Document:

Exhibit

Exhibit 10.4

FIRST AMENDMENT TO THE REGISTRATION RIGHTS AGREEMENT
This First Amendment (this “Amendment”) to the Registration Rights Agreement is entered into as of March 2, 2016, by and among TransUnion (successor to TransUnion Holding Company, Inc.), a Delaware corporation (“Issuer”), the Advent Investor, the GS Investors (collectively, the “Investors”) and certain Key Individuals, and constitutes an amendment to the Registration Rights Agreement (the “Agreement”), dated as of April 30, 2012, among (i) the Issuer, (ii) the Investors and (iii) the Key Individuals.  All capitalized terms used herein but not otherwise defined herein shall have the meanings ascribed to such terms in the Agreement.
WHEREAS, Section 3.7 of the Agreement permits the Issuer, the Investors and the holders of at least two-thirds (66 2/3%) of the Registrable Securities held by all Key Individuals to amend the Agreement if such amendment does not (a) have a disproportionate material adverse effect on a Holder relative to the other Holders and (b) have a disproportionate adverse effect on the rights of any Key Individual under the Agreement as compared to other Key Individuals; and
WHEREAS, the Issuer, the Investors and certain of the Key Individuals holding at least two-thirds (66 2/3%) of the Registrable Securities currently held by all Key Individuals desire to amend the Agreement as set forth in this Amendment to (i) delete the Demand Notice and Shelf Notice requirements contained in Sections 2.01 and 2.02, respectively; (ii) remove the ability of Key Individuals to participate in Demand Registrations pursuant to Section 2.01 of the Agreement; and (iii) shorten the notice periods for Piggyback Registrations pursuant to Section 2.03 of the Agreement. 
NOW, THEREFORE, in consideration of the mutual promises set forth herein and for other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto agree and hereby amend the Agreement as follows:
		
	1.
	Section 2.01.  

		
	a.
	Section 2.01(e) is hereby deleted in its entirety and replaced with “[Reserved]”.

		
	b.
	Section 2.01(h) is hereby amended and restated to read in its entirety as follows:

(h) Priority of Securities Registered Pursuant to Demand Registrations. If the managing underwriter or underwriters of a proposed Underwritten Offering of the Registrable Securities included in a Demand Registration (or, in the case of a Demand Registration not being underwritten, the Demanding Investors), advise the Board in writing that, in its or their reasonable opinion, the number of securities requested to be included in such Demand Registration exceeds the number which can be sold in such offering without being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, the securities to be included in such Demand Registration shall be allocated, (i) first, pro rata among the GS Holders and the Advent Holders (in each case, including any Demanding Investor) based on the relative number of Registrable Securities then held by each such GS Holder and Advent Holder and (ii) second, and only if all the securities referred to in clause (i) have been included, the number of securities that the Issuer proposes to include in such Registration that, in the opinion of the managing underwriter or underwriters (or the Investors, as the case may be) can be sold without having such adverse effect.

2.Section 2.02(c) is hereby deleted in its entirety and replaced with “[Reserved]”.
3.Section 2.03(a).  
		
	a.
	The reference in Section 2.03(a) to “forty-five (45) days” is hereby deleted in its entirety and replaced with “five (5) Business Days”.

		
	b.
	The reference in Section 2.03(a) to “fifteen (15) days” is hereby deleted in its entirety and replaced with “five (5) Business Days”.

4.No Further Effect.  Except as expressly set forth in this Amendment, this Amendment does not, by implication or otherwise, alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Agreement.
5.Governing Law.  This Amendment shall be governed by and construed in accordance with the laws of the State of Delaware applicable to contracts entered into and performed entirely within such State. 
6.Miscellaneous.  This Amendment may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.  This Amendment shall become effective when each party hereto shall have received a counterpart hereof signed by the other parties hereto.  Until and unless each party has received a counterpart hereof signed by the other parties hereto, this Amendment shall have no effect and no party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication).  
[Signature pages follow]

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

	By:
	/s/ JOHN W. BLENKE

	 
	Name: John W. Blenke

	 
	Title: Executive Vice President

[Signature Page to Amendment to Registration Rights Agreement]

                        	
			
	GS CAPITAL PARTNERS VI FUND, L.P.

	By:
	GSCP VI Advisors, L.L.C.
its General Partner

	By:
	/s/ SUMIT RAJPAL

	 
	Name:
	Sumit Rajpal

	 
	Title:
	Vice President

                        	
			
	GS CAPITAL PARTNERS VI PARALLEL, L.P.

