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Form 10-D CHASE ISSUANCE TRUST For: Jul 31

August 15, 2022 6:42 AM EDT

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-D

 

ASSET-BACKED ISSUER

DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the monthly distribution period from

July 1, 2022 to July 31, 2022.

Commission File Number of issuing entity: 333-239581

Central Index Key Number of issuing entity: 0001174821

CHASE ISSUANCE TRUST

(Issuing Entity of the Notes)

(Exact name of issuing entity as specified in its charter)

Commission File Number of depositor: 333-239581-01

Central Index Key Number of depositor: 0001658982

CHASE CARD FUNDING LLC

(Exact name of depositor as specified in its charter)

 

Central Index Key Number of sponsor: 0000869090

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION

(Exact name of sponsor as specified in its charter)

Patricia M. Garvey

Chase Card Funding LLC

201 North Walnut Street

Wilmington, Delaware 19801

302-282-6545

(Name and telephone number, including area code, of the person to contact in connection with this filing)

Delaware

(State or other jurisdiction of incorporation

or organization of the issuing entity)

N.A.

(I.R.S. Employer Identification No. of the issuing entity)

N.A.

(I.R.S. Employer Identification No. of the depositor)

13-4994650

(I.R.S. Employer Identification No. of the sponsor)


 

 

CHASE ISSUANCE TRUST

c/o Chase Card Funding LLC

201 North Walnut Street

Wilmington, Delaware

 

19801

 

(Address of principal executive offices of the issuing entity)   (Zip Code)

(302) 282-6545

(Telephone number, including area code)

N.A.

(Former name, former address, if changed since last report)

 

 

            Registered/reporting pursuant to
(check one)

 

   Name of
exchange
(If Section 12(b))

 

 

Title of class

          Section 12(b)

 

   Section 12(g)

 

   Section 15(d)

 

CHASEseries Class A Notes

              

CHASEseries Class B Notes

              

CHASEseries Class C Notes

              

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes  ☒    No  ☐.


PART I – DISTRIBUTION INFORMATION

Item 1. Distribution and Pool Performance Information.

The information required by Items 1121(a) and 1121(b) of Regulation AB is provided in the distribution reports attached hereto as Exhibits 99.1, 99.2, and 99.3.

With respect to the information required by Item 1121(c) of Regulation AB, JPMorgan Chase Bank, National Association (CIK number 0000869090) has no repurchase activity to report for the monthly distribution period from July 1, 2022 to July 31, 2022 (the “Monthly Distribution Period”) for Chase Issuance Trust.

 

 

PART II – OTHER INFORMATION

Item 2. Legal Proceedings.

The most current information or update to this item, as of the end of the Monthly Distribution Period to which this report relates, was previously reported by Chase Issuance Trust (CIK number 0001174821, SEC File Number 333-239581). See Form 10-K dated and filed on March 30, 2022.

Item 7. Change in Sponsor Interest in the Securities.

The information required by Item 1124 of Regulation AB is provided in Item 12 of the distribution report attached hereto as Exhibit 99.2. There has been no change in the securities held by the Sponsor and its affiliates during the Monthly Distribution Period.

Item 10. Exhibits.

 

Exhibit
No.

  

Description

99.1    Monthly Information Officer’s Certificate
99.2    Asset Pool One Monthly Servicer’s Certificate
99.3    CHASEseries Monthly Noteholders’ Statement


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

      CHASE ISSUANCE TRUST  
     

 

(Issuing entity)

 

Date: August 15, 2022

    By:  

 

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,

 
     

 

        as Servicer

 
     

 

            /s/ Patricia M. Garvey                                    

 
     

 

        Name: Patricia M. Garvey

 
     

 

        Title:    Executive Director

 

Exhibit 99.1

CHASE ISSUANCE TRUST

Monthly Information Officer’s Certificate

Monthly Period: July 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 Indenture.

The undersigned does hereby certify as follows:

Item 1121(a)(1):

 

  (a)

Record Date: July 31, 2022

 

  (b)

Interest Period: July 15, 2022 through August 14, 2022

 

  (c)

Determination Date: August 11, 2022

 

  (d)

Distribution Date: August 15, 2022

 

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Servicer
By:  

 /s/  Patricia M. Garvey

  Name: Patricia M. Garvey
  Title: Executive Director

Exhibit 99.2

CHASE ISSUANCE TRUST

Asset Pool One Monthly Servicer’s Certificate

Monthly Period: July 2022

 

1.

