Document:

Separation Agreement dated June 1, 2005

 Exhibit 10.55 
  
 SEPARATION AGREEMENT 
  

This Agreement (“Separation Agreement”) is made and entered into this 1st day of June, 2005, between Michael D. Popielec
(“Employee”) and Danka Office Imaging Company and its parent company, subsidiary companies, affiliated companies, predecessor companies or entities and their officers, directors, agents, employees, or assigns (“Employer”).

  
 The purpose of this Separation Agreement is to set forth the
terms and conditions under which Employee and Employer will terminate their employment relationship. The parties agree as follows: 
  

	1.	Termination. Subject to the terms and conditions set forth herein and in the attached Release (Exhibit “A”), Employee and Employer agree to terminate
Employee’s employment with Employer on June 3, 2005 (“Termination Date”). Until the Termination Date, Employee shall be available to perform such reasonable duties as may be requested by Employer’s Chief Executive Officer.

  

	2.	Payment. The parties agree that Employee shall receive Eight Hundred Thousand and 00/100 Dollars ($800,000), and such other consideration as described herein from Employer in
consideration of the promises made herein and in consideration of Employee’s compliance with the terms of this Separation Agreement and execution and compliance with the terms of the Release of Claims in the form attached hereto as Exhibit
“A” (which shall be executed by Employee on the “Termination Date”) in the following manner: 

  

	 	(i)	Employer shall, upon Employee’s execution and delivery to Employer of this Separation Agreement and Release of Claims and upon the expiration of all applicable revocation
periods contained in this Separation Agreement and Release of Claims, make bi-weekly payments of Fifteen Thousand Three Hundred Eighty-Four and 62/100 Dollars ($15,384.62) less, in each case, customary payroll deductions beginning with the first pay
cycle after the Termination Date, through June 10, 2006. In addition, on June 10, 2006, Employer shall pay Employee a lump sum payment of $800,000, less the gross, cumulative amounts paid to Employee under this paragraph through June 10, 2006,
discounted to its then present value using the prime rate of interest as reported by the Wall Street Journal on the day immediately predating such payment. Notwithstanding the above, if additional rules or guidance shall be issued prior to June 10,
2006, which conclusively establish that Employee would not be penalized if such bi-weekly payments were made over a period of 24 months, as agreed in the Employment Agreement between the parties dated March 28, 2003, then Employer may elect not to
make such lump sum payment and continue to make bi-weekly payments until the balance of the $800,000 is paid. 

  

	 	(ii)	Employer shall pay Employee all earned but unused vacation as of the Termination Date. 

  

	 	(iii)	Employer shall pay, on a prorated basis, any earned but unpaid Management Incentive Plan (“MIP”) payments, if any, through the Termination Date, as set forth in the
applicable FY 2005 MIP plan. 

  

	 	(iv)	All stock options granted to Employee during employment with Employer shall become vested and exercisable as of the Termination Date and shall be 

 exercisable for a period of 24 months from the Termination Date. Employer has filed and will maintain a
registration statement with the Securities Exchange Commission such that all the stock (or American Deposit Shares) subject to the options shall be registered shares upon the exercise of the options.  
  

	 	(v)	Upon the Employee’s election of COBRA benefits, Employer shall pay Employee the additional cost of COBRA benefits over and above the amount currently paid by Employee for
health benefits as an employee of Employer and Employer shall continue to provide Employee with such benefits for a period of 24 months. 

  

	3.	Full Compensation. The consideration set forth in paragraph 2 above will compensate Employee for any and all claims arising out of Employee’s employment with and
termination from employment with Employer and termination of employment, including but not limited to claims for attorney’s fees and costs, any and all claims for any type of legal, equitable, or statutory relief, and for Employee’s future
compliance with the terms and conditions of this Separation Agreement. 

  

	4.	Records, Documents and Property. Employee represents and warrants that Employee will not take, or will have returned any of Employer’s property, including but not
limited to computer data files and records, documents and tangible items pertaining to Employer, as well as all credit cards, keys, access codes and/or other records, documents or property as of the Termination Date. Notwithstanding the foregoing,
Employee has purchased his laptop from Employer and is retaining and using, solely for the purpose of writing a resume and substantiating any claims during future interviews with prospective employer, certain files as approved and provided by the
General Counsel of Employee. 

  

	5.	Confidentiality. Employee agrees to forever treat and maintain as confidential all information relating to Employer and its business, clients, customers, and prospective
clients and customers, including but not limited to Employer’s customer lists, prospect files, project files, job processes, financial information, employee information, computer information, imaging techniques and methods, business strategies,
pricing information, sales and marketing plans, and all other information which is not generally known outside the Employer, except as disclosure is required by law. Except as otherwise required by law, Employee and Employer shall keep the facts
surrounding the termination of Employee’s employment with Employer confidential. 

