Document:

Class C(2004-4) Terms Document

 Exhibit 4.1 
  

EXECUTION COPY 

  
 CAPITAL ONE MULTI-ASSET EXECUTION TRUST 
  
 as Issuer 
  
 and 
  
 THE BANK OF NEW YORK 
  
 as Indenture Trustee 
  
 CLASS
C(2004-4) TERMS DOCUMENT 
  
 dated as of September 2, 2004

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

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 	  	 ARTICLE I
 Definitions and Other Provisions of General Application
	  	 
	 Section 1.01.
	  	 Definitions
	  	1
			
	 Section 1.02.
	  	 Governing Law
	  	7
			
	 Section 1.03.
	  	 Counterparts
	  	7
			
	 Section 1.04.
	  	 Ratification of Indenture, the Asset Pool 1 Supplement and Indenture Supplement
	  	7
			
	 	  	 ARTICLE II
 The Class C(2004-4) Notes
	  	 
	 Section 2.01.
	  	 Creation and Designation
	  	8
			
	 Section 2.02.
	  	 Adjustments to Required Subordinated Percentages
	  	8
			
	 Section 2.03.
	  	 Interest Payment
	  	8
			
	 Section 2.04.
	  	 Calculation Agent; Determination of LIBOR
	  	8
			
	 Section 2.05.
	  	 Payments of Interest and Principal
	  	9
			
	 Section 2.06.
	  	 Targeted Deposit to the Class C Reserve Account
	  	9
			
	 Section 2.07.
	  	 Form of Delivery of Class C(2004-4) Notes; Depository; Denominations
	  	10
			
	 Section 2.08.
	  	 Delivery and Payment for the Class C(2004-4) Notes
	  	10
			
	 Section 2.09.
	  	 Targeted Deposits to the Accumulation Reserve Account
	  	10
			
	 Section 2.10.
	  	 [Reserved]
	  	10

  

 -i- 

 THIS CLASS C(2004-4) TERMS DOCUMENT (this “Terms Document”), by and between CAPITAL ONE
MULTI-ASSET EXECUTION TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), having its principal office at E.A. Delle Donne Corporate Center, Montgomery Building, 1011 Centre Road, Wilmington, DE
19805 and THE BANK OF NEW YORK, a New York banking corporation, as Indenture Trustee (the “Indenture Trustee”), is made and entered into as of September 2, 2004. 
  
 Pursuant to this Terms Document, the Issuer shall create a new tranche of Class C Notes and shall specify the principal
terms thereof. 
  
 ARTICLE I 
  
 Definitions and Other Provisions of General Application 
  
 Section 1.01. Definitions. For all purposes of this Terms Document,
except as otherwise expressly provided or unless the context otherwise requires: 
  

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

  

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

  

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

  

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

  

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

  

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

  

 1 

	 	(7)	each capitalized term defined herein shall relate only to the Class C(2004-4) Notes and no other Tranche of Notes issued by the Issuer; and 

  

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

  
 “Accumulation Period Amount” means $12,500,000;
provided, however, if the Accumulation Period Length is determined to be less than twelve (12) months pursuant to Section 3.10(b)(ii) of the Indenture Supplement, the Accumulation Period Amount shall be the amount specified in
the definition of “Accumulation Period Amount” in the Indenture Supplement. 
  
 “Accumulation Reserve Funding Period” shall mean, (a) if the Accumulation Period Length is determined to be one (1) month, there shall be no Accumulation Reserve Funding Period and (b) otherwise, the
period (x) commencing on the earliest to occur of (i) the Monthly Period beginning three (3) calendar months prior to the first Distribution Date for which a budgeted deposit is targeted to be made into the Principal Funding sub-Account of the Class
C(2004-4) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (ii) the Monthly Period following the first Distribution Date following and including the July 2007 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 C(2004-4) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (iii) the Monthly Period following the first Distribution Date following and including the January 2008 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 C(2004-4) Notes pursuant to Section 3.10(b) of the Indenture Supplement, and (iv) the Monthly Period following the first Distribution Date following and including the March 2008
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 C(2004-4) Notes pursuant to Section 3.10(b) of the Indenture Supplement and (y) ending on the close of business on the last day of the Monthly Period
preceding the earlier to occur of (i) the Expected Principal Payment Date for the Class C(2004-4) Notes and (ii) the date on which the Class C(2004-4) Notes are paid in full. 
  
 “Aggregate Class C Unencumbered Amount” means an amount equal to (a) the Adjusted Outstanding Dollar
Principal Amount of all Class C Notes in the Card Series minus (b) the sum of the Required Subordinated Amount of Class C Notes for all Class A Notes in the Card Series plus the Unencumbered Required Subordinated Amount of Class C Notes for
all Class B Notes in the Card Series. 
  
 “Asset Pool 1
Supplement” means the Asset Pool 1 Supplement dated as of October 9, 2002, by and between the Issuer and the Indenture Trustee, as amended and supplemented from time to time. 
  

