Document:

Exhibit 4.1

 Exhibit 4.1 
  

  
 CAPITAL ONE MULTI-ASSET
EXECUTION TRUST 
  
 as Issuer 
  
 and 
  
 THE BANK OF NEW YORK 
  
 as Indenture Trustee 
  
 CLASS B(2003-3) TERMS DOCUMENT 
  
 dated as of September 3, 2003 
  
 to 
  
 CARD SERIES INDENTURE SUPPLEMENT 

 
 dated as of October 9, 2002 
  
 to 
  
 ASSET POOL 1 SUPPLEMENT 
  
 dated as of October 9, 2002 
  
 to 
  
 INDENTURE 
  
 dated as of October 9, 2002 
  

 TABLE OF CONTENTS 
  

	 	 	 	  	Page

	  
 ARTICLE I
  
 Definitions and Other Provisions of General Application

			
	Section 1.01.	 	 Definitions
	  	1
			
	Section 1.02.	 	 Governing Law
	  	7
			
	Section 1.03.	 	 Counterparts
	  	7
			
	Section 1.04.	 	 Ratification of Indenture, the Asset Pool 1 Supplement and Indenture Supplement
	  	7
	  
 ARTICLE II
  
 The Class B(2003-3) 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]
	  	8
			
	Section 2.05.	 	 Payments of Interest and Principal
	  	8
			
	Section 2.06.	 	 Form of Delivery of Class B(2003-3) Notes; Depository; Denominations
	  	9
			
	Section 2.07.	 	 Delivery and Payment for the Class B(2003-3) Notes
	  	9
			
	Section 2.08.	 	 Targeted Deposits to the Accumulation Reserve Account
	  	9
			
	Section 2.09.	 	 Tax Treatment
	  	9

 THIS CLASS B(2003-3) 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 September 3, 2003. 
  
 Pursuant to this Terms Document, the Issuer shall create a new tranche of Class B Notes and shall specify the principal
terms thereof. 
  
 ARTICLE I 
  
 Definitions and Other Provisions of General Application 
  
 Section 1.01. Definitions. For all purposes of this Terms Document,
except as otherwise expressly provided or unless the context otherwise requires: 
  

	 	(1)	 	the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular; 

  

	 	(2)	 	all other terms used herein which are defined in the Indenture Supplement, the Asset Pool 1 Supplement or the Indenture, either directly or by reference therein, have the meanings
assigned to them therein; 

  

	 	(3)	 	all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles and, except as otherwise herein
expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder means such accounting principles as are generally accepted in the United States of America at the date
of such computation; 

  

	 	(4)	 	all references in this Terms Document to designated “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions
of this Terms Document; 

  

	 	(5)	 	the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Terms Document as a whole and not to any particular
Article, Section or other subdivision; 

  

	 	(6)	 	in the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture Supplement, the Asset Pool 1
Supplement, the Indenture or the Transfer and Administration Agreement, the terms and provisions of this Terms Document shall be controlling; 

  

	 	(7)	 	each capitalized term defined herein shall relate only to the Class B(2003-3) 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 $12,500,000.00;
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
B(2003-3) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (ii) the Monthly Period following the first Distribution Date following and including the July 2006 Distribution Date for which the Quarterly Excess Spread Percentage is
less than 2%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 12 months prior to the first Distribution Date for which a budgeted deposit is targeted to be made into the Principal Funding
sub-Account for the Class B(2003-3) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (iii) the Monthly Period following the first Distribution Date following and including the January 2007 Distribution Date for which the
Quarterly Excess Spread Percentage is less than 3%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 6 months prior to the first Distribution Date for which a budgeted deposit is targeted to be
made into the Principal Funding sub-Account for the Class B(2003-3) 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 March 2007
Distribution Date for which the Quarterly Excess Spread Percentage is less than 4%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 4 months prior to the first Distribution Date for which a
budgeted deposit is targeted to be made into the Principal Funding sub-Account for the Class B(2003-3) Notes pursuant to Section 3.10(b) of the Indenture Supplement and (y) ending on the close of business on the last day of the Monthly Period
preceding the earlier to occur of (i) the Expected Principal Payment Date for the Class B(2003-3) Notes and (ii) the date on which the Class B(2003-3) Notes are paid in full. 
  
 “Aggregate Class B Unencumbered Amount” means an amount equal to the Adjusted Outstanding Dollar Principal
Amount of all Class B Notes in the Card Series minus the sum of the Required Subordinated Amount of Class B Notes for all Class A Notes in the Card Series. 
  
 “Asset Pool 1 Supplement” means the Asset Pool 1 Supplement dated as of October 9, 2002, by and between the
Issuer and the Indenture Trustee, as amended and supplemented from time to time. 
  