	By:
	GS Advisors VI, L.L.C.
its General Partner

	By:
	/s/ SUMIT RAJPAL

	 
	Name:
	Sumit Rajpal

	 
	Title:
	Vice President

                        	
			
	SPARTANSHIELD HOLDINGS

	By:
	GS Capital Partners VI Offshore Fund, L.P., its General Partner
By:  GSCP VI Offshore Advisors, L.L.C., its General Partner

	By:
	/s/ SUMIT RAJPAL

	 
	Name:
	Sumit Rajpal

	 
	Title:
	Vice President

                        	
		
	ADVENT-TRANSUNION ACQUISITION LIMITED PARTNERSHIP

	By:
	Advent-TransUnion GP LLC, its general partner

	By:
	/s/ MICHAEL RISTAINO

	 
	Name:  Michael Ristaino

	 
	Title:    President

[Signature Page to Amendment to Registration Rights Agreement]

Key Individuals:

_/s/ JAMES M. PECK                          ___
James M. Peck

_/s/ SAMUEL A. HAMOOD                 __
Samuel A. Hamood

_/s/ JOHN W. BLENKE                     ____
John W. Blenke

_/s/ CHRISTOPHER CARTWRIGHT    _
Christopher Cartwright

_/s/ MOHIT KAPOOR_                      ___
Mohit Kapoor

_/s/ SIDDHARTH N. (BOBBY) MEHTA
Siddharth N. (Bobby) Mehta

_/s/ DAVID M. NEENAN_                 ___
David M. Neenan

_/s/ GEORGE M. AWAD_                   __
George M. Awad

_/s/ LEO F. MULLIN         ___________
Leo F. Mullin

_/s/ ANDREW PROZES_                ____
Andrew Prozes

[Signature Page to Amendment to Registration Rights Agreement]EX-4.1

 Exhibit 4.1 

EXECUTION COPY 
 CHASE ISSUANCE
TRUST 
 as Issuing Entity 
  

CLASS A(2016-4) TERMS DOCUMENT 

dated as of July 27, 2016 

to 
 SECOND AMENDED AND
RESTATED 
 CHASESERIES INDENTURE SUPPLEMENT 

dated as of January 20, 2016 

to 
 FOURTH AMENDED AND
RESTATED 
 INDENTURE 

dated as of January 20, 2016 

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
	  	 	3	  
	 Section 1.03
	 	 Counterparts
	  	 	3	  
	 Section 1.04
	 	 Ratification of Indenture and Indenture Supplement
	  	 	4	  
	
	 ARTICLE II
	   

	
	 The Class A(2016-4) 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
	 	 Payments of Interest and Principal
	  	 	6	  
	 Section 2.05
	 	Form of Delivery of Class A(2016-4) Notes; Depository; Denominations	  	 	6	  
	 Section 2.06
	 	 Delivery and Payment for the Class A(2016-4) Notes
	  	 	6	  
	 Section 2.07
	 	 Supplemental Indenture
	  	 	7	  
	 Section 2.08
	 	 No Ratings Confirmation Required for Class A(2016-4) Notes
	  	 	7	  

 THIS CLASS A(2016-4) 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 July 27, 2016. 

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(2016-4) Notes
and no other Tranche of CHASEseries Notes issued by the Issuing Entity. 
 “Asset Pool Supplement” means
the Third Amended and Restated Asset Pool One Supplement to the Indenture, dated as of January 20, 2016, as amended, by and among the Issuing Entity, the Indenture Trustee and the Collateral Agent. 

“Beneficiary” means Chase Card Funding LLC, in its capacity as beneficial owner of the Issuing Entity. 

“Class A(2016-4) Adverse Event” means the occurrence of any of the following: (a) an Early Amortization
Event with respect to the Class A(2016-4) Notes, (b) an Event of Default and acceleration of the Class A(2016-4) Notes, (c) the Class A Usage of the Class B Required Subordinated Amount for the Class A(2016-4) Notes becomes greater than zero or (d)
the Class A Usage of the Class C Required Subordinated Amount for the Class A(2016-4) Notes becomes greater than zero. 

“Class A(2016-4) Note” means any Note, substantially in the form set forth in Exhibit A-1 to the Indenture
Supplement, designated therein as a Class A(2016-4) Note and duly executed and authenticated in accordance with the Indenture. 

“Class A(2016-4) Noteholder” means a Person in whose name a Class A(2016-4) Note is registered in the Note
Register. 
 “Class A(2016-4) Termination Date” means the earliest to occur of (a) the Principal Payment
Date on which the Outstanding Dollar Principal Amount of the Class A(2016-4) 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 $70,833,333.34 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(2016-4) Notes will be the amount specified in the
definition of “Controlled Accumulation Amount” in the Indenture Supplement.
 “Indenture” means
the Fourth Amended and Restated Indenture, dated as of January 20, 2016, as amended, between the Issuing Entity and the Indenture Trustee. 

  
 2 

 “Indenture Supplement” means the Second Amended and Restated
CHASEseries Indenture Supplement, dated as of January 20, 2016, among the Issuing Entity, the Indenture Trustee and the Collateral Agent. 

