Document:

EX-10.1

 Exhibit 10.1 
  

 
 AGREEMENT OF INDEMNITY 

This Agreement of Indemnity (hereinafter referred to as the “Agreement”) is made and entered into this 9th day of September, 2016, with and in favor
of Everest Reinsurance Company and Everest National Insurance Company, and their affiliated, associated and subsidiary companies, successors and assigns (hereinafter collectively referred to as the “Surety”) and executed by: 

 

			
	Name	  	Federal Employer
Identification Number
	 ICS
Holdings LLC
	  	04-3781605
	 IES
Commercial & Industrial, LLC
	  	45-2010815
	 IES
Commercial, Inc.
	  	16-1664197
	 IES
Consolidation, LLC
	  	26-0733980
	 IES
Management, LP
	  	76-0569183
	 IES
Management ROO, LP
	  	52-2114914
	 IES
Operations Group, Inc.
	  	52-2110684
	 IES
Properties, Inc.
	  	76-0699590
	 IES
Purchasing & Materials, Inc.
	  	26-0655043
	 IES
Renewable Energy, LLC
	  	46-1964685
	 IES
Residential, Inc.
	  	74-1774028
	 IES
Shared Services, Inc.
	  	26-0655112
	 IES
Subsidiary Holdings, Inc.
	  	46-2276549
	 IES
Tangible Properties, Inc.
	  	26-0654949
	
Integrated Electrical Finance, Inc.
	  	76-0559059
	 IES
Holdings, Inc.
	  	76-0542208
	 Key
Electrical Supply, Inc.
	  	76-0285442
	 Magnetech
Industrial Services, Inc.
	  	35-2114582
	 HK Engine
Components, LLC
	  	35-2248732
	 Southern
Industrial Sales and Services, Inc.
	  	58-1702287
	 Calumet
Armature and Electric, L.L.C.
	  	36-4184053
	 Shanahan
Mechanical and Electrical, Inc.
	  	47-0545807
	 STR
Mechanical, LLC
	  	20-8664049
	 IES
Infrastructure Solutions, LLC
	  	81-2722853
	
Technibus, Inc.
	  	26-2991322

  
 1 

 together with any partnerships, associations, corporations, successors, assigns, affiliates other than
shareholders of IES Holdings, Inc., related entities, subsidiaries and/or divisions of the Indemnitor whether now existing or hereafter formed or acquired, whether alone or in joint venture with others not named herein (hereinafter collectively
referred to as the “Indemnitor(s)”). 
  

RECITALS 

WHEREAS, the Indemnitor, in the performance of contracts and the fulfillment of obligations generally, whether in its own name solely or as
co-venturer with others, may desire or be required to give or procure certain surety bonds, undertakings or instruments of guarantee, and to renew, or continue or substitute from time to time the same, or new bonds, undertakings or instruments of
guarantee with the same or different penalties, and/or conditions (hereinafter referred to as “Bonds”); the Indemnitor to request the Surety to refrain from canceling said Bonds; and 

WHEREAS, at the request of the Indemnitor and upon the express understanding that this Agreement be given, the Surety has executed or procured
to be executed, and may from time to time hereafter execute or procure to be executed, said Bonds on behalf of the Indemnitor; and 

WHEREAS, the Indemnitor have a substantial, material and beneficial interest in the obtaining of the Bonds or in the Surety’s refraining
from canceling the Bonds. 
 NOW, THEREFORE, in consideration of the premises set forth herein, the Indemnitor jointly and severally hereby
covenant and agree with the Surety, as follows: 
  

I – PREMIUMS 

The Indemnitor will pay to the Surety in such manner as may be agreed upon all premiums and charges of the Surety for the Bonds in accordance
with its rate filings, its manual of rates, or as otherwise agreed upon, until the Indemnitor shall serve evidence satisfactory to the Surety of its discharge or release from the Bonds and all liability by reason thereof; provided that such premiums
shall be notified and agreed to by the Indemnitors. 
  

II – INDEMNITY; DISCHARGE 

The Indemnitor shall exonerate, hold harmless and indemnify the Surety from and against any and all liability, loss, costs, damages, reasonably
incurred fees of attorneys and consultants, and other expenses, including reasonable interest, which the Surety may sustain and incur: (i) by reason of , or in consequence of, having executed or procured the execution of the Bonds, including,
without limitation, making any investigation in connection with any Bond, prosecuting or defending any action and obtaining the release of any Bond; (ii) by reason of the failure of the Indemnitor to perform or comply with the covenants and
conditions of this Agreement; or (iii) in enforcing any of the covenants and conditions of this Agreement. Payment by reason of the aforesaid causes shall be made to the Surety by the Indemnitor upon notice of Surety in writing as soon as
liability exists or is asserted against the Surety, whether or not the Surety shall have made any payment therefor. An itemized statement sworn to by the Surety, or the voucher or vouchers or other evidence of payment, compromise or liability shall
be prima facie evidence of the fact and amount of the Indemnitor’s’ liability under this Agreement. The Indemnitor will, upon no less than thirty (30) days’ notice, at the request of the Surety, procure the discharge of the
Surety from any Bond and all liability by reason thereof. Upon such discharge or release, the Surety shall return to the Indemnitor any portion of any premium paid which is unearned as a result of such discharge or release. Any payments made by the
Indemnitor hereunder shall be held by Surety and are to be used by Surety only for purposes of satisfying incurred losses and expenses associated with a Bond, and any payments in excess of such losses and expenses shall be promptly returned to
Indemnitors. 