 “Base Rate” means, with respect to any Monthly Period, the sum of (a) the Card Series Servicing Fee Percentage and (b) the weighted average (based on the Outstanding Dollar Principal Amount of the
related Card Series Notes) of the following: 
  
 (i) in the case of a Tranche of Card Series Dollar Interest-bearing Notes with no Derivative Agreement for interest, the rate of interest applicable to such 
  

 2 

 Tranche for the period from and including the Monthly Interest Accrual Date for such Tranche of Card
Series Dollar Interest-bearing Notes in such Monthly Period to but excluding the Monthly Interest Accrual Date for such Tranche of Card Series Dollar Interest-bearing Notes in the following Monthly Period; 
  
 (ii) in the case of a Tranche of Card Series Discount Notes,
the rate of accretion (converted to an accrual rate) of such Tranche for the period from and including the Monthly Interest Accrual Date for such Tranche of Card Series Discount Notes in such Monthly Period to but excluding the Monthly Interest
Accrual Date for such Tranche of Card Series Discount Notes in the following Monthly Period; 
  
 (iii) in the case of a Tranche of Card Series Notes with a Performing Derivative Agreement for interest, the rate at which payments by the
Issuer to the applicable Derivative Counterparty accrue (prior to the netting of such payments, if applicable) for the period from and including the Monthly Interest Accrual Date for such Tranche of Card Series Notes in such Monthly Period to but
excluding the Monthly Interest Accrual Date for such Tranche of Card Series Notes in the following Monthly Period; provided, however, that in the case of a Tranche of Card Series Notes with a Performing Derivative Agreement for interest in which the
rating on such Tranche of Card Series Notes is not dependant upon the rating of the applicable Derivative Counterparty, the amount determined pursuant to this clause (iii) will be the higher of (1) the rate determined pursuant to this clause (iii)
above and (2) the rate of interest applicable to such Tranche for the period from and including the Monthly Interest Accrual Date for such Tranche of Card Series Notes in such Monthly Period to but excluding the Monthly Interest Accrual Date for
such Tranche of Card Series Notes in the following Monthly Period; and 
  
 (iv) in the case of a tranche of Card Series Notes with a non-Performing Derivative Agreement for interest, the rate specified for that date in the related Terms Document. 
  
 “Calculation Agent” is defined in Section 2.04(a).

  
 “Class B(2003-3) Adverse Event” means the
occurrence of any of the following: (a) an Early Redemption Event with respect to the Class B(2003-3) Notes or (b) an Event of Default and acceleration of the Class B(2003-3) Notes. 
  
 “Class B(2003-3) Note” means any Note, substantially in the form set forth in Exhibit A-2 to the
Indenture Supplement, designated therein as a Class B(2003-3) Note and duly executed and authenticated in accordance with the Indenture. 
  
 “Class B(2003-3) Noteholder” means a Person in whose name a Class B(2003-3) Note is registered in the Note Register. 
  
 “Class B(2003-3) Termination Date” means the earliest to
occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class B(2003-3) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to
Article VI thereof. 
  

 3 

 “Encumbered Required Subordinated Amount of Class C Notes” means, for the Class
B(2003-3) Notes, an amount equal to the product of (a) the aggregate Required Subordinated Amount of Class C Notes for all Class A Notes in the Card Series with a Required Subordinated Amount of Class B Notes greater than zero and (b) the percentage
equivalent of a fraction, the numerator of which is the Adjusted Outstanding Dollar Principal Amount of the Class B(2003-3) Notes and the denominator of which is the Adjusted Outstanding Dollar Principal Amount of all Class B Notes in the Card
Series. 
  
 “Encumbered Required Subordinated Amount of
Class D Notes” means, for the Class B(2003-3) Notes, an amount equal to the product of (a) the aggregate Required Subordinated Amount of Class D Notes for all Class A Notes in the Card Series with a Required Subordinated Amount of Class B
Notes greater than zero and (b) the percentage equivalent of a fraction, the numerator of which is the Adjusted Outstanding Dollar Principal Amount of the Class B(2003-3) Notes and the denominator of which is the Adjusted Outstanding Dollar
Principal Amount of all Class B Notes in the Card Series. 
  
 “Excess Spread Percentage” shall mean, with respect to any Distribution Date, the amount, if any, by which the Portfolio Yield for the preceding Monthly Period exceeds the Base Rate for such Monthly Period. 
  
 “Expected Principal Payment Date” means August 15, 2008.

  
 “Initial Dollar Principal Amount” means
$150,000,000. 
  
 “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 October 2003, or if such fifteenth day is not a Business Day, the next succeeding Business Day. 
  
 “Interest Period” means, with respect to any Interest
Payment Date, the period from and including the previous Interest Payment Date (or in the case of the initial Interest Payment Date, from and including the Issuance Date) through the day preceding such Interest Payment Date. 
  
 “Issuance Date” means September 3, 2003. 
  
 “Legal Maturity Date” means June 15, 2011. 
  
 “Note Interest Rate” means a rate per annum equal to 4.50%.

