the number of Targeted Holders to exceed ninety-five shall be void. 
 (iii) Such Eligible Purchaser is, for federal income
tax purposes, either (1) a citizen or resident of the United States, (2) a corporation or partnership organized in or under the laws of the United States or any state or the District of Columbia which, if such entity is a tax exempt
entity, recognizes that payments with respect to the Class B(2015-1) Notes may constitute unrelated business taxable income, (3) an estate the income of which is includible in gross income for U.S.
federal income tax purposes regardless of its source, or (4) (a) a trust for which a court within the United States is able to exercise primary supervision over its administration and for which one or more persons described in this
paragraph are able to control all substantial decisions or (b) a trust for which a valid election has been made to be treated as an United States person. Such Eligible Purchaser also shall agree that it will furnish to the Person from whom it
is acquiring any interest in the Class B(2015-1) Notes and the Indenture Trustee, a properly executed U.S. Internal Revenue Service Form W 9 (and will agree to furnish a new Form W 9, or any successor applicable form, upon the expiration or
obsolescence of any previously delivered form) and such other 

  
 16 

 
certifications, representations or Opinions of Counsel as may be requested by the Indenture Trustee. 

(iv) Such Eligible Purchaser has not acquired and will not Transfer any interest in the Class B(2015-1) Notes or cause an
interest in the Class B(2015-1) Notes to be marketed, on or through an “established securities market” within the meaning of Section 7704(b)(1) of the Code and any Treasury regulations thereunder, including, without limitation, an
over the counter market or an interdealer quotation system that regularly disseminates firm buy or sell quotations. In addition, such Eligible Purchaser shall certify to the Issuing Entity and the Indenture Trustee, prior to any delivery or Transfer
to it of any Class B(2015-1) Notes, (1) that it is not and will not become (and that, if it is disregarded as an entity separate from its owner within the meaning of Treasury Regulations Section 301.7701-3(a) (a “DRE”),
its owner is not and will not become), for so long as the Eligible Purchaser holds an interest in the Class B(2015-1) Notes, a partnership, Subchapter S corporation or grantor trust for U.S. federal
income tax purposes (a “Flow-Thru Entity”), or (2) that if the Eligible Purchaser (or, if the Eligible Purchaser is a DRE, its owner) is, or becomes, a Flow-Thru Entity, for so long as the Eligible Purchaser (or, if the
Eligible Purchaser is a DRE, its owner) is a Flow-Thru Entity and the Eligible Purchaser holds an interest in the Class B(2015-1) Notes, not more than 50% of the value of any interests in such Eligible Purchaser (or, if the Eligible Purchaser is a
DRE, its owner) will be attributable to interests in the Issuing Entity held by such Eligible Purchaser. Such Eligible Purchaser of an interest in the Class B(2015-1) Notes acknowledges that the Opinion of Counsel to the effect that the Issuing
Entity will not be treated as an association or publicly traded partnership taxable as a corporation is dependent in part on the accuracy of its certifications described in this subsection 3.02(c). 

(v) Any request for registration of Transfer of all or any portion of the Class B(2015-1) Notes in an Exempt Transaction
pursuant to this subsection 3.02(c) shall be made at the office of the Indenture Trustee, as Transfer Agent and Note Registrar. Only upon receipt by the Indenture Trustee of the written consent of the Issuing Entity to such Transfer shall the Class
B(2015-1) Notes (or such portion thereof) be transferred upon the Note Register; provided, however, that such consent shall only be withheld based upon the reasonable belief of the Issuing Entity that such Transfer may cause the number
of Targeted Holders to exceed ninety-five. Such Transfers of all or any portion of the Class B(2015-1) Notes shall be subject to the restrictions set forth in this subsection 3.02(c). Successive registrations and registrations of Transfers as
aforesaid may be made from time to time as desired, and each such registration shall be noted on the Note Register. 

