Exhibit 1.3
CHASE CREDIT CARD OWNER TRUST 2003-4
UNDERWRITING AGREEMENT
(Standard Terms)
September 12, 2003
▇.▇. ▇▇▇▇▇▇ Securities Inc.,
▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇
Ladies and Gentlemen:
Chase Manhattan Bank USA, National Association (the "Bank"),
proposes to form the Chase Credit Card Owner Trust 2003-4 (the "Owner Trust")
to sell the Floating Rate Asset Backed Notes designated in the Terms Agreement
(as hereinafter defined)(the "Notes"). The Notes will be issued pursuant to an
Indenture (the "Indenture") between the Owner Trust and the Indenture Trustee
(the "Indenture Trustee") as described in the Terms Agreement attached hereto
as Exhibit A (the "Terms Agreement") between the Bank and the underwriter
listed on Schedule I thereto (the "Underwriter") which incorporates by
reference this Underwriting Agreement (the "Agreement," which may include the
Terms Agreement if the context so requires). The Notes designated in the Terms
Agreement will be sold in a public offering through the Underwriter. Notes
sold pursuant to the Terms Agreement may include the benefits of a letter of
credit, cash collateral guaranty or account, collateral interest, surety bond,
insurance policy, spread account, reserve account or other similar arrangement
for the benefit of the Noteholders of such Series.
Each Note will represent an obligation of the Owner Trust. The
assets of the Owner Trust will include the Series Certificate which will be
issued by the Chase Credit Card Master Trust (the "Master Trust") concurrently
with the issuance of the Notes, the Owner Trust Spread Account and the Note
Distribution Account. Each Series Certificate will represent a specified
percentage undivided
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interest in the Master Trust. The Series Certificate will be issued
in the aggregate principal amount specified in the Terms Agreement pursuant to
a Third Amended and Restated Pooling and Servicing Agreement, dated as of
November 15, 1999, as amended by the First Amendment thereto, dated as of
March 31, 2001 and the Second Amendment thereto, dated as of March 1, 2002
(as further amended and supplemented as of the date hereof, the "Master
Pooling and Servicing Agreement") by and among the Bank, as Transferor on and
after June 1, 1996, JPMorgan Chase Bank, as Transferor prior to June 1, 1996
and as Servicer, and The Bank of New York, as trustee (the "Master Trust
Trustee"), as supplemented by the Series Supplement specified in the Terms
Agreement (the "Supplement" and together with the Master Pooling and Servicing
Agreement, the "Pooling and Servicing Agreement"), by and among the Bank,
JPMorgan Chase Bank and the Master Trust Trustee. The Series Certificate will
be deposited into the Owner Trust by the Bank, as Depositor, pursuant to a
deposit and administration agreement between the Bank and the Owner Trust (the
"Deposit and Administration Agreement") on or before the Closing Date. The
assets of the Master Trust include, among other things, certain amounts due on
a portfolio of MasterCard(R) and VISA(R) revolving credit card accounts of the
Bank (the "Receivables"). To the extent not defined herein, capitalized terms
used herein have the meanings assigned to such terms in the Indenture. Unless
otherwise stated herein or in the Terms Agreement, as the context otherwise
requires or if such term is other wise defined in the Indenture, each
capitalized term used or defined herein or in the Terms Agreement shall relate
only to the Notes designated in the Terms Agreement and no other Notes issued
by the Owner Trust.
Section 1. Representations and Warranties of the Bank. Upon the
execution of the Terms Agreement, the Bank represents and warrants to the
Underwriter that:
(a) The Bank has prepared and filed with the Securities and Exchange
Commission (the "Commission") in accordance with the provisions of the
Securities Act of 1933, as amended, and the rules and regulations of the
Commission thereunder (collectively, the "Act"), a registration statement
on Form S-3 (having the registration number stated in the Terms
Agreement), including a form of prospectus, relating to the Series
Certificate and the
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Notes. Such registration statement, as amended at the time it was
declared effective by the Commission, including all material incorporated
by reference therein, including all information contained in any
Additional Registration Statement (as defined herein) and deemed to be
part of such registration statement as of the time such Additional
Registration Statement (if any) was declared effective by the Commission
pursuant to the General Instructions of the Form on which it was filed
and including all information (if any) deemed to be a part of such
registration statement as of the time it was declared effective by the
Commission pursuant to Rule 430A(b) ("Rule 430A(b)") under the Act (such
registration statement, the "Initial Registration Statement") has been
declared effective by the Commission. If any post-effective amendment has
been filed with respect to the Initial Registration Statement, prior to
the execution and delivery of the Terms Agreement, the most recent such
amendment has been declared effective by the Commission. If (i) an
additional registration statement, including the contents of the Initial
Registration Statement incorporated by reference therein and including
all information (if any) deemed to be a part of such additional
registration statement pursuant to Rule 430A(b)(the "Additional
Registration Statement") relating to the Series Certificate and the Notes
has been filed with the Commission pursuant to Rule 462(b) ("Rule
462(b)") under the Act and, if so filed, has become effective upon filing
pursuant to Rule 462(b), then the Series Certificate and the Notes have
been duly registered under the Act pursuant to the Initial Registration
Statement and such Additional Registration Statement or (ii) an
Additional Registration Statement is proposed to be filed with the
Commission pursuant to Rule 462(b) and will become effective upon filing
pursuant to Rule 462(b), then upon such filing the Series Certificate and
the Notes will have been duly registered under the Act pursuant to the
Initial Registration Statement and such Additional Registration
Statement. If the Bank does not propose to amend the Initial Registration
Statement or, if an Additional Registration Statement has been filed and
the Bank does not propose to amend it and if any post-effective amendment
to either such registration statement has been filed with the Commission
prior to the execution and delivery of the Terms Agreement, the most
recent amendment (if any) to each such registration statement has been
declared effective by the Commission or has become effective upon filing
pursuant to Rule 462(c) under the Act or, in the case of any
Additional
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Registration Statement, Rule 462(b). The Initial Registration Statement
and any Additional Registration Statement are hereinafter referred to
collectively as the "Registration Statements" and individually as a
"Registration Statement." Copies of the Registration Statements,
together with any post-effective amendments have been furnished to the
Underwriter. The Bank proposes to file with the Commission pursuant to
Rule 424 ("Rule 424") under the Act a supplement (the "Prospectus
Supplement") to the form of prospectus included in a Registration
Statement (such prospectus, in the form it appears in a Registration
Statement or in the form most recently revised and filed with the
Commission pursuant to Rule 424 is hereinafter referred to as the "Basic
Prospectus") relating to the Series Certificate and the Notes and the
plan of distribution thereof. The Basic Prospectus and the Prospectus
Supplement, together with any amendment thereof or supplement thereto, is
hereinafter referred to as the "Final Prospectus." Except to the extent
that the Underwriter shall agree in writing to a modification, the Final
Prospectus shall be in all substantial respects in the form furnished to
the Underwriter prior to the execution of the relevant Terms Agreement,
or to the extent not completed at such time, shall contain only such
material changes as the Bank has advised the Underwriter, prior to such
time, will be included therein. Any preliminary form of the Prospectus
Supplement which has heretofore been filed pursuant to Rule 424 is
hereinafter called a "Preliminary Final Prospectus;"
(b) The Initial Registration Statement, including such amendments
thereto as may have been required on the date of the Terms Agreement, and
