Document:

EX-4.1

 Exhibit 4.1 
 EXECUTION COPY 
  
  

 
 CAPITAL ONE MULTI-ASSET
EXECUTION TRUST 
 as Issuer 
 and 
 THE BANK OF NEW YORK MELLON 

as Indenture Trustee 
 CLASS A(2013-2) TERMS DOCUMENT 
 dated as of May 14, 2013 

TO 

CARD SERIES INDENTURE SUPPLEMENT 
 dated as of October 9, 2002, 
 as amended by the First Amendment thereto dated
as of March 1, 2008 
 TO 
 ASSET POOL 1 SUPPLEMENT 
 dated as of October 9, 2002, 

as amended by the First Amendment thereto dated as of March 1, 2008 

to 
 INDENTURE

 dated as of October 9, 2002, as amended and restated as of January 13, 2006, 

and as further amended by the First Amendment thereto dated as of March 1, 2008 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 ARTICLE I
	 	     Definitions and Other Provisions of General Application
	  	 	1	  
			
	 Section 1.01.
	 	Definitions	  	 	1	  
	 Section 1.02.
	 	Governing Law	  	 	7	  
	 Section 1.03.
	 	Counterparts	  	 	8	  
	 Section 1.04.
	 	Ratification of Indenture, Asset Pool 1 Supplement and Indenture Supplement	  	 	8	  
			
	 ARTICLE II
	 	     The Class A(2013-2) Notes
	  	 	9	  
			
	 Section 2.01.
	 	Creation and Designation	  	 	9	  
	 Section 2.02.
	 	Adjustments to Required Subordinated Percentages	  	 	9	  
	 Section 2.03.
	 	Interest Payment	  	 	9	  
	 Section 2.04.
	 	Calculation Agent; Determination of LIBOR	  	 	10	  
	 Section 2.05.
	 	Payments of Interest and Principal	  	 	11	  
	 Section 2.06.
	 	Form of Delivery of Class A(2013-2) Notes; Depository; Denominations	  	 	11	  
	 Section 2.07.
	 	Delivery and Payment for the Class A(2013-2) Notes	  	 	11	  
	 Section 2.08.
	 	Targeted Deposits to the Accumulation Reserve Account	  	 	12	  

  
 i 

 THIS CLASS A(2013-2) 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 MELLON, a New York banking corporation, as Indenture Trustee (the “Indenture Trustee”), is made and entered into as of May 14, 2013. 

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; 

  
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	 	(7)	each capitalized term defined herein shall relate only to the Class A(2013-2) Notes and no other Tranche of Notes issued by the Issuer; and 

 

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

“Accumulation Period Amount” means $58,333,333.33; provided, however, if the Accumulation Period Length is
determined to be less than twelve (12) months pursuant to Section 3.10(b)(ii) of the Indenture Supplement, the Accumulation Period Amount shall be the amount specified in the definition of “Accumulation Period Amount” in
the Indenture Supplement. 
 “Accumulation Reserve Funding Period” shall mean, (a) if the Accumulation
Period Length is determined to be one (1) month, there shall be no Accumulation Reserve Funding Period and (b) otherwise, the period (x) commencing on the earliest to occur of (i) the Monthly Period beginning three
(3) calendar months prior to the first Distribution Date for which a budgeted deposit is targeted to be made into the Principal Funding sub-Account of the Class A(2013-2) 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 2014 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(2013-2) 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 2014 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(2013-2) 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 2014 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(2013-2) 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(2013-2) Notes and (ii) the date on which the Class A(2013-2) Notes are paid in full. 
 “Asset Pool 1 Supplement” means the Asset Pool 1 Supplement dated as of October 9, 2002, as amended by the First Amendment thereto, dated as of March 1, 2008, by and between the
Issuer and the Indenture Trustee, as amended and supplemented from time to time. 

  
 2 

 “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; 
 (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(2013-2) Adverse Event” means the
occurrence of any of the following: (a) an Early Redemption Event with respect to the Class A(2013-2) Notes or (b) an Event of Default and acceleration of the Class A(2013-2) Notes. 

“Class A(2013-2) Note” means any Note, substantially in the form set forth in Exhibit A-2 to the Indenture
Supplement, designated therein as a Class A(2013-2) Note and duly executed and authenticated in accordance with the Indenture. 

  
 3 

 “Class A(2013-2) Noteholder” means a Person in whose name a Class A(2013-2)
Note is registered in the Note Register. 
 “Class A(2013-2) Termination Date” means the earliest to occur of
(a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2013-2) 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. 

“Expected Principal Payment Date” means April 15, 2016. 

