Delaware
|
01-0864848
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification Number)
|
Douglas L. Madsen, Esq.
Chapman and Cutler LLP
1717 Rhode Island Avenue, NW
Washington, D.C. 20036
(202) 478-6444
|
James S. Stringfellow, Esq.
Skadden, Arps, Slate, Meagher & Flom LLP
4 Times Square
New York, New York 10036
(212) 735-3000
|
Title of each class of securities to
be registered |
Amount to be
registered(b)(c) |
Proposed maximum offering
price per unit(d) |
Proposed maximum aggregate
offering price(d) |
Amount of
registration fee |
Notes
|
__
|
__
|
__
|
__
|
Collateral Certificate(e)
|
__
|
__
|
__
|
__
|
(a)
|
Pursuant to Rule 415(a)(6) under the Securities Act of 1933, this Registration Statement and the prospectus included herein relate to $28,623,899,022 aggregate principal amount of Notes that were previously registered, but which remain unsold, under a registration statement on Form S-3 (File nos. 333-166895, 333-166895-01 and 333-166895-02), initially filed on June 19, 2013 with an initial effective date of July 8, 2013. A filing fee of $878,753.70 was previously paid in connection with such unsold Notes.
|
(b)
|
With respect to any securities issued with original issue discount, the amount to be registered is calculated based on the initial public offering price thereof.
|
(c)
|
With respect to any securities denominated in any foreign currency, the amount to be registered shall be the U.S. dollar equivalent thereof based on the prevailing exchange rate at the time such security is first offered.
|
(d)
|
Estimated solely for the purpose of calculating the registration fee.
|
(e)
|
This Registration Statement and the prospectus included herein also relate to a Collateral Certificate, which is pledged as security for the Notes, and which, pursuant to Commission regulations, is deemed to constitute part of any distribution of the Notes. No additional consideration will be paid by the purchasers of the Notes for the Collateral Certificate and, pursuant to Rule 457(t) under the Securities Act, no separate registration fee for the Collateral Certificate is required to be paid.
|
The issuing entity will issue and sell: | Class [•](201[•]‑[•]) Notes |
Principal amount | $[•] |
Interest rate | [[•]‑month LIBOR plus] [•]% per year [(determined as described in this prospectus)] |
Interest payment dates | [•]th day of each month, beginning in [•] 201[•] |
Expected principal payment date | [•] [•], 20[•] |
Legal maturity date | [•] [•], 20[•] |
Expected issuance date | [•] [•], 201[•] |
Price to public | $[•] (or [•]%) |
Underwriting discount | $[•] (or [•]%) |
Proceeds to the issuing entity | $[•] (or [•]%) |
You should consider the discussion under “Risk Factors” beginning on page 36 of this prospectus before you purchase any notes.
The primary asset of the issuing entity is the collateral certificate, Series 2001‑D. The collateral certificate represents an undivided interest in BA Master Credit Card Trust II. Master Trust II’s assets include receivables arising in a portfolio of unsecured consumer revolving credit card accounts.
The notes are obligations of the issuing entity only and are not obligations of BA Credit Card Funding, LLC, Bank of America, National Association, their affiliates or any other person.
The notes of all series are secured by a shared security interest in the collateral certificate and the collection account, but each tranche of notes is entitled to the benefits of only that portion of the assets allocated to it under the indenture and the indenture supplement. Noteholders will have no recourse to any other assets of the issuing entity for payment of the BAseries notes.
The notes are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality.
|
· | local, regional and national business, political or economic conditions may differ from those expected; |
· | the effects and changes in trade, monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board, may adversely affect Funding’s or BANA’s business; |
· | the timely development and acceptance of new products and services may be different than anticipated; |
· | technological changes instituted by Funding or BANA and by persons who may affect Funding’s or BANA’s business may be more difficult to accomplish or more expensive than anticipated or may have unforeseen consequences; |
· | the ability to increase market share and control expenses may be more difficult than anticipated; |
· | competitive pressures among financial services companies may increase significantly; |
· | Funding’s or BANA’s reputation risk arising from negative public opinion; |
· | changes in laws and regulations may adversely affect Funding, BANA or their businesses; |
· | changes in accounting policies and practices, as may be adopted by regulatory agencies and the Financial Accounting Standards Board, may affect expected financial reporting or business results; |
· | the costs, effects and outcomes of litigation may adversely affect Funding, BANA or their businesses; and |
· | Funding or BANA may not manage the risks involved in the foregoing as well as anticipated. |
Page
|
|
THE CLASS [•](201[•] [•]) NOTES
|
1
|
Summary of Terms
|
1
|
PROSPECTUS SUMMARY
|
7
|
Securities Offered
|
7
|
Risk Factors
|
7
|
Issuing Entity
|
7
|
Funding
|
7
|
Master Trust II
|
8
|
BANA and Affiliates
|
8
|
Indenture Trustee
|
9
|
Owner Trustee
|
10
|
Asset Representations Reviewer
|
10
|
Parties, Transferred Assets and Operating Documents
|
11
|
Series, Classes and Tranches of Notes
|
12
|
BAseries Notes
|
12
|
Interest Payments
|
13
|
Expected Principal Payment Date and Legal Maturity Date
|
14
|
Stated Principal Amount, Outstanding Dollar Principal Amount and Nominal Liquidation Amount of Notes
|
15
|
Subordination
|
16
|
BAseries Credit Enhancement
|
17
|
BAseries Required Subordinated Amount
|
18
|
Limit on Repayment of All Notes
|
19
|
Sources of Funds to Pay the Notes
|
19
|
BAseries Class C Reserve Account
|
23
|
Flow of Funds and Application of Finance Charge and Principal Collections
|
23
|
Revolving Period
|
24
|
Early Redemption of Notes
|
24
|
Optional Redemption by the Issuing Entity
|
25
|
Events of Default
|
26
|
Events of Default Remedies
|
27
|
BAseries Issuing Entity Accounts
|
27
|
Security for the Notes
|
27
|
Limited Recourse to the Issuing Entity
|
28
|
BAseries Accumulation Reserve Account
|
28
|
Shared Excess Available Funds
|
29
|
Registration, Clearing and Settlement
|
29
|
Stock Exchange Listing
|
29
|
Ratings
|
29
|
ERISA Eligibility
|
30
|
Tax Status
|
30
|
Denominations
|
30
|
Application of Collections of Finance Charges and Principal Payments Received by BANA as Servicer of Master Trust II
|
31
|
Application of BAseries Available Funds
|
32
|
Application of BAseries Available Principal Amounts
|
32
|
Fees and Expenses Payable from BAseries Available Funds and BAseries Available Principal Amounts
|
33
|
Page
|
|
BAseries Required Subordinated Amounts and Required Class D Investor Interest
|
34
|
RISK FACTORS
|
36
|
TRANSACTION PARTIES; LEGAL PROCEEDINGS; AFFILIATIONS, RELATIONSHIPS AND RELATED TRANSACTIONS
|
59
|
BA Credit Card Trust
|
59
|
BA Master Credit Card Trust II
|
60
|
BA Credit Card Funding, LLC
|
62
|
BANA and Affiliates
|
62
|
Merger of FIA into BANA
|
64
|
Removal and Dissolution of BACCS
|
64
|
[Credit Risk Retention]
|
65
|
Certain Interests in Master Trust II and the Issuing Entity
|
66
|
Industry Developments
|
67
|
Litigation
|
67
|
Regulatory Developments
|
68
|
The Bank of New York Mellon
|
68
|
Wilmington Trust Company
|
69
|
[Providers of Derivatives]
|
69
|
[Clayton Fixed Income Services LLC]
|
69
|
USE OF PROCEEDS
|
70
|
THE NOTES
|
70
|
General
|
70
|
Interest
|
71
|
Principal
|
72
|
Stated Principal Amount, Outstanding Dollar Principal Amount and Nominal Liquidation Amount
|
73
|
Stated Principal Amount
|
74
|
Outstanding Dollar Principal Amount
|
74
|
Nominal Liquidation Amount
|
74
|
Final Payment of the Notes
|
76
|
Subordination of Interest and Principal
|
77
|
Required Subordinated Amount
|
77
|
Early Redemption of Notes
|
83
|
Issuances of New Series, Classes and Tranches of Notes
|
84
|
Payments on Notes; Paying Agent
|
86
|
Denominations
|
87
|
Record Date
|
87
|
Governing Law
|
87
|
Form, Exchange and Registration and Transfer of Notes
|
87
|
Book Entry Notes
|
88
|
The Depository Trust Company
|
89
|
Clearstream Banking
|
90
|
Euroclear
|
90
|
Page
|
|
Distributions on Book Entry Notes
|
91
|
Global Clearing and Settlement Procedures
|
91
|
Definitive Notes
|
92
|
Replacement of Notes
|
92
|
SOURCES OF FUNDS TO PAY THE NOTES
|
93
|
The Collateral Certificate
|
93
|
Deposit and Application of Funds
|
95
|
Deposit and Application of Funds for the BAseries
|
97
|
BAseries Available Funds
|
97
|
Application of BAseries Available Funds
|
98
|
Targeted Deposits of BAseries Available Funds to the Interest Funding Account
|
99
|
Allocation to Interest Funding Subaccounts
|
99
|
Payments Received from Derivative Counterparties for Interest on Foreign Currency Notes
|
100
|
Deposits of Withdrawals from the Class C Reserve Account to the Interest Funding Account
|
100
|
Allocations of Reductions from Charge Offs
|
100
|
Limits on Reallocations of Charge Offs to a Tranche of Class C Notes from Tranches of Class A and Class B
|
101
|
Limits on Reallocations of Charge Offs to a Tranche of Class B Notes from Tranches of Class A Notes
|
101
|
Allocations of Reimbursements of Nominal Liquidation Amount Deficits
|
101
|
Application of BAseries Available Principal Amounts
|
102
|
Reductions to the Nominal Liquidation Amount of Subordinated Classes from Reallocations of BAseries Available Principal Amounts
|
104
|
Limit on Allocations of BAseries Available Principal Amounts and BAseries Available Funds
|
105
|
Targeted Deposits of BAseries Available Principal Amounts to the Principal Funding Account
|
106
|
Allocation to Principal Funding Subaccounts
|
108
|
Limit on Deposits to the Principal Funding Subaccount of Subordinated Notes; Limit on Repayments of all Tranches
|
109
|
Payments Received from Derivative Counterparties for Principal
|
109
|
Deposits of Withdrawals from the Class C Reserve Account to the Principal Funding Account
|
110
|
Withdrawals from Interest Funding Subaccounts
|
110
|
Withdrawals from Principal Funding Account
|
110
|
Targeted Deposits to the Class C Reserve Account
|
112
|
Withdrawals from the Class C Reserve Account
|
112
|
Targeted Deposits to the Accumulation Reserve Account
|
113
|
Withdrawals from the Accumulation Reserve Account
|
113
|
Final Payment of the Notes
|
114
|
Page
|
|
Pro Rata Payments Within a Tranche
|
114
|
Shared Excess Available Funds
|
114
|
Issuing Entity Accounts
|
115
|
Derivative Agreements
|
116
|
Sale of Credit Card Receivables
|
116
|
Sale of Credit Card Receivables for BAseries Notes
|
117
|
Limited Recourse to the Issuing Entity; Security for the Notes
|
118
|
THE INDENTURE
|
119
|
Indenture Trustee
|
119
|
Owner Trustee
|
121
|
Issuing Entity Covenants
|
122
|
Early Redemption Events
|
123
|
Events of Default
|
124
|
Events of Default Remedies
|
124
|
Meetings
|
126
|
Voting
|
126
|
Amendments to the Indenture and Indenture Supplements
|
127
|
Tax Opinions for Amendments
|
129
|
Addresses for Notices
|
130
|
Issuing Entity’s Annual Compliance Statement
|
130
|
Indenture Trustee’s Annual Report
|
130
|
List of Noteholders
|
130
|
Reports
|
131
|
BANA’S CREDIT CARD ACTIVITIES
|
133
|
General
|
133
|
Origination, Account Acquisition, Credit Lines and Use of Credit Card Accounts
|
133
|
Card Processing Reseller and Total System Services, Inc.
|
135
|
Interchange
|
135
|
BANA’S CREDIT CARD PORTFOLIO
|
135
|
Billing and Payments
|
136
|
Risk Control and Fraud
|
136
|
Delinquencies and Collection Efforts
|
137
|
Charge Off Policy
|
137
|
Renegotiated Loans and Re Aged Accounts
|
137
|
RECEIVABLES TRANSFER AGREEMENTS GENERALLY
|
138
|
THE RECEIVABLES PURCHASE AGREEMENT
|
138
|
Sale of Receivables
|
138
|
Representations and Warranties
|
139
|
Repurchase Obligations
|
139
|
Reassignment of Other Receivables
|
140
|
Amendments
|
141
|
Termination
|
141
|
MASTER TRUST II
|
141
|
Page
|
|
General
|
141
|
Master Trust II Trustee
|
142
|
The Receivables
|
144
|
Review of Receivables in Master Trust II Portfolio
|
145
|
Demands for Repurchases of Receivables in Master Trust II Portfolio
|
147
|
Investor Certificates
|
147
|
Conveyance of Receivables
|
148
|
Addition of Master Trust II Assets
|
149
|
Removal of Accounts
|
150
|
Collection and Other Servicing Procedures
|
153
|
Current Consolidated Payment Prioritization Methodology Not Fully Comparable with Previous Payment Prioritization Methodologies
|
153
|
Master Trust II Accounts
|
155
|
Investor Percentage
|
155
|
Application of Collections
|
155
|
Defaulted Receivables; Rebates and Fraudulent Charges
|
158
|
Master Trust II Termination
|
158
|
Pay Out Events
|
158
|
Servicing Compensation and Payment of Expenses
|
160
|
The Class D Certificate
|
161
|
New Issuances
|
162
|
Representations and Warranties
|
163
|
Certain Matters Regarding the Servicer and the Transferor
|
166
|
Servicer Default
|
167
|
Evidence as to Compliance
|
168
|
Amendments to the Master Trust II Agreement
|
169
|
Treatment of Noteholders
|
171
|
Certificateholders Have Limited Control of Actions
|
172
|
NEW REQUIREMENTS FOR SEC SHELF REGISTRATION
|
172
|
CEO Certification
|
173
|
Asset Representations Review
|
173
|
General
|
173
|
Delinquency Trigger
|
174
|
Voting Trigger
|
176
|
Asset Review
|
177
|
Limitation on Liability; Indemnification
|
180
|
Eligibility of Asset Representations Reviewer
|
180
|
Resignation and Removal of the Asset Representations Reviewer
|
180
|
Asset Representations Reviewer Compensation
|
181
|
Amendment of the Asset Representations Review Agreement
|
182
|
Dispute Resolution
|
182
|
Investor Communication
|
186
|
CONSUMER PROTECTION LAWS
|
186
|
FEDERAL INCOME TAX CONSEQUENCES
|
187
|
Page
|
|
General
|
187
|
Description of Opinions
|
188
|
Tax Characterization of the Issuing Entity and the Notes
|
188
|
Consequences to Holders of the Offered Notes
|
190
|
State and Local Tax Consequences
|
193
|
BENEFIT PLAN INVESTORS
|
193
|
Prohibited Transactions
|
194
|
Potential Prohibited Transactions from Investment in Notes
|
194
|
Prohibited Transactions between the Benefit Plan and a Party in Interest
|
194
|
Prohibited Transactions between the Issuing Entity or Master Trust II and a Party in Interest
|
195
|
Investment by Benefit Plan Investors
|
195
|
Tax Consequences to Benefit Plans
|
196
|
[UNDERWRITING][PLAN OF DISTRIBUTION]
|
196
|
LEGAL MATTERS
|
199
|
WHERE YOU CAN FIND MORE INFORMATION
|
199
|
GLOSSARY OF DEFINED TERMS
|
201
|
THE MASTER TRUST II PORTFOLIO
|
A I 1
|
General
|
A I 1
|
Delinquency and Principal Charge Off Experience
|
A I 1
|
Revenue Experience
|
A I 4
|
Principal Payment Rates
|
A I 5
|
The Receivables
|
A I 5
|
OUTSTANDING SERIES, CLASSES, AND TRANCHES OF NOTES
|
A II 1
|
OUTSTANDING MASTER TRUST II SERIES OF INVESTOR CERTIFICATES
|
A III 1
|
Transaction Parties
|
|
Issuing Entity of the Notes
|
BA Credit Card Trust (issuing entity)
|
Issuing Entity of the Collateral Certificate
|
BA Master Credit Card Trust II (master trust II)
|
Sponsor, Servicer and Originator
|
Bank of America, National Association (BANA)
|
Transferor and Depositor
|
BA Credit Card Funding, LLC (Funding)
|
Master Trust II Trustee, Indenture Trustee
|
The Bank of New York Mellon
|
Owner Trustee
|
Wilmington Trust Company
|
Asset Representations Reviewer
|
[Clayton Fixed Income Services LLC]
|
[Derivative Counterparty]
|
[NAME OF COUNTERPARTY]
|
Assets
|
|
Primary Asset of the Issuing Entity
|
Master trust II, Series 2001‑D Collateral Certificate
|
Collateral Certificate
|
Undivided interest in master trust II
|
Primary Assets of Master Trust II
|
Receivables in unsecured consumer revolving credit card accounts
|
Receivables (as of beginning of the day
|
Principal receivables: $[•]
|
on [•] [•], 201[•])
|
Finance charge receivables: $[•]
|
Asset Backed Securities Offered
|
Class [•](201[•]‑[•])
|
Class
|
Class [•]
|
Series
|
BAseries
|
Initial Principal Amount
|
$[•]
|
Initial Nominal Liquidation Amount
|
$[•]
|
Expected Issuance Date
|
[•] [•], 201[•] |
[Subordination
|
[The Class B(201[•]‑[•]) notes will be subordinated to the Class A notes.]] [The Class C(201[•]‑[•]) notes will be subordinated to the Class A and Class B notes.]]
|
[Credit Enhancement
|
[Subordination of the Class B notes, the Class C notes and the Class D certificate] [Subordination of the Class C notes and the Class D certificate] [Subordination of the Class D certificate]]
|
[Credit Enhancement Amount
|
Required Subordinated Amount and Required Class D Investor Interest]
|
[Required Subordinated Amount of
Class B Notes |
Applicable required subordination percentage of Class B notes multiplied by the adjusted outstanding dollar principal amount of the Class A(201[•]‑[•]) notes.]
|
[Required Subordination Percentage of
Class B Notes |
[•]%. However, see “Prospectus Summary—BAseries Required Subordinated Amounts and Required Class D Investor Interest” and “The Notes—Required Subordinated Amount” for a discussion of the calculation of the applicable stated percentage and the method by which the applicable stated percentage may be changed in the future.]
|
[Required Subordinated Amount of
Class C Notes |
[Applicable required subordination percentage of Class C notes multiplied by the adjusted outstanding dollar principal amount of the Class A(201[•]‑[•]) notes.] [An amount equal to [•]% of the adjusted outstanding dollar principal amount of the Class B(201[•]‑[•]) notes that are not providing credit enhancement to the Class A notes, plus 100% of the adjusted outstanding dollar principal amount of the Class B(201[•]‑[•]) notes’ pro rata share of the Class A required subordinated amount of Class C notes for all Class A notes. See “The Notes—Required Subordinated Amount” for a discussion of the calculation of the Class B(201[•]‑[•]) notes’ required subordinated amount of Class C notes, and the method by which that calculation may be changed in the future.]]
|
[Required Subordination Percentage of
Class C Notes |
[•]%. However, see “Prospectus Summary—BAseries Required
|
Subordinated Amounts and Required Class D Investor Interest” and “The Notes—Required Subordinated Amount” for a discussion of the calculation of the applicable stated percentage and the method by which the applicable stated percentage may be changed in the future.]
|
|
Required Class D Investor Interest
|
The required Class D investor interest is approximately equal to 10.50% of the sum of the aggregate adjusted outstanding dollar principal amount of the BAseries notes. See “Prospectus Summary—BAseries Required Subordinated Amounts and Required Class D Investor Interest” and “The Notes—Required Subordinated Amount—The Class D Certificate” for a more specific description of how the required Class D investor interest is calculated.
|
Accumulation Reserve Account Targeted
Deposit |
0.5% of the outstanding dollar principal amount of the Class [•](201[•]‑[•]) notes; provided, however, that if the Class [•](201[•]-[•]) notes require only one budgeted deposit to accumulate and pay the principal of the Class [•](201[•]-[•]) notes on the expected principal payment date, the accumulation reserve account targeted deposit will be zero. See “Prospectus Summary—BAseries Accumulation Reserve Account” for a description of how the accumulation reserve account targeted deposit can be changed.
|
[Class C Reserve Account
Targeted Deposit |
Nominal liquidation amount of all BAseries notes multiplied by the applicable funding percentage.]
|
[Funding Percentage
|
Three‑month average
|
|
excess available funds
|
Funding %
|
|
4.50% or greater
|
0.00%
|
|
4.00% to 4.49%
|
1.25%
|
|
3.50% to 3.99%
|
2.00%
|
|
3.00% to 3.49%
|
2.75%
|
|
2.50% to 2.99%
|
3.50%
|
|
2.00% to 2.49%
|
4.50%
|
|
1.99% or less
|
6.00%
|
Increases in the funding percentage will lead to a larger targeted deposit to the Class C reserve account, and therefore also to the related Class C reserve subaccount for these Class C(201[•]‑[•]) notes. Funds on deposit in this Class C reserve subaccount will be available to cover shortfalls in interest and principal on the Class C(201[•]‑[•]) notes. However, amounts on deposit in the Class C reserve subaccount may have been reduced due to withdrawals to cover shortfalls in interest or principal due in prior periods. In addition, the Class C reserve subaccount may not be fully funded if Available Funds after giving effect to prior required deposits are insufficient to make the full targeted deposit into the Class C reserve subaccount.]
|
|
[Excess Available Funds Percentage
|
Excess of Portfolio Yield over Base Rate. See “Prospectus Summary—BAseries Class C Reserve Account.”]
|
[[Asset‑Backed Securities][Other Interests]
|
|
Not Offered
|
[Description of [asset‑backed securities][other interests] not offered by this prospectus.]]
|
Interest
|
|
Interest Rate
|
[London interbank offered rate for U.S. dollar deposits for a [•]‑month period [(or, for the first interest accrual period, the rate that corresponds to the actual number of days in the first interest accrual period)] (LIBOR) as of each LIBOR determination date plus] [•]% per year.
|
[LIBOR Determination Dates
|
[•] [•], 201[•] for the period from and including the issuance date to but excluding [•] [•], 201[•], and for each interest accrual period thereafter, the date that is two London Business Days before each distribution date.]
|
Distribution Dates
|
The [•]th day of each calendar month (or the next Business Day if the [•]th is not a Business Day)
|
[London Business Day
|
London, New York, New York, Newark, Delaware, and Charlotte, North Carolina banking day.]
|
Interest Accrual Method
|
[Actual] [30]/360
|
Interest Accrual Periods
|
From and including the issuance date to but excluding the [•]th day of the calendar month in which the first interest payment date occurs and then from and including the [•]th day of each calendar month to but excluding the [•]th day in the next calendar month. The first interest accrual period will begin on and include the issuance date for the Class [•](201[•]‑[•]) notes and end on but exclude the first interest payment date for the Class [•](201[•]‑[•]) notes, [•] [•], 201[•].
|
Interest Payment Dates
|
Each distribution date starting on [•] [•], 201[•]
|
First Interest Payment Date
|
[•] [•], 201[•]
|
[First Interest Payment
|
$[•]]
|
Business Day
|
New York, New York, Newark, Delaware, and Charlotte, North Carolina banking day
|
Principal
|
|
Expected Principal Payment Date
|
[•][•], 20[•] |
Legal Maturity Date
|
[•][•], 20[•] |
Revolving Period End
|
Between 12 and 1 months prior to expected principal payment date
|
Servicing Fee
|
2% of the Series 2001‑D investor interest
|
[Derivative Agreement
|
The Class [•](201[•]‑[•]) notes will have the benefit of an interest rate swap agreement (referred to as the derivative agreement) provided by [NAME OF COUNTERPARTY], as derivative counterparty. Under the derivative agreement, for each Transfer Date:
|
·
|
the derivative counterparty will make a payment to the issuing entity, based on the outstanding dollar principal amount of the Class [•](201[•]‑[•]) notes, at a rate equal to [•]% per year; and
|
|
·
|
the issuing entity will make a payment to the derivative counterparty, based on the outstanding dollar principal amount of the Class [•](201[•]‑[•]) notes, at a rate not to exceed [•]-month LIBOR (for the related interest period) plus [•]% per year.
|
For a more detailed discussion of the derivative agreement, see “Prospectus Summary—Sources of Funds to Pay the Notes—Derivative Agreement for Class [•](201[•]‑[•]) Notes.”]
|
|
[Derivative Counterparties
|
Add name, organizational form and general character of the business of any derivative counterparty to the extent required. Disclose other information regarding the derivative counterparty as required, including, but not limited to, a description of any material affiliations or business agreements/arrangements with any other material transaction party.]
|
Early Redemption Events
|
Early redemption events applicable to the Class [•](201[•]‑[•]) notes include the following: (i) the occurrence of the expected principal payment date for such notes; (ii) each of the Pay Out Events described under “Master Trust II—Pay Out Events” in this prospectus; (iii) the issuing entity becoming an “investment company” within the meaning of the Investment Company Act of 1940, as amended; (iv) for any date the amount of Excess Available Funds for the BAseries averaged over the 3 preceding calendar months is less than the Required Excess Available Funds for the BAseries for such date[; and (v) specify any other early redemption event]. See “The Indenture—Early Redemption Events” in this prospectus.
|
[If an early redemption event (other than clause (iii) above) applicable to the Class [•](201[•]‑[•]) notes occurs and the derivative agreement has not been terminated or an interest reserve account event has not occurred, Available Principal Amounts allocable to the Class [•](201[•]‑[•]) notes together with any amounts in the principal funding subaccount for the Class [•](201[•]‑[•]) notes will not be paid to the holders of the Class [•](201[•]‑[•]) notes, but instead will be retained in the principal funding subaccount and paid to the Class [•](201[•]‑[•]) noteholders on the expected principal payment date of the Class [•](201[•]‑[•]) notes. See “The Class [•](201[•]‑[•]) Notes—Early Redemption of Notes.” | |
If following an early redemption event for the Class [•](201[•]‑[•]) notes (i) the derivative agreement terminates, (ii) an interest reserve account event occurs, (iii) the issuing entity becomes an ”investment company” within the meaning of the Investment Company Act of 1940, as amended or (iv) an event of default and acceleration of the Class [•](201[•]‑[•]) notes occurs, Available Principal Amounts will be paid to the Class [•](201[•]‑[•]) noteholders. See ”The Class [•](201[•]‑[•]) Notes—Early Redemption of Notes.”
|
|
See “Prospectus Summary—Sources of Funds to Pay the Notes—Derivative Agreement for Class [•](201[•]‑[•]) Notes” for a description of the events leading to the occurrence of an interest reserve account event.]
|
|
Events of Default
|
Events of default applicable to the Class [•](201[•]‑[•]) notes include the following: (i) the issuing entity’s failure, for a period of 35 days, to pay interest upon such notes when such interest becomes due and payable; (ii) the issuing entity’s failure to pay the principal amount of such notes on the applicable legal maturity date; (iii) the issuing entity’s default in the performance, or breach, of any other of its covenants or warranties, as discussed in this prospectus; and (iv) the occurrence of certain events of bankruptcy, insolvency, conservatorship or receivership of the issuing entity. See “The Indenture—Events of Default” in this prospectus.
|
Optional Redemption
|
If the nominal liquidation amount is less than 5% of the highest outstanding dollar principal amount.
|
ERISA Eligibility
|
Yes, subject to important considerations described under “Benefit Plan Investors” in this prospectus (investors are cautioned to consult with their counsel). By purchasing the Class [•](201[•]‑[•]) notes, each investor purchasing on behalf of employee benefit plans or individual retirement accounts will be deemed to certify that the purchase and subsequent holding of the notes by the investor would be exempt from the prohibited transaction rules of ERISA and/or Section 4975 of the Internal Revenue Code.
|
Tax Treatment | Debt for U.S. federal income tax purposes, subject to important considerations described under “Federal Income Tax Consequences” in this prospectus (investors are cautioned to consult with their tax counsel). |
[Stock Exchange Listing
|
The issuing entity will apply to list the Class [•](201[•]‑[•]) notes on a stock exchange in Europe. The issuing entity cannot guarantee that the application for the listing will be accepted or that, if accepted, the listing will be maintained. To determine whether the Class [•](201[•]‑[•]) notes are listed on a stock exchange you may contact the issuing entity c/o Wilmington Trust Company, Rodney Square North, 1100 N. Market Street, Wilmington, Delaware 19890‑0001, telephone number: (302) 651‑1000.]
|
Clearing and Settlement
|
DTC/Clearstream/Euroclear
|
· | the Class [•](201[•]‑[•]) note interest rate [for the applicable interest accrual period]; multiplied by |
· | [the actual number of days in the related interest accrual period divided by 360; multiplied by] |
· | the outstanding dollar principal amount of the Class [•](201[•]‑[•]) notes as of the related record date. |
·
|
Stated Principal Amount. The stated principal amount of a note is the amount that is stated on the face of the note to be payable to the holder. It can be denominated in U.S. dollars or a foreign currency.
|
· | Outstanding Dollar Principal Amount. For U.S. dollar notes, the outstanding dollar principal amount is the same as the initial dollar principal amount of the notes, less principal payments to noteholders. For foreign currency notes, the outstanding dollar principal amount is the U.S. dollar equivalent of the initial dollar principal amount of the notes, less dollar payments to derivative counterparties for principal. |
· | Nominal Liquidation Amount. The nominal liquidation amount of a note is a U.S. dollar amount based on the outstanding dollar principal amount of the note, but after deducting: |
– | that note’s share of reallocations of Available Principal Amounts used to pay interest on senior classes of notes or a portion of the master trust II servicing fee allocated to its series; |
–
|
that note’s share of charge‑offs resulting from uncovered Investor Default Amounts; and
|
–
|
amounts on deposit in the principal funding subaccount for that note;
|
· | the principal funding subaccounts for the senior classes of notes of that series are prefunded in an amount such that the subordinated notes that have reached their expected principal payment date are no longer necessary to provide the required subordination; |
· | new tranches of subordinated notes of that series are issued so that the subordinated notes that have reached their expected principal payment date are no longer necessary to provide the required subordination; |
· | enough notes of senior classes of that series are repaid so that the subordinated notes that have reached their expected principal payment date are no longer necessary to provide the required subordination; or |
· | the subordinated notes reach their legal maturity date. |
· | the nominal liquidation amount of your Class [•](201[•]-[•]) notes has been reduced by charge‑offs due to uncovered Investor Default Amounts [or as a result of reallocations of Available Principal Amounts to pay interest on senior classes of notes or a portion of the master trust II servicing fee, and those amounts have not been reimbursed from Available Funds]; or |
· | receivables are sold (i) following the insolvency of Funding, (ii) following an event of default and acceleration or (iii) on the legal maturity date, and the proceeds from the sale of receivables, plus any available amounts on deposit in the applicable subaccounts allocable to your notes are insufficient. |
· | Collateral Certificate. The collateral certificate is an investor certificate issued as a part of “Series 2001‑D” by master trust II to the issuing entity. It represents an undivided interest in master trust II. Master trust II owns primarily receivables arising in selected MasterCard, Visa and American Express revolving credit card accounts. BANA or Funding has transferred, and Funding may continue to transfer, credit card receivables to master trust II in accordance with the terms of the master trust II agreement. Both collections of principal receivables and finance charge receivables will be allocated among holders of interests in master trust II—including the collateral certificate—based generally on the investment in principal receivables of each interest in master trust II. If collections of receivables allocable to the collateral certificate are less than expected, payments of principal of and interest on the notes could be delayed or remain unpaid. |
· | Derivative Agreements. Some notes may have the benefit of one or more derivative agreements, including interest rate swaps, or other agreements described in “Sources of Funds to Pay the Notes—Derivative Agreements.” |
· | The Issuing Entity Accounts. The issuing entity will establish a collection account for the purpose of receiving collections of finance charge receivables and principal receivables and other related amounts from master trust II payable under the collateral certificate. The issuing entity may establish supplemental accounts for any series, class or tranche of notes. |
(i) | a fraction, the numerator of which is the actual number of days in the interest period relating to such Transfer Date, and the denominator of which is 360; |
(ii) | a rate not to exceed LIBOR prevailing on the related LIBOR determination date with respect to such interest period plus [•]% per year; and |
(iii) | the outstanding dollar principal amount of the Class [•](201[•]‑[•]) notes at the end of the prior month (or, with respect to the Transfer Date related to the initial interest period, the initial dollar principal amount of the Class [•](201[•]‑[•]) notes). |
(i) | the termination of the issuing entity pursuant to the terms of the indenture; |
(ii) | the payment in full of the Class [•](201[•]‑[•]) notes; |
(iii) | the expected principal payment date for the Class [•](201[•]‑[•]) notes; |
(iv) | the insolvency, conservatorship or receivership of the derivative counterparty; |
(v) | the failure on the part of the issuing entity or the derivative counterparty to make any payment under the derivative agreement within the applicable grace period, if any; |
(vi) | illegality on the part of the issuing entity or the derivative counterparty to be a party to, or perform an obligation under, the derivative agreement; |
(vii) | either the issuing entity or the derivative counterparty will, or there is a substantial likelihood that it will, be required to pay certain taxes or deduct or withhold part of payment received for or on account of a tax; |
(viii) | failure of the derivative counterparty to provide certain organizational or financial information to the issuing entity to the extent that the aggregate significance percentage of all the derivative products provided by the derivative counterparty or its affiliates to the issuing entity is 10% or more; and |
(ix) | the issuing entity amends the master trust II agreement, the Series 2001-D supplement, the trust agreement, the indenture or the BAseries indenture supplement without the consent of the derivative counterparty in a manner that would have an adverse effect on the derivative counterparty or would adversely impact the issuing entity’s ability to perform under the derivative agreement. |
· | the occurrence of the Class [•](201[•]‑[•]) notes’ expected principal payment date; |
· | each of the Pay Out Events applicable to Series 2001‑D, as described under “Master Trust II—Pay Out Events”; or |
· | the issuing entity becoming an “investment company” within the meaning of the Investment Company Act of 1940, as amended. |
· | the issuing entity’s failure, for a period of 35 days, to pay interest upon the Class [•](201[•]‑[•]) notes when such interest becomes due and payable; |
· | the issuing entity’s failure to pay the principal amount of the Class [•](201[•]‑[•]) notes on the applicable legal maturity date; |
· | the issuing entity’s default in the performance, or breach, of any other of its covenants or warranties in the indenture for a period of 60 days after either the indenture trustee or the holders of 25% of the aggregate outstanding dollar principal amount of the outstanding Class [•](201[•]‑[•]) notes has provided written notice requesting remedy of such breach, and, as a result of such default, the interests of the Class [•](201[•]‑[•]) noteholders are materially and adversely affected and continue to be materially and adversely affected during the 60‑day period; and |
· | the occurrence of certain events of bankruptcy, insolvency, conservatorship or receivership of the issuing entity. |
· | if the conditions specified in “The Indenture—Events of Default Remedies” are satisfied and, for subordinated notes of a multiple tranche series [like the [Class B][Class C](201[•]‑[•]) notes], only to the extent that payment is permitted by the subordination provisions of the senior notes of the same series; or |
· | on the legal maturity date of the Class [•](201[•]‑[•]) notes. |
· | the collateral certificate; |
· | the collection account; |
· | the applicable principal funding subaccount; |
· | the applicable interest funding subaccount; [and] |
· | the applicable accumulation reserve subaccount[; and] |
· | [name of any additional issuing entity accounts for the Class [•](201[Ÿ]‑[Ÿ]) notes; and] |
·
|
[the applicable Class C reserve subaccount].
