424B5 1 d424b5.htm FORM 424B5 FORM 424B5

The information in this prospectus supplement and the accompanying prospectus is not complete and may be changed. We may not sell these securities until we deliver a final prospectus supplement and accompanying prospectus. This prospectus supplement and the accompanying prospectus are not an offer to sell these securities and we are not seeking an offer to buy these securities in any state where the offer or sale is not permitted.

 

Filed Pursuant to Rule 424(b)(5)
Registration No. 333-145109

SUBJECT TO COMPLETION DATED MAY 1, 2008

Prospectus Supplement dated May     , 2008

(to Prospectus dated May 1, 2008)

Chase Issuance Trust

Issuing Entity

Chase Bank USA, National Association

Sponsor, Depositor, Originator, Administrator and Servicer

 

CHASEseries

$750,000,000 Class A(2008-6) Notes

 

The issuing entity will issue and sell:  

Class A(2008-6) Notes


Principal amount   $750,000,000 (subject to increase up to $1,500,000,000)
Interest rate   One-month LIBOR plus         % per annum
Interest payment dates   15th day of each calendar month beginning June 16, 2008
Scheduled principal payment date   May 15, 2013
Legal maturity date   May 15, 2015
Expected issuance date               , 2008
Price to public   $             (or         %)
Underwriting discount   $             (or         %)
Proceeds to the issuing entity   $             (or         %)


The Class A(2008-6) notes are a tranche of the Class A notes of the CHASEseries.

For a description of how the interest rate for the Class A(2008-6) notes is determined see “Transaction Summary” and “Glossary” in this prospectus supplement and “Summary—Interest” in the accompanying prospectus.

 

The assets of the issuing entity include:

    The collateral certificate, Series 2002-CC, issued by the First USA Credit Card Master Trust;
    The collateral certificate, Series 2004-CC, issued by the Chase Credit Card Master Trust;
    Credit card receivables that arise in certain revolving credit card accounts owned by Chase Bank USA, National Association; and
    The collection account, the excess funding account and any other supplemental accounts, including the interest funding account and the principal funding account.

 

The assets of the issuing entity may include in the future:

  One or more additional collateral certificates issued by credit card master trusts or other securitization special purpose entities whose assets consist primarily of credit card receivables arising in revolving credit card accounts owned by Chase Bank USA, National Association or by one of its affiliates; and
  Additional credit card receivables that arise in revolving credit card accounts owned by Chase Bank USA, National Association or by one of its affiliates.

Enhancement for the Class A(2008-6) notes is provided in the form of outstanding subordinated notes as described in “Transaction Summary” in this prospectus supplement and in “Summary—Subordination; Credit Enhancement” in the accompanying prospectus.

You should consider the discussion under “ Risk Factors” beginning on page 11 of the accompanying prospectus before you purchase any notes.

The notes are obligations of the issuing entity only and are not interests in or obligations of Chase Bank USA, National Association, any of its affiliates or any other person or entity.

The notes are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality.

Neither the SEC nor any state securities commission has approved the Class A(2008-6) notes or determined that this prospectus supplement or the accompanying prospectus is truthful, accurate or complete. Any representation to the contrary is a criminal offense.

 

Underwriters

JPMorgan

Barclays Capital

Merrill Lynch & Co.

 

You should consider the discussion under “ Risk Factors” beginning on page 11 of the accompanying prospectus before you purchase any notes.

 

The notes are obligations of the issuing entity only and are not interests in or obligations of Chase Bank USA, National Association, any of its affiliates or any other person or entity.

 

The notes are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality.

 


Table of Contents

 

     Page

Important Notice about Information Presented in this Prospectus Supplement and the Accompanying Prospectus

   ii

Transaction Summary

   iii

Use of Proceeds

   S-1

Underwriting

   S-1
     Page

Glossary

   S-2

Annex I: Other Outstanding Classes and Tranches

   A-I-1

Annex II: Outstanding First USA Master Trust Series and Chase Master Trust Series

   A-II-1

 

i


Important Notice about Information Presented in this

Prospectus Supplement and the Accompanying Prospectus

 

We provide information to you about the CHASEseries notes in two separate documents that progressively provide more detail: (a) this prospectus supplement, which will describe the specific terms of the Class A(2008-6) notes and (b) the accompanying prospectus, which provides specific information about the CHASEseries notes and general information about all of the notes that may be issued by the issuing entity, some of which may not apply to the Class A(2008-6) notes, and financial and other information about the issuing entity’s assets.

