Document:

Form of Advisory Agreement

 Exhibit 10.1 
  
 FORM OF ADVISORY AGREEMENT 
  
 between 
  
 KBS REAL ESTATE INVESTMENT TRUST II, INC. 
  
 and 
  
 KBS CAPITAL ADVISORS LLC

  
                         , 2007 
  

 TABLE OF CONTENTS 
  

			
	 	  	Page

	 ARTICLE 1 - DEFINITIONS
	  	1
	 ARTICLE 2 - APPOINTMENT
	  	8
	 ARTICLE 3 - DUTIES OF THE ADVISOR
	  	8
	     3.01 Organizational and Offering Services
	  	8
	     3.02 Acquisition Services
	  	9
	     3.03 Asset Management Services
	  	9
	     3.04 Stockholder Services
	  	12
	     3.05 Other Services
	  	12
	 ARTICLE 4 - AUTHORITY OF ADVISOR
	  	12
	     4.01 General
	  	12
	     4.02 Powers of the Advisor
	  	13
	     4.03 Approval by the Board
	  	13
	     4.04 Modification or Revocation of Authority of Advisor
	  	13
	 ARTICLE 5 - BANK ACCOUNTS
	  	13
	 ARTICLE 6 - RECORDS AND FINANCIAL STATEMENTS
	  	14
	 ARTICLE 7 - LIMITATION ON ACTIVITIES
	  	14
	 ARTICLE 8 - FEES
	  	14
	     8.01 Acquisition Fees
	  	14
	     8.02 Origination Fees
	  	15
	     8.03 Asset Management Fees
	  	16
	     8.04 Disposition Fees
	  	16
	     8.05 Subscription Processing Fee
	  	16
	     8.06 Subordinated Share of Cash Flows
	  	16
	     8.07 Subordinated Incentive Fee
	  	17
	     8.08 Changes to Fee Structure
	  	17
	 ARTICLE 9 - EXPENSES
	  	17
	     9.01 General
	  	17
	     9.02 Timing of and Limitations on Reimbursements
	  	19
	 ARTICLE 10 – VOTING AGREEMENT
	  	20
	 ARTICLE 11 - RELATIONSHIP OF ADVISOR AND COMPANY; OTHER ACTIVITIES OF THE ADVISOR
	  	20
	     11.01 Relationship
	  	20
	     11.02 Time Commitment
	  	20
	     11.03 Investment Opportunities and Allocation
	  	21
	 ARTICLE 12 - THE KBS NAME
	  	21
	 ARTICLE 13 - TERM AND TERMINATION OF THE AGREEMENT
	  	21
	     13.01 Term
	  	21
	     13.02 Termination by Either Party
	  	22
	     13.03 Payments on Termination and Survival of Certain Rights and Obligations
	  	22
	 ARTICLE 14 - ASSIGNMENT
	  	22
	 ARTICLE 15 - INDEMNIFICATION AND LIMITATION OF LIABILITY
	  	23

  

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	 ARTICLE 16 - MISCELLANEOUS
	  	23
	     16.01 Notices
	  	23
	     16.02 Modification
	  	24
	     16.03 Severability
	  	24
	     16.04 Construction
	  	24
	     16.05 Entire Agreement
	  	24
	     16.06 Waiver
	  	24
	     16.07 Gender
	  	24
	     16.08 Titles Not to Affect Interpretation
	  	24
	     16.09 Counterparts
	  	25

  

 ii 

 ADVISORY AGREEMENT 
  

 This Advisory Agreement, dated as of
                         , 2007 (the “Agreement”), is between KBS Real Estate Investment Trust II, Inc.,
a Maryland corporation (the “Company”), and KBS Capital Advisors LLC, a Delaware limited liability company (the “Advisor”). 
  
 W I T N E S S E T H 
  
 WHEREAS, the Company desires to avail itself of the knowledge, experience, sources of information, advice, assistance and certain facilities available to
the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision of, the board of directors of the Company (the “Board”), all as provided herein; and

  
 WHEREAS, the Advisor is willing to undertake to render such
services, subject to the supervision of the Board, on the terms and conditions hereinafter set forth. 
  
 NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree as follows:

  
 ARTICLE 1 
  
 DEFINITIONS 
  
 The following defined terms used in this Agreement shall have the meanings
specified below: 
  
 “Acquisition Expenses” means any
and all expenses, excluding the fee payable to the Advisor pursuant to Section 8.01, incurred by the Company, the Advisor or any Affiliate of either in connection with the selection, acquisition or development of any property, loan or other
potential investment, whether or not acquired or originated, as applicable, including, without limitation, legal fees and expenses, travel and communications expenses, costs of appraisals, nonrefundable option payments on properties or other
investments not acquired, accounting fees and expenses, title insurance premiums. 
  
 “Acquisition Fees” means the fee payable to the Advisor pursuant to Section 8.01 plus all other fees and commissions paid by any Person to any Person in connection with making or investing in any
Property or other Permitted Investment or the purchase, development or construction of any Property by the Company. Included in the computation of such fees or commissions shall be any real estate commission, selection fee, Development Fee,
Construction Fee, nonrecurring management fee, loan fees or points or any fee of a similar nature, however designated. Excluded shall be Development Fees and Construction Fees paid to Persons not Affiliated with the Advisor in connection with the
actual development and construction of a Property. 
  

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 “Advisor” means (i) KBS Capital Advisors LLC, a Delaware limited liability company, or
(ii) any successor advisor to the Company. 
  
 “Affiliate or Affiliated” An Affiliate of another Person includes any of the following: (i) any Person directly or indirectly controlling, controlled by, or under common control with such other Person; (ii) any Person
directly or indirectly owning, controlling, or holding with the power to vote 10% or more of the outstanding voting securities of such other Person; (iii) any legal entity for which such Person acts as an executive officer, director, trustee,
or general partner; (iv) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held, with power to vote, by such other Person; and (v) any executive officer, director, trustee, or
general partner of such other Person. An entity shall not be deemed to control or be under common control with an Advisor-sponsored program unless (i) the entity owns 10% or more of the voting equity interests of such program or (ii) a
majority of the board of directors (or equivalent governing body) of such program is comprised of Affiliates of the entity. 
  
 “Appraised Value” means the value according to an appraisal made by an Independent Appraiser. 
  
 “Asset Management Fee” shall have the meaning set forth in
Section 8.03. 
  
 “Average Invested Assets” means,
for a specified period, the average of the aggregate book value of the assets of the Company invested, directly or indirectly, in Properties, Loans and other Permitted Investments secured by real estate before reserves for depreciation or bad debts
or other similar non-cash reserves, computed by taking the average of such values at the end of each month during such period. 
  
 “Board” means the board of directors of the Company, as of any particular time. 
  
 “Bylaws” means the bylaws of the Company, as amended from time to time. 
  
 “Cash from Financings” means the net cash proceeds realized by the
Company from the financing of Properties, Loans or other Permitted Investments or from the refinancing of any Company indebtedness (after deduction of all expenses incurred in connection therewith). 
  
 “Cash from Sales” means the net cash proceeds realized by the
Company from the sale, exchange or other disposition of any of its assets after deduction of all expenses incurred in connection therewith. In the case of a transaction described in clause (i) (C) of the definition of “Sale”,
Cash From Sales means the proceeds of any such transaction actually distributed to the Company from the Joint Venture or partnership. Cash from Sales shall not include Cash from Financings. 
  
 “Cash from Sales and Financings” means the total sum of Cash from
Sales and Cash from Financings. 
  

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 “Charter” means the articles of incorporation of the Company, as amended from time to time.

  
 “Code” means the Internal Revenue Code of 1986, as
amended from time to time, or any successor statute thereto. Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any
applicable regulations as in effect from time to time. 
  
 “Company” means KBS Real Estate Investment Trust II, Inc., a corporation organized under the laws of the State of Maryland. 
  