|
· | the portion of collections of principal receivables and finance charge receivables received by the issuing entity under the collateral certificate allocated to the BAseries and available to the [Class A(201[•]‑[•]) notes] [[Class B(201[•]‑[•]) notes] [Class C(201[•]‑[•]) notes] after giving effect to any reallocations, payments and deposits for senior notes]; |
· | funds in the applicable issuing entity accounts for that tranche of notes; and |
· | payments received under any applicable derivative agreement for that tranche of notes. |
FEES AND EXPENSES PAYABLE FROM BASERIES AVAILABLE FUNDS:
|
||
Fee
|
Payee
|
Amount
|
Servicing Fee
|
Servicer
|
2.00% of Series 2001‑D Investor Interest
|
FEES AND EXPENSES PAYABLE FROM BASERIES AVAILABLE PRINCIPAL AMOUNTS:
|
||
Fee
|
Payee
|
Amount
|
Servicing Fee Shortfalls
|
Servicer
|
Any accrued but unpaid servicing fees
|
· | For the $1,000,000,000 of Class A notes, the RSA of subordinated notes is $269,841,200. Of that amount, the RSA of Class B notes is $142,857,100 (which is 14.28571% of $1,000,000,000) and the RSA of Class C notes is $126,984,100 (which is 12.69841% of $1,000,000,000). |
· | Encumbered Class B notes consist of that portion of the Class B notes that provide credit enhancement to the Class A notes (which is equal to the Class A RSA of Class B notes or $142,857,100). |
· | Unencumbered Class B notes consist of that portion of the Class B notes that do not provide credit enhancement to the Class A notes. This unencumbered amount is equal to the aggregate amount of Class B notes ($200,000,000) minus the encumbered Class B notes ($142,857,100). |
·
|
For the $57,142,900 of unencumbered Class B notes, the RSA of Class C notes is $6,349,210.48 (which is 11.11111% of $57,142,900).
|
· | For the $200,000,000 of Class B notes, the RSA of Class C notes is $133,333,310.48, or 100% of the Class A RSA of Class C notes ($126,984,100) plus the Class B RSA of Class C notes for the unencumbered Class B notes ($6,349,210.48). |
· | Encumbered Class C notes consist of that portion of the Class C notes that provide credit enhancement to the Class A or the Class B notes (which is equal to the greater of the Class A RSA of Class C notes and the Class B RSA of Class C Notes, or $133,333,310.48). |
· | Unencumbered Class C notes consist of that portion of the Class C notes that do not provide credit enhancement to the Class A or Class B notes. This unencumbered amount is equal to the aggregate amount of Class C notes ($200,000,000) minus the encumbered Class C notes ($133,333,310.48), or $66,666,689.52. |
· | The required Class D Investor Interest equals the sum of: |
– | (i) The adjusted outstanding dollar principal amount of the Class A notes, divided by 0.6825 ($1,465,201,465.20), minus (ii) the adjusted outstanding dollar principal amount of the Class A notes ($1,000,000,000), minus (iii) the aggregate Class A required subordinated amount of Class B notes ($142,857,100), minus (iv) the aggregate Class A required subordinated amount of Class C notes ($126,984,100), for a total of $195,360,265.20; |
– | (i) (A) the adjusted outstanding dollar principal amount of the Class B notes minus the aggregate Class A required subordinated amount of Class B notes, divided by (B) 0.795 ($71,877,861.64), minus (ii) the adjusted outstanding dollar principal amount of the Class B notes minus the aggregate Class A required subordinated amount of Class B notes ($57,142,900), minus (iii) (A) the adjusted outstanding dollar principal amount of the Class B notes minus the aggregate Class A required subordinated amount of Class B notes, times (B) 0.1111111 ($6,349,210.48), for a total of $8,385,751.16; and |
– | (i) (A) the adjusted outstanding dollar principal amount of the Class C notes minus the aggregate Class B required subordinated amount of Class C notes, divided by (B) 0.895 ($74,487,921.25), minus (ii) the adjusted outstanding dollar principal amount of the Class C notes minus the aggregate Class B required subordinated amount of Class C notes ($66,666,689.52), for a total of $7,821,231.73. |
· | one or more obligations were issued by the trust as of September 27, 2010; |
· | the transfer satisfied specified conditions for sale accounting treatment under generally accepted accounting principles in effect for reporting periods before November 15, 2009; |
· | the transfer involved a securitization of the financial assets; |
· | the depository institution received adequate consideration for the transfer; and |
· | the financial assets were not transferred fraudulently, in contemplation of the depository institution’s insolvency, or with the intent to hinder, delay, or defraud the depository institution or its creditors. |
· | authorize BANA to assign or to stop performing its obligations under the transaction documents, including its obligations to service the receivables, to make payments or deposits, to repurchase receivables, or to provide administrative services for Funding or the issuing entity; |
· | prevent the appointment of a successor servicer or the appointment of a successor provider of administrative services for Funding or the issuing entity; |
· | alter the terms on which BANA continues to service the receivables, to provide administrative services for Funding or the issuing entity, or to perform its other obligations under the transaction documents, including the amount or the priority of the fees paid to BANA; |
· | prevent or limit the commencement of an early redemption of the notes, or instead do the opposite and require the early redemption to commence; |
· | prevent or limit the early liquidation of the receivables or the collateral certificate and the termination of master trust II or the issuing entity, or instead do the opposite and require those to occur; or |
· | prevent or limit continued transfers of receivables or continued distributions on the collateral certificate, or instead do the opposite and require those to continue. |
· | Funding, master trust II, or the issuing entity, and its assets (including the receivables or the collateral certificate), should be substantively consolidated with the bankruptcy estate of Funding or an affiliate or the separate legal existence of Funding, master trust II, or the issuing entity should be disregarded based on a “piercing the corporate veil” or similar theory; or |
· | the receivables or the collateral certificate are necessary for Funding or an affiliate to reorganize. |
· | authorize Funding or an affiliate to assign or to stop performing its obligations under the transaction documents, including its obligations to make payments or deposits or to repurchase receivables; |
· | alter the terms on which Funding or an affiliate continues to perform its obligations under the transaction documents, including the amount or the priority of the fees paid to Funding or an affiliate; |
·
|
prevent or limit the commencement of an early redemption of the notes, or instead do the opposite and require the early redemption to commence;
|
· | prevent or limit the early liquidation of the receivables or the collateral certificate and the termination of master trust II or the issuing entity, or instead do the opposite and require those to occur; or |
· | prevent or limit continued transfers of receivables or continued distributions on the collateral certificate, or instead do the opposite and require those to continue. |
· | the rate of repayment of credit card balances by cardholders, which may be slower or faster than expected which may cause payment on the notes to be earlier or later than expected; |
· | the extent of credit card usage by cardholders, and the creation of additional receivables in the accounts designated to master trust II; and |
· | the rate of default by cardholders. |
· | the portion of the Available Principal Amounts and Available Funds allocated to the BAseries and available to your tranche of notes after giving effect to any reallocations and payments and deposits for senior notes; |
· | funds in the applicable issuing entity accounts for your tranche of notes; and |
· | payments received under any applicable derivative agreement for your tranche of notes. |
· | enough senior notes are repaid so that the subordinated notes are no longer necessary to provide the required subordination; |
· | new subordinated notes are issued so that the subordinated notes which are payable are no longer necessary to provide the required subordination; |
· | the principal funding subaccounts for the senior notes are prefunded so that the subordinated notes are no longer necessary to provide the required subordination; or |
· | the subordinated notes reach their legal maturity date. |
· | acquiring and holding the collateral certificate, other certificates of beneficial interest in master trust II, and the other assets of the issuing entity and the proceeds from these assets, and granting a security interest in these assets; |
· | issuing notes, including the Class [•](201[•]‑[•]) notes; |
· | making payments on the notes; and |
· | engaging in other activities that are necessary or incidental to accomplish these limited purposes, and which are not contrary to maintaining the status of the issuing entity as a “qualifying special purpose entity” under applicable accounting literature. |
· | the collateral certificate; |
· | derivative agreements that the issuing entity will enter into from time to time to manage interest rate or currency risk relating to certain series, classes or tranches of notes; and |
· | funds on deposit in the issuing entity accounts. |
· | acquiring and holding the receivables in revolving credit card accounts designated to master trust II and granting a security interest in these receivables; |
· | issuing investor certificates; |
· | making payments on the investor certificates and transferor certificate; and |
· | engaging in other activities that are necessary or incidental to accomplish these limited purposes, and which are not contrary to maintaining the status of master trust II as a “qualifying special purpose entity” under applicable accounting literature. |
· | If after giving effect to the proposed principal payment there is still a sufficient amount of subordinated notes to support the outstanding senior notes. See “Sources of Funds to Pay the Notes—Deposit and Application of Funds for the BAseries—Targeted Deposits of BAseries Available Principal Amounts to the Principal Funding Account” and “—Allocation to Principal Funding Subaccounts.” For example, if a tranche of Class A notes has been repaid, this generally means that, unless other Class A notes are issued, at least some Class B notes and Class C notes may be repaid when such Class B notes and Class C notes are expected or required to be repaid even if other tranches of Class A notes are outstanding. |
· | If the principal funding subaccounts for the senior classes of notes have been sufficiently prefunded as described in “Sources of Funds to Pay the Notes—Deposit and Application of Funds for the BAseries—Targeted Deposits of BAseries Available Principal Amounts to the Principal Funding Account—Prefunding of the Principal Funding Account for Senior Classes.” |
· | If new tranches of subordinated notes are issued so that the subordinated notes that have reached their expected principal payment date are no longer necessary to provide the required subordination. |
· | If the subordinated tranche of notes reaches its legal maturity date and there is a sale of credit card receivables as described in “Sources of Funds to Pay the Notes—Sale of Credit Card Receivables.” |
· | If Available Funds allocable to a series of notes are insufficient to fund the portion of Investor Default Amounts allocable to such series of notes (which will be allocated to each series of notes pro rata based on the Weighted Average Available Funds Allocation Amount of all notes in such series) such Investor Default Amounts will result in a reduction of the nominal liquidation amount of such series. Within each series, subordinated classes of notes will bear the risk of reduction in their nominal liquidation amount due to charge‑offs resulting from uncovered Investor Default Amounts before senior classes of notes. |
·
|
In a multiple tranche series, including the BAseries, while these reductions will be initially allocated pro rata to each tranche of notes, they will then be reallocated to the subordinated classes of notes in that series in succession, beginning with the most subordinated classes. However, these reallocations will be made from senior notes to subordinated notes only to the extent that such senior notes have not used all of their required subordinated amount. For any tranche, the required subordinated amount will be determined in connection with the issuance of such notes. For multiple tranche series, these reductions will generally be allocated within each class pro rata to each outstanding tranche of the related class based on the Weighted Average Available Funds Allocation Amount of such tranche. Reductions that cannot be reallocated to a subordinated tranche will reduce the nominal liquidation amount of the tranche to which the reductions were initially allocated.
|
· | If Available Principal Amounts are reallocated from subordinated notes of a series to pay interest on senior notes, any shortfall in the payment of the master trust II servicing fee or any other shortfall of Available Funds which Available Principal Amounts are reallocated to cover, the nominal liquidation amount of those subordinated notes will be reduced by the amount of the reallocations. The amount of the reallocation of Available Principal Amounts will be applied to reduce the nominal liquidation amount of the subordinated classes of notes in that series in succession, to the extent of such senior tranches’ required subordinated amount of the related subordinated notes, beginning with the most subordinated classes. No Available Principal Amounts will be reallocated to pay interest on a senior class of notes or any portion of the master trust II servicing fee if such reallocation would result in the reduction of the nominal liquidation amount of such senior class of notes. For a multiple tranche series, these reductions will generally be allocated within each class pro rata to each outstanding tranche of the related class based on the Weighted Average Available Funds Allocation Amount of such tranche. |
· | The nominal liquidation amount of a note will be reduced by the amount on deposit in its respective principal funding subaccount. |
· | The nominal liquidation amount of a note will be reduced by the amount of all payments of principal of that note. |
· | Upon a sale of credit card receivables after the insolvency of Funding, an event of default and acceleration or on the legal maturity date of a note, the nominal liquidation amount of such note will be automatically reduced to zero. See “Sources of Funds to Pay the Notes—Sale of Credit Card Receivables.” |
· | the date of the payment in full of the stated principal amount of and all accrued, past due and additional interest on those notes; |
· | the date on which the outstanding dollar principal amount of the notes is reduced to zero and all accrued, past due and additional interest on those notes is paid in full; |
· | the legal maturity date of those notes, after giving effect to all deposits, allocations, reallocations, sale of credit card receivables and payments to be made on that date; or |
· | the date on which a sale of receivables has taken place for such tranche, as described in “Sources of Funds to Pay the Notes—Sale of Credit Card Receivables.” |
(i) | a fraction, the numerator of which is the Class A required subordinated amount of Class C notes for all Class A BAseries notes that require any credit enhancement from Class B BAseries notes, and the denominator of which is the aggregate adjusted outstanding dollar principal amount of all Class B BAseries notes; plus |
(ii) | 11.11111% (referred to as the unencumbered percentage) multiplied by a fraction, the numerator of which is the aggregate adjusted outstanding dollar principal amount of all Class B BAseries notes minus the required subordinated amount of Class B notes for all Class A BAseries notes, and the denominator of which is the aggregate adjusted outstanding dollar principal amount of all Class B BAseries notes. |
· | a decrease in the aggregate Adjusted Outstanding Dollar Principal Amount of Class A BAseries notes, |
· | a decrease in the Class A required subordinated amount of Class B or Class C notes for outstanding tranches of Class A BAseries notes, or |
· | the issuance of additional Class B BAseries notes. |
· | received confirmation from each rating agency that has rated any outstanding notes that the change will not result in the reduction, qualification or withdrawal of its then‑current rating of any outstanding notes in the BAseries; |
· | delivered an opinion of counsel that for federal income tax purposes (1) the change will not adversely affect the tax characterization as debt of any outstanding series or class of investor certificates issued by master trust II that were characterized as debt at the time of their issuance, (2) following the change, master trust II will not be treated as an association, or a publicly traded partnership, taxable as a corporation, and (3) such change will not cause or constitute an event in which gain or loss would be recognized by any holder of an investor certificate issued by master trust II; and |
· | delivered an opinion of counsel that for federal income tax purposes (1) the change will not adversely affect the tax characterization as debt of any outstanding series, class or tranche of notes of the issuing entity that were characterized as debt at the time of their issuance, (2) following the change, the issuing entity will not be treated as an association, or publicly traded partnership, taxable as a corporation, and (3) such change will not cause or constitute an event in which gain or loss would be recognized by any holder of such notes. |
· | the aggregate nominal liquidation amount of all tranches of outstanding Class B notes on that date, after giving effect to any issuances, deposits, allocations, reallocations or payments for Class B notes to be made on that date; minus |
· | the aggregate amount of the Class A required subordinated amount of Class B notes for all other Class A notes which are outstanding on that date, after giving effect to any issuances, deposits, allocations, reallocations or payments for Class A notes to be made on that date. |
· | the aggregate nominal liquidation amount of all tranches of outstanding Class C notes on that date, after giving effect to any issuances, deposits, allocations, reallocations or payments for Class C notes to be made on that date; minus |
· | the aggregate amount of the Class A required subordinated amount of Class C notes for all tranches of Class A notes for which the Class A required subordinated amount of Class B notes is equal to zero which are outstanding on that date, after giving effect to any issuances, deposits, allocations, reallocations or payments for Class A notes to be made on that date. |
· | the aggregate nominal liquidation amount of all tranches of Class C notes which are outstanding on that date, after giving effect to any issuances, deposits, allocations, reallocations or payments for Class C notes to be made on that date; minus |
· | the sum of: |
– | the aggregate amount of the Class B required subordinated amount of Class C notes for all other tranches of Class B notes which are outstanding on that date, after giving effect to any issuances, deposits, allocations, reallocations or payments for any BAseries notes to be made on that date; plus |
– | the aggregate amount of the Class A required subordinated amount of Class C notes for all tranches of Class A notes for which the Class A required subordinated amount of Class B notes is equal to zero which are outstanding on that date, after giving effect to any issuances, deposits, allocations, reallocations or payments for those Class A notes to be made on that date. |
· | If after giving effect to the proposed principal payment there is still a sufficient amount of subordinated notes to support the outstanding senior notes. See “Sources of Funds to Pay the Notes—Deposit and Application of Funds for the BAseries—Targeted Deposits of BAseries Available Principal Amounts to the Principal Funding Account” and “—Allocation to Principal Funding Subaccounts.” For example, if a tranche of Class A notes has been repaid, this generally means that, unless other Class A notes are issued, at least some Class B notes and Class C notes may be repaid when they are expected to be repaid even if other tranches of Class A notes are outstanding. |
·
|
If the principal funding subaccounts for the senior classes of notes have been sufficiently prefunded as described in “Sources of Funds to Pay the Notes—Deposit and Application of Funds for the BAseries—Targeted Deposits of BAseries Available Principal Amounts to the Principal Funding Account—Prefunding of the Principal Funding Account for Senior Classes.”
|
· | If new tranches of subordinated notes are issued so that the subordinated notes that have reached their expected principal payment date are no longer necessary to provide the required subordination. |
· | If the subordinated tranche of notes reaches its legal maturity date and there is a sale of credit card receivables as described in “Sources of Funds to Pay the Notes—Sale of Credit Card Receivables.” |
· | (i) the Adjusted Outstanding Dollar Principal Amount of the Class A notes (other than the Class A(2001‑Emerald) notes), divided by 0.6825, minus (ii) the Adjusted Outstanding Dollar Principal Amount of the Class A notes (other than the Class A(2001‑Emerald) notes), minus (iii) the aggregate Class A required subordinated amount of Class B notes, minus (iv) the aggregate Class A required subordinated amount of Class C notes minus the Class A required subordinated amount of Class C notes for the Class A(2001‑Emerald) notes; plus |
· | (i) the Adjusted Outstanding Dollar Principal Amount of the Class A(2001‑Emerald) notes, divided by 0.85, minus (ii) the Adjusted Outstanding Dollar Principal Amount of the Class A(2001‑Emerald) notes, minus (iii) the Class A required subordinated amount of Class C notes for the Class A(2001‑Emerald) notes; plus |
· | (i) (A) the Adjusted Outstanding Dollar Principal Amount of the Class B notes minus the aggregate Class A required subordinated amount of Class B notes, divided by (B) 0.795, minus (ii) the Adjusted Outstanding Dollar Principal Amount of the Class B notes minus the aggregate Class A required subordinated amount of Class B notes, minus (iii) (A) the Adjusted Outstanding Dollar Principal Amount of the Class B notes minus the aggregate Class A required subordinated amount of Class B notes, times (B) 0.1111111; plus |
· | (i) (A) the Adjusted Outstanding Dollar Principal Amount of the Class C notes minus the sum of (x) the aggregate Class B required subordinated amount of Class C notes plus (y) the Class A required subordinated amount of Class C notes for the Class A(2001‑Emerald) notes, divided by (B) 0.895, minus (ii) the Adjusted Outstanding Dollar Principal Amount of the Class C notes minus the sum of (A) the aggregate Class B required subordinated amount of Class C notes plus (B) the Class A required subordinated amount of Class C notes for the Class A(2001‑Emerald) notes. |
· | received confirmation from each rating agency that has rated any outstanding notes that the change will not result in the reduction, qualification or withdrawal of its then‑current rating of any outstanding notes; |
· | delivered an opinion of counsel that for federal income tax purposes (1) the change will not adversely affect the tax characterization as debt of any outstanding series or class of investor certificates issued by master trust II that were characterized as debt at the time of their issuance, (2) following the change, master trust II will not be treated as an association, or a publicly traded partnership, taxable as a corporation, and (3) such change will not cause or constitute an event in which gain or loss would be recognized by any holder of an investor certificate issued by master trust II; and |
· | delivered an opinion of counsel that for federal income tax purposes (1) the change will not adversely affect the tax characterization as debt of any outstanding series, class or tranche of notes of the issuing entity that were characterized as debt at the time of their issuance, (2) following the change, the issuing entity will not be treated as an association, or publicly traded partnership, taxable as a corporation, and (3) such change will not cause or constitute an event in which gain or loss would be recognized by any holder of such notes. |
· | first, on or before the third Business Day before a new issuance of notes, the issuing entity gives the indenture trustee and the rating agencies written notice of the issuance; |
· | second, on or prior to the date that the new issuance is to occur, the issuing entity delivers to the indenture trustee and each rating agency a certificate to the effect that: |
—
|
the issuing entity reasonably believes that the new issuance will not at the time of its occurrence or at a future date (i) cause an early redemption event or event of default, (ii) adversely affect the amount of funds available to be distributed to noteholders of any series, class or tranche of notes or the timing of such distributions, or (iii) adversely affect the security interest of the indenture trustee in the collateral securing the outstanding notes;
|
—
|
all instruments furnished to the indenture trustee conform to the requirements of the indenture and constitute sufficient authority under the indenture for the indenture trustee to authenticate and deliver the notes;
|
—
|
the form and terms of the notes have been established in conformity with the provisions of the indenture;
|
—
|
all laws and requirements relating to the execution and delivery by the issuing entity of the notes have been complied with, the issuing entity has the power and authority to issue the notes, and the notes have been duly authorized and delivered by the issuing entity, and, assuming due authentication and delivery by the indenture trustee, constitute legal, valid and binding obligations of the issuing entity enforceable in accordance with their terms (subject to certain limitations and conditions), and are entitled to the benefits of the indenture equally and ratably with all other notes, if any, of such series, class or tranche outstanding subject to the terms of the indenture, each indenture supplement and each terms document; and
|
—
|
the issuing entity shall have satisfied such other matters as the indenture trustee may reasonably request;
|
· | third, the issuing entity delivers to the indenture trustee and the rating agencies an opinion of counsel that for federal income tax purposes (i) the new issuance will not adversely affect the tax characterization as debt of any outstanding series or class of investor certificates issued by master trust II that were characterized as debt at the time of their issuance, (ii) following the new issuance, master trust II will not be treated as an association, or a publicly traded partnership, taxable as a corporation, and (iii) the new issuance will not cause or constitute an event in which gain or loss would be recognized by any holder of an investor certificate issued by master trust II; |
· | fourth, the issuing entity delivers to the indenture trustee and the rating agencies an opinion of counsel that for federal income tax purposes (i) the new issuance will not adversely affect the tax characterization as debt of any outstanding series, class or tranche of notes that were characterized as debt at the time of their issuance, (ii) following the new issuance, the issuing entity will not be treated as an association, or publicly traded partnership, taxable as a corporation, (iii) such issuance will not cause or constitute an event in which gain or loss would be recognized by any holder of such outstanding notes, and (iv) except as provided in the related indenture supplement, following the new issuance of a series, class or tranche of notes, the newly issued series, class or tranche of notes will be properly characterized as debt; |
· | fifth, the issuing entity delivers to the indenture trustee an indenture supplement and terms document relating to the applicable series, class or tranche of notes; |
· | sixth, no Pay Out Event with respect to Series 2001‑D has occurred or is continuing as of the date of the new issuance; |
· | seventh, in the case of foreign currency notes, the issuing entity appoints one or more paying agents in the appropriate countries; |
· | eighth, each rating agency that has rated any outstanding notes has provided confirmation that the new issuance of notes will not cause a reduction, qualification or withdrawal of the ratings of any outstanding notes rated by that rating agency; |
· | ninth, the provisions governing required subordinated amounts are satisfied; [and] |
· | [describe any additional conditions, as applicable]. |
· | the conditions to issuance listed above are satisfied; |
· | any increase in the targeted deposit amount of any Class C reserve subaccount caused by such issuance will have been funded on or prior to such issuance date; and |
· | in the case of Class A or Class B BAseries notes, the required subordinated amount is available at the time of its issuance. |
· | the ownership interests of its participants, including the U.S. depositories; and |
· | all transfers of ownership interests between its participants. |
· | the ownership interests of their customers, including indirect participants, that hold the notes through those participants; and |
· | all transfers between these persons. |
· | DTC is unwilling or unable to continue as depository for the global notes or ceases to be a registered “clearing agency” and the issuing entity is unable to find a qualified replacement for DTC; |
· | the issuing entity, in its sole discretion, elects to terminate the book‑entry system through DTC; or |
· | any event of default has occurred relating to those book‑entry notes and beneficial owners evidencing not less than 50% of the unpaid outstanding dollar principal amount of the notes of that class advise the indenture trustee and DTC that the continuation of a book‑entry system is no longer in the best interests of those beneficial owners. |
·
|
the sum of the Daily Available Funds Amounts for each day during such month for that series of notes,
|
· | that series’s pro rata portion of the net investment earnings, if any, in the master trust II finance charge account that are allocated to Series 2001‑D with respect to the related Transfer Date, based on the ratio of the aggregate amount on deposit in the master trust II finance charge account for that series of notes to the aggregate amount on deposit in the master trust II finance charge account for all series of notes, and |
· | that series’s pro rata portion of the net investment earnings, if any, in the master trust II principal account that are allocated to Series 2001‑D with respect to the related Transfer Date, based on the ratio of the aggregate amount on deposit in the master trust II principal account for that series of notes to the aggregate amount on deposit in the master trust II principal account for all series of notes. |
· | such series’s monthly principal payment; or |
· | in the event that Available Principal Amounts for any month are less than the aggregate monthly principal payments for all series of notes, Available Principal Amounts will be allocated to each series of notes with a monthly principal payment for such month to the extent needed by each such series to cover its monthly principal payment in an amount equal to the lesser of (a) the sum of the Daily Principal Amounts for each day during such month for such series of notes and (b) the monthly principal payment for such series of notes for such month. |
· | The BAseries’s share of collections of finance charge receivables allocated and paid to the collateral certificateholder and investment earnings on funds held in the collection account. See “—Deposit and Application of Funds” above. |
· | Withdrawals from the accumulation reserve subaccount. If the number of months targeted to accumulate budgeted deposits of BAseries Available Principal Amounts for the payment of principal on a tranche of notes is greater than one month, then the issuing entity will begin to fund an accumulation reserve subaccount for such tranche. See “—Targeted Deposits of BAseries Available Principal Amounts to the Principal Funding Account” below. The amount targeted to be deposited in the accumulation reserve account for each month, beginning with the third month prior to the first Transfer Date on which BAseries Available Principal Amounts are to be accumulated for such tranche, will be an amount equal to 0.5% of the outstanding dollar principal amount of such tranche of notes. |
· | On each Transfer Date, the issuing entity will calculate the targeted amount of principal funding subaccount earnings for each tranche of notes, which will be equal to the amount that the funds (other than prefunded amounts) on deposit in each principal funding subaccount would earn at the interest rate payable by the issuing entity—taking into account payments due under applicable derivative agreements—on the related tranche of notes. As a general rule, if the amount actually earned on such funds on deposit is less than the targeted amount of earnings, then the amount of such shortfall will be withdrawn from the applicable accumulation reserve subaccount and treated as BAseries Available Funds for such month. |
· |
Additional finance charge collections allocable to the BAseries. The issuing entity will notify the servicer from time to time of the aggregate prefunded amount on deposit in the principal funding account. Whenever there are any prefunded amounts on deposit in any principal funding subaccount, master trust II will designate an amount of the Transferor Interest equal to such prefunded amounts. On each Transfer Date, the issuing entity will calculate the targeted amount of principal funding subaccount prefunded amount earnings for each tranche of notes, which will be equal to the amount that the prefunded amounts on deposit in each principal funding subaccount would earn at the interest rate payable by the issuing entity—taking into account payments due under applicable derivative agreements—
|
|
on the related tranche of notes. As a general rule, if the amount actually earned on such funds on deposit is less than the targeted amount of earnings, collections of finance charge receivables allocable to such designated portion of the Transferor Interest up to the amount of the shortfall will be treated as BAseries Available Funds. See “Master Trust II—Application of Collections” in this prospectus.
|
· | Investment earnings on amounts on deposit in the principal funding account, interest funding account, and accumulation reserve account for the BAseries. |
· | Any shared excess available funds allocable to the BAseries. See “—Shared Excess Available Funds” below. |
· | Amounts received from derivative counterparties. Payments received under derivative agreements for interest on notes of the BAseries payable in U.S. dollars will be treated as BAseries Available Funds. |
· | first, to make the targeted deposits to the interest funding account to fund the payment of interest on the notes and related payments due to derivative counterparties; |
· | second, to pay the BAseries’s share of the master trust II servicing fee, plus any previously due and unpaid master trust II servicing fee allocable to the BAseries, to the servicer; |
· | third, to be treated as BAseries Available Principal Amounts in an amount equal to the amount of Investor Default Amounts allocated to the BAseries for the preceding month; |
· | fourth, to be treated as BAseries Available Principal Amounts in an amount equal to the Nominal Liquidation Amount Deficits, if any, of BAseries notes; |
· | fifth, to make the targeted deposit to the accumulation reserve account, if any; |
· | sixth, to make the targeted deposit to the Class C reserve account, if any; |
· | seventh, to make any other payment or deposit required by any class or tranche of BAseries notes; |
· | eighth, to be treated as Available Principal Amounts used to reimburse any reductions in the Class D Investor Interest due to Class D Investor Charge‑Offs or reallocations of collections of principal receivables allocable to the Class D certificate to pay interest on the notes or a portion of the master trust II servicing fee allocated to Series 2001‑D; |
· | ninth, to be treated as shared excess available funds; and |
· | tenth, to the issuing entity. |
· | Interest Payments. The deposit targeted for any tranche of outstanding interest‑bearing notes on each Transfer Date will be equal to the amount of interest accrued on the outstanding dollar principal amount of that tranche during the period from and including the first Monthly Interest Accrual Date in the prior month to but excluding the first Monthly Interest Accrual Date for the current month. |
· | Amounts Owed to Derivative Counterparties. If a tranche of notes has a Performing or non‑Performing derivative agreement for interest that provides for payments to the applicable derivative counterparty, in addition to any applicable stated interest as determined under the item above, the deposit targeted for that tranche of notes on each Transfer Date for any payment to the derivative counterparty will be specified in the BAseries indenture supplement. |
· | Specified Deposits. If any tranche of notes provides for deposits in addition to or different from the deposits described above to be made to the interest funding subaccount for that tranche, the deposits targeted for that tranche each month are the specified amounts. |
· | Additional Interest. The deposit targeted for any tranche of notes that has previously due and unpaid interest for any month will include the interest accrued on that overdue interest during the period from and including the first Monthly Interest Accrual Date in the prior month to but excluding the first Monthly Interest Accrual Date for the current month. |
· | BAseries Available Funds are at least equal to targeted amounts. If BAseries Available Funds are at least equal to the sum of the deposits targeted by each tranche of notes as described above, then that targeted amount will be deposited in the interest funding subaccount established for each tranche. |
· | BAseries Available Funds are less than targeted amounts. If BAseries Available Funds are less than the sum of the deposits targeted by each tranche of notes as described above, then BAseries Available Funds will be allocated to each tranche of notes as follows: |
—
|
first, to cover the deposits for the Class A notes (including any applicable derivative counterparty payments),
|
—
|
second, to cover the deposits for the Class B notes (including any applicable derivative counterparty payments), and
|
—
|
third, to cover the deposits for the Class C notes (including any applicable derivative counterparty payments).
|
—
|
the aggregate amount of the deposits targeted for that tranche of notes, to
|
—
|
the aggregate amount of the deposits targeted for all tranches of notes in such class.
|
· | first, to each tranche of Class A notes, |
· | second, to each tranche of Class B notes, and |
·
|
third, to each tranche of Class C notes.
