Document:

ex_248694.htm

Exhibit 10.6

 

 

 

Paul Bloom, Ph.D.

Via email

February 16, 2021

 

	
			Re:

				
			Offer of Employment with Gevo. Incorporated Dear Paul:

			

We are very pleased to extend to you an offer of employment with Gevo, Inc., which is estimated to begin in March of 2021, on day upon which you and I mutually agree. The terms of our offer are as follows:

 

	 	
			1.

				
			Position.

			

You will be employed by the Company in a regular, full-time position as Chief Technology and Innovation Officer. Beginning on the date you join Gevo, you will be expected to devote your full working time and attention to the business of the Company, and not to work for any other business without Gevo's approval. During the period that you render services to the Company, you agree to not engage in any employment, business or activity that is in any way competitive with the business or proposed business of Gevo. You will also be expected to comply with and be bound by the Company's operating policies, procedures and practices that are from time to time in effect during the term of your employment.

 

	 	
			2.

				
			Salary. Annual Cash Bonus. Annual Equity. and Benefits.

			

Your annual salary shall be $360,000, payable in accordance with the Company's normal payroll practices, with such payroll deductions and withholdings as are required by law. You will be eligible for an annual incentive payout in cash of targeted to 40% of your base salary, with a range of payout from 0 to 150% of your target cash bonus depending how the BOD judges we did in achieving goals. In addition, you will be eligible for an annual incentive payout in equity (stock options, RSUs etc.) targeted to 70% of your annual base salary which may or may not be granted at the sole discretion of the Board of Directors, and could be increased or decreased depending on the circumstances of the company (size of pool available for grants, or increased allocation for a reason that the BOD determines). To the extent that the Company provides life, health, dental, disability or other insurance programs; pension, profit-sharing, 401(k) or other retirement programs; paid time off periods, or other fringe benefits, and subject to the satisfaction of any general eligibility criteria, you will receive such benefits to the same extent as other similarly situated Company employees. You will receive 200 (two hundred) hours of vacation annually.

 

 

 

 

 

	 	
			3.

				
			Initial Equity Awards.

			

Subject to formal approval by the Board of Directors, the Company will grant to you equity awards of the Company's Common Stock, pursuant to the terms and subject to the conditions of the Company's 2010 Stock Incentive Plan, and the Company's standard equity documents. The initial equity award as CTO/CIO would be $360,000 and would be granted as soon as practical in the normal course of business for the compensation committee. Your initial equity award would be restricted stock and vest 1/3 upon your first day of employment, 1/3 on your first anniversary, and 1/3 upon your second anniversary of employment with the company. All of the equity award terms will be defined more precisely in the definitive equity award agreements.

 

	 	
			4.

				
			At Will Employment.

			

While we look forward to a long and productive relationship, should you decide to accept our offer, you will be an at-will employee of the Company, which means the employment relationship can be terminated by either of us for any reason, at any time, with or without notice and with or without cause. Any statements or representations to the contrary (including any statements contradicting any provision in this offer letter) should be regarded by you as ineffective.

 

	 	
			5.

				
			Separation Benefits.

			

Upon termination of your employment with Gevo, Inc. for any reason, you will receive payment for all unpaid salary and paid time off leave bank accrued & earned as of the date of your termination of employment, and your benefits will be continued under the Company's then existing benefit plans and policies for so long as provided under the terms of such plans and policies and as required by applicable law. You additionally will receive a payment of 6 months of your salary and up to 50% of your target bonus (if bonus targets have already been achieved as determined by the BOD) and either paid out in a lump sum, or over a period of three months at choice of the Company. You will not be entitled to any other compensation, award or damages with respect to your employment or termination.

 

	 	
			6.

				
			Confidentiality.

			

As an employee of the Company, you will have access to certain confidential information of the Company and you may, during the course of your employment, develop certain information or inventions that will be the property of the Company. To protect the interests of the Company, you will need to sign the Company's standard "Employee Proprietary Information and Inventions Agreement" as a condition of your employment. We wish to impress upon you that we do not want you to, and we hereby direct you not to bring with you any confidential or proprietary material of any former employer, or to violate any other obligations you may have to any former employer. You represent by your signature on this offer letter and the Company's Employee Proprietary Information and Inventions Agreement and your employment with the Company will not violate any agreement in place between yourself and current or past employers.

