Document:

EX-4.1(1)

 Exhibit 4.1.1 

EXECUTION VERSION 
  

 
  

CAPITAL ONE MULTI-ASSET EXECUTION TRUST 

as Issuer 
 and 

THE BANK OF NEW YORK MELLON 

as Indenture Trustee 
 CLASS A(2022-3) TERMS DOCUMENT 
 dated as of November 3, 2022 

TO 
 CARD SERIES INDENTURE
SUPPLEMENT 
 dated as of October 9, 2002, 

as amended and restated as of March 17, 2016 

TO 
 ASSET POOL 1 SUPPLEMENT

 dated as of October 9, 2002, 

as amended by the First Amendment thereto dated as of March 1, 2008, and the Second 

Amendment thereto dated as of October 1, 2022 

to 
 INDENTURE 

dated as of October 9, 2002, as amended and restated as of January 13, 2006, 

and March 17, 2016, and as further amended by the First Amendment thereto dated as of October 1, 2022 

 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I
	 	Definitions and Other Provisions of General Application	  	 	1	 
			
	            Section 1.01.	 	Definitions	  	 	1	 
	            Section 1.02.	 	Governing Law	  	 	7	 
	            Section 1.03.	 	Counterparts	  	 	7	 
	            Section 1.04.	 	Ratification of Indenture, Asset Pool 1 Supplement and Indenture Supplement	  	 	7	 
			
	 ARTICLE II
	 	The Class A(2022-3) Notes	  	 	8	 
			
	            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.	 	[Reserved]	  	 	9	 
	            Section 2.05.	 	Payments of Interest and Principal	  	 	9	 
	            Section 2.06.	 	Form of Delivery of Class A(2022-3) Notes; Depository; Denominations	  	 	9	 
	            Section 2.07.	 	Delivery and Payment for the Class A(2022-3) Notes	  	 	9	 
	            Section 2.08.	 	Targeted Deposits to the Accumulation Reserve Account	  	 	10	 

  

 THIS CLASS A(2022-3) 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 111 Continental Drive, Suite 102, Newark, Delaware 19713, and THE BANK OF NEW YORK MELLON, a New York banking corporation, as Indenture Trustee (the “Indenture Trustee”), is made and entered into as of
November 3, 2022. 
 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; 

  
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	 	(7)	 each capitalized term defined herein shall relate only to the
Class A(2022-3) 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 $75,000,000.00; 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(2022-3) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (ii) the Monthly Period following the first Distribution Date following and including the September
2023 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(2022-3) Notes pursuant to
Section 3.10(b) of the Indenture Supplement, (iii) the Monthly Period following the first Distribution Date following and including the March 2024 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(2022-3) 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 May 2024 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(2022-3) 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(2022-3) Notes and (ii) the date on which the Class A(2022-3) Notes are
paid in full. 
 “Asset Pool 1 Supplement” means the Asset Pool 1 Supplement, dated as of October 9, 2002, as amended
by the First Amendment thereto, dated as of March 1, 2008, and the Second Amendment thereto, dated as of October 1, 2022, 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: 

  
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 (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 dependent 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. 
 “Class A(2022-3) Adverse Event” means the occurrence of any of the following: (a) an Early Redemption Event with respect to the Class A(2022-3) Notes or
(b) an Event of Default and acceleration of the Class A(2022-3) Notes. 

“Class A(2022-3) Note” means any Note, substantially in the form
set forth in Exhibit A-2 to the Indenture Supplement, designated therein as a Class A(2022-3) Note and duly executed and authenticated in accordance
with the Indenture. 
 “Class A(2022-3) Noteholder” means a
Person in whose name a Class A(2022-3) Note is registered in the Note Register. 

“Class A(2022-3) Termination Date” means the earliest to occur of
(a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2022-

  
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3) 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. 
 “Expected Principal Payment Date”
means October 15, 2025. 
 “Initial Dollar Principal Amount” means $900,000,000. 

“Indenture” means the Indenture, dated as of October 9, 2002, as amended and restated as of January 13, 2006, and
March 17, 2016, and as further amended by the First Amendment thereto, dated as of October 1, 2022, 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, as amended and restated
as of March 17, 2016, 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 December 2022, 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 November 3, 2022. 