  
 17 

 (vi) No portion of the Class B(2015-1) Notes or any interest therein may be
Transferred in an Exempt Transaction to (a) an “employee benefit plan” (as defined in Section 3(3) of ERISA), including governmental plans and church plans, (b) any “plan” (as defined in Section 4975(e)(1) of
the Code) including individual retirement accounts and Keogh plans, or (c) any other entity whose underlying assets include “plan assets” (within the meaning of Department of Labor Regulation Section 2510.3 101, 29 C.F.R. §
2510.3 101 or otherwise under ERISA) by reason of a plan’s investment in the entity, including, without limitation, an insurance company general account. 

(vii) It acknowledges that the Class B(2015-1) Notes will bear legends to the following effect unless the Issuing Entity
determines otherwise, consistent with applicable law: 
 “THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE, OR ANY INTEREST OR PARTICIPATION HEREIN, MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED
ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) TO THE ISSUING ENTITY, (2) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER
WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A “QIB”) PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A OR (3) IN THE CASE OF INITIAL TRANSFERS ONLY, PURSUANT TO SECTION 4(2) UNDER THE SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE
501(a)(1)(2)(3) or (7) OF REGULATION D (“REGULATION D”) UNDER THE SECURITIES ACT (AN “ACCREDITED INVESTOR”) PURCHASING FOR ITS OWN ACCOUNT OR AN ACCREDITED INVESTOR PURCHASING FOR THE ACCOUNT OF AN ACCREDITED INVESTOR, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 501(a)(1)(2)(3) or (7) OF REGULATION D. EACH NOTE OWNER BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE PURSUANT TO
CLAUSE (2) ABOVE, IS DEEMED TO REPRESENT THAT IT IS EITHER A QIB PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF ANOTHER QIB. 

PRIOR TO PURCHASING ANY NOTES, PURCHASERS SHOULD CONSULT COUNSEL WITH RESPECT TO THE AVAILABILITY AND CONDITIONS OF EXEMPTION FROM THE
RESTRICTION ON RESALE OR TRANSFER. THE ISSUING ENTITY HAS NOT AGREED TO REGISTER THE NOTES UNDER THE SECURITIES ACT, 

  
 18 

 
TO QUALIFY THE NOTES UNDER THE SECURITIES LAWS OF ANY STATE OR TO PROVIDE REGISTRATION RIGHTS TO ANY PURCHASER. 

AS SET FORTH HEREIN, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 

THIS NOTE IS SUBJECT TO ADDITIONAL RESTRICTIONS ON RESALE OR TRANSFER SET FORTH IN THE CLASS B(2015-1) TERMS DOCUMENT (AS HEREINAFTER
DEFINED). THIS NOTE MAY NOT BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHOUT THE PRIOR WRITTEN CONSENT OF THE ISSUING ENTITY. 

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE CHASE ISSUANCE TRUST
OR THE FIRST USA CREDIT CARD MASTER TRUST, OR JOIN IN ANY INSTITUTION AGAINST THE CHASE ISSUANCE TRUST OR THE FIRST USA CREDIT CARD MASTER TRUST, IN, ANY BANKRUPTCY PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN
CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES OR THE INDENTURE. 
 THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH
HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS OF CHASE BANK USA, NATIONAL ASSOCIATION FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW
AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME. 
 EACH PURCHASER OR HOLDER REPRESENTS AND WARRANTS FOR THE BENEFIT OF
THE ISSUING ENTITY AND THE INDENTURE TRUSTEE THAT SUCH PURCHASER OR HOLDER IS NOT (A) AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF ERISA), INCLUDING GOVERNMENTAL PLANS AND CHURCH PLANS, (B) ANY “PLAN” (AS
DEFINED IN SECTION 4975(E)(1) OF THE CODE) INCLUDING INDIVIDUAL RETIREMENT ACCOUNTS AND KEOGH PLANS, OR (C) ANY OTHER ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION SECTION
2510.3 101, 29 C.F.R. § 2510.3 101 OR OTHERWISE UNDER ERISA) BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY, INCLUDING, WITHOUT LIMITATION, AN INSURANCE COMPANY GENERAL ACCOUNT.” 

  
 19 

 The Issuing Entity will facilitate any Transfer of the Class B(2015-1) Notes consistent with the
requirements of this Section 3.02, including assisting in the determination as to whether the number of Targeted Holders would exceed ninety-five. 