 

 

Gevo, Inc., 345 Inverness Drive South, Bldg C, Ste 310, Englewood, CO 80112 Tel: (303) 858-8358 • Fax: (303) 379-6630 •  www.gevo.com

 

2

 

 

 

	 	
			7.

				
			Relocation Expenses

			

We will pay for your relocation expenses for your move to the Denver area. You will work with me on setting a budget for the relocation, and I'll need to approve the budget before the costs are incurred. We also will pay for closing costs on a home in Colorado.

 

	 	
			8.

				
			Authorization to Work.

			

Please note that because of employer regulations adopted in the Immigration Reform and Control Act of 1986, within three (3) business days of starting your new position you will need to present documentation demonstrating that you have authorization to work in the United States. For additional information, please go to this website: https://www.uscis.gov/qreen-card/qreen-card-processes-and-procedures/employment­ authorization-document

 

	 	
			9.

				
			Arbitration.

			

You and Gevo, Inc. agree to submit to mandatory and exclusive binding arbitration any controversy or claim arising out of, or relating to, this offer letter or any breach hereof or your employment relationship, provided, however. that the parties retain their right to, and shall not be prohibited, limited or in any other way restricted from, seeking or obtaining equitable relief from a court having jurisdiction over the parties. Any such arbitration shall be conducted through the American Arbitration Association in the State of Colorado, Denver County, before a single arbitrator, in accordance with the National Rules for the Resolution of Employment Disputes of the American Arbitration Association in effect at that time, and judgment upon the determination or award rendered by the arbitrator may be entered in any court having jurisdiction thereof.

 

	 	
			10.

				
			Miscellaneous.

			

This offer letter, together with the Employee Proprietary Information and Inventions Agreement represents the entire agreement between the parties concerning the subject matter of your employment by the Company. This offer letter will be governed by the laws of the State of Colorado without reference to conflict of legal provisions. This offer will remain open until seven days from the date of this letter. If you decide to accept our offer, and we hope you will, please sign the enclosed copy of this letter in the space Indicated and return it to Human Resources at Gevo, Inc. Your signature will acknowledge that you have read and understood and agreed to the terms and conditions of this offer letter and the attached documents, if any. Should you have anything else that you wish to discuss, please do not hesitate to call me.

 

We look forward to the opportunity to work with you.

 

Best regards,

/s/ Patrick R. Gruber

Patrick R. Gruber Chief Executive Officer

 

Accepted and Agreed:

 

/s/ Paul Bloom

Paul Bloom

 

February 16, 2021

 

 

Gevo, Inc., 345 Inverness Drive South, Bldg C, Ste 310, Englewood, CO 80112 Tel: (303) 858-8358 • Fax: (303) 379-6630 •  www.gevo.com

 

3Exhibit 4.1

      
        

        

        
          
 

         

      

      BA CREDIT CARD TRUST

       

      as Issuer

       

      CLASS A(2021-1) TERMS DOCUMENT

       

      dated as of May 14, 2021

       

      to

       

      THIRD AMENDED AND RESTATED BASERIES INDENTURE SUPPLEMENT

       

      dated as of December 17, 2015

       

      to

       

      FOURTH AMENDED AND RESTATED INDENTURE

       

      dated as of December 17, 2015

       

      THE BANK OF NEW YORK MELLON

       

      as Indenture Trustee

      
        

        

      

      
        
          

      

      
      TABLE OF CONTENTS

       

      	 	 	 	
              Page

            
	
              ARTICLE I

            	
              Definitions And Other Provisions Of General Application

            	
              1

            
	 	 	 
	 	
              Section 1.01.

            	
              Definitions

            	
              1

            
	 	
              Section 1.02.

            	
              Governing Law; Submission to Jurisdiction; Agent for Service of Process

            	
              5

            
	 	
              Section 1.03.

            	
              Counterparts

            	
              6

            
	 	
              Section 1.04.

            	
              Ratification of Indenture and Indenture Supplement

            	
              6

            
	 	 	 	 
	
              ARTICLE II

            	
              The Class A(2021‐1) Notes

            	
              7

            
	 	 	 	 
	 	
              Section 2.01.

            	
              Creation and Designation

            	
              7

            
	 	
              Section 2.02.

