Document:

EX-4.2.1

 Exhibit 4.2.1 
  

 
  

CAPITAL ONE MULTI-ASSET EXECUTION TRUST 

as Issuer 
 and 

THE BANK OF NEW YORK MELLON 

as Indenture Trustee 
 CLASS
A(2016-2) TERMS DOCUMENT 
 dated as of May 18, 2016 

TO 
 CARD SERIES INDENTURE
SUPPLEMENT 
 dated as of October 9, 2002, 

as amended and restated as of March 17, 2016 

TO 
 ASSET POOL 1 SUPPLEMENT

 dated as of October 9, 2002, 

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

to 
 INDENTURE 

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

and March 17, 2016 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I
	 	 Definitions and Other Provisions of General Application
	  	 	1	  
			
	 Section 1.01.
	 	 Definitions
	  	 	1	  
	 Section 1.02.
	 	 Governing Law
	  	 	7	  
	 Section 1.03.
	 	 Counterparts
	  	 	7	  
	 Section 1.04.
	 	 Ratification of Indenture, Asset Pool 1 Supplement and Indenture Supplement
	  	 	8	  
			
	 ARTICLE II
	 	 The Class A(2016-1) Notes
	  	 	9	  
			
	 Section 2.01.
	 	 Creation and Designation
	  	 	9	  
	 Section 2.02.
	 	 Adjustments to Required Subordinated Percentages
	  	 	9	  
	 Section 2.03.
	 	 Interest Payment
	  	 	9	  
	 Section 2.04.
	 	 Calculation Agent; Determination of LIBOR
	  	 	10	  
	 Section 2.05.
	 	 Payments of Interest and Principal
	  	 	11	  
	 Section 2.06.
	 	 Form of Delivery of Class A(2016-1) Notes; Depository;
Denominations
	  	 	11	  
	 Section 2.07.
	 	 Delivery and Payment for the Class A(2016-1)
Notes
	  	 	11	  
	 Section 2.08.
	 	 Targeted Deposits to the Accumulation Reserve Account
	  	 	12	  

  
 i 

 THIS CLASS A(2016-2) TERMS DOCUMENT (this “Terms Document”), by and between
CAPITAL ONE MULTI-ASSET EXECUTION TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), having its principal office at E. A. Delle Donne Corporate
Center, Montgomery Building, 1011 Centre Road, Wilmington, DE 19805 and THE BANK OF NEW YORK MELLON, a New York banking corporation, as Indenture Trustee (the “Indenture Trustee”), is made and entered into as of May 18, 2016.

 Pursuant to this Terms Document, the Issuer shall create a new tranche of Class A Notes and shall specify the principal terms
thereof. 
 ARTICLE I 

Definitions and Other Provisions of General Application 

Section 1.01. Definitions. For all purposes of this Terms Document, except as otherwise expressly provided or unless the
context otherwise requires: 
  

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

 

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

  

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

  

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

  

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

  

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

  
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	 	(7)	each capitalized term defined herein shall relate only to the Class A(2016-2) Notes and no other Tranche of Notes issued by the Issuer; and 

 

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

“Accumulation Period Amount” means $52,083,333.34; 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(2016-2) Notes pursuant to Section 3.10(b) of the
Indenture Supplement, (ii) the Monthly Period following the first Distribution Date following and including the March 2019 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(2016-2) Notes pursuant to
Section 3.10(b) of the Indenture Supplement, (iii) the Monthly Period following the first Distribution Date following and including the September 2019 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(2016-2) Notes pursuant to Section 3.10(b) of the Indenture Supplement, and (iv) the Monthly Period following the first Distribution Date following and including the
November 2019 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(2016-2) 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(2016-2) Notes and (ii) the date on which the Class A(2016-2) Notes are paid in full.

 “Asset Pool 1 Supplement” means the Asset Pool 1 Supplement dated as of October 9, 2002, as amended by the First
Amendment thereto, dated as of March 1, 2008, by and between the Issuer and the Indenture Trustee, as amended and supplemented from time to time. 

