Document:

Revised Form of Stock Appreciation Rights Agreement

 Exhibit 10.1 
  
 AMERICREDIT CORP. 
 STOCK APPRECIATION RIGHT AGREEMENT 
  
                                        
                                 March
[            ], 2005 
  
 To:    [                        ] “Employee” 
  
 AmeriCredit Corp. (the “Company”) hereby grants you,
                                 (the “Participant”), a stand-alone
stock appreciation right (“SAR”) under the Company’s Amended and Restated 2000 Limited Omnibus and Incentive Plan for AmeriCredit Corp. (the “Plan”), in order to encourage you to continue to contribute to the Company’s
growth and success. The SAR consists of the right to receive shares of common stock of the Company, $0.01 par value per share (the “Common Stock”), in an amount whose Fair Market Value (as defined in the Plan) is equal, with respect to the
number of shares specified below (the “Shares”), to the excess of (i) the Fair Market Value of Common Stock on the date or dates upon which the Participant converts this SAR or any portion thereof to Common Stock (the “Conversion
Date(s)”), over (ii) the Conversion Price. 
  
 The SAR has
been issued to the Participant hereunder as a separate incentive in connection with your service to the Company and not in lieu of any salary or other compensation for your services. 
  
 The date of this Agreement is
                                 (the “Grant Date”). The latest date the
SAR granted hereunder will expire is the five (5) year anniversary of the Grant Date (the “Expiration Date”). However, as provided in Appendix A (attached hereto), the SAR may expire earlier than the Expiration Date. Subject to the
provisions of Appendix A, the Plan and any applicable employment agreement, the principal features of the SAR are as follows: 
  

					
	 Number of Shares
 covered by SAR:
[    ]

	  	 Conversion Price per Share
 (closing price on Grant Date):

	 	 [$                 ]

 

	 Scheduled Vesting Dates:
	  	% of SAR Award Vesting:	 	 
			
	 June 30, 2005*
 March 8, 2007*
 March 8, 2008*
	  	25%
25%
50%	 	 

	*	The first day thereafter (not to exceed 30 days thereafter) that the Company is not in a blackout. 

			
	Event Triggering Termination of SAR:	 	Maximum Time to Convert SAR into Common Stock After Triggering Event:**
		
	Termination of Employment for Cause	 	No conversion available
		
	Termination of Employment without Cause or Resignation other than Disability	 	Expiration Date or 1 year from date of termination, whichever is sooner, as to vested portion; Unvested portion cannot be converted
		
	Termination of Employment due to Disability or death	 	Expiration Date
		
	Death within 3 months after Termination of Employment without Cause	 	Expiration Date or 1 year from date of death, whichever is sooner, as to vested portion; Unvested portion cannot be converted

	**	However, in no event may this SAR be converted into Common Stock after the Expiration Date. 

  
 Your signature below indicates your agreement and understanding that this SAR is subject to all of the terms and conditions
contained in Appendix A and the Plan. For example, important additional information on vesting and termination of this SAR is contained in Paragraphs 4, 5 and 6 of Appendix A. ACCORDINGLY, PLEASE BE SURE TO READ ALL OF APPENDIX A, WHICH CONTAINS
ADDITIONAL SPECIFIC TERMS AND CONDITIONS OF THIS SAR. 
  

			
	AMERICREDIT CORP.
	801 Cherry St., Suite 3900
	Fort Worth, Texas 76102
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 Agreed to and accepted as of the
date first set forth above (Please sign on the line below and print name in the space provided): 
  

			
	  

	 	 	(signature)
		
	Name:	 	  

	 	 	(print name)

  
  

 APPENDIX A 
 TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHT 
  
 1. Grant of SAR. The Company hereby grants to the Participant under the Plan, as a separate incentive in connection with his or her employment and not in lieu of any salary or other compensation for his or her
services, a SAR subject to the terms and conditions set forth in this Agreement and the Plan, with respect to all or any part of an aggregate of
                     Shares. 
  
 2. Conversion Price. The conversion price per share for this SAR (the “Conversion Price”) shall be
                    . 
  
 3. Number of Shares. The number of Shares specified in Paragraph 1 above, and/or the Conversion Price specified in Paragraph 2 above, are subject
to adjustment by the Committee (subject to any required stockholder approval) in the event of any increase or decrease in the number of issued shares of Common Stock resulting from a subdivision or consolidation of Common Stock or the payment of a
stock dividend on Common Stock, or any other increase or decrease in the number of shares of Common Stock effected without receipt or payment of consideration by the Company, or change in the capitalization of the Company. 
  