 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
C(2004-4) Adverse Event” means the occurrence of any of the following: (a) an Early Redemption Event with respect to the Class C(2004-4) Notes or (b) an Event of Default and acceleration of the Class C(2004-4) Notes. 
  
 “Class C(2004-4) Note” means any Note, substantially in the
form set forth in Exhibit A-3 to the Indenture Supplement, designated therein as a Class C(2004-4) Note and duly executed and authenticated in accordance with the Indenture. 
  

 3 

 “Class C(2004-4) Noteholder” means a Person in whose name a Class C(2004-4) Note is
registered in the Note Register. 
  
 “Class C Reserve
Account Percentage” means, (i) zero, if the Quarterly Excess Spread Percentage on such Distribution Date is greater than or equal to 4.50%, (ii) 1.25%, if the Quarterly Excess Spread Percentage on such Distribution Date is less than 4.50%
and greater than or equal to 4.00%, (iii) 2.25%, if the Quarterly Excess Spread Percentage on such Distribution Date is less than 4.00% and greater than or equal to 3.50%, (iv) 3.00%, if the Quarterly Excess Spread Percentage on such Distribution
Date is less than 3.50% and greater than or equal to 3.00%; (v) 4.50%, if the Quarterly Excess Spread Percentage on such Distribution Date is less than 3.00% and greater than or equal to 2.50%, (vi) 5.50%, if the Quarterly Excess Spread Percentage
on such Distribution Date is less than 2.50% and greater than or equal to 2.00%, and (vii) 7.25%, if the Quarterly Excess Spread Percentage on such Distribution Date is less than 2.00%. 
  
 “Class C(2004-4) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which
the Outstanding Dollar Principal Amount of the Class C(2004-4) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to Article VI thereof. 
  
 “Encumbered Required Subordinated Amount of Class D Notes”
means, for the Class C(2004-4) Notes, an amount equal to the product of (a) the aggregate Required Subordinated Amount of Class D Notes for all Class A Notes in the Card Series plus the sum of the Unencumbered Required Subordinated Amount of Class D
Notes for all Class B Notes in the Card Series and (b) the percentage equivalent of a fraction, the numerator of which is the Adjusted Outstanding Dollar Principal Amount of the Class C(2004-4) Notes and the denominator of which is the Adjusted
Outstanding Dollar Principal Amount of all Class C Notes in the Card Series. 
  
 “Excess Spread Percentage” shall mean, with respect to any Distribution Date, the amount, if any, by which the Portfolio Yield for the preceding Monthly Period exceeds the Base Rate for such Monthly
Period. 
  
 “Expected Principal Payment Date”
means August 17, 2009. 
  
 “Initial Dollar Principal
Amount” means $150,000,000. 
  
 “Indenture” means the Indenture dated as of October 9, 2002, by and between the Issuer and the Indenture Trustee, as amended and supplemented from time to time. 
  
 “Indenture Supplement” means the Card Series Indenture Supplement dated as of October 9, 2002, by and
between the Issuer and the Indenture Trustee, as amended and supplemented from time to time. 
  
 “Interest Payment Date” means the fifteenth day of each month commencing in October 2004, 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. 
  

 4 

 “Issuance Date” means September 2, 2004. 
  
 “Legal Maturity Date” means June 15, 2012. 
  
 “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 each Interest Period in accordance with the provisions of Section 2.04. 
  
 “LIBOR Determination Date” means August 31, 2004 for the
period from and including the Issuance Date to but excluding October 15, 2004 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. 
  
 “Note Interest Rate” means a rate per annum equal to 0.65% 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. 
  

 5 

 “Quarterly Excess Spread Percentage” means, (i) with respect to the October 2004
Distribution Date, the Excess Spread Percentage with respect to the immediately preceding Monthly Period, (ii) with respect to the November 2004 Distribution Date, the percentage equivalent of a fraction the numerator of which is the sum of the
Excess Spread Percentages with respect to the immediately preceding two Monthly Periods and the denominator of which is two, and (iii) with respect to the December 2004 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 C(2004-4) Notes as of the close of business on the last day of the preceding Monthly Period or (ii) any other amount designated by the Issuer;
provided, however, that if such designation is of a lesser amount, the Note Rating Agencies shall have provided prior written confirmation that a Ratings Effect will not occur with respect to such change. 
  
 “Required Subordinated Amount of Class D Notes” means, for
the Class C(2004-4) Notes, an amount equal to the sum of (a) the Unencumbered Required Subordinated Amount of Class D Notes for such Class C(2004-4) Notes and (b) the Encumbered Required Subordinated Amount of Class D Notes for such Class C(2004-4)
Notes; provided, however, that for any date of determination, unless (i) the Prefunding Target Amount for any Tranche of Card Series Notes on such date of determination is greater than zero or (ii) any prefunded amounts are on deposit
in a Principal Funding sub-Account on such date of determination for any Tranche of Card Series Notes, the Required Subordinated Amount of Class D Notes for the Class C(2004-4) Notes will not be less than an amount equal to 1.5229% of the Initial
Dollar Principal Amount of the Class C(2004-4) Notes, provided further, however, that for any date of determination on or after the occurrence and during the continuation of a Class C(2004-4) Adverse Event, the Required
Subordinated Amount of Class D Notes for the Class C(2004-4) Notes will be the greatest of (x) the amount determined above for such date of determination, (y) the amount determined above for the date immediately prior to the date on which such Class
C(2004-4) Adverse Event shall have occurred and (z) unless (i) the Prefunding Target Amount for any Tranche of Card Series Notes on such date of determination is greater than zero or (ii) any prefunded amounts are on deposit in a Principal Funding
sub-Account on such date of determination for any Tranche of Card Series Notes, the amount determined pursuant to the preceding proviso. 
  
