Document:

Agreement dated December 29, 2006

 Exhibit 10.8 
 Translated to English 
 Agreement 
 Written and signed in Tel Aviv this 29th day of December 2006 
 By and between 
 Smile Media Ltd. 
 Of 1 Alexander Yanai
St., Segula, Petah Tikva 
 (“Media”) 
 Of the First Part 
 And: 
 Smile Communication Ltd. 
 Of 1 Alexander Yanai St., Segula, Petah Tikva 
 (“Communication”) 
 Of the second part

  

			
	Whereas:	  	The parties are desirous of entering an agreement to transfer the activities of p1000, paid content serves of Mapa and Communication’s rights in www.dbook.co.il from Communication to
Media, as part of an organizational change in the Internet Gold Group;
		
	And whereas:	  	The boards of directors of the parties have, on December 20, 2006, adopted the necessary resolutions in order to effectuate the above (the “Split”);
		
	And whereas:	  	Communication has applied to the tax authorities to arrange the tax matters with respect to the Split in accordance with Section 104B(f) of the Income Tax Ordinance [New Version] 1961
(“Income Tax Ordinance”), and in accordance with Section 1(8) of the Income Tax Regulations (Conditions for Exemption on the Transfer of Assets between Sister-Companies), 1994;
		
	And whereas:	  	The parties intend to petition the District Court in Tel Aviv in accordance with Sections 350 and 351 of the Companies Law, 1999 (“Companies Law”) to approve the Split and the
asset transfer as set forth in this Agreement;
		
	And whereas:	  	The parties are desirous of setting forth herein the performance of the Split and their relationship thereafter;

 NOW THEREFORE, the Parties Have Stipulated, Declared and Agreed as Follows: 
  

	1.	Preamble; Interpretation; Definitions 

  

	 	1.1	The preamble and exhibits to this agreement constitutes an integral part hereof. 

  

	 	1.2	Headings in this Agreement are for convenience only and shall not be used for interpretation. 

  

	 	1.3	Unless otherwise expressly stated, in this Agreement, the following terms shall have the meanings ascribed to them below: 

  

			
	Completion Date	  	The date on which all of the conditions precedent mentioned in Section 6 hereof shall have been satisfied.

  

	2.	The Plan 

 In accordance with and under the
order that the Court will issue, the following shall occur: 
  

	 	2.1	Transfer of p1000 from Communication to Media 

 Effective as of April 1, 2006 (the “Effective Date”) and in accordance with Section 104B(f) of the Ordinance, Communication shall transfer and/or assign to Media, free of any consideration, and Media shall accept
by transfer and/or assignment from Communication, as the case may be, assets, including rights, pertaining to all of Communication’s media activities, including, among other things, p1000, the paid content services of Mapa and
Communication’s rights in the website: www.dbook.co.il. Communication shall also assign to Media, as of the Effective Date, all of the future rights and obligations (arising from events as of the Effective Date) arising from and embodied
by the performance of agreements in connection with such activities. For the avoidance of any doubt, it is hereby expressly stated that obligations that accrued prior to the asset transfer shall not be transferred to Media, given the provisions of
Section 104B of the Ordinance. 
  

 - 2 - 

	3.	Covenants of the Parties 

  

	 	3.1	All of the activities and assets transferred hereunder are transferred as is, without any representations by Communication. 

  

	 	3.2	The parties shall make their best efforts to obtain the consents and approvals from any third parties as required to effectuate the provisions hereof (“Third Party
Consents”). 

  

	 	3.3	Debts and obligations arising from events prior to the Effective Dates, as relevant, shall remain the responsibility of transferor. As of the Effective Date, each of the parties
shall be liable for the activity as set forth herein. 

  

	 	3.4	As of the Effective Date, Media shall be liable for the identified obligations, and shall be entitled to the rights associated with the transferred assets, including insurance
rights, accrued as of the Effective Date. 

