Document:

exv10w8w1

 

EXHIBIT 10.8.1

	 	 	 
	CLIFFORD	 	
LIMITED LIABILITY PARTNERSHIP
	CHANCE	 	 

DATED 28 JUNE 2002

BETWEEN

CAPITAL ONE BANK (EUROPE) PLC

AS PRINCIPAL BORROWER

CAPITAL ONE FINANCIAL CORPORATION

AS ORIGINAL GUARANTOR

CAPITAL ONE BANK

AS GUARANTOR

AND

BARCLAYS BANK PLC

AS AGENT

 

AMENDMENT AGREEMENT NO. 2

RELATING TO A EURO 600,000,000 MULTICURRENCY CREDIT

AGREEMENT DATED 11 AUGUST 2000

(AS AMENDED)

 

 

THIS AGREEMENT is dated 28 2002 and made between:

	(1)	 	CAPITAL ONE BANK (EUROPE) PLC, a company registered in England and Wales
with company number 03879023 (the “Principal Borrower”);
	 
	(2)	 	CAPITAL ONE FINANCIAL CORPORATION, a company organised under the laws of
the State of Delaware, USA (the “Original Guarantor”);
	 
	(3)	 	CAPITAL ONE BANK, a company organised under the laws of the Commonwealth
of Virginia, USA (the “Guarantor”); and
	 
	(4)	 	BARCLAYS BANK PLC as agent for the Banks (the “Agent”).

IT IS AGREED as follows.

	 	 	 
	1.	 	
DEFINITIONS AND INTERPRETATION
	 
	1.1	 	
Definitions

In this Agreement:
	 
	 	 	
“Amended Facility Agreement” means the Original Facility Agreement, as
amended by this Agreement.
	 
	 	 	
“Effective Date” means the date on which the Agent confirms to the Banks
and the Principal Borrower that it has received each of the documents
listed in Schedule 1 (Conditions Precedent) in a form and substance
satisfactory to the Agent.
	 
	 	 	
“Original Facility Agreement” means the EURO 600,000,000 Multicurrency
Credit Agreement dated 11 August 2000 between Capital One Financial
Corporation as Original Guarantor, Capital One Bank as Original Borrower,
Chase Manhattan PLC as Lead Arranger and Barclays Bank PLC as Agent and
the financial institutions referred to therein, as amended from time to
time prior to the date of this Agreement.
	 
	 	 	
“Original Guarantee” means the guarantee substantially in the form of
Schedule 10 of the Original Facility Agreement (Form of Original
Guarantee), dated 11 August 2000 and executed by the Original Guarantor.
	 
	 	 	
“COB Guarantee” means the guarantee substantially in the form of Schedule
11 of the Original Facility Agreement (Form of COB Guarantee), dated 25
October 2000 and executed by the Guarantor.
	 
	1.2	 	
Incorporation of Defined Terms
Terms defined in the Original Facility Agreement shall, unless otherwise
defined herein, have the same meaning herein and the principles of
construction set out in the Original Facility Agreement shall have effect
as if set out in this Agreement.
	 
	1.3	 	
Clauses
In this Agreement any reference to a “Clause” or “Schedule” is, unless the
context otherwise requires, a reference to a Clause or Schedule hereof.
Clause headings are for ease of reference only.

 

 

	 	 	 
	2.	 	
AMENDMENT OF THE ORIGINAL FACILITY AGREEMENT
	 
	 	 	
With effect from the Effective Date the Original Facility Agreement shall
be amended as set out in Schedule 2 (Amendments to Original Facility
Agreement)
	 
	3.	 	
REPRESENTATIONS
	 
	 	 	
On the date of this Agreement and on the Effective Date, each of the
Principal Borrower, the Original Guarantor and the Guarantor makes, in
respect of itself only, the Repeated Representations as if each reference
in those representations and warranties to this “Agreement” or the
“Finance Documents” includes a reference to (a) this Agreement and (b) the
Amended Facility Agreement.
	 
