EXHIBIT 10.22.1

June 28, 2002

Capital One Realty, Inc.
2980 Fairview Park Drive
Suite 1300
Falls Church, Virginia 22042
Attention: Director of Capital Markets

Capital One Bank
c/o Capital One Services, Inc.
2980 Fairview Park Drive, Suite 1300
Falls Church, Virginia 22042
Attention: Director of Capital Markets

EACH OF THE LENDERS AND HOLDERS UNDER THE
PARTICIPATION AGREEMENT REFERENCED BELOW

Wells Fargo Bank Northwest, National Association
(formerly First Security Bank, National Association),
as Owner Trustee under the Capital One Realty Trust 1998-1
Corporate Trust Services
MAC: U1254-031
79 South Main Street, 3rd Floor
Salt Lake City, Utah 84111

     Re: Capital One Synthetic Lease Facility (CORI)

Ladies and Gentlemen:

     For the purposes of this consent letter (the “Consent Letter”), capitalized
terms used but not otherwise defined herein shall have the meanings set forth in
Appendix A to that certain Participation Agreement, dated as of September 3,
1999 (as amended, modified, extended, supplemented, restated and/or replaced
from time to time, the “Participation Agreement”) among Capital One Realty,
Inc., as the Lessee and the Construction Agent, Capital One Bank, as Guarantor,
Wells Fargo Bank Northwest, National Association (formerly, First Security Bank,
National Association), not individually, but solely as Owner Trustee under the
Capital One Realty Trust 1998-1, the various banks and other lending
institutions which are parties thereto from time to time, as the Holders, the
various banks and other lending institutions which are parties thereto from time
to time, as the Lenders, and Bank of America, N.A., as administrative agent for
the Lenders and respecting the Security Documents, as the administrative agent
for the Lenders and the Holders,

 

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to the extent of their interests. The rules of usage set forth in Appendix A to
the Participation Agreement shall apply herein.

     Reference is hereby made to (i) the Capital One Credit Agreement, (ii) the
Incorporated Representations and Warranties and the Incorporated Covenants (and
all other relevant provisions of the Capital One Credit Agreement related
thereto, including specifically without limitation the defined terms contained
in Section 1 thereof which are used in the Incorporated Representations and
Warranties and the Incorporated Covenants) as are incorporated by reference
pursuant to Section 28.1 of the Lease Agreement, and (iii) to that certain
Amendment No. 2 to the Capital One Credit Agreement dated as of the date hereof
substantially in the form attached hereto as Exhibit A (the “Amendment”).
Section 28.1 of the Lease Agreement provides that the Incorporated
Representations and Warranties and the Incorporated Covenants (and all other
relevant provisions of the Capital One Credit Agreement related thereto,
including specifically without limitation the defined terms contained in
Section 1 thereof which are used in the Incorporated Representations and
Warranties and the Incorporated Covenants) may only be amended or replaced with
the written consent of the Majority Lenders. By their execution of this Consent
Letter, each of the parties hereto consents to the amendments and modifications
in the Amendment and such amendments and modifications shall be incorporated
into and effective with respect to the Incorporated Representations and
Warranties and the Incorporated Covenants (as applicable).

     The effectiveness of this Consent Letter is subject to (i) receipt by the
Agent of counterparts of this Consent Letter duly executed by the Lessee, the
Owner Trustee and the Majority Lenders, and (ii) the prior or simultaneous
effectiveness of the Amendment.

     The Lessee hereby represents and warrants that (i) the Incorporated
Representations and Warranties are true and accurate as of the date hereof as if
made on the date hereof, except to the extent such representations and
warranties relate solely to an earlier date, in which case such representations
and warranties were true and accurate as of such earlier date, (ii) all other
representations and warranties contained in Sections 7.3, 8.1, 8.2 and 8.3 of
the Participation Agreement were true and accurate as of May 31, 2002 as if made
on May 31, 2002, except to the extent such representations and warranties relate
solely to an earlier date, in which case such representations and warranties
were true and accurate as of such earlier date, (iii) no event or condition
exists, or would result from the consummation of the transactions contemplated
hereby, which constitutes a Default or an Event of Default, (iv) each Operative
Agreement to which such Person is a party remains in full force and effect with
respect to it, and (v) it knows of no event that would or with the passage of
time or giving of notice or both could constitute a Casualty.

     THIS CONSENT LETTER AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS
OF THE COMMONWEALTH OF VIRGINIA.

 

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     THE PROVISIONS OF THE PARTICIPATION AGREEMENT RELATING TO SUBMISSION TO
JURISDICTION, VENUE AND ARBITRATION ARE HEREBY INCORPORATED BY REFERENCE HEREIN,
MUTATIS MUTANDIS.

     Any provision of this Consent Letter that is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

     The Lessee agrees to pay all reasonable costs and expenses of the Agent in
connection with the preparation, execution and delivery of this Consent Letter,
including without limitation the reasonable fees and expenses of Moore & Van
Allen PLLC.

     This Consent Letter may be executed in any number of counterparts and by
the parties hereto in separate counterparts, each of which when so executed and
delivered shall be deemed to be an original and all of which taken together
shall constitute one and the same instrument. Delivery of an executed
counterpart by telecopy shall be effective as an original. Delivery of an
executed counterpart of a signature page hereto by telecopier or any similar
method shall be effective as delivery of a manually executed counterpart hereto.

     Except as modified hereby, all of the terms and provisions of each
Operative Agreement shall remain in full force and effect.

     Please acknowledge your agreement and consent to the foregoing by signing
this letter as indicated below.

  Sincerely,   BANK OF AMERICA, N.A., as the Agent   By:

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Name:

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Title:

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[Acknowledgment Pages to Follow]

 

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  ACCEPTED AND AGREED:   CAPITAL ONE REALTY, INC., as
Construction Agent and as Lessee   By:

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Name:

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Title:

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  CAPITAL ONE BANK,
as Guarantor   By:

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Name:

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Title:

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  WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION (formerly, First Security
Bank, National Association), not individually, but solely as Owner Trustee under
the Capital One Realty Trust 1998-1   By:

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Name:

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Title:

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  BANK OF AMERICA, N.A.,
as a Lender   By:

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Name:

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Title:

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  FIRST NATIONAL BANK OF CHICAGO, as a Lender   By:

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Name:

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Title:

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    BARCLAYS BANK PLC, as a Lender   By:

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Name:

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Title:

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  WACHOVIA BANK, NATIONAL ASSOCIATION (formerly, First Union National Bank), as
a Lender   By:

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Name:

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Title:

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  BMO GLOBAL CAPITAL SOLUTIONS, INC., as a
Lender   By:

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Name:

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Title:

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  BANK OF MONTREAL, as a Lender   By:

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Name:

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Title:

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  KBC BANK N.V., as a Lender   By:

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Name:

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Title:

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  CREDIT LYONNAIS - NY BRANCH, as a Lender   By:

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Name:

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Title:

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[Signature pages end]

 

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Exhibit A

Amendment No. 2 to the Capital One Credit Agreement