Document:

WAIVER AND RELEASE

 Exhibit 10.36 
 WAIVER AND RELEASE, dated as of October 23, 2006 (this “Waiver and Release”), to (i) the Credit Agreement, dated as of May 9, 2005 (as amended by the First Amendment to Credit
Agreement, dated as of October 21, 2005, the Second Amendment to Credit Agreement, dated as of December 28, 2005, and the Third Amendment to the Credit Agreement, dated as of April 3, 2006, and as may be further amended, supplemented
or modified from time to time, the “Credit Agreement”), among KADANT INC. (the “Borrower”), the Foreign Subsidiary Borrowers from time to time parties thereto, the several Lenders from time to time parties thereto
and JPMORGAN CHASE BANK, N.A., as Administrative Agent (the “Administrative Agent”) and (ii) the Guarantee and Pledge Agreement, dated as of May 9, 2005 (as amended, supplemented or modified from time to time, the
“Guarantee and Pledge Agreement”), made by the Borrower and certain of its Subsidiaries in favor of the Administrative Agent for the benefit of Lenders. 
 W I T N E S S E T H : 
 WHEREAS, the Borrower, certain Subsidiaries, the Required Lenders and the
Administrative Agent are parties to the Credit Agreement, the Guarantee and Pledge Agreement and other Loan Documents; 
 WHEREAS, the
Borrower wishes to complete an internal restructuring transaction, as described and detailed in the outlined steps as attached as Exhibit A hereto (the “Johnson Restructuring”); 
 WHEREAS, pursuant to the Guarantee and Collateral Agreement and the other Loan Documents, the Grantors granted to the Administrative Agent for the
benefit of the Lenders security interests in the Collateral listed in Exhibit B hereto as collateral security for the Obligations (the “Security Interests”); 
 WHEREAS, the Borrower has requested that (i) the Required Lenders and the Administrative Agent waive any noncompliance by the Borrower or any
Subsidiary with the provisions of the Credit Agreement and other Loan Documents to the extent that any steps or portion of the Johnson Restructuring result in a breach of any provisions of the Credit Agreement and (ii) the Required Lenders and
the Administrative Agent agree to release the Security Interest; 
 WHEREAS, the Required Lenders and the Administrative Agent have consented
to the requested waivers and release on and subject to the terms and conditions as set forth herein; 
 NOW THEREFORE, in consideration of
the premises and the mutual covenants herein contained, the parties hereto hereby agree as follows: 
 1. Defined Terms. Unless
otherwise defined herein, terms which are defined in the Credit Agreement and the Guarantee and Pledge Agreement and used herein (and in the recitals hereto) as defined terms are so used as so defined. 
 2. General Waiver. The Required Lenders and the Administrative Agent hereby (i) agree and consent to the Borrower and its Subsidiaries
consummation of the Johnson Restructuring and (ii) waive any non-compliance by the Borrower or any of its Subsidiaries with 

 
the provisions of the Credit Agreement and any other Loan Document to the extent that any steps or portion of the Johnson Restructuring result in a breach of
any provisions of the Credit Agreement or any Loan Document. 
 3. Release of Security Interest. (a) Subject to paragraph (b),
the Required Lenders and the Administrative Agent confirms that the Security Interests may be released by the Administrative Agent after receipt of a request from the Borrower. 
 (b) In the event that the Johnson Restructuring is not fully completed by December 31, 2007, the Borrower and each of the Loan Parties shall be
required to comply with Section 6.9 of the Credit Agreement and Section 9.14 of the Guarantee and Pledge Agreement with respect to any Domestic Subsidiary that has acquired, owned or holds the Capital Stock of any “first tier”
foreign subsidiary on such date. 
 4. Further Assurances. The Required Lenders authorize and direct the Administrative Agent to take
any action as may be required to be undertaken pursuant to Sections 3 and 4 herein, including but not limited to, the delivery and execution of terminations or releases of Grantors from the Loan Documents, the release of Collateral or Liens, filing
of the termination of UCC financing statements, or return of Pledged Securities, in each case in the manner as set forth in Section 9.15(b) of the Guarantee and Pledge Agreement without regard for any period of prior notice required by the said
proviso so long as the notice received is reasonably acceptable to the Administrative Agent. 
 5. Continuing Effect; No Other Waivers and
Release. The waiver and release provided for herein is limited to the waiver as specified in Section 2 herein and the release as specified in Section 3 herein and shall not constitute a consent, waiver, release or amendment of, or an
indication of the Administrative Agent’s or the Required Lenders’ willingness to consent to any action requiring consent or release under any other provisions of the Credit Agreement, the Guarantee and Pledge Agreement or any other Loan
Document for any other date or time period. 
 6. Representations and Warranties. On and as of the date hereof, the Borrower hereby
confirms, reaffirms and restates the representations and warranties set forth in Section 4 of the Credit Agreement mutatis mutandis, except to the extent that such representations and warranties expressly relate to a specific earlier
date in which case the Borrower hereby confirms, reaffirms and restates such representations and warranties as of such earlier date. 
 7.
Conditions Precedent to Effectiveness. This Waiver and Release shall become effective on the date on which the Administrative Agent shall have received counterparts hereof duly executed and delivered by the Borrower and the Required Lenders.

