Document:

EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

EMPLOYMENT AGREEMENT dated as of June 5th, 2014 by and between Spanish Broadcasting System, Inc., a Delaware corporation (the
“Company”) and Raúl Alarcón (the “Executive”). 
 WHEREAS, the Company and the Executive are
parties to an Employment Agreement, dated October 25, 1999 (the “1999 Agreement”); 
 WHEREAS, the Company and the
Executive desire to enter into a new employment agreement (the “Agreement”) and to terminate the 1999 Agreement as hereinafter provided; and 

WHEREAS, the Executive has served as President of the Company since 1985, Chief Executive Officer of the Company since 1994, and
Chairman of the Board of Directors since 1999, and the Company desires to assure itself of the continued availability of the Executive’s services in such capacities; 

NOW, THEREFORE, the Company and the Executive agree as follows: 

1. Employment. The Company shall employ the Executive and the Executive shall be employed by the Company as Chairman of the Board of
Directors, Chief Executive Officer and President of the Company and its subsidiaries, affiliates and related companies (collectively, the “Subsidiaries”) for the term of this Agreement. 

2. Term. The term of the Executive’s employment pursuant to this Agreement shall commence on May 1, 2014 (the “Effective
Date”) and continue until December 31, 2018 (the “Initial Term”). Unless either party notifies the other party in writing at least 90 days prior to December 31, 2018 that such party desires to terminate the agreement, the
term shall be automatically renewed for a successive three-year term until December 31, 2021 (the “Renewal Term”). Unless either party notifies the other party in writing at least 90 days prior to December 31, 2021 or any
succeeding December 31, such term shall be automatically renewed for successive one-year terms unless sooner terminated pursuant to the terms of this Agreement (collectively, the Initial Term, Renewal Term and any successive one-year terms
shall be referred to as the “Employment Term”). 
 3. Duties. The Executive shall, subject to overall direction consistent
with the legal authority of the Board of Directors of the Company (the “Board”), serve as, and have all power and authority inherent in the offices of, Chairman of the Board, Chief Executive Officer and President of the Company and its
subsidiaries during the Employment Term and, as such, shall have all authority and responsibility commensurate with the titles of Chairman, Chief Executive Officer and President, including ultimate responsibility for and authority over all
day-to-day business affairs and operations of the Company and its subsidiaries and their personnel and have such other executive powers and duties as may from time to time be prescribed by the Board. The Executive shall also serve as a member of the
Board during the Employment Term. The Executive shall devote his business time and efforts to the business of the Company and its Subsidiaries. 

 4. Compensation and Other Provisions. 

(a) Base Salary. The Company shall pay to the Executive a base salary at a rate of not less than $1,750,000.00 per annum effective as of
the Effective Date for each year during the Employment Term, payable in substantially equal semi-monthly installments (the “Base Salary”). 

(b) Retention Bonus. As consideration for entering into this new Agreement, in recognition of the Executive’s service to the
Company since 1983, his service as President of the Company since 1985, his service as Chief Executive Officer since 1994, his service as the Chairman of the Board of Directors since 1999 and to incentivize Mr. Alarcón’s future
performance, the Executive shall receive a retention bonus of $1,616,668.00 payable in the following manner: $216,668.00 to be paid upon execution and $50,000.00 to be paid by the fifteenth day of each month beginning in June 2014 for 28 months.

 (c) Annual Bonus. For each year during the Employment Term, Executive shall receive a performance bonus of $750,000.00 if the
performance criteria for the year is achieved or exceeded (the “Performance Bonus”). Additionally, the Compensation Committee may exercise its discretion and award a bonus in such amount as it deems appropriate based on such factors as the
Compensation Committee may determine either in addition to the Performance Bonus earned or in the event that no Performance Bonus is earned (the “Discretionary Bonus”). It is expected that the annual performance criteria for the
Performance Bonus will be based on a financial or operational goal or goals and will be determined annually by the Compensation Committee in consultation with the Executive, and may be determined at any point during the fiscal year (it being
intended that such criteria will be established during the Company’s annual budgeting process). For the first fiscal year during the Employment Term and each year thereafter unless modified by the Compensation Committee and Board of Directors,
the performance criteria shall consist of achieving a certain minimum dollar amount of earnings before interest, taxes, depreciation and amortization (“EBITDA”), as such non-GAAP measure is customarily defined and calculated by the Company
and other companies in its same industry. 
 (d) Participation in Benefit Plans. During the Employment Term, the Executive shall be
eligible to participate in all employee benefit plans and arrangements now in effect or which may hereafter be established which are generally applicable to the other senior executives of the Company or any of its subsidiaries, including without
limitation, all life, group insurance and health insurance plans and all disability, retirement, stock option and other employee benefit plans of the Company or any of its subsidiaries. 