 4. Vesting Schedule. Subject to earlier termination as described in
Paragraph 6 below, the SAR granted under this Agreement is scheduled to vest as to the number of Shares and on the dates shown on the first page of this Agreement. Notwithstanding the foregoing, this SAR will vest immediately as to one
hundred percent (100%) of the Shares upon the occurrence of a Change of Control. The Committee in its discretion will determine whether the SAR will vest immediately in the event of other transactions including, without limitation, a liquidation or
dissolution of the Company; provided that this SAR or any substituted option in no case will be convertible into Common Stock, or exercisable if a substituted option, after the Expiration Date. 
  
 5. Substitution of SAR. The Committee shall have the authority to
substitute, without receiving Participant’s permission, options to purchase Common Stock for this SAR in the event that the Committee determines, in its sole discretion, that such substitution is necessary or desirable based on legal and/or
accounting requirements applicable to the Company or the Participant; provided that, (i) the vesting and expiration terms of any such substituted option shall be the same as set forth above, (ii) the exercise price of any such substituted
option shall be equal to the Conversion Price, and (iii) the exercisability and transferability terms of any such substituted option, shall be as set forth in the Plan and in compliance with applicable law; provided further that, the
Committee also shall have the ability to revert, without receiving Participant’s permission, any unvested substituted option to purchase Common Stock back to an equivalent SAR, in the event that the Committee determines, in its sole discretion,
that such reversion is necessary or desirable based on legal and/or accounting requirements applicable to the Company or the Participant. 

 6. Termination of SAR. This SAR shall terminate as follows: 
  

	 	(a)	In the event of Participant’s termination of employment with the Company (or, in each case described in this Paragraph 6, a Subsidiary of the Company) for Cause, this SAR will
expire and be cancelled upon such termination. 

  

	 	(b)	In the event of Participant’s termination of employment without Cause, or in the event Participant resigns his or her employment for a reason other than Disability, this SAR
will remain convertible into Common Stock to the extent vested as of the date of termination until the expiration of one (1) year after such termination or, if sooner, the Expiration Date; to the extent not vested as of the date of termination, this
SAR will expire at the close of business on the date of termination. 

  

	 	(c)	In the event Participant is at least 65 years of age or older and terminates his or her employment by reason of retirement, this SAR will remain convertible into Common Stock to the
extent vested as of the date of retirement until the Expiration Date; to the extent not vested as of the date of retirement, this SAR will expire at the close of business on the date of retirement. 

  

	 	(d)	In the event of Participant’s termination of employment on account of Disability or death of the Participant, this SAR will remain convertible into Common Stock with respect to
all Shares, whether or not vested as to such Shares as of the date of termination, until the Expiration Date. 

  

	 	(e)	Notwithstanding anything to the contrary in this Section 6 or in this Agreement, if a Participant violates a non-compete provision in any agreement between the Company and the
Participant, then such non-compete violation shall cause the immediate cancellation and termination of this SAR. 

  
 7. Persons Eligible to Convert SAR. This SAR shall be convertible into Common Stock during the Participant’s lifetime by the Participant or by
a transferee to whom the SAR or the right to convert the SAR into Common Stock has been transferred pursuant to Paragraph 8 or Paragraph 13 below. 
  
 8. Death of Participant. The Committee, in its discretion, may permit the Participant to designate a beneficiary or beneficiaries to whom any
vested but unconverted portion of this SAR shall be transferred. In the absence of such designation, such vested but unconverted portion will be transferred to the Participant’s estate. No such transfer of the SAR, or the right to convert the
SAR or any portion thereof into Common Stock, will be effective to bind the Company unless the Committee shall have been furnished with written notice thereof and with a copy of the will and/or such evidence as the Committee deems necessary to
establish the validity of such transfer or right to convert, and an agreement by the transferee, administrator, or executor (as applicable) to comply with all the terms of this Agreement that are or would have been applicable to the Participant and
to be bound by the acknowledgements made by the Participant in connection with this grant. 

 9. Conversion of SAR. This SAR may be converted into Common Stock by the person then entitled to
do so as to any vested portion by giving written notice of conversion to the attention of the Company’s General Counsel, specifying the number of full Shares with respect to which the SAR is being converted and the effective date of the
proposed conversion. No partial conversion of this SAR may be for less than ten (10) Shares or multiples thereof. As a condition to this award, you are required to pay an amount equal to the “par value” of the SAR converted into Common
Stock, or $0.01 per share. Your payment should be made by check payable to “AmeriCredit Corp.” and delivered to the Company’s Controller on or before the conversion of any SAR into Common Stock. 
  