  
 2 

 “Base Rate” means, with respect to any Monthly Period, the sum of (a) the
Card Series Servicing Fee Percentage and (b) the weighted average (based on the Outstanding Dollar Principal Amount of the related Card Series Notes) of the following: 

(i) in the case of a Tranche of Card Series Dollar Interest-bearing Notes with no
Derivative Agreement for interest, the rate of interest applicable to such Tranche for the period from and including the Monthly Interest Accrual Date for such Tranche of Card Series Dollar Interest-bearing
Notes in such Monthly Period to but excluding the Monthly Interest Accrual Date for such Tranche of Card Series Dollar Interest-bearing Notes in the following Monthly Period; 

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

(iv) in the case of a tranche of Card Series Notes with a non-Performing Derivative
Agreement for interest, the rate specified for that date in the related Terms Document. 
 “Calculation Agent” is defined
in Section 2.04(a). 
 “Class A(2016-2) Adverse Event” means the occurrence of any of the following:
(a) an Early Redemption Event with respect to the Class A(2016-2) Notes or (b) an Event of Default and acceleration of the Class A(2016-2) Notes. 

“Class A(2016-2) Note” means any Note, substantially in the form set forth in Exhibit
A-2 to the Indenture Supplement, designated therein as a Class A(2016-2) Note and duly executed and authenticated in accordance with the Indenture. 

“Class A(2016-2) Noteholder” means a Person in whose name a Class A(2016-2) Note is registered in the Note Register. 

  
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 “Class A(2016-2) Termination Date” means the earliest to occur of (a) the
Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2016-2) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to Article
VI thereof. 
 “Excess Spread Percentage” shall mean, with respect to any Distribution Date, the amount, if any, by
which the Portfolio Yield for the preceding Monthly Period exceeds the Base Rate for such Monthly Period. 
 “Expected Principal
Payment Date” means April 15, 2021. 
 “Initial Dollar Principal Amount” means $625,000,000. 

“Indenture” means the Indenture dated as of October 9, 2002, as amended and restated as of January 13, 2006, and
March 17, 2016, by and between the Issuer and the Indenture Trustee, as amended and supplemented from time to time. 

“Indenture Supplement” means the Card Series Indenture Supplement dated as of October 9, 2002, as amended and restated
as of March 17, 2016, 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 2016, or if such fifteenth day is not
a Business Day, the next succeeding Business Day. 
 “Interest Period” means, with respect to any Interest Payment Date,
the period from and including the previous Interest Payment Date (or in the case of the initial Interest Payment Date, from and including the Issuance Date) through the day preceding such Interest Payment Date. 

“Issuance Date” means May 18, 2016. 

“Legal Maturity Date” means February 15, 2024. 

“LIBOR” means, for any Interest Period, the London interbank offered rate for one-month United States dollar deposits
determined by the Calculation Agent on the LIBOR Determination Date for such Interest Period in accordance with the provisions of Section 2.04. 

“LIBOR Determination Date” means May 16, 2016 for the period from and including the Issuance Date to but excluding
July 15, 2016, 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(2016-2) Notes for any date of
determination, an amount equal to the product of (a) Adjusted 

  
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Outstanding Dollar Principal Amount of the Class A(2016-2) Notes on such date of determination and (b) the percentage equivalent of a fraction, the numerator of which is 9 and the
denominator of which is 79.00. 
 “Note Interest Rate” means a rate per annum equal to 0.63% in excess of LIBOR as
determined by the Calculation Agent on the related LIBOR Determination Date with respect to each Interest Period; provided, that if the rate per annum equal to 0.63% in excess of LIBOR is less than 0.00%, then the Note Interest Rate for such
Interest Period will be deemed to be 0.00%. 
 “Paying Agent” means The Bank of New York Mellon. 

“Portfolio Yield” means, with respect to any Monthly Period, the annualized percentage equivalent of a fraction: 

(a) the numerator of which is equal to the sum of: 

(i) the aggregate amount of Finance Charge Amounts allocated to the Card Series with respect to such Monthly Period;
plus 
 (ii) the aggregate amount of Interest Funding sub-Account Earnings on
all Tranches of Card Series Notes for such Monthly Period; plus 
 (iii) any amounts to be treated as Card Series
Finance Charge Amounts pursuant to Sections 3.20(d) and 3.27(a) of the Indenture Supplement; minus 

(iv) the excess, if any, of (1) the sum of the PFA Prefunding Earnings Shortfall plus the PFA Accumulation Earnings
Shortfall over (2) the sum of the aggregate amount to be treated as Card Series Finance Charge Amounts for such Monthly Period pursuant to Sections 3.04(a)(ii) and 3.25(a) of the Indenture Supplement plus any other amounts
applied to cover earnings shortfalls on amounts in the Principal Funding sub-Account for any tranche of Card Series Notes for such Monthly Period; minus 

(v) the Card Series Default Amount for such Monthly Period; and 

(b) the denominator of which is the numerator used in the calculation of the Card Series Floating Allocation Percentage for such Monthly
Period. 
 “Quarterly Excess Spread Percentage” means, with respect to the March 2019 Distribution Date and each
Distribution Date thereafter, the percentage equivalent of a fraction the numerator of which is the sum of the Excess Spread Percentages with respect to the immediately preceding three Monthly Periods and the denominator of which is three. 

