Document:

Third Amendment to Exhibit 4.7

 Exhibit 4.10 
  
 THIRD AMENDMENT TO NOTE AGREEMENT 
  
 THIS THIRD AMENDMENT TO NOTE AGREEMENT (this “Amendment”), dated as of October 15, 2003, among U.S. CONCRETE,
INC., a Delaware corporation (the “Company”), and the financial institutions listed on the signature pages hereto as Purchasers (the “Purchasers”), amends certain provisions of the Agreement referred to below. All capitalized
terms used herein and not otherwise defined shall have the meanings provided such terms in the Agreement referred to below. 
  
 W I T N E S S E T H: 
  
 WHEREAS, the Company and the Purchasers are parties to a Note Agreement, dated as of November 10, 2000, as amended by First
Amendment to Note Agreement dated as of November 30, 2001, and as further amended by the Second Amendment to Note Agreement dated as of April 9, 2003 (as amended, modified and/or supplemented prior to the date hereof, the “Agreement”); and

  
 WHEREAS, the Company has requested that the Purchasers amend
the provisions of the Agreement described herein and the Required Holders are willing to approve the amendment of such provisions in accordance with the terms of this Amendment; 
  
 NOW, THEREFORE, it is agreed: 
  
 1. Effective on the Effective Date (as defined below), the Agreement is amended as follows: 
  
 (a) Paragraph 5A of the Agreement is amended to add new clause (x) thereto, such clause (x) to read as
follows: 
  
 “(x) within thirty (30) days
after the end of each calendar month the Company’s consolidated statement of income, a statement as to the balance of Funded Debt and Subordinated Debt as of the end of such calendar month and calculations of the Senior Debt Leverage Ratio
described in paragraph 6A(2) and the Total Debt Leverage Ratio described in paragraph 6A(1), all certified by one of the Company’s financial officers as, to the best of his knowledge, presenting fairly in all material respects the information
and approximations contained therein, subject to normal quarterly and year-end adjustments. 
  
 provided that if when the Company’s current Principal Bank Lending Agreement is refinanced the Company’s new Principal Bank Lending Agreement does not require any monthly financial reporting of the
information described in clause (x), above, then the amendment to paragraph 5A of the Agreement made under this clause (a) shall cease to be effective.” 
  

 
  

 1 

 (b) The defined term of “Maximum Senior Debt Leverage Ratio” in paragraph 11 of
the Agreement is hereby amended in its entirety to read as follows: 
  
 ““Maximum Senior Debt Leverage Ratio” shall mean 2.00 to 1.00. 
  
 provided, that if when the Company’s current Principal Bank Lending Agreement is refinanced the Company’s new Principal Bank Lending Agreement
(x) either (1) does not require the Company maintain a maximum ratio of the outstanding amount of all Senior Funded Debt to EBITDA or (2) requires the Company to maintain such ratio for four consecutive quarterly periods of greater than or equal to
2.25 to 1.00, then the amendment to the definition of “Maximum Senor Debt Leverage Ratio” made under this clause (b) shall cease to be effective or (y) requires such a ratio in a maximum amount greater than 2.00 to 1.00 but less than 2.25
to 1.00, then the “Maximum Senior Debt Leverage Ratio” shall be the same as such maximum ratio required under such new Principal Bank Lending Agreement.” 
  
 (c) the defined term of “Maximum Total Debt Leverage Ratio” in paragraph 11 of the Agreement is
hereby amended in its entirety to read as follows: 
  
 ““Maximum Total Debt Leverage Ratio” shall mean (w) 3.90 to 1.0 during the period from June 30, 2003 to September 29, 2003, (x) 3.75 to 1.0 during the period from September 30, 2003 to December 30, 2003, (y) 3.50 to
1.0 during the period from December 31, 2003 to June 29, 2004 and (z) 3.25 to 1.0 during the period from June 30, 2004 and thereafter.” 
  
 2. This Amendment is limited solely to the purposes and to the extent provided herein and shall have no applicability to any other obligation of the
Company under the Agreement. This Amendment shall not be construed to be an amendment, except as specifically provided in this Amendment of any term, condition or provision of the Agreement. Except as specifically provided herein, the Agreement will
continue in full force and effect. 
  
 3. To induce the Purchasers
to enter into this Amendment, the Company hereby represents and warrants that (a) no Default or Event of Default exists as of the Effective Date (as defined below) after giving effect to this Amendment, (b) that the Principal Bank Lending Agreement
has been amended to contain provisions substantially the same as those contained in Section 1 above, (c) this Amendment has been duly executed and delivered on behalf of the Company and each Guarantor, (d) this Amendment constitutes a valid and
legally binding agreement enforceable against the Company and each Guarantor, as the case may be, in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other laws affecting
creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law, (e) the representations and warranties contained in the Agreement are true and correct in all

  

 2 

 material respects on and as of the date of hereof, except to the extent any such representation or warranty relates to a
prior date, and (f) the execution, delivery and performance of this Amendment has been duly authorized by the Company and each Guarantor. 
  
