Document:

Minutes of a meeting of the Pricing Committee held on July 14, 2004.

 EXHIBIT 4.3 
  

MINUTES OF THE PRICING COMMITTEE OF THE 
 BOARD OF DIRECTORS OF 
 PAN PACIFIC RETAIL PROPERTIES, INC. 
  
 July 14, 2004 
  
 A meeting of the pricing committee (the “Pricing Committee”)
of Pan Pacific Retail Properties, Inc., a Maryland corporation (the “Company”), was held at 12:30 p.m., (California time) on July 14, 2004, by telephone conference call. 
  
 The following director, constituting the sole member of the Pricing Committee, David P. Zimel, was present at the meeting by
telephone by means of which all persons participating in the meeting could hear each other. Also present at the meeting at the invitation of the foregoing directors was Joseph B. Tyson, Executive Vice President, Chief Financial Officer, Secretary
and Treasurer of the Company. 
  
 Mr. Zimel served as Chairman of
the meeting and directed that Mr. Tyson serve as Secretary of the meeting. 
  
 The meeting followed a meeting of the members of the Pricing Committee listed above and representatives of Credit Suisse First Boston LLC, Banc of America Securities LLC, Wachovia Capital Markets LLC, KeyBanc Capital
Markets, a Division of McDonald Investments Inc., for itself or as representatives of a group of investment banking firms, or one or more other investment banking firms (collectively the “Underwriters”) at which the parties
discussed the terms of the proposed offer and sale of the 5.95% Senior Unsecured Notes due June 1, 2014 (the “Notes”) by the Company (the “Offering”) to the Underwriters. The Notes will be part of the series of
Notes, initially issued on May 26, 2004 and upon completion of this offering, $100 million of our Notes will be outstanding. 
  
 After an opportunity for discussion, the following resolutions were moved, seconded and unanimously adopted by the Pricing Committee: 
  
 WHEREAS, in resolutions adopted on July 13, 2004 (the
“Resolutions”), the Board of Directors authorized the reopening of the Notes and the registration, issuance and sale of up to $80 million of the Notes; and 
  
 WHEREAS, the Company has filed with the Securities and Exchange Commission (the “Commission”) a
registration statement on Form S-3 (File No. 333-106250) (as amended, the “Registration Statement”) relating to the Securities and the Commission declared the Registration Statement effective on January 13, 2004; and 
  
 WHEREAS, the Board of Directors has determined to issue the Notes
pursuant to an indenture dated as of April 6, 2001 (the “Indenture”), the form of which is attached hereto as Exhibit A, between the Company and The Bank of New York, as Trustee (the “Trustee”), and to offer
and sell the Notes to the Underwriters, pursuant to a Terms Agreement and an Underwriting Agreement dated as of July 14, 2004 (the “Underwriting Agreement”) between the Company and the Underwriters; and 

 WHEREAS, pursuant to resolutions adopted by the Board of Directors on July 13, 2004, the Board of
Directors established a Pricing Committee of the Board of Directors for the purpose of approving, among other things, the amount, manner and terms of the issuance and sale of the Notes and appointed Mr. David P. Zimel to serve on such committee.

  
 NOW THEREFORE, BE IT RESOLVED, that in accordance with
Section 301 of the Indenture, the amount, form and terms of the Notes are hereby established as follows (capitalized terms used in these resolutions and not otherwise defined herein having the same definitions as in the Indenture): 
  
 1. The Notes shall constitute a reopening of the 5.95% Senior Unsecured Notes
due June 1, 2014 initially issued by the Company on May 26, 2004 in an aggregate principal amount of $50 million (the “Original Notes”) and these Notes shall constitute a single series of Notes together with the Original Notes.

  
 2. The aggregate principal amount of Notes that may be
authenticated and delivered under the Indenture (except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 304, 305, 306, 906, 1107 or 1305 of the Indenture)
shall be initially limited in aggregate principal amount to $50,000,000. 
  
