Document:

Amendment No. 1 to Employment Agreement with John P. Ryan dated May 26, 2005

 Exhibit 10.2 
  
 AMENDMENT NO. 1 TO 
 EXECUTIVE EMPLOYMENT AGREEMENT 
  
 This Amendment
No. 1 (this “Amendment”) dated this 26th day of May, 2005 (the ”Amendment Date”) is
entered into by and between Dresser, Inc. and any of its subsidiaries and affiliates as may employ Employee from time to time, (collectively, “Employer”) and John P. Ryan (“Employee”) in order to amend certain provisions of the
Executive Employment Agreement between Employer and Employee dated January 29th, 2001 (the “Agreement”).

  
 WITNESSETH: 
  
 WHEREAS, Employee and Employer desire to amend certain terms of the
Agreement; 
  
 NOW, THEREFORE, for and in consideration of
the mutual promises, covenants and obligations contained herein, Employer and Employee agree as follows: 
  

	1.	Section 1.2 of the Agreement is hereby deleted in its entirety and replaced with the following: 

  
 1.2 Beginning as of December 20, 2004, Employee shall be employed as the President and Chief Operating
Officer of Dresser, Inc. Employee agrees to serve in the assigned position or in such other executive capacities as may be requested from time to time by Employer and to perform diligently and to the best of Employee’s abilities the duties and
services pertaining to such positions as reasonably determined by Employer, as well as such additional or different duties and services appropriate to such positions which Employee from time to time may be reasonably directed to perform by Employer.

  

	2.	Section 2.1 of the Agreement is hereby deleted in its entirety and replaced with the following: 

  
 2.1 Beginning as of January 1, 2005, Employee’s base salary during the Term shall be not less than
$400,000 per annum which shall be paid in accordance with the Employer’s standard payroll practice for its executives. Employee’s base salary may be increased from time to time. Such increased base salary shall become the minimum base
salary under this Agreement and may not be decreased thereafter without the written consent of Employee. 
  

	3.	Section 2.2 of the Agreement is hereby deleted in its entirety and replaced with the following: 

  
 2.2 Beginning as of January 1, 2005, during the Term, Employee shall participate in an annual incentive
plan, as approved by Employer, with a target bonus equal to 50% of Employee’s base salary (the “Target Annual Bonus”). Notwithstanding the aforementioned, it is specifically understood and agreed that 

  

 
all determinations relating to Employee’s participation, including, without limitation, those relating to the performance goals applicable to Employee
shall be made in the sole discretion of the person or committee to whom such authority has been granted. 
  

	4.	Section 3.2(ii) of the Agreement is hereby deleted in its entirety and replaced with the following: 

  
 (ii) Employer Termination for Cause. Termination of Employee’s employment by Employer for Employer Cause shall
mean a termination of employment at the election of Employer when there is “Employer Cause”. “Employer Cause” shall mean any of the following: (a) Employee’s gross negligence or willful misconduct in the performance of the
duties and services required of Employee pursuant to this Agreement, (b) Employee’s final conviction of or plea of guilty or nolo contendere to a felony or Employee engaging in fraudulent or criminal activity relating to the scope of
Employee’s employment (whether or not prosecuted), (c) a material violation of the Code of Business Conduct, provided that it has been provided to Employee in writing prior to such alleged violation; (d) Employee’s material breach of any
material provision of this Agreement, provided that Employee has received written notice from Employer and been afforded a reasonable opportunity (not to exceed 30 days) to cure such breach, or (e) any continuing or repeated failure to perform the
duties as requested in writing by the Board of Directors of Employer after Employee has been afforded a reasonable opportunity (not to exceed 30 days) to cure such breach. Determination as to whether or not Employer Cause exists for termination of
Employee’s employment will be made by not less than 75% of the members of the Board of Directors of Employer at a meeting in which Employee shall have the right (i) to have received not less than 10 days prior to the meeting written notice of
the date, time and place of the meeting and the charges (in reasonable detail) to be considered, (ii) to appear at the meeting with counsel, and (iii) to answer any charges made concerning the existence of Employer Cause. Any determination by the
Board of Directors of Employer of Employer Cause at such meeting shall not be entitled to any deferential or evidentiary weight or presumption of correctness, and at the election of Employee, shall be determined pursuant to Section 6.6 in a de
novo review, with Employer having the obligation to prove Employer Cause by clear and convincing evidence. During the foregoing process, Employer may, without Employer creating any default under this Agreement or incurring any additional
liability of any kind and at Employer’s sole discretion, place Employee on paid administrative leave and relieve Employee of all or any part of his responsibilities. Notwithstanding the foregoing, and regardless of whether the process results
in a finding that Employer Cause existed for the termination, the year in which such termination shall be deemed to have occurred, for purposes of determining Employee’s entitlement to payments of unpaid individual bonuses or incentive
compensation shall be the year in which Employer first informs Employee that he is terminated 