(e) Other Benefits. The Executive shall be entitled to the same vacation benefits as are generally available to other senior executives
of the Company, but which in no event shall be less than six (6) weeks per year. The Executive shall be reimbursed for all reasonable expenses incurred by him in the discharge of his duties, including but not limited to expenses for
entertainment and travel. The Executive shall account to the Company for all such expenses. The Executive shall be entitled to the use of one automobile substantially similar to the automobile of the type presently used by the Executive, and the
services of a driver or similarly-related personnel provided at the expense of the Company and reimbursement from the Company for insurance, maintenance and fuel expenses. The Executive shall be entitled to life insurance on the life of the
Executive payable to beneficiaries designated by the Executive in a face amount of not less than $5,000,000. The Executive shall be entitled to reimbursement for reasonable personal tax and accounting services to be performed by an accountant of the
Executive’s choosing. The Executive shall also be entitled to reimbursement for reasonable legal services in circumstances where: (a) the Executive is either named as a co-defendant or co-plaintiff along with the Company; and (b) the
Executive needs to retain separate counsel in connection with Company related matters as long as the Executive’s interest in such matters are not directly adverse to the Company. 

  
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 5. Termination. The Executive’s employment hereunder shall terminate as a result of
any of the following events: 
 (a) the Executive’s death; 

(b) upon the election of the Board of Directors of the Company in the event the Executive shall have been unable to substantially perform his
duties hereunder by reason of illness, accident or other physical or mental disability for a continuous period of at least ninety (90) days or an aggregate of ninety (90) days during any continuous twelve-month period
(“Disability”); 
 (c) for cause, where “Cause” shall mean that (i) the Executive has been convicted of fraud, theft
or embezzlement against the Company or any Subsidiary or has entered a plea of nolo contendere in connection with such charges, (ii) the Executive has been convicted of a felony or a crime involving moral turpitude or has entered a plea
of nolo contendere in connection with such charges, or (iii) an independent third-party has determined that (x) the Executive has breached any non-competition, confidentiality or non-solicitation agreement with the Company or any
Subsidiary, (y) the Executive has materially breached any of the terms of this Agreement and has failed to cure such breach within 45 days after the receipt of written notice of such breach from the Company, or (z) the Executive has
engaged in gross negligence or willful misconduct that causes calculable harm to the business and operations of the Company or a Subsidiary. In connection with sub-paragraph (iii)(x)-(z), the parties agree that whether any perceived breach or
violation is viable grounds for a Cause termination is to be determined by a mutually acceptable, independent third-party (e.g., a retired judge, an arbitrator, etc.) on an expedited basis, but in no event later than ninety days. The independent
third-party’s decision shall govern, though the parties expressly reserve all rights of appeal. 
 Any termination pursuant to
subparagraph (b) or (c) of this section shall be communicated by a written notice (“Notice of Termination”) which shall indicate the specific termination provision in this Agreement which is being relied upon and shall set forth
in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under such provision. 

The Executive’s employment under this Agreement shall be deemed to have terminated as follows: (i) if the Executive’s
employment is terminated pursuant to subparagraph (a) above, on the date of his death; and (ii) if the Executive’s employment is terminated pursuant to subparagraph (b) or (c) above, on the date on which Notice of
Termination is given. The date on which termination is deemed to have occurred pursuant to this paragraph is hereinafter referred to as the “Date of Termination.” 

  
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 6. Payments on Termination. 

(a) Cause. If the Company shall terminate the Executive’s employment under subparagraph 5(c) for Cause, then, the Company shall pay
to the Executive the sum of the accrued Base Salary to which he is entitled through the Date of Termination together with all benefits, bonuses, accrued, unused vacation, incentive compensation and any other compensation accrued through such date,
as well as all reimbursements for reasonable and necessary business expenses incurred by Executive through the Date of Termination. Upon termination for Cause, all Non-Vested Options shall terminate. The Executive shall not be required to mitigate
the amount of any payment provided for in this subparagraph by seeking other employment or otherwise, nor shall the amount of any payment or benefit provided for in this subparagraph (a) be reduced by any compensation or retirement benefits
heretofore or hereafter earned by the Executive as the result of employment by any other person, firm or corporation. 
 (b) Death or
Disability. Upon termination pursuant to subparagraph 5(a) or 5(b) hereof, the Company shall pay the Executive’s estate or the Executive (or his guardian), as applicable, in a lump sum on the 30th day following the Date of Termination, the
sum of the accrued Base Salary to which the Executive is entitled through the Date of Termination together with all benefits, bonuses, incentive compensation and any other compensation accrued through such date. Upon termination pursuant to
subparagraph 5(a) or 5(b) hereof, all Non-Vested Options shall immediately vest and remain exercisable until the later of (i) two years from the Executive’s death or disability and (ii) the remaining term of the Option. 