 3. The rate at which the Notes shall bear interest shall be 5.95% per annum; the date from which such interest shall accrue shall be December 1, 2004, the Interest Payment Dates on which such interest will be payable
shall be June 1 and December 1 of each year, beginning December 1, 2004; the Regular Record Dates for the interest payable on the Notes on any Interest Payment Date shall be May 15 or November 15, as the case may be, immediately preceding the
applicable Interest Payment Date; and the basis upon which interest shall be calculated shall be that of a 360-day year consisting of twelve 30-day months. If any principal of or premium, if any, or interest on any of the Notes is not paid when due,
then such overdue principal and, to the extent permitted by law, such overdue premium or interest, as the case may be, shall bear interest, until paid or until such payment is duly provided for, at the rate of 5.95% per annum. 
  
 4. The place where the principal of, premium, if any, and interest on the
Notes shall be payable, where Notes may be surrendered for the registration of transfer or exchange, and where notices or demands to or upon the Company in respect of the Notes and the Indenture may be served shall be the office or agency maintained
by the Company for such purpose in the Borough of Manhattan, The City of New York, which shall initially be the Corporate Trust Office of the Trustee at 101 Barclay St., Floor 21 West, New York, New York 10286. 
  
 5. The Notes shall be redeemable at any time at the option of the Company, in
whole or from time to time in part, at a Redemption Price (payable in Dollars) equal to the sum of (i) the principal amount of the Notes being redeemed plus accrued interest thereon to the Redemption Date and (ii) the Make-Whole Amount (as defined
in the form of Note attached hereto as Exhibit B), if any, with respect to such Notes; provided that installments of interest on Notes whose Stated Maturity is on or prior to the relevant Redemption Date shall be payable to 

 the Holders of such Notes (or one or more Predecessor Securities) registered as such at the close of business on the
relevant record dates according to their terms and the provisions of Section 307 of the Indenture. As used in the Indenture and these resolutions, all references to “premium” and “premium, if any” on the Notes, and all similar
references with respect to the Notes, shall be deemed to refer to and include the Make-Whole Amount, if any. 
  
 6. The Notes shall not be redeemable at the option of any Holder thereof, upon the occurrence of any particular circumstance or otherwise. The Notes will
not have the benefit of any mandatory sinking fund. 
  
 7. The
Notes shall be issued in denominations of $1,000 and any integral multiples thereof. 
  
 8. The Trustee shall be the initial Security Registrar, transfer agent and Paying Agent for the Notes. 
  
 9. The entire outstanding principal amount of the Notes shall be payable upon declaration of acceleration of the maturity of the Notes pursuant to Section
502 of the Indenture. 
  
 10. Payment of the principal of,
premium, if any, and interest on the Notes shall be made in Dollars, and the Notes shall be denominated in Dollars. 
  
 11. The amount of payments of principal of, premium, if any, and interest on the Notes shall not be determined with reference to an index, formula or
other similar method. 
  
 12. Payments of the principal of,
premium, if any, and interest on the Notes shall be made in Dollars, and the Holders have no right to elect the currency in which such payments are made. 
  
 14. In addition to the covenants of the Company set forth in the Indenture, the covenants set forth in the form of Note attached hereto as Exhibit
B under the captions “Limitation on Incurrence of Total Debt,” “Limitation on Incurrence of Secured Debt,” “Debt Service Coverage” and “Maintenance of Total Unencumbered Assets” (collectively, the
“Additional Covenants”) shall be and hereby are added to the Indenture for the benefit of the holders of the Notes, and the Additional Covenants, together with the defined terms (the “Additional Definitions”) set
forth in such form of Note under the captions “Certain Definitions,” are hereby incorporated by reference in and made a part of these resolutions and the Indenture as if set forth in full herein and therein; provided that the Additional
Covenants shall only be effective for so long as any of the Notes is Outstanding. 
  
 15. The Notes shall be issuable only as Registered Securities without coupons and shall initially be issued in permanent global form (the “Global Note”). Beneficial owners of interests in the Global
Note may exchange such interests for Notes of like tenor of any authorized denomination only under the circumstances provided in Section 305 of the Indenture. The Depository Trust Company (“DTC”) shall be the initial depository with
respect to the Global Note. 

