EXECUTION COPY
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CAPITAL ONE MULTI-ASSET EXECUTION TRUST
as Issuer
and
THE BANK OF NEW YORK
as Indenture Trustee
CLASS A(2002-2) TERMS DOCUMENT
dated as of October 9, 2002
to
CARD SERIES INDENTURE SUPPLEMENT
dated as of October 9, 2002
to
ASSET POOL 1 SUPPLEMENT
dated as of October 9, 2002
to
INDENTURE
dated as of October 9, 2002
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TABLE OF CONTENTS
Page
ARTICLE I
Definitions and Other Provisions of General Application
Section 1.01. Definitions........................................................................... 1
Section 1.02. Governing Law ........................................................................ 7
Section 1.03. Counterparts ......................................................................... 7
Section 1.04. Ratification of Indenture, the Asset Pool 1 Supplement and Indenture Supplement ...... 7
ARTICLE II
The Class A(2002-2) Notes
Section 2.01. Creation and Designation ............................................................. 8
Section 2.02. Adjustments to Required Subordinated Percentages ..................................... 8
Section 2.03. Interest Payment ..................................................................... 8
Section 2.04. Calculation Agent; Determination of LIBOR ............................................ 9
Section 2.05. Payments of Interest and Principal ................................................... 9
Section 2.06. Form of Delivery of Class A(2002-2) Notes; Depository;
Denominations ........................................................................ 10
Section 2.07. Delivery and Payment for the Class A(2002-2) Notes ................................... 10
Section 2.08. Targeted Deposits to the Accumulation Reserve Account ................................ 10
Section 2.09. Capital One Derivative Agreement ..................................................... 10
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Table of Contents/Authorities.
THIS CLASS A(2002-2) TERMS DOCUMENT (this "Terms Document"), by and between
CAPITAL ONE MULTI-ASSET EXECUTION TRUST, a statutory trust created under the
laws of the State of Delaware (the "Issuer"), having its principal office at E.
A. Delle Donne Corporate Center, Montgomery Building, 1011 Centre Road,
Wilmington, DE 19805, and THE BANK OF NEW YORK, a New York banking corporation,
as Indenture Trustee (the "Indenture Trustee"), is made and entered into as of
October 9, 2002.
Pursuant to this Terms Document, the Issuer shall create a new tranche of
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 Asset Pool 1 Supplement or the Indenture, either
directly or by reference therein, have the meanings assigned to them
therein;
(3) all accounting terms not otherwise defined herein have the meanings
assigned to them in accordance with generally accepted accounting
principles and, except as otherwise herein expressly provided, the
term "generally accepted accounting principles" with respect to any
computation required or permitted hereunder means such accounting
principles as are generally accepted in the United States of America
at the date of such computation;
(4) all references in this Terms Document to designated "Articles,"
"Sections" and other subdivisions are to the designated Articles,
Sections and other subdivisions of this Terms Document;
(5) the words "herein," "hereof" and "hereunder" and other words of
similar import refer to this Terms Document as a whole and not to any
particular Article, Section or other subdivision;
(6) 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 Asset Pool 1 Supplement, the
Indenture or the Transfer and Administration Agreement, the terms and
provisions of this Terms Document shall be controlling;
(7) each capitalized term defined herein shall relate only to the Class
A(2002-2) Notes and no other Tranche of Notes issued by the Issuer;
and
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(8) "including" and words of similar import will be deemed to be followed
by "without limitation."
"Accumulation Period Amount" means $50,000,000; provided, however, if the
Accumulation Period Length is determined to be less than twelve (12) months
pursuant to Section 3.10(b)(ii) of the Indenture Supplement, the Accumulation
Period Amount shall be the amount specified in the definition of "Accumulation
Period Amount" in the Indenture Supplement.