  
 2 

 
III – ASSIGNMENT 

The Indemnitor hereby assign, transfer and set over, to the Surety, as collateral to secure the obligations in any and all of the paragraphs of
this Agreement and any other indebtedness and liabilities of the Indemnitor to the Surety, whether heretofore or hereafter incurred, the assignment in the case of each contract to become effective as of the date of the Bond covering such contract:
(a) all of the Indemnitor’s rights, title and interest in, and arising in any manner out of, all contracts referred to in the Bonds whether or not bonded , or in, or arising in any manner out of the Bonds; (b) any and all sums that
may be due or hereafter become due on account of any and all contracts referred to in the Bonds including, but not limited to, all percentages retained, progress payments, deferred payments, compensation for extra work and proceeds of damage claims;
(c) all of the Indemnitor’s rights, title and interest in and to all machinery, supplies, equipment, plant, tools and materials of every nature and description which are now, or may hereafter be, about or upon the site or sites of any and
all of the contractual work referred to in the Bonds or elsewhere, including material purchased for or chargeable to any and all contracts referred to in the Bonds, materials which may be in process of construction, in storage elsewhere, or in
transportation to any and all of said sites; (d) all proprietary systems, software or any other assets of a similar nature which are employed by the Indemnitor in connection with any and all contractual work referred to in the Bonds;
(e) all of the Indemnitor’s rights, title and interest in and to all subcontracts let or to be let in connection with any and all contracts referred to in the Bonds, and in and to all surety bonds supporting such subcontracts; (f) all
actions, causes of actions, claims and demands whatsoever which the Indemnitor may have or acquire against any subcontractor, laborer or materialman, or any person furnishing or agreeing to furnish or supply labor, material supplies, machinery,
tools or other equipment in connection with or on account of any and all contracts referred to in the Bonds; and all actions, causes of actions, claims and demands whatsoever which the Indemnitor may have or acquire against any surety or sureties of
any subcontractor, laborer, or materialman and (g) all proceeds of the foregoing. This assignment shall be enforceable only in the event of a default hereunder by Indemnitor of its obligations pursuant to Section II hereunder not cured upon
five (5) days’ notice (an “Event of Default”). 
  

IV – TRUST FUND 

If any of the Bonds are executed in connection with a contract which by its terms or by law prohibits the assignment of the contract’s
proceeds, or any part thereof, the Indemnitor covenant and agree that all payments received for or on account of said contract shall be held as a trust fund in which the Surety has an interest, for the payment of obligations incurred in the
performance of the contract and for labor, materials, and services furnished in the prosecution of the work provided in said contract or any authorized extension or modification thereof; and, further, it is expressly understood and declared that all
monies due and to become due under any contract or contracts covered by the Bonds are trust funds, whether in the possession of the Indemnitor or otherwise, for the benefit of and for payment of all such obligations in connection with any such
contract or contracts for which the Surety would be liable under any of said Bonds, which said trust also inures to the benefit of the Surety for any liability or loss it may have or sustain under any said Bonds, and this Agreement and declaration
shall also constitute notice of such trust. 
  

V – UNIFORM COMMERCIAL CODE 

This Agreement shall constitute a Security Agreement to the Surety and also a Financing Statement, both in accordance with the provisions of
the Uniform Commercial Code of every jurisdiction wherein such Code is in effect, and may be so used by the Surety without in any way abrogating, restricting or limiting the rights of the Surety under this Agreement or under law, or in equity. 

 

VI – TAKEOVER 

In the event of any breach or default asserted by the obligee in any Bonds, or the Indemnitor has abandoned the work on or forfeited any
contract or contracts covered by any Bonds, or has failed to pay obligations incurred in connection therewith, or in the event of the death, disappearance, Indemnitor’s conviction for a felony, imprisonment, incompetency, insolvency, or
bankruptcy of the Indemnitor, or the appointment of a receiver or trustee for the Indemnitor, or the property of the Indemnitor, or in the event of an assignment for the benefit of creditors of the Indemnitor, or if any action is taken by or against
the Indemnitor under or by virtue of Title 11 of the United States Code (the “Act”), as now constituted or hereafter amended, or any other Federal, state or foreign bankruptcy, insolvency, receivership or similar law, or should
reorganization or arrangement proceedings be filed by or against the Indemnitor under said Act, or if any action is taken by or against the Indemnitor under the insolvency laws of any state, possession, or territory of the United States, the Surety
shall have the right, at its option and in its sole discretion and is hereby authorized, with 

  
 3 

 
or without exercising any other right or option conferred upon it by law or in the terms of this Agreement, after two (2) days’ written notice to and an opportunity to cure by the
Indemnitors, to take possession of any part or all of the work under any contract or contracts covered by any Bonds, and at the expense of the Indemnitor to complete or arrange for the completion of the same, and the Indemnitor shall promptly upon
demand pay to the Surety all losses, and expenses so reasonably incurred. 

