Document:

EX-10.3

 Exhibit 10.3 

TRADEMARK LICENSE AGREEMENT 

This TRADEMARK LICENSE AGREEMENT (this “Agreement”) is made and effective as of April 16, 2014 (the “Effective
Date”), by and between Franklin Square Holdings, L.P., a Pennsylvania limited partnership (“Licensor”), and FS Investment Corporation, a Maryland corporation (“Licensee”) (each a “party,”
and collectively, the “parties”). 
 RECITALS 

WHEREAS, Licensee is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a
business development company under the Investment Company Act of 1940, as amended (the “1940 Act”); 
 WHEREAS,
Licensor owns the trademark to “FS Investment Corporation,” “FSIC” and the logo set forth on Schedule I (collectively, the “Licensed Marks”);  

WHEREAS, Licensor and its affiliates have used the Licensed Marks in the United States of America (the “Territory”) in
connection with the investment advisory and other services they provide;  
 WHEREAS, Licensor is an affiliate of FB Income Advisor,
LLC, a Delaware limited liability company (“Adviser”); 
 WHEREAS, Licensee has entered into that certain Amended and
Restated Investment Advisory Agreement, dated April 16, 2014 with Adviser (the “Advisory Agreement”), wherein Licensee has engaged Adviser to act as the investment adviser to Licensee; 

WHEREAS, it is intended that Adviser be a third-party beneficiary of this Agreement; and 

WHEREAS, Licensee desires to use the Licensed Marks as part of its name and in connection with the operation of its business, and Licensor is
willing to grant Licensee a license to use the Licensed Marks, subject to the terms and conditions of this Agreement. 
 NOW, THEREFORE, in
consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 

I. LICENSE GRANT 
 1. License.
Subject to the terms and conditions of this Agreement, Licensor hereby grants to Licensee, and Licensee hereby accepts from Licensor, a non-exclusive, non-transferable, royalty-free right and license to use the Licensed Marks solely and exclusively
as a component of Licensee’s own name and in connection with marketing the investment advisory and other services that Adviser may provide to Licensee. During 

 
the term of this Agreement, Licensee shall use the Licensed Marks only to the extent permitted under this Agreement. Except as provided above, neither Licensee nor any affiliate, owner, member,
manager, director, officer, employee or agent thereof shall otherwise use the Licensed Marks or any derivative thereof in the Territory without the prior express written consent of Licensor, which consent Licensor may grant or withhold in its sole
and absolute discretion. Neither Licensee nor any affiliate, owner, member, manager, director, officer, employee or agent thereof shall use any Licensed Mark for any purpose outside the Territory. 

2. Rights to Licensed Marks. All rights not expressly granted to Licensee hereunder shall remain the exclusive property of Licensor. All use of the
Licensed Marks by Licensee, and all goodwill associated with such use, shall inure to the benefit of Licensor. All of Licensor’s rights in and to the Licensed Marks, including the right to use and to grant others the right to use the Licensed
Marks, are reserved by Licensor. Licensee shall not challenge the validity of any Licensed Mark, nor shall Licensee challenge Licensor’s ownership of any Licensed Mark or the enforceability of Licensor’s rights therein. Nothing in this
Agreement shall preclude Licensor or any of its successors or assigns from using or permitting other entities to use the Licensed Marks, whether or not such entity directly or indirectly competes or conflicts with Licensee’s business in any
manner. 
 3. Registration of Licensed Marks. Licensee shall not register any of the Licensed Marks, or any variations thereof, in any jurisdiction
without Licensor’s express prior written consent, and, as between the parties, Licensor shall retain the exclusive right to apply for and obtain registrations for the Licensed Marks throughout the world. 

II. COMPLIANCE 
 1. Quality
Control. In order to preserve the inherent value of the Licensed Marks, Licensee agrees to use reasonable efforts to ensure that it maintains the quality of Licensee’s business and the operation thereof equal to the standards prevailing in
the operation of Licensee’s business as of the date of this Agreement. Licensee further agrees to use the Licensed Marks in accordance with such quality standards as may be reasonably established by Licensor and communicated to Licensee from
time to time in writing, or as may be agreed to by Licensor and Licensee from time to time in writing. 
 2. Compliance With Laws. Licensee agrees
that the business operated by it in connection with the Licensed Marks shall comply, in all material respects, with all laws, rules, regulations and requirements of any governmental body as may be applicable to the operation, marketing, and
promotion of the business. 
 3. Notification of Infringement. Each party shall immediately notify the other party and provide to the other party all
relevant background facts upon becoming aware of: (a) any registrations of, or applications for registration of, marks in the Territory that do or may conflict with Licensor’s rights in the Licensed Marks or the rights granted to Licensee
under this Agreement; (b) any infringements or misuse of the Licensed Marks in the Territory by any third party (“Third Party Infringement”); or (c) any claim that 