 

This prospectus supplement may be used to offer and sell the Class A(2008-6) notes only if accompanied by the prospectus.

 

This prospectus supplement may supplement disclosure in the accompanying prospectus. If the terms of the Class A(2008-6) notes vary between this prospectus supplement and the accompanying prospectus, you should rely on the information in this prospectus supplement.

 

You should rely only on the information provided in this prospectus supplement and the accompanying prospectus including the information incorporated by reference. We have not authorized anyone to provide you with different information. We are not offering the Class A(2008-6) notes in any state where the offer is not permitted. We do not claim the accuracy of the information in this prospectus supplement or the accompanying prospectus as of any date other than the dates stated on their respective covers.

 

We include cross-references in this prospectus supplement and in the accompanying prospectus to captions in these materials where you can find further related discussions. The Table of Contents in this prospectus supplement and in the accompanying prospectus provide the pages on which these captions are located.

 


 

ii


Transaction Summary

 

Issuing Entity:

   Chase Issuance Trust

Sponsor, Depositor, Originator, Administrator and Servicer:

   Chase Bank USA, National Association

Owner Trustee:

   Wilmington Trust Company

Indenture Trustee and Collateral Agent:

   Wells Fargo Bank, National Association

Expected Issuance Date:

               , 2008

Annual Servicing Fee:

   1.5%

Clearance and Settlement:

   DTC/Clearstream/Euroclear

Trust Assets:

   The First USA Master Trust collateral certificate, the Chase Master Trust collateral certificate, receivables originated in MasterCard® and VISA® accounts, including recoveries on charged-off receivables and interchange

Notes Offered by this Prospectus Supplement:

   Class A(2008-6)

Principal Amount:

   $750,000,000*

Anticipated Ratings:

(Moody’s/Standard & Poor’s/Fitch)

   Aaa/AAA/AAA

Enhancement:

   subordination of the Class B notes and the Class C notes

Class A Required Subordinated Amount of Class C Notes:

   6.49718% of the adjusted outstanding dollar principal amount of the Class A(2008-6) notes

Class A Required Subordinated Amount of Class B Notes:

   6.49718% of the adjusted outstanding dollar principal amount of the Class A(2008-6) notes

Invested Amount of the First USA collateral certificate on Expected Issuance Date:

   $16,000,000,000***

Invested Amount of the Chase collateral certificate on Expected Issuance Date:

   $3,200,000,000

Aggregate Outstanding Dollar Principal Amount of CHASEseries notes on Expected Issuance Date (including the Class A(2008-6) notes):

   $62,630,000,000*

Aggregate Outstanding Dollar Principal Amount of Class A notes on Expected Issuance Date (including the Class A(2008-6) notes):

   $54,715,000,000*

Aggregate Outstanding Dollar Principal Amount of Class B notes on Expected Issuance Date:

   $4,090,000,000

Aggregate Outstanding Dollar Principal Amount of Class C notes on Expected Issuance Date:

   $3,825,000,000

Interest Rate:

   One-month LIBOR plus         % per annum

Initial LIBOR Determination Date:

                       , 2008**

Interest Accrual Method:

   actual/360

Interest Payment Dates:

   monthly on the 15th (unless the 15th is not a business day, in which case it will be the next business day)

First Interest Payment Date:

   June 16, 2008

Scheduled Commencement of Accumulation Period:

   May 1, 2012

Scheduled Principal Payment Date:

   May 15, 2013

Legal Maturity Date:

   May 15, 2015

Price to Public:

   $                 or (        %)

Underwriting Discount:

   $                 or (        %)

Net proceeds from the sale of the Class A(2008-6) notes net of estimated expenses:

   $                 or (        %)

CUSIP/ISIN:

                       /                     

*

 

Subject to increase.

**

 

For a description of LIBOR and LIBOR Determination Date, see “Glossary” below.

***

 

Estimated.

 

iii


Use of Proceeds

 

The proceeds from the sale of the notes offered by this prospectus supplement, in the amount of $                     before deduction of issuance expenses, will be paid to Chase USA. The estimated expenses are $            . Therefore, the proceeds, net of issuance expenses, will be approximately $                    . Chase USA will use the net proceeds for its general corporate purposes.