Capitalized terms used in this certificate have their respective meanings set forth in the Fourth Amended and Restated Indenture, dated as of January 20, 2016 (as amended, supplemented or otherwise modified, the “Indenture”), and the Third Amended and Restated Asset Pool One Supplement, dated as of January 20, 2016 (as amended, supplemented or otherwise modified, the “Asset Pool One Supplement”), each between the Chase Issuance Trust 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 Indenture.

 

2.

As of the date hereof, JPMorgan Chase Bank, National Association is the Servicer and Administrator under the Transfer and Servicing Agreement and Chase Card Funding LLC is the Transferor.

 

3.

The undersigned is a Responsible Officer of Servicer.

 

4.

Collateral of Asset Pool One

 

         Beginning Balance              Ending Balance          

Principal Receivables

     10,599,005,617.55        9,147,764,801.72  

Excess Funding Amount

     0.00        0.00  
  

 

 

    

 

 

 

TOTAL

     10,599,005,617.55        9,147,764,801.72  
  

 

 

    

 

 

 

 

5a.

   The Nominal Liquidation Amount of all Asset Pool One Notes as of the last day of the related Monthly Period     
  

CHASEseries

       4,750,000,000.00  
       

 

 

 
  

TOTAL

       4,750,000,000.00  
       

5b.

   Asset Pool One Transferor Amount for the related Monthly Period        4,397,764,801.72  

5c.

   Asset Pool One Required Transferor Amount for the related Monthly Period        457,388,240.09  

5d.

   Asset Pool One Pool Balance for the related Monthly Period        9,147,764,801.72  

5e.

   Asset Pool One Minimum Pool Balance for the related Monthly Period        3,250,000,000.00  

6a.

   The aggregate amount of Collections of Principal Receivables received by Asset Pool One for the related Monthly Period        5,097,541,633.66  

6b.

   The aggregate amount of Collections of Principal Receivables allocated pursuant to Section 3.3 of the Asset Pool One Supplement for the related Monthly Period     
  

CHASEseries

     46.37     2,363,733,541.04  
     

 

 

   

 

 

 
  

TOTAL

     46.37     2,363,733,541.04  

7a.

   The aggregate amount of Collections of Finance Charge Receivables received by Asset Pool One for the related Monthly Period        191,204,185.47  
   Collections of Discount Receivables included in 7a above        0.00  

7b.

   The aggregate amount of Collections of Finance Charge Receivables allocated pursuant to subsection 3.2(a) of the Asset Pool One Supplement for the related Monthly Period     
  

CHASEseries

     46.37     88,661,511.54  
     

 

 

   

 

 

 
  

TOTAL

     46.37     88,661,511.54  

8a.

   The Asset Pool One Servicing Fee for the related Monthly Period        12,804,596.17  

8b.

   The Asset Pool One Servicing Fee allocated to each Series pursuant to subsection 3.4(b) of the Asset Pool One Supplement for the related Monthly Period     
  

CHASEseries

     46.37     5,937,500.00  
     

 

 

   

 

 

 
  

TOTAL

     46.37     5,937,500.00  


9a.

   The Asset Pool One Default Amount for the related Monthly Period        8,678,736.71  

9b.

   The Asset Pool One Default Amount allocated to each Series pursuant to subsection 3.2(b) of the Asset Pool One Supplement for the related Monthly Period     
  

CHASEseries

     46.37     4,024,336.15  
     

 

 

   

 

 

 
  

TOTAL

     46.37     4,024,336.15  

 

10.

Delinquencies as of the last day of the related Monthly Period

 

                    Number
        of Accounts        
     Amount of
        Receivables (1)        
    

Percentage of
        Receivables        

  

Pool Balance

        5,611,368        9,345,144,814.70      100.00%
  

Number of Days Delinquent

           
  

30-59 days

        3,775        18,650,052.88      0.20%
  

60-89 days

        2,113        12,911,582.99      0.14%
  

90-119 days

        1,589        10,727,230.07      0.11%
  

120-149 days

        1,414        9,644,964.79      0.10%
  

150-179 days

        1,293        9,830,185.21      0.11%
  

180 or more days

            0        0.00      0.00%
  

TOTAL

        10,184        61,764,015.94      0.66%

11.