 16. The Notes will not be issuable as Bearer Securities, and a temporary global certificate will not be
issued. 
  
 17. Except as otherwise provided in the Indenture and
in these resolutions with respect to the payment of Defaulted Interest, interest on any Note shall be payable only to the Person in whose name that Note (or one or more Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest. Payments of principal, premium, if any, and interest in respect of the Notes will be made by the Company by wire transfer of immediately available funds; provided that, in the event that any Notes are issued in
definitive certificated form, the Holders thereof shall have given appropriate wire transfer instructions to the Company and, in the event that such wire transfer instructions shall not have been given to the Company by the Holder of any Note issued
in definitive certificated form, payments of interest on such Note may be made by mailing a check for such interest to the address of such Holder as it appears on the Security Register. 
  
 18. Sections 1402 and 1403 of the Indenture shall be applicable to the Notes, and the provisions of Section 1403 shall also
be applicable with respect to the Company’s obligations under the Additional Covenants; provided that the Company shall be entitled to effect defeasance or covenant defeasance only with respect to all, and not less than all, of the Notes.

  
 19. The Notes will be authenticated and delivered as provided
in Section 303 of the Indenture. 
  
 20. The Company shall not be
required to pay Additional Amounts with respect to the Notes as contemplated by Section 1010 of the Indenture. 
  
 21. The Notes shall not be convertible into Common Stock or Preferred Stock. 
  
 22. The Notes will be direct, senior unsecured obligations of the Company and will rank equally with all other senior
unsecured indebtedness of the Company from time to time outstanding. 
  
 23. Insofar as Section 801 of the Indenture is applicable to the Notes, the term “indebtedness,” as used in Section 801(2), shall be deemed to include “Debt” and “Secured Debt” (as such terms are defined in the
form of Note attached hereto as Exhibit B). 
  
 24. The
provisions of Section 1011 of the Indenture shall be applicable with respect to any term, provision or condition set forth in the Additional Covenants, in addition to any term, provision and condition set forth in Sections 1004 to 1008, inclusive,
of the Indenture. 
  
 25. The Notes shall have such additional
terms as are set forth in the form of Note attached hereto as Exhibit B, which terms are hereby incorporated by reference in and made a part of these resolutions and the Indenture as if set forth in full herein and therein. 
  
 RESOLVED, that the Notes shall be sold to the Underwriters at a price
equal to 100.936% of the principal amount thereof, plus interest accrued from May 26, 2004. 

 RESOLVED, that the form of Underwriting Agreement presented to and reviewed by this committee, and
the form of Note attached hereto as Exhibit C and Exhibit B, respectively, be, and each of them hereby is, approved (it being understood that, in the event that Notes are ever issued in definitive certificated form, the legends
appearing as the first two paragraphs on the first page of such form of Notes may be removed); and the form and terms of the Indenture, and the execution and delivery thereof by the Company, are hereby authorized, approved, ratified and reconfirmed
in all respects. 
  
 RESOLVED, that each of the Chairman of
the Board, Chief Executive Officer, President, any Senior Vice President, Secretary and Treasurer of the Company be, and each of them acting singly, hereby is, authorized and directed, in the name and on behalf of the Company and where appropriate
under its corporate seal, attested by its Secretary or Treasurer, to execute and deliver the Notes and the Underwriting Agreement in substantially the forms approved hereby, with such changes as shall have been approved by the executing officer,
such approval to be conclusively evidenced by the execution thereof (it being understood that any signatures, attestations and corporate seals appearing on the Notes may be facsimiles thereof). 
  
 RESOLVED, that the prospectus dated January 13, 2004 and prospectus
supplement dated July 14, 2004, relating to the Notes be, and the same hereby are, ratified and approved in all respects. 
  
 RESOLVED, that all officers of the Company be, and each of them hereby is, authorized, in the name and on behalf of the Company, to make, execute
and deliver or cause to be made, executed and delivered, and to evidence the approval of the Board of Directors of, all such officers’ certificates, depository agreements, letters of representation or other agreements or arrangements necessary
or appropriate in connection with the administration of any book-entry arrangements for the Notes, and such other agreements, undertakings, documents or instruments, and to perform all such acts and make all such payments, as may, in the judgment of
such officer, be necessary, appropriate or desirable to effectuate the purpose of these resolutions, including the performance of the obligations of the Company under the Indenture, the Notes, the Underwriting Agreement and any other agreement,
undertaking, document or instrument referred to herein or therein. 
  
