Document:

Exhibit 4.10

                     CHASE CREDIT CARD OWNER TRUST 2004-1

                                TRUST AGREEMENT

                                    between

                CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION,
                                 as Depositor

                                      and

                           WILMINGTON TRUST COMPANY
                               as Owner Trustee

                           Dated as of March 4, 2004

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                               TABLE OF CONTENTS

                                                                           Page

                            ARTICLE I. DEFINITIONS

SECTION 1.1.    Capitalized Terms...........................................  1

                           ARTICLE II. ORGANIZATION

SECTION 2.1.    Name........................................................  4
SECTION 2.2.    Office......................................................  4
SECTION 2.3.    Purposes and Powers.........................................  4
SECTION 2.4.    Appointment of Owner Trustee................................  5
SECTION 2.5.    Initial Capital Contribution of Trust Estate................  5
SECTION 2.6.    Declaration of Trust........................................  5
SECTION 2.7.    Title to Owner Trust Property...............................  6
SECTION 2.8.    Situs of Owner Trust........................................  6
SECTION 2.9.    Representations and Warranties of the Depositor.............  6
SECTION 2.10.   Liability of Certificateholder..............................  7

             ARTICLE III. CERTIFICATES AND TRANSFER OF INTERESTS

SECTION 3.1.    Initial Ownership...........................................  7
SECTION 3.2.    The Certificate.............................................  7
SECTION 3.3     Execution, Authentication and Delivery of Certificates......  8
SECTION 3.4.    Restrictions on Transfer....................................  8
SECTION 3.5.    Mutilated, Destroyed, Lost or Stolen Certificate............  8
SECTION 3.6.    Authenticating Agent........................................  9
SECTION 3.7.    Actions of Certificateholder................................ 10

                     ARTICLE IV. ACTIONS BY OWNER TRUSTEE

SECTION 4.1.    Prior Notice to Certificateholder with Respect to
                Certain Matters............................................. 10

               ARTICLE V. AUTHORITY AND DUTIES OF OWNER TRUSTEE

SECTION 5.1.    General Authority........................................... 11
SECTION 5.2.    General Duties.............................................. 11
SECTION 5.3.    Action upon Instruction..................................... 12
SECTION 5.4.    No Duties Except as Specified in this Agreement or
                in Instructions............................................. 12
SECTION 5.5.    No Action Except under Specified Documents or
                Instructions................................................ 13
SECTION 5.6.    Restrictions................................................ 13
SECTION 5.7.    Doing Business in Other Jurisdictions....................... 13

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                     ARTICLE VI. CONCERNING OWNER TRUSTEE

SECTION 6.1.    Acceptance of Trusts and Duties............................. 14
SECTION 6.2.    Furnishing of Documents..................................... 15
SECTION 6.3.    Representations and Warranties.............................. 15
SECTION 6.4.    Reliance; Advice of Counsel................................. 16
SECTION 6.5.    Not Acting in Individual Capacity........................... 17
SECTION 6.6.    Owner Trustee May Own Notes................................. 17

                  ARTICLE VII. COMPENSATION OF OWNER TRUSTEE

SECTION 7.1.    Owner Trustee's Fees and Expenses........................... 17
SECTION 7.2.    Indemnification............................................. 17
SECTION 7.3.    Payments to Owner Trustee................................... 18

                 ARTICLE VIII. TERMINATION OF TRUST AGREEMENT

SECTION 8.1.    Termination of Trust Agreement.............................. 18

      ARTICLE IX. SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

SECTION 9.1.    Eligibility Requirements for Owner Trustee.................. 19
SECTION 9.2.    Resignation or Removal of Owner Trustee..................... 20
SECTION 9.3.    Successor Owner Trustee..................................... 20
SECTION 9.4.    Merger or Consolidation of Owner Trustee.................... 21
SECTION 9.5.    Appointment of Co-Trustee or Separate Trustee............... 21

                           ARTICLE X. MISCELLANEOUS

SECTION 10.1.   Supplements and Amendments.................................. 23
SECTION 10.2.   No Legal Title to Owner Trust Estate in
                Certificateholder........................................... 24
SECTION 10.3.   Limitations on Rights of Others............................. 24
SECTION 10.4.   Notices..................................................... 24
SECTION 10.5.   Severability................................................ 25
SECTION 10.6.   Separate Counterparts....................................... 25
SECTION 10.7.   Successors and Assigns...................................... 25
SECTION 10.8.   Nonpetition Covenants....................................... 25
SECTION 10.9.   No Recourse................................................. 25
SECTION 10.10.  Headings.................................................... 25
SECTION 10.11.  GOVERNING LAW............................................... 25
SECTION 10.12.  Depositor Payment Obligation................................ 26
SECTION 10.13.  Acceptance of Terms of Agreement............................ 26

                                      ii

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SECTION 10.14.  Compliance with Sarbanes-Oxley Act of 2002.................. 26
SECTION 10.15.  Integration of Documents.................................... 26

                                   EXHIBITS

         Exhibit A   -   Form of Certificate
         Exhibit B   -   Form of Certificate of Trust

                                     iii

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         TRUST AGREEMENT dated as of March 4, 2004 between CHASE MANHATTAN
BANK USA, NATIONAL ASSOCIATION ("Chase USA"), a national banking association
having its principal executive offices located at White Clay Center Building
200, Route 273, Newark, Delaware 19711, as the depositor (in its capacity as
the depositor, the "Depositor") and WILMINGTON TRUST COMPANY, a Delaware
banking corporation, as the owner trustee (the "Owner Trustee").

                                  ARTICLE I.

                                  DEFINITIONS

                  SECTION 1.1. Capitalized Terms. (a) For all purposes of this
Agreement, the following terms shall have the meanings set forth below:

         "Administrator" means Chase Manhattan Bank USA, National Association,
or any successor Administrator under the Deposit and Administration Agreement.

         "Agreement" means this Chase Credit Card Owner Trust 2004-1 Trust
Agreement, as the same may be amended, modified or otherwise supplemented from
time to time.

         "Basic Documents" means the Indenture, this Agreement, the Deposit
and Administration Agreement, the Note Underwriting Agreement, and other
documents delivered in connection herewith and therewith.

         "Certificate" means the certificate evidencing the beneficial
interest of the Certificateholder in the Owner Trust, substantially in the
form attached hereto as Exhibit A.

         "Certificateholder" means Chase Manhattan Bank USA, National
Association, and its successors and permitted assigns.

         "Certificate of Trust" means the Certificate of Trust in the form
attached hereto as Exhibit B which has been filed for the Owner Trust pursuant
to Section 3810(a) of the Statutory Trust Act.

         "Code" means the Internal Revenue Code of 1986, as amended.

         "Corporate Trust Office" means, with respect to the Owner Trustee,
the principal corporate trust office of the Owner Trustee located at Rodney
Square North, 1100 North Market Street, Wilmington, DE 19890; or such other
address as the Owner Trustee may designate by notice to the Depositor, or the
principal corporate trust office of any successor Owner Trustee (the address
of which the successor Owner Trustee will notify the Certificateholder and the
Depositor).

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         "Deposit and Administration Agreement" means the Deposit and
Administration Agreement, dated as of March 4, 2004, by and between the Owner
Trust and Chase Manhattan Bank USA, National Association, as Depositor and as
Administrator, as the same may be amended, supplemented or otherwise modified
from time to time.

         "Depositor" means Chase Manhattan Bank USA, National Association, in
its capacity as Depositor hereunder and its successors and assigns in such
capacity.

         "Expenses" has the meaning assigned to such term in Section 7.2.

         "Indemnified Parties" shall have the meaning assigned to such term in
Section 7.2.

         "Indenture Trustee" means The Bank of New York, not in its individual
capacity but solely as Indenture Trustee under the Indenture, and any
successor Indenture Trustee under the Indenture.

         "Master Trust" means the Chase Master Credit Card Trust, created
pursuant to the Third Amended and Restated Pooling and Servicing Agreement
dated as of November 15, 1999, as amended by the First Amendment thereto dated
as of March 31, 2001, and the Second Amendment thereto, dated as of March 1,
2002, by and among Chase USA, as transferor on and after June 1, 1996,
JPMorgan Chase Bank, as transferor prior to June 1, 1996 and as servicer, and
The Bank of New York, as trustee.

         "Note Underwriting Agreement" means the Note Underwriting Agreement,
dated as of February 26, 2004, by and between Chase Manhattan Bank USA,
National Association (the "Bank") and J.P. Morgan Securities Inc. and Banc One
Capital Markets, Inc., as representatives of the several Underwriters named
therein (collectively, the "Underwriters") together with the Terms Agreement
attached thereto between the Bank and the Underwriters, dated as of February
26, 2004, as the same may be amended, supplemented or otherwise modified from
time to time.

         "Noteholder" has the meaning assigned to such term in the Indenture.

         "Owner Trust" means the statutory trust created by this Agreement and
the filing of the Certificate of Trust.

         "Owner Trust Estate" means all right, title and interest of the Owner
Trust, in and to the property and rights assigned to the Owner Trust, pursuant
to Section 2.5 of this Agreement and Section 2.1 of the Deposit and
Administration Agreement, all monies, securities, instruments and other
property on deposit from time to time in the accounts established hereunder
and all other property of the Owner Trust from time to time, including any
rights of the Owner Trustee on behalf of the Owner Trust pursuant to the
Deposit and Administration Agreement.

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         "Owner Trustee" means Wilmington Trust Company, a Delaware banking
corporation, not in its individual capacity but solely as owner trustee for
the Chase Credit Card Owner Trust 2004-1 under this Agreement (unless
otherwise specified herein), and any successor Owner Trustee hereunder.

         "Requirements of Law" means, for any Person, the certificate of
incorporation or articles of association and by-laws or other organizational
or governing documents of such Person, and any law, treaty, rule or
regulations, or determination of an arbitrator or Governmental Authority, in
each case applicable to or binding upon such Person or to which such Person is
subject, whether federal, state or local (including without limitation, usury
laws, the federal Truth in Lending Act and Regulation Z and Regulation B of
the Board of Governors of the Federal Reserve System).

         "Secretary of State" means the Secretary of State of the State of
Delaware.

         "SFAS 140" means Statement of Financial Accounting Standards No. 140,
Accounting for Transfers and Servicing of Financial Assets and Extinguishments
of Liabilities.

         "Statutory Trust Act" means Chapter 38 of Title 12 of the Delaware
Code, 12 Del. C. section 3801, et. seq., as the same may be amended from time
to time.

                  (b) All terms defined in this Agreement shall have the
defined meanings when used in any certificate or other document made or
delivered pursuant hereto unless otherwise defined therein.

                  (c) As used in this Agreement and in any certificate or
other document made or delivered pursuant hereto or thereto, accounting terms
not defined in this Agreement or in any such certificate or other document,
and accounting terms partly defined in this Agreement or in any such
certificate or other document to the extent not defined, shall have the
respective meanings given to them under generally accepted accounting
principles. To the extent that the definitions of accounting terms in this
Agreement or in any such certificate or other document are inconsistent with
the meanings of such terms under generally accepted accounting principles, the
definitions contained in this Agreement or in any such certificate or other
document shall control.

                  (d) The words "hereof," "herein," "hereunder," and words of
similar import when used in this Agreement shall refer to this Agreement as a
whole and not to any particular provision of this Agreement; Section and
Exhibit references contained in this Agreement are references to Sections and
Exhibits in or to this Agreement unless otherwise specified; and the term
"including" shall mean "including without limitation."

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                  (e) The definitions contained in this Agreement are
applicable to the singular as well as the plural forms of such terms and to
the masculine as well as to the feminine and neuter genders of such terms.

                  (f) Capitalized terms used but not defined herein shall have
the meanings assigned to them in an indenture, dated as of March 4, 2004 (the
"Indenture"), by and between the Owner Trust and the Bank of New York, as
Indenture Trustee.

                                  ARTICLE II.

                                 ORGANIZATION

                  SECTION 2.1. Name. The trust created hereby shall be
known as "Chase Credit Card Owner Trust 2004-1" (hereinafter, the "Owner
Trust") in which name the Owner Trustee may conduct the business of such
trust, make and execute contracts and other instruments on behalf of such
trust and sue and be sued on behalf of the Owner Trust.

                  SECTION 2.2. Office. The office of the Owner Trust shall
be in care of the Owner Trustee at the Corporate Trust Office or at such other
address as the Owner Trustee may designate by written notice to the
Certificateholder and the Depositor.

                  SECTION 2.3. Purposes and Powers. The purpose of the
Owner Trust is, and the Owner Trust shall have the power and authority to
engage in the following activities:

                  (a) to issue the Notes in the name of the Owner Trust
pursuant to the Indenture and the Certificate pursuant to this Agreement, and
to sell, transfer or exchange the Notes and the Certificate;

                  (b) to acquire the property and assets set forth in the
Deposit and Administration Agreement from the Depositor pursuant to the terms
thereof, to make payments or distributions on the Notes and the Certificate
and to make deposits to and withdrawals from the Reserve Account and other
accounts established under the Indenture;

                  (c) to assign, grant, transfer, pledge, mortgage and convey
the Owner Trust Estate to the Indenture Trustee pursuant to the Indenture and
to hold, manage and distribute to the Certificateholder pursuant to the terms
of the Deposit and Administration Agreement any portion of the Owner Trust
Estate released from the Lien of, and remitted to the Owner Trust pursuant to,
the Indenture;

                  (d) to enter into and perform its obligations under the Basic
Documents to

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which it is a party;

                  (e) to engage in those activities, including entering into
agreements, that are necessary, suitable or convenient to accomplish the
foregoing or are incidental thereto or connected therewith, which activities
cannot be contrary to the status of the Owner Trust as a "qualifying special
purpose entity" under SFAS 140 and any successor rule thereto; and

                  (f) subject to compliance with the Basic Documents, to engage
in such other activities as may be required in connection with conservation of
the Owner Trust Estate and the making of distributions to the
Certificateholder and the Noteholders, which activities cannot be contrary to
the status of the Owner Trust as a "qualifying special purpose entity" under
SFAS 140 and any successor rule thereto.

Neither the Owner Trustee, nor the Owner Trust, shall engage in any activity
other than in connection with the foregoing or other than as required or
authorized by the terms of this Agreement or the other Basic Documents. For
purposes of SFAS 140, the parties hereto intend that (a) the Owner Trust shall
be treated as a "qualifying special purpose entity" as such term is used in
SFAS 140 and any successor rule thereto and (b) the power and authority of the
Owner Trust as stated this Section 2.3 shall be limited in accordance with
paragraph 35 of SFAS 140.

                  SECTION 2.4. Appointment of Owner Trustee. The Depositor
hereby appoints the Owner Trustee as trustee of the Owner Trust effective as
of the date hereof, to have all the rights, powers and duties set forth herein
and in the Statutory Trust Act.

                  SECTION 2.5. Initial Capital Contribution of Trust Estate.
The Depositor hereby sells, assigns, transfers, conveys and sets over to the
Owner Trustee, as of the date hereof, $1.00. The Owner Trustee hereby
acknowledges receipt in trust from the Depositor, as of the date hereof, of
the foregoing contribution, which shall constitute the initial Owner Trust
Estate. The Depositor shall pay the organizational expenses of the Owner Trust
as they may arise or shall, upon the request of the Owner Trustee, promptly
reimburse the Owner Trustee for any such expenses paid by the Owner Trustee.

                  SECTION 2.6. Declaration of Trust. The Owner Trustee
hereby declares that it will hold the Owner Trust Estate in trust upon and
subject to the conditions set forth herein for the use and benefit of the
Certificateholder, subject to the obligations of the Owner Trustee, on behalf
of the Owner Trust, under the Basic Documents. It is the intention of the
parties hereto that the Owner Trust constitute a statutory trust under the
Statutory Trust Act and that this Agreement constitutes the governing
instrument of such statutory trust. It is the intention of the parties hereto
that, solely for United States income and franchise tax purposes, the Owner
Trust shall be treated as a division or branch of the Depositor. The parties
agree that, unless otherwise required by appropriate tax authorities, they
will take no action contrary to the foregoing intention. Effective as of the
date hereof, the Owner Trustee shall have all rights, powers and

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duties set forth herein and to the extent not inconsistent herewith, in the
Statutory Trust Act with respect to accomplishing the purposes of the Owner
Trust. The Owner Trustee shall file the Certificate of Trust with the
Secretary of State of Delaware.

