EX-99.3 4 d202961dex993.htm EX-99.3 EX-99.3

Exhibit 99.3

CHASE ISSUANCE TRUST

CHASEseries Monthly Noteholders’ Statement

Monthly Period: June 2021

The undersigned, a duly authorized representative of JPMorgan Chase Bank, National Association (the “Bank”), as Servicer pursuant to the Fourth Amended and Restated Transfer and Servicing Agreement, dated as of January 20, 2016 (as amended, supplemented or otherwise modified, the “Transfer and Servicing Agreement”), by and among the Chase Card Funding LLC, as Transferor, the Bank, as Servicer and Administrator, Chase Issuance Trust, as Issuing Entity, and Wells Fargo Bank, National Association, as Indenture Trustee and Collateral Agent, does hereby certify as follows:

 

A.

Information regarding the Current Distribution to Noteholders

 

1.

The total amount of the distribution to Noteholders on the Payment Date July 15, 2021 per $1,000 Initial Outstanding Dollar Principal Amount

 

      

Tranche

 

   

Amount

 

  
  Class A (2012-07)      1.80000  
  Class A (2017-02)      0.39407  
  Class A (2020-01)      1.27500  
  Class B (2017-01)      0.57740  
  Class C (2017-01)      0.77740  

 

2.

The amount of the distribution set forth in item 1 in respect of interest on the Notes per $1,000 Initial Outstanding Dollar Principal Amount

 

Tranche    Amount              Interest Rate  

Class A (2012-07)

      1.80000        2.16000 % 

Class A (2017-02)

      0.39407        0.47288 % 

Class A (2020-01)

      1.27500        1.53000 % 

Class B (2017-01)

      0.57740        0.69288 % 

Class C (2017-01)

      0.77740        0.93288 % 

 

3.

The amount of the distribution set forth in item 1 in respect of principal on the Notes per $1,000 Initial Outstanding Dollar Principal Amount

 

      

Tranche

 

   

Amount

 

  
 

Class A (2012-07)

      0.00000  
 

Class A (2017-02)

      0.00000  
 

Class A (2020-01)

      0.00000  
 

Class B (2017-01)

      0.00000  
 

Class C (2017-01)

      0.00000  

B.

Information regarding the Tranches of Notes of the CHASEseries

 

1.

Outstanding Dollar Principal Amount and Nominal Liquidation Amount of Tranches of Notes of the CHASEseries for the related Monthly Period

 

Tranche

 

   

Initial Outstanding

Dollar Principal

Amount

 

     

    Outstanding Dollar    
Principal Amount

 

     

        Adjusted Outstanding        
Dollar Principal

Amount

 

     

    Nominal Liquidation    
Amount

 

  

Class A (2012-07)

      750,000,000.00        750,000,000.00        750,000,000.00        750,000,000.00  

Class A (2017-02)

      650,000,000.00        650,000,000.00        650,000,000.00        650,000,000.00  

Class A (2020-01)

      1,000,000,000.00        1,000,000,000.00        1,000,000,000.00        1,000,000,000.00  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Class A

      2,400,000,000.00        2,400,000,000.00        2,400,000,000.00        2,400,000,000.00  

Class B (2017-01)

      750,000,000.00        750,000,000.00        750,000,000.00        750,000,000.00  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Class B

      750,000,000.00        750,000,000.00        750,000,000.00        750,000,000.00  

Class C (2017-01)

      750,000,000.00        750,000,000.00        750,000,000.00        750,000,000.00  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Class C

      750,000,000.00        750,000,000.00        750,000,000.00        750,000,000.00  

Total

      3,900,000,000.00        3,900,000,000.00        3,900,000,000.00        3,900,000,000.00  

 

2.