|
—
|
the Nominal Liquidation Amount Deficit of such tranche of notes, to
|
—
|
the aggregate Nominal Liquidation Amount Deficits of all tranches of such class.
|
· | first, for each month, if BAseries Available Funds are insufficient to make the full targeted deposit into the interest funding subaccount for any tranche of Class A notes, then BAseries Available Principal Amounts (in an amount not to exceed the sum of the investor percentage of collections of principal receivables allocated to the Class B notes and the Class C notes for each day during such month) will be allocated to the interest funding subaccount of each such tranche of Class A notes pro rata based on, in the case of each such tranche of Class A notes, the lesser of: |
—
|
the amount of the deficiency of the targeted amount to be deposited into the interest funding subaccount of such tranche of Class A notes, and
|
—
|
an amount equal to the sum of the Class A Unused Subordinated Amount of Class C notes plus the Class A Unused Subordinated Amount of Class B notes for such tranche of Class A notes (determined after giving effect to the allocation of charge‑offs for uncovered Investor Default Amounts);
|
· | second, for each month, if BAseries Available Funds are insufficient to make the full targeted deposit into the interest funding subaccount for any tranche of Class B notes, then BAseries Available Principal Amounts (in an amount not to exceed the sum of the investor percentage of collections of principal receivables allocated to the Class B notes and the Class C notes for each day during such month minus the aggregate amount of BAseries Available Principal Amounts reallocated as described in the first clause above) will be allocated to the interest funding subaccount of each such tranche of Class B notes pro rata based on, in the case of each such tranche of Class B notes, the lesser of: |
—
|
the amount of the deficiency of the targeted amount to be deposited into the interest funding subaccount of such tranche of Class B notes, and
|
—
|
an amount equal to the Class B Unused Subordinated Amount of Class C notes for such tranche of Class B notes (determined after giving effect to the allocation of charge‑offs for
|
|
uncovered Investor Default Amounts and the reallocation of BAseries Available Principal Amounts as described in the first clause above);
|
· | third, for each month, if BAseries Available Funds are insufficient to pay the portion of the master trust II servicing fee allocable to the BAseries, then BAseries Available Principal Amounts (in an amount not to exceed the sum of the investor percentage of collections of principal receivables allocated to the Class B notes and the Class C notes for each day during such month minus the aggregate amount of BAseries Available Principal Amounts reallocated as described in the first and second clauses above) will be paid to the servicer in an amount equal to, and allocated to each such tranche of Class A notes pro rata based on, in the case of each tranche of Class A notes, the lesser of: |
—
|
the amount of the deficiency times the ratio of the Weighted Average Available Funds Allocation Amount for such tranche for such month to the Weighted Average Available Funds Allocation Amount for the BAseries for such month, and
|
—
|
an amount equal to the Class A Unused Subordinated Amount of Class C notes plus the Class A Unused Subordinated Amount of Class B notes for such tranche of Class A notes (determined after giving effect to the allocation of charge‑offs for uncovered Investor Default Amounts and the reallocation of BAseries Available Principal Amounts as described in the first and second clauses above);
|
· | fourth, for each month, if BAseries Available Funds are insufficient to pay the portion of the master trust II servicing fee allocable to the BAseries, then BAseries Available Principal Amounts (in an amount not to exceed the sum of the investor percentage of collections of principal receivables allocated to the Class B notes and the Class C notes for each day during such month minus the aggregate amount of BAseries Available Principal Amounts reallocated as described in the first, second and third clauses above) will be paid to the servicer in an amount equal to, and allocated to each tranche of Class B notes pro rata based on, in the case of each such tranche of Class B notes, the lesser of: |
—
|
the amount of the deficiency times the ratio of the Weighted Average Available Funds Allocation Amount for such tranche for such month to the Weighted Average Available Funds Allocation Amount for the BAseries for such month, and
|
—
|
an amount equal to the Class B Unused Subordinated Amount of Class C notes for such tranche of Class B notes (determined after giving effect to the allocation of charge‑offs for uncovered Investor Default Amounts and the reallocation of BAseries Available Principal Amounts as described in the preceding clauses);
|
· | fifth, to make the targeted deposits to the principal funding account as described below under “—Targeted Deposits of BAseries Available Principal Amounts to the Principal Funding Account;” and |
· | sixth, to the issuing entity for reinvestment in the Investor Interest of Series 2001‑D. |
· | Principal Payment Date. For the month before any principal payment date of a tranche of notes, the deposit targeted for that tranche of notes for that month is equal to the nominal liquidation amount of that tranche of notes as of the close of business on the last day of such month, determined after giving effect to any charge‑offs for uncovered Investor Default Amounts and any reallocations, payments or deposits of BAseries Available Principal Amounts occurring on the following Transfer Date. |
· | Budgeted Deposits. For each month beginning with the twelfth month before the expected principal payment date of that tranche of notes, the deposit targeted to be made into the principal funding subaccount for that tranche of notes will be one‑twelfth of the expected outstanding dollar principal amount of that tranche of notes as of its expected principal payment date. |
· |
The issuing entity may postpone the date of the targeted deposits described in the previous sentence. If the issuing entity determines that fewer months than expected would be required to accumulate BAseries Available Principal Amounts necessary to pay a tranche of notes on its expected principal payment date, using conservative historical information about payment rates of principal receivables under master trust II and after taking into account all of the other expected payments of principal of master trust II investor certificates and notes to be made in the next twelve months, then the start of the targeted deposits may be postponed each month by one month, with proportionately larger targeted deposits for each month of postponement. The issuing entity will make this determination initially no later than the fifteenth month before the expected principal payment date of that tranche of notes and each month thereafter until the month before the expected principal payment date of that tranche of notes.
|
· | Prefunding of the Principal Funding Account for Senior Classes. If the issuing entity determines that any date on which principal is payable or to be deposited into a principal funding subaccount for any tranche of Class C notes will occur at a time when the payment or deposit of all or part of that tranche of Class C notes would be prohibited because it would cause a deficiency in the remaining available subordination for the Class A notes or Class B notes, the targeted deposit amount for the Class A notes and Class B notes will be an amount equal to the portion of the Adjusted Outstanding Dollar Principal Amount of the Class A notes and Class B notes that would have to cease to be outstanding in order to permit the payment of or deposit for that tranche of Class C notes. |
· | If the issuing entity determines that any date on which principal is payable or to be deposited into a principal funding subaccount for any tranche of Class B notes will occur at a time |
when the payment or deposit of all or part of that tranche of Class B notes would be prohibited because it would cause a deficiency in the remaining available subordination for the Class A notes, the targeted deposit amount for the Class A notes will be an amount equal to the portion of the Adjusted Outstanding Dollar Principal Amount of the Class A notes that would have to cease to be outstanding in order to permit the payment of or deposit for that tranche of Class B notes. |
· | Prefunding of the principal funding subaccount for the senior tranches of the BAseries will continue until: |
—
|
enough senior notes are repaid so that the subordinated notes that are payable are no longer necessary to provide the required subordination for the outstanding senior notes;
|
—
|
new subordinated notes are issued so that the subordinated notes that are payable are no longer necessary to provide the required subordination for the outstanding senior notes; or
|
—
|
the principal funding subaccounts for the senior notes are prefunded so that the subordinated notes that are payable are no longer necessary to provide the required subordination for the outstanding senior notes.
|
· | Event of Default, Early Redemption Event or Other Optional or Mandatory Redemption. If any tranche of notes has been accelerated after the occurrence of an event of default during that month, or an early redemption event or other optional or mandatory redemption has occurred relating to any tranche of notes, the deposit targeted for that tranche of notes for that month and each following month will equal the nominal liquidation amount of that tranche of notes as of the close of business on the last day of the preceding month, determined after giving effect to reallocations, payments or deposits occurring on the Transfer Date for that month. |
· | Amounts Owed to Derivative Counterparties. If a tranche of U.S. dollar notes or foreign currency notes that has a Performing or non‑Performing derivative agreement for principal that provides for a payment to the applicable derivative counterparty, the deposit targeted for that tranche of notes on each Transfer Date for any payment to the derivative counterparty will be specified in the BAseries indenture supplement. |
· | BAseries Available Principal Amounts Equal Targeted Amounts. If BAseries Available Principal Amounts remaining after giving effect to clauses one through four under “—Application of BAseries Available Principal Amounts” are equal to the sum of the deposits targeted by each tranche of notes, then the applicable targeted amount will be deposited in the principal funding subaccount established for each tranche. |
· | BAseries Available Principal Amounts Are Less Than Targeted Amounts. If BAseries Available Principal Amounts remaining after giving effect to clauses one through four under “—Application of BAseries Available Principal Amounts” are less than the sum of the deposits targeted by each tranche of notes, then BAseries Available Principal Amounts will be deposited in the principal funding subaccounts for each tranche in the following priority: |
—
|
first, the amount available will be allocated to the Class A notes,
|
—
|
second, the amount available after the application above will be allocated to the Class B notes, and
|
—
|
third, the amount available after the applications above will be allocated to the Class C notes.
|
—
|
the amount targeted to be deposited into the principal funding subaccount for the applicable tranche of such class, to
|
—
|
the aggregate amount targeted to be deposited into the principal funding subaccount for all tranches of such class.
|
—
|
the available subordinated amount of Class C notes is at least equal to the required subordinated amount of Class C notes for all outstanding Class A notes minus the Class A Usage of Class C Required Subordinated Amount for all Class A notes; and
|
—
|
the available subordinated amount of Class C notes is at least equal to the required subordinated amount of Class C notes for all outstanding Class B notes minus the Class B Usage of Class C Required Subordinated Amount for all Class B notes.
|
· | Withdrawals for U.S. Dollar Notes. On each applicable interest payment date for each tranche of U.S. dollar notes, an amount equal to interest due on the applicable tranche of notes on the applicable interest payment date (including any overdue interest payments and additional interest on overdue interest payments) will be withdrawn from that interest funding subaccount and paid to the applicable paying agent. |
· | Withdrawals for Foreign Currency Notes with a Non‑Performing Derivative Agreement. On each applicable interest payment date for a tranche of foreign currency notes that has a non‑Performing derivative agreement for interest, the amount specified in the BAseries indenture supplement will be withdrawn from that interest funding subaccount and, if so specified in the applicable indenture supplement, converted to the applicable foreign currency at the applicable spot exchange rate and remitted to the applicable paying agent. |
· |
Withdrawals for Payments to Derivative Counterparties. On each date on which a payment is required under the applicable derivative agreement, for any tranche of notes that has a Performing or non‑Performing derivative agreement for interest, an amount equal to the amount of the payment to be made under the applicable derivative agreement (including, if applicable, any overdue payment and any additional interest on overdue payments) will be withdrawn from that interest funding subaccount and paid in accordance with the BAseries indenture supplement.
|
· | Withdrawals for U.S. Dollar Notes with no Derivative Agreement for Principal. On each applicable principal payment date, for each tranche of U.S. dollar notes that has no derivative agreement for principal, an amount equal to the principal due on the applicable tranche of notes on the applicable principal payment date will be withdrawn from the applicable principal funding subaccount and paid to the applicable paying agent. |
·
|
Withdrawals for U.S. Dollar or Foreign Currency Notes with a Performing Derivative Agreement for Principal. On each date on which a payment is required under the applicable derivative agreement for any tranche of U.S. dollar or foreign currency notes that has a Performing derivative agreement for principal, an amount equal to the amount of the payment to be made under the applicable derivative agreement will be withdrawn from the applicable principal funding subaccount and paid to the applicable derivative counterparty. The issuing entity will direct the applicable derivative counterparty to remit its payments under the applicable derivative agreement to the applicable paying agent.
|
· | Withdrawals for Foreign Currency Notes with a non‑Performing Derivative Agreement for Principal. On each principal payment date for a tranche of foreign currency notes that has a non‑Performing derivative agreement for principal, an amount equal to the amount specified in the applicable indenture supplement will be withdrawn from that principal funding subaccount and, if so specified in the applicable indenture supplement, converted to the applicable foreign currency at the prevailing spot exchange rate and paid to the applicable paying agent. |
· | Withdrawals for U.S. Dollar Notes with a non‑Performing Derivative Agreement for Principal. On each principal payment date for a tranche of U.S. dollar notes with a non‑Performing derivative agreement for principal, the amount specified in the applicable indenture supplement will be withdrawn from the applicable principal funding subaccount and paid to the applicable paying agent. |
· | Withdrawals of Prefunded Amounts. If prefunding of the principal funding subaccounts for senior classes of notes is no longer necessary as a result of payment of senior notes or issuance of additional subordinated notes, as described under “—Targeted Deposits of BAseries Available Principal Amounts to the Principal Funding Account—Prefunding of the Principal Funding Account for Senior Classes,” the prefunded amounts will be withdrawn from the principal funding account and first, allocated among and deposited to the principal funding subaccounts of the Class A notes up to the amount then targeted to be on deposit in such principal funding subaccount; second, allocated among and deposited to the principal funding subaccounts of the Class B notes up to the amount then targeted to be on deposit in such principal funding subaccount; third, allocated among and deposited to the principal funding subaccount of the Class C notes up to the amount then targeted to be on deposit in such principal funding subaccount; and fourth, any remaining amounts paid to master trust II to increase the Investor Interest of Series 2001‑D. |
· | Withdrawals on the Legal Maturity Date. On the legal maturity date of any tranche of notes, amounts on deposit in the principal funding subaccount of such tranche may be applied to pay principal of that tranche or to make a payment under a derivative agreement with respect to principal of that tranche. |
· | Payments of Interest and Payments Relating to Derivative Agreements for Interest. If the amount on deposit in the interest funding subaccount for any tranche of Class C notes is insufficient to pay in full the amounts for which withdrawals are required, the amount of the deficiency will be withdrawn from the applicable Class C reserve subaccount and deposited into the applicable interest funding subaccount. |
· | Payments of Principal and Payments Relating to Derivative Agreements for Principal. If, on and after the earliest to occur of (i) the date on which any tranche of Class C notes is accelerated pursuant to the indenture following an event of default relating to such tranche, (ii) any date on or after the Transfer Date immediately preceding the expected principal payment date on which the amount on deposit in the principal funding subaccount for any tranche of Class C notes plus the aggregate amount on deposit in the Class C reserve subaccount for such tranche of Class C notes equals or exceeds the outstanding dollar principal amount of such Class C notes and (iii) the legal maturity date for any tranche of Class C notes, the amount on deposit in the principal funding subaccount for any tranche of Class C notes is insufficient to pay in full the amounts for which withdrawals are required, the amount of the deficiency will be withdrawn from the applicable Class C reserve subaccount and deposited into the applicable principal funding subaccount. |
· | Excess Amounts. If on any Transfer Date the aggregate amount on deposit in any Class C reserve subaccount is greater than the amount required to be on deposit in the applicable |
Class C reserve subaccount and such Class C notes have not been accelerated, the excess will be withdrawn and first allocated among and deposited to the other Class C reserve subaccounts in a manner similar to that described in the second paragraph of “—Targeted Deposits to the Accumulation Reserve Account” and then paid to the issuing entity. In addition, after payment in full of any tranche of Class C notes, any amount remaining on deposit in the applicable Class C reserve subaccount will be applied in accordance with the preceding sentence. |
· | Interest. On or prior to each Transfer Date, the issuing entity will calculate for each tranche of notes the amount of any shortfall of net investment earnings for amounts on deposit in the principal funding subaccount for that tranche (other than prefunded amounts) over the amount of interest that would have accrued on such deposit if that tranche had borne interest at the applicable note interest rate (or other rate specified in the BAseries indenture supplement) for the prior month. If there is any such shortfall for that Transfer Date, or any unpaid shortfall from any earlier Transfer Date, the issuing entity will withdraw the sum of those amounts from the accumulation reserve subaccount, to the extent available, for treatment as BAseries Available Funds for such month. |
· | Payment to Issuing Entity. Upon payment in full of any tranche of notes, any amount on deposit in the applicable accumulation reserve subaccount will be paid to the issuing entity. |
· | the date of the payment in full of the stated principal amount of and all accrued, past due and additional interest on that tranche of notes; |
· | the date on which the outstanding dollar principal amount of that tranche of notes is reduced to zero, and all accrued, past due or additional interest on that tranche of notes is paid in full; |
· | the legal maturity date of that tranche of notes, after giving effect to all deposits, allocations, reallocations, sales of credit card receivables and payments to be made on that date; or |
· | the date on which a sale of receivables has taken place for such tranche, as described in “—Sale of Credit Card Receivables.” |
· | the holders of 90% of the aggregate outstanding dollar principal amount of the accelerated tranche of notes consent; |
· | the net proceeds of such sale (plus amounts on deposit in the applicable subaccounts and payments to be received from any applicable derivative agreement) would be sufficient to pay all amounts due on the accelerated tranche of notes; or |
· | if the indenture trustee determines that the funds to be allocated to the accelerated tranche of notes, including BAseries Available Funds and BAseries Available Principal Amounts allocable to the accelerated tranche of notes, payments to be received from any applicable derivative agreement and amounts on deposit in the applicable subaccounts, may not be sufficient on an ongoing basis to make all payments on the accelerated tranche of notes as such payments would have become due if such obligations had not been declared due and payable, and 66⅔% of the noteholders of the accelerated tranche of notes consent to the sale. |
· | to deliver to noteholders of record certain notices, reports and other documents received by the indenture trustee, as required under the indenture; |
· | to authenticate, deliver, cancel and otherwise administer the notes; |
· | to maintain custody of the collateral certificate pursuant to the terms of the indenture; |
· | to establish and maintain necessary issuing entity accounts and to maintain accurate records of activity in those accounts; |
· | to serve as the initial transfer agent, paying agent and registrar, and, if it resigns these duties, to appoint a successor transfer agent, paying agent and registrar; |
· | to invest funds in the issuing entity accounts at the direction of the issuing entity; |
· | to represent the noteholders in interactions with clearing agencies and other similar organizations; |
· | to distribute and transfer funds at the direction of the issuing entity, as applicable, in accordance with the terms of the indenture; |
·
|
to periodically report on and notify noteholders of certain matters relating to actions taken by the indenture trustee, property and funds that are possessed by the indenture trustee, and other similar matters; and
|
· | to perform certain other administrative functions identified in the indenture. |
· | demand immediate payment by the issuing entity of all principal and accrued interest on the notes; |
· | enhance monitoring of the securitization; |
· | protect the interests of the noteholders in the collateral certificate or the receivables in a bankruptcy or insolvency proceeding; |
· | prepare and send timely notice to noteholders of the event of default; |
· | institute judicial proceedings for the collection of amounts due and unpaid; |
· | rescind and annul a declaration of acceleration of the notes by the noteholders following an event of default; and |
· | cause master trust II to sell credit card receivables (see “Sources of Funds to Pay the Notes—Sale of Credit Card Receivables”). |
· | claim any credit on or make any deduction from the principal and interest payable on the notes, other than amounts withheld in good faith from such payments under the Internal Revenue Code or other applicable tax law, |
· | voluntarily dissolve or liquidate, or |
· | permit (A) the validity or effectiveness of the indenture to be impaired, or permit the lien created by the indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any person to be released from any covenants or obligations with respect to the notes under the indenture except as may be expressly permitted by the indenture, (B) any lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien created by the indenture) to be created on or extend to or otherwise arise upon or burden the collateral securing the notes or proceeds thereof, or (C) the lien of the indenture not to constitute a valid first priority security interest in the collateral securing the notes. |
· | the issuing entity defaults in the payment of interest on any series, class or tranche of notes when such interest becomes due and payable and such default continues for a period of 35 days following the date on which such interest became due and payable, or |
· | the issuing entity defaults in the payment of the principal of any series, class or tranche of notes on its legal maturity date, |
· | for any tranche of notes, the occurrence of such note’s expected principal payment date; |
· | each of the Pay Out Events applicable to Series 2001‑D, as described under “Master Trust II—Pay Out Events”; |
· | the issuing entity becoming an “investment company” within the meaning of the Investment Company Act of 1940, as amended; and |
· | for any series, class or tranche of notes, any additional early redemption event determined in connection with the issuance of such series, class or tranche of notes, as applicable. |
· | for any tranche of notes, the issuing entity’s failure, for a period of 35 days, to pay interest on such notes when such interest becomes due and payable; |
· | for any tranche of notes, the issuing entity’s failure to pay the principal amount of such notes on the applicable legal maturity date; |
· | the issuing entity’s default in the performance, or breach, of any other of its covenants or warranties in the indenture, for a period of 60 days after either the indenture trustee or the holders of at least 25% of the aggregate outstanding dollar principal amount of the outstanding notes of the affected series, class or tranche has provided written notice requiring remedy of such breach, and, as a result of such default, the interests of the related noteholders are materially and adversely affected and continue to be materially and adversely affected during the 60‑day period; |
· | the occurrence of certain events of bankruptcy, insolvency, conservatorship or receivership of the issuing entity; and |
· | for any series, class or tranche of notes, any additional events of default determined in connection with the issuance of such series, class or tranche of notes, as applicable. |
· | the noteholders of 90% of the aggregate outstanding dollar principal amount of the accelerated series, class or tranche of notes consent; or |
· | the net proceeds of such sale (plus amounts on deposit in the applicable subaccounts and payments to be received from any applicable derivative agreement) would be sufficient to pay all outstanding amounts due on the accelerated series, class or tranche of notes; or |
· | if the indenture trustee determines that the funds to be allocated to the accelerated series, class or tranche of notes may not be sufficient on an ongoing basis to make all payments on such notes as such payments would have become due if such obligations had not been declared due and payable, and the holders of not less than 66⅔% of the aggregate outstanding dollar principal amount of notes of the accelerated series, class or tranche, as applicable, consent to the sale. |
· | first, to pay all compensation owed to the indenture trustee for services rendered in connection with the indenture, reimbursements to the indenture trustee for all reasonable expenses, disbursements and advances incurred or made in accordance with the indenture, or indemnification of the indenture trustee for any and all losses, liabilities or expenses incurred without negligence or bad faith on its part, arising out of or in connection with its administration of the issuing entity; |
· | second, to pay the amounts of interest and principal then due and unpaid on the notes of that series, class or tranche; and |
· | third, any remaining amounts will be paid to the issuing entity. |
· | The issuing entity will continue to hold the collateral certificate, and distributions on the collateral certificate will continue to be applied in accordance with the distribution provisions of the indenture and the indenture supplement. |
· | Principal will be paid on the accelerated series, class or tranche of notes to the extent funds are received from master trust II and available to the accelerated series, class or tranche after giving effect to all allocations and reallocations and payment is permitted by the subordination provisions of the senior notes of the same series. |
· | If the accelerated notes are a subordinated tranche of notes of a multiple tranche series, and the subordination provisions prevent the payment of the accelerated subordinated tranche, prefunding of the senior classes of that series will begin, as provided in the applicable indenture supplement. Thereafter, payment will be made to the extent provided in the applicable indenture supplement. |
· | On the legal maturity date of the accelerated notes, if the notes have not been paid in full, the indenture trustee will direct master trust II to sell credit card receivables as provided in the applicable indenture supplement. |
· | evidence the succession of another entity to the issuing entity, and the assumption by such successor of the covenants of the issuing entity in the indenture and the notes; |
· | add to the covenants of the issuing entity, or have the issuing entity surrender any of its rights or powers under the indenture, for the benefit of the noteholders of any or all series, classes or tranches; |
· | cure any ambiguity, correct or supplement any provision in the indenture which may be inconsistent with any other provision in the indenture, or make any other provisions for matters or questions arising under the indenture; |
· | add to the indenture certain provisions expressly permitted by the Trust Indenture Act of 1939, as amended; |
· | establish any form of note, or to add to the rights of the holders of the notes of any series, class or tranche; |
· | provide for the acceptance of a successor indenture trustee under the indenture for one or more series, classes or tranches of notes and add to or change any of the provisions of the indenture as will be necessary to provide for or facilitate the administration of the trusts under the indenture by more than one indenture trustee; |
· | add any additional early redemption events or events of default relating to the notes of any or all series, classes or tranches; |
· | provide for the consolidation of master trust II and the issuing entity or the transfer of assets in master trust II to the issuing entity after the termination of all series of master trust II investor certificates (other than Series 2001‑D); |
· | if one or more transferors are added to, or replaced under, the master trust II agreement, or one or more beneficiaries are added to, or replaced under, the trust agreement, make any necessary changes to the indenture or any other related document; |
· | provide for the addition of collateral securing the notes and the issuance of notes backed by any such additional collateral; |
· | provide for additional or alternative credit enhancement for any tranche of notes; or |
· | qualify for sale treatment under generally accepted accounting principles. |
· | a change in any date scheduled for the payment of interest on any note, or the expected principal payment date or legal maturity date of any note; |
· | a reduction of the stated principal amount of, or interest rate on, any note, or a change in the method of computing the outstanding dollar principal amount, the Adjusted Outstanding Dollar Principal Amount, or the nominal liquidation amount in a manner that is adverse to any noteholder; |
· | an impairment of the right to institute suit for the enforcement of any payment on any note; |
· | a reduction of the percentage in outstanding dollar principal amount of the notes of any outstanding series, class or tranche, the consent of whose holders is required for modification or amendment of any indenture supplement or for waiver of compliance with provisions of the indenture or for waiver of defaults and their consequences provided for in the indenture; |
· | a modification of any of the provisions governing the amendment of the indenture, any indenture supplement or the issuing entity’s agreements not to claim rights under any law which would affect the covenants or the performance of the indenture or any indenture supplement, except to increase any percentage of noteholders required to consent to any such amendment or to provide that certain other provisions of the indenture cannot be modified or waived without the consent of the holder of each outstanding note affected by such modification; |
· | permission being given to create any lien or other encumbrance on the collateral securing any notes ranking senior to the lien of the indenture; |
· | a change in the city or political subdivision so designated for any series, class or tranche of notes where any principal of, or interest on, any note is payable; |
· | a change in the method of computing the amount of principal of, or interest on, any note on any date; or |
· | any other amendment other than those explicitly permitted by the indenture without the consent of noteholders. |
· | for federal income tax purposes (1) the amendment will not adversely affect the tax characterization as debt of any outstanding series or class of investor certificates issued by master trust II that were characterized as debt at the time of their issuance, (2) the amendment will not cause or constitute an event in which gain or loss would be recognized by any holder of investor certificates issued by master trust II, and (3) following the amendment, master trust II will not be an association, or publicly traded partnership, taxable as a corporation; and |
· | for federal income tax purposes (1) the amendment will not adversely affect the tax characterization as debt of any outstanding series, class or tranche of notes that were characterized as debt at the time of their issuance, (2) following the amendment, the issuing entity will not be treated as an association, or publicly traded partnership, taxable as a corporation, and (3) the amendment will not cause or constitute an event in which gain or loss would be recognized by any holder of any such note. |
· | its eligibility and qualifications to continue as trustee under the indenture, |
· | any amounts advanced by it under the indenture, |
· | the amount, interest rate and maturity date or indebtedness owing by the issuing entity to it in the indenture trustee’s individual capacity, |
· | the property and funds physically held by it as indenture trustee, |
· | any release or release and substitution of collateral subject to the lien of the indenture that has not previously been reported, and |
· | any action taken by it that materially affects the notes and that has not previously been reported. |
· | the amount of the current monthly distribution which constitutes Available Funds; |
· | the amount of the current monthly distribution which constitutes principal collections; |
· | the aggregate amount of principal collections processed during the related monthly period and allocated to Series 2001‑D; |
· | the aggregate amount of collections of finance charge receivables processed during the related monthly period and allocated to Series 2001‑D; |
· | the aggregate amount of principal receivables in master trust II as of the end of the day on the last day of the related monthly period; |
· | the amount of principal receivables in master trust II represented by the Investor Interest of Series 2001‑D as of the end of the day on the last day of the related monthly period; |
· | the floating allocation investor interest (as defined in the master trust II agreement) as of the end of the day on the last day of the related monthly period; |
· | the principal allocation investor interest (as defined in the master trust II agreement) as of the end of the day on the last day of the related monthly period; |
· | the floating investor percentage for Series 2001‑D for the related monthly period; |
· | the principal investor percentage for Series 2001‑D for the related monthly period; |
· | the aggregate amount of shared principal collections applied as available investor principal collections; |
· | the aggregate amount of outstanding balances in the accounts consisting of the Master Trust II Portfolio which were delinquent as of the end of the day on the last day of the related monthly period; |
· | the Aggregate Class D Investor Default Amount and the Aggregate Investor Default Amount for the related monthly period; |
· | the amount of the Investor Servicing Fee payable by master trust II to the servicer for the related monthly period; |
·
|
the amount of the Net Servicing Fee payable by master trust II to the servicer for the related monthly period;
|
· | the amount of the servicer interchange payable by master trust II to the servicer for the related monthly period; |
· | any material breaches of pool asset representations and warranties or transaction covenants, if applicable; |
· | any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time, if applicable; and |
· | any material changes in the solicitation, credit granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, to acquire new pool assets, if applicable. |
· | targeted deposits to interest funding subaccounts; |
· | interest to be paid on the corresponding Distribution Date; |
· | targeted deposits to Class C reserve subaccounts, if any; |
· | withdrawals to be made from Class C reserve subaccounts, if any; |
· | targeted deposits to principal funding subaccounts; |
· | principal to be paid on the Distribution Date, if any; |
· | stated principal amount, outstanding dollar principal amount and nominal liquidation amount for the related monthly period; |
· | Class A Usage of Class B Required Subordinated Amount and Class A Usage of Class C Required Subordinated Amount ; |
· | Class B Usage of Class C Required Subordinated Amount ; |
· | the nominal liquidation amount for each tranche of BAseries notes outstanding; |
· | Excess Available Funds and three‑month average Excess Available Funds; |
· | the occurrence of any early redemption events; |
· | payments to enhancement providers, if any; and |
· | any new issuances of BAseries notes as applicable. |
·
|
filed appropriate UCC financing statements to evidence the sale to Funding and to perfect Funding’s right, title and interest in those receivables; and
|
· | indicated in its computer files that the receivables have been sold to Funding. |
· | BANA (and, prior to the BACCS Removal Date, BACCS) sold all of its right, title and interest in the receivables existing in the initial accounts at the close of business on the initial cut‑off date and receivables arising thereafter in those accounts, in each case including all interchange, insurance proceeds and recoveries allocable to such receivables, all monies due or to become due, all amounts received or receivable, all collections and all proceeds, each as it relates to such receivables; and |
· | BANA will sell all of its right, title and interest in the receivables existing in the additional accounts at the close of business on the date of designation for inclusion in master trust II and receivables arising thereafter in those accounts, in each case including all interchange, insurance proceeds and recoveries, all monies due or to become due, all amounts received or receivable, all collections and all proceeds, each as it relates to such receivables. |
· | it is validly existing in good standing under the applicable laws of the applicable jurisdiction and has full power and authority to own its properties and conduct its business; |
· | the execution and delivery of the receivables purchase agreement and the performance of the transactions contemplated by that document will not conflict with or result in any breach of any of the terms of any material agreement to which BANA is a party or by which its properties are bound and will not conflict with or violate any requirements of law applicable to BANA; and |
· | all governmental authorizations, consents, orders, approvals, registrations or declarations required to be obtained by BANA in connection with the execution and delivery of, and the performance of the receivables purchase agreement have been obtained. |
·
|
as of July 8, 2015 with respect to the initial accounts, and as of the date of designation for sale to Funding with respect to additional accounts, the list of accounts identifies all accounts the receivables of which are to be sold by BANA to Funding;
|
· | each receivable conveyed to Funding has been conveyed free and clear of any lien or encumbrance, other than liens for municipal and other local taxes; |
· | all government authorizations, consents, orders, approvals, registrations or declarations required in connection with BANA’s sale of receivables to Funding have been duly obtained, effected or given and are in full force and effect; |
· | on the date of designation for inclusion in master trust II, each account is an Eligible Account; |
· | as of July 8, 2015, each receivable then existing in an initial account is an Eligible Receivable and, on the applicable additional cut‑off date, each receivable then existing in the related additional account is an Eligible Receivable; and |
· | as of the date of the creation of any new receivable sold to Funding by BANA, such receivable is an Eligible Receivable. |
· | acquiring and holding master trust II assets; |
· | issuing series of certificates and other interests in master trust II; |
· | receiving collections and making payments on Series 2001‑D, other series of investor certificates, and other interests in master trust II; and |
·
|
engaging in related activities (including, for any series, obtaining any enhancement and entering into an enhancement agreement relating thereto).
|
· | to deliver to certificateholders of record certain notices, reports and other documents received by the master trust II trustee, as required under the master trust II agreement; |
· | to authenticate, deliver, cancel and otherwise administer the investor certificates; |
· | to remove and reassign ineligible receivables and accounts from master trust II; |
· | to establish and maintain necessary master trust II accounts and to maintain accurate records of activity in those accounts; |
· | to serve as the initial transfer agent, paying agent and registrar, and, if it resigns these duties, to appoint a successor transfer agent, paying agent and registrar; |
· | to invest funds in the master trust II accounts at the direction of the servicer; |
· | to represent the certificateholders in interactions with clearing agencies and other similar organizations; |
· | to distribute and transfer funds at the direction of the servicer, as applicable, in accordance with the terms of the master trust II agreement; |
· | to file with the appropriate party all documents necessary to protect the rights and interests of the certificateholders; |
·
|
to enforce the rights of the certificateholders against the servicer, if necessary;
|
· | to notify the certificateholders and other parties, to sell the receivables, and to allocate the proceeds of such sale, in the event of the termination of master trust II; |
· | to cause a sale of receivables on the legal maturity date of any accelerated tranche of notes; and |
· | to perform certain other administrative functions identified in the master trust II agreement. |
5
|
To be included in prospectuses in connection with issuances of notes after the compliance date for the U.S. risk retention rule.