  

	4.	Indemnification and Damages 

 Each of the
parties (“Indemnifier”) shall indemnify and/or compensate the other (“Indemnitee”) for any amount and/or expense, including reasonable legal fees and/or any damage that the Indemnitee may suffer by a claim arising
from the activity and responsibility, as defined in Section 3, of the Indemnifier, provided, however, that the Indemnitee has notified the Indemnifier of the claim. No settlement or waiver in any such claim shall be entered without the prior
written consent of the Indemnifier and the Indemnitee. This Section shall remain in full force and effect for four years as of the Effective Date. 
  

	5.	Taxation 

  

	 	5.1	In order not to invalidate the Split or jeopardize the tax benefits or breaks arising to either party, each of the parties covenants toward the other to comply, as of the Effective
Date, with the provisions of Part E2 of the Ordinance and with any conditions as the tax authorities may instruct. 

  

	 	5.2	The provisions of Section 5.1 above shall also govern any change that the tax authorities may stipulate in the future. 

  

	6.	Conditions Precedent 

 With respect to each
of the transfers and actions described in Section 3 above, this Agreement shall be subject to the satisfaction of all of the conditions precedent stated below: 
  

	 	6.1	Approval by the tax authorities that the structural change contemplated herein is consistent with the conditions set forth in the Income Tax Ordinance, provided that the conditions
in the letter of authorization are satisfied. 

  

	 	6.2	Approval by the Court, in accordance with the petitions that will be filed by the parties as stated in the preamble hereto. 

  

 - 3 - 

	7.	Exhibits 

 The exhibits to this Agreements
that were not attached upon execution, shall be attached by the Completion Date and constitute an integral part hereof. 
  

	8.	Miscellaneous 

  

	 	8.1	This Agreement and the Exhibits hereto represent all of the terms agreed upon between the parties with respect to the subject matter hereof, and cancel and supersede any and all
agreements, undertakings or arrangements predating this Agreement. 

  

	 	8.2	No waiver in any specific event shall operate as precedent for any other event. No delay in or refraining from taking action shall operate as a waiver, nor shall they prejudice the
rights or obligations of either party with respect to such action. 

  

	 	8.3	This Agreement shall be governed by Israeli law, and any dispute arising from this Agreement shall be submitted exclusively to the competent court in Tel Aviv-Jaffa.

  

	 	8.4	Notices delivered between the parties in connection with this Agreement shall be delivered by fax to the fax number of the recipient, or by courier or registered mail to the address
of such party as stated in the preamble hereto, and shall be deemed to have been received on the first business day after the fax transmission, provided that confirmation has been obtained, or on the same day if delivered by courier, or 4 days after
dispatch by registered mail as provided above. 

  

	 	8.5	No change, amendment or waiver in connection with this Agreement shall be effective unless entered in writing, and any such change, amendment or waiver shall be limited to the
matter with respect to which it is entered. No waiver in any specific event shall operate as precedent for any other event. No delay in or refraining from taking action shall operate as a waiver, nor shall they prejudice the rights or obligations of
either party with respect to such action. 

 In Witness Whereof, the Parties Have Hereunto Set Their Hand in Writing on the

 Date and at the Place First Written above: 
  

					
			
	/s/ Illegible	 		 	/s/ Illegible
	Smile Media Ltd.	 		 	Smile Communication Ltd.

  

 - 4 -Class A(2007-8) Terms Document

 Exhibit 4.1 
  

 CAPITAL ONE MULTI-ASSET EXECUTION TRUST 
 as Issuer 
 and 
 THE BANK OF NEW YORK 
 as Indenture Trustee 
 CLASS A(2007-8) TERMS DOCUMENT 
 dated
as of October 11, 2007 
 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, as amended and restated as of January 13, 2006 
  

 TABLE OF CONTENTS 
  

					
	  	  	 	  	Page
		  	ARTICLE I	  	
		  	Definitions and Other Provisions of General Application	  	
			