Nominal Liquidation Amount of Notes of the CHASEseries

 

        Tranche

 

   

Beginning

Nominal

Liquidation

Amount

 

     

 

Increases from
amounts
withdrawn
from
the Principal
Funding
Subaccounts in
respect of
Prefunding
Excess
Amounts

 

     

Reimbursements
of prior
Nominal
Liquidation
Amount Deficits
from Available
Finance Charge
Collections

 

     

Reductions
due to
reallocations
of Available
Principal
Collections
and Investor
Charge-Offs

 

     

Reductions due
to amounts
deposited to
the Principal
Funding
Subaccounts

 

     

Ending Nominal
Liquidation Amount

 

  

Class A (2012-07)

      750,000,000.00        0.00        0.00        0.00        0.00        750,000,000.00  

Class A (2017-02)

      650,000,000.00        0.00        0.00        0.00        0.00        650,000,000.00  

Class A (2020-01)

      1,000,000,000.00        0.00        0.00        0.00        0.00        1,000,000,000.00  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total Class A

      2,400,000,000.00        0.00        0.00        0.00        0.00        2,400,000,000.00  

Class B (2017-01)

      750,000,000.00        0.00        0.00        0.00        0.00        750,000,000.00  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total Class B

      750,000,000.00        0.00        0.00        0.00        0.00        750,000,000.00  

Class C (2017-01)

      750,000,000.00        0.00        0.00        0.00        0.00        750,000,000.00  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total Class C

      750,000,000.00        0.00        0.00        0.00        0.00        750,000,000.00  

Total

      3,900,000,000.00        0.00        0.00        0.00        0.00        3,900,000,000.00  

 

3.

CHASEseries Interest Funding Account Sub-Accounts    

 

Tranche

 

   

Beginning
Interest
Funding
Subaccount
Balance

 

     

Targeted deposit
to the Interest
Funding
Subaccount with
respect to the
current period

 

     

Previous
shortfalls
of targeted
deposits to
the Interest
Funding
Subaccount

 

     

Actual deposit to
the Interest
Funding
Subaccount

 

     

Amount
withdrawn from
the Interest
Funding
Subaccount for
payment to
Noteholders

 

    

Other
Withdrawals

 

     

Ending Interest
Funding
Subaccount
Balance

 

  

Class A (2012-07)

      0.00        1,350,000.00        0.00        1,350,000.00        (1,350,000.00 )      0.00        0.00  

Class A (2017-02)

      0.00        256,143.33        0.00        256,143.33        (256,143.33 )      0.00        0.00  

Class A (2020-01)

      0.00        1,275,000.00        0.00        1,275,000.00        (1,275,000.00 )      0.00        0.00  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  

Total Class A

      0.00        2,881,143.33        0.00        2,881,143.33        (2,881,143.33 )      0.00        0.00  

Class B (2017-01)

      0.00        433,050.00        0.00        433,050.00        (433,050.00 )      0.00        0.00  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  

Total Class B

      0.00        433,050.00        0.00        433,050.00        (433,050.00 )      0.00        0.00  

Class C (2017-01)

      0.00        583,050.00        0.00        583,050.00        (583,050.00 )      0.00        0.00  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  

Total Class C

      0.00        583,050.00        0.00        583,050.00        (583,050.00 )      0.00        0.00  

Total

      0.00        3,897,243.33        0.00        3,897,243.33        (3,897,243.33 )      0.00        0.00  

4.

CHASEseries Principal Funding Account Sub-Accounts

 

 

Tranche

  

Beginning
Principal

Funding
Subaccount

Balance

    

Targeted deposit to

the Principal Funding

Subaccount with

respect to the current

period

    

Previous
shortfalls of

targeted
deposits to

the Principal
Funding

Subaccount

    

Actual deposit
to the

Principal Funding

Subaccount

    

Amount withdrawn

from the Principal

Funding Subaccount

for payment to

Noteholders

    

 

Other
Withdrawals

    

Ending
Principal

Funding
Subaccount

Balance

  

Class A (2012-07)

     0.00       0.00       0.00       0.00       0.00       0.00       0.00  

Class A (2017-02)

     0.00       0.00       0.00       0.00       0.00       0.00       0.00  

Class A (2020-01)

     0.00       0.00       0.00       0.00       0.00       0.00       0.00  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Class A

     0.00       0.00       0.00       0.00       0.00       0.00       0.00  

Class B (2017-01)

     0.00       0.00       0.00       0.00       0.00       0.00       0.00  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Class B

     0.00       0.00       0.00       0.00       0.00       0.00       0.00  

Class C (2017-01)

     0.00       0.00       0.00       0.00       0.00       0.00       0.00  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Class C

     0.00       0.00       0.00       0.00       0.00       0.00       0.00  

Total

     0.00       0.00       0.00       0.00       0.00       0.00       0.00  

 

5.