 “Competitive Real Estate Commission” means a real estate or brokerage commission for the purchase or sale of property that is reasonable,
customary, and competitive in light of the size, type, and location of the property. 
  
 “Conflicts Committee” shall have the meaning set forth in the Company’s Charter. 
  
 “Construction Fee” means a fee or other remuneration for acting as general contractor and/or construction manager to construct improvements,
supervise and coordinate projects or to provide major repairs or rehabilitation on a Property. 
  
 “Contract Sales Price” means the total consideration received by the Company for the sale of a Property, Loan or other Permitted Investment. 
  
 “Cost of Real Estate Investments” means the sum of (i) with respect to Properties wholly owned, directly or
indirectly, by the Company, the amount actually paid or allocated to the purchase, development, construction or improvement of Properties, inclusive of expenses related thereto, plus the amount of any outstanding debt attributable to such Properties
and (ii) in the case of Properties owned by any Joint Venture or any partnership in which the Company or the Partnership is a partner, the portion of the amount actually paid or allocated to the purchase, development, construction or
improvement of properties, inclusive of expenses related thereto, plus the amount of any outstanding debt associated with such properties that is attributable to the Company’s investment in the Joint Venture or partnership. 
  
 “Dealer Manager” means (i) KBS Capital Markets Group LLC, a
Delaware limited liability company, or (ii) any successor dealer manager to the Company. 
  
 “Development Fee” means a fee for the packaging of a Property, including negotiating and approving plans, and undertaking to assist in obtaining zoning and necessary variances and necessary financing for the
Property, either initially or at a later date. 
  
 “Director” means a member of the board of directors of the Company. 
  
 “Disposition Fee” shall have the meaning set forth in Section 8.03. 
  

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 “Distributions” means any distributions of money or other property by the Company to owners of
Shares, including distributions that may constitute a return of capital for federal income tax purposes. 
  
 “GAAP” means accounting principals generally accepted in the United States. 
  
 “Gross Proceeds” means the aggregate purchase price of all Shares sold for the account of the Company through an
Offering, without deduction for Organization and Offering Expenses. 
  
 “Independent Appraiser” means a person or entity with no material current or prior business or personal relationship with the Advisor or the Directors, who is engaged to a substantial extent in the business of rendering opinions
regarding the value of assets of the type held by the Company, and who is a qualified appraiser of real estate as determined by the Board. Membership in a nationally recognized appraisal society such as the American Institute of Real Estate
Appraisers (M.A.I.) or the Society of Real Estate Appraisers (S.R.E.A.) shall be conclusive evidence of such qualification. 
  
 “Invested Capital” means the amount calculated by multiplying the total number of Shares purchased by Stockholders by the issue price, reduced
by any amounts paid by the Company to repurchase Shares pursuant to the Company’s plan for redemption of Shares. 
  
 “Joint Venture” means any joint venture, limited liability company or other Affiliate of the Company that owns, in whole or in part, on behalf
of the Company any Properties, Loans or other Permitted Investments. 
  
 “Listed” or “Listing” shall have the meaning set forth in the Company’s Charter. 
  
 “Loans” means mortgage loans and other types of debt financing purchased by the Company, including, without limitation, mezzanine loans,
B-notes, bridge loans, convertible mortgages, wraparound mortgage loans, construction mortgage loans, loans on leasehold interests, and participations in such loans. 
  
 “NASAA Guidelines” means the NASAA Statement of Policy Regarding Real Estate Investment Trusts as in effect on the
date hereof. 
  
 “Net Income” means, for any period, the
total revenues applicable to such period, less the total expenses applicable to such period excluding additions to reserves for depreciation, bad debts or other similar non-cash reserves; provided, however, Net Income for purposes of calculating
total allowable Operating Expenses (as defined herein) shall exclude the gain from the sale of the Company’s assets. 
  
 “Offering” means any offering of Shares that is registered with the SEC, excluding Shares offered under any employee benefit plan. 

 
 “Operating Cash Flow” means Operating Revenue Cash Flows minus
the sum of (i) Operating Expenses, (ii) all principal and interest payments on indebtedness and other 

  

 4 

 
sums paid to lenders, (iii) the expenses of raising capital such as Organization and Offering Expenses, legal, audit, accounting, underwriting,
brokerage, listing, registration, and other fees, printing and other such expenses and tax incurred in connection with the issuance, distribution, transfer, registration and Listing of the Shares, (iv) taxes, (v) incentive fees paid in
compliance with Section IV.F. of the NASAA Guidelines and (vi) Acquisition Fees, Acquisition Expenses, real estate commissions on resale of property, and other expenses connected with the acquisition, disposition, and ownership of real estate
interests, mortgage loans or other property (such as the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of property). 
  
 “Operating Expenses” means all costs and expenses incurred by the Company, as determined under GAAP, which in any
way are related to the operation of the Company or to Company business, including fees paid to the Advisor, but excluding (i) the expenses of raising capital such as Organization and Offering Expenses, legal, audit, accounting, underwriting,
brokerage, listing, registration, and other fees, printing and other such expenses and tax incurred in connection with the issuance, distribution, transfer, registration and Listing of the Shares, (ii) interest payments, (iii) taxes,
(iv) non-cash expenditures such as depreciation, amortization and bad loan reserves, (v) incentive fees paid in compliance with Section IV.F. of the NASAA Guidelines and (vi) Acquisition Fees, Acquisition Expenses, real estate
commissions on resale of property, and other expenses connected with the acquisition, disposition, and ownership of real estate interests, mortgage loans or other property (such as the costs of foreclosure, insurance premiums, legal services,
maintenance, repair and improvement of property). 
  
 “Operating Revenue Cash Flows” means the Company’s cash flow from ownership and/or operation of (i) Properties, (ii) Loans, (iii) Permitted Investments, (iii) short-term investments, and
(iv) interests in Properties, Loans and Permitted Investments owned by any Joint Venture or any partnership in which the Company or the Partnership is a partner. 
  
 “Organization and Offering Expenses” means all expenses incurred by or on behalf of the Company in connection with
and in preparing the Company for registration of and subsequently offering and distributing its Shares to the public, whether incurred before or after the date of this Agreement, which may include but are not limited to, total underwriting and
brokerage discounts and commissions (including fees of the underwriters’ attorneys); any expense allowance granted by the Company to the underwriter or any reimbursement of expenses of the underwriter by the Company; expenses for printing,
engraving and mailing; salaries of employees while engaged in sales activity; charges of transfer agents, registrars, trustees, escrow holders, depositaries and experts; and expenses of qualification of the sale of the securities under Federal and
State laws, including taxes and fees, accountants’ and attorneys’ fees. 
  
 “Origination Fees” means the fee payable to the Advisor pursuant to Section 8.02. 
  
 “Partnership” means KBS Limited Partnership, a Delaware limited partnership formed to own and operate Properties, Loans and other Permitted
Investments on behalf of the Company. 
  

 5 

 “Permitted Investments” means all investments (other than Properties and Loans) that the
Company may acquire pursuant to its Charter, Bylaws and the investment objectives and policies adopted by the Board from time to time, other than short-term investments acquired for purposes of cash management. 
  
 “Person” means an individual, corporation, partnership, estate,
trust (including a trust qualified under Section 401(a) or 501(c) (17) of the Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, association,
private foundation within the meaning of Section 509(a) of the Code, joint stock company or other entity, or any government or any agency or political subdivision thereof, and also includes a group as that term is used for purposes of
Section 13(d)(3) of the Securities Exchange Act of 1934, as amended. 
  
 “Property” means any real property or properties transferred or conveyed to the Company or the Partnership, either directly or indirectly, including through ownership interests in a Joint Venture or
partnership. 
  