 

Underwriting

 

Subject to the terms and conditions of the underwriting agreement for the offered notes, the issuing entity has agreed to sell to each of the underwriters named below, and each of those underwriters has severally agreed to purchase, the principal amount of the offered notes opposite its name:

 

Underwriters

   Principal Amount

J.P. Morgan Securities Inc.

   $  

Barclays Capital Inc.

  

Merrill Lynch, Pierce, Fenner & Smith

Incorporated

  
      

Total

   $                         
      

 

The several underwriters have agreed, subject to the terms and conditions of the underwriting agreement, to purchase all $                     aggregate principal amount of the offered notes if any of the offered notes are not purchased.

 

The underwriters have advised the issuing entity that the several underwriters propose initially to offer the offered notes to the public at the public offering price on the cover page of this prospectus supplement, and to certain dealers at that public offering price less a concession not in excess of         % of the principal amount of the offered notes. The underwriters may allow, and those dealers may reallow to other dealers, a concession not in excess of         % of the principal amount.

 

After the public offering, the public offering price and other selling terms may be changed by the underwriters.

 

Each underwriter of the offered notes has represented and agreed that:

 

   

it has complied and will comply with all applicable provisions of the Financial Services and Markets Act 2000 with respect to anything done by it in relation to the offered 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 Financial Services and Markets Act 2000) received by it in connection with the issue or sale of any offered notes in circumstances in which section 21(1) of the Financial Services and Markets Act 2000 does not apply to the issuing entity.

 

S-1


In connection with the sale of the offered notes, the underwriters may engage in:

 

   

over-allotments, in which members of the syndicate selling the offered 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 offered 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 offered notes in the open market after the distribution has been completed in order to cover syndicate short positions; and

 

   

penalty bids, by which underwriters reclaim a selling concession from a syndicate member when any of the offered notes originally sold by that syndicate member are purchased in a syndicate covering transaction to cover syndicate short positions.

 

These stabilizing transactions, syndicate covering transactions and penalty bids may cause the price of the offered notes to be higher than it would otherwise be. These transactions, if commenced, may be discontinued at any time.

 

The issuing entity and Chase USA will, jointly and severally, indemnify the underwriters against certain liabilities, including liabilities under applicable securities laws, or contribute to payments the underwriters may be required to make in respect of those liabilities. The issuing entity obligation to indemnify the underwriters will be limited to available finance charge collections after making all required payments and required deposits under the indenture.

 

The issuing entity will receive proceeds of approximately $                     from the sale of the offered notes. This amount represents         % of the principal amount of those notes. The issuing entity will receive this amount net of the underwriting discount of $                . The underwriting discount represents         % of the principal amount of those notes. Additional issuance expenses are estimated to be $                . The issuing entity will pay these proceeds to Chase USA which will use the proceeds as described in “Use of Proceeds” in this prospectus supplement.

 

J.P. Morgan Securities Inc. is a wholly owned subsidiary of JPMorgan Chase & Co. and an affiliate of Chase USA and of JPMorgan Chase Bank, National Association.

 

Glossary

 

This prospectus supplement uses defined terms such as those found below. You can find a listing of defined terms in the “Glossary of Defined Terms” beginning on page 152 in the accompanying prospectus.

 

“LIBOR” means, as of any LIBOR Determination Date, the rate for deposits in United States dollars for a one-month period which appears on Reuters Screen LIBOR01 Page or on such comparable system as is customarily used to quote LIBOR as of 11:00 a.m., London time, on that date. If this rate does not appear on Reuters Screen LIBOR01 Page or on a comparable system as is customarily used to quote LIBOR, the rate for that LIBOR Determination Date will be determined on the basis of the rates at which deposits in United States dollars are offered by four major banks selected by the beneficiary of the issuing entity at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a one-month period. The indenture trustee will request the principal London office of each of the banks to provide a quotation of its rate. If at least two quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the quotations. If fewer than two quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the beneficiary of the issuing entity, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a one-month period.

 

S-2


“LIBOR Determination Date” means (1)             , 2008 for the period from and including the issuance date through but excluding June 16, 2008 and (2) for each interest period thereafter, the second London Business Day prior to each interest payment date on which that interest period commences.

 

“London Business Day” means any Business Day on which dealings in deposits in United States dollars are transacted in the London interbank market.

 

S-3


Annex I

 

Other Outstanding Classes and Tranches

 

The information provided in this Annex I is an integral part of the prospectus supplement.