(c) Retention of Life Insurance. In the event of the termination of the Executive’s employment for any reason, then the Executive
shall have the option for a period of 90 days following the Date of Termination, upon written notice delivered to the Company during such 90-day period, to require that the Company, at the Company’s expense, transfer to him or any other entity
designated by the Executive the insurance policy on the life of the Executive required to be retained by the Company under Section 4(e) of this Agreement; provided, however, that commencing with the effective date of the transfer of such
insurance policy on the life of the Executive, the Executive shall be responsible for payment of any future premiums connected therewith. 

7. Life Insurance. If requested by the Company, the Executive shall submit to such physical examinations and otherwise take such actions
and execute and deliver such documents as may be reasonably necessary to enable the Company to obtain life insurance on the life of the Executive.  

8. Representations and Warranties. 

(a) The Executive represents and warrants to the Company that the Executive is under no contractual or other restriction or obligation which
would prevent the performance of his duties hereunder, or interfere with the rights of the Company hereunder. 

  
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 (b) The Company represents and warrants to the Executive that (i) it has all requisite power
and authority to execute, deliver, and perform this Agreement, (ii) all necessary corporate proceedings of the Company have been duly taken to authorize the execution, delivery, and performance of this Agreement, and (iii) this Agreement
has been duly authorized, executed, and delivered by the Company, is the legal, valid and binding obligation of the Company, and is enforceable as to the Company in accordance with its terms. 

9. Confidential Information. All confidential or proprietary information which the Executive may obtain during the Employment
Term relating to the business or affairs of the Company or any affiliate of the Company (the “Confidential Information”) shall not be published, disclosed, or made accessible by him to any other person, firm, or corporation except in the
business and for the benefit of the Company. The provisions of this Section 9 shall not apply to any information which: (a) is or becomes publicly available otherwise than by breach of this Section 9 or (b) is required by law or
an order of any court, agency or proceeding to be disclosed (but only for the purposes of and to the minimum extent required by such compelled disclosure) provided that the Executive promptly notifies the Company of such requirement. 

10. Non-Competition. During the Employment Term and for a period of one year thereafter, Executive shall not, without the express
written consent of the Company, directly or indirectly, own or control any “Competing Business” (as defined below) in any “Competing Market” (as defined below); provided, however, that, notwithstanding the foregoing,
Executive may invest in securities of any entity, solely for investment purposes and without participating in the business thereof, if (A) such securities are traded on any national securities exchange or automated quotation system or
equivalent non-U.S. securities exchange, (B) Executive is not a controlling person of, or a member of a group which controls, such entity and (C) Executive does not, directly or indirectly, own five percent (5%) or more of any class
of securities of such entity. For purposes of this section, a “Competing Business” is any enterprise engaged in the production, sale or distribution of content via radio, television, the world wide web, or other media used by the Company
as of the Date of Termination to distribute content as well as live concerts and events that (i) principally targets U.S. Hispanic audiences or (ii) creates, maintains or operates entertainment aimed at U.S. Hispanic consumers or users. A
division or subsidiary of a diversified business will be treated as a Competing Business only if (i) the diversified business falls within the preceding sentence and (ii) the Executive directly provides services to that division or
subsidiary as his primary employment within the diversified business. A “Competing Market” is a geographic market in which the Company or any affiliate has, on or before the Date of Termination, (i) commenced material operations or
(ii) determined before such date to commence such material operations. Notwithstanding anything to the contrary contained herein, the parties agree that Executive’s controlling interest in South Broadcasting System, Inc. shall not be
deemed a breach of this Agreement. Additionally, the Board of Directors shall have the authority to review: (a) the Executive’s potential ownership of a controlling equity interest in another entity or enterprise in a Competing
Business, as well as (b) the Executive’s potential engagement as a consultant to another entity or enterprise in a Competing Business, with such activities being approved if, in the discretion of the Board of Directors, such ownership
interest or consulting role either advances the interests of the Company, or is deemed to have either a neutral impact or no impact on the Company. Any controlling equity interest or consulting role approved in accordance with the preceding sentence
shall not be deemed a breach of this Agreement. 

  
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 11. Non-Solicitation. During the Employment Term and for a period of one year thereafter,
Executive shall not, without the Company’s prior written consent, directly or indirectly, (i) knowingly solicit or knowingly encourage to leave the employment or independent contractor service of the Company, any person employed or
otherwise engaged as an independent contractor by the Company at the time of the termination thereof; or (ii) whether for Executive’s own account or for the account of any other person, firm, corporation or other business organization,
intentionally interfere with the Company’s relationship with, or divert or attempt to divert away from the Company, any person or entity who during Executive’s employment with the Company had any contractual or business relationship with
the Company or engaged in negotiations toward such a contract with the Company. Notwithstanding the above, nothing shall prevent Executive from soliciting loans, investment capital, management services or vendor services from third parties engaged
in the Business if the activities of Executive facilitated thereby do not otherwise adversely interfere with the operations of the Business. 