 RESOLVED, that any and all actions heretofore taken by the officers of the Company pursuant to the authority conferred by the preceding resolutions and consistent therewith is ratified, approved and confirmed. 

 ADJOURNMENT OF MEETING 
  
 There being no further business, the Chairman declared the meeting adjourned. 
  

	
	 
	
	/s/    DAVID P. ZIMEL        
	David P. Zimel
	Chairman of Meeting

  

	
	 
	
	/s/    JOSEPH B. TYSON        
	Joseph B. Tyson
	Secretary of MeetingExhibit 4.1

  
 CAPITAL ONE MULTI-ASSET EXECUTION TRUST 
  
 as Issuer 
  
 and 
  
 THE BANK OF NEW YORK 
  
 as Indenture Trustee 
  
 CLASS A(2004-6) TERMS DOCUMENT 
  
 dated as of July 14, 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 
  

					
	ARTICLE I	  	 
	 	  	Definitions and Other Provisions of General Application	  	 
			
	 Section 1.01.
	  	Definitions	  	1
			
	 Section 1.02.
	  	Governing Law	  	7
			
	 Section 1.03.
	  	Counterparts	  	7
			
	 Section 1.04.
	  	Ratification of Indenture, Asset Pool 1 Supplement and Indenture Supplement	  	7
			
	 	  	ARTICLE II	  	 
	 	  	The Class A(2004-6) Notes	  	 
			
	 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(2004-6) Notes; Depository; Denominations	  	11
			
	 Section 2.07.
	  	Delivery and Payment for the Class A(2004-6) Notes	  	11
			
	 Section 2.08.
	  	Targeted Deposits to the Accumulation Reserve Account	  	11
			
	 Section 2.09.
	  	[Reserved]	  	11

 THIS CLASS A(2004-6) 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 July 14, 2004. 
  
 Pursuant to this Terms Document, the Issuer shall create a new tranche of Class A Notes and shall specify the principal
terms thereof. 
  
 ARTICLE I 
  
 Definitions and Other Provisions of General Application 
  
 Section 1.01. Definitions. For all purposes of this Terms Document,
except as otherwise expressly provided or unless the context otherwise requires: 
  

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

  

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

  

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

  

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

  

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

  

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

  

	 	(7)	each capitalized term defined herein shall relate only to the Class A(2004-6) 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 $62,500,000;
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
A(2004-6) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (ii) the Monthly Period following the first Distribution Date following and including the May 2005 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(2004-6) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (iii) the Monthly Period following the first Distribution Date following and including the November 2005 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(2004-6) 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 January 2006
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(2004-6) 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(2004-6) Notes and (ii) the date on which the Class A(2004-6) Notes are paid in full. 
  
 “Asset Pool 1 Supplement” means the Asset Pool 1 Supplement dated as of October 9, 2002, by and between the
Issuer and the Indenture Trustee, as amended and supplemented from time to time. 
  
 “Base Rate” means, with respect to any Monthly Period, the sum of (a) the Card Series Servicing Fee Percentage and (b) the weighted average (based on the Outstanding Dollar Principal Amount of the
related Card Series Notes) of the following: 
  
 (i) in the case of a Tranche of Card Series Dollar Interest-bearing Notes with no Derivative Agreement for interest, the rate of interest applicable to such Tranche for the period from and including the Monthly Interest Accrual Date for
such Tranche of Card Series Dollar Interest-bearing Notes in such Monthly Period to but excluding the Monthly Interest Accrual Date for such Tranche of Card Series Dollar Interest-bearing Notes in the following Monthly Period; 
  

 2 

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

  
 (iv) in the case of a tranche of Card Series
Notes with a non-Performing Derivative Agreement for interest, the rate specified for that date in the related Terms Document. 
  
 “Calculation Agent” is defined in Section 2.04(a). 
  
 “Class A(2004-6) Adverse Event” means the occurrence of any of the following: (a) an Early Redemption Event
with respect to the Class A(2004-6) Notes or (b) an Event of Default and acceleration of the Class A(2004-6) Notes. 
  
