Document:

<PAGE>

                                                                    Exhibit 4.10

                                                                  EXECUTION COPY

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                     CAPITAL ONE MULTI-ASSET EXECUTION TRUST

                                    as Issuer

                                       and

                              THE BANK OF NEW YORK

                              as Indenture Trustee

                         CLASS C(2002-1) 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

<TABLE>
<CAPTION>
                                                                                                      Page

                                                ARTICLE I
                         Definitions and Other Provisions of General Application
<S>                                                                                                    <C>
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 C(2002-1) 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 ...........................................  8

Section 2.05.   Payments of Interest and Principal ..................................................  9

Section 2.06.   Targeted Deposit to the Class C Reserve Account .....................................  9

Section 2.07.   Form of Delivery of Class C(2002-1) Notes; Depository;
                Denominations ....................................................................... 10

Section 2.08.   Delivery and Payment for the Class C(2002-1) Notes .................................. 10

Section 2.09.   Targeted Deposits to the Accumulation Reserve Account ............................... 10

Section 2.10.   Capital One Derivative Agreement .................................................... 10
</TABLE>

                                      -i-

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               THIS CLASS C(2002-1) 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 C 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;

                                       1

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               (7)  each capitalized term defined herein shall relate only to
                    the Class C(2002-1) Notes and no other Tranche of Notes
                    issued by the Issuer; and

               (8)  "including" and words of similar import will be deemed to be
                    followed by "without limitation."

               "Accumulation Period Amount" means $12,500,000; 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
C(2002-1) 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 C(2002-1) 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 C(2002-1) 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 C(2002-1) 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 C(2002-1) Notes and (ii) the date on which the Class C(2002-1) Notes
are paid in full.

               "Aggregate Class C Unencumbered Amount" means an amount equal to
(a) the Adjusted Outstanding Dollar Principal Amount of all Class C Notes in the
Card Series minus (b) the sum of the Required Subordinated Amount of Class C
Notes for all Class A Notes in the Card Series plus the Unencumbered Required
Subordinated Amount of Class C Notes for all Class B Notes in the Card Series.

               "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.

                                       2

<PAGE>

               "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;

                    (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 C(2002-1) Adverse Event" means the occurrence of any of
the following: (a) an Early Redemption Event with respect to the Class C(2002-1)
Notes or (b) an Event of Default and acceleration of the Class C(2002-1) Notes.

               "Class C(2002-1) Note" means any Note, substantially in the form
set forth in Exhibit A-3 to the Indenture Supplement, designated therein as a
Class C(2002-1) Note and duly executed and authenticated in accordance with the
Indenture.

                                       3

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           "Class C(2002-1) Noteholder" means a Person in whose name a Class
C(2002-1) Note is registered in the Note Register.

           "Class C Reserve Account Percentage" means, (i) zero, if the
Quarterly Excess Spread Percentage on such Distribution Date is greater than or
equal to 4.50%, (ii) 1.25%, if the Quarterly Excess Spread Percentage on such
Distribution Date is less than 4.50% and greater than or equal to 4.00%, (iii)
2.25%, if the Quarterly Excess Spread Percentage on such Distribution Date is
less than 4.00% and greater than or equal to 3.50%, (iv) 3.00%, if the Quarterly
Excess Spread Percentage on such Distribution Date is less than 3.50% and
greater than or equal to 3.00%; (v) 4.50%, if the Quarterly Excess Spread
Percentage on such Distribution Date is less than 3.00% and greater than or
equal to 2.50%, (vi) 5.50%, if the Quarterly Excess Spread Percentage on such
Distribution Date is less than 2.50% and greater than or equal to 2.00%, and
(vii) 7.25%, if the Quarterly Excess Spread Percentage on such Distribution Date
is less than 2.00%.

           "Class C(2002-1) Termination Date" means the earliest to occur of (a)
the Principal Payment Date on which the Outstanding Dollar Principal Amount of
the Class C(2002-1) 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.