 “Required Subordinated Percentage of Class D Notes” means, for the Class C(2004-4) Notes, 1.5229%, subject to adjustment in accordance
with Section 2.02. 
  
 “Stated Principal
Amount” means $150,000,000. 
  

 6 

 “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). 
  
 “Unencumbered Amount” means, for the Class C(2004-4) Notes, an amount equal to the product of (a) the percentage equivalent of a
fraction, the numerator of which is the Aggregate Class C Unencumbered Amount and the denominator of which is the Adjusted Outstanding Dollar Principal Amount of all Class C Notes in the Card Series and (b) the Adjusted Outstanding Dollar Principal
Amount of the Class C(2004-4) Notes. 
  
 “Unencumbered
Required Subordinated Amount of Class D Notes” means, for the Class C(2004-4) Notes, an amount equal to the product of (a) the Unencumbered Amount for the Class C(2004-4) Notes and (b) the Required Subordinated Percentage of Class D Notes
for the Class C(2004-4) Notes. 
  
 Section 1.02. Governing
Law. THIS TERMS DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS,
RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 Section 1.03. Counterparts. This Terms Document may be executed in any number of counterparts, each of which so executed will be deemed to be an original, but all such counterparts will together constitute but
one and the same instrument. 
  
 Section 1.04. Ratification of
Indenture, the Asset Pool 1 Supplement and Indenture Supplement. As supplemented by this Terms Document, each of the Indenture, the Asset Pool 1 Supplement and the Indenture Supplement is in all respects ratified and confirmed and the Indenture
as so supplemented by the Asset Pool 1 Supplement as so supplemented by the Indenture Supplement as so supplemented and this Terms Document shall be read, taken and construed as one and the same instrument. 
  
 [END OF ARTICLE I] 
  

 7 

 ARTICLE II 
  
 The Class C(2004-4) Notes 
  
 Section 2.01. Creation and Designation. There is hereby created a tranche of Card Series Class C 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 C(2004-4) Notes.” 
  
 Section 2.02. Adjustments to Required Subordinated Percentages. (a) On any date, the Issuer may increase the Required Subordinated Percentage of
Class D Notes for the Class C(2004-4) Notes without the consent of any Noteholders or the Note Rating Agencies. 
  
 (b) On any date, the Issuer may reduce the Required Subordinated Percentage of Class D Notes for the Class C(2004-4) Notes, provided that the Issuer has
(i) received written confirmation from each Note Rating Agency that has rated any Outstanding Notes of the Card Series that the change in such percentage will not result in a Ratings Effect with respect to any Outstanding Class C(2004-4) Notes and
(ii) delivered to the Indenture Trustee and the Note Rating Agencies a Master Trust Tax Opinion for each Master Trust and an Issuer Tax Opinion. 
  
 Section 2.03. Interest Payment. 
  
 (a) For each Interest Payment Date, the amount of interest due with respect to the Class C(2004-4) Notes shall be an amount equal to the product of (i)(A)
a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, times (B) the Note Interest Rate in effect with respect to the related Interest Period, times (ii) the
Outstanding Dollar Principal Amount of the Class C(2004-4) Notes determined as of the Record Date preceding the related Distribution Date. Any interest on the Class C(2004-4) 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 C(2004-4) Interest Funding sub-Account the portion of Card Series Finance Charge Amounts allocable to the Class C(2004-4)
Notes. 
  
 Section 2.04. Calculation Agent; Determination of
LIBOR. 
  
 (a) The Issuer hereby agrees that for so long as
any Class C(2004-4) Notes are Outstanding, there shall at all times be an agent appointed to calculate LIBOR for each Interest Period (the “Calculation Agent”). The Issuer hereby initially appoints the Indenture Trustee as the
Calculation Agent for purposes of determining LIBOR for each Interest Period. The Calculation Agent may be removed by the Issuer at any time. If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuer, or if the
Calculation Agent fails to determine LIBOR for an Interest Period, the Issuer shall promptly appoint a replacement Calculation Agent that does not control or is not controlled by or under common control with the Issuer or its Affiliates. The
Calculation Agent may not resign its duties, and the Issuer may not remove the Calculation Agent, without a successor having been duly appointed. 
  
 (b) On each LIBOR Determination Date, the Calculation Agent shall determine LIBOR on the basis of the rate for deposits in United States dollars for a
one-month period which 
  

 8 

 appears on Telerate Page 3750 as of 11:00 a.m., London time, on such date. If such rate does not appear on Telerate Page
3750, the rate for that LIBOR Determination Date shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the
London interbank market for a one-month period. The Calculation Agent shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR
Determination Date shall be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by four major banks in New York
City, selected by the Beneficiary, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a one-month period. 
  