Any transfer, resale, pledge or other transfer of the Class B(2015-1) Notes contrary to the restrictions set forth in this
Section 3.02 and in this Terms Agreement shall be deemed void ab initio by the Indenture Trustee. As used in this Section 3.02, the terms “United States” and “U.S. persons” have the meaning given them in
Regulation S. 
 [END OF ARTICLE III] 

  
 20 

 ARTICLE IV 

MISCELLANEOUS PROVISION 

Section 4.01 Amendments. Notwithstanding anything to the contrary contained herein, each Class B(2015-1) Note and this Terms
Document may be amended or supplemented to modify the restrictions on and procedures for Transfer of the Class B(2015-1) Notes to reflect any change in applicable law or regulation (or the interpretation thereof) or in practices relating to the
Transfer of restricted securities generally. Each Noteholder shall by its acceptance of such Class B(2015-1) Note, have agreed to any such amendment or supplement. 

Section 4.02 Limitation on Changing the Scheduled Principal Payment Date or Legal Maturity Date. So long as the Class B(2015-1)
Notes are held by the Beneficiary or any Affiliate of the Beneficiary, (a) neither the Scheduled Principal Payment Date nor the Legal Maturity Date of such Class B(2015-1) Notes may be amended to an earlier date and (b) the Class B(2015-1)
Notes may not be cancelled prior to their Scheduled Principal Payment Date by presentation by the Beneficiary or any Affiliate of the Beneficiary of such Class B(2015-1) Notes to the Indenture Trustee for cancellation except in accordance with
Section 11.02 of the Indenture or if the Outstanding Dollar Principal Amount of the Class B(2015-1) Notes is paid in full pursuant to the provisions of this Terms Document. 

Section 4.03 No Ratings Confirmation Required for Class B(2015-1) Notes. Notwithstanding Section 3.10(iv) of the Indenture,
and if the Class B(2015-1) Notes have been rated by any Note Rating Agency, the Issuing Entity will not be required to obtain written confirmation from each Note Rating Agency that an issuance of a new Tranche of Notes will not have a Ratings Effect
on the Class B(2015-1) Notes. 
 [END OF ARTICLE IV] 

  
 21 

 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/ David A. Penkrot

			Name:		David A. Penkrot
			Title:		Executive Director
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Indenture Trustee and Collateral Agent
		
	By:		 /s/ Cheryl Zimmerman

			Name:		Cheryl Zimmerman
			Title:		Vice President

 Chase Issuance Trust 

CHASEseries Class B(2015-1) Terms Document 

 EXHIBIT A 

FORM OF CLASS B NOTE 

I. Legends to be applied with respect to the initial Class B(2015-1) Note issued to the Bank: 

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE CHASE ISSUANCE TRUST
OR THE FIRST USA CREDIT CARD MASTER TRUST, OR JOIN IN ANY INSTITUTION AGAINST THE CHASE ISSUANCE TRUST OR THE FIRST USA CREDIT CARD MASTER TRUST, IN, ANY BANKRUPTCY PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN
CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES OR THE INDENTURE. 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE, OR ANY INTEREST OR PARTICIPATION HEREIN, MAY BE REOFFERED, RESOLD, PLEDGED OR
OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) TO THE ISSUING ENTITY, (2) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A
QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A “QIB”) PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER,
RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3) IN THE CASE OF INITIAL TRANSFERS ONLY, PURSUANT TO SECTION 4(2) UNDER THE SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS AN ACCREDITED INVESTOR
WITHIN THE MEANING OF RULE 501(a)(1)(2)(3) or (7) OF REGULATION D (“REGULATION D”) UNDER THE SECURITIES ACT (AN “ACCREDITED INVESTOR”) PURCHASING FOR ITS OWN ACCOUNT OR AN ACCREDITED INVESTOR PURCHASING FOR THE ACCOUNT OF AN
ACCREDITED INVESTOR, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 501(a)(1)(2)(3) or (7) OF REGULATION D OR (4) IN AN OFFSHORE TRANSACTION IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT. EACH NOTE 

  
 A-1 

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

  
 A-2 

 II. Legends to be applied with respect to Class B(2015-1) Notes Transferred pursuant to an
effective registration under the Securities Act and a Class B(2015-1) Tax Opinion: 
 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE
HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE CHASE ISSUANCE TRUST OR THE FIRST USA CREDIT CARD MASTER TRUST, OR JOIN IN ANY INSTITUTION AGAINST THE CHASE ISSUANCE TRUST OR THE FIRST USA CREDIT CARD MASTER TRUST, IN,
ANY BANKRUPTCY PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES OR THE INDENTURE. 

THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A BENEFICIAL
INTEREST THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS OF CHASE BANK USA, NATIONAL ASSOCIATION FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME. 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
ISSUING ENTITY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR TO SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 

  
 A-3 

 III. Legends to be applied with respect to Class B(2015-1) Notes Transferred in an Exempt
Transaction with a Class B(2015-1) Tax Opinion: 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE, OR ANY INTEREST OR PARTICIPATION HEREIN, MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED
ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) TO THE ISSUING ENTITY, (2) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER
WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A “QIB”) PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) IN THE CASE OF INITIAL TRANSFERS ONLY, PURSUANT TO SECTION 4(2) UNDER THE SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE
501(a)(1)(2)(3) or (7) OF REGULATION D (“REGULATION D”) UNDER THE SECURITIES ACT (AN “ACCREDITED INVESTOR”) PURCHASING FOR ITS OWN ACCOUNT OR AN ACCREDITED INVESTOR PURCHASING FOR THE ACCOUNT OF AN ACCREDITED INVESTOR, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 501(a)(1)(2)(3) or (7) OF REGULATION D OR (4) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF
REGULATION S UNDER THE SECURITIES ACT. EACH NOTE OWNER BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE PURSUANT TO CLAUSE (2) ABOVE, IS DEEMED TO REPRESENT THAT IT IS EITHER A QIB PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE
ACCOUNT OF ANOTHER QIB. 
 PRIOR TO PURCHASING ANY NOTES, PURCHASERS SHOULD CONSULT COUNSEL WITH RESPECT TO THE AVAILABILITY AND CONDITIONS
OF EXEMPTION FROM THE RESTRICTION ON RESALE OR TRANSFER. THE ISSUING ENTITY HAS NOT AGREED TO REGISTER THE NOTES UNDER THE SECURITIES ACT, TO QUALIFY THE NOTES UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE OR TO PROVIDE REGISTRATION RIGHTS TO
ANY PURCHASER. 

  
 A-4 

 AS SET FORTH HEREIN, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ON THE FACE HEREOF. 
 THIS NOTE IS SUBJECT TO ADDITIONAL RESTRICTIONS ON RESALE OR TRANSFER SET FORTH IN THE
CLASS B(2015-1) TERMS DOCUMENT (AS HEREINAFTER DEFINED). 
 THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT
IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE CHASE ISSUANCE TRUST OR THE FIRST USA CREDIT CARD MASTER TRUST, OR JOIN IN ANY INSTITUTION AGAINST THE CHASE ISSUANCE TRUST OR THE FIRST USA CREDIT CARD MASTER TRUST, IN, ANY BANKRUPTCY PROCEEDINGS UNDER
ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES OR THE INDENTURE. 

THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A BENEFICIAL
INTEREST THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS OF CHASE BANK USA, NATIONAL ASSOCIATION FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME. 

  
 A-5 

 IV. Legends to be applied with respect to Class B(2015-1) Notes Transferred in an Exempt
Transaction without a Class B(2015-1) Tax Opinion: 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE, OR ANY INTEREST OR PARTICIPATION HEREIN, MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED
ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY (1) TO THE ISSUING ENTITY, (2) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER
WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A “QIB”) PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A OR (3) IN THE CASE OF INITIAL TRANSFERS ONLY, PURSUANT TO SECTION 4(2) UNDER THE SECURITIES ACT TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE
501(a)(1)(2)(3) or (7) OF REGULATION D (“REGULATION D”) UNDER THE SECURITIES ACT (AN “ACCREDITED INVESTOR”) PURCHASING FOR ITS OWN ACCOUNT OR AN ACCREDITED INVESTOR PURCHASING FOR THE ACCOUNT OF AN ACCREDITED INVESTOR, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 501(a)(1)(2)(3) or (7) OF REGULATION D. EACH NOTE OWNER BY ACCEPTING A BENEFICIAL INTEREST IN THIS NOTE PURSUANT TO
CLAUSE (2) ABOVE, IS DEEMED TO REPRESENT THAT IT IS EITHER A QIB PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF ANOTHER QIB. 