  

	6.	Employer’s Remedies. Employee acknowledges that the violation of any of the material terms of this Separation Agreement will cause irreparable harm to Employer and
agrees that, in addition to any other relief afforded by law, Employer shall be entitled to seek an injunction against the violation of the Separation Agreement. Both damages and an injunction shall be proper modes of relief and are not alternative
remedies. If Employer commences any action in equity to specifically enforce any of its rights under this Separation Agreement, Employee waives and agrees not to assert the defense Employer has an adequate remedy at law. All payments under this
Separation Agreement shall cease upon Employee’s violation of any of its terms. Employee shall indemnify Company for all costs, expenses, liabilities and damages, including reasonable attorney’s fees incurred in connection with any breach
by Employee of the provisions of this Agreement and which Company may incur in the successful enforcement of any covenant in this Agreement. Employee stipulates and agrees that during his period of employment with Employer, he has obtained knowledge
of Employer’s trade secrets, valuable confidential 

 business information, substantial relationships with prospective and existing customers and received
extraordinary and special training. Employee stipulates and agrees that this Separation Agreement is reasonably necessary to protect the legitimate business interests of Employer and is not overbroad nor overlong in duration. 
  

	7.	Employee Remedies. In the event of Employer’s failure to timely pay (i.e. on the customary pay period date) any amounts due under this Separation Agreement, the payment
of all remaining amounts shall immediately become due and payable and be subject to interest at the prime rate as set forth in the Wall Street Journal for any further delays.  

  

	8.	Non-Compete. Employee agrees that for a period of twenty -four (24) months from the Termination Date, in any location in which Employee acted on behalf of Employer
(“Restricted Area”), Employee will not accept employment and engage in, as an employee, consultant, independent contractor or otherwise, activities or duties with any company, individual or entity which compete, directly or indirectly,
with any of Employer’s lines of business including, but not limited to, the sales and service of copiers, multi function devices, printers, facsimiles equipment and related supplies and the providing of facilities management, consulting,
software, document output or related services. Employee shall not, in the Restricted Area, directly or indirectly, own, manage, operate, control, be employed by, perform services for, consult with, solicit business for, participate in, or be
connected with the ownership, management, operation, or control of any business which is materially similar to or competitive with the Company. Nothing contained in this Section shall be deemed to prohibit Employee from acquiring, solely as an
investment, less than one percent interest in the equity of any publicly traded corporation or limited partnership. This provision shall specifically include but not be limited to Xerox, Ikon, Hewlett-Packard, Lexmark, Imagistics and Global Imaging
Services. Executive may request Company’s consent to work for a non-competing division of any other Company, which consent shall not be unreasonably withheld. 

  

	9.	Non Solicitation of Customer. Employee agrees for a period of twenty-four (24) months following the Termination Date, Employee shall not, directly or indirectly, solicit,
induce, or attempt to induce any past or current customer of Company (a) to cease doing business in whole or in part with or though the Company; or (b) to do business with any other person, firm, partnership, corporation or other entity which
performs services similar to Company. 

  

	10.	Non Solicitation of Employees. Employee agrees that for a period of twenty-four (24) months following the Termination Date Employee shall not, on Employee’s own behalf,
or for any person, firm, partnership, corporation, or other entity, directly or indirectly, (a) hire, solicit, interfere with, or endeavor to cause any Employee of the Company to leave Company’s employment; or (b) induce or attempt to induce
any such Employee to breach such Employee’s Employment Agreement with the Company, in each case if Executive has had material business contact with such Employee during the Term. 

  

	11.	Severability. If any of the provisions of or covenants contained in this Agreement are hereafter construed to be invalid or unenforceable in a particular jurisdiction, the
same shall not affect the remainder of the provisions or the enforceability thereof in that 

 jurisdiction, which shall be given full effect, without regard to the invalidity or unenforceability
thereof in a particular jurisdiction because of the duration and/or scope of such provision or covenant in that jurisdiction and, in its reduced form, said provision or covenant shall be enforceable. In all other jurisdictions this Section shall at
all times remain in full force and effect. 
  

	12.	Non-Disparagement. Employee agrees to refrain from making any negative or disparaging remarks concerning Employer, its owners, directors, officers, employees, customers,
vendors, or its products or services. Nothing herein shall prevent Employee from giving truthful testimony in any legal proceeding in which Employee is required to testify. Employer agrees to refrain from making any negative or disparaging remarks
concerning Employee and shall make a good faith effort to prevent its owners, directors, officers, employees, customers and vendors from making negative and disparaging remarks. 

  

	13.	Cooperation. Employee agrees to reasonably cooperate in any litigation or other dispute involving Employer to which Employee is or becomes a material witness. Employee agrees
to attend and give truthful testimony at depositions, arbitrations, trials and any other procedure or dispute resolution upon reasonable notice by Employer and at mutually convenient time, following the Termination Date. Employer shall reasonably
compensate Employee for he spends cooperating and shall reimburse him for all reasonable expenses he incurs cooperating. 

  

	14.	Non-Admission. Nothing in this Separation Agreement or Release of Claims is intended to be, nor will be deemed to be, an admission of liability by Employer or Employee that
it or he has violated any state, federal or local statute, local ordinance, administrative regulation, or principle of common law, or that it or he has engaged in any wrongdoing. 

  

	15.	Non-Assignment. The parties agree that this Separation Agreement and Release of Claims will not be assignable by either party unless the other party agrees in writing, except
that upon Employee’s death after the Termination Date and Employee’s or Employee’s Executor’s execution of the Release of Claims, any remaining payments shall be due and payable to Employee’s estate. Notwithstanding the
foregoing, Employer agrees that its obligations hereunder shall be binding upon any successors or assigns in the event of a change in control, sale of assets or sale of stock. 