 “Property Manager” means an entity that
has been retained to perform and carry out at one or more of the Properties property-management services, excluding persons, entities or independent contractors retained or hired to perform facility management or other services or tasks at a
particular Property, the costs for which are passed through to and ultimately paid by the tenant at such Property. 
  
 “Registration Statement” means the registration statement filed by the Company with the Securities and Exchange Commission (“SEC”) on
Form S-11 (Reg. No. 333-                    ), as amended from time to time, in connection with the initial public offering of the
Company’s Shares. 
  
 “REIT” means a “real
estate investment trust” under Sections 856 through 860 of the Code. 
  
 “Sale” means (i) any transaction or series of transactions whereby: (A) the Company or the Partnership sells, grants, transfers, conveys, or relinquishes its ownership of any Property, Loan or
other Permitted Investment or portion thereof, including the transfer of any Property that is the subject of a ground lease, and including any event with respect to any Property, Loan or other Permitted Investment that gives rise to a significant
amount of insurance proceeds or condemnation awards; (B) the Company or the Partnership sells, grants, transfers, conveys, or relinquishes its ownership of all or substantially all of the interest of the Company or the Partnership in any Joint
Venture or any partnership in which it is a partner; or (C) any Joint Venture or any partnership in which the Company or the Partnership is a partner, sells, grants, transfers, conveys, or relinquishes its ownership of any Property, Loan or
other Permitted Investment or portion thereof, including any event with respect to any Property, Loan or other Permitted Investment that gives rise to insurance claims or condemnation awards, but (ii) not including any transaction or series of
transactions specified in clause (i) (A), (i) (B), or (i) (C) above in which the proceeds of such transaction or series of transactions are reinvested in one or more Properties, Loans or other Permitted Investments within 180
days thereafter. 
  

 6 

 “Shares” means shares of common stock of the Company, par value $.01 per share. 
  
 “Stockholders” means the registered holders of the Shares.

  
 “Stockholders’ 8% Return” means, as of any
date, an aggregate amount equal to an 8% cumulative, non-compounded, annual return on Invested Capital (calculated like simple interest on a daily basis based on a three hundred sixty-five day year). For purposes of calculating the
Stockholders’ 8% Return, Invested Capital shall be determined for each day during the period for which the Stockholders’ 8% Return is being calculated and shall be calculated net of (1) Distributions of Operating Cash Flow to the
extent such Distributions of Operating Cash Flow provide a cumulative, non-compounded, annual return in excess of 8%, as such amounts are computed on a daily basis based on a three hundred sixty-five day year and (2) Distributions of Cash from
Sales and Financings, except to the extent such Distributions would be required to supplement Distributions of Operating Cash Flow in order to achieve a cumulative, non-compounded, annual return of 8%, as such amounts are computed on a daily basis
based on a three hundred sixty-five day year. 
  
 “Subordinated Incentive Fee” means the fee payable to the Advisor under certain circumstances if the Shares are Listed, as calculated in Section 8.07. 
  
 “Subordinated Performance Fee Due Upon Termination” means a fee payable in the form of an interest bearing
promissory note (the “Performance Fee Note”) in a principal amount equal to (1) 15% of the amount, if any, by which (a) the Appraised Value of the Company’s Properties at the Termination Date, less amounts of all
indebtedness secured by the Company’s Properties, plus the net asset value of all other Loans and Permitted Investments of the Company plus total Distributions (excluding any stock dividend) through the Termination Date exceeds (b) the sum
of Invested Capital plus total Distributions required to be made to the stockholders in order to pay the Stockholders’ 8% Return from inception through the Termination Date less (2) any prior payment to the Advisor of a Subordinated Share
of Cash Flows. Interest on the Performance Fee Note will accrue beginning on the Termination Date at a rate deemed fair and reasonable by the Conflicts Committee. The Company shall repay the Performance Fee Note at such time as the Company completes
the first Sale after the Termination Date using Cash from Sales. If the Cash from Sales from the first Sale after the Termination Date is insufficient to pay the Performance Fee Note in full, including accrued interest, then the Performance Fee Note
shall be paid in part from the Cash from Sales from the first Sale, and in part from the Cash From Sales from each successive Sale until the Performance Fee Note is repaid in full, with interest. If the Performance Fee Note has not been paid in full
within five years from the Termination Date, then the Advisor, its successors or assigns, may elect to convert the balance of the fee, including accrued but unpaid interest, into Shares at a price per Share equal to the average closing price of the
Shares over the ten trading days immediately preceding the date of such 

  

 7 

 
election if the Shares are Listed at such time. If the Shares are not Listed at such time, the Advisor, its successors or assigns, may elect to convert the
balance of the fee, including accrued but unpaid interest, into Shares at a price per Share equal to the fair market value for the Shares as determined by the Board based upon the Appraised Value of Company’s Properties, Loans and other
Permitted Investments on the date of election. 
  
 “Subordinated Share of Cash Flows” has the meaning set forth in Section 8.06. 
  
 “Subscription Processing Fee” has the meaning set forth in Section 8.05. 
  
 “Termination Date” means the date of termination of the Agreement determined in accordance with Article 13 hereof.

  
 “2%/25% Guidelines” means the requirement pursuant
to the NASAA Guidelines that, in any period of four consecutive fiscal quarters, total Operating Expenses not exceed the greater of 2% of the Company’s Average Invested Assets during such 12-month period or 25% of the Company’s Net Income
over the same 12-month period. 
  
 ARTICLE 2 
  
 APPOINTMENT 
  
 The Company hereby appoints the Advisor to serve as its advisor and asset
manager on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment. 
  
 ARTICLE 3 
  
 DUTIES OF THE ADVISOR 
  
 The Advisor is
responsible for managing, operating, directing and supervising the operations and administration of the Company and its assets. The Advisor undertakes to use its best efforts to present to the Company potential investment opportunities and to
provide the Company with a continuing and suitable investment program consistent with the investment objectives and policies of the Company as determined and adopted from time to time by the Board. Subject to the limitations set forth in this
Agreement, including Article 4 hereof, and the continuing and exclusive authority of the Board over the management of the Company, the Advisor shall, either directly or by engaging an Affiliate or third party, perform the following duties:

  
 3.01 Organizational and Offering Services. The Advisor shall
perform all services related to the organization of the Company or any Offering or private sale of the Company’s securities, other than services that (i) are to be performed by the Dealer Manager, (ii) the Company elects to perform
directly or (iii) would require the Advisor to register as a broker-dealer with the SEC or any state. 
  

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 3.02 Acquisition Services. 
  

 (i) Serve as the Company’s investment and financial advisor and provide relevant market research and economic and
statistical data in connection with the Company’s assets and investment objectives and policies; 
  
 (ii) Subject to Section 4 hereof and the investment objectives and policies of the Company: (a) locate, analyze and select
potential investments; (b) structure and negotiate the terms and conditions of transactions pursuant to which investments in Properties, Loans and other Permitted Investments will be made; (c) acquire Properties, Loans and other Permitted
Investments on behalf of the Company; (d) arrange for financing and refinancing and make other changes in the asset or capital structure of investments in Properties, Loans and other Permitted Investments; and (e) enter into leases,
service contracts and other agreements for Properties; 
  
 (iii) Perform due diligence on prospective investments and create due diligence reports summarizing the results of such work; 
  
 (iv) Prepare reports regarding prospective investments that include recommendations and supporting documentation necessary for the
Directors to evaluate the proposed investments; 
  
 (v) Obtain reports (which may be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of contemplated investments of the Company; 
  

 (vi) Deliver to or maintain on behalf of the Company copies of all appraisals obtained in connection with the
Company’s investments; and 
  
 (vii)
Negotiate and execute approved investments and other transactions. 
  