“Record Date” means, for any Distribution Date, the last day of the preceding Monthly Period. 

  
 5 

 “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(2016-2) Notes as of the close of business on the last day of the preceding
Monthly Period or (ii) any other amount designated by the Issuer; provided, however, that if such designation is of a lesser amount, the Note Rating Agencies shall have provided prior written confirmation that a Ratings Effect
will not occur with respect to such change. 
 “Required Subordinated Amount of Class B Notes” means, for the Class
A(2016-2) 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(2016-2) Notes on such date of determination and (b) the Adjusted Outstanding Dollar
Principal Amount of such Class A(2016-2) 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(2016-2) Notes; provided
further, however, that for any date of determination on or after the occurrence and during the continuation of a Class A(2016-2) Adverse Event, the Required Subordinated Amount of Class B Notes for the Class A(2016-2) 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(2016-2) Adverse Event shall have occurred. 

“Required Subordinated Amount of Class C Notes” means, for the Class A(2016-2) 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(2016-2) Notes on such date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2016-2)
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(2016-2) Notes will not be less than an amount equal to (i) 3.0% of the Initial Dollar Principal Amount of the Class A(2016-2) Notes, minus (ii) the Required Subordinated Amount of Class D Notes for the Class A(2016-2)
Notes; provided further, however, that for any date of determination on or after the occurrence and during the continuation of a Class A(2016-2) Adverse Event, the Required Subordinated Amount of Class C Notes for the Class
A(2016-2) 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(2016-2) 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(2016-2) Notes for any date of determination, an
amount equal to the product of (a) the Required 

  
 6 

 
Subordinated Percentage of Class D Notes for such Class A(2016-2) Notes on such date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2016-2)
Notes on such date of determination; provided, however, that for any date of determination, unless (i) the Prefunding Target Amount for any Tranche of Card Series Notes on such date of determination is greater than zero or
(ii) any prefunded amounts are on deposit in a Principal Funding sub-Account on such date of determination for any Tranche of Card Series Notes, the Required Subordinated Amount of Class D Notes for the
Class A(2016-2) Notes will not be less than an amount equal to 1.2049% of the Initial Dollar Principal Amount of the Class A(2016-2) Notes, provided further, however, that for any date of determination on or after the
occurrence and during the continuation of a Class A(2016-2) Adverse Event, the Required Subordinated Amount of Class D Notes for the Class A(2016-2) 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(2016-2) 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(2016-2) Notes, 11.3925%, subject to adjustment in accordance with Section 2.02. 
 “Required Subordinated Percentage
of Class C Notes” means, for the Class A(2016-2) Notes, 11.3925%, subject to adjustment in accordance with Section 2.02. 

“Required Subordinated Percentage of Class D Notes” means, for the Class A(2016-2) Notes, 3.7975%, subject to adjustment in
accordance with Section 2.02. 
 “Reuters Screen LIBOR01 Page” means the display page currently so designated
on the Reuters Monitor Money Rates (or such other page as may replace that page on that service, or such other service as may be nominated as the information vendor, for the purpose of displaying comparable rates or prices). 

“Stated Principal Amount” means $625,000,000. 

Section 1.02. Governing Law. THIS TERMS DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS. 
 Section 1.03. Counterparts. This Terms Document may be executed in any number of
counterparts, each of which so executed will be deemed to be an original, but all such counterparts will together constitute but one and the same instrument. 