  

 2 

 
for Employer Cause. “Employer Cause” shall not mean any of the following: (1) Employee’s bad judgment; (2) Employee’s negligence; (3) any
act or omission that Employee believed in good faith was in or was not opposed to the interests of Employer; or (4) any act or omission of which any non-employee member of the Board of Directors of Employer who is not a party to such act or omission
had actual knowledge for at least six months. 
  

	5.	Section 3.3(i) of the Agreement is hereby deleted in its entirety and replaced with the following: 

  
 (i) Subject to and in accordance with the terms and conditions of the Amended and Restated Investor Rights Agreement between
Employer and certain of its stockholders as it may be hereafter amended or restated (the “IRA”), the cash value of Employee’s stock, options, or other equity interests in DEG for the following categories: (1) stock or other equity
interests which represent a direct investment in DEG by the Employee; (2) vested options which were previously granted to Employee and based on Employee’s continuity of employment; (3) any restricted stock previously granted to Employee; and
(4) any vested performance-based options granted to the Employee. For purposes of clarification, it is specifically understood and agreed that: (a) all options previously granted under categories (2) and (4) above that are unvested at the time of
the Employee’s termination of employment shall be forfeited by the Employee; and (b) all restricted stock previously granted to Employee under category (3) above shall have all restrictions lapse on the date of Employee’s termination. The
valuation, timing of payment, and other related matters regarding the payment of the aforesaid stock, other equity interests, or options shall be as set forth in the IRA. 
  

	6.	Section 3.4(i) of the Agreement is hereby deleted in its entirety and replaced with the following: 

  
 (i) Employee Termination For Cause. “Employee Termination For Cause” shall mean a termination of employment
at the election of Employee when there is “Employee Cause”. “Employee Cause” shall mean a termination of employment by Employee for any reason or no reason within the ninety (90) calendar day period commencing twelve (12)
calendar months after a Change of Control (as defined in Section 6.10 below) of Employer; or a termination of employment by Employee because and within six months of: (a) a material breach by Employer of any material provision of this Agreement
which remains uncorrected for thirty (30) days following written notice of such breach by Employee to Employer; (b) a material reduction in Employee’s rank or responsibility with Employer which remains unrestored for thirty (30) days following
written notice of such occurrence by Employee to Employer. Determination as to whether or not Employee Cause exists for termination of Employee’s employment will be made by the Board of Directors of Employer at a meeting in which Employee shall
have the right to present his case for the 

  

 3 

 
existence of Employee Cause with, at his election, the assistance of counsel. Any determination by the Board of Directors of Employer of Employee Cause at
such meeting shall not be entitled to any deferential or evidentiary weight or presumption of correctness and at the election of Employee shall be determined pursuant to Section 6.6 in a de novo review, with the Employee having the obligation
to prove Employee Cause by clear and convincing evidence. During the foregoing process, Employer may, without Employer creating any default under this Agreement or incurring any additional liability of any kind and at Employer’s sole
discretion, place Employee on paid administrative leave and relieve Employee of all or any part of his responsibilities. Notwithstanding the foregoing, and regardless of whether the process results in a finding that Employee Cause existed for the
termination, the year in which such termination shall be deemed to have occurred, for purposes of determining Employee’s entitlement to payments of unpaid individual bonuses or incentive compensation shall be the year in which Employee first
informs Employer that he is terminating his employment for Employee Cause. 
  

