Document:

EX-4.2.1

 Exhibit 4.2.1 
  

 
  

CAPITAL ONE MULTI-ASSET EXECUTION TRUST 

as Issuer 
 and 

THE BANK OF NEW YORK MELLON 

as Indenture Trustee 
 CLASS A(2015-5) TERMS DOCUMENT 
 dated as of July 23, 2015 

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
	  	 	7	  
	 Section 1.04.
	 	 Ratification of Indenture, Asset Pool 1 Supplement and Indenture Supplement
	  	 	7	  
			
	 ARTICLE II
	 	 The Class A(2015-5) Notes
	  	 	8	  
			
	 Section 2.01.
	 	 Creation and Designation
	  	 	8	  
	 Section 2.02.
	 	 Adjustments to Required Subordinated Percentages
	  	 	8	  
	 Section 2.03.
	 	 Interest Payment
	  	 	8	  
	 Section 2.04.
	 	 [Reserved]
	  	 	9	  
	 Section 2.05.
	 	 Payments of Interest and Principal
	  	 	9	  
	 Section 2.06.
	 	 Form of Delivery of Class A(2015-5) Notes; Depository; Denominations
	  	 	9	  
	 Section 2.07.
	 	 Delivery and Payment for the Class A(2015-5) Notes
	  	 	10	  
	 Section 2.08.
	 	 Targeted Deposits to the Accumulation Reserve Account
	  	 	10	  

  
 i 

 THIS CLASS A(2015-5) TERMS DOCUMENT (this “Terms
Document”), by and between CAPITAL ONE MULTI-ASSET EXECUTION TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), having its principal office at
E. A. Delle Donne Corporate Center, Montgomery Building, 1011 Centre Road, Wilmington, DE 19805 and THE BANK OF NEW YORK MELLON, a New York banking corporation, as Indenture Trustee (the “Indenture Trustee”), is made and
entered into as of July 23, 2015. 
 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; 

  
 1 

	 	(7)	each capitalized term defined herein shall relate only to the Class A(2015-5) 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 $58,333,333.34; 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(2015-5) Notes
pursuant to Section 3.10(b) of the Indenture Supplement, (ii) the Monthly Period following the first Distribution Date following and including the June 2016 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(2015-5) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (iii) the Monthly Period following the first Distribution Date following and including the
December 2016 Distribution Date for which the Quarterly Excess Spread Percentage is less than 3%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 6 months prior to the first Distribution
Date for which a budgeted deposit is targeted to be made into the Principal Funding sub-Account for the Class A(2015-5) Notes pursuant to Section 3.10(b) of
the Indenture Supplement, and (iv) the Monthly Period following the first Distribution Date following and including the February 2017 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(2015-5) Notes pursuant to Section 3.10(b) of the Indenture Supplement and (y) ending on the close of business on the last
day of the Monthly Period preceding the earlier to occur of (i) the Expected Principal Payment Date for the Class A(2015-5) Notes and (ii) the date on which the Class
A(2015-5) 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. 
 “Class
A(2015-5) Adverse Event” means the occurrence of any of the following: (a) an Early Redemption Event with respect to the Class A(2015-5) Notes or
(b) an Event of Default and acceleration of the Class A(2015-5) Notes. 
 “Class A(2015-5) Note” means any Note, substantially in the form set forth in Exhibit A-2 to the Indenture Supplement, designated therein as a Class A(2015-5) Note and duly executed and authenticated in accordance with the Indenture. 

  
 3 

 “Class A(2015-5) Noteholder” means a
Person in whose name a Class A(2015-5) Note is registered in the Note Register. 
 “Class A(2015-5) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2015-5)
Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to Article VI thereof. 

“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 July 16, 2018. 
 “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 September 2015, 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 July 23, 2015. 

“Legal Maturity Date” means May 17, 2021. 