 

VII – CHANGES 

In the event of any breach or default asserted by the obligee in any Bonds, theSurety is authorized and empowered, upon notice to the
Indemnitor to assent to any change whatsoever in the Bonds, and/or any contracts referred to in the Bonds, and/or in the general conditions, plans and/or specifications accompanying said contracts, including, but not limited to, any change in the
time for the completion of said contracts and to payments or advances thereunder before the same may be due; to assent to or take any assignment or assignments; to execute or consent to the execution of any continuations, extensions or renewals of
the Bonds; and to execute any substitute or substitutes therefor, with the same or different conditions, provisions and obligees and with the same or larger or smaller penalties, it being expressly understood and agreed that the Indemnitor shall
remain bound under the terms of this Agreement even though any such assent by the Surety does or might substantially increase the liability of said Indemnitor . 

 

VIII – ADVANCES 

In the event of any breach or default asserted by the obligee in any Bonds, the Surety is authorized and empowered to guarantee loans, to
advance or lend to the Indemnitor any money, which the Surety may see fit, for the purpose of any contracts referred to in, or guaranteed by the Bonds; and all money expended in the completion of any such contracts by the Surety, or lent or advanced
from time to time to the Indemnitor, or guaranteed by the Surety for the purposes of any such contracts, and all costs, and expenses incurred by the Surety in relation thereto, unless repaid with legal interest by the Indemnitor to the Surety when
due, shall be presumed to be a loss by the Surety for which the Indemnitor shall be responsible, notwithstanding that said money or any part thereof should not be so used by the Indemnitor. 

 

IX – REPORTING; BOOKS & RECORDS 

At any time during business hours and until such time as the liability of the Surety under a Bond is terminated and the Surety is fully
reimbursed for all of its losses, costs and expenses as a result of having executed, provided or procured said Bond on behalf of the Indemnitor, the Surety shall have reasonable access during normal business hours to the books, records, software,
data bases, computer stored information, contract documents, drawings, and accounts of the Indemnitor, wherever located, for the purpose of inspection, copying and reproduction. 

The Indemnitor authorize the Surety or its designee to investigate the financial condition of the Indemnitor, the status of work under
contracts being performed by the Indemnitor, the condition of the performance of such contracts, the status of payment of accounts of the Indemnitor and all other matters deemed appropriate by the Surety for the purpose of determining whether or not
to execute the Bond on the Indemnitor’s behalf or in investigating claims made against the Bond or in investigating the Surety’s exposure to loss generally. When requested by the Surety, banks, depositories, accountants, attorneys, credit
reporting agencies, obligees on a Bond, architects, materialmen, subcontractors, supply houses, prior and subsequent sureties, and joint venturers are hereby authorized and directed by the Indemnitor to furnish the Surety any information requested.
The Surety and every such person from whom such information is requested hereby are and shall be released and discharged of any and all claim, liability and responsibility which they or any of them might otherwise incur or be subject to for or by
reason of any such receipt or disclosure of any information respecting the Indemnitor which is obtained or utilized pursuant hereto. 

 

X – BOND EXECUTION 

Unless otherwise specifically agreed in writing, the Surety may decline to execute any Bond and the Indemnitor agree to make no claim to the
contrary in consideration of the Surety’s receiving this Agreement; and if the Surety shall execute a bid or proposal bond, it shall have the right to decline to execute any and all of the bonds that may be required in connection with any award
that may be made under the proposal for which the bid or proposal bond is given and such declination shall not diminish or alter the liability that may arise by reason of having executed the bid or proposal bond. The Indemnitor hereby waive notice
of the execution of said Bonds and of the acceptance of this Agreement, and the Indemnitor hereby waive all notice of any default, or any other act or acts giving rise to any claim under said Bonds, as well as notice of any and all liability of the
Surety under said Bonds, 

  
 4 

 
and any and all liability on their part hereunder, to the end and effect that, the Indemnitor shall be and continue liable hereunder, notwithstanding any notice of any kind to which they might
have been or be entitled, and notwithstanding any defenses they might have been entitled to make. Surety will make good faith efforts to notify Indemnitor of such actions. 