12. Reasonableness of Restrictive Covenants. Executive has carefully read and considered the promises made in this Agreement. Executive
agrees that the promises made in this Agreement are reasonable and necessary for protection of the Company’s legitimate business interests, including but not limited, to its Confidential Information; existing and specific prospective customer
relationships; productive and competent workforce; and undisrupted workplace. Executive further agrees that prior to signing this Agreement, he has been provided a reasonable time to review the Agreement and an opportunity to consult separate
counsel concerning the terms of this Agreement. 
 13. No Geographic Restriction—Savings Clause. Executive acknowledges that, in
certain instances, there are no geographic restrictions stated in this Agreement. Instead, in those instances, this Agreement provides for employee- and customer-based restrictions that are reasonable and necessary for the protection of the
Company’s legitimate business interests. Notwithstanding, if a court of competent jurisdiction finds any of the foregoing covenants invalid for an unreasonable geographic restriction or lack of a geographic restriction, Executive agrees that
the applicable geographic restriction shall be the State of Florida, Miami-Dade County; State of California, Los Angeles County and Santa Clara County; State of Illinois, Cook County; State of New York, New York County, the Commonwealth of Puerto
Rico, Guaynabo County; and State of Texas, Harris County, or such greater or lesser geographic areas which the Court deems proper. 
 14.
Non-Disparagement. Executive will not during employment or at any time thereafter, criticize, ridicule, or make any statement which disparages or is derogatory of the Company, or any of its related companies, officers, directors, members,
agents, employees, contractors, customers, clients, vendors, suppliers, or licensees. The Company will not during the Executive’s employment or at any time thereafter, criticize, ridicule, or make any statement which disparages or is derogatory
of the Executive. 
 15. Tax Code Section 409A. This Agreement and the amounts payable and other benefits hereunder are intended
to comply with, or otherwise be exempt from, Section 409A (“Section 409A”) of the Internal Revenue Code of 1986, as amended (the “Tax Code”). This Agreement shall be administered, interpreted and construed in a manner
consistent with Section 409A. If any provision of this Agreement is found not to comply with, or otherwise not to be exempt from, the provisions of Section 409A, it shall be modified and given effect, in the sole discretion of the Company and
without requiring Executive’s consent, in such manner as the Company determines to be necessary or appropriate to comply with, or to effectuate an exemption from, Section 409A. Each payment under this Agreement shall be treated as a
separate identified payment for purposes of Section 409A. The preceding provisions shall not be construed as a guarantee by the Company of any particular tax effect to Executive of the payments and other benefits under this Agreement. The
Company shall not have any obligation to indemnify and/or hold harmless any person with respect to taxes, penalties and/or interest under Section 409A. 

  
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 With respect to any reimbursement of expenses of, or any provision of in-kind benefits to, Executive, as
specified under this Agreement, such reimbursement of expenses or provision of in-kind benefits shall be subject to the following conditions: (a) the expenses eligible for reimbursement or the amount of in-kind benefits provided in one taxable
year shall not affect the expenses eligible for reimbursement or the amount of in-kind benefits provided in any other taxable year, except for any medical reimbursement arrangement providing for the reimbursement of expenses referred to in
Section 105(b) of the Tax Code; (b) the reimbursement of an eligible expense shall be made no later than the end of the year after the year in which such expense was incurred; and (c) the right to reimbursement or in-kind benefits
shall not be subject to liquidation or exchange for another benefit. 
 If and to the extent required to comply with Section 409A of the Tax Code, any
payment or benefit required to be paid hereunder on account of termination of Executive’s employment or service (or any other similar term) shall be made only in connection with a “separation from service” with respect to Executive
within the meaning of Section 409A of the Tax Code. 
 If a payment obligation under this Agreement arises on account of Executive’s separation
from service while Executive is a “specified employee” (as defined under Section 409A of the Tax Code and determined in good faith by the Company), any payment of “deferred compensation” (as defined under Treasury Regulation
Section 1.409A-1(b)(1), after giving effect to the exemptions in Treasury Regulation Sections 1.409A-1(b)(3) through (b)(12)) that is scheduled to be paid within six months after such separation from service shall accrue without interest and
shall be paid on the first day of the seventh month beginning after the date of Executive’s separation from service or, if earlier, upon the death of Executive. 