“Initial Dollar Principal Amount” means $850,000,000. 

“Interest Payment Date” means August 15, 2016 and the 15th day of each month thereafter, or if such 15th day
is not a Business Day, the next succeeding Business Day. 
 “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 July 27, 2016. 

“Legal Maturity Date” means July 15, 2022. 

“Note Interest Rate” means a rate per annum equal to 1.49%. 

“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 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, the last Business Day of the preceding Monthly Period. 
 “Scheduled Principal Payment
Date” means July 15, 2020. 
 “Stated Principal Amount” means $850,000,000. 

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. 

  
 3 

 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(2016-4) 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(2016-4) Notes.” 

Section 2.02    Specification of Required Subordinated Amount and Other Terms. 

(a)       For the Class A(2016-4) 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(2016-4) Adverse Event, the Adjusted Outstanding Dollar Principal Amount of the Class A(2016-4) Notes on such date of
determination or (ii) on and after the date on which a Class A(2016-4) Adverse Event shall have occurred, the greater of (1) the Adjusted Outstanding Dollar Principal Amount of the Class A(2016-4) Notes on such date of determination and (2) the
Adjusted Outstanding Dollar Principal Amount of the Class A(2016-4) Notes as of the close of business on the day immediately preceding the date on which such Class A(2016-4) Adverse Event shall have occurred. 

(b)       For the Class A(2016-4) 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(2016-4) Adverse Event, the Adjusted Outstanding Dollar Principal Amount of the Class A(2016-4) Notes on such date or (ii)
on and after the date on which a Class A(2016-4) Adverse Event shall have occurred, the greater of (1) the Adjusted Outstanding Dollar Principal Amount of the Class A(2016-4) Notes on such date of determination and (2) Adjusted Outstanding Dollar
Principal Amount of the Class A(2016-4) Notes as of the close of business on the day immediately preceding the date on which such Class A(2016-4) 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(2016-4) Notes shall be an amount equal to one-twelfth of the product of (i) the Note Interest Rate, times, (ii) the Outstanding Dollar Principal Amount of the Class A(2016-4) Notes determined as of the close of business on the Interest
Payment Date preceding the related Note Transfer Date for the Class A(2016-4) Notes; provided, however, that for the first Interest Payment Date, the amount of interest due with respect to the Class A(2016-4) Notes

  
 5 

 
shall be $633,250. Interest on the Class A(2016-4) Notes will be calculated on the basis of a 360-day year consisting of twelve 30-day months. 

(b)      Pursuant to Section 3.03 of the Indenture Supplement, on each Note Transfer Date with
respect to the Class A(2016-4) Notes, the Indenture Trustee shall deposit into the Class A(2016-4) Interest Funding Sub-Account the portion of CHASEseries Available Finance Charge Collections allocable to the Class A(2016-4) Notes. 

Section 2.04   Payments of Interest and Principal. 

(a)      Any installment of interest or principal payable on any Class A(2016-4) 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(2016-4) 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(2016-4) Noteholders to receive payments from the Issuing
Entity will terminate on the first Business Day following the Class A(2016-4) Termination Date. 
 Section
2.05   Form of Delivery of Class A(2016-4) Notes; Depository; Denominations. 

(a)      The Class A(2016-4) 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(2016-4) Notes shall be The Depository Trust Company, and the Class A(2016-4) Notes shall initially be registered in the name of Cede & Co., its nominee. 

(c)      The Class A(2016-4) Notes will be issued in minimum denominations of $100,000 and
integral multiples of $1,000 in excess of $100,000. 
 Section 2.06   Delivery and Payment for the Class
A(2016-4) Notes. 
 The Issuing Entity shall execute and deliver the Class A(2016-4) Notes to the Indenture Trustee for
authentication, and the Indenture Trustee shall deliver the Class A(2016-4) Notes when authenticated, each in accordance with Section 3.03 of the Indenture. 

  
 6 

 Section 2.07    Supplemental Indenture. 

The Issuing Entity may enter into a supplemental indenture with respect to the Class A(2016-4) 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(2016-4) 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 2.08    No Ratings Confirmation Required for Class A(2016-4) Notes. 

Notwithstanding Section 3.10(a)(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(2016-4) Notes. 
 [END
OF ARTICLE II] 

  
 7 

 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:	 	 WILMINGTON TRUST COMPANY,
not in its individual capacity but solely
as Owner Trustee on
behalf of the
Trust

		
	By:	 	 /s/ Jeanne M. Oller

		 	Name:   Jeanne M. Oller
		 	Title:     Vice President
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Indenture Trustee and Collateral Agent
		
	By:	 	 /s/ Cheryl Zimmerman

		 	Name:   Cheryl Zimmerman
		 	Title:     Vice President

  
  
  

 
 Chase Issuance Trust 

CHASEseries Class A(2016-4) Terms Document

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