 

XI – SETTLEMENTS 

In the event of any breach or default asserted by the obligee in any Bonds, the Surety shall have the exclusive right for itself and for the
Indemnitor to adjust, settle or compromise any claim, demand, suit or judgment upon the Bonds. In the event of any payment by the Surety, the Indemnitor agree that in any accounting between the Surety and the Indemnitor, the Surety shall be entitled
to charge for any and all disbursements made by it in good faith in and about the matters contemplated by this Agreement under the belief that it is or was liable for the sums and the amounts so disbursed, or that it was necessary or expedient to
make such disbursements, whether or not such liability, necessity or expediency existed. 
 If the Indemnitor request the Surety to litigate
any claim or demand, or to defend any suit, or to appeal any judgment, it shall upon request from the Surety deposit with the Surety, at the time of such request, cash or collateral satisfactory to the Surety in kind and amount, to be used in paying
any judgment or judgments rendered or that may be rendered, with interest, costs, expenses and attorney’s fees, including those of the Surety. 

 

XII – SURETIES 

In the event the Surety procures the execution of the Bonds by other sureties, or executes the Bonds with co-sureties, or reinsures any portion
of said Bonds with reinsuring sureties, then all the terms and conditions of this Agreement shall inure to the benefit of such other sureties, co-sureties and reinsuring sureties, as their interest may appear. 

 

XIII – SUITS 

Separate suits may be brought hereunder as causes of action accrue, and the bringing of suit or the recovery of judgment upon any cause of
action shall not prejudice or bar the bringing of other suits, upon other causes of action, whether theretofore or thereafter arising. 

 

XIV – OTHER INDEMNITY 

The Indemnitor shall continue to remain bound under the terms of this Agreement even though the Surety may have from time to time heretofore or
hereafter, with or without notice to or knowledge of the Indemnitor , accepted or released other agreements of indemnity or collateral in connection with the execution or procurement of said Bonds, from the Indemnitor or others, it being expressly
understood and agreed by the Indemnitor that any and all other rights which the Surety may have or acquire against the Indemnitor and/or others under any such other or additional agreements of indemnity or collateral shall be in addition to, and not
in lieu of, the rights afforded the Surety under this Agreement. 
  

XV – INVALIDITY 

If any of the parties mentioned in this Agreement fail to execute the same, or if the execution hereof by any of the parties is defective or
invalid for any reason, such failure, defect or invalidity shall not in any manner affect the validity of this Agreement or the liability hereunder of any of the parties executing the same, but each and every party so executing shall be and remain
fully bound and liable hereunder to the same extent as if such failure, defect or invalidity had not existed. It is understood and agreed by the Indemnitor that the rights, powers, and remedies given the Surety under this Agreement shall be and are
in addition to, and not in lieu of, any and all other rights, powers, and remedies which the Surety may have or acquire against the Indemnitor or others, whether by the terms of any other agreement or by operation of law or otherwise. 

 

XVI – ATTORNEY IN FACT 

The Indemnitor hereby irrevocably nominate, constitute, appoint and designate the Surety as their attorney-in-fact with the right, but not the
obligation, to exercise all of the rights of the Indemnitor assigned, transferred and set over to the Surety in this Agreement, and in the name of the Indemnitor to make, execute, and deliver any and all additional or other assignments,

  
 5 

 
documents or papers deemed necessary and proper by the Surety in order to give full effect not only to the intent and meaning of this within assignments, but also to the full protection intended
to be herein given to the Surety under all other provisions of this Agreement. The Indemnitor hereby ratify and confirm all acts and actions taken and done by the Surety as such attorney-in-fact. 

 

XVII – TERMINATION 

This Agreement may be terminated by the Indemnitor upon thirty (30) day’s written notice sent by email with receipt acknowledged by
Surety or registered mail to the Surety at its offices at 461 5th Avenue, New York, New York, 10017, but any such notice of termination shall not operate to modify, bar, or discharge the
Indemnitor as to Bonds that may have been theretofore executed, or with respect to Bonds executed after the date of termination, upon the award of a contract to an Indemnitor on a bid or proposal with respect to which Surety has executed a bid or
proposal or similar bond prior to the date of termination shall operate only with respect to those Indemnitor upon whose behalf such notice of termination shall have been given. 

 

XVIII – PLACE IN FUNDS 

Immediately upon demand, the Indemnitor will deposit with Surety, as collateral security, money or other collateral satisfactory to Surety,
equal to: (1) the liability of Surety, if established; (2) the liability asserted against Surety; or (3) the reserve established by Surety, or any increase thereof, to cover any liability for loss or expense for which the Indemnitor
may be obligated to indemnify Surety under the terms of the Agreement. Surety shall have the right to use the collateral, or any part thereof, in payment of settlement of any liability, loss or expense for which the Indemnitor is or would be
obligated to indemnify Surety under the terms of this Agreement. Such collateral shall be promptly returned to Indemnitor upon discharge of the Surety’s liability under the Bond, payment of a claim, or cancellation of the Bond with no further
claim made upon Surety. 
 At the Surety’s sole option, such collateral shall be in addition to and not in lieu of any other collateral
that has been previously provided by the Surety. 
  