|
· | Funding delivers to the master trust II trustee a certificate of an authorized officer to the effect that, in the reasonable belief of Funding, the designation of the discount percentage will not cause a Pay Out Event to occur or cause an event which with notice or the lapse of time or both would constitute a Pay Out Event; and |
· | written confirmation that the designation of the discount percentage will not result in the reduction or withdrawal by any rating agency of its rating of any outstanding series of investor certificates. |
6
|
The Rule 193 review will encompass the receivables comprising the Master Trust II Portfolio at the time of each takedown, including receivables added to the pool prior to that time, and will address whether those receivables deviate from disclosed underwriting criteria or any other criteria or benchmark used to evaluate the assets, as contemplated by Items 1111(a)(7) and (8) of Regulation AB.
|
· | Funding shall give the master trust II trustee, each rating agency and the servicer written notice that such additional accounts will be included, which notice shall specify the approximate aggregate amount of the receivables or interests therein to be transferred; |
· | Funding shall have delivered to the master trust II trustee a written assignment (including an acceptance by the master trust II trustee on behalf of master trust II for the benefit of the certificateholders) as provided in the assignment agreement relating to such additional accounts, and Funding shall have delivered to the master trust II trustee a computer file or microfiche list, dated as of the Addition Date, containing a true and complete list of such additional accounts transferred to master trust II; |
· | Funding shall represent and warrant that: |
—
|
each additional credit card account is, as of the Addition Date, an Eligible Account, and each receivable in such additional credit card account is, as of the Addition Date, an Eligible Receivable;
|
—
|
no selection procedures believed by the transferor to be materially adverse to the interests of the certificateholders were utilized in selecting the additional credit card accounts; and
|
—
|
as of the Addition Date, Funding is not insolvent;
|
· | Funding shall deliver certain opinions of counsel with respect to the transfer of the receivables in the additional credit card accounts to master trust II; and |
· | where the additional credit card accounts are greater than the Maximum Addition Amount for the related three‑month period, each rating agency then rating any series of certificates outstanding under master trust II shall have previously consented to the addition of such additional credit card accounts. |
·
|
for any three consecutive months be equal to the product of (i) 15% and (ii) the number of accounts designated to master trust II as of the first day of the calendar year during which such months commence; or
|
· | for any twelve‑month period be equal to the product of (i) 20% and (ii) the number of accounts designated to master trust II as of the first day of such twelve‑month period. |
· | the removal of any receivables of any removed accounts shall not, in the reasonable belief of Funding, cause a Pay Out Event to occur; |
· | Funding shall have delivered to the master trust II trustee for execution a written assignment and an updated account list, dated as of the Removal Date, containing a true and complete list of all removed accounts identified by account number and the aggregate amount of the receivables in such removed accounts; |
· | Funding shall represent and warrant that it has not used any selection procedures believed by Funding to be materially adverse to the interests of the holders of any series of certificates outstanding under master trust II in selecting the related removed accounts; |
· | each rating agency then rating each series of investor certificates outstanding under master trust II shall have received notice of such proposed removal of accounts and Funding shall have received notice from each such rating agency that such proposed removal will not result in a downgrade or withdrawal of its then‑current rating for any such series; |
·
|
the Transferor Interest as a percentage of the aggregate amount of principal receivables of the accounts then existing in master trust II less the aggregate amount of principal receivables of the removed accounts shall not be less than the Minimum Transferor Interest on the date of such removal;
|
· | the aggregate amount of principal receivables of the accounts then existing in master trust II less the aggregate amount of principal receivables of the removed accounts shall not be less than the Minimum Aggregate Principal Receivables; |
· | the principal receivables of the removed accounts shall not equal or exceed 5% of the aggregate amount of the principal receivables in master trust II at such time; except, that if any series of master trust II investor certificates or tranche of notes has been paid in full, the principal receivables in such removed accounts may not equal or exceed the sum of: |
—
|
the initial Investor Interest or the aggregate principal amount of the certificates of such series or tranche, as applicable, of such series; plus
|
—
|
5% of the aggregate amount of the principal receivables in master trust II at such time after giving effect to the removal of accounts in an amount approximately equal to the initial Investor Interest of such series; and
|
· | Funding shall have delivered to the master trust II trustee an officer’s certificate confirming the items set forth above. |
Account Removals Since 2011
|
|||
Removal Date
|
Number of Accounts
Removed |
Principal Receivables
|
Finance Charge
Receivables |
June 30, 2011
|
363,781
|
$722,369,846.62
|
$7,690,973.53
|
December 15, 2011
|
103,217
|
$147,810,124.47
|
$1,414,720.24
|
December 20, 2011
|
298,757
|
$478,000,431.49
|
$3,977,899.16
|
December 22, 2011
|
29,315
|
$80,530,806.93
|
$625,444.82
|
May 31, 2012
|
90,613
|
$124,131,808.28
|
$1,952,556.24
|
June 28, 2012
|
152,078
|
$411,974,256.95
|
$3,982,756.30
|
February 12, 2014
|
103,153
|
$370,502,314.29
|
$3,445,695.63
|
April 15, 2014
|
168,581
|
$610,458,519.03
|
$5,192,685.41
|
September 29, 2015
|
151,697
|
$224,433,162.15
|
$7,442,556.82
|
Account Removals Since 2011
|
|||
Removal Date
|
Number of Accounts
Removed |
Principal Receivables
|
Finance Charge
Receivables |
October 30, 2015
|
930,486
|
$2,308,053,980.70
|
$81,412,539.76
|
November 27, 2015 | 825,482 | $2,045,887,394.14 | $71,366,850.79 |
· | (i) the servicer provides to the master trust II trustee and Funding a letter of credit covering collection risk of the servicer acceptable to the specified rating agency, and |
· | (ii) Funding shall not have received a notice from such rating agency that such letter of credit would result in the lowering of such rating agency’s then‑existing rating of any series of certificates previously issued by master trust II and then‑outstanding; or |
· | the servicer has and maintains a certificate of deposit or short‑term deposit rating of P‑1 by Moody’s, of A‑1 by Standard & Poor’s, and of F1 by Fitch. |
· | the servicer will only be required to deposit collections from the master trust II collection account into the finance charge account, the principal account or any series account established by a related series supplement up to the required amount to be deposited into any such deposit account or, without duplication, distributed on or prior to the related Distribution Date to certificateholders; and |
·
|
if at any time prior to such Distribution Date the amount of collections deposited in the master trust II collection account exceeds the amount required to be deposited pursuant to this section, the servicer, subject to certain limitations, will be permitted to withdraw the excess from the master trust II collection account.
|
—
|
paid to the holder of the Transferor Interest if, and only to the extent that, the Transferor Interest is greater than the Minimum Transferor Interest; or
|
—
|
deposited in the principal account and treated as Unallocated Principal Collections.
|
—
|
deposited in the finance charge account (in an amount equal to the amount of such deposits times the aggregate prefunded amount, if any, on deposit in the principal funding subaccount for any tranche of notes divided by the Transferor Interest) and paid to the issuing entity on the following Transfer Date (in an amount not to exceed the positive difference, if any, between (i) the amount of interest payable to noteholders and derivative counterparties, if any, on such prefunded amount and (ii) the net investment earnings on such prefunded amounts for such month); or
|
—
|
otherwise paid to the holder of the Transferor Interest.
|
—
|
1.5 times the total monthly interest to be deposited during the current month for all classes of investor certificates described in the related series supplement, plus
|
—
|
if BANA or The Bank of New York Mellon is not the servicer, the monthly servicing fee, minus
|
—
|
the preceding month’s finance charge collections allocated to the related investor certificates (unless the transferor or the servicer has knowledge that the current month’s finance charge collections will be materially less than the finance charge collections for the prior month, in which case, the lesser amount will be used).
|
—
|
1.5 times the aggregate amount targeted to be deposited in the interest funding account during the current month and, following any issuance of notes during such month, the aggregate amount targeted to be deposited in the interest funding account for such newly issued notes during the following month, plus
|
—
|
if BANA or The Bank of New York Mellon is not the servicer, the monthly servicing fee, minus
|
—
|
the preceding month’s finance charge collections allocated to Series 2001‑D (unless the transferor or the servicer has knowledge that the current month’s finance charge collections will be materially less than the finance charge collections for the prior month, in which case, the lesser amount will be used).
|
(a) | failure on the part of Funding (i) to make any payment or deposit on the date required under the master trust II agreement or the Series 2001‑D supplement (or within the applicable grace period which shall not exceed 5 days) or (ii) to observe or perform in |
|
any material respect any other covenants or agreements of Funding set forth in the master trust II agreement or the Series 2001‑D supplement, which failure has a material adverse effect on the certificateholders (determined without reference to whether any funds are available under the Class D certificate) and which continues unremedied for a period of 60 days after written notice of such failure, requiring the same to be remedied, and continues to materially and adversely affect the interests of the certificateholders (determined without reference to whether any funds are available under the Class D certificate) for such period;
|
(b) | any representation or warranty made by Funding in the master trust II agreement or the Series 2001‑D supplement, or any information required to be given by Funding to the master trust II trustee to identify the credit card accounts, proves to have been incorrect in any material respect when made or delivered and which continues to be incorrect in any material respect for a period of 60 days after written notice of such failure, requiring the same to be remedied, and as a result of which the interests of the certificateholders (determined without reference to whether any funds are available under the Class D certificate) are materially and adversely affected and continue to be materially and adversely affected for such period, except that a Pay Out Event described in this clause (b) will not occur if Funding has accepted reassignment of the related receivable or all such receivables, if applicable, during such period in accordance with the provisions of the master trust II agreement; |
(c) | (i) Funding becomes unable for any reason to transfer receivables to master trust II in accordance with the master trust II agreement or (ii) BANA becomes unable for any reason to transfer receivables to Funding in accordance with the provisions of the receivables purchase agreement between BANA and Funding; |
(d) | any Servicer Default occurs which would have a material adverse effect on the certificateholders; |
(e) | certain events of insolvency, conservatorship, receivership or bankruptcy relating to Funding or BANA; |
(f) | Funding fails to convey receivables arising under additional credit card accounts to master trust II when required by the master trust II agreement; or |
(g) | master trust II becomes an “investment company” within the meaning of the Investment Company Act of 1940, as amended. |
· | the Class D Investor Interest (after giving effect to any Class D Investor Charge‑Offs on such Transfer Date); and |
· | the sum of the following calculation for each day in the preceding month: for any day, the product of (i) the aggregate amount of collections of principal receivables on such day times (ii) the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is the Class D Investor Interest as of such day and the denominator of which is equal to the Investor Interest of Series 2001‑D as of such day. |
· | its initial principal amount (or method for calculating such amount) which amount may not be greater than the current principal amount of the Transferor Interest; |
· | its certificate rate (or method of calculating such rate); and |
· | the provider of any credit enhancement. |
· | a series supplement specifying the principal terms of such series; |
· | an opinion of counsel to the effect that, unless otherwise stated in the related series supplement, the certificates of such series will be characterized as indebtedness for federal income tax purposes; |
· | a master trust II tax opinion; |
· | if required by the related series supplement, the form of credit enhancement; |
· | if credit enhancement is required by the series supplement, an appropriate credit enhancement agreement executed by Funding and the credit enhancer; |
· | written confirmation from each rating agency that the new issuance will not result in such rating agency’s reducing or withdrawing its rating on any then outstanding series rated by it; and |
· | an officer’s certificate of Funding to the effect that after giving effect to the new issuance Funding would not be required to add additional accounts pursuant to the master trust II agreement and the Transferor Interest would be at least equal to the Minimum Transferor Interest. |
· | as of the issuance date, Funding is duly incorporated and in good standing and that it has the authority to consummate the transactions contemplated by the master trust II agreement; and |
· | as of the date of the designation of the related accounts to master trust II, each account is an Eligible Account. |
· | any of these representations and warranties proves to have been incorrect in any material respect when made by either FIA with respect to receivables transferred to master trust II prior to the Substitution Date or by Funding, and continues to be incorrect for 60 days after notice to Funding by the master trust II trustee or to the transferor and the master trust II trustee by the certificateholders holding not less than 50% of the Investor Interest of any series; and |
· | as a result the interests of the certificateholders are materially and adversely affected, and continue to be materially and adversely affected during such period; |
· | as of the date of designation of the related account to the Master Trust II Portfolio, each of the receivables then existing in such account is an Eligible Receivable; and |
· | as of the date of designation of the related account to the Master Trust II Portfolio, each receivable then existing in such account was transferred to master trust II free and clear of any lien (except for certain tax, governmental or other nonconsensual liens). |
· | the receivables purchase agreement and the master trust II agreement each constitutes a legal, valid and binding obligation of Funding; and |
· | the transfer of receivables by it to master trust II under the master trust II agreement will constitute either: |
—
|
a valid sale to the master trust II trustee of receivables; or
|
—
|
the grant of a security interest in such receivables, and that sale or security interest is perfected.
|
· | the Investor Interest for each series outstanding under master trust II on the last day of the month preceding the Distribution Date on which the reassignment is scheduled to be made; minus |
· | the amount, if any, previously allocated for payment of principal to such certificateholders (or other interest holders) on such Distribution Date; plus |
· | an amount equal to all accrued and unpaid interest less the amount, if any, previously allocated for payment of such interest on such Distribution Date. |
· | the master trust II trustee or the transferor for liabilities imposed by reason of fraud, negligence, or willful misconduct by the master trust II trustee or the transferor in the performance of its duties under the master trust II agreement; |
· | master trust II, the certificateholders or the certificate owners for liabilities arising from actions taken by the master trust II trustee at the request of certificateholders; |
· | master trust II, the certificateholders or the certificate owners for any losses, claims, damages or liabilities incurred by any of them in their capacities as investors, including without limitation, losses incurred as a result of defaulted receivables or receivables which are written off as uncollectible; or |
· | the transferor, master trust II, the certificateholders or the certificate owners for any liabilities, costs or expenses of the transferor, master trust II, the certificateholders or the certificate owners arising under any tax law, including without limitation, any federal, state, local or foreign income or franchise tax or any other tax imposed on or measured by income (or any interest or penalties with respect thereto or arising from a failure to comply therewith) required to be paid by the transferor, master trust II, the certificateholders or the certificate owners in connection with the master trust II agreement to any taxing authority. |
· | the master trust II trustee receives written notification from each rating agency that such transfer will not result in a lowering or withdrawal of its then‑existing rating of the certificates of each outstanding series rated by it; and |
·
|
the master trust II trustee receives a written opinion of counsel confirming that such transfer would not adversely affect the treatment of the certificates of each outstanding series issued by master trust II as debt for federal income tax purposes.
|
· | a report by a firm of independent certified public accountants, based upon established criteria that meets the standards applicable to accountants’ reports intended for general distribution, attesting to the fairness of the assertion of the servicer’s management that its internal controls over the functions performed as servicer of master trust II are effective, in all material respects, in providing reasonable assurance that master trust II assets are safeguarded against |
loss from unauthorized use or disposition, on the date of such report, and that such servicing was conducted in compliance with the sections of the master trust II agreement during the preceding fiscal year, except for such exceptions or errors as such firm believes to be immaterial and such other exceptions specified in such statement; |
· | with regard to any tranche of notes or any additional notes the offer and sale of which (i) commences after December 31, 2005 and (ii) is registered with the SEC under the Securities Act of 1933, a report regarding its assessment of compliance during the preceding fiscal year with all applicable servicing criteria set forth in relevant SEC regulations with respect to asset‑backed securities transactions taken as a whole involving the servicer that are backed by the same types of assets as those backing the notes; |
· | with respect to each assessment report described immediately above, a report by a registered public accounting firm that attests to, and reports on, the assessment made by the asserting party, as set forth in relevant SEC regulations; and |
· | a servicer compliance certificate, signed by an authorized officer of the servicer, to the effect that: |
·
|
(i) a review of the servicer’s activities during the reporting period and of its performance under the master trust II agreement has been made under such officer’s supervision; and
|
· | (ii) to the best of such officer’s knowledge, based on such review, the servicer has fulfilled all of its obligations under the master trust II agreement in all material respects throughout the reporting period or, if there has been a failure to fulfill any such obligation in any material respect, specifying each such failure known to such officer and the nature and status thereof. |
· | the transferor delivers an opinion of counsel acceptable to the master trust II trustee to the effect that such amendment will not adversely affect in any material respect the interest of such certificateholders; |
· | such amendment will not result in a withdrawal or reduction of the rating of any outstanding series under master trust II; and |
· | such amendment will not cause a significant change in the permitted activities of master trust II, as set forth in the master trust II agreement. |
· | the transferor delivers to the master trust II trustee a certificate of an authorized officer to the effect that, in the reasonable belief of the transferor, such amendment will not as of the date of such amendment adversely affect in any material respect the interest of such certificateholders; and |
· | such amendment will not result in a withdrawal or reduction of the rating of any outstanding series under master trust II. |
· | reduce in any manner the amount of, or delay the timing of, distributions required to be made on the related series or any other series; |
· | change the definition of or the manner of calculating the interest of any certificateholder of such series or any certificateholder of any other series issued by master trust II; or |
· | reduce the aforesaid percentage of interests the holders of which are required to consent to any such amendment, |
· | each noteholder will be deemed to be an investor certificateholder; |
· | each noteholder will be deemed to be the holder of an aggregate unpaid principal amount of the collateral certificate equal to the Adjusted Outstanding Dollar Principal Amount of such noteholder’s notes; |
· | each series of notes under the indenture will be deemed to be a separate series of master trust II certificates and the holder of a note of such series will be deemed to be the holder of an aggregate unpaid principal amount of such series of master trust II certificates equal to the Adjusted Outstanding Dollar Principal Amount of such noteholder’s notes of such series; |
· | each tranche of notes under the indenture will be deemed to be a separate class of master trust II certificates and the holder of a note of such tranche will be deemed to be the holder of an aggregate unpaid principal amount of such class of master trust II certificates equal to the Adjusted Outstanding Dollar Principal Amount of such noteholder’s notes of such tranche; and |
· | any notes owned by the issuing entity, the transferor, the servicer, any other holder of the Transferor Interest or any affiliate thereof will be deemed not to be outstanding, except that, in determining whether the master trust II trustee shall be protected in relying upon any such consent or direction, only notes which the master trust II trustee knows to be so owned shall be so disregarded. Notes so owned that have been pledged in good faith will not be disregarded or deemed not to be outstanding if the pledgee establishes to the master trust II trustee’s satisfaction that the pledgee is not the issuing entity, the transferor, the servicer, any other holder of the Transferor Interest or any affiliate thereof. |
· | a requirement to file a certification by the chief executive officer (CEO) of the depositor at the time of each such takedown concerning the disclosure contained in the related prospectus and the structure of the securitization; and |
· | a requirement that the underlying transaction agreements relating to each such takedown include certain provisions that are intended to help investors enforce repurchase obligations contained in those agreements, as follows: |
o | a provision requiring the appointment of an asset representations reviewer to review certain receivables comprising the Master Trust II Portfolio for compliance with representations and warranties about those receivables once a specified level of delinquencies and specified investor action has occurred; |
o | a provision requiring specified dispute resolution procedures to address a repurchase request that remains unresolved more than 180 days after the request was made pursuant to the terms of the underlying transaction agreements; and |
o | a provision to provide for the reporting of requests by investors in the certificates and notes to communicate with other investors in the certificates and notes in connection with the exercise of their rights under the terms of those securities. |
· | first, the average for any three consecutive calendar months of the delinquency rates for receivables in the Master Trust II Portfolio that are 60 or more days delinquent, measured as of the end of the related monthly periods, equals or exceeds the delinquency trigger rate, as that rate may be reviewed and adjusted from time to time as described under “—Delinquency Trigger” below (and subject to the additional requirements and conditions described under “—Delinquency Trigger” below); and |
· | second, if that delinquency trigger has occurred, then the asset representations reviewer is directed by vote of the certificateholders to perform a review, as follows (and subject to the additional requirements and conditions described under “—Voting Trigger” below): |
o | within 90 days following the date on which the issuing entity reports in its distribution report on Form 10‑D that the delinquency trigger has occurred, certificateholders holding at least 5% of the aggregate unpaid principal amount of investor certificates outstanding under master trust II submit a written petition to Funding and the master trust II trustee directing that a vote be taken on whether to initiate a review; and |
o | if the requisite percentage of certificateholders direct within the prescribed 90‑day petition period that a vote be taken, then the master trust II trustee will be required to conduct a solicitation of votes in accordance with the voting procedures described below and, in a vote in which an asset review quorum participates, certificateholders holding more than 50% of the aggregate unpaid principal amount of investor certificates casting a vote must direct that a review be undertaken. |
(i) | the filing of a registration statement with the SEC relating to any notes or investor certificates to be offered and sold from time to time by the transferor, on behalf of the issuing entity or master trust II; and |
(ii) | a change in law or regulation (including any new or revised interpretation of an existing law or regulation) that, in the transferor’s judgment, could reasonably be expected to have a material effect on the delinquency rate for cardholder payments on the credit card accounts comprising the Master Trust II Portfolio or the manner by which delinquencies are defined or determined; |
7
|
Insert month and year relating to most recently completed distribution period for which a Form 10‑D has been filed prior to the date of the prospectus.
|
· | a petition will be considered completed only (i) if the petition does not result in a vote, (ii) if a vote occurs, such vote does not result in a review, or (iii) if a review occurs, at such time as a summary of the asset representations reviewer’s final report setting out the findings of its review is included in the issuing entity’s distribution report on Form 10‑D, as described under “—Asset Review” below; |
· | a vote will be considered completed only (i) if the vote does not result in a review or (ii) if a review occurs, at such time as a summary of the asset representations reviewer’s final report setting out the findings of its review is included in the issuing entity’s distribution report on Form 10‑D, as described under “—Asset Review” below; and |
·
|
a review will be considered completed only at such time as a summary of the asset representations reviewer’s final report setting out the findings of its review is included in the issuing entity’s distribution report on Form 10‑D, as described under “—Asset Review” below.
|
·
|
Any mediation or arbitration will be held in Wilmington, Delaware;
|
· | Notwithstanding this dispute resolution provision, the parties will have the right to seek provisional or ancillary relief from a competent court of law, including a temporary restraining order, preliminary injunction or attachment order, provided such relief would otherwise be available by law; and |
· | The details and/or existence of any unfulfilled repurchase request, any informal meetings, mediations or arbitration proceedings, including all offers, promises, conduct and statements, whether oral or written, made in the course of the parties’ attempt to informally resolve an unfulfilled repurchase request, and any discovery taken in connection with any arbitration, will be confidential, privileged and inadmissible for any purpose, including impeachment, in any mediation, arbitration or litigation, or other proceeding; provided, however, that any discovery taken in any arbitration will be admissible in that particular arbitration. Such information will be kept strictly confidential and will not be disclosed or discussed with any third party (excluding a party’s attorneys, experts, accountants and other agents and representatives, as reasonably required in connection with the related resolution procedure), except as otherwise required by law, regulatory requirement or court order. If any party to a resolution procedure receives a subpoena or other request for information from a third party (other than a governmental regulatory body) for such confidential information, the |
|
recipient will promptly notify the other party to the resolution procedure and will provide the other party with the opportunity to object to the production of its confidential information.
|
· | a plan or arrangement which provides deferred compensation or certain health or other welfare benefits to employees; |
· | an employee benefit plan that is tax‑qualified under the Internal Revenue Code and provides deferred compensation to employees—such as a pension, profit‑sharing, Section 401(k) or Keogh plan; and |
· | a collective investment fund or other entity if (a) the fund or entity has one or more benefit plan investors and (b) certain “look‑through” rules apply and treat the assets of the fund or entity as constituting plan assets of the benefit plan investor. |
· | is involved in the investment decision for the benefit plan to purchase notes or |
· | is otherwise a party in interest as to the benefit plan. |
· | 96‑23, available to certain “in‑house asset managers”; |
· | 95‑60, available to insurance company general accounts; |
· | 91‑38, available to bank collective investment funds; |
· | 90‑1, available to insurance company pooled separate accounts; and |
· | 84‑14, available to “qualified professional asset managers.” |
· | a benefit plan acquires notes, and |
· | under the “look‑through” rules of Section 3(42) of ERISA and the U.S. Department of Labor plan asset regulation, collectively referred to herein as the “plan asset regulation,” assets of the issuing entity are treated as if they were plan assets of the benefit plan. |
· | is treated as indebtedness under local law, and |
·
|
has no “substantial equity features.”
|
Underwriters
|
Principal Amount
|
|||
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
|
$
|
[•
|
]
|
|
[•]
|
$
|
[•
|
]
|
|
[•]
|
$
|
[•
|
]
|
|
[•]
|
$
|
[•
|
]
|
|
[•]
|
$
|
[•
|
]
|
|
Total
|
$
|
[•
|
]
|
· | it has complied and will comply with all applicable provisions of the Financial Services and Markets Act 2000 (the FSMA) with respect to anything done by it in relation to the Class [•](201[•]‑[•]) notes in, from or otherwise involving the United Kingdom; and |
· | it has only communicated or caused to be communicated and it will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in connection with the issue or sale of any Class [•](201[•]‑[•]) notes in circumstances in which Section 21(1) of the FSMA does not apply to the issuing entity. |
· | over‑allotments, in which members of the syndicate selling the Class [•](201[•]‑[•]) notes sell more notes than the issuing entity actually sold to the syndicate, creating a syndicate short position; |
· | stabilizing transactions, in which purchases and sales of the Class [•](201[•]‑[•]) notes may be made by the members of the selling syndicate at prices that do not exceed a specified maximum; |
· | syndicate covering transactions, in which members of the selling syndicate purchase the Class [•](201[•]‑[•]) notes in the open market after the distribution has been completed in order to cover syndicate short positions; and |
· | penalty bids, by which an underwriter reclaims a selling concession from a syndicate member when any of the Class [•](201[•]‑[•]) notes originally sold by that syndicate member are purchased in a syndicate covering transaction to cover syndicate short positions. |
—
|
the weighted average interest rates for the outstanding BAseries notes (based on the outstanding dollar principal amount of the related notes) and the Class D certificate (based on the Class D Investor Interest), plus
|
—
|
1.25%, or if BANA or The Bank of New York Mellon is not the servicer, 2.00%, plus
|
—
|
only if BANA or The Bank of New York Mellon is the servicer, the rate (not to exceed 0.75%) at which finance charge receivables allocable to interchange are collected for that month.
|
(1)
|
an amount equal to the product of:
|
· | a fraction, the numerator of which is the Class A Unused Subordinated Amount of Class B notes for that tranche of Class A notes (as of the last day of the preceding month) and the denominator of which is the aggregate nominal liquidation amount of all Class B notes (as of the last day of the preceding month), times |
· | the amount of charge‑offs for uncovered Investor Default Amounts initially allocated to Class B notes which did not result in a Class A Usage of Class C Required Subordinated Amount for such tranche of Class A notes on such Transfer Date; plus |
(2)
|
the amount of charge‑offs for uncovered Investor Default Amounts initially allocated to that tranche of Class A notes and then reallocated on such Transfer Date to Class B notes; plus
|
(3) | the amount of BAseries Available Principal Amounts reallocated on such Transfer Date to the interest funding subaccount for that tranche of Class A notes which did not result in a Class A Usage of Class C Required Subordinated Amount for such tranche of Class A notes; plus |
(4) | an amount equal to the aggregate amount of BAseries Available Principal Amounts reallocated to pay any amount to the servicer for such tranche of Class A notes which did not result in a Class A Usage of Class C Required Subordinated Amount for such tranche of Class A notes on such Transfer Date; minus |
(5) | an amount (which will not exceed the sum of items (1) through (4) above) equal to the sum of: |
• | the product of: |
—
|
a fraction, the numerator of which is the Class A Usage of Class B Required Subordinated Amount (prior to giving effect to any reimbursement of a Nominal Liquidation Amount Deficit for any tranche of Class B notes on such Transfer Date) for such tranche of Class A notes and the denominator of which is the aggregate Nominal Liquidation Amount Deficits for all tranches of Class B notes (prior to giving effect to any reimbursement of a Nominal Liquidation Amount Deficit for any tranche of Class B notes on such Transfer Date), times
|
—
|
the aggregate amount of the Nominal Liquidation Amount Deficits of any tranche of Class B notes which are reimbursed on such Transfer Date, plus
|
• | if the aggregate Class A Usage of Class B Required Subordinated Amount (prior to giving effect to any reimbursement of Nominal Liquidation Amount Deficits for any tranche of Class B notes on such Transfer Date) for all Class A notes exceeds the aggregate Nominal Liquidation Amount Deficits of all tranches of Class B notes (prior to giving effect to any reimbursement on such Transfer Date), the product of: |
—
|
a fraction, the numerator of which is the amount of such excess and the denominator of which is the aggregate Nominal Liquidation Amount Deficits for all tranches of Class C notes (prior to giving effect to any reimbursement of a Nominal Liquidation Amount Deficit for any tranche of Class C notes on such Transfer Date), times
|
—
|
the aggregate amount of the Nominal Liquidation Amount Deficits of any tranche of Class C notes which are reimbursed on such Transfer Date, times
|
—
|
a fraction, the numerator of which is the Class A Usage of Class B Required Subordinated Amount of such tranche of Class A notes and the denominator of which is the Class A Usage of Class B Required Subordinated Amount for all Class A notes in the BAseries.
