Document:

EXHIBIT 10.10

 Exhibit 10.10 
 FOX CHASE BANK 
 EMPLOYEE SEVERANCE COMPENSATION PLAN 
 (as amended and restated effective
                    , 2006) 
 1.
Effective Date 
 The Fox Chase Bank Employee Severance Compensation Plan was originally approved by the Board of Directors of Fox
Chase Bank (the “Bank”) as a general severance policy for all eligible employees effective October 5, 2005. The policy was approved by the Office of Thrift Supervision on March 8, 2006. The policy has been amended and restated in
its entirety into the Fox Chase Bank Employee Severance Compensation Plan (the “Plan”) and shall become effective as of the closing of the Bank’s mutual holding company reorganization. 
 2. Purpose 
 The purpose of this Plan is to:
(a) provide management with guidelines to ensure fair and consistent treatment of Employees (as defined below) of the Bank when employment is terminated by the Bank for any reason other than Termination for Cause or a Change in Control; and
(b) to assure the Bank of the services of Covered Employees (as defined below) in the event of a Change in Control (as defined below) by providing Covered Employees who are terminated voluntarily or involuntarily within one (1) year of a
Change in Control with severance benefits. For purposes of paragraphs 4(a) and 4(b) hereof, this Plan is intended solely as a guideline for management and is not intended as a contractual commitment on the part of the Bank to any Employee.

 3. Definitions 
  

	 	a.	“Base Compensation” means and includes all regular weekly cash wages or weekly salary, but excludes bonuses, commissions and any other compensation, if any, paid or
accrued as consideration for the Employee’s service. Notwithstanding the foregoing, for purposes of Employees paid solely on a commission basis, “Base Compensation” shall include commissions earned up to $50,000 per annum. In the case
of an hourly Employee or a part-time Employee, “Base Compensation” shall be determined by reference to compensation earned during the Employee’s average weekly work schedule during the 30 days preceding the termination date.

  

	 	b.	“Change in Control” means the occurrence of one of the following events: 

  

	 	(a)	Merger: The Bank or the Company merges into or consolidates with another entity, or merges another entity into the Bank or the Company and, as a result, less than a majority
of the combined voting power of the resulting entity immediately after the merger or consolidation is held by persons who were shareholders of the Bank immediately before the merger or consolidation; 

	 	(b)	Change in Board Composition: During any period of two consecutive years, individuals who constitute the Bank’s or the Company’s Board of Directors at the beginning
of the two-year period cease for any reason (other than as required by the Order to Cease and Desist dated June 6, 2005 entered into by the Bank with the Office of Thrift Supervision) to constitute at least a majority of the Board; provided,
however, that for purposes of this clause (b) each director who is first elected by the Board (or first nominated by the Board for election by stockholders) by a vote of at least two-thirds ( 2/3) of the directors who were directors at the beginning of the two-year period shall be deemed to have also been a director at the beginning of the two-year
period; or 

  

	 	(c)	Acquisition of Significant Share Ownership: There is filed, or required to be filed, a report on Schedule 13D or another form or schedule (other than Schedule 13G) required
under Sections 13(d) or 14(d) of the Securities Exchange Act of 1934, if the schedule discloses that the filing person or persons acting in concert has or have become the beneficial owner(s) of 25% or more of a class of the Bank’s or the
Company’s voting securities, however this clause (iii) shall not apply to beneficial ownership of Bank or Company voting shares held in a fiduciary capacity by an entity of which the Bank or the Company directly or indirectly beneficially
owns 50% or more of its outstanding voting securities. 

  

	 	(d)	Sale of Assets: The Bank or the Company sells to a third party all or substantially all of its assets. 

  

	 	(e)	Proxy Statement Distribution: An individual or company (other than current management of the Company) solicits proxies from stockholders of the Company seeking stockholder
approval of a plan of reorganization, merger or consolidation of the Company or Bank with one or more corporations as a result of which the outstanding shares of the class of securities then subject to such plan or transaction are exchanged for or
converted into cash or property or securities not issued by the Bank or the Company. 

  

	 	(f)	Tender Offer: A tender offer is made for 20% or more of the voting securities of the Bank or Company then outstanding. 