  
 7 

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

[END OF ARTICLE I] 

  
 8 

 ARTICLE II 

The Class A(2016-2) 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(2016-2) 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(2016-2) 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(2016-2) 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(2016-2) Notes immediately prior to giving effect to such change and (y) the Required Subordinated Amount of Class B Notes for the Class A(2016-2) 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(2016-2) Notes, such that after giving effect to all changes to such percentages on such date the sum
of the Required Subordinated Percentage of Class B Notes, the Required Subordinated Percentage of Class C Notes and the Required Subordinated Percentage of Class D Notes, in each case, for the Class A(2016-2) Notes after giving effect to such
change is less than the sum of the Required Subordinated Percentage of Class B Notes, the Required Subordinated Percentage of Class C Notes and the Required Subordinated Percentage of Class D Notes, in each case, for the Class A(2016-2) 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(2016-2) 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(2016-2) Notes determined as of the Record Date preceding the related Distribution Date. Any interest on the Class A(2016-2) Notes will be calculated on the basis of the actual
number of days in the related Interest Period and a 360-day year. 

  
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 (b) Pursuant to Section 3.03 of the Indenture Supplement, on each Distribution Date,
the Indenture Trustee shall deposit into the Class A(2016-2) Interest Funding sub-Account the portion of Card Series Finance Charge Amounts allocable to the Class A(2016-2) Notes. 

Section 2.04. Calculation Agent; Determination of LIBOR. 

(a) The Issuer hereby agrees that for so long as any Class A(2016-2) Notes are Outstanding, there shall at all times be an agent appointed to
calculate LIBOR for each Interest Period (the “Calculation Agent”). The Issuer hereby initially appoints the Indenture Trustee as the Calculation Agent for purposes of determining LIBOR for each Interest Period. The Calculation
Agent may be removed by the Issuer at any time. If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuer, or if the Calculation Agent fails to determine LIBOR for an Interest Period, the Issuer shall promptly
appoint a replacement Calculation Agent that does not control or is not controlled by or under common control with the Issuer or its Affiliates. The Calculation Agent may not resign its duties, and the Issuer may not remove the Calculation Agent,
without a successor having been duly appointed. For the avoidance of doubt, Sections 703 and 707 of the Indenture shall inure to the benefit of the Calculation Agent. 

(b) On each LIBOR Determination Date, the Calculation Agent shall determine LIBOR on the basis of the rate for deposits in United States
dollars for a one-month period which appears on Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on such date. If such rate does not appear on Reuters Screen LIBOR01 Page, the rate for that LIBOR Determination Date shall be determined on
the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a one-month period. The Calculation Agent
shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date shall be the arithmetic mean of such quotations. If
fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by four major banks in New York City, selected by the Beneficiary, at approximately 11:00 a.m., New York
City time, on that day for loans in United States dollars to leading European banks for a one-month period. 
 (c) The Note Interest Rate
applicable to the then current and the immediately preceding Interest Periods may be obtained by telephoning the Indenture Trustee at its corporate trust office at (800) 254-2826 or such other telephone number as shall be designated by the
Indenture Trustee for such purpose by prior written notice by the Indenture Trustee to each Noteholder from time to time. 

  
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 (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(2016-2) 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(2016-2) 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(2016-2) Noteholders to receive payments from the Issuer will terminate on the first Business Day following the
Class A(2016-2) Termination Date. 
 Section 2.06. Form of Delivery of Class A(2016-2) Notes; Depository; Denominations.

 (a) The Class A(2016-2) 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(2016-2) Notes shall be The Depository Trust Company, and
the Class A(2016-2) Notes shall initially be registered in the name of Cede & Co., its nominee. 
 (c) The Class A(2016-2) Notes
will be issued in minimum denominations of $1,000 and integral multiples of $1,000 in excess of that amount. 

Section 2.07. Delivery and Payment for the Class A(2016-2) Notes. The Issuer shall execute and deliver the Class A(2016-2)
Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2016-2) Notes when authenticated, each in accordance with Section 303 of the Indenture. 

  
 11 

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

  
 12 

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

			
	 CAPITAL ONE MULTI-ASSET EXECUTION
TRUST,

		
	By:	 	DEUTSCHE BANK TRUST COMPANY DELAWARE, not in its individual capacity, but solely as Owner Trustee on behalf of the Trust
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 THE BANK OF NEW YORK MELLON, as Indenture Trustee and not in its individual
capacity

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Class A(2016-2) Terms
Document]EX-10.53