 3.03 Asset Management Services. 
  
 (i)
Real Estate Services: 
  
 (a) Investigate, select
and, on behalf of the Company, engage and conduct business with (including enter contracts with) such Persons as the Advisor deems necessary to the proper performance of its obligations as set forth in this Agreement, including but not limited to
consultants, accountants, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, developers, construction companies, Property
Managers and any and all Persons acting in any other capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing services; 
  

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 (b) Negotiate and service the Company’s debt facilities and other financings;

  
 (c) Monitor applicable markets and obtain
reports (which may be prepared by the Advisor or its Affiliates) where appropriate, concerning the value of investments of the Company; 
  
 (d) Monitor and evaluate the performance of each asset of the Company and the Company’s overall portfolio of assets, provide daily
management services to the Company and perform and supervise the various management and operational functions related to the Company’s investments; 
  
 (e) Formulate and oversee the implementation of strategies for the administration, promotion, management, operation, maintenance,
improvement, financing and refinancing, marketing, leasing and disposition of Properties, Loans and other Permitted Investments on an overall portfolio basis; 
  

(f) Consult with the Company’s officers and the Board and assist the Board in the formulation and implementation of the
Company’s financial policies, and, as necessary, furnish the Board with advice and recommendations with respect to the making of investments consistent with the investment objectives and policies of the Company and in connection with any
borrowings proposed to be undertaken by the Company; 
  
 (g) Oversee the performance by the Property Managers of their duties, including collection and proper deposits of rental payments and payment of Property expenses and maintenance; 
  
 (h) Conduct periodic on-site property visits to some or all
(as the Advisor deems reasonably necessary) of the Properties to inspect the physical condition of the Properties and to evaluate the performance of the Property Managers; 
  
 (i) Review, analyze and comment upon the operating budgets, capital budgets and leasing plans prepared and
submitted by each Property Manager and aggregate these property budgets into the Company’s overall budget; 
  
 (j) Coordinate and manage relationships between the Company and any Joint Venture partners; and 
  
 (k) Consult with the Company’s officers and the Board
and provide assistance with the evaluation and approval of potential asset dispositions, sales and refinancings. 
  

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 (ii) Accounting and Other Administrative Services: 
  
 (a) Provide the day-to-day management of the Company and
perform and supervise the various administrative functions reasonably necessary for the management of the Company; 
  
 (b) From time to time, or at any time reasonably requested by the Board, make reports to the Board on the Advisor’s performance of
services to the Company under this Agreement; 
  
 (c) Make reports to the Conflicts Committee each quarter of the investments that have been made by other programs sponsored by the Advisor or any of its Affiliates, including KBS Realty Advisors LLC, as well as any investments that have
been made by the Advisor or any of its Affiliates directly; 
  
 (d) Provide or arrange for any administrative services and items, legal and other services, office space, office furnishings, personnel and other overhead items necessary and incidental to the Company’s business
and operations; 
  
 (e) Provide financial and
operational planning services; 
  
 (f) Maintain
accounting and other record-keeping functions at the Company and investment levels, including information concerning the activities of the Company as shall be required to prepare and to file all periodic financial reports, tax returns and any other
information required to be filed with the SEC, the Internal Revenue Service and any other regulatory agency; 
  
 (g) Maintain and preserve all appropriate books and records of the Company; 
  
 (h) Provide tax and compliance services and coordinate with appropriate third parties, including the
Company’s independent auditors and other consultants, on related tax matters; 
  
 (i) Provide the Company with all necessary cash management services; 
  
 (j) Manage and coordinate with the transfer agent the quarterly dividend process and payments to
Stockholders; 
  
 (k) Consult with the
Company’s officers and the Board and assist the Board in evaluating and obtaining adequate insurance coverage based upon risk management determinations; 
  

 11 

 (l) Provide the Company’s officers and the Board with timely updates related to the
overall regulatory environment affecting the Company, as well as managing compliance with such matters, including but not limited to compliance with the Sarbanes-Oxley Act of 2002; 
  
 (m) Consult with the Company’s officers and the Board relating to the corporate governance structure
and appropriate policies and procedures related thereto; 
  
 (n) Perform all reporting, record keeping, internal controls and similar matters in a manner to allow the Company to comply with applicable law, including the Sarbanes-Oxley Act of 2002; 
  
 (o) Notify the Board of all proposed material transactions
before they are completed; and 
  
 (p) Do all
things necessary to assure its ability to render the services described in this Agreement. 
  
 3.04 Stockholder Services. 
  
 (i) Manage communications with Stockholders, including answering phone calls, preparing and sending written and electronic reports and other communications; 
  
 (ii) Oversee the performance of the transfer agent and
registrar; and 
  
 (iii) Establish technology
infrastructure to assist in providing Stockholder support and service. 
  
 (iv) Consistent with Section 3.01, the Advisor shall perform the various subscription processing services reasonably necessary for the admission of new Stockholders. 
  
 3.05 Other Services. Except as provided in Article 7, the Advisor shall
perform any other services reasonably requested by the Company (acting through the Conflicts Committee). 
  
 ARTICLE 4 
  
 AUTHORITY OF ADVISOR 
  
 4.01 General. All rights
and powers to manage and control the day-to-day business and affairs of the Company shall be vested in the Advisor. The Advisor shall have the power to delegate all or any part of its rights and powers to manage and control the business and affairs
of the Company to such officers, employees, Affiliates, agents and representatives of the Advisor or the Company as it 

  

 12 

 
may deem appropriate. Any authority delegated by the Advisor to any other Person shall be subject to the limitations on the rights and powers of the Advisor
specifically set forth in this Agreement or the Charter. 
  
 4.02
Powers of the Advisor. Subject to the express limitations set forth in this Agreement and the continuing and exclusive authority of the Board over the management of the Company, the power to direct the management, operation and policies of the
Company shall be vested in the Advisor, which shall have the power by itself and shall be authorized and empowered on behalf and in the name of the Company to carry out any and all of the objectives and purposes of the Company and to perform all
acts and enter into and perform all contracts and other undertakings that it may in its sole discretion deem necessary, advisable or incidental thereto to perform its obligations under this Agreement. 
  
 4.03 Approval by the Board. Notwithstanding the foregoing, the Advisor may
not take any action on behalf of the Company without the prior approval of the Board or duly authorized committees thereof if the Charter or Maryland General Corporation law require the prior approval of the Board. The Advisor will deliver to the
Board all documents required by it to evaluate a proposed investment (and any related financing). 
  
 4.04 Modification or Revocation of Authority of Advisor. The Board may, at any time upon the giving of notice to the Advisor, modify or revoke the
authority or approvals set forth in Article 3 and this Article 4 hereof; provided, however, that such modification or revocation shall be effective upon receipt by the Advisor and shall not be applicable to investment transactions to which the
Advisor has committed the Company prior to the date of receipt by the Advisor of such notification. 
  
 ARTICLE 5 
  
 BANK ACCOUNTS 
  
 The Advisor may establish and
maintain one or more bank accounts in its own name for the account of the Company or in the name of the Company and may collect and deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf of the
Company, under such terms and conditions as the Board may approve, provided that no funds shall be commingled with the funds of the Advisor. The Advisor shall from time to time render appropriate accountings of such collections and payments to the
Board and the independent auditors of the Company. 
  

 13 

 ARTICLE 6 
  

RECORDS AND FINANCIAL STATEMENTS 
  
 The Advisor, in the conduct of its responsibilities to the Company, shall maintain adequate and separate books and records for the Company’s
operations in accordance with GAAP, which shall be supported by sufficient documentation to ascertain that such books and records are properly and accurately recorded. Such books and records shall be the property of the Company and shall be
available for inspection by the Board and by counsel, auditors and other authorized agents of the Company, at any time or from time to time during normal business hours. Such books and records shall include all information necessary to calculate and
audit the fees or reimbursements paid under this Agreement. The Advisor shall utilize procedures to attempt to ensure such control over accounting and financial transactions as is reasonably required to protect the Company’s assets from theft,
error or fraudulent activity. All financial statements that the Advisor delivers to the Company shall be prepared on an accrual basis in accordance with GAAP, except for special financial reports that by their nature require a deviation from GAAP.
The Advisor shall liaise with the Company’s officers and independent auditors and shall provide such officers and auditors with the reports and other information that the Company so requests. 
  