  
 “Paying Agent” means The Bank of New York.

  

 4 

 “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 July 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 B(2003-3) Notes as of the close of business on the last day of the preceding Monthly Period or (ii) any other amount designated by the Issuer;
provided, however, that if such designation is of a lesser amount, the Note Rating Agencies shall have provided prior written confirmation that a Ratings Effect will not occur with respect to such change. 
  
 “Required Subordinated Amount of Class C Notes” means, for
the Class B(2003-3) Notes, an amount equal to the sum of (a) the Unencumbered Required Subordinated Amount of Class C Notes for such Class B(2003-3) Notes and (b) the Encumbered Required Subordinated Amount of Class C Notes for such Class B(2003-3)
Notes; provided, however, that for any date of determination, unless (i) the Prefunding Target Amount for any Tranche of Card Series Notes on 
  

 5 

 such date of determination is greater than zero or (ii) any prefunded amounts are on deposit in a Principal Funding
sub-Account on such date of determination for any Tranche of Card Series Notes, the Required Subordinated Amount of Class C Notes for the Class B(2003-3) Notes will not be less than an amount equal to (i) 3.0% of the Initial Dollar Principal Amount
of the Class B(2003-3) Notes, minus (ii) the Required Subordinated Amount of Class D Notes for the Class B(2003-3) Notes; provided further, however, that for any date of determination on or after the occurrence and during
the continuation of a Class B(2003-3) Adverse Event, the Required Subordinated Amount of Class C Notes for the Class B(2003-3) Notes will be the greater of (x) the amount determined above for such date of determination, (y) the amount determined
above for the date immediately prior to the date on which such Class B(2003-3) Adverse Event shall have occurred and (z) unless (i) the Prefunding Target Amount for any Tranche of Card Series Notes on such date of determination is greater than zero
or (ii) any prefunded amounts are on deposit in a Principal Funding sub-Account on such date of determination for any Tranche of Card Series Notes, the amount determined pursuant to the preceding proviso. 
  
 “Required Subordinated Amount of Class D Notes” means, for
the Class B(2003-3) Notes, an amount equal to the sum of (a) the Unencumbered Required Subordinated Amount of Class D Notes for such Class B(2003-3) Notes and (b) the Encumbered Required Subordinated Amount of Class D Notes for such Class B(2003-3)
Notes; provided, however, that for any date of determination, unless (i) the Prefunding Target Amount for any Tranche of Card Series Notes on such date of determination is greater than zero or (ii) any prefunded amounts are on deposit
in a Principal Funding sub-Account on such date of determination for any Tranche of Card Series Notes, the Required Subordinated Amount of Class D Notes for the Class B(2003-3) Notes will not be less than an amount equal to 1.6439% of the Initial
Dollar Principal Amount of the Class B(2003-1) Notes, provided further, however, that for any date of determination on or after the occurrence and during the continuation of a Class B(2003-3) Adverse Event, the Required
Subordinated Amount of Class D Notes for the Class B(2003-3) Notes will be the greatest of (x) the amount determined above for such date of determination, (y) the amount determined above for the date immediately prior to the date on which such Class
B(2003-3) 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 C Notes” means, for the Class B(2003-3) Notes, 7.9453%, subject to adjustment in accordance
with Section 2.02. 
  
 “Required Subordinated
Percentage of Class D Notes” means, for the Class B(2003-3) Notes, 1.6439%, subject to adjustment in accordance with Section 2.02. 
  
 “Stated Principal Amount” means $150,000,000. 
  
 “Unencumbered Amount” means, for the Class B(2003-3) Notes, an amount equal to the product of (a) the percentage equivalent of a
fraction, the numerator of which is the Aggregate Class B Unencumbered Amount and the denominator of which is the Adjusted Outstanding Dollar Principal Amount of all Class B Notes in the Card Series and (b) the Adjusted Outstanding Dollar Principal
Amount of the Class B(2003-3) Notes. 
  

 6 

 “Unencumbered Required Subordinated Amount of Class C Notes” means, for the Class
B(2003-3) Notes, an amount equal to the product of (a) the Unencumbered Amount for the Class B(2003-3) Notes and (b) the Required Subordinated Percentage of Class C Notes for the Class B(2003-3) Notes. 
  
 “Unencumbered Required Subordinated Amount of Class D Notes”
means, for the Class B(2003-3) Notes, an amount equal to the product of (a) the Unencumbered Amount for the Class B(2003-3) Notes and (b) the Required Subordinated Percentage of Class D Notes for the Class B(2003-3) Notes. 
  
 Section 1.02. Governing Law. THIS TERMS DOCUMENT WILL BE CONSTRUED IN
ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 Section 1.03.
Counterparts. This Terms Document may be executed in any number of counterparts, each of which so executed will be deemed to be an original, but all such counterparts will together constitute but one and the same instrument. 
  