	4.	 	
CONTINUITY AND FURTHER ASSURANCE
	 
	4.1	 	
Continuing Obligations

The provisions of the Finance Documents shall, save as amended by this
Agreement, continue in full force and effect.
	 
	4.2	 	
Further Assurance

Each of the Principal Borrower, the Original Guarantor and the Guarantor
shall, at the written request of the Agent and at its own expense, do all
such acts and things as the Agent may reasonably request to give effect to
the amendments effected or to be effected pursuant to this Agreement.
	 
	5.	 	
FEES, COSTS AND EXPENSES
	 
	 	 	
The Principal Borrower shall, within five business days of demand of the
Agent, reimburse the Agent for all reasonable costs and expenses
(including legal fees) together with any VAT thereon incurred by the Agent
in connection with the negotiation, preparation and execution of this
Agreement, and any other document referred to in this Agreement.
	 
	6.	 	
MISCELLANEOUS
	 
	6.1	 	
Incorporation of Terms

The provisions of clause 32 (Remedies and Waivers), clause 33 (Partial
Invalidity), clause 36 (Governing Law) and clause 37 (Jurisdiction) of the
Original Facility Agreement shall be incorporated into this Agreement as
if set out in full herein and as if references therein to “this
Agreement”, “hereunder” or “the Finance Documents” are references to this
Agreement.
	 
	6.2	 	
Counterparts

This Agreement may be executed in any number of counterparts, all of which
taken together shall constitute one and the same instrument.

THIS AGREEMENT has been entered into on the date stated at the beginning of
this Agreement.

 

 

SCHEDULE 1

CONDITIONS PRECEDENT

	1.	 	In relation to the Principal Borrower, the Original Guarantor and the
Guarantor:

	 	(a)	 	a copy, certified as at the date of this Agreement a true and
up-to-date copy by an Authorised Signatory of each such Obligor of
the constitutional documents of each such Obligor or a confirmation,
given by an Authorised Signatory of each such Obligor, certifying
that, as at the date hereof, there has been no change to the
constitutional documents delivered by each such Obligor pursuant to
the Original Facility Agreement;
	 
	 	(b)	 	a copy, certified as at the date of this Agreement a true and
up-to-date copy by an Authorised Signatory of each such Obligor of;
	 

	 	(i)	 	a board resolution of each such Obligor or a
resolution of a committee duly appointed by the board of each
such Obligor, approving the execution, delivery and
performance of this Agreement and the terms and conditions
hereof; and
	 
	 	(ii)	 	such evidence as is required by the Agent
(acting reasonably) authorising a named person or persons to
sign this Agreement and any documents to be delivered by each
such Obligor pursuant hereto; and
	 
	 	(c)	 	a certificate of an Authorised Signatory of each such Obligor
setting out the names and signatures of the persons authorised to
sign, on behalf of each such Obligor, this Agreement and any
documents to be delivered by each such Obligor pursuant hereto.

	2.	 	An original copy of the amendment agreement relating to the Original
Guarantee and the COB Guarantee executed by the Guarantor only.
	 
	3.	 	Each of the conditions precedent documents listed in Schedule 1 to the
amendment agreement relating to the Original Guarantee and the COB
Guarantee (other than the legal opinions referred to in paragraphs 2 and 3
of such Schedule 1).
	 
	4.	 	An opinion of the General Counsel or Deputy General Counsel of the
Original Borrower and Original Guarantor as to the law of the State of
Delaware and the law of the Commonwealth of Virginia substantially in the
form distributed to the Banks prior to the signing of this Agreement.
	 
	5.	 	A legal opinion of Clifford Chance, legal advisers to the Agent in
England, substantially in the form distributed to the Banks prior to the
signing of this Agreement.