the Additional Registration Statement (if any), relating to the Series
Certificate or Notes, have been filed with the Commission and such
Initial Registration Statement as amended, and the Additional
Registration Statement (if any), have become effective. No stop order
suspending the effectiveness of the Initial Registration Statement or the
Additional Registration Statement (if any) has been issued and no
proceeding for that purpose has been instituted or, to the knowledge of
the Bank, threatened by the Commission;
(c) The Initial Registration Statement conforms, and any amendments
or supplements thereto and the Final Prospectus will conform,
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in all material respects to the requirements of the Act and the Trust
Indenture Act of 1939 and the Rules and Regulations thereunder, and do
not and will not, as of the applicable effective date as to the Initial
Registration Statement and any amendment thereto, as of the applicable
filing date as to the Final Prospectus and any supplement thereto, and as
of the Closing Date, contain an untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary
to make the statements therein not misleading, and the Additional
Registration Statement (if any) and the Initial Registration Statement
conform, in all material respects to the requirements of the Act, and do
not and will not, as of the applicable effective date as to the
Additional Registration Statement, contain an untrue statement of a
material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading;
provided, however, that this representation and warranty shall apply only
during the period that a prospectus relating to the Notes or the Series
Certificate is required to be delivered under the Act by dealers in
connection with the initial public offering of such Series Certificate or
Notes (such period being hereinafter sometimes referred to as the
"prospectus delivery period"); provided, further, that this
representation and warranty shall not apply to any statements or
omissions made in reliance upon and in conformity with information
furnished in writing to the Bank by or on behalf of the Underwriter
specifically for use in connection with the preparation of a Registration
Statement and the Final Prospectus;
(d) As of the Closing Date, the representations and warranties of
the Bank, as Transferor, in the Pooling and Servicing Agreement and the
Supplement and as Depositor in the Deposit and Administration Agreement
will be true and correct;
(e) The Bank has been duly organized and is validly existing as a
national bank in good standing under the laws of the United States, with
power and authority to own its properties and conduct its business as
described in the Final Prospectus, and has been duly qualified as a foreign
corporation for the transaction of business and is in good standing under
the laws of each other jurisdiction in which it owns or leases
properties, or conducts any business, so as to require such
qualification, other than where
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the failure to be so qualified or in good standing would not have a
material adverse effect on the condition (financial or otherwise),
results of operations, business or prospects of the Bank and its
subsidiaries, taken as a whole;
(f) The Series Certificate has been duly authorized, and, when
issued and delivered pursuant to the Pooling and Servicing Agreement,
duly authenticated by the Master Trust Trustee and deposited into the
Owner Trust in exchange for the Notes, will be duly and validly executed,
issued and delivered and entitled to the benefits provided by the Pooling
and Servicing Agreement and the Supplement; the Notes have been duly
authorized, and, when executed, duly authenticated by the Indenture
Trustee and delivered pursuant to the Indenture, and paid for by the
Underwriter in accordance with the terms of the Indenture and the Terms
Agreement, the Notes will be duly and validly executed, issued and
delivered and will constitute legal, valid and binding obligations of the
Owner Trust, enforceable against the Owner Trust in accordance with their
terms, except to the extent that the enforceability thereof may be
subject to bankruptcy, insolvency, reorganiza tion, conservatorship,
moratorium or other similar laws now or hereafter in effect relating to
creditors' rights as such laws would apply in the event of the
insolvency, liquidation or reorganization or other similar occurrence
with respect to the Owner Trust or in the event of any moratorium or
similar occurrence affecting the Owner Trust and to general principles of
equity; and the Series Certificate, the Pooling and Servicing Agreement,
the Supplement, the Notes and the Indenture conform to the descriptions
thereof in the Final Prospectus in all material respects;
(g) When executed and delivered by the parties thereto, the Owner
Trust Agreement will constitute a legal, valid and binding obligation of
the Bank, enforceable against the Bank in accordance with its terms,
except to the extent that the enforceability thereof may be subject to
bankruptcy, insol vency, reorganization, conservatorship, moratorium or
other similar laws now or hereafter in effect relating to creditors'
rights as such laws would apply in the event of the insolvency,
liquidation or reorganization or other similar occurrence with respect to
the Bank or in the event of any moratorium or similar occurrence
affecting the Bank and to general principles of equity;
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(h) No consent, approval, authorization or order of, or filing with,
any court or governmental agency or body is required to be obtained or
made by the Bank for the consummation of the transactions contemplated by
this Agreement, the Terms Agreement, the Deposit and Administration
Agreement, the Pooling and Servicing Agreement or the Supplement except
such as have been obtained and made under the Act, such as may be
required under state securities laws and the filing of any financing
statements required to perfect the Master Trust's interest in the
Receivables;
(i) The Bank is not in violation of its Articles of Association or
By-laws or in default in the performance or observance of any obligation,
agreement, covenant or condition contained in any agreement or instrument
to which it is a party or by which it or its properties is bound which
would have a material adverse effect on the transactions contemplated
herein, in the Pooling and Servicing Agreement or the Supplement. The
execution, delivery and performance of this Agreement, the Terms
Agreement, the Pooling and Servicing Agreement, the Supplement and the
Deposit and Administration Agreement, and the issuance and deposit of the
Series Certificate and issuance and sale of the Notes and compliance
with the terms and provisions thereof will not result in a breach or
violation of any of the terms of, or constitute a default under, any
statute, rule, regulation or order of any governmental agency or body or
any court having jurisdiction over the Bank or any of its properties or
any material agreement or instrument to which the Bank is a party or by
which the Bank is bound or to which any of the properties of the Bank is
subject, or the Articles of Association or By-laws of the Bank except for
any such breaches or violations or defaults as would not individually or
in the aggregate have a material adverse effect on the transactions
contemplated herein, in the Pooling and Servicing Agreement and the
Supplement and in the Indenture and the Deposit and Administration
Agreement;
(j) Other than as set forth or contemplated in the Final Prospectus,
there are no legal or governmental proceedings pending or, to the
knowledge of the Bank, threatened to which any of the Bank or its
subsidiaries is or may be a party or to which any property of the Bank or
its subsidiaries is or may
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be the subject which, if determined adversely to the Bank, could
individually or in the aggregate reasonably be expected to have a
material adverse effect on the Bank's credit card business or on the
interests of the holders of the Series Certificate or the Notes; and
there are no contracts or other documents of a character required to be
filed as an exhibit to the Initial Registration Statement or the
Additional Registration Statement (if any) or to be described in the
Initial Registration Statement, the Additional Registration Statement (if
any) or the Basic Prospectus which are not filed or described as
required; and
(k) Each of this Agreement and the Terms Agreement has been duly
authorized, executed and delivered by the Bank.