	Section 1.01.	  	Definitions	  	1
			
	Section 1.02.	  	Counterparts	  	8
			
	Section 1.03.	  	Ratification of Indenture, Asset Pool 1 Supplement and Indenture Supplement	  	8
			
		  	ARTICLE II	  	
		  	The Class A(2007-8) Notes	  	
			
	Section 2.01.	  	Creation and Designation	  	9
			
	Section 2.02.	  	Adjustments to Required Subordinated Percentages	  	9
			
	Section 2.03.	  	Interest Payment	  	9
			
	Section 2.04.	  	Calculation Agent; Determination of LIBOR	  	10
			
	Section 2.05.	  	Payments of Interest and Principal	  	11
			
	Section 2.06.	  	Form of Delivery of Class A(2007-8) Notes; Depository; Denominations	  	11
			
	Section 2.07.	  	Delivery and Payment for the Class A(2007-8) Notes	  	12
			
	Section 2.08.	  	Targeted Deposits to the Accumulation Reserve Account	  	12
			
	Section 2.09.	  	[Reserved]	  	12

  

 -i- 

 THIS CLASS A(2007-8) 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 11, 2007. 
 Pursuant to this Terms Document, the Issuer shall create a new tranche of Class A Notes and shall specify the principal terms thereof. 

ARTICLE I 
 Definitions and Other
Provisions of General Application 
 Section 1.01. Definitions. For all purposes of this Terms Document, except as otherwise
expressly provided or unless the context otherwise requires: 
  

	 	(1)	the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular; 

  

	 	(2)	all other terms used herein which are defined in the Indenture Supplement, the Asset Pool 1 Supplement or the Indenture, either directly or by reference therein, have the meanings
assigned to them therein; 

  

	 	(3)	all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles and, except as otherwise herein
expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder means such accounting principles as are generally accepted in the United States of America at the date
of such computation; 

  

	 	(4)	all references in this Terms Document to designated “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions
of this Terms Document; 

  

	 	(5)	the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Terms Document as a whole and not to any particular
Article, Section or other subdivision; 

  

	 	(6)	in the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture Supplement, the Asset Pool 1
Supplement, the Indenture or the Transfer and Administration Agreement, the terms and provisions of this Terms Document shall be controlling; 

  

	 	(7)	each capitalized term defined herein shall relate only to the Class A(2007-8) Notes and no other Tranche of Notes issued by the Issuer; and 

  

 1 

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

 “Accumulation Period Amount” means $41,666,666.67; 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(2007-8) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (ii) the Monthly Period following the
first Distribution Date following and including the November 2010 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(2007-8) Notes pursuant to Section 3.10(b) of the Indenture Supplement,
(iii) the Monthly Period following the first Distribution Date following and including the May 2011 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(2007-8) 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 July 2011 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(2007-8) 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(2007-8) Notes and (ii) the date on which the Class A(2007-8) Notes are paid in full. 
 “Asset Pool 1
Supplement” means the Asset Pool 1 Supplement dated as of October 9, 2002, by and between the Issuer and the Indenture Trustee, as amended and supplemented from time to time. 
 “Base Rate” means, with respect to any Monthly Period, the sum of (a) the Card Series Servicing Fee Percentage and (b) the
weighted average (based on the Outstanding Dollar Principal Amount of the related Card Series Notes) of the following: 
 (i)
in the case of a Tranche of Card Series Dollar Interest-bearing Notes with no Derivative Agreement for interest, the rate of interest applicable to such Tranche for the period from and including the Monthly Interest Accrual Date for such Tranche of
Card Series Dollar Interest-bearing Notes in such Monthly 

  

 2 

 
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 A(2007-8) Adverse Event” means the occurrence of any of the following: (a) an Early Redemption Event with respect to the Class A(2007-8) Notes or (b) an Event of Default and
acceleration of the Class A(2007-8) Notes. 
 “Class A(2007-8) Note” means any Note, substantially in the form set forth in
Exhibit A-2 to the Indenture Supplement, designated therein as a Class A(2007-8) Note and duly executed and authenticated in accordance with the Indenture. 
 “Class A(2007-8) Noteholder” means a Person in whose name a Class A(2007-8) Note is registered in the Note Register. 
 “Class A(2007-8) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2007-8) 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. 
  