PRIOR TO PURCHASING ANY NOTES, PURCHASERS SHOULD CONSULT COUNSEL WITH RESPECT TO THE AVAILABILITY AND CONDITIONS OF EXEMPTION FROM THE
RESTRICTION ON RESALE OR TRANSFER. THE ISSUING ENTITY HAS NOT AGREED TO REGISTER THE NOTES UNDER THE SECURITIES ACT, TO QUALIFY THE NOTES UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE OR TO PROVIDE REGISTRATION RIGHTS TO ANY PURCHASER. 

  
 A-6 

 AS SET FORTH HEREIN, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ON THE FACE HEREOF. 
 THIS NOTE IS SUBJECT TO ADDITIONAL RESTRICTIONS ON RESALE OR TRANSFER SET FORTH IN THE
CLASS B(2015-1) TERMS DOCUMENT (AS HEREINAFTER DEFINED). THIS NOTE MAY NOT BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHOUT THE PRIOR WRITTEN CONSENT OF THE ISSUING ENTITY. 

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE CHASE ISSUANCE TRUST
OR THE FIRST USA CREDIT CARD MASTER TRUST, OR JOIN IN ANY INSTITUTION AGAINST THE CHASE ISSUANCE TRUST OR THE FIRST USA CREDIT CARD MASTER TRUST, IN, ANY BANKRUPTCY PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN
CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES OR THE INDENTURE. 
 THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH
HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS OF CHASE BANK USA, NATIONAL ASSOCIATION FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW
AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME. 
 EACH PURCHASER OR HOLDER REPRESENTS AND WARRANTS FOR THE BENEFIT OF
THE ISSUING ENTITY AND THE INDENTURE TRUSTEE THAT SUCH PURCHASER OR HOLDER IS NOT (A) AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF ERISA), INCLUDING GOVERNMENTAL PLANS AND CHURCH PLANS, (B) ANY “PLAN” (AS
DEFINED IN SECTION 4975(E)(1) OF THE CODE) INCLUDING INDIVIDUAL RETIREMENT ACCOUNTS AND KEOGH PLANS, OR (C) ANY OTHER ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” (WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, 29 C.F.R. § 2510.3-101 OR OTHERWISE UNDER ERISA) BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY, INCLUDING, WITHOUT LIMITATION, AN INSURANCE COMPANY
GENERAL ACCOUNT. 

  
 A-7 

			
	REGISTERED		up to $        
		
	No. R-    		CUSIP NO. 161571 GU2

 CHASE ISSUANCE TRUST 

Floating Rate 

CHASEseries CLASS B(2015-1) NOTE 

Chase Issuance Trust, a statutory trust created under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to CHASE BANK USA, NATIONAL ASSOCIATION, or registered assigns, subject to the following provisions, a principal sum of          payable on
April 15, 2020 (the “Scheduled Principal Payment Date”), except as otherwise provided below or in the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on
April 15, 2022 (the “Legal Maturity Date”). Interest will accrue on this Note at the rate of LIBOR plus 0.66% per annum, as more specifically set forth in the Class B(2015-1) Terms Document, dated as of April 22, 2015 (the
“Class B(2015-1) Terms Document”), between the Issuing Entity, the Indenture Trustee and the Collateral Agent, and shall be due and payable on each Interest Payment Date from the Monthly Interest Accrual Date in the related Monthly Period
(or, in the case of the first Interest Payment Date, from and including the date of issuance of this Note) to but excluding the first Monthly Interest Accrual Date after the end of that Monthly Period. Interest will be computed on the basis of a
360-day year and the actual number of days elapsed. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though
fully set forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the Indenture Trustee
whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 

  
 A-8 

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

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

					Name:		
					Title:		
			
			Date:		

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is the one of the Notes designated above and referred to in the within-mentioned Indenture. 