"Accumulation Reserve Funding Period" shall mean, (a) if the Accumulation
Period Length is determined to be one (1) month, there shall be no Accumulation
Reserve Funding Period and (b) otherwise, the period (x) commencing on the
earliest to occur of (i) the Monthly Period beginning three (3) calendar months
prior to the first Distribution Date for which a budgeted deposit is targeted to
be made into the Principal Funding sub-Account of the Class A(2002-2) Notes
pursuant to Section 3.10(b) of the Indenture Supplement, (ii) the Monthly Period
following the first Distribution Date following and including the August 2003
Distribution Date for which the Quarterly Excess Spread Percentage is less than
2%, but in such event the Accumulation Reserve Funding Period shall not be
required to commence earlier than 12 months prior to the first Distribution Date
for which a budgeted deposit is targeted to be made into the Principal Funding
sub-Account for the Class A(2002-2) Notes pursuant to Section 3.10(b) of the
Indenture Supplement, (iii) the Monthly Period following the first Distribution
Date following and including the February 2004 Distribution Date for which the
Quarterly Excess Spread Percentage is less than 3%, but in such event the
Accumulation Reserve Funding Period shall not be required to commence earlier
than 6 months prior to the first Distribution Date for which a budgeted deposit
is targeted to be made into the Principal Funding sub-Account for the Class
A(2002-2) Notes pursuant to Section 3.10(b) of the Indenture Supplement, and
(iv) the Monthly Period following the first Distribution Date following and
including the April 2004 Distribution Date for which the Quarterly Excess Spread
Percentage is less than 4%, but in such event the Accumulation Reserve Funding
Period shall not be required to commence earlier than 4 months prior to the
first Distribution Date for which a budgeted deposit is targeted to be made into
the Principal Funding sub-Account for the Class A(2002-2) Notes pursuant to
Section 3.10(b) of the Indenture Supplement and (y) ending on the close of
business on the last day of the Monthly Period preceding the earlier to occur of
(i) the Expected Principal Payment Date for the Class A(2002-2) Notes and (ii)
the date on which the Class A(2002-2) Notes are paid in full.
"Asset Pool 1 Supplement" means the Asset Pool 1 Supplement dated as of
October 9, 2002, by and between the Issuer and the Indenture Trustee, as amended
and supplemented from time to time.
"Base Rate" means, with respect to any Monthly Period, the sum of (a) the
Card Series Servicing Fee Percentage and (b) the weighted average (based on the
Outstanding Dollar Principal Amount of the related Card Series Notes) of the
following:
(i) in the case of a Tranche of Card Series Dollar Interest-bearing
Notes with no Derivative Agreement for interest, the rate of interest
applicable to such Tranche for the period from and including the Monthly
Interest Accrual Date for such Tranche of Card Series Dollar
Interest-bearing Notes in such Monthly Period to but excluding the Monthly
Interest Accrual Date for such Tranche of Card Series Dollar
Interest-bearing Notes in the following Monthly Period;
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(ii) in the case of a Tranche of Card Series Discount Notes, the
rate of accretion (converted to an accrual rate) of such Tranche for
the period from and including the Monthly Interest Accrual Date for
such Tranche of Card Series Discount Notes in such Monthly Period to
but excluding the Monthly Interest Accrual Date for such Tranche of
Card Series Discount Notes in the following Monthly Period;
(iii) in the case of a Tranche of Card Series Notes with a
Performing Derivative Agreement for interest, the rate at which
payments by the Issuer to the applicable Derivative Counterparty
accrue (prior to the netting of such payments, if applicable) for the
period from and including the Monthly Interest Accrual Date for such
Tranche of Card Series Notes in such Monthly Period to but excluding
the Monthly Interest Accrual Date for such Tranche of Card Series
Notes in the following Monthly Period; provided, however, that in the
case of a Tranche of Card Series Notes with a Performing Derivative
Agreement for interest in which the rating on such Tranche of Card
Series Notes is not dependant upon the rating of the applicable
Derivative Counterparty, the amount determined pursuant to this clause
(iii) will be the higher of (1) the rate determined pursuant to this
clause (iii) above and (2) the rate of interest applicable to such
Tranche for the period from and including the Monthly Interest Accrual
Date for such Tranche of Card Series Notes in such Monthly Period to
but excluding the Monthly Interest Accrual Date for such Tranche of
Card Series Notes in the following Monthly Period; and
(iv) in the case of a tranche of Card Series Notes with a
non-Performing Derivative Agreement for interest, the rate specified
for that date in the related Terms Document.
"Calculation Agent" is defined in Section 2.04(a).
"Class A(2002-2) Adverse Event" means the occurrence of any of the
following: (a) an Early Redemption Event with respect to the Class A(2002-2)
Notes or (b) an Event of Default and acceleration of the Class A(2002-2) Notes.
"Class A(2002-2) Note" means any Note, substantially in the form set
forth in Exhibit A-1 to the Indenture Supplement, designated therein as a Class
A(2002-2) Note and duly executed and authenticated in accordance with the
Indenture.