 “Class A(2004-6) Note” means any Note, substantially in the form set forth in Exhibit A-1 to the Indenture Supplement, designated
therein as a Class A(2004-6) Note and duly executed and authenticated in accordance with the Indenture. 
  
 “Class A(2004-6) Noteholder” means a Person in whose name a Class A(2004-6) Note is registered in the Note Register. 
  
 “Class A(2004-6) Termination Date” means the earliest to
occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2004-6) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to
Article VI thereof. 
  
 “Excess Spread
Percentage” shall mean, with respect to any Distribution Date, the amount, if any, by which the Portfolio Yield for the preceding Monthly Period exceeds the Base Rate for such Monthly Period. 
  

 3 

 “Expected Principal Payment Date” means June 15, 2007. 
  
 “Initial Dollar Principal Amount” means $750,000,000.

  
 “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 March, June, September and December commencing in September 2004, or if such fifteenth day is not a Business Day, the next succeeding Business Day; provided,
however, if an Early Redemption Event with respect to the Class A(2004-6) Notes or an Event of Default and acceleration of the Class A(2004-6) Notes shall have occurred, each succeeding Distribution Date (as such term is defined in the
Pooling and Servicing Agreement) shall be an Interest Payment Date. 
  
 “Interest Period” means, with respect to any Distribution Date (as such term is defined in the Pooling and Servicing Agreement), the period from and including the previous Distribution Date through the day preceding such
Distribution Date; provided, however, the first Interest Period shall be the period from and including the Issuance Date to but excluding August 16, 2004. 
  
 “Issuance Date” means July 14, 2004. 
  
 “Legal Maturity Date” means April 15, 2010. 
  
 “LIBOR” means, for any Interest Period, the London interbank offered rate for three-month United States dollar deposits (or, following an
Early Redemption Event with respect to the Class A(2004-6) Notes or an Event of Default and acceleration of the Class A(2004-6) Notes, the London interbank offered rate for one-month United States dollar deposits) determined by the Calculation Agent
on the LIBOR Determination Date with respect to such Interest Period (or in the case of the first two Interest Periods, an interpolated rate for United States dollar deposits for a period that corresponds to the actual number of days in the first
two Interest Periods) in accordance with the provisions of Section 2.04. 
  
 “LIBOR Determination Date” means (i) July 12, 2004 for the period from and including the Issuance Date to but excluding September 15, 2004 and (ii) for each Interest Period thereafter, the second
London Business Day prior to the later of (a) the most recent Interest Payment Date preceding the first day of such Interest Period and (b) the Interest Payment Date occurring on the first day of such 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. 
  

 4 

 “Maximum Subordination Amount of Class B Notes” means, for the Class A(2004-6) Notes for
any date of determination, an amount equal to the product of (a) Adjusted Outstanding Dollar Principal Amount of the Class A(2004-6) Notes on such date of determination and (b) the percentage equivalent of a fraction, the numerator of which is 10
and the denominator of which is 81.25. 
  
 “Note Interest
Rate” means a rate per annum equal to 0.04% in excess of LIBOR as determined by the Calculation Agent on the related LIBOR Determination Date with respect to each Interest Period; provided, however, that with respect to the first two
Interest Periods, the Note Interest Rate means 1.52400%. 
  
 “Paying Agent” means The Bank of New York. 
  
 “Portfolio Yield” means, with respect to any Monthly Period, the annualized percentage equivalent of a fraction: 
  
 (a) the numerator of which is equal to the sum of: 
  
 (i) the aggregate amount of Finance Charge Amounts allocated to the Card Series with respect to such Monthly Period; plus

  
 (ii) the aggregate amount of Interest Funding
sub-Account Earnings on all Tranches of Card Series Notes for such Monthly Period; plus 
  
 (iii) any amounts to be treated as Card Series Finance Charge Amounts pursuant to Sections 3.20(d) and 3.27(a) of the
Indenture Supplement; minus 
  
 (iv) the
excess, if any, of (1) the sum of the PFA Prefunding Earnings Shortfall plus the PFA Accumulation Earnings Shortfall over (2) the sum of the aggregate amount to be treated as Card Series Finance Charge Amounts for such Monthly Period pursuant
to Sections 3.04(a)(ii) and 3.25(a) of the Indenture Supplement plus any other amounts applied to cover earnings shortfalls on amounts in the Principal Funding sub-Account for any tranche of Card Series Notes for such Monthly
Period; minus 
  
 (v) the Card Series
Default Amount for such Monthly Period; and 
  
 (b) the
denominator of which is the numerator used in the calculation of the Card Series Floating Allocation Percentage for such Monthly Period. 
  