 10. No Rights of Shareholder. Neither the Participant (nor any
beneficiary or transferee) shall be or have any of the rights or privileges of a shareholder of the Company in respect of any of the shares of Common Stock issuable pursuant to the conversion of this SAR, unless and until the date of the issuance of
a stock certificate with respect to such shares of Common Stock. Except as expressly provided in Paragraph 3 above or in Section 9 of the Plan, no adjustment to this SAR shall be made for dividends or other rights for which the record date occurs
prior to the date such certificates representing such shares of Common Stock are issued. 
  
 11. No Effect on Employment. Subject to any written, express employment contract with the Participant, nothing in this Agreement or the Plan shall confer upon the Participant any right to continue to be
employed by the Company or any Subsidiary of the Company, or shall interfere with or restrict in any way the rights of the Company or any Subsidiary of the Company, which are hereby expressly reserved, to terminate the employment of Participant at
any time for any lawful reason whatsoever or for no reason, with or without Cause and with or without notice. 
  
 12. Address for Notices. Any notice to be given to the Company under the terms of this Agreement shall be addressed to the Company, in care of its
Legal Department, 801 Cherry Street, Suite 3900, Fort Worth, Texas, 76102, Attention: General Counsel, at, or at such other address as the Company may hereafter designate in writing. 
  
 13. Transferability. Except as provided in Paragraph 8, above, this SAR may be transferred solely as provided in
Section 16 of the Plan. 
  
 14. Other Benefits. Except as
provided below, nothing contained in this Agreement shall affect the Participant’s right to participate in and receive benefits under and in accordance with the then current provisions of any pension, insurance or other Participant welfare plan
or program of the Company or any Subsidiary of the Company. 
  
 15. Maximum Term of SAR. Notwithstanding any other provision of this Agreement, this SAR is not convertible into Common Stock after the Expiration Date. 

 16. Binding Agreement. Subject to the limitation on the transferability of this SAR contained
herein, this Agreement shall be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. 
  
 17. Plan Governs. This Agreement is subject to all of the terms and provisions of the Plan. In the event of a
conflict between one or more provisions of this Agreement and one or more provisions of the Plan, the provisions of the Plan shall govern. Unless otherwise specified, capitalized terms and phrases used and not defined in this Agreement shall have
the meaning set forth in the Plan. 
  
 18. Governing Law.
This Agreement shall be governed by and construed in accordance with the laws of the State of Texas, without reference to its principles of conflicts of law. 
  
 19. Committee Authority. The Committee shall have all discretion, power, and authority to interpret the Plan and this Agreement and to adopt such
rules for the administration, interpretation and application of the Plan as are consistent therewith. All actions taken and all interpretations and determinations made by the Committee in good faith shall be final and binding upon the Participant,
the Company and all other interested persons, and shall be given the maximum deference permitted by law. No member of the Committee shall be personally liable for any action, determination or interpretation made in good faith with respect to the
Plan or this Agreement. 
  
 20. Captions. The captions
provided herein are for convenience only and are not to serve as a basis for the interpretation or construction of this Agreement. 
  
 21. Agreement Severable. In the event that any provision in this Agreement shall be held invalid or unenforceable, such provision shall be
severable from, and such invalidity or unenforceability shall not be construed to have any effect on, the remaining provisions of this Agreement. 
  
 22. Modifications to the Agreement. This Agreement constitutes the entire understanding of the parties on the subjects covered. The Participant
expressly warrants that he or she is not executing this Agreement in reliance on any promises, representations, or inducements other than those contained herein. Modifications to this Agreement or the Plan can be made only in an express written
contract executed by a duly authorized officer of the Company and the Participant.Exhibit 4.1

 EXECUTION COPY 
  
 Exhibit 4.1 
  

  
 CAPITAL ONE MULTI-ASSET EXECUTION TRUST 

 
 as Issuer 
  
 and 
  
 THE BANK OF NEW YORK 
  
 as Indenture Trustee 
  
 CLASS A(2005-2) TERMS DOCUMENT 
  
 dated as of May 6, 2005 
  
 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
	  	6
			
	 Section 1.03.
	  	 Counterparts
	  	7
			
	 Section 1.04.
	  	 Ratification of Indenture, Asset Pool 1 Supplement and Indenture Supplement
	  	7
	
	ARTICLE II
	The Class A(2005-2) 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.
	  	 [Reserved]
	  	9
			
	 Section 2.05.
	  	 Payments of Interest and Principal
	  	9
			
	 Section 2.06.
	  	 Form of Delivery of Class A(2005-2) Notes; Depository; Denominations
	  	9
			
	 Section 2.07.
	  	 Delivery and Payment for the Class A(2005-2) Notes
	  	9
			
	 Section 2.08.
	  	 Targeted Deposits to the Accumulation Reserve Account
	  	10
			
	 Section 2.09.
	  	 [Reserved]
	  	10

  

 -i- 

 THIS CLASS A(2005-2) 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 May 6, 2005. 
  
