Document:

Exhibit 4.1

 Exhibit 4.1 
  

EXECUTION COPY 
  

 
 CAPITAL ONE MULTI-ASSET EXECUTION TRUST 
  
 as Issuer 
  
 and 
  
 THE BANK OF NEW YORK 
  
 as Indenture Trustee 
  
 CLASS B(2003-6) TERMS DOCUMENT 
  
 dated as of November 20, 2003 
  
 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 
  

  
 TABLE OF CONTENTS

  

	 	  	 	  	Page

			
	 	  	ARTICLE I	  	 
	 	  	Definitions and Other Provisions of General Application	  	 
			
	 Section 1.01.
	  	Definitions	  	1
			
	 Section 1.02.
	  	Governing Law	  	7
			
	 Section 1.03.
	  	Counterparts	  	7
			
	 Section 1.04.
	  	Ratification of Indenture, the Asset Pool 1 Supplement and Indenture Supplement	  	7
			
	 	  	ARTICLE II	  	 
	 	  	The Class B(2003-6) 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.
	  	Form of Delivery of Class B(2003-6) Notes; Depository; Denominations	  	9
			
	 Section 2.07.
	  	Delivery and Payment for the Class B(2003-6) Notes	  	10
			
	 Section 2.08.
	  	Targeted Deposits to the Accumulation Reserve Account	  	10
			
	 Section 2.09.
	  	Capital One Derivative Agreement	  	10
			
	 Section 2.10.
	  	Tax Treatment	  	10

  
  

 - i - 

 THIS CLASS B(2003-6) 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 November 20, 2003. 
  
 Pursuant to this Terms Document, the Issuer shall create a new tranche of Class B 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 B(2003-6) 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 $20,833,333.33;
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
B(2003-6) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (ii) the Monthly Period following the first Distribution Date following and including the October 2006 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 B(2003-6) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (iii) the Monthly Period following the first Distribution Date following and including the April 2007 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 B(2003-6) 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 June 2007 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 B(2003-6) 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 B(2003-6) Notes and (ii) the date on which the Class B(2003-6) Notes are paid in full. 
  

“Aggregate Class B Unencumbered Amount” means an amount equal to the Adjusted Outstanding Dollar Principal Amount of all Class B Notes
in the Card Series minus the sum of the Required Subordinated Amount of Class B Notes for all Class A 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. 
  
 “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 

  

 2 

 
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 B(2003-6) Adverse Event” means the occurrence of any of the following: (a) an Early Redemption Event with respect to the Class B(2003-6) Notes or (b) an Event of Default and acceleration of the
Class B(2003-6) Notes. 
  
 “Class B(2003-6) Note”
means any Note, substantially in the form set forth in Exhibit A-2 to the Indenture Supplement, designated therein as a Class B(2003-6) Note and duly executed and authenticated in accordance with the Indenture. 
  
 “Class B(2003-6) Noteholder” means a Person in whose name a
Class B(2003-6) Note is registered in the Note Register. 
  
 “Class B(2003-6) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class B(2003-6) 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 

 “Encumbered Required Subordinated Amount of Class C Notes” means, for the Class
B(2003-6) Notes, an amount equal to the product of (a) the aggregate Required Subordinated Amount of Class C Notes for all Class A Notes in the Card Series with a Required Subordinated Amount of Class B Notes greater than zero and (b) the percentage
equivalent of a fraction, the numerator of which is the Adjusted Outstanding Dollar Principal Amount of the Class B(2003-6) Notes and the denominator of which is the Adjusted Outstanding Dollar Principal Amount of all Class B Notes in the Card
Series. 
  
 “Encumbered Required Subordinated Amount of
Class D Notes” means, for the Class B(2003-6) 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 with a Required Subordinated Amount of Class B
Notes greater than zero and (b) the percentage equivalent of a fraction, the numerator of which is the Adjusted Outstanding Dollar Principal Amount of the Class B(2003-6) Notes and the denominator of which is the Adjusted Outstanding Dollar
Principal Amount of all Class B 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 November 17, 2008.

  
 “Initial Dollar Principal Amount” means
$250,000,000. 
  
 “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 December 2003, 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 20, 2003. 
  
 “Legal Maturity Date” means September 15, 2011. 

 
 “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. 
  

 4 

 “LIBOR Determination Date” means November 18, 2003 for the period from and including the
Issuance Date to but excluding December 15, 2003 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 0.53% 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 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 October 2006 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. 
  