“Legal Maturity Date” means October 15, 2027. 

“Maximum Subordination Amount of Class B Notes” means, for the
Class A(2022-3) Notes for any date of determination, an amount equal to the product of (a) Adjusted Outstanding Dollar Principal Amount of the
Class A(2022-3) Notes on such date of determination and (b) the percentage equivalent of a fraction, the numerator of which is 9 and the denominator of which is 79.00. 

“Note Interest Rate” means a rate per annum equal to 4.95%. 

“Paying Agent” means The Bank of New York Mellon. 

“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 excess, if any, of (1) the sum of the PFA Prefunding Earnings Shortfall plus the PFA Accumulation Earnings
Shortfall over (2) 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 September 2023 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 day of the preceding Monthly Period. 

“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(2022-3) 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(2022-3) 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(2022-3) Notes on such date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2022-3) Notes on such date of
determination; provided, however, that such an amount shall not exceed the Maximum Subordination Amount of Class B Notes for the Class A(2022-3) Notes; provided

  
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further, however, that for any date of determination on or after the occurrence and during the continuation of a Class A(2022-3) Adverse
Event, the Required Subordinated Amount of Class B Notes for the Class A(2022-3) 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(2022-3) Adverse Event shall have occurred. 

“Required Subordinated Amount of Class C Notes” means, for the
Class A(2022-3) 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(2022-3) Notes on such date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2022-3) 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(2022-3) Notes will not be less than an amount equal to (i) 3.0% of the Initial Dollar Principal Amount of the Class A(2022-3) Notes, minus
(ii) the Required Subordinated Amount of Class D Notes for the Class A(2022-3) Notes; provided further, however, that for any date of determination on or after the
occurrence and during the continuation of a Class A(2022-3) Adverse Event, the Required Subordinated Amount of Class C Notes for the Class A(2022-3) 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(2022-3)
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(2022-3) 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(2022-3) Notes on such date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2022-3) 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(2022-3) Notes will not be less than an amount equal to 1.2049% of the Initial Dollar Principal Amount of the Class A(2022-3) Notes, provided
further, however, that for any date of determination on or after the occurrence and during the continuation of a Class A(2022-3) Adverse Event, the Required Subordinated Amount of
Class D Notes for the Class A(2022-3) 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(2022-3) 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(2022-3) Notes, 11.3925%, subject to adjustment in accordance with Section 2.02. 

“Required Subordinated Percentage of Class C Notes” means, for the
Class A(2022-3) Notes, 11.3925%, subject to adjustment in accordance with Section 2.02. 

“Required Subordinated Percentage of Class D Notes” means, for the
Class A(2022-3) Notes, 3.7975%, subject to adjustment in accordance with Section 2.02. 

“Stated Principal Amount” means $900,000,000. 

Section 1.02. Governing Law. THIS TERMS DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE
OF 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. The words “executed,” “signed,” “signature,” and words of
like import in this Terms Document or in any other certificate, agreement or document related to this transaction shall include, in addition to manually executed signature pages, images of manually executed signatures transmitted by facsimile or
other electronic format (including, without limitation, “pdf”, “tif” or “jpg”) and other electronic signatures (including, without limitation, any electronic sound, symbol, or process, attached to or logically
associated with a contract or other record and executed or adopted by a person with the intent to sign the record). The use of electronic signatures and electronic records (including, without limitation, any contract or other record created,
generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by
applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform
Electronic Transactions Act or the Uniform Commercial Code. 
 Section 1.04. Ratification of Indenture, 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] 

  
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 ARTICLE II 

The Class A(2022-3) 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(2022-3) 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(2022-3) 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 Subordinated Percentage of Class B Notes and the Required Subordinated Percentage of Class C Notes, in each case, for the Class A(2022-3) Notes after giving effect to such change is
equal to or greater than the sum of the Required Subordinated Percentage of Class B Notes and the Required Subordinated Percentage of Class C Notes, in each case, for the Class A(2022-3) Notes
immediately prior to giving effect to such change and (y) the Required Subordinated Amount of Class B Notes for the Class A(2022-3) Notes does not exceed the Maximum Subordination 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(2022-3) Notes, such that after giving effect to all changes to
such percentages on such date the sum of the Required Subordinated Percentage of Class B Notes, the Required Subordinated Percentage of Class C Notes and the Required Subordinated Percentage of Class D Notes, in each case, for the Class A(2022-3) Notes after giving effect to such change is less than the sum of the Required Subordinated Percentage of Class B Notes, the Required Subordinated Percentage of Class C Notes and the
Required Subordinated Percentage of Class D Notes, in each case, for the Class A(2022-3) 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 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(2022-3) Notes shall be an amount equal to one-twelfth of the product of (i) the Note Interest Rate times (ii) the Outstanding Dollar
Principal Amount of the Class A(2022-3) Notes determined as of the Record Date preceding the related Distribution Date; provided, however, that for the first Interest Payment Date the amount
of interest due is $5,197,500.00. Any interest 