Section 2. Purchase and Sale. Subject to the terms and conditions
and in reliance upon the covenants, representations and warranties herein set
forth, the Bank agrees to sell to the Underwriter, and the Underwriter agree
to purchase from the Bank, the principal amount of Notes set forth opposite
each Underwriter name in Schedule I to the Terms Agreement. The purchase
price for the Notes shall be as set forth in the Terms Agreement.
The Bank acknowledges and agrees that ▇.▇. ▇▇▇▇▇▇ Securities Inc.
may sell Notes to any of its affiliates, and that any such affiliates may sell
such Notes to ▇.▇. ▇▇▇▇▇▇ Securities Inc.
Section 3. Delivery and Payment. Unless otherwise provided in the Terms
Agreement, payment for Notes shall be made to the Bank or to its order by wire
transfer of same day funds at the offices of ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇ LLP in
New York, New York at 10:00 A.M., New York City time, on the Closing Date (as
hereinafter defined) specified in the Terms Agreement, or at such other time
on the same or such other date as the Underwriter and the Bank may agree
upon. The time and date of such payment for the Notes as specified in the
Terms Agreement are referred to herein as the "Closing Date." As used herein,
the term "Business Day" means any day other than a day on which banks are
permitted or required to be closed in New York City.
Unless otherwise provided in the Terms Agreement, payment for the
Notes shall be made against delivery to the Underwriter of the Notes
registered in
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the name of Cede & Co. as nominee of The Depository Trust Company and in such
denominations as the Underwriter shall request in writing not later than two
full Business Days prior to the Closing Date. The Bank shall make the Notes
available for inspection by the Underwriter in New York, New York not later
than one full Business Day prior to the Closing Date.
Section 4. Offering by Underwriter. It is understood that the
Underwriter proposes to offer the Notes for sale to the public, which may
include selected dealers, as set forth in the Final Prospectus.
Section 5. Covenants of the Bank. The Bank covenants and agrees with
the Underwriter that upon the execution of the Terms Agreement:
(a) Promptly following the execution of such Terms Agreement, the
Bank will prepare a Prospectus Supplement relating to the issuance of the
Series Certificate and the Notes, setting forth the amount of Notes
covered thereby and the terms thereof not otherwise specified in the
Basic Prospectus, the price at which such Notes are to be purchased by
the Underwriter, the initial public offering price, the selling
concessions and allowances, and such other information as the Bank deems
appropriate. The Bank will file such Prospectus Supplement with the
Commission pursuant to Rule 424 within the time prescribed therein and
will provide evidence satisfactory to the Underwriter of such timely
filing. In addition, to the extent that the Underwriter (i) have
provided to the Bank Collateral Term Sheets (as defined below) that the
Underwriter have provided to prospective investors, the Bank will file
such Collateral Term Sheets as an exhibit to a report on Form 8-K within
two business days of its receipt thereof, or (ii) have provided to the
Bank Structural Term Sheets or Computational Materials (each as defined
below) that such Underwriter have provided to a prospective investor,
the Bank will file or cause to be filed with the Commission a report on
Form 8-K containing such Structural Term Sheet and Computational
Materials, as soon as reasonably practicable after the date of this
Agreement, but in any event, not later than the date on which the Final
Prospectus is filed with the Commission pursuant to Rule 424.
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(b) During the prospectus delivery period, before filing any
amendment or supplement to the Initial Registration Statement, the
Additional Registration Statement (if any) or the Final Prospectus, the
Bank will furnish to the Underwriter a copy of the proposed amendment or
supplement for review and will not file any such proposed amendment or
supplement to which any Underwriter reasonably objects.
(c) During the prospectus delivery period, the Bank will advise the
Underwriter promptly after it receives notice thereof, (i) when any
amendment to any Registration Statement shall have become effective, (ii)
of any request by the Commission for any amendment or supplement to any
Registration Statement or the Final Prospectus or for any additional
information, (iii) of the issuance by the Commission of any stop order
suspending the effectiveness of any Registration Statement or the
initiation or threatening of any proceeding for that purpose, and (iv) of
the receipt by the Bank of any notification with respect to any
suspension of the qualification of the Notes for offer and sale in any
jurisdiction or the initiation or threatening of any proceeding for such
purpose; and will use its best efforts to prevent the issuance of any
such stop order or notification and, if any is issued, will promptly use
its best efforts to obtain the withdrawal thereof.
(d) If, at any time during the prospectus delivery period, any event
occurs as a result of which the Final Prospectus as then supplemented
would include any untrue statement of a material fact or omit to state
any material fact necessary to make the statements therein, in the light
of the circumstances under which they were made, not misleading, or if
it shall be necessary to amend or supplement the Final Prospectus to
comply with the Act, the Bank promptly will prepare and file with the
Commission, an amendment or a supplement which will correct such
statement or omission or effect such compliance.
(e) The Bank will endeavor to qualify the Notes for offer and sale
under the securities or Blue Sky laws of such jurisdictions as the
Underwriter shall reasonably request and will continue such qualification
in effect so long as reasonably required for distribution of the Notes;
provided, however, that the Bank shall not be obligated to qualify to do
business in any jurisdiction in which it is not currently so qualified;
and provided, further, that the Bank
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shall not be required to file a general consent to service of process in
any jurisdiction.
(f) The Bank will furnish to the Underwriter, without charge, two
copies of each Registration Statement (including exhibits thereto), one
of which will be signed, and to each Underwriter conformed copies of each
Registration Statement (without exhibits thereto) and, during the
prospectus delivery period, as many copies of any Preliminary Final
Prospectus and the Final Prospectus and any supplement thereto as each
Underwriter may reasonably request.