 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(2005-2) Notes and no other Tranche of Notes issued by the Issuer; and 

  

 1 

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

  
 “Accumulation Period Amount” means $41,666,666.67;
provided, however, if the Accumulation Period Length is determined to be less than twelve (12) months pursuant to Section 3.10(b)(ii) of the Indenture Supplement, the Accumulation Period Amount shall be the amount specified in
the definition of “Accumulation Period Amount” in the Indenture Supplement. 
  
 “Accumulation Reserve Funding Period” shall mean, (a) if the Accumulation Period Length is determined to be one (1) month, there shall be no Accumulation Reserve Funding Period and (b) otherwise, the
period (x) commencing on the earliest to occur of (i) the Monthly Period beginning three (3) calendar months prior to the first Distribution Date for which a budgeted deposit is targeted to be made into the Principal Funding sub-Account of the Class
A(2005-2) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (ii) the Monthly Period following the first Distribution Date following and including the March 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 A(2005-2) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (iii) the Monthly Period following the first Distribution Date following and including the September 2006 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(2005-2) 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 November 2006
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(2005-2) 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(2005-2) Notes and (ii) the date on which the Class A(2005-2) 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; 
  

 2 

 (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(2005-2) Adverse Event” means the occurrence of any of the following: (a) an Early Redemption Event
with respect to the Class A(2005-2) Notes or (b) an Event of Default and acceleration of the Class A(2005-2) Notes. 
  
 “Class A(2005-2) Note” means any Note, substantially in the form set forth in Exhibit A-1 to the Indenture Supplement, designated
therein as a Class A(2005-2) Note and duly executed and authenticated in accordance with the Indenture. 
  
 “Class A(2005-2) Noteholder” means a Person in whose name a Class A(2005-2) Note is registered in the Note Register. 
  
 “Class A(2005-2) Termination Date” means the earliest to
occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2005-2) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to
Article VI thereof. 
  
 “Excess Spread
Percentage” shall mean, with respect to any Distribution Date, the amount, if any, by which the Portfolio Yield for the preceding Monthly Period exceeds the Base Rate for such Monthly Period. 
  

 3 

 “Expected Principal Payment Date” means April 15, 2008. 
  
 “Initial Dollar Principal Amount” means $500,000,000.

  
 “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 June 2005, 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 May 6, 2005. 
  
 “Legal Maturity Date” means February 15, 2011. 

 
 “Maximum Subordination Amount of Class B Notes” means,
for the Class A(2005-2) Notes for any date of determination, an amount equal to the product of (a) Adjusted Outstanding Dollar Principal Amount of the Class A(2005-2) 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 81.25. 
  
 “Note Interest Rate” means a rate per annum equal to 4.05%. 
  
 “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 
  

 4 

 (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 March 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. 
  
 “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(2005-2) Notes as of the close of business on the last day of the preceding
Monthly Period or (ii) any other amount designated by the Issuer; provided, however, that if such designation is of a lesser amount, the Note Rating Agencies shall have provided prior written confirmation that a Ratings Effect will not
occur with respect to such change. 
  
 “Required
Subordinated Amount of Class B Notes” means, for the Class A(2005-2) 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(2005-2) Notes on such
date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2005-2) 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(2005-2) Notes; provided further, however, that for any date of determination on or after the occurrence and during the continuation of a Class A(2005-2) Adverse Event, the Required Subordinated
Amount of Class B Notes for the Class A(2005-2) 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(2005-2)
Adverse Event shall have occurred. 
  
 “Required
Subordinated Amount of Class C Notes” means, for the Class A(2005-2) 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(2005-2) Notes on such
date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2005-2) 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 

  