|
(1)
|
an amount equal to the product of:
|
• | a fraction, the numerator of which is the Class A Unused Subordinated Amount of Class C notes for that tranche of Class A notes (as of the last day of the preceding month) and the denominator of which is the aggregate nominal liquidation amount of all Class C notes (as of the last day of the preceding month), times |
• | the amount of charge‑offs for uncovered Investor Default Amounts initially allocated on such Transfer Date to Class C notes; plus |
(2) | the amount of charge‑offs for uncovered Investor Default Amounts initially allocated to that tranche of Class A notes and then reallocated on such Transfer Date to Class C notes; plus |
(3) | an amount equal to the product of: |
• | a fraction, the numerator of which is the Class A Unused Subordinated Amount of Class B notes for that tranche of Class A notes (as of the last day of the preceding month) and the denominator of which is the aggregate nominal liquidation amount of all Class B notes (as of the last day of the preceding month), times |
• | the amount of charge‑offs for uncovered Investor Default Amounts initially allocated on such Transfer Date to Class B notes; plus |
(4) | the amount of BAseries Available Principal Amounts reallocated on such Transfer Date to the interest funding subaccount for that tranche of Class A notes; plus |
(5) | an amount equal to the product of: |
• | a fraction, the numerator of which is the Class A Unused Subordinated Amount of Class B notes for such tranche of Class A notes (as of the last day of the preceding month) and the denominator of which is the aggregate nominal liquidation amount of all Class B notes (as of the last day of the preceding month), times |
• | the amount of BAseries Available Principal Amounts reallocated on such Transfer Date to the interest funding subaccount for any tranche of Class B notes; plus |
(6) | the amount of BAseries Available Principal Amounts reallocated on such Transfer Date to pay any amount to the servicer for such tranche of Class A notes; plus |
(7) | an amount equal to the product of: |
• | a fraction, the numerator of which is the Class A Unused Subordinated Amount of Class B notes for that tranche of Class A notes (as of the last day of the preceding month) and the denominator of which is the aggregate nominal liquidation amount of all Class B notes (as of the last day of the preceding month), times |
• | the amount of BAseries Available Principal Amounts reallocated on such Transfer Date to pay any amount to the servicer for any tranche of Class B notes; minus |
(8) | an amount (which will not exceed the sum of items (1) through (7) above) equal to the product of: |
•
|
a fraction, the numerator of which is the Class A Usage of Class C Required Subordinated Amount (prior to giving effect to any reimbursement of a Nominal Liquidation Amount Deficit for any tranche of Class C notes on such Transfer Date) for that tranche of Class A notes and the denominator of which is the aggregate Nominal Liquidation Amount Deficits (prior to giving effect to such reimbursement) of all Class C notes, times
|
• | the aggregate Nominal Liquidation Amount Deficits of all Class C notes which are reimbursed on such Transfer Date. |
(1) | an amount equal to the product of: |
• | a fraction, the numerator of which is the Class B Unused Subordinated Amount of Class C notes for that tranche of Class B notes (as of the last day of the preceding month) and the denominator of which is the aggregate nominal liquidation amount of all Class C notes (as of the last day of the preceding month), times |
• | the amount of charge‑offs for uncovered Investor Default Amounts initially allocated on such Transfer Date to Class C notes; plus |
(2) | an amount equal to the product of: |
• | a fraction, the numerator of which is the nominal liquidation amount for that tranche of Class B notes (as of the last day of the preceding month) and the denominator of which is the aggregate nominal liquidation amount of all Class B notes (as of the last day of the preceding month), times |
• | the sum of (i) the amount of charge‑offs for uncovered Investor Default Amounts initially allocated to any tranche of Class A notes that has a Class A Unused Subordinated Amount of Class B notes that was included in Class A Usage of Class C Required Subordinated Amount and (ii) the amount of charge‑offs for uncovered Investor Default Amounts initially allocated to any tranche of Class A notes that has a Class A Unused Subordinated Amount of Class B notes that was included in Class A Usage of Class B Required Subordinated Amount; plus |
(3) | the amount of charge‑offs for uncovered Investor Default Amounts initially allocated to that tranche of Class B notes, and then reallocated on such date to the Class C notes; plus |
(4) | an amount equal to the product of: |
• | a fraction, the numerator of which is the nominal liquidation amount for that tranche of Class B notes (as of the last day of the preceding month) and the denominator of which is the aggregate nominal liquidation amount of all Class B notes (as of the last day of the preceding month), times |
• | the amount of BAseries Available Principal Amounts reallocated on such Transfer Date to the interest funding subaccount for any tranche of Class A notes that has a Class A Unused Subordinated Amount of Class B notes; plus |
(5) | the amount of BAseries Available Principal Amounts reallocated on such Transfer Date to the interest funding subaccount for that tranche of Class B notes; plus |
(6) | an amount equal to the product of: |
• | a fraction, the numerator of which is the nominal liquidation amount for such tranche of Class B notes (as of the last day of the preceding month) and the denominator of which is the aggregate nominal liquidation amount of all Class B notes (as of the last day of the preceding month), times |
• | the amount of BAseries Available Principal Amounts reallocated on such Transfer Date to pay any amount to the servicer for any tranche of Class A notes that has a Class A Unused Subordinated Amount of Class B notes; plus |
(7) | the amount of BAseries Available Principal Amounts reallocated on such Transfer Date to pay any amount to the servicer for such tranche of Class B notes; minus |
(8) | an amount (which will not exceed the sum of items (1) through (7) above) equal to the product of: |
• | a fraction, the numerator of which is the Class B Usage of Class C Required Subordinated Amount (prior to giving effect to any reimbursement of a Nominal Liquidation Amount Deficit for any tranche of Class C notes on such Transfer Date) for that tranche of Class B notes and the denominator of which is the aggregate Nominal Liquidation Amount Deficits (prior to giving effect to such reimbursement) of all Class C notes, times |
• | the aggregate Nominal Liquidation Amount Deficits of all Class C notes which are reimbursed on such Transfer Date. |
· | the Floating Investor Percentage on the day the applicable account became a Defaulted Account; and |
· | the Default Amount. |
· | the filing of a registration statement with the SEC relating to any notes or investor certificates to be offered and sold from time to time by the transferor, on behalf of the issuing entity or master trust II; and |
· | a change in law or regulation (including any new or revised interpretation of an existing law or regulation) that, in the transferor’s judgment, could reasonably be expected to have a material effect on the delinquency rate for cardholder payments on the credit card accounts comprising the Master Trust II Portfolio or the manner by which delinquencies are defined or determined; |
· | it exists and is maintained by BANA; |
· | its receivables are payable in United States dollars; |
· | the related obligor’s most recent billing address is located in the United States or its territories or possessions; |
· | it is not classified by BANA as cancelled, counterfeit, fraudulent, stolen, or lost; and |
· | all of its receivables have not been charged‑off under BANA’s customary and usual procedures for servicing credit card accounts; |
· | the transferor delivers to the trustee a certificate of an authorized officer to the effect that, in the reasonable belief of the transferor, such amendment will not as of the date of such amendment adversely affect in any material respect the interest of such certificateholders; and |
· | such amendment will not result in a withdrawal or reduction of the rating of any outstanding series under master trust II by any rating agency. |
· | it arises in an Eligible Account; |
· | it is created, in all material respects, in compliance with all requirements of law applicable to BANA, and it is created under a credit card agreement that complies in all material respects with all requirements of law applicable to BANA; |
· | all consents, licenses, authorizations of, or registrations with, any governmental authority that are required for its creation or the execution, delivery, or performance of the related credit card agreement have been duly obtained or made by BANA and are fully effective; |
· | immediately prior to being transferred to the master trust II trustee, the transferor has good and marketable title to it free and clear of all liens arising under or through the transferor (other than certain tax liens for taxes not then due or which BANA or the transferor is contesting); |
· | it is the legal, valid, and binding payment obligation of the related obligor and is enforceable against that obligor in accordance with its terms (with certain bankruptcy‑related exceptions); and |
· | it is an “account” under Article 9 of the UCC. |
· | for Series 2001‑D, the sum of the nominal liquidation amounts for each series of notes outstanding plus the Class D Investor Interest, in each case as of such date; and |
· | for all other series of master trust II investor certificates, the initial outstanding principal amount of the investor certificates of that series, less the amount of principal paid to the related investor certificateholders and the amount of unreimbursed charge‑offs for uncovered defaults and reallocations of principal collections. |
·
|
the first Business Day after the Distribution Date on which the outstanding amount of the interests in master trust II (excluding the Transferor Interest), if any, for each series outstanding is zero;
|
· | December 31, 2024 or such later date as the servicer and the transferor may determine (which will not be later than August 31, 2034); or |
· | if the receivables are sold, disposed of or liquidated following the occurrence of an event of insolvency or receivership of Funding, immediately following such sale, disposition or liquidation. |
· | each interest payment date for such series, class or tranche; and |
· | for any month in which no interest payment date occurs, the date in that month corresponding numerically to the next interest payment date for that series, class or tranche of notes; but |
— | for the month in which a series, class or tranche of notes is issued, the date of issuance of such series, class or tranche will be the first Monthly Interest Accrual Date for such series, class or tranche of notes; |
— | for the month next following the month in which a series, class or tranche of notes is issued, the first day of such month will be the first Monthly Interest Accrual Date in such next following month for such series, class or tranche of notes; |
— | any date on which proceeds from a sale of receivables following an event of default and acceleration of any series, class or tranche of notes are deposited into the interest funding account for such series, class or tranche of notes will be a Monthly Interest Accrual Date for such series, class or tranche of notes; |
—
|
if there is no such numerically corresponding date in that month, then the Monthly Interest Accrual Date will be the last Business Day of the month; and
|
— | if the numerically corresponding date in such month is not a Business Day for that class or tranche, then the Monthly Interest Accrual Date will be the next following Business Day, unless that Business Day would fall in the following month, in which case the Monthly Interest Accrual Date will be the last Business Day of the earlier month. |
· | for any month in which the expected principal payment date occurs for such series, class or tranche, such expected principal payment date, or if that day is not a Business Day, the next following Business Day; and |
· | for any month in which no expected principal payment date occurs for such series, class or tranche, the date in that month corresponding numerically to the expected principal payment date for that series, class or tranche of notes (or for any month following the last expected principal payment date, the date in such month corresponding numerically to the preceding expected principal payment date for such series, class or tranche of notes); but |
— | following a Pay Out Event, the second Business Day following such Pay Out Event shall be a Monthly Principal Accrual Date; |
— | any date on which prefunded excess amounts are released from any principal funding subaccount and deposited into the principal funding subaccount of any tranche of notes on or after the expected principal payment date for such tranche of notes will be a Monthly Principal Accrual Date for such tranche of notes; |
— | any date on which proceeds from a sale of receivables following an event of default and acceleration of any series, class or tranche of notes are deposited into the principal funding account for such series, class or tranche of notes will be a Monthly Principal Accrual Date for such series, class or tranche of notes; |
— | if there is no numerically corresponding date in that month, then the Monthly Principal Accrual Date will be the last Business Day of the month; and |
— | if the numerically corresponding date in such month is not a Business Day, the Monthly Principal Accrual Date will be the next following Business Day, unless that Business |
|
Day would fall in the following month, in which case the Monthly Principal Accrual Date will be the last Business Day of the earlier month.
|
· | obligations of, or fully guaranteed by, the United States of America; |
· | time deposits or certificates of deposit of depository institutions or trust companies, the certificates of deposit of which have the highest rating from Moody’s, Standard & Poor’s and, if rated by Fitch, Fitch; |
· | commercial paper having, at the time of master trust II’s or the issuing entity’s investment, a rating in the highest rating category from Moody’s, Standard & Poor’s and, if rated by Fitch, Fitch; |
· | bankers’ acceptances issued by any depository institution or trust company described in the second clause above; |
· | money market funds which have the highest rating from, or have otherwise been approved in writing by, each rating agency; |
· | certain open end diversified investment companies; and |
· | any other investment if each rating agency confirms in writing that such investment will not adversely affect its then‑current rating or ratings of the certificates or the notes. |
· | the sum of: |
—
|
Available Funds allocated to the BAseries for the related Transfer Date; plus
|
—
|
Available Funds allocated to cover the Aggregate Class D Investor Default Amount or any Class D Investor Charge‑Offs on the related Transfer Date; plus
|
—
|
the net investment earnings, if any, in the interest funding subaccounts for notes of the BAseries on that Transfer Date; plus
|
—
|
any amounts to be treated as BAseries Available Funds remaining in interest funding subaccounts after a sale of receivables as described in “Sources of Funds to Pay the Notes—Sale of Credit Card Receivables” in this prospectus; plus
|
—
|
any shared excess available funds from any other series of notes; plus
|
—
|
the product of the servicer interchange allocated to Series 2001‑D (as described in “Master Trust II—Servicing Compensation and Payment of Expenses” in this prospectus) for that month times a fraction, the numerator of which is the Weighted Average Available Funds Allocation Amount for the BAseries for that month and the denominator of which is the Weighted Average Available Funds Allocation Amount for all series of notes for that month; minus
|
—
|
the excess, if any, of the shortfalls in the investment earnings on amounts in any principal funding accounts for notes of the BAseries over the sum of (i) any withdrawals of amounts from the accumulation reserve subaccount and (ii) any additional finance charge collections allocable to the BAseries, in each case, to cover the shortfalls as described under “Sources of Funds to Pay the Notes—Deposit and Application of Funds for the BAseries—BAseries Available Funds” in this prospectus; minus
|
—
|
the sum, for each day during that month, of the product of the Investor Default Amounts for that day times the percentage equivalent of a fraction, the numerator of which is the Available Funds Allocation Amount for the BAseries for that day and the denominator of which is the Available Funds Allocation Amount for all series of notes for that day; minus
|
—
|
the Aggregate Class D Investor Default Amount for the related Transfer Date; divided by
|
· | the Weighted Average Floating Allocation Investor Interest for that month. |
· | a depository institution, which may include the indenture trustee or the owner trustee (so long as it is a paying agent), organized under the laws of the United States of America or any one of the states thereof or the District of Columbia, the deposits of which are insured by the FDIC and which at all times has a short‑term unsecured debt rating in the applicable investment category of each rating agency; or |
· | a depository institution acceptable to each rating agency. |
(a) | failure by the servicer to make any payment, transfer or deposit, or to give instructions to the master trust II trustee to make certain payments, transfers or deposits, on the date the servicer is required to do so under the master trust II agreement or any series supplement (or within the applicable grace period, which will not exceed 10 Business Days); |
(b) | failure on the part of the servicer duly to observe or perform in any respect any other covenants or agreements of the servicer which has a material adverse effect on the certificateholders of any series issued and outstanding under master trust II and which continues unremedied for a period of 60 days after written notice and continues to have a material adverse effect on such certificateholders; or the delegation by the servicer of its duties under the master trust II agreement, except as specifically permitted thereunder; |
(c) | any representation, warranty or certification made by the servicer in the master trust II agreement, or in any certificate delivered pursuant to the master trust II agreement, proves to have been incorrect when made which has a material adverse effect on the certificateholders of any series issued and outstanding under master trust II, and which continues to be incorrect in any material respect for a period of 60 days after written notice and continues to have a material adverse effect on such certificateholders; |
(d) | the occurrence of certain events of bankruptcy, insolvency, conservatorship or receivership of the servicer; or |
(e) | [describe additional servicer defaults, as applicable]. |
At [•] [•],
|
At [•] [•],
|
|||||||||||||||||||||||
201[•] |
201[•]
|
201[•]
|
||||||||||||||||||||||
Receivables
|
Percentage
of Total Receivables
|
Receivables
|
Percentage
of Total Receivables
|
Receivables
|
Percentage
of Total Receivables
|
|||||||||||||||||||
Receivables Outstanding
|
$
|
[•
|
]
|
$
|
[•
|
]
|
$
|
[•
|
]
|
|||||||||||||||
Receivables Delinquent:
|
||||||||||||||||||||||||
30‑59 Days
|
$
|
[•
|
]
|
[•
|
]%
|
$
|
[•
|
]
|
[•
|
]%
|
$
|
[•
|
]
|
[•
|
]%
|
|||||||||
60‑89 Days
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
||||||||||||
90‑119 Days
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
||||||||||||
120‑149 Days
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
||||||||||||
150‑179 Days
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
||||||||||||
180 or More Days
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
||||||||||||
Total
|
$
|
[•
|
]
|
[•
|
]%
|
$
|
[•
|
]
|
[•
|
]%
|
$
|
[•
|
]
|
[•
|
]%
|
At [•] [•],
|
||||||||||||||||||||||||
201[•] | 201[•] | 201[•] | ||||||||||||||||||||||
Receivables
|
Percentage
of Total Receivables
|
Receivables
|
Percentage
of Total Receivables
|
Receivables
|
Percentage
of Total Receivables
|
|||||||||||||||||||
Receivables Outstanding
|
$
|
[•
|
]
|
$
|
[•
|
]
|
$
|
[•
|
]
|
|||||||||||||||
Receivables Delinquent:
|
||||||||||||||||||||||||
30‑59 Days
|
$
|
[•
|
]
|
[•
|
]%
|
$
|
[•
|
]
|
[•
|
]%
|
$
|
[•
|
]
|
[•
|
]%
|
|||||||||
60‑89 Days
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
||||||||||||
90‑119 Days
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
||||||||||||
120‑149 Days
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
||||||||||||
150‑179 Days
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
||||||||||||
180 or More Days
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
||||||||||||
Total
|
$
|
[•
|
]
|
[•
|
]%
|
$
|
[•
|
]
|
[•
|
]%
|
$
|
[•
|
]
|
[•
|
]%
|
[•] Months
Ended [•] [•],
|
Year Ended [•] [•],
|
|||||||||||
201[•]
|
|
201[•]
|
|
201[•]
|
|
|||||||
Average Principal Receivables Outstanding
|
$
|
[•
|
]
|
$
|
[•
|
]
|
$
|
[•
|
]
|
|||
Total Charge‑Offs
|
$
|
[•
|
]
|
$
|
[•
|
]
|
$
|
[•
|
]
|
|||
Total Charge‑Offs as a percentage of Average Principal Receivables Outstanding
|
[•]%
|
|
[•]%
|
|
[•]%
|
|
||||||
Recoveries
|
$
|
[•
|
]
|
$
|
[•
|
]
|
$
|
[•
|
]
|
|||
Recoveries as a percentage of Average Principal Receivables Outstanding
|
[•]%
|
|
[•]%
|
|
[•]%
|
|
||||||
Net Charge‑Offs
|
$
|
[•
|
]
|
$
|
[•
|
]
|
$
|
[•
|
]
|
|||
Net Charge‑Offs as a percentage of Average Principal Receivables Outstanding
|
[•]%
|
|
[•
|
]%
|
[•]%
|
|
||||||
Year Ended [•][•],
|
||||||||||||
201[•]
|
|
201[•]
|
|
201[•]
|
|
|||||||
Average Principal Receivables Outstanding
|
$
|
[•
|
]
|
$
|
[•
|
]
|
$
|
[•
|
]
|
|||
Total Charge‑Offs
|
$
|
[•
|
]
|
$
|
[•
|
]
|
$
|
[•
|
]
|
|||
Total Charge‑Offs as a percentage of Average Principal Receivables Outstanding
|
[•]%
|
|
[•]%
|
|
[•]%
|
|
||||||
Recoveries
|
$
|
[•
|
]
|
$
|
[•
|
]
|
$
|
[•
|
]
|
|||
Recoveries as a percentage of Average Principal Receivables Outstanding
|
[•]%
|
|
[•]%
|
|
[•]%
|
|
||||||
Net Charge‑Offs
|
$
|
[•
|
]
|
$
|
[•
|
]
|
$
|
[•
|
]
|
|||
Net Charge‑Offs as a percentage of Average Principal Receivables Outstanding
|
[•]%
|
|
[•]%
|
|
[•]%
|
|
[•] Months
Ended [•] [•],
|
Year Ended [•] [•],
|
|||||||||||
201[•]
|
|
201[•]
|
|
201[•]
|
|
|||||||
Finance Charges and Fees
|
$
|
[•
|
]
|
$
|
[•
|
]
|
$
|
[•
|
]
|
|||
Yield from Finance Charges and Fees
|
[•
|
]%
|
[•
|
]%
|
[•
|
]%
|
||||||
Year Ended [•][•],
|
||||||||||||
201[•]
|
|
201[•]
|
|
201[•]
|
|
|||||||
Finance Charges and Fees
|
$
|
[•
|
]
|
$
|
[•
|
]
|
$
|
[•
|
]
|
|||
Yield from Finance Charges and Fees
|
[•
|
]%
|
[•
|
]%
|
[•
|
]%
|
[•] [•] Ended
[•] [•], |
Year Ended [•] [•],
|
|||||||||||||||||||||||
201[•]
|
201[•]
|
201[•]
|
201[•]
|
201[•]
|
201[•]
|
|||||||||||||||||||
Lowest Month
|
[•
|
]%
|
[•
|
]%
|
[•
|
]%
|
[•
|
]%
|
[•
|
]%
|
[•
|
]%
|
||||||||||||
Highest Month
|
[•
|
]%
|
[•
|
]%
|
[•
|
]%
|
[•
|
]%
|
[•
|
]%
|
[•
|
]%
|
||||||||||||
Monthly Average
|
[•
|
]%
|
[•
|
]%
|
[•
|
]%
|
[•
|
]%
|
[•
|
]%
|
[•
|
]%
|
· | the Master Trust II Portfolio included $[•] of principal receivables and $[•] of finance charge receivables; |
· | the credit card accounts had an average principal receivable balance of $[•] and an average credit limit of $[•]; |
· | the percentage of the aggregate total receivable balance to the aggregate total credit limit was [•]%; |
· | the average age of the credit card accounts was approximately [•] months; and |
· | cardholders whose accounts are included in the Master Trust II Portfolio had billing addresses in all 50 States, the District of Columbia and Puerto Rico. |
· | with regard to statements prepared for cardholders during [•] 201[•] only, [•]% of accounts had cardholders that made the minimum payment under the terms of the related credit card agreement; and |
· | with regard to statements prepared for cardholders during [•] 201[•] only, [•]% of accounts had cardholders that paid their full balance under the terms of the related credit card agreement. |
Account Balance Range
|
Number of
Accounts |
Percentage of
Total Number of Accounts |
Receivables
|
Percentage of
Total Receivables
|
||||||||||||
Credit Balance
|
[•
|
]
|
[•
|
]%
|
$
|
[•
|
]
|
[•
|
]%
|
|||||||
No Balance
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
||||||||
$ .01‑$ 5,000.00
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
||||||||
$ 5,000.01‑$10,000.00
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
||||||||
$10,000.01‑$15,000.00
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
||||||||
$15,000.01‑$20,000.00
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
||||||||
$20,000.01‑$25,000.00
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
||||||||
$25,000.01 or More
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
||||||||
Total
|
[•
|
]
|
[•
|
]%
|
$
|
[•
|
]
|
[•
|
]%
|
Credit Limit Range
|
Number of
Accounts |
Percentage of
Total Number of Accounts |
Receivables
|
Percentage of
Total Receivables
|
||||||||||||
Less than or equal
to $ 5,000.00 |
[•
|
]
|
[•
|
]%
|
$
|
[•
|
]
|
[•
|
]%
|
|||||||
$ 5,000.01 ‑ $ 10,000.00
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
||||||||
$ 10,000.01 ‑ $ 15,000.00
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
||||||||
$ 15,000.01 ‑ $ 20,000.00
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
||||||||
$ 20,000.01 ‑ $ 25,000.00
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
||||||||
$ 25,000.01 or More
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
||||||||
Total
|
[•
|
]
|
[•
|
]%
|
$
|
[•
|
]
|
[•
|
]%
|
Period of Delinquency
(Days Contractually Delinquent) |
Number of
Accounts |
Percentage of
Total Number of Accounts |
Receivables
|
Percentage of
Total Receivables
|
||||||||||||
Not Delinquent
|
[•
|
]
|
[•
|
]%
|
$
|
[•
|
]
|
[•
|
]%
|
|||||||
Up to 29 Days
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
||||||||
30 to 59 Days
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
||||||||
60 to 89 Days
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
||||||||
90 to 119 Days
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
||||||||
120 to 149 Days
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
||||||||
150 to 179 Days
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
||||||||
180+ Days
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
||||||||
Total
|
[•
|
]
|
[•
|
]%
|
$
|
[•
|
]
|
[•
|
]%
|
*
|
Represents a number greater than 0.00% but less than 0.05%
|
Account Age
|
Number of
Accounts |
Percentage of
Total Number of Accounts |
Receivables
|
Percentage of
Total Receivables
|
||||||||||||
Not More than 6 Months
|
[•
|
]
|
[•
|
]%
|
$
|
[•
|
]
|
[•
|
]%
|
|||||||
Over 6 Months to 12 Months
|
[•
|
]
|
[•
|
]%
|
[•
|
]
|
[•
|
]
|
||||||||
Over 12 Months to 24 Months
|
[•
|
]
|
[•
|
]%
|
[•
|
]
|
[•
|
]
|
||||||||
Over 24 Months to 36 Months
|
[•
|
]
|
[•
|
]%
|
[•
|
]
|
[•
|
]
|
||||||||
Over 36 Months to 48 Months
|
[•
|
]
|
[•
|
]%
|
[•
|
]
|
[•
|
]
|
||||||||
Over 48 Months to 60 Months
|
[•
|
]
|
[•
|
]%
|
[•
|
]
|
[•
|
]
|
||||||||
Over 60 Months to 72 Months
|
[•
|
]
|
[•
|
]%
|
[•
|
]
|
[•
|
]
|
||||||||
Over 72 Months
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
||||||||
Total
|
[•
|
]
|
[•
|
]%
|
$
|
[•
|
]
|
[•
|
]%
|
State
|
Number of
Accounts |
Percentage of
Total Number of Accounts |
Receivables
|
Percentage of
Total Receivables
|
||||||||||||
California
|
[•
|
]
|
[•
|
]%
|
$
|
[•
|
]
|
[•
|
]%
|
|||||||
Florida
|
[•
|
]
|
[•
|
]%
|
[•
|
]
|
[•
|
]
|
||||||||
Texas
|
[•
|
]
|
[•
|
]%
|
[•
|
]
|
[•
|
]
|
||||||||
New York
|
[•
|
]
|
[•
|
]%
|
[•
|
]
|
[•
|
]
|
||||||||
Pennsylvania
|
[•
|
]
|
[•
|
]%
|
[•
|
]
|
[•
|
]
|
||||||||
New Jersey
|
[•
|
]
|
[•
|
]%
|
[•
|
]
|
[•
|
]
|
||||||||
Georgia
|
[•
|
]
|
[•
|
]%
|
[•
|
]
|
[•
|
]
|
||||||||
Virginia
|
[•
|
]
|
[•
|
]%
|
[•
|
]
|
[•
|
]
|
||||||||
Massachusetts
|
[•
|
]
|
[•
|
]%
|
[•
|
]
|
[•
|
]
|
||||||||
Illinois
|
[•
|
]
|
[•
|
]%
|
[•
|
]
|
[•
|
]
|
||||||||
Other
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
[•
|
]
|
||||||||
Total
|
[•
|
]
|
[•
|
]%
|
$
|
[•
|
]
|
[•
|
]%
|
1
|
FICO® is a federally registered servicemark of Fair, Isaac & Company.
|
FICO Score
|
Receivables
|
Percentage of
Total Receivables
|
||||||
Over 720
|
$
|
[•
|
]
|
[•
|
]%
|
|||
661‑720
|
[•
|
]
|
[•
|
]
|
||||
601‑660
|
[•
|
]
|
[•
|
]
|
||||
Less than or equal to 600
|
[•
|
]
|
[•
|
]
|
||||
Unscored
|
[•
|
]
|
[•
|
]
|
||||
TOTAL
|
$
|
[•
|
]
|
[•
|
]%
|
Class A
|
Issuance
Date |
Nominal
Liquidation Amount |
Note Interest Rate
|
Expected
Principal Payment Date |
Legal
Maturity Date |
|||||||||
Class A(2001‑Emerald)
|
8/15/01
|
Currently, $01
|
— | — | — | |||||||||
Class A(2004‑3)
|
3/17/04
|
$
|
700,000,000
|
One Month LIBOR + 0.26%
|
March 2019
|
August 2021
|
||||||||
Class A(2007‑1)
|
1/18/07
|
$
|
500,000,000
|
5.17% |
|
January 2017
|
June 2019
|
|||||||
Class A(2007‑4)
|
3/20/07
|
$
|
300,000,000
|
One Month LIBOR + 0.04%
|
June 2017
|
November 2019
|
||||||||
Class A(2007‑11)
|
8/2/07
|
$
|
400,000,000
|
One Month LIBOR + 0.07%
|
July 2017
|
December 2019
|
||||||||
Class A(2008‑2)
|
3/14/08
|
$
|
1,250,000,000
|
One Month LIBOR + 1.30%
|
March 2016
|
August 2018
|
||||||||
Class A(2014‑1)
|
2/13/14
|
$
|
1,750,000,000
|
One Month LIBOR + 0.38%
|
January 2019
|
June 2021
|
||||||||
Class A(2014‑2)
|
5/14/14
|
$
|
1,250,000,000
|
One Month LIBOR + 0.27%
|
April 2017
|
September 2019
|
||||||||
Class A(2014‑3)
|
9/15/14
|
$
|
1,100,000,000
|
One Month LIBOR + 0.29%
|
August 2017
|
January 2020
|
||||||||
Class A(2015‑1)
|
2/6/15
|
$
|
1,100,000,000
|
One Month LIBOR + 0.33%
|
January 2018
|
June 2020
|
||||||||
Class A(2015‑2)
|
4/29/15
|
$
|
1,200,000,000
|
1.36% |
|
April 2018
|
September 2020
|
1
|
Subject to increase up to the current program limit of $10,317,000,000, such current limit also subject to increase.
|
Class B
|
Issuance
Date |
Nominal
Liquidation Amount |
Note Interest Rate
|
Expected
Principal Payment Date |
Legal
Maturity Date |
||||||
Class B(2010‑1)
|
1/15/10
|
Variable Funding Note1
|
0%
|
|
Not Applicable
|
To be Determined2
|
1
|
The Class B(2010‑1) Note is a variable funding note that as of [•] [•], 201[•] had a nominal liquidation amount of $[•]. The nominal liquidation amount of this Note may increase up to $4,000,000,000 and may decrease to zero from time to time.
|
2
|
The legal maturity date of the Class B(2010‑1) Note is the earliest to occur of (i) the date on which the Transferor determines to be the Class B(2010‑1) Termination Date following payment in full of the outstanding dollar principal amount of the Class B(2010‑1) Note to the Class B(2010‑1) Noteholders, (ii) the date that is 29 calendar months after the latest expected principal payment date for any BAseries Class A Notes, and (iii) the date on which the Indenture is discharged and satisfied.
|
Class C
|
Issuance Date
|
Nominal
Liquidation Amount |
Note Interest Rate
|
Expected
Principal Payment Date |
Legal
Maturity Date |
||||||
Class C(2010‑1)
|
1/15/10
|
Variable Funding Note1
|
0%
|
|
Not Applicable
|
To be Determined2
|
#
|
Series/Class
|
Issuance Date
|
Investor Interest
|
Certificate Rate
|
Scheduled
Payment Date |
Termination
Date |
||||||
1
|
Series 2001‑D
|
|||||||||||
Collateral Certificate1
|
5/24/01
|
—
|
—
|
—
|
—
|
|||||||
Class D Certificate2
|
3/2/09
|
—
|
—
|
—
|
—
|
Registration Fee
|
$
|
878,753.70
|
**
|
|
Printing and Engraving Expenses
|
$
|
0
|
**
|
|
Trustee’s Fees and Expenses
|
$
|
285,000
|
*
|
|
Legal Fees and Expenses
|
$
|
3,800,000
|
*
|
|
Blue Sky Fees and Expenses
|
$
|
95,000
|
*
|
|
Accountants’ Fees and Expenses
|
$
|
1,330,000
|
*
|
|
Rating Agency Fees
|
$
|
16,150,000
|
*
|
|
Miscellaneous Fees and Expenses
|
$
|
570,000
|
*
|
|
|
||||
Total
|
$
|
23,108,753.70
|
*
|
*
|
Estimated
|
**
|
Actual
|
Exhibit
Number
|
Description
|
|
1.1
|
Form of Underwriting Agreement
|
|
3.1
|
Second Amended and Restated Limited Liability Company Agreement of BA Credit Card
|
Exhibit
Number
|
Description | |
Funding, LLC (included as Exhibit 3.1 to the Registrant’s Form 8-K filed with the Securities and Exchange Commission on July 8, 2015, which is incorporated herein by reference) | ||
4.1
|
Second Amended and Restated Receivables Purchase Agreement (included as Exhibit 4.1 to the Registrant’s Form 8-K filed with the Securities and Exchange Commission on July 8, 2015, which is incorporated herein by reference)
|
|
4.2
|
Form of First Amendment to Second Amended and Restated Receivables Purchase Agreement
|
|
4.3
|
Form of Fourth Amended and Restated Indenture
|
|
4.4
|
Form of Indenture Supplement for a Multiple Tranche Series of Notes (included in Exhibit 4.2 to the Registrant’s Form S-3 filed with the Securities and Exchange Commission on April 24, 2001, which is incorporated herein by reference)
|
|
4.5
|
Form of Third Amended and Restated BAseries Indenture Supplement
|
|
4.6
|
Form of Fourth Amended and Restated Pooling and Servicing Agreement
|
|
4.7
|
Form of Fifth Amended and Restated Series 2001-D Supplement to the Fourth Amended and Restated Pooling and Servicing Agreement relating to the Collateral Certificate
|
|
4.8
|
Fourth Amended and Restated Trust Agreement of the BA Credit Card Trust (included in Exhibit 4.3 to the Registrant’s Form 8-K filed with the Securities and Exchange Commission on October 1, 2014, which is incorporated herein by reference)
|
|
4.9
|
Form of Notes (included as exhibits to Exhibit 4.5)
|
|
4.10
|
Form of Collateral Certificate (included as an exhibit to Exhibit 4.7)
|
|
4.11
|
Form of Asset Representations Review Agreement
|
|
4.12
|
Amended and Restated Defaulted Receivables Supplemental Servicing Agreement (included in Exhibit 4.8 to the Registrant’s Form 8-K, as filed with the Securities and Exchange Commission on October 1, 2014, which is incorporated herein by reference)
|
|
4.13
|
First Amendment to Amended and Restated Defaulted Receivables Supplemental Servicing Agreement (included as Exhibit 4.4 to the Registrant’s Form 8-K filed with the Securities and Exchange Commission on July 8, 2015, which is incorporated herein by reference)
|
|
4.14
|
Form of Dispute Resolution Agreement
|
Exhibit
Number
|
Description | |
5.1
|
Opinion of Richards, Layton & Finger, P.A., with respect to legality of the Collateral Certificate
|
|
5.2
|
Opinion of Richards, Layton & Finger, P.A., with respect to legality of the Notes
|
|
8.1
|
Opinion of Chapman and Cutler LLP with respect to tax matters
|
|
23.1
|
Consents of Richards, Layton & Finger, P.A. (included in its opinions filed as Exhibits 5.1 and 5.2)
|
|
23.2
|
Consent of Chapman and Cutler LLP (included in its opinion filed as Exhibit 8.1)
|
|
24.1
|
Powers of Attorney (included on page II-8)
|
|
25.1
|
Form T-1 Statement of Eligibility and Qualification under the Trust Indenture Act of 1939, as amended, of The Bank of New York Mellon, as Indenture Trustee under the Indenture
|
|
36.1
|
Form of Certification for Shelf Offerings of Asset-Backed Securities
|
|
99.1
|
Delegation of Servicing Activities Agreement (included in Exhibit 99.1 to the Registrant’s Form 8-K, as filed with the Securities and Exchange Commission on February 12, 2015, which is incorporated herein by reference)
|
BA CREDIT CARD FUNDING, LLC
|
|||
Acting solely in its capacity as depositor of BA Credit Card Trust and BA Master Credit Card Trust II
|
|||
By:
|
/s/ Scott W. McCarthy
|
||
Name:
|
Scott W. McCarthy
|
||
Title:
|
President
|
Signature
|
Title
|
|
/s/ Albert Fioravanti
|
Director
|
|
Albert Fioravanti
|
||
/s/ Scott W. McCarthy
|
President, Director
|
|
Scott W. McCarthy
|
(Principal Executive Officer)
|
|
/s/ Joseph Lombardi
|
Vice President, Treasurer, Director
|
|
Joseph Lombardi
|
(Principal Financial Officer and
Principal Accounting Officer) |
|
/s/ Stephanie L. Vincent
|
Vice President, Director
|
|
Stephanie L. Vincent
|
Exhibit
Number
|
Description
|
|
1.1
|
Form of Underwriting Agreement
|
|
3.1
|
Second Amended and Restated Limited Liability Company Agreement of BA Credit Card Funding, LLC (included as Exhibit 3.1 to the Registrant’s Form 8-K filed with the Securities and Exchange Commission on July 8, 2015, which is incorporated herein by reference)
|
|
4.1
|
Second Amended and Restated Receivables Purchase Agreement (included as Exhibit 4.1 to the Registrant’s Form 8-K filed with the Securities and Exchange Commission on July 8, 2015, which is incorporated herein by reference)
|
|
4.2
|
Form of First Amendment to Second Amended and Restated Receivables Purchase Agreement
|
|
4.3
|
Form of Fourth Amended and Restated Indenture
|
|
4.4
|
Form of Indenture Supplement for a Multiple Tranche Series of Notes (included in Exhibit 4.2 to the Registrant’s Form S-3 filed with the Securities and Exchange Commission on April 24, 2001, which is incorporated herein by reference)
|
|
4.5
|
Form of Third Amended and Restated BAseries Indenture Supplement
|
|
4.6
|
Form of Fourth Amended and Restated Pooling and Servicing Agreement
|
|
4.7
|
Form of Fifth Amended and Restated Series 2001-D Supplement to the Fourth Amended and Restated Pooling and Servicing Agreement relating to the Collateral Certificate
|
|
4.8
|
Fourth Amended and Restated Trust Agreement of the BA Credit Card Trust (included in Exhibit 4.3 to the Registrant’s Form 8-K filed with the Securities and Exchange Commission on October 1, 2014, which is incorporated herein by reference)
|
|
4.9
|
Form of Notes (included as exhibits to Exhibit 4.5)
|
|
4.10
|
Form of Collateral Certificate (included as an exhibit to Exhibit 4.7)
|
|
4.11
|
Form of Asset Representations Review Agreement
|
|
4.12
|
Amended and Restated Defaulted Receivables Supplemental Servicing Agreement (included in Exhibit 4.8 to the Registrant’s Form 8-K, as filed with the Securities and Exchange Commission on October 1, 2014, which is incorporated herein by reference)
|
|
4.13 | First Amendment to Amended and Restated Defaulted Receivables Supplemental Servicing |
Exhibit
Number
|
Description
|
|
Agreement (included as Exhibit 4.4 to the Registrant’s Form 8-K filed with the Securities and Exchange Commission on July 8, 2015, which is incorporated herein by reference)
|
||
4.14
|
Form of Dispute Resolution Agreement
|
|
5.1
|
Opinion of Richards, Layton & Finger, P.A., with respect to legality of the Collateral Certificate
|
|
5.2
|
Opinion of Richards, Layton & Finger, P.A., with respect to legality of the Notes
|
|
8.1
|
Opinion of Chapman and Cutler LLP with respect to tax matters
|
|
23.1
|
Consents of Richards, Layton & Finger, P.A. (included in its opinions filed as Exhibits 5.1 and 5.2)
|
|
23.2
|
Consent of Chapman and Cutler LLP (included in its opinion filed as Exhibit 8.1)
|
|
24.1
|
Powers of Attorney (included on page II-8)
|
|
25.1
|
Form T-1 Statement of Eligibility and Qualification under the Trust Indenture Act of 1939, as amended, of The Bank of New York Mellon, as Indenture Trustee under the Indenture
|
|
36.1
|
Form of Certification for Shelf Offerings of Asset-Backed Securities
|
|
99.1
|
Delegation of Servicing Activities Agreement (included in Exhibit 99.1 to the Registrant’s Form 8-K, as filed with the Securities and Exchange Commission on February 12, 2015, which is incorporated herein by reference)
|
Very truly yours,
|
||
BANK OF AMERICA, NATIONAL
ASSOCIATION |
||
By:
|
||
Name:
|
||
Title:
|
||
BA CREDIT CARD TRUST
|
||
By:
|
BA CREDIT CARD FUNDING, LLC,
not in its individual capacity but solely as Beneficiary on behalf of the Issuer |
|
By:
|
||
Name:
|
||
Title:
|
||
BA CREDIT CARD FUNDING, LLC
|
||
By:
|
||
Name:
|
||
Title:
|
By:
|
||
Name:
|
||
Title:
|
Initial Principal
Amount
|
Interest Rate
or Formula
|
Price to
Public
|
||
[Class ]
|
||||
[Class ]
|
||||
[Class ]
|
Underwriting
Discounts and Concessions
|
Selling Concessions
|
Reallowance
|
||
[Class ] ___%
|
___%
|
___%
|
||
[[Class ] ___%
|
___%
|
___%]
|
||
[[Class ] ___%
|
___%
|
___%]
|
[__________],
|
|||
[As Representative of the Underwriters
named in Schedule I hereto]
|
|||
By:
|
|||
Name:
|
|||
Title:
|
By:
|
||
Name:
|
||
Title:
|
By:
|
BA CREDIT CARD FUNDING, LLC,
not in its individual capacity but solely as Beneficiary on behalf of the Issuer |
|
By:
|
||
Name:
|
||
Title:
|
By:
|
||
Name:
|
||
Title:
|
Principal Amount
|
||||
[Names of Underwriters]
|
$
|
|||
$
|
BANK OF AMERICA, NATIONAL ASSOCIATION | |||
|
By: |
|
|
|
|
Name:
|
|
|
|
Title:
|
BA CREDIT CARD FUNDING, LLC | |||
|
By: |
|
|
|
|
Name:
|
|
|
|
Title:
|
Page
|
||
ARTICLE I
|
DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
|
8
|
Section 101.