  

	16.	Release of Employee. In consideration for Employee’s execution of this Separation Agreement, Employer shall release Employee from any claims it may have, directly or
indirectly, against Employee in connection with his employment with Employer or the termination of such employment. 

  

	17.	Indemnification. Employer shall, to the fullest extend permitted by law, continue to indemnify and hold Employee harmless from any and all liability (including, without
limitation, judgments, fines, settlement payments, expenses, costs, and attorney’s fees) arising from his service as an employee, officer, or director of Employer. To the fullest extend permitted by law, if there is a potential or actual
conflict of interest between Employer and Employee, Employer shall advance legal fees and expenses to Employee for qualified counsel selected by Employer in connection with any litigation, investigation, action, suit, or other proceeding related to
Employee’s employment with Employer or his performing services for the Employer, whether as a director, officer, or employee of Employer. 

	18.	No Mitigation or Offset. Employee shall not be required to mitigate the amount of any severance or termination payment provided for in this Separation Agreement by seeking
other employment or otherwise, nor shall the amount of any payment or benefit provided for in this Separation Agreement be reduced by any compensation or income Executive may receive from any source. In addition, no payments to Employee under this
Separation Agreement may be subject to any offset or setoff due to any claim Employer, or its parents, affiliates, or subsidiaries, may have against Employee. 

  

	19.	Attorneys’ Fees. Employer will promptly reimburse Employee for all reasonable attorneys’ fees (for counsel selected by Employee) and expenses arising out of any
dispute under or in connection with this Separation Agreement (whether litigation or arbitration) to the extent Employee is the prevailing party. 

  

	20.	Source of Payments. All severance, and all other payments to Employee under this Separation Agreement shall be paid to Employee by the Employer through its U.S. payroll
system and shall be made in cash in U.S. dollars. If Employer should fail to make any such payment to Employee when due, Danka Office Imaging Company, Danka Holding Company, and Danka Business Systems shall be jointly and severally liable to
Executive for such payments. 

  

	21.	Merger. This Separation Agreement supersedes all prior oral and written agreements and communications between Employer and Employee. Employee and Employer agrees that any and
all claims which Employee might have had against Employer and which Employer might have had against Employee are fully released and discharged by this Separation Agreement and Release of Claims, and that the only claims which may hereafter be
asserted against Employer or Employee may be based on an alleged breach of the terms of this Separation Agreement. 

  

	22.	Employee Representation. Employee represents that as an Executive of Employer, he is aware of no material financial or operational matter or violation of any law or
regulation which would require disclosure to the public, or which would materially impact the company’s financial statements. 

  

	23.	Entire Agreement. This Separation Agreement and Release constitute the entire agreements between the parties with respect to Employee’s termination from employment with
the Employer. The parties agree that there were no inducements or representations leading to the execution of this Separation Agreement or the Release of Claims, except as stated herein. 

  

	24.	Voluntary and Knowing Action. Employee acknowledges that Employee will have been represented and advised by an attorney, or will have had the full opportunity to secure such
advice, and has read and understands the terms of this Separation Agreement and Release of Claims, and acknowledges that upon execution of the Release of Claims, he is voluntarily entering into this Separation Agreement and Release of Claims to
effectuate termination from Employer. 

	25.	Review. Employee understands that he may have twenty-one (21) calendar days from the day that he receives this Separation Agreement, not counting the day of receipt, to
consider whether to sign it. Employer recommends that Employee consult with an attorney before executing this Separation Agreement. If Employee signs this Separation Agreement before the end of the twenty-one (21) day period, it is because Employee
has decided that he has already had sufficient time to decide whether to execute this Separation Agreement. 

  

	26.	Revocation. Employee may revoke this Agreement within seven (7) calendar days after execution of the Release of Claims to reinstate federal civil rights (if any). To be
effective, any revocation within relevant time period must be in writing and delivered to Employer addressed to Keith J. Nelsen, Chief Administrative Officer, Danka Office Imaging Company, 11101 Roosevelt Boulevard, St. Petersburg, Florida 33716,
either by hand or mail within the appropriate period. 

  
 If sent by mail, the revocation must be (1) postmarked within the relevant period; (2) properly addressed to Danka; and (3) sent by certified mail, return receipt requested. 
  

	27.	Governing Law. This Separation Agreement and Release of Claims will be construed and interpreted in accordance with the laws of the State of Florida.

  

	28.	Counterparts. This Separation Agreement may be executed simultaneously in two or more counterparts, each of which will be deemed an original, but all of which together will
constitute one and the same instrument. 

  
 IN
WITNESS WHEREOF, the parties hereto have executed this Separation Agreement as of the day and year first above written. 
  

			
	 	 	EMPLOYEE:
		
	Dated: May 23, 2005	 	 /s/ Michael D. Popielec

	 	 	Michael D. Popielec

  
 STATE OF FLORIDA 
 COUNTY OF Collier 
  
 The foregoing instrument was acknowledged before me this 23rd day of May, 2005, by Michael Popielec who is personally know to me or has produced Drivers License as identification. 
  