 3 

 “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 December 17, 2012. 
 “Initial Dollar Principal
Amount” means $500,000,000. 
 “Indenture” means the Indenture dated as of October 9, 2002, as amended and
restated as of January 13, 2006 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 March, June, September and December commencing in December 2007, or if such
fifteenth day is not a Business Day, the next succeeding Business Day; provided, however, that if any Early Redemption Event with respect to the Class A(2007-8) Notes or an Event of Default and acceleration of the Class A(2007-8) Notes
shall have occurred, each succeeding Distribution Date (as such term is defined in the Pooling and Servicing Agreement) shall be an Interest Payment Date. 
 “Interest Period” means, with respect to any Distribution Date (as such term is defined in the Pooling and Servicing Agreement) the period from and including the previous Distribution Date through the
day preceding such Distribution Date; provided, however, the first Interest Period shall be the period from and including the Issuance Date to but excluding October 15, 2007, the second Interest Period will begin on and include
October 15, 2007 and end on but exclude November 15, 2007 and the third Interest Period will begin on and include November 15, 2007 and end on but exclude the first Interest Payment Date for the Class A(2007-8) notes,
December 17, 2007. 
 “Issuance Date” means October 11, 2007. 
 “Legal Maturity Date” means October 15, 2015. 
 “LIBOR” means, for any Interest Period, the London interbank offered rate for three-month United States dollar deposits determined by the Calculation Agent on the LIBOR Determination Date for such
Interest Period in accordance with the provisions of Section 2.04; provided, however, that if an Early Redemption Event with respect to the Class A(2007-8) Notes or an Event of Default and acceleration for the Class A(2007-8)
Notes occurs, LIBOR means, as of any LIBOR Determination Date occurring on or after such Early Redemption Event or Event of Default and acceleration, the London interbank offered rate for one-month United States dollar deposits. 
  

 4 

 “LIBOR Determination Date” means the second London Business Day prior to the most recent
Interest Payment Date. The first Interest Period, the second Interest Period and the third Interest Period shall not have a LIBOR Determination Date. 
 “London Business Day” means any Business Day on which dealings in deposits in United States Dollars are transacted in the London interbank market. 
 “Maximum Subordination Amount of Class B Notes” means, for the Class A(2007-8) Notes for any date of determination, an amount equal
to the product of (a) Adjusted Outstanding Dollar Principal Amount of the Class A(2007-8) Notes on such date of determination and (b) the percentage equivalent of a fraction, the numerator of which is 10 and the denominator of which is
83.00. 
 “Note Interest Rate” means a rate per annum equal to 0.30% in excess of LIBOR as determined by the Calculation
Agent on the related LIBOR Determination Date with respect to each Interest Period; provided, however, that with respect to the first three Interest Periods, the Note Interest Rate means a rate per annum equal to 5.48275%. 
 “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 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. 
  

 5 

 “Quarterly Excess Spread Percentage” means, with respect to the September 2008
Distribution Date and each Distribution Date thereafter, the percentage equivalent of a fraction the numerator of which is the sum of the Excess Spread Percentages with respect to the immediately preceding three Monthly Periods and the denominator
of which is three. 
 “Record Date” means, for any Distribution Date, the last Business Day of the preceding Monthly Period.

