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 A(2007-5)
TERMS DOCUMENT 
 dated as of June 22, 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.	  	Governing Law	  	7
	Section 1.03.	  	Counterparts	  	7
	Section 1.04.	  	Ratification of Indenture, Asset Pool 1 Supplement and Indenture Supplement	  	7
	
	ARTICLE II
	The Class A(2007-5) 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	  	9
	Section 2.05.	  	Payments of Interest and Principal	  	10
	Section 2.06.	  	Form of Delivery of Class A(2007-5) Notes; Depository; Denominations	  	10
	Section 2.07.	  	Delivery and Payment for the Class A(2007-5) Notes	  	10
	Section 2.08.	  	Targeted Deposits to the Accumulation Reserve Account	  	10
	Section 2.09.	  	Capital One Derivative Agreement	  	10

  

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 THIS CLASS A(2007-5) 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 June 22, 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(2007-5) Notes and no other Tranche of Notes issued by the Issuer; and 

  

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

 “Accumulation Period Amount” means $ 50,000,000.00; provided, however, if the Accumulation Period Length is determined to
be less than twelve (12) months pursuant to Section 3.10(b)(ii) of the Indenture Supplement, the Accumulation Period Amount shall be the amount specified in the definition of “Accumulation Period Amount” in the Indenture
Supplement. 
 “Accumulation Reserve Funding Period” shall mean, (a) if the Accumulation Period Length is determined to
be one (1) month, there shall be no Accumulation Reserve Funding Period and (b) otherwise, the period (x) commencing on the earliest to occur of (i) the Monthly Period beginning three (3) calendar months prior to the first
Distribution Date for which a budgeted deposit is targeted to be made into the Principal Funding sub-Account of the Class A(2007-5) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (ii) the Monthly Period following the
first Distribution Date following and including the August 2015 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(2007-5) Notes pursuant to Section 3.10(b) of the Indenture Supplement,
(iii) the Monthly Period following the first Distribution Date following and including the February 2016 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(2007-5) Notes pursuant to
Section 3.10(b) of the Indenture Supplement, and (iv) the Monthly Period following the first Distribution Date following and including the April 2016 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(2007-5) 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(2007-5) Notes and (ii) the date on which the Class A(2007-5) 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 Period to but excluding the Monthly Interest Accrual Date for such Tranche of Card Series Dollar Interest-bearing Notes in the following Monthly Period; 
  

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 (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(2007-5) Adverse Event” means the occurrence of any of the following: (a) an Early Redemption Event with respect to the
Class A(2007-5) Notes or (b) an Event of Default and acceleration of the Class A(2007-5) Notes. 
 “Class A(2007-5)
Note” means any Note, substantially in the form set forth in Exhibit A-2 to the Indenture Supplement, designated therein as a Class A(2007-5) Note and duly executed and authenticated in accordance with the Indenture. 
 “Class A(2007-5) Noteholder” means a Person in whose name a Class A(2007-5) Note is registered in the Note Register. 
 “Class A(2007-5) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar
Principal Amount of the Class A(2007-5) 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. 
  

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 “Excess Spread Percentage” shall mean, with respect to any Distribution Date, the
amount, if any, by which the Portfolio Yield for the preceding Monthly Period exceeds the Base Rate for such Monthly Period. 
 “Expected Principal Payment Date” means September 15, 2017. 
 “Initial Dollar Principal
Amount” means $600,000,000. 
 “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 month commencing in July 2007, 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 June 22, 2007. 
 “Legal Maturity Date” means July 15, 2020. 
 “LIBOR” means, for any
Interest Period, the London interbank offered rate for one-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. 
 “LIBOR Determination Date” means June 20, 2007 for the period from and including the
Issuance Date to but excluding July 16, 2007 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. 
 “Maximum Subordination Amount of Class B Notes” means, for the Class A(2007-5) Notes for any date of determination, an amount equal
to the product of (a) Adjusted Outstanding Dollar Principal Amount of the Class A(2007-5) 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. 
  