                  SECTION 2.7. Title to Owner Trust Property. Legal title
to all the Owner Trust Estate shall be vested at all times in the Owner Trust,
except where applicable law in any jurisdiction requires title to any part of
the Owner Trust Estate to be vested in the Owner Trustee, a co-trustee or a
separate trustee, in which case title to such part shall be deemed to be
vested in the Owner Trustee, a co-trustee and/or separate trustee, as the case
may be.

                  SECTION 2.8. Situs of Owner Trust. The Owner Trust will
be located in the State of Delaware and administered in the State of Delaware
or the State of New York. All bank accounts maintained on behalf of the Owner
Trust shall be located in the State of Delaware or the State of New York.
Payments will be received by the Owner Trust only in Delaware or New York, and
payments and distributions will be made by the Owner Trust only from Delaware
or New York. The only office of the Owner Trust will be at the Corporate Trust
Office of the Owner Trustee in Delaware.

                  SECTION 2.9. Representations and Warranties of the
Depositor. The Depositor hereby represents and warrants to the Owner Trustee
that:

                  (i) The Depositor has been duly organized and is validly
         existing as a national banking association in good standing under the
         laws of the United States of America, with power and authority to own
         its properties and to conduct its business as such properties are
         currently owned and such business is presently conducted.

                  (ii) The Depositor has the corporate power and authority to
         execute and deliver this Agreement and to carry out its terms; the
         Depositor has full power and authority to sell and assign the
         property to be sold and assigned to and deposited with the Owner
         Trustee pursuant to this Agreement and the Deposit and Administration
         Agreement, on behalf of the Owner Trust, and the Depositor has duly
         authorized such sale and assignment and deposit to the Owner Trustee,
         on behalf of the Owner Trust, by all necessary action; and the
         execution, delivery and performance of this Agreement has been duly
         authorized by the Depositor by all necessary action.

                  (iii) The consummation of the transactions contemplated by
         this Agreement and the other Basic Documents and the fulfillment of
         the terms hereof, do not conflict with, result in any breach of any
         of the terms and provisions of, or constitute (with or without notice
         or lapse of time) a default under, the articles of association or
         bylaws of the Depositor, or conflict with or breach any of the
         material terms or provisions of or constitute (with or without notice
         or lapse of time) a default under any indenture, agreement or other
         instrument to which the Depositor is a party or by which it is bound;

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         nor result in the creation or imposition of any Lien upon any of its
         properties pursuant to the terms of any such indenture, agreement or
         other instrument; nor violate any law or, to the best of the
         Depositor's knowledge, any order, rule or regulation applicable to
         the Depositor of any court or of any Federal or state regulatory
         body, administrative agency or other governmental instrumentality
         having jurisdiction over the Depositor or its properties.

                  (iv) There are no proceedings or investigations pending or,
         to the best knowledge of the Depositor, threatened against the
         Depositor before any court, regulatory body, administrative agency,
         or other tribunal or governmental instrumentality having jurisdiction
         over the Depositor (i) asserting the invalidity of any of the Basic
         Documents to which the Depositor is a party, (ii) seeking to prevent
         the consummation of any of the transactions contemplated by any of
         the Basic Documents, to which the Depositor is a party, (iii) seeking
         any determination or ruling that, in the reasonable judgment of the
         Depositor, would materially and adversely affect the performance by
         the Depositor of its obligations under the Basic Documents to which
         the Depositor is a party, or (iv) seeking any determination or ruling
         that would materially and adversely affect the validity or
         enforceability of the Basic Documents to which the Depositor is a
         party.

                  SECTION 2.10. Liability of Certificateholder. To the
fullest extent permitted by applicable law, the Certificateholder shall not
have any personal liability for any liability or obligation of the Owner
Trustee or the Owner Trust.

                                 ARTICLE III.

                    CERTIFICATES AND TRANSFER OF INTERESTS

                  SECTION 3.1. Initial Ownership. Upon the formation of the
Owner Trust by the contribution by the Depositor pursuant to Section 2.5, the
Depositor shall be the sole beneficial owner of the Owner Trust. Upon the
issuance of the Certificate (as described below), the Certificateholder shall
be the beneficial owner of the Owner Trust.

                  SECTION 3.2. The Certificate. (a) The Certificate shall
be issued substantially in the form of Exhibit A, which is incorporated by
reference herein. The Certificate shall be executed on behalf of the Owner
Trust by manual or facsimile signature of an Authorized Officer or other
authorized signatory of the Owner Trustee. A Certificate bearing the manual or
facsimile signatures of individuals who were, at the time when such signatures
shall have been affixed, authorized to sign on behalf of the Owner Trust,
shall be validly issued and entitled to the benefit of this Agreement,
notwithstanding that such individuals or any of them shall have ceased to be
so authorized prior to the authentication and delivery of such Certificate or
did not hold such offices at the date of authentication and delivery of such
Certificate. The Certificate

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shall not entitle its Holder to any benefit under this Agreement, or be valid
for any purpose, unless there shall appear on such Certificate a certificate
of authentication substantially in the form set forth in Exhibit A, executed
by the Owner Trustee, or the Owner Trustee's authentication agent, by manual
or facsimile signature; such authentication shall constitute conclusive
evidence that such Certificate shall have been duly authenticated and
delivered hereunder. The Certificate shall be dated the date of its
authentication.

                  (b) The Certificateholder shall be entitled to receive
distributions from the Owner Trust Estate only in accordance with this
Agreement and the Deposit and Administration Agreement. In no event shall the
Depositor or the Certificateholder be entitled to possession of, or be
permitted to encumber any part of, the Owner Trust Estate.

                  SECTION 3.3. Execution, Authentication and Delivery of
Certificates. Concurrently with the initial deposit of the Series Certificate
with the Owner Trustee, on behalf of the Owner Trust, pursuant to the Deposit
and Administration Agreement, the Owner Trustee shall cause the Certificate to
be executed on behalf of the Owner Trust, authenticated and delivered to or
upon the written order of the Depositor, signed by its chairman of the board,
its president or any vice president, without further action by the Depositor.

                  SECTION 3.4. Restrictions on Transfer. To the fullest
extent permitted by applicable law, the Certificate (or any interest therein)
may not be sold, transferred, assigned, participated, pledged or otherwise
disposed of by the Depositor to any Person.

                  SECTION 3.5. Mutilated, Destroyed, Lost or Stolen
Certificate. If (a) the mutilated Certificate shall be surrendered to the
Owner Trustee, or if the Owner Trustee shall receive evidence to its
satisfaction of the destruction, loss or theft of the Certificate and (b)
there shall be delivered to the Owner Trustee such security or indemnity as
may be required by it to save it harmless, then the Owner Trustee shall
execute and the Owner Trustee, or the Owner Trustee's authenticating agent,
shall authenticate and deliver, in exchange for or in lieu of the mutilated,
destroyed, lost or stolen Certificate, a new Certificate. In connection with
the issuance of any new Certificate under this Section 3.5, the Owner Trustee
may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection therewith. Any duplicate
Certificate issued pursuant to this Section shall constitute conclusive
evidence of a beneficial interest in the Owner Trust, as if originally issued,
whether or not the lost, stolen or destroyed Certificate shall be found at any
time. The provisions of this Section 3.5 are exclusive and shall preclude (to
the extent lawful) all other rights and remedies with respect to the
replacement of the mutilated, destroyed, lost or stolen Certificate.

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                  SECTION 3.6. Authenticating Agent. (a) The Owner Trustee
may appoint one or more authenticating agents with respect to the Certificate
which shall be authorized to act on behalf of the Owner Trustee in
authenticating the Certificate in connection with the issuance, delivery,
registration of transfer, exchange or repayment of the Certificate. Whenever
reference is made in this Agreement to the authentication of the Certificate
by the Owner Trustee or the Owner Trustee's certificate of authentication,
such reference shall be deemed to include authentication on behalf of the
Owner Trustee by an authenticating agent and a certificate of authentication
executed on behalf of the Owner Trustee by an authenticating agent. Each
authenticating agent shall be subject to acceptance by the Depositor.

                  (b) Any institution succeeding to the corporate agency
business of an authenticating agent shall continue to be an authenticating
agent without the execution or filing of any paper or any further act on the
part of the Owner Trustee or such authenticating agent.

                  (c) An authenticating agent may at any time resign by
giving written notice of resignation to the Owner Trustee and the Depositor.
The Owner Trustee may at any time terminate the agency of an authenticating
agent by giving notice of termination to such authenticating agent and to the
Depositor. Upon receiving such a notice of resignation or upon such a
termination, or in case at any time an authenticating agent shall cease to be
acceptable to the Owner Trustee or the Depositor, the Owner Trustee promptly
may appoint a successor authenticating agent with the consent of the
Depositor. Any successor authenticating agent upon acceptance of its
appointment hereunder shall become vested with all the rights, powers and
duties of its predecessor hereunder, with like effect as if originally named
as an authenticating agent.

                  (d) The Depositor shall pay the authenticating agent from
time to time reasonable compensation for its services under this Section 3.6.

                  (e) The provisions of Sections 6.1, 6.3, 6.4, 6.6, 7.1 and
7.2 shall be applicable to any authenticating agent.

                  (f) Pursuant to an appointment made under this Section
3.6, the Certificate may have endorsed thereon, in lieu of the Owner Trustee's
certificate of authentication, an alternate certificate of authentication in
substantially the following form:

         This is the Certificate referred to in the within-mentioned Trust
Agreement.

                                      or

WILMINGTON TRUST COMPANY                   WILMINGTON TRUST COMPANY
not in its individual capacity             not in its individual capacity
but solely as Owner Trustee for            but solely as Owner Trustee for
the Chase Credit Card Owner                the Chase Credit Card Owner
Trust 2004-1                               Trust 2004-1

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                                           By:
                                               ------------------------------
                                                 Authenticating Agent

By:                                        By:
    ------------------------------             ------------------------------
      Authorized Signatory                       Authorized Signatory

                  SECTION 3.7. Actions of Certificateholder. (a) Any
request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Agreement to be given or taken by the
Certificateholder may be embodied in and evidenced by one or more instruments
of substantially similar tenor signed by the Certificateholder in person or by
agent duly appointed in writing; and except as herein otherwise expressly
provided, such action shall become effective when such instrument or
instruments are delivered to the Owner Trustee and, when required, to the
Depositor or the Servicer. Proof of execution of any such instrument or of a
writing appointing any such agent shall be sufficient for any purpose of this
Agreement and conclusive in favor of the Owner Trustee, the Depositor and the
Servicer, if made in the manner provided in this Section 3.7.

                  (b) The fact and date of the execution by the
Certificateholder of any such instrument or writing may be proved in any
reasonable manner which the Owner Trustee deems sufficient.

                  (c) The Owner Trustee may require such additional proof of
any matter referred to in this Section 3.7 as it shall deem necessary.

                                  ARTICLE IV.

                           ACTIONS BY OWNER TRUSTEE

                  SECTION 4.1. Prior Notice to Certificateholder with
Respect to Certain Matters. With respect to the following matters, the Owner
Trustee shall not take action unless at least 30 days before the taking of
such action, the Owner Trustee shall have notified the Certificateholder in
writing of the proposed action:

                  (a) the initiation of any claim or lawsuit on behalf of
the Owner Trust (except claims or lawsuits brought to collect on the Series
Certificate) and the compromise of any material action, claim or lawsuit
brought by or against the Owner Trust or the Owner Trustee (except with
respect to the aforementioned claims or lawsuits to collect on the Series
Certificate);

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                  (b) the election by the Issuer to file an amendment to the
Certificate of Trust (unless such amendment is required to be filed under the
Statutory Trust Act);

                  (c) the amendment of the Indenture by a supplemental
indenture in circumstances where the consent of any Noteholder is required;

                  (d) the amendment of the Indenture by a supplemental
indenture in circumstances where the consent of any Noteholder is not required
and such amendment materially adversely affects the interest of the
Certificateholder;

                  (e) the amendment, change or modification of the Deposit
and Administration Agreement, except any amendment where the consent of the
Certificateholder is not required under the terms of the Deposit and
Administration Agreement; or

                  (f) the appointment pursuant to the Indenture of a
successor Indenture Trustee or the consent to the assignment by the Note
Registrar, the Paying Agent, the Indenture Trustee or the Certificate
Registrar of its obligations under the Indenture.

The Owner Trustee shall notify the Certificateholder in writing of any
appointment of a successor Paying Agent, Authenticating Agent or Certificate
Registrar within five Business Days thereof.

                                  ARTICLE V.

                     AUTHORITY AND DUTIES OF OWNER TRUSTEE

                  SECTION 5.1. General Authority. The Owner Trustee is
authorized and directed to execute and deliver the Basic Documents to which
the Owner Trust, is to be a party and each certificate or other document
required to be executed on behalf of the Owner Trust that is attached as an
exhibit to or contemplated by the Basic Documents or any amendment thereto or
other agreement, in each case, in such form as the Depositor shall approve as
evidenced conclusively by the Owner Trustee's execution thereof and the
Depositor's execution of the related documents. In addition to the foregoing,
the Owner Trustee is authorized to take all actions required to be taken on
behalf of the Owner Trust pursuant to the Basic Documents. The Owner Trustee
is further authorized from time to time to take such action as the
Administrator directs in writing with respect to the Basic Documents, except
to extent that the Basic Documents expressly require the consent of the
Depositor for such action.

                  SECTION 5.2. General Duties. It shall be the duty of the
Owner Trustee to discharge (or cause to be discharged) all of its
responsibilities pursuant to the terms of this Agreement and the other Basic
Documents and to administer the Owner Trust in the interest of the
Certificateholder, subject to the Basic Documents and in accordance with the
provisions of

                                      11
<PAGE>

this Agreement. Notwithstanding the foregoing, the Owner Trustee shall be
deemed to have discharged its duties and responsibilities hereunder and under
the Basic Documents to the extent the Administrator has agreed in the Deposit
and Administration Agreement to perform any act or to discharge any duty of
the Owner Trustee or the Owner Trust hereunder or under any other Basic
Document, and the Owner Trustee shall not be liable for the default or failure
of the Administrator to carry out its obligations under the Deposit and
Administration Agreement.

                  SECTION 5.3. Action upon Instruction. (a) The
Certificateholder may, by written instruction, direct the Owner Trustee in the
management of the Owner Trust. Such direction may be exercised at any time by
written instruction of the Certificateholder.

                  (b) Notwithstanding the foregoing, the Owner Trustee shall
not be required to take any action hereunder or under any other Basic Document
if the Owner Trustee shall reasonably determine, or shall have been advised by
counsel in writing, that such action is likely to result in personal liability
to the Owner Trustee (in such capacity or individually), is contrary to the
terms of this Agreement or any other Basic Document or is contrary to law.

                  (c) Whenever the Owner Trustee is unable to decide between
alternative courses of action permitted or required by the terms of this
Agreement or any other Basic Document or is unsure as to the application of
any provision of this Agreement or any other Basic Document, or if any such
provision is ambiguous as to its application, or is, or appears to be, in
conflict with any other applicable provision, or in the event that this
Agreement permits any determination by the Owner Trustee or is silent or is
incomplete as to the course of action that the Owner Trustee is required to
take with respect to a particular set of facts, the Owner Trustee may give
notice (in such form as shall be appropriate under the circumstances) to the
Certificateholder requesting instruction as to the course of action to be
adopted, and to the extent the Owner Trustee acts in good faith in accordance
with any written instruction of the Certificateholder received, the Owner
Trustee shall not be liable on account of such action to any Person. If the
Owner Trustee shall not have received appropriate instruction within ten days
of such notice (or within such shorter period of time as reasonably may be
specified in such notice or may be necessary under the circumstances) it may,
but shall be under no duty to, take or refrain from taking such action, not
inconsistent with this Agreement or the other Basic Documents, as it shall
deem to be in the best interests of the Certificateholder, and shall have no
liability to any Person for such action or inaction.