	7.	Section 3.5(i) of the Agreement is hereby deleted in its entirety and replaced with the following: 

  
 (i) Subject to and in accordance with the terms and conditions of the IRA, the cash value of Employee’s stock, options,
or other equity interests in DEG for the following categories: (1) stock or other equity interests which represent a direct investment in DEG by the Employee; (2) options, both vested and unvested, which were previously granted to Employee and based
on Employee’s continuity of employment; (3) any restricted stock previously granted to Employee; and (4) any vested performance-based options granted to the Employee. For purposes of clarification, it is specifically understood and agreed that:
(a) all options previously granted under categories (2) above that are unvested at the time of the Employee’s termination of employment shall be immediately vested as of said date; and (b) all restricted stock previously granted to Employee
under category (3) above shall have all restrictions lapse on the date of Employee’s termination. In addition, Employee will be entitled to retain any performance-based options previously granted to Employee for a period of one year following
termination. If the metrics required for vesting of such unvested performance-based options are achieved by Employer during such one year period, then the performance-based options shall vest and Employee shall be entitled to exercise such options.
If such metrics are not achieved by Employer upon the first anniversary of the date of Employee’s termination of employment, such options shall then be forfeited. The valuation, timing of payment, and other related matters regarding the payment
of the aforesaid stock, other equity interests, or options shall be as set forth in the IRA. 
  

 4 

	8.	The following provisions are hereby added to the end of the existing Section 3.5(ii): 

  
 Notwithstanding the foregoing, if Employer terminates Employee in anticipation of or within one year following a Change of
Control (and excluding a termination for Employer Cause), Employer shall pay to Employee a severance benefit consisting of two times Employee’s base salary as in effect at the date of Employee’s termination of employment and two times his
Target Annual Bonus (based upon Employee’s last base salary amount prior to termination) in a single lump sum cash payment no later than thirty (30) days following Employee’s termination of employment. 
  

	9.	Section 3.5(v) of the Agreement is hereby deleted in its entirety and replaced with the following: 

  
 (v) Employer shall maintain Employee’s medical, dental and life insurance benefits for a period of two years from the
date of Employee’s termination on substantially the same basis as would have otherwise been provided had Employee not been terminated. To the extent that such benefits are available under Employer’s insurance and Employee had such coverage
immediately prior to termination, such continuation of benefits for Employee shall also cover Employee’s dependents. 
  

	10.	The following two Sections are hereby added after Section 6.9 of the Agreement: 

  
 6.10 For purposes of this Agreement, the term “Change of Control” means any one or more of the
following events: (i) any person (as such term is used in Rule 13d-5 under the Securities Exchange Act of 1934 (the “Exchange Act”)) or group (as such term is defined in Sections 3(a)(9) and 13(d)(3) of the Exchange Act), other than DEG or
its affiliates, or a subsidiary or employee benefit plan (or any related trust) of Employer, becomes, directly or indirectly, the beneficial owner of (A) 50% or more of the common stock of either Employer or Dresser Ltd., a Bermuda corporation,
(each, a “Principal DEG Entity”) or (B) securities of a Principal DEG Entity entitled to vote generally in the election of directors of such Principal DEG Entity (“Voting Securities”) representing 50% or more of the combined
voting power of all Voting Securities of such Principal DEG Entity; (ii) if the persons who were shareholders of Dresser, Ltd. as of the Amendment Date (“Existing Shareholders”) directly or indirectly own less than 33% of the Voting
Securities of a Principal DEG Entity and there is another beneficial owner of a greater percentage of the Voting Securities of such Principal DEG Entity than the Existing Shareholders as a group; (iii) if Dresser, Ltd. (or any successor to all or
substantially all of its assets) owns, directly or indirectly, less than 66-2/3% of the Voting Securities of Employer (or any successor to all or substantially all of its assets) and each other current or future company then in the chain of
ownership between Dresser, Ltd. and Employer (including, without limitation, Dresser Holding, Ltd. (“DHL”), a wholly owned subsidiary of Dresser, Ltd., and Dresser Holding, Inc. (“DHI”), a wholly owned subsidiary of DHL, from the
Amendment Date until they cease to be in such chain of ownership), other than as a result of a 