 Section 1.04. Ratification of Indenture, the Asset Pool 1 Supplement and
Indenture Supplement. As supplemented by this Terms Document, each of the Indenture, the Asset Pool 1 Supplement and the Indenture Supplement is in all respects ratified and confirmed and the Indenture as so supplemented by the Asset Pool 1
Supplement as so supplemented by the Indenture Supplement as so supplemented and this Terms Document shall be read, taken and construed as one and the same instrument. 
  
 [END OF ARTICLE I] 
  

 7 

 ARTICLE II 
  
 The Class B(2003-3) Notes 
  
 Section 2.01. Creation and Designation. There is hereby created a tranche of Card Series Class B Notes to be issued pursuant to the Indenture, the
Asset Pool 1 Supplement and the Indenture Supplement to be known as the “Card Series Class B(2003-3) Notes.” 
  
 Section 2.02. Adjustments to Required Subordinated Percentages. 
  
 (a) On any date, the Issuer may increase the Required Subordinated Percentage of Class C Notes or the Required Subordinated
Percentage of Class D Notes, in each case, for the Class B(2003-3) Notes without the consent of any Noteholders or the Note Rating Agencies. 
  
 (b) On any date, the Issuer may reduce the Required Subordinated Percentage of Class C Notes or the Required Subordinated Percentage of Class D Notes, in
each case for the Class B(2003-3) Notes, provided that the Issuer has (i) received written confirmation from each Note Rating Agency that has rated any Outstanding Notes of the Card Series that the change in such percentage will not result in a
Ratings Effect with respect to any Outstanding Class B(2003-3) Notes and (ii) delivered to the Indenture Trustee and the Note Rating Agencies a Master Trust Tax Opinion for each Master Trust and an Issuer Tax Opinion. 
  
 Section 2.03. Interest Payment. 
  
 (a) For each Interest Payment Date, the amount of interest due with respect
to the Class B(2003-3) 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 B(2003-3) 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 $787,500.00. Any interest on the Class B(2003-3) Notes will be calculated on the basis of a 360-day year and twelve
30-day months. 
  
 (b) Pursuant to Section 3.03 of the
Indenture Supplement, on each Distribution Date, the Indenture Trustee shall deposit into the Class B(2003-3) Interest Funding sub-Account the portion of Card Series Finance Charge Amounts allocable to the Class B(2003-3) 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
B(2003-3) Note which is punctually paid or duly provided for by the Issuer and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to the Person in whose name such Class B(2003-3)
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 
  

 8 

 Notes registered on the Record Date in the name of the nominee of Cede & Co., payment shall be made by wire transfer
in immediately available funds to the account designated by such nominee. 
  
 (b) The right of the Class B(2003-3) Noteholders to receive payments from the Issuer will terminate on the first Business Day following the Class B(2003-3) Termination Date. 
  
 Section 2.06. Form of Delivery of Class B(2003-3) Notes; Depository;
Denominations. 
  
 (a) The Class B(2003-3) 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 B(2003-3) Notes shall be The Depository Trust Company, and the Class B(2003-3) Notes shall initially be registered in the
name of Cede & Co., its nominee. 
  
 (c) The Class B(2003-3)
Notes will be issued in minimum denominations of $1,000 and integral multiples of that amount. 
  
 Section 2.07. Delivery and Payment for the Class B(2003-3) Notes. The Issuer shall execute and deliver the Class B(2003-3) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall
deliver the Class B(2003-3) 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. Tax Treatment. Notwithstanding any other express or implied agreement to the contrary, each of the Issuer and the Class B(2003-3)
Noteholders are hereby deemed to agree that they and any recipient of the Prospectus Supplement dated August 19, 2003 and the Prospectus dated July 28, 2003, each relating to the Class B(2003-3) Notes (or their employees, representatives, or other
agents), may disclose to any and all persons, without limitation of any kind, the Tax Treatment and Tax Structure of any transaction relating to the Issuer or the Class B(2003-3) Notes and all materials of any kind (including opinions or other tax
analyses) that are provided to any of them relating to such Tax Treatment and Tax Structure. For purposes of this Section 2.09, “Tax Treatment” refers to the purported or claimed treatment of the Issuer and the Class
B(2003-3) Notes under the Internal Revenue Code, and “Tax Structure” refers to any fact that may be relevant to understanding such Tax Treatment. It is hereby confirmed that each of the foregoing have been deemed to so agree since
the commencement of discussions regarding the Class B(2003-3) Notes. 
  
 [END OF ARTICLE II] 
  

 9 

 IN WITNESS WHEREOF, the parties hereto have caused this Terms Document to be duly executed, all as of the
day and year first above written. 
  