“Maximum Subordination Amount of Class B Notes” means, for the Class A(2015-5) Notes
for any date of determination, an amount equal to the product of (a) Adjusted Outstanding Dollar Principal Amount of the Class A(2015-5) 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 79.00. 
 “Note Interest Rate” means
a rate per annum equal to 1.60%. 

  
 4 

 “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 June 2016 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 day of the preceding Monthly Period. 

“Required Accumulation Reserve sub-Account Amount” means, with respect to any Monthly
Period during the Accumulation Reserve Funding Period, an amount equal to (i) 0.5% of the Outstanding Dollar Principal Amount of the Class A(2015-5) 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. 

  
 5 

 “Required Subordinated Amount of Class B Notes” means, for the Class A(2015-5) Notes for any date of determination, an amount equal to the product of (a) the Required Subordinated Percentage of Class B Notes for such Class A(2015-5) Notes
on such date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2015-5) Notes on such date of determination; provided, however, that such an
amount shall not exceed the Maximum Subordination Amount of Class B Notes for the Class A(2015-5) Notes; provided further, however, that for any date of determination on or after the
occurrence and during the continuation of a Class A(2015-5) Adverse Event, the Required Subordinated Amount of Class B Notes for the Class A(2015-5) Notes will be the
greater of (x) the amount determined above for such date of determination and (y) the amount determined above for the date immediately prior to the date on which such Class A(2015-5) Adverse Event
shall have occurred. 
 “Required Subordinated Amount of Class C Notes” means, for the
Class A(2015-5) Notes for any date of determination, an amount equal to the product of (a) the Required Subordinated Percentage of Class C Notes for such Class
A(2015-5) Notes on such date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2015-5) Notes on such date of
determination; provided, however, that for any date of determination, unless (i) the Prefunding Target Amount for any Tranche of Card Series Notes on such date of determination is greater than zero or (ii) any prefunded
amounts are on deposit in a Principal Funding sub-Account on such date of determination for any Tranche of Card Series Notes, the Required Subordinated Amount of Class C Notes for the Class A(2015-5) Notes will not be less than an amount equal to (i) 3.0% of the Initial Dollar Principal Amount of the Class A(2015-5) Notes, minus (ii) the
Required Subordinated Amount of Class D Notes for the Class A(2015-5) Notes; provided further, however, that for any date of determination on or after the occurrence and during the
continuation of a Class A(2015-5) Adverse Event, the Required Subordinated Amount of Class C Notes for the Class A(2015-5) Notes will be the greater of (x) the
amount determined above for such date of determination, (y) the amount determined above for the date immediately prior to the date on which such Class A(2015-5) Adverse Event shall have occurred and
(z) unless (i) the Prefunding Target Amount for any Tranche of Card Series Notes on such date of determination is greater than zero or (ii) any prefunded amounts are on deposit in a Principal Funding
sub-Account on such date of determination for any Tranche of Card Series Notes, the amount determined pursuant to the preceding proviso. 

“Required Subordinated Amount of Class D Notes” means, for the Class A(2015-5)
Notes for any date of determination, an amount equal to the product of (a) the Required Subordinated Percentage of Class D Notes for such Class A(2015-5) Notes on such date of determination and
(b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2015-5) Notes on such date of determination; provided, however, that for any date of determination, unless
(i) the Prefunding Target Amount for any Tranche of Card Series Notes on such date of determination is greater than zero or (ii) any prefunded amounts are on deposit in a Principal Funding
sub-Account on such date of determination for any Tranche of Card Series Notes, the Required Subordinated Amount of Class D Notes for the Class A(2015-5) Notes will not
be less than an amount equal to 1.2049% of the Initial Dollar Principal Amount of the Class A(2015-5) Notes, provided further, however, that for any date of determination on or after
the occurrence and during the continuation of a Class A(2015-5) Adverse Event, the Required 

  
 6 

 
Subordinated Amount of Class D Notes for the Class A(2015-5) Notes will be the greatest of (x) the amount determined above for such date of
determination, (y) the amount determined above for the date immediately prior to the date on which such Class A(2015-5) Adverse Event shall have occurred and (z) unless (i) the Prefunding Target
Amount for any Tranche of Card Series Notes on such date of determination is greater than zero or (ii) any prefunded amounts are on deposit in a Principal Funding sub-Account on such date of determination
for any Tranche of Card Series Notes, the amount determined pursuant to the preceding proviso. 
 “Required Subordinated Percentage
of Class B Notes” means, for the Class A(2015-5) Notes, 11.3925%, subject to adjustment in accordance with Section 2.02. 