                  SECTION 5.4. No Duties Except as Specified in this
Agreement or in Instructions. The Owner Trustee shall undertake to perform
such duties and only such duties as are specifically set forth in this
Agreement and the other Basic Documents, and no implied covenants or
obligations shall be read into this Agreement or the other Basic Documents.
The Owner Trustee shall not have any duty or obligation to manage, make any
payment with respect to, register, record, sell, dispose of, or otherwise deal
with the Owner Trust Estate, or to otherwise take or refrain from taking any
action under, or in connection with, any document contemplated

                                      12
<PAGE>

hereby to which the Owner Trustee is a party, except as expressly provided by
the terms of this Agreement or in any document or written instruction received
by the Owner Trustee pursuant to Section 5.3; and no implied duties or
obligations shall be read into this Agreement or any other Basic Document
against the Owner Trustee. The Owner Trustee shall have no responsibility for
filing any financing or continuation statement in any public office at any
time or to otherwise perfect or maintain the perfection of any security
interest or lien granted to it hereunder or to prepare or file any filing for
the Owner Trust with the Securities and Exchange Commission or to record this
Agreement or any other Basic Document. The Owner Trustee nevertheless agrees
that it will, at its own cost and expense, promptly take all action as may be
necessary to discharge any Liens on any part of the Owner Trust Estate that
result from actions by, or claims against, the Owner Trustee, in its
individual capacity, that are not related to the ownership or the
administration of the Owner Trust Estate.

                  SECTION 5.5. No Action Except under Specified Documents or
Instructions. The Owner Trustee shall not manage, control, use, sell, dispose
of or otherwise deal with any part of the Owner Trust Estate except (i) in
accordance with the powers granted to and the authority conferred upon the
Owner Trustee pursuant to this Agreement, (ii) in accordance with the Basic
Documents, and (iii) in accordance with any document or instruction delivered
to the Owner Trustee pursuant to Section 5.3.

                  SECTION 5.6. Restrictions. The Owner Trustee shall not
(a) take any action that is inconsistent with the purposes of the Owner Trust
set forth in Section 2.3 or (b) take any action or amend this Agreement in any
manner that, to the actual knowledge of a Responsible Officer of the Owner
Trustee, would result in the Owner Trust becoming taxable as a corporation for
United States federal income tax purposes. The Certificateholder shall not
direct the Owner Trustee to take action that would violate the provisions of
this Section.

                  SECTION 5.7. Doing Business in Other Jurisdictions. (a)
Notwithstanding anything contained herein to the contrary, the Owner Trustee
shall not be required to take any action in any jurisdiction other than in the
State of Delaware, other than as set forth in the last sentence of this
Section 5.7, if the taking of such action will (i) require the consent or
approval or authorization or order of or the giving of notice to, or the
registration with or the taking of any other action in respect of, any state
or other governmental authority or agency of any jurisdiction other than the
State of Delaware; (ii) result in any fee, tax or other governmental charge
under the laws of any jurisdiction or any political subdivisions thereof in
existence on the date hereof other than the State of Delaware becoming payable
by the Owner Trustee; or (iii) subject the Owner Trustee to personal
jurisdiction in any jurisdiction other than the State of Delaware for causes
of action arising from acts unrelated to the consummation of the transactions
by the Owner Trustee, as the case may be, contemplated hereby. The Owner
Trustee shall be entitled to obtain advice of counsel (which advice shall be
an expense of the Depositor) to determine whether any action required to be
taken pursuant to this Agreement results in the consequences described in
clauses (i), (ii) and (iii) of the preceding sentence. In the event that said
counsel advises the Owner

                                      13
<PAGE>

Trustee that such action will result in such consequences, the Owner Trustee
will, at the expense of the Depositor, appoint an additional trustee pursuant
to Section 9.5 to proceed with such action.

                                  ARTICLE VI.

                           CONCERNING OWNER TRUSTEE

                  SECTION 6.1. Acceptance of Trusts and Duties. The Owner
Trustee accepts the trusts hereby created and agrees to perform its duties
hereunder with respect to such trusts but only upon the terms of this
Agreement. The Owner Trustee also agrees to disburse all moneys actually
received by it constituting part of the Owner Trust Estate upon the terms of
the other Basic Documents and this Agreement. The Owner Trustee shall not be
answerable or accountable hereunder or under any Basic Document under any
circumstances, except (i) for its own willful misconduct, bad faith or gross
negligence or (ii) in the case of the breach of any representation or warranty
contained in Section 6.3 expressly made by the Owner Trustee. In particular,
but not by way of limitation (and subject to the exceptions set forth in the
preceding sentence):

                  (a) The Owner Trustee shall not be liable for any error of
judgment made in good faith by a Responsible Officer of the Owner Trustee
unless it is proved that the Owner Trustee was grossly negligent in
ascertaining the pertinent facts;

                  (b) The Owner Trustee shall not be liable with respect to
any action it takes or omits to take in good faith in accordance with the
instructions of the Certificateholder given pursuant to Section 5.3;

                  (c) No provision of this Agreement or any other Basic
Document shall require the Owner Trustee to expend or risk funds or otherwise
incur any financial liability in its own performance of any of its rights or
powers hereunder or under any other Basic Document if the Owner Trustee shall
have reasonable grounds for believing that repayment of such funds or adequate
indemnity against such risk or liability is not assured or provided to it;

                  (d) Under no circumstances shall the Owner Trustee be
liable for indebtedness evidenced by or arising under any of the Basic
Documents, including the principal of and interest on the Notes;

                  (e) The Owner Trustee shall not be responsible for and
makes no representation as to the validity or adequacy of this Agreement or
for the due execution hereof by the Depositor or for the form, character,
genuineness, sufficiency, value or validity of any of the Owner Trust Estate
or for or in respect of the validity or sufficiency of the Basic Documents,
other than the certificate of authentication on the Certificate, shall not be
accountable for the use

                                      14
<PAGE>

or application by the Depositor of the proceeds from the Certificate, and the
Owner Trustee shall in no event assume or incur any liability, duty or
obligation to any Noteholder or to the Certificateholder, other than as
expressly provided for herein and in the other Basic Documents;

                  (f) The Owner Trustee shall not be liable for the default
or misconduct of the Indenture Trustee, the Administrator or the Servicer
under any of the Basic Documents or otherwise, and the Owner Trustee shall
have no obligation or liability to perform the obligations to be performed on
behalf of the Owner Trust under this Agreement or the other Basic Documents
that are required to be performed by the Administrator under the Deposit and
Administration Agreement or the Indenture Trustee under the Indenture;

                  (g) The Owner Trustee shall be under no obligation to
exercise any of the rights or powers vested in it by this Agreement, or to
institute, conduct or defend any litigation under this Agreement or otherwise
or in relation to this Agreement or any other Basic Document, at the request,
order or direction of the Certificateholder, unless the Certificateholder has
offered to the Owner Trustee security or indemnity satisfactory to it against
the costs, expenses and liabilities that may be incurred by the Owner Trustee
therein or thereby. The right of the Owner Trustee to perform any
discretionary act enumerated in this Agreement or in any other Basic Document
shall not be construed as a duty, and the Owner Trustee shall not be
answerable for other than its gross negligence, bad faith or willful
misconduct in the performance of any such act; and

                  (h) The Owner Trustee, upon receipt of any resolutions,
certificates, statements, opinions, reports, documents, orders or other
instruments furnished to the Owner Trustee that shall be specifically required
to be furnished pursuant to any provision of this Agreement or the other Basic
Documents, shall examine them to determine whether they conform to the
requirements of this Agreement or such other Basic Document; provided,
however, that the Owner Trustee shall not be responsible for the accuracy or
content of any such resolution, certificate, statement, opinion, report,
document, order or other instrument furnished to the Owner Trustee pursuant to
this Agreement or the other Basic Documents.

                  SECTION 6.2. Furnishing of Documents. The Owner Trustee
shall furnish to the Certificateholder promptly upon receipt of a written
request therefor, duplicates or copies of all reports, notices, requests,
demands, certificates, financial statements and any other instruments
furnished to the Owner Trustee under the Basic Documents.

                  SECTION 6.3. Representations and Warranties. Wilmington
Trust Company, in its individual capacity, hereby represents and warrants to
the Depositor, for the benefit of the Certificateholder, that:

                  (a) It is a banking corporation duly organized and validly
existing in good standing under the laws of the State of Delaware and having
        an office within the State of

                                      15
<PAGE>

Delaware. It has all requisite corporate power, authority and legal right to
execute, deliver and perform its obligations under this Agreement.

                  (b) It has taken all corporate action necessary to
authorize the execution and delivery by it of this Agreement, and this
Agreement will be executed and delivered by one of its officers who is duly
authorized to execute and deliver this Agreement on its behalf.

                  (c) Neither the execution nor the delivery by it of this
Agreement, nor the consummation by it of the transactions contemplated hereby
nor compliance by it with any of the terms or provisions hereof will
contravene any federal or Delaware law, governmental rule or regulation
governing the banking or trust powers of the Owner Trustee or any judgment,
writ, decree or order applicable to it, or constitute any default under its
charter documents or by-laws or, with or without notice or lapse of time, any
indenture, mortgage, contract, agreement or instrument to which it is a party
or by which any of its properties may be bound.

                  (d) The execution, delivery and performance by Wilmington
Trust Company of this Agreement does not require the authorization, consent,
or approval of, the giving of notice to, the filing or registration with, or
the taking of any other action in respect of, any governmental authority or
agency of the State of Delaware or the United States of America regulating the
corporate trust activities of Wilmington Trust Company.

                  (e) This Agreement has been duly authorized, executed and
delivered by Wilmington Trust Company and shall constitute the legal, valid,
and binding agreement of Wilmington Trust Company, enforceable in accordance
with its terms, except as such enforcement may be limited by bankruptcy,
insolvency, reorganization and other laws affecting the rights of creditors
generally, and by general principles of equity regardless of whether
enforcement is pursuant to a proceeding in equity or at law.

                  (f) It will comply with all of the requirements of Section
3807(a) of the Statutory Trust Act relating to the qualification of a trustee
for a Delaware statutory trust.

                  SECTION 6.4. Reliance; Advice of Counsel. (a) The Owner
Trustee shall incur no liability to anyone in acting upon any signature,
instrument, notice, resolution, request, consent, order, certificate, report,
opinion, bond or other document or paper believed by it to be genuine and
believed by it to be signed by the proper party or parties. The Owner Trustee
may accept a certified copy of a resolution of the board of directors or other
governing body of any corporate party as conclusive evidence that such
resolution has been duly adopted by such body and that the same is in full
force and effect. As to any fact or matter the method of the determination of
which is not specifically prescribed herein, the Owner Trustee may for all
purposes hereof rely on a certificate, signed by the president or any vice
president or by the treasurer, secretary or other authorized officers of the
relevant party, as to such fact or matter, and such certificate shall
constitute full protection to the Owner Trustee for any action taken or
omitted to

                                      16
<PAGE>

be taken by it in good faith in reliance thereon.

                  (b) In the exercise or administration of the trusts
hereunder and in the performance of its duties and obligations under this
Agreement or the other Basic Documents, the Owner Trustee (i) may act directly
or through its agents or attorneys pursuant to agreements entered into with
any of them, and the Owner Trustee shall not be liable for the conduct or
misconduct of such agents or attorneys if such agents or attorneys shall have
been selected by the Owner Trustee with due care and (ii) may consult with
counsel, accountants and other skilled persons knowledgeable in the relevant
area to be selected with reasonable care and employed by it. The Owner Trustee
shall not be liable for anything done, suffered or omitted in good faith by it
in accordance with the written opinion or advice of any such counsel,
accountants or other such persons and not contrary to this Agreement or any
other Basic Document.

                  SECTION 6.5. Not Acting in Individual Capacity. Except as
provided in this Article VI, in accepting the trusts hereby created,
Wilmington Trust Company, not in its individual capacity but solely as Owner
Trustee for the Chase Credit Card Owner Trust 2004-1, acts solely as the Owner
Trustee hereunder and not in its individual capacity and all Persons having
any claim against the Owner Trustee by reason of the transactions contemplated
by this Agreement or any other Basic Document shall look only to the Owner
Trust Estate for payment or satisfaction thereof.

                  SECTION 6.6. Owner Trustee May Own Notes. The Owner
Trustee in its individual or any other capacity may become the owner or
pledgee of the Notes and may deal with the Depositor, the Indenture Trustee
and the Servicer in banking transactions with the same rights as it would have
if it were not the Owner Trustee.

                                 ARTICLE VII.

                         COMPENSATION OF OWNER TRUSTEE

                  SECTION 7.1. Owner Trustee's Fees and Expenses. The Owner
Trustee shall receive as compensation for its services hereunder such fees as
have been separately agreed upon before the date hereof between the Depositor
and the Owner Trustee, and the Owner Trustee shall be entitled to be
reimbursed by the Depositor for its other reasonable expenses hereunder,
including the reasonable compensation, expenses and disbursements of such
agents, representatives, experts and counsel as the Owner Trustee may employ
in connection with the exercise and performance of its rights and its duties
hereunder except any such expenses as may arise from its gross negligence,
wilful misfeasance, or bad faith or that is the responsibility of the
Certificateholder under this Agreement.

                  SECTION 7.2. Indemnification. The Depositor shall be
liable as primary

                                      17
<PAGE>

obligor for, and shall indemnify the Owner Trustee (in such capacity or
individually) and its successors, assigns, agents and servants (collectively,
the "Indemnified Parties") from and against, any and all liabilities,
obligations, losses, damages, taxes, claims, actions and suits, and any and
all reasonable costs, expenses and disbursements (including reasonable legal
fees and expenses) of any kind and nature whatsoever (collectively,
"Expenses") which may at any time be imposed on, incurred by, or asserted
against the Owner Trustee or any Indemnified Party in any way relating to or
arising out of this Agreement, the other Basic Documents, the Owner Trust
Estate, the administration of the Owner Trust Estate or the action or inaction
of the Owner Trustee hereunder, except only that the Depositor shall not be
liable for or required to indemnify the Owner Trustee from and against
Expenses arising or resulting from any of the matters described in the third
sentence of Section 6.1. The indemnities contained in this Section shall
survive the resignation or termination of the Owner Trustee or the termination
of this Agreement. If any suit, action, proceeding (including any governmental
or regulatory investigation), claim or demand shall be brought or asserted
against any Indemnified Party in respect of which indemnity may be sought
pursuant to this Section 7.2, such Indemnified Party shall promptly notify the
Depositor in writing, and the Depositor upon request of the Indemnified Party
shall retain counsel reasonably satisfactory to the Indemnified Party (or,
with the consent of the Depositor, counsel selected by the Indemnified Party
acceptable to the Depositor) to represent the Indemnified Party and any others
the Depositor may designate in such proceeding and shall pay the reasonable
fees and expenses of such counsel related to such proceeding. The Depositor
shall not be liable for any settlement of any claim or proceeding effected
without its written consent, but if settled with such consent or if there be a
final judgment for the plaintiff, the Depositor agrees to indemnify any
Indemnified Party from and against any loss or liability by reason of such
settlement or judgment. The Depositor shall not, without the prior written
consent of the Indemnified Party, effect any settlement of any pending or
threatened proceeding in respect of which any Indemnified Party is or could
have been a party and indemnity could have been sought hereunder by such
Indemnified Party, unless such settlement includes an unconditional release of
such Indemnified Party from all liability on claims that are the subject
matter of such proceeding.

                  SECTION 7.3. Payments to Owner Trustee. Any amounts paid
to the Owner Trustee pursuant to this Article VII shall be deemed not to be a
part of the Owner Trust Estate immediately after such payment.

                                 ARTICLE VIII.

                        TERMINATION OF TRUST AGREEMENT

                  SECTION 8.1. Termination of Trust Agreement. (a) The
Owner Trust shall terminate upon the final distribution by the Owner Trustee
of all moneys or other property or proceeds of the Owner Trust Estate in
accordance with the terms of the Indenture, the Deposit and Administration
Agreement and the Statutory Trust Act. Any money or other property held as

                                      18
<PAGE>

part of the Owner Trust Estate following such distribution, after satisfaction
of all liabilities of the Owner Trust in accordance with Section 3808 of the
Statutory Trust Act, shall be distributed to the Certificateholder. The
bankruptcy, death, incapacity, liquidation, dissolution or termination of the
Depositor or Certificateholder (or any other beneficiary) shall not (x)
operate to revoke or terminate this Agreement or the Owner Trust, or (y)
entitle the Certificateholder's (or any other beneficiary) legal
representatives to claim an accounting or to take any action or proceeding in
any court for a partition or winding up of all or any part of the Owner Trust
or Owner Trustee Estate or (z) otherwise affect the rights, obligations and
liabilities of the parties hereto.