 5 

 “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 B(2003-6) 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 C Notes” means, for the Class B(2003-6) Notes, an amount equal to the sum of (a) the Unencumbered Required Subordinated Amount of Class C Notes for such Class B(2003-6) Notes and (b)
the Encumbered Required Subordinated Amount of Class C Notes for such Class B(2003-6) 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 C Notes for the
Class B(2003-6) Notes will not be less than an amount equal to (i) 3.0% of the Initial Dollar Principal Amount of the Class B(2003-6) Notes, minus (ii) the Required Subordinated Amount of Class D Notes for the Class B(2003-6) Notes;
provided further, however, that for any date of determination on or after the occurrence and during the continuation of a Class B(2003-6) Adverse Event, the Required Subordinated Amount of Class C Notes for the Class B(2003-6)
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 B(2003-6) 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 B(2003-6) Notes, an amount equal to the sum of (a) the Unencumbered Required Subordinated Amount of Class D Notes for such Class
B(2003-6) Notes and (b) the Encumbered Required Subordinated Amount of Class D Notes for such Class B(2003-6) 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 B(2003-6) Notes will not be less than an amount equal to 1.6439% of the Initial Dollar Principal Amount of the Class B(2003-1) Notes, provided further, however, that for any date of determination on
or after the occurrence and during the continuation of a Class B(2003-6) Adverse Event, the Required Subordinated Amount of Class D Notes for the Class B(2003-6) 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 B(2003-6) 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.

  

 6 

 “Required Subordinated Percentage of Class C Notes” means, for the Class B(2003-6)
Notes, 7.9453%, subject to adjustment in accordance with Section 2.02. 
  
 “Required Subordinated Percentage of Class D Notes” means, for the Class B(2003-6) Notes, 1.6439%, subject to adjustment in accordance with Section 2.02. 
  
 “Stated Principal Amount” means $250,000,000. 
  
 “Telerate Page 3750” means the display page currently so
designated on the Moneyline Telerate Service (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 B(2003-6) Notes, an amount equal to the product of (a) the
percentage equivalent of a fraction, the numerator of which is the Aggregate Class B Unencumbered Amount and the denominator of which is the Adjusted Outstanding Dollar Principal Amount of all Class B Notes in the Card Series and (b) the Adjusted
Outstanding Dollar Principal Amount of the Class B(2003-6) Notes. 
  
 “Unencumbered Required Subordinated Amount of Class C Notes” means, for the Class B(2003-6) Notes, an amount equal to the product of (a) the Unencumbered Amount for the Class B(2003-6) Notes and (b) the Required
Subordinated Percentage of Class C Notes for the Class B(2003-6) Notes. 
  
 “Unencumbered Required Subordinated Amount of Class D Notes” means, for the Class B(2003-6) Notes, an amount equal to the product of (a) the Unencumbered Amount for the Class B(2003-6) Notes and (b) the Required
Subordinated Percentage of Class D Notes for the Class B(2003-6) 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 

 ARTICLE II 
  
 The Class B(2003-6) Notes 
  
 Section 2.01. Creation and Designation. There is hereby created a tranche of Card Series Class B 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 B(2003-6) Notes.” 
  
 Section 2.02. Adjustments to Required Subordinated Percentages. 
  
 (a) On any date, the Issuer may increase the Required Subordinated Percentage of Class C Notes or the Required Subordinated
Percentage of Class D Notes, in each case, for the Class B(2003-6) Notes without the consent of any Noteholders or the Note Rating Agencies. 
  
 (b) On any date, the Issuer may reduce the Required Subordinated Percentage of Class C Notes or the Required Subordinated Percentage of Class D Notes, in
each case for the Class B(2003-6) 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 B(2003-6) 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 B(2003-6) 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 B(2003-6) Notes determined as of the Record Date preceding the related Distribution Date. Any interest on the Class
B(2003-6) 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 B(2003-6)
Interest Funding sub-Account the portion of Card Series Finance Charge Amounts allocable to the Class B(2003-6) Notes. 
  
 Section 2.04. Calculation Agent; Determination of LIBOR. 
  

(a) The Issuer hereby agrees that for so long as any Class B(2003-6) 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. 
  