 Notwithstanding anything in this Plan to the contrary, in no event shall the reorganization of the Bank from the mutual holding company form of
organization to the full stock holding company form of organization (including the elimination of the mutual holding company) constitute a “Change in Control” for purposes of this Plan. 
  

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	 	c.	“Comparable Position” shall mean a position that would (i) provide a Covered Employee with Base Compensation and benefits that are comparable to those provided to the
Covered Employee prior to the Change in Control; (ii) be in a location that would be more than thirty (30) miles from the Employee’s place of employment at the Bank or Company immediately prior to the Change in Control; and
(iii) have job skill requirements and duties that are comparable to the requirements and duties of the position held by the Covered Employee prior to the Change in Control. 

  

	 	d.	“Company” means Fox Chase Bancorp, Inc., a federally chartered corporation. 

  

	 	e.	“Covered Employee” means any full-time or part-time employee of the Bank or any subsidiary of the Bank that has worked at least one (1) year with the Bank or
subsidiary as of his or her termination date. 

  

	 	f.	“Employee” means any full-time or part-time employee of the Bank or any subsidiary of the Bank; provided, however, that any individual who is covered or hereinafter
becomes covered by an employment contract shall not be considered to be an “Employee” for purposes of this Plan. 

  

	 	g.	“Termination for Cause” shall include termination because of an Employee’s personal dishonesty, incompetence, willful misconduct, any breach of fiduciary duty
involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or Employee’s personal violation of any final cease-and desist order.
In determining incompetence, the acts or omissions shall be measured against standards generally prevailing in the financial services industry. 

 4. Amount of Payment 
  

	 	a.	An Employee whose employment with the Bank is terminated by the Bank for reasons other than Termination for Cause or Change in Control will be eligible to receive a termination
benefit from the Bank equal to the product of (i) two weeks of Base Compensation and (ii) the Employee’s years of service (including partial years), but in any event not less than four weeks’ Base Compensation.

  

	 	b.	In addition to any payment authorized under paragraph (a) above, an Employee who receives a benefit under this Plan will also be eligible to receive three months of Bank-paid
COBRA health benefits; provided, however, that only those Employees participating in the Bank’s medical benefits programs prior to their termination will qualify for these Bank-paid COBRA benefits. 

  

	 	c.	Notwithstanding anything herein to the contrary, the maximum benefit payable to an Employee paid under this Plan, including Bank-paid COBRA Benefits, as applicable, shall not exceed
an amount equal to fifty-two weeks of Base Compensation, less one dollar. 

  

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	 	d.	Any Employee whose employment is terminated as a result of a Termination for Cause shall receive no benefits under this Plan. 

 5. Change in Control Severance Benefits 
  

	 	a.	Eligibility. Covered Employees shall be eligible to receive a Change in Control Severance Benefit (as defined below) if, within the period beginning on the effective date of
a Change in Control and ending on the first anniversary date of such date, (i) the Covered Employee’s employment with the Bank is involuntarily terminated or (ii) the Covered Employee terminates employment with the Bank voluntarily
after being offered continued employment in a position that is not a Comparable Position. No Covered Employee shall be eligible for a Change in Control Severance Benefit: (i) in connection with a Termination for Cause; (ii) if he or she is
offered a Comparable Position within the Bank and declines to accept such position; or (iii) if the Covered Employee, at the time of termination or employment, is a party to a Change in Control Agreement or Employment Agreement with the Bank or
the Company. 

  

	 	b.	Change in Control Severance Benefit. Any Covered Employee who becomes entitled to receive a Change in Control Severance Benefit payment under this Plan shall receive a cash
payment equal to the product of (i) two weeks of Base Compensation and (ii) the Covered Employee’s years of service (including partial years), plus three months of employer-paid COBRA health benefits. In no event shall any Covered
Employee receive a cash payment less than four (4) weeks Base Compensation. Notwithstanding anything herein to the contrary, the maximum benefit payable to an Employee paid under this Plan, including Bank-paid COBRA Benefits, as applicable,
shall not exceed an amount equal to fifty-two weeks of Base Compensation, less one dollar. 