 5 

 
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(2005-2) Notes will not be less than an amount equal to (i) 3.0% of the Initial Dollar Principal Amount of the Class A(2005-2) Notes, minus (ii) the Required Subordinated Amount of Class D Notes for the Class A(2005-2) Notes; provided
further, however, that for any date of determination on or after the occurrence and during the continuation of a Class A(2005-2) Adverse Event, the Required Subordinated Amount of Class C Notes for the Class A(2005-2) 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(2005-2) 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(2005-2) 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(2005-2) Notes on such date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2005-2) Notes on such date of determination; provided, however, that for any date of determination, unless (i) the
Prefunding Target Amount for any Tranche of Card Series Notes on such date of determination is greater than zero or (ii) any prefunded amounts are on deposit in a Principal Funding sub-Account on such date of determination for any Tranche of Card
Series Notes, the Required Subordinated Amount of Class D Notes for the Class A(2005-2) Notes will not be less than an amount equal to 1.8462% of the Initial Dollar Principal Amount of the Class A(2005-2) Notes, provided further,
however, that for any date of determination on or after the occurrence and during the continuation of a Class A(2005-2) Adverse Event, the Required Subordinated Amount of Class D Notes for the Class A(2005-2) 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(2005-2) 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(2005-2) Notes, 12.3077%, subject to adjustment in accordance with Section 2.02. 
  
 “Required Subordinated Percentage of Class C Notes” means, for the Class A(2005-2) Notes, 8.9231%, subject
to adjustment in accordance with Section 2.02. 
  
 “Required Subordinated Percentage of Class D Notes” means, for the Class A(2005-2) Notes, 1.8462%, subject to adjustment in accordance with Section 2.02. 
  
 “Stated Principal Amount” means $500,000,000. 
  
 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 

  

 6 

 
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] 
  

 7 

 ARTICLE II 
  
 The Class A(2005-2) 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(2005-2) 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(2005-2) 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 Subordination Percentage of
Class B Notes and the Required Subordinated Percentage of Class C Notes, in each case, for the Class A(2005-2) Notes after giving effect to such change is equal to or greater than the sum of the Required Subordination Percentage of Class B Notes and
the Required Subordinated Percentage of Class C Notes, in each case, for the Class A(2005-2) Notes immediately prior to giving effect to such change and (y) the Required Subordinated Amount of Class B Notes for the Class A(2005-2) 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(2005-2) Notes,
such that after giving effect to all changes to such percentages on such date the sum of the Required Subordination 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(2005-2) Notes after giving effect to such change is less than the sum of the Required Subordination 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(2005-2) 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 Class A(2005-2) 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(2005-2) Notes shall be an amount equal to one-twelfth of the product of (i) the Note Interest Rate, times (ii) the Outstanding Dollar
Principal Amount of the Class A(2005-2) Notes determined as of the Record Date preceding the related Distribution Date; provided, however, that for the first Interest Payment Date the amount of interest due is $2,193,750. Any interest
on the Class A(2005-2) Notes will be calculated on the basis of a 360-day year and twelve 30-day months. 
  

 8 

 (b) Pursuant to Section 3.03 of the Indenture Supplement, on each Distribution Date, the Indenture
Trustee shall deposit into the Class A(2005-2) Interest Funding sub-Account the portion of Card Series Finance Charge Amounts allocable to the Class A(2005-2) Notes. 
  
 Section 2.04. [Reserved]. 
  
 Section 2.05. Payments of Interest and Principal. 
  
 (a) Any installment of interest or principal, if any, payable on any Class A(2005-2) 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(2005-2) 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(2005-2) Noteholders to receive payments from the Issuer will terminate on the first Business
Day following the Class A(2005-2) Termination Date. 
  
 Section
2.06. Form of Delivery of Class A(2005-2) Notes; Depository; Denominations. 
  
 (a) The Class A(2005-2) 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(2005-2) Notes shall be The Depository
Trust Company, and the Class A(2005-2) Notes shall initially be registered in the name of Cede & Co., its nominee. 
  
 (c) The Class A(2005-2) Notes will be issued in minimum denominations of $5,000 and integral multiples of $1,000 in excess of that amount. 
  
 Section 2.07. Delivery and Payment for the Class A(2005-2) Notes. The
Issuer shall execute and deliver the Class A(2005-2) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2005-2) Notes when authenticated, each in accordance with Section 303 of the
Indenture. 
  

 9 

 Section 2.08. Targeted Deposits to the Accumulation Reserve Account. 
  
 The deposit targeted to be made to the Accumulation Reserve Account for any
Monthly Period during the Accumulation Reserve Funding Period will be an amount equal to the Required Accumulation Reserve sub-Account Amount. 
  
 Section 2.09. [Reserved]. 
  
 [END OF ARTICLE II] 
  

 10 

 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 H.Y. Voon

	 Name:
	 	 Michele H.Y. Voon

	 Title:
	 	 Attorney-In-Fact

	
	 THE BANK OF NEW YORK, as Indenture Trustee
 and not in its individual capacity

		
	 By:
	 	 /s/ Ryan Bittner

	 Name:
	 	 Ryan Bittner

	 Title:
	 	 Assistant Treasurer

  
 [Signature Page
to the Class A(2005-2) Terms Document]

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