(g) For a period from the date of this Agreement until the
retirement of the Notes, or until such time as the Underwriter shall
cease to maintain a secondary market in the Notes, whichever first
occurs, the Bank will deliver to the Underwriter (i) the annual
statements of compliance pursuant to the Indenture and the Pooling and
Servicing Agreement, (ii) the annual independent certified public
accountants' reports furnished to the Master Trust Trustee, (iii) all
documents required to be distributed to Certificateholders of the Master
Trust and to Noteholders of the Owner Trust and (iv) all documents filed
with the Commission pursuant to the Exchange Act or any order of the
Commission thereunder, in each case as provided to the Indenture Trustee,
Master Trust Trustee or filed with the Commission, as soon as such
statements and reports are furnished to the Indenture Trustee, Master
Trust Trustee or filed or, if an affiliate of the Bank is not the
Servicer, as soon thereafter as practicable.
(h) The Bank will pay all expenses incident to the performance of
its obligations under this Agreement, including without limitation: (i)
expenses of preparing, printing and reproducing each Registration
Statement, the Preliminary Final Prospectus, the Final Prospectus, this
Agreement, the Terms Agreement, the Pooling and Servicing Agreement, the
Indenture, the Deposit and Administration Agreement, the Supplement, the
Series Certificate, and the Notes, (ii) the cost of delivering the Notes
to the Underwriter, (iii) any fees charged by investment rating agencies
for the rating of the Series Certificate and the Notes, (iv) the
Indenture Trustee's and the Owner Trustee's fees and the reasonable fees
and disbursements of the
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counsel thereto; and (v) the reasonable expenses and costs (not to exceed
the amount specified in the Terms Agreement) incurred in connection with
"blue sky" qualification of the Notes for sale in those states designated
by the Underwriter and the printing of memoranda relating thereto (it
being understood that, except as specified in this paragraph (h) and in
Sections 8 and 9 hereof, the Underwriter will pay all of their costs and
expenses, including the fees of counsel to the Underwriter, transfer
taxes on resale of any Notes by them and advertising expenses connected
with any offers that they may make).
(i) To the extent, if any, that the rating provided with respect to
the Series Certificate or the Notes by the rating agency or agencies that
initially rate the Series Certificate or the Notes is conditional upon
the furnishing of documents or the taking of any other actions by the
Bank, the Bank shall furnish such documents and take any such other
actions.
(j) The Bank will cause the Owner Trust to make generally available
to Noteholders and to the Underwriter as soon as practicable an earnings
statement covering a period of at least twelve months beginning with the
first fiscal quarter of the Owner Trust occurring after the effective
date of the Initial Registration Statement (or, if later, the effective
date of the Additional Registration Statement), which shall satisfy the
provisions of Section 11(a) of the Act and Rule 158 of the Commission
promulgated thereunder.
(k) During the period beginning on the date hereof and continuing to
and including the Business Day following the Closing Date, the Bank will
not offer, sell, contract to sell or otherwise dispose of any credit card
asset-backed securities of the Bank which are substantially similar to
the Notes without the prior written consent of the Underwriter or unless
such securities are referenced in the Terms Agreement.
Section 6. Representations and Warranties of the Underwriter. Each
Underwriter represents, warrants, covenants and agrees with the Bank that:
(a) It either (A) has not provided any potential investor with a
Collateral Term Sheet (that is required to be filed with the Commission
within two business days of first use under the Terms of the Public
Securities
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Association Letter as described below), or (B) has, substantially
contemporaneously with its first delivery of such Collateral Term Sheet
to a potential investor, delivered such Collateral Term Sheet to the
Bank, which Collateral Term Sheet, if any, is attached to this Agreement
as Exhibit B.
(b) It either (A) has not provided any potential investor with a
Structural Term Sheet or Computational Materials, or (B) has provided any
such Structural Term Sheet or Computational Materials to the Bank, which
Structural Term Sheets and Computational Materials, if any, are attached
to this Agreement as Exhibit C.
(c) It either (A) has not provided any potential investor with a
Series Term Sheet or (B) has provided any Series Term Sheet to the Bank,
which Series Term Sheets, if any, are attached to this Agreement as
Exhibit D.
(d) Each Collateral Term Sheet bears a legend indicating that the
information contained therein will be superseded by the description of
the collateral contained in the Prospectus Supplement and, except in the
case of the initial Collateral Term Sheet, that such information
supersedes the information in all prior Collateral Term Sheets.
(e) Each Structural Term Sheet and Series Term Sheet and all
Computational Materials bear a legend substantially as follows (or in
such other form as may be agreed prior to the date of this Agreement):
This information does not constitute either an offer to sell or a
solicitation of an offer to buy any of the securities referred to
herein. Information contained herein is confidential and provided
for information only, does not purport to be complete and should not
be relied upon in connection with any decision to purchase the
securities. This information supersedes any prior versions hereof
and will be deemed to be superseded by any subsequent versions
including, with respect to any description of the securities or the
underlying assets, the information contained in the final Prospectus
and accompanying Prospectus Supplement. Offers to sell and
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solicitations of offers to buy the securities are made only by the
final Prospectus and the related Prospectus Supplement.
(f) It (at its own expense) agrees to provide to the Bank any
accountants' letters obtained relating to the Collateral Term Sheets,
Structural Term Sheets and Computational Materials, which accountants'
letters shall be addressed to the Bank.
(g) It has not, and will not, without the prior written consent of
the Bank, provide any Collateral Term Sheets, Structural Term Sheets,
Series Term Sheets or Computational Materials to any investor after the
date of this Agreement.
(h) For purposes of this Agreement, "Collateral Term Sheets" and
"Structural Term Sheets" shall have the respective meanings assigned to
them in the February 13, 1995 letter of Cleary, Gottlieb, ▇▇▇▇▇ &
▇▇▇▇▇▇▇▇ on behalf of the Public Securities Association (which letter,
and the SEC staff's response thereto, were publicly available February
17, 1995). The term "Collateral Term Sheet" as used herein includes any
subsequent Collateral Term Sheet that reflects a substantive change in
the information presented. "Computational Materials" has the meaning
assigned to it in the May 17, 1994 letter of ▇▇▇▇▇ & Wood on behalf of
▇▇▇▇▇▇, ▇▇▇▇▇▇▇ & Co., Inc. (which letter, and the SEC staff's response
thereto, were publicly available May 20, 1994). "Series Term Sheet" has
the meaning assigned to it in the April 4, 1996 letter of ▇▇▇▇▇▇ &
▇▇▇▇▇▇▇ on behalf of Greenwood Trust Company (which letter, and the SEC
staff's response thereto, were publicly available April 5, 1996).