           "Encumbered Required Subordinated Amount of Class D Notes" means, for
the Class C(2002-1) Notes, an amount equal to the product of (a) the aggregate
Required Subordinated Amount of Class D Notes for all Class A Notes in the Card
Series plus the sum of the Unencumbered Required Subordinated Amount of Class D
Notes for all Class B Notes in the Card Series and (b) the percentage equivalent
of a fraction, the numerator of which is the Adjusted Outstanding Dollar
Principal Amount of the Class C(2002-1) Notes and the denominator of which is
the Adjusted Outstanding Dollar Principal Amount of all Class C Notes in the
Card Series.

           "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.

           "Expected Principal Payment Date" means September 17, 2007.

           "Initial Dollar Principal Amount" means $150,000,000.

           "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.

                                       4

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           "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.

           "Note Interest Rate" means a rate per annum equal to 2.75% 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:

           (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.

                                       5

<PAGE>

           "Quarterly Excess Spread Percentage" means, (i) with respect to the
November 2002 Distribution Date, the Excess Spread Percentage with respect to
the immediately preceding Monthly Period, (ii) with respect to the December 2002
Distribution Date, the percentage equivalent of a fraction the numerator of
which is the sum of the Excess Spread Percentages with respect to the
immediately preceding two Monthly Periods and the denominator of which is two,
and (iii) with respect to the January 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
C(2002-1) 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 D Notes" means, for the Class
C(2002-1) Notes, an amount equal to the sum of (a) the Unencumbered Required
Subordinated Amount of Class D Notes for such Class C(2002-1) Notes and (b) the
Encumbered Required Subordinated Amount of Class D Notes for such Class
C(2002-1) Notes; 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 C(2002-1) Notes will not be less than an amount equal to 1.5228%
of the Initial Dollar Principal Amount of the Class C(2002-1) Notes, provided
further, however, that for any date of determination on or after the occurrence
and during the continuation of a Class C(2002-1) Adverse Event, the Required
Subordinated Amount of Class D Notes for the Class C(2002-1) 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 C(2002-1) 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 Percentage of Class D Notes" means, for the
Class C(2002-1) Notes, 1.5228%, subject to adjustment in accordance with Section
2.02.

           "Stated Principal Amount" means $150,000,000.

                                       6

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           "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).

           "Unencumbered Amount" means, for the Class C(2002-1) Notes, an amount
equal to the product of (a) the percentage equivalent of a fraction, the
numerator of which is the Aggregate Class C Unencumbered Amount and the
denominator of which is the Adjusted Outstanding Dollar Principal Amount of all
Class C Notes in the Card Series and (b) the Adjusted Outstanding Dollar
Principal Amount of the Class C(2002-1) Notes.

           "Unencumbered Required Subordinated Amount of Class D Notes" means,
for the Class C(2002-1) Notes, an amount equal to the product of (a) the
Unencumbered Amount for the Class C(2002-1) Notes and (b) the Required
Subordinated Percentage of Class D Notes for the Class C(2002-1) Notes.

           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

<PAGE>

                                   ARTICLE II

                            The Class C(2002-1) Notes

           Section 2.01. Creation and Designation. There is hereby created a
tranche of Card Series Class C 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 C(2002-1) Notes."

           Section 2.02. Adjustments to Required Subordinated Percentages. On
any date, the Issuer may reduce the Required Subordinated Percentage of Class D
Notes for the Class C(2002-1) Notes, 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 C(2002-1) Notes and (ii)
delivered to the Indenture Trustee and the Note Rating Agencies a Master Trust
Tax Opinion for the 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 C(2002-1) 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 C(2002-1) Notes determined
as of the Record Date preceding the related Distribution Date. Any interest on
the Class C(2002-1) Notes will be calculated on the basis of the actual number
of days in the related Interest Period and a 360-day year.