 

CHASEseries

 

Class A


 

Issuance Date


  Nominal
Liquidation

Amount

   Note Interest Rate

   Scheduled
Principal
Payment Date

   Legal Maturity
Date


Class A(2002-6)

  November 8, 2002   $ 500,000,000    One Month LIBOR + 0.19%    October 15, 2009    June 15, 2012

Class A(2003-4)

  May 22, 2003   $ 500,000,000    One Month LIBOR + 0.25%    May 15, 2013    January 15, 2016

Class A(2003-6)

  June 16, 2003   $ 1,000,000,000    One Month LIBOR + 0.11%    June 16, 2008    February 15, 2011

Class A(2003-7)

  July 30, 2003   $ 500,000,000    3.35%    July 15, 2008    March 15, 2011

Class A(2003-8)

  September 16, 2003   $ 525,000,000    One Month LIBOR + 0.25%    September 16, 2013    May 16, 2016

Class A(2003-9)

  October 24, 2003   $ 650,000,000    3.86%    October 15, 2008    June 15, 2011

Class A(2003-10)

  October 24, 2003   $ 1,000,000,000    One Month LIBOR + 0.11%    October 15, 2008    June 15, 2011

Class A(2004-1)

  February 20, 2004   $ 650,000,000    3.45%    February 17, 2009    October 17, 2011

Class A(2004-3)

  May 12, 2004   $ 675,000,000    One Month LIBOR + 0.17%    June 16, 2014    February 15, 2017

Class A(2004-5)

  August 4, 2004/
August 9, 2004
  $ 750,000,000    One Month LIBOR + 0.13%    July 15, 2011    March 17, 2014

Class A(2004-6)

  August 31, 2004   $ 550,000,000    3.94%    August 17, 2009    April 16, 2012

Class A(2004-7)

  September 21, 2004   $ 1,200,000,000    One Month LIBOR + 0.12%    September 15, 2011    May 15, 2014

Class A(2004-8)

  November 4, 2004   $ 350,000,000    One Month LIBOR + 0.12%    January 15, 2013    September 15, 2015

Class A(2005-2)

  May 4, 2005   $ 600,000,000    One Month LIBOR + 0.07%    April 16, 2012    December 15, 2014

Class A(2005-3)

  May 23, 2005   $ 650,000,000    One Month LIBOR + 0.02%    February 17, 2009    October 17, 2011

Class A(2005-4)

  May 31, 2005   $ 800,000,000    4.23%    May 17, 2010    January 15, 2013

Class A(2005-5)

  June 23, 2005   $ 700,000,000    One Month LIBOR + 0.02%    June 15, 2009    February 15, 2012

Class A(2005-6)

  August 2, 2005   $ 825,000,000    One Month LIBOR + 0.07%    July 16, 2012    July 15, 2014

Class A(2005-7)

  August 10, 2005   $ 750,000,000    4.55%    January 18, 2011    March 15, 2013

Class A(2005-8)

  August 25, 2005   $ 1,000,000,000    One Month LIBOR + 0.04%    August 16, 2010    October 15, 2012

Class A(2005-9)

  September 20, 2005   $ 900,000,000    One Month LIBOR + 0.02%    September 15, 2009    November 15, 2011

Class A(2005-10)

  October 17, 2005   $ 875,000,000    4.65%    October 15, 2010    December 17, 2012

Class A(2005-11)

  November 3, 2005   $ 750,000 000    One Month LIBOR + 0.07%    October 15, 2012    December 15, 2014

Class A(2005-12)

  December 20, 2005   $ 1,650,000,000    One Month LIBOR + 0.01%    December 15, 2008    February 15, 2011

Class A(2005-13)

  December 20, 2005   $ 700,000,000    One Month LIBOR + 0.04%    December 15, 2010    February 15, 2013

Class A(2006-1)

  February 16, 2006/
February 28, 2006
  $ 3,100,000,000    One Month LIBOR + 0.04%    February 15, 2011    April 15, 2013

Class A(2006-2)

  February 22, 2006   $ 425,000,000    5.16%    February 16, 2016    April 16, 2018

Class A(2006-3)

  May 15, 2006   $ 1,000,000,000    One Month LIBOR - 0.01%    May 15, 2009    July 15, 2011

Class A(2006-4)

  August 29, 2006   $ 750,000,000    One Month LIBOR + 0.02%    August 15, 2011    October 15, 2013

Class A(2006-5)

  October 2, 2006   $ 750,000,000    One Month LIBOR + 0.02%    September 15, 2011    November 15, 2013