 EXHIBIT 10.53 

AMENDMENT NO. 1 TO 

SENIOR SECURED REVOLVING CREDIT AGREEMENT 

This AMENDMENT NO. 1 TO SENIOR SECURED REVOLVING CREDIT AGREEMENT (this “Amendment”), dated as of April 25, 2016, is
made with respect to the Senior Secured Revolving Credit Agreement, dated as of February 23, 2016 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among FS INVESTMENT
CORPORATION II, a Maryland corporation (the “Borrower”), the several banks and other financial institutions or entities from time to time party to the Credit Agreement as lenders (the “Lenders”), and ING CAPITAL
LLC, as administrative agent for the Lenders under the Credit Agreement (in such capacity, together with its successors in such capacity, the “Administrative Agent”). Capitalized terms not otherwise defined herein shall have the
meanings ascribed to them in the Credit Agreement (as amended hereby). 
 W I T N E S S
E T H: 
 WHEREAS, pursuant to the Credit Agreement, the Lenders have made certain loans and other extensions of credit
to the Borrower; and 
 WHEREAS, the Borrower, the Lenders and the Administrative Agent desire to amend certain provisions of the Credit
Agreement, and the Lenders signatory hereto and the Administrative Agent have agreed to do so on the terms and subject to the conditions contained in this Amendment. 

NOW THEREFORE, in consideration of the promises and the mutual agreements contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 SECTION I AMENDMENTS TO CREDIT
AGREEMENT 
 Effective as of the First Amendment Effective Date (as defined below), and subject to the terms and conditions set forth below,
the Credit Agreement is hereby amended as follows: 
 (a) Section 1.01 of the Credit Agreement is hereby amended by
inserting the following defined term in the appropriate alphabetical order: 
 “ ‘Amendment No. 1 Effective Date’
means April 25, 2016.” 
 (b) Section 1.01 of the Credit Agreement is hereby amended by deleting the term
“Defaulting Lender” in its entirety and replacing it with the following defined term in the appropriate alphabetical order (solely for the sake of convenience in reviewing this Amendment, the language changed in this definition of
Defaulting Lender is set forth in bold italics): 
 “ ‘Defaulting Lender’ means any Lender that has, as
reasonably determined by the Administrative Agent, (a) failed to fund any portion of its Loans or participations in Letters of Credit within three (3) Business Days of the date required to be funded by it

 
hereunder, unless, in the case of any Loans, such Lender’s failure is based on such Lender’s reasonable determination that the conditions precedent to funding such Loan under
this Agreement have not been met, such conditions have not otherwise been waived in accordance with the terms of this Agreement and such Lender has advised the Administrative Agent in writing (with reasonable detail of those conditions that have not
been satisfied) prior to the time at which such funding was to have been made, (b) notified the Borrower, the Administrative Agent, the Issuing Bank or any other Lender in writing that it does not intend to comply with any of its funding
obligations under this Agreement or has made a public statement that it does not intend to comply with its funding obligations under this Agreement (unless such writing or public statement states that such position is based on such Lender’s
determination that one or more conditions precedent to funding (which conditions precedent, together with the applicable default, if any, shall be specifically identified in such writing) cannot be satisfied), (c) failed, within three
(3) Business Days after request by the Administrative Agent to confirm in writing that it will comply with the terms of this Agreement relating to its obligations to fund prospective Loans or participations in then outstanding Letters of Credit
(provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent), (d) otherwise failed to pay over to the Administrative Agent or any
other Lender any other amount (other than a de minimis amount) required to be paid by it hereunder within three (3) Business Days of the date when due, unless the subject of a good faith dispute, or
(e) other than via an Undisclosed Administration, either (i) has been adjudicated as, or determined by any Governmental Authority having regulatory authority over such Person or its assets to be, insolvent or has a parent company that has
been adjudicated as, or determined by any Governmental Authority having regulatory authority over such Person or its assets to be, insolvent, (ii) become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator,
trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or custodian, appointed for it, or has a parent company that has become the subject of a bankruptcy or
insolvency proceeding, or has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or custodian appointed for it or
(iii) become the subject of a Bail-in Action or has a parent company that has become the subject of a Bail-in Action (unless in the case of any Lender referred to in this clause (e) the Borrower, the Administrative Agent and the
Issuing Bank shall be satisfied in the exercise of their respective reasonable discretion that such Lender intends, and has all approvals required to enable it, to continue to perform its obligations as a Lender hereunder); provided that a
Lender shall not qualify as a Defaulting Lender solely as a result of the acquisition or maintenance of an ownership interest in such Lender or its parent company, or of the exercise of control over such Lender or any Person controlling such Lender,
by a Governmental Authority or instrumentality thereof, or solely as a result of an Undisclosed Administration, so long as such ownership interest or Undisclosed Administration does not result in or provide such Lender with immunity from the
jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements
made with such Lender.” 