  
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Licensee’s use of the Licensed Marks infringes the intellectual property rights of any third party (“Third Party Claim”). Licensor shall have the exclusive right, but not
the obligation, to prosecute, defend and/or settle, in its sole discretion, all actions, proceedings and claims involving any Third Party Infringement or Third Party Claim, and to take any other action that it deems necessary or proper for the
protection and preservation of its rights in the Licensed Marks. Licensee shall cooperate with Licensor in the prosecution, defense or settlement of such actions, proceedings or claims. 

III. REPRESENTATIONS AND WARRANTIES 
 1.
Licensee accepts this license on an “as is” basis. Licensee acknowledges that Licensor makes no explicit or implicit representation or warranty as to the registrability, validity, enforceability or ownership of the Licensed Marks, or as to
Licensee’s ability to use the Licensed Marks without infringing or otherwise violating the rights of others, and Licensor has no obligation to indemnify Licensee with respect to any claims arising from Licensee’s use of the Licensed Marks,
including, without limitation, any Third Party Claim. 
 2. Mutual Representations. Each party hereby represents and warrants to the other party as
follows: 
  

	 	(a)	Due Authorization. Such party is a limited partnership or corporation, as applicable, duly formed and in good standing as of the Effective Date in its jurisdiction of formation, and the execution, delivery and
performance of this Agreement by such party has been duly authorized by all necessary action on the part of such party. 

  

	 	(b)	Due Execution. This Agreement has been duly executed and delivered by such party and, upon due authorization, execution and delivery of this Agreement by the other party, constitutes a legal, valid and binding
obligation of such party, enforceable against such party in accordance with its terms. 

  

	 	(c)	No Conflict. Such party’s execution, delivery and performance of this Agreement does not: (i) violate, conflict with or result in the breach of any provision of the certificate of formation, articles of
incorporation or bylaws (or similar organizational documents) of such party; (ii) conflict with or violate any governmental order applicable to such party or any of its assets, properties or businesses; or (iii) conflict with, result in
any breach of, constitute a default (or event which with the giving of notice or lapse of time, or both, would become a default) under, require any consent under, or give to others any rights of termination, amendment, acceleration, suspension,
revocation or cancellation of any contract, agreement, lease, sublease, license, permit, franchise or other instrument or arrangement to which it is a party. 

  
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 IV. TERM AND TERMINATION 

1. Term. This Agreement shall expire if Adviser or one of Licensor’s affiliates ceases to serve as investment adviser to Licensee. This Agreement
shall be terminable by Licensor, at any time and in its sole discretion, in the event that Licensor or Licensee receives notice of any Third Party Claim arising out of Licensee’s use of the Licensed Marks; by Licensor or Licensee upon sixty
(60) days’ prior written notice to the other party; or by Licensor at any time in the event Licensee assigns or attempts to assign or sublicense this Agreement or any of Licensee’s rights or duties hereunder without the prior written
consent of Licensor. 
 2. Upon Termination. Upon expiration or termination of this Agreement, all rights granted to Licensee under this Agreement
with respect to the Licensed Marks shall cease, and Licensee shall immediately delete the term “FS Investment Corporation” from its name and discontinue all other use of the Licensed Marks. For twenty-four (24) months following
termination of this Agreement, Licensee shall specify on all public-facing materials in a prominent place and in prominent typeface that Licensee is no longer operating under the Licensed Marks, is no longer associated with Licensor, or such other
notice as may be deemed necessary by Licensor, in its sole discretion, in its prosecution, defense, and/or settlement of any Third Party Claim. 