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 “Note Interest Rate” means a rate per annum equal to 0.04% 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 August 2015 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(2007-5) Notes as of the 

  

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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(2007-5) 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(2007-5) Notes on such date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2007-5) 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(2007-5) Notes; provided further, however, that for any date of determination on or
after the occurrence and during the continuation of a Class A(2007-5) Adverse Event, the Required Subordinated Amount of Class B Notes for the Class A(2007-5) 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(2007-5) Adverse Event shall have occurred. 
 “Required Subordinated Amount of Class C Notes” means, for the Class A(2007-5) 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(2007-5) Notes on such date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2007-5) 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(2007-5) Notes will not be less than an amount equal to (i) 3.0% of the Initial Dollar Principal Amount of the Class
A(2007-5) Notes, minus (ii) the Required Subordinated Amount of Class D Notes for the Class A(2007-5) Notes; provided further, however, that for any date of determination on or after the occurrence and during the
continuation of a Class A(2007-5) Adverse Event, the Required Subordinated Amount of Class C Notes for the Class A(2007-5) Notes will be the greater of (x) the amount determined above for such date of determination, (y) the amount
determined above for the date immediately prior to the date on which such Class A(2007-5) 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(2007-5) 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(2007-5) Notes on such date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2007-5) 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 

  

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Required Subordinated Amount of Class D Notes for the Class A(2007-5) Notes will not be less than an amount equal to 1.2049% of the Initial Dollar Principal
Amount of the Class A(2007-5) Notes, provided further, however, that for any date of determination on or after the occurrence and during the continuation of a Class A(2007-5) Adverse Event, the Required Subordinated Amount of
Class D Notes for the Class A(2007-5) 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(2007-5)
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(2007-5) Notes, 10.8434%, subject to adjustment in accordance with Section 2.02. 
 “Required Subordinated Percentage of Class C Notes” means, for the Class A(2007-5) Notes, 8.4338%, subject to adjustment in
accordance with Section 2.02. 
 “Required Subordinated Percentage of Class D Notes” means, for the
Class A(2007-5) 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 or prices). 
 “Stated Principal Amount” means $600,000,000. 
 Section 1.02. Governing Law. THIS TERMS DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK,
INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 Section 1.03. Counterparts. This Terms Document may be executed in any number of counterparts, each of which so executed will be deemed to be
an original, but all such counterparts will together constitute but one and the same instrument. 
 Section 1.04. Ratification of
Indenture, Asset Pool 1 Supplement and Indenture Supplement. As supplemented by this Terms Document, each of the Indenture, the Asset Pool 1 Supplement and the Indenture Supplement is in all respects ratified and confirmed and the Indenture as
so supplemented by the Asset Pool 1 Supplement as so supplemented by the Indenture Supplement as so supplemented and this Terms Document shall be read, taken and construed as one and the same instrument. 
 [END OF ARTICLE I] 
  

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 ARTICLE II 
 The Class A(2007-5) 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(2007-5) 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(2007-5) 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(2007-5) 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(2007-5) Notes immediately prior to giving effect to such change and (y) the Required Subordinated Amount of Class B Notes for the Class A(2007-5) 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(2007-5) 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(2007-5) 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(2007-5) 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(2007-5) 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 such related Interest Period times (ii) the Outstanding Dollar Principal Amount of the Class A(2007-5) Notes
determined as of the Record Date preceding the related Distribution Date. Any interest on the Class A(2007-5) Notes will be calculated on the basis of the actual number of days in the related Interest Period and a 360-day year. 
  

