EX-99.3 4 d511605dex993.htm EX-99.3 EX-99.3

Exhibit 99.3

CHASE ISSUANCE TRUST

CHASEseries Monthly Noteholders’ Statement

Monthly Period: June 2023

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 July 17, 2023 per $1,000 Initial Outstanding Dollar Principal Amount

 

       Tranche    Amount  
  Class A (2022-01)      3.30833  
  Class B (2022-01)      3.58333  
  Class C (2022-01)      3.95000  

 

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 (2022-01)

      3.30833        3.97000 % 
 

Class B (2022-01)

      3.58333        4.30000 % 
 

Class C (2022-01)

      3.95000        4.74000 % 

 

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 (2022-01)      0.00000  
  Class B (2022-01)      0.00000  
  Class C (2022-01)      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 (2022-01)

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

 

 

     

 

 

     

 

 

     

 

 

  

Total Class A

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

Class B (2022-01)

      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 (2022-01)

      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

      2,500,000,000.00        2,500,000,000.00        2,500,000,000.00        2,500,000,000.00  

 

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 (2022-01)

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

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total Class A

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

Class B (2022-01)

      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 (2022-01)

      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

      2,500,000,000.00        0.00        0.00        0.00        0.00        2,500,000,000.00  

 

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 (2022-01)

      0.00        3,308,333.33        0.00        3,308,333.33        (3,308,333.33 )      0.00        0.00  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  

Total Class A

      0.00        3,308,333.33        0.00        3,308,333.33        (3,308,333.33 )      0.00        0.00  

Class B (2022-01)

      0.00        2,687,500.00        0.00        2,687,500.00        (2,687,500.00 )      0.00        0.00  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  

Total Class B

      0.00        2,687,500.00        0.00        2,687,500.00        (2,687,500.00 )      0.00        0.00  

Class C (2022-01)

      0.00        2,962,500.00        0.00        2,962,500.00        (2,962,500.00 )      0.00        0.00  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  

Total Class C

      0.00        2,962,500.00        0.00        2,962,500.00        (2,962,500.00 )      0.00        0.00  

Total

      0.00        8,958,333.33        0.00        8,958,333.33        (8,958,333.33 )      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 (2022-01)

      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 (2022-01)

      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 (2022-01)

      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 (2022-01)

      37,500,000.00        56,432.17        0.00        0.00        0.00        (56,432.17 )      37,500,000.00  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Total Class C

      37,500,000.00        56,432.17        0.00        0.00        0.00        (56,432.17 )      37,500,000.00  

Total

      37,500,000.00        56,432.17        0.00        0.00        0.00        (56,432.17 )      37,500,000.00  

 

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 (2022-01)

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

 

 

     

 

 

  

Total

      81,395,300.00        81,395,300.00        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 (2022-01)

      131,720,373.44        0.00        0.00  
  

 

 

     

 

 

     

 

 

  

Total

      131,720,373.44        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

      24.80%                            23.95%                            23.94%                      

Plus: Yield - Collections of Discount Receivables

      0.00%                            0.00%                            0.00%                      

Less: Net Credit Losses

      1.60%                            1.60%                            1.58%                      

(a) Portfolio Yield

      23.20%        22.35%        22.36%  

Less:

         

Coupon

      4.30%                            4.30%                            4.30%                      

Plus: Servicing Fee

      1.50%                            1.50%                            1.50%                      

(b) Base Rate

      5.80%        5.80%        5.80%  

(a) - (b) = Excess Spread Percentage

      17.40%        16.55%        16.56%  

Three Month Average Excess Spread Percentage

      16.84%        16.97%        17.12%  

Excess Spread Amount paid to Transferor

    $ 35,540,030.25         $ 35,435,619.36         $ 33,833,980.71     

Principal Payment Rate

      49.44%        49.51%        46.77%  

 

JPMorgan Chase Bank, National Association, as Servicer  

By:     /s/ Patricia M. Garvey

 

  
     Patricia M. Garvey  
              Executive Director  
     July 13, 2023