	 CAPITAL ONE MULTI-ASSET EXECUTION
TRUST, by DEUTSCHE BANK TRUST COMPANY DELAWARE, not in its individual capacity, but solely as Owner Trustee on behalf of the Trust

		
	 By:
	 	 /s/    MICHELE
VOON        

	 Name:
	 	Michele Voon
	 Title:
	 	Attorney-in-fact

  

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

		
	 By:
	 	 /s/    ALLISON R.
CLAN        

	 Name:
	 	Allison R. Clan
	 Title:
	 	Assistant Treasurer

  
 [Signature Page
to the Class B(2003-3) Terms Document]<PAGE>

                                                                    Exhibit 10.2

                            BUFFALO WILD WINGS, INC.
                      MANAGEMENT DEFERRED COMPENSATION PLAN

                                   ARTICLE 1.
                                     PURPOSE

     1.1 Deferred Compensation. The purpose of the Buffalo Wild Wings, Inc.
Management Deferred Compensation Plan (the "Plan") is to provide deferred
compensation to certain management employees of Buffalo Wild Wings, Inc.
("BWW"). The Plan is an unfunded deferred compensation arrangement for a select
group of management or highly compensated employees within the meaning of
Sections 201(2), 301(a)(3), and 401(a)(1) of the Employee Retirement Income
Security Act of 1974 ("ERISA") and 29 C.F.R.ss. 2520.104-23(b)(2). The Plan is
effective May 20, 1999.

                                   ARTICLE 2.
                                 ADMINISTRATION

     2.1 Administration and Delegation of Authority. The Board of Directors of
BWW (the "Board") shall administer the Plan. The Board, in its sole discretion,
may delegate all or some of its powers and duties to the Compensation Committee
of the Board, except for the powers described in Section 6.11 hereof.
(Hereafter, a reference to the Board shall include the Compensation Committee to
the extent of such delegation.) No member of the Board or Compensation Committee
shall participate in any decision concerning the payments to be made to such
member or concerning other matters relating to such member's benefits hereunder.

     2.2 Powers. The Board shall have exclusive authority to determine which
management employees have met the participation requirements of Article 3 and
are eligible to share in the deferred compensation benefits provided by the
Plan, to prescribe the form of any applications or guidelines required by the
provisions of the Plan, to interpret the Plan, to adopt and revise procedures,
rules and regulations relating to the Plan, and to make any other determinations
it believes necessary or advisable for the administration of the Plan. Decisions
and determinations by the Board shall be final and binding on all parties
including, but not limited to, BWW and the shareholders, employees and officers
of BWW, whether or not participating in the Plan.

                                   ARTICLE 3.
                                  PARTICIPATION

     3.1 Participation of Certain Management Employees and Plan Entry. Each
employee who is an executive officer or nonofficer vice president of BWW on May
20, 1999,

                                       -1-

<PAGE>

shall participate in the Plan as of such date. Each employee who thereafter
becomes an executive officer or nonofficer vice president shall participate in
the Plan on the effective date of his or her appointment to such position and
shall be eligible to accrue benefits under the Plan until he or she is no longer
in such position.

                                   ARTICLE 4.
                         DEFERRED COMPENSATION BENEFITS

     4.1 Amount and Vesting.

          4.1.1 Establishment of Deferred Compensation Accounts. A deferred
     compensation account ("account") shall be established on the books of BWW
     for each participant upon such participant's entry into the Plan.

          4.1.2 Value of Deferred Compensation Accounts.

               4.1.2.1 Credits. As of the last day of each month, BWW shall
          credit to the account of each participant who is an executive officer
          or nonofficer vice president of BWW on such date an amount equal to
          the percentage, set forth in his or her Acknowledgment of
          Participation, which instrument shall be an integral part of the Plan,
          of such participant's base salary paid during such month. As of the
          last day of each month, BWW shall also credit to the account of each
          participant an amount equal to the product of (i) the balance of such
          account as of the last day of the preceding month and (ii) one-twelfth
          of the prime rate for the week which includes the last day of the
          preceding month, as published in the Money Rates section of The Wall
          Street Journal.

               4.1.2.2 Debits. As of the last day of each month, BWW shall debit
          from a participant's account the amount of distributions made to the
          participant or, in the event of the participant's death, to the
          participant's beneficiary, since the date of the preceding adjustment.
          As of the last day of each month, BWW shall also debit from a
          participant's account an amount, not exceeding the amount credited
          under the first sentence of Section 4.1.2.1 to the extent vested under
          the five-year vesting schedule in Section 4.1.3, which the participant
          has chosen, in an irrevocable, written election filed with BWW prior
          to January 1 of such plan year, to have used to pay the premiums
          during the plan year on a cash-value life insurance policy or policies
          purchased under the Retirement Life Insurance Plan maintained by BWW
          for certain employees and the federal and state tax withholding
          liability with respect to such payment (as determined by BWW). No such
          election may be filed for the 1999 plan year.