                  (b) Except as provided in Section 8.1(a) or 8.1(c),
neither the Depositor nor the Certificateholder shall be entitled to revoke or
terminate the Owner Trust.

                  (c) Except as provided in this Section 8.1(c), neither the
Depositor nor the Certificateholder shall be entitled to revoke or terminate
the Owner Trust or this Agreement. The Depositor and the Owner Trustee
acknowledge that the Indenture Trustee, on behalf of the Noteholders, is a
third-party beneficiary of this Agreement and shall be entitled to enforce the
terms of this Agreement to the same extent as it was a signatory hereto. For
so long as the Notes are outstanding, neither the Owner Trust nor this
Agreement shall be revoked without the prior written consent of the Indenture
Trustee. The Depositor and the Owner Trustee acknowledge that the Indenture
Trustee, as an agent of the Noteholders, maintains a legitimate interest in
ensuring that the Owner Trust is not revoked prior to the fulfillment of the
Owner Trust objectives. In no event may this Agreement be amended without the
prior written consent of the Indenture Trustee if the effect of such amendment
is the revocation or termination of this Owner Trust other than in accordance
with this Section 8.1. Upon the winding up of the Owner Trust in accordance
with the Statutory Trust Act, the Owner Trustee shall cause the Certificate of
Trust to be canceled by filing a certificate of cancellation with the
Secretary of State in accordance with the provisions of Section 3810 of the
Statutory Trust Act and thereupon the Owner Trust and this Agreement (other
than Article VII) shall terminate.

                                  ARTICLE IX.

            SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

                  SECTION 9.1. Eligibility Requirements for Owner Trustee.
The Owner Trustee shall at all times be an entity authorized to exercise
corporate trust powers, having a combined capital and surplus of at least
$50,000,000 and subject to supervision or examination by federal or state
authorities; and having (or having a parent) which has a rating of at least
Baa3 by Moody's, at least BBB- by Standard & Poor's and, if rated by Fitch, at
least BBB- by Fitch, or if not rated, otherwise satisfactory to each Note
Rating Agency. If such entity shall publish reports of condition at least
annually, pursuant to law or to the requirements of the aforesaid supervising
or examining authority, then for the purpose of this Section, the combined
capital

                                      19
<PAGE>

and surplus of such entity shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. In
case at any time the Owner Trustee shall cease to be eligible in accordance
with the provisions of this Section, the Owner Trustee shall resign
immediately in the manner and with the effect specified in Section 9.2. In
addition, at all times the Owner Trustee or a co-trustee shall be a person
that satisfies the requirements of Section 3807(a) of the Statutory Trust Act.

                  SECTION 9.2. Resignation or Removal of Owner Trustee. The
Owner Trustee may at any time resign and be discharged from the trusts hereby
created by giving written notice thereof to the Administrator. Upon receiving
such notice of resignation, the Administrator shall promptly appoint a
successor Owner Trustee by written instrument, in duplicate, one copy of which
instrument shall be delivered to the resigning Owner Trustee and one copy to
the successor Owner Trustee. If no successor Owner Trustee shall have been so
appointed and have accepted appointment within 30 days after the giving of
such notice of resignation, the resigning Owner Trustee may petition any court
of competent jurisdiction for the appointment of a successor Owner Trustee.

                  If at any time the Owner Trustee shall cease to be
eligible in accordance with the provisions of Section 9.1 and shall fail to
resign after written request therefor by the Administrator, or if at any time
the Owner Trustee shall be legally unable to act, or shall be adjudged
bankrupt or insolvent, or a receiver of the Owner Trustee or of its property
shall be appointed, or any public officer shall take charge or control of the
Owner Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, then the Administrator may remove the Owner
Trustee. If the Administrator shall remove the Owner Trustee under the
authority of the immediately preceding sentence, the Administrator shall
promptly appoint a successor Owner Trustee by written instrument, in
duplicate, one copy of which instrument shall be delivered to the outgoing
Owner Trustee so removed and one copy of which shall be delivered to the
successor Owner Trustee, and payment of all fees owed to the outgoing Owner
Trustee shall be made to the outgoing Owner Trustee.

                  Any resignation or removal of the Owner Trustee and
appointment of a successor Owner Trustee pursuant to any of the provisions of
this Section shall not become effective until acceptance of appointment by the
successor Owner Trustee pursuant to Section 9.3 and payment of all fees and
expenses owed to the outgoing Owner Trustee. The Administrator shall provide
notice of such resignation or removal of the Owner Trustee to each of the Note
Rating Agencies.

                  SECTION 9.3. Successor Owner Trustee. Any successor Owner
Trustee appointed pursuant to Section 9.2 shall execute, acknowledge and
deliver to the Administrator and to its predecessor Owner Trustee an
instrument accepting such appointment under this Agreement, and thereupon the
resignation or removal of the predecessor Owner Trustee shall become effective
and such successor Owner Trustee, without any further act, deed or convey-

                                      20
<PAGE>

ance, shall become fully vested with all the rights, powers, duties and
obligations of its predecessor under this Agreement, with like effect as if
originally named as the Owner Trustee. The predecessor Owner Trustee shall
upon payment of its fees and expenses deliver to the successor Owner Trustee
all documents and statements and monies held by it under this Agreement; and
the Administrator and the predecessor Owner Trustee shall execute and deliver
such instruments and do such other things as may reasonably be required for
fully and certainly vesting and confirming in the successor Owner Trustee all
such rights, powers, duties and obligations.

                  No successor Owner Trustee shall accept appointment as
provided in this Section unless at the time of such acceptance such successor
Owner Trustee shall be eligible pursuant to Section 9.1.

                  Upon acceptance of appointment by a successor Owner
Trustee pursuant to this Section, the Administrator shall mail notice of the
successor of such Owner Trustee to the Certificateholder, the Indenture
Trustee, the Noteholders and the Note Rating Agencies. If the Administrator
shall fail to mail such notice within 10 days after acceptance of appointment
by the successor Owner Trustee, the successor Owner Trustee shall cause such
notice to be mailed at the expense of the Administrator. Any successor Owner
Trustee appointed pursuant to this Section 9.3 shall be eligible to act as a
trustee in accordance with Section 3807(a) of the Statutory Trust Act and,
following compliance with this Section, shall become fully vested with the
rights, powers, duties and obligations of its predecessor under this
Agreement, with like effect as if originally named as Owner Trustee. Any
successor Owner Trustee appointed hereunder shall promptly file an amendment
to the Certificate of Trust as required by the Statutory Trust Act.

                  SECTION 9.4. Merger or Consolidation of Owner Trustee.
Any corporation into which the Owner Trustee may be merged or converted or
with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the Owner Trustee shall be a
party, or any entity succeeding to all or substantially all of the corporate
trust business of the Owner Trustee, shall be the successor of the Owner
Trustee hereunder, provided such entity shall be eligible pursuant to Section
9.1, without the execution or filing of any instrument or any further act on
the part of any of the parties hereto, anything herein to the contrary
notwithstanding; provided further that the Owner Trustee shall mail notice of
such merger or consolidation to the Note Rating Agencies.

                  SECTION 9.5. Appointment of Co-Trustee or Separate Trustee.
(a) Notwithstanding any other provisions of this Agreement, at any time, for
the purpose of meeting any legal requirements of any jurisdiction in which any
part of the Owner Trust Estate may at the time be located, the Administrator
and the Owner Trustee acting jointly shall have the power and shall execute
and deliver all instruments to appoint at the expense of the Depositor one or
more Persons approved by the Owner Trustee to act as co-trustee, jointly with
the Owner Trustee, or separate trustee or separate trustees, of all or any
part of the Owner Trust Estate, and to vest in

                                      21
<PAGE>

such Person, in such capacity, such title to the Owner Trust, or any part
thereof, and, subject to the other provisions of this Section, such powers,
duties, obligations, rights and trusts as the Administrator and the Owner
Trustee may consider necessary or desirable. If the Administrator shall not
have joined in such appointment within 15 days after the receipt by it of a
request so to do, the Owner Trustee alone shall have the power to make such
appointment. No co-trustee or separate trustee under this Agreement shall be
required to meet the terms of eligibility as a successor trustee pursuant to
Section 9.1, and no notice of the appointment of any co-trustee or separate
trustee shall be required pursuant to Section 9.3.

                  Each separate trustee and co-trustee shall, to the extent
permitted by law, be appointed and act subject to the following provisions and
conditions:

                  (i) all rights, powers, duties and obligations conferred or
         imposed upon the Owner Trustee shall be conferred upon and exercised
         or performed by the Owner Trustee and such separate trustee or
         co-trustee jointly (it being understood that such separate trustee or
         co-trustee is not authorized to act separately without the Owner
         Trustee joining in such act), except to the extent that under any law
         of any jurisdiction in which any particular act or acts are to be
         performed, the Owner Trustee shall be incompetent or unqualified to
         perform such act or acts, in which event such rights, powers, duties
         and obligations (including the holding of title to the Owner Trust or
         any portion thereof in any such jurisdiction) shall be exercised and
         performed singly by such separate trustee or co-trustee, but solely
         at the direction of the Owner Trustee;

                  (ii) no trustee under this Agreement shall be personally
         liable by reason of any act or omission of any other trustee under
         this Agreement; and

                  (iii) the Administrator and the Owner Trustee acting jointly
         may at any time accept the resignation of or remove any separate
         trustee or co-trustee.

                  Any notice, request or other writing given to the Owner
Trustee shall be deemed to have been given to each of the then separate
trustees and co-trustees, as effectively as if given to each of them. Every
instrument appointing any separate trustee or co-trustee shall refer to this
Agreement and the conditions of this Article. Each separate trustee and
co-trustee, upon its acceptance of the trusts conferred, shall be vested with
the estates or property specified in its instrument of appointment, either
jointly with the Owner Trustee or separately, as may be provided therein,
subject to all the provisions of this Agreement, specifically including every
provision of this Agreement relating to the conduct of, affecting the
liability of, or affording protection to, the Owner Trustee. Each such
instrument shall be filed with the Owner Trustee and a copy thereof given to
the Administrator.

                  Any separate trustee or co-trustee may at any time appoint
the Owner Trustee as its agent or attorney-in-fact with full power and
authority, to the extent not prohibited by law, to

                                      22
<PAGE>

do any lawful act under or in respect of this Agreement on its behalf and in
its name. If any separate trustee or co-trustee shall become incapable of
acting, resign or be removed, all of its estates, properties, rights, remedies
and trusts shall vest in and be exercised by the Owner Trustee, to the extent
permitted by law, without the appointment of a new or successor trustee.

                  (b) If, at any time, the Owner Trustee shall no longer
satisfy the requirements of Section 3807(a) of the Statutory Trust Act, the
Owner Trustee and the Administrator acting jointly shall appoint a co-trustee
that meets the requirements of Section 3807(a) of the Statutory Trust Act.
Upon acceptance of such appointment, the Owner Trustee and the co-trustee
appointed pursuant to this Section 9.5(b) shall promptly file an amendment to
the Certificate of Trust as required by the Statutory Trust Act.

                                  ARTICLE X.

                                 MISCELLANEOUS

                  SECTION 10.1. Supplements and Amendments. This Agreement
may be amended by the Depositor and the Owner Trustee, with prior written
notice to the Note Rating Agencies, without the consent of the Indenture
Trustee, any of the Noteholders or the Certificateholder, to cure any
ambiguity or defect, to correct or supplement any provisions in this Agreement
or for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions in this Agreement or of modifying in any
manner the rights of the Noteholders or the Certificateholder; provided,
however, that such amendment will not (i) as evidenced by an Officer's
Certificate of the Depositor addressed and delivered to the Owner Trustee and
the Indenture Trustee, materially and adversely affect the interest of any
Noteholder or the Owner Trust or significantly change any of the Owner Trust's
permitted activities as described in Section 2.3 and (ii) as evidenced by an
Opinion of Counsel addressed and delivered to the Owner Trustee and the
Indenture Trustee, cause the Owner Trust to be classified as an association
(or a publicly traded partnership) taxable as a corporation for federal income
tax purposes; provided, further, that the Depositor shall deliver written
notice of such amendments to each Note Rating Agency prior to the execution of
any such amendment.

                  This Agreement may also be amended from time to time by
the Depositor and the Owner Trustee, with prior written notice to the Note
Rating Agencies, with the prior written consent of the Holders of Notes
evidencing not less than a majority of the Outstanding Amount of the Notes for
the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement or modifying in any manner
the rights of the Noteholders or the Certificateholder; provided that no such
amendment shall (a) increase or reduce in any manner the amount of, or
accelerate or delay the timing of, collections of payments in respect of the
Series Certificate or distributions that shall be required to be made for the
benefit of the Noteholders or the Certificateholder, or (b) reduce the
aforesaid percentage of the Outstanding Amount of the Notes, the Holders of
which are required to consent to any such

                                      23
<PAGE>

amendment.

                  Promptly after the execution of any amendment or consent,
the Owner Trustee shall furnish written notification of the substance of such
amendment or consent to the Certificateholder, the Indenture Trustee and each
of the Note Rating Agencies.

                  It shall not be necessary for the consent of the
Noteholders pursuant to this Section to approve the particular form of any
proposed amendment or consent, but it shall be sufficient if such consent
shall approve the substance thereof.

                  Prior to the execution of any amendment to this Agreement,
the Owner Trustee shall be entitled to receive and rely upon an Opinion of
Counsel stating that the execution of such amendment is authorized or
permitted by this Agreement. The Owner Trustee may, but shall not be obligated
to, enter into any such amendment which affects the Owner Trustee's own
rights, duties or immunities under this Agreement or otherwise.

                  SECTION 10.2. No Legal Title to Owner Trust Estate in
Certificateholder. The Certificateholder shall not have legal title to any
specific property in the Owner Trust Estate. No transfer, by operation of law
or otherwise, of any right, title or interest of the Certificateholder to and
in its ownership interest in the Owner Trust Estate shall operate to terminate
this Agreement or the trusts hereunder or entitle any transferee to an
accounting or to the transfer to it of legal title to any specific property in
the Owner Trust Estate.

                  SECTION 10.3. Limitations on Rights of Others. The
provisions of this Agreement are solely for the benefit of the Owner Trustee,
the Depositor, the Certificateholder and, to the extent expressly provided
herein, the Indenture Trustee, the Administrator and the Noteholders, and
nothing in this Agreement, whether express or implied, shall be construed to
give to any other Person any legal or equitable right, remedy or claim in the
Owner Trust Estate or under or in respect of this Agreement or any covenants,
conditions or provisions contained herein.

                  SECTION 10.4. Notices. Unless otherwise expressly
specified or permitted by the terms hereof, all notices shall be in writing
and shall be deemed given upon receipt personally delivered, delivered by
overnight courier or mailed certified mail, return receipt requested and shall
be deemed to have been duly given upon receipt, if to the Owner Trustee,
addressed to Wilmington Trust Company, Rodney Square North, 1100 North Market
Street, Wilmington, DE 19890, Attention: Corporate Trust Administration, if to
the Depositor, addressed to, Chase Manhattan Bank USA, National Association,
Attention: Patricia M. Garvey, or, as to each party, at such other address as
shall be designated by such party in a written notice to each other party.

                                      24
<PAGE>

                  SECTION 10.5. Severability. Any provision of this
Agreement that is prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate
or render unenforceable such provision in any other jurisdiction.

                  SECTION 10.6. Separate Counterparts. This Agreement may
be executed by the parties hereto in separate counterparts, each of which when
so executed and delivered shall be an original, but all such counterparts
shall together constitute but one and the same instrument.

                  SECTION 10.7. Successors and Assigns. All covenants and
agreements contained herein shall be binding upon, and inure to the benefit
of, the Depositor, the Owner Trustee and its successors and the
Certificateholder and its successors and permitted assigns, all as herein
provided. Any request, notice, direction, consent, waiver or other instrument
or action by the Certificateholder shall bind the successors and assigns of
the Certificateholder.

