EX-99.3 4 d509282dex993.htm EX-99.3 EX-99.3

Exhibit 99.3

CHASE ISSUANCE TRUST

CHASEseries Monthly Noteholders’ Statement

Monthly Period: August 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 September 15, 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        58,314.13        0.00        0.00        0.00        (58,314.13 )      37,500,000.00  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Total Class C

      37,500,000.00        58,314.13        0.00        0.00        0.00        (58,314.13 )      37,500,000.00  

Total

      37,500,000.00        58,314.13        0.00        0.00        0.00        (58,314.13 )      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

 

     August
Monthly Period		      July
Monthly Period		      June
Monthly Period		  

Yield - Finance Charge, Fees & Interchange

      24.05%                            23.78%                            24.80%                      

Plus: Yield - Collections of Discount Receivables

      0.00%                            0.00%                            0.00%                      

Less: Net Credit Losses

      1.68%                            1.55%                            1.60%                      

(a) Portfolio Yield

      22.37%        22.23%        23.20%  

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

      16.57%        16.43%        17.40%  

Three Month Average Excess Spread Percentage

      16.80%        16.79%        16.84%  

Excess Spread Amount paid to Transferor

    $ 35,498,579.65         $ 35,192,114.42         $ 35,540,030.25     

Principal Payment Rate

      48.88%        48.59%        49.44%  

 

JPMorgan Chase Bank, National Association, as Servicer  

By:    /s/ Patricia M. Garvey

 

  
  Patricia M. Garvey  
             Executive Director  
  September 13, 2023