"Class A(2002-2) Noteholder" means a Person in whose name a
Class A(2002-2) Note is registered in the Note Register.
"Class A(2002-2) Termination Date" means the earliest to occur of (a)
the Principal Payment Date on which the Outstanding Dollar Principal Amount of
the Class A(2002-2) 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
VI thereof.
"Excess Spread Percentage" shall mean, with respect to any
Distribution Date, the amount, if any, by which the Portfolio Yield for the
preceding Monthly Period exceeds the Base Rate for such Monthly Period.
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"Expected Principal Payment Date" means September 17, 2007.
"Initial Dollar Principal Amount" means $500,000,000.
"Indenture" means the Indenture dated as of October 9, 2002,
by and between the Issuer and the Indenture Trustee, as amended and supplemented
from time to time.
"Indenture Supplement" means the Card Series Indenture
Supplement dated as of October 9, 2002, by and between the Issuer and the
Indenture Trustee, as amended and supplemented from time to time.
"Interest Payment Date" means the fifteenth day of each month
commencing in November 2002, or if such fifteenth 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) through the day preceding such Interest Payment Date.
"Issuance Date" means October 9, 2002.
"Legal Maturity Date" means July 15, 2010.
"LIBOR" means, for any Interest Period, the London interbank
offered rate for one-month United States dollar deposits determined by the
Indenture Trustee on the LIBOR Determination Date for each Interest Period in
accordance with the provisions of Section 2.04.
"LIBOR Determination Date" means October 7, 2002 for the
period from and including the Issuance Date to but excluding November 15, 2002
and 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.
"Maximum Subordination Amount of Class B Notes" means, for the
Class A(2002-2) Notes for any date of determination, an amount equal to the
product of (a) Adjusted Outstanding Dollar Principal Amount of the Class
A(2002-2) Notes on such date of determination and (b) the percentage equivalent
of a fraction, the numerator of which is 10 and the denominator of which is
81.25.
"Note Interest Rate" means a rate per annum equal to 0.19% 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 The Bank of New York.
"Portfolio Yield" means, with respect to any Monthly Period,
the annualized percentage equivalent of a fraction:
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(a) the numerator of which is equal to the sum of:
(i) the aggregate amount of Finance Charge Amounts allocated to the
Card Series with respect to such Monthly Period; plus
(ii) the aggregate amount of Interest Funding sub-Account Earnings on
all Tranches of Card Series Notes for such Monthly Period; plus
(iii) any amounts to be treated as Card Series Finance Charge Amounts
pursuant to Sections 3.20(d) and 3.27(a) of the Indenture Supplement, minus
(iv) the aggregate of (1) the excess, if any, of the sum of the PFA
Prefunding Earnings Shortfall plus the PFA Accumulation Earnings Shortfall
over the sum of the aggregate amount to be treated as Card Series Finance
Charge Amounts for such Monthly Period pursuant to Sections 3.04(a)(ii) and
3.25(a) of the Indenture Supplement plus any other amounts applied to cover
earnings shortfalls on amounts in the Principal Funding sub-Account for any
tranche of Card Series Notes for such Monthly Period, minus
(v) the Card Series Default Amount for such Monthly Period, and
(b) the denominator of which is the numerator used in the calculation of
the Card Series Floating Allocation Percentage for such Monthly Period.
"Quarterly Excess Spread Percentage" means, with respect to the August 2003
Distribution Date and each Distribution Date thereafter, the percentage
equivalent of a fraction the numerator of which is the sum of the Excess Spread
Percentages with respect to the immediately preceding three Monthly Periods and
the denominator of which is three.
"Record Date" means, for any Distribution 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.
"Required Accumulation Reserve sub-Account Amount" means, with respect to
any Monthly Period during the Accumulation Reserve Funding Period, an amount
equal to (i) 0.5% of the Outstanding Dollar Principal Amount of the Class
A(2002-2) Notes as of the close of business on the last day of the preceding
Monthly Period or (ii) any other amount designated by the Issuer; provided,
however, that if such designation is of a lesser amount, the Note Rating
Agencies shall have provided prior written confirmation that a Ratings Effect
will not occur with respect to such change.