           (b) Pursuant to Section 3.03 of the Indenture Supplement, on each
Distribution Date, the Indenture Trustee shall deposit into the Class C(2002-1)
Interest Funding sub-Account the portion of Card Series Available Finance Charge
Amounts allocable to the Class C(2002-1) Notes.

           Section 2.04. Calculation Agent; Determination of LIBOR.

           (a) The Issuer hereby agrees that for so long as any Class C(2002-1)
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

                                       8

<PAGE>

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 C(2002-1) 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 C(2002-1) 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 C(2002-1) Noteholders to receive
payments from the Issuer will terminate on the first Business Day following the
Class C(2002-1) Termination Date.

               Section 2.06. Targeted Deposit to the Class C Reserve Account.
The deposit targeted to be made to the Class C Reserve sub-Account for the Class
C(2002-1) Notes for any Distribution Date will be an amount equal to (i) to the
product of (A) Class C Reserve Account Percentage for the related Monthly Period
times (B) the sum of the Initial Outstanding Dollar Principal Amounts of each
tranche of Outstanding Card Series Notes as of the last day of the preceding
Monthly Period times (C) a fraction, the numerator of which is the Nominal
Liquidation Amount of the Class C(2002-1) 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 Class C Notes in the Card Series as of the
close of business on the last day of the preceding Monthly Period, minus (ii)
any amount previously on deposit in the Class C(2002-1) Reserve sub-Account
prior to

                                       9

<PAGE>

such targeted deposit; provided however, that if an Early Redemption Event or
Event of Default occurs with respect to the Class C(2002-1) Notes, the deposit
targeted will be the Adjusted Outstanding Dollar Principal Amount of the Class
C(2002-1) notes minus the amount then on deposit in such sub-Account.

               Section 2.07. Form of Delivery of Class C(2002-1) Notes;
Depository; Denominations.

               (a) The Class C(2002-1) 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 C(2002-1) Notes shall be The
Depository Trust Company, and the Class C(2002-1) Notes shall initially be
registered in the name of Cede & Co., its nominee.

               (c) The Class C(2002-1) Notes will be issued in minimum
denominations of $1,000 and integral multiples of that amount.

               Section 2.08. Delivery and Payment for the Class C(2002-1) Notes.
The Issuer shall execute and deliver the Class C(2002-1) Notes to the Indenture
Trustee for authentication, and the Indenture Trustee shall deliver the Class
C(2002-1) Notes when authenticated, each in accordance with Section 303 of the
Indenture.

               Section 2.09. 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 2.10. 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 C(2002-1) 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 C(2002-1) 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 Period and
(ii) the amount of such payment owed by the Issuer to Capital One Bank on such
Distribution Date.

                                       10

<PAGE>

               (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]

                                       11

<PAGE>

               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 C(2002-1) Terms Document]

                                     -xii-<PAGE>

                                                                    Exhibit 10.1

                              EMPLOYMENT AGREEMENT

Parties:     Global Sports, Inc.,
             a Delaware corporation ("Employer")
             1075 First Avenue
             King of Prussia, PA 19406

             Robert Liewald ("Executive")

Date:        April 23, 2002

Background:  Employer and its subsidiaries are in the business of developing and
operating e-commerce businesses for retailers, branded manufacturers, media
companies, television networks and professional sports organizations (the
"Business"). Employer desires to employ Executive, and Executive desires to
accept such employment, on the terms and conditions stated below.

     INTENDING TO BE LEGALLY BOUND, and in consideration of the mutual
agreements stated below, Executive and Employer agree as follows:

     1.  Employment and Term. Employer hereby employs Executive, and Executive
accepts such employment, subject to all of the terms and conditions of this
Agreement, for a term beginning on April 23, 2002 and ending on December 31,
2005, unless sooner terminated in accordance with other provisions hereof.