 6. Other Benefits Not Affected

 This Plan does not affect other benefits, such as payment for accrued and unused paid time off, and other such benefits that are
offered to Employees of the Bank from time to time. 
 7. Employment Status 
 This Plan does not constitute a contract of employment or impose on the Employee or the Bank any obligation to retain the services of Employees, to change
the status of employment, or to change the Bank’s policies regarding termination of employment. 
 8. Amendment or Termination 

This Plan may be amended, suspended or terminated at any time by a written resolution of the Board of Directors of the Bank, in its sole discretion.
Except however, with respect to the Change in Control Severance Benefits provided under this Plan, paragraph 5 of the Plan may not be amended or terminated if a Change in Control has occurred. 
  

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 9. Miscellaneous 
  

	 	a.	All payments will be subject to customary withholding for federal, state and local tax purposes. 

  

	 	b.	This Plan is administered by the Board of Directors of the Bank, which shall have the discretion to interpret the terms of the plan and to make all determinations about eligibility
and payments of benefits. All decisions of the Board of Directors of the Bank are conclusive and binding on all persons. The Board of Directors may delegate and reallocate any authority and responsibility with respect to the Plan.

  

	 	c.	All amounts payable under the Plan will be paid from the general funds of the Bank; no separate fund will be established under the Plan; and the Plan will have no assets.

 10. Required Provisions 
  

	 	a.	In the event any of the provisions of this paragraph 10 are in conflict with the terms of this Plan, this paragraph 10 shall prevail. 

  

	 	b.	The Bank’s Board of Directors may terminate an Employee’s employment at any time, but any termination by the Bank, other than Termination for Cause, shall not prejudice
the Employee’s right to compensation or other benefits under this policy. An Employee shall not have the right to receive compensation or other benefits for any period after Termination for Cause. 

  

	 	c.	If an Employee is suspended from office and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice served under Section 8(e)(3) or
8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(3) or (g)(1); the Bank’s obligations under this policy shall be suspended as of the date of service, unless stayed by appropriate proceedings. If the charges in the notice
are dismissed, the Bank may in its discretion: (i) pay the Employee all or part of the compensation withheld while their contract obligations were suspended; and (ii) reinstate (in whole or in part) any of the obligations which were
suspended. 

  

	 	d.	If an Employee is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under Section 8(e)(4) or 8(g)(1) of the
Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(4) or (g)(1), all obligations of the Bank under this policy shall terminate as of the effective date of the order, but vested rights of the contracting parties shall not be affected.

  

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	 	e.	If the Bank is in default as defined in Section 3(x)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1813(x)(1), all obligations of the Bank under this policy shall
terminate as of the date of default, but this paragraph shall not affect any vested rights of the contracting parties. 

  

	 	f.	All obligations under this policy shall be terminated, except to the extent determined that continuation of the policy is necessary for the continued operation of the Bank:
(i) by the Director of the OTS (or his designee), at the time the FDIC or the Resolution Trust Corporation enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) of the
Federal Deposit Insurance Act, 12 U.S.C. §1823(c); or (ii) by the Director of the OTS (or his designee) at the time the Director (or his designee) approves a supervisory merger to resolve problems related to the operations of the Bank or
when the Bank is determined by the Director to be in an unsafe or unsound condition. Any rights of the parties that have already vested, however, shall not be affected by such action. 

  

	 	g.	Any payments made to Employees pursuant to this policy, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C. §1828(k) and FDIC regulation 12 C.F.R.
Part 359, Golden Parachute and Indemnification Payments. 