  

 5 

 
merger or consolidation of Employer, DHL, or DHI (or their successors) with and into Dresser, Ltd., DHL, or DHI (or their successors) or the downstream
merger or liquidation of Dresser, Ltd. as a result of tax restructuring as a result of which (in the case of each of a merger, consolidation, downstream merger or liquidation) the holding company structure is eliminated, and in each case which do
not otherwise constitute a Change of Control; (iv) individuals who, as of the Amendment Date, constitute the Board of Directors of a Principal DEG Entity (the “Incumbent Directors”) cease for any reason to constitute at least 75% of the
members of such Board; provided that any individual who becomes a director after the Amendment Date whose election or nomination for election by Employer’s shareholders was approved by at least 75% of the members of the Incumbent Directors or
who was elected by the shareholders at a time when the First Reserve Funds and Odyssey Investment Partners directly or indirectly own more than 75% of the Voting Securities of a Principal DEG Entity (other than an election or nomination of an
individual whose initial assumption of office is in connection with an actual or threatened “election contest” relating to the election of the directors of a Principal DEG Entity (as such terms are used in Rule 14a-11 under the Exchange
Act), “tender offer” (as such term is used in Section 14(d) of the Exchange Act) or a proposed Merger (as defined below)) shall be deemed to be a member of the Incumbent Board; (v) approval by the stockholders of a Principal DEG Entity of
either of the following: (A) a merger, reorganization, consolidation or similar transaction (any of the foregoing, a “Merger”) as a result of which the individuals and entities who were the respective beneficial owners of the outstanding
common stock and Voting Securities of a Principal DEG Entity immediately before such Merger are not expected to beneficially own, immediately after such Merger, directly or indirectly, more than 60% of, respectively, the common stock and the
combined voting power of the Voting Securities of the corporation resulting from such Merger in substantially the same proportions as immediately before such Merger, or (B) a plan of liquidation of a Principal DEG Entity or a plan or agreement for
the sale or other disposition of all or substantially all of the assets of Employer other than any such sale or other disposition to a Subsequent Employer; or (vi) any other transaction, event, or circumstance, regardless of form (collectively
“Transaction”), which results in control over the strategic and operational decisions of a Principal DEG Entity by a board of directors, committee, or group other than the Board of Directors of Employer or some subcomponent thereof
(collectively, the “New Board”); provided however, that such Transaction referenced in (vi) and not also referenced in (i), (ii), (iii), (iv) or (v) shall not be deemed to result in a Change of Control if Employee reports to and is a
member of the New Board, and remains President and Chief Operating Officer of Employer. Notwithstanding the foregoing, Employer may request and Employee may in his sole discretion accept that any transaction or series of transaction not be
considered to be a Change of Control hereunder. 
  

 6 

 6.11 Notwithstanding anything in any agreement between Employer and Employee to the
contrary, any unvested options held by Employee will terminate without value upon termination of Employee’s employment for Employer Cause or resignation by Employee without Employee Cause. However, all unvested options that are based on
Employee’s continutity of employment will immediately vest upon any termination other than for Employer Cause or resignation by Employee without Employee Cause. Vested options will expire if unexercised sixty days following the first
anniversary of termination. Section 4 of the IRA shall govern the respective rights of the Employer and Employee with respect to the repurchase of any stock or stock rights of Employee (including as provided in Sections 3.3(i) and 3.5(i)), except
that the following provisions shall apply: 
  
 (a) notwithstanding language in Section 4.1 of the IRA, the term “Put Shares” shall include vested Stock Rights (as defined in Section 3.5 of the IRA); 
  