 

					
	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
		
	By:		  

			Name:		
			Title:		
		
	Date:		

  
 A-9 

 [REVERSE OF NOTE] 

This Class B Note is one of the Notes of a duly authorized issue of Notes of the Issuing Entity, designated as its “CHASEseries Class
B(2015-1) Notes” (herein called the “Notes”), all issued under a Third Amended and Restated Indenture dated as of December 19, 2007 (such indenture, as supplemented or amended, is herein called the “Indenture”), between
the Issuing Entity and Wells Fargo Bank, National Association, as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the Indenture), as supplemented by a Second Amended and Restated Asset
Pool One Supplement dated as of December 19, 2007, as amended (the “Asset Pool One Supplement”), an Amended and Restated CHASEseries Indenture Supplement, dated as of October 15, 2004 (the “Indenture Supplement”), and
the Class B(2015-1) Terms Document, each between the Issuing Entity and Wells Fargo Bank, National Association, as Indenture Trustee and collateral agent (the “Collateral Agent”), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee, the Collateral Agent and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All
terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 

Although a summary of certain provisions of the Indenture is set forth below, this Note is qualified in its entirety by the terms and
provisions of the Indenture and reference is made to that Indenture for information with respect to the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the rights, duties and obligations of the Indenture Trustee.

 The Class A Notes and the Class C Notes will also be issued under the Indenture. 

The Notes are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture and the
Asset Pool One Supplement. 
 Principal of this Note will be payable on the Scheduled Principal Payment Date in an amount described on the
face hereof, subject to the provisions of the Indenture. 
 As described above, the entire unpaid principal amount of this Note shall be due
and payable on the Legal Maturity Date. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default relating solely to the non-payment of interest on the Notes
shall have occurred and be continuing and the Indenture Trustee or the Holders of more than 66 2⁄3% of the Outstanding Dollar Principal

  
 A-10 

 
Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in Section 6.02 of the Indenture; provided, however, that such acceleration
of the entire unpaid principal amount of the Notes may be rescinded by the holders of more than 66 2⁄3% of the Outstanding Dollar Principal Amount of the
Notes. All principal payments on the Notes shall be made pro rata to the Noteholders entitled thereto. 
 On any Payment Date on or
after the Payment Date on which the aggregate Nominal Liquidation Amount (after giving effect to all payments on such Payment Date) of any class of Notes is reduced to less than 10% of its highest Outstanding Dollar Principal Amount at any time, the
Servicer has the right, but not the obligation, to redeem such class of Notes in whole but not in part, pursuant to Section 11.02 of the Indenture. The redemption price of such Notes will equal 100% of the Outstanding Dollar Principal Amount of
such Tranche plus accrued, unpaid and additional interest or principal accreted and unpaid on such Tranche to but excluding the date of redemption. 

Subject to the terms and conditions of the Indenture, the Issuing Entity may, from time to time, issue one or more series of Notes secured by
one or more asset pools. Subject to the terms of the Asset Pool One Supplement, the Issuing Entity may, from time to time, issue one or more series of Notes secured by Asset Pool One. Subject to the terms and conditions of the Indenture Supplement,
the Issuing Entity may, from time to time, issue one or more Tranches of CHASEseries Notes. 
 On each Payment Date, the Paying Agent shall
distribute to each Noteholder of record on the related Record Date (except for the final distribution with respect to this Note) such Noteholder’s pro rata share of the amounts held by the Paying Agent that are allocated and available on
such Payment Date to pay interest and principal on the Notes. Final payments of this Note will be made only upon presentation and surrender of this Note at the office or offices therein specified. 