 

 

SCHEDULE 2

AMENDMENTS TO ORIGINAL FACILITY AGREEMENT

The Original Facility Agreement shall be amended as follows:

	1.	 	The following definition shall be inserted (in alphabetical order) in
Clause 1.1 (Definitions).
	 
	 	 	“Mandatorily Convertible Securities” means, the Upper DECS securities,
issued by the Original Guarantor on 23 April 2002 pursuant to the Senior
Indenture dated 1 November 1996 as supplemented by the First Supplemental
Indenture, dated 23 April 2002 each by and between the Original Guarantor
and BNY Midwest Trust Company, and other securities issued on or after the
date of this Agreement, providing for conversion thereof on substantially
the same terms and conditions as such Upper DECS Securities.
	 
	2.	 	The definition of “Net Worth” in Clause 1.1 (Definitions) shall be
deleted in its entirety and replaced with the following:
	 
	 	 	“Net Worth” means, on any date, the consolidated stockholder’s equity of
the Original Guarantor and its consolidated Subsidiaries plus an amount
equal to 80% of the face amount of any Mandatorily Convertible Securities
issued by the Original Guarantor, all determined as of such date on a
consolidated basis without duplication in accordance with GAAP.
	 
	3.	 	The definition of “Tangible Net Worth” in Clause 1.1 (Definitions) shall
be deleted in its entirety and replaced with the following:
	 
	 	 	“Tangible Net Worth” means, on any date and with respect to any Obligor,
the consolidated stockholder’s equity of such Obligor and its consolidated
Subsidiaries (provided that the consolidated stockholders’ equity of the
Original Guarantor shall include an amount equal to 80% of the face amount
of any Mandatorily Convertible Securities issued by it so long as such
Mandatorily Convertible Securities do not, at any time, comprise more than
25% of the Tangible Net Worth of the Original Guarantor) less Intangibles
of such Obligor and its consolidated Subsidiaries, all determined as of
such date on a consolidated basis without duplication in accordance with
GAAP.
	 
	4.	 	Clause 17.7 (Financial Covenants) shall be amended as follows:

	 	(i)	 	in the second line of Clause 17.7.5 (relating to the Tangible
Net Worth of the Original Guarantor), the figure “$875,000,000” shall
be deleted and replaced with “$2,400,000,000”;
	 
	 	(ii)	 	in the second line of Clause 17.7.7 (relating to the Tangible
Net worth of COB) the figure “$550,000,000” shall be deleted and be
replaced with “$1,400,000,000”;
	 

 

 

	 	(iii)	 	in the second line of Clause 17.7.9 (relating to the Tier 1
Leverage Ratio), the figure “4.0%” shall be deleted and replaced with
“5.0%”;
	 
	 	(iv)	 	in the second line of Clause 17.7.10 (relating to the Tier 1
Capital to Risk Adjusted Assets Ratio) the figure “5.0%” shall be
deleted and replaced with the figure “6.0%”; and
	 
	 	(v)	 	in the second line of Clause 17.7.11 (relating to the Total
Capital to Risk Adjusted Assets Ratio) the figure “8.0%” shall be
deleted and replaced with “10.0%”.

	5.	 	In the second line of Clause 17.8 (Regulatory Capital), the word
“adequately” shall be deleted and replaced with the word “well”.

 

 

SIGNATURES

The Principal Borrower

CAPITAL ONE BANK (EUROPE) PLC

By:

Address:

Fax:

The Original Guarantor

CAPITAL ONE FINANCIAL CORPORATION

	 	 	 
	By:	 	 
	 
	Address:	 	
c/o Capital One Services Inc.
	 	 	
8000 Jones Branch Drive
	 	 	
McLean, VA 22102
	 
	Fax:	 	
(703) 875 1099

The Guarantor

CAPITAL ONE BANK

	 	 	 
	By:	 	 
	 
	Address:	 	
c/o Capital One Services Inc.
	 	 	