 (b) Employer shall deliver the “Notice of Repurchase” described in Section 4.3 of the IRA, if at
all, prior to the date which is 358 days following the Termination Date; 
  
 (c) following (i) delivery of any Put Notice, or (ii) delivery of any Notice of Repurchase, provided Employee has delivered the number of Repurchase Shares specified in the Put Notice or Repurchase Notice, as the case
may be, Employer shall pay the “Repurchase Price” for such “Repurchase Shares” in cash in immediately available funds prior to the date which is the later of (x) 90 days following the Put Notice or Notice of Repurchase, as the
case may be, or (y) the first date that Employer may make such payment without violating any legal restrictions or contractual restrictions imposed on Employer pursuant to its financing arrangements. 
  

	11.	Except as set forth herein, the Agreement remains in full force and effect. Capitalized terms used herein without definition shall have the meaning assigned such terms in the
Agreement. 

  
 IN WITNESS WHEREOF, Employer
and Employee have duly executed this Amendment in multiple originals. 
  

					
	DRESSER, INC.
		
	By:	 	/s/    MARK J.
SCOTT        
	 Name:
	 	Mark J. Scott
	 Title:
	 	Senior Vice President, Human Resources
	
	EMPLOYEE
			
	 	 	 	 	/s/    JOHN P. RYAN        
	 Name:
	 	John P. Ryan

  

 7Exhibit 4.1

 Exhibit 4.1 
  

CHASE ISSUANCE TRUST 
 as Issuer

  
 CLASS A(2005-4) TERMS DOCUMENT 
 dated as of May 31, 2005 
  
 to 
  
 AMENDED AND RESTATED 
 CHASESERIES INDENTURE SUPPLEMENT 
 dated as of October 15, 2004 
  
 to 
  
 AMENDED AND RESTATED 
 INDENTURE 
  
 dated as of October 15, 2004 
  
 WELLS FARGO BANK, NATIONAL ASSOCIATION 
 as Indenture Trustee and Collateral Agent 
  
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	PAGE

	ARTICLE I Definitions and Other Provisions of General Application
	Section 1.01	  	Definitions	  	1
			
	Section 1.02	  	Governing Law	  	3
			
	Section 1.03	  	Counterparts	  	4
			
	Section 1.04	  	Ratification of Indenture and Indenture Supplement	  	4
	
	ARTICLE II The Class A(2005-4) Notes
			
	Section 2.01	  	Creation and Designation	  	5
			
	Section 2.02	  	Specification of Required Subordinated Amount and Other Terms	  	5
			
	Section 2.03	  	Interest Payment	  	5
			
	Section 2.04	  	Payments of Interest and Principal	  	6
			
	Section 2.05	  	Form of Delivery of Class A(2005-4) Notes; Depository; Denominations	  	6
			
	Section 2.06	  	Delivery and Payment for the Class A(2005-4) Notes	  	7
			
	Section 2.07	  	Supplemental Indenture	  	7
			
	Section 2.08	  	Appointment of co-Paying Agent and co-Transfer Agent	  	7

 THIS CLASS A(2005-4) TERMS DOCUMENT (this “Terms Document”), by and between the CHASE ISSUANCE
TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), having its principal office at c/o Wilmington Trust Company, 1100 North Market Street, Wilmington, Delaware 19890-1600, and WELLS FARGO BANK, NATIONAL
ASSOCIATION, a national banking association, as indenture trustee (the “Indenture Trustee”) and collateral agent (the “Collateral Agent”), is made and entered into as of May 31, 2005. 
  
 Pursuant to this Terms Document, the Issuer and the Indenture Trustee shall
create a new Tranche of CHASEseries Class A Notes and shall specify the principal terms thereof. 
  