(i) (x) It has not offered or sold, and prior to the date which is
six months after the date of issue of the Notes shall not offer or sell
any Notes to persons in the United Kingdom except to persons whose
ordinary activities involve them in acquiring, holding, managing or
disposing of investments (as principal or agent) for the purposes of
their businesses or otherwise in circumstances which do not constitute an
offer to the public in the United Kingdom for the purposes of the Public
Offers of Securities Regulations 1995; (y) it has complied and shall
comply with all applicable provisions of
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September 12, 2003
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the Financial Services and Markets ▇▇▇ ▇▇▇▇ with respect to anything done
by it in relation to the Notes in, from or otherwise involving the United
Kingdom; and (z) it has only communicated or caused to be communicated
any invitation or inducement to engage in investment activity (within the
meaning of section 21 of the Financial Services and Markets Acts 2000)
received by it in connection with the issue or sale of Notes in
circumstances in which section 21(1) of the Financial Services and
Markets ▇▇▇ ▇▇▇▇ does not apply to the Owner Trust.
Section 7. Conditions to the Obligations of the Underwriter. The
obligations of the Underwriter to purchase and pay for Notes on the Closing
Date shall be subject to the accuracy of the representations and warranties of
the Bank contained herein, to the accuracy of the statements of the Bank made
in any Notes pursuant to the terms hereof, to the performance by the Bank of
its obligations hereunder and under the Terms Agreement and to the following
additional conditions:
(a) The Final Prospectus shall have been filed with the Commission
pursuant to Rule 424 in the manner and within the applicable time period
prescribed for such filing by the rules and regulations of the Commission
under the Act and in accordance with Section 5(a) of this Agreement; and,
as of the Closing Date, no stop order suspending the effectiveness of any
Registration Statement shall have been issued, and no proceedings for
such purpose shall have been instituted or threatened by the Commission;
and all requests for additional information from the Commission with
respect to any Registration Statement shall have been complied with to
the reasonable satisfaction of the Representative.
(b) Subsequent to the date of this Agreement, there shall not have
occurred (i) any change, or any development involving a prospective
change, in or affecting particularly the business or properties of the
Bank which materially impairs the investment quality of the Notes; (ii)
any suspension or material limitation of trading of securities generally
on the New York Stock Exchange or the American Stock Exchange; (iii) a
declaration of a general moratorium on commercial banking activities in
New York by either Federal or New York State authorities; or (iv) any
material outbreak or declaration of
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September 12, 2003
Page 16
hostilities or other calamity or crisis the effect of which on the
financial markets of the United States is such as to make it, in the
judgment of the Underwriter, impracticable to market the Notes on the
terms specified herein and the Terms Agreement.
(c) The Underwriter shall have received a certificate of a Vice
President or other proper officer of the Bank, dated the Closing Date, in
which such officer, to the best of his knowledge, shall state that (i)
the representations and warranties of the Bank in this Agreement are true
and correct in all material respects, (ii) the Bank has complied with all
agreements and satisfied all conditions on its part to be performed or
satisfied at or prior to the Closing Date, (iii) no stop order suspending
the effectiveness of a Registration Statement has been issued and no
proceedings for that purpose have been instituted or are threatened by
the Commission and (iv) the Final Prospectus does not contain any untrue
statement of a material fact or omit to state a material fact required to
be stated therein or necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not
misleading.
(d) The Bank shall have furnished to the Underwriter the opinions
of ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇ LLP, counsel for the Bank, dated the
Closing Date, in substantially the forms attached hereto as Exhibit 1
(with respect to other matters), Exhibit 2 (with respect to corporate,
New York UCC and FDIC matters relating to the Master Trust, the
Receivables, the Owner Trust, the Series Certificate and the Notes) and
Exhibit 3 (with respect to tax matters), and a letter of ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
& ▇▇▇▇▇▇▇▇ LLP, dated the Closing Date, in substantially the form
attached hereto as Exhibit 4 (with respect to Rule 10b-5), with only such
changes as shall be reasonably satisfactory to the Representative.
(e) The Underwriter shall have received from Skadden, Arps, Slate,
▇▇▇▇▇▇▇ & ▇▇▇▇ LLP, counsel for the Underwriter, one or more opinions,
each dated the Closing Date, with respect to the validity of the Notes,
the Initial Registration Statement, the Additional Registration Statement
(if any), the Final Prospectus, the Delaware UCC and the Delaware Asset
Backed Securities Facilitation Act, and such other related matters as the
Representative may reasonably require, and the Bank shall have furnished
to such counsel
▇.▇. ▇▇▇▇▇▇ Securities Inc.
September 12, 2003
Page 17
such documents as they request for the purpose of enabling them to pass
on such matters.
(f) At the date of the Terms Agreement and at the Closing Date,
PricewaterhouseCoopers LLP (or such other independent public accountants
as shall be named in the Terms Agreement), certified independent public
accountants for the Bank, shall have furnished to the Underwriter a
letter or letters, dated respectively as of the date of the Terms
Agreement and as of the Closing Date confirming that they are certified
independent public accountants within the meaning of the Act and the
Exchange Act, and the respective applicable published rules and
regulations thereunder and substantially in the form heretofore agreed
and otherwise in form and in substance satisfactory to the Representative
and counsel for the Underwriter.
(g) The Underwriter shall receive evidence satisfactory to them
that, on or before the Closing Date, UCC-1 financing statements have been
or are being filed in the office of the Secretary of State of the State
of Delaware, reflecting (i) the interest of the Master Trust Trustee in
the Receivables and the proceeds thereof, (ii) the interest of the Owner
Trust in the Series Certificate and (iii) the interest of the Indenture
Trustee, for the benefit of the holders of the Notes, in the Series
Certificate.
(h) The Underwriter shall have received from ▇▇▇▇▇, ▇▇▇▇▇▇ &
▇▇▇▇▇▇, LLP, counsel to the Master Trust Trustee, an opinion, dated the
Closing Date, to the effect that:
(i) The Master Trust Trustee has been duly organized and is
validly existing as a banking corporation under the laws of New York
and has the corporate power and authority to conduct business and
affairs as a trustee.