16. Tax Code Sections 280G and 4999. Notwithstanding anything in this Agreement to the contrary, in the event that any payment or
benefit received or to be received by Executive (including any payment or benefit received in connection with a Change in Control or the termination of Executive’s employment, whether pursuant to the terms of this Agreement or any other plan,
arrangement or agreement) all such payments and benefits being hereinafter referred to as the “Total Payments” would not be deductible (in whole or part) by the Company as a result of section 280G of the Tax Code, then, to the extent
necessary to make the maximum amount of the Total Payments deductible, the portion of the Total Payments that does not constitute deferred compensation within the meaning of Section 409A of the Tax Code shall first be reduced (if necessary, to
zero), and all other Total Payments shall thereafter be reduced (if necessary, to zero), with cash payments being reduced before non-cash payments, and payments to be paid last being reduced first; provided, however, that such
reduction shall only be made if (i) the amount of such Total Payments, as so reduced (and after subtracting the net amount of federal, state and local income taxes on such reduced Total Payments) is greater than or equal to (ii) the amount
of such Total Payments without such reduction (but after subtracting the net amount of federal, state and local income taxes on such Total Payments and the amount of the excise tax imposed under Section 4999 of the Tax Code on such unreduced
Total Payments). 

  
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 17. Survival. The covenants, agreements, representations and warranties contained in or
made pursuant to this Agreement shall survive the Executive’s termination of employment, irrespective of any investigation made by or on behalf of any party. 

18. Entire Agreement; Modification. This Agreement sets forth the entire understanding of the parties with respect to the subject matter
hereof, supersedes all existing agreements and undertakings, whether written or oral between them regarding the Executive’s employment and compensation, and may be modified only by a written instrument duly executed by each party. 

19. Notices. Any notice or other communication required or permitted to be given hereunder shall be in writing and shall be mailed by
certified mail, return receipt requested, or delivered against receipt to the party to whom it is to be given at the address of such party set forth below (or to such other address as the party shall have furnished in writing in accordance with the
provisions of this Section 19). Notice to the estate of the Executive shall be sufficient if addressed to the Executive as provided in this Section 19. Any notice or other communication given by certified mail shall be deemed given at the
time of certification thereof, except for a notice changing a party’s address which shall be deemed given at the time of receipt thereof. 
  

	 	(a)	If to the Executive: 

 [Intentionally omitted] 

If to the Company: 
 7007
N.W. 77th Avenue 
 Miami, Florida 33166 

20. Waiver. Any waiver by either party of a breach of any provision of this Agreement shall not operate as or be construed to be a
waiver of any other breach of such provision or of any breach of any other provision of this Agreement. The failure of a party to insist upon strict adherence to any term of this Agreement on one or more occasions shall not be considered a waiver or
deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. Any waiver must be in writing. 

21. Binding Effect. The Executive’s rights and obligations under this Agreement shall not be transferable by assignment or
otherwise, and any attempt to do any of the foregoing shall be void. The provisions of this Agreement shall be binding upon and inure to the benefit of each of the Company, its successors and assigns. 

  
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 22. No Third Party Beneficiaries. This Agreement does not create, and shall not be
construed as creating, any rights enforceable by any person not a party to this Agreement; provided, however that Executive may designate one or more beneficiaries to receive any amounts that would otherwise be payable hereunder to Executive’s
estate or pursuant to the life insurance policy described in Section 4(e). 
 23. Headings. The headings in this Agreement are
solely for convenience of reference and shall be given no effect in the construction or interpretation of this Agreement. 
 24. Governing
Law. This Agreement shall be governed by the laws of the State of Florida, without regard to any conflicts of laws principles thereof that would call for the application of the laws of any other jurisdiction. The parties hereby agree that the
jurisdiction of, or the venue of, any action brought by either party shall be in a state or federal district court sitting in Miami Dade County, Florida and both Parties hereby agree to waive any right to contest such jurisdiction and venue. 

25. Invalidity. The invalidity or unenforceability of any term of this Agreement shall not invalidate, make unenforceable or otherwise
affect any other term of this Agreement, which shall remain in full force and effect. 

  
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 IN WITNESS WHEREOF, the parties have executed this Employment Agreement as of the date
first hereinabove written. 
  

			
	SPANISH BROADCASTING SYSTEM, INC.
		
	By:	 	 /s/ Joseph A. Garcia

	
	EXECUTIVE: 
	
	 /s/ Raúl Alarcón

	Name: Raúl Alarcón

  
 10Exhibit 4.1

 Exhibit 4.1 

EXECUTION COPY 
 CHASE BANK USA,
NATIONAL ASSOCIATION, 
 Transferor, Servicer and Administrator 

CHASE ISSUANCE TRUST, 
 Issuing
Entity 
 and 
 WELLS FARGO
BANK, NATIONAL ASSOCIATION, 
 Indenture Trustee and Collateral Agent 

AMENDMENT NO. 4 
 to the THIRD
AMENDED AND RESTATED 
 TRANSFER AND SERVICING AGREEMENT 

Dated as of June 11, 2014 

 This AMENDMENT NO. 4 TO THE THIRD AMENDED AND RESTATED TRANSFER AND SERVICING AGREEMENT (this
“Amendment No. 4”) among CHASE BANK USA, NATIONAL ASSOCIATION (the “Bank” or “Chase USA”), a national banking association, as Transferor, Servicer and Administrator, CHASE ISSUANCE TRUST, a
statutory business trust created under the laws of the State of Delaware, as Issuing Entity and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as Indenture Trustee and Collateral Agent, is made and entered into as of
June 11, 2014. 
 RECITALS 