V. INDEMNIFICATION; REMEDIES 
 1.
Indemnity. Licensee, at Licensee’s own expense, shall indemnify, hold harmless and defend Licensor, its affiliates, successors and assigns, and its and their members, managers, directors, officers, employees and agents, against any
claim, demand, cause of action, debt, expense or liability (including attorneys’ fees and costs), to the extent that the foregoing (a) results from a material breach, or is based on a claim that, if true, would be a material breach, of
this Agreement by Licensee, or (b) is based upon Licensee’s unauthorized or improper use of any Licensed Mark. 
 2. Injunctive Relief.
Licensor and Licensee acknowledge and agree that a breach or threatened breach by Licensee, its affiliates, successors or assigns, or its or their members, managers, directors, officers, employees and agents of any of the terms or conditions
contained in Section I, II, III, V or VI of this Agreement, will cause immediate and irreparable harm and damage to Licensor, and that monetary damages will be inadequate to compensate Licensor for such breach. Accordingly, Licensor and Licensee
agree that Licensor shall, in addition to any other remedies available to it at law or in equity, be entitled, without posting bond or other security, to seek an injunction from any court of competent jurisdiction enjoining and restraining any
breach or threatened breach of the terms or conditions of this Agreement by Licensee, its affiliates, successors or assigns, or its or their members, managers, directors, officers, employees and agents. 

3. Limitation of Liability. IN NO EVENT SHALL LICENSOR OR ANY OF ITS AFFILIATES OR ANY OF THEIR MEMBERS, MANAGERS, DIRECTORS, OFFICERS, EMPLOYEES,
LICENSORS, SUPPLIERS OR OTHER REPRESENTATIVES BE LIABLE FOR ANY INDIRECT, SPECIAL OR 

  
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CONSEQUENTIAL DAMAGES, OR DAMAGES FOR LOSS OF PROFITS, BUSINESS INTERRUPTION, LOSS OF GOODWILL, COMPUTER FAILURE OR MALFUNCTION OR OTHERWISE, ARISING FROM OR RELATING TO THIS AGREEMENT OR ANY
LICENSED MARK, EVEN IF LICENSOR IS EXPRESSLY ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. The foregoing limitation of liability and exclusion of certain damages shall apply regardless of the failure of essential purpose of any remedies available to
either party. 
 VI. MISCELLANEOUS 
 1.
Third-Party Beneficiaries. The parties agree that Adviser shall be a third-party beneficiary of this Agreement, and shall have the rights and protections provided to Licensee under this Agreement. Nothing in this Agreement, either express or
implied, is intended to or shall confer upon any third party, other than Adviser, any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 

2. Assignment. Licensee shall not sublicense, assign, pledge, grant or otherwise encumber or transfer to any third party all or any part of its rights
or duties under this Agreement, in whole or in part, without the prior written consent of Licensor, which consent Licensor may grant or withhold in its sole and absolute discretion. Any purported transfer without such consent shall be void ab
initio. 
 3. Independent Contractor. Neither party shall have, or shall represent that it has, any power, right or authority to bind the other
party to any obligation or liability, or to assume or create any obligation or liability on behalf of the other party. 
 4. Notices. Each notice
relating to this Agreement shall be in writing and delivered in person, by registered or certified mail, by Federal Express or similar overnight courier service or by telecopy. All notices shall be addressed to such party’s principal office and
place of business. Any party may designate a new address by notice to that effect given to the other party. Unless otherwise specifically provided in this Agreement, a notice shall be deemed to have been effectively given when delivered personally,
or if delivered two business days after mailing by registered or certified mail, on the next business day after mailing by recognized overnight courier service (for next business day delivery), in each case addressed to the proper address. 

5. Jurisdiction; Governing Law. To the fullest extent permitted by law, in the event of any dispute arising out of the terms and conditions of this
Agreement, the parties hereto consent and submit to the jurisdiction of the courts of the Commonwealth of Pennsylvania in the county of Philadelphia and of the U.S. District Court for the Eastern District of Pennsylvania. All matters relating to the
interpretation, construction, validity and enforcement of this Agreement shall be governed by the laws of the Commonwealth of Pennsylvania without regard to the principles of conflicts of law. 

6. Amendment. This Agreement may not be amended or modified except by an instrument in writing signed by each party hereto. 

  
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 7. Waiver. The failure of a party to insist on the strict performance of any covenant or duty required by
this Agreement, or to pursue any remedy under this Agreement, shall not constitute a waiver of the breach or the remedy. 
 8. Severability. Whenever
possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any
applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such
invalid, illegal or unenforceable provision had never been contained herein. The parties shall negotiate in good faith to replace any provision so held to be invalid or unenforceable so as to implement most effectively the transactions contemplated
by such provision in accordance with the original intent of the parties signatory hereto. 
 9. Headings. The headings contained herein are for
convenience of reference only, and are not to be considered in construing the terms and provisions of this Agreement. 
 10. Counterparts. This
Agreement may be executed in separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same agreement, and any party hereto may execute this Agreement by signing any such counterpart. 