(ii) The Master Trust Trustee has the corporate power and
authority to perform the duties and obligations of trustee under,
and to accept the trust contemplated by, the Pooling and Servicing
Agreement, and the Supplement.
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September 12, 2003
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(iii) Each of the Pooling and Servicing Agreement and the
Supplement has been duly authorized, executed, and delivered by the
Master Trust Trustee.
(iv) The Series Certificate has been duly executed and
authenticated by the Master Trust Trustee.
(v) Neither the execution nor the delivery by the Master Trust
Trustee of the Pooling and Servicing Agreement and the Supplement
nor the consummation of any of the transactions contemplated thereby
require the consent or approval of, the giving of notice to, the
registration with, or the taking of any other action with respect
to, any governmental authority or agency under any existing federal
or state law governing the banking or trust powers of the Master
Trust Trustee.
(vi) The execution and delivery of the Pooling and Servicing
Agreement and the Supplement by the Master Trust Trustee and the
performance by the Master Trust Trustee of their respective terms do
not conflict with or result in a violation of (x) any law or
regulation of any governmental authority or agency under any
existing federal or state law governing the banking or trust powers
of the Master Trust Trustee, or (y) the Certificate of Incorporation
or By-laws of the Master Trust Trustee.
(i) The Underwriter shall have received an opinion of ▇▇▇▇▇▇▇▇,
▇▇▇▇▇▇ & Finger, special counsel to the Owner Trustee, reasonably
satisfactory to the Underwriter and their counsel, dated the Closing
Date, in substantially the form attached hereto as Exhibit 5, with only
such changes as shall be reasonably satisfactory to the Underwriter.
(j) The Underwriter shall have received an opinion of ▇▇▇▇▇▇▇▇,
▇▇▇▇▇▇ & Finger, special counsel to the Owner Trust, reasonably
satisfactory to the Underwriter and their counsel, dated the Closing
Date, in substantially the form attached hereto as Exhibit 6, with only
such changes as shall be reasonably satisfactory to the Underwriter.
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September 12, 2003
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(k) The Underwriter shall have received an opinion of ▇▇▇▇▇, ▇▇▇▇▇▇
& ▇▇▇▇▇▇, LLP, special counsel to the Indenture Trustee, reasonably
satisfactory to the Underwriter and their counsel, dated the Closing
Date, in substantially the form attached hereto as Exhibit 7, with only
such changes as shall be reasonably satisfactory to the Representative.
(l) The Underwriter shall have received evidence satisfactory to
them that the Series Certificate and the Notes shall be rated in
accordance with the Terms Agreement by the Rating Agency.
(m) The Underwriter shall have received a certificate of a Vice
President or other proper officer of the Servicer, dated the Closing
Date, in which such officer, to the best of his or her knowledge, shall
state that the representations and warranties of the Servicer in the
Pooling and Servicing Agreement and the Supplement are true and correct.
(n) All proceedings in connection with the transactions contemplated
by this Agreement and all documents incident hereto shall be reasonably
satisfactory in form and substance to the Underwriter and counsel for
the Underwriter in all material respects and the Underwriter and
counsel for the Underwriter shall have received such information,
certificates and documents as the Underwriter or counsel for the
Underwriter may reasonably request.
If any of the conditions specified in this Section 7 shall not have
been fulfilled in all material respects when and as provided in this
Agreement, or if any of the opinions and certificates mentioned above or
elsewhere in this Agreement shall not be in all material respects reasonably
satisfactory in form and substance to the Underwriter and their counsel, this
Agreement and all obligations of the Underwriter hereunder may be cancelled
at, or at any time prior to, the Closing Date by the Underwriter. Notice of
such cancellation shall be given to the Bank in writing or by telephone or
facsimile confirmed in writing.
Section 8. Reimbursement of Underwriter's Expenses. If the sale of
the Notes provided for herein is not consummated because any condition to the
obligations of the Underwriter set forth in Section 7 (other than the
condition set
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September 12, 2003
Page 20
forth in paragraph (b) of Section 7) is not satisfied, or because of any
refusal, inability or failure on the part of the Bank to perform any agreement
herein or comply with any provision hereof other than by reason of a default
by the Underwriter, the Bank will reimburse the Underwriter for all
out-of-pocket expenses (including reasonable fees and disbursements of
counsel) that shall have been incurred by them in connection with the proposed
purchase and sale of the Notes and upon demand the Bank shall pay the full
amount thereof to the Representative.
Section 9. Indemnification and Contribution. (a) The Bank agrees to
indemnify and hold harmless the Underwriter, each of the directors thereof,
each of the officers who are involved in the Offering and each person, if any,
who controls the Underwriter within the meaning of the Act against any and
all losses, claims, damages or liabilities, joint or several, to which they or
any of them may become subject under the Act, the Exchange Act or any other
federal or state statutory law or regulation, at common law or otherwise,
insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon any untrue statement or alleged untrue
statement of a material fact contained in any Registration Statement as
originally filed or in any amendment thereof, or in any Preliminary Final
Prospectus or the Final Prospectus, or in any amendment thereof or supplement
thereto, or arise out of or are based upon the omission or alleged omission to
state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading, and agrees to reimburse each such
indemnified party for any legal or other expenses reasonably incurred by it in
connection with investigating or preparing to defend or defending any such
loss, claim, damage, liability or action as such expenses are incurred;
provided, however, that (i) the Bank will not be liable in any such case to
the extent that any such loss, claim, damage or liability arises out of or is
based upon any such untrue statement or alleged untrue statement or omission
or alleged omission made in any of such documents in reliance upon and in
conformity with written information furnished to the Bank by or on behalf of
the Underwriter specifically for use therein, and (ii) such indemnity with
respect to any Preliminary Final Prospectus shall not inure to any benefit of
any Underwriter (or any person controlling any of the Underwriter) from whom
the person asserting any such loss, claim, damage or liability purchased the
Notes which are the subject thereof if such person did not receive a copy of
the Final Prospectus (or the Final Prospectus as supplemented) at or prior to
the confirmation of the sale of such Notes to such person in any case where
such delivery is required by the Act and the
▇.▇. ▇▇▇▇▇▇ Securities Inc.
September 12, 2003
Page 21
untrue statement or omission of a material fact contained in such Preliminary
Final Prospectus was corrected in the Final Prospectus (or the Final
Prospectus as supplemented). This indemnity agreement will be in addition to
any liability which the Bank may otherwise have.