 (c) The Note Interest Rate applicable to the then current and the immediately preceding Interest Periods may be obtained by
telephoning the Indenture Trustee at its corporate trust office at (212) 815-3247 or such other telephone number as shall be designated by the Indenture Trustee for such purpose by prior written notice by the Indenture Trustee to each Noteholder
from time to time. 
  
 (d) On each LIBOR Determination Date, the
Calculation Agent shall send to the Indenture Trustee, the Issuer, the Beneficiary and the Servicer, by facsimile transmission or electronic transmission, notification of LIBOR for the following Interest Period. 
  
 Section 2.05. Payments of Interest and Principal. 
  
 (a) Any installment of interest or principal, if any, payable on any Class
C(2004-4) Note which is punctually paid or duly provided for by the Issuer and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to the Person in whose name such Class C(2004-4)
Note (or one or more Predecessor Notes) is registered on the Record Date, by wire transfer of immediately available funds to such Person’s 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 C(2004-4) Noteholders to receive
payments from the Issuer will terminate on the first Business Day following the Class C(2004-4) Termination Date. 
  
 Section 2.06. Targeted Deposit to the Class C Reserve Account. The deposit targeted to be made to the Class C Reserve sub-Account for the Class
C(2004-4) Notes for any Distribution Date will be an amount equal to (i) to the product of (A) Class C Reserve Account Percentage for the related Monthly Period times (B) the sum of the Initial Outstanding Dollar Principal Amounts of each tranche of
Outstanding Card Series Notes as of the last day of the preceding Monthly Period times (C) a fraction, the numerator of which is the Nominal Liquidation Amount of the Class C(2004-4) Notes as of the close of business on the last day of the
preceding Monthly Period and the denominator of which is the Nominal Liquidation Amount of all Class C Notes in the Card Series as of the close of business on the last day of the preceding Monthly Period, 
  

 9 

 minus (ii) any amount previously on deposit in the Class C(2004-4) Reserve sub-Account prior to such targeted
deposit; provided however, that if an Early Redemption Event or Event of Default occurs with respect to the Class C(2004-4) Notes, the deposit targeted will be the Adjusted Outstanding Dollar Principal Amount of the Class C(2004-4)
notes minus the amount then on deposit in such sub-Account. 
  
 Section 2.07. Form of Delivery of Class C(2004-4) Notes; Depository; Denominations. 
  
 (a) The Class C(2004-4) Notes shall be delivered in the form of a global Registered Note as provided in Sections 202 and 301(i) of the
Indenture, respectively. 
  
 (b) The Depository for the Class
C(2004-4) Notes shall be The Depository Trust Company, and the Class C(2004-4) Notes shall initially be registered in the name of Cede & Co., its nominee. 
  

(c) The Class C(2004-4) Notes will be issued in minimum denominations of $5,000 and integral multiples of $1,000 in excess of that amount. 

 
 Section 2.08. Delivery and Payment for the Class C(2004-4) Notes.
The Issuer shall execute and deliver the Class C(2004-4) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class C(2004-4) Notes when authenticated, each in accordance with Section 303 of the
Indenture. 
  
 Section 2.09. 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 2.10. [Reserved] 
  
 [END OF ARTICLE II] 
  

 10 

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

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

		
	 By:
	 	 /s/ Michele Voon

	 Name:
	 	 Michele Voon

	 Title:
	 	 Attorney-in-Fact

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

		
	 By:
	 	 /s/ James Bowden

	 Name:
	 	 James Bowden

	 Title:
	 	 Assistant Treasurer

  
 [Signature Page
to the Class C(2004-4) Terms Document]Third Amendment to the Employment Agreement

 Exhibit 10.31 
  
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
  
 1. Parties, positions and employment status. 
  
 By the terms of this employment agreement (“Agreement”), ClubCorp USA, Inc. (“ClubCorp”) agrees to
employ you, John Beckert, in the positions of President and Chief Executive Officer of ClubCorp and its parent ClubCorp, Inc., and in such other senior executive positions with ClubCorp or its Affiliates that the Chairman (“Chairman”) of
the Board of Directors of ClubCorp (“Board”) may designate for you from time to time. You will report directly to the Chairman. This Agreement will become effective August 28, 2004 (the “Effective Date”) subject to approval by
the Board and shall thereafter supersede and replace your Employment Agreement effective as of August 27, 2002, as subsequently amended. At all times you will be an employee at will, which means that either you or ClubCorp may terminate your
employment at any time, with or without cause. (Definitions of most capitalized terms appear in the final section of this Agreement.) 
  
 2. Compensation. 
  
 (I) Retroactive to July 1, 2004, ClubCorp will pay you a base salary at the gross biweekly rate of twenty-two thousand, one hundred-fifteen dollars and
thirty-eight cents ($22,115.38), subject to normal withholding, so that, if annualized, your gross base salary would be five hundred seventy-five thousand dollars ($575,000.00) (the “Base Salary”). Your Base Salary will be reviewed by the
Board at least annually and may be increased at the discretion of the Board from time to time on or after July 1, 2005. 
  