                  SECTION 10.8. Nonpetition Covenants. Notwithstanding any
prior termination of the Owner Trust or this Agreement, each of the Owner
Trustee (not in its individual capacity) and the Certificateholder, by its
acceptance of the Certificate, covenants and agrees that it shall not at any
time with respect to the Owner Trust or the Master Trust, acquiesce, petition
or otherwise invoke or cause the Owner Trust or the Master Trust to invoke the
process of any court or government authority for the purpose of commencing or
sustaining a case against the Owner Trust or the Master Trust under any
Federal or state bankruptcy, insolvency or similar law or appointing a
receiver, conservator, liquidator, assignee, trustee, custodian, sequestrator
or other similar official of the Owner Trust or the Master Trust or any
substantial part of its property, or ordering the winding up or liquidation of
the affairs of the Owner Trust or the Master Trust; provided, however, that
this Section 10.8 shall not operate to preclude any remedy described in
Article V of the Indenture.

                  SECTION 10.9. No Recourse. The Certificateholder by
accepting the Certificate acknowledges that the Certificate does not represent
an interest in or obligation of the Depositor, the Administrator, the Owner
Trustee (in its individual capacity), the Indenture Trustee or any Affiliate
thereof, and no recourse may be had against such parties or their assets, or
against the assets pledged under the Indenture.

                  SECTION 10.10. Headings. The headings of the various
Articles and Sections herein are for convenience of reference only and shall
not define or limit any of the terms or provisions hereof.

                  SECTION 10.11. GOVERNING LAW. THIS AGREEMENT SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELA-

                                      25
<PAGE>

WARE, 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 10.12. Depositor Payment Obligation. The
Depositor shall be responsible for payment of the Administrator's fees under
the Deposit and Administration Agreement and shall reimburse the Administrator
for all expenses and liabilities of the Administrator incurred thereunder.

                  SECTION 10.13. Acceptance of Terms of Agreement. THE
RECEIPT AND ACCEPTANCE OF THE CERTIFICATE BY THE CERTIFICATEHOLDER, WITHOUT
ANY SIGNATURE OR FURTHER MANIFESTATION OF ASSENT, SHALL CONSTITUTE THE
UNCONDITIONAL ACCEPTANCE BY THE CERTIFICATEHOLDER OF ALL THE TERMS AND
PROVISIONS OF THIS AGREEMENT, AND SHALL CONSTITUTE THE AGREEMENT OF THE OWNER
TRUST THAT THE TERMS AND PROVISIONS OF THIS AGREEMENT SHALL BE BINDING,
OPERATIVE AND EFFECTIVE AS BETWEEN THE OWNER TRUST AND THE CERTIFICATEHOLDER.

                  SECTION 10.14. Compliance with Sarbanes-Oxley Act of 2002.
Notwithstanding anything to the contrary herein or in any other Basic
Document, the Owner Trustee shall not be required to execute, deliver or
certify on behalf of the Owner Trust or any other Person any filings,
certificates, affidavits or other instruments required under the
Sarbanes-Oxley Act of 2002. Notwithstanding any Person's right to instruct the
Owner Trustee, neither the Owner Trustee nor any agent, employee, director or
officer of the Owner Trustee shall have any obligation to execute any
certificates or other documents required pursuant to the Sarbanes-Oxley Act of
2002 or the rules and regulations promulgated thereunder, and the refusal to
comply with any such instructions shall not constitute a default or breech
under any Basic Document.

                  SECTION 10.15. Integration of Documents. This Agreement,
together with the Deposit and Administration Agreement, constitutes the entire
agreement of the parties hereto and thereto with respect to the subject matter
hereof and thereof and supercedes all prior agreements relating to the subject
matter hereof and thereof.

                          [Signature Page to Follow]

                                      26
<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused this
Trust Agreement to be duly executed by their respective officers hereunto duly
authorized as of the day and year first above written.

                                           WILMINGTON TRUST COMPANY,
                                           as Owner Trustee

                                           By: /s/ Janel R. Havrilla
                                               --------------------------------
                                               Name: Janel R. Havrilla
                                               Title: Financial Services
                                                      Officer

                                           CHASE MANHATTAN BANK USA,
                                            NATIONAL ASSOCIATION,
                                            as Depositor

                                           By: /s/ Patricia M. Garvey
                                               --------------------------------
                                               Name: Patricia M. Garvey
                                               Title: Vice President

<PAGE>

                                                                      EXHIBIT A

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THIS CERTIFICATE (OR ANY
INTEREST HEREIN) MAY NOT BE TRANSFERRED BY THE OWNER TO ANY PERSON.

                     CHASE CREDIT CARD OWNER TRUST 2004-1

                               OWNER CERTIFICATE

R-1

(This Certificate does not represent an interest in or obligation of Chase
Manhattan Bank USA, National Association, or any of its affiliates, except to
the extent described below.)

         THIS CERTIFIES THAT Chase Manhattan Bank USA, National Association is
the registered owner of one hundred percent (100%) of the beneficial interest
in the Chase Credit Card Owner Trust 2004-1, a Delaware statutory trust (the
"Owner Trust") created pursuant to the Chase Credit Card Owner Trust 2004-1
Trust Agreement dated as of March 4, 2004 (the "Trust Agreement"), between
Chase Manhattan Bank USA, National Association (the "Depositor") and
Wilmington Trust Company, as owner trustee (the "Owner Trustee"). To the
extent not otherwise defined herein, the capitalized terms used herein have
the meanings assigned to them in the Trust Agreement including, as specified
in Section 1.1(a).

         This Certificate is the duly authorized Certificate evidencing the
sole beneficial interest in the Owner Trust (herein called the "Certificate").
This Certificate is issued under and is subject to the terms, provisions and
conditions of the Trust Agreement, to which Trust Agreement the
Certificateholder by virtue of the acceptance hereof assents and by which the
Certificateholder is bound. Three classes of Notes designated as Class A
Floating Rate Asset Backed Notes, Series 2004-1 (the "Class A Notes"), Class B
Floating Rate Asset Backed Notes, Series 2004-1 (the "Class B Notes") and
Class C Floating Rate Asset Backed Notes, Series 2004-1 (the "Class C Notes"
and, together with the Class A Notes and the Class B Notes, the "Notes") will
be issued under the Indenture dated as of March 4, 2004 between the Owner
Trust and The Bank of New York, as Indenture Trustee.

         Notwithstanding any prior termination of the Trust Agreement, the
Certificateholder, by its acceptance of this Certificate, covenants and agrees
that it shall not at any time with respect to the Owner Trust, the Depositor
or the Master Trust, acquiesce, petition or otherwise invoke or cause the
Owner Trust, the Depositor or the Master Trust to invoke the process of any
court or government authority for the purpose of commencing or sustaining a
case against the Owner

                              Exhibit A, Page 1

<PAGE>

Trust, the Depositor or the Master Trust, under any Federal or state
bankruptcy, insolvency or similar law or appointing a receiver, conservator,
liquidator, assignee, trustee, custodian, sequestrator or other similar
official of the Owner Trust, the Depositor or the Master Trust, or any
substantial part of its property, or ordering the winding up or liquidation of
the affairs of the Owner Trust, the Depositor or the Master Trust.

         Unless the certificate of authentication hereon shall have been
executed by an authorized officer of the Owner Trustee, by manual signature,
this Certificate shall not entitle the Holder hereof to any benefit under the
Trust Agreement or the Deposit and Administration Agreement or be valid for
any purpose.

         THIS CERTIFICATE 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 OWNER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.

         IN WITNESS WHEREOF, the Owner Trust has caused this Certificate to be
duly executed.

                                           CHASE CREDIT CARD OWNER
                                           TRUST 2004-1

                                           By:  WILMINGTON TRUST COMPANY
                                            Not in its individual capacity
                                            but solely as Owner Trustee for
                                            the Chase Credit Card Owner
                                            Trust 2004-1

Dated: _________________, _____            By: ______________________________
                                                 Name:
                                                 Title:

                              Exhibit A, Page 2

<PAGE>

                         CERTIFICATE OF AUTHENTICATION

         This is the Certificate referred to in the within-mentioned Trust
Agreement.

WILMINGTON TRUST COMPANY
not in its individual capacity
but solely as Owner Trustee for
the Chase Credit Card Owner
Trust 2004-1

By:
    ------------------------------
      Authorized Signatory

                              Exhibit A, Page 3

<PAGE>

                                                          ANNEX 1 TO EXHIBIT A

Registered Owner and address:

         Chase Manhattan Bank USA, National Association
         500 Stanton Christiana Road, 1st Floor
         Newark, DE 19713

Tax Identification Number: 22-2382028

                         Annex 1 to Exhibit A, Page 1

<PAGE>

                                                                      EXHIBIT B

                            CERTIFICATE OF TRUST OF
                     CHASE CREDIT CARD OWNER TRUST 2004-1

                  THIS Certificate of Trust of Chase Credit Card Owner Trust
2004-1 (the "Trust"), is being duly executed and filed by the undersigned, as
trustee, to form a statutory trust under the Delaware Statutory Trust Act (12
Del. C., section 3801 et seq.) (the "Act").

                  1. Name. The name of the statutory trust created hereby is
Chase Credit Card Owner Trust 2004-1.

                  2. Delaware Trustee. The name and business address of the
trustee of the Trust in the State of Delaware is Wilmington Trust Company, a
Delaware banking corporation, located at Rodney Square North, 1100 North
Market Street, Wilmington, DE 19890.

                  3. Effective Date. This Certificate of Trust shall be
effective March 4, 2004.

                  IN WITNESS WHEREOF, the undersigned has executed this
Certificate of Trust in accordance with Section 3811(a)(1) of the Act.

                                           WILMINGTON TRUST COMPANY,
                                             as trustee

                                           By:
                                               -------------------------------
                                           Name:
                                           Title:

                                  Exhibit BExhibit 4.11

-------------------------------------------------------------------------------

                CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION,

                        as Depositor and Administrator

                                      and

                     CHASE CREDIT CARD OWNER TRUST 2004-1

                                   as Issuer

                                --------------

                                    DEPOSIT

                                      AND

                           ADMINISTRATION AGREEMENT

                           Dated as of March 4, 2004

                               ---------------

-------------------------------------------------------------------------------

<PAGE>

                               TABLE OF CONTENTS

                                   ARTICLE I

                                  DEFINTIONS

SECTION 1.1     Definitions.................................................  1
SECTION 1.2     Usage of Terms..............................................  1

                                  ARTICLE II

                            DEPOSIT OF CERTIFICATE

SECTION 2.1     Deposit of Certificate and Initial Deposit..................  1
SECTION 2.2     Closing.....................................................  2
SECTION 2.3     Books and Records...........................................  2
SECTION 2.4     Holder of the Series Certificate............................  3

                                  ARTICLE III

                   DEPOSITOR REPRESENTATIONS AND WARRANTIES

SECTION 3.1     Representations and Warranties of Depositor.................  3

                                  ARTICLE IV

                                ADMINISTRATION

SECTION 4.1     Duties as Administrator.....................................  5
SECTION 4.2     Records..................................................... 12
SECTION 4.3     [Reserved].................................................. 12
SECTION 4.4     Additional Information To Be Furnished to Issuer............ 12
SECTION 4.5     Independence of Administrator............................... 12
SECTION 4.6     No Joint Venture............................................ 12
SECTION 4.7     Other Activities of Administrator........................... 12
SECTION 4.8     Net Deposits................................................ 12

                                   ARTICLE V

                                  TERMINATION

SECTION 5.1     Term of Agreement; Resignation and Removal of
                Administrator............................................... 13
SECTION 5.2     Action upon Termination, Resignation or Removal............. 14
SECTION 5.3     Acquisition of Owner Trust Estate........................... 15

                                      i

<PAGE>

                                  ARTICLE VI

                                 MISCELLANEOUS

SECTION 6.1     Notices..................................................... 15
SECTION 6.2     Amendments.................................................. 16
SECTION 6.3     Protection of Title to Owner Trust.......................... 16
SECTION 6.4     Successors and Assigns...................................... 17
SECTION 6.5     GOVERNING LAW............................................... 17
SECTION 6.6     Headings.................................................... 18
SECTION 6.7     Counterparts................................................ 18
SECTION 6.8     Severability................................................ 18
SECTION 6.9     Not Applicable to Chase Manhattan Bank USA, National
                Association in Other Capacities............................. 18
SECTION 6.10    Limitation of Liability of Owner Trustee, Indenture
                Trustee and Administrator................................... 18
SECTION 6.11    Third-Party Beneficiary..................................... 19
SECTION 6.12    Nonpetition Covenants....................................... 19
SECTION 6.13    Liability of Administrator.................................. 19

Exhibit A       Power of Attorney

                                      ii

<PAGE>

                  This DEPOSIT AND ADMINISTRATION AGREEMENT, dated as of
March 4, 2004 (as amended, supplemented or otherwise modified and in effect
from time to time, this "Agreement"), is made between CHASE MANHATTAN BANK
USA, NATIONAL ASSOCIATION, a national banking association having its principal
executive offices located at White Clay Center Building 200, Route 273,
Newark, Delaware 19711 ("Chase USA," the "Transferor" or the "Depositor" in
its respective capacities as such), and Chase Credit Card Owner Trust 2004-1,
a Delaware statutory trust, as issuer (the "Issuer").

                             W I T N E S S E T H :

                  In consideration of the premises and of the mutual
agreements herein contained, the parties hereto agree as follows:

                                   ARTICLE I

                                  DEFINITIONS

                  SECTION 1.1 Definitions. Whenever used in this Agreement,
words and phrases, unless defined herein or the context otherwise requires,
shall have the meanings set forth in the Indenture.

                  SECTION 1.2 Usage of Terms. With respect to all terms in
this Agreement, the singular includes the plural and the plural the singular;
words importing any gender include the other gender; references to "writing"
include printing, typing, lithography, and other means of reproducing words in
a visible form; references to agreements and other contractual instruments
include all subsequent amendments thereto or changes therein entered into in
accordance with their respective terms and not prohibited by this Agreement;
references to Persons include their permitted successors and assigns; and the
term "including" means "including without limitation." All references herein
to Articles, Sections, Subsections and Exhibits are references to Articles,
Sections, Subsections and Exhibits contained in or attached to this Agreement
unless otherwise specified, and each such Exhibit is part of the terms of this
Agreement.

                                  ARTICLE II

                            DEPOSIT OF CERTIFICATE

                  SECTION 2.1 Deposit of Certificate and Initial Deposit. (a)
In consideration of the Issuer's delivery of the Notes to and upon the order
of the Depositor, the Depositor does hereby transfer, assign, set-over, pledge
and otherwise convey to the Issuer, without recourse (subject to the
Depositor's obligations herein), all right, title, and interest of the
Depositor in, to and under (i) the Series Certificate, and all money,
instruments, investment property and other property (together with all
earnings, dividends, distributions, income, issues, and profits relating
thereto), distributed or distributable in respect of the Series Certificate
pursuant to the terms of the Series Supplement and the Pooling and Servicing
Agreement after the Closing Date and (ii)

<PAGE>

the initial deposit to the Owner Trust Spread Account in the amount of
$15,000,000 on the Closing Date.

                  This Agreement also shall be deemed to be, and hereby is, a
security agreement within the meaning of the UCC, and the conveyance by the
Depositor provided for in this Agreement shall be deemed to be and hereby is a
grant by the Depositor to the Issuer of a security interest in and to all of
the Depositor's right, title and interest, whether now owned or hereafter
acquired, in, to and under all accounts, general intangibles, chattel paper,
instruments, documents, money, deposit accounts, arising from, or relating to
the Series Certificate and the proceeds thereof, to secure the rights of the
Issuer under this Agreement and the obligations of the Depositor hereunder.
The Depositor and the Issuer shall, to the extent consistent with this
Agreement, take such actions as may be necessary to ensure that the security
interest in the Series Certificate created hereunder will be a perfected
security interest of first priority under applicable law and will be
maintained as such throughout the term of this Agreement.

                  It is the intention of the Depositor and the Issuer that (a)
the assignment and transfer herein contemplated constitute a sale of the
Series Certificate, conveying good title thereto free and clear of any liens
and encumbrances, from the Depositor to the Issuer and (b) the Series
Certificate not be part of the Depositor's estate in the event of an
insolvency of the Depositor. In the event that such conveyance is deemed to be
a pledge to secure a loan, the Depositor hereby grants to the Issuer a first
priority perfected security interest in all of the Depositor's right, title
and interest in, to and under the Series Certificate, and in all proceeds of
the foregoing, to secure the loan deemed to be made in connection with such
pledge and, in such event, this Agreement shall constitute a security
agreement under applicable law.