     2.  Position and Duties. Executive will serve as Executive Vice President,
Merchandising, and in such capacity will have supervision and control over, and
responsibility for, formulating and directing Employer's overall buying and
merchandising strategy and overseeing the execution of all buying and
merchandising programs. Executive will report to, and be subject to the
direction of, Employer's Chief Executive Officer. Executive will also have such
other responsibilities and duties consistent with his present duties and current
position with Employer, as may from time to time be prescribed by Employer's
Chief Executive Officer or Board of Directors. Executive will devote all of his
working time, energy, skill and best efforts to the performance of his duties
hereunder in a manner which will faithfully and diligently further the business
and interests of Employer.

     3.  Compensation, Benefits and Expenses.

         3.1 Base Salary. Employer will pay to Executive a minimum annual base
salary ("Base Salary") of Two Hundred Sixty-two Thousand Five Hundred Dollars
($262,500). The Base Salary will be payable in accordance with Employer's normal
payroll practices, subject

<PAGE>

to payroll deductions and required withholdings. The Base Salary will be
reviewed annually by Employer and will be subject to such annual increases as
may be agreed upon by Employer's Chief Executive Officer.

         3.2 Bonuses. In addition to his Base Salary, for each year of this
Agreement, Executive will be eligible to receive an incentive bonus in an amount
to be determined by Employer's Chief Executive Officer.

         3.3 Benefits. Executive will be entitled to participate and will be
included in all equity incentive, stock option, stock purchase, profit sharing,
savings, bonus, health insurance, life insurance, group insurance, disability
insurance, pension, retirement and other benefit plans or programs of Employer
now existing, or established hereafter, and offered to its management level
personnel, subject to the terms and provisions thereof. Employer and Executive
acknowledge that the employee benefit plans and programs provided by Employer at
the commencement date of this Agreement consist of: (i) fully-paid health and
dental insurance benefits for Executive and his family members; (ii) long-term
disability insurance providing for a monthly benefit equal to 60% of Executive's
monthly Base Salary up to a maximum monthly benefit of $10,000 until the earlier
of Executive's death or attainment of age 65; (iii) term life insurance
providing a death benefit equal to 1 1/2 times annual Base Salary up to a
maximum death benefit of $250,000; and (iv) Employer's 401K Plan providing for a
matching contribution by Employer equal to 50% of the amount of Executive's
contribution up to a maximum contribution by Executive equal to the lesser of 6%
of Executive's annual Base Salary or $10,500 for calendar year 2001. Executive
acknowledges that Executive's participation in the employee benefit plans or
programs of Employer are subject to the terms and conditions of such plan or
programs and that Employer may change its plans or programs, including those
referred to in the prior sentence, at any time. In addition, Employer will
provide Executive with the following other benefits at Employer's expense: (i)
automobile allowance not the exceed $500 per month, which includes automobile
insurance, and (ii) cell phone and cell phone account.

         3.4 Vacation. Executive will accrue three (3) weeks of paid vacation
per year, in addition to such paid holidays, personal days and days of paid sick
leave as are generally permitted to employees of Employer.

         3.5 Expenses. Employer will reimburse Executive for all actual,
ordinary, necessary and reasonable expenses incurred by Executive in the course
of his performance of services hereunder. Executive will properly account for
all such expenses.

    4. Termination.

         4.1 Termination by Death. If Executive dies, then this Agreement will
terminate immediately, and Executive's rights to compensation and benefits
hereunder will terminate as of the date of death, except that Executive's heirs,
personal representatives or estate will be entitled to any unpaid portion of
Executive's salary and accrued benefits up to the date of termination and any
benefits which are to be continued or paid after the date of termination in
accordance with the terms of the corresponding benefit plans or programs.