 “Quarterly Excess Spread Percentage” means, with respect to the May 2005 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. 
  

 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(2004-6) 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(2004-6) 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(2004-6) Notes on such date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2004-6) 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(2004-6) Notes; provided further, however, that for any date of determination on or after the occurrence and during the continuation of a Class A(2004-6) Adverse Event, the
Required Subordinated Amount of Class B Notes for the Class A(2004-6) 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(2004-6) Adverse Event shall have occurred. 
  
 “Required Subordinated Amount of Class C Notes” means, for the Class A(2004-6) 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(2004-6) Notes on such date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2004-6) 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(2004-6) Notes will not be less than an amount equal to (i) 3.0% of the Initial Dollar Principal Amount of the Class A(2004-6) Notes, minus (ii) the Required
Subordinated Amount of Class D Notes for the Class A(2004-6) Notes; provided further, however, that for any date of determination on or after the occurrence and during the continuation of a Class A(2004-6) Adverse Event, the
Required Subordinated Amount of Class C Notes for the Class A(2004-6) 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(2004-6) 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(2004-6) Notes for any date of determination, an amount equal to
the product of (a) the Required Subordinated Percentage of Class D Notes for such Class A(2004-6) Notes on such date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2004-6) 
  

 6 

 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(2004-6) Notes will not be less than an amount equal to 1.8462% of the Initial Dollar Principal Amount of the Class A(2004-6) Notes, provided further,
however, that for any date of determination on or after the occurrence and during the continuation of a Class A(2004-6) Adverse Event, the Required Subordinated Amount of Class D Notes for the Class A(2004-6) 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(2004-6) 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(2004-6) Notes, 12.3077%, subject to adjustment in accordance with Section 2.02. 
  
 “Required Subordinated Percentage of Class C Notes” means, for the Class A(2004-6) Notes, 8.9231%, subject
to adjustment in accordance with Section 2.02. 
  
 “Required Subordinated Percentage of Class D Notes” means, for the Class A(2004-6) Notes, 1.8462%, subject to adjustment in accordance with Section 2.02. 
  
 “Stated Principal Amount” means $750,000,000. 
  
 “Telerate Page 3750” means the display page currently so designated on the Moneyline Telerate Service (or
such other page as may replace that page on that service for the purpose of displaying comparable rates or prices). 
  
 Section 1.02. Governing Law. THIS TERMS DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING
SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 Section 1.03. Counterparts. This Terms Document may be executed in any
number of counterparts, each of which so executed will be deemed to be an original, but all such counterparts will together constitute but one and the same instrument. 
  
 Section 1.04. Ratification of Indenture, Asset Pool 1 Supplement and Indenture Supplement. As supplemented by this
Terms Document, each of the Indenture, the Asset Pool 1 Supplement and the Indenture Supplement is in all respects ratified and confirmed and the Indenture as so supplemented by the Asset Pool 1 Supplement as so supplemented by the Indenture
Supplement as so supplemented and this Terms Document shall be read, taken and construed as one and the same instrument. 
  

 7 

 [END OF ARTICLE I] 
  