  
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on the Class A(2022-3) Notes will be calculated on the basis of a 360-day year consisting of twelve 30-day months. 
 (b) Pursuant to Section 3.03 of the Indenture Supplement, on
each Distribution Date, the Indenture Trustee shall deposit into the Class A(2022-3) Interest Funding sub-Account the portion of Card Series Finance Charge Amounts
allocable to the Class A(2022-3) Notes. 
 Section 2.04. [Reserved]. 

Section 2.05. Payments of Interest and Principal. 

(a) Any installment of interest or principal, if any, payable on any Class A(2022-3) 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(2022-3) Note (or one or more Predecessor Notes) is registered on the Record Date, by wire transfer of immediately available funds to such Person’s account as has been designated by written
instructions received by the Paying Agent from such Person not later than the close of business on the third Business Day preceding the date of payment or, if no such account has been so designated, by check mailed
first-class, postage prepaid to such Person’s address as it appears on the Note Register on such Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of
Cede & Co., payment shall be made by wire transfer in immediately available funds to the account designated by such nominee. 
 (b)
The right of the Class A(2022-3) Noteholders to receive payments from the Issuer will terminate on the first Business Day following the Class A(2022-3)
Termination Date. 
 Section 2.06. Form of Delivery of
Class A(2022-3) Notes; Depository; Denominations. 
 (a) The Class A(2022-3) 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(2022-3) Notes shall be The Depository Trust Company, and the Class A(2022-3) Notes shall initially be registered in the name of Cede & Co., its nominee. 

(c) The Class A(2022-3) Notes will be issued in minimum denominations of $1,000 and integral
multiples of $1,000 in excess of that amount. 
 Section 2.07. Delivery and Payment for the Class A(2022-3) Notes. The Issuer shall execute and deliver the Class A(2022-3) Notes to the Indenture Trustee for authentication, and the Indenture Trustee
shall deliver the Class A(2022-3) Notes when authenticated, each in accordance with Section 303 of the Indenture. 

  
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 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. 
 [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/ Cynthia Valverde
		 	Name: Cynthia Valverde
		 	Title: Attorney-In-Fact
		
	By:	 	/s/ Timothy Johnson
		 	Name: Timothy Johnson
		 	Title: Attorney-In-Fact
	
	 THE BANK OF NEW YORK MELLON, as

Indenture Trustee and not in its individual capacity

		
	By:	 	/s/ Leslie Morales
		 	Name: Leslie Morales
		 	Title: Vice President

 [Class A(2022-3) Terms Document]EX-10.1

   

   

  Exhibit 10.1

  SIXTH AMENDMENT TO LEASE

   

  This Sixth Amendment to Lease (this “Sixth Amendment”) is entered into as of October 10, 2022, by and between ILPT NEWTON IOWA LLC, a Delaware limited liability company (“Landlord”) and TPI IOWA, LLC, a Delaware limited liability company (“Tenant”).

  W I T N E S S E T H:

  WHEREAS, Opus Northwest, L.L.C. (“Original Landlord”) and Tenant entered into that certain Net Lease Agreement dated November 13, 2007, as amended by that certain First Amendment to Net Lease Agreement dated July 26, 2008 (collectively, the “Original Lease”) for certain premises (the “Demised Premises”) located at 2300 North 33rd Avenue East, Newton, Iowa; and

  WHEREAS, Blue Dog LLC succeeded to the interest of Original Landlord under the Original Lease and with Tenant entered into that certain Second Amendment to Lease dated as of May 11, 2010 (the Original Lease, as so amended, being hereinafter referred to as the “Amended Lease”); and