          4.1.3 Vesting. The value of a participant's account shall be fully
     vested and nonforfeitable on the earliest of the occurrence, while the
     participant is an employee of BWW, of any of the following events: (i) the
     participant's termination of employment due to death, permanent disability,
     or termination of employment at or after age 65, (ii) the termination of

                                      -2-

<PAGE>

     the Plan by BWW, (iii) a change of control, and (iv) the insolvency of or
     declaration of bankruptcy by BWW. If a participant terminates employment
     with BWW prior to any of the foregoing events, the value of the
     participant's account, determined as of the date of such termination, shall
     be vested and nonforfeitable in accordance with the following schedule:

              Years of Service                   Vested Percentage
              ----------------                   -----------------
              Fewer than one                            0%
              One but fewer than two                   20%
              Two but fewer than three                 40%
              Three but fewer than four                60%
              Four but fewer than five                 80%
              At least five                           100%

     Notwithstanding the foregoing provisions of this Section 4.1.3, if a
     participant is discharged from employment with BWW for cause, as defined in
     his or her written employment agreement with BWW (or, in the absence of a
     written employment agreement, as defined in Section 5.3), or violates the
     provisions of any written employment agreement with BWW prohibiting
     competition with BWW and its subsidiaries or disclosure of confidential
     information (or, in the absence of a written employment agreement, engages
     in competition or uses or discloses confidential information as defined in
     Sections 5.6 and 5.7, respectively), the value of the participant's account
     shall be vested and nonforfeitable in accordance with the following
     schedule:

              Years of Service                   Vested Percentage
              ----------------                   -----------------
              Fewer than one                            0%
              One but fewer than two                   10%
              Two but fewer than three                 20%
              Three but fewer than four                30%
              Four but fewer than five                 40%
              Five but fewer than six                  50%
              Six but fewer than seven                 60%
              Seven but fewer than eight               70%
              Eight but fewer than nine                80%
              Nine but fewer than ten                  90%
              At least ten                            100%

     The forfeiture of any portion of a participant's account shall not affect
     the value of any other participant's account. The Board shall have sole and
     complete discretion with respect to the application of the provisions of
     this Section 4.1.3 and such exercise of discretion shall be conclusive and
     binding upon participants and all other persons.

                                      -3-

<PAGE>

     4.2 Payment.

          4.2.1 General. The value of a participant's vested interest in his or
     her account shall be paid to the participant or, in the event of the
     participant's death prior to the payment of all vested amounts credited to
     the participant's account, to the participant's beneficiary, in five equal
     or nearly equal annual installments commencing on the first day of the
     month following the first anniversary of the participant's termination of
     employment.

          4.2.2 Acceleration or Change in Manner of Payment. Notwithstanding
     Section 4.2.1, the Board, in its sole discretion and after consultation
     with the payee, may accelerate payments or make payments in a different
     manner if it determines that such acceleration or change in the manner of
     payment would be in the best interest of the payee; provided, however, that
     such payment on the first payment date shall not exceed 50% of the vested
     value of the participant's account.

          4.2.3 Hardship. At any time, a participant may request, under
     procedures adopted by the Board from time to time, a lump-sum cash payment
     of the vested value of his or her account, not exceeding $20,000 in any one
     instance or $100,000 in the aggregate, in the event of an unforeseeable
     emergency under circumstances where such payment would be permissible if
     the Plan were subject to Code Section 457(b) and the regulations
     thereunder. The Board shall have complete discretion to determine whether a
     participant has satisfied the conditions for receiving such a payment.

          4.2.4 Limitation on Amount of Payments. Notwithstanding any of the
     provisions of the Plan to the contrary, no amount shall be paid hereunder
     which would cause any payment under the Plan to be nondeductible for
     federal income tax purposes or result in the imposition of an excise tax as
     a consequence of the golden-parachute provisions of Code Section 280G or
     4999, or similar statutory provisions. The Board shall act in good faith
     and take reasonable actions to cause the payment of benefits to satisfy
     conditions that would avoid the application of the foregoing statutory
     provisions without diminishing the benefits paid under the Plan.

                                   ARTICLE 5.
                                   DEFINITIONS

     5.1 Base Salary. "Base salary" means the regular periodic remuneration paid
to a participant for services rendered to BWW during the plan year. With respect
to an employee who becomes a participant during 1999, remuneration paid on and
after May 1, 1999, shall be included. With respect to an employee who becomes a
participant during or after 2000, in the first plan year in which the employee
participates in the Plan, remuneration paid prior to the employee's entry into
the Plan shall be excluded.

     5.2 Beneficiary. "Beneficiary" means the person or entity that a
participant designates to receive payments in the event of the participant's
death. A participant shall

                                      -4-

<PAGE>

have the right to revoke or change his or her beneficiary designation at any
time without the consent of the beneficiary. To be effective, such designation,
alteration or revocation shall be in writing, in a form approved by BWW, and
shall be filed with and accepted by the Board. The most recently dated
beneficiary designation form which is validly filed with the Board by a
participant shall revoke all previously dated beneficiary designation forms
filed by such participant. If a participant fails to designate a beneficiary or
if no beneficiary designated by the participant survives the participant, any
amounts remaining shall be paid to the participant's estate.