 ARTICLE I 
  
 Definitions and Other Provisions of General Application 
  
 Section 1.01 Definitions. For all purposes of this Terms Document, except as otherwise expressly provided or unless the context otherwise requires: 
  
 (1) the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as
the singular; 
  
 (2) all other terms used herein which are
defined in the Indenture Supplement, the Indenture or the Asset Pool Supplement, either directly or by reference therein, have the meanings assigned to them therein; 
  
 (3) as used in this Terms Document and in any certificate or other document made or delivered pursuant hereto or thereto,
accounting terms not defined in this Terms Document or in any such certificate or other document, and accounting terms partly defined in this Terms Document or in any such certificate or other document to the extent not defined, shall have the
respective meanings given to them under GAAP. To the extent that the definitions of accounting terms in this Terms Document or in any such certificate or other document are inconsistent with the meanings of such terms under GAAP, the definitions
contained in this Terms Document or in any such certificate or other document shall control; 
  
 (4) the words “hereof,” “herein,” “hereunder” and words of similar import when used in this Terms Document shall refer to this Terms Document as a whole and not to any particular
provision of this Terms Document; references to any subsection, Section, clause, Schedule or Exhibit are references to subsections, Sections, clauses, Schedules and Exhibits in or to this Terms Document unless otherwise specified; the term
“including” means “including without limitation”; references to any law or regulation refer to that law or regulation as amended from time to time and include any successor law or regulation; references to any Person include that
Person’s successors and assigns; and references to any agreement refer to such agreement, as amended, supplemented or otherwise modified from time to time; 

 (5) in the event that any term or provision contained herein shall conflict with or be inconsistent with
any term or provision contained in the Indenture Supplement, the Indenture or the Asset Pool Supplement, the terms and provisions of this Terms Document shall be controlling; and 
  
 (6) each capitalized term defined herein shall relate only to the Class A(2005-4) Notes and no other Tranche of CHASEseries
Notes issued by the Issuer. 
  
 “Asset Pool
Supplement” means the Amended and Restated Asset Pool One Supplement to the Indenture, dated as of October 15, 2004, as amended by the First Amendment thereto, dated as of May 10, 2005, by and among the Issuer, the Indenture Trustee and the
Collateral Agent. 
  
 “BDL” means Banque de
Luxembourg. 
  
 “Class A(2005-4) Adverse Event”
means the occurrence of any of the following: (a) an Early Amortization Event with respect to the Class A(2005-4) Notes, (b) an Event of Default and acceleration of the Class A(2005-4) Notes, (c) the Class A Usage of the Class B Required
Subordinated Amount for the Class A(2005-4) Notes becomes greater than zero or (d) the Class A Usage of the Class C Required Subordinated Amount for the Class A(2005-4) Notes becomes greater than zero. 
  
 “Class A(2005-4) Note” means any Note, substantially in the
form set forth in Exhibit A-1 to the Indenture Supplement, designated therein as a Class A(2005-4) Note and duly executed and authenticated in accordance with the Indenture. 
  
 “Class A(2005-4) Noteholder” means a Person in whose name a Class A(2005-4) Note is registered in the Note
Register. 
  
 “Class A(2005-4) Termination Date”
means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2005-4) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and
satisfied pursuant to Article V thereof. 
  
 “Class A
Required Subordinated Amount of Class B Notes” is defined in Section 2.02(a). 
  
 “Class A Required Subordinated Amount of Class C Notes” is defined in Section 2.02(b). 
  
 “Controlled Accumulation Amount” means $66,666,666.67; provided, however, if the Accumulation Period Length is determined
to be less than twelve months pursuant to Section 3.12(b)(ii) of the Indenture Supplement, the Controlled Accumulation Amount for any Note Transfer Date with respect to the Class A(2005-4) Notes will be the amount specified in the definition of
“Controlled Accumulation Amount” in the Indenture Supplement. 
  

 2 

 “Indenture” means the Amended and Restated Indenture, dated as of October 15, 2004,
between the Issuer and the Indenture Trustee. 
  
 “Indenture Supplement” means the Amended and Restated CHASEseries Indenture Supplement, dated as of October 15, 2004, among the Issuer, the Indenture Trustee and the Collateral Agent. 
  
 “Initial Dollar Principal Amount” means $800,000,000.

  
 “Interest Payment Date” means June 15, 2005
and the 15th day of each month thereafter, or if such 15th day is not a Business Day, the next succeeding Business Day. 
  