WHEREAS, the predecessor to Chase USA, the Issuing Entity and Wells Fargo Bank, National Association, as Indenture Trustee and Collateral
Agent have heretofore executed and delivered a Transfer and Servicing Agreement, dated as of May 1, 2002 (as amended and supplemented or otherwise modified through the date hereof, including by the Assumption Agreement, dated as of
October 1, 2004, by Chase USA, as successor Transferor, Servicer and Administrator, in favor of and for the benefit of the Issuing Entity, the Indenture Trustee and the Collateral Agent, the “Original Transfer and Servicing
Agreement”); 
 WHEREAS, the parties hereto have heretofore executed and delivered an Amended and Restated Transfer and Servicing
Agreement, dated as of October 15, 2004, as amended by the First Amendment thereto, dated as of May 10, 2005, and a Second Amendment thereto, dated as of February 1, 2006 (as amended, supplemented or otherwise modified, the
“Amended and Restated Transfer and Servicing Agreement”); 
 WHEREAS, the parties hereto have heretofore executed and
delivered a Second Amended and Restated Transfer and Servicing Agreement, dated as of March 14, 2006 (as amended, supplemented or otherwise modified, the “Second Amended and Restated Transfer and Servicing Agreement”); 

WHEREAS, the parties hereto have heretofore executed and delivered a Third Amended and Restated Transfer and Servicing Agreement, dated as of
December 19, 2007, as amended by Amendment No. 1 thereto, dated as of May 8, 2009, Amendment No. 2 thereto, dated as of July 9, 2013, and Amendment No. 3 thereto, dated as of December 20, 2013 (as amended,
supplemented or otherwise modified, the “Third Amended and Restated Transfer and Servicing Agreement”); 
 WHEREAS, the
parties hereto desire to amend the Third Amended and Restated Transfer and Servicing Agreement as set forth below; 
 WHEREAS, subsection
12.01(a) of the Third Amended and Restated Transfer and Servicing Agreement provides that the Servicer, the Transferor, the Administrator and the Issuing 

  
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Entity may amend the Third Amended and Restated Transfer and Servicing Agreement by a written instrument signed by each of them, without the consent of the Indenture Trustee, any Collateral Agent
or any of the Noteholders; provided, that (i) the Transferor shall have delivered to the Indenture Trustee and the Owner Trustee an Officer’s Certificate, dated the date of any such amendment, stating that such Transferor reasonably
believes that such amendment will not have an Adverse Effect and (ii) the Note Rating Agency Condition shall have been satisfied; 

WHEREAS, (i) the Indenture Trustee and Owner Trustee have received from each Transferor an Officer’s Certificate, dated the date
hereof, stating that such Transferor reasonably believes that such amendment will not have an Adverse Effect and (ii) the Note Rating Agency Condition has been satisfied; and 

WHEREAS, based on the foregoing, all conditions precedent to the execution of this Amendment No. 4 have been complied with; 

NOW, THEREFORE, the parties hereto hereby are executing and delivering this Amendment No. 4 in order to amend the Third Amended and
Restated Transfer Agreement in the manner set forth below. 
 [REMAINDER OF THE PAGE INTENTIONALLY LEFT BLANK] 

  
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 Capitalized terms used but not defined herein shall have the meanings assigned to them in the
Third Amended and Restated Transfer and Servicing Agreement. 
 1. Amendment to Subsection 3.01. Subsection 3.01 of the Third
Amended and Restated Transfer and Servicing Agreement shall be amended by deleting the existing Section 3.01 in its entirety and replacing it with the following: 

“Section 3.01 Collections and Allocations. 

(a) The Servicer (or, if the authority of the Servicer has been revoked pursuant to Section 10.01 hereof, the Indenture
Trustee, or, if a Successor Servicer has been appointed, the Successor Servicer) shall receive from time to time funds from each Transferor in respect of Receivables and from each applicable Master Trust with respect to the Collateral Certificates
pledged to the Trust. Upon receipt of any funds in respect of a Collateral Certificate or Receivables, unless otherwise specified herein, the Servicer shall deposit such amounts in the Collection Account for the Asset Pool in which such Collateral
Certificate or Receivables have been designated for inclusion, which amounts shall be applied by the applicable Collateral Agent, on behalf of the Indenture Trustee, for such Asset Pool pursuant to the Asset Pool Supplement for such Asset Pool.
Except as otherwise provided below, the Servicer shall deposit Collections with respect to Receivables into the Collection Account for the applicable Asset Pool as promptly as possible after the Date of Processing of such Collections, but in no
event later than the second Business Day following the Date of Processing and shall deposit Collections received with respect to Collateral Certificates with respect to any Monthly Period into the Collection Account for the applicable Asset Pool no
later than the First Note Transfer Date for the applicable Asset Pool in the next succeeding Monthly Period. In the event of the insolvency of the Servicer, then, immediately upon the occurrence of such event and thereafter, the Servicer shall
deposit all Collections into the Collection Account for each applicable Asset Pool and in no such event shall the Servicer deposit any Collections thereafter into any account established, held or maintained with the Servicer. 