  

					
	Attest:	 	FOX CHASE BANK
			
	  
	 	By:	 	  

	Secretary	 		 	Thomas M. Petro
		 		 	President and Chief Executive Officer

  

 6Class A(2006-3) Terms Document

 Exhibit 4.1 
 CHASE ISSUANCE TRUST 
 as Issuing Entity 
 CLASS A(2006-3) TERMS DOCUMENT 
 dated as of May 15, 2006 
 to 
 AMENDED AND RESTATED 
 CHASESERIES INDENTURE SUPPLEMENT 
 dated as of October 15, 2004 
 to 
 SECOND AMENDED AND RESTATED 
 INDENTURE 
 dated as of March 14, 2006 
 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	  	4
	Section 1.03	 	Counterparts	  	4
	Section 1.04	 	Ratification of Indenture and Indenture Supplement	  	4
			
		 	ARTICLE II The Class A(2006-3) 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	 	Calculation Agent; Determination of LIBOR	  	6
	Section 2.05	 	Payments of Interest and Principal	  	7
	Section 2.06	 	Form of Delivery of Class A(2006-3) Notes; Depository; Denominations.	  	7
	Section 2.07	 	Delivery and Payment for the Class A(2006-3) Notes	  	8
	Section 2.08	 	Supplemental Indenture	  	8
	Section 2.09	 	Appointment of co-Paying Agent and co-Transfer Agent	  	8

 THIS CLASS A(2006-3) TERMS DOCUMENT (this “Terms Document”), by and between the CHASE ISSUANCE
TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuing Entity”), having its principal office at c/o Wilmington Trust Company, 1100 North Market Street, Wilmington, Delaware 19890-1600, and WELLS FARGO BANK,
NATIONAL ASSOCIATION, a national banking association, as indenture trustee (the “Indenture Trustee”) and collateral agent (the “Collateral Agent”), is made and entered into as of May 15, 2006. 
 Pursuant to this Terms Document, the Issuing Entity 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(2006-3) Notes and no other Tranche of CHASEseries Notes issued by the Issuing
Entity. 
 “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, and the Second Amendment thereto, dated as of February 1, 2006, by and among the Issuing Entity, the Indenture Trustee and the Collateral Agent.

 “BDL” means Banque de Luxembourg. 
 “Beneficiary” means Chase Bank USA, National Association, in its capacity as beneficial owner of the Issuing Entity. 
 “Calculation Agent” is defined in Section 2.04(a). 
 “Class A(2006-3) Adverse
Event” means the occurrence of any of the following: (a) an Early Amortization Event with respect to the Class A(2006-3) Notes, (b) an Event of Default and acceleration of the Class A(2006-3) Notes, (c) the Class A Usage
of the Class B Required Subordinated Amount for the Class A(2006-3) Notes becomes greater than zero or (d) the Class A Usage of the Class C Required Subordinated Amount for the Class A(2006-3) Notes becomes greater than zero. 

“Class A(2006-3) Note” means any Note, substantially in the form set forth in Exhibit A-1 to the Indenture Supplement, designated
therein as a Class A(2006-3) Note and duly executed and authenticated in accordance with the Indenture. 
 “Class A(2006-3)
Noteholder” means a Person in whose name a Class A(2006-3) Note is registered in the Note Register. 
 “Class A(2006-3)
Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2006-3) 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). 
  

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 “Controlled Accumulation Amount” means $83,333,333.34; 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(2006-3) Notes
will be the amount specified in the definition of “Controlled Accumulation Amount” in the Indenture Supplement. 
 “Indenture” means the Second Amended and Restated Indenture, dated as of March 14, 2006, between the Issuing Entity and the Indenture Trustee. 
 “Indenture Supplement” means the Amended and Restated CHASEseries Indenture Supplement, dated as of October 15, 2004, among the
Issuing Entity, the Indenture Trustee and the Collateral Agent. 
 “Initial Dollar Principal Amount” means $1,000,000,000.

 “Interest Payment Date” means June 15, 2006 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 15, 2006. 
 “Legal Maturity Date” means July 15, 2011. 
 “LIBOR” means, for any
Interest Period, the London interbank offered rate for one-month United States dollar deposits determined by the Trustee on the LIBOR Determination Date for each Interest Period in accordance with the provisions of Section 2.04. 
 “LIBOR Determination Date” means (1) May 11, 2006 for the period from and including the Issuance Date through but excluding
June 15, 2006 and (2) for each interest period thereafter, the second London Business Day prior to the commencement of the second and each subsequent Interest Period. 
 “London Business Day” means any Business Day on which dealings in deposits in United States Dollars are transacted in the London
interbank market. 
 “Note Interest Rate” means a rate per annum equal to 0.01% less than LIBOR, as determined by the
Calculation Agent on the related LIBOR Determination Date with respect to each Interest Period. 
 “Paying Agent” means
Wells Fargo Bank, National Association. 
  