“Required Subordinated Percentage of Class C Notes” means, for the Class A(2015-5)
Notes, 11.3925%, subject to adjustment in accordance with Section 2.02. 
 “Required Subordinated Percentage of Class D
Notes” means, for the Class A(2015-5) Notes, 3.7975%, subject to adjustment in accordance with Section 2.02. 

“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. 
 Section 1.03. Counterparts. This Terms Document may be executed in any number of
counterparts, each of which so executed will be deemed to be an original, but all such counterparts will together constitute but one and the same instrument. 

Section 1.04. Ratification of Indenture, Asset Pool 1 Supplement and Indenture Supplement. As supplemented by this Terms
Document, each of the Indenture, the Asset Pool 1 Supplement and the Indenture Supplement is in all respects ratified and confirmed and the Indenture as so supplemented by the Asset Pool 1 Supplement as so supplemented by the Indenture Supplement as
so supplemented and this Terms Document shall be read, taken and construed as one and the same instrument. 
 [END OF ARTICLE I] 

  
 7 

 ARTICLE II 

The Class A(2015-5) Notes 

Section 2.01. Creation and Designation. There is hereby created a tranche of Card Series Class A Notes to be issued
pursuant to the Indenture, the Asset Pool 1 Supplement and the Indenture Supplement to be known as the “Card Series Class A(2015-5) Notes.” 

Section 2.02. Adjustments to Required Subordinated Percentages. 

(a) On any date, the Issuer may change the Required Subordinated Percentage of Class B Notes or the Required Subordinated Percentage of Class C
Notes, in each case for the Class A(2015-5) Notes, without the consent of any Noteholders or any Note Rating Agencies, provided that, after giving effect to such change, (x) the sum of the Required
Subordinated Percentage of Class B Notes and the Required Subordinated Percentage of Class C Notes, in each case, for the Class A(2015-5) Notes after giving effect to such change is equal to or greater
than the sum of the Required Subordinated Percentage of Class B Notes and the Required Subordinated Percentage of Class C Notes, in each case, for the Class A(2015-5) Notes immediately prior to giving effect
to such change and (y) the Required Subordinated Amount of Class B Notes for the Class A(2015-5) Notes does not exceed the Maximum Subordinated Amount of Class B Notes. 

(b) On any date, the Issuer may change the Required Subordinated Percentage of Class B Notes, the Required Subordinated Percentage of Class C
Notes or the Required Subordinated Percentage of Class D Notes, in each case for the Class A(2015-5) Notes, such that after giving effect to all changes to such percentages on such date the sum of the Required
Subordinated Percentage of Class B Notes, the Required Subordinated Percentage of Class C Notes and the Required Subordinated Percentage of Class D Notes, in each case, for the Class A(2015-5) Notes after
giving effect to such change is less than the sum of the Required Subordinated Percentage of Class B Notes, the Required Subordinated Percentage of Class C Notes and the Required Subordinated Percentage of Class D Notes, in each case, for the Class A(2015-5) Notes immediately prior to giving effect to such change, without the consent of any Noteholders, provided that the Issuer has (i) received written confirmation from each Note Rating Agency
that has rated any Outstanding Notes of the Card Series that the change in such percentage will not result in a Ratings Effect with respect to any Outstanding Notes and (ii) delivered to the Indenture Trustee and the Note Rating Agencies a
Master Trust Tax Opinion for each Master Trust and an Issuer Tax Opinion. 
 Section 2.03. Interest Payment. 