            	
              Specification of Required Subordinated Amount and other Terms

            	
              7

            
	 	
              Section 2.03.

            	
              Interest Payment

            	
              7

            
	 	
              Section 2.04.

            	
              Payments of Interest and Principal

            	
              8

            
	 	
              Section 2.05.

            	
              Form of Delivery of Class A(2021‐1) Notes; Depository; Denominations

            	
              8

            
	 	
              Section 2.06.

            	
              Delivery and Payment for the Class A(2021‐1) Notes

            	
              8

            
	 	
              Section 2.07.

            	
              Targeted Deposits to the Accumulation Reserve Account

            	
              8

            
	 	 	 
	
              ARTICLE III

            	
              Representations and Warranties

            	
              10

            
	 	 	 
	 	
              Section 3.01.

            	
              Issuer’s Representations and Warranties

            	
              10

            

      

      

      
        - i -

        
          

      

      
      THIS CLASS A(2021-1) TERMS DOCUMENT (this “Terms Document”), by and between BA CREDIT CARD TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”),
        having its principal office at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, and THE BANK OF NEW YORK MELLON, a New York banking corporation, as Indenture Trustee (the “Indenture Trustee”), is made and entered
        into as of May 14, 2021.

       

      Pursuant to this Terms Document, the Issuer and the Indenture Trustee shall create a new tranche of Class A Notes and shall specify the principal terms thereof.

       

      ARTICLE I

        

        Definitions and Other Provisions of General Application

       

      Section 1.01.          Definitions.  For all purposes of this Terms Document, except as otherwise expressly provided or unless the context otherwise requires:

       

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

       

      (2)         all other terms used herein which are defined in the Third Amended and Restated BAseries Indenture Supplement, dated as of December 17, 2015 (as modified, amended
        or supplemented from time to time, the “Indenture Supplement”), between the Issuer and the Indenture Trustee, or the Fourth Amended and Restated Indenture, dated as of December 17, 2015 (as modified, amended or supplemented from time to
        time, the “Indenture”), between the Issuer and the Indenture Trustee, as acknowledged and accepted by BANA, as Servicer, either directly or by reference therein, have the meanings assigned to them therein;

       

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

       

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

       

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

       

      

      
        - 1 -

        
          

      

      
      (6)          in the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture Supplement or
        the Indenture, the terms and provisions of this Terms Document shall be controlling;

       

      (7)         each capitalized term defined herein shall relate only to the Class A(2021-1) Notes and no other tranche of Notes issued by the Issuer; and 

       

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

       

      “Accumulation Reserve Funding Period” shall mean, (a) if the Accumulation Period Length is determined to be one (1) month, there shall be no Accumulation Reserve Funding Period and
        (b) otherwise, the period (x) commencing on the earliest to occur of (i) the Monthly Period beginning three (3) calendar months prior to the first Transfer Date for which a budgeted deposit is targeted to be made into the Principal Funding
        sub-Account of the Class A(2021-1) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (ii) the Monthly Period following the first Transfer Date following and including the March 2022 Transfer Date for which the Quarterly Excess
        Available Funds Percentage is less than 2%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 24 months prior to the Expected Principal Payment Date, (iii) the Monthly Period following the
        first Transfer Date following and including the September 2022 Transfer Date for which the Quarterly Excess Available Funds Percentage is less than 3%, but in such event the Accumulation Reserve Funding Period shall not be required to commence
        earlier than 18 months prior to the Expected Principal Payment Date, and (iv) the Monthly Period following the first Transfer Date following and including the November 2022 Transfer Date for which the Quarterly Excess Available Funds Percentage is
        less than 4%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 16 months prior to the Expected Principal Payment Date and (y) ending on the close of business on the last day of the Monthly
        Period preceding the earlier to occur of (i) the Expected Principal Payment Date for the Class A(2021-1) Notes and (ii) the date on which the Class A(2021-1) Notes are paid in full.

       

      “Base Rate” means, with respect to any Monthly Period, the sum of (i) the Weighted Average Interest Rates for the Outstanding BAseries Notes and the Class D Certificate (as such term is
        defined in the Series 2001‐D Supplement), (ii) the Net Servicing Fee Rate (as such term is defined in the Series 2001‐D Supplement) and (iii) so long as BANA or The Bank of New York Mellon is the Servicer, the Servicer Interchange Rate, in each
        case, for such Monthly Period.