 ARTICLE 7 
  
 LIMITATION ON ACTIVITIES 
  
 Notwithstanding any provision in this Agreement to the contrary, the Advisor shall not take any action that, in its sole judgment made in good faith,
would (i) adversely affect the ability of the Company to qualify or continue to qualify as a REIT under the Code, (ii) subject the Company to regulation under the Investment Company Act of 1940, as amended, (iii) violate any law,
rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company, its Shares or its other securities, (iv) require the Advisor to register as a broker-dealer with the SEC or any state, or
(v) violate the Charter or Bylaws. In the event an action that would violate (i) through (v) of the preceding sentence but such action has been ordered by the Board, the Advisor shall notify the Board of the Advisor’s judgment of
the potential impact of such action and shall refrain from taking such action until it receives further clarification or instructions from the Board. In such event, the Advisor shall have no liability for acting in accordance with the specific
instructions of the Board so given. 
  
 ARTICLE 8

  
 FEES 
  
 8.01 Acquisition Fees. As compensation for the investigation, selection and
acquisition (by purchase, investment or 

  

 14 

 
exchange) of Properties and other Permitted Investments, the Company shall pay an Acquisition Fee to the Advisor for each such investment. With respect to
the acquisition of a Property to be wholly owned by the Company, the Acquisition Fee payable to the Advisor shall equal 0.75% of the sum of the amount actually paid or allocated to the purchase, development, construction or improvement of such
Property, inclusive of the Acquisition Expenses associated with such Property, and the amount of any debt attributable to such Property. With respect other Permitted Investments, the Acquisition Fee payable to the Advisor shall equal 0.75% of the
cost of such investment, inclusive of Acquisition Expenses associated with such investment. With respect to the acquisition of a Property or other Permitted Investment through any Joint Venture or any partnership in which the Company or the
Partnership is a partner, the Acquisition Fee payable to the Advisor shall equal 0.75% of the portion of the amount actually paid or allocated to the purchase, development, construction or improvement of the Property, inclusive of the Acquisition
Expenses associated with such Property, plus the amount of any outstanding debt associated with such Property that is attributable to the Company’s investment in the Joint Venture or partnership. Notwithstanding anything herein to the contrary,
the payment of Acquisition Fees by the Company shall be subject to the limitations contained in the Company’s Charter. The Advisor shall submit an invoice to the Company following the closing or closings of each acquisition, accompanied by a
computation of the Acquisition Fee. The Acquisition Fee payable to the Advisor shall be paid at the closing of the acquisition upon receipt of the invoice by the Company. The Company will not pay an Acquisition Fee to the Advisor with respect to any
transaction in which the Company is required to pay an Origination Fee to the Advisor pursuant to the provisions of Section 8.02 below. 
  
 8.02 Origination Fees. As compensation for the investigation, selection, sourcing and acquisition or origination of Loans, the Company shall pay an
Origination Fee to the Advisor for each such acquisition or origination. With respect to the acquisition or origination of a Loan to be wholly owned by the Company, the Origination Fee payable to the Advisor shall equal 1% of the amount funded by
the Company to acquire or originate the Loan, including any Acquisition Expenses related to such investment and any debt used to fund the acquisition or origination of the Loan. With respect to the acquisition of a Loan through any Joint Venture or
any partnership in which the Company or the Partnership is a partner, the Origination Fee payable to the Advisor shall equal 1% of the portion of the amount actually paid or allocated to acquire or originate the Loan, inclusive of the Acquisition
Expenses associated with such Loan, plus the amount of any outstanding debt associated with such Loan that is attributable to the Company’s investment in the Joint Venture or partnership. The Company will not pay an Origination Fee to the
Advisor with respect to any transaction pursuant to which the Company is required to pay the Advisor an Acquisition Fee. Notwithstanding anything herein to the contrary, the payment of Origination Fees by the Company shall be subject to the
limitations on Acquisition Fees contained in the Company’s Charter. The Advisor shall submit an invoice to the Company following the closing or closings of each Loan, accompanied by a computation of the Origination Fee. The Origination Fee
payable to the Advisor shall be paid at the closing of the transaction upon receipt of the invoice by the Company. 
  

 15 

 8.03 Asset Management Fees. The Company shall pay the Advisor as compensation for the services described
in Section 3.03 hereof a monthly fee (the “Asset Management Fee”) in an amount equal to one-twelfth of 0.75% of the sum of the Cost of Real Estate Investments and the outstanding principal amount of the Loans and other Permitted
Investments, as of the end of the preceding month. The Advisor shall submit a monthly invoice to the Company, accompanied by a computation of the Asset Management Fee for the applicable period. The Asset Management Fee shall be payable on the last
day of such month, or the first business day following the last day of such month. The Asset Management Fee may or may not be foregone, in whole or in part, as to any year in the sole discretion of the Advisor. All or any portion of the Asset
Management Fee foregone as to any fiscal year shall be deferred without interest and may be paid in such other fiscal year as the Advisor shall determine. 
  
 8.04 Disposition Fees. If the Advisor or any of its Affiliates provide a substantial amount of services (as determined by the Conflicts Committee) in
connection with a Sale, the Advisor or such Affiliate shall receive a fee at the closing (the “Disposition Fee”) equal to 1% of the Contract Sales Price; provided, however, that no Disposition Fee shall be payable to the Advisor for any
Sale if such Sale involves the Company selling all or substantially all of its assets in one or more transactions designed to effectuate a business combination transaction (as opposed to a Company liquidation, in which case the Disposition Fee would
be payable if the Advisor or an Affiliate provides a substantial amount of services as provided above). Any Disposition Fee payable under this Section 8.04 may be paid in addition to real estate commissions paid to non-Affiliates, provided that
the total real estate commissions (including such Disposition Fee) paid to all Persons by the Company for each Property shall not exceed an amount equal to the lesser of (i) 6% of the aggregate Contract Sales Price of each Property or
(ii) the Competitive Real Estate Commission for each Property. Substantial assistance in connection with the sale of a Property includes the Advisor’s preparation of an investment package for the Property (including a new investment
analysis, rent rolls, tenant information regarding credit, a property title report, an environmental report, a structural report and exhibits) or such other substantial services performed by the Advisor in connection with a sale. 
  
 8.05 Subscription Processing Fee. The Company shall pay the Advisor as
compensation for the services described in Section 3.04(iv) hereof a monthly fee (the “Subscription Processing Fee”) in an amount equal to $35 per subscription agreement for Shares received and processed by the Advisor. The Advisor
shall submit a monthly invoice to the Company, accompanied by a computation of the total amount of the Subscription Processing Fee for the applicable period. The Subscription Processing Fee shall be payable on the last day of such month, or the
first business day following the last day of such month. 
  
 8.06
Subordinated Share of Cash Flows. The Subordinated Share of Cash Flows shall be payable to the Advisor in an amount equal to 15% of Operating Cash Flow and Cash from Sales and Financings remaining after the Stockholders have received Distributions
of Operating 

  

 16 

 
Cash Flow and of Cash from Sales and Financings such that the owners of all outstanding Shares have received Distributions in an aggregate amount equal to
the sum of: 
  

	 	a.	the Stockholders’ 8% Return and 

  

	 	b.	Invested Capital. 

  
 When determining whether the above threshold has been met: 
  

	 	(A)	Any stock dividend shall not be included as a Distribution; 

  

	 	(B)	Distributions paid on Shares redeemed by the Company (and thus no longer included in the determination of Invested Capital), shall not be included as a Distribution.