(a) For each Interest Payment Date, the amount of interest due with respect to the Class A(2015-5)
Notes shall be an amount equal to one-twelfth of the product of (i) the Note Interest Rate times (ii) the Outstanding Dollar Principal Amount of the Class A(2015-5) Notes determined as of the
Record Date preceding the related Distribution Date; provided, however, 

  
 8 

 
that for the first Interest Payment Date the amount of interest due is $1,617,778. Any interest on the Class A(2015-5) Notes will be calculated on the
basis of a 360-day year consisting of 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 A(2015-5) Interest Funding sub-Account the portion of Card Series Finance Charge Amounts allocable
to the Class A(2015-5) Notes. 
 Section 2.04. [Reserved]. 

Section 2.05. Payments of Interest and Principal. 

(a) Any installment of interest or principal, if any, payable on any Class A(2015-5) Note which is
punctually paid or duly provided for by the Issuer and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to the Person in whose name such Class
A(2015-5) Note (or one or more Predecessor Notes) is registered on the Record Date, by wire transfer of immediately available funds to such Person’s account as has been designated by written instructions
received by the Paying Agent from such Person not later than the close of business on the third Business Day preceding the date of payment or, if no such account has been so designated, by check mailed
first-class, postage prepaid to such Person’s address as it appears on the Note Register on such Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of
Cede & Co., payment shall be made by wire transfer in immediately available funds to the account designated by such nominee. 
 (b)
The right of the Class A(2015-5) Noteholders to receive payments from the Issuer will terminate on the first Business Day following the Class A(2015-5) Termination Date.

 Section 2.06. Form of Delivery of Class A(2015-5) Notes; Depository;
Denominations. 
 (a) The Class A(2015-5) Notes shall be delivered in the form of a global
Registered Note as provided in Sections 202 and 301(i) of the Indenture, respectively. 
 (b) The Depository for the Class A(2015-5) Notes shall be The Depository Trust Company, and the Class A(2015-5) Notes shall initially be registered in the name of Cede & Co., its nominee. 

(c) The Class A(2015-5) Notes will be issued in minimum denominations of $1,000 and integral multiples
of $1,000 in excess of that amount. 

  
 9 

 Section 2.07. Delivery and Payment for the Class
A(2015-5) Notes. The Issuer shall execute and deliver the Class A(2015-5) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver
the Class A(2015-5) Notes when authenticated, each in accordance with Section 303 of the Indenture. 

Section 2.08. Targeted Deposits to the Accumulation Reserve Account. The deposit targeted to be made to the Accumulation
Reserve Account for any Monthly Period during the Accumulation Reserve Funding Period will be an amount equal to the Required Accumulation Reserve sub-Account Amount. 

[END OF ARTICLE II] 

  
 10 

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

			
	CAPITAL ONE MULTI-ASSET EXECUTION TRUST,
		
	By:	 	DEUTSCHE BANK TRUST COMPANY DELAWARE, not in its individual capacity, but solely as Owner Trustee on behalf of the Trust
		
	By:	 	 /s/ Michele HY Voon

	Name:	 	Michele HY Voon
	Title:	 	Attorney-in-fact
		
	By:	 	 /s/ Ellen Jean-Baptiste

	Name:	 	Ellen Jean-Baptiste
	Title:	 	Attorney-in-fact
	
	THE BANK OF NEW YORK MELLON, as Indenture Trustee and not in its individual capacity
		 	
		
	By:	 	 /s/ Leslie Morales

	Name:	 	Leslie Morales
	Title:	 	Vice President

  
 [Class
A(2015-5) Terms Document]a51147331ex101.htm

Exhibit 10.1

 

 

EXECUTION VERSION

 

 

SECOND AMENDMENT TO SECOND LIEN

LOAN AND SECURITY AGREEMENT

 

SECOND AMENDMENT TO SECOND LIEN LOAN AND SECURITY AGREEMENT (this "Amendment"), dated as of July 22, 2015, among Cross Country Healthcare, Inc., a Delaware corporation (the "Borrower"), the Guarantors listed on the signature pages hereto, the Lenders identified on the signature pages hereto and BSP Agency, LLC, a Delaware limited liability company, as agent for the Lenders (together with its successors and permitted assigns in those capacities, the "Agent").