|
Definitions
|
8
|
Section 102.
|
Compliance Certificates and Opinions
|
26
|
Section 103.
|
Form of Documents Delivered to Indenture Trustee
|
27
|
Section 104.
|
Acts of Noteholders
|
27
|
Section 105. | Notices, etc., to Indenture Trustee and Issuer | 29 |
Section 106.
|
Notices to Noteholders; Waiver
|
29
|
Section 107.
|
Conflict with Trust Indenture Act
|
30
|
Section 108.
|
Effect of Headings and Table of Contents
|
30
|
Section 109.
|
Successors and Assigns
|
30
|
Section 110.
|
Separability
|
30
|
Section 111.
|
Benefits of Indenture
|
31
|
Section 112.
|
Governing Law; Submission to Jurisdiction; Agent for Service of Process
|
31
|
Section 113.
|
Counterparts
|
31
|
Section 114.
|
Indenture Referred to in the Trust Agreement
|
31
|
Section 115.
|
Legal Holidays
|
31
|
ARTICLE II
|
NOTE FORMS
|
32
|
Section 201.
|
Forms Generally
|
32
|
Section 202.
|
Forms of Notes
|
32
|
Section 203.
|
Form of Indenture Trustee’s Certificate of Authentication
|
32
|
Section 204.
|
Notes Issuable in the Form of a Global Note
|
33
|
Section 205.
|
Temporary Global Notes and Permanent Global Notes
|
35
|
Section 206.
|
Beneficial Ownership of Global Notes
|
36
|
Section 207.
|
Notices to Depository
|
37
|
ARTICLE III
|
THE NOTES
|
38
|
Section 301.
|
General Title; General Limitations; Issuable in Series; Terms of a Series, Class or Tranche
|
38
|
Section 302.
|
Denominations
|
41
|
Section 303.
|
Execution, Authentication and Delivery and Dating
|
41
|
Section 304.
|
Temporary Notes
|
42
|
Section 305.
|
Registration, Transfer and Exchange
|
42
|
Section 306.
|
Mutilated, Destroyed, Lost and Stolen Notes
|
45
|
Section 307.
|
Payment of Interest; Interest Rights Preserved
|
45
|
Section 308.
|
Persons Deemed Owners
|
46
|
Section 309.
|
Cancellation
|
46
|
Section 310.
|
New Issuances of Notes
|
46
|
Section 311.
|
Specification of Required Subordinated Amount and other Terms with Respect to each Tranche
|
48
|
Section 312.
|
Reallocation Groups
|
48
|
Section 313.
|
Excess Available Funds Sharing Groups
|
48
|
ARTICLE IV
|
ACCOUNTS AND INVESTMENTS
|
50
|
Section 401.
|
Collections
|
50
|
Section 402.
|
Accounts
|
50
|
Section 403.
|
Investment of Funds in the Accounts
|
51
|
ARTICLE V
|
ALLOCATIONS, DEPOSITS AND PAYMENTS
|
53
|
Section 501.
|
Allocations of Available Funds
|
53
|
Section 502.
|
Allocations of Available Principal Amounts
|
53
|
Section 503.
|
Final Payment
|
53
|
Section 504.
|
Payments within a Series, Class or Tranche
|
54
|
Section 505.
|
Allocations of Collections of Finance Charge Receivables Allocable to the Segregated Transferor Interest
|
54
|
ARTICLE VI
|
SATISFACTION AND DISCHARGE; CANCELLATION OF NOTES HELD BY THE ISSUER
|
55
|
Section 601.
|
Satisfaction and Discharge of Indenture
|
55
|
Section 602.
|
Application of Trust Money
|
55
|
Section 603.
|
Cancellation of Notes Held by the Issuer
|
56
|
ARTICLE VII
|
EVENTS OF DEFAULT AND REMEDIES
|
57
|
Section 701.
|
Events of Default
|
57
|
Section 702.
|
Acceleration of Maturity; Rescission and Annulment
|
58
|
Section 703.
|
Collection of Indebtedness and Suits for Enforcement by Indenture Trustee
|
59
|
Section 704.
|
Indenture Trustee May File Proofs of Claim
|
60
|
Section 705.
|
Indenture Trustee May Enforce Claims Without Possession of Notes
|
61
|
Section 706.
|
Application of Money Collected
|
61
|
Section 707.
|
Indenture Trustee May Elect to Hold the Collateral Certificate
|
61
|
Section 708.
|
Sale of Receivables for Accelerated Notes
|
61
|
Section 709.
|
Noteholders Have the Right to Direct the Time, Method and Place of Conducting Any Proceeding for Any Remedy Available to the Indenture Trustee
|
62
|
Section 710.
|
Limitation on Suits
|
62
|
Section 711.
|
Unconditional Right of Noteholders to Receive Principal and Interest; Limited Recourse
|
62
|
Section 712.
|
Restoration of Rights and Remedies
|
63
|
Section 713.
|
Rights and Remedies Cumulative
|
63
|
Section 714.
|
Delay or Omission Not Waiver
|
63
|
Section 715.
|
Control by Noteholders
|
63
|
Section 716.
|
Waiver of Past Defaults
|
64
|
Section 717.
|
Undertaking for Costs
|
64
|
Section 718.
|
Waiver of Stay or Extension Laws
|
64
|
ARTICLE VIII
|
THE INDENTURE TRUSTEE
|
66
|
Section 801.
|
Certain Duties and Responsibilities
|
66
|
Section 802.
|
Notice of Defaults
|
67
|
Section 803.
|
Certain Rights of Indenture Trustee
|
67
|
Section 804.
|
Not Responsible for Recitals or Issuance of Notes
|
68
|
Section 805.
|
May Hold Notes
|
68
|
Section 806.
|
Money Held in Trust
|
69
|
Section 807.
|
Compensation and Reimbursement, Limit on Compensation, Reimbursement and Indemnity
|
69
|
Section 808.
|
Disqualification; Conflicting Interests
|
69
|
Section 809.
|
Corporate Indenture Trustee Required; Eligibility
|
69
|
Section 810.
|
Resignation and Removal; Appointment of Successor
|
70
|
Section 811.
|
Acceptance of Appointment by Successor
|
71
|
Section 812.
|
Merger, Conversion, Consolidation or Succession to Business
|
72
|
Section 813.
|
Preferential Collection of Claims Against Issuer
|
72
|
Section 814.
|
Appointment of Authenticating Agent
|
73
|
Section 815.
|
Tax Returns
|
74
|
Section 816.
|
Representations and Covenants of the Indenture Trustee
|
75
|
Section 817.
|
Custody of the Collateral
|
75
|
Section 818.
|
Indenture Trustee’s Application for Instructions from the Issuer
|
76
|
ARTICLE IX
|
NOTEHOLDERS’ MEETINGS, LISTS, REPORTS BY INDENTURE TRUSTEE, ISSUER AND BENEFICIARY
|
77
|
Section 901.
|
Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders
|
77
|
Section 902.
|
Preservation of Information; Communications to Noteholders
|
77
|
Section 903.
|
Reports by Indenture Trustee
|
78
|
Section 904.
|
Meetings of Noteholders; Amendments and Waivers
|
79
|
Section 905.
|
Reports by Issuer to the Commission
|
80
|
Section 906.
|
Reports by Indenture Trustee
|
81
|
Section 907.
|
Monthly Noteholders’ Statement
|
81
|
Section 908.
|
Payment Instruction to Master Trust
|
81
|
ARTICLE X
|
INDENTURE SUPPLEMENTS; AMENDMENTS TO THE POOLING AND SERVICING AGREEMENT AND AMENDMENTS TO THE TRUST AGREEMENT
|
82
|
Section 1001.
|
Supplemental Indentures Without Consent of Noteholders
|
82
|
Section 1002.
|
Supplemental Indentures with Consent of Noteholders
|
83
|
Section 1003.
|
Execution of Indenture Supplements
|
85
|
Section 1004.
|
Effect of Indenture Supplements
|
85
|
Section 1005.
|
Conformity with Trust Indenture Act
|
85
|
Section 1006.
|
Reference in Notes to Indenture Supplements
|
85
|
Section 1007.
|
Amendments to the Pooling and Servicing Agreement; Amendments to the Asset Representations Review Agreement; Treatment of Noteholders and Note Owners
|
85
|
Section 1008.
|
Amendments to the Trust Agreement
|
86
|
Section 1009.
|
Notice
|
87
|
ARTICLE XI
|
REPRESENTATIONS, WARRANTIES AND COVENANTS OF ISSUER
|
88
|
Section 1101.
|
Payment of Principal and Interest
|
88
|
Section 1102.
|
Maintenance of Office or Agency
|
88
|
Section 1103.
|
Money for Note Payments to Be Held in Trust
|
88
|
Section 1104.
|
Statement as to Compliance
|
90
|
Section 1105.
|
Legal Existence
|
90
|
Section 1106.
|
Further Instruments and Acts
|
90
|
Section 1107.
|
Compliance with Laws
|
90
|
Section 1108.
|
Notice of Events of Default
|
91
|
Section 1109.
|
Certain Negative Covenants
|
91
|
Section 1110.
|
No Other Business
|
91
|
Section 1111.
|
No Borrowing
|
91
|
Section 1112.
|
Rule 144A Information
|
91
|
Section 1113.
|
Performance of Obligations; Servicing of Receivables
|
92
|
Section 1114.
|
Issuer May Consolidate, Etc., Only on Certain Terms
|
92
|
Section 1115.
|
Successor Substituted
|
94
|
Section 1116.
|
Guarantees, Loans, Advances and Other Liabilities
|
94
|
Section 1117.
|
Capital Expenditures
|
95
|
Section 1118.
|
Restricted Payments
|
95
|
ARTICLE XII
|
EARLY REDEMPTION OF NOTES
|
96
|
Section 1201.
|
Applicability of Article
|
96
|
Section 1202.
|
Optional Repurchase
|
97
|
Section 1203.
|
Notice
|
97
|
ARTICLE XIII
|
COLLATERAL
|
98
|
Section 1301.
|
Recording, Etc
|
98
|
Section 1302.
|
Trust Indenture Act Requirements
|
99
|
Section 1303.
|
Suits to Protect the Collateral
|
99
|
Section 1304.
|
Purchaser Protected
|
100
|
Section 1305.
|
Powers Exercisable by Receiver or Indenture Trustee
|
100
|
Section 1306.
|
Determinations Relating to Collateral
|
100
|
Section 1307.
|
Release of Collateral
|
101
|
Section 1308.
|
Certain Actions by Indenture Trustee
|
101
|
Section 1309.
|
Opinions as to Collateral
|
101
|
Section 1310.
|
Delegation of Duties
|
102
|
ARTICLE XIV
|
MISCELLANEOUS
|
103
|
Section 1401.
|
No Petition
|
103
|
Section 1402.
|
Trust Obligations
|
103
|
Section 1403.
|
Limitations on Liability
|
103
|
Section 1404.
|
Tax Treatment
|
104
|
Section 1405.
|
Actions Taken by the Issuer
|
104
|
Section 1406.
|
Alternate Payment Provisions
|
104
|
Section 1407.
|
Termination of Issuer
|
104
|
Section 1408. | Final Distribution | 104 |
Section 1409.
|
Termination Distributions
|
105
|
Section 1410.
|
Derivative Counterparty as Third-Party Beneficiary
|
105
|
ARTICLE XV
|
COMPLIANCE WITH REGULATION AB
|
106
|
Section 1501.
|
Intent of the Parties; Reasonableness
|
106
|
Section 1502.
|
Additional Representations and Warranties of the Indenture Trustee
|
106
|
Section 1503.
|
Information to Be Provided by the Indenture Trustee
|
106
|
Section 1504.
|
Report on Assessment of Compliance and Attestation
|
107
|
Section 1505.
|
Investor Communication
|
108
|
ARTICLE XVI
|
INDENTURE SUPPLEMENTS AND TERMS DOCUMENTS
|
109
|
Section 1601.
|
Qualified Accounts
|
109
|
EXHIBIT A
|
[FORM OF] PAYMENT INSTRUCTIONS
|
EXHIBIT B
|
[FORM OF] MONTHLY NOTEHOLDERS’ STATEMENT
|
EXHIBIT C
|
[FORM OF] INVESTMENT LETTER
|
EXHIBIT D‑1
|
[FORM OF] CLEARANCE SYSTEM CERTIFICATE TO BE GIVEN TO THE TRUSTEE BY EUROCLEAR OR CLEARSTREAM, LUXEMBOURG FOR DELIVERY OF DEFINITIVE NOTES IN EXCHANGE FOR A PORTION OF A TEMPORARY GLOBAL NOTE
|
EXHIBIT D‑2
|
[FORM OF] CERTIFICATE TO BE DELIVERED TO EUROCLEAR OR CLEARSTREAM, LUXEMBOURG BY [·] WITH RESPECT TO REGISTERED NOTES SOLD TO QUALIFIED INSTITUTIONAL BUYERS
|
EXHIBIT D‑3
|
[FORM OF] CERTIFICATE TO BE DELIVERED TO EUROCLEAR OR CLEARSTREAM, LUXEMBOURG BY A BENEFICIAL OWNER OF NOTES, OTHER THAN A QUALIFIED INSTITUTIONAL BUYER
|
EXHIBIT E
|
[FORM OF] ANNUAL CERTIFICATION
|
EXHIBIT F
|
[FORM OF] SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE
|
Trust Indenture
Act Section |
Indenture Section
|
310(a)(1)
|
809
|
(a)(2)
|
809
|
(a)(3)
|
Not Applicable
|
(a)(4)
|
Not Applicable
|
(a)(5)
|
809
|
(b)
|
808, 810(d)(i)
|
(c)
|
Not Applicable
|
311(a)
|
813
|
(b)
|
813
|
(c)
|
Not Applicable
|
312(a)
|
901, 902(a)
|
(b)
|
902(b)
|
(c)
|
902(c)
|
313(a)
|
903
|
(b)
|
903(c)
|
(c)
|
903, 903(c)
|
(d)
|
905
|
314(a)
|
905, 1104
|
(b)
|
1309
|
(c)(1)
|
102, 601(c), 1307
|
(c)(2)
|
102, 601(c), 1307
|
(c)(3)
|
102, 601(c), 1307
|
(d)(1)
|
1302
|
(d)(2)
|
Not Applicable
|
(d)(3)
|
Not Applicable
|
(e)
|
102
|
315(a)
|
801(a), 801(b)
|
(b)
|
802
|
(c)
|
801(c)
|
(d)
|
801(d)
|
(d)(1)
|
801(d)(i)
|
(d)(2)
|
801(d)(ii)
|
(d)(3)
|
801(d)(iii)
|
(e)
|
717
|
316(a)(1)(A)
|
709
|
316(a)(1)(B)
|
716
|
316(a)(2)
|
Not Applicable
|
316(b)
|
711
|
317(a)(1)
|
703, 705
|
317(a)(2)
|
704
|
317(b)
|
1103
|
318(a)
|
107
|
*
|
This reconciliation and tie shall not, for any purpose be part of the within indenture.
|
THE BANK OF NEW YORK MELLON,
|
||
as Indenture Trustee,
|
||
By:
|
||
Authorized Signatory
|
||
Dated:
|
THE BANK OF NEW YORK MELLON,
|
||
as Indenture Trustee
|
||
By:
|
||
As Authenticating Agent
|
||
By:
|
||
Authorized Signatory
|
BA CREDIT CARD TRUST,
|
||
by BA Credit Card Funding, LLC,
|
||
as Beneficiary
|
||
By:
|
||
Name:
|
||
Title:
|
||
THE BANK OF NEW YORK MELLON, as Indenture Trustee and not in its individual capacity
|
||
By:
|
||
Name:
|
||
Title:
|
Acknowledged and Accepted:
|
|||
BANK OF AMERICA,
|
|||
NATIONAL ASSOCIATION,
|
|||
as Servicer
|
|||
By:
|
|
||
Name:
|
|||
Title:
|
Name
|
||
[Notarial Seal]
|
|
||
Name
|
||
|
||
[Notarial Seal]
|
I
|
Allocations of Available Funds:
|
|
A.
|
Available Funds paid to Series [_____]
|
$________
|
[B.
|
Available Funds paid to Series [_____]
|
$________
|
C.
|
Available Funds paid to Series [_____]
|
$________
|
Total:
|
$________]
|
II.
|
Allocations of Available Principal Amounts:
|
|
A.
|
Available Principal Amounts paid to Series [_____]
|
$________
|
[B.
|
Available Principal Amounts paid to Series [_____]
|
$________
|
C.
|
Available Principal Amounts paid to Series [_____]
|
$________
|
Total:
|
$________]
|
BANK OF AMERICA, NATIONAL
|
||
ASSOCIATION, as Servicer
|
||
By:
|
||
Name:
|
||
Title:
|
Series
|
Nominal
Liquidation
Amount for
prior
Monthly
Period
|
Increases
from
accretions
on
Principal
for
Discount
Notes
|
Increases
from
amounts
withdrawn
from the
Principal
Funding
sub-Account
in respect
of
Prefunding
Excess
Amount
|
Reimburse-
ments from
Available Funds
|
Reductions
due to
reallocations
of Available
Principal
Funds
|
Reductions
due to
Investor
Charge-Offs
|
Reductions
due to
amounts on
deposit
in the
Principal
Funding
sub-Account
|
Current Nominal
Liquidation
Amount
|
||||||||||||||||||||||||
[Series [___]
|
||||||||||||||||||||||||||||||||
[Series [___]
|
||||||||||||||||||||||||||||||||
[Total: ]
|
BANK OF AMERICA, NATIONAL
|
||
ASSOCIATION, as Servicer
|
||
By:
|
||
Name:
|
||
Title:
|
Very truly yours, | ||
(Name of Purchaser) | ||
By | ||
(Authorized officer) |
Dated:
|
, | * |
[
|
|
|
as operator of the Euroclear System]
|
|
|
|||
[Clearstream, Luxembourg]
|
|
|
|||
|
|
|
|||
|
By
|
Dated:
|
,
|
|
[
|
]
|
|
|
|
|
By
|
|
|
|
|
|
Authorized officer
|
Dated:
|
, | * |
By
|
|
|
|
Name:
|
Date:
|
|
|
By:
|
|
|
Name:
|
||
Title:
|
Servicing Criteria
|
Applicable
Servicing Criteria
|
|
Reference
|
Criteria
|
|
General Servicing Considerations
|
||
1122(d)(1)(i)
|
Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.
|
|
1122(d)(1)(ii)
|
If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.
|
|
1122(d)(1)(iii)
|
Any requirements in the transaction agreements to maintain a back‑up servicer for the credit card accounts or accounts are maintained.
|
|
1122(d)(1)(iv)
|
A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.
|
|
1122(d)(1)(v)
|
Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.
|
|
Cash Collection and Administration
|
||
1122(d)(2)(i)
|
Payments on credit card accounts are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.
|
√
|
1122(d)(2)(ii)
|
Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.
|
√
|
1122(d)(2)(iii)
|
Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.
|
|
1122(d)(2)(iv)
|
The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.
|
√
|
1122(d)(2)(v)
|
Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of
|
Servicing Criteria
|
Applicable
Servicing Criteria
|
|
Reference
|
Criteria
|
|
Rule 13k‑1(b)(1) of the Securities Exchange Act. |
Servicing Criteria
|
Applicable
Servicing Criteria
|
|
Reference
|
Criteria
|
|
1122(d)(2)(vi)
|
Unissued checks are safeguarded so as to prevent unauthorized access.
|
|
1122(d)(2)(vii)
|
Reconciliations are prepared on a monthly basis for all asset‑backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.
|
|
Investor Remittances and Reporting
|
||
1122(d)(3)(i)
|
Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of credit card accounts serviced by the Servicer.
|
|
1122(d)(3)(ii)
|
Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.
|
√
|
1122(d)(3)(iii)
|
Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.
|
√
|
1122(d)(3)(iv)
|
Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.
|
√
|
Pool Asset Administration
|
||
1122(d)(4)(i)
|
Collateral or security on credit card accounts is maintained as required by the transaction agreements or related asset pool documents.
|
|
1122(d)(4)(ii)
|
Account and related documents are safeguarded as required by the transaction agreements
|
√
|
Servicing Criteria
|
Applicable
Servicing Criteria
|
|
Reference
|
Criteria
|
|
1122(d)(4)(iii)
|
Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.
|
|
1122(d)(4)(iv)
|
Payments on credit card accounts, including any payoffs, made in accordance with the related credit card accounts documents are posted to the Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related asset pool documents.
|
|
1122(d)(4)(v)
|
The Servicer’s records regarding the accounts and the accounts agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.
|
|
1122(d)(4)(vi)
|
Changes with respect to the terms or status of an obligor’s account (e.g., loan modifications or re‑agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.
|
|
1122(d)(4)(vii)
|
Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.
|
|
1122(d)(4)(viii)
|
Records documenting collection efforts are maintained during the period an Account is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent Accounts including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).
|
|
1122(d)(4)(ix)
|
Adjustments to interest rates or rates of return for Accounts with variable rates are computed based on the related Account documents.
|
|
1122(d)(4)(x)
|
Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s Account documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable Account documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related Accounts, or such other number of days specified in the transaction agreements.
|
|
1122(d)(4)(xi)
|
Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.
|
Servicing Criteria | Applicable
Servicing Criteria
|
|
Reference
|
Criteria
|
|
1122(d)(4)(xii)
|
Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.
|
|
1122(d)(4)(xiii)
|
Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.
|
|
1122(d)(4)(xiv)
|
Delinquencies, charge‑offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.
|
|
1122(d)(4)(xv)
|
Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.
|
[NAME OF INDENTURE TRUSTEE]
|
||
Date:
|
|
|
By:
|
|
|
Name:
|
||
Title:
|
Page | |||
ARTICLE I |
Definitions and Other Provisions of General Application
|
1
|
|
Section 1.01.
|
Definitions
|
1
|
|
Section 1.02.
|
Governing Law; Submission to Jurisdiction; Agent for Service of Process
|
13
|
|
Section 1.03.
|
Counterparts
|
13
|
|
Section 1.04.
|
Ratification of Indenture
|
13
|
|
ARTICLE II |
The Notes
|
14
|
|
Section 2.01.
|
Creation, Designation, and Continuation
|
14
|
|
Section 2.02.
|
New Issuances of Notes
|
14
|
|
Section 2.03.
|
Required Subordinated Amount Conditions to Issuance of a Tranche of a Senior Class of Notes
|
14
|
|
ARTICLE III |
Allocations, Deposits and Payments
|
17
|
|
Section 3.01.
|
Allocations of BAseries Available Funds
|
17
|
|
Section 3.02.
|
Targeted Deposits to the Interest Funding Account
|
17
|
|
Section 3.03.
|
Allocations of BAseries Available Funds to Interest Funding Sub‑Accounts
|
18
|
|
Section 3.04.
|
Amounts to Be Treated as BAseries Available Funds; Payments Received from Derivative Counterparties for Interest in Foreign Currencies; Other Deposits to the Interest Funding Sub‑Accounts
|
19
|
|
Section 3.05.
|
Allocations of Reductions from Investor Charge‑Offs to the Nominal Liquidation Amount of Subordinated Classes
|
20
|
|
Section 3.06.
|
Allocations of Reimbursements of Nominal Liquidation Amount Deficits
|
22
|
|
Section 3.07.
|
Application of BAseries Available Principal Amounts
|
23
|
|
Section 3.08.
|
Allocation of Servicing Fee Shortfalls
|
24
|
|
Section 3.09.
|
Computation of Reductions to the Nominal Liquidation Amount of Subordinated Classes from Reallocations of BAseries Available Principal Amounts
|
25
|
|
Section 3.10.
|
Targeted Deposits of BAseries Available Principal Amounts to the Principal Funding Account.
|
26
|
|
Section 3.11.
|
Allocations among Principal Funding Sub‑Accounts
|
28
|
|
Section 3.12.
|
Amounts to Be Treated as BAseries Available Principal Amounts; Payments Received from Derivative Counterparties for Principal; Other Deposits to Principal Funding sub‑Accounts
|
29
|
|
Section 3.13.
|
Withdrawals from Interest Funding Account
|
30
|
|
Section 3.14.
|
Withdrawals from Principal Funding Account
|
31
|
Section 3.15.
|
Limit on Deposits to the Principal Funding Sub‑Account of Subordinated Note; Limit on Repayments of all Tranches.
|
32
|
|
Section 3.16.
|
Calculation of Nominal Liquidation Amount
|
33
|
|
Section 3.17.
|
Reinvestment in the Collateral Certificate
|
34
|
|
Section 3.18.
|
Netting of Deposits and Payments
|
35
|
|
Section 3.19.
|
Pro rata Payments within a Tranche
|
35
|
|
Section 3.20.
|
Sale of Receivables for Accelerated Notes
|
35
|
|
Section 3.21.
|
Calculation of Prefunding Target Amount
|
36
|
|
Section 3.22.
|
Targeted Deposits to the Class C Reserve Account
|
38
|
|
Section 3.23.
|
Withdrawals from the Class C Reserve Account
|
38
|
|
Section 3.24.
|
Targeted Deposits to the Accumulation Reserve Account
|
39
|
|
Section 3.25.
|
Withdrawals from the Accumulation Reserve Account
|
40
|
|
Section 3.26.
|
Computation of Interest
|
40
|
|
Section 3.27.
|
Excess Available Funds Sharing.
|
40
|
|
ARTICLE IV |
Early Redemption of Notes
|
42
|
|
Section 4.01.
|
Early Redemption Events.
|
42
|
|
ARTICLE V
|
Accounts and Investments
|
43
|
|
Section 5.01.
|
Accounts.
|
43
|
|
ARTICLE VI
|
Terms Documents and Derivative Agreements Matters
|
45
|
|
Section 6.01.
|
Updates to Terms Documents, Derivative Agreements and Related Documents
|
45
|
EXHIBIT A‑1
|
[FORM OF] CLASS A NOTE
|
EXHIBIT A‑2
|
[FORM OF] CLASS B NOTE
|
EXHIBIT A‑3
|
[FORM OF] CLASS C NOTE
|
EXHIBIT B
|
[FORM OF] BASERIES SCHEDULE TO PAYMENT INSTRUCTIONS
|
EXHIBIT C
|
[FORM OF] BASERIES SCHEDULE TO MONTHLY NOTEHOLDERS’ STATEMENT
|
SCHEDULE 1
|
LIST OF TERMS DOCUMENTS
|
Old Defined Term
|
New Defined Term
|
“FIA” or “FIA Card Services, National Association”
|
“BANA” or “Bank of America, National Association”
|
“The Bank of New York”
|
“The Bank of New York Mellon”
|
BA CREDIT CARD TRUST,
|
|||
By:
|
BA CREDIT CARD FUNDING, LLC, as Beneficiary and not in its individual capacity | ||
By:
|
|||
Name: | |||
Title: | |||
THE BANK OF NEW YORK MELLON, as Indenture Trustee and not in its individual capacity
|
|||
By:
|
|||
Name: | |||
Title: |
STATE OF DELAWARE |
)
|
|
|
|
)
|
ss:
|
|
COUNTY OF CASTLE | ) |
|
|
Name
|
|
[Notarial Seal]
|
STATE OF NEW YORK
|
)
|
|
|
|
) |
ss:
|
|
COUNTY OF NEW YORK
|
)
|
|
|
Name
|
|
[Notarial Seal]
|
REGISTERED
|
up to $____________*
|
No. ___
|
CUSIP NO. ___________
|
*
|
Denominations of $100,000 and in integral multiples of $1,000 in excess thereof.
|
BA CREDIT CARD TRUST, as Issuer
|
|||
By:
|
BA CREDIT CARD FUNDING, LLC, as Beneficiary and not in its individual capacity
|
||
By:
|
|
||
Name:
|
|||
Title:
|
|||
Date:
|
_______________ __, ____ |
THE BANK OF NEW YORK MELLON, not in its individual capacity but solely as Indenture Trustee
|
|||
By:
|
|
||
Name:
|
|||
Title:
|
|||
Date:
|
________________ __, ____
|
|
|
Dated:
|
*
|
|||
Signature Guaranteed:
|
Interest Payment Date
|
Date of Payment
|
Total Amount of
Interest Payable
|
Amount of
Interest Paid
|
Confirmation of
payment by or on
behalf of the
Issuer
|
||||||||||||
First
|
||||||||||||||||
Second
|
Date of Payment
|
Total Amount Payable
|
Total Amount Paid
|
Confirmation of payment by
or on behalf of the Issuer
|
||||
|
|
Date of Payment
|
Total Amount Payable
|
Total Amount Paid
|
Confirmation of payment by
or on behalf of the Issuer
|
||||
|
|
|
|
REGISTERED
|
up to $____________*
|
No. ___
|
CUSIP NO. ___________
|
*
|
Denominations of $100,000 and in integral multiples of $1,000 in excess thereof.
|
BA CREDIT CARD TRUST, as Issuer
|
|||
By:
|
BA CREDIT CARD FUNDING, LLC, as Beneficiary and not in its individual capacity
|
||
By:
|
|
||
Name:
|
|||
Title:
|
|||
Date
|
: _______________ __, ____
|
THE BANK OF NEW YORK MELLON, not in its individual capacity but solely as Indenture Trustee
|
|||
By:
|
|
||
Name:
|
|||
Title:
|
|||
Date:
|
_______________ __, ____
|
|
Dated:
|
*
|
|||
Signature Guaranteed:
|
Interest Payment Date
|
Date of Payment
|
Total Amount of
Interest Payable
|
Amount of
Interest Paid
|
Confirmation of
payment by or on
behalf of the
Issuer
|
||||||||||||
First | ||||||||||||||||
Second
|
Date of Payment
|
Total Amount Payable
|
Total Amount Paid
|
Confirmation of payment by
or on behalf of the Issuer
|
||||
|
|
Date of Payment
|
Total Amount Payable
|
Total Amount Paid
|
Confirmation of payment by
or on behalf of the Issuer
|
||||
|
REGISTERED
|
up to $____________*
|
No. ___
|
CUSIP NO. ___________
|
*
|
Denominations of $100,000 and in integral multiples of $1,000 in excess thereof.