 “Interest Period” means, with respect to any Interest Payment Date, the period from and including the previous Interest Payment Date (or
in the case of the initial Interest Payment Date, from and including the Issuance Date) to but excluding such Interest Payment Date. 
  
 “Issuance Date” means May 31, 2005. 
  
 “Legal Maturity Date” means January 15, 2013. 
  
 “Note Interest Rate” means a rate per annum equal to 4.23%. 
  
 “Paying Agent” means Wells Fargo Bank, National Association. 
  
 “Predecessor Note” means, with respect to any particular
Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 3.06 of the Indenture in lieu of a
mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note. 
  
 “Record Date” means, for any Note Transfer Date, the last Business Day of the preceding Monthly Period. 
  
 “Scheduled Principal Payment Date” means May 17, 2010.

  
 “Stated Principal Amount” means $800,000,000.

  
 Section 1.02 Governing Law. THIS TERMS
DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF DELAWARE WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
WITH SUCH LAWS. 
  

 3 

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

  

 4 

 ARTICLE II 
  
 The Class A(2005-4) Notes 
  
 Section 2.01 Creation and Designation. There is hereby created a Tranche of CHASEseries Class A Notes to be issued pursuant to the Indenture and
the Indenture Supplement to be known as the “CHASEseries Class A(2005-4) Notes.” 
  
 Section 2.02 Specification of Required Subordinated Amount and Other Terms. 
  
 (a) For the Class A(2005-4) Notes for any date of determination, the Class A Required Subordinated Amount of Class B Notes will be an amount equal to
8.47953% of (i) prior to the occurrence of a Class A(2005-4) Adverse Event, the Adjusted Outstanding Dollar Principal Amount of the Class A(2005-4) Notes on such date of determination or (ii) on and after the date on which a Class A(2005-4) Adverse
Event shall have occurred, the greater of (1) the Adjusted Outstanding Dollar Principal Amount of the Class A(2005-4) Notes on such date of determination and (2) the Adjusted Outstanding Dollar Principal Amount of the Class A(2005-4) Notes as of the
close of business on the day immediately preceding the date on which such Class A(2005-4) Adverse Event shall have occurred. 
  
 (b) For the Class A(2005-4) Notes for any date of determination, the Class A Required Subordinated Amount of Class C Notes will be an amount equal to
8.47953% of (i) prior to the occurrence of a Class A(2005-4) Adverse Event, the Adjusted Outstanding Dollar Principal Amount of the Class A(2005-4) Notes on such date or (ii) on and after the date on which a Class A(2005-4) Adverse Event shall have
occurred, the greater of (1) the Adjusted Outstanding Dollar Principal Amount of the Class A(2005-4) Notes on such date of determination and (2) Adjusted Outstanding Dollar Principal Amount of the Class A(2005-4) Notes as of the close of business on
the day immediately preceding the date on which such Class A(2005-4) Adverse Event shall have occurred. 
  
 (c) The Issuer may change the percentages or the formulas set forth in either clause (a) or (b) above without the consent of any Noteholder so long as
the Issuer has (i) received written confirmation from each Note Rating Agency that has rated any Outstanding Class A(2005-4) Notes that the change in either of such percentages or formulas, as applicable, will not result in a Ratings Effect with
respect to any Outstanding Class A(2005-4) Notes and (ii) delivered to the Indenture Trustee and the Note Rating Agencies a Master Trust Tax Opinion and an Issuer Tax Opinion. 
  
 Section 2.03 Interest Payment. 
  
 (a) For each Interest Payment Date, the amount of interest due with respect to the Class A(2005-4) Notes shall be an amount
equal to one-twelfth the product of (i) the Note Interest Rate, times (ii) the Outstanding Dollar Principal Amount 

  

 5 

 
of the Class A(2005-4) Notes determined as of the close of business on the Interest Payment Date preceding the related Note Transfer Date for the Class
A(2005-4) Notes; provided, however, that for the first Interest Payment Date, the amount of interest due with respect to the Class A(2005-4) Notes is $1,316,000. Interest on the Class A(2005-4) Notes will be calculated on the basis of
a 360-day year consisting of twelve 30-day months. 
  