   Losses and Recoveries for the related Monthly Period

 

  
   Average Pool Balance (2)             10,243,676,937.15
   Gross Losses (3)             11,828,002.05
   Gross Losses as a Percentage of Average Pool Balance (Annualized)

 

   1.39%
   Recoveries (4)             3,149,265.34
   Net Losses (5)             8,678,736.71
   Net Losses as a Percentage of Average Pool Balance (Annualized)

 

   1.02%
   Number of Accounts Charged Off During the Monthly Period

 

   2,490
   Average Net Loss Amount on Accounts Charged Off during the Monthly Period

 

   3,485.44

12.

   Change in Sponsor’s or affiliate’s interest in securities for the related Monthly Period

 

  

 

     As of Last Day of Previous Monthly Period      As of Last Day of Monthly Period  
CHASEseries Notes Held by the Sponsor or an Affiliate    Tranche     Amount      Tranche   Amount  
     Class B (2017-01     750,000,000.00      Class B (2017-01)     750,000,000.00  
     Class B (2022-01     750,000,000.00      Class B (2022-01)     750,000,000.00  
     Class C (2017-01     750,000,000.00      Class C (2017-01)     750,000,000.00  
     Class C (2022-01     750,000,000.00      Class C (2022-01)     750,000,000.00  
    

 

 

      

 

 

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

 

13.

Credit Risk Retention

 

         As of Last Day of Monthly Period      

Seller’s Interest

     4,397,764,801.72  

Seller’s Interest (%) (7)

     92.58%  


(1)

The amount of receivables reflected includes all principal, finance charge and fee amounts due from cardholders as of the date specified.

 

(2)

Average Pool Balance means “Asset Pool One Average Principal Balance” as defined in the Asset Pool One Supplement.

 

(3)

Gross Losses are charge-offs of principal receivables. Gross Losses do not include the amount of any reductions in principal receivables due to fraud, returned goods or customer disputes, the amount of which instead results in the reduction of the Asset Pool One Transferor Amount.

 

(4)

Recoveries are amounts received on previously charged-off receivables during the related Monthly Period, and allocated to the issuing entity pro rata, based on the amount of gross losses in the issuing entity as a percentage of gross losses in the Servicer’s managed portfolio of credit card receivables for the related Monthly Period.

 

(5)

Net Losses are Gross Losses minus Recoveries. Net Losses do not include any reductions in principal receivables due to fraud, returned goods or customer disputes, the amount of which instead results in the reduction of the Asset Pool One Transferor Amount.

 

(6)

The securities listed here are not being relied upon to satisfy the U.S. Risk Retention Requirements (79 FR 77601).

 

(7)

The Seller’s Interest percentage is calculated by dividing the Seller’s Interest, which is equal to the Asset Pool One Transferor Amount, by the aggregate unpaid principal balance of all outstanding investor asset-backed interests in the Issuing Entity.

The required risk retention percentage is 5%.

IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Certificate on this date August 11, 2022.

 

JPMorgan Chase Bank, National Association, as Servicer

By:     /s/ Patricia M. Garvey

 

 

         Patricia M. Garvey
         Executive Director

 

Exhibit 99.3

CHASE ISSUANCE TRUST

CHASEseries Monthly Noteholders’ Statement

Monthly Period: July 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 August 15, 2022 per $1,000 Initial Outstanding Dollar Principal Amount

 

    Tranche    Amount  

    

  Class A (2012-07)      1.80000  
  Class A (2020-01)      1.27500  
  Class B (2017-01)      1,002.25537  
  Class B (2022-01)      3.58333  
  Class C (2017-01)      1,002.46204  
  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 (2012-07)

     1.80000        2.16000
 

Class A (2020-01)

     1.27500        1.53000

    

 

Class B (2017-01)

     2.25537        2.61914
 

Class B (2022-01)

     3.58333        4.30000
 

Class C (2017-01)