“Initial Dollar Principal Amount” means $700,000,000. 

“Indenture” means the Indenture dated as of October 9, 2002, as amended and restated as of January 13, 2006,
and as further amended by the First Amendment thereto, dated as of March 1, 2008, 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, as amended by the
First Amendment thereto, dated as of March 1, 2008, 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 2013, 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 14, 2013. 
 “Legal
Maturity Date” means February 15, 2019. 
 “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 May 10, 2013 for the period from and including the Issuance Date to but excluding
June 17, 2013 and the second London Business Day prior to the commencement of the second and each subsequent Interest Period. 

  
 4 

 “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(2013-2) Notes for any date of determination, an amount equal to the product of (a) Adjusted Outstanding Dollar Principal Amount of the Class A(2013-2) Notes on such date of determination and (b) the
percentage equivalent of a fraction, the numerator of which is 9 and the denominator of which is 83.00. 
 “Note
Interest Rate” means a rate per annum equal to 0.18% 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 Mellon. 

“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 March 2014 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.

  
 5 

 “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(2013-2) 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(2013-2) 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(2013-2) Notes on such date of determination and (b) the Adjusted Outstanding Dollar Principal
Amount of such Class A(2013-2) 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(2013-2) Notes; provided
further, however, that for any date of determination on or after the occurrence and during the continuation of a Class A(2013-2) Adverse Event, the Required Subordinated Amount of Class B Notes for the Class A(2013-2) 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(2013-2) Adverse Event shall have occurred. 

“Required Subordinated Amount of Class C Notes” means, for the Class A(2013-2) 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(2013-2) Notes on such date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2013-2) 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 C Notes for the Class A(2013-2) Notes will not be less than an amount
equal to (i) 3.0% of the Initial Dollar Principal Amount of the Class A(2013-2) Notes, minus (ii) the Required Subordinated Amount of Class D Notes for the Class A(2013-2) Notes; provided further, however, that
for any date of determination on or after the occurrence and during the continuation of a Class A(2013-2) Adverse Event, the Required Subordinated Amount of Class C Notes for the Class A(2013-2) 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(2013-2) 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. 

  
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 “Required Subordinated Amount of Class D Notes” means, for the Class
A(2013-2) 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(2013-2) Notes on such date of determination and (b) the Adjusted Outstanding Dollar
Principal Amount of such Class A(2013-2) 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(2013-2) Notes will not be less than an amount equal to 1.2049% of the Initial Dollar Principal Amount of the Class A(2013-2) Notes, provided further, however, that for any date of determination on or after the occurrence
and during the continuation of a Class A(2013-2) Adverse Event, the Required Subordinated Amount of Class D Notes for the Class A(2013-2) 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(2013-2) 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(2013-2) Notes, 8.83593%, subject
to adjustment in accordance with Section 2.02. 
 “Required Subordinated Percentage of Class C
Notes” means, for the Class A(2013-2) Notes, 10.44127%, subject to adjustment in accordance with Section 2.02. 
 “Required Subordinated Percentage of Class D Notes” means, for the Class A(2013-2) 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 $700,000,000. 
 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. 

  
 7 

 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] 

  
 8 

 ARTICLE II 
 The Class A(2013-2) 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(2013-2) 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(2013-2) 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 Subordinated Percentage of
Class B Notes and the Required Subordinated Percentage of Class C Notes, in each case, for the Class A(2013-2) 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(2013-2) Notes immediately prior to giving effect to such change and (y) the Required Subordinated Amount of Class B Notes for the Class A(2013-2) 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(2013-2) 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 Percentage of Class D Notes, in each case, for the Class A(2013-2)
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 Percentage of Class D Notes, in each case,
for the Class A(2013-2) 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 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(2013-2) 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 

  
 9 

 
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(2013-2) Notes determined as of the Record Date preceding the related Distribution Date. Any interest on the Class A(2013-2) Notes will be calculated on the basis of the actual number of days in the related Interest Period and a 360-day
year. 
 (b) Pursuant to Section 3.03 of the Indenture Supplement, on each Distribution Date, the Indenture Trustee
shall deposit into the Class A(2013-2) Interest Funding sub-Account the portion of Card Series Finance Charge Amounts allocable to the Class A(2013-2) Notes. 
 Section 2.04. Calculation Agent; Determination of LIBOR. 
 (a)
The Issuer hereby agrees that for so long as any Class A(2013-2) 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. For the avoidance of doubt, Sections 703 and 707 of the
Indenture shall inure to the benefit of the Calculation Agent. 
 (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 (800) 254-2826 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(2013-2) 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(2013-2) 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(2013-2) Noteholders to receive payments from the Issuer will terminate on the first Business Day following
the Class A(2013-2) Termination Date. 
 Section 2.06. Form of Delivery of Class A(2013-2) Notes; Depository;
Denominations. 
 (a) The Class A(2013-2) 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(2013-2) Notes shall
be The Depository Trust Company, and the Class A(2013-2) Notes shall initially be registered in the name of Cede & Co., its nominee. 
 (c) The Class A(2013-2) 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(2013-2) Notes. The Issuer shall execute and deliver the Class
A(2013-2) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2013-2) Notes when authenticated, each in accordance with Section 303 of the Indenture. 