"Required Subordinated Amount of Class B Notes" means, for the Class
A(2002-2) Notes for any date of determination, an amount equal to the product of
(a) the Required Subordinated Percentage of Class B Notes for such Class
A(2002-2) Notes on such date of determination and (b) the Adjusted Outstanding
Dollar Principal Amount of such Class A(2002-2) Notes on such date of
determination; provided, however, that such an amount shall not exceed the
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Maximum Subordination Amount of Class B Notes for the Class A(2002-2) Notes;
provided further, however, that for any date of determination on or after the
occurrence and during the continuation of a Class A(2002-2) Adverse Event, the
Required Subordinated Amount of Class B Notes for the Class A(2002-2) Notes will
be the greater of (x) the amount determined above for such date of determination
and (y) the amount determined above for the date immediately prior to the date
on which such Class A(2002-2) Adverse Event shall have occurred.
"Required Subordinated Amount of Class C Notes" means, for the
Class A(2002-2) Notes for any date of determination, an amount equal to the
product of (a) the Required Subordinated Percentage of Class C Notes for such
Class A(2002-2) Notes on such date of determination and (b) the Adjusted
Outstanding Dollar Principal Amount of such Class A(2002-2) Notes on such date
of determination; provided, however, that for any date of determination, unless
(i) the Prefunding Target Amount for any Tranche of Card Series Notes on such
date of determination is greater than zero or (ii) any prefunded amounts are on
deposit in a Principal Funding sub-Account on such date of determination for any
Tranche of Card Series Notes, the Required Subordinated Amount of Class C Notes
for the Class A(2002-2) Notes will not be less than an amount equal to (i) 3.0%
of the Initial Dollar Principal Amount of the Class A(2002-2) Notes, minus (ii)
the Required Subordinated Amount of Class D Notes for the Class A(2002-2) Notes;
provided further, however, that for any date of determination on or after the
occurrence and during the continuation of a Class A(2002-2) Adverse Event, the
Required Subordinated Amount of Class C Notes for the Class A(2002-2) Notes will
be the greater of (x) the amount determined above for such date of
determination, (y) the amount determined above for the date immediately prior to
the date on which such Class A(2002-2) Adverse Event shall have occurred and (z)
unless (i) the Prefunding Target Amount for any Tranche of Card Series Notes on
such date of determination is greater than zero or (ii) any prefunded amounts
are on deposit in a Principal Funding sub-Account on such date of determination
for any Tranche of Card Series Notes, the amount determined pursuant to the
preceding proviso.
"Required Subordinated Amount of Class D Notes" means, for the
Class A(2002-2) Notes for any date of determination, an amount equal to the
product of (a) the Required Subordinated Percentage of Class D Notes for such
Class A(2002-2) Notes on such date of determination and (b) the Adjusted
Outstanding Dollar Principal Amount of such Class A(2002-2) Notes on such date
of determination; provided, however, that for any date of determination, unless
(i) the Prefunding Target Amount for any Tranche of Card Series Notes on such
date of determination is greater than zero or (ii) any prefunded amounts are on
deposit in a Principal Funding sub-Account on such date of determination for any
Tranche of Card Series Notes, the Required Subordinated Amount of Class D Notes
for the Class A(2002-2) Notes will not be less than an amount equal to 1.8462%
of the Initial Dollar Principal Amount of the Class A(2002-2) Notes, provided
further, however, that for any date of determination on or after the occurrence
and during the continuation of a Class A(2002-2) Adverse Event, the Required
Subordinated Amount of Class D Notes for the Class A(2002-2) Notes will be the
greatest of (x) the amount determined above for such date of determination, (y)
the amount determined above for the date immediately prior to the date on which
such Class A(2002-2) Adverse Event shall have occurred and (z) unless (i) the
Prefunding Target Amount for any Tranche of Card Series Notes on such date of
determination is greater than zero or (ii) any prefunded amounts are on deposit
in a Principal Funding sub-Account on such date of determination for any Tranche
of Card Series Notes, the amount determined pursuant to the preceding proviso.
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"Required Subordinated Percentage of Class B Notes" means, for
the Class A(2002-2) Notes, 12.3077%, subject to adjustment in accordance with
Section 2.02.
"Required Subordinated Percentage of Class C Notes" means, for
the Class A(2002-2) Notes, 8.9231%, subject to adjustment in accordance with
Section 2.02.
"Required Subordinated Percentage of Class D Notes" means, for
the Class A(2002-2) Notes, 1.8462%, subject to adjustment in accordance with
Section 2.02.
"Stated Principal Amount" means $500,000,000.