       

      “BAseries Servicer Interchange” means, with respect to any Monthly Period, an amount equal to the product of (a) the Servicer Interchange (as such term is defined in the Series 2001‐D
        Supplement) with respect to such Monthly Period and (b) a fraction the numerator of which is the Weighted Average Available Funds Allocation Amount for the BAseries for such Monthly Period and the denominator of which is the Weighted Average
        Available Funds Allocation Amount for all series of Notes for such Monthly Period.

       

      

      
        - 2 -

        
          

      

      “Class A(2021-1) Note” means any Note, substantially in the form set forth in Exhibit A-1 to the Indenture Supplement, designated therein as a Class A(2021-1) Note and duly executed
        and authenticated in accordance with the Indenture.

       

      “Class A(2021-1) Noteholder” means a Person in whose name a Class A(2021-1) Note is registered in the Note Register.

       

      “Class A(2021-1) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2021-1) 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 VI thereof.

       

      “Class A Required Subordinated Amount of Class B Notes” is defined in Section 2.02(a). 

       

      “Class A Required Subordinated Amount of Class C Notes” is defined in Section 2.02(b).

       

      “Controlled Accumulation Amount” means $83,333,334; provided, however, if the Accumulation Period Length is determined to be less than twelve (12) months pursuant to Section 3.10(b)(ii) of
        the Indenture Supplement, the Controlled Accumulation Amount shall be the amount specified in the definition of “Controlled Accumulation Amount” in the Indenture Supplement.

       

      “Excess Available Funds Percentage” means, with respect to any Transfer Date, the amount, if any, by which the Portfolio Yield for the preceding Monthly Period exceeds the Base Rate for such
        Monthly Period.

       

      “Expected Principal Payment Date” means April 15, 2024.

       

      “Initial Dollar Principal Amount” means $1,000,000,000.

       

      “Interest Payment Date” means the fifteenth day of each month, or if such fifteenth day is not a Business Day, the next succeeding Business Day, commencing June 15, 2021.

       

      “Interest Period” means, with respect to any Interest Payment Date, the period from and including the previous Interest Payment Date (or in the case of the initial Interest Payment Date,
        from and including the Issuance Date) through the day preceding such Interest Payment Date.

       

      “Issuance Date” means May 14, 2021.

       

      “Legal Maturity Date” means September 15, 2026.

       

      “Note Interest Rate” means a per annum rate equal to 0.44%.

       

      

      
        - 3 -

        
          

      

      “Paying Agent” means The Bank of New York Mellon.

       

      “Portfolio Yield” means, with respect to any Monthly Period, the annualized percentage equivalent of a fraction, the numerator of which is (a) the amount of Available Funds allocated to the
        BAseries pursuant to Section 501 of the Indenture, plus (b) the amount of Available Funds distributed pursuant to Sections 4.06(a)(ii) and (iii) of the Series 2001‐D Supplement, plus (c) any Interest Funding sub‐Account
        Earnings on the related Transfer Date, plus (d) any amounts to be treated as BAseries Available Funds pursuant to Sections 3.20(d) and 3.27(a) of the Indenture Supplement, plus (e) the BAseries Servicer Interchange for such Monthly
        Period, minus (f) the excess, if any, of the sum of the PFA Prefunding Earnings Shortfall plus the PFA Accumulation Earnings Shortfall over the sum of the aggregate amount to be treated as BAseries Available Funds for such Monthly Period pursuant
        to Sections 3.04(a)(ii) and 3.25(a) of the Indenture Supplement plus any other amounts applied to cover earnings shortfalls on amounts in the Principal Funding sub‐Account for any tranche of BAseries Notes for such Monthly Period,
        minus (g) the BAseries Investor Default Amount for such Monthly Period, minus (h) the Aggregate Class D Investor Default Amount (as such term is defined in the Series 2001‐D Supplement) for such Monthly Period, and the denominator of which is the
        Weighted Average Floating Allocation Investor Interest (as such term is defined in the Series 2001‐D Supplement) for such Monthly Period.

       

      “Predecessor Note” means, with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the
        purpose of this definition, any Note authenticated and delivered under Section 306 of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen
        Note.