Class A(2006-6)

  October 30, 2006   $ 200,000,000    One Month LIBOR + 0.03%    October 15, 2015    December 15, 2017

Class A(2006-7)

  December 18, 2006   $ 1,150,000,000    One Month LIBOR + 0.01%    December 15, 2010    February 15, 2013

Class A(2006-8)

  December 18, 2006   $ 500,000,000    One Month LIBOR + 0.06%    December 16, 2013    February 16, 2016

Class A(2007-1)

  January 25, 2007   $ 2,000,000,000    One Month LIBOR + 0.02%    January 18, 2011    March 15, 2013

Class A(2007-2)

  February 21, 2007   $ 400,000,000    One Month LIBOR + 0.05%    February 15, 2017    April 15, 2019

Class A(2007-3)

  February 15, 2007   $ 450,000,000    5.23%    February 15, 2017    April 15, 2019

Class A(2007-4)

  February 22, 2007   $ 2,000,000,000    One Month LIBOR + 0.00%    February 16, 2010    April 16, 2012

Class A(2007-5)

  April 11, 2007/

April 26, 2007/

                    
    May 22, 2007   $ 470,000,000    One Month LIBOR + 0.04%    March 15, 2017    March 15, 2019

Class A(2007-6)

  April 26, 2007   $ 2,000,000,000    One Month LIBOR + 0.00%    April 15, 2010    April 16, 2012

Class A(2007-7)

  May 9, 2007   $ 215,000,000    One Month LIBOR + 0.02%    June 16, 2014    June 15, 2017

Class A(2007-8)

  May 30, 2007   $ 200,000,000    One Month LIBOR + 0.02%    March 16, 2015    March 15, 2017

Class A(2007-9)

  June 15, 2007   $ 1,000,000,000    One Month LIBOR + 0.03%    June 15, 2012    June 16, 2014

Class A(2007-10)

  June 29, 2007   $ 1,050,000,000    One Month LIBOR + 0.04%    June 15, 2012    June 16, 2014

Class A(2007-11)

  July 19, 2007   $ 750,000,000    One Month LIBOR + 0.00%    July 15, 2010    July 16, 2012

Class A(2007-12)

  August 1, 2007   $ 405,000,000    One Month LIBOR + 0.05%    August 15, 2017    August 15, 2019

Class A(2007-13)

  July 26, 2007   $ 750,000,000    One Month LIBOR + 0.04%    July 16, 2012    July 15, 2014

Class A(2007-14)

  September 27, 2007/

October 15, 2007

  $ 2,025,000,000    One Month LIBOR + 0.25%    September 15, 2009    September 15, 2011

Class A(2007-15)

  October 3, 2007   $ 1,900,000,000    4.96%    September 15, 2010    September 17, 2012

Class A(2007-16)

  October 9, 2007/

October 31, 2007

  $ 625,000,000    Three Month LIBOR + 0.30%    June 15, 2012    June 16, 2014

Class A(2007-17)

  October 15, 2007   $ 2,000,000,000    5.12%    October 15, 2012    October 15, 2014

Class A(2007-18)

  October 31, 2007   $ 2,000,000,000    One Month LIBOR + 0.26%    January 15, 2013    January 15, 2015

Class A(2008-1)

  January 28, 2008   $ 2,800,000,000    One Month LIBOR + 0.45%    January 15, 2010    January 17, 2012

Class A(2008-2)

  February 20, 2008   $ 1,035,000,000    One Month LIBOR + 0.90%    February 17, 2015    February 15, 2017

 

 

A-I-1


Class A


 

Issuance Date


  Nominal
Liquidation

Amount

  Note Interest Rate

  Scheduled
Principal
Payment Date

   Legal Maturity
Date


Class A(2008-3)

  March 17, 2008/

April 1, 2008

  $ 910,000,000   One Month LIBOR + 1.10%   March 17, 2014    March 15, 2016

Class A(2008-4)

  April 2, 2008   $ 830,000,000   4.65%   March 15, 2013    March 16, 2015

Class A(2008-5)

  April 3, 2008   $ 1,225,000,000   One Month LIBOR + 0.90%   May 15, 2009    May 16, 2011

 

Class B


 

Issuance Date


  Nominal
Liquidation
Amount


  Note Interest Rate

  Scheduled
Principal
Payment Date


   Legal Maturity
Date


Class B(2003-3)