 

RECITALS:

 

WHEREAS, the Borrower, the Guarantors, the Lenders, and the Agent are parties to that certain Second Lien Loan and Security Agreement, dated as of June 30, 2014, as amended by that First Amendment to Second Lien Loan and Security Agreement dated as of January 21, 2015 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "Credit Agreement" and, as amended by Section 2 of the Amendment, the "Amended Credit Agreement"); and

 

WHEREAS, as contemplated by Section 14.1 of the Credit Agreement, the Borrower has requested that the Lenders amend certain terms of the Credit Agreement as hereinafter provided, and the Lenders party hereto have agreed to amend the Credit Agreement subject to the satisfaction of the conditions precedent to effectiveness set forth in Section 3 hereof.

 

NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:

 

Section 1. Defined Terms.  Except as otherwise defined in this Amendment, capitalized terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

Section 2. Amendments to the Credit Agreement.  Subject to the satisfaction of the conditions set forth in Section 3 hereof, effective as of the Amendment Effective Date (as defined in Section 3 hereof), the Credit Agreement is hereby amended as follows:

 

(a)   Section 1.1 Definitions.  is hereby amended by amending and restating the definition of "Applicable Margin" in its entirety to read as follows:

 

""Applicable Margin" means the applicable percentage per annum set forth in the table below, based upon the Total Net Leverage Ratio as set forth in the most recent Compliance Certificate received by the Agent pursuant to Section 10.1.2(c):

 

 

  

  

  

 

	
 

Pricing 

Level

 

	
 

Total Net Leverage Ratio

	
 

Applicable 

Margin

	
 

I

 

	
Less than 2.50:1.00

	
4.75%

	
 

II

 

	
 

Greater than or equal to 2.50:1.00

but less than or equal to 3.25:1.00

 

	
 

5.25%

	
 

III

 

	
 

Greater than 3.25:1.00

but less than or equal to 4:00:1.00

 

	
 

5.75%

	
 

IV

 

	
Greater than 4.00:1.00

	
6.50%

 

Any increase or decrease in interest rates resulting from a change in the Total Net Leverage Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 10.1.2(c).

 

Notwithstanding anything to the contrary contained above,

 

(a)           the Pricing Level shall be set at Level IV in the table above (i) upon the occurrence and during the continuation of an Event of Default or (ii) if for any period, the Agent does not receive the Compliance Certificate described above for the period commencing on the date such Compliance Certificate was required to be delivered through the date on which such Compliance Certificate is actually received by the Agent; and

 

(b)           if it is subsequently determined that the Total Net Leverage Ratio set forth in any Compliance Certificate delivered to the Agent is inaccurate for any reason and the result thereof is that the Lenders received interest for any period based on a rate that is less than that which would have been applicable had the Total Net Leverage Ratio been accurately determined, then, for all purposes of this Agreement, the Pricing Level for any day occurring within the period covered by such Compliance Certificate shall retroactively be deemed to be the corrected Pricing Level for such period and any shortfall in the interest theretofore paid by the Borrower for the relevant period as a result of the miscalculation of the Total Net Leverage Ratio shall be deemed to be (and shall be) due and payable within five Business Days following demand therefor by the Agent."