       

      “Quarterly Excess Available Funds Percentage” means, with respect to the March 2022 Transfer Date and each Transfer Date thereafter, the percentage equivalent of a fraction the numerator of
        which is the sum of the Excess Available Funds Percentages with respect to the immediately preceding three Monthly Periods and the denominator of which is three.

       

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

       

      “Required Accumulation Reserve sub-Account Amount” means, with respect to any Monthly Period during the Accumulation Reserve Funding Period, an amount equal to (i) 0.5% of the Outstanding
        Dollar Principal Amount of the Class A(2021-1) Notes as of the close of business on the last day of the preceding Monthly Period or (ii) any other amount designated by the Issuer; provided, however, that if such designation is of a
        lesser amount, the Note Rating Agencies shall have provided prior written confirmation that a Ratings Effect will not occur with respect to such change.

       

      “Servicer Interchange Rate” means, for any Monthly Period, the percentage equivalent of a fraction, the numerator of which is the BAseries Servicer Interchange for such Monthly Period, and
        the denominator of which is the Weighted Average Floating Allocation Investor Interest (as such term is defined in the Series 2001‐D Supplement) for such Monthly Period.

       

      

      
        - 4 -

        
          

      

      “Stated Principal Amount” means $1,000,000,000.

       

      “Weighted Average Interest Rates” means, with respect to any Outstanding Notes of a class or tranche of the BAseries or the Class D Certificate (as such term is defined in the Series 2001‐D
        Supplement), or of all of the Outstanding Notes of the BAseries and the Class D Certificate, on any date, the weighted average (weighted based on the Outstanding Dollar Principal Amount of the related Notes on such date or, in the case of the
        Class D Certificate, based on the Class D Investor Interest (as such term is defined in the Series 2001‐D Supplement) on such date) of the following rates of interest:

       

      (a)          in the case of the Class D Certificate or a tranche of Dollar Interest-bearing Notes with no Derivative Agreement for interest, the rate of interest applicable to that tranche or the
        Class D Certificate on that date;

       

      (b)          in the case of a tranche of Discount Notes, the rate of accretion (converted to an accrual rate) of that tranche on that date;

       

      (c)          in the case of a tranche of Notes with a payment due under a Performing Derivative Agreement for interest, the rate at which payments by the Issuer to the applicable Derivative
        Counterparty accrue on that date (prior to the netting of such payments, if applicable); and 

       

      (d)         in the case of a tranche of Notes with a non-Performing Derivative Agreement for interest, the rate specified for that date in the related terms document.

       

      Section 1.02.            Governing Law; Submission to Jurisdiction; Agent for Service of Process.  This Terms Document shall be governed by and construed in accordance with the
        laws of the State of Delaware, without regard to principles of conflict of laws.  The parties hereto declare that it is their intention that this Terms Document shall be regarded as made under the laws of the State of Delaware and that the laws of
        said State shall be applied in interpreting its provisions in all cases where legal interpretation shall be required.  Each of the parties hereto agrees (a) that this Terms Document involves at least $100,000.00, and (b) that this Terms Document
        has been entered into by the parties hereto in express reliance upon 6 DEL. C. § 2708.  Each of the parties hereto hereby irrevocably and unconditionally agrees (a) to be subject to the jurisdiction of the courts of the State of
        Delaware and of the federal courts sitting in the State of Delaware, and (b)(1) to the extent such party is not otherwise subject to service of process in the State of Delaware, to appoint and maintain an agent in the State of Delaware as such
        party’s agent for acceptance of legal process, and (2) that, to the fullest extent permitted by applicable law, service of process may also be made on such party by prepaid certified mail with a proof of mailing receipt validated by the United
        States Postal Service constituting evidence of valid service, and that service made pursuant to (b)(1) or (2) above shall, to the fullest extent permitted by applicable law, have the same legal force and effect as if served upon such party
        personally within the State of Delaware.

       

      

      
        - 5 -

        
          

      

      Section 1.03.           Counterparts.  This Terms Document may be executed in any number of counterparts, each of which so executed will be deemed to be an original, but all such
        counterparts will together constitute but one and the same instrument.

       

      Section 1.04.            Ratification of Indenture and Indenture Supplement.  As supplemented by this Terms Document, each of the Indenture and the Indenture Supplement is in all respects
        ratified and confirmed and the Indenture as so supplemented by the Indenture Supplement as so supplemented and this Terms Document shall be read, taken and construed as one and the same instrument.