  September 16, 2003   $ 275,000,000   One Month LIBOR + 0.32%   September 15, 2008    May 16, 2011

Class B(2004-1)

  August 4, 2004   $ 250,000,000   One Month LIBOR + 0.32%   July 15, 2009    March 15, 2012

Class B(2004-2)

  August 17, 2004   $ 300,000,000   4.37%   August 17, 2009    April 16, 2012

Class B(2005-2)

  July 29, 2005   $ 600,000,000   4.52%   October 15, 2008    December 15, 2010

Class B(2005-3)

  September 14, 2005   $ 750,000,000   One Month LIBOR + 0.20%   March 15, 2013    May 15, 2015

Class B(2005-4)

  October 28, 2005   $ 325,000,000   One Month LIBOR + 0.22%   January 17, 2012    March 17, 2014

Class B(2005-5)

  October 28, 2005   $ 325,000,000   One Month LIBOR + 0.22%   January 15, 2014    March 15, 2016

Class B(2006-1)

  February 28, 2006   $ 400,000,000   One Month LIBOR + 0.15%   February 15, 2011    April 15, 2013

Class B(2006-2)

  August 29, 2006   $ 350,000,000   One Month LIBOR + 0.10%   August 16, 2010    October 15, 2012

Class B(2007-1)

  February 21, 2007   $ 515,000,000   One Month LIBOR + 0.25%   February 15, 2017    April 15, 2019

 

Class C


  

Issuance Date


  Nominal
Liquidation
Amount


  Note Interest Rate

  Scheduled
Principal
Payment Date


   Legal Maturity
Date


Class C(2003-3)

   June 18, 2003   $ 400,000,000   4.77%   June 17, 2013    February 16, 2016

Class C(2003-4)

   June 18, 2003   $ 150,000,000   One Month LIBOR + 1.03%   June 16, 2008    February 15, 2011

Class C(2004-1)

   March 23, 2004   $ 150,000,000   One Month LIBOR + 0.50%   March 16, 2009    November 15, 2011

Class C(2004-2)

   June 30, 2004   $ 165,000,000   One Month LIBOR + 0.80%   June 16, 2014    February 15, 2017

Class C(2004-3)

   November 9, 2004   $ 200,000,000   One Month LIBOR + 0.47%   October 15, 2009    June 15, 2012

Class C(2005-1)

   March 17, 2005   $ 425,000,000   One Month LIBOR + 0.37%   March 15, 2010    November 15, 2012

Class C(2005-2)

   May 19, 2005   $ 150,000,000   One Month LIBOR + 0.44%   May 15, 2012    January 15, 2015

Class C(2005-3)

   October 6, 2005   $ 120,000,000   One Month LIBOR + 0.34%   September 15, 2010    November 15, 2012

Class C(2005-4)

   November 16, 2005   $ 300,000,000   One Month LIBOR + 0.33%   November 15, 2010    January 15, 2013

Class C(2006-1)

   January 26, 2006   $ 250,000,000   One Month LIBOR + 0.40%   January 15, 2013    March 16, 2015

Class C(2006-2)

   February 16, 2006   $ 350,000,000   One Month LIBOR + 0.30%   February 15, 2011    April 15, 2013

Class C(2006-3)

   April 17, 2006   $ 175,000,000   One Month LIBOR + 0.23%   April 15, 2009    June 15, 2011

Class C(2006-4)

   November 28, 2006   $ 335,000,000   One Month LIBOR + 0.29%   November 15, 2011    January 15, 2014

Class C(2007-1)

   February 21, 2007   $ 405,000,000   One Month LIBOR + 0.46%   February 15, 2017    April 15, 2019

Class C(2008-1)

   April 1, 2008   $ 250,000,000   One Month LIBOR + 4.50%   May 15, 2009    May 16, 2011

 

A-I-2


Annex II

 

Outstanding First USA Master Trust Series and Chase Master Trust Series

 

The information provided in this Annex II is an integral part of the prospectus supplement.