11. Entire Agreement. This Agreement constitutes the entire agreement among the parties on the date hereof with respect to the subject matter hereof
and supersedes all prior understandings, contracts or agreements among the parties with respect to the subject matter hereof, whether oral or written. 

[The remainder of this page intentionally left blank] 

  
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 IN WITNESS WHEREOF, each party has caused this Agreement to be executed as of the Effective Date
by its duly authorized officer. 
  

					
	LICENSOR:
	
	FRANKLIN SQUARE HOLDING, L.P.,
	
	By: FRANKLIN SQUARE HOLDINGS, G.P., LLC, its general partner
		
	By:	 	 /s/ Michael C. Forman

		 	Name:	 	Michael C. Forman
		 	Title:	 	Chief Executive Officer
		 	Address:	 	Cira Centre
		 		 	2929 Arch Street, Suite 675
		 		 	Philadelphia, PA 19104
	
	LICENSEE:
	
	FS INVESTMENT CORPORATION
		
	By:	 	 /s/ Stephen S. Sypherd

		 	Name:	 	Stephen S. Sypherd
		 	Title:	 	Vice President, Secretary and Treasurer
		 	Address:	 	Cira Centre
		 		 	2929 Arch Street, Suite 675
		 		 	Philadelphia, PA 19104

  

					
	ACKNOWLEDGED AND AGREED TO
	AS OF APRIL 16, 2014
	
	FB INCOME ADVISOR, LLC
		
	By:	 	 /s/ Michael C. Forman

		 	Name:	 	Michael C. Forman
		 	Title:	 	Manager

 Signature Page to Trademark License Agreement of FS Investment Corporation 

 Schedule IEX-4.1

 Exhibit 4.1 

CHASE ISSUANCE TRUST 
 as
Issuing Entity 
 CLASS A(2014-4) TERMS DOCUMENT 

dated as of April 16, 2014 

to 
 AMENDED AND
RESTATED 
 CHASESERIES INDENTURE SUPPLEMENT 

dated as of October 15, 2004 

to 
 THIRD AMENDED AND
RESTATED 
 INDENTURE 

dated as of December 19, 2007 

WELLS FARGO BANK, NATIONAL ASSOCIATION 

as Indenture Trustee and Collateral Agent 

							
	TABLE OF CONTENTS	  			
		
	 	  	PAGE	 
		
	ARTICLE I	  			
		
	Definitions and Other Provisions of General Application	  			
			
	Section 1.01	  	 Definitions
	  	 	1	  
	Section 1.02	  	 Governing Law
	  	 	4	  
	Section 1.03	  	 Counterparts
	  	 	4	  
	Section 1.04	  	 Ratification of Indenture and Indenture Supplement
	  	 	4	  
		
	ARTICLE II	  			
		
	The Class A(2014-4) Notes	  			
			
	Section 2.01	  	 Creation and Designation
	  	 	5	  
	Section 2.02	  	 Specification of Required Subordinated Amount and Other Terms
	  	 	5	  
	Section 2.03	  	 Interest Payment
	  	 	5	  
	Section 2.04	  	 Calculation Agent; Determination of LIBOR
	  	 	6	  
	Section 2.05	  	 Payments of Interest and Principal
	  	 	7	  
	Section 2.06	  	 Form of Delivery of Class A(2014-4) Notes; Depository; Denominations
	  	 	7	  
	Section 2.07	  	 Delivery and Payment for the Class A(2014-4) Notes
	  	 	7	  
	Section 2.08	  	 Supplemental Indenture
	  	 	8	  
	Section 2.09	  	 No Ratings Confirmation Required for Class A(2014-4) Notes
	  	 	8	  

 THIS CLASS A(2014-4) TERMS DOCUMENT (this “Terms Document”), among the CHASE ISSUANCE
TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuing Entity”), having its principal office at c/o Wilmington Trust Company, 1100 North Market Street, Wilmington, Delaware 19890-1600, and WELLS FARGO BANK,
NATIONAL ASSOCIATION, a national banking association, as indenture trustee (the “Indenture Trustee”) and as collateral agent (the “Collateral Agent”), is made and entered into as of April 16, 2014. 