  
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 (c) Section 1.01 of the Credit Agreement is hereby amended by deleting the
term “High Yield Securities” in its entirety and replacing it with the following defined term in the appropriate alphabetical order (solely for the sake of convenience in reviewing this Amendment, the language changed in this definition of
High Yield Securities is set forth in bold italics): 
 “ ‘High Yield Securities’ means debt Securities
(which, for the avoidance of doubt, shall not include Capital Stock), in each case (a) issued by public or private Portfolio Companies, (b) issued pursuant to an effective registration statement or pursuant to Rule 144A under
the Securities Act (or any successor provision thereunder) and (c) that are not Cash Equivalents, Mezzanine Investments (described under clause (i) of the definition thereof) or Bank Loans.” 

(d) Section 1.01 of the Credit Agreement is hereby amended by deleting the term “Issuing Bank” in its entirety
and replacing it with the following defined term in the appropriate alphabetical order (solely for the sake of convenience in reviewing this Amendment, the language changed in this definition of Issuing Bank is set forth in bold italics): 

“ ‘Issuing Bank’ means a Lender satisfactory to the Borrower and the Administrative Agent, which
shall, upon written agreement by such Lender, be designated as an “Issuing Bank” hereunder in a manner reasonably acceptable to the Borrower and the Administrative Agent, in its capacity as the issuer of Letters of Credit
hereunder, and its successors in such capacity as provided in Section 2.04(j). For the avoidance of doubt, it is acknowledged and agreed that as of the Amendment No. 1 Effective Date, no such Person has been designated as the Issuing
Bank hereunder.” 
 (e) Section 1.01 of the Credit Agreement is hereby amended by deleting
the term “Mezzanine Investments” in its entirety and replacing it with the following defined term in the appropriate alphabetical order (solely for the sake of convenience in reviewing this Amendment, the language changed in this
definition of Mezzanine Investments is set forth in bold italics): 
 “ ‘Mezzanine
Investments’ means (i) debt Securities (which, for the avoidance of doubt, shall not include Capital Stock but shall include convertible debt Securities (other than the “in-the-money” equity
component thereof)), in each case (a) issued by public or private Portfolio Companies, (b) issued without registration under the Securities Act, (c) not issued pursuant to Rule 144A under the Securities Act (or any successor provision
thereunder), (d) that are not Cash Equivalents and (e) contractually subordinated in right of payment to other debt of the same Portfolio Company and (ii) a debt obligation that is not a First Lien Bank Loan, Second Lien Bank Loan,
Last Out Loan, High Yield Security or a Covenant-Lite Loan.”  

  
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 (f) Section 2.17(c)(vi) of the Credit Agreement is hereby amended by adding
the phrase “subject to Section 2.19,” at the beginning thereof. 
 (g) Section 5.13 of the Credit
Agreement is hereby amended by deleting the word “and” at the end of clause (d) thereof, (ii) replacing the period at the end of clause (e) thereof with a semicolon and (iii) adding the following clauses (f) and
(g) after clause (e) thereof: 
 “(f) the portion of the Borrowing Base attributable to Eligible Portfolio Investments that
are Capital Stock (other than preferred Capital Stock) shall not exceed 50% of the Borrowing Base and the Borrowing Base shall be reduced by removing Eligible Portfolio Investments therefrom (but not from the Collateral) to the extent such portion
would otherwise exceed 50% of the Borrowing Base; and 
 (g) the portion of the Borrowing Base attributable to Eligible Portfolio Investments
held by Tax Blocker Subsidiaries plus the portion of the Borrowing Base attributable to Eligible Portfolio Investments that are Special Equity Interests shall not exceed, in the aggregate, 25% of the Borrowing Base and the Borrowing Base shall be
reduced by removing Eligible Portfolio Investments therefrom to the extent such portions would otherwise exceed 25% of the Borrowing Base.” 