  WHEREAS, SIR Properties Trust succeeded to the interest of Blue Dog LLC under the Amended Lease and with Tenant entered into that certain Third Amendment to Lease dated as of August 2, 2016 (the Amended Lease, as so amended, collectively the “Agreement”); and

  WHEREAS, ILPT Newton Iowa LLC, a Maryland limited liability company (“Interim Landlord”) succeeded to the interest of SIR Properties Trust under the Agreement and with Tenant entered into that certain Fourth Amendment to Lease dated as of August 6, 2020 and that certain Fifth Amendment to Lease (“Fifth Amendment”) dated as of August 16, 2021 (the Agreement as so amended, the “Lease”); and 

  WHEREAS, Interim Landlord filed those certain Articles of Conversion with the Maryland Department of Assessments and Taxation on January 31, 2022 and that certain Certificate of Conversion with the Delaware Secretary of State on January 31, 2022, and thereby converted into Landlord; and

  WHEREAS, Landlord and Tenant wish to amend the Lease to extend the term thereof for ten (10) years beyond its current scheduled expiration of January 31, 2023 and in certain other respects, subject to and upon the terms and conditions hereinafter provided; and

  WHEREAS, TPI Composites, Inc., f/k/a LCSI Holding, Inc. (“Guarantor”) executed and delivered that certain Guaranty of Lease dated November 13, 2007 (the “Guaranty”), and Guarantor, as an inducement to Landlord to enter into this Sixth Amendment, has agreed to join in this Sixth Amendment for the purpose of confirming the continuation of the Guaranty.

  NOW, THEREFORE, in consideration of the foregoing and for other consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant agree that the Lease is hereby amended as follows:

  1.Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to such terms in the Lease.

  2.The Initial Term of the Lease is hereby extended for a period of ten (10) years and shall expire on January 31, 2033. Other than as provided for in this Sixth Amendment, Tenant shall have no further right to extend the term of the Lease. 

  3.For the portion of the Initial Term commencing on February 1, 2023, Tenant shall pay Basic Rent in accordance with the following schedule:

   

  	 

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	Dates
	Basic Rent
(per annum)
	Monthly Installment

	2/1/23 – 1/31/24
	$1,656,004.00
	$138,000.33

	2/1/24 – 1/31/25
	$1,705,684.12
	$142,140.34

	2/1/25 – 1/31/26
	$1,756,854.64
	$146,404.55

	2/1/26 – 1/31/27
	$1,809,560.28
	$150,796.69

	2/1/27 – 1/31/28
	$1,863,847.09
	$155,320.59

	2/1/28 – 1/31/29
	$1,919,762.50
	$159,980.21

	2/1/29 – 1/31/30
	$1,977,355.38
	$164,779.62

	2/1/30 – 1/31/31
	$2,036,676.04
	$169,723.00

	2/1/31 – 1/31/32
	$2,097,776.32
	$174,814.69

	2/1/32 – 1/31/33
	$2,160,709.61
	$180,059.13

   

  4.Tenant has deposited $388,092.25 (the “Deposit”) with Landlord, which Deposit shall be applied against the monthly installments of Basic Rent commencing on February 1, 2023 and thereafter until such Deposit has been fully applied.

  5.Landlord and Tenant acknowledge that in 2014, the Demised Premises were expanded to include approximately 21,150 additional rentable square feet (RSF). Landlord and Tenant agree that the RSF of the Building (as defined in the Original Lease) and the Demised Premises is approximately 337,960. 

  6.Tenant currently occupies the Demised Premises and agrees to accept the Demised Premises in their “as is” condition as of the date of this Sixth Amendment. 

  7.Section 5 of the Fifth Amendment is hereby deleted other than the first sentence thereof. Tenant shall have the right, subject to the provisions hereinafter provided, to extend the term for all of the Demised Premises for one (1) period of five (5) years (the “Extension Term”) on the terms and provisions hereof provided:

  (a)That the Lease is in full force and effect and Tenant is not in default in the performance of any of the terms, covenants and conditions herein contained beyond all applicable notice and cure periods at the time of exercise of the right of extension and at the time set for commencement of the Extension Term, but Landlord shall have the right at its sole discretion to waive this condition.