Pursuant to this Terms Document, the Issuing Entity and the Indenture Trustee shall create a new Tranche of CHASEseries Class A Notes and
shall specify the principal terms thereof. 
 ARTICLE I 

Definitions and Other Provisions of General Application 

Section 1.01 Definitions. For all purposes of this Terms Document, except as otherwise expressly provided or unless the context
otherwise requires: 
 (1) the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as
well as the singular; 
 (2) all other terms used herein which are defined in the Indenture Supplement, the Indenture or the Asset Pool
Supplement, either directly or by reference therein, have the meanings assigned to them therein; 
 (3) as used in this Terms Document and
in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in this Terms Document or in any such certificate or other document, and accounting terms partly defined in this Terms Document or in any
such certificate or other document to the extent not defined, shall have the respective meanings given to them under GAAP. To the extent that the definitions of accounting terms in this Terms Document or in any such certificate or other document are
inconsistent with the meanings of such terms under GAAP, the definitions contained in this Terms Document or in any such certificate or other document shall control; 

(4) the words “hereof,” “herein,” “hereunder” and words of similar import when used in this Terms Document shall
refer to this Terms Document as a whole and not to any particular provision of this Terms Document; references to any subsection, Section, clause, Schedule or Exhibit are references to subsections, Sections, clauses, Schedules and Exhibits in or to
this Terms Document unless otherwise specified; the term “including” means “including without limitation”; references to any law or regulation refer to that law or regulation as amended from time to time and include any successor
law or regulation; references to any Person include that Person’s successors and assigns; and references to any agreement refer to such agreement, as amended, supplemented or otherwise modified from time to time; 

(5) in the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in
the Indenture Supplement, the 

 
Indenture or the Asset Pool Supplement, the terms and provisions of this Terms Document shall be controlling; and 

(6) each capitalized term defined herein shall relate only to the Class A(2014-4) Notes and no other Tranche of CHASEseries Notes issued by
the Issuing Entity. 
 “Asset Pool Supplement” means the Second Amended and Restated Asset Pool One Supplement to the
Indenture, dated as of December 19, 2007, as amended, by and among the Issuing Entity, the Indenture Trustee and the Collateral Agent. 

“Beneficiary” means Chase Bank USA, National Association, in its capacity as beneficial owner of the Issuing Entity. 

“Calculation Agent” is defined in Section 2.04(a). 

“Class A(2014-4) Adverse Event” means the occurrence of any of the following: (a) an Early Amortization Event with
respect to the Class A(2014-4) Notes, (b) an Event of Default and acceleration of the Class A(2014-4) Notes, (c) the Class A Usage of the Class B Required Subordinated Amount for the Class A(2014-4) Notes becomes greater than zero or
(d) the Class A Usage of the Class C Required Subordinated Amount for the Class A(2014-4) Notes becomes greater than zero. 

“Class A(2014-4) Note” means any Note, substantially in the form set forth in Exhibit A-1 to the Indenture Supplement,
designated therein as a Class A(2014-4) Note and duly executed and authenticated in accordance with the Indenture. 
 “Class
A(2014-4) Noteholder” means a Person in whose name a Class A(2014-4) Note is registered in the Note Register. 
 “Class
A(2014-4) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2014-4) Notes is paid in full, (b) the Legal Maturity Date and (c) the
date on which the Indenture is discharged and satisfied pursuant to Article V thereof. 
 “Class A Required Subordinated Amount of
Class B Notes” is defined in Section 2.02(a). 
 “Class A Required Subordinated Amount of Class C Notes” is
defined in Section 2.02(b). 
 “Controlled Accumulation Amount” means $77,083,333.34 provided, however, if the
Accumulation Period Length is determined to be less than twelve months pursuant to Section 3.12(b)(ii) of the Indenture Supplement, the Controlled Accumulation Amount for any Note Transfer Date with respect to the Class A(2014-4) Notes will be
the amount specified in the definition of “Controlled Accumulation Amount” in the Indenture Supplement. 

“Indenture” means the Third Amended and Restated Indenture, dated as of December 19, 2007, as amended, between the
Issuing Entity and the Indenture Trustee. 