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 “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. 
 “Reference Banks” means four
major banks in the London interbank market selected by the Beneficiary. 
 “Scheduled Principal Payment Date” means
May 15, 2009. 
 “Stated Principal Amount” means $1,000,000,000. 
 “Telerate Page 3750” means the display page currently so designated on the Bridge Telerate Market Report (or such other page as may
replace that page on that service for the purpose of displaying comparable rates or prices). 
 Section 1.02 Governing Law THIS
TERMS DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF DELAWARE WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS. 
 Section 1.03 Counterparts This Terms Document may be executed in any number of counterparts, each of
which so executed will be deemed to be an original, but all such counterparts will together constitute but one and the same instrument. 
 Section 1.04 Ratification of Indenture and Indenture Supplement As supplemented by this Terms Document, each of the Indenture, the Asset Pool Supplement and the Indenture Supplement is in all respects ratified and confirmed and the
Indenture as so supplemented by the Asset Pool Supplement and the Indenture Supplement as so supplemented by this Terms Document shall be read, taken and construed as one and the same instrument. 
 [END OF ARTICLE I] 
  

 4 

 ARTICLE II 
 The Class A(2006-3) 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(2006-3) Notes.” 
 Section 2.02 Specification of Required Subordinated Amount and Other Terms 
 (a) For the Class
A(2006-3) Notes for any date of determination, the Class A Required Subordinated Amount of Class B Notes will be an amount equal to 7.80347% of (i) prior to the occurrence of a Class A(2006-3) Adverse Event, the Adjusted Outstanding Dollar
Principal Amount of the Class A(2006-3) Notes on such date of determination or (ii) on and after the date on which a Class A(2006-3) Adverse Event shall have occurred, the greater of (1) the Adjusted Outstanding Dollar Principal Amount of
the Class A(2006-3) Notes on such date of determination and (2) the Adjusted Outstanding Dollar Principal Amount of the Class A(2006-3) Notes as of the close of business on the day immediately preceding the date on which such Class A(2006-3)
Adverse Event shall have occurred. 
 (b) For the Class A(2006-3) Notes for any date of determination, the Class A Required
Subordinated Amount of Class C Notes will be an amount equal to 7.80347% of (i) prior to the occurrence of a Class A(2006-3) Adverse Event, the Adjusted Outstanding Dollar Principal Amount of the Class A(2006-3) Notes on such date or
(ii) on and after the date on which a Class A(2006-3) Adverse Event shall have occurred, the greater of (1) the Adjusted Outstanding Dollar Principal Amount of the Class A(2006-3) Notes on such date of determination and (2) Adjusted
Outstanding Dollar Principal Amount of the Class A(2006-3) Notes as of the close of business on the day immediately preceding the date on which such Class A(2006-3) Adverse Event shall have occurred. 
 (c) The Issuing Entity 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 Issuing Entity has (i) received written confirmation from each Note Rating Agency that has rated any Outstanding Class A(2006-3) 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(2006-3) Notes and (ii) delivered to the Indenture Trustee and the Note Rating Agencies a Master Trust Tax Opinion and an Issuing Entity Tax Opinion. 
 Section 2.03 Interest Payment 
 (a) For each Interest Payment Date, the amount of interest due with respect to the Class A(2006-3) Notes shall be an amount equal to the product of (i)

  