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 (b) Pursuant to Section 3.03 of the Indenture Supplement, on each Distribution Date, the
Indenture Trustee shall deposit into the Class A(2007-5) Interest Funding sub-Account the portion of Card Series Finance Charge Amounts allocable to the Class A(2007-5) Notes. 
 Section 2.04. Calculation Agent; Determination of LIBOR. 
 (a) The Issuer hereby agrees that for so long as any Class A(2007-5) Notes are Outstanding, there shall at all times be an agent appointed to calculate LIBOR for each Interest Period (the “Calculation
Agent”). The Issuer hereby initially appoints the Indenture Trustee as the Calculation Agent for purposes of determining LIBOR for each Interest Period. The Calculation Agent may be removed by the Issuer at any time. If the Calculation
Agent is unable or unwilling to act as such or is removed by the Issuer, or if the Calculation Agent fails to determine LIBOR for an Interest Period, the Issuer shall promptly appoint a replacement Calculation Agent that does not control or is not
controlled by or under common control with the Issuer or its Affiliates. The Calculation Agent may not resign its duties, and the Issuer may not remove the Calculation Agent, without a successor having been duly appointed. 
 (b) On each LIBOR Determination Date, the Calculation Agent shall determine LIBOR on the basis of the rate for deposits in United States dollars for a
one-month period which appears on 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 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 such 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, the Beneficiary and the Servicer, by facsimile transmission or electronic transmission, notification of LIBOR for the following Interest Period. 
  

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 Section 2.05. Payments of Interest and Principal. 
 (a) Any installment of interest or principal, if any, payable on any Class A(2007-5) 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(2007-5) 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(2007-5) Noteholders to receive payments from the Issuer will terminate on the first Business Day following the Class A(2007-5) Termination Date. 
 Section 2.06. Form of Delivery of Class A(2007-5) Notes; Depository; Denominations. 
 (a) The Class A(2007-5) 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(2007-5) Notes shall be The Depository Trust Company, and the Class A(2007-5)
Notes shall initially be registered in the name of Cede & Co., its nominee. 
 (c) The Class A(2007-5) 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(2007-5) Notes. The Issuer shall execute and deliver the Class A(2007-5) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2007-5) 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 A(2007-5) Notes, dated as of June 22, 2007 (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 

  

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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 A(2007-5) 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. 
 [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/ Susan Barstock

	Name:	 	Susan Barstock
	Title:	 	Attorney-in-fact
	
	 THE BANK OF NEW YORK, as Indenture Trustee
 and not in its individual capacity

		
	By:	 	 /s/ Catherine Hughes

	Name:	 	Catherine Hughes
	Title:	 	Assistant Vice President

 [Signature Page to the Class A(2007-5) Terms Document]Cooperative Agreement

 Exhibit 4.32 
 English Translation 
 Cooperation Agreement 
 Party A: Guangzhou NetEase Computer System Co., Ltd. 
 Address: West
part of Suite 203, No.25 Jianhua Road, Keyun Road, Zhongshan Avenue, Tianhe District, Guangzhou, Guangdong 
 Party B: NetEase (Hangzhou) Network Co.,
Ltd. 
 Address: Rm 103-105, 1st floor, Building 18, No. 1 Jiaogong Road, Hangzhou, Zhejiang 
 WHEREAS: 
 1. Party A is a company registered in Guangzhou under the laws of PRC, and engaged in the
operation of internet information services as approved by the Office for Administration of Communications Industry of Guangdong according to law; Party A is the holder of Value-added Telecommunications Business License for NetEase website.

 2. Party B is a company registered in Hangzhou under the laws of PRC, engaged in the development and production of computer software and
hardware and network communication products, and the development and services of internet portal technology, e-commerce technology and electronic publishing technology and the distribution of own products. 
 3. Party A and Party B desire to develop game products and provide related services to clients on a collaborative basis. 
 NOW THEREFORE, Party A and Party B (collectively referred to as the “Parties”), upon mutual consultations, reach the following agreement:

 I. Scope of Cooperation 
 1. Scope of services provided by Party A 
 Party A is a company engaged in the operation of internet
information services as approved by the Office for Administration of Communications Industry of Guangdong according to law; Party A is also the holder of Value-added telecommunications Business License for NetEase website. The relevant services
under this Agreement shall be provided to clients, and revenues thereof shall be collected from clients, through NetEase website. 
 2. Scope
of service provided by Party B 
 Party B shall work with Party A to provide services to clients in accordance with this Agreement, including
but not limited to: 
  

	 	(1)	Development of game products (including without limitation online games) and R&D in computer software; 

  

	 	(2)	Technology support and maintenance services in connection with the operation of computer software; and 

  

	 	(3)	Provide bandwidth. 