  
 2 

 “Indenture Supplement” means the Amended and Restated CHASEseries Indenture
Supplement, dated as of October 15, 2004, among the Issuing Entity, the Indenture Trustee and the Collateral Agent. 
 “Initial
Dollar Principal Amount” means $925,000,000. 
 “Interest Payment Date” means July 15, 2014 and the 15th day
of each October, January, April, and July thereafter, or if such 15th day is not a Business Day, the next succeeding Business Day; provided, however, that if an Early Amortization Event or an Event of Default and acceleration of the Class
A(2014-4) Notes shall have occurred, the “Interest Payment Date” shall mean the 15th day of each month thereafter, or if such 15th day is not a Business Day, the next succeeding Business Day, beginning in the month immediately following
the Monthly Period during which such Early Amortization Event or acceleration occurs. 
 “Interest Period” means, with
respect to any Interest Payment Date, the period from and including the previous Interest Payment Date (or in the case of the initial Interest Payment Date, from and including the Issuance Date) to but excluding such Interest Payment Date. 

“Issuance Date” means April 16, 2014. 

“Legal Maturity Date” means April 16, 2018. 

“LIBOR” means, for any Interest Period, the London interbank offered rate for three-month United States dollar deposits (or,
if an Early Amortization Event or an Event of Default and acceleration of the Class A(2014-4) Notes shall have occurred, the London interbank offered rate for one-month United States dollar deposits) determined by the Calculation Agent on the LIBOR
Determination Date for each Interest Period in accordance with the provisions of Section 2.04. 
 “LIBOR Determination
Date” means (1) April 14, 2014 for the period from and including the Issuance Date through but excluding the initial Interest Payment Date and (2) for each Interest Period thereafter, the second London Business Day prior to
the commencement of such Interest Period. 
 “London Business Day” means any Business Day on which dealings in deposits in
United States Dollars are transacted in the London interbank market. 
 “Note Interest Rate” means a rate per annum equal
to 0.13% in excess of LIBOR, as determined by the Calculation Agent on the related LIBOR Determination Date with respect to each Interest Period. 

“Paying Agent” means Wells Fargo Bank, National Association. 

“Predecessor Note” means, with respect to any particular Note, every previous Note evidencing all or a portion of the same
debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 3.06 of the 

  
 3 

 
Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note. 

“Record Date” means, for any Note Transfer Date for a Monthly Period in which a Payment Date occurs, the last Business Day of
the preceding Monthly Period. 
 “Reference Banks” means four major banks in the London interbank market selected by the
Beneficiary. 
 “Reuters Screen LIBOR01 Page” means the display page so designated on the Reuters Monitor Money Rates (or
such other page as may replace that page on that service, or such other service as may be nominated as the information vendor, for the purposes of displaying rates comparable to LIBOR). 

“Scheduled Principal Payment Date” means April 15, 2016. 

“Stated Principal Amount” means $925,000,000. 

Section 1.02 Governing Law. THIS TERMS DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF
DELAWARE WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

Section 1.03 Counterparts. This Terms Document may be executed in any number of counterparts, each of which so executed will be
deemed to be an original, but all such counterparts will together constitute but one and the same instrument. 
 Section 1.04
Ratification of Indenture and Indenture Supplement. As supplemented by this Terms Document, each of the Indenture, the Asset Pool Supplement and the Indenture Supplement is in all respects ratified and confirmed and the Indenture as so
supplemented by the Asset Pool Supplement and the Indenture Supplement as so supplemented by this Terms Document shall be read, taken and construed as one and the same instrument. 

[END OF ARTICLE I] 

  
 4 

 ARTICLE II 

The Class A(2014-4) Notes 

Section 2.01 Creation and Designation. There is hereby created a Tranche of CHASEseries Class A Notes to be issued pursuant
to the Indenture and the Indenture Supplement to be known as the “CHASEseries Class A(2014-4) Notes.” 
 Section 2.02
Specification of Required Subordinated Amount and Other Terms. 
 (a) For the Class A(2014-4) Notes for any date of determination,
the Class A Required Subordinated Amount of Class B Notes will be an amount equal to 8.13953% of (i) prior to the occurrence of a Class A(2014-4) Adverse Event, the Adjusted Outstanding Dollar Principal Amount of the Class A(2014-4) Notes
on such date of determination or (ii) on and after the date on which a Class A(2014-4) Adverse Event shall have occurred, the greater of (1) the Adjusted Outstanding Dollar Principal Amount of the Class A(2014-4) Notes on such date of
determination and (2) the Adjusted Outstanding Dollar Principal Amount of the Class A(2014-4) Notes as of the close of business on the day immediately preceding the date on which such Class A(2014-4) Adverse Event shall have occurred. 