 (II) Additionally, you will have the potential to earn an annual cash bonus payment (the “Annual Bonus”) in a target amount equal to your Base
Salary, subject to normal withholding, depending on your performance against the financial objectives set in the Senior Executive Bonus Plan. (Your Annual Bonus could potentially exceed your Base Salary if you exceed certain goals set in whatever
plan is in effect from time to time.) The compensation worksheet, attached as Exhibit A, describes the financial objectives of the Senior Executive Bonus Plan currently in effect. All Senior Executive Bonus plan terms and parameters are subject to
change at the discretion of the Compensation Committee of the Board, provided that such changes will be applied to you in a manner no less favorable than to other ClubCorp senior executives and that they will be communicated to you in advance of
their effective date and take effect no earlier than the start of a next compensation year. 
  
 (III) You will be entitled to participate in any long-term, incentive, deferred, or similar compensation plans or arrangements, to the extent such plans or arrangements are offered from time to time by ClubCorp, on
terms and conditions comparable to those applicable to other ClubCorp senior executives. 
  
 3. Stock options. 
  
 (I)
As soon after the Effective Date as practicable, you will receive a non-qualified stock option grant under the Stock Plan for two hundred thousand (200,000) shares of ClubCorp, Inc. stock, with an Exercise Price of the Fair Market Value of ClubCorp,
Inc. stock as of July 1, 2004. The right to exercise the foregoing options shall vest in increments of 20% of the total original grant on July 1 of each subsequent year. Subject to having achieved your 2004 performance objectives which shall mean
achieving one hundred percent (100%) of ClubCorp’s 2004 plan, you will receive an additional option grant as soon as practicable after January 1, 2005 of two hundred thousand (200,000) shares, with an Exercise Price of the Fair Market

 Value of ClubCorp, Inc. stock as of January 1, 2005 and with such options to vest in increments of 20% of the total grant
on January 1 of each subsequent year. It is intended that these grants will cause your total share ownership including options to equal approximately 1.5% of the ClubCorp, Inc. common stock issued and outstanding. It is not presently contemplated
that any additional options will be granted unless significant transactions cause the number of shares outstanding of ClubCorp, Inc. common stock issued and outstanding to materially change. Nothing in this Agreement shall limit or restrict rights
you may have had, including vesting rights, with respect to stock options awarded prior to the Effective Date. 
  
 (II) If the Board should approve a restricted stock plan, you will be eligible to convert up to one-third (1/3) of your stock options into restricted
stock with economic and vesting terms and tax consequences no less favorable than those applicable to the underlying stock options so converted. A copy of the prospectus, which incorporates the Stock Plan document and sample stock option agreement
is attached as Exhibit B. 
  
 4. Vacation. 
  
 You will retain any vacation time accrued but unused prior to the Effective
Date, and thereafter you will continue to accrue twenty (20) days’ vacation each calendar year of your employment. The terms of your use and retention of accrued vacation time will be governed by ClubCorp policies in effect from time to time.

  
 5. Benefits. 
  
 (I) As of the Effective Date, you will be eligible to participate in all
health, life, dental and long-term disability benefits programs that ClubCorp may offer from time to time to its other senior executives, including any medical and dental coverage available for dependants, and in any ClubCorp investment plans in
effect from time to time for other senior executives. 
  
 (II) You
will continue to receive, at no charge, a Board Level Associate Clubs and Resorts membership as well as the opportunity to join a local ClubCorp club of your choice without a requirement for the payment of an initiation fee and without the
requirement for the payment of dues during the time of your employment. 
  
 (III) You will receive free parking at ClubCorp’s headquarters facility. 
  
 (IV) During your employment, subject to eligibility requirements and Evidence of Insurability approval by the carrier, ClubCorp will provide, at its sole expense, a supplemental term life insurance policy in a benefit
amount of no less than $500,000 payable to such beneficiary or beneficiaries as you may designate. 
  
 6. Expense reimbursement. 
  
 ClubCorp will reimburse all reasonable and necessary expenses incurred by you on behalf of ClubCorp and the Affiliates, so long as you incur and submit the expenses in compliance with applicable ClubCorp policies and procedures. In
addition, ClubCorp will reimburse you for up to Ten Thousand Dollars ($10,000) in legal fees incurred in connection with the review and negotiation of your employment and stock option agreements. 
  
 7. Board position. 
  
 You will remain a Board member for the duration of your employment as President/Chief 
  

 2 

 Executive Officer. Upon the termination of your employment, whether voluntary or involuntary, your membership on the
Board will automatically terminate unless otherwise agreed in writing with ClubCorp. 
  
 8. Rules, policies and procedures. 
  
 You agree
to comply in all material respects with all reasonable rules, policies and procedures of ClubCorp, the Affiliates and any club of which you become a member as reflected in the ClubCorp Employee Partner Handbook and similar written employee
guidelines applicable to your position. 
  