 

Outstanding First USA Master Trust Series:

 

Series/Class


  Issuance Date

  Current
Invested
Amount

  Certificate Rate

  Scheduled
Payment Date

  Termination Date

1.    Series 1998-2

                     

•Class A

  May 21, 1998   $ 579,000,000   One Month LIBOR - .125%   June 18, 2008   February 18, 2011

•Class B

    $ 52,320,000   One Month LIBOR - .125%    

•Excess Collateral Amount

    $ 66,272,000      

2.    Series 1998-6

                     

•Class A

  August 27, 1998   $    800,000,000   One Month LIBOR + .16%   August 18, 2008   April 18, 2011

•Class B

    $ 72,289,000   One Month LIBOR + .36%    

•Excess Collateral Amount

    $ 91,567,000      

3.    Series 2002-CC

  May 1, 2002    

 

$3,000,000,000

(expected to be $16,000,000,000 as of the issuance date)

   

 

A-II-1


Outstanding Chase Master Trust Series:

 

Series/Class


  Issuance Date

  Current
Invested

Amount

  Certificate Rate

  Scheduled
Payment Date

  Termination Date

1.    Series 1998-4

                     

•Class A

  July 28, 1998   $ 552,486,188   One Month LIBOR + 0.134%   August 15, 2008   December 15, 2010

•Class B

    $ 46,040,000   One Month LIBOR + 0.36%   September 15, 2008  

2.    Series 2002-3

                     

•2002-3 Certificate

  May 30, 2002   $ 1,500,000,000           September 15, 2011

•Class A Notes

    $ 1,260,000,000   One Month LIBOR + 0.17%   May 15, 2009  

•Class B Notes

    $ 105,000,000   One Month LIBOR + 0.45%   June 15, 2009  

•Class C Notes

    $ 135,000,000   One Month LIBOR + 1.03%   June 15, 2009  

3.    Series 2003-3

                     

•2003-3 Certificate

  June 25, 2003   $ 1,425,000,000           October 15, 2010

•Class A Notes

    $ 1,197,000,000   One Month LIBOR + 0.11%   June 16, 2008  

•Class B Notes

    $ 99,750,000   One Month LIBOR + 0.35%   July 15, 2008  

•Class C Notes

    $ 128,250,000   One Month LIBOR +1.08%   July 15, 2008  

4.    Series 2003-4

                     

•2003-4 Certificate

  September 19, 2003   $ 725,000,000           January 15, 2016

•Class A Notes

    $ 609,000,000   One Month LIBOR + 0.24%   September 16, 2013  

•Class B Notes

    $ 50,750,000   One Month LIBOR + 0.65%   October 15, 2013  

•Class C Notes

    $ 65,250,000   One Month LIBOR + 1.25%   October 15, 2013  

5.    Series 2003-5

                     

•2003-5 Certificate

  September 30, 2003   $ 1,000,000,000           January 17, 2011

•Class A Notes

    $ 840,000,000   One Month LIBOR + 0.12%   September 15, 2008  

•Class B Notes

    $ 70,000,000   One Month LIBOR + 0.33%   October 15, 2008  

•Class C Notes

    $ 90,000,000   One Month LIBOR + 0.92%   October 15, 2008  

6.    Series 2003-6

                     

•2003-6 Certificate

  November 3, 2003   $ 2,000,000,000           February 15, 2011

•Class A Notes

    $ 1,680,000,000   One Month LIBOR + 0.11%   October 15, 2008  

•Class B Notes

    $ 140,000,000   One Month LIBOR + 0.35%   November 17, 2008  

•Class C Notes

    $ 180,000,000   One Month LIBOR + 0.80%   November 17, 2008  

7.    Series 2004-CC

  October 20, 2004    

 

$    500,000,000

(expected to be $3,200,000,000 as of the issuance date)

   

 

A-II-2


 

CHASE ISSUANCE TRUST

Issuing Entity

 

CHASEseries

 

$750,000,000

Class A(2008-6) Notes

 

CHASE BANK USA, NATIONAL ASSOCIATION

Sponsor, Depositor, Originator, Administrator and Servicer

 

PROSPECTUS SUPPLEMENT

 

Underwriters

 

JPMorgan

Barclays Capital

Merrill Lynch & Co.

 

You should rely only on the information contained or incorporated by reference in this prospectus supplement and the accompanying prospectus. We have not authorized anyone to provide you with different information.

 

We are not offering the CHASEseries notes in any state where the offer is not permitted.

 

We do not claim the accuracy of the information in this prospectus supplement and the accompanying prospectus as of any date other than the dates stated on their respective covers.

 

Dealers will deliver a prospectus supplement and accompanying prospectus when acting as underwriters of the notes and with respect to their unsold allotments or subscriptions. In addition, all dealers selling the notes will deliver a prospectus supplement and accompanying prospectus until                 , 2008.