 

  

-2-

  

 

Section 3.    Effectiveness.  The amendments to the Credit Agreement set forth in Section 2 of this Amendment shall be effective on the date that each of the following conditions precedent has been satisfied or waived by the Agent (the "Amendment Effective Date"):

 

(a)    the receipt by the Agent of executed counterparts of this Amendment which, when taken together, bear the signatures of the Borrower, each Guarantor and each Lender;

 

(b)    each of the representations and warranties contained in Section 6 of this Amendment shall be true and correct in all respects;

 

(c)    on the date hereof and at the time of and immediately after the Amendment Effective Date, no Default or Event of Default shall have occurred and be continuing; and

 

(d)    the Borrower shall have paid all reasonable and documented costs and out-of-pocket expenses, if any (including reasonable and documented fees and expenses of one counsel for the Agent and the Lenders, taken as a whole), of the Agent and the Lenders in connection with the preparation, negotiation and execution of this Amendment.

 

Section 4.    Costs and Expenses.  Without limiting the obligations of the Borrower under the Amended Credit Agreement, the Borrower agrees to pay or reimburse all of the Agent's reasonable and documented costs and out-of-pocket and expenses, if any (including reasonable and documented fees and expenses of one counsel for the Agent and the Lenders, taken as a whole), incurred in connection with the preparation, negotiation and execution of this Amendment and the other instruments and documents to be delivered hereunder in accordance with the terms of Section 14.1 of the Amended Credit Agreement.

 

Section 5.    Consent and Affirmation of the Obligors.

 

(a)    Each Obligor (prior to and after giving effect to this Amendment) hereby consents to the amendments to the Credit Agreement effected hereby and confirms and agrees that, notwithstanding the effectiveness of this Amendment, each Loan Document to which such Obligor is a party is, and the obligations of such Obligor contained in the Amended Credit Agreement, this Amendment or in any other Loan Document to which it is a party are, and shall continue to be, in full force and effect and are hereby ratified and confirmed in all respects, in each case as amended by this Amendment.  For greater certainty and without limiting the foregoing, each Obligor hereby confirms that the existing security interests granted by such Obligor in favor of the Agent, for the benefit of the Secured Parties, pursuant to the Loan Documents in the Collateral described therein shall continue to secure the obligations of the Obligors under the Amended Credit Agreement and the other Loan Documents as and to the extent provided in the Loan Documents.  Each Guarantor reaffirms and agrees that its guarantee of the obligations of the Obligors under the Amended Credit Agreement and the Loan Documents is, and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects.

 

  

-3-

  

 

(b)    Each Guarantor acknowledges and agrees that (i) notwithstanding the conditions to effectiveness set forth in this Amendment, such Guarantor is not required by the terms of the Credit Agreement, the Amended Credit Agreement or any other Loan Document to consent to the amendments to the Credit Agreement effected pursuant to this Amendment and (ii) nothing in the Credit Agreement, the Amended Credit Agreement, this Amendment or any other Loan Document shall be deemed to require the consent of such Guarantor to any future amendments to the Amended Credit Agreement.

 

 

Section 6.    Representations and Warranties.  The Borrower hereby represents and warrants, on and as of the date hereof and the Amendment Effective Date, that:

 

(a)    The execution, delivery and performance by each Obligor of this Amendment and the Amended Credit Agreement (i) are within its corporate powers; (ii) have been duly authorized by all necessary corporate, limited liability company or partnership action, as applicable; (iii) do not (A) contravene the Organic Documents of such Obligor, (B) violate or cause a default under any Applicable Law or Material Contract or (C) result in or require the imposition of any Lien (other than Permitted Liens) on any Property of such Obligor.

 

(b)    This Amendment and the Amended Credit Agreement constitute its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as limited by bankruptcy, insolvency, moratorium, fraudulent conveyance or other laws relating to the enforcement of creditors' rights generally and general principles of equity (regardless of whether enforcement is sought at equity or law).