 (b)
Pursuant to Section 3.03 of the Indenture Supplement, on each Note Transfer Date with respect to the Class A(2005-4) Notes, the Indenture Trustee shall deposit into the Class A(2005-4) Interest Funding Sub-Account the portion of CHASEseries
Available Finance Charge Collections allocable to the Class A(2005-4) Notes. 
  
 Section 2.04 Payments of Interest and Principal. 
  
 (a) Any installment of interest or principal payable on any Class A(2005-4) Note which is punctually paid or duly provided for by the Issuer and the Indenture Trustee on the applicable Interest Payment Date or
Principal Payment Date shall be paid by the Paying Agent to the Person in whose name such Class A(2005-4) Note (or one or more Predecessor Notes) is registered on the Record Date, by wire transfer of immediately available funds to such Person’s
account as has been designated by written instructions received by the Paying Agent from such Person not later than the close of business on the third Business Day preceding the date of payment or, if no such account has been so designated, by check
mailed first-class, postage prepaid to such Person’s address as it appears on the Note Register on such Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of Cede & Co., payment shall be
made by wire transfer in immediately available funds to the account designated by such nominee. 
  
 (b) The right of the Class A(2005-4) Noteholders to receive payments from the Issuer will terminate on the first Business Day following the Class
A(2005-4) Termination Date. 
  
 Section 2.05 Form of Delivery
of Class A(2005-4) Notes; Depository; Denominations. 
  
 (a)
The Class A(2005-4) Notes shall be delivered in the form of a global Registered Note as provided in Sections 2.02 and 3.01(i) of the Indenture, respectively. 
  
 (b) The Depository for the Class A(2005-4) Notes shall be The Depository Trust Company, and the Class A(2005-4) Notes shall initially be registered in
the name of Cede & Co., its nominee. 
  
 (c) The Class
A(2005-4) Notes will be issued in minimum denominations of $1,000 and integral multiples of that amount. 
  

 6 

 Section 2.06 Delivery and Payment for the Class A(2005-4) Notes. The Issuer shall execute and
deliver the Class A(2005-4) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2005-4) Notes when authenticated, each in accordance with Section 3.03 of the Indenture. 
  
 Section 2.07 Supplemental Indenture. The Issuer may enter into a
supplemental indenture with respect to the Class A(2005-4) Notes as provided in Section 9.01 of the Indenture; provided, however, that any supplemental indenture which provides for an additional or alternative form of credit
enhancement for the Class A(2005-4) Notes shall, in addition to the requirements set forth in Section 9.01 of the Indenture, require confirmation from the Note Rating Agencies that have rated any Outstanding Notes of the CHASEseries that such change
in credit enhancement will not result in a Ratings Effect with respect to any Outstanding Notes of the CHASEseries. 
  
 Section 2.08 Appointment of co-Paying Agent and co-Transfer Agent. BDL is appointed as co-paying agent and as co-transfer agent in Luxembourg with
respect to the Class A(2005-4) Notes for so long as the Class A(2005-4) Notes are listed on the Luxembourg Stock Exchange. Any reference in this Terms Document, the Indenture Supplement, the Asset Pool Supplement and the Indenture to the Paying
Agent or the Transfer Agent shall be deemed to include BDL as co-paying agent or co-transfer agent, as the case may be, unless the context requires otherwise. 
  

[END OF ARTICLE II] 
  
  

 7 

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

			
	CHASE ISSUANCE TRUST
		
	By:	 	 CHASE BANK USA, NATIONAL
 ASSOCIATION,

	 	 	as Beneficiary and not in its individual capacity
		
	By:	 	 /s/ Keith W. Schuck

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

		
	By:	 	 /s/ Cheryl C. Zimmerman

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

  
 Signature Page to

 A(2005-4) Terms Document

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00085-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00085-of-00352.parquet"}]]