XIX – GOVERNING LAW: JURISDICTION 

This Agreement shall be governed by and construed in accordance with the law of the State of New York without regard to conflict of laws
principles. As to any legal action or proceeding related to this Agreement, the Indemnitor shall be subject to the jurisdiction of the federal courts, or if such courts do not have jurisdiction then the state courts, located in the Borough of
Manhattan in the State of New York, and shall waive any claim or defense in any such action or proceeding based on any alleged lack of personal jurisdiction, improper venue, forum non conveniens or any similar basis. The Indemnitor further
waive personal service of any and all process. 
  

XX – OTHER SURETIES 

The Indemnitor agree to notify the Surety of any change to the security and collateral terms agreed to by the Indemnitor for the benefit of
another Surety. 
  

XXI – REPRESENTATIONS & WARRANTIES 

The Indemnitor hereby makes the following representation and warranties to the Surety on and as of the effective date of this Agreement, and
the Surety shall be entitled to rely upon the truth, accuracy and completeness of the following representations and warranties without regard to any other information that may be now or hereafter known by or disclosed to the Surety: (i) the
Indemnitor has all necessary corporate or other power, authority or legal right to execute, deliver and perform the Indemnitor’s obligations under this Agreement; (ii) the execution, delivery and performance of this Agreement has been duly
authorized by all necessary corporate or other action on the Indemnitor’s part (including any required shareholder approvals), (iii) This Agreement has been duly and validly executed and delivered by the Indemnitor and constitutes when
executed and delivered by the Indemnitor a legal valid and binding obligation, enforceable against each of the Indemnitor in accordance with its terms. 

  
 6 

 IN WITNESS WHEREOF, this AGREEMENT is executed by the parties to be effective on the day and date first set forth
above. 
 INDEMNITORS: 
  

									
	ATTEST:	 		 	IES HOLDINGS, INC.
					
	By:	 	/s/ Angela Connaughton	 		 	By:	 	/s/ Tracy A. McLauchlin
		 		 		 	Name: 	 	Tracy A.
McLauchlin                                        
(seal)
		 		 		 	Title:	 	Senior Vice President, CFO & Treasurer
			
	ATTEST	 		 	IES COMMERCIAL & INDUSTRIAL, LLC
					
	By:	 	/s/ Angela Connaughton	 		 	By:	 	/s/ Tracy A. McLauchlin
		 		 		 	Name:	 	Tracy A. McLauchlin
		 		 		 	Title:	 	Vice President & Treasurer
			
	ATTEST	 		 	IES COMMERCIAL, INC.
					
	By:	 	/s/ Angela Connaughton	 		 	By:	 	/s/ Tracy A. McLauchlin
		 		 		 	Name:	 	Tracy A. McLauchlin
		 		 		 	Title:	 	Vice President & Treasurer
			
	ATTEST	 		 	IES PURCHASING & MATERIALS, INC.
					
	By:	 	/s/ Angela Connaughton	 		 	By:	 	/s/ Tracy A. McLauchlin
		 		 		 	Name:	 	Tracy A. McLauchlin
		 		 		 	Title:	 	President & Treasurer
			
	ATTEST	 		 	IES RESIDENTIAL, INC.
					
	By:	 	/s/ Angela Connaughton	 		 	By:	 	/s/ Tracy A. McLauchlin
		 		 		 	Name:	 	Tracy A. McLauchlin
		 		 		 	Title:	 	Vice President, CFO & Treasurer
			
	ATTEST	 		 	INTEGRATED ELECTRICAL FINANCE, INC.
					
	By:	 	/s/ Angela Connaughton	 		 	By:	 	/s/ Tracy A. McLauchlin
		 		 		 	Name:	 	Tracy A. McLauchlin
		 		 		 	Title:	 	President & Treasurer
			
	ATTEST	 		 	IES MANAGEMENT LP
		 		 		 	By:	 	 INTEGRATED ELECTRICAL FINANCE, INC.
 its
General Partner

					
	By:	 	/s/ Angela Connaughton	 		 	By:	 	/s/ Tracy A. McLauchlin
		 		 		 	Name:	 	Tracy A. McLauchlin
		 		 		 	Title:	 	President & Treasurer
			
	ATTEST	 		 	IES MANAGEMENT ROO, LP
		 		 		 	By:	 	 IES OPERATIONS GROUP, INC.
 its General
Partner

					
	By:	 	/s/ Angela Connaughton	 		 	By:	 	/s/ Tracy A. McLauchlin
		 		 		 	Name:	 	Tracy A. McLauchlin
		 		 		 	Title:	 	President & Treasurer

  
 7 

									
			
	ATTEST	 		 	IES RENEWABLE ENERGY, LLC
					
	By:	 	/s/ Angela Connaughton	 		 	By:	 	/s/ Tracy A. McLauchlin
		 		 		 	Name:	 	Tracy A. McLauchlin
		 		 		 	Title:	 	Vice President & CFO
			
	ATTEST	 		 	IES SUBSIDIARY HOLDINGS, INC.
					