 8 

 ARTICLE II 
  
 The Class A(2004-6) 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(2004-6) 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(2004-6) Notes, without the consent of any Noteholders or any Note Rating Agencies, provided that, after giving effect to such change, (x) the sum of the Required Subordination Percentage of
Class B Notes and the Required Subordinated Percentage of Class C Notes, in each case, for the Class A(2004-6) Notes after giving effect to such change is equal to or greater than the sum of the Required Subordination Percentage of Class B Notes and
the Required Subordinated Percentage of Class C Notes, in each case, for the Class A(2004-6) Notes immediately prior to giving effect to such change and (y) the Required Subordinated Amount of Class B Notes for the Class A(2004-6) 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(2004-6) Notes,
such that after giving effect to all changes to such percentages on such date the sum of the Required Subordination Percentage of Class B Notes, the Required Subordinated Percentage of Class C Notes and the Required Subordinated Amount of Class D
Notes, in each case, for the Class A(2004-6) Notes after giving effect to such change is less than the sum of the Required Subordination Percentage of Class B Notes, the Required Subordinated Percentage of Class C Notes and the Required Subordinated
Amount of Class D Notes, in each case, for the Class A(2004-6) Notes immediately prior to giving effect to such change, without the consent of any Noteholders, provided that the Issuer has (i) received written confirmation from each Note Rating
Agency that has rated any Outstanding Notes of the Card Series that the change in such percentage will not result in a Ratings Effect with respect to any Outstanding Class A(2004-6) 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(2004-6) 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 period from
and including the preceding Interest Payment Date (or, with respect to the initial Interest Payment Date, from and including the Issuance Date) to but excluding such Interest Payment Date, and the denominator of which is 360, times (B) the
Note Interest Rate in effect with respect to such period, times (ii) the Outstanding Dollar Principal Amount of the Class A(2004-6) Notes determined as of the Record Date preceding the related Distribution Date. Any interest on the Class
A(2004-6) Notes will be calculated on the basis of the actual number of days in the related Interest Period and a 360-day year. 
  

 9 

 (b) Pursuant to Section 3.03 of the Indenture Supplement, on each Distribution Date, the Indenture
Trustee shall deposit into the Class A(2004-6) Interest Funding sub-Account the portion of Card Series Finance Charge Amounts allocable to the Class A(2004-6) Notes. 
  
 Section 2.04. Calculation Agent; Determination of LIBOR. 
  
 (a) The Issuer hereby agrees that for so long as any Class A(2004-6) 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
three-month period (or, (i) following an Early Redemption Event with respect to the Class A(2004-6) Notes or an Event of Default and acceleration of the Class A(2004-6) Notes, the rate for deposits in United States dollars for a one-month period, or
(ii) with respect to the first two Interest Periods, an interpolated rate for United States dollar deposits for a period that corresponds to the actual number of days in the first two Interest Periods) which appears on Telerate Page 3750 as of 11:00
a.m., London time, on such date. If such rate does not appear on Telerate Page 3750, the rate for that LIBOR Determination Date shall be determined on the basis of the rates at which deposits in United States dollars are offered by the Reference
Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a three-month period (or, following an Early Redemption Event with respect to the Class A(2004-6) Notes or an Event of Default and
acceleration of the Class A(2004-6) Notes, 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 three-month period (or, following an Early Redemption Event with
respect to the Class A(2004-6) Notes or an Event of Default and acceleration of the Class A(2004-6) Notes, 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 applicable Interest Period(s). 
  

 10 

 Section 2.05. Payments of Interest and Principal. 
  
 (a) Any installment of interest or principal, if any, payable on any Class
A(2004-6) 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(2004-6)
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(2004-6) Noteholders to receive
payments from the Issuer will terminate on the first Business Day following the Class A(2004-6) Termination Date. 
  
 Section 2.06. Form of Delivery of Class A(2004-6) Notes; Depository; Denominations. 
  
 (a) The Class A(2004-6) 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(2004-6) Notes shall be The Depository Trust Company, and the Class A(2004-6) Notes shall initially be registered in the name of Cede & Co., its nominee. 
  
 (c) The Class A(2004-6) Notes will be issued in minimum denominations of $5,000 and integral multiples of $1,000 in excess
of that amount. 
  
 Section 2.07. Delivery and Payment for the
Class A(2004-6) Notes. The Issuer shall execute and deliver the Class A(2004-6) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2004-6) Notes when authenticated, each in accordance with
Section 303 of the Indenture. 
  
 Section 2.08. Targeted
Deposits to the Accumulation Reserve Account. 
  
 The deposit
targeted to be made to the Accumulation Reserve Account for any Monthly Period during the Accumulation Reserve Funding Period will be an amount equal to the Required Accumulation Reserve sub-Account Amount. 
  
 Section 2.09. [Reserved]. 
  
 [END OF ARTICLE II] 
  

 11 

 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 A(2004-6) Terms Document]

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