                                       2

<PAGE>

         4.2 Termination by Disability. If, as a result of Injury or Sickness,
Executive is unable to perform the essential duties of his employment on a
full-time basis, Executive will continue to receive his Base Salary and the
benefits and vacation provided for in Sections 3.3 and 3.4 (to the extent
Executive continues to be eligible therefor under the terms of such benefit
plans or programs) for a period of one hundred eighty (180) days following the
Onset of Disability (as defined in this Section 4.2). Any amounts due to
Executive under this Section 4.2 will be reduced, dollar-for-dollar, by any
amounts received by Executive under any disability insurance policy or plan
provided to Executive and paid for by Employer. "Onset of Disability" means the
first day on which Executive is unable to perform the essential duties of his
employment on a full-time basis by reason of Injury or Sickness. If Executive's
inability to perform the essential duties of his employment on a full-time basis
continues for more than one hundred eighty (180) days after the Onset of
Disability or for periods aggregating more than one hundred eighty (180) days
during any twelve (12) month period, then Employer may, upon written notice to
Executive, terminate Executive's employment, and Executive's rights to
compensation and benefits hereunder, except that Executive will be entitled to
any unpaid portion of his Base Salary and accrued benefits up to the date of
termination and any benefits which are to be continued or paid after the date of
termination in accordance with the terms of the corresponding benefit plans or
programs. For the purposes of this Section 4.2, the following terms will have
the following meanings: (i) "Injury" means bodily impairment resulting directly
from an accident and independent of all other causes; (ii) "Sickness" means an
illness (including Mental Illness, as defined below), disease, or pregnancy,
including complications of pregnancy, which require treatment by a Physician;
(iii) "Mental Illness" means any psychological, behavioral or emotional disorder
or ailment of the mind, including physical manifestations of psychological,
behavioral or emotional disorders, but excluding demonstrable, structural brain
damage; and (iv) "Physician" means a practitioner of the healing arts, which the
Employer's disability insurance carrier is required by law to recognize, who is
properly licensed, and practicing within the scope of that license.

         4.3 Termination for Cause. Employer may, upon written notice to
Executive, terminate Executive's employment, and Executive's rights to
compensation and benefits hereunder, for Cause (as defined in this Section 4.3),
except that Executive will be entitled to any unpaid portion of his salary and
accrued benefits up to the date of termination and any benefits which are to be
continued or paid after the date of termination in accordance with the terms of
the corresponding benefit plans or programs. "Cause" will exist if (i) Executive
is guilty of gross negligence or willful misconduct in the performance of his
duties for the Company, (ii) breaches or violates, in a material respect, any
agreement between the Executive and the Company or any of the Company's policy
statements regarding conflicts-of-interest, insider trading or confidentiality,
(iii) commits a material act of dishonesty or breach of trust, (iv) acts in a
manner that is inimical or injurious, in a material respect, to the business or
interests of the Company, or (v) is convicted of a felony.

         4.4 Termination Without Cause. Employer may, upon thirty (30) days
prior written notice to Executive, terminate Executive's employment, and
Executive's rights to compensation and benefits hereunder, for any reason
Employer deems appropriate, in which case

                                       3

<PAGE>

Employer will pay to Executive his Base Salary, in accordance with Employer's
normal payroll practices, for six (6) months after such termination.

         4.5 Procedure Upon Termination. Upon termination of his employment,
Executive will promptly return to Employer all documents (including copies) and
other materials and property of Employer, or pertaining to its business,
including without limitation customer and prospect lists, contracts, files,
manuals, letters, reports and records in his possession or control, no matter
from whom or in what manner acquired.

     5.  Discoveries. Executive will communicate to Employer, in writing when
requested, and preserve as confidential information of Employer, all inventions,
marketing concepts, software ideas and other ideas or designs relating to the
business of the Employer which are conceived, developed or made by Executive,
whether alone or jointly with others, at any time during the term of Executive's
employment with Employer, which relate to the business or operations of Employer
or which relate to methods, designs, products or systems sold, leased, licensed
or under development by Employer (such concepts, ideas and designs are referred
to as "Executive's Discoveries"). All of Executive's Discoveries will be
Employer's exclusive property, and Executive will, at Employer's expense, sign
all documents and take such other actions as Employer may reasonably request to
confirm its ownership thereof.