 4. To induce the Purchasers to enter into this Amendment, each of the parties listed on the signature page as Guarantors hereby ratifies and confirms that
the Guaranty Agreement of such Guarantor remains in full force and effect after giving effect to this Amendment. 
  
 5. This Amendment may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which counterparts
when executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. 
  
 6. THIS AMENDMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES BE GOVERNED BY, THE LAW OF THE STATE OF NEW YORK
(EXCLUDING ANY CONFLICTS OF LAW RULES WHICH WOULD OTHERWISE CAUSE THIS AMENDMENT TO BE CONSTRUED OR ENFORCED IN ACCORDANCE WITH OR THE RIGHTS OF THE PARTIES TO BE GOVERNED BY THE LAWS OF ANY OTHER JURISDICTION). 
  
 7. This Amendment shall become effective on the date (the “Effective
Date”) when (i) the Company, each Guarantor and the Required Holders shall have signed a counterpart hereof (whether the same or different counterparts) and shall have delivered (including by way of facsimile transmission) the same to the
Company, (ii) the Company shall have paid as of the Effective Date to each holder of a Subordinated Note then outstanding an amendment fee equal to 0.10% of the principal amount of the Subordinated Notes of such holder and (iii) the amendment to the
Principal Bank Lending Agreement referred to in Section 3 above shall be in form and substance satisfactory to the Required Holder(s). 
  
 8. The Company confirms its agreement in paragraph 12B of the Agreement to pay the fees and expenses of the Purchasers special counsel, Schiff Hardin
& Waite, in connection with this Amendment. 
  
 9. From and
after the Effective Date, all references in the Agreement shall be deemed to be references to the Agreement as amended hereby. 
  
 [Rest of Page Intentionally Left Blank] 
  
  

 3 

 IN WITNESS WHEREOF, the parties hereto have caused their duly authorized representatives to execute and
deliver this Amendment as of the date first above written. 
  

	“Company”
	
	U.S. CONCRETE, INC.
	
	By: /s/ Michael W. Harlan
	

	Name: Michael W. Harlan
	 Title: Executive Vice President and Chief Operating Officer

	
	“Purchasers”
	
	THE PRUDENTIAL INSURANCE COMPANY
	OF AMERICA
	
	By: /s/ Brian N. Thomas
	

	Name: Brian N. Thomas
	Title: Vice President
	
	METROPOLITAN LIFE INSURANCE COMPANY
	
	By: /s/ Timothy Powell
	

	Name: Timothy Powell
	Title: Director
	
	TEACHERS INSURANCE & ANNUITY ASSOCIATION OF AMERICA
	
	By: /s/ Marina Mavrakis
	

	Name: Marina Mavrakis
	Title: Managing Director

  

 4 

	CONNECTICUT GENERAL LIFE INSURANCE
COMPANY
	
	 By: CIGNA, Investments, Inc. (authorized
 agent)

	
	 By: /s/ Debra J. Height

	

	 Name: Debra J. Height

	 Title: Managing Director

	
	ALLSTATE LIFE INSURANCE COMPANY
	
	By: /s/ Douglas H. Allen
	

	Name: Douglas H. Allen
	Title: Authorized Signatory
	
	By: /s/ Jerry D. Zinkula
	

	Name: Jerry D. Zinkula
	Title: Authorized Signatory
	
	 ALLSTATE LIFE INSURANCE COMPANY OF
 NEW
YORK

	
	By: /s/ Douglas H. Allen
	

	Name: Douglas H. Allen
	Title: Authorized Signatory
	
	By: /s/ Jerry D. Zinkula
	

	Name: Jerry D. Zinkula
	Title: Authorized Signatory
	
	SOUTHERN FARM BUREAU LIFE
	INSURANCE COMPANY
	
	By:
	

	Name:
	Title:

  

 5 

 Acknowledged and Agreed to: 
  
 “Guarantors” 
  

	AFTM Corporation, a Michigan corporation
	
	By: /s/ Terry Green
	

	Name: Terry Green
	Title: Vice President
	
	American Concrete Products, Inc., a California corporation
	Atlas-Tuck Concrete, Inc., an Oklahoma corporation
	B.W.B., Inc. of Michigan, a Delaware corporation (successor to Superior Materials Company, Inc., a Delaware corporation)
	Beall Industries, Inc., a Texas corporation
	Beall Management, Inc., a Texas corporation
	Builders’ Redi-Mix, LLC, a Delaware limited liability company
	Central Concrete Corp., a Delaware corporation
	Central Concrete Supply Co., Inc., a California corporation
	Central Precast Concrete, Inc., a California corporation
	Ready Mix Concrete Company of Knoxville, a Delaware corporation
	San Diego Precast Concrete, Inc., a Delaware corporation
	Sierra Precast, Inc., a California corporation
	Smith Pre-Cast, Inc., a Delaware corporation
	Superior Concrete Materials, Inc. (f/k/a Opportunity Concrete Corporation), a District of Columbia corporation
	USC GP, Inc., a Delaware corporation
	
	By: /s/ Donald Wayne
	

	Name: Donald Wayne
	Title: Vice President

  
  