|
BA CREDIT CARD TRUST, as Issuer
|
|||
By:
|
BA CREDIT CARD FUNDING, LLC, as Beneficiary and not in its individual capacity
|
||
By:
|
|||
Name:
|
|||
Title:
|
|||
Date: __________ __, ____
|
THE BANK OF NEW YORK MELLON, not in its individual capacity but solely as Indenture Trustee
|
|||
By:
|
|||
Name:
|
|||
Title:
|
|||
Date:
|
__________ __, ____
|
|
|
Dated:
|
*
|
|||
Signature Guaranteed: |
Interest Payment Date
|
Date of Payment
|
Total Amount of
Interest Payable
|
Amount of
Interest Paid
|
Confirmation of
payment by or on
behalf of the
Issuer
|
||||||||||||
First
|
|
|
|
|||||||||||||
Second
|
Date of Payment
|
Total Amount Payable
|
Total Amount Paid
|
Confirmation of payment by
or on behalf of the Issuer
|
||||
|
|
|
|
Date of Payment
|
Total Amount Payable
|
Total Amount Paid
|
Confirmation of payment by
or on behalf of the Issuer
|
||||
I. | Allocations and Payments of BAseries Available Funds. | |||
A. |
Allocation of BAseries Available Funds pursuant to Section 3.01, to be applied on each Transfer Date by the Indenture Trustee in the following priority:
|
|||
1.
|
Amount of targeted deposits paid to the Interest Funding Account pursuant to Section 3.02
|
$_____________
|
||
2.
|
Amount paid in respect of the BAseries Servicing Fee to the Servicer
|
$_____________
|
||
3.
|
Amount paid in respect of any previously due and unpaid BAseries Servicing Fee to the Servicer
|
$_____________
|
||
4.
|
Amount to be treated as BAseries Available Principal Amounts pursuant to Section 3.07 in an amount equal to the BAseries Investor Default Amount, if any
|
$_____________
|
||
5.
|
Amount to be treated as BAseries Available Principal Amounts pursuant to Section 3.07 in an amount equal to the Nominal Liquidation Amount Deficit, if any
|
$_____________
|
6.
|
Amount to make the target deposit to the Accumulation Reserve Account pursuant to Section 3.24
|
$_____________
|
|||
7.
|
Amount to make the target deposit to the Class C Reserve Account pursuant to Section 3.22, if any
|
$_____________
|
|||
8.
|
Amount paid or deposited as required by the terms document of any class or tranche of BAseries Notes
|
$_____________
|
|||
9.
|
Amount to be treated as Shared Excess Available Funds for application in accordance with Section 3.25
|
$_____________
|
|||
10.
|
Amount to paid to the Issuer
|
$_____________
|
|||
|
Total |
$_____________
|
|||
B. |
Allocations of deposits to Interest Funding sub‑Accounts pursuant to Section 3.03:
|
||||
|
1.
|
Payments to Interest Funding sub‑Accounts pursuant to Section 3.03: | |||
|
a.
|
[Class/Tranche] |
$_____________
|
||
|
b.
|
[Class/Tranche] |
$_____________
|
||
|
Total |
$_____________
|
|||
C. |
Payments and deposits pursuant to Section 3.04, to be received on the following dates:
|
||||
1.
|
Withdrawals from the Class C Reserve Account deposited into the applicable Interest Funding sub‑Account on the related Transfer Date pursuant to Section 3.23(a)
|
$_____________
|
|||
2.
|
As of the date of receipt, Receivables Sales Proceeds deposited in the applicable Interest Funding sub‑Account as of the date of receipt by the Issuer
|
$_____________
|
|||
D. |
Withdrawals from the Interest Funding Account pursuant to Section 3.13, to be made by the Indenture Trustee on the following dates:
|
||||
1.
|
Amount withdrawn from the applicable Interest Funding sub‑Accounts and remitted to the applicable Paying Agent on each Interest Payment Date, with respect to each tranche of Dollar Notes
|
$_____________
|
|||
2.
|
Amount withdrawn from the applicable Interest Funding sub‑Accounts and converted to the applicable foreign
|
|
currency at the Spot Exchange Rate and remitted to the applicable Paying Agent for Foreign Currency Notes with a non‑Performing Derivative Agreement |
$_____________
|
||||
3.
|
Amount withdrawn from the applicable Interest Funding sub‑Accounts and invested in the Investor Interest of the Collateral Certificate on each Principal Payment Date, with respect to each tranche of Discount Notes
|
$_____________
|
|||
4.
|
Amount withdrawn from the applicable Interest Funding sub‑Accounts and paid to the applicable Derivative Party as specified in the applicable Derivative Agreement, with respect to each tranche of Notes which has a Performing Derivative Agreement for interest
|
$_____________
|
|||
5.
|
Amount paid to the Issuer
|
$_____________$
|
|||
II. |
Allocations and Payments of BAseries.
|
||||
A. |
Re‑allocation of BA series Available Principal Amounts pursuant to Section 3.07(a) to be applied on the next Transfer Date by the Indenture Trustee:
|
||||
1.
|
Reallocated Class C Principal Collections:
|
$_____________
|
|||
2.
|
Reallocated Class B Principal Collections:
|
$_____________
|
|||
B. |
Targeted Deposits of BA series Available Principal Amounts to the Principal Funding Account pursuant to Section 3.10, to be made by the Indenture Trustee on the following dates:
|
||||
1.
|
On the applicable Principal Payment Date prior to any payment, the Nominal Liquidation Amount for the related tranche of Notes:
|
||||
|
a.
|
[Class/Tranche] |
$_____________
|
||
|
b.
|
[Class/Tranche] |
$_____________
|
||
|
Total |
$_____________
|
|||
2.
|
In the applicable Principal Funding sub‑Account for the related tranche of Notes, the Controlled Accumulation Amount or the amount specified in Section 3.10(b)(ii):
|
||||
|
a.
|
[Class/Tranche] |
$_____________
|
|
b.
|
[Class/Tranche] |
$_____________
|
||
|
Total |
$_____________
|
|||
3.
|
In the applicable Principal Funding sub‑Account, the Prefunding Target Amount for the BA series on the related Transfer Date:
|
||||
|
a.
|
[Class/Tranche] |
$_____________
|
||
|
b.
|
[Class/Tranche] |
$_____________
|
||
|
Total |
$_____________
|
|||
4.
|
In the case of an Event of Default, Early Redemption Event or other optional or mandatory redemption, on the applicable Transfer Date, the Nominal Liquidation Amount for the related tranche of Notes:
|
||||
|
a.
|
[Class/Tranche] |
$_____________
|
||
|
b.
|
[Class/Tranche] |
$_____________
|
||
|
Total |
$_____________
|
|||
C. |
Payments and deposits pursuant to Section 3.12, to be received on the following dates:
|
||||
1.
|
Withdrawals from the Class C Reserve Account deposited into the applicable Principal Funding sub‑Account on the related Transfer Date pursuant to Section 3.23(b)
|
$_____________
|
|||
2.
|
As of the date of receipt, Receivables Sales Proceeds received pursuant to Section 3.20(c)(i) deposited in the applicable Principal Funding sub‑Account as of the date of receipt by the Issuer
|
$_____________
|
|||
D. |
Reallocations of deposits to Principal Funding sub‑Accounts pursuant to Section 3.11:
|
||||
1.
|
Payments to Principal Funding sub‑Accounts pursuant to Section 3.11(b)(i) for the Class A Notes
|
$_____________
|
|||
2.
|
Payments to Principal Funding sub‑Accounts pursuant to Section 3.11(b)(ii) for the Class B Notes
|
$_____________
|
|||
3.
|
Payments to Principal Funding sub‑Accounts pursuant to Section 3.11(b)(iii) for the Class C Notes
|
$_____________
|
E. |
Withdrawals from the Principal Funding Account pursuant to Section 3.14, to be made by the Indenture Trustee on the following dates:
|
|||
1.
|
Amount withdrawn from the applicable Principal Funding sub‑Accounts and remitted to the applicable Paying Agent on each Principal Payment Date, with respect to each tranche of Dollar Notes
|
$_____________
|
||
2.
|
Amount withdrawn from the applicable Principal Funding sub‑Accounts and paid to the applicable Derivative Party as specified in the applicable Derivative Agreement, with respect to each tranche of Notes which has a Performing Derivative Agreement for Principal
|
$_____________
|
||
3.
|
Dollar amount withdrawn from the applicable Principal Funding sub‑Accounts and converted to the applicable foreign currency at the Spot Exchange Rate pursuant to the applicable Derivative Agreement, with respect to each tranche of Notes which has a non‑Performing Derivative Agreement for principal.
|
$_____________
|
||
4.
|
Amount of Prefunding Excess Amount withdrawn from the Principal Funding sub‑Accounts and paid to the Master Trust to increase the Investor Interest of the Collateral Certificate
|
$_____________
|
||
5.
|
Amount withdrawn from the applicable Principal Funding sub‑Accounts on the Legal Maturity Date of any tranche and applied to pay principal of that tranche or paid to the applicable Derivative Party for that tranche as specified in the applicable Derivative Agreement
|
$_____________
|
||
6.
|
Amount paid to the Issuer
|
$_____________
|
||
F. |
Amount of principal accreted on all tranches of Discount Notes and paid to the Master Trust pursuant to Section 3.17(a)
|
$_____________
|
||
G. |
Allocations of reductions from Investor Charge‑Offs to the Nominal Liquidation Amount of subordinated classes pursuant to Section 3.05:
|
|||
1.
|
Initial allocation of Investor Charge‑Offs to each tranche of Outstanding Notes
|
$_____________
|
||
Class A
|
$_____________
|
|||
Class B
|
$_____________
|
|||
Class C
|
$_____________
|
2.
|
Amount reallocated to the Class C Notes, subject to the restrictions set forth in Section 3.05(c)
|
$_____________
|
|||
3.
|
Amount reallocated to the Class B Notes, subject to the restrictions set forth in Section 3.05(d)
|
$_____________
|
|||
H. |
Net proceeds from sales of Receivables for Accelerated Notes pursuant to Section 3.20
|
$_____________
|
|||
III. |
Targeted deposits to, and withdrawals of funds on deposit from, the Class C Reserve Account.
|
||||
A. |
Targeted deposit to the Class C Reserve Account pursuant to Section 3.22(a):
|
||||
B. |
Deposits to the Class C Reserve sub‑Accounts pursuant to Section 3.22:
|
||||
1.
|
Sum of the Class C Reserve sub‑Account deposits for each applicable tranche of Outstanding Notes:
|
||||
|
a.
|
[Tranche] |
$_____________
|
||
|
b.
|
[Tranche] |
$_____________
|
||
|
Total |
$_____________
|
|||
C. |
Withdrawals from the Class C Reserve Account pursuant to Section 3.23:
|
||||
1.
|
Amount withdrawn from the applicable Class C Reserve sub‑Account and deposited in the applicable Interest Funding sub‑Account pursuant to Section 3.23(a):
|
||||
|
a.
|
Interest Funding sub‑Account for [Tranche] |
$_____________
|
||
|
b.
|
Interest Funding sub‑Account for [Tranche] |
$_____________
|
||
|
Total |
$_____________
|
|||
2.
|
Amount withdrawn from the Class C Reserve sub‑Account and deposited in the applicable Principal Funding sub‑ Account pursuant to Section 3.23(b):
|
||||
|
a.
|
Principal Funding sub‑Account for [Tranche] |
$_____________
|
||
|
b.
|
Principal Funding sub‑Account for [Tranche] |
$_____________
|
||
Total
|
$_____________
|
3.
|
Amounts paid to the Issuer pursuant to Section 3.23(c)
|
$_____________
|
BANK OF AMERICA, NATIONAL ASSOCIATION, Servicer
|
|||
By: |
|
||
Name:
|
|||
Title:
|
BAseries Available Funds
(including Collections of Finance Charge Receivables allocated to the Series 2001-D Certificate and the BAseries)
|
Class A Interest Payments or Deposits
|
Class B Interest Payments or Deposits
|
Class C Interest Payments or Deposits
|
Servicing Fee Payment
(2.00% of Nominal Liquidation Amount)
|
Cover Defaults on Principal Receivables in BA Master Credit Card Trust II
(treated as BAseries Available Principal Amounts) |
Reimbursements of Nominal
Liquidation Amount Deficits (treated as BAseries Available Principal Amounts)
|
Accumulation Reserve Account Deposits
|
Class C Reserve Account Deposits
|
Other Required Payments or Deposits, if any
|
Reimbursements of Class D and Shared Excess Available Funds
|
Remainder to Issuer
|
Class/Tranche
|
Target Deposit
to Interest
Funding
sub‑Account for
applicable
Monthly Period
|
Actual Deposit to
Interest Funding
sub‑Account for
applicable
Monthly
Period
|
Shortfall from
earlier
Monthly
Periods
|
Interest Funding
sub-account
Balance prior to
Withdrawals
|
Interest Funding
sub‑Account
Earnings
|
|||||||||||||||
[Class A Total:]
|
||||||||||||||||||||
[Class B Total:]
|
||||||||||||||||||||
[Class C Total:]
|
||||||||||||||||||||
[Total:]
|
Class/Tranche
|
CUSIP Number
|
Interest Payment
Date
|
Interest Rate
|
Amount of interest to
be paid on
corresponding Interest
Payment Date
|
||||||||||||
[Class A Total:]
|
||||||||||||||||
[Class B Total:]
|
||||||||||||||||
[Class C Total:]
|
||||||||||||||||
[Total:]
|
Tranche
|
Targeted Deposit to Class C
Reserve sub‑Account for
applicable Monthly
Period
|
Actual Deposit to Class C
Reserve sub‑Account for
applicable Monthly
Period
|
Class C Reserve
sub‑Account Balance
on Transfer Date prior
to Withdrawals
|
Class C Reserve sub‑Account
Earnings
|
Amount of
interest to be
paid on corresponding
Interest
Payment Date
|
|||||||||||||||
[Total:]
|
Tranche
|
Targeted Deposit to
Withdrawals for Interest
|
Actual Deposit to
Withdrawals for Principal
|
Class C Reserve Class C
Reserve sub-Account Balance on
Transfer Date after withdrawals
|
|||||||||
Class C Total:
|
Class/Tranche
|
Targeted Deposit to
Principal Funding
sub‑Account for applicable
Monthly Period
|
Actual
Deposit to
Principal
Funding
sub‑Account
for
applicable
Monthly
Period
|
Shortfall from earlier
Monthly Periods
|
Principal
Funding
sub‑Account
Balance on
Transfer
Date
|
Principal Funding
sub‑Account Earnings
|
|||||||||||||||
[Class A Total:]
|
||||||||||||||||||||
[Class B Total:]
|
||||||||||||||||||||
[Class C Total:]
|
||||||||||||||||||||
[Total:]
|
Class /Tranche
|
CUSIP Number
|
Principal
Payment
Date
|
Amount of
principal to be paid
on corresponding
Principal Payment
Date
|
|||||||||
[Class A Total:]
|
||||||||||||
[Class B Total:]
|
||||||||||||
[Class C Total:]
|
||||||||||||
[Total:]
|
Class /Tranche
|
Initial Dollar
Principal Amount
|
Outstanding
Principal
Amount
|
Adjusted
Outstanding
Principal
Amount
|
Nominal
Liquidation
Amount
|
||||||||||||
[Class A Total:]
|
||||||||||||||||
[Class B Total:]
|
||||||||||||||||
[Class C Total:]
|
||||||||||||||||
[Total:]
|
Tranche
|
Class A Usage
of Class B
Subordinated
Amount for
this
Monthly
Period
|
Class A Usage
of Class C
Subordinated
Amount for
this
Monthly
Period
|
Cumulative Class A Usage of
Class B Subordinated
Amount
|
Cumulative Class A Usage of
Class C Subordinated
Amount
|
||||||||||||
[Total:]
|
Tranche
|
Class B Usage of
Class C
Subordinated
Amount for this
Monthly Period
|
Cumulative
Class B Usage of
Class C
Subordinated
Amount
|
||
[Total:]
|
Class/
Tranche
|
Beginning
Nominal
Liquidation
Amount
|
Increases
from
accretions
on Principal
for Discount
Notes
|
Increases
from
amounts
withdrawn
from the
Principal
Funding
sub‑Account
in respect of
Prefunding
Excess
Amount
|
Reimburse-
ments from
BAseries
Available
Funds
|
Reductions
due to
reallocations
of BAseries
Available
Principal
Amounts
|
Reductions
due to
Investor
Charge‑Offs
|
Reductions
due to
amounts on
deposit in the
Principal
Funding
sub‑Account
|
Ending
Nominal
Liquidation
Amount
|
||||||||||||||||||||||||
[Class A Total:]
|
||||||||||||||||||||||||||||||||
[Class B Total:]
|
||||||||||||||||||||||||||||||||
[Class C Total:]
|
||||||||||||||||||||||||||||||||
[Total:]
|
L.
|
Excess Available Funds and 3 Month Excess Available Funds:
|
|
Excess Available Funds
|
$_____
|
|
Is 3 Month Excess Available Funds < 0? (Yes/No)
|
_____
|
|
M.
|
Other Performance Triggers:
|
|
Has a Class C Reserve sub‑Account funding trigger
|
||
occurred? (Yes/No)
|
_____
|
|
N.
|
Repurchase Demand Activity (Rule 15Ga-1)
|
|
Most Recent Form ABS – 15G
|
||
Filed by: BA Credit Card Funding, LLC
|
||
CIK#: 0001370238
|
||
Filing Date: [_______] [__], 201[_]
|
BANK OF AMERICA, NATIONAL ASSOCIATION, as Servicer of the BAMaster Credit Card Trust II
|
|||
By:
|
|||
Name:
|
|||
Title:
|
Page | ||
ARTICLE I
|
DEFINITIONS
|
1
|
Section 1.01.
|
Definitions
|
1
|
Section 1.02.
|
Other Definitional Provisions
|
21
|
ARTICLE II
|
CONVEYANCE OF RECEIVABLES; ISSUANCE OF CERTIFICATES
|
23
|
Section 2.01.
|
Conveyance of Receivables
|
23
|
Section 2.02.
|
Acceptance by Trustee
|
26
|
Section 2.03.
|
Representations and Warranties of the Transferor
|
27
|
Section 2.04.
|
Representations and Warranties of the Transferor Relating to the Agreement and the Receivables
|
28
|
Section 2.05.
|
Covenants of the Transferor
|
32
|
Section 2.06.
|
Addition of Accounts
|
36
|
Section 2.07.
|
Removal of Accounts.
|
38
|
Section 2.08.
|
Discount Option
|
40
|
Section 2.09.
|
Additional Representations and Warranties of the Transferor
|
41
|
Section 2.10.
|
Dispute Resolution
|
42
|
ARTICLE III
|
ADMINISTRATION AND SERVICING OF RECEIVABLES
|
47
|
Section 3.01.
|
Acceptance of Appointment and Other Matters Relating to the Servicer
|
47
|
Section 3.02.
|
Servicing Compensation
|
49
|
Section 3.03.
|
Representations and Warranties of the Servicer
|
49
|
Section 3.04.
|
Reports and Records for the Trustee
|
51
|
Section 3.05.
|
Annual Servicer’s Certificate
|
51
|
Section 3.06.
|
Annual Independent Accountants’ Servicing Report
|
52
|
Section 3.07.
|
Tax Treatment
|
52
|
Section 3.08.
|
Reports to the Commission
|
53
|
ARTICLE IV
|
RIGHTS OF CERTIFICATEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS
|
55
|
Section 4.01.
|
Rights of Certificateholders
|
55
|
Section 4.02.
|
Establishment of Accounts
|
55
|
Section 4.03.
|
Collections and Allocations
|
58
|
ARTICLE V
|
[ARTICLE V IS RESERVED AND SHALL BE SPECIFIED IN ANY SUPPLEMENT WITH RESPECT TO ANY SERIES]
|
61
|
ARTICLE VI
|
THE CERTIFICATES
|
62
|
Section 6.01.
|
The Certificates
|
62
|
Section 6.02.
|
Authentication of Certificates
|
62
|
Section 6.03.
|
Registration of Transfer and Exchange of Certificates
|
63
|
Section 6.04.
|
Mutilated, Destroyed, Lost or Stolen Certificates
|
66
|
Section 6.05.
|
Persons Deemed Owners
|
66
|
Section 6.06.
|
Appointment of Paying Agent
|
67
|
Section 6.07.
|
Access to List of Certificateholders’ Names and Addresses
|
68
|
Section 6.08.
|
Authenticating Agent
|
68
|
Section 6.09.
|
New Issuances
|
69
|
Section 6.10.
|
Book‑Entry Certificates
|
71
|
Section 6.11.
|
Notices to Clearing Agency
|
72
|
Section 6.12.
|
Definitive Certificates
|
72
|
Section 6.13.
|
Global Certificate; Euro‑Certificate Exchange Date
|
73
|
Section 6.14.
|
Meetings of Certificateholders
|
73
|
ARTICLE VII
|
OTHER MATTERS RELATING TO THE TRANSFEROR
|
74
|
Section 7.01.
|
Liability of the Transferor
|
74
|
Section 7.02.
|
Merger or Consolidation of, or Assumption of the Obligations of, the Transferor
|
74
|
Section 7.03.
|
Limitation on Liability
|
75
|
Section 7.04.
|
Liabilities
|
75
|
ARTICLE VIII
|
OTHER MATTERS RELATING TO THE SERVICER
|
77
|
Section 8.01.
|
Liability of the Servicer
|
77
|
Section 8.02.
|
Merger or Consolidation of, or Assumption of the Obligations of, the Servicer
|
77
|
Section 8.03.
|
Limitation on Liability of the Servicer and Others
|
77
|
Section 8.04.
|
Servicer Indemnification of the Transferor, the Trust and the Trustee
|
78
|
Section 8.05.
|
The Servicer Not to Resign
|
78
|
Section 8.06.
|
Access to Certain Documentation and Information Regarding the Receivables
|
79
|
Section 8.07.
|
Delegation of Duties
|
79
|
Section 8.08.
|
Examination of Records
|
79
|
ARTICLE IX
|
PAY OUT EVENTS
|
80
|
Section 9.01.
|
Pay Out Events
|
80
|
Section 9.02.
|
Additional Rights upon the Occurrence of Certain Events
|
81
|
ARTICLE X
|
SERVICER DEFAULTS
|
82
|
Section 10.01.
|
Servicer Defaults
|
82
|
Section 10.02.
|
Trustee to Act; Appointment of Successor
|
84
|
Section 10.03.
|
Notification to Certificateholders
|
85
|
Section 10.04.
|
Waiver of Past Defaults
|
85
|
ARTICLE XI
|
THE TRUSTEE
|
87
|
Section 11.01.
|
Duties of Trustee
|
87
|
Section 11.02.
|
Certain Matters Affecting the Trustee
|
88
|
Section 11.03.
|
Trustee Not Liable for Recitals in Certificates
|
90
|
Section 11.04.
|
Trustee May Own Certificates
|
90
|
Section 11.05.
|
The Servicer to Pay Trustee’s Fees and Expenses
|
90
|
Section 11.06.
|
Eligibility Requirements for Trustee
|
90
|
Section 11.07.
|
Resignation or Removal of Trustee
|
91
|
Section 11.08.
|
Successor Trustee
|
91
|
Section 11.09.
|
Merger or Consolidation of Trustee
|
92
|
Section 11.10.
|
Appointment of Co‑Trustee or Separate Trustee
|
92
|
Section 11.11.
|
Tax Returns; Tax Liability
|
93
|
Section 11.12.
|
Trustee May Enforce Claims Without Possession of Certificates
|
94
|
Section 11.13.
|
Suits for Enforcement
|
94
|
Section 11.14.
|
Rights of Certificateholders to Direct Trustee
|
95
|
Section 11.15.
|
Representations and Warranties of Trustee
|
95
|
Section 11.16.
|
Maintenance of Office or Agency
|
95
|
ARTICLE XII
|
TERMINATION
|
96
|
Section 12.01.
|
Termination of Trust
|
96
|
Section 12.02.
|
Optional Purchase
|
97
|
Section 12.03.
|
Final Payment with Respect to any Series
|
97
|
Section 12.04.
|
Termination Rights of Holder of Transferor Certificate
|
98
|
ARTICLE XIII
|
MISCELLANEOUS PROVISIONS
|
100
|
Section 13.01.
|
Amendment.
|
100
|
Section 13.02.
|
Protection of Right, Title and Interest to Trust
|
101
|
Section 13.03.
|
Limitation on Rights of Certificateholders
|
102
|
Section 13.04.
|
Governing Law; Submission to Jurisdiction; Agent for Service of Process
|
103
|
Section 13.05.
|
Notices
|
103
|
Section 13.06.
|
Severability of Provisions
|
104
|
Section 13.07.
|
Assignment
|
104
|
Section 13.08.
|
Certificates Non‑Assessable and Fully Paid
|
104
|
Section 13.09.
|
Further Assurances
|
104
|
Section 13.10.
|
No Waiver; Cumulative Remedies
|
105
|
Section 13.11.
|
Counterparts
|
105
|
Section 13.12.
|
Third‑Party Beneficiaries
|
105
|
Section 13.13.
|
Actions by Certificateholders
|
105
|
Section 13.14.
|
Rule 144A Information
|
105
|
Section 13.15.
|
Merger and Integration
|
106
|
Section 13.16.
|
Headings
|
106
|
Section 13.17.
|
Nonpetition Covenant
|
106
|
Section 13.18.
|
Intention of Parties
|
106
|
Section 13.19.
|
Fiscal Year
|
107
|
ARTICLE XIV
|
ASSET REPRESENTATIONS REVIEW TRIGGERS
|
108
|
Section 14.01.
|
Delinquency Trigger.
|
108
|
Section 14.02.
|
Investor Action to Initiate an Asset Representations Review.
|
108
|
EXHIBITS
|
|
Exhibit A
|
Form of Transferor Certificate
|
Exhibit B
|
Form of Assignment of Receivables in
|
Additional Accounts | |
Exhibit C
|
Form of Monthly Servicer’s Certificate
|
Exhibit D
|
Form of Annual Servicer’s Certificate
|
Exhibit E
|
Form of Opinion of Counsel Regarding
|
Additional Accounts | |
Exhibit F
|
Form of Annual Opinion of Counsel
|
Exhibit G
|
Form of Reassignment of Receivables
|
Exhibit H
|
Form of Reconveyance of Receivables
|
SCHEDULES
|
|
Schedule 1
|
List of Accounts [Deemed Incorporated]
|
*
|
VISA, MasterCard, and American Express are registered trademarks of Visa International Service Association, MasterCard International Incorporated, and American Express Company, respectively.
|
as Authenticating Agent | ||
for the Trustee, | ||
By:
|
|
|
Authorized Officer
|
BA CREDIT CARD FUNDING, LLC,
Transferor
|
||
By:
|
||
Name:
|
||
Title:
|
||
BANK OF AMERICA, NATIONAL
ASSOCIATION (successor by merger to
FIA Card Services, National Association),
Servicer
|
||
By:
|
||
Name: | ||
Title: | ||
THE BANK OF NEW YORK MELLON,
Trustee
|
||
By:
|
||
Name: | ||
Title: |
No. 1
|
One Unit
|
*
|
MasterCard, VISA and American Express are registered trademarks of MasterCard International Incorporated, VISA International Service Association, and American Express Company, respectively.
|
By:
|
|||
Authorized Officer
|
|||
[SEAL]
|
THE BANK OF NEW YORK MELLON,
|
||
as Trustee
|
||
By:
|
|
|
Authorized Officer
|
BANK OF AMERICA, NATIONAL
ASSOCIATION
|
||
By:
|
||
Name:
|
||
Title:
|
||
BA CREDIT CARD FUNDING, LLC
|
||
By:
|
||
Name:
|
||
Title:
|
||
THE BANK OF NEW YORK MELLON,
|
||
as Trustee
|
||
By:
|
||
Name:
|
||
Title:
|
BA Credit Card Funding, LLC
|
||
By:
|
||
Name:
|
||
Title:
|
1. | Capitalized terms used in this Certificate have their respective meanings set forth in the Pooling and Servicing Agreement; provided, that the “preceding Monthly Period” shall mean the Monthly Period immediately preceding the calendar month in which this Certificate is delivered. This Certificate is delivered pursuant to subsection 3.04(b) of the Pooling and Servicing Agreement. References herein to certain sections and subsections are references to the respective sections and subsections of the Pooling and Servicing Agreement. | |||
2. | BANA is Servicer under the Pooling and Servicing Agreement. | |||
3. | The undersigned is a Servicing Officer. | |||
4. | The date of this Certificate is a Determination Date under the Pooling and Servicing Agreement. | |||
5.
|
The aggregate amount of Collections processed during the preceding Monthly Period was equal to (excluding [Annual Membership Fees and] Interchange)
|
$ |
|
|
6.
|
The Aggregate Investor Percentage of Receivables processed by the Servicer during the preceding Monthly Period was equal to
|
$ |
|
|
7.
|
The Aggregate Investor Percentage of Collections of Finance Charge Receivables processed by the Servicer during the preceding Monthly Period was equal to (excluding [Annual Membership Fees and] Interchange)
|
$ |
|
8.
|
The aggregate amount of Receivables processed by the Servicer as of the end of the last day of the preceding Monthly Period
|
$ |
|
|
9.
|
Of the balance on deposit in the Finance Charge Account, the amount attributable to the Aggregate Investor Percentage of Collections processed by the Servicer during the preceding Monthly Period
|
$ |
|
|
10.
|
Of the balance on deposit in the Principal Account, the amount attributable to the Aggregate Investor Percentage of Collections processed by the Servicer during the preceding Monthly Period
|
$ |
|
|
11.
|
The aggregate amount, if any, of withdrawals, drawings or payments under any Credit Enhancement, if any, required to be made with respect to any Series outstanding for the preceding Monthly Period
|
$ |
|
|
12.
|
The Aggregate Investor Percentage of Collections of Principal Receivables processed by the Servicer during the current
month is equal to
|
$ |
|
|
13.
|
The aggregate amount of Interchange to be deposited in the Finance Charge Account on the Transfer Date of the current month is equal to
|
$ |
|
|
14.
|
The aggregate amount of all sums payable to the Investor Certificateholder of each Series on the succeeding Distribution Date with respect to Certificate Principal
|
$ |
|
|
15.
|
The aggregate amount of all sums payable to the Investor Certificateholder of each Series on the succeeding Distribution Date with respect to Certificate Interest
|
$ |
|
|
16. | To the knowledge of the undersigned, there are no Liens on any Receivables in the Trust except as described below: |
BANK OF AMERICA,
|
||
NATIONAL ASSOCIATION,
|
||
as Servicer
|
||
By:
|
||
Name:
|
||
Title:
|
*
|
A separate schedule is to be attached for each Series, with appropriate changes and additions to reflect the specifics of the related Series Supplement.
|
|
|
Name:
|
|
Title:
|
BA CREDIT CARD FUNDING, LLC,
|
||
as Transferor
|
||
By:
|
||
Name:
|
||
Title:
|
||
THE BANK OF NEW YORK MELLON,
|
||
as Trustee
|
||
By:
|
||
Name:
|
||
Title:
|
||
BANK OF AMERICA, NATIONAL ASSOCIATION,
|
||
as Servicer
|
||
By:
|
||
Name:
|
||
Title:
|
BA CREDIT CARD FUNDING, LLC, as
|
||
Transferor
|
||
By:
|
||
Name:
|
||
Title:
|
||
THE BANK OF NEW YORK MELLON,
|
||
as Trustee
|
||
By:
|
||
Name:
|
||
Title:
|
||
BANK OF AMERICA, NATIONAL
|
||
ASSOCIATION, as Servicer
|
||
By:
|
||
Name:
|
||
Title:
|
Page
|
||
SECTION 1.
|
Designation
|
2
|
SECTION 2.
|
Definitions
|
3
|
SECTION 3.
|
Servicing Compensation and Assignment of Interchange
|
15
|
SECTION 4.
|
Delivery of the Series 2001 D Certificate and the Class D Certificate
|
16
|
SECTION 5.
|
Article IV of the Agreement
|
17
|
SECTION 6.
|
Article V of the Agreement
|
25
|
SECTION 7.
|
Series 2001 D Pay Out Events
|
26
|
SECTION 8.
|
Sale of Investor Interest Pursuant to Subsection 2.04(e) or 10.02(a) of the Agreement
|
27
|
SECTION 9.
|
[Reserved.]
|
28
|
SECTION 10.
|
Sale of Receivables
|
28
|
SECTION 11.
|
Series 2001 D Termination
|
28
|
SECTION 12.
|
Counterparts
|
28
|
SECTION 13.
|
Governing Law; Submission to Jurisdiction; Agent for Service of Process
|
28
|
SECTION 14.
|
Additional Notices
|
29
|
SECTION 15.
|
Additional Representations and Warranties of the Servicer
|
29
|
SECTION 16.
|
No Petition
|
29
|
SECTION 17.
|
Certain Tax Related Amendments
|
30
|
SECTION 18.
|
Treatment of Noteholders and Note Owners
|
30
|
SECTION 19.
|
Transfer of the Series 2001 D Certificate or the Class D Certificate
|
31
|
SECTION 20.
|
Annual Servicer’s Certificate for Series 2001 D
|
31
|
SECTION 21.
|
Annual Independent Accountants’ Servicing Report
|
31
|
SECTION 22.