8000 Jones Branch Drive
	 	 	
McLean, VA 22102
	 
	Fax:	 	
(703) 875 1099

 

 

The Agent

BARCLAYS BANK PLC

	 	 	 
	By:	 	 
	 
	Address:	 	
5 The North Colonnade
	 	 	
Canary Wharf
	 	 	
London E14 4BB
	 
	Fax:	 	
+44 (0) 20 7773 4893
	 
	Attention:	 	
Frank Rogersexv10w18w2

 

EXHIBIT 10.18.2

Execution Counterpart

AMENDMENT NO. 2

     AMENDMENT NO. 2 dated as of June 27, 2002 among CAPITAL ONE FINANCIAL
CORPORATION, a corporation organized under the laws of the State of Delaware
(“COFC”); CAPITAL ONE BANK, a bank organized under the laws of the Commonwealth
of Virginia (“COB”); CAPITAL ONE, F.S.B., a Federal savings bank organized
under the laws of the United States of America (“FSB”; each of COFC, COB and
FSB is herein referred to as a “Borrower” and, collectively, as the
“Borrowers”); and JPMORGAN CHASE BANK (successor to The Chase Manhattan Bank),
as administrative agent (in such capacity, together with its successors in such
capacity, the “Administrative Agent”).

     The Borrowers, the Lenders party thereto and the Administrative Agent are
party to a Second Amended and Restated Credit Agreement dated as of May 25,
1999 (as amended by Amendment No. 1 dated as of December 21, 1999 and as
otherwise modified and supplemented and in effect on the date hereof, the
“Credit Agreement”). The Borrowers have requested that the Lenders agree to
amend the Credit Agreement as hereinafter provided. The Majority Lenders have
consented to such amendments on and subject to the terms and conditions hereof.
Accordingly, the Borrowers and the Administrative Agent, acting on behalf of
the Majority Lenders, agree as follows:

     Section 1. Definitions. Except as otherwise defined in this Amendment
No. 1, terms defined in the Credit Agreement are used herein as defined
therein.

     Section 2. Amendments. Subject to Section 4, the Credit Agreement shall
be amended as of the Effective Date as follows:

		
	 	     2.1. References in the Credit Agreement to “this Agreement” (and
indirect references such as “hereunder”, “hereby”, “herein” and “hereof”)
shall be deemed to be references to the Credit Agreement as amended
hereby.

		
	 	     2.2. A new definition of “Mandatorily Convertible Securities” shall
be added to Section 1.01 of the Credit Agreement to read in its entirety
as follows:

		
	 	     “Mandatorily Convertible Securities” shall mean the Upper DECS
securities issued by COFC on April 23, 2002 pursuant to the Senior
Indenture dated as of November 1, 1996, as supplemented by the First
Supplemental Indenture, dated as of April 23, 2002, each by and between
COFC and BNY Midwest Trust Company, and other securities hereafter issued
providing for conversion thereof on substantially the same terms and
conditions as such Upper DECS securities.

		
	 	     2.3. The definition of “Net Worth” in Section 1.01 of the Credit
Agreement shall be amended to read in its entirety as follows:

 

 

-2-

		
	 	     “Net Worth” shall mean, on any date, the consolidated stockholders’
equity of COFC and its consolidated Subsidiaries plus an amount equal to
80% of the face amount of any Mandatorily Convertible securities issued
by COFC, all determined as of such date on a consolidated basis without
duplication in accordance with GAAP.

		
	 	     2.4. The definition of “Tangible Net Worth” in Section 1.01 of the
Credit Agreement shall be amended to read in its entirety as follows:

		
	 	     “Tangible Net Worth” shall mean, on any date and with respect to any
Borrower, the consolidated stockholders’ equity of such Borrower and its
consolidated Subsidiaries (provided, that the consolidated stockholders’
equity of COFC shall include an amount equal to 80% of the face amount of
any Mandatorily Convertible Securities issued by it so long as such
Mandatorily Convertible Securities do not, at any time, comprise more
than 25% of the Tangible Net Worth of COFC) less Intangibles of such
Borrower and its consolidated Subsidiaries, all determined as of such
date on a consolidated basis without duplication in accordance with GAAP.