	
	 /s/ Sarah Castro

	Signature of Notary Public
	
	 Sarah Castro

	Print, Type, or Stamp Commissioned Name of Notary Public

  

					
	Dated:             , 2005	 	EMPLOYER:
	 	 	DANKA OFFICE IMAGING COMPANY
			
	 	 	By	 	  

	 	 	Its	 	  

					
		
	 	 	DANKA BUSINESS SYSTEMS PLC
			
	 	 	By	 	 /s/ Todd Mavis

	 	 	Its	 	  

		
	 	 	DANKA HOLDING COMPANY
			
	 	 	By	 	  

	 	 	Its	 	  

 RELEASE OF CLAIMS 
  
 DEFINITIONS: I, Michael D. Popielec (“Employee”), intend all words used in this Release to have their plain meaning in
ordinary English. Technical legal words are not needed to describe what I mean. Specific terms I use in this Release have the following meanings: 
  

	 	A.	I, Me, and My include both me and anyone who has or obtains any legal rights or claims through me. 

  

	 	B.	Employer, as used herein, shall at all times mean Danka or any parent company, affiliated companies or entities and includes Employer’s employees, officers, directors,
successors and assigns, its attorneys, consultants and agents, whether in their individual or official capacities. 

  

	 	C.	My Claims means all of the rights I have to any relief of any kind from Employer, whether or not I now know about those rights, arising out of or in any way related to my
employment with Employer, and my Termination of employment, or any employee benefit plan, including, but not limited to, common law, or equitable claims, claims for violation or breach of any employment agreement or understanding; fraud or
misrepresentation; and any statutory claims including alleged violations of the Florida Human Rights Act, the federal Age Discrimination in Employment Act, the Americans with Disabilities Act, Title VII, Older Workers Benefit Protection Act, or any
other federal, state, or local civil rights laws or ordinances; defamation; intentional or negligent infliction of emotional distress; breach of the covenant of good faith and fair dealing; promissory estoppel; negligence; wrongful Termination of
employment, or any other claims, accruing up to the date of execution of this Release of Claims. Notwithstanding the foregoing, My Claims do not include any rights I have under the Separation Agreement between me and the Employer or any obligations
the Employer has under such Separation Agreement. 

  
 Agreement to Release My Claims. I am receiving a substantial amount of money, among other things, from the Employer as consideration for my release of claims. I agree to give up all My Claims against Employer as defined above.
I will not bring any lawsuits, file any charges, complaints, or notices, or make any other demands against the Employer or any of its employees or agents based on any alleged claims. The money I am receiving is a full and fair payment for the
release of all My Claims. 
  
 Additional Agreements and
Understandings. Even though Employer is paying me to release My Claims, the employer expressly denies that it is responsible or legally obligated for My Claims or that it has engaged in any wrongdoing. 
  
 I understand that I may have twenty-one (21) calendar days from the day that
I receive this Release, not counting the day upon which I receive it, to consider whether I wish to sign this Release. I further understand that Employer recommends that I consult with an attorney before executing this Release. I agree that if I
sign this Release before the end of the twenty-one (21) day period, it is because I have decided that I have already had sufficient time to decide whether to sign the Release. 

 I understand that I may rescind (that is, cancel) this Release within seven (7) calendar days of signing
it to reinstate federal civil rights claims. To be effective, my rescission must be in writing and delivered to the employer, Keith J. Nelsen, Chief Administrative Officer, Danka, 11101 Roosevelt Boulevard, St. Petersburg, Florida, 33716, either by
hand or by mail within the required period. If sent by mail, the rescission must be: 
  

	 	1.	Postmarked within the relevant period; 

  

	 	2.	Properly addressed to: Keith J. Nelsen, Chief Administrative Officer, Danka, 11101 Roosevelt Boulevard, St. Petersburg, Florida, 33716 and 

  

	 	3.	Sent by certified mail, return receipt requested. 

  
 I have read this Release carefully and understand all its terms. I have had the opportunity to review this Release with my own attorney. In agreeing to
sign this Release, I have not relied on any statements or explanations made by Employer or its agents. 
  
 I understand and agree that this Release and the Separation Agreement to which it is attached contain all the agreements between the Employer and me. We
have no other written or oral agreements. 
  

			
	Dated: May 23, 2005            Signed:	  	 /s/ Michael D. Popielec

  

			
	Witnesses:	 	 /s/ Sarah Castro

		
	 	 	 /s/ Justa Fernandez

  
 STATE OF FLORIDA 
 COUNTY OF Collier 
  
 The foregoing instrument was acknowledged before me this 23rd day of May, 2005, by Michael Popielec who is personally know to me or has produced Drivers License as identification. 
  

	
	 /s/ Sarah Castro

	Signature of Notary Public
	
	 Sarah Castro

	Print, Type, or Stamp Commissioned Name of Notary PublicExhibit 4.1

 Exhibit 4.1 
  

EXECUTION COPY 
  

 
 CAPITAL ONE MULTI-ASSET EXECUTION TRUST 
  
 as Issuer 
  
 and 
  
 THE BANK OF NEW YORK 
  
 as Indenture Trustee 
  
 CLASS A(2005-4) TERMS DOCUMENT 
  
 dated as of June 13, 2005 
  
 to

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

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page

	 ARTICLE I

	
	 Definitions and Other Provisions of General Application

			
	 Section 1.01.
	 	Definitions	  	1
			
	 Section 1.02.
	 	Governing Law	  	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(2005-4) Notes