 3. Services jointly provided by the
Parties 
 The Parties shall, by using their respective technologies and marketing resources, work together to provide users of the NetEase
website and related products with services including but not limited to those as set forth in this Article, and jointly provide clients with services on the basis of the aforesaid services. Only through cooperation can the Parties implement the
services and provide them to clients, as such services may not be implemented in the absence of either Party. 
 II. Ways of Cooperation 

1. The Parties agree that, during the term of this Agreement, the Party shall enter 

  

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into a separate technology service agreement, prescribing the specific scope, methods, staffing, billing rates, among other things, of various technology
services. Each of the aforementioned technology service agreements, once made, shall be in addition to and part of this Agreement, with the same effect as this Agreement. 
 2. In addition to services set out in Article I of this Agreement, Party B shall, by leveraging its resources, carry out promotion and publicity with respect to the income generated from services provided to clients
hereunder, and shall be responsible for the relevant costs and expenses for the promotion and publicity of services other than NetEase games (including without limitation online games). Party B shall also pay relevant costs and expenses in
connection with the services set out in Article I hereof, including but not limited to remunerations for R&D staff, and expenses for equipment lease, broad band use and public relations, etc. 
 With Party B providing services under Article I of this Agreement, and Party A providing the website platform, the Parties operate on a joint basis to
furnish services to the clients. 
 3. The Parties agree that Party A will take the full responsibility to collect service income from
clients, which shall be distributed in such manner as set forth in Article III of this Agreement. 
 4. Party B agrees that Party A may also
cooperate with any third party it selects to provide services for the users of NetEase website, and enter into a separate written agreement with such third party in connection with the distribution of the distributable income under Article III
between itself and the third party. 
 III. Distribution of Service Income and Methods of Payment 
 Given that Party A is the holder of Value-added Telecommunications Business 

  

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License for NetEase website, and all services provided under this Agreement shall be operated, and revenues thereof shall be collected from clients, through
NetEase website, the Parties agree to distribute the income from services jointly provided for clients under this Agreement according to the following formulas: 
 1. Calculation of distributable income 
 The Parties agree that the balance of all the service income
received by Party A from clients for each month, after deduction of turnover taxes payable for the above income (such as business tax, hereinafter referred to as “Payable Turnover Taxes”), the expenses incurred in Party A’s operation
of the website (exclusive of the portion of expenses paid by Party A to Party B and any other partners of the NetEase group) and the profits that may be retained by Party A, shall be the distributable income to be shared among Party A, Party B and
other partners of the NetEase group. 
 The Parties agree that, in case of any adjustments in the Payable Turnover Taxes to be paid by Party
A due to changes in government policies, the Parties shall decide on new methods for distribution by entering into a supplemental agreement in writing. 
 The formula for calculating distributable income is as follows: 
 Distributable income 
 = Service income - Payable Turnover Taxes – Expenses incurred in the operation of the website by Party A - Profits retained by Party A 
 2. Profits retained by Party A 
 Given that
Party A is the holder of Value-added Telecommunications Business License for NetEase website, and provide services to the users of NetEase website and related products together with Party B, the Parties agree to calculate the profits retained by
Party A according to the following formula: 
 Profits retained by Party A = 5% of the aggregate expenses actually incurred in 

  