 8. Expenses. The Borrower agrees to promptly pay and/or reimburse the Administrative Agent for its invoiced out-of-pocket expenses
in connection with this Waiver and Release (including the reasonable fees, charges and disbursements of Simpson Thacher & Bartlett LLP, counsel for the Administrative Agent). 
  

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 9. Counterparts. This Waiver and Release may be executed in any number of counterparts by the
parties hereto (including by facsimile transmission), each of which counterparts when so executed shall be an original, but all the counterparts shall together constitute one and the same instrument. 
 10. GOVERNING LAW. THIS WAIVER AND RELEASE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 3 

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

					
	KADANT INC.,
	as Borrower
		
	By:	 	 /s/ Thomas M. O’Brien

	Name:	 	Thomas M. O’Brien	 	
	Title:	 	 Executive Vice President and Chief
 Financial Officer

  

					
	JPMORGAN CHASE BANK, N.A.,
	as Administrative Agent and as a Lender
		
	By:	 	 /s/ Peter M. Killea

	Name:	 	Peter M. Killea
	Title:	 	Vice President

 [Signature Page to the Johnson Restructuring Waiver and Release] 

					
	 Bank of China, New York Branch

	 as a Lender

		
	 By:
	 	 /s/ William W. Smith

	Name:	 	William W. Smith
	Title:	 	Deputy General Manager

 [Signature Page to the Johnson Restructuring Waiver and Release] 

					
	Barclays Bank PLC,
	 as a Lender

		
	 By:
	 	 /s/ Vincent Muldoon

	Name:	 	Vincent Muldoon
	Title:	 	Director – North America

 [Signature Page to the Johnson Restructuring Waiver and Release] 

			
	Citizens Bank of Massachusetts,
	 as a Lender

		
	 By:
	 	 /s/ William E. Lingard

	Name:	 	William E. Lingard
	Title:	 	Senior Vice President

 [Signature Page to the Johnson Restructuring Waiver and Release] 

					
	National City Bank,
	as a Lender
		
	By:	 	 /s/ Heather M. McIntyre

	Name:	 	Heather M. McIntyre
	Title:	 	Vice President

 [Signature Page to the Johnson Restructuring Waiver and Release] 

					
	LE Credit Lyonnais
	as a Lender
		
	By:	 	 /s/ Arnaud de Bantel

	Name:	 	Arnaud de Bantel
	Title:	 	Directeur Régional Entreprises
		 	 Champagne Ardenne
 25, rue
Carnot – 51100 REIMS

		 

 [Signature Page to the Johnson Restructuring Waiver and Release] 

 EXHIBIT A 
 KADANT INTERNAL RESTRUCTURING DETAILED TRANSACTION STEP PLAN 
 [TO BE ATTACHED.] 

 EXHIBIT B 
 SECURITY INTERESTS TO BE RELEASED 
  

	1.	The stock of Kadant (Gibraltar) Limited, pledged to the Administrative Agent for the benefit of Lenders by Kadant International Holdings Inc.; 

  

	2.	The stock of Kadant Johnson Canada Inc., pledged to the Administrative Agent for the benefit of Lenders by Kadant Johnson Inc.; 

  

	3.	The stock of Kadant Johnson Europe B.V., pledged to the Administrative Agent for the benefit of Lenders by Kadant Johnson Inc.; 

  

	4.	The stock of Tengzhou Feixuan Rotary Joint Manufacturing Co., Ltd., pledged to the Administrative Agent for the benefit of Lenders by Kadant Johnson China-TZ Holding Inc.;

  