			
	 Section 2.01.
	 	Creation and Designation	  	8
			
	 Section 2.02.
	 	Adjustments to Required Subordinated Percentages	  	8
			
	 Section 2.03.
	 	Interest Payment	  	8
			
	 Section 2.04.
	 	Calculation Agent; Determination of LIBOR	  	9
			
	 Section 2.05.
	 	Payments of Interest and Principal	  	9
			
	 Section 2.06.
	 	Form of Delivery of Class A(2005-4) Notes; Depository; Denominations	  	10
			
	 Section 2.07.
	 	Delivery and Payment for the Class A(2005-4) Notes	  	10
			
	 Section 2.08.
	 	Targeted Deposits to the Accumulation Reserve Account	  	10
			
	 Section 2.09.
	 	[Reserved]	  	10

  

 -i- 

 THIS CLASS A(2005-4) TERMS DOCUMENT (this “Terms Document”), by and between CAPITAL ONE
MULTI-ASSET EXECUTION TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), having its principal office at E. A. Delle Donne Corporate Center, Montgomery Building, 1011 Centre Road, Wilmington, DE
19805 and THE BANK OF NEW YORK, a New York banking corporation, as Indenture Trustee (the “Indenture Trustee”), is made and entered into as of June 13, 2005. 
  
 Pursuant to this Terms Document, the Issuer shall create a new tranche of Class A Notes and shall specify the principal
terms thereof. 
  
 ARTICLE I 
  
 Definitions and Other Provisions of General Application 
  
 Section 1.01. Definitions. For all purposes of this Terms Document,
except as otherwise expressly provided or unless the context otherwise requires: 
  

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

  

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

  

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

  

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

  

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

  

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

  

	 	(7)	each capitalized term defined herein shall relate only to the Class A(2005-4) 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 $25,000,000;
provided, however, if the Accumulation Period Length is determined to be less than twelve (12) months pursuant to Section 3.10(b)(ii) of the Indenture Supplement, the Accumulation Period Amount shall be the amount specified in
the definition of “Accumulation Period Amount” in the Indenture Supplement. 
  
 “Accumulation Reserve Funding Period” shall mean, (a) if the Accumulation Period Length is determined to be one (1) month, there shall be no Accumulation Reserve Funding Period and (b) otherwise, the
period (x) commencing on the earliest to occur of (i) the Monthly Period beginning three (3) calendar months prior to the first Distribution Date for which a budgeted deposit is targeted to be made into the Principal Funding sub-Account of the Class
A(2005-4) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (ii) the Monthly Period following the first Distribution Date following and including the August 2008 Distribution Date for which the Quarterly Excess Spread Percentage
is less than 2%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 12 months prior to the first Distribution Date for which a budgeted deposit is targeted to be made into the Principal Funding
sub-Account for the Class A(2005-4) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (iii) the Monthly Period following the first Distribution Date following and including the February 2009 Distribution Date for which the
Quarterly Excess Spread Percentage is less than 3%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 6 months prior to the first Distribution Date for which a budgeted deposit is targeted to be
made into the Principal Funding sub-Account for the Class A(2005-4) Notes pursuant to Section 3.10(b) of the Indenture Supplement, and (iv) the Monthly Period following the first Distribution Date following and including the April 2009
Distribution Date for which the Quarterly Excess Spread Percentage is less than 4%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 4 months prior to the first Distribution Date for which a
budgeted deposit is targeted to be made into the Principal Funding sub-Account for the Class A(2005-4) Notes pursuant to Section 3.10(b) of the Indenture Supplement and (y) ending on the close of business on the last day of the Monthly Period
preceding the earlier to occur of (i) the Expected Principal Payment Date for the Class A(2005-4) Notes and (ii) the date on which the Class A(2005-4) Notes are paid in full. 
  
 “Asset Pool 1 Supplement” means the Asset Pool 1 Supplement dated as of October 9, 2002, by and between the
Issuer and the Indenture Trustee, as amended and supplemented from time to time. 
  
 “Base Rate” means, with respect to any Monthly Period, the sum of (a) the Card Series Servicing Fee Percentage and (b) the weighted average (based on the Outstanding Dollar Principal Amount of the
related Card Series Notes) of the following: 
  
 (i) in the case of a Tranche of Card Series Dollar Interest-bearing Notes with no Derivative Agreement for interest, the rate of interest applicable to such Tranche for the period from and including the Monthly Interest Accrual Date for
such Tranche of Card Series Dollar Interest-bearing Notes in such Monthly Period to but excluding the Monthly Interest Accrual Date for such Tranche of Card Series Dollar Interest-bearing Notes in the following Monthly Period; 
  

 2 

 (ii) in the case of a Tranche of Card Series Discount Notes, the rate of accretion
(converted to an accrual rate) of such Tranche for the period from and including the Monthly Interest Accrual Date for such Tranche of Card Series Discount Notes in such Monthly Period to but excluding the Monthly Interest Accrual Date for such
Tranche of Card Series Discount Notes in the following Monthly Period; 
  
 (iii) in the case of a Tranche of Card Series Notes with a Performing Derivative Agreement for interest, the rate at which payments by the Issuer to the applicable Derivative Counterparty accrue (prior to the netting
of such payments, if applicable) for the period from and including the Monthly Interest Accrual Date for such Tranche of Card Series Notes in such Monthly Period to but excluding the Monthly Interest Accrual Date for such Tranche of Card Series
Notes in the following Monthly Period; provided, however, that in the case of a Tranche of Card Series Notes with a Performing Derivative Agreement for interest in which the rating on such Tranche of Card Series Notes is not dependant upon the
rating of the applicable Derivative Counterparty, the amount determined pursuant to this clause (iii) will be the higher of (1) the rate determined pursuant to this clause (iii) above and (2) the rate of interest applicable to such Tranche for the
period from and including the Monthly Interest Accrual Date for such Tranche of Card Series Notes in such Monthly Period to but excluding the Monthly Interest Accrual Date for such Tranche of Card Series Notes in the following Monthly Period; and

  
 (iv) in the case of a tranche of Card Series
Notes with a non-Performing Derivative Agreement for interest, the rate specified for that date in the related Terms Document. 
  