  
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 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. 

[END OF ARTICLE II] 

  
 12 

 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/ Robert Durant

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

		
	By:	 	 /s/ Michael Commisso

		 	Name:	 	Michael Commisso
		 	Title:	 	Vice President

 [Class A(2013-2) Terms Document]EX-4.1

 Exhibit 4.1 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN
WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE. 
 Unless this certificate is presented by an authorized representative of The Depository Trust Company, a
limited-purpose trust company organized under the New York Banking Law (“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede &
Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
 STATE STREET CORPORATION 
 1.350% Senior Notes Due 2018 

 

			
	No.	 	$                           
         
	CUSIP 857477AK9	 	Issue Date:                 , 2013
	ISIN US857477AK94	 	

 State Street Corporation, a corporation duly organized and existing under the laws of The Commonwealth of
Massachusetts (herein called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of          Dollars ($        ) on May 15, 2018, and to pay interest thereon from and including May 15, 2013, or from and including the most
recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on May 15 and November 15 of each year, commencing November 15, 2013, and on the Maturity, at the rate of 1.350% per
annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the April 30 and October 31, whether or not a Business Day, next preceding such Interest
Payment Date, provided, however, that interest paid on the Maturity shall be paid to the Person to whom the principal will be payable. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on
such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed
by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record 

 
Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such
notice as may be required by such exchange, all as more fully provided in said Indenture. 
 Payment of the principal of (and
premium, if any) and any such interest on this Security will be made at the office or agency of the Company maintained for that purpose in the City of Boston, Massachusetts, in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts; provided that for so long as this Security is a Global Security, payment of the principal of (and premium, if any) and any interest on this Security will be made by the Paying
Agent by wire transfer in immediately available funds in U.S. dollars at the office of the Paying Agent; provided that, in the case of payments made at maturity of such Global Security, the Global Security is presented to the Paying Agent in
time for the Paying Agent to make such payments in accordance with its normal procedures. 
 Interest on this Security shall be
paid on the basis of a 360-day year consisting of twelve 30-day months. If an Interest Payment Date or the Maturity for this Security falls on a day that is not a Business Day, the Company shall postpone the interest payment or the payment of
principal and interest at maturity to the next succeeding Business Day, but the payments made on such dates shall be treated as being made on the date that the payment was first due, and holders of Securities of this series shall not be entitled to
any further interest or other payments with respect to such postponements. A “Business Day” means any day other than a Saturday, Sunday or other day on which banking institutions in New York, New York and Boston, Massachusetts are
authorized or required by law or executive order to remain closed. 
 This Security is one of a duly authorized issue of
securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of March 11, 2009 (herein called the “Indenture”), between the Company and
U.S. Bank National Association, as trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the Trustee, and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series
designated on the face hereof, in the initial principal amount of $500,000,000. 
 The Indenture contains provisions for
defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 

If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this
series may be declared due and payable in the manner and with the effect provided in the Indenture. 

 The Indenture permits, with certain exceptions as therein provided, the amendment thereof
and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a
majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the
time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver
by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Security. 
 As provided in and subject to the provisions of the Indenture,
the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the
Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to
the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series
at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted
by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of
and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like
tenor, or authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

 The Securities of this series are issuable only in registered form without coupons in
denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of
Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in
connection therewith. 
 Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and
any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be
affected by notice to the contrary. 
 All terms used in this Security which are defined in the Indenture shall have the
meanings assigned to them in the Indenture. 
 Unless the certificate of authentication heron has been executed by the Trustee
by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 - end of page - 
 [Signatures appear on the following page]

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
 Dated: May             , 2013 

 

			
	STATE STREET CORPORATION
		
	By:	 	 
	 Name:
 Title:
	 	

  

			
	Attest:
		
	By:	 	 
	 Name:
 Title:
	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

U.S. BANK NATIONAL ASSOCIATION, as Trustee 
 Dated: May ____, 2013 
 By: 
 Authorized Signatory

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