 

(c)    Each of the representations and warranties contained (i) in Article 9 of the Amended Credit Agreement and (ii) in any other Loan Document are true and correct in all material respects (provided that, any representation and warranty that is qualified by "materiality," "material adverse effect" or similar language are true and correct in all respects (after giving effect to any such qualification therein)) on and as of the date hereof and the Amendment Effective Date, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties are true and correct in all material respects (or if any such representation and warranty is qualified by "materiality," "material adverse effect" or similar language, are true and correct in all respects (after giving effect to any such qualification therein)) on and as of such earlier date).

 

(d)    No Default or Event of Default has occurred and is continuing.

 

Section 7.    Course of Dealing; No Implied Waivers. This Amendment does not establish a course of dealing between the Obligors, on the one hand, and the Agent and the Lenders, on the other hand, and this Amendment shall therefor not operate as a waiver of any of the rights of the Agent or the Lenders under the Amended Credit Agreement or any other Loan Document.  No delay or omission on the part of the Agent or any Lender in exercising any right under the Amended Credit Agreement or any other Loan Document shall operate as a waiver of such right or any other right under the Amended Credit Agreement or any other Loan Document.  The Agent and the Lenders have not waived, and are not waiving, any Default that may exist on, or arise after, the date hereof.  This Amendment shall not be construed as a waiver of any right or remedy on any future occasion.

 

  

-4-

  

 

 

Section 8.    Reference to and Effect on the Credit Agreement.

 

(a)    On and after the effectiveness of this Amendment, each reference in the Credit Agreement to "this Agreement," "hereunder," "hereof" or words of like import referring to the Credit Agreement shall mean and be a reference to the Amended Credit Agreement.

 

(b)    The Credit Agreement as specifically amended by this Amendment is and shall continue to be in full force and effect and is hereby in all respects ratified and confirmed.  This Amendment shall be a "Loan Document" for purposes of the definition thereof in the Credit Agreement.

 

(c)    The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Agent or any Lender under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents.

 

Section 9.    Execution in Counterparts.  This Amendment may be executed in counterparts, each of which when so executed will be deemed to be an original and all of which when taken together will constitute one and the same agreement. Delivery of an executed signature page to this Amendment by facsimile or other electronic transmission shall be as effective as delivery of a manually signed counterpart of this Amendment.

 

Section 10.    Further Assurances. Each of the Obligors will, promptly upon the request of the Agent from time to time, execute, acknowledge, deliver, file and record all such instruments and notices, and take all such other action, as the Agent deems necessary or advisable to carry out the intent and purposes of this Amendment.

 

Section 11.    Governing Law.  THIS AMENDMENT, and all matters arising out of or relating to this amendment, shall be governed by the laws of the state of new york.

 

Section 12.       Headings.  Section and subsection headings used herein are for convenience of reference only, are not part of this Amendment and are not to affect the construction of, or to be taken into consideration interpreting, this Amendment.

 

Section 13.       Severability.  If any provision of this Amendment shall be declared invalid or unenforceable, the parties hereto agree that the remaining provisions of this Amendment shall continue in full force and effect.

 

 

[Signature Pages Follow]

 

  

-5-

  

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their respective proper and duly authorized officers as of the day and year first above written.

 

	  	
BORROWER:

	  	  
	  	
CROSS COUNTRY HEALTHCARE, INC.,

a Delaware corporation

	  	  
	  	  
	  	
By:

	

/s/ William J. Burns

	  	  	
Name: William J. Burns

	  	  	
Title: Chief Financial Officer

	  	  
	  	  
	  	
GUARANTORS:

	  	  
	  	
CEJKA SEARCH, INC.,

a Delaware corporation

	  	  
	  	  
	  	
By:

	

/s/ William J. Burns

	  	  	
Name: William J. Burns

	  	  	
Title: Chief Financial Officer

	  	  
	  	  
	  	
CROSS COUNTRY EDUCATION, LLC,

a Delaware limited liability company

	  	  
	  	  
	  	
By:

	

/s/ William J. Burns

	  	  	
Name: William J. Burns

	  	  	
Title: Chief Financial Officer

	  	  
	  	  