 8 

 (b) On each LIBOR Determination Date, the Calculation Agent shall determine LIBOR on the basis of the
rate for deposits in United States dollars for a one-month period which appears on Telerate Page 3750 as of 11:00 a.m., London time, on such date. If such rate does not appear on Telerate Page 3750, the rate for that LIBOR Determination Date shall
be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a one-month period. The
Calculation Agent shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date shall be the arithmetic mean of
the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by 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 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 B(2003-6) 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 B(2003-6) 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 B(2003-6) Noteholders to receive payments from the Issuer will terminate on the first Business
Day following the Class B(2003-6) Termination Date. 
  
 Section
2.06. Form of Delivery of Class B(2003-6) Notes; Depository; Denominations. 
  
 (a) The Class B(2003-6) Notes shall be delivered in the form of a global Registered Note as provided in Sections 202 and 301(i) of the Indenture, respectively. 
  

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 (b) The Depository for the Class B(2003-6) Notes shall be The Depository Trust Company, and the Class
B(2003-6) Notes shall initially be registered in the name of Cede & Co., its nominee. 
  
 (c) The Class B(2003-6) Notes will be issued in minimum denominations of $1,000 and integral multiples of that amount. 
  
 Section 2.07. Delivery and Payment for the Class B(2003-6) Notes. The Issuer shall execute and deliver the Class B(2003-6) Notes to the Indenture
Trustee for authentication, and the Indenture Trustee shall deliver the Class B(2003-6) Notes when authenticated, each in accordance with Section 303 of the Indenture. 
  
 Section 2.08. Targeted Deposits to the Accumulation Reserve Account. 
  
 The deposit targeted to be made to the Accumulation Reserve Account for any
Monthly Period during the Accumulation Reserve Funding Period will be an amount equal to the Required Accumulation Reserve sub-Account Amount. 
  
 Section 2.09. Capital One Derivative Agreement. 
  
 (a) On any Distribution Date, any amount owed by the Issuer pursuant to the ISDA Master Agreement, dated as of October 9, 2002, as supplemented by the
Schedule thereto, dated as of October 9, 2002, and the Confirmation thereto relating to the Class B(2003-6) Notes, dated as of November 20, 2003 (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 B(2003-6) 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. 
  

(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. 
  
 Section 2.10. Tax Treatment. Notwithstanding any other express or implied agreement to the contrary, each of the Issuer and the Class B(2003-6) Noteholders are hereby deemed to agree that they and any recipient
of the Prospectus Supplement dated November 13, 2003 and the Prospectus dated November 12, 2003, each relating to the Class B(2003-6) Notes (or their employees, representatives, or other agents), may disclose to any and all persons, without
limitation of any kind, the Tax Treatment and Tax Structure of any transaction relating to the Issuer 
  

 10 

 
or the Class B(2003-6) Notes and all materials of any kind (including opinions or other tax analyses) that are provided to any of them relating to such Tax
Treatment and Tax Structure. For purposes of this Section 2.10, “Tax Treatment” refers to the purported or claimed treatment of the Issuer and the Class B(2003-6) Notes under the Internal Revenue Code or applicable state or
local tax law, and “Tax Structure” refers to any fact that may be relevant to understanding such Tax Treatment. It is hereby confirmed that each of the foregoing have been deemed to so agree since the commencement of discussions
regarding the Class B(2003-6) Notes. 
  
 [END OF ARTICLE II]

  

 11 

 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/    ALLISON R. CLAN        
	 	

	 	 	 Name: Allison R. Clan
 Title:   Assistant Treasurer

  
 [Signature Page
to the Class B(2003-6) Terms Document]Agreement entered into between Powerwave and LGP Allgon, dated November 30, 2003

 EXHIBIT 10.1 
  
 AGREEMENT 
  
 This agreement (this “Agreement”) has, on the date hereof, been entered into by and between 
  

	(A)	LGP Allgon Holding AB (556346 – 2620), a company duly organised and existing under the laws of Sweden and having offices at Antennvägen 6, SE – 187 80 Täby,
Sweden (the “Company”); and 

  

	(B)	Powerwave Technologies, Inc., a company duly organised and existing under the laws of the State of Delaware and having offices at 1801 E. St. Andrew Place, Santa Ana, CA 92705, USA
(the “Offeror”). 

  
 The Company and the Offeror
are also referred to as “Party” or, collectively, “Parties”. 
  