     5.3 Cause. "Cause" means termination of a participant's employment with BWW
by the Board because of (1) gross misconduct, dishonesty or disloyalty; or (2)
conviction of or entry of a plea of guilty or nolo contendere to any felony or
to any misdemeanor involving fraud, misrepresentation or theft.

     5.4 Change of Control. "Change of control" means (i) the sale, lease,
exchange or other transfer, directly or indirectly, of all or substantially all
of the assets of BWW, in one transaction or in a series of related transactions,
to any person or entity; (ii) the approval by the shareholders of BWW of any
plan or proposal for the liquidation or dissolution of BWW; or (iii) a merger or
consolidation to which BWW is a party if the shareholders of BWW, immediately
after the effective date of such merger or consolidation, have less than 50% of
the combined voting power of the surviving corporation's then outstanding
securities ordinarily having the right to vote at elections of directors.

     5.5 Code. "Code" means the Internal Revenue Code of 1986, as amended.

     5.6 Competition. "Competition" means that during a participant's employment
with BWW and continuing until the one-year anniversary of termination or
cessation of the participant's employment with BWW, the participant, alone or in
any capacity with another legal entity:

          5.6.1 Directly or indirectly, owns any interest in, controls, is
     employed by or associated with, or renders services to, any person, entity,
     or subsidiary, subdivision, division or joint venture of such entity in
     connection with the operation, management or franchising of a competitive
     business in any geographic area in which BWW or any of its subsidiaries
     actively operates a BWW business or intends to actively operate a BWW
     business;

          5.6.2 Directly or indirectly, solicits any of BWW's or its
     subsidiaries' present or future employees for the purpose of hiring them or
     inducing them to leave their employment with BWW or its subsidiaries; or

          5.6.3 Directly or indirectly, solicits, attempts to solicit,
     interferes, or attempts to interfere with BWW's or any of its subsidiaries'
     relationship with its customers or potential customers, on behalf of the
     participant or any other person or entity engaged in the operation,
     management or franchising of a competitive business.

                                      -5-

<PAGE>

     For these purposes, "BWW business" means the operation, management and
franchising of sports-themed grill and bar restaurants, including but not
limited to food production and development, sports-themed grill and bar
restaurant and franchise marketing, management operations, and any confidential
information BWW or its subsidiaries either uses or intends to use in the
operation, management or franchising of such restaurants; and "competitive
business" means any business which operates, manages or franchises other
sports-themed grill and bar restaurant businesses substantially similar to the
type of sports-themed grill and bar restaurants operated by BWW or its
subsidiaries.

     5.7 Confidential Information. "Confidential information" means any
information or compilation of information that a participant learns or develops
during the course of employment with BWW or its subsidiaries that derives
independent economic value from not being generally known, or readily
ascertainable by proper means, by other persons who can obtain economic value
from its disclosure or use. It includes but is not limited to trade secrets,
inventions and discoveries, and may relate to such matters as manufacturing
processes, management systems and techniques, and sales and marketing plans and
information.

     5.8 Participant. "Participant" means an employee who has satisfied the
conditions for participating in the Plan pursuant to Section 3.1.

     5.9 Permanent Disability. "Permanent disability" means a participant is
unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in
death or which has lasted or can be expected to last for a continuous period of
not less than 12 months.

     5.10 Plan Year. The "plan year" is January 1 through December 31 of each
year.

     5.11 Years of Service. "Years of service" means the number of anniversaries
of a participant's date of employment with BWW on which the participant has been
an employee of BWW, predecessor of BWW, or subsidiary of BWW that have occurred
as of the date as of which the participant's vested percentage is being
determined.

                                   ARTICLE 6.
                            MISCELLANEOUS PROVISIONS

     6.1 Nontransferability. No participant or any beneficiary shall have any
right to assign, encumber or otherwise anticipate the right to receive payment
hereunder, and the benefits under the Plan shall not be subject to garnishment,
attachment or any other legal process by the creditors of any participant or
beneficiary hereunder.

                                      -6-

<PAGE>

     6.2 Liability of BWW. BWW shall have no liability in connection with the
Plan except to pay any nonforfeitable benefits in accordance with the terms of
the Plan. BWW has made no representations to any participant with respect to the
tax implications of any transactions contemplated by the Plan. Each participant
shall obtain his or her own counsel to advise the participant with respect to
the tax effect of the Plan.

     6.3 Binding Effect. The Plan shall be binding upon the participants and BWW
and their heirs, executors and assigns. BWW shall not be a party to any merger,
consolidation or reorganization unless and until its obligations under the Plan
shall be expressly assumed by its successor or successors.