(b) For as long as Chase USA remains the Servicer hereunder and (i) no Servicer Rating Event shall have occurred and be
continuing or (ii) Chase USA obtains a guarantee or letter of credit covering risk of collection with respect to its deposit and payment obligations under this Agreement (in form and substance satisfactory to each Note Rating Agency) from a
guarantor having a short-term credit rating of at least “A-1” from Standard & Poor’s or “P-1” from Moody’s or “F1” from Fitch (or such other rating below “A-1” or “P-1” or, to the
extent rated by Fitch, “F1,” as the case may be, which is acceptable to such Note Rating Agency), or (iii) the Note Rating Agency Condition will have been satisfied despite the Servicer’s inability to satisfy the rating
requirement specified in clause (i) or (ii) above, or (iv) for five Business 

  
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Days following any reduction of any such rating or failure to satisfy the conditions specified in clause (i) or (ii) above, the Servicer need not make daily deposits of Collections into
the Collection Account as provided in the preceding paragraph, but may make deposits in an amount equal to the net amount of such deposits and payments which would have been made with respect to Notes to receive payments on the related Payment Dates
had the conditions of this sentence not applied, into the Collection Account in immediately available funds not later than 1:00 p.m., New York City time, on each applicable Note Transfer Date following the Monthly Period with respect to which such
deposit relates. To the extent that, in accordance with this Section 3.01, the Servicer has retained amounts which would otherwise be required to be deposited into a Collection Account or any Supplemental Bank Account with respect to any
Monthly Period, the Servicer shall be required to deposit such amounts in the applicable Collection Account or such Supplemental Bank Account on the related Note Transfer Date to the extent necessary to make required distributions on the related
Payment Date for such Asset Pool. 
 (c) Notwithstanding anything else in this Agreement to the contrary, unless otherwise
specified in the Indenture, any applicable Asset Pool Supplement or any applicable Indenture Supplement, with respect to any Monthly Period for which the Servicer is required to make daily deposits into the applicable Collection Account or into any
Supplemental Bank Account provided for in any Indenture Supplement for any Series: 
 (i) the Servicer will only be required
to deposit Collections (other than Recoveries, which will be deposited in accordance with subsection 3.07(a), and the Interchange Amount, which will be deposited in accordance with subsection 3.07(b)) into the Collection Account or any Supplemental
Bank Account for each Asset Pool no later than the second Business Day following the Date of Processing in an amount equal to the lesser of: 

(A) the amount required to be deposited into the Collection Account or such Supplemental Bank Account for such Asset Pool on such Business Day
pursuant to the terms of the Indenture or any Indenture Supplement for any Series secured by such Asset Pool, and 
 (B) the amount required
to be distributed on or prior to the related Note Transfer Date to the extent necessary to make required distributions on the related Payment Date of: 

(1) interest and principal due to Holders of the Notes secured by such Asset Pool (other than Notes held by the Transferor for
so long as the Transferor is 

  
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the Servicer) provided for in any Indenture Supplement for any Series secured by such Asset Pool, 

(2) the Trust Servicing Fee allocable to the Notes secured by such Asset Pool (excluding the amount allocable to the
Transferor Interest), but only if the Transferor is not also the Servicer, 
 (3) the Default Amount allocable to such Asset
Pool (excluding the amount allocable to the Transferor Interest), 
 (4) targeted deposits to any reserve account designated
and established pursuant to the Indenture Supplement for any Series secured by such Asset Pool. 
 (5) amounts owed under
any Supplemental Credit Enhancement or Derivative Agreement with respect to such Asset Pool; and 
 (6) any other amounts
identified in any Indenture Supplement for any Series secured by such Asset Pool to be paid to Holders of the Notes secured by such Asset Pool other than the Transferor, deposited in reserve accounts or other enhancement accounts or paid to third
parties from Collections, 
 and any Collections not required to be deposited in the Collection Account for any Asset Pool shall be deposited
in the Excess Funding Account to the extent required pursuant to the terms of the Indenture or any Indenture Supplement for any Series secured by such Asset Pool, and any remaining Collections shall be paid to the Transferor; and 

(ii) (A) if at any time prior to the related Note Transfer Date the amount of Collections deposited in any Collection Account with respect to
the related Monthly Period exceeds the amount required to be deposited pursuant to clause (i) above, the Servicer shall withdraw such excess from such Collection Account and immediately pay it to the Transferor, and 

(B) if at any time prior to the related Note Transfer Date the amount of Collections deposited in any Collection

  
 5 

 
Account with respect to the related Monthly Period is less than the amount required to be deposited pursuant to clause (i) above, the Transferor shall pay to the Servicer, and the Servicer
shall deposit into such Collection Account, the amount of the shortfall, but only to the extent of Collections previously paid to the Transferor with respect to such Monthly Period pursuant to this paragraph. 