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the possession of Value-added Telecommunications Business License for NetEase website by Party A, excluding the portion of expenses paid by Party A to Party
B and other partners of the NetEase group plus the Payable Turnover Taxes (e.g. business tax, etc.). 
 3. Formula for calculating the due
portion of income payable to Party B 
 Due portion of income payable to Party B = Distributable income × [Expenses of Party B
/(Expenses of Party B + Expenses of other partners of the NetEase group)] 
 4. Formula for calculating the due portion of income payable to
other partners of the NetEase group 
 Due portion of income payable to any other partner of the NetEase group = Distributable income ×
[Expenses of any other partner of the NetEase group /(Expenses of Party B + Expenses of any other partner of the NetEase group)] 
 5.
Methods of payment 
 Party A shall deposit the due portions of income payable to Party B for the previous month into the following account of
Party B through bank transfer within one month after each settlement. 
 Party B’s account: 
 Bank: China Construction Bank Hangzhou Qingchun Sub-branch 
 Account name:
NetEase (Hangzhou) Network Ltd. 
 Account No.: 33001617835059163163 
 Account details of any other partner of the NetEase group will be specified in separate notices. 
  

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 IV. Intellectual Property and Confidentiality 
  

	 	4.1	Party B shall be solely and exclusively entitled to any right, title, and interest in and to all or any intellectual property generated in its performance of this Agreement,
including but not limited to copyrights, patents, know-how, trade secrets and the like. 

  

	 	4.2	Subject to written consent from the proprietors, Party A may be assigned any right, ownership or interest in and to all or any intellectual property generated in the performance of
this Agreement by Party B in such manner as agreed on by the Parties through consultations. 

  

	 	4.3	Party B agrees that it shall use its reasonable and best efforts to protect or maintain the confidentiality of the information of Party A, wholly or in part, marked
“confidential” or being of confidential nature to the knowledge of Party B (“Confidential Information”). Without the prior written consent of Party A, Party B shall not disclose, provide or transfer such Confidential Information
to any third party. Upon the expiration or termination of this Agreement, Party B is obliged to return upon request of Party A any document, material or software containing Confidential Information to the proprietor of such Confidential Information,
or destroy such documents, materials or software and delete Confidential Information from any relevant electronic devices of Party B, and may not continue to use such Confidential Information; 

  

	 	4.4	Clauses 4.1, 4.2, and 4.3 hereof shall survive any expiration or termination of this Agreement. 

  

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 V. Representations and Warranties 
  

	 	5.1	Party A represents and warrants that: 

  

	 	5.1.1	Party A is a company duly registered and existing in Guangzhou under the laws of PRC. 

  

	 	5.1.2	Party A has the full right, power, authority and capacity required to execute, deliver and perform this Agreement and all necessary consents and approvals. 

 

	 	5.1.3	This Agreement shall become legal, valid, and binding upon Party A, and enforceable to Party A in accordance with the terms hereof upon the execution of this Agreement.

  

	 	5.2	Party B represents and warrants that: 

  

	 	5.2.1	Party B is a company duly registered and existing in Hangzhou under the laws of PRC. 

  

	 	5.2.2	Party B has the full right, power, authority and capacity required to execute, deliver and perform this Agreement and all necessary consents and approvals. 

 

	 	5.2.3	This Agreement shall become legal, valid, and binding upon Party B, and enforceable to Party B in accordance with the terms hereof upon the execution of this Agreement.

 VI. Effectiveness and Duration for Cooperation 
 This Agreement shall take effect as of the date of signature and seal by the Parties hereto; this Agreement, upon such effectiveness, shall have automatic retroactive effect from January 1, 2007. This Agreement
shall remain in force and effect unless early terminated in accordance with the provisions below. 
  