(b) The Underwriter agrees to indemnify and hold harmless the Bank,
each of the directors thereof, each of the officers who signs a
Registration Statement, and each person who controls the Bank within the
meaning of the Act, to the same extent as the foregoing indemnities from
the Bank to the Underwriter, but only with reference to written
information furnished to the Bank by or on behalf of each Underwriter
specifically for use in the preparation of the documents referred to in
the foregoing indemnity. This indemnity agreement will be in addition to
any liability which each Underwriter may otherwise have.
(c) Promptly after receipt by an indemnified party under this
Section 9 of notice of the commencement of any action, such indemnified
party will, if a claim in respect thereof is to be made against the
indemnifying party under this Section 9, notify the indemnifying party in
writing of the commencement thereof; but the omission so to notify the
indemnifying party will not relieve it from any liability which it may
have to any indemnified party otherwise than under this Section 9 unless
the indemnifying party is materially prejudiced thereby. In case any such
action is brought against any indemnified party, and it notifies the
indemnifying party of the commencement thereof, the indemnifying party
will be entitled to appoint counsel satisfactory to such indemnified
party to represent the indemnified party in such action; provided,
however, that, if the defendants in any such action include both the
indemnified party and the indemnifying party and the indemnified party
shall have reasonably concluded that there may be legal defenses
available to it and/or other indemnified parties which are different from
or additional to those available to the indemnifying party, the
indemnified party or parties shall have the right to select separate
counsel to defend such action on behalf of such indemnified party or
parties. Upon receipt of notice from the indemnifying party to such
indemnified party of its election so to appoint counsel to defend such
action and approval by the indemnified party of such counsel, the
indemnifying party will not be liable
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September 12, 2003
Page 22
to such indemnified party under this Section 9 for any legal or
other expenses subsequently incurred by such indemnified party in
connection with the defense thereof unless (i) the indemnified party
shall have employed separate counsel in accordance with the proviso to
the next preceding sentence (it being understood, however, that the
indemnifying party shall not be liable for the expenses of more than one
separate counsel, approved by the Underwriter being indemnified in the
case of paragraph (a) of this Section 9, representing the indemnified
parties under such paragraph (a) who are parties to such action), (ii)
the indemnifying party shall not have employed counsel satisfactory to
the indemnified party to represent the indemnified party within a
reasonable time after notice of commencement of the action or (iii) the
indemnifying party has authorized the employment of counsel for the
indemnified party at the expense of the indemnifying party; and except
that, if clause (i) or (iii) is applicable, such liability shall be only
in respect of the counsel referred to in such clause (i) or (iii).
(d) If recovery is not available or is insufficient under the
foregoing indemnification provisions of this Section 9, for any reason
other than as specified herein, the parties entitled to indemnification
by the terms hereof shall be entitled to contribution to liabilities and
expenses, except to the extent that contribution is not permitted under
Section 11(f) of the Act. In determining the amount of contribution to
which the Bank and the Underwriter are entitled, there shall be
considered the relative benefits received by each from the offering of
the Notes (taking into account the total proceeds of the offering
received by the Bank and the total underwriting discounts and commissions
received by the Underwriter), their relative knowledge and access to
information concerning the matter with respect to which the claim was
asserted, the opportunity to correct and prevent any statement or
omission, and any other equitable considerations appropriate under the
circumstances. The Bank and the Underwriter agree that it would not be
equitable if the amount of such contribution were determined by pro rata
or per capita allocation. Neither the Underwriter nor any person
controlling any Underwriter shall be obligated to make contribution
hereunder which in the aggregate exceeds the total public offering price
of the Notes purchased by such Underwriter under this Agreement, less the
aggregate amount of any damages which any Underwriter and its controlling
persons
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September 12, 2003
Page 23
have otherwise been required to pay in respect of the same claim or
any substantially similar claim.
Section 10. Representations and Indemnities to Survive. The
respective agreements, representations, warranties, indemnities and other
statements of the Bank and of the Underwriter set forth in or made pursuant
to this Agreement will remain in full force and effect, regardless of any
investigation, or statement as to the results thereof, made by or on behalf of
you or the Bank or any of the officers, directors or controlling persons
referred to in Section 9 hereof, and will survive delivery of and payment for
the Notes. The provisions of Sections 8 and 9 hereof shall survive the
termination or cancellation of this Agreement.
Section 11. Notices. All communication hereunder shall be in writing
and, if sent to the Underwriter will be mailed, delivered or telecopied and
confirmed to them at ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇,
Attention: ▇▇▇▇▇ ▇. ▇▇▇▇▇▇, ▇▇., Telecopy No: (▇▇▇) ▇▇▇-▇▇▇▇; if sent to the
Bank, will be mailed, delivered or telecopied and confirmed to them care of
Chase Manhattan Bank USA, National Association, at ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇
▇▇▇▇, ▇▇▇▇▇ ▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇▇▇▇, Telecopy No.: (▇▇▇) ▇▇▇-▇▇▇▇,
Attention: ▇▇▇▇▇ ▇▇▇▇▇▇, Senior Vice President.
Section 12. Secondary Trust or Special Purpose Vehicle. Each
Underwriter severally represents that it will not, at any time that such
Underwriter is acting as an "underwriter" (as defined in Section 2(11) of the
Act) with respect to the Notes, transfer, deposit or otherwise convey any
Notes into a trust or other type of special purpose vehicle that issues
securities or other instruments backed in whole or in part by, or that
represents interests in, such Notes without the prior written consent of the
Bank.
Section 13. Miscellaneous. This Agreement is to be governed by, and
construed in accordance with, the laws of the State of New York; it may be
executed in two or more counterparts, each of which when so executed and
delivered shall be an original, but all of which together shall constitute one
and the same instrument. This Agreement shall inure to the benefit of and be
binding upon the parties hereto and their respective successors and assigns
and the officers and directors and controlling persons referred to in Section
9 hereof, and no other person shall have
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September 12, 2003
Page 24
any right or obligation hereunder. This Agreement supersedes all prior
agreements and understandings between the parties relating to the subject
matter hereof, other than those contained in the Terms Agreement executed in
connection herewith. Neither this Agreement nor any term hereof may be
changed, waived, discharged or terminated orally, but only by an instrument in
writing signed by the party against whom enforcement of the change, waiver,
discharge or termination is sought. The headings in this Agreement are for
purposes of reference only and shall not limit or otherwise affect the meaning
hereof.
Section 14. Effectiveness. This Agreement shall become effective
upon execution and delivery of the Terms Agreement.
If you are in agreement with the foregoing, please sign the
counterpart hereof and return it to the Bank, whereupon this letter and your
acceptance shall become a binding agreement among the Bank and the
Underwriter.