                  It is the intention of the parties hereto that the transfer
of Series Certificates to the Trust pursuant to this Agreement be subject to,
and be treated in accordance with, the "Asset Backed Securities Facilitation
Act," Title 6, Chapter 27A of the Delaware Code (the "Delaware Act") and each
of the parties hereto agrees that this Agreement has been entered into by the
parties hereto in express reliance upon the Delaware Act. For purposes of
complying with the requirements of the Delaware Act, each of the parties
hereto hereby agrees that any property, assets or rights purported to be
transferred, in whole or in part, by Chase USA pursuant to this Agreement
shall be deemed to no longer be the property, assets or rights of Chase USA.

                  SECTION 2.2 Closing. The sale of the Series Certificate
shall take place on the Closing Date, simultaneously with the closing of the
other transactions contemplated by the Basic Documents. The Series Certificate
shall then be delivered to the Owner Trustee in Delaware and upon receipt
thereof shall then be delivered by the Owner Trustee to the Indenture Trustee.

                  SECTION 2.3  Books and Records.

                           (a) In connection with the transfer, assignment,
         set-over, pledge and conveyance set forth in Section 2.1, the
         Depositor agrees to record and file, at its own expense, any
         financing statements (and continuation statements with respect to
         such

                                      2
<PAGE>

         financing statements when applicable) required to be filed with
         respect to the Series Certificate assigned by the Depositor
         hereunder, meeting the requirements of applicable state law in such
         manner and in such jurisdictions as are necessary under applicable
         law to perfect the transfer, assignment, set-over, pledge and
         conveyance of the Series Certificate to the Issuer, and to deliver a
         file-stamped copy of such financing statements or other evidence of
         such filings to the Issuer on or prior to the Closing Date (excluding
         such continuation and similar statements, which shall be delivered
         promptly after filing).

                           (b) In connection with the transfer, assignment,
         set-over, pledge and conveyance hereunder, the Depositor further
         agrees, at its own expense, on or prior to the Closing Date to cause
         the Master Trust Trustee to register the Issuer as the registered
         owner of the Series Certificate.

                  SECTION 2.4 Holder of the Series Certificate. For so long as
the Series Certificate is pledged to the Indenture Trustee under the
Indenture, the Indenture Trustee initially shall be deemed to be the holder of
the Series Certificate for all purposes under the Pooling and Servicing
Agreement and the Series Supplement. To the extent the Series Certificate is
sold or otherwise transferred, subject to the provisions of Section 5.4 of the
Indenture and Section 16 of the Series Supplement, to a third-party in
connection with the sale or liquidation of the Owner Trust Estate pursuant to
the provisions of the Indenture, such transferee shall be deemed to be the
holder of the Series Certificate for all purposes under the Pooling and
Servicing Agreement and the Series Supplement.

                                  ARTICLE III

                   DEPOSITOR REPRESENTATIONS AND WARRANTIES

                  SECTION 3.1 Representations and Warranties of Depositor. The
Depositor makes the following representations and warranties with respect to
the Series Certificate on which the Issuer is deemed to have relied in
acquiring the Series Certificate. Such representations and warranties speak as
of the execution and delivery of this Agreement, but shall survive the
transfer and assignment of the Series Certificate to the Issuer and the pledge
thereof to the Indenture Trustee pursuant to the Indenture.

                           (a) Title. It is the intention of the Depositor (i)
         that the transfer contemplated in subsection 2.1(a) herein constitute
         either (A) a sale of the Series Certificate, or (B) a grant of a
         valid and continuing security interest therein from the Depositor to
         the Issuer which security interest is prior to all other Liens and is
         enforceable against creditors and purchasers from the Depositor and
         (ii) to the extent that the Depositor retains any interest in the
         Series Certificate after the transfer contemplated by subsection
         2.1(a) herein, that the grant contemplated in subsection 2.1(b)
         herein constitute a grant of a perfected security interest therein
         from the Depositor to the Indenture Trustee for the benefit of the
         Holders of the Notes and that the beneficial interest in the title to
         the Series Certificate not be part of the debtor's estate in the
         event of the filing of a bankruptcy petition by or against the
         Depositor under any bankruptcy law. Other than pursuant to this
         Agreement, the Series Certificate has not been sold, transferred,
         assigned

                                      3
<PAGE>

         or pledged by the Depositor to any Person. Immediately prior to the
         transfer and assignment herein contemplated, the Depositor owned and
         had good and marketable title to the Series Certificate, free and
         clear of all Liens, claims, rights or encumbrances of others and,
         immediately upon the transfer thereof, the Issuer shall have good and
         marketable title to the Series Certificate, free and clear of all
         liens, claims, rights or encumbrances of others or a first priority
         perfected security interest therein. The Depositor has not authorized
         the filing of and is not aware of any financing statements against
         the Depositor that include a description of collateral covering the
         Series Certificate other than any financing statement relating to the
         security interest granted to the Issuer hereunder or the security
         interest granted by the Issuer to the Indenture Trustee. The
         Depositor has no actual knowledge of any current statutory or other
         non-consensual liens, including any judgment or tax lien filings
         against the Debtor, to which the Series Certificate is subject.

                           (b) Certificated Security. The Series Certificate
         constitutes a "certificated security" within the meaning of the
         applicable UCC.

                           (c) Delivery of Series Certificate. The sole
         original executed copy of the Series Certificate has been delivered
         to the Issuer and has been registered in the name of the Issuer. The
         Series Certificate has no marks or notations indicating that it has
         been pledged, assigned or otherwise conveyed to any Person other than
         the Issuer, provided that the Series Certificate with an undated bond
         power covering the Series Certificate, duly executed by the Issuer
         and endorsed in blank, shall be delivered to the Indenture Trustee,
         and the Indenture Trustee shall maintain possession of the Series
         Certificate for the benefit of the Holders of the Notes, subject to
         the terms of the Indenture.

                           (d) No Consents Required. All approvals,
         authorizations, consents, orders or other actions of any Person or of
         any Governmental Authority required in connection with the execution
         and delivery by the Depositor of this Agreement or any other Basic
         Document, the performance by the Depositor of the transactions
         contemplated by this Agreement or any other Basic Document and the
         fulfillment by the Depositor of the terms hereof and thereof have
         been obtained or have been completed and are in full force and effect
         (other than approvals, authorizations, consents, orders and other
         actions which if not obtained or completed or in full force or effect
         would not have a material adverse effect on the Depositor or the
         Issuer or upon the collectibility of the proceeds from the Series
         Certificate or upon the ability of the Depositor to perform its
         obligations under this Agreement).

                           (e) Transfers Comply. Each of (i) the transfer of
         the Series Certificate by the Depositor to the Issuer pursuant to the
         terms of this Agreement, (ii) the pledge of the Series Certificate by
         the Depositor to the Indenture Trustee for the benefit of the Holders
         of the Notes pursuant to the terms of this Agreement, and (iii) the
         pledge of the Series Certificate by the Issuer to the Indenture
         Trustee pursuant to the terms of the Indenture, comply with the
         provisions of the Pooling and Servicing Agreement and the Series
         Supplement relating to the transfers of the Series Certificate.

                           (f) All Actions Taken. All actions necessary under
         the applicable UCC in any jurisdiction to be taken (i) to give the
         Issuer a first priority perfected security

                                      4
<PAGE>

         interest or ownership interest in the Series Certificate, and (ii) to
         give the Indenture Trustee a first priority perfected security
         interest therein (including, without limitation, UCC filings with the
         Delaware Secretary of State), in each case subject to any statutory
         or other non-consensual liens with respect to the Series Certificate,
         have been taken. The Depositor has no actual knowledge of any current
         statutory or other non-consensual liens to which the Series
         Certificate is subject.

                                  ARTICLE IV

                                ADMINISTRATION

                  SECTION 4.1  Duties as Administrator.

                           (a) Duties with Respect to the Basic Documents. The
         Administrator agrees to perform all its duties as Administrator
         hereunder. The Administrator shall monitor the performance of the
         Issuer and shall advise the Issuer and the Owner Trustee when action
         is necessary to comply with the Issuer's duties under the Indenture
         or with the Owner Trustee's duties under the Trust Agreement. The
         Administrator shall prepare for execution by the Issuer or the Owner
         Trustee or shall cause the preparation by other appropriate persons
         of all such documents, reports, filings, instruments, certificates
         and opinions as it shall be the duty of the Issuer or the Owner
         Trustee to prepare, file or deliver pursuant to the Basic Documents
         or under applicable law (including tax and securities laws). In
         furtherance of the foregoing, the Administrator shall take all
         appropriate action that it is the duty of the Issuer or the Owner
         Trustee to take pursuant to this Agreement or the Indenture
         including, without limitation, such of the foregoing as are required
         with respect to the following matters under this Agreement and the
         Indenture (references are to sections of the Indenture):

                                    (i) the preparation of or obtaining of the
                  documents and instruments required for authentication of the
                  Notes, if any, and delivery of the same to the Indenture
                  Trustee (Sections 2.2 and 2.3);

                                    (ii) the duty to cause the Note Register to
                  be kept and to give the Indenture Trustee notice of any
                  appointment of a new Note Registrar and the location, or
                  change in location, of the Note Register and the office or
                  offices where Notes may be surrendered for registration of
                  transfer or exchange (Section 2.4);

                                    (iii) the notification of Noteholders of
                  the final principal payment on their Notes (subsection
                  2.7(h));

                                    (iv) the preparation, obtaining or filing
                  of the instruments, opinions and certificates and other
                  documents required for the release of collateral (Section
                  2.9);

                                      5
<PAGE>

                                    (v) the preparation of Definitive Notes and
                  arranging the delivery thereof (Section 2.12);

                                    (vi) the duty to cause newly appointed
                  Paying Agents, if any, to deliver to the Indenture Trustee
                  the instrument specified in the Indenture regarding funds
                  held in trust (Section 2.14);

                                    (vii) to select Reference Banks, if
                  necessary, or other banks from which quotes are obtained for
                  the purpose of determining LIBOR (Section 2.16);

                                    (viii) the maintenance of an office or
                  agency in the City of New York for registration of transfer
                  or exchange of Notes (Section 3.2);

                                    (ix) the direction to Paying Agents to pay
                  to the Indenture Trustee all sums held in trust by such
                  Paying Agents (Section 3.3);

                                    (x) the obtaining and preservation of the
                  Issuer's qualification to do business in each jurisdiction
                  in which such qualification is or shall be necessary to
                  protect the validity and enforceability of the Indenture,
                  the Notes, the Collateral and each other instrument and
                  agreement included in the Owner Trust Estate (Section 3.4);

                                    (xi) the preparation of all supplements,
                  amendments, financing statements, continuation statements,
                  if any, instruments of further assurance and other
                  instruments, in accordance with Section 3.5 of the
                  Indenture, necessary to protect the Owner Trust Estate
                  (Section 3.5);

                                    (xii) the obtaining of the Opinion of
                  Counsel on the Closing Date and the annual delivery of
                  Opinions of Counsel, in accordance with Section 3.6 of the
                  Indenture, as to the Owner Trust Estate, and the annual
                  delivery of the Officer's Certificate and certain other
                  statements, in accordance with Section 3.9 of the Indenture,
                  as to compliance with the Indenture (Sections 3.6 and 3.9);

                                    (xiii) the identification to the Indenture
                  Trustee in an Officer's Certificate of a Person with whom
                  the Issuer has contracted to perform its duties under the
                  Indenture (subsection 3.7(b));

                                    (xiv) the notification of the Indenture
                  Trustee and the Note Rating Agencies of a Master Trust
                  Servicer Default pursuant to the Pooling and Servicing
                  Agreement and, if such Master Trust Servicer Default arises
                  from the failure of the Servicer to perform any of its
                  duties under the Pooling and Servicing Agreement, the taking
                  of all reasonable steps available to remedy such failure
                  (subsection 3.7(d));

                                      6
<PAGE>

                                    (xv) the preparation and obtaining of
                  documents and instruments required for the release of the
                  Issuer from its covenants and agreements under the Indenture
                  (subsection 3.11(b));

                                    (xvi) the delivery of notice to the
                  Indenture Trustee of each Event of Default and each default
                  by the Depositor under this Agreement (Section 3.18);

                                    (xvii) the taking of such further acts as
                  may be reasonably necessary or proper to carry out more
                  effectively the purpose of the Indenture or to compel or
                  secure the performance and observance by the Depositor of
                  its obligations under this Agreement (Sections 3.19 and
                  5.16);

                                    (xviii) the monitoring of the Issuer's
                  obligations as to the satisfaction and discharge of the
                  Indenture and the preparation of an Officer's Certificate
                  and the obtaining of the Opinion of Counsel and the
                  Independent Certificate relating thereto (Section 4.1);

                                    (xix) the compliance with any written
                  directive of the Indenture Trustee with respect to the sale
                  of the Owner Trust Estate if an Event of Default shall have
                  occurred and be continuing (Section 5.4);

                                    (xx) providing the Indenture Trustee with
                  the information necessary to deliver to each Noteholder such
                  information as may be reasonably required to enable such
                  Holder to prepare its United States federal and state, local
                  income or franchise tax returns (Section 6.6);

                                    (xxi) the preparation and delivery of
                  notice to Noteholders of the removal of the Indenture
                  Trustee and the appointment of a successor Indenture Trustee
                  (Section 6.8);

                                    (xxii) the preparation of any written
                  instruments required to confirm more fully the authority of
                  any co-trustee or separate trustee and any written
                  instruments necessary in connection with the resignation or
                  removal of the Indenture Trustee or any co-trustee or
                  separate trustee (Sections 6.8 and 6.10);

                                    (xxiii) the furnishing of the Indenture
                  Trustee with the names and addresses of Noteholders during
                  any period when the Indenture Trustee is not the Note
                  Registrar (Section 7.1);

                                    (xxiv) the preparation and, after execution
                  by the Issuer, the filing with the Commission and any
                  applicable state agencies and the Indenture Trustee of
                  documents required to be filed on a periodic basis with, and
                  summaries thereof as may be required by rules and
                  regulations prescribed by, the Commission and any applicable
                  state agencies and the transmission of such summaries, as
                  necessary, to the Noteholders (Section 7.4);

                                      7
<PAGE>

                                    (xxv) the obtaining of an Officer's
                  Certificate, Opinion of Counsel and Independent
                  Certificates, if necessary, for the release of the Owner
                  Trust Estate as defined in the Indenture (Sections 8.4 and
                  8.5);

                                    (xxvi) the preparation of Issuer Orders and
                  Issuer Requests and the obtaining of Opinions of Counsel
                  with respect to the execution of supplemental indentures and
                  the mailing to the Noteholders of notices with respect to
                  such supplemental indentures (Sections 9.1 and 9.2);

                                    (xxvii) the execution of new Notes
                  conforming to any supplemental indenture (Section 9.5);

                                    (xxviii) providing the Indenture Trustee
                  with the form of notice necessary to deliver the
                  notification of Noteholders of redemption of the Notes
                  (Section 10.2);

                                    (xxix) the preparation of all Officer's
                  Certificates, Opinions of Counsel and Independent
                  Certificates with respect to any requests by the Issuer to
                  the Indenture Trustee to take any action under the Indenture
                  (Section 11.1(a));

                                    (xxx) the preparation and delivery of
                  Officer's Certificates and the obtaining of Independent
                  Certificates, if necessary, for the release of property from
                  the lien of the Indenture (Section 11.1(b));

                                    (xxxi) the preparation and delivery to the
                  Noteholders and the Indenture Trustee of any agreements with
                  respect to alternate payment and notice provisions (Section
                  11.6); and

                                    (xxxii) the recording of the Indenture, if
                  applicable (Section 11.15).

                           (b) Additional Duties.

                                    (i) In addition to the duties of the
                  Administrator set forth above, the Administrator shall keep
                  all books and records, perform such calculations and shall
                  prepare for execution by the Issuer or the Owner Trustee or
                  shall cause the preparation by other appropriate persons of
                  all such documents, reports, filings, instruments,
                  certificates and opinions as it shall be the duty of the
                  Issuer or the Owner Trustee to keep, perform, prepare, file
                  or deliver pursuant to any of the Basic Documents and at the
                  request of the Owner Trustee shall take all appropriate
                  action that it is the duty of the Issuer or the Owner
                  Trustee to take pursuant to the Basic Documents. Subject to
                  Section 5 of this Agreement, and in accordance with the
                  directions of the Owner Trustee, the Administrator shall
                  administer, perform or supervise the performance of such
                  other activities in connection with the Owner Trust Estate
                  (including the Basic Documents) as are not covered by any of
                  the foregoing provisions and as are expressly requested by
                  the Owner Trustee and are reasonably within the capability
                  of the Administrator.