  (b)That such Extension Term shall be upon the same terms, covenants and conditions as provided in the Lease; provided, however, the Basic Rent for such Extension Term shall be the fair market rental value of the Demised Premises for the Extension Term as determined by Landlord in good faith, but in its sole discretion (which fair market rental value may include periodic rental increases consistent with market condition).  Landlord shall notify Tenant of its determination of the fair market value of the Demised Premises for the Extension Term (“Landlord’s FMV Notice”) within thirty (30) days of Landlord’s receipt of Tenant’s Election Notice (as defined in Section 7(c) below).  If Tenant objects to Landlord’s determination of the fair market value of the Demised Premises for the Extension Term, Tenant shall so notify Landlord in writing (“Tenant’s Objection Notice”) within thirty (30) days of its receipt of Landlord’s FMV Notice.  If Tenant does not object within such period, the Basic Rent for such Extension Term shall be that determined by Landlord; if Tenant objects to Landlord’s determination of fair market value, Landlord and Tenant shall attempt to agree upon the fair market value of the Demised Premises for the Extension Term using reasonable, good-faith efforts following Landlord’s receipt of Tenant’s Objection Notice, however if Landlord and Tenant do not agree upon the fair market value of the Demised Premises for the Extension Term within thirty (30) days after Tenant’s Objection Notice, then the Extension Term shall be null and void.

  (c)That Tenant shall exercise its right to the Extension Term provided herein, if at all, by notifying Landlord in writing of its election (“Election Notice”) to exercise the right to extend the term on or before January 31, 2032 (time being of the essence), but not prior to November 30, 2031.

  8.Subject to the Conditions (as hereinafter defined), which Landlord may waive, in its discretion, at any time, but only by notice to Tenant and the provisions of Section 9 hereof, Tenant shall have an option (the “Early 

  	 

   IF "1" = "1" "4882-2919-1729, v.4" "" 4882-2919-1729, v.4

  

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  Termination Option”) to terminate the term of the Lease, as amended hereby, effective on January 31, 2031 (the “Early Termination Date”) by giving Landlord written notice of Tenant’s election to exercise the Early Termination Option on or before April 30, 2030. As a condition to the effectiveness of Tenant’s notice exercising the Early Termination Option Tenant shall pay Landlord, concurrently with such notice, a “Termination Fee” equal to the sum of four (4) monthly installments of Basic Rent at the rate in effect on the date Tenant provides such written notice. Landlord may, in its sole discretion, elect to treat any notice of termination which is not accompanied by the Termination Fee either as null and void or as effective to terminate the term as of the Early Termination Date (while not discharging Tenant from its obligation to pay the Termination Fee). The “Conditions” are that, as of the date of the election notice, Tenant shall not be in default under the Lease beyond all applicable notice and cure periods.

  9.If at any time before January 31, 2026 Tenant wishes to expand the Demised Premises, Tenant may request a proposal whereby Landlord will construct, at Landlord’s cost, a contiguous addition to the Building of approximately 100,000 square feet of floor area (the “Addition”).  Landlord shall provide Tenant with proposed plans and specifications for the Addition and a non-binding estimate of the cost of construction of the Addition (the “Proposal”) within ninety (90) days of Tenant’s request, provided Tenant shall not be in default under the Lease beyond any applicable notice and cure periods and Tenant’s financial condition shall not have declined from that existing as of the date of this Sixth Amendment.  Tenant need not accept the Proposal, nor shall Landlord be obligated to change any of the Proposal’s terms once provided to Tenant.  Upon Tenant’s acceptance of the Proposal by notice to Landlord, the Early Termination Option granted to Tenant under Section 8 hereof shall automatically be null and void and of no further force or effect.  If Tenant fails to give notice of its acceptance of the Proposal within thirty (30) days of its submittal to Tenant, Tenant’s request for Landlord to construct the Addition shall automatically be deemed revoked and of no further force or effect.  If Tenant shall timely accept the Proposal, then the parties shall promptly enter into an amendment to the Lease providing that upon substantial completion of construction of the Addition, (i) the Addition will be added to the Demised Premises, (ii) the term of the Lease will be extended for ten (10) years from that date of such substantial completion, (iii) the Basic Rent for the initially demised space for such ten (10) years shall be adjusted to be fair market rent (as provided by Landlord in the Proposal), and (iv) the Basic Rent for the Addition shall be equal to the amount sufficient to amortize over such ten year period all of Landlord’s costs attributable to such Addition (including but without limitation commercially reasonable project management fees) and a rate of profit on such costs over that ten year period consistent with Landlord’s then investment criteria for similar investments.