	By:	 	/s/ Angela Connaughton	 		 	By:	 	/s/ Tracy A. McLauchlin
		 		 		 	Name:	 	Tracy A. McLauchlin
		 		 		 	Title:	 	Chief Financial Officer
			
	ATTEST	 		 	HK ENGINE COMPONENTS, LLC
					
	By:	 	/s/ Angela Connaughton	 		 	By:	 	/s/ Tracy A. McLauchlin
		 		 		 	Name:	 	Tracy A. McLauchlin
		 		 		 	Title:	 	Vice President, CFO & Treasurer
			
	ATTEST	 		 	MAGNETECH INDUSTRIAL SERVICES, INC.
					
	By:	 	/s/ Angela Connaughton	 		 	By:	 	/s/ Tracy A. McLauchlin
		 		 		 	Name:	 	Tracy A. McLauchlin
		 		 		 	Title:	 	Vice President, CFO & Treasurer
			
	ATTEST	 		 	SOUTHERN INDUSTRIAL SALES AND SERVICES, INC.
					
	By:	 	/s/ Angela Connaughton	 		 	By:	 	/s/ Tracy A. McLauchlin
		 		 		 	Name:	 	Tracy A. McLauchlin
		 		 		 	Title:	 	Vice President, CFO & Treasurer
			
	ATTEST	 		 	CALUMET ARMATURE AND ELECTRIC, L.L.C.
					
	By:	 	/s/ Angela Connaughton	 		 	By:	 	/s/ Tracy A. McLauchlin
		 		 		 	Name:	 	Tracy A. McLauchlin
		 		 		 	Title:	 	Vice President, CFO & Treasurer
			
	ATTEST	 		 	SHANAHAN MECHANICAL & ELECTRICAL, INC.
					
	By:	 	/s/ Angela Connaughton	 		 	By:	 	/s/ Tracy A. McLauchlin
		 		 		 	Name:	 	Tracy A. McLauchlin
		 		 		 	Title:	 	Vice President & Treasurer
			
	ATTEST	 		 	IES INFRASTRUCTURE SOLUTIONS, LLC
					
	By:	 	/s/ Angela Connaughton	 		 	By:	 	/s/ Tracy A. McLauchlin
		 		 		 	Name:	 	Tracy A. McLauchlin
		 		 		 	Title:	 	Vice President & Treasurer
			
	ATTEST	 		 	TECHNIBUS, INC.
					
	By:	 	/s/ Angela Connaughton	 		 	By:	 	/s/ Tracy A. McLauchlin
		 		 		 	Name:	 	Tracy A. McLauchlin
		 		 		 	Title:	 	Vice President & Treasurer

  
 8 

									
			
	ATTEST	 		 	IES CONSOLIDATION, LLC
					
	By:	 	/s/ Angela Connaughton	 		 	By:	 	/s/ Tracy A. McLauchlin
		 		 		 	Name:	 	Tracy A. McLauchlin
		 		 		 	Title:	 	President & Treasurer
			
	ATTEST	 		 	IES SHARED SERVICES, INC.
					
	By:	 	/s/ Angela Connaughton	 		 	By:	 	/s/ Tracy A. McLauchlin
		 		 		 	Name:	 	Tracy A. McLauchlin
		 		 		 	Title:	 	President & Treasurer
			
	ATTEST	 		 	IES PROPERTIES, INC.
					
	By:	 	/s/ Angela Connaughton	 		 	By:	 	/s/ Tracy A. McLauchlin
		 		 		 	Name:	 	Tracy A. McLauchlin
		 		 		 	Title:	 	President & Treasurer
			
	ATTEST	 		 	KEY ELECTRICAL SUPPLY, INC.
					
	By:	 	/s/ Angela Connaughton	 		 	By:	 	/s/ Tracy A. McLauchlin
		 		 		 	Name:	 	Tracy A. McLauchlin
		 		 		 	Title:	 	President
			
	ATTEST	 		 	IES TANGIBLE PROPERTIES, INC.
					
	By:	 	/s/ Angela Connaughton	 		 	By:	 	/s/ Tracy A. McLauchlin
		 		 		 	Name:	 	Tracy A. McLauchlin
		 		 		 	Title:	 	President & Treasurer
			
	ATTEST	 		 	IES OPERATIONS GROUP, INC.
					