                                      8
<PAGE>

                                    (ii) Notwithstanding anything in this
                  Agreement or the other Basic Documents to the contrary, the
                  Administrator shall be responsible for promptly notifying
                  the Indenture Trustee in the event that any withholding tax
                  is imposed on the Issuer's payments (or allocations of
                  income) to a Noteholder. Any such notice shall specify the
                  amount of any withholding tax required to be withheld by the
                  Owner Trustee pursuant to such provision.

                                    (iii) Notwithstanding anything in this
                  Agreement or the other Basic Documents to the contrary, the
                  Administrator shall be responsible for (A) performance of
                  the duties of the Owner Trustee and the Issuer set forth in
                  Sections 2.7, 2.10, 2.11, 2.12, 2.13(d), 5.16, 6.7, 6.10,
                  and 10.1 of the Indenture with respect to, among other
                  things, accounting and reports to the Certificateholder and
                  the maintenance of certain accounts and (B) the preparation,
                  execution and filing of all documents required by tax and
                  securities laws relating to the Issuer.

                                    (iv) The Administrator may satisfy its
                  obligations with respect to clauses (ii) and (iii) above by
                  retaining, at the expense of the Administrator, a firm of
                  independent public accountants (the "Accountants")
                  acceptable to the Indenture Trustee which shall perform the
                  obligations of the Administrator thereunder.

                                    (v) The Administrator shall perform the
                  duties of the Administrator specified in Sections 9.2 and
                  9.3 of the Trust Agreement required to be performed in
                  connection with the resignation or removal of the Owner
                  Trustee, the duties of the Administrator specified in
                  Section 9.5 of the Trust Agreement required to be performed
                  in connection with the appointment and payment of
                  co-Trustees, and any other duties expressly required to be
                  performed by the Administrator under the Trust Agreement.

                                    (vi) In carrying out the foregoing duties
                  or any of its other obligations under this Agreement, the
                  Administrator may enter into transactions with or otherwise
                  deal with any of its Affiliates; provided, however, that the
                  terms of any such transactions or dealings shall be in
                  accordance with any directions received from the Issuer and
                  shall be, in the Administrator's opinion, no less favorable
                  to the Issuer than would be available from unaffiliated
                  parties.

                                    (vii) It is the intention of the parties
                  hereto that the Administrator shall, and the Administrator
                  hereby agrees to, execute on behalf of the Issuer or the
                  Owner Trustee all such documents, reports, filings,
                  instruments, certificates and opinions as it shall be the
                  duty of the Issuer or the Owner Trustee to prepare, file or
                  deliver pursuant to the Basic Documents. In furtherance
                  thereof, the Owner Trustee shall, on behalf of itself and of
                  the Issuer, execute and deliver to the Administrator, and to
                  each successor Administrator appointed pursuant to the terms
                  hereof, one or more powers of attorney substantially in the
                  form of Exhibit A hereto, appointing the Administrator the
                  attorney-in-fact of the Owner Trustee and the Issuer for the
                  purpose of executing on behalf of the Owner

                                      9
<PAGE>

                  Trustee and the Issuer all such documents, reports, filings,
                  instruments, certificates and opinions.

                           (c) Non-Ministerial Matters. (i) With respect to
         matters that in the reasonable judgment of the Administrator are
         non-ministerial, the Administrator shall not take any action unless
         within a reasonable time before the taking of such action, the
         Administrator shall have notified the Owner Trustee of the proposed
         action and the Owner Trustee shall not have withheld consent or
         provided an alternative direction. For the purpose of the preceding
         sentence, "non-ministerial matters" shall include, without
         limitation:

                  (A) the initiation of any claim or lawsuit by the Issuer and
         the compromise of any action, claim or lawsuit brought by or against
         the Issuer (other than in connection with the collection of the
         Receivables);

                  (B) the amendment, change or modification of the Basic
         Documents;

                  (C) the appointment of successor Note Registrars, successor
         Paying Agents and successor Indenture Trustees pursuant to the
         Indenture or the appointment of successor Administrators or the
         consent to the assignment by the Note Registrar, the Paying Agent or
         the Indenture Trustee of its obligations under the Indenture; and

                  (D) the removal of the Indenture Trustee.

                                    (ii) Notwithstanding anything to the
                  contrary in this Agreement, the Administrator shall not be
                  obligated to, and shall not, (x) make any payments to the
                  Noteholders or the Certificateholder under the Basic
                  Documents, (y) sell the Owner Trust Estate pursuant to the
                  Indenture other than pursuant to a written directive of the
                  Indenture Trustee or (z) take any action that the Issuer
                  directs the Administrator not to take on its behalf.

                           (d) Reports by the Administrator. On or prior to
         each Transfer Date, the Administrator will provide to the Indenture
         Trustee for the Indenture Trustee to forward to each Noteholder of
         record, and to the Owner Trustee, a statement setting forth (to the
         extent applicable) the following information as to the Notes with
         respect to the related Payment Date or the period since the previous
         Payment Date, as applicable:

                                    (i) the amount of the distribution
                  allocable to principal of the Notes;

                                    (ii) the amount of the distribution
                  allocable to interest on or with respect to the Notes;

                                    (iii) the aggregate outstanding principal
                  balance of the Notes after giving effect to all payments
                  reported under clause (i) above on such date; and

                                      10
<PAGE>

                                    (iv) the amount, if any, on deposit in the
                  Owner Trust Spread Account on such Payment Date, after
                  giving effect to all transfers and withdrawals therefrom and
                  all transfers and deposits thereto on such Payment Date, and
                  the amount required to be on deposit in the Owner Trust
                  Spread Account on such date.

                  Each amount set forth pursuant to clauses (i) and (ii) above
         will be expressed as a dollar amount per $1,000 of the initial
         principal balance of the Notes.

                           (e) Owner Trust Accounts. The Administrator shall
         establish and maintain, (i) in the name of the Indenture Trustee, for
         the benefit of the Noteholders, an Eligible Deposit Account (the
         "Note Distribution Account"), bearing a designation clearly
         indicating that the funds deposited therein are held for the benefit
         of the Noteholders. The Administrator shall establish and maintain,
         in the name of the Indenture Trustee, for the benefit of the Class C
         Noteholders (and, to the extent expressly provided in the Indenture,
         the Certificateholder), an Eligible Deposit Account (the "Owner Trust
         Spread Account"), and, together with the Note Distribution Account,
         the "Owner Trust Accounts"), bearing a designation clearly indicating
         that the funds deposited therein are held for the benefit of the
         Class C Noteholders. The Indenture Trustee shall possess all right,
         title and interest in all funds on deposit from time to time in the
         Owner Trust Accounts and in all proceeds thereof. The Note
         Distribution Account shall be under the sole dominion and control of
         the Indenture Trustee for the benefit of the Noteholders. The Owner
         Trust Spread Account shall be under the sole dominion and control of
         the Indenture Trustee for the benefit of the Class C Noteholders
         (and, to the extent expressly provided in the Indenture, the
         Certificateholder). If, at any time, any Owner Trust Account ceases
         to be an Eligible Deposit Account, the Administrator shall notify the
         Indenture Trustee, and the Indenture Trustee upon being notified (or
         the Administrator on its behalf) shall, within 10 Business Days,
         establish a new Owner Trust Account which meets the conditions
         specified in the definition of Eligible Deposit Account, and shall
         transfer any cash or any investments to such new Owner Trust Account.
         The Indenture Trustee, at the direction of the Administrator, shall
         make withdrawals from the Owner Trust Accounts from time to time, in
         the amounts and for the purposes set forth in the Indenture.

                           Funds on deposit in the Owner Trust Spread Account
         shall be invested at the direction of the Administrator by the
         Indenture Trustee or the Paying Agent in Permitted Investments. The
         Indenture Trustee shall maintain for the benefit of the Noteholders
         and the Series Certificateholder possession of the negotiable
         instruments or securities, if any, evidencing such Permitted
         Investments. No Permitted Investment shall be disposed of prior to
         its maturity.

                           To the extent so instructed by the Administrator on
         any Transfer Date, the Indenture Trustee or the Paying Agent shall,
         if the amount on deposit in the Owner Trust Spread Account is greater
         than the Required Owner Trust Spread Account Amount for such Transfer
         Date, pay the amount of such excess to the Certificateholder pursuant
         to the Indenture.

                                      11
<PAGE>

                  SECTION 4.2 Records. The Administrator shall maintain
appropriate books of account and records relating to services performed
hereunder, which books of account and records shall be accessible for
inspection by the Issuer, the Owner Trustee, the Indenture Trustee and the
Depositor at any time during normal business hours.

                  SECTION 4.3  [Reserved]

                  SECTION 4.4 Additional Information To Be Furnished to Issuer.
The Administrator shall furnish to the Issuer from time to time such
additional information regarding the Collateral as the Issuer shall reasonably
request, including notification of Noteholders pursuant to Section 4.1(a)
hereof.

                  SECTION 4.5 Independence of Administrator. For all purposes
of this Agreement, the Administrator shall be an independent contractor and
shall not be subject to the supervision of the Issuer or the Owner Trustee
with respect to the manner in which it accomplishes the performance of its
obligations hereunder. Unless expressly authorized by the Issuer or the Owner
Trustee, as the case may be, the Administrator shall have no authority to act
for or represent the Issuer or the Owner Trustee in any way and shall not
otherwise be deemed an agent of the Issuer or the Owner Trustee.

                  SECTION 4.6 No Joint Venture. Nothing contained in this
Agreement shall (i) constitute the Administrator and either of the Issuer or
the Owner Trustee as members of any partnership, joint venture, association,
syndicate, unincorporated business or other separate entity, (ii) be construed
to impose any liability as such on any of them or (iii) be deemed to confer on
any of them any express, implied or apparent authority to incur any obligation
or liability on behalf of the others.

                  SECTION 4.7 Other Activities of Administrator.

                           (a) Nothing herein shall prevent the Administrator
         or its affiliates from engaging in other businesses or, in its sole
         discretion, from acting in a similar capacity as an administrator for
         any other person or entity even though such person or entity may
         engage in business activities similar to those of the Issuer, the
         Owner Trustee or the Indenture Trustee.

                           (b) The Administrator and its affiliates may
         generally engage in any kind of business with any person party to a
         Basic Document, any of its affiliates and any person who may do
         business with or own securities of any such person or any of its
         affiliates, without any duty to account therefor to the Issuer, the
         Owner Trustee or the Indenture Trustee.

                  SECTION 4.8 Net Deposits. As an administrative convenience,
so long as Chase USA is the Administrator and the Certificateholder, the
Administrator will be permitted to make the deposit of amounts with respect to
the Series Certificate for or with respect to any Monthly Period net of
distributions to be made to the Certificateholder with respect to such Monthly
Period. The Administrator, however, will account to the Owner Trustee, the
Indenture Trustee

                                      12
<PAGE>

and the Noteholders as if the amounts paid to the Certificateholder were paid
pursuant to the Indenture.

                                   ARTICLE V

                                  TERMINATION

                  SECTION 5.1 Term of Agreement; Resignation and Removal of
Administrator. This Agreement shall continue in force until (i) the
termination of the Issuer and (ii) the satisfaction and discharge of the
Indenture in accordance with Section 4.1 of the Indenture, upon which event
this Agreement shall automatically terminate.

                           (a) Subject to subsections 5.1(d) and (e), the
         Administrator may resign its duties hereunder by providing the Issuer
         and the Owner Trustee with at least 60 days prior written notice.

                           (b) Subject to subsections 5.1(d) and (e), the
         Issuer may remove the Administrator without cause by providing the
         Administrator with at least 60 days prior written notice; provided,
         however, that if any Notes are outstanding at the time of the
         removal, the Rating Agency Condition shall have first been satisfied
         in connection with such removal.

                           (c) Subject to subsections 5.1(d) and (e), at the
         sole option of the Issuer, the Administrator may be removed
         immediately upon written notice of termination from the Issuer to the
         Administrator if any of the following events shall occur:

                                    (i) the Administrator shall default in the
                  performance of any of its duties under this Agreement and,
                  after notice of such default, shall not cure such default
                  within 10 days (or, if such default cannot be cured in such
                  time, shall not give within ten days such assurance of cure
                  as shall be reasonably satisfactory to the Issuer);

                                    (ii) a court having jurisdiction in the
                  premises shall enter a decree or order for relief, and such
                  decree or order shall not have been vacated within 60 days,
                  in respect of the Administrator in any involuntary case
                  under any applicable bankruptcy, insolvency or other similar
                  law now or hereafter in effect or appoint a receiver,
                  liquidator, assignee, custodian, trustee, sequestrator or
                  similar official for the Administrator or any substantial
                  part of its property or order the winding-up or liquidation
                  of its affairs; or

                                    (iii) the Administrator shall commence a
                  voluntary case under any applicable bankruptcy, insolvency
                  or other similar law now or hereafter in effect, shall
                  consent to the entry of an order for relief in an
                  involuntary case under any such law, or shall consent to the
                  appointment of a receiver, liquidator, assignee, trustee,
                  custodian, sequestrator or similar official for the
                  Administrator or any substantial part of its property, shall
                  consent to the taking of possession by

                                      13
<PAGE>

                  any such official of any substantial part of its property,
                  shall make any general assignment for the benefit of
                  creditors or shall fail generally to pay its debts as they
                  become due.

                           The Administrator agrees that if any of the events
         specified in clause (ii) or (iii) of this subsection 5.1(c) shall
         occur, it shall give written notice thereof to the Issuer, the Owner
         Trustee and the Indenture Trustee within seven days after the
         happening of such event.

                           (d) No resignation or removal of the Administrator
         pursuant to this Section shall be effective until (i) a successor
         Administrator shall have been appointed by the Issuer and (ii) such
         successor Administrator shall have agreed in writing to be bound by
         the terms of this Agreement in the same manner as the Administrator
         is bound hereunder.

                           (e) The appointment of any successor Administrator
         shall be effective only after the satisfaction of the Rating Agency
         Condition with respect thereto.

                           (f) A successor Administrator shall execute,
         acknowledge and deliver a written acceptance of its appointment
         hereunder to the resigning Administrator and to the Issuer. Thereupon
         the resignation or removal of the resigning Administrator shall
         become effective, and the successor Administrator shall have all the
         rights, powers and duties of the Administrator under the Indenture.
         The successor Administrator shall mail a notice of its succession to
         the Noteholders and the Certificateholder. The resigning
         Administrator shall promptly transfer or cause to be transferred all
         property and any related agreements, documents and statements held by
         it as Administrator to the successor Administrator and the resigning
         Administrator shall execute and deliver such instruments and do other
         things as may reasonably be required for fully and certainly vesting
         in the successor Administrator all rights, powers, duties and
         obligations hereunder.

                           (g) In no event shall a resigning Administrator be
         liable for the acts or omissions of any successor Administrator
         hereunder.

                           (h) In the exercise or administration of its duties
         hereunder and under the other Basic Documents, the Administrator may
         act directly or through its agents or attorneys pursuant to agreements
         entered into with any of them, and the Administrator shall not be
         liable for the conduct or misconduct of such agents or attorneys if
         such agents or attorneys shall have been selected by the Administrator
         with due care.

                  SECTION 5.2 Action upon Termination, Resignation or Removal.
Promptly upon the effective date of termination of this Agreement pursuant to
subsection 5.1(a) or the resignation or removal of the Administrator pursuant
to subsection 5.1 (b) or (c), respectively, the Administrator shall be
entitled to be paid all fees and reimbursable expenses accruing to it to the
date of such termination, resignation or removal. The Administrator shall
forthwith upon termination pursuant to subsection 5.1(a) deliver to the Issuer
all property and documents of or relating to the Collateral then in the
custody of the Administrator. In the event of the resignation or removal of
the Administrator pursuant to subsection 5.1(b) or (c), respectively, the
Adminis-

                                      14
<PAGE>

trator shall cooperate with the Issuer and take all reasonable steps requested
to assist the Issuer in making an orderly transfer of the duties of the
Administrator.