  10.Tenant shall submit to Landlord, within thirty (30) days of request, but not more frequently than semi-annually, any waste management, recycling, energy and water consumption data, including usage and charges as they may appear on any utility bills received by Tenant.  Landlord may, at its sole cost and expense, install monitoring equipment at the Demised Premises to track consumption of utilities, and shall provide to Tenant such non-proprietary, current information relating to Building energy and water consumption, waste management and recycling as Landlord has readily available, within thirty (30) days of request by Tenant, not more frequently than semi-annually.

  11.Notwithstanding any provision of the Lease to the contrary, Tenant shall have no right to make any use of the roof of the Building, and Landlord shall retain the exclusive right to use and to afford third parties the right to use all or portions of the roof of the Building for such purposes as Landlord may elect from time to time, and Landlord shall have the non-exclusive right to use Building shafts and chases for connection of any such roof installations to utilities.

  12.Tenant and Landlord warrant and represent that they have dealt with no agent or broker in connection with the consummation of this Sixth Amendment other than CBRE, and in the event of any agency or brokerage claims or liens, other than by CBRE against Landlord, Tenant or the Land predicated upon or arising out of prior dealings with Tenant or Landlord, the party with whom the agent or broker claims to have dealt agrees to defend the same and indemnify and hold the other party harmless for, from and against any such claim, and to discharge any such lien.  Landlord shall be responsible for the payment of any commissions payable to CBRE pursuant to separate written agreement.

  	 

   IF "1" = "1" "4882-2919-1729, v.4" "" 4882-2919-1729, v.4

  

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  13.This Sixth Amendment may be executed in multiple counterparts, including by electronic signature or DocuSign, each of which shall constitute an original instrument but all of which shall constitute one and the same agreement.

  14.Except as modified by this Sixth Amendment, Landlord and Tenant agree that the Lease is hereby affirmed and continues in full force and effect.  All references to the “Lease” shall be deemed to be references to the Lease as amended by this Sixth Amendment.

  15.Tenant represents that any individual executing this Sixth Amendment on behalf of Tenant is authorized to do so.  Landlord represents that any individual executing this Sixth Amendment on behalf of Landlord is authorized to do so.

  IN WITNESS WHEREOF, the parties hereunto have executed this Sixth Amendment as of the date first written above.

   

  LANDLORD:

   

  ILPT NEWTON IOWA LLC

   

  By:	The RMR Group LLC, its agent

   

   

  By: /SJ v/s/ Jennifer F. Francis 			F/

  Jennifer F. Francis

  Executive Vice President

   

   

  TENANT:

   

  TPI IOWA, LLC

   

   

  By: /v	/s/ William E. Siwek			

  William Siwek

  Chief Executive Officer

   

   

   

  	 

   IF "1" = "1" "4882-2919-1729, v.4" "" 4882-2919-1729, v.4

  

   

   

   

  Joinder

  Reference is made to the Guaranty of Tenant’s obligations under the Lease dated November 13, 2007, as amended, by Guarantor.  Guarantor confirms that (i) all references in such Guaranty to the word “Lease” shall mean the Lease, as defined therein, as amended through the Sixth Amendment to Lease to which this Joinder is attached, (ii) Guarantor is in receipt of a correct and complete copy of the Lease as amended through the Sixth Amendment to Lease, (iii) Guarantor will receive material value and benefits from the Lease as amended through the Sixth Amendment to Lease, and (iv) the Guaranty, as amended hereby, is in full force and effect and Guarantor hereby ratifies and affirms the Guaranty.

  IN WITNESS WHEREOF, the undersigned has executed this Joinder as of the date first written above.

  GUARANTOR:

   

  TPI Composites, Inc.

   

   

  By: v/s/ William E. Siwek			T/

  William Siwek

  Chief Executive Officer

  Duly authorized

  	 

   IF "1" = "1" "4882-2919-1729, v.4" "" 4882-2919-1729, v.4

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