 “Calculation Agent” is defined in Section 2.04(a). 
  
 “Class A(2005-4) Adverse Event” means the occurrence of any of the following: (a) an Early Redemption Event
with respect to the Class A(2005-4) Notes or (b) an Event of Default and acceleration of the Class A(2005-4) Notes. 
  
 “Class A(2005-4) Note” means any Note, substantially in the form set forth in Exhibit A-1 to the Indenture Supplement, designated
therein as a Class A(2005-4) Note and duly executed and authenticated in accordance with the Indenture. 
  
 “Class A(2005-4) Noteholder” means a Person in whose name a Class A(2005-4) Note is registered in the Note Register. 
  
 “Class A(2005-4) Termination Date” means the earliest to
occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2005-4) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to
Article VI thereof. 
  
 “Excess Spread
Percentage” shall mean, with respect to any Distribution Date, the amount, if any, by which the Portfolio Yield for the preceding Monthly Period exceeds the Base Rate for such Monthly Period. 
  

 3 

 “Expected Principal Payment Date” means September 15, 2010. 
  
 “Initial Dollar Principal Amount” means $300,000,000.

  
 “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 July 2005, or if such fifteenth day is not a Business Day, the next succeeding Business Day. 
  
 “Interest Period” means, with respect to any Interest
Payment Date, the period from and including the previous Interest Payment Date (or in the case of the initial Interest Payment Date, from and including the Issuance Date) through the day preceding such Interest Payment Date. 
  
 “Issuance Date” means June 13, 2005. 
  
 “Legal Maturity Date” means July 15, 2013. 
  
 “LIBOR” means, for any Interest Period, the London interbank
offered rate for one-month United States dollar deposits determined by the Calculation Agent on the LIBOR Determination Date for such Interest Period in accordance with the provisions of Section 2.04. 
  
 “LIBOR Determination Date” means June 9, 2005 for the period
from and including the Issuance Date to but excluding July 15, 2005 and the second London Business Day prior to the commencement of the second and each subsequent Interest Period. 
  
 “London Business Day” means any Business Day on which dealings in deposits in United States Dollars are
transacted in the London interbank market. 
  
 “Maximum
Subordination Amount of Class B Notes” means, for the Class A(2005-4) Notes for any date of determination, an amount equal to the product of (a) Adjusted Outstanding Dollar Principal Amount of the Class A(2005-4) Notes on such date of
determination and (b) the percentage equivalent of a fraction, the numerator of which is 10 and the denominator of which is 81.25. 
  
 “Note Interest Rate” means a rate per annum equal to 0.00% in excess of LIBOR as determined by the Calculation Agent on the related LIBOR
Determination Date with respect to each Interest Period. 
  
 “Paying Agent” means The Bank of New York. 
  

 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 August 2008 Distribution Date and each Distribution Date thereafter, the percentage equivalent of a fraction the numerator of which is the sum of the Excess Spread Percentages with respect to the
immediately preceding three Monthly Periods and the denominator of which is three. 
  
 “Record Date” means, for any Distribution Date, the last Business Day of the preceding Monthly Period. 
  
 “Reference Banks” means four major banks in the London interbank market selected by the Beneficiary. 
  
 “Required Accumulation Reserve sub-Account Amount” means,
with respect to any Monthly Period during the Accumulation Reserve Funding Period, an amount equal to (i) 0.5% of the Outstanding Dollar Principal Amount of the Class A(2005-4) Notes as of the close of business on the last day of the preceding
Monthly Period or (ii) any other amount designated by the Issuer; provided, however, that if such designation is of a lesser amount, the Note Rating Agencies shall have provided prior written confirmation that a Ratings Effect will not
occur with respect to such change. 
  
 “Required
Subordinated Amount of Class B Notes” means, for the Class A(2005-4) Notes for any date of determination, an amount equal to the product of (a) the Required Subordinated Percentage of Class B Notes for such Class A(2005-4) Notes on such
date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2005-4) Notes on such date of determination; provided, however, that such an amount shall not exceed the 

  

 5 

 
Maximum Subordination Amount of Class B Notes for the Class A(2005-4) Notes; provided further, however, that for any date of
determination on or after the occurrence and during the continuation of a Class A(2005-4) Adverse Event, the Required Subordinated Amount of Class B Notes for the Class A(2005-4) Notes will be the greater of (x) the amount determined above for such
date of determination and (y) the amount determined above for the date immediately prior to the date on which such Class A(2005-4) Adverse Event shall have occurred. 
  