 9. Termination by CIubCorp other
than for Cause or Resignation with Good Reason. 
  
 If
ClubCorp or any successor terminates your employment other than for Cause, death or disability or if you resign your employment with Good Reason, then: 
  
 (I) You will receive your Base Salary for all days worked up to and including your last date of employment and payment for any accrued but unused vacation
days pursuant to ClubCorp Policies; 
  
 (II) all of your unvested
stock options will be automatically vested effective on the day immediately preceding the termination date; 
  
 (III) contingent on your signing and delivering a general release and waiver of claims in a form reasonably acceptable to ClubCorp and its Affiliates you
will also receive twenty-four (24) months of Base Salary and an additional amount equal to the Annual Bonus you received in the preceding calendar year. 
  
 (IV) you will not be entitled to any other payments, compensation or benefits of any sort under this Agreement or otherwise except as may be vested under
the terms of a controlling benefit plan or program. Amounts payable under this Section 9 will be paid in the form of income continuation payments. Continuation of Base Salary will be paid at the rate in effect at the time of your termination.
Amounts payable under this Section 9 will be made at such times and in such manner as consistent with ClubCorp’s normal payroll practices and will be subject to standard withholdings. 
  
 10. Termination by ClubCorp for Cause. 
  
 If ClubCorp terminates your employment with Cause, you will be entitled to
receive your Base Salary for all days worked up to and including your last date of employment and payment for any accrued but unused vacation days according to ClubCorp policy. You will not, however, be entitled to any prorated portion of the Annual
Bonus or any other payments, compensation or benefits of any sort under this Agreement or otherwise except as may be vested under the terms of a controlling benefit plan or program. All of your vested and unvested stock options will be governed by
the Stock Plan. Except as otherwise provided, all of ClubCorp’s obligations under this Agreement will immediately cease. 
  
 11. Death or disability. 
  
 If you die or become disabled your employment will immediately cease. Disability for purposes of this section shall mean that you qualify for benefits
under ClubCorp’s current disability benefit plan or any successor plan. Upon termination for death or disability, you will be 
  

 3 

 entitled to receive your Base Salary for all days worked up to and including your last date of employment and payment for
any accrued but unused vacation days. You will also receive an additional amount calculated by multiplying the amount of the Annual Bonus you received in the preceding calendar year by the fraction of the current year completed prior to your date of
termination. Except as may be vested under the terms of a controlling benefit plan or program and as otherwise provided herein, you will not be entitled to any other payments, compensation or benefits of any sort under this Agreement or otherwise
and all of ClubCorp’s obligations under this Agreement will immediately cease. All of your vested and unvested stock options will be governed by the Stock Plan. 
  
 12. Resignation Absent Good Reason. 
  
 If you voluntarily resign without Good Reason, you will be entitled to receive your Base Salary for all days worked up to and including your last date of
employment and payment for any accrued but unused vacation days. You will not, however, be entitled to any prorated portion of the Annual Bonus or any other payments, compensation or benefits of any sort under this Agreement or otherwise except as
may be vested under the terms of a controlling benefit plan or program. Except as otherwise provided, all of ClubCorp’s obligations under this Agreement will immediately cease. All of your vested and unvested stock options will be governed by
the Stock Plan. 
  
 13. Change of Control. 
  
 (I) If there is a Change of Control of ClubCorp, all of your vested and
unvested stock options will be deemed to have automatically vested on the date immediately prior to the date of such Change of Control. 
  
 (II) If any payments under this Agreement or under other plans, programs, or agreements with ClubCorp are subject to excise tax imposed by Section 4999 of
the Internal Revenue Code of 1986, as amended from time to time, or any successor provision (the “Code”), ClubCorp will pay you an additional amount (the “Gross Up”), calculated and payable as described in Exhibit C, such that
the net amount retained by you after deductions of any such excise tax and any income and employment taxes, social security tax, excise tax, interest or penalties imposed on such amounts paid under this section shall be equal to the full amount of
the intended payment or benefit. In the event Section 5.3 of the Omnibus Stock Plan applies to you resulting in a reduction of a “parachute payment” you are otherwise entitled to receive, ClubCorp will pay you a Gross Up amount as
described in Exhibit C. 
  
 14. Employee non-solicitation. 
  
 Our employees are our most important asset. As the result, for one year
after your last date of employment, regardless of the reason for the ending of your employment, you agree not to, on behalf of yourself or any other person or entity, solicit for hire or retain any person who was, at any time during the last twelve
months of your employment with ClubCorp or its Affiliates, employed by ClubCorp or any Affiliate in a position at or above the level of club manager or level nine at ClubCorp headquarters. 
  
 15. Confidentiality. 
  
 ClubCorp has provided you with substantial Confidential Information and, hereafter, will continue to provide you with
Confidential Information. ClubCorp has invested much time, money and effort in developing this Confidential Information, and it has helped ClubCorp 
  

 4 

 become the leader in the private club and golf resort business. Our competitors would like to be able to obtain this
information without having to invest the same time, money and effort to develop it. For that reason, it is critical that the Confidential Information remain confidential. All Confidential Information is the sole property of ClubCorp and its
Affiliates. While employed and after you leave your employment, you agree not to disclose or use the Confidential Information. You also agree to return to ClubCorp immediately upon the ending of your employment, regardless of the reason for the
ending of your employment, all of the written or recorded Confidential Information that is within your possession or control, including all copies of it. 
  