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 VII. Termination 
  

	 	7.1	In the event that either Party hereto has been in material breach of this Agreement, and continues in such breach for 30 days after receipt of the notice from the other Party for
the occurrence and existence of the breach, the non-breaching Party may terminate this Agreement immediately upon the issuance of a notice to the breaching Party, but without prejudice to the rights or remedies to which such terminating Party is
entitled at law or for other reasons. During the term of this Agreement, either Party may terminate this Agreement by giving a 30-day notice in writing to the other Party. 

  

	 	7.2	Article IV of this Agreement shall continue in force and effect after the expiration or termination of this Agreement. 

 VIII. Force Majeure 
 8.1 The “Force Majeure
Event” under this Agreement means any event beyond the reasonable control of any Party hereto and unavoidable despite the reasonable care on the part of the affected Party, including but not limited to government acts, natural force, fire,
explosion, storm, flood, earthquake, tide, lightning or war. However, the insufficiency in creditworthiness, fund or financing shall not be deemed to be Force Majeure Event. Either Party affected by the Force Majeure Event and seeking a waiver of
its responsibilities under this Agreement shall provide a notice of such Force Majeure Event to the other Party hereto. 
 8.2 In the event
that either Party hereto has been delayed in or prevented from its performance of this Agreement by reason of the Force Majeure Event, the same Party shall not be responsible for any loss, additional expenses or damages incurred to the other Party
by such failure or delay in its performance of this Agreement, and such failure or delay shall not be considered as a breach of this Agreement. The Party declaring the Force Majeure Event shall nevertheless use its reasonable endeavors to reduce or
eliminate the influences of the Force Majeure Event. The Parties hereto agree that they shall do everything possible to resume performance hereunder whenever such Force Majeure Event is removed or ceases. 
  

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 IX. Governing Law 
 The validity, construction and performance of this Agreement shall be governed by the laws of PRC. 
 X. Notice

 Any notice or other communication issued by either Party hereto under this Agreement shall be in writing and in both Chinese and
English languages, and may be sent to the following address of the relevant Party by personal delivery, registered airmail, airmail with postage prepaid, or recognized express courier, or transmitted by telefax (provided that such transmission is
confirmed by subsequent delivery of a copy thereof by mail). 
 Party A: Guangzhou NetEase Computer System Co., Ltd. 
 Address: West part of Suite 203, No.25 Jianhua Road, Keyun Road, Zhongshan Avenue, Tianhe District, Guangzhou 
 Party B: NetEase (Hangzhou) Network Co., Ltd. 
 Address: Rm 103-105, 1st floor, Building 18, No. 1 Jiaogong Road, Hangzhou

 XI. Transfer and Delegation 
 11.1
Neither Party may transfer any of its rights or obligations hereunder to any third party unless with the prior written consent from the other Party hereto. 
 11.2 Party A hereby agrees that Party B may decide in its own discretion to transfer any of its rights and obligation hereunder to any third party. Party B is only required to provide Party A with a written notice of
such delegation, without seeking consent from Party A with respect to such transfer. 
  

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 XII. Severability 
 In the event that any provision hereunder is held to be invalid, illegal or unenforceable under any law, such provision shall be ineffective only to the extent of the relevant jurisdiction, without invalidating the
remainder of this Agreement in such jurisdiction, or rendering the same provision or the remainder of this Agreement invalid, illegal or unenforceable within any other jurisdiction. 
 XIII. Amendments and Supplements 
 The Parties hereto may make any amendment and supplement to this
Agreement through written agreement. Any agreement of amendments or supplements hereto signed by the Parties shall be an integral part of this Agreement, having equal legal effect as this Agreement. 
 XIV. Miscellaneous 
 This Agreement shall be executed
in four counterparts, with each Party holding two thereof. 
 [The remainder of this page is intentionally left blank] 
  

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 (Signature page. No further text on this page) 
 Party A: Guangzhou NetEase Computer System Co., Ltd. 
 Authorized
representative:                                     
                    
 Date: 
 Party B: NetEase (Hangzhou) Network Co., Ltd. 
 Authorized
representative:                                     
                    
 Date: 
  

 11

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