  
 Following Listing, no
Subordinated Share of Cash Flows will be paid to the Advisor. 
  
 8.07 Subordinated Incentive Fee. Upon Listing, the Advisor shall be entitled to the Subordinated Incentive Fee in an amount equal to 15% of the amount by which (i) the market value of the outstanding Shares of the Company, measured by
taking the average closing price or the average of the bid and asked price, as the case may be, over a period of 30 days during which the Shares are traded, with such period beginning 180 days after Listing (the “Market Value”), plus the
total of all Distributions paid to Stockholders (excluding any stock dividends) from the Company’s inception until the date that Market Value is determined, exceeds (ii) the sum of (A) 100% of Invested Capital and (B) the total
Distributions required to be paid to the Stockholders in order to pay the Stockholders’ 8% Return from inception through the date Market Value is determined. The Company shall have the option to pay such fee in the form of cash, Shares, a
promissory note or any combination of the foregoing. The Subordinated Incentive Fee will be reduced by the amount of any prior payment to the Advisor of a Subordinated Share of Cash Flows. In the event the Subordinated Incentive Fee is paid to the
Advisor following Listing, no other performance fee will be paid to the Advisor. 
  
 8.08 Changes to Fee Structure. In the event of Listing, the Company and the Advisor shall negotiate in good faith to establish a fee structure appropriate for a perpetual-life entity. 
  
 ARTICLE 9 
  
 EXPENSES 
  
 9.01 General. In addition to the compensation paid to the Advisor pursuant to Article 8 hereof, the Company shall pay directly or reimburse the Advisor
for all of the expenses paid or incurred by the Advisor or its Affiliates on behalf of the Company or in connection with the services provided to the Company pursuant to this Agreement, including, but not limited to: 
  

 17 

 (i) All Organization and Offering Expenses; provided, however, that the Company shall not
reimburse the Advisor to the extent such reimbursement would cause the total amount spent by the Company on Organization and Offering Expenses to exceed 15% of the Gross Proceeds raised as of the date of the reimbursement and provided further that
within 60 days after the end of the month in which an Offering terminates, the Advisor shall reimburse the Company to the extent the Company incurred Organization and Offering Expenses exceeding 15% of the Gross Proceeds raised in the completed
Offering; the Company shall not reimburse the Advisor for any Organization and Offering Expenses that the Conflicts Committee determines are not fair and commercially reasonable to the Company. 
  
 (ii) Acquisition Fees and Acquisition Expenses incurred in
connection with the selection and acquisition of Properties, Loans and other Permitted Investments, including such expenses incurred related to assets pursued or considered but not ultimately acquired by the Company, provided that, notwithstanding
anything herein to the contrary, the payment of Acquisition Fees and Acquisition Expenses by the Company shall be subject to the limitations contained in the Company’s Charter; 
  
 (iii) The actual out-of-pocket cost of goods and services used by the Company and obtained from entities not
Affiliated with the Advisor; 
  
 (iv) Interest
and other costs for borrowed money, including discounts, points and other similar fees; 
  
 (v) Taxes and assessments on income or Properties, taxes as an expense of doing business and any other taxes otherwise imposed on the
Company and its business, assets or income; 
  
 (vi) Out-of-pocket costs associated with insurance required in connection with the business of the Company or by its officers and Directors; 
  
 (vii) Expenses of managing, improving, developing, operating and selling Properties owned by the Company; 
  
 (viii) All out-of-pocket expenses in connection with
payments to the Board and meetings of the Board and Stockholders; 
  
 (ix) Personnel and related employment costs incurred by the Advisor or its Affiliates in performing the services described in Article 3 hereof, including but not limited to reasonable salaries and wages, benefits and
overhead of all employees directly involved in the performance of such services, provided that no reimbursement shall be made for costs of such employees of the Advisor or its Affiliates to the extent that such employees perform services for which
the Advisor receives Acquisition Fees or Disposition Fees; 
  

 18 

 (x) Out-of-pocket expenses of maintaining communications with Stockholders, including the
cost of preparation, printing, and mailing annual reports and other Stockholder reports, proxy statements and other reports required by governmental entities; 
  

(xi) Audit, accounting and legal fees, and other fees for professional services relating to the operations of the Company and all such
fees incurred at the request, or on behalf of, the Conflicts Committee or any other committee of the Board; 
  
 (xii) Out-of-pocket costs for the Company to comply with all applicable laws, regulations and ordinances; 
  
 (xiii) Expenses connected with payments of Distributions
made or caused to be made by the Company to the Stockholders; 
  
 (xiv) Expenses of organizing, redomesticating, merging, liquidating or dissolving the Company or of amending the Charter or the Bylaws; and 
  
 (xv) All other out-of-pocket costs incurred by the Advisor in performing its duties hereunder. 

 
 9.02 Timing of and Additional Limitations on Reimbursements. 

 
 (i) Expenses incurred by the Advisor on behalf of the
Company and reimbursable pursuant to this Article 9 shall be reimbursed no less than monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Company during each quarter and shall deliver such statement to the
Company within 45 days after the end of each quarter. 
  
 (ii) Notwithstanding anything else in this Article 9 to the contrary, the expenses enumerated in this Article 9 shall not become reimbursable to the Advisor unless and until the Company has raised $2.5 million in the initial public offering
of its Shares. 
  
 (iii) The Company shall not
reimburse the Advisor at the end of any fiscal quarter for Operating Expenses that in the four consecutive fiscal quarters then ended (the “Expense Year”) exceed (the “Excess Amount”) the greater of 2% of Average Invested Assets
or 25% of Net Income (the “2%/25% Guidelines”) for such year unless the Conflicts Committee determines that such excess was justified, based on unusual and nonrecurring factors that the Conflicts Committee deems sufficient. If the
Conflicts Committee does not approve such excess as being so justified, any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Company. If the Conflicts Committee determines such excess was justified, then, within 60
days after the end of any fiscal quarter of the Company for which total reimbursed Operating Expenses for the Expense Year exceed the 2%/25% Guidelines, the Advisor, at the direction of the Conflicts 

  

 19 

 
Committee, shall send to the Stockholders a written disclosure of such fact, together with an explanation of the factors the Conflicts Committee considered
in determining that such excess expenses were justified. The Company will ensure that such determination will be reflected in the minutes of the meetings of the Board. All figures used in the foregoing computation shall be determined in accordance
with GAAP applied on a consistent basis. 
  
 ARTICLE 10 

  
 VOTING AGREEMENT 
  
 The Advisor agrees that, with respect to any Shares now or hereinafter owned
by it, the Advisor will not vote or consent on matters submitted to the stockholders of the Company regarding (i) the removal of the Advisor or any Affiliate of the Advisor or (ii) any transaction between the Company and the Advisor or any
of its Affiliates. This voting restriction shall survive until such time that the Advisor is both no longer serving as such and is no longer an Affiliate of the Company. 
  

 ARTICLE 11 
  
 RELATIONSHIP OF ADVISOR AND COMPANY; 
 OTHER ACTIVITIES OF THE ADVISOR 
  
 11.01
Relationship. The Company and the Advisor are not partners or joint venturers with each other, and nothing in this Agreement shall be construed to make them such partners or joint venturers. Nothing herein contained shall prevent the Advisor from
engaging in other activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored or organized by the Advisor or its Affiliates. Nor shall this
Agreement limit or restrict the right of any manager, director, officer, employee or equityholder of the Advisor or its Affiliates to engage in any other business or to render services of any kind to any other Person. The Advisor may, with respect
to any investment in which the Company is a participant, also render advice and service to each and every other participant therein. The Advisor shall promptly disclose to the Board the existence of any condition or circumstance, existing or
anticipated, of which it has knowledge, that creates or could create a conflict of interest between the Advisor’s obligations to the Company and its obligations to or its interest in any other Person. 
  