	5.	The stock of Kadant Johnson China Technology Company Ltd., pledged to the Administrative Agent for the benefit of Lenders by Kadant Johnson China-WX Holding Inc.;

  

	6.	Kadant Johnson China-TZ Holding Inc. as Grantor under the Guarantee and Pledge Agreement.; and 

  

	7.	Kadant Johnson China-WX Holding Inc. as Grantor under the Guarantee and Pledge Agreement.Exhibit 4.1

 EXECUTION COPY 
  

 CAPITAL ONE MULTI-ASSET EXECUTION TRUST 
 as Issuer 
 and 
 THE BANK OF NEW YORK 
 as Indenture Trustee 
 CLASS A(2007-2) TERMS DOCUMENT 
 dated
as of February 27, 2007 
 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, as amended and restated as of January 13, 2006 
  

 TABLE OF CONTENTS 
 ARTICLE I 
 Definitions and Other Provisions of General Application 
  

					
	 	  	Page
	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(2007-2) Notes
	  	
			
	Section 2.01.	 	Creation and Designation	  	8
			
	 Section 2.02.
	 	Adjustments to Required Subordinated Percentages	  	8
			
	 Section 2.03.
	 	Interest Payment	  	8
			
	 Section 2.04.
	 	Calculation Agent; Determination of LIBOR	  	9
			
	 Section 2.05.
	 	Payments of Interest and Principal	  	10
			
	 Section 2.06.
	 	Form of Delivery of Class A(2007-2) Notes; Depository; Denominations	  	10
			
	 Section 2.07.
	 	Delivery and Payment for the Class A(2007-2) Notes	  	10
			
	 Section 2.08.
	 	Targeted Deposits to the Accumulation Reserve Account	  	10
			
	 Section 2.09.
	 	[Reserved]	  	10

  

 -i- 

 Exhibit 4.1 
 THIS CLASS A(2007-2) TERMS DOCUMENT (this “Terms Document”), by and between CAPITAL ONE MULTI-ASSET EXECUTION TRUST, a statutory trust created under the laws of the State of Delaware (the
“Issuer”), having its principal office at E. A. Delle Donne Corporate Center, Montgomery Building, 1011 Centre Road, Wilmington, DE 19805 and THE BANK OF NEW YORK, a New York banking corporation, as Indenture Trustee (the
“Indenture Trustee”), is made and entered into as of February 27, 2007. 
 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(2007-2) Notes and no other Tranche of Notes issued by the Issuer; and 

	 	

  

 1 

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

 “Accumulation Period Amount” means $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(2007-2) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (ii) the Monthly Period following the
first Distribution Date following and including the January 2015 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(2007-2) Notes pursuant to Section 3.10(b) of the Indenture Supplement,
(iii) the Monthly Period following the first Distribution Date following and including the July 2015 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(2007-2) Notes pursuant to
Section 3.10(b) of the Indenture Supplement, and (iv) the Monthly Period following the first Distribution Date following and including the September 2015 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(2007-2) Notes pursuant to Section 3.10(b) of the Indenture Supplement and (y) ending on the close of business on the last day of the Monthly Period preceding the earlier to occur of (i) the Expected
Principal Payment Date for the Class A(2007-2) Notes and (ii) the date on which the Class A(2007-2) Notes are paid in full. 
 “Asset Pool 1 Supplement” means the Asset Pool 1 Supplement dated as of October 9, 2002, by and between the Issuer and the Indenture Trustee, as amended and supplemented from time to time. 
 “Base Rate” means, with respect to any Monthly Period, the sum of (a) the Card Series Servicing Fee Percentage and (b) the
weighted average (based on the Outstanding Dollar Principal Amount of the related Card Series Notes) of the following: 
 (i)
in the case of a Tranche of Card Series Dollar Interest-bearing Notes with no Derivative Agreement for interest, the rate of interest applicable to such Tranche for the period from and including the Monthly Interest Accrual Date for such Tranche of
Card Series Dollar Interest-bearing Notes in such Monthly 

  

 2 

 
Period to but excluding the Monthly Interest Accrual Date for such Tranche of Card Series Dollar Interest-bearing Notes in the following Monthly Period;