|
Compliance with Regulation AB
|
32
|
SECTION 23.
|
Clarifying Items Relating to Fourth Amended and Restated Series 2001-D Supplement
|
38
|
EXHIBIT A
|
Form of Series 2001-D Certificate
|
EXHIBIT A-1
|
Form of Class D Certificate
|
EXHIBIT B
|
Form of Monthly Payment Instructions and Notification to the Trustee
|
EXHIBIT C
|
Form of Monthly Series 2001-D Certificateholder’s Statement
|
EXHIBIT D
|
Form of Annual Certification
|
EXHIBIT E
|
Servicing Criteria to be Addressed in Assessment of Compliance
|
By:
|
||
Name:
|
||
Title:
|
By:
|
||
Name:
|
||
Title:
|
By:
|
||
Name:
|
||
Title:
|
*
|
VISA®, MasterCard® and American Express® are federally registered servicemarks of Visa International Service Association, MasterCard International Incorporated and American Express Company, respectively.
|
BA CREDIT CARD FUNDING, LLC, as Transferor
|
||
By:
|
||
Authorized Officer
|
||
Date: _____________ __, ____
|
THE BANK OF NEW YORK MELLON, Trustee
|
||
:
|
By:
|
|
Authorized Officer
|
||
Date: _____________ __, ____
|
||
*
|
MasterCard®, VISA® and American Express® are federally registered servicemarks of Visa International Service Association, MasterCard International Incorporated and American Express Company, respectively.
|
BA CREDIT CARD FUNDING, LLC, as Transferor
|
||
By:
|
||
Authorized Officer
|
||
Date: _____________ __, ____
|
THE BANK OF NEW YORK MELLON, Trustee
|
||
:
|
By:
|
|
Authorized Officer
|
||
Date: _____________ __, ____
|
||
A.
|
Pursuant to subsection 3(a) of the Series 2001‑D Supplement:
|
||
1.
|
Servicer Interchange
|
$_____________
|
|
B.
|
Pursuant to subsection 4.06(b)(iii):
|
||
1.
|
Amount to be treated as Shared Principal Collections
|
$_____________
|
C.
|
Pursuant to subsection 4.06(b)(iv):
|
||
1.
|
Amount to be paid to the Holder of the Transferor Interest
|
$_____________
|
|
2.
|
Unallocated Principal Collections
|
$_____________
|
D.
|
Pursuant to subsection 4.06(c)(iii):
|
||
1.
|
Amount to be paid to the Holder of the Transferor Interest
|
$_____________
|
|
2.
|
Unallocated Principal Collections
|
$_____________
|
|
II.
|
INSTRUCTION TO MAKE CERTAIN PAYMENTS
|
A.
|
Pursuant to subsection 4.06(a):
|
||
1.
|
Amount of Available Funds payable pursuant to subsections 3.01(a) through (g) of the BAseries Indenture Supplement to be distributed to the Series 2001‑D Certificateholders from the Finance Charge Account
|
$_____________
|
|
2.
|
Amount of Available Funds to be treated as Available Investor Principal Collections in respect of the Aggregate Class D Investor Default Amount
|
$_____________
|
|
3.
|
Amount of Available Funds to be treated as Available Investor Principal Collections in respect of reimbursements of Class D Investor Charge‑Offs or Reallocated Class D Principal Collections
|
$_____________
|
|
4.
|
Amount of Available Funds payable pursuant to subsection 3.01(h) of the BAseries Indenture Supplement to be distributed to the Series 2001‑D Certificateholders from the Finance Charge Account
|
$_____________
|
|
B.
|
Pursuant to subsection 4.06(b):
|
||
1.
|
Series 2001‑D Monthly Principal Payment to be distributed to the Series 2001‑D Certificateholders from the Principal Account
|
$_____________
|
|
2.
|
Class D Monthly Principal Amount to be distributed to the Class D Certificateholder from the Principal Account
|
$_____________
|
C.
|
Pursuant to subsection 4.06(c):
|
||
1.
|
Amount to be distributed to the Series 2001‑D Certificateholders from the Principal Account
|
$_____________
|
|
2.
|
Amount to be distributed to the Class D Certificateholder from the Principal Account
|
$_____________
|
BANK OF AMERICA, NATIONAL ASSOCIATION, Servicer
|
||
By:
|
||
Name:
|
||
Title:
|
A.
|
Information Regarding the Current Monthly Distribution
|
||
1.
|
The amount of the current monthly distribution which constitutes Available Funds
|
$_____________
|
|
2.
|
The amount of the current monthly distribution which constitutes Available Investor Principal Collections
|
$_____________
|
|
Total
|
$_____________
|
||
B.
|
Information Regarding the Trust Assets
|
||
1.
|
Collection of Principal Receivables
|
(a) |
The aggregate amount of Collections of Principal Receivables processed during the related Monthly Period and allocated to Series 2001‑D
|
$_____________
|
||
2.
|
|
Collection of Finance Charge Receivables
|
||
|
(a)
|
The aggregate amount of Collections of Finance Charge Receivables processed during the related Monthly Period and allocated to Series 2001‑D
|
$_____________
|
|
3. |
|
Principal Receivables in the Trust
|
||
(a)
|
The aggregate amount of Principal Receivables in the Trust as of the end of the day on the last day of the related Monthly Period
|
$_____________
|
||
(b)
|
The amount of Principal Receivables in the Trust represented by the Investor Interest of Series 2001‑D as of the end of the day on the last day of the related Monthly Period
|
$_____________
|
||
(c)
|
The Floating Allocation Investor Interest as of the end of the day on the last day of the related Monthly Period
|
$_____________
|
||
(d)
|
The Principal Allocation Investor Interest as of the end of the day on the last day of the related Monthly Period
|
$_____________
|
||
(e)
|
The Floating Investor Percentage with respect to the related Monthly Period
|
____%
|
||
(f)
|
The Principal Investor Percentage with respect to the related Monthly Period
|
____%
|
||
|
(g)
|
The Investor Interest as of the end of the day on the last day of the related Monthly Period
|
$_____________
|
|
|
(h)
|
The Class D Investor Interest as of the end of the day on the last day of the related Monthly Period
|
$_____________
|
|
4. |
|
Shared Principal Collections
|
||
The aggregate amount of Shared Principal Collections applied as Available Investor Principal Collections
|
$_____________
|
5. |
Delinquent Balances; Delinquency Rates
|
|||
|
|
(a) |
The aggregate amount of outstanding balances in the Accounts which were delinquent as of the end of the day on the last day of the related Monthly Period:
|
Aggregate
Account
Balance
|
Percentage
of Total
Receivables
|
||||||||||
(i)
|
30
|
-
|
59 days:
|
$__________
|
____%
|
||||||
(ii)
|
60
|
-
|
89 days:
|
$__________
|
____%
|
||||||
(iii)
|
90
|
-
|
119 days:
|
$__________
|
____%
|
||||||
(iv)
|
120
|
-
|
149 days:
|
$__________
|
____%
|
||||||
(v)
|
150
|
-
|
179 days:
|
$__________
|
____%
|
||||||
(vi)
|
180
|
-
|
or more days:
|
$__________
|
____%
|
||||||
Total:
|
$__________
|
____%
|
(b)
|
60+-Day Delinquency Rate
|
____%
|
|
(c)
|
Three-Month Average 60+-Day
|
||
Delinquency Rate
|
____%
|
||
(d)
|
Delinquency Trigger Rate
|
[___]%1
|
|
6.
|
Investor Default Amount | ||
(a)
|
The Aggregate Class D Investor Default Amount for the related Monthly Period
|
$_____________
|
|
(b)
|
The Aggregate Investor Default Amount for the related Monthly Period
|
$_____________
|
|
7.
|
Investor Servicing Fee | ||
(a)
|
The amount of the Investor Servicing Fee payable by the Trust to the Servicer for the related Monthly Period
|
$_____________
|
|
(b)
|
The amount of the Net Servicing Fee payable by the Trust to the Servicer for the related Monthly Period
|
$_____________
|
|
(c)
|
The amount of the Servicer Interchange payable by the Trust to the Servicer for the related Monthly Period
|
$_____________
|
|
8.
|
Portfolio Yield | ||
(a)
|
The Portfolio Yield for the related Monthly Period
|
$_____________
|
BANK OF AMERICA, NATIONAL ASSOCIATION, Servicer
|
||
By:
|
||
Name:
|
||
Title:
|
1.
|
The aggregate amount of the Investor Percentage of Collections of Principal Receivables
|
$
|
2.
|
The aggregate amount of the Investor Percentage of Collections of Finance Charge Receivables (excluding Interchange)
|
$
|
3.
|
The aggregate amount of the Investor Percentage of Interchange
|
$
|
4.
|
The aggregate amount of Servicer Interchange
|
$
|
5.
|
The aggregate amount of funds on deposit in Finance Charge Account allocable to Series 2001‑D
|
$
|
6.
|
The aggregate amount of funds on deposit in the Principal Account allocable to Series 2001‑D
|
$
|
7.
|
The amount of Available Funds payable to Series 2001‑D
|
$
|
a. The amount of Principal Account Investment Proceeds
|
$
|
|
b. The amount of Finance Charge Account Investment Proceeds
|
$
|
|
8.
|
The amount of Available Investor Principal Collections payable to Series 2001‑D
|
$
|
9.
|
The sum of all amounts payable to Series 2001‑D
|
$
|
10.
|
To the knowledge of the undersigned, no Series 2001‑D Pay Out Event or Trust Pay Out Event has occurred except as described below:
|
|
None.
|
BANK OF AMERICA, NATIONAL ASSOCIATION, Servicer
|
||
By:
|
||
Name:
|
||
Title:
|
Re:
|
The Fifth Amended and Restated Series 2001‑D Supplement to the Fourth Amended and Restated Pooling and Servicing Agreement, each dated as of [_____] [__], 201[_], each as amended, supplemented or otherwise modified from time to time (collectively, the “Agreement”), each among Bank of America, National Association, as servicer (the “Servicer”), BA Credit Card Funding, LLC, as transferor (the “Transferor”), and The Bank of New York Mellon, as trustee.
|
Date:
|
||
By:
|
||
Name:
|
||
Title:
|
||
Servicing Criteria
|
Applicable Servicing Criteria
|
|
Reference
|
Criteria
|
General Servicing Considerations
|
||
1122(d)(1)(i)
|
Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.
|
Servicer
|
1122(d)(1)(ii)
|
If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.
|
Servicer
|
1122(d)(1)(iii)
|
Any requirements in the transaction agreements to maintain a back‑up servicer for the credit card accounts or accounts are maintained.
|
|
1122(d)(1)(iv)
|
A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.
|
Servicer
|
1122(d)(1)(v)
|
Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.
|
Servicer
|
Cash Collection and Administration
|
||
1122(d)(2)(i)
|
Payments on credit card accounts are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.
|
Servicer, Trustee
|
1122(d)(2)(ii)
|
Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.
|
Trustee
|
1122(d)(2)(iii)
|
Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.
|
|
1122(d)(2)(iv)
|
The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.
|
Servicer, Trustee
|
1122(d)(2)(v)
|
Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k‑1(b)(1) of the Securities Exchange Act.
|
Servicer, Trustee
|
1122(d)(2)(vi)
|
Unissued checks are safeguarded so as to prevent unauthorized access.
|
Servicing Criteria
|
Applicable Servicing Criteria
|
|
Reference
|
Criteria
|
1122(d)(2)(vii)
|
Reconciliations are prepared on a monthly basis for all asset‑backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.
|
|
Investor Remittances and Reporting
|
||
1122(d)(3)(i)
|
Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of credit card accounts serviced by the Servicer.
|
Servicer
|
1122(d)(3)(ii)
|
Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.
|
Servicer, Trustee
|
1122(d)(3)(iii)
|
Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.
|
Trustee
|
1122(d)(3)(iv)
|
Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.
|
Servicer, Trustee
|
Pool Asset Administration
|
||
1122(d)(4)(i)
|
Collateral or security on credit card accounts is maintained as required by the transaction agreements or related asset pool documents.
|
|
1122(d)(4)(ii)
|
Account and related documents are safeguarded as required by the transaction agreements
|
Servicer, Trustee
|
1122(d)(4)(iii)
|
Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.
|
Servicer
|
1122(d)(4)(iv)
|
Payments on credit card accounts, including any payoffs, made in accordance with the related credit card accounts documents are posted to the Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related asset pool documents.
|
Servicer
|
1122(d)(4)(v)
|
The Servicer’s records regarding the accounts and the accounts agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.
|
Servicer
|
1122(d)(4)(vi)
|
Changes with respect to the terms or status of an obligor’s account (e.g., loan modifications or re‑agings) are made, reviewed and approved by authorized personnel in accordance with the
|
Servicer
|
Servicing Criteria
|
Applicable Servicing Criteria
|
|
Reference
|
Criteria
|
transaction agreements and related pool asset documents. | ||
1122(d)(4)(vii)
|
Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.
|
Servicer
|
1122(d)(4)(viii)
|
Records documenting collection efforts are maintained during the period a Account is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent Accounts including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).
|
Servicer
|
1122(d)(4)(ix)
|
Adjustments to interest rates or rates of return for Accounts with variable rates are computed based on the related Account documents.
|
Servicer
|
1122(d)(4)(x)
|
Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s Account documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable Account documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related Accounts, or such other number of days specified in the transaction agreements.
|
|
1122(d)(4)(xi)
|
Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.
|
|
1122(d)(4)(xii)
|
Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.
|
|
1122(d)(4)(xiii)
|
Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.
|
|
1122(d)(4)(xiv)
|
Delinquencies, charge‑offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.
|
Servicer
|
1122(d)(4)(xv)
|
Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.
|
Servicer
|
[THE BANK OF NEW YORK MELLON, as Trustee]
|
||
[BANK OF AMERICA, NATIONAL ASSOCIATION, as Servicer]
|
||
Date:
|
||
By:
|
||
Name:
|
||
Title:
|
Section | Heading |
Page
|
||
Article I. | Definitions |
2
|
||
Section 1.01.
|
Definitions
|
2
|
||
Section 1.02.
|
Additional Definitions
|
2
|
||
Article II. | Engagement; Acceptance |
5
|
||
Section 2.01.
|
Engagement; Acceptance
|
5
|
||
Section 2.02.
|
Independence of the Asset Representations Reviewer
|
6
|
||
Article III. | Duties of the Asset Representations Reviewer |
6
|
||
Section 3.01.
|
Review Scope
|
6
|
||
Section 3.02.
|
Review Notices
|
6
|
||
Section 3.03.
|
Review Materials
|
7
|
||
Section 3.04.
|
Missing or Incomplete Materials
|
7
|
||
Section 3.05.
|
The Asset Representations Review
|
7
|
||
Section 3.06.
|
Review Period
|
8
|
||
Section 3.07.
|
Completion of Review for Certain Review Receivables
|
8
|
||
Section 3.08.
|
Duplicative Test
|
8
|
||
Section 3.09.
|
Termination of Review
|
8
|
||
Section 3.10.
|
Review Report
|
8
|
||
Section 3.11.
|
Review and Procedure Limitations
|
9
|
||
Section 3.12.
|
Review Systems
|
10
|
||
Section 3.13.
|
Representatives
|
10
|
||
Section 3.14.
|
Dispute Resolution
|
10
|
||
Section 3.15.
|
Records Retention
|
10
|
||
Article IV. | Payments to Asset Representations Reviewer |
11
|
||
Section 4.01.
|
Asset Representations Reviewer Fees
|
11
|
||
Section 4.02.
|
Reimbursable Expenses
|
11
|
||
Article V. | Other Matters Pertaining to the Asset Representations Reviewer |
11
|
||
Section 5.01.
|
Representations and Warranties of the Asset Representations Reviewer
|
11
|
||
Section 5.02.
|
Limitation of Liability
|
12
|
||
Section 5.03.
|
Indemnification of Asset Representations Reviewer
|
13
|
||
Section 5.04.
|
Indemnification by Asset Representations Reviewer
|
13
|
||
Section 5.05.
|
Covenants
|
14
|
||
Section 5.06.
|
Inspections of Asset Representations Reviewer
|
14
|
||
Article VI. | Removal, Resignation |
15
|
||
Section 6.01.
|
Removal of Asset Representations Reviewer
|
15
|
||
Section 6.02.
|
Appointment of Successor
|
15
|
||
Section 6.03.
|
Merger or Consolidation of, or Assumption of the Obligations of, the Asset Representations Reviewer
|
16
|
||
Section 6.04.
|
Asset Representations Reviewer Not to Resign
|
16
|
||
Section 6.05.
|
Delegation of Obligations
|
17
|
||
Article VII.
|
Treatment of Confidential Information
|
17
|
||
Section 7.01.
|
Confidential Information
|
17
|
||
Section 7.02.
|
Safeguarding Personally Identifiable Information
|
19
|
||
Article VIII. | Termination |
21
|
||
Section 8.01.
|
Termination of Agreement
|
21
|
||
Article IX. | Miscellaneous Provisions |
21
|
||
Section 9.01.
|
Amendment
|
21
|
||
Section 9.02.
|
Notices
|
22
|
||
Section 9.03.
|
Entire Agreement; Severability Clause
|
24
|
||
Section 9.04.
|
Counterparts
|
24
|
||
Section 9.05.
|
Governing Law
|
25
|
||
Section 9.06.
|
Relationship of the Parties
|
25
|
||
Section 9.07.
|
Captions
|
25
|
||
Section 9.08.
|
Waivers
|
25
|
||
Section 9.09.
|
Assignment
|
25
|
||
Section 9.10.
|
Benefit of This Agreement; Third-Party Beneficiaries
|
25
|
||
Section 9.11.
|
Exhibits
|
25
|
||
Section 9.12.
|
Nonpetition Covenant
|
25
|
||
Exhibits | ||||
Exhibit A |
BA CREDIT CARD FUNDING, LLC, as Transferor
|
|||
By:
|
|||
Name:
|
|||
Title:
|
|||
BANK OF AMERICA, NATIONAL ASSOCIATION, as Servicer and in its individual capacity
|
|||
By:
|
|||
Name:
|
|||
Title:
|
|||
CLAYTON FIXED INCOME SERVICES LLC, as Asset Representations Reviewer
|
|||
By:
|
|||
Name:
|
|||
Title:
|
1
|
Due to amendments and restatements effected by predecessor agreements to the Pooling and Servicing Agreement and the Receivables Purchase Agreement, more than one representation and warranty will be tested, along with this representation and warranty, during a Review. See Schedule 1 to this Exhibit A for a complete list of representations and warranties contained in the current agreement and each predecessor agreement that will be tested by applying the procedures described immediately below the text of this representation under “Procedures to be Performed.”
|
2
|
Due to amendments and restatements effected by predecessor agreements to the Pooling and Servicing Agreement and the Receivables Purchase Agreement, more than one representation and warranty will be tested, along with this representation and warranty, during a Review. See Schedule 2 to this Exhibit A for a complete list of representations and warranties contained in the current agreement and each predecessor agreement that will be tested by applying the procedures described immediately below the text of this representation under “Procedures to be Performed.”
|
3
|
Due to amendments and restatements effected by predecessor agreements to the Pooling and Servicing Agreement and the Receivables Purchase Agreement, more than one representation and warranty will be tested, along with this representation and warranty, during a Review. See Schedule 3 to this Exhibit A for a complete list of representations and warranties contained in the current agreement and each predecessor agreement that will be tested by applying the procedures described immediately below the text of this representation under “Procedures to be Performed.”
|
4
|
Due to amendments and restatements effected by predecessor agreements to the Pooling and Servicing Agreement and the Receivables Purchase Agreement, more than one representation and warranty will be tested, along with this representation and warranty, during a Review. See Schedule 4 to this Exhibit A for a complete list of representations and warranties contained in the current agreement and each predecessor agreement that will be tested by applying the procedures described immediately below the text of this representation under “Procedures to be Performed.”
|
5
|
Due to amendments and restatements effected by predecessor agreements to the Pooling and Servicing Agreement and the Receivables Purchase Agreement, more than one representation and warranty will be tested, along with this representation and warranty, during a Review. See Schedule 5 to this Exhibit A for a complete list of representations and warranties contained in the current agreement and each predecessor agreement that will be tested by applying the procedures described immediately below the text of this representation under “Procedures to be Performed.”
|
6
|
Due to amendments and restatements effected by predecessor agreements to the Pooling and Servicing Agreement and the Receivables Purchase Agreement, more than one representation and warranty will be tested, along with this representation and warranty, during a Review. See Schedule 6 to this Exhibit A for a complete list of representations and warranties contained in the current agreement and each predecessor agreement that will be tested by applying the procedures described immediately below the text of this representation under “Procedures to be Performed.”
|
7
|
Due to amendments and restatements effected by predecessor agreements to the Pooling and Servicing Agreement and the Receivables Purchase Agreement, more than one representation and warranty will be tested, along with this representation and warranty, during a Review. See Schedule 7 to this Exhibit A for a complete list of representations and warranties contained in the current agreement and each predecessor agreement that will be tested by applying the procedures described immediately below the text of this representation under “Procedures to be Performed.”
|
8
|
Due to amendments and restatements effected by predecessor agreements to the Pooling and Servicing Agreement and the Receivables Purchase Agreement, more than one representation and warranty will be tested, along with this representation and warranty, during a Review. See Schedule 8 to this Exhibit A for a complete list of representations and warranties contained in the current agreement and each predecessor agreement that will be tested by applying the procedures described immediately below the text of this representation under “Procedures to be Performed.”
|
9
|
Due to amendments and restatements effected by predecessor agreements to the Pooling and Servicing Agreement and the Receivables Purchase Agreement, more than one representation and warranty will be tested, along with this representation and warranty, during a Review. See Schedule 9 to this Exhibit A for a complete list of representations and warranties contained in the current agreement and each predecessor agreement that will be tested by applying the procedures described immediately below the text of this representation under “Procedures to be Performed.”
|
10
|
Due to amendments and restatements effected by predecessor agreements to the Pooling and Servicing Agreement and the Receivables Purchase Agreement, more than one representation and warranty will be tested, along with this representation and warranty, during a Review. See Schedule 10 to this Exhibit A for a complete list of representations and warranties contained in the current agreement and each predecessor agreement that will be tested by applying the procedures described immediately below the text of this representation under “Procedures to be Performed.”
|
11
|
Due to amendments and restatements effected by predecessor agreements to the Pooling and Servicing Agreement and the Receivables Purchase Agreement, more than one representation and warranty will be tested, along with this representation and warranty, during a Review. See Schedule 11 to this Exhibit A for a complete list of representations and warranties contained in the current agreement and each predecessor agreement that will be tested by applying the procedures described immediately below the text of this representation under “Procedures to be Performed.”
|
12
|
Due to amendments and restatements effected by predecessor agreements to the Pooling and Servicing Agreement and the Receivables Purchase Agreement, more than one representation and warranty will be tested, along with this representation and warranty, during a Review. See Schedule 12 to this Exhibit A for a complete list of representations and warranties contained in the current agreement and each predecessor agreement that will be tested by applying the procedures described immediately below the text of this representation under “Procedures to be Performed.”
|
BA CREDIT CARD FUNDING, LLC,
|
||
By:
|
||
Name:
|
||
Title:
|
||
BANK OF AMERICA, NATIONAL ASSOCIATION, | ||
By:
|
||
Name:
|
||
Title:
|
||
THE BANK OF NEW YORK MELLON,
Trustee
|
||
By:
|
||
Name:
|
||
Title:
|
Re: | BA Master Credit Card Trust II |
(a) | The Third Amended and Restated Pooling and Servicing Agreement, dated as of October 1, 2014, to be amended and restated by the Fourth Amended and Restated Pooling and Servicing Agreement, substantially in the form of Exhibit 4.6 to the Registration Statement (as defined below), each among Funding, as transferor, the Bank, as servicer, and The Bank of New York Mellon, a New York banking corporation, as trustee (the "Trustee") (as so amended and restated, the "Original Pooling and Servicing Agreement"); |
(b) | The Fourth Amended and Restated Series 2001-D Supplement to the Third Amended and Restated Pooling and Servicing Agreement, dated as of October 1, 2014, to be amended and restated by the Fifth Amended and Restated Series 2001-D Supplement to the Original Pooling and Servicing Agreement, substantially in the form of Exhibit 4.7 to the Registration Statement, each among Funding, as transferor, the Bank, as servicer, and the Trustee (as so amended and restated, the "Supplement"); |
(c) | The Registration Statement on Form SF-3, filed by Funding with the Securities and Exchange Commission on December 4, 2015 (the "Registration Statement"), including a related prospectus (the "Prospectus"); |
(d) | A certificate of an officer of Funding, dated December 4, 2015; and |
(e) | A Certificate of Good Standing for Funding, dated December 4, 2015, obtained from the Secretary of State of the State of Delaware. |
Re: | BA Credit Card Trust |
December 4, 2015
|
|||
BA Credit Card Funding, LLC
|
|||
214 North Tryon Street
|
|||
Suite #21-39
|
|||
NC1-027-21-04
|
|||
Charlotte, North Carolina 28255
|
|||
Re:
|
BA Credit Card Funding, LLC
|
||
BA Master Credit Card Trust II
|
|||
BA Credit Card Trust
|
|||
Registration Statement on Form SF-3
|
New York
|
13-5160382
|
(Jurisdiction of incorporation of organization if not a U.S. national bank)
|
(I.R.S. Employer Identification No.)
|
BA Credit Card Trust
(Exact name of obligor as specified in its charter)
|
|
Delaware
|
01-0864848
|
(State or other jurisdiction or incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
ITEM 1. | GENERAL INFORMATION. |
(a) | Name and address of each examining or supervising authority to which it is subject. |
(b) | Whether it is authorized to exercise corporate trust powers. |
ITEM 2. | AFFILIATIONS WITH THE OBLIGOR. |
ITEM 16. | LIST OF EXHIBITS. |
THE BANK OF NEW YORK MELLON
|
||
By:
|
/s/ Esther Antoine
|
|
Name:
|
Esther Antoine
|
|
Title:
|
Vice President
|
ASSETS
|
Dollar amounts in thousands
|
Cash and balances due from depository institutions:
|
|
Noninterest-bearing balances and currency and coin
|
7,666,000
|
Interest-bearing balances
|
94,003,000
|
Securities:
|
|
Held-to-maturity securities
|
42,625,000
|
Available-for-sale securities
|
73,718,000
|
Federal funds sold and securities purchased under agreements to resell:
|
|
Federal funds sold in domestic offices
|
6,000
|
Securities purchased under agreements to resell
|
19,711,000
|
Loans and lease financing receivables:
|
|
Loans and leases held for sale
|
338,000
|
Loans and leases, net of unearned income
|
35,257,000
|
LESS: Allowance for loan and lease losses
|
159,000
|
Loans and leases, net of unearned income and allowance
|
35,098,000
|
Trading assets
|
4,501,000
|
Premises and fixed assets (including capitalized leases)
|
1,020,000
|
Other real estate owned
|
6,000
|
Investments in unconsolidated subsidiaries and associated companies
|
505,000
|
Direct and indirect investments in real estate ventures
|
0
|
Intangible assets:
|
|
Goodwill
|
6,332,000
|
Other intangible assets
|
1,067,000
|
Other assets
|
15,601,000
|
Total assets
|
302,197,000
|
LIABILITIES
|
|
Deposits:
|
|
In domestic offices
|
137,470,000
|
Noninterest-bearing
|
94,006,000
|
Interest-bearing
|
43,464,000
|
In foreign offices, Edge and Agreement subsidiaries, and IBFs
|
122,350,000
|
Noninterest-bearing
|
7,114,000
|
Interest-bearing
|
115,236,000
|
Federal funds purchased and securities sold under agreements to repurchase:
|
|
Federal funds purchased in domestic offices
|
290,000
|
Securities sold under agreements to repurchase
|
216,000
|
Trading liabilities
|
4,352,000
|
Other borrowed money: (includes mortgage indebtedness and obligations under capitalized leases)
|
6,746,000
|
Not applicable
|
|
Not applicable
|
|
Subordinated notes and debentures
|
765,000
|
Other liabilities
|
8,132,000
|
Total liabilities
|
280,321,000
|
EQUITY CAPITAL
|
|
Perpetual preferred stock and related surplus
|
0
|
Common stock
|
1,135,000
|
Surplus (exclude all surplus related to preferred stock)
|
10,203,000
|
Retained earnings
|
11,835,000
|
Accumulated other comprehensive income
|
-1,647,000
|
Other equity capital components
|
0
|
Total bank equity capital
|
21,526,000
|
Noncontrolling (minority) interests in consolidated subsidiaries
|
350,000
|
Total equity capital
|
21,876,000
|
Total liabilities and equity capital
|
302,197,000
|
Gerald L. Hassell
Catherine A. Rein
Joseph J. Echevarria
|
Directors
|
|
By: | ||
Name:
|
||
Title:
|
||
(chief executive officer of the depositor)
|
/ (8YH50$L)C8(#(,($P9S!!
M&"#C5]KGU^>\4N?-GZ+[>NW;=G.!TD'1J,TVX*Y%EK-%CDBYUY2:[9 2V^-9
MM,IKB9BDC]C"'94)J(-\1R897I.8A;'K]S<:<3=QCNCE.6#CFBZ$(X#<25*;
M4<98BIOIH2"WE=,0"\<$@$HWDE.-Q/-5<2/@@7"'!#/8+9*X_ G4=R"S=>7JN
M-%\,C6R'FL[6PM% 0+E59ON)$9Y)61U(M>][ACEQ0Q,.GW+VH+&&SQ(<5YAM
MMXP/QN:*##CH:2,,,+JA!@@HHHI OF(*()FQKY9B"9Y7O>][WO>]^F@]ST17
M%3ZMC1#S38*^(M ]$5Q4^K8T0\TV"OB+0/1%<5/JV-$/--@KXBT#T17%3ZMC
M1#S38*^(M ]$5Q4^K8T0\TV"OB+0/1%<5/JV-$/--@KXBT#T17%3ZMC1#S38
M*^(M ]$5Q4^K8T0\TV"OB+0/1%<5/JV-$/--@KXBT#T17%3ZMC1#S38*^(M
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MX=+Q>;NUFAIQ.EU.5 Y< II)EZ@;6J.R"YKK&94NC(8Z3=@0&<;LER&I,9!.FBC!.RJXSH!O%.-!E
M5*Y ^[W)_JL=X](]W&:&C)J6-O>1!,UL>9K7
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M$$Z+CB=$12]RN01(T(&8M>Y8,4.EZ@X8^!WG9XI](N+N*-<-H]F3,B@'#PP86>=RW4*GA"P?2T.6^.>172WE4AQ7A.6=5-J]8-69^3)RUNFL
ML2P=#>++L/2 "E.!N*Y3$G9SMT0
+R.W](
U'-8X[E87N\@3+FNT
M5#>7:=8R-?,,^>,R\7DB/Z/)6D"5M"'U*,1C*!F*))>+YUY
<3+&4NY@^Z,TTR6R&[/'KWOU;= ?F3E_BW3YB5=B"$HZ"$=@%UMALU
M;G0F]M=RTQ+#0!Q3L0FJJR:"IX/50;86*.4MB1&/9E<;%0>C#^2PZH:#F:.>
M"O8F0K2Q.Z/Q@2[)>>1+(Z^9!4=9W0YEO%.Q+AD '*K*IXP:=)0F 4P"#!4<
MC06 %KA6Q[/++&X2+<.V>BC9BD^S63LQJ6WT!$;&*(VFJU9EAY*1TA,) !ED
M](0T-(TN
M\KS5_P#3]%'QLJBI]-[2[RO-7_T_11\;*!]-[2[RO-7_ -/T4?&R@?3>TN\K
MS5_]/T4?&R@?3>TN\KS5_P#3]%'QLH'TWM+O*\U?_3]%'QLH'TWM+O*\U?\
MT_11\;*!]-[2[RO-7_T_11\;*"(VZ"?Q \AD4),(;AS)JS,,8(3Y29*1VT+M
MZ$BN-NI:\67HTEAF.3 8LB.Y2+7"[L[G$#-Y=*]L;XA&K373'V?
MGC]ELU.NHKDU=B653K.66"8=66\#G?U\VFX#Z,IJZ7@BR?L ]&Z#D<.M\IEW
M3@4Q-86"OA@+CAF)CF&R8=@S@T@';23MYXC>VI#0VGF,V^U"0Y3#VS+K6:RH
MR
[<-3OK;G7J--CX+U'>T@]Y=A-E460G#"D?^"CW
M4O#1'BIOFW2_3?A6DMH^R&YWA0B(H_9JRD0%-=7J%\1A+VPN'_8)VYUZV8=T
M_,2$I!\-75J]*JE"4Z)7@H]VWX#2>D6&NHMGNYVMI!37-W/8OG_MJ.,H)^?1
M_%'RZ;=(20H% H% H% H%!4YSK_N?.1#]F1_?S!>@M#:?]U6S_A]&_LXM09!
M0*!0*!0*!0*!056Z7_O#>9'_ #RT]_T*0C06I4$4]QL-Q#T2 -S1X2'T.:7@
M[4ELFI)F^ZN?94.,4X06#3HD\NSD0N*>D9VHUR)
.UG8;A?O(WS+Z'R;J0Z>2B!>/=4U8VOV
M,C[68<;4!W3J+-<$/V7@S9AD^'N4JJ)IHO4-(+IYVY_P<*F2IFZ29[,T7[8E
M8P'HN#DCY
2)&QU"YW"UA< G1Q+[^S5NHS-C8]VKB)G0QMQIG/JYKS/S+D$LK2)+:J %@<%+)2D/9,+&0LQP,\,3>90-M
MM'G,V,@*+N5=J<@^NT5%-M>+AJ1<]%I.U@=#G-0=.:#/9<@#$1]KFGT,NO)D
MIPR@NI(ZF(HYF#H"6I=K