	By:	 	/s/ Angela Connaughton	 		 	By:	 	/s/ Tracy A. McLauchlin
		 		 		 	Name:	 	Tracy A. McLauchlin
		 		 		 	Title:	 	President & Treasurer
			
	ATTEST	 		 	ICS HOLDINGS LLC
					
	By:	 	/s/ Angela Connaughton	 		 	By:	 	/s/ Tracy A. McLauchlin
		 		 		 	Name:	 	Tracy A. McLauchlin
		 		 		 	Title:	 	President & Treasurer
			
	ATTEST	 		 	STR MECHANICAL LLC
					
	By:	 	/s/ Angela Connaughton	 		 	By:	 	/s/ Tracy A. McLauchlin
		 		 		 	Name:	 	Tracy A. McLauchlin
		 		 		 	Title:	 	Vice President & Treasurer

  
 9 

 CORPORATE ACKNOWLEDGEMENT 

 

							
	State of:	 	  
	  		  	
				
	County of: 	 	  
	  	                    ss:	  	  

 On this              day of September
in the year 2016 before me personally comes Tracy A. McLauchlin to me known, who being by me duly sworn, deposes and says that he resides in the City of
                                        
that she is the Vice President and Treasurer of IES Commercial, Inc.; IES Operations Group, Inc.; IES Properties, Inc.; IES Purchasing & Materials, Inc.; IES Residential, Inc.; IES Shared Services, Inc.; IES Subsidiary Holdings,
Inc.; IES Tangible Properties, Inc.; Integrated Electrical Finance, Inc.; IES Holdings, Inc.; Key Electrical Supply, Inc.; Magnetech Industrial Services, Inc.; Southern Industrial Sales and Services, Inc.; Shanahan Mechanical and Electrical, Inc.;
Technibus, Inc. the corporations described in and which executed the foregoing instrument; that she knows the seal of the said corporations; that the seal affixed to the said instrument is such corporate seal; that it was so affixed by the order
of the Board of Directors of said corporation, and that she signed her name thereto by like order. 
  

	
	  

	 (Signature of Notary Public)
  

 

	 My Commission expires
  

	  

 LIMITED LIABILITY COMPANY ACKNOWLEDGEMENT 

 

							
	State of:	 	  
	  		  	
				
	County of: 	 	  
	  	                    ss:	  	  

 On this              day of September
in the year 2016 before me personally comes Tracy A. McLauchlin to me known, who being by me duly sworn, deposes and says that she resides in the City of
                                        
that she is the Vice President and Treasurer of ICS Holdings LLC; IES Commercial & Industrial, LLC; IES Consolidation, LLC; IES Renewable Energy, LLC; HK Engine Components, LLC; Calumet Armature and Electric, L.L.C.; STR
Mechanical, LLC; IES Infrastructure Solutions, LLC; the Limited Liability Companies described in and which executed the foregoing instrument; that she is authorized under the Articles of Organization and the Operating Agreement as amended and in
effect this date to execute the foregoing instrument and so bind the Limited Liability Companies. 
  

	
	  

	 (Signature of Notary Public)
  

 

	 My Commission expires
  

	  

  
 10 

 PARTNERSHIP ACKNOWLEDGEMENT 

 

							
	State of:	 	  
	  		  	
				
	County of: 	 	  
	  	                    ss:	  	  

 On this              day of September
in the year 2016 before me personally comes Tracy A. McLauchlin a member of the partnership known as IES Management, LP; IES Management ROO, LP to me known and known to me to be the person who is described in and who
executed the foregoing instrument, and acknowledges to me that he/she executed the same as and for the act and deed of the said partnership. 
  

	
	  

	 (Signature of Notary Public)
  

 

	 My Commission expires
  

	  

  
 11EX-4.1

 Exhibit 4.1 

CHASE ISSUANCE TRUST 
 as
Issuing Entity 
 CLASS A(2016-7) TERMS DOCUMENT 

dated as of September 13, 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	  	 	4	  
	Section 1.04	 	Ratification of Indenture and Indenture Supplement	  	 	4	  
	
	ARTICLE II	  
	
	The Class A(2016-7) 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(2016-7) Notes; Depository; Denominations	  	 	6	  
	Section 2.06	 	Delivery and Payment for the Class A(2016-7) Notes	  	 	6	  
	Section 2.07	 	Supplemental Indenture	  	 	7	  
	Section 2.08	 	No Ratings Confirmation Required for Class A(2016-7) Notes	  	 	7	  
	
	ARTICLE III	  
	
	Miscellaneous Provision	  
			
	Section 3.01	 	Section 3.12(b)(ii) of the Indenture Supplement	  	 	7	  

 THIS CLASS A(2016-7) 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 13, 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(2016-7)
Notes and no other Tranche of CHASEseries Notes issued by the Issuing Entity. 
 “Accumulation Commencement
Date” means November 1, 2016; provided, however, that, if the Accumulation Period Length for the Class A(2016-7) Notes is less than ten (10) whole calendar months, the Accumulation Commencement Date will be the first calendar day
of the month that is the number of whole calendar months prior to the Scheduled Principal Payment Date at least equal to the Accumulation Period Length and, as a result, the number of Monthly Periods during the period from the Accumulation
Commencement Date to and including the Monthly Period prior to the Scheduled Principal Payment Date will at least equal the Accumulation Period Length. 

“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(2016-7) Adverse Event” means the occurrence of any of the following: (a) an Early Amortization
Event with respect to the Class A(2016-7) Notes, (b) an Event of Default and acceleration of the Class A(2016-7) Notes, (c) the Class A Usage of the Class B Required Subordinated Amount for the Class A(2016-7) Notes becomes greater
than zero or (d) the Class A Usage of the Class C Required Subordinated Amount for the Class A(2016-7) Notes becomes greater than zero. 