       

      [END OF ARTICLE I]

       

      

      
        - 6 -

        
          

      

      ARTICLE II

        

        The Class A(2021-1) Notes

       

      Section 2.01.          Creation and Designation.  There is hereby created a tranche of BAseries Class A Notes to be issued pursuant to the Indenture and the Indenture Supplement to be known
        as the “BAseries Class A(2021-1) Notes.”

       

      Section 2.02.             Specification of Required Subordinated Amount and other Terms.

       

      (a)          For the Class A(2021-1) Notes for any date of determination, the Class A Required Subordinated Amount of Class B Notes will be an amount equal to 14.28571% of (i) the Adjusted
        Outstanding Dollar Principal Amount of the Class A(2021-1) Notes on such date or (ii) if an Early Redemption Event with respect to the Class A(2021-1) Notes shall have occurred, if an Event of Default and acceleration of the Class A(2021-1) Notes
        shall have occurred or if the Class A Usage of the Class B Required Subordinated Amount for such tranche of Class A Notes is greater than zero, the Adjusted Outstanding Dollar Principal Amount of the Class A(2021-1) Notes as of close of business on
        the day immediately preceding the occurrence of such Early Redemption Event, such Event of Default and acceleration or the date on which the Class A Usage of Class B Required Subordinated Amount exceeded zero.

       

      (b)         For the Class A(2021-1) Notes for any date of determination, the Class A Required Subordinated Amount of Class C Notes will be an amount equal to 12.69841% of (i) the Adjusted
        Outstanding Dollar Principal Amount of the Class A(2021-1) Notes on such date or (ii) if an Early Redemption Event with respect to the Class A(2021-1) Notes shall have occurred, if an Event of Default and acceleration of the Class A(2021-1) Notes
        shall have occurred or if the Class A Usage of the Class C Required Subordinated Amount for such tranche of Class A Notes is greater than zero, the Adjusted Outstanding Dollar Principal Amount of the Class A(2021-1) Notes as of close of business on
        the day immediately preceding the occurrence of such Early Redemption Event, such Event of Default and acceleration or the date on which the Class A Usage of Class C Required Subordinated Amount exceeded zero.

       

      (c)          The Issuer may change the percentages set forth in clause (a) or (b) above without the consent of any Noteholder so long as the Issuer has (i) received written confirmation from each
        Note Rating Agency that has rated any Outstanding Notes of the BAseries that the change in either of such percentages will not result in a Ratings Effect with respect to any Outstanding Notes of the BAseries and (ii) delivered to the Indenture
        Trustee and the Note Rating Agencies a Master Trust Tax Opinion and an Issuer Tax Opinion. 

       

      Section 2.03.             Interest Payment.

       

      (a)       For each Interest Payment Date (other than the first Interest Payment Date), the amount of interest due with respect to the Class A(2021-1) Notes shall be an amount equal to one-twelfth
        of the product of (i) the Note Interest Rate times (ii) the Outstanding Dollar Principal Amount of the Class A(2021-1) Notes determined as of the Record Date preceding the related Transfer Date; provided,
        however, that for the first Interest Payment Date the amount of interest due is $378,888.89.  Interest on the Class A(2021-1) Notes will be calculated on the basis of a 360-day year consisting of twelve 30-day months.

       

      

      
        - 7 -

        
          

      

      (b)       Pursuant to Section 3.03 of the Indenture Supplement, on each Transfer Date, the Indenture Trustee shall deposit into the Class A(2021-1) Interest Funding sub-Account the portion
        of BAseries Available Funds allocable to the Class A(2021-1) Notes. 

       

       Section 2.04.        Payments of Interest and Principal.  Any installment of interest or principal, if any, payable on any
        Class A(2021-1) Note which is punctually paid or duly provided for by the Issuer and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to the Person in whose name such
        Class A(2021-1) 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.

       

      The right of the Class A(2021-1) Noteholders to receive payments from the Issuer will terminate on the first Business Day following the Class A(2021-1) Termination Date.

       

      Section 2.05.             Form of Delivery of Class A(2021-1) Notes; Depository; Denominations.