CHASEseries Class C Reserve Sub-Accounts

 

 

Tranche

 

   

 

Beginning Class C

Reserve
Subaccount

Balance

 

     

 

Class C

Reserve

Subaccount
earnings for
the current
period

 

     

 

Targeted deposit to

the Class C

Reserve

Subaccount

 

     

Actual deposit to

the Class C
Reserve

Subaccount,
including

Excess Amounts

 

     

Amount
withdrawn
in respect of
payment of

interest or
principal to

Noteholders

     

Withdrawal of
Excess Amounts
pursuant to

subsection 3.25(c)
of the Indenture

Supplement

    

 

Ending Class C

Reserve
Subaccount

Balance

  

Class C (2017-01)

      58,500,000.00        7,114.14        0.00        0.00        0.00        (7,114.14 )      58,500,000.00  
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Total Class C

      58,500,000.00        7,114.14        0.00        0.00        0.00        (7,114.14 )      58,500,000.00  

Total

      58,500,000.00        7,114.14        0.00        0.00        0.00        (7,114.14 )      58,500,000.00  

 

6.

Class A Required Subordinated Amount of Class B and Class C Notes and Class A Usage of Class B and Class C Required Subordinated Amounts    

 

Tranche   

Required
Subordinated
Amount of Class B

Notes as of the close
of business on the
related Note Transfer
Date

     

Required
Subordinated
Amount of Class C

Notes as of the close
of business on the
related Note Transfer
Date

     

Class A

Usage of
Class B

Required
Subordinated

Amount for
the current
period

     

Class A

Usage of

Class C

Required
Subordinated

Amount for
the current
period

     

Cumulative

Class A

Usage of

Class B

Required
Subordinated

Amount

     

Cumulative

Class A

Usage of

Class C

Required
Subordinated

Amount

  

Class A (2012-07)

      61,046,475.00        61,046,475.00        0.00        0.00        0.00        0.00  

Class A (2017-02)

      52,906,945.00        52,906,945.00        0.00        0.00        0.00        0.00  

Class A (2020-01)

      81,395,300.00        81,395,300.00        0.00        0.00        0.00        0.00  
  

 

 

     

 

 

  

Total

      195,348,720.00        195,348,720.00        0.00        0.00        0.00        0.00  

7.

Class B Required Subordinated Amount of Class C Notes and Class B Usage of Class C Required Subordinated Amounts

 

Tranche

 

   

Required
Subordinated Amount
of Class C Notes as of
the close of

business on the related
Note Transfer Date

 

     

Class B Usage of
Class C Required
Subordinated Amount
for the current period

 

     

Cumulative Class B
Usage of Class C
Required
Subordinated Amount

 

  

Class B (2017-01)

      237,096,656.26        0.00        0.00  
  

 

 

     

 

 

     

 

 

  

Total

      237,096,656.26        0.00        0.00  

 

C.

Information regarding the performance of the CHASEseries    

 

     June
Monthly Period		      May
Monthly Period		      April
Monthly Period		  

Yield - Finance Charge, Fees & Interchange

      21.57%                            21.70%                            21.39%                      

Plus: Yield - Collections of Discount Receivables

      0.00%                            0.00%                            0.00%                      

Less: Net Credit Losses

      1.30%                            1.77%                            1.97%                      

(a) Portfolio Yield

      20.27%        19.93%        19.42%  

Less:

         

Coupon

      1.20%                            1.15%                            1.16%                      

Plus: Servicing Fee

      1.50%                            1.50%                            1.50%                      

(b) Base Rate

      2.70%        2.65%        2.66%  

(a) - (b) = Excess Spread Percentage

      17.57%        17.28%        16.76%  

Three Month Average Excess Spread Percentage

      17.20%        17.21%        16.64%  

Excess Spread Amount paid to Transferor

    $ 56,136,485.12         $ 65,311,865.63         $ 60,610,822.63     

Principal Payment Rate

      45.98%        45.56%        43.83%  

 

JPMorgan Chase Bank, National Association, as Servicer  
By:       /s/ Patricia M. Garvey  
           Patricia M. Garvey  
  Executive Director  
July 13, 2021