“Class A(2016-7) Note” means any Note, substantially in the form set forth in Exhibit A-1 to the Indenture
Supplement, designated therein as a Class A(2016-7) Note and duly executed and authenticated in accordance with the Indenture. 

“Class A(2016-7) Noteholder” means a Person in whose name a Class A(2016-7) Note is registered in the Note
Register. 
 “Class A(2016-7) Termination Date” means the earliest to occur of (a) the Principal
Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2016-7) 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). 

  
 2 

 “Controlled Accumulation Amount” means $110,000,000.00;
provided, however, if the Accumulation Period Length is determined to be less than ten (10) 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(2016-7) 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. 
 “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 $1,100,000,000. 

“Interest Payment Date” means October 17, 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 September 13, 2016. 

“Legal Maturity Date” means September 16, 2019. 

“Note Interest Rate” means a rate per annum equal to 1.06%. 

“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 September 15, 2017. 
 “Stated Principal Amount” means $1,100,000,000.

 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 

  
 3 

 
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(2016-7) 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(2016-7) Notes.” 

Section 2.02    Specification of Required Subordinated Amount and Other Terms. 

(a)         For the Class A(2016-7) 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(2016-7) Adverse Event, the Adjusted Outstanding Dollar Principal Amount of the Class A(2016-7) Notes on
such date of determination or (ii) on and after the date on which a Class A(2016-7) Adverse Event shall have occurred, the greater of (1) the Adjusted Outstanding Dollar Principal Amount of the Class A(2016-7) Notes on such date of
determination and (2) the Adjusted Outstanding Dollar Principal Amount of the Class A(2016-7) Notes as of the close of business on the day immediately preceding the date on which such Class A(2016-7) Adverse Event shall have occurred. 

(b)         For the Class A(2016-7) 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(2016-7) Adverse Event, the Adjusted Outstanding Dollar Principal Amount of the Class A(2016-7) Notes on
such date or (ii) on and after the date on which a Class A(2016-7) Adverse Event shall have occurred, the greater of (1) the Adjusted Outstanding Dollar Principal Amount of the Class A(2016-7)
Notes on such date of determination and (2) Adjusted Outstanding Dollar Principal Amount of the Class A(2016-7) Notes as of the close of business on the day immediately preceding the date on which such Class A(2016-7) 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(2016-7) 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(2016-7) Notes determined as of the close of
business on the Interest Payment Date preceding the related Note Transfer Date for the Class A(2016-7) Notes; provided, however, that for the first Interest Payment Date, the amount of interest due with respect to the Class A(2016-7) Notes

  
 5 

 
shall be $1,036,444.44. Interest on the Class A(2016-7) 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(2016-7) Notes, the Indenture Trustee shall deposit into the Class A(2016-7) Interest Funding Sub-Account the portion of CHASEseries Available Finance Charge Collections allocable to the Class A(2016-7)
Notes. 
 Section 2.04    Payments of Interest and Principal. 

(a)         Any installment of interest or principal payable on any Class
A(2016-7) 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(2016-7) 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(2016-7) Noteholders to
receive payments from the Issuing Entity will terminate on the first Business Day following the Class A(2016-7) Termination Date. 

Section 2.05    Form of Delivery of Class A(2016-7) Notes; Depository; Denominations. 

(a)         The Class A(2016-7) 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(2016-7) Notes shall be The Depository
Trust Company, and the Class A(2016-7) Notes shall initially be registered in the name of Cede & Co., its nominee. 

(c)         The Class A(2016-7) 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(2016-7) Notes. 
 The Issuing Entity shall execute and deliver the Class A(2016-7) Notes to
the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2016-7) 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(2016-7) 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(2016-7) 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(2016-7) 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(2016-7) Notes. 

[END OF ARTICLE II] 

ARTICLE III 
 Miscellaneous
Provision 
 Section 3.01    Section 3.12(b)(ii) of the Indenture Supplement.

 Notwithstanding anything to the contrary contained in Section 3.12(b)(ii) of the Indenture Supplement, with respect
to the Class A(2016-7) Notes, any reference in Section 3.12(b)(ii) of the Indenture Supplement to “twelve (12) whole calendar months” shall be changed to “ten (10) whole calendar months”. 

[END OF ARTICLE III] 

  
 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:	 	 CHASE BANK USA, NATIONAL

  ASSOCIATION, as Administrator

		
	By:  	 	 /s/ Todd S. Lehner

		 	Name:	 	Todd S. Lehner
		 	Title:	 	Managing Director
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Indenture Trustee and Collateral Agent
		
	By:	 	 /s/ Cheryl C. Zimmerman

		 	Name:	 	Cheryl C. Zimmerman
		 	Title:	 	Vice President

  
 Chase Issuance Trust

 CHASEseries Class A(2016-7) Terms Document

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00262-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00262-of-00352.parquet"}]]