 16. Inventions and works for hire. 
  
 You hereby irrevocably assign to ClubCorp all of your right, title and interest in and to any and all inventions and intellectual property, of any sort
that relate in any way to ClubCorp’s or its Affiliate’s business, whether tangible or intangible, that you may discover, develop, invent, compile or write while you are employed by ClubCorp or its Affiliates. This provision applies
regardless of whether you discover, develop, invent, compile or write it during business hours or on or off of ClubCorp’s or its Affiliates’ premises. You agree to take any actions, including the execution of documents or instruments, that
ClubCorp may reasonably require to give effect to this assignment. You represent that you currently have no rights in any inventions or intellectual property that relate in any way to ClubCorp’s or its Affiliates’ business. 
  
 17. Covenant not to compete. 
  
 ClubCorp must protect the interests set out in the Confidentiality section
of this Agreement. In addition, ClubCorp has a significant interest in, among other things, ensuring that you do not acquire a valuable ownership interest in ClubCorp as the result of ClubCorp’s Stock Plan and then act in a fashion that would
assist ClubCorp’s or its Affiliates’ competitors in efforts to weaken ClubCorp’s competitive position and, thereby, decrease the value of ownership for other, loyal employees and former employees. As the result, in return for
ClubCorp’s providing you with the Confidential Information, and as a precondition to your eligibility to acquire stock ownership in ClubCorp or any Affiliate, you agree that while you are employed and for two years from your last date of
employment with ClubCorp or any Affiliate due to resignation without Good Reason or termination for Cause, you will not, anywhere in the United States, Europe, Asia or Australia: 
  
 (I) perform executive management services, in any capacity, or serve on the board of directors for any Competitor;

  
 (II) solicit or accept business from any Customer to the
extent such business is substantially similar to business solicited or accepted by ClubCorp or any Affiliate with respect to such Customer; or 
  
 (III) own any interest in any Competitor, except that, when you are no longer employed by ClubCorp or any Affiliate, you may own less than five (5)
percent of the publicly traded stock of a Competitor. 
  
 Notwithstanding the above, in the event that you are terminated without Cause or resign with Good Reason, then the time period for the Non-Compete will be the length of time during which you receive income continuation severance payments
under Section 9. 
  

 5 

 18. Non-disparagement. 
  

You agree that you will not, at any time during your employment or while receiving income continuation severance payments under Section 9, say, publish
or cause to be published anything that casts ClubCorp or the Affiliates in an unfavorable light, or that disparages or injures their good will or business reputation; provided, however, that nothing in this Agreement will limit your ability to make
statements with respect to ClubCorp or the Affiliates in the context of litigation to preserve or enforce your rights with respect hereto or as may be required by process of law. 
  
 19. Related stock agreements and plans. 
  
 In the event that you breach any of your obligations under the “Employee nonsolicitation,” “Confidentiality,” “Inventions and
works for hire,” and “Covenant not to compete” provisions of this Agreement, you agree that, upon notice of such breach, you will retain all shares of ClubCorp stock that are then in your possession or control or, if such shares are
subsequently sold, the proceeds from such sale, until a final determination as to such breach. In the event of a final award of damages in ClubCorp’s favor, such award may be satisfied, at ClubCorp’s election, by return to ClubCorp of such
shares valued at the then current value thereof (or the proceeds of such shares) to the extent necessary to satisfy the award. Additionally, ClubCorp will be entitled to pursue any other remedies allowed by law or in equity. 
  
 20. Supersedes any prior agreements. 
  
 This Agreement supersedes any and all other agreements or offers, either
oral or in writing, between you and ClubCorp related to the subject matter hereof. In the event of any conflict between the terms of this Agreement and any stock option agreement or plan, whenever entered into, the terms of this Agreement shall
control. 
  
 21. Amendments must be in writing. 
  
 Except as otherwise provided in this Agreement, no amendment or modification
of this Agreement shall be deemed effective unless and until executed in writing by all of the parties hereto. 
  
 22. Texas law applies to this Agreement. 
  
 Because your employment could take you to any number of states or countries and because it is important to you and ClubCorp to be able to have some certainty that this Agreement will be applied consistently wherever
you may work, ClubCorp and you agree that the substantive law of Texas will govern this Agreement, without giving effect to any conflict of law principles that would require the law of another jurisdiction to apply. 
  
 23. Successors and Assigns. 
  
 This Agreement is intended to bind and inure to the benefit of and be
enforceable by you and ClubCorp and each parties’ respective heirs, representatives, executors, successors and assigns, except that you may not assign your duties hereunder without the consent of ClubCorp. 
  