     6.  Nondisclosure. At all times after the date of this Agreement, except
with Employer's express prior written consent or in connection with the proper
performance of services under this Agreement, Executive will not, directly or
indirectly, communicate, disclose or divulge to any Person, or use for the
benefit of any Person, any confidential or proprietary knowledge or information,
no matter when or how acquired, concerning the conduct or details of the
business of Employer, including, but not limited to, (i) marketing methods and
strategies, pricing policies, product strategies and methods of operation, (ii)
software source code, software design concepts (including visual expressions and
system architecture), technical documentation and technical know-how, (iii)
budget and other non-public financial information, and (iv) expansion plans,
management policies and other business strategies and policies. For purposes of
this Section 6, confidential information will not include any information which
is now known by the general public, which becomes known by the general public
other than as a result of a breach of this Agreement by Executive or which is
independently acquired by Executive.

     7.  Non-Competition. Executive acknowledges that Employer's business is
highly competitive. Accordingly, for a period of one (1) year after the date of
the termination of Executive's employment with the Company, or, if Executive is
terminated without Cause, for a period of six (6) months after the date of such
termination, except with Employer's express prior written consent, Executive
will not, directly or indirectly, in any capacity, for the benefit of any
Person:

         (a) Communicate with or solicit any Person who is or during such period
becomes an employee, consultant, agent or representative of Employer or any of
its subsidiaries in any manner which interferes or might interfere with such
Person's relationship with Employer

                                       4

<PAGE>

or any such subsidiary, or in an effort to obtain any such employee, consultant,
agent or representative as an employee, consultant, agent or representative of
any other Person.

         (b) Establish, own, manage, operate or control, or participate in the
establishment, ownership, management, operation or control of, or be a director,
officer, employee, agent or representative of, or be a consultant to, any Person
which conducts a business competitive with all or any material part of the
Business.

     8.  Consideration and Enforcement of Covenants. Executive expressly
acknowledges that the covenants contained in Sections 5, 6 and 7 of this
Agreement ("Covenants") are a material part of the consideration bargained for
by Employer and, without the agreement of Executive to be bound by the
Covenants, Employer would not have agreed to enter into this Agreement.
Executive acknowledges that any breach by Executive of any of the Covenants will
result in irreparable injury to Employer for which money damages could not
adequately compensate. If there is such a breach, Employer will be entitled, in
addition to all other rights and remedies which Employer may have at law or in
equity, to have an injunction issued by any competent court enjoining and
restraining Executive and all other Persons involved therein from continuing
such breach. The existence of any claim or cause of action which Executive or
any such other Person may have against Employer will not constitute a defense or
bar to the enforcement of any of the Covenants. If Employer must resort to
litigation to enforce any of the Covenants which has a fixed term, then such
term will be extended for a period of time equal to the period during which a
breach of such Covenant was occurring, beginning on the date of a final court
order (without further right of appeal) holding that such a material breach
occurred or, if later, the last day of the original fixed term of such Covenant.
If any portion of any Covenant or its application is construed to be invalid,
illegal or unenforceable, then the other portions and their application will not
be affected thereby and will be enforceable without regard thereto. If any of
the Covenants is determined to be unenforceable because of its scope, duration,
geographical area or similar factor, then the court making such determination
will have the power to reduce or limit such scope, duration, area or other
factor, and such Covenant will then be enforceable in its reduced or limited
form. The provisions of Sections 5, 6 and 7 will survive the termination of this
Agreement.