 11.02 Time Commitment. The Advisor shall, and shall cause its Affiliates and
their respective employees, officers and agents to, devote to the Company such time as shall be reasonably necessary to conduct the business and affairs of the Company in an appropriate manner consistent with the terms of this Agreement. The Company
acknowledges that the Advisor and its Affiliates and their respective employees, officers and agents may also engage in activities unrelated to the Company and may provide services to Persons other than the Company or any of its Affiliates.

  

 20 

 11.03 Investment Opportunities and Allocation. The Advisor shall be required to use commercially
reasonable efforts to present a continuing and suitable investment program to the Company that is consistent with the investment policies and objectives of the Company, but neither the Advisor nor any Affiliate of the Advisor shall be obligated
generally to present any particular investment opportunity to the Company even if the opportunity is of character that, if presented to the Company, could be taken by the Company. In the event an investment opportunity is located, the allocation
procedure set forth under the caption “Conflicts of Interest – Certain Conflict Resolution Procedures – Allocation of Investment Opportunities” in the Registration Statement shall govern the allocation of the opportunity among
the Company and Affiliates of the Advisor. 
  
 ARTICLE 12 

  
 THE KBS NAME 
  
 The Advisor and its Affiliates have a proprietary interest in the name
“KBS.” The Advisor hereby grants to the Company a non-transferable, non-assignable, non-exclusive royalty-free right and license to use the name “KBS” during the term of this Agreement. Accordingly, and in recognition of this
right, if at any time the Company ceases to retain the Advisor or one of its Affiliates to perform advisory services for the Company, the Company will, promptly after receipt of written request from the Advisor, cease to conduct business under or
use the name “KBS” or any derivative thereof and the Company shall change its name and the names of any of its subsidiaries to a name that does not contain the name “KBS” or any other word or words that might, in the reasonable
discretion of the Advisor, be susceptible of indication of some form of relationship between the Company and the Advisor or any its Affiliates. At such time, the Company will also make any changes to any trademarks, servicemarks or other marks
necessary to remove any references to the word “KBS.” Consistent with the foregoing, it is specifically recognized that the Advisor or one or more of its Affiliates has in the past and may in the future organize, sponsor or otherwise
permit to exist other investment vehicles (including vehicles for investment in real estate) and financial and service organizations having “KBS” as a part of their name, all without the need for any consent (and without the right to
object thereto) by the Company. 
  
 ARTICLE 13 

 
 TERM AND TERMINATION OF THE AGREEMENT 
  
 13.01 Term. This Agreement shall have an initial term of one year from the
date hereof and may be renewed for an unlimited number of successive one-year terms upon mutual consent of the parties. The Company (acting 

  

 21 

 
through the Conflicts Committee) will evaluate the performance of the Advisor annually before renewing this Agreement, and each such renewal shall be for a
term of no more than one year. Any such renewal must be approved by the Conflicts Committee. 
  
 13.02 Termination by Either Party. This Agreement may be terminated upon 60 days written notice without cause or penalty by either the Company (acting through the Conflicts Committee) or the Advisor. The provisions of
Articles 1, 10, 12, 13, 15 and 16 shall survive termination of this Agreement. 
  
 13.03 Payments on Termination and Survival of Certain Rights and Obligations. Payments to the Advisor pursuant to this Section 13.03 shall be subject to the 2%/25% Guidelines to the extent applicable. 

 
 (i) After the Termination Date, the Advisor shall not be
entitled to compensation for further services hereunder except it shall be entitled to receive from the Company within 30 days after the effective date of such termination (A) all unpaid reimbursements of expenses and all earned but unpaid fees
payable to the Advisor prior to termination of this Agreement and (B) the Subordinated Performance Fee Due Upon Termination, provided that no Subordinated Performance Fee Due Upon Termination will be paid if the Company has paid or is obligated
to pay the Subordinated Incentive Fee. 
  
 (ii)
The Advisor shall promptly upon termination: 
  
 (a) pay over to the Company all money collected pursuant to this Agreement, if any, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 
  
 (b) deliver to the Board a full accounting, including a
statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board; 
  
 (c) deliver to the Board all assets and documents of the Company then in the custody of the Advisor; and

  
 (d) cooperate with the Company to provide an
orderly transition of advisory functions. 
  
 ARTICLE 14 

  
 ASSIGNMENT 
  
 This Agreement may be assigned by the Advisor to an Affiliate with the
consent of the Conflicts Committee. The Advisor may assign any rights to receive fees or other 

  

 22 

 
payments under this Agreement without obtaining the approval of the Board. This Agreement shall not be assigned by the Company without the consent of the
Advisor, except in the case of an assignment by the Company to a corporation or other organization that is a successor to all of the assets, rights and obligations of the Company, in which case such successor organization shall be bound hereunder
and by the terms of said assignment in the same manner as the Company is bound by this Agreement. 
  
 ARTICLE 15 
  
 INDEMNIFICATION AND LIMITATION OF LIABILITY 
  
 The Company shall indemnify, defend and hold harmless the Advisor and its Affiliates, including their respective officers, directors, equity holders, partners and employees, from all liability, claims, damages or losses arising in the
performance of their duties hereunder, and related expenses, including reasonable attorneys’ fees, to the extent such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance, subject to any limitations
imposed by the Company’s the Charter. Any indemnification of the Advisor may be made only out of the net assets of the Company and not from Stockholders. 
  

ARTICLE 16 
  
 MISCELLANEOUS 
  
 16.01 Notices. Any notice, report or other communication required or permitted to be given hereunder shall be in writing unless some other method of giving such notice, report or other communication is required by the
Charter, the Bylaws or is accepted by the party to whom it is given, and shall be given by being delivered by hand or by overnight mail or other overnight delivery service to the addresses set forth herein: 
  
 To the Company or the Board: 
  
 KBS Real Estate Investment Trust, Inc. 
 620 Newport Center Drive, Suite 1300 
 Newport Beach, California 92660 
  
 To
the Advisor: 
  
 KBS Capital Advisors LLC 
 660 Newport Center Drive, Suite 1200 
 Newport Beach, California 92660 
  

 23 

 Either party may at any time give notice in writing to the other party of a change in its address for the
purposes of this Section 16.01. 
  
 16.02 Modification. This
Agreement shall not be changed, modified, terminated or discharged, in whole or in part, except by an instrument in writing signed by both parties hereto, or their respective successors or permitted assigns. 
  
 16.03 Severability. The provisions of this Agreement are independent of and
severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 
  
 16.04 Construction. The provisions of this Agreement shall be construed and
interpreted in accordance with the laws of the State of Delaware. 
  
 16.05 Entire Agreement. This Agreement contains the entire agreement and understanding between the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings,
inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with
any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in writing. 
  
 16.06 Waiver. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall
operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right,
remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party
asserted to have granted such waiver. 
  
 16.07 Gender. Words used
herein regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 
  
 16.08 Titles Not to Affect Interpretation. The titles of Articles and
Sections contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof. 
  

 24 

 16.09 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be
deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken
together, shall bear the signatures of all of the parties reflected hereon as the signatories. 
  
 [The remainder of this page is intentionally left blank. 
 Signature page follows.] 

 

 25 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first above
written. 
  

													
	 	 	 	 	KBS REAL ESTATE INVESTMENT TRUST II, INC.
					