 “Required Subordinated Amount of Class C Notes” means, for the Class A(2005-4) Notes for any date of
determination, an amount equal to the product of (a) the Required Subordinated Percentage of Class C Notes for such Class A(2005-4) Notes on such date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2005-4)
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(2005-4) Notes will not be less than an amount
equal to (i) 3.0% of the Initial Dollar Principal Amount of the Class A(2005-4) Notes, minus (ii) the Required Subordinated Amount of Class D Notes for the Class A(2005-4) Notes; provided further, however, that for any
date of determination on or after the occurrence and during the continuation of a Class A(2005-4) Adverse Event, the Required Subordinated Amount of Class C Notes for the Class A(2005-4) Notes will be the greater of (x) the amount determined above
for such date of determination, (y) the amount determined above for the date immediately prior to the date on which such Class A(2005-4) Adverse Event shall have occurred and (z) unless (i) the Prefunding Target Amount for any Tranche of Card Series
Notes on such date of determination is greater than zero or (ii) any prefunded amounts are on deposit in a Principal Funding sub-Account on such date of determination for any Tranche of Card Series Notes, the amount determined pursuant to the
preceding proviso. 
  
 “Required Subordinated Amount of
Class D Notes” means, for the Class A(2005-4) Notes for any date of determination, an amount equal to the product of (a) the Required Subordinated Percentage of Class D Notes for such Class A(2005-4) Notes on such date of determination and
(b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2005-4) Notes on such date of determination; provided, however, that for any date of determination, unless (i) the Prefunding Target Amount for any Tranche of Card
Series Notes on such date of determination is greater than zero or (ii) any prefunded amounts are on deposit in a Principal Funding sub-Account on such date of determination for any Tranche of Card Series Notes, the Required Subordinated Amount of
Class D Notes for the Class A(2005-4) Notes will not be less than an amount equal to 1.8462% of the Initial Dollar Principal Amount of the Class A(2005-4) Notes, provided further, however, that for any date of determination on
or after the occurrence and during the continuation of a Class A(2005-4) Adverse Event, the Required Subordinated Amount of Class D Notes for the Class A(2005-4) Notes will be the greatest of (x) the amount determined above for such date of
determination, (y) the amount determined above for the date immediately prior to the date on which such Class A(2005-4) 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.

  

 6 

 “Required Subordinated Percentage of Class B Notes” means, for the Class A(2005-4)
Notes, 12.3077%, subject to adjustment in accordance with Section 2.02. 
  
 “Required Subordinated Percentage of Class C Notes” means, for the Class A(2005-4) Notes, 8.9231%, subject to adjustment in accordance with Section 2.02. 
  
 “Required Subordinated Percentage of Class D Notes” means,
for the Class A(2005-4) Notes, 1.8462%, subject to adjustment in accordance with Section 2.02. 
  
 “Stated Principal Amount” means $300,000,000. 
  
 “Telerate Page 3750” means the display page currently so designated on the Moneyline Telerate Service (or such other page as may replace
that page on that service for the purpose of displaying comparable rates or prices). 
  
 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(2005-4) Notes 
  
 Section 2.01. Creation and Designation. There is hereby created a tranche of Card Series Class A Notes to be issued pursuant to the Indenture, the
Asset Pool 1 Supplement and the Indenture Supplement to be known as the “Card Series Class A(2005-4) Notes.” 
  
 Section 2.02. Adjustments to Required Subordinated Percentages. 
  
 (a) On any date, the Issuer may change the Required Subordinated Percentage of Class B Notes or the Required Subordinated
Percentage of Class C Notes, in each case for the Class A(2005-4) Notes, without the consent of any Noteholders or any Note Rating Agencies, provided that, after giving effect to such change, (x) the sum of the Required Subordination Percentage of
Class B Notes and the Required Subordinated Percentage of Class C Notes, in each case, for the Class A(2005-4) Notes after giving effect to such change is equal to or greater than the sum of the Required Subordination Percentage of Class B Notes and
the Required Subordinated Percentage of Class C Notes, in each case, for the Class A(2005-4) Notes immediately prior to giving effect to such change and (y) the Required Subordinated Amount of Class B Notes for the Class A(2005-4) Notes does not
exceed the Maximum Subordinated Amount of Class B Notes. 
  
 (b)
On any date, the Issuer may change the Required Subordinated Percentage of Class B Notes, the Required Subordinated Percentage of Class C Notes or the Required Subordinated Percentage of Class D Notes, in each case for the Class A(2005-4) Notes,
such that after giving effect to all changes to such percentages on such date the sum of the Required Subordination Percentage of Class B Notes, the Required Subordinated Percentage of Class C Notes and the Required Subordinated Amount of Class D
Notes, in each case, for the Class A(2005-4) Notes after giving effect to such change is less than the sum of the Required Subordination Percentage of Class B Notes, the Required Subordinated Percentage of Class C Notes and the Required Subordinated
Amount of Class D Notes, in each case, for the Class A(2005-4) Notes immediately prior to giving effect to such change, without the consent of any Noteholders, provided that the Issuer has (i) received written confirmation from each Note Rating
Agency that has rated any Outstanding Notes of the Card Series that the change in such percentage will not result in a Ratings Effect with respect to any Outstanding Class A(2005-4) Notes and (ii) delivered to the Indenture Trustee and the Note
Rating Agencies a Master Trust Tax Opinion for each Master Trust and an Issuer Tax Opinion. 
  