		
	 	     2.5. Section 8.07 of the Credit Agreement shall be amended as
follows:

		
	 	     (a) Subsection (d) thereof (relating to Tangible Net Worth of COFC)
shall be amended by changing the figure “$875,000,000” in the second line
thereof to the figure “$2,400,000,000”.

		
	 	     (b) Subsection (f) thereof (relating to the Tier 1 Leverage Ratio)
shall be amended by changing the figure “4.0%” in the second line thereof
to the figure “5.0%”.

		
	 	     (c) Subsection (g) thereof (relating to the Tier 1 Capital to Risk
Adjusted Assets Ratio) shall be amended by changing the figure “5.0%” in
the second line thereof to the figure “6.0%”.

		
	 	     (d) Subsection (h) thereof (relating to the Total Capital to Risk
Adjusted Assets Ratio) shall be amended by changing the figure “8.0%” in
the second line thereof to the figure “10.0%”.

		
	 	     (e) Subsection (i) thereof (relating to Tangible Net Worth of COB
and FSB) shall be amended by changing the figure “$550,000,000” in the
second line thereof to the figure “$1,400,000,000” and by changing the
figure “$100,000,000” in the third line thereof to the figure
“$500,000,000”.

		
	 	     2.6. Section 8.8 of the Credit Agreement (relating to Regulatory
Capital) shall be amended by changing the word “adequately” in the third
line thereof to the word “well”.

     Section 3. Representations and Warranties. Each Borrower represents and
warrants to the Administrative Agent and the Lenders that (i) the
representations and warranties

 

 

-3-

made by such Borrower in Section 7 of the Credit Agreement are true and
complete on and as of the Effective Date with the same force and effect as if
made on and as of the Effective Date (or, if any such representation and
warranty is expressly stated to have been made as of a specific date, as of
such specific date) and as if each reference in said Section 7 to “this
Agreement” included reference to this Amendment No. 2 and (ii) no Default has
occurred and is continuing.

     Section 4. Effectiveness. As provided in Section 2 of this Agreement,
the amendments to the Credit Agreement set forth in said Section 2 shall become
effective on the date (the “Effective Date”) on which the Administrative Agent
notifies the Borrowers and the Lenders that it has received the following
documents or items, each of which shall be in form and substance reasonably
satisfactory to the Administrative Agent:

     (a)  Counterparts of this Amendment No. 2 executed by the Borrowers; and

     (b)  An opinion, dated the Effective Date, of Frank R. Borchert, III,
counsel to the Borrowers, substantially in the form of Exhibit A hereto and
covering such other matters as the Administrative Agent may reasonably request
(and the Borrowers hereby instruct such counsel to deliver such opinion to the
Lenders and the Administrative Agent).

     Section 5. Miscellaneous. Except as herein provided, the Credit
Agreement shall remain unchanged and in full force and effect. This Amendment
No. 2 may be executed in any number of counterparts, all of which taken
together shall constitute one and the same amendatory instrument and any of the
parties hereto may execute this Amendment No. 2 by signing any such
counterpart. This Amendment No. 2 shall be governed by, and construed in
accordance with, the law of the State of New York.

 

 

-4-

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 2 to
be duly executed by their respective authorized officers as of the day and year
first above written.

	 
	BORROWERS
	 
	CAPITAL ONE FINANCIAL CORPORATION
	 
	By

Name:  Stephen Linehan

Title:  Vice President, Corporate Treasury

          And Assistant Treasurer
	 
	CAPITAL ONE BANK
	 
	By

Name:  Stephen Linehan

Title:  Vice President, Corporate Treasury

          And Assistant Treasurer
	 
	CAPITAL ONE, F.S.B.
	 
	By

Name:  Stephen Linehan

Title:  Vice President, Corporate Treasury

          And Assistant Treasurer
	 
	ADMINISTRATIVE AGENT
	 
	JPMORGAN CHASE BANK (as successor to The
Chase Manhattan Bank), 
  as Administrative Agent
	 
	By

Name:
	Title:

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