 WHEREAS the Offeror and the Company believe that a combination of their respective businesses will create a world-wide leader in design and manufacture of a broad suite of wireless infrastructure products and result
in a broad coverage of both the US and the European markets. A combined company will offer the opportunity to realise significant strategic and cost saving benefits. A combination will improve the companies’ ability to generate long term growth
and shareholder value and will give the shareholders of both companies the opportunity to participate in the significant potential strategic and financial benefits expected to result from the combination; 
  
 WHEREAS the transaction is intended to be implemented by way of a tender offer (the
“Offer”) by the Offeror for all the outstanding shares (the “Shares”) in the Company (the “Transaction”), in accordance with the draft press release enclosed hereto as Exhibit A; 
  
 WHEREAS as a condition to the Offeror’s willingness to commence the Offer, the Offeror
has required that the Company enter into, and the Company has agreed to enter into, this Agreement; 
  
 WHEREAS this Agreement will be available to the public, inter alia as a result of its being filed by Offeror with the U.S. Securities and Exchange Commission and being a part of the prospectus in relation to the
Offer; and 
  
 WHEREAS the Parties have a joint interest to make the Transaction
possible and have therefore agreed as follows. 
  
 1. Implementation of the
Transaction 
  
 As outlined above, the Parties believe that it is in the best
interest of both Parties and of their respective shareholders, to implement the Transaction. Each Party therefore undertakes, to the extent permissible under applicable law and stock exchange rules and regulations, to take any 
  

 1 

 reasonable and necessary actions and measures in order to facilitate and make possible the completion of the Transaction.
As a result of the above, the Parties shall inter alia, where any exemption, approval or similar from any authority or other regulatory entity is necessary in order to fulfil any obligation of the Parties under this Agreement, make all necessary
filings, submissions, applications or similar and take all other reasonable actions in order to obtain such exemption or approval. 
  
 2. Terms of the Transaction 
  
 The terms and conditions of the Transaction are set forth in the aforementioned Exhibit A, which exhibit is incorporated herein by reference. The Board of Directors of
each of Offeror and the Company has unanimously approved the Transaction and agreed to recommend the Transaction to the respective shareholders of the Offeror and the Company. 
  
 3. Exclusivity Period 
  

	3.1	Each Party agrees to deal exclusively with the other Party, pursuant to the principles set out in this Agreement, for the period (the “Exclusivity Period”) commencing on
the date hereof and ending on the earliest of (i) June 30, 2004, and (ii) the date the Offeror completes or withdraws the Offer. Accordingly, each Party will immediately cease and cause to be terminated any existing discussions or negotiations with
any parties other than the other Party during the Exclusivity Period with respect to any potential Acquisition Proposal (as defined in section 3.2 (ii) below). 

  

	3.2	Neither of the Parties, nor any of their representatives (including but not limited to its directors, officers, affiliates, employees, advisors and counsel) will during the
Exclusivity Period, without the other Party’s prior written consent: 

  

	 	(i)	take any act, directly or indirectly, which is intended to in any way adversely affect the ability to successfully complete the Transaction on or before June 30, 2004; or

  

	 	(ii)	directly or indirectly, make, solicit, initiate or encourage enquiries from, or the submission of proposals or offers from, any other person, corporation, partnership or other
business organisation whatsoever (including any of its officers, employees or representatives) relating to any acquisition of any of the shares or other equity-related financial instruments issued by any of the Parties or any recapitalisation,
merger, asset sale or non-ordinary course license or other business combination or acquisition of all or a material portion of the assets of any of the Parties or any of its subsidiaries or any other similar transaction involving a Party or any of
its subsidiaries (each an “Acquisition Proposal”) or participate in any discussions or negotiations regarding, or furnish to any other person any information with respect to, or otherwise co-operate in any way with or facilitate or
encourage, any effort or attempt by any other person to do or seek to do any of the foregoing. 

  

 2 

 4. Unsolicited Offers 
  

	4.1	Nothing in this Agreement shall prevent either of the Parties from responding to a bona fide written unsolicited offer or proposal relating to a Company Superior Acquisition
Proposal or an Offeror Superior Acquisition Proposal (as defined in sections 4.6 and 4.7 below), for which financing, to the extent required, is then committed or is capable of being obtained (as determined in good faith by the relevant Party’s
Board of Directors after consultation with its financial and other advisors), made by a third party after the date hereof and which does not result from a breach of this Agreement if, and to the extent that, in the judgement of the Board of
Directors of such Party acting in good faith and after consultation with its financial and legal advisors the failure to do so would be in breach of the fiduciary duties of the Board of Directors of such Party under applicable law or stock exchange
rules and regulations. 