     9.  Applicable Law. This Agreement will be governed by and construed in
accordance with the substantive laws (and not the choice of laws rules) of the
Commonwealth of Pennsylvania applicable to contracts made and to be performed
entirely therein. Each of the parties irrevocably consents to service of process
by certified mail, return receipt requested, postage prepaid, to the address at
which such party is to receive notice in accordance herewith. Each of the
parties irrevocably consents to the jurisdiction of the state courts in
Montgomery County, Pennsylvania and the federal courts in the Eastern District
of Pennsylvania in any and all actions between the parties arising hereunder.

     10. Notices. All notices, consents or other communications required or
permitted to be given under this Agreement must be in writing and will be deemed
to have been duly given (i) when delivered personally, (ii) three (3) business
days after being mailed by first class certified mail, return receipt requested,
postage prepaid, or (iii) one (1) business day after being sent by a

                                       5

<PAGE>

nationally recognized express courier service, postage or delivery charges
prepaid, to the parties at their respective addresses stated on the first page
of this Agreement. Notices may also be given by prepaid telegram or facsimile
and will be effective on the date transmitted if confirmed within twenty-four
(24) hours thereafter by a signed original sent in the manner provided in the
preceding sentence. Either party may change its address for notice and the
address to which copies must be sent by giving notice of the new addresses to
the other party in accordance with this Section 10, provided that any such
change of address notice will not be effective unless and until received.

     11. Prior Agreements. Executive represents to Employer (i) that there are
no restrictions, agreements or understandings whatsoever to which Executive is a
party which would prevent or make unlawful his execution of this Agreement or
his employment hereunder, (ii) that Executive's execution of this Agreement and
Executive's employment hereunder do not constitute a breach of any contract,
agreement or understanding, oral or written, to which Executive is a party or
which Executive is bound, and (iii) that Executive has full legal right and
capacity to execute this Agreement and to enter into employment by Employer. All
prior employment agreements between Executive and Employer are hereby terminated
as of the date hereof as fully performed on both sides.

     12. Parties in Interest. This Agreement is for the personal services of
Executive and will not be assignable by Executive without the express prior
written consent of Employer. Subject to the provisions of Section 4 and this
Section 12, this Agreement will inure to the benefit of and bind each of the
parties hereto and the successors and assigns of Employer and the personal
representatives, estate and heirs of Executive.

     13. Entire Understanding. This Agreement sets forth the entire
understanding of the parties hereto with respect to the subject matter hereof
and supersedes all prior and contemporaneous, oral or written, express or
implied, agreements and understandings.

     14. Amendment and Waiver. This Agreement will not be amended, modified or
terminated unless in writing and signed by Executive and a duly authorized
representative of Employer other than Executive. No waiver with respect to this
Agreement will be enforceable unless in writing and signed by the party against
which enforcement is sought (which, in the case of the Employer, must be a duly
authorized representative of Employer other than Executive). Neither the failure
nor any delay on the part of either party to exercise any right, remedy, power
or privilege under this Agreement will operate as a waiver thereof, nor will any
single or partial exercise of any right, remedy, power or privilege preclude any
other or further exercise of the same or of any other right, remedy, power or
privilege, nor will any waiver of any right, remedy, power or privilege with
respect to any occurrence be construed as a waiver of such right, remedy, power
or privilege with respect to any other occurrence.

     15. Section Headings. Any headings preceding the text of any of the
Sections or Subsections of this Agreement are inserted for convenience of
reference only, and will neither constitute a part of this Agreement nor affect
its construction, meaning, or effect.

                                       6

<PAGE>

     16. Definitions. As used herein, the term "Person" means any individual,
sole proprietorship, joint venture, partnership, corporation, association,
cooperative, trust, estate, government body, administrative agency, regulatory
authority or other entity of any nature.

     IN WITNESS WHEREOF, the parties have duly executed and delivered this
Agreement as of the date first stated above.

GLOBAL SPORTS, INC.

By:  /s/ Michael G. Rubin                   /s/ Robert Liewald
    ----------------------------            ------------------------
    Michael G. Rubin                        ROBERT LIEWALD
    Chairman, President and
    Chief Executive Office

                                       7

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