SECTION II MISCELLANEOUS 
 2.1. Conditions to
Effectiveness of Amendment. This Amendment shall become effective as of the date (the “First Amendment Effective Date”) on which the Borrower has satisfied each of the following conditions precedent (unless a condition shall
have been waived in accordance with Section 9.02 of the Credit Agreement): 
 (a) Executed Counterparts. The
Administrative Agent shall have received from each party hereto either (1) a counterpart of this Amendment signed on behalf of such party or (2) written evidence satisfactory to the Administrative Agent (which may include telecopy
transmission or electronic mail of a signed signature page to this Amendment) that such party has signed a counterpart of this Amendment. 

(b) Consents. The Borrower shall have obtained and delivered to the Administrative Agent certified copies of all
consents, approvals, authorizations, registrations, or filings (other than any filing required under the Securities Exchange Act of 1934 (as amended from time to time) or the rules or regulations promulgated thereunder, including, without
limitation, any filing required on Form 8-K) required to be made or obtained by the Borrower and all guarantors in connection with this Amendment, such consents, approvals, authorizations, registrations, filings and orders shall be in full force and
effect and all applicable waiting periods shall have expired and no investigation or inquiry by any Governmental Authority regarding the Amendment or any transaction being financed with the proceeds of the Loans shall be ongoing. 

(c) No Litigation. There shall not exist any action, suit, investigation, litigation or proceeding or other legal or
regulatory developments pending or threatened in any court or before any arbitrator or Governmental Authority that relates to the Amendment or that could have a Material Adverse Effect. 

  
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 (d) Fees and Expenses. The Borrower shall have paid in full to the
Administrative Agent and the Lenders all reasonable and documented out-of-pocket fees and expenses related to this Amendment and the Credit Agreement due and owing as of the date hereof in accordance with Section 9.03(a) of the Credit
Agreement. 
 (e) Default. No Default or Event of Default shall have occurred and be continuing under the Credit
Agreement or this Amendment immediately before and after giving effect to the Amendment. 
 2.2. Representations and Warranties. To induce the other
parties hereto to enter into this Amendment, the Borrower represents and warrants to the Administrative Agent and each of the Lenders that, as of the date hereof and after giving effect to this Amendment: 

(a) This Amendment has been duly authorized, executed and delivered by the Borrower and constitutes a legal, valid and binding
obligation of the Borrower enforceable in accordance with its terms. The Credit Agreement, as amended by the Amendment, constitutes the legal, valid and binding obligation of the Borrower enforceable in accordance with its respective terms. 

(b) The representations and warranties set forth in Article III of the Credit Agreement and the representations and warranties
in each other Loan Document are true and correct in all material respects (other than any representation or warranty already qualified by materiality or Material Adverse Effect, which shall be true and correct in all respects) on and as of the date
hereof or as to any such representations and warranties that refer to a specific date, as of such specific date, with the same effect as though made on and as of the date hereof. 

2.3. Counterparts. This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract. This Amendment constitutes the entire contract between and among the parties relating to the subject matter hereof and supersedes any and all previous
agreements and understandings, oral or written, relating to the subject matter hereof. Delivery of an executed counterpart of this Amendment by telecopy or electronic mail shall be effective as delivery of a manually executed counterpart of this
Amendment. 
 2.4. Payment of Expenses. The Borrower agrees to pay and reimburse the Administrative Agent for all of its reasonable and documented
out-of-pocket costs and expenses incurred in connection with this Amendment, including, without limitation, the reasonable fees, charges and disbursements of legal counsel to the Administrative Agent. 

2.5. GOVERNING LAW. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK. 

2.6. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY
IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY 

  
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ARISING OUT OF OR RELATING TO THIS AMENDMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 2.7.
Incorporation of Certain Provisions. The provisions of Sections 9.01, 9.07, 9.09 and 9.12 of the Credit Agreement are hereby incorporated by reference mutatis mutandis as if fully set forth herein. 

2.8. Effect of Amendment. Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver
of, or otherwise affect the rights and remedies of the Lenders, the Issuing Bank, the Administrative Agent, the Collateral Agent, the Borrower or any Subsidiary Guarantor under the Credit Agreement or any other Loan Document, and, except as
expressly set forth herein, shall not alter, modify, amend or in any way affect any of the other terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and
affirmed in all respects and shall continue in full force and effect. Nothing herein shall be deemed to entitle any Person to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants
or agreements contained in the Credit Agreement or any other Loan Document in similar or different circumstances. This Amendment shall apply and be effective only with respect to the provisions amended or waived herein of the Credit Agreement. Upon
the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of similar import shall mean and be a reference to the Credit Agreement
as amended by this Amendment and each reference in any other Loan Document shall mean the Credit Agreement as amended hereby. This Amendment shall constitute a Loan Document. 