"Telerate Page 3750" means the display page currently so
designated on the Bridge Telerate Market Report (or such other page as may
replace that page on that service for the purpose of displaying comparable rates
or prices).
Section 1.02. Governing Law. THIS TERMS DOCUMENT WILL BE
CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK,
INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, 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, the Asset Pool 1
Supplement and Indenture Supplement. As supplemented by this Terms Document,
each of the Indenture, the Asset Pool 1 Supplement and the Indenture Supplement
is in all respects ratified and confirmed and the Indenture as so supplemented
by the Asset Pool 1 Supplement as so supplemented by the Indenture Supplement as
so supplemented and this Terms Document shall be read, taken and construed as
one and the same instrument.
[END OF ARTICLE I]
7
ARTICLE II
The Class A(2002-2) Notes
Section 2.01. Creation and Designation. There is hereby created a
tranche of Card Series Class A Notes to be issued pursuant to the Indenture, the
Asset Pool 1 Supplement and the Indenture Supplement to be known as the "Card
Series Class A(2002-2) Notes."
Section 2.02. Adjustments to Required Subordinated Percentages.
(a) On any date, the Issuer may change the Required Subordinated
Percentage of Class B Notes or the Required Subordinated Percentage of Class C
Notes, in each case for the Class A(2002-2) Notes, without the consent of any
Noteholders or any Note Rating Agencies, provided that, after giving effect to
such change, (x) the sum of the Required Subordination Percentage of Class B
Notes and the Required Subordinated Percentage of Class C Notes, in each case,
for the Class A(2002-2) Notes after giving effect to such change is equal to or
greater than the sum of the Required Subordination Percentage of Class B Notes
and the Required Subordinated Percentage of Class C Notes, in each case, for the
Class A(2002-2) Notes immediately prior to giving effect to such change and (y)
the Required Subordinated Amount of Class B Notes for the Class A(2002-2) Notes
does not exceed the Maximum Subordinated Amount of Class B Notes.
(b) On any date, the Issuer may change the Required Subordinated
Percentage of Class B Notes, the Required Subordinated Percentage of Class C
Notes or the Required Subordinated Percentage of Class D Notes, in each case for
the Class A(2002-2) Notes, such that after giving effect to all changes to such
percentages on such date the sum of the Required Subordination Percentage of
Class B Notes, the Required Subordinated Percentage of Class C Notes and the
Required Subordinated Amount of Class D Notes, in each case, for the Class
A(2002-2) Notes after giving effect to such change is less than the sum of the
Required Subordination Percentage of Class B Notes, the Required Subordinated
Percentage of Class C Notes and the Required Subordinated Amount of Class D
Notes, in each case, for the Class A(2002-2) Notes immediately prior to giving
effect to such change, without the consent of any Noteholders, provided that the
Issuer has (i) received written confirmation from each Note Rating Agency that
has rated any Outstanding Notes of the Card Series that the change in such
percentage will not result in a Ratings Effect with respect to any Outstanding
Class A(2002-2) Notes and (ii) delivered to the Indenture Trustee and the Note
Rating Agencies a Master Trust Tax Opinion for each Master Trust and an Issuer
Tax Opinion.
Section 2.03. Interest Payment.
(a) For each Interest Payment Date, the amount of interest due
with respect to the Class A(2002-2) 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(2002-2) Notes determined as of the Record Date preceding the related
Distribution Date. Any interest on the Class A(2002-2) Notes will be calculated
on the basis of the actual number of days in the related Interest Period and a
360-day year.
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(b) Pursuant to Section 3.03 of the Indenture Supplement, on each
Distribution Date, the Indenture Trustee shall deposit into the Class A(2002-2)
Interest Funding sub-Account the portion of Card Series Available Finance Charge
Amounts allocable to the Class A(2002-2) Notes.
Section 2.04. Calculation Agent; Determination of LIBOR.
(a) The Issuer hereby agrees that for so long as any Class
A(2002-2) Notes are Outstanding, there shall at all times be an agent appointed
to calculate LIBOR for each Interest Period (the "Calculation Agent"). The
Issuer 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 Issuer at any time. If the Calculation Agent is
unable or unwilling to act as such or is removed by the Issuer, or if the
Calculation Agent fails to determine LIBOR for an Interest Period, the Issuer
shall promptly appoint a replacement Calculation Agent that does not control or
is not controlled by or under common control with the Issuer or its Affiliates.