  

	4.2	Nothing in this Agreement will prevent the Board of Directors of any of the Parties from responding to a publicly announced Acquisition Proposal to the extent such response is
required under applicable law or stock exchange rules and regulations. 

  

	4.3	To the extent permissible under applicable law and stock exchange rules and regulations the Parties make the following undertakings. Each Party will, as soon as practicable (but in
no event later than 24 hours) following receipt thereof, provide notice to the other Party of any written Acquisition Proposal or any request for non-public information relating to, or for access to the properties, books or records of a Party or its
subsidiaries in connection with such an Acquisition Proposal. Such notice to the other Party shall include a copy of any such written Acquisition Proposal (identifying the third party) and provide information related to the proposed transaction
structure, form and amount of consideration and material conditions, and will provide or will be supplemented by such other details of the proposal or request as the other Party may reasonably request. Any information provided to a third party will
be subject to a confidentiality agreement, the terms of which shall be no less restrictive than the Confidentiality Agreement, dated as of July 22, 2003, between the Parties (the “Confidentiality Agreement”). Any information
provided to a third party that was not previously provided to the other Party shall be provided to such Party at the time it is provided to the third party. The Party receiving information pursuant to this paragraph, agrees that such information
will be subject to the Confidentiality Agreement. The Parties shall, as soon as practicable, where any exemption or approval or similar from any authority or other regulatory entity is necessary in order to fulfil any of the obligations in this
paragraph, make all necessary filings, submissions, applications or similar and take all other reasonable actions in order to obtain such exemption or approval. 

  

	4.4	If at any time during the Exclusivity Period the Company gives notice to the Offeror of any Company Superior Acquisition Proposal, as defined in section 4.6 below, the Parties shall
negotiate in good faith during a period of five business days following such notice, for the 

  

 3 

	    	purpose of affording a possibility to complete the Transaction by agreeing on a revised offer on terms which the Company’s Board of Directors determines, based on advice from
the Company’s financial and legal advisors, are at least as favourable to the Company’s shareholders as the Company Superior Acquisition Proposal. 

  

	4.5	If at any time during the Exclusivity Period the Offeror gives notice to the Company of any Acquisition Proposal in respect of the Offeror not being an Offeror Superior Acquisition
Proposal, as defined in section 4.7 below, the Parties shall negotiate in good faith during a period of five business days following such notice, for the purpose of affording a possibility to complete the Transaction by agreeing on a revised offer
on terms which the Company’s Board of Directors determines, based on advise from the Company’s financial and legal advisors, will not put the Company’s shareholders in a less favourable financial position than if the Acquisition
Proposal had not been made. 

  

	4.6	For purposes of this Agreement, a “Company Superior Acquisition Proposal” means an unsolicited bona fide written Acquisition Proposal in respect of the
Company which, in the judgement of the Board of Directors of the Company, acting in good faith and after consultation with its financial and legal advisors, is financially superior to the Company’s shareholders compared to the Transaction.

  

	4.7	For purposes of this Agreement, an “Offeror Superior Acquisition Proposal” means an unsolicited bona fide written Acquisition Proposal in respect of the
Offeror which, in the judgement of the Board of Directors of the Offeror, acting in good faith and after consultation with its financial and legal advisors, will not put the Company’s shareholders in a less favourable financial position than if
the Offeror Superior Acquisition Proposal had not been made. 

  
 5. Reimbursement Fee 
  
 If: 

	a)	any Party violates this Agreement in any material respect, provided that such violation has not been rectified by the breaching Party within two business days after rectification
has been requested by the other Party; or 

  

	b)	 the Board of Directors of any Party withdraws or materially adversely modifies its recommendation to its shareholders (with respect to Offeror, the recommendation
to the shareholders to approve the issuance of its Common Stock in the Transaction and the amendment to its Certification of Incorporation to increase its authorized shares of Common Stock, and with respect to the Company, the recommendation to the
shareholders to accept the Offer), provided that such withdrawal or adverse modification is not the result of either (i) such Party becoming aware that any information made public by the other Party in any material respect is incorrect or
misleading, or that any material fact which should have been made public by the other Party has not been made public; or (ii) a “Material Adverse Effect” with respect to the other Party, as defined here below; 