	 	 	 	 	 	  	By:	 	  

	 	 	 	 	 	  	 	 	Charles J. Schreiber, Jr., Chief Executive Officer
			
	 	 	 	 	KBS CAPITAL ADVISORS LLC
					
	 	 	 	 	 	  	By:	 	PBren Investments, L.P., a Manager
						
	 	 	 	 	 	  	 	 	By:	 	PBren Investments, LLC, as general partner
							
	 	 	 	 	 	  	 	 	 	 	By:	 	  

	 	 	 	 	 	  	 	 	 	 	 	 	Peter M. Bren, Manager
					
	 	 	 	 	 	  	By:	 	Schreiber Real Estate Investments, L.P., a Manager
						
	 	 	 	 	 	  	 	 	By:	 	Schreiber Investments, LLC, as general partner
							
	 	 	 	 	 	  	 	 	 	 	By:	 	  

	 	 	 	 	 	  	 	 	 	 	 	 	Charles J. Schreiber, Jr., Manager

  

 26EXHIBIT 4.1

 Exhibit 4.1 
 CHASE ISSUANCE TRUST 
 as Issuing Entity 
 CLASS A(2007-14) TERMS DOCUMENT 
 dated as of September 27, 2007 
 to 
 AMENDED AND RESTATED 
 CHASESERIES INDENTURE SUPPLEMENT 
 dated as of October 15, 2004 
 to 
 SECOND AMENDED AND RESTATED 
 INDENTURE 
 dated as of March 14, 2006 
 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(2007-14) 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	  	6
	 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(2007-14) Notes; Depository; Denominations.	  	7
	 Section 2.07
	 	Delivery and Payment for the Class A(2007-14) Notes	  	8
	 Section 2.08
	 	Supplemental Indenture	  	8

 THIS CLASS A(2007-14) 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 September 27, 2007. 
 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(2007-14) Notes and no other Tranche of CHASEseries Notes issued by the Issuing
Entity. 
 “Asset Pool Supplement” means the Amended and Restated Asset Pool One Supplement to the Indenture, dated as of
October 15, 2004, as amended by the First Amendment thereto, dated as of May 10, 2005, and the Second Amendment thereto, dated as of February 1, 2006, 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(2007-14) Adverse Event” means the occurrence of any of the following: (a) an Early Amortization Event with respect to the
Class A(2007-14) Notes, (b) an Event of Default and acceleration of the Class A(2007-14) Notes, (c) the Class A Usage of the Class B Required Subordinated Amount for the Class A(2007-14) Notes becomes greater than zero or (d) the
Class A Usage of the Class C Required Subordinated Amount for the Class A(2007-14) Notes becomes greater than zero. 
 “Class
A(2007-14) Note” means any Note, substantially in the form set forth in Exhibit A-1 to the Indenture Supplement, designated therein as a Class A(2007-14) Note and duly executed and authenticated in accordance with the Indenture. 

“Class A(2007-14) Noteholder” means a Person in whose name a Class A(2007-14) Note is registered in the Note Register. 
 “Class A(2007-14) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar
Principal Amount of the Class A(2007-14) 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 $129,166,666.67; 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 

  

 2 

 
Amount for any Note Transfer Date with respect to the Class A(2007-14) Notes will be the amount specified in the definition of “Controlled Accumulation
Amount” in the Indenture Supplement. 
 “Indenture” means the Second Amended and Restated Indenture, dated as of
March 14, 2006, between the Issuing Entity and the Indenture Trustee. 
 “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 $1,550,000,000. 
 “Interest Payment
Date” means October 15, 2007 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 September 27, 2007.

 “Legal Maturity Date” means September 15, 2011. 
 “LIBOR” means, for any Interest Period, 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) September 25, 2007 for the period from and including the Issuance Date through but excluding October 15, 2007 and (2) for each interest period thereafter, the second
London Business Day prior to the commencement of the second and each subsequent 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 0.25% 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 

  

 3 

 
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. 
 “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 September 15, 2009. 
 “Stated Principal Amount” means $1,550,000,000. 
 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(2007-14) 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(2007-14) Notes.” 
 Section 2.02 Specification of Required Subordinated Amount and Other Terms 
 (a) For the Class
A(2007-14) Notes for any date of determination, the Class A Required Subordinated Amount of Class B Notes will be an amount equal to 6.49718% of (i) prior to the occurrence of a Class A(2007-14) Adverse Event, the Adjusted Outstanding
Dollar Principal Amount of the Class A(2007-14) Notes on such date of determination or (ii) on and after the date on which a Class A(2007-14) Adverse Event shall have occurred, the greater of (1) the Adjusted Outstanding Dollar Principal
Amount of the Class A(2007-14) Notes on such date of determination and (2) the Adjusted Outstanding Dollar Principal Amount of the Class A(2007-14) Notes as of the close of business on the day immediately preceding the date on which such Class
A(2007-14) Adverse Event shall have occurred. 
 (b) For the Class A(2007-14) Notes for any date of determination, the Class A Required
Subordinated Amount of Class C Notes will be an amount equal to 6.49718% of (i) prior to the occurrence of a Class A(2007-14) Adverse Event, the Adjusted Outstanding Dollar Principal Amount of the Class A(2007-14) Notes on such date or
(ii) on and after the date on which a Class A(2007-14) Adverse Event shall have occurred, the greater of (1) the Adjusted Outstanding Dollar Principal Amount of the Class A(2007-14) Notes on such date of determination and (2) Adjusted
Outstanding Dollar Principal Amount of the Class A(2007-14) Notes as of the close of business on the day immediately preceding the date on which such Class A(2007-14) 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. 
  

 5 

 Section 2.03 Interest Payment 
 (a) For each Interest Payment Date, the amount of interest due with respect to the Class A(2007-14) 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(2007-14) Notes determined as of the close of business on the Interest Payment Date preceding the related Note Transfer Date for the Class A(2007-14) Notes;
provided, however, that for the first Interest Payment Date, the amount of interest due with respect to the Class A(2007-14) Notes shall be an amount equal to the product of (x) the Outstanding Dollar Principal Amount of the Class
A(2007-14) Notes on the Issuance Date, (y) 18 divided by 360 and (z) the Note Interest Rate in effect with respect to the Class A(2007-14) Notes determined on September 25, 2007. Interest on the Class A(2007-14) 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(2007-14) Notes, the Indenture Trustee shall deposit into the Class A(2007-14) Interest Funding Sub-Account the portion of CHASEseries Available Finance Charge Collections allocable
to the Class A(2007-14) Notes. 
 Section 2.04 Calculation Agent; Determination of LIBOR 
 (a) The Issuing Entity hereby agrees that for so long as any Class A(2007-14) 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 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 

  

 6 

 
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 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 one-month period. 
 (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, 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(2007-14) 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(2007-14) 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(2007-14) Noteholders to receive payments from the Issuing Entity will terminate on the first Business Day following the Class A(2007-14) Termination Date. 
 Section 2.06 Form of Delivery of Class A(2007-14) Notes; Depository; Denominations. 
 (a) The Class A(2007-14) 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. 
  

 7 

 (b) The Depository for the Class A(2007-14) Notes shall be The Depository Trust Company, and the Class
A(2007-14) Notes shall initially be registered in the name of Cede & Co., its nominee. 
 (c) The Class A(2007-14) 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(2007-14) Notes 
 The Issuing Entity shall execute and deliver the Class A(2007-14) Notes to the Indenture Trustee for
authentication, and the Indenture Trustee shall deliver the Class A(2007-14) Notes when authenticated, each in accordance with Section 3.03 of the Indenture. 
 Section 2.08 Supplemental Indenture The Issuing Entity may enter into a supplemental indenture with respect to the Class A(2007-14) 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(2007-14) 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. 
 [END OF ARTICLE II] 
  

 8 

 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/ Keith W. Schuck

	Name:	 	Keith W. Schuck
	Title:	 	President
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
 as
Indenture Trustee and Collateral Agent

		
	By:	 	 /s/ Cheryl C. Zimmerman

	Name:	 	Cheryl C. Zimmerman, CCTS
	Title:	 	Assistant Vice President

 Chase Issuance Trust 
 CHASEseries Class A(2007-14) Terms Agreement 
 Signature Page

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