 “Reference Banks” means four major banks in the London interbank market selected by the Beneficiary. 
 “Required Accumulation Reserve sub-Account Amount” means, with respect to any Monthly Period during the Accumulation Reserve Funding
Period, an amount equal to (i) 0.5% of the Outstanding Dollar Principal Amount of the Class A(2007-8) 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(2007-8) 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(2007-8) Notes on such date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2007-8) 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(2007-8) Notes; provided further, however, that for any date of determination on or
after the occurrence and during the continuation of a Class A(2007-8) Adverse Event, the Required Subordinated Amount of Class B Notes for the Class A(2007-8) 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(2007-8) Adverse Event shall have occurred. 
 “Required Subordinated Amount of Class C Notes” means, for the Class A(2007-8) 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(2007-8) Notes on such date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2007-8) 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(2007-8) Notes will not be less than an amount equal to (i) 3.0% of the Initial Dollar Principal Amount of the Class
A(2007-8) Notes, minus (ii) the Required Subordinated Amount of Class D Notes for the Class A(2007-8) Notes; provided further, however, that for any date of determination on or after the occurrence and during the
continuation of a Class A(2007-8) Adverse Event, the Required Subordinated Amount of Class C Notes for the Class A(2007-8) Notes will be the greater of (x) the amount determined above for such date of determination, (y) the amount
determined above for the date 

  

 6 

 
immediately prior to the date on which such Class A(2007-8) 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(2007-8) 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(2007-8) Notes on such date of determination and (b) the Adjusted Outstanding Dollar
Principal Amount of such Class A(2007-8) 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(2007-8) Notes will not be less than an amount equal to 1.2049% of the Initial Dollar Principal Amount of the Class A(2007-8) Notes, provided further, however, that for any date of determination on or after the occurrence and
during the continuation of a Class A(2007-8) Adverse Event, the Required Subordinated Amount of Class D Notes for the Class A(2007-8) 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(2007-8) 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 B Notes” means, for the Class A(2007-8) Notes, 10.8434%, subject to
adjustment in accordance with Section 2.02. 
 “Required Subordinated Percentage of Class C Notes” means, for
the Class A(2007-8) Notes, 8.4338%, subject to adjustment in accordance with Section 2.02. 
 “Required Subordinated
Percentage of Class D Notes” means, for the Class A(2007-8) Notes, 1.2049%, subject to adjustment in accordance with Section 2.02. 
 “Reuters Screen LIBOR01 Page” means the display page currently so designated on the Reuters Monitor Money Rates (or such other page as may replace that page on that service, or such other service as
may be nominated as the information vendor, for the purpose of displaying comparable rates of prices). 
 “Stated Principal
Amount” means $500,000,000. 
 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 

  

 7 

 
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 Section 1.02. 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 1.03. 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] 
  

 8 

 ARTICLE II 
 The Class A(2007-8) 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(2007-8) 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(2007-8) 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(2007-8) 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(2007-8) Notes immediately prior to giving effect to such change and (y) the Required Subordinated Amount of Class B Notes for the Class A(2007-8) Notes does not exceed the Maximum Subordinated Amount of Class B Notes. 
 (b) On any date, the Issuer may change the Required Subordinated Percentage of Class B Notes, the Required Subordinated Percentage of Class C Notes or
the Required Subordinated Percentage of Class D Notes, in each case for the Class A(2007-8) 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 Amount of Class D Notes, in each case, for the Class A(2007-8) 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 Amount of Class D Notes, in each case, for the Class A(2007-8) 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(2007-8) 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
period from and including the preceding Interest Payment Date (or, with respect to the initial Interest Payment Date, from and including the Issuance Date) to but excluding such Interest Payment Date, and the denominator of which is 360,
times (B) the Note Interest Rate in effect with respect to such period times (ii) the Outstanding Dollar Principal Amount of the Class A(2007-8) Notes determined as of the Record 

  