  

 4 

	 	

	    	such Party shall be required to pay to the other Party a reimbursement of US$ 4 million, which amount represents a reasonable estimate of the amount necessary to compensate the
other Party for all costs and expenses that such Party has incurred in connection with the Transaction, including without limitation (A) the expenses incurred in connection with the authorization, negotiation, preparation, execution and completion
of the Transaction, the preparation, printing, filing and mailing of any disclosure documents, the solicitation of shareholder approvals and all other matters related to the Transaction and (B) other costs incurred by a Party by virtue of dedicating
significant management and board attention to the investigation, negotiation and other matters relating to the Transaction. The Parties agree that such reimbursement shall be the sole and exclusive remedy of the Parties in the situations described
in (a) and (b) above. 

  

	    	Material Adverse Effect shall for the purpose of this Agreement mean any event (an “Effect”) that materially negatively affects the other Party’s liquidity or
results; provided, however, that, in no event shall any of the following be deemed to constitute, nor shall any of the following be taken into account in determining whether there has been or will be, a Material Adverse Effect: (A) any change in the
other Party’s share price or trading volume in and of itself, (B) any failure by the other Party to meet revenue or earnings projections in and of itself, (C) any Effect that results from conditions affecting the wireless communications
industry generally or the economy of any country where the other Party’s has conducted operations generally, (D) any Effect that results from conditions affecting general worldwide economic, business or capital market conditions, (E) any Effect
that results from changes in applicable laws after the date hereof, or (F) any Effect resulting from an outbreak or escalation of hostilities involving the United States or Sweden, the declaration by the United States or Sweden of a national
emergency or war, or the occurrence of any acts of terrorism (except any such acts specifically aimed at the other Party’s business). 

  
 6. Investor Relations 
  
 Nothing in this Agreement shall be interpreted as prohibiting any Party and its representatives from engaging during the Exclusivity Period in normal course investor relations activities consistent with past practice
including, without limitation, by issuing press releases in respect of business activities, financial results, reserve reports and other corporate developments or which are otherwise required by applicable law or stock exchange rules and
regulations, or by participating in investor relation meetings and discussions with analysts and/or institutional shareholders provided such Party’s representatives in any such meetings or discussions do not in fact solicit the making of any
Acquisition Proposal in any such meetings or discussions. 
  

 5 

 7. Confidentiality 
  
 The Parties acknowledge that this Agreement and the discussions between the Parties can not remain confidential and are not subject to the confidentiality agreement
between the Parties dated July 22, 2003. Further, this Agreement shall be made public to the extent required by applicable law or stock exchange rules and regulations. 
  
 8. Governing Law 
  
 This Agreement shall be governed by and construed in accordance with the laws of Sweden without giving effect to any choice of law rule that would cause the application
of the laws of any other jurisdiction. 
  
 9. Arbitration 
  
 Any dispute, claim or controversy, arising out of or relating to this Agreement, shall be
referred to and finally settled by arbitration by three arbitrators in accordance with the arbitration rules of the London Court of International Arbitration. The Offeror shall nominate one arbitrator and the Company shall nominate one arbitrator,
and the two Party nominated arbitrators shall nominate the third arbitrator, who shall act as chair of the tribunal. The arbitration proceedings shall take place in London, England, and shall be conducted in the English language. 
  

  
 This Agreement has been prepared in two originals, of which the Parties have taken one each. 
  
 November 30, 2003 
  

	 Powerwave Technologies, Inc.
	 	 	  	LGP Allgon Holding AB
			
	 /s/ BRUCE C. EDWARDS

	 	 	  	 /s/ BENGT BROMAN

	 Name: Bruce C. Edwards
 Title: President and Chief Executive Officer
	 	 	  	 Name: Bengt Broman
 Title:
President

			
	 	 	 	  	 /s/ DAG TIGERSCHIÖLD

	 	 	 	  	 Name: Dag Tigerschiöld
 Title:
Chairman

  

 6 

 EXHIBIT A 
  

(Reference is hereby made to the English translation of the joint press release issued by Powerwave and LGP Allgon in Sweden, dated December 1, 2003
filed pursuant to Rule 425 of the Securities Act of 1933, as amended, and incorporated herein by reference as Exhibit 99.1) 
  

 7

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