(b) For the Class A(2014-4) Notes for any date of determination, the Class A Required Subordinated Amount of Class C Notes will be an
amount equal to 8.13953% of (i) prior to the occurrence of a Class A(2014-4) Adverse Event, the Adjusted Outstanding Dollar Principal Amount of the Class A(2014-4) Notes on such date or (ii) on and after the date on which a Class A(2014-4)
Adverse Event shall have occurred, the greater of (1) the Adjusted Outstanding Dollar Principal Amount of the Class A(2014-4) Notes on such date of determination and (2) Adjusted Outstanding Dollar Principal Amount of the Class A(2014-4)
Notes as of the close of business on the day immediately preceding the date on which such Class A(2014-4) Adverse Event shall have occurred. 

(c) The Issuing Entity may change the percentages or the formulas set forth in either clause (a) or (b) above without the consent of
any Noteholder so long as the Issuing Entity has (i) received written confirmation from each Note Rating Agency that has rated any Outstanding Notes that the change in either of such percentages or formulas, as applicable, will not result in a
Ratings Effect with respect to any Outstanding Notes and (ii) delivered to the Indenture Trustee and the Note Rating Agencies a Master Trust Tax Opinion and an Issuing Entity Tax Opinion. 

Section 2.03 Interest Payment. 

(a) For each Interest Payment Date, the amount of interest due with respect to the Class A(2014-4) Notes shall be an amount equal to the
product of (i) (A) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, times, (B) the Note Interest Rate in effect with respect to the related
Interest Period, times, (ii) the Outstanding Dollar Principal Amount of the Class A(2014-4) Notes determined as of the close of business on the Interest Payment Date preceding the related Note Transfer Date for the Class A(2014-4) Notes;
provided, however, that for the first 

  
 5 

 
Interest Payment Date, the amount of interest due with respect to the Class A(2014-4) Notes shall be an amount equal to the product of (x) the Outstanding Dollar Principal Amount of the
Class A(2014-4) Notes on the Issuance Date, (y) 90 divided by 360 and (z) the Note Interest Rate in effect with respect to the Class A(2014-4) Notes determined on April 14, 2014. Interest on the Class A(2014-4) Notes will be
calculated on the basis of the actual number of days elapsed and a 360-day year. 
 (b) Pursuant to Section 3.03 of the Indenture
Supplement, on each Note Transfer Date with respect to the Class A(2014-4) Notes, the Indenture Trustee shall deposit into the Class A(2014-4) Interest Funding Sub-Account the portion of CHASEseries Available Finance Charge Collections allocable to
the Class A(2014-4) Notes. 
 Section 2.04 Calculation Agent; Determination of LIBOR. 

(a) The Issuing Entity hereby agrees that for so long as any Class A(2014-4) Notes are Outstanding, there shall at all times be an agent
appointed to calculate LIBOR for each Interest Period (the “Calculation Agent”). The Issuing Entity hereby initially appoints the Indenture Trustee as the Calculation Agent for purposes of determining LIBOR for each Interest Period. The
Calculation Agent may be removed by the Issuing Entity at any time. If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuing Entity, or if the Calculation Agent fails to determine LIBOR for an Interest Period, the
Issuing Entity shall promptly appoint a replacement Calculation Agent that does not control or is not controlled by or under common control with the Issuing Entity or its Affiliates. The Calculation Agent may not resign its duties, and the Issuing
Entity may not remove the Calculation Agent, without a successor having been duly appointed. 
 (b) On each LIBOR Determination Date, the
Calculation Agent shall determine LIBOR on the basis of the rate for deposits in United States dollars for a three-month period (or, if an Early Amortization Event or an Event of Default and acceleration of the Class A(2014-4) Notes shall have
occurred, 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 such date. If such 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 shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at
approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a three-month period (or, if an Early Amortization Event or an Event of Default and acceleration of the Class A(2014-4) Notes shall have occurred,
on that day to prime banks in the London interbank market for a one-month period). The Calculation Agent shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are
provided, the rate for that LIBOR Determination Date shall be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, 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, 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 three-month period (or, if an Early Amortization Event or
an Event of Default and acceleration of the Class A(2014-4) Notes shall have occurred, on that day for loans in United States dollars to leading European banks for a one-month period). 