2.9. Consent and Affirmation. Without limiting the generality of the foregoing, by its execution hereof, the Borrower hereby, as of the date hereof,
(i) consents to this Amendment and the transactions contemplated hereby, (ii) agrees that the Guarantee and Security Agreement and each of the other Security Documents is in full force and effect, (iii) affirms its obligations under
the Guarantee and Security Agreement and confirms its grant of a security interest in its assets as Collateral for the Secured Obligations (as defined in the Guarantee and Security Agreement), and (iv) acknowledges and affirms that such grant
is in full force and effect in respect of, and to secure, the Secured Obligations (as defined in the Guarantee and Security Agreement). 
 2.10.
Release. The Borrower hereby acknowledges and agrees that: (a) neither it nor any of its Affiliates has any claim or cause of action against the Administrative Agent, the Collateral Agent, the Issuing Bank or any Lender (or any of their
respective Affiliates, officers, directors, employees, attorneys, consultants or agents) including, but not limited to, under the Credit Agreement and the other Loan Documents (and each other document entered into in connection therewith), and
(b) the Administrative Agent, the Collateral Agent, the Issuing Bank and each 

  
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Lender has heretofore properly performed and satisfied in a timely manner all of its respective obligations to the Obligors and their Affiliates under the Credit Agreement and the other Loan
Documents (and each other document entered into in connection therewith) that are required to have been performed on or prior to the date hereof. Accordingly, for and in consideration of the agreements contained in this Amendment and other good and
valuable consideration, the Borrower (for itself and its Affiliates and the successors, assigns, heirs and representatives of each of the foregoing) (collectively, the “Releasors”) does hereby fully, finally, unconditionally and
irrevocably release and forever discharge the Administrative Agent, the Collateral Agent, the Issuing Bank, each Lender and each of their respective Affiliates, officers, directors, employees, attorneys, consultants and agents (collectively, the
“Released Parties”) from any and all debts, claims, obligations, damages, costs, attorneys’ fees, suits, demands, liabilities, actions, proceedings and causes of action, in each case, whether known or unknown, contingent or
fixed, direct or indirect, and of whatever nature or description, and whether in law or in equity, under contract, tort, statute or otherwise, which any Releasor has heretofore had or now or hereafter can, shall or may have against any Released
Party by reason of any act, omission or thing whatsoever done or omitted to be done on or prior to the date hereof directly arising out of, connected with or related to this Amendment, the Credit Agreement or any other Loan Document (or any other
document entered into in connection therewith), or any act, event or transaction related or attendant thereto, or the agreements of the Administrative Agent, the Collateral Agent, the Issuing Bank or any Lender contained therein, or the possession,
use, operation or control of any of the assets of the Borrower, or the making of any Loans or other advances, or the management of such Loans or advances or the Collateral. 

[Signature pages follow] 

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

			
	 FS INVESTMENT CORPORATION II,
 as
Borrower

		
	By:	 	 /s/ Gerald F. Stahlecker

	Name: Gerald F. Stahlecker
	Title: Executive Vice President

 [Signature Page
to Amendment No. 1 to Senior Secured Revolving Credit Agreement] 

 
			
	ING CAPITAL LLC, as Administrative Agent
		
	By: 	 	 /s/ Patrick Frisch

			
	Name: Patrick Frisch
	Title: Managing Director
		
	By: 	 	 /s/ Kunduck Moon

 
			
	Name:	 	Kunduck Moon
	Title: Managing Director

 [Signature Page to Amendment No. 1 to Senior Secured Revolving Credit Agreement] 

 
			
	CITIBANK, N.A., as Lender
		
	By:	 	 /s/ Erik Andersen

	Name: Erik Andersen
	Title: Vice President

 [Signature Page to Amendment No. 1 to Senior Secured Revolving Credit Agreement] 

 
			
	BARCLAYS BANK PLC, as Lender
		
	By:	 	 /s/ Christopher Aitkin

	Name: Christopher Aitkin
	Title: Assistant Vice President

 [Signature Page to Amendment No. 1 to Senior Secured Revolving Credit Agreement]

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