Very truly yours,
CHASE MANHATTAN BANK USA,
NATIONAL ASSOCIATION
By:/s/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
------------------------
Name: ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Title: Vice President
The foregoing Agreement is
hereby confirmed and accepted
as of the date hereof.
▇.▇. ▇▇▇▇▇▇ SECURITIES INC.
as representative of the Underwriter
named in Schedule I to the Terms
Agreement
By: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇.
--------------------------------------------
Name: ▇▇▇▇▇ ▇. ▇▇▇▇▇▇, ▇▇.
Title: Managing Director
Exhibit A
CHASE CREDIT CARD OWNER TRUST 2003-4
CLASS A FLOATING RATE ASSET BACKED NOTES, SERIES 2003-4
CLASS B FLOATING RATE ASSET BACKED NOTES, SERIES 2003-4
CLASS C FLOATING RATE ASSET BACKED NOTES, SERIES 2003-4
TERMS AGREEMENT
---------------
Dated: September 12, 2003
To: Chase Manhattan Bank USA, National Association
Re: Underwriting Agreement dated September 17, 2003
Series Designation: Series 2003-4
Underwriter:
------------
The Underwriter named on Schedule I attached hereto are the
"Underwriter" for the purpose of this Agreement and for the purposes of the
above- referenced Underwriting Agreement as such Underwriting Agreement is
incorporated herein and made a part hereof.
Terms of the Notes:
------------------
Initial Invested Interest Rate
Class Amount or Formula Price to Public
----- ------ ---------- ---------------
Class A $ 609,000,000 1 month LIBOR + 0.24% 100%
Class B $ 50,750,000 1 month LIBOR + 0.65% 100%
Class C $ 62,250,000 1 month LIBOR + 1.25% 100%
Payment Dates: Class A: the 15th day of each month (or if such 15th day is not a
business day the next succeeding business day), commencing November 17, 2003.
A-1
Class B: the 15th calendar day (or if such 15th day is not a business day, the
next succeeding business day) of each month, commencing November 17, 2003.
Class C: the 15th calendar day (or if such 15th day is not a business day, the
next succeeding business day) of each month, commencing November 17, 2003.
Certificate Ratings:
-------------------
Class A: AAA by Standard & Poor's
Aaa by ▇▇▇▇▇'▇
AAA by Fitch
Class B: A by Standard & Poor's
A2 by ▇▇▇▇▇'▇
A by Fitch
Class C: BBB by Standard & Poor's
Baa2 by ▇▇▇▇▇'▇
BBB by Fitch
Indenture: Indenture, dated as of September 19, 2003 between Wilmington Trust
Company, not in its individual capacity but solely as Owner Trustee for the
Chase Credit Card Owner Trust 2003-4 and The Bank of New York, as Indenture
Trustee and securities intermediary.
Indenture Trustee: The Bank of New York
Owner Trustee: Wilmington Trust Company
Master Trust Trustee: The Bank of New York
Pooling and Servicing Agreement: The Third Amended and Restated Pooling and
Servicing Agreement, dated as of November 15, 1999, as amended by the First
Amendment thereto, dated as of March 31, 2001, and the Second Amendment
thereto, dated as of March 1, 2002, between Chase Manhattan Bank USA, National
Association, as Transferor on and after June 1, 1996, JPMorgan Chase Bank, as
Transferor prior to June 1, 1996 and as Servicer, and The Bank of New York, as
Master Trust Trustee, on behalf of the Certificateholders of Chase Credit Card
Master Trust.
Supplement: Series 2003-4 Supplement, dated as of September 19, 2003, between
Chase Manhattan Bank USA, National Association, as Transferor on and after
June 1, 1996, JPMorgan Chase Bank, as Transferor prior to June 1, 1996 and as
Servicer, and The Bank of New York, as Master Trust Trustee, on behalf of the
Series 2003-4 Certificateholders.
A-2
Series Certificate: Series 2003-4
Purchase Price:
The purchase price payable by the Underwriter for the Notes covered
by this Agreement will be the following percentage of the principal amounts to
be issued:
Per Class A Notes: 100%
Per Class B Notes: 100%
Per Class C Notes: 100%
Registration Statement: Registration No. 333-103210
Underwriting Commissions, Concessions and Discounts:
The Underwriter's discounts and commissions, the concessions that
the Underwriter may allow to certain dealers, and the discounts that such
dealers may reallow to certain other dealers, each expressed as a percentage
of the principal amount of the Class A Notes, Class B Notes and Class C Notes
shall be as follows:
Underwriting
Discounts Selling
Class and Concessions Concessions Reallowances
----- ---------------- ----------- ------------
Class A 0.40% 0.35% 0.21%
Class B 0.45% 0.40% 0.24%
Class C 0.50% 0.45% 0.27%
Closing Date: September 19, 2003, 10:00 a.m., New York Time
Location of Closing: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇ LLP , ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇,
▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇
Payment for the Notes: Wire transfer of same day funds
Blue Sky Fees: Up to $25,000
A-3
Opinion Modifications: None
Other securities being offered concurrently: None.
Expenses: Notwithstanding Section 5(h) of the Underwriting Agreement, the
Underwriter have agreed to reimburse the Bank for expenses associated with
preparing and printing the Final Prospectus.
A-4
The Underwriter agrees, subject to the terms and provisions of the above
referenced Underwriting Agreement which is incorporated herein in its entirety
and made a part hereof, to purchase the respective principal amounts of the
above referenced Series of Notes set forth opposite their names on Schedule I
hereto.
▇.▇. ▇▇▇▇▇▇ SECURITIES INC.
As the Underwriter named
in Schedule I hereto
By:_______________________________
Name: ▇▇▇▇▇ ▇. ▇▇▇▇▇▇, ▇▇.
Title: Managing Director
Accepted:
CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION
By:_______________________________
Name: ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Title: Vice President
SCHEDULE I
UNDERWRITER
$609,000,000 Principal Amount of Class A Floating Rate Asset Backed Notes,
Series 2003-4
Principal Amount
----------------
▇.▇. ▇▇▇▇▇▇ Securities Inc. $609,000,000
$50,750,000 Principal Amount of Class B Floating Rate Asset Backed Notes,
Series 2003-4
Principal Amount
----------------
▇.▇. ▇▇▇▇▇▇ Securities Inc. $50,750,000
$65,250,000 Principal Amount of Class C Floating Rate Asset Backed Notes,
Series 2003-4
Principal Amount
----------------
▇.▇. ▇▇▇▇▇▇ Securities Inc. $65,250,000