     6.4 Payment in Case of Incompetency. If, in the judgment of the Board based
upon facts and information readily available to it, any person entitled to
receive a payment hereunder is incapable for any reason of personally receiving
and giving a valid receipt for the payment of a benefit, the Board may cause
such payment or any part thereof to be made to the duly appointed guardian or
legal representative of such person, or to any person or institution
contributing to or providing for the care and maintenance of such person,
provided that no prior claim for said payment has been made by a duly appointed
guardian or legal representative of such person. The Board shall not be required
to see to the proper application of any such payment made in accordance with the
provisions hereof, and any such payment shall constitute payment for the account
of such person and a full discharge of any liability or obligation of BWW.

     6.5 Withholding. BWW shall have the right to deduct from all amounts
payable by BWW to a participant any state or federal taxes required by law to be
withheld with respect to amounts credited to or payable from the participant's
account.

     6.6 No Additional Rights. No employee or other person shall have any claim
or right to receive benefits under or otherwise participate in the Plan, except
as provided in the Plan. Neither the Plan nor any action taken hereunder shall
be construed as giving any employee any right to be retained in the employ of
BWW, interfere with the right of BWW to discharge any employee at any time, give
BWW the right to require an employee to remain in its employ, or interfere with
an employee's right to terminate employment at any time. Neither the Plan nor
any action taken under the Plan shall be construed as changing an employee's
employment relationship with BWW.

     6.7 Plan Shall be Unfunded. The Plan shall at all times be entirely
unfunded, no action shall be taken at any time which would have the effect of
segregating assets of BWW for payment of any benefit hereunder, and no
participant or other person shall have any interest in any particular assets of
BWW by reason of the right to receive a benefit hereunder. Any participant or
other person shall have only the rights of a general unsecured creditor of BWW
with respect to any rights hereunder.

                                      -7-

<PAGE>

     6.8 Compliance with Applicable Laws. The parties intend that the Plan
comply with the applicable provisions of the Code and the regulations
thereunder, with the applicable provisions of ERISA, as amended, and the
regulations thereunder, and with any provisions of the Securities Exchange Act
of 1934, as amended, that may be applicable. If, at a later date, these
provisions are construed in such a way as to make the Plan null and void, the
Plan shall be given effect in a manner that shall best carry out the parties'
purposes and intentions.

     6.9 Notices. Any notice, election or form to be delivered pursuant to the
Plan shall be given in writing and delivered, personally or by first-class mail,
postage prepaid, to BWW, participants, or any other person, as the case may be,
at their last known address.

     6.10 Headings. Headings and titles at the beginning of articles and
sections are for convenience of reference, shall not be considered a part of the
Plan, and shall not influence its construction.

     6.11 Amendment and Termination. The Board, and only the Board, may alter,
amend or terminate the Plan at any time; provided, however, that no amendment to
or termination of the Plan may alter, impair or reduce the value of any
participant's vested account prior to the effective date of such amendment or
termination without the written consent of any affected participant.

     6.12 Governing Law. The provisions of the Plan shall be construed and
enforced according to the laws of the State of Minnesota to the extent that such
laws are not preempted by any applicable federal law.

     Buffalo Wild Wings, Inc. has caused this Plan to be executed by its duly
authorized officer as of this 19th day of November, 1999. BUFFALO WILD WINGS,
INC.

                                       By /s/ Sally J. Smith
                                          --------------------------------------
                                          Its President
                                              ----------------------------------

                                      -8-

<PAGE>

                               AMENDMENT NO. 1 TO
                            BUFFALO WILD WINGS, INC.
                      MANAGEMENT DEFERRED COMPENSATION PLAN

     The Buffalo Wild Wings, Inc. Management Deferred Compensation Plan (the
"Plan") was adopted effective May 20, 1999. The Board of Directors desires to
amend the Plan, pursuant to Section 6.11 thereof, to expand the group of
officers entitled to benefits under the Plan and to provide enhanced benefits
for certain participants.

     The Plan is hereby amended, effective January 1, 2002, as follows:

     1. Section 3.1 is amended in part by revising the second sentence thereof
to read as follows:

     "Each employee who thereafter becomes an executive officer or nonofficer
     vice president and each employee who becomes a nonofficer senior vice
     president on or after January 1, 2002, shall participate in the Plan on the
     effective date of his or her appointment or, in the case of a nonofficer
     senior vice president, effective on the later of his or her appointment to
     such position and January 1, 2002, and shall be eligible to accrue benefits
     under the Plan until he or she is no longer in such position."

     2. Section 4.1.2.1 is amended in part by replacing the phrase "executive
officer or nonofficer vice president" with the phrase "executive officer,
nonofficer vice president or, effective January 1, 2002, nonofficer senior vice
president."

     Except as amended herein, all provisions of the Plan shall remain in full
force and effect.

     Buffalo Wild Wings, Inc. has caused this Amendment to be executed by its
duly authorized officer as of this May day of 23, 2002.

                                       BUFFALO WILD WINGS, INC.

                                       By
                                          --------------------------------------
                                          Its
                                              ----------------------------------

                                      -9-

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