The Calculation Agent may not resign its duties, and the Issuer 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 Telerate Page 3750 as of 11:00 a.m.,
London time, on such date. If such rate does not appear on Telerate Page 3750,
the rate for that LIBOR Determination Date shall be determined on the basis of
the rates at which deposits in United States dollars are offered by the
Reference Banks at approximately 11:00 a.m., London time, on that day to prime
banks in the London interbank market for a 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 (212) 815-3247 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, the Issuer 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, if any, payable on
any Class A(2002-2) Note which is punctually paid or duly provided for by the
Issuer 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(2002-2) Note (or one or more Predecessor Notes) is registered
on the Record Date, by wire transfer of immediately available funds to such
9
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(2002-2) Noteholders to receive
payments from the Issuer will terminate on the first Business Day following the
Class A(2002-2) Termination Date.
Section 2.06. Form of Delivery of Class A(2002-2) Notes; Depository;
Denominations.
(a) The Class A(2002-2) Notes shall be delivered in the form of a
global Registered Note as provided in Sections 202 and 301(i) of the Indenture,
respectively.
(b) The Depository for the Class A(2002-2) Notes shall be The
Depository Trust Company, and the Class A(2002-2) Notes shall initially be
registered in the name of Cede & Co., its nominee.
(c) The Class A(2002-2) Notes will be issued in minimum
denominations of $1,000 and integral multiples of that amount.
Section 2.07. Delivery and Payment for the Class A(2002-2) Notes. The
Issuer shall execute and deliver the Class A(2002-2) Notes to the Indenture
Trustee for authentication, and the Indenture Trustee shall deliver the Class
A(2002-2) Notes when authenticated, each in accordance with Section 303 of the
Indenture.
Section 2.08. Targeted Deposits to the Accumulation Reserve Account.
The deposit targeted to be made to the Accumulation Reserve Account
for any Monthly Period during the Accumulation Reserve Funding Period will be an
amount equal to the Required Accumulation Reserve sub-Account Amount.
Section 2.09. Capital One Derivative Agreement.
(a) On any Distribution Date, any amount owed by the Issuer
pursuant to the ISDA Master Agreement, dated as of October 9, 2002, as
supplemented by the Schedule thereto, dated as of October 9, 2002, and the
Confirmation thereto relating to the Class A(2002-2) Notes, dated as of October
9, 2002 (collectively, the "Capital One Derivative Agreement"), each between
Capital One Bank and the Issuer, shall be paid to Capital One Bank from Card
Series Finance Charge Amounts (available after giving effect to Sections 3.01(a)
through (l) of the Indenture Supplement) for such Distribution Date in an amount
not to exceed the lesser of (i) the product of (x) the amount of Card Series
Finance Charge Amounts available for application pursuant to Section 3.01(m) of
the Indenture Supplement times (y) a fraction, the numerator of which is the
Nominal Liquidation Amount of the Class A(2002-2) Notes as of the close of
business on the last day of the preceding Monthly Period and the denominator of
which is the Nominal Liquidation Amount of all tranches of Card Series Notes as
of the close of business on the last day of the preceding Monthly
10
Period and (ii) the amount of such payment owed by the Issuer to Capital One
Bank on such Distribution Date.
(b) On any Distribution Date, any amount owed to the Issuer
pursuant to the Capital One Derivative Agreement shall be, when received by the
Issuer, treated as Card Series Finance Charge Amounts for the purposes of
Section 3.01(n) of the Indenture Supplement.
(c) The Capital One Derivative Agreement shall not be considered a
"Derivative Agreement" (as such term is defined in the Indenture) for the
purposes of Indenture, the Asset Pool Supplement or the Indenture Supplement.
[END OF ARTICLE II]
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IN WITNESS WHEREOF, the parties hereto have caused this Terms Document
to be duly executed, all as of the day and year first above written.
CAPITAL ONE MULTI-ASSET EXECUTION TRUST,
by DEUTSCHE BANK TRUST COMPANY
DELAWARE, not in its individual capacity, but solely as
Owner Trustee on behalf of the Trust
By: /s/ Michele Voon
---------------------------------------------------
Name: Michele Voon
Title: Attorney-in-Fact
THE BANK OF NEW YORK, as Indenture Trustee
and not in its individual capacity
By: /s/ Scott J. Tepper
---------------------------------------------------
Name: Scott J. Tepper
Title: Assistant Vice President
[Signature Page to the Class A(2002-1) Terms Document]