     2.46204        2.85914
 

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 (2012-07)      0.00000  
  Class A (2020-01)      0.00000  

    

  Class B (2017-01)      1,000.00000  
  Class B (2022-01)      0.00000  
  Class C (2017-01)      1,000.00000  
  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 (2012-07)

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

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

     1,750,000,000.00        1,750,000,000.00        1,750,000,000.00        1,750,000,000.00  

Class B (2017-01)

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

Class B (2022-01)

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

 

 

    

 

 

    

 

 

    

 

 

 

Total Class B

     1,500,000,000.00        1,500,000,000.00        1,500,000,000.00        1,500,000,000.00  

Class C (2017-01)

     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

     1,500,000,000.00        1,500,000,000.00        1,500,000,000.00        1,500,000,000.00  

Total

     4,750,000,000.00        4,750,000,000.00        4,750,000,000.00        4,750,000,000.00  

 

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 (2020-01)

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total Class A

     1,750,000,000.00        0.00        0.00        0.00        0.00       1,750,000,000.00  

Class B (2017-01)

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

Class B (2022-01)

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total Class B

     1,500,000,000.00        0.00        0.00        0.00        (750,000,000.00     750,000,000.00  

Class C (2017-01)

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

Class C (2022-01)

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total Class C

     1,500,000,000.00        0.00        0.00        0.00        (750,000,000.00     750,000,000.00  

Total

     4,750,000,000.00        0.00        0.00        0.00        (1,500,000,000.00     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 (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        2,625,000.00        0.00        2,625,000.00        (2,625,000.00     0.00        0.00  

Class B (2017-01)

     0.00        1,691,527.92        0.00        1,691,527.92        (1,691,527.92     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        4,379,027.92        0.00        4,379,027.92        (4,379,027.92     0.00        0.00  

Class C (2017-01)

     0.00        1,846,527.92        0.00        1,846,527.92        (1,846,527.92     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        4,809,027.92        0.00        4,809,027.92        (4,809,027.92     0.00        0.00  

Total

     0.00        11,813,055.84        0.00        11,813,055.84        (11,813,055.84     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 (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       750,000,000.00       0.00       750,000,000.00       (750,000,000.00     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       750,000,000.00       0.00       750,000,000.00       (750,000,000.00     0.00       0.00  

Class C (2017-01)

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

Total

     0.00       1,500,000,000.00       0.00       1,500,000,000.00       (1,500,000,000.00     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)

     35,625,000.00        8,471.08        0.00        0.00        0.00        (35,633,471.08     0.00  

Class C (2022-01)

     35,625,000.00        6,437.68        13,118,562.32        13,118,562.32        0.00        0.00       48,750,000.00  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total Class C

     71,250,000.00        14,908.76        13,118,562.32        13,118,562.32        0.00        (35,633,471.08     48,750,000.00  

Total

     71,250,000.00        14,908.76        13,118,562.32        13,118,562.32        0.00        (35,633,471.08     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 (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)

     0.00        0.00        0.00  

Class B (2022-01)

     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

 

     July
Monthly Period
     June
Monthly Period
     May
Monthly Period
 

Yield - Finance Charge, Fees & Interchange

     21.98%                            22.19%                            22.36%                      

Plus: Yield - Collections of Discount Receivables

     0.00%                            0.00%                            0.00%                      

Less: Net Credit Losses

     1.02%                            1.18%                            1.27%                      

(a) Portfolio Yield

     20.96%        21.01%        21.09%  

Less:

        

Coupon

     2.96%                            2.74%                            1.71%                      

Plus: Servicing Fee

     1.50%                            1.50%                            1.50%                      

(b) Base Rate

     4.46%        4.24%        3.21%  

(a) - (b) = Excess Spread Percentage

     16.50%        16.77%        17.88%  

Three Month Average Excess Spread Percentage

     17.05%        17.23%        17.96%  

Excess Spread Amount paid to Transferor

   $ 66,886,619.59         $ 66,901,183.91         $ 49,587,249.01     

Principal Payment Rate

     49.76%        49.10%        51.02%  

 

JPMorgan Chase Bank, National Association, as Servicer  

By:     /s/ Patricia M. Garvey

 

 
     Patricia M. Garvey  
              Executive Director  
     August 11, 2022  


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