  
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 (c) The Note Interest Rate applicable to the then current and the immediately preceding Interest
Periods may be obtained by telephoning the Indenture Trustee at its corporate trust office at (612) 667-8058 or such other telephone number as shall be designated by the Indenture Trustee for such purpose by prior written notice by the
Indenture Trustee to each Noteholder from time to time. 
 (d) On each LIBOR Determination Date, the Calculation Agent shall send to the
Indenture Trustee and the Beneficiary, via email or by facsimile transmission, notification of LIBOR for the following Interest Period. 

Section 2.05 Payments of Interest and Principal. 

(a) Any installment of interest or principal payable on any Class A(2014-4) Note which is punctually paid or duly provided for by the Issuing
Entity and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to the Person in whose name such Class A(2014-4) Note (or one or more Predecessor Notes) is registered on the Record
Date, by wire transfer of immediately available funds to such Person’s account as has been designated by written instructions received by the Paying Agent from such Person not later than the close of business on the third Business Day preceding
the date of payment or, if no such account has been so designated, by check mailed first-class, postage prepaid to such Person’s address as it appears on the Note Register on such Record Date, except that with respect to Notes registered on the
Record Date in the name of the nominee of Cede & Co., payment shall be made by wire transfer in immediately available funds to the account designated by such nominee. 

(b) The right of the Class A(2014-4) Noteholders to receive payments from the Issuing Entity will terminate on the first Business Day
following the Class A(2014-4) Termination Date. 
 Section 2.06 Form of Delivery of Class A(2014-4) Notes; Depository;
Denominations. 
 (a) The Class A(2014-4) Notes shall be delivered in the form of a global Registered Note as provided in Sections 2.02
and 3.01(i) of the Indenture, respectively. 
 (b) The Depository for the Class A(2014-4) Notes shall be The Depository Trust Company, and
the Class A(2014-4) Notes shall initially be registered in the name of Cede & Co., its nominee. 
 (c) The Class A(2014-4) Notes
will be issued in minimum denominations of $100,000 and integral multiples of $1,000 in excess of $100,000. 
 Section 2.07 Delivery
and Payment for the Class A(2014-4) Notes. 
 The Issuing Entity shall execute and deliver the Class A(2014-4) Notes to the Indenture
Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2014-4) Notes when authenticated, each in accordance with Section 3.03 of the Indenture. 

  
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 Section 2.08 Supplemental Indenture. 

The Issuing Entity may enter into a supplemental indenture with respect to the Class A(2014-4) Notes as provided in Section 9.01 of the
Indenture; provided, however, that any supplemental indenture which provides for an additional or alternative form of credit enhancement for the Class A(2014-4) Notes shall, in addition to the requirements set forth in Section 9.01 of the
Indenture, require confirmation from the Note Rating Agencies that have rated any Outstanding Notes of the CHASEseries that such change in credit enhancement will not result in a Ratings Effect with respect to any Outstanding Notes of the
CHASEseries. 
 Section 2.09 No Ratings Confirmation Required for Class A(2014-4) Notes. 

Notwithstanding Section 3.10(iv) of the Indenture, the Issuing Entity will not be required to obtain written confirmation from each Note
Rating Agency that an issuance of a new Tranche of Notes will not have a Ratings Effect on the Class A(2014-4) Notes. 
 Section 2.10
Investments in Permitted Investments to Mature Monthly. 
 Notwithstanding Section 4.03(a) of the Indenture, the funds deposited
in Bank Accounts for the benefit of the Class A(2014-4) Noteholders will be invested and reinvested by the Collateral Agent or its designee acting on behalf of the Indenture Trustee in one or more Permitted Investments that mature in each case no
later than the Payment Date in the Monthly Period immediately following such investment date. 
 [END OF ARTICLE II] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Terms Document to be duly executed, all
as of the day and year first above written. 
  

					
	CHASE ISSUANCE TRUST
		
	By:	 	CHASE BANK USA, NATIONAL ASSOCIATION,
		 	as Beneficiary and not in its individual capacity
		
	By:	 	 /s/ David A. Penkrot

		 	Name:	 	David A. Penkrot
		 	Title:	 	Senior Vice President
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Indenture Trustee and Collateral Agent
		
	By:	 	 /s/ Cheryl C. Zimmerman

		 	Name:	 	Cheryl C. Zimmerman
		 	Title:	 	Vice President

 Chase Issuance Trust 

CHASEseries Class A(2014-4) Terms Document 

Signature Page

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