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Date preceding the related Distribution Date. Any interest on the Class A(2007-8) 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 A(2007-8) Interest Funding sub-Account the portion of Card Series Finance Charge Amounts allocable to the Class A(2007-8) Notes. 
 Section 2.04. Calculation Agent; Determination of LIBOR. 
 (a) The Issuer hereby agrees that for so long as any Class A(2007-8) 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
three-month period; provided, however, that, if an Early Redemption Event with respect to the Class A(2007-8) Notes or an Event of Default and acceleration of the Class A(2007-8) Notes occurs, LIBOR shall be, as of any LIBOR
Determination Date occurring on or after such Early Redemption Event or such Event of Default and acceleration, the rate for deposits in United States dollars for a one-month period which appears on Reuters Screen LIBOR01 Page as of 11:00 a.m.,
London time, on such date. If such rate does not appear on Reuters Screen LIBOR01 Page, the rate for that LIBOR Determination Date shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference
Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a three-month period; provided, however, that, if an Early Redemption Event with respect to the Class A(2007-8) Notes or an
Event of Default and acceleration of the Class A(2007-8) Notes occurs and such rate does not appear on Reuters Screen LIBOR01 Page, the rate for that LIBOR Determination Date shall be determined on the basis of the rates at which deposits in the
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 four 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 three-month period (or in the case of the final two Interest Periods prior to the Expected Principal Payment Date, an interpolated rate for United States dollar deposits for a 

  

 10 

 
period that corresponds to the actual number of days in those final two Interest Periods); provided, however, that, if an Early Redemption
Event with respect to the Class A(2007-8) Notes or an Event of Default and acceleration of the Class A(2007-8) Notes occurs and if fewer than two quotations are provided, the rate for that LIBOR Determination Date will be the arithmetic mean of the
rates quoted by four major banks in New York City, selected by the Beneficiary, at approximately 11:00a.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, the Beneficiary and the
Servicer, by facsimile transmission or electronic transmission, notification of LIBOR for the following applicable Interest Period(s). 
 Section 2.05. Payments of Interest and Principal. 
 (a) Any installment of interest or principal, if any, payable on any
Class A(2007-8) 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(2007-8) 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(2007-8) Noteholders to receive payments from the Issuer will terminate on the first Business Day
following the Class A(2007-8) Termination Date. 
 Section 2.06. Form of Delivery of Class A(2007-8) Notes; Depository;
Denominations. 
 (a) The Class A(2007-8) 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(2007-8) Notes shall be The Depository Trust
Company, and the Class A(2007-8) Notes shall initially be registered in the name of Cede & Co., its nominee. 
  

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 (c) The Class A(2007-8) Notes will be issued in minimum denominations of $100,000 and integral multiples
of $1,000 in excess of that amount. 
 Section 2.07. Delivery and Payment for the Class A(2007-8) Notes. The Issuer shall execute
and deliver the Class A(2007-8) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2007-8) Notes when authenticated, each in accordance with Section 303 of the Indenture. 
 Section 2.08. Targeted Deposits to the Accumulation Reserve Account. 
 The deposit targeted to be made to the Accumulation Reserve Account for any Monthly Period during the Accumulation Reserve Funding Period will be an
amount equal to the Required Accumulation Reserve sub-Account Amount. 
 Section 2.09. [Reserved]. 
 [END OF ARTICLE II] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Terms Document to be duly executed, all as of the
day and year first above written. 
  

			
	CAPITAL ONE MULTI-ASSET EXECUTION TRUST,
		
	By:	 	DEUTSCHE BANK TRUST COMPANY
		 	DELAWARE, not in its individual capacity, but solely as Owner Trustee on behalf of the Trust
		
	By:	 	 /s/ Michele HY Voon

	Name:	 	Michele HY Voon
	Title:	 	Attorney-in-fact
		
	By:	 	 /s/ Peter T. Becker

	Name:	 	Peter T. Becker
	Title:	 	Attorney-in-fact
	
	THE BANK OF NEW YORK, as Indenture Trustee and not in its individual capacity
		
	By:	 	 /s/ Catherine M. Hughes

	Name:	 	Catherine M. Hughes
	Title:	 	Assistant Vice President

 [Terms Document]

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