 Section 2.03. Interest Payment. 
  
 (a) For each Interest Payment Date, the amount of interest due with respect to the Class A(2005-4) Notes shall be an amount equal to the product of (i)(A) a fraction, the numerator of which is the actual number of days in the related
Interest Period and the denominator of which is 360, times (B) the Note Interest Rate in effect with respect to such related Interest Period times (ii) the Outstanding Dollar Principal Amount of the Class A(2005-4) Notes determined as
of the Record Date preceding the related Distribution Date. Any interest on the Class A(2005-4) Notes will be calculated on the basis of the actual number of days in the related Interest Period and a 360-day year. 
  

 8 

 (b) Pursuant to Section 3.03 of the Indenture Supplement, on each Distribution Date, the Indenture
Trustee shall deposit into the Class A(2005-4) Interest Funding sub-Account the portion of Card Series Finance Charge Amounts allocable to the Class A(2005-4) Notes. 
  
 Section 2.04. Calculation Agent; Determination of LIBOR. 
  
 (a) The Issuer hereby agrees that for so long as any Class A(2005-4) Notes
are Outstanding, there shall at all times be an agent appointed to calculate LIBOR for each Interest Period (the “Calculation Agent”). The Issuer hereby initially appoints the Indenture Trustee as the Calculation Agent for purposes
of determining LIBOR for each Interest Period. The Calculation Agent may be removed by the Issuer at any time. If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuer, or if the Calculation Agent fails to determine
LIBOR for an Interest Period, the Issuer shall promptly appoint a replacement Calculation Agent that does not control or is not controlled by or under common control with the Issuer or its Affiliates. The Calculation Agent may not resign its duties,
and the Issuer may not remove the Calculation Agent, without a successor having been duly appointed. 
  
 (b) On each LIBOR Determination Date, the Calculation Agent shall determine LIBOR on the basis of the rate for deposits in United States dollars for a
one-month period which appears on Telerate Page 3750 as of 11:00 a.m., London time, on such date. If such rate does not appear on Telerate Page 3750, the rate for that LIBOR Determination Date shall be determined on the basis of the rates at which
deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a one-month period. The Calculation Agent shall request the principal London
office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date shall be the arithmetic mean of the quotations. If fewer than two quotations are
provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by four major banks in New York City, selected by the Beneficiary, at approximately 11:00 a.m., New York City time, on that day for
loans in United States dollars to leading European banks for a one-month period. 
  
 (c) The Note Interest Rate applicable to the then current and the immediately preceding Interest Periods may be obtained by telephoning the Indenture Trustee at its corporate trust office at (212) 815-3247 or such
other telephone number as shall be designated by the Indenture Trustee for such purpose by prior written notice by the Indenture Trustee to each Noteholder from time to time. 
  
 (d) On each LIBOR Determination Date, the Calculation Agent shall send to the Indenture Trustee, the Issuer, the Beneficiary
and the Servicer, by facsimile transmission or electronic transmission, notification of LIBOR for the following Interest Period. 
  
 Section 2.05. Payments of Interest and Principal. 
  
 (a) Any installment of interest or principal, if any, payable on any Class A(2005-4) Note which is punctually paid or duly provided for by the Issuer and
the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to the Person in whose name such Class A(2005-4) Note (or one or more Predecessor Notes) is registered on the Record Date, by
wire transfer of immediately available funds to such Person’s 

  

 9 

 
account as has been designated by written instructions received by the Paying Agent from such Person not later than the close of business on the third
Business Day preceding the date of payment or, if no such account has been so designated, by check mailed first-class, postage prepaid to such Person’s address as it appears on the Note Register on such Record Date, except that with respect to
Notes registered on the Record Date in the name of the nominee of Cede & Co., payment shall be made by wire transfer in immediately available funds to the account designated by such nominee. 
  
 (b) The right of the Class A(2005-4) Noteholders to receive payments from the
Issuer will terminate on the first Business Day following the Class A(2005-4) Termination Date. 
  
 Section 2.06. Form of Delivery of Class A(2005-4) Notes; Depository; Denominations. 
  
 (a) The Class A(2005-4) Notes shall be delivered in the form of a global Registered Note as provided in Sections 202
and 301(i) of the Indenture, respectively. 
  
 (b) The
Depository for the Class A(2005-4) Notes shall be The Depository Trust Company, and the Class A(2005-4) Notes shall initially be registered in the name of Cede & Co., its nominee. 
  
 (c) The Class A(2005-4) Notes will be issued in minimum denominations of $5,000 and integral multiples of $1,000 in excess
of that amount. 
  
 Section 2.07. Delivery and Payment for the
Class A(2005-4) Notes. The Issuer shall execute and deliver the Class A(2005-4) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2005-4) 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. [Reserved]. 
  
 [END OF ARTICLE II] 
  

 10 

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

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

	Name:	 	Michele H.Y. Voon
	Title:	 	Attorney-In-Fact
	
	THE BANK OF NEW YORK, as Indenture Trustee and not in its individual capacity
		
	By:	 	 /s/ Ryan Bittner

	Name:	 	Ryan Bittner
	Title:	 	Assistant Treasurer

  
 [Signature Page
to the Class A(2005-4) Terms Document]

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