 (ii) in the case of a Tranche of Card Series Discount Notes, the rate of accretion (converted to an accrual rate) of such
Tranche for the period from and including the Monthly Interest Accrual Date for such Tranche of Card Series Discount Notes in such Monthly Period to but excluding the Monthly Interest Accrual Date for such Tranche of Card Series Discount Notes in
the following Monthly Period; 
 (iii) in the case of a Tranche of Card Series Notes with a Performing Derivative Agreement
for interest, the rate at which payments by the Issuer to the applicable Derivative Counterparty accrue (prior to the netting of such payments, if applicable) for the period from and including the Monthly Interest Accrual Date for such Tranche of
Card Series Notes in such Monthly Period to but excluding the Monthly Interest Accrual Date for such Tranche of Card Series Notes in the following Monthly Period; provided, however, that in the case of a Tranche of Card Series Notes with a
Performing Derivative Agreement for interest in which the rating on such Tranche of Card Series Notes is not dependant upon the rating of the applicable Derivative Counterparty, the amount determined pursuant to this clause (iii) will be the
higher of (1) the rate determined pursuant to this clause (iii) above and (2) the rate of interest applicable to such Tranche for the period from and including the Monthly Interest Accrual Date for such Tranche of Card Series Notes in
such Monthly Period to but excluding the Monthly Interest Accrual Date for such Tranche of Card Series Notes in the following Monthly Period; and 
 (iv) in the case of a tranche of Card Series Notes with a non-Performing Derivative Agreement for interest, the rate specified for that date in the related Terms Document. 
 “Calculation Agent” is defined in Section 2.04(a). 
 “Class A(2007-2) Adverse Event” means the occurrence of any of the following: (a) an Early Redemption Event with respect to the Class A(2007-2) Notes or (b) an Event of Default and
acceleration of the Class A(2007-2) Notes. 
 “Class A(2007-2) Note” means any Note, substantially in the form set forth in
Exhibit A-2 to the Indenture Supplement, designated therein as a Class A(2007-2) Note and duly executed and authenticated in accordance with the Indenture. 
 “Class A(2007-2) Noteholder” means a Person in whose name a Class A(2007-2) Note is registered in the Note Register. 
 “Class A(2007-2) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2007-2) Notes is paid in full,
(b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to Article VI thereof. 
  

 3 

 “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 February 15, 2017. 
 “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 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 February 2007, 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 February 27, 2007. 
 “Legal Maturity Date” means December 16, 2019. 
 “LIBOR” means, for
any Interest Period, the London interbank offered rate for one-month United States dollar deposits determined by the Calculation Agent on the LIBOR Determination Date for such Interest Period in accordance with the provisions of
Section 2.04. 
 “LIBOR Determination Date” means February 23, 2007 for the period from and including the
Issuance Date to but excluding March 15, 2007 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(2007-2) Notes for any date of determination, an amount equal to
the product of (a)
 Adjusted Outstanding Dollar Principal Amount of the Class A(2007-2) Notes on such date of determination and (b) the
percentage equivalent of a fraction, the numerator of which is 10 and the denominator of which is 83.00. 
  

 4 

 “Note Interest Rate” means a rate per annum equal to 0.08% 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. 
 “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 January 2015 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(2007-2) Notes as of the 

  

 5 

 
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(2007-2) Notes for any date of determination, an amount equal to
the product of (a) the Required Subordinated Percentage of Class B Notes for such Class A(2007-2) Notes on such date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2007-2) Notes on such date of
determination; provided, however, that such an amount shall not exceed the Maximum Subordination Amount of Class B Notes for the Class A(2007-2) Notes; provided further, however, that for any date of determination on or
after the occurrence and during the continuation of a Class A(2007-2) Adverse Event, the Required Subordinated Amount of Class B Notes for the Class A(2007-2) Notes will be the greater of (x) the amount determined above for such date of
determination and (y) the amount determined above for the date immediately prior to the date on which such Class A(2007-2) Adverse Event shall have occurred. 
 “Required Subordinated Amount of Class C Notes” means, for the Class A(2007-2) Notes for any date of determination, an amount equal to the product of (a) the Required Subordinated Percentage of
Class C Notes for such Class A(2007-2) Notes on such date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2007-2) Notes on such date of determination; provided, however, that for any date
of determination, unless (i) the Prefunding Target Amount for any Tranche of Card Series Notes on such date of determination is greater than zero or (ii) any prefunded amounts are on deposit in a Principal Funding sub-Account on such date
of determination for any Tranche of Card Series Notes, the Required Subordinated Amount of Class C Notes for the Class A(2007-2) Notes will not be less than an amount equal to (i) 3.0% of the Initial Dollar Principal Amount of the Class
A(2007-2) Notes, minus (ii) the Required Subordinated Amount of Class D Notes for the Class A(2007-2) Notes; provided further, however, that for any date of determination on or after the occurrence and during the
continuation of a Class A(2007-2) Adverse Event, the Required Subordinated Amount of Class C Notes for the Class A(2007-2) Notes will be the greater of (x) the amount determined above for such date of determination, (y) the amount
determined above for the date immediately prior to the date on which such Class A(2007-2) Adverse Event shall have occurred and (z) unless (i) the Prefunding Target Amount for any Tranche of Card Series Notes on such date of determination
is greater than zero or (ii) any prefunded amounts are on deposit in a Principal Funding sub-Account on such date of determination for any Tranche of Card Series Notes, the amount determined pursuant to the preceding proviso. 
 “Required Subordinated Amount of Class D Notes” means, for the Class A(2007-2) Notes for any date of determination, an amount equal to
the product of (a) the Required Subordinated Percentage of Class D Notes for such Class A(2007-2) Notes on such date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2007- 2) Notes on such date of
determination; provided, however, that for any date of determination, unless (i) the Prefunding Target Amount for any Tranche of Card Series Notes on such date of determination is greater than zero or (ii) any prefunded
amounts are on deposit in a Principal Funding sub-Account on such date of determination for any Tranche of Card Series Notes, the 