	  	
CROSS COUNTRY STAFFING, INC.,

a Delaware corporation

	  	  
	  	  
	  	
By:

	

/s/ William J. Burns

	  	  	
Name: William J. Burns

	  	  	
Title: Chief Financial Officer

	  	  
	  	  

 

  

  

  

 

	
  

 

	
MDA HOLDINGS, INC.,

a Delaware corporation

	  	  
	  	  
	  	
By:

	

/s/ William J. Burns

	  	  	
Name: William J. Burns

	  	  	
Title: Chief Financial Officer

	  	  
	  	  
	  	
CROSS COUNTRY PUBLISHING, LLC,

a Delaware limited liability company

	  	  
	  	  
	  	
By:

	

/s/ William J. Burns

	  	  	
Name: William J. Burns

	  	  	
Title: Chief Financial Officer

	  	  
	  	  
	  	
ASSIGNMENT AMERICA, LLC,

a Delaware limited liability company

	  	  
	  	  
	  	
By:

	

/s/ William J. Burns

	  	  	
Name: William J. Burns

	  	  	
Title: Chief Financial Officer

	  	  
	  	  
	  	
TRAVEL STAFF, LLC,

a Delaware limited liability company

	  	  
	  	  
	  	
By:

	

/s/ William J. Burns

	  	  	
Name: William J. Burns

	  	  	
Title: Chief Financial Officer

	  	  
	  	  
	  	
LOCAL STAFF, LLC,

a Delaware limited liability company

	  	  
	  	  
	  	
By:

	

/s/ William J. Burns

	  	  	
Name: William J. Burns

	  	  	
Title: Chief Financial Officer

	  	  

 

  

  

  

 

	  	  
	  	
MEDICAL DOCTOR ASSOCIATES, LLC,

a Delaware limited liability company

	  	  
	  	  
	  	
By:

	

/s/ William J. Burns

	  	  	
Name: William J. Burns

	  	  	
Title: Chief Financial Officer

	  	  
	  	  
	  	
CREDENT VERIFICATION AND LICENSING SERVICES, LLC,

a Delaware limited liability company

	  	  
	  	  
	  	
By:

	

/s/ William J. Burns

	  	  	
Name: William J. Burns

	  	  	
Title: Chief Financial Officer

	  	  
	  	  
	  	
OWS, LLC,

a Delaware limited liability company

	  	  
	  	  
	  	
By:

	

/s/ William J. Burns

	  	  	
Name: William J. Burns

	  	  	
Title: Chief Financial Officer

	  	  
	  	  
	  	
AGENT:

	  	  
	  	
BSP AGENCY, LLC, as Agent:

	  	  
	  	  
	  	
By:

	

/s/ Bryan Martoken

	  	  	
Name:   Bryan Martoken

	  	  	
Title:   CFO – Capital Markets Group

	  	  
	  	  

 

  

  

  

 

	  	
LENDERS:

	  	  
	  	
PROVIDENCE DEBT FUND III L.P.,

as a Lender:

	  	  
	  	  
	  	
By:

	

/s/ Bryan Martoken

	  	  	
Name:   Bryan Martoken

	  	  	
Title:   CFO – Capital Markets Group

	  	  
	  	  
	  	
BENEFIT STREET PARTNERS SMA LM L.P., as a Lender:

	  	  
	  	  
	  	
By:

	
PECM Strategic Funding GP L.P.

	  	  
	  	
By:

	
PECM Strategic Funding GP L.P.

	  	  
	  	  
	  	
By:

	

/s/ Bryan Martoken

	  	  	
Name:   Bryan Martoken

	  	  	
Title:   CFO – Capital Markets Group

	  	  
	  	  
	  	
PECM STRATEGIC FUNDING L.P.,

as a Lender:

	  	  
	  	  
	  	
By:

	

/s/ Bryan Martoken

	  	  	
Name: Bryan Martoken

	  	  	
Title: CFO – Capital Markets Group

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}]]