 6 

 24. Notices. 
  
 Any notices that either you or ClubCorp are required to give under the terms of this Agreement may be given in writing, either by personal delivery,
facsimile or by registered or certified mail, postage prepaid with return receipt requested. Mailed or faxed notices must be sent to the following addresses: 
  

			
	If to CIubCorp:	  	Mr. Robert H. Dedman, Jr.
	 	  	Chairman, ClubCorp, Inc.
	 	  	3030 LBJ Freeway, Suite 700
	 	  	Dallas, Texas 75234
	 	  	 Phone No.: (972) 888-7380 Facsimile
 No.: (972)
888-7717

		
	If to you:	  	Mr. John Beckert
	 	  	4920 Seneca Drive Dallas, Texas
	 	  	Phone No.: (214) 352-1601

  
 Any party may change
his or its address by written notice. Notices delivered personally or by facsimile will be deemed communicated as of actual receipt. Mailed notices will be deemed communicated as of three (3) days after proper mailing. 
  
 25. Definitions used in this Agreement. 
  
 (I) “Affiliates”: Collectively, all ClubCorp subsidiaries and any
entity in which ClubCorp or any ClubCorp subsidiary, directly or indirectly, has a controlling ownership interest. 
  
 (II) “Cause”: 
  
 (a) Your failure substantially to perform your reasonable, material assigned duties hereunder, that remains uncured thirty (30) days’
after written notice of such failure by the Chairman or the Board identifying the performance deficiencies; or 
  
 (b) (i) fraud, embezzlement, or theft; (ii) conviction of a felony; (iii) conduct that, in the reasonable judgment of the Board, subjects
ClubCorp to material public embarrassment or disrepute; (iv) willful harassment or discrimination in violation of ClubCorp policies; or (v) any material violation of ClubCorp policies or this Agreement; provided that, in the case of (iii) or (v),
your conduct either subjects ClubCorp to immediate, substantive damage or, in the absence of such damage, continues after thirty (30) days’ written notice by the Chairman or the Board identifying the violation. 
  
 (III) “Change of Control”: This term will have the same meaning as
in the Stock Plan. 
  
 (IV) “Competitor”: Any person or
entity, the principal business of which is or is intended to become the ownership, management or provision of consulting services to three or more private clubs, golf facilities or golf resorts anywhere in the United States, Europe, Asia or
Australia in a substantially similar manner as such business is conducted by ClubCorp or its Affiliates. 
  
 (V) “Confidential Information”: All trade secrets of ClubCorp and the Affiliates and any information or item that does not qualify under
applicable law as a trade secret but to which ClubCorp or the Affiliates limit access, to any extent, either internally or externally, including but not limited to information and items related to plans, strategies, inventions, devices, services,
products, processes, properties, assets, customers, customer lists, customer preferences, 
  

 7 

 markets, marketing strategies, management, employees, technology, know-how, financial conditions or prospects, employee
compensation, fee information, cost information, pricing information, business development plans and strategies, marketing plans and strategies, instructional methodology and techniques, computer software, specifications and code, sources of supply,
products or services, designs, analyses, drawings, photographs and reports, computer operating systems, applications and program listings, flow charts, manuals, documentation, databases, accounting and business methods, production procedures, or
merchandising systems. Notwithstanding the foregoing, “Confidential Information” does not include (a) information that is or becomes publicly available (except through disclosure by you in violation of this Agreement or through disclosure
by any other person or entity in violation of a written agreement or common law duty, (b) information that was known to you prior to the Start Date, and (c) information that may be required to be disclosed by law or legal process. 
  
 (VII) “Customer”: Any person or entity with whom ClubCorp or any
Affiliate, with your assistance and within one year prior to your last date of employment, had, was negotiating to have, or had taken substantial steps in furtherance of having a contractual relationship for the ownership or management of any
private club, golf facility or golf resort. 
  
 (VIII)
“Exercise Price”: This term will have the same meaning as in the Stock Plan. 
  
 (VIII) “Fair Market Value”: This term will have the same meaning as in the Stock Plan 
  
 (IX) “Good Reason”: This term will mean the occurrence of any of the following: 
  
 (a) a failure of ClubCorp to perform any material obligation under this Agreement or any stock option or other agreement
governing the terms and conditions of your employment that remains uncured thirty (30) days after written notice by you identifying such failure; 
  
 (b) material diminution of your title, duties, responsibilities, authority, or base compensation, or; 
  
 (c) involuntary relocation of the site of your work to a location outside a
50 mile radius from ClubCorp’s current offices at 3030 LBJ Freeway in Dallas, Texas. 
  
 (X). “Stock Plan”: The ClubCorp, Inc. Omnibus Stock Plan, as amended. 
  
 [Signatures Appear on Following Page] 
  

 8 

			
	JOHN BECKERT
	
	  
 /s/ John A. Beckert

	Signature
	  
 John A. Beckert

	Printed
	
	CLUBCORP USA, INC.
		
	By:	 	 /s/ Robert H. Dedman, Jr.

	 	 	Signature
	 	 	  
 Robert H. Dedman, Jr.

	 	 	Printed
	 	 	  
 Chairman of the
Board

	 	 	Title

  

 9

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