  

 6 

 
Required Subordinated Amount of Class D Notes for the Class A(2007-2) Notes will not be less than an amount equal to 1.2049% of the Initial Dollar Principal
Amount of the Class A(2007-2) Notes, provided further, however, that for any date of determination on or after the occurrence and during the continuation of a Class A(2007-2) Adverse Event, the Required Subordinated Amount of Class D
Notes for the Class A(2007-2) Notes will be the greatest of (x) the amount determined above for such date of determination, (y) the amount determined above for the date immediately prior to the date on which such Class A(2007-2) Adverse
Event shall have occurred and (z) unless (i) the Prefunding Target Amount for any Tranche of Card Series Notes on such date of determination is greater than zero or (ii) any prefunded amounts are on deposit in a Principal Funding
sub-Account on such date of determination for any Tranche of Card Series Notes, the amount determined pursuant to the preceding proviso. 
 “Required Subordinated Percentage of Class B Notes” means, for the Class A(2007-2) Notes, 10.8434%, subject to adjustment in accordance with Section 2.02. 
 “Required Subordinated Percentage of Class C Notes” means, for the Class A(2007-2) Notes, 8.4338%, subject to adjustment in accordance
with Section 2.02. 
 “Required Subordinated Percentage of Class D Notes” means, for the Class A(2007-2) Notes,
1.2049%, subject to adjustment in accordance with Section 2.02. 
 “Stated Principal Amount” means $700,000,000.

 “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(2007-2) Notes 
 Section 2.01. Creation and Designation. There is hereby created a
tranche of Card Series Class A Notes to be issued pursuant to the Indenture, the Asset Pool 1 Supplement and the Indenture Supplement to be known as the “Card Series Class A(2007-2) Notes.” 
 Section 2.02. Adjustments to Required Subordinated Percentages. 
 (a) On any date, the Issuer may change the Required Subordinated Percentage of Class B Notes or the Required Subordinated Percentage of Class C Notes, in each case for the Class A(2007-2) Notes, without the consent of
any Noteholders or any Note Rating Agencies, provided that, after giving effect to such change, (x) the sum of the Required Subordinated Percentage of Class B Notes and the Required Subordinated Percentage of Class C Notes, in each case, for
the Class A(2007-2) Notes after giving effect to such change is equal to or greater than the sum of the Required Subordinated Percentage of Class B Notes and the Required Subordinated Percentage of Class C Notes, in each case, for the Class
A(2007-2) Notes immediately prior to giving effect to such change and (y) the Required Subordinated Amount of Class B Notes for the Class A(2007-2) Notes does not exceed the Maximum Subordinated Amount of Class B Notes. 
 (b) On any date, the Issuer may change the Required Subordinated Percentage of Class B Notes, the Required Subordinated Percentage of Class C Notes or
the Required Subordinated Percentage of Class D Notes, in each case for the Class A(2007-2) Notes, such that after giving effect to all changes to such percentages on such date the sum of the Required Subordinated Percentage of Class B Notes, the
Required Subordinated Percentage of Class C Notes and the Required Subordinated Amount of Class D Notes, in each case, for the Class A(2007-2) Notes after giving effect to such change is less than the sum of the Required Subordinated Percentage of
Class B Notes, the Required Subordinated Percentage of Class C Notes and the Required Subordinated Amount of Class D Notes, in each case, for the Class A(2007-2) Notes immediately prior to giving effect to such change, without the consent of any
Noteholders, provided that the Issuer has (i) received written confirmation from each Note Rating Agency that has rated any Outstanding Notes of the Card Series that the change in such percentage will not result in a Ratings Effect with respect
to any Outstanding Notes and (ii) delivered to the Indenture Trustee and the Note Rating Agencies a Master Trust Tax Opinion for each Master Trust and an Issuer Tax Opinion. 
 Section 2.03. Interest Payment. 
 (a) For each Interest Payment Date, the amount of interest due with respect to the Class A(2007-2) Notes shall be an amount equal to the product of (i)(A) a fraction, the numerator of which is the actual number of days in the related
Interest Period and the 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(2007-2) Notes
determined as of the Record Date preceding the related Distribution Date. Any interest on 