                  SECTION 5.3 Acquisition of Owner Trust Estate. If Chase USA
exercises its option to accept retransfer of the Series Certificate pursuant
to Section 4 of the Series Supplement, the Depositor shall (a) acquire the
Series Certificate and all rights related thereto, which acquisition shall be
effective as of the date on which such retransfer occurs, (b) deliver notice
of such acquisition to the Indenture Trustee on or prior to the related
Transfer Date, (c) deposit, on its own behalf and on behalf of the Issuer
pursuant to Section 10.1 of the Indenture, in the Note Distribution Account on
or prior to the related Transfer Date, an amount equal to the Redemption Price
and (d) succeed to all interests in and to the Issuer.

                                  ARTICLE VI

                                 MISCELLANEOUS

                  SECTION 6.1 Notices. Any notice, report or other
communication given hereunder shall be in writing and addressed as follows:

                  if to the Issuer or the Owner Trustee, to

                           Chase Credit Card Owner Trust 2004-1
                           c/o Wilmington Trust Company
                           Rodney Square North
                           1100 North Market Street
                           Wilmington, DE 19890
                           Attention: Corporate Trust Administration

                  with a copy to:

                           Richards, Layton & Finger
                           One Rodney Square
                           Wilmington, DE 19899
                           Attention: Jason Solomon

                  if to the Administrator, to

                           Chase Manhattan Bank USA, National Association
                           500 Stanton Christiana Road, Floor 1
                           Newark, DE 19713
                           Attention: Patricia M. Garvey

                  if to the Indenture Trustee, to

                           The Bank of New York
                           101 Barclay Street, 8 West
                           New York, NY 10286
                           Attention: Corporate Trust Administration

                                      15
<PAGE>

or to such other address as any party shall have provided to the other parties
in writing. Any notice required to be in writing hereunder shall be deemed
given if such notice is mailed by certified mail, postage prepaid, or
hand-delivered to the address of such party as provided above, except that
notices to the Indenture Trustee are effective only upon receipt.

                  SECTION 6.2 Amendments. This Agreement may be amended from
time to time by a written amendment duly executed and delivered by the Issuer,
the Administrator and the Depositor, with the written consent of the Indenture
Trustee and without the consent of the Noteholders or the Certificateholder,
for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement or of modifying in any
manner the rights of the Noteholders or the Certificateholder; provided,
however, that a copy thereof shall have been delivered to the Note Rating
Agencies and that such amendment will not (i) as evidenced by an Officer's
Certificate of the Depositor addressed and delivered to the Owner Trustee and
the Indenture Trustee, materially and adversely affect the interests of any
Noteholder or the Certificateholder or significantly change the purposes and
activities of the Issuer and (ii) as evidenced by an Opinion of Counsel
addressed to the Owner Trustee and the Indenture Trustee, cause the Issuer to
be classified as an association (or a publicly traded partnership) taxable as
a corporation for federal income tax purposes. This Agreement may also be
amended by the Issuer, the Administrator and the Depositor with the written
consent of the Indenture Trustee and the Holders of Notes evidencing a
majority in the Outstanding Amount of the Notes for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions
of this Agreement or of modifying in any manner the rights of Noteholders or
the Certificateholder; provided, however, that, a copy thereof shall have been
delivered to the Note Rating Agencies and that without the consent of the
holders of all of the Notes then Outstanding, no such amendment may (i)
increase or reduce in any manner the amount of, or accelerate or delay the
timing of, collections of payments on the Series Certificate or distributions
that are required to be made for the benefit of the Noteholders or (ii) reduce
the aforesaid percentage of the Holders of Notes which are required to consent
to any such amendment, without the consent of the Holders of all the
Outstanding Notes.

                  It shall not be necessary for the consent of Noteholders
pursuant to this Section to approve the particular form of any proposed
amendment or consent, but it shall be sufficient if such consent shall approve
the substance thereof.

                  SECTION 6.3 Protection of Title to Owner Trust.

                           (a) The Depositor shall take all actions necessary
         and the Issuer shall cooperate with the Depositor, if applicable, to
         perfect, and maintain perfection of, the interests of the Issuer in
         the Series Certificate. The Depositor shall execute and file and
         cause to be executed and filed such financing statements and
         continuation statements, all in such manner and in such places as may
         be required by law fully to perfect, maintain, and protect the
         interest of the Issuer in the Series Certificate and in the proceeds
         thereof and the interest of the Indenture Trustee in the Owner Trust
         Estate and the proceeds thereof. The Depositor shall deliver (or
         cause to be delivered) to the Owner Trustee and the Indenture Trustee
         file-stamped copies of, or filing receipts for, any document filed as
         provided above, as soon as available following such filing.

                                      16
<PAGE>

                           (b) The Depositor shall not change its name,
         identity or corporate structure in any manner that would, could or
         might make any financing statement or continuation statement filed in
         accordance with paragraph (a) above or otherwise seriously misleading
         within the meaning of 9-402(7) of the UCC (regardless of whether such
         a filing was ever made), unless it shall have given the Owner Trustee
         and the Indenture Trustee at least five days prior written notice
         thereof and, if applicable, shall have timely filed appropriate
         amendments to any and all previously filed financing statements or
         continuation statements (so that the interest of the Issuer or the
         Indenture Trustee is not adversely affected).

                           (c) Each of the Depositor and the Administrator
         shall have an obligation to give the Owner Trustee and the Indenture
         Trustee at least 60 days prior written notice of any relocation of
         its principal executive office if, as a result of such relocation,
         the applicable provisions of the UCC would require the filing of any
         amendment of any previously filed financing or continuation statement
         or of any new financing statement (regardless of whether such a
         filing was ever made) and shall promptly, if applicable, file any
         such amendment.

                           (d) The Administrator shall permit the Indenture
         Trustee and its agents at any time following reasonable notice and
         during normal business hours to inspect, audit and make copies of and
         abstracts from the Administrator's records regarding the Series
         Certificate.

                           (e) The Administrator shall, to the extent required
         by applicable law, cause the Notes to be registered with the
         Commission pursuant to Section 12(b) or Section 12(g) of the Exchange
         Act within the time periods specified in such sections.

                  SECTION 6.4 Successors and Assigns. This Agreement may not be
assigned by the Administrator unless such assignment is previously consented
to in writing by the Issuer and the Owner Trustee and subject to satisfaction
of the Rating Agency Condition with respect thereto. An assignment with such
consent and satisfaction, if accepted by the assignee, shall bind the assignee
hereunder in the same manner as the Administrator is bound hereunder.
Notwithstanding the foregoing, this Agreement may be assigned by the
Administrator without the consent of the Issuer or the Owner Trustee to a
corporation or other organization that is a successor (by merger,
consolidation or purchase of assets) to the Administrator, provided that such
successor organization executes and delivers to the Issuer, the Owner Trustee
and the Indenture Trustee an agreement in which such corporation or other
organization agrees to be bound hereunder by the terms of said assignment in
the same manner as the Administrator is bound hereunder. Subject to the
foregoing, this Agreement shall bind any successors or assigns of the parties
hereto.

                  SECTION 6.5 GOVERNING LAW. THIS AGREEMENT 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.

                                      17
<PAGE>

                  SECTION 6.6 Headings. The section headings hereof have been
inserted for convenience of reference only and shall not be construed to
affect the meaning, construction or effect of this Agreement.

                  SECTION 6.7 Counterparts. This Agreement may be executed in
counterparts, each of which when so executed shall together constitute but one
and the same agreement.

                  SECTION 6.8 Severability. Any provision of this Agreement
that is prohibited or unenforceable in any jurisdiction shall be ineffective
to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof and any such prohibition or unenforceability in
any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.

                  SECTION 6.9 Not Applicable to Chase Manhattan Bank USA,
National Association in Other Capacities. Nothing in this Agreement shall
affect any obligation Chase Manhattan Bank USA, National Association may have
in any other capacity.

                  SECTION 6.10 Limitation of Liability of Owner Trustee,
Indenture Trustee and Administrator.

                           (a) Notwithstanding anything contained herein to
         the contrary, this instrument has been signed by Wilmington Trust
         Company not in its individual capacity but solely as Owner Trustee
         for the Chase Credit Card Owner Trust 2004-1 and in no event shall
         Wilmington Trust Company in its individual capacity or any beneficial
         owner of the Issuer have any liability for the representations,
         warranties, covenants, agreements or other obligations of the Issuer
         hereunder, as to all of which recourse shall be had solely to the
         assets of the Issuer.

                           (b) Notwithstanding anything contained herein to
         the contrary, this Agreement has been signed by The Bank of New York,
         not in its individual capacity but solely as Indenture Trustee, and
         in no event shall The Bank of New York have any liability for the
         representations, warranties, covenants, agreements or other
         obligations of the Issuer hereunder or in any of the certificates,
         notices or agreements delivered pursuant hereto, as to all of which
         recourse shall be had solely to the assets of the Issuer.

                           (c) No recourse under any obligation, covenant or
         agreement of the Issuer contained in this Agreement shall be had
         against any agent of the Issuer (including the Administrator) as such
         by the enforcement of any assessment or by any legal or equitable
         proceeding, by virtue of any statute or otherwise; it being expressly
         agreed and understood that this Agreement is solely an obligation of
         the Issuer as a Delaware statutory trust, and that no personal
         liability whatever shall attach to or be incurred by any agent of the
         Issuer (including the Administrator), as such, under or by reason of
         any of the obligations, covenants or agreements of the Issuer
         contained in this Agreement, or implied therefrom, and that any and
         all personal liability for breaches by the Issuer of any such
         obligations, covenants or agreements, either at common law or at
         equity, or by statute or constitution, of every such agent is hereby
         expressly waived as a condition of and in consideration for the
         execution of this Agreement.

                                      18
<PAGE>

                  SECTION 6.11 Third-Party Beneficiary. Each of the Owner
Trustee and the Indenture Trustee is a third-party beneficiary to this
Agreement and is entitled to the rights and benefits hereunder and may enforce
the provisions hereof as if it were a party hereto. The Administrator agrees
to compensate and indemnify the Indenture Trustee pursuant to Section 6.7 of
the Indenture.

                  SECTION 6.12  Nonpetition Covenants.

                           (a) Notwithstanding any prior termination of this
         Agreement, the Depositor shall not at any time with respect to the
         Issuer or the Master Trust, acquiesce, petition or otherwise invoke
         or cause the Issuer or the Master Trust to invoke the process of any
         court or government authority for the purpose of commencing or
         sustaining a case against the Issuer or the Master Trust under any
         Federal or state bankruptcy, insolvency or similar law or appointing
         a receiver, conservator, liquidator, assignee, trustee, custodian,
         sequestrator or other similar official of the Issuer or the Master
         Trust or any substantial part of its property, or ordering the
         winding up or liquidation of the affairs of the Issuer or the Master
         Trust; provided, however, that this subsection 6.12(a) shall not
         operate to preclude any remedy described in Article V of the
         Indenture.

                           (b) Notwithstanding any prior termination of this
         Agreement, the Issuer shall not at any time with respect to the
         Master Trust, acquiesce, petition or otherwise invoke or cause the
         Master Trust to invoke the process of any court or government
         authority for the purpose of commencing or sustaining a case against
         the Master Trust under any Federal or state bankruptcy, insolvency or
         similar law or appointing a receiver, conservator, liquidator,
         assignee, trustee, custodian, sequestrator or other similar official
         of the Master Trust or any substantial part of its property, or
         ordering the winding up or liquidation of the affairs of the Master
         Trust; provided, however, that this subsection 6.12(b) shall not
         operate to preclude any remedy described in Article V of the
         Indenture.

                  SECTION 6.13 Liability of Administrator. Notwithstanding any
provision of this Agreement, the Administrator shall not have any obligations
under this Agreement other than those specifically set forth herein, and no
implied obligations of the Administrator shall be read into this Agreement.
Neither the Administrator nor any of its directors, officers, agents or
employees shall be liable for any action taken or omitted to be taken in good
faith by it or them under or in connection with this Agreement, except for its
or their own gross negligence or willful misconduct and in no event shall the
Administrator be liable under or in connection with this Agreement for
indirect, special, or consequential losses or damages of any kind, including
lost profits, even if advised of the possibility thereof and regardless of the
form of action by which such losses or damages may be claimed. Without
limiting the foregoing, the Administrator may (a) consult with legal counsel
(including counsel for the Issuer), independent public accountants and other
experts selected by it and shall not be liable for any action taken or omitted
to be taken in good faith by it in accordance with the advice of such counsel,
accountants or experts and (b) shall incur no liability under or in respect of
this Agreement by acting upon any notice (including notice by telephone),
consent, certificate or other instrument or writing (which

                                      19
<PAGE>

may be by facsimile) believed by it to be genuine and signed or sent by the
proper party or parties.

                                      20
<PAGE>

                  IN WITNESS WHEREOF, the parties have caused this Agreement to
be duly executed and delivered as of the day and year first above written.

                                           CHASE CREDIT CARD OWNER TRUST 2004-1

                                           By: WILMINGTON TRUST COMPANY
                                               not in its individual capacity
                                               but solely as Owner Trustee
                                               for Chase Credit Card Owner
                                               Trust 2004-1

                                           By: /s/ Janel R. Havrilla
                                               --------------------------------
                                               Name: Janel R. Havrilla
                                               Title: Financial Services
                                                      Officer

                                           CHASE MANHATTAN BANK USA,
                                           NATIONAL ASSOCIATION
                                           as Administrator

                                           By: /s/ Patricia M. Garvey
                                               --------------------------------
                                               Name: Patricia M. Garvey
                                               Title: Vice President

                                           Acknowledged and Agreed:
                                           THE BANK OF NEW YORK
                                           not in its individual capacity but
                                           solely as Indenture Trustee

                                           By: /s/ James Bowden
                                               --------------------------------
                                               Name: James Bowden
                                               Title: Assistant Treasurer

<PAGE>

                                                                      EXHIBIT A
                                                    [Form of Power of Attorney]

                               POWER OF ATTORNEY

STATE OF NEW YORK  )
                   )
COUNTY OF NEW YORK )

         KNOW ALL MEN BY THESE PRESENTS, that WILMINGTON TRUST COMPANY, a
Delaware banking corporation, not in its individual capacity but solely as
owner trustee ("Owner Trustee") for the Chase Credit Card Owner Trust 2004-1
("Trust"), does hereby make, constitute and appoint CHASE MANHATTAN BANK USA,
NATIONAL ASSOCIATION as Administrator under the Administration Agreement (as
defined below), and its agents and attorneys, as Attorneys-in-Fact to execute
on behalf of the Owner Trustee or the Trust all such documents, reports,
filings, instruments, certificates and opinions as it shall be the duty of the
Owner Trustee or the Trust to prepare, file or deliver pursuant to the Basic
Documents (as defined in the Indenture dated as of March 4, 2004 between the
Trust and the Bank of New York, as Indenture Trustee), including, without
limitation, to appear for and represent the Owner Trustee and the Trust in
connection with the preparation, filing and audit of federal, state and local
tax returns pertaining to the Trust, and with full power to perform any and
all acts associated with such returns and audits that the Owner Trustee could
perform, including without limitation, the right to distribute and receive
confidential information, defend and assert positions in response to audits,
initiate and defend litigation, and to execute waivers of restriction on
assessments of deficiencies, consents to the extension of any statutory or
regulatory time limit, and settlements. For the purpose of this Power of
Attorney, the term "Administration Agreement" means the Deposit and
Administration Agreement dated as of March 4, 2004 among Wilmington Trust
Company, not in its individual capacity but solely as Owner Trustee for the
Trust and Chase Manhattan Bank USA, National Association, as Administrator,
and acknowledged and agreed by The Bank of New York, as Indenture Trustee, as
such may be amended from time to time.

         All powers of attorney for this purpose heretofore filed or executed
by the Owner Trustee are hereby revoked.

         EXECUTED this 4th day of March, 2004.

                                           WILMINGTON TRUST COMPANY
                                           not in its individual capacity but
                                           solely as Owner Trustee for the
                                           Chase Credit Card Owner
                                           Trust 2004-1

                                           By:
                                               --------------------------------
                                               Name:
                                               Title:

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