Payments of interest on this Note due and payable on each Interest Payment Date, together with the installment of principal, if any, due and
payable on each Principal Payment Date, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as
of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the clearing agency (initially, such nominee to be Cede & Co.), as applicable, payments will be made
by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date
without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon

  
 A-11 

 
all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuing Entity, will notify the Person who was
the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed within five days of such Payment Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the
Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the City of New York. On any payment of interest or principal being made, details of such payment
shall be entered by the Indenture Trustee on behalf of the Issuing Entity in Schedule A hereto. 
 As provided in the Indenture and subject
to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuing Entity pursuant to the Indenture,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by a commercial bank or
trust company located, or having a correspondent located, in the City of New York or the city in which the Corporate Trust Office is located, or a member firm of a national securities exchange, and such other documents as the Indenture Trustee may
require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or
exchange of this Note, but the Issuing Entity may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 

Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees
that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection
therewith, against (i) the Indenture Trustee, the Collateral Agent or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuing Entity or (iii) any partner, owner, beneficiary, agent,
officer, director or employee of the Indenture Trustee, the Collateral Agent or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee, the Collateral Agent or the Indenture Trustee
or of any successor or assign of the Indenture Trustee, the Collateral Agent or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully
liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

  
 A-12 

 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note, covenants and agrees that by accepting the benefits of the Indenture that such Noteholder will not at any time institute against First USA Credit Card Master Trust or the Issuing Entity, or join with any institution
against First USA Credit Card Master Trust or the Issuing Entity, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy or similar law in
connection with any obligations relating to the Notes, the Indenture, the Asset Pool One Supplement, the CHASEseries Indenture Supplement, the Terms Agreement or any Derivative Agreement. 

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

The term “Issuing Entity” as used in this Note includes any successor to the Issuing Entity under the Indenture. 

The Issuing Entity is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture
Trustee and the Holders of Notes under the Indenture. 

  
 A-13 

 The Notes are issuable only in registered form in denominations as provided in the Indenture,
subject to certain limitations therein set forth. 
 THIS NOTE AND THE INDENTURE WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE
LAWS OF THE STATE OF 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. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuing
Entity, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 

No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity on the Notes or under the Indenture or
any certificate or other writing delivered in connection herewith or therewith, against (i) the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuing Entity or (iii) any partner, owner,
beneficiary, agent, officer, director, employee or agent of the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuing Entity or the Owner Trustee or of any successor or assign of the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (it being understood that the Owner Trustee has no such obligations in its individual capacity). The Holder of this Note by the acceptance hereof agrees that, except as
expressly provided in the Indenture, the Asset Pool One Supplement, the CHASEseries Indenture Supplement and the Class B(2015-1) Terms Document, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of
the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuing Entity for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note. 
 Notwithstanding the allocation provisions of the Indenture, the Asset Pool One
Supplement, each additional Asset Pool Supplement, the CHASEseries Indenture Supplement and the indenture supplements for each other Series of Notes, if any, to the extent that the CHASEseries Noteholders are deemed to have any interest in any
assets of the Issuing Entity allocated to other Notes, each Noteholder or Note Owner, by acceptance of a Note, or in the case of a Note Owner, a beneficial interest in a Note, shall agree that their interest in those assets is subordinate to claims
or rights of such other Noteholders to those other assets. Further, each Noteholder or Note Owner, by acceptance of a Note, or in the case of a Note Owner, a beneficial interest in a Note, shall agree that such agreement constitutes a subordination
agreement for purposes of Section 510(a) of the Bankruptcy Code. 

  
 A-14 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

(name and address of assignee) 
 the within Note and all rights
thereunder, and hereby irrevocably constitutes and appoints attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises. 

 

					
	Dated:		  
		
		
	  
		*
	Signature Guaranteed:		

  

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

  
 A-15 

 SCHEDULE A 

PART I 
 INTEREST PAYMENTS

  

									
	 Interest

Payment Date
	  	 Date of

Payment
	  	 Total Amount

of Interest

Payable
	  	 Amount of

Interest Paid
	  	 Confirmation

of payment by

or on behalf

of the Trust

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  
 A-16 

 PART II 

PRINCIPAL PAYMENTS 
  

							
	 Date of

Payment
	  	 Total Amount

Payable
	  	 Total Amount

Paid
	  	 Confirmation of

payment by or on

behalf of the Trust

		  		  		  	
		  		  		  	
		  		  		  	

  

							
	 Date of

Payment
	  	 Total Amount

Payable
	  	 Total Amount

Paid
	  	 Confirmation of

payment by or on

behalf of the Trust

		  		  		  	
		  		  		  	
		  		  		  	

  
 A-17

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