(iii) For the avoidance of doubt, to the extent that the exact amount of the required deposits or distributions pursuant to
clauses (i)(A) and (i)(B) above are unknown, the Servicer will be allowed to make a good faith estimate of the respective amounts thereof subject to the adjustment provisions set forth in clauses (ii)(A) and (ii)(B) above.” 

2. No Waiver. The execution and delivery of this Amendment No. 4 shall not constitute a waiver of a past default under the Third
Amended and Restated Transfer and Servicing Agreement or impair any right consequent thereon. 
 3. Third Amended and Restated Transfer
Agreement in Full Force and Effect as Amended. Except as specifically amended or waived hereby, all of the terms and conditions of the Third Amended and Restated Transfer and Servicing Agreement shall remain in full force and effect. All
references to the Third Amended and Restated Transfer and Servicing Agreement in any other document or instrument shall be deemed to mean the Third Amended and Restated Transfer and Servicing Agreement as amended by this Amendment No. 4. This
Amendment No. 4 shall not constitute a novation of the Third Amended and Restated Transfer and Servicing Agreement, but shall constitute an amendment thereof. The parties hereto agree to be bound by the terms and obligations of the Third
Amended and Restated Transfer and Servicing Agreement to which they are parties thereto, as amended by this Amendment No. 4, as though the terms and obligations of the Third Amended and Restated Transfer and Servicing Agreement were set forth
herein. 
 4. Effect of Headings and Table of Contents. The Article and Section headings herein are for convenience only and shall
not affect the construction hereof. 
 5. Separability. In case any provision in this Amendment No. 4 shall be invalid, illegal
or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not be affected or impaired thereby. 
 6.
Counterparts. This Amendment No. 4 may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and all of which counterparts shall constitute one and the same instrument.

  
 6 

 7. GOVERNING LAW. THIS AMENDMENT NO. 4 SHALL BE CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

8. Effective Date. This Amendment No. 4 shall become effective as of the day and year first above written. 

9. Limitation of Liability. It is expressly understood and agreed by the parties hereto that (a) this Amendment No. 4 is
executed and delivered by Wilmington Trust Company, not individually or personally but solely as owner trustee of the Issuing Entity, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations,
undertakings and agreements herein made on the part of the Issuing Entity is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is made and intended for the purpose of binding only the
Issuing Entity, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any,
being expressly waived by the parties hereto and by any person claiming by, through or under the parties hereto and (d) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses
of the Issuing Entity or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuing Entity under this Amendment No. 4 or any other related documents. 

[REMAINDER OF THE PAGE INTENTIONALLY LEFT BLANK] 

  
 7 

 IN WITNESS WHEREOF, the Transferor, the Servicer, the Administrator, the Issuing Entity, the
Indenture Trustee and the Collateral Agent have caused this Amendment No. 4 to be duly executed by their respective officers as of the day and year first above written. 

 

			
	 CHASE BANK USA, NATIONAL

ASSOCIATION, as Transferor, Servicer and

Administrator

		
	By:	 	     /s/ David A. Penkrot

		 	Name: David A. Penkrot
		 	Title:   Executive Director
	
	 CHASE ISSUANCE TRUST,
 as Issuing
Entity

		
	By:	 	 WILMINGTON TRUST COMPANY, not
 in its
individual capacity but solely as
 Owner Trustee on behalf of the Trust

		
	By:	 	     /s/ Jennifer A. Luce

		 	Name: Jennifer A. Luce
		 	Title:   Vice President
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION

not in its individual capacity but
 solely as Indenture Trustee
and Collateral Agent

		
	By:	 	     /s/ Cheryl Zimmerman

		 	Name: Cheryl Zimmerman
		 	Title:   Vice President

 CHASE ISSUANCE TRUST 

AMENDMENT NO. 4 TO THE THIRD A&R TSA 

 Acknowledged and Accepted: 
  

			
	 WILMINGTON TRUST COMPANY,
 not in
its individual capacity but
 solely as Owner Trustee

		
	By:	 	     /s/ Jennifer A. Luce

		 	Name: Jennifer A. Luce
		 	Title:   Vice President

 CHASE ISSUANCE TRUST 

AMENDMENT NO. 4 TO THE THIRD A&R TSA

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