EX-99.3 4 d323653dex993.htm EX-99.3 EX-99.3

Exhibit 99.3

CHASE ISSUANCE TRUST

CHASEseries Monthly Noteholders’ Statement

Monthly Period: February 2022

The undersigned is 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. As of November 1, 2021, Computershare Trust Company, National Association is acting as agent for Wells Fargo Bank, National Association, as the indenture trustee and collateral agent under the Transfer and Servicing Agreement . The undersigned 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 March 15, 2022 per $1,000 Initial Outstanding Dollar Principal Amount

 

      

Tranche

 

   

Amount

 

  
  Class A (2012-07)      1.80000  
  Class A (2017-02)      1,000.45978  
  Class A (2020-01)      1.27500  
  Class B (2017-01)      0.63089  
  Class C (2017-01)      0.81755  

 

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)

      0.45978        0.59114 % 

Class A (2020-01)

      1.27500        1.53000 % 

Class B (2017-01)

      0.63089        0.81114 % 

Class C (2017-01)

      0.81755        1.05114 % 

 

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)      1,000.00000  
  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        (650,000,000.00 )      0.00  

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        (650,000,000.00 )      1,750,000,000.00  

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        (650,000,000.00 )      3,250,000,000.00  

 

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        298,854.11        0.00        298,854.11        (298,854.11 )      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        2,923,854.11        0.00        2,923,854.11        (2,923,854.11 )      0.00        0.00  

Class B (2017-01)

      0.00        473,165.00        0.00        473,165.00        (473,165.00 )      0.00        0.00  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  

Total Class B

      0.00        473,165.00        0.00        473,165.00        (473,165.00 )      0.00        0.00  

Class C (2017-01)

      0.00        613,165.00        0.00        613,165.00        (613,165.00 )      0.00        0.00  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  

Total Class C

      0.00        613,165.00        0.00        613,165.00        (613,165.00 )      0.00        0.00  

Total

      0.00        4,010,184.11        0.00        4,010,184.11        (4,010,184.11 )      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       650,000,000.00       0.00       650,000,000.00       (650,000,000.00 )      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       650,000,000.00       0.00       650,000,000.00       (650,000,000.00 )      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       650,000,000.00       0.00       650,000,000.00       (650,000,000.00 )      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        6,273.89        0.00        0.00        0.00        (9,756,273.89 )      48,750,000.00  
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Total Class C

      58,500,000.00        6,273.89        0.00        0.00        0.00        (9,756,273.89 )      48,750,000.00  

Total

      58,500,000.00        6,273.89        0.00        0.00        0.00        (9,756,273.89 )      48,750,000.00  

 

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)

      0.00        0.00        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

      142,441,775.00        142,441,775.00        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)

      188,171,953.53        0.00        0.00  
  

 

 

     

 

 

     

 

 

  

Total

      188,171,953.53        0.00        0.00  

 

C.

Information regarding the performance of the CHASEseries

 

     February
Monthly Period		      January
Monthly Period		      December
Monthly Period		  

Yield - Finance Charge, Fees & Interchange

      21.89%                            19.06%                            22.01%                      

Plus: Yield - Collections of Discount Receivables

      0.00%                            0.00%                            0.00%                      

Less: Net Credit Losses

      1.04%                            1.02%                            0.99%                      

(a) Portfolio Yield

      20.85%        18.04%        21.02%  

Less:

         

Coupon

      1.26%                            1.22%                            1.22%                      

Plus: Servicing Fee

      1.50%                            1.50%                            1.50%                      

(b) Base Rate

      2.76%        2.72%        2.72%  

(a) - (b) = Excess Spread Percentage

      18.09%        15.32%        18.30%  

Three Month Average Excess Spread Percentage

      17.24%        17.34%        18.25%  

Excess Spread Amount paid to Transferor

    $ 53,204,554.88         $ 51,064,181.90         $ 60,676,691.45     

Principal Payment Rate

      44.96%        47.05%        51.09%  

 

JPMorgan Chase Bank, National Association, as Servicer  
By:    /s/ Patricia M. Garvey  
           Patricia M. Garvey  
  Executive Director  
March 11, 2022