  

 8 

 
the Class A(2007-2) Notes will be calculated on the basis of the actual number of days in the related Interest Period and a 360-day year. 
 (b) Pursuant to Section 3.03 of the Indenture Supplement, on each Distribution Date, the Indenture Trustee shall deposit into the Class
A(2007-2) Interest Funding sub-Account the portion of Card Series Finance Charge Amounts allocable to the Class A(2007-2) Notes. 
 Section 2.04. Calculation Agent; Determination of LIBOR. 
 (a) The Issuer hereby agrees that for so long as any Class
A(2007-2) Notes are Outstanding, there shall at all times be an agent appointed to calculate LIBOR for each Interest Period (the “Calculation Agent”). The Issuer hereby initially appoints the Indenture Trustee as the Calculation
Agent for purposes of determining LIBOR for each Interest Period. The Calculation Agent may be removed by the Issuer at any time. If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuer, or if the Calculation Agent
fails to determine LIBOR for an Interest Period, the Issuer shall promptly appoint a replacement Calculation Agent that does not control or is not controlled by or under common control with the Issuer or its Affiliates. The Calculation Agent may not
resign its duties, and the Issuer may not remove the Calculation Agent, without a successor having been duly appointed. 
 (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 such quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted
by four major banks in New York City, selected by the Beneficiary, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a one-month period. 
 (c) The Note Interest Rate applicable to the then current and the immediately preceding Interest Periods may be obtained by telephoning the Indenture
Trustee at its corporate trust office at (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. 
  

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 Section 2.05. Payments of Interest and Principal. 
 (a) Any installment of interest or principal, if any, payable on any Class A(2007-2) Note which is punctually paid or duly provided for by the Issuer and
the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to the Person in whose name such Class A(2007-2) Note (or one or more Predecessor Notes) is registered on the Record Date, by
wire transfer of immediately available funds to such Person’s account as has been designated by written instructions received by the Paying Agent from such Person not later than the close of business on the third Business Day preceding the date
of payment or, if no such account has been so designated, by check mailed first-class, postage prepaid to such Person’s address as it appears on the Note Register on such Record Date, except that with respect to Notes registered on the Record
Date in the name of the nominee of Cede & Co., payment shall be made by wire transfer in immediately available funds to the account designated by such nominee. 
 (b) The right of the Class A(2007-2) Noteholders to receive payments from the Issuer will terminate on the first Business Day following the Class A(2007-2) Termination Date. 
 Section 2.06. Form of Delivery of Class A(2007-2) Notes; Depository; Denominations. 
 (a) The Class A(2007-2) Notes shall be delivered in the form of a global Registered Note as provided in Sections 202 and 301(i) of the
Indenture, respectively. 
 (b) The Depository for the Class A(2007-2) Notes shall be The Depository Trust Company, and the Class A(2007-2)
Notes shall initially be registered in the name of Cede & Co., its nominee. 
 (c) The Class A(2007-2) Notes will be issued in
minimum denominations of $100,000 and integral multiples of $1,000 in excess of that amount. 
 Section 2.07. Delivery and Payment
for the Class A(2007-2) Notes. The Issuer shall execute and deliver the Class A(2007-2) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2007-2) 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] 
  

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 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/ Susan Barstock

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

		
	By:	 	 /s/ Catherine Murray

	Name:	 	Catherine Murray
	Title:	 	Assistant Vice President

 [Signature Page to the Class A(2007-2) Terms Document]

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