       

      (a)         The Class A(2021-1) Notes shall be delivered in the form of a global Registered Note as provided in Sections 202 and 301(i) of the Indenture, respectively.

       

      (b)          The Depository for the Class A(2021-1) Notes shall be The Depository Trust Company, and the Class A(2021-1) Notes shall initially be registered in the name of Cede & Co., its
        nominee.

       

      (c)          The Class A(2021-1) Notes will be issued in minimum denominations of $5,000 and multiples of $1,000 in excess of that amount.

       

      Section 2.06.           Delivery and Payment for the Class A(2021-1) Notes.  The Issuer shall execute and deliver the Class A(2021-1) Notes to the Indenture
        Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2021-1) Notes when authenticated, each in accordance with Section 303 of the Indenture.

       

      Section 2.07.            Targeted Deposits to the Accumulation Reserve Account.  The deposit targeted to be made to the Accumulation Reserve Account for any
        Monthly Period during the Accumulation Reserve Funding Period will be an amount equal to the Required Accumulation Reserve sub-Account Amount.

       

      [END OF ARTICLE II]

       

      

      

      
        - 8 -

        
          

      

      ARTICLE III

        

        Representations and Warranties

       

      Section 3.01.          Issuer’s Representations and Warranties.  The Issuer makes the following representations and warranties as to the Collateral Certificate on which the Indenture Trustee
        is deemed to have relied in acquiring the Collateral Certificate.  Such representations and warranties speak as of the execution and delivery of this Terms Document, but shall survive until the termination of this Terms Document.  Such
        representations and warranties shall not be waived by any of the parties to this Terms Document unless the Issuer has obtained written confirmation from each Note Rating Agency that there will be no Ratings Effect with respect to such waiver.

       

      (a)          The Indenture creates a valid and continuing security interest (as defined in the Delaware UCC) in the Collateral Certificate in favor of the Indenture Trustee, which security interest
        is prior to all other liens, and is enforceable as such as against creditors of and purchasers from the Issuer.

       

      (b)        The Collateral Certificate constitutes either an “account,” a “general intangible,” an “instrument,” or a “certificated security,” each within the meaning of the Delaware UCC.

       

      (c)        At the time of the transfer and assignment of the Collateral Certificate to the Indenture Trustee pursuant to the Indenture, the Issuer owned and had good and marketable title to the
        Collateral Certificate free and clear of any lien, claim or encumbrance of any Person.

       

      (d)          The Issuer has caused, within ten days of the execution of the Indenture, the filing of all appropriate financing statements in the proper filing office in the appropriate
        jurisdictions under applicable law in order to perfect the security interest in the Collateral Certificate granted to the Indenture Trustee pursuant to the Indenture.

       

      (e)         Other than the security interest granted to the Indenture Trustee pursuant to the Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise
        conveyed the Collateral Certificate.  The Issuer has not authorized the filing of and is not aware of any financing statements against the Issuer that include a description of collateral covering the Collateral Certificate other than any financing
        statement relating to the security interest granted to the Indenture Trustee pursuant to the Indenture or any financing statement that has been terminated.  The Issuer is not aware of any judgment or tax lien filings against the Issuer.

       

      (f)           All original executed copies of the Collateral Certificate have been delivered to the Indenture Trustee.

       

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

       

      [END OF ARTICLE III]

      

      

      
        - 9 -

        
          

      

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

       

      	 	
              BA CREDIT CARD TRUST,

            	 
	 	
              by BA CREDIT CARD FUNDING, LLC,

            	 
	 	
              as Beneficiary and not in its individual capacity

            	 
	 	 	 
	 	
              By: 

            	
              /s/Keith W. Landis

            	 
	 	 	
              Name:  Keith W. Landis

            	 
	 	 	
              Title:  CEO & President

            	 

      

      

      [Signature Page to the Class A(2021-1) Terms Document]

      

      

      
        
          

      

      	 	
              THE BANK OF NEW YORK MELLON, as Indenture Trustee

            	 
	 	
              and not in its individual capacity

            	 
	 	 	 
	 	
              By:

            	
              /s/Kelly Crosson

            	 
	 	 	
              Name:  Kelly Crosson

            	 
	 	 	
              Title:  Vice President

            	 

      

      

      [Signature Page to the Class A(2021-1) Terms Document]

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