 5 

 
(A) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, times,
(B) the Note Interest Rate in effect with respect to the related Interest Period, times, (ii) the Outstanding Dollar Principal Amount of the Class A(2006-3) Notes determined as of the close of business on the Interest Payment Date
preceding the related Note Transfer Date for the Class A(2006-3) Notes; provided, however, that for the first Interest Payment Date, the amount of interest due with respect to the Class A(2006-3) Notes shall be an amount equal to the
product of (x) the Outstanding Dollar Principal Amount of the Class A(2006-3) Notes on the Issuance Date, (y) 31 divided by 360 and (z) the Note Interest Rate in effect with respect to the Class A(2006-3) Notes determined on
May 11, 2006. Interest on the Class A(2006-3) Notes will be calculated on the basis of the actual number of days elapsed and a 360-day year. 
 (b) Pursuant to Section 3.03 of the Indenture Supplement, on each Note Transfer Date with respect to the Class A(2006-3) Notes, the Indenture Trustee shall deposit into the Class A(2006-3) Interest Funding Sub-Account the portion of
CHASEseries Available Finance Charge Collections allocable to the Class A(2006-3) Notes. 
 Section 2.04 Calculation Agent;
Determination of LIBOR 
 (a) The Issuing Entity hereby agrees that for so long as any Class A(2006-3) Notes are Outstanding, there shall
at all times be an agent appointed to calculate LIBOR for each Interest Period (the “Calculation Agent”). The Issuing Entity hereby initially appoints the Indenture Trustee as the Calculation Agent for purposes of determining LIBOR for
each Interest Period. The Calculation Agent may be removed by the Issuing Entity at any time. If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuing Entity, or if the Calculation Agent fails to determine LIBOR
for an Interest Period, the Issuing Entity shall promptly appoint a replacement Calculation Agent that does not control or is not controlled by or under common control with the Issuing Entity or its Affiliates. The Calculation Agent may not resign
its duties, and the Issuing Entity may not remove the Calculation Agent, without a successor having been duly appointed. 
 (b) On each
LIBOR Determination Date, the Calculation Agent shall determine LIBOR on the basis of the rate for deposits in United States dollars for a one-month period which appears on Telerate Page 3750 or on such comparable system as is customarily used to
quote LIBOR as of 11:00 a.m., London time, on such date. If such rate does not appear on Telerate Page 3750 or on a comparable system as is customarily used to quote LIBOR the rate for that LIBOR Determination Date shall be determined on the basis
of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a one-month period. The Calculation Agent shall
request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date shall be the arithmetic mean of the quotations. If fewer
than two quotations are provided as requested, the rate for that LIBOR Determination Date will be 

  

 6 

 
the arithmetic mean of the rates quoted by major banks in New York City, selected by the Beneficiary, at approximately 11:00 a.m., New York City time, on
that day for loans in United States dollars to leading European banks for a one-month period. 
 (c) The Note Interest Rate applicable to
the then current and the immediately preceding Interest Periods may be obtained by telephoning the Indenture Trustee at its corporate trust office at (612) 667-8058 or such other telephone number as shall be designated by the Indenture Trustee
for such purpose by prior written notice by the Indenture Trustee to each Noteholder from time to time. 
 (d) On each LIBOR Determination
Date, the Calculation Agent shall send to the Indenture Trustee and the Beneficiary, by facsimile transmission, notification of LIBOR for the following Interest Period. 
 Section 2.05 Payments of Interest and Principal 
 (a) Any installment of interest or principal
payable on any Class A(2006-3) Note which is punctually paid or duly provided for by the Issuing Entity and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to the Person in
whose name such Class A(2006-3) 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(2006-3) Noteholders to receive payments from the Issuing Entity will
terminate on the first Business Day following the Class A(2006-3) Termination Date. 
 Section 2.06 Form of Delivery of Class
A(2006-3) Notes; Depository; Denominations. 
 (a) The Class A(2006-3) 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(2006-3) Notes shall be The
Depository Trust Company, and the Class A(2006-3) Notes shall initially be registered in the name of Cede & Co., its nominee. 
 (c) The Class A(2006-3) Notes will be issued in minimum denominations of $100,000 and integral multiples of $1,000 in excess of $100,000. 
  

 7 

 Section 2.07 Delivery and Payment for the Class A(2006-3) Notes The Issuing Entity shall execute
and deliver the Class A(2006-3) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2006-3) Notes when authenticated, each in accordance with Section 3.03 of the Indenture. 
 Section 2.08 Supplemental Indenture The Issuing Entity may enter into a supplemental indenture with respect to the Class A(2006-3) 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(2006-3) 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 2.09 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(2006-3) Notes for so long as the Class A(2006-3) 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] 
  

 8 

 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

 CHAIT A(2006-3) Terms Document 
 Signature Page

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