 6 

	Beall Concrete Enterprises, Ltd., a Texas limited
partnership
	
	By: Beall Management, Inc., a Texas corporation, its general partner
	
	 By: /s/ Donald Wayne

	

	 Name: Donald Wayne

	 Title: Vice President

	
	Eastern Concrete Materials, Inc., a New Jersey corporation
	Superior Materials, Inc. (f/k/a Superior Redi-Mix, Inc.), a Michigan corporation
	Titan Concrete Industries, Inc. (f/k/a Carrier Excavation and Foundation Company), a Delaware corporation (successor to USC Midsouth, Inc., a Delaware
corporation)
	
	By: /s/ Cesar Monroy
	

	Name: Cesar Monroy
	Title: Vice President
	
	USC Atlantic, Inc., a Delaware corporation
	USC Michigan, Inc., a Delaware corporation
	
	By: /s/ Michael W. Harlan
	

	Name: Michael W. Harlan
	Title: Vice President

  
  
  

 7 

	USC Management Co., LP, a Texas limited
partnership
	
	By: USC GP, Inc., a Delaware corporation, its general partner
	
	 By: /s/ Donald Wayne

	

	 Name: Donald Wayne

	 Title: Vice President

	
	Wyoming Concrete Industries, Inc., a Delaware corporation
	
	By: /s/ Eugene P. Martineau
	

	Name: Eugene P. Martineau
	Title: Vice President

  

 8EXHIBIT 4.1

 Exhibit 4.1 
  

  
 CAPITAL ONE MULTI-ASSET EXECUTION TRUST 
  
 as
Issuer 
  
 and 
  
 THE BANK OF NEW YORK 
  
 as Indenture Trustee 
  
  
 CLASS B(2003-5) TERMS DOCUMENT 
  
 dated as of
November 5, 2003 
  
 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 B(2003-5) 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.	  	[Reserved]	  	8
			
	Section 2.05.	  	Payments of Interest and Principal	  	9
			
	Section 2.06.	  	Form of Delivery of Class B(2003-5) Notes; Depository; Denominations	  	9
			
	Section 2.07.	  	Delivery and Payment for the Class B(2003-5) Notes	  	10
			
	Section 2.08.	  	Targeted Deposits to the Accumulation Reserve Account	  	10
			
	Section 2.09.	  	[Reserved]	  	10
			
	Section 2.10.	  	Tax Treatment	  	10

  

 -i- 

 THIS CLASS B(2003-5) 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 November 5, 2003. 
  
 Pursuant to this Terms Document, the Issuer shall create a new tranche of
Class B 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 B(2003-5) Notes and no other Tranche of Notes issued by the Issuer; and 

  

 1 

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

  
 “Accumulation Period Amount” means $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 B(2003-5) Notes
pursuant to Section 3.10(b) of the Indenture Supplement, (ii) the Monthly Period following the first Distribution Date following and including the September 2008 Distribution Date for which the Quarterly Excess Spread Percentage is less than
2%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 12 months prior to the first Distribution Date for which a budgeted deposit is targeted to be made into the Principal Funding sub-Account
for the Class B(2003-5) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (iii) the Monthly Period following the first Distribution Date following and including the March 2009 Distribution Date for which the Quarterly Excess
Spread Percentage is less than 3%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 6 months prior to the first Distribution Date for which a budgeted deposit is targeted to be made into the
Principal Funding sub-Account for the Class B(2003-5) 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 May 2009 Distribution Date for
which the Quarterly Excess Spread Percentage is less than 4%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 4 months prior to the first Distribution Date for which a budgeted deposit is
targeted to be made into the Principal Funding sub-Account for the Class B(2003-5) 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 B(2003-5) Notes and (ii) the date on which the Class B(2003-5) Notes are paid in full. 
  

“Aggregate Class B Unencumbered Amount” means an amount equal to the Adjusted Outstanding Dollar Principal Amount of all Class B Notes
in the Card Series minus the sum of the Required Subordinated Amount of Class B Notes for all Class A 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. 
  
 “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 
  

 2 

 
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. 
  
 “Class B(2003-5) Adverse Event” means the occurrence of any of the following: (a) an Early Redemption Event with respect to the Class B(2003-5) Notes or (b) an Event of Default and acceleration of the Class B(2003-5) Notes.

  
 “Class B(2003-5) Note” means any Note,
substantially in the form set forth in Exhibit A-2 to the Indenture Supplement, designated therein as a Class B(2003-5) Note and duly executed and authenticated in accordance with the Indenture. 
  
 “Class B(2003-5) Noteholder” means a Person in whose name a
Class B(2003-5) Note is registered in the Note Register. 
  
 “Class B(2003-5) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class B(2003-5) Notes is paid in full, (b) the Legal Maturity Date and
(c) the date on which the Indenture is discharged and satisfied pursuant to Article VI thereof. 
  

 3 

 “Encumbered Required Subordinated Amount of Class C Notes” means, for the Class
B(2003-5) Notes, an amount equal to the product of (a) the aggregate Required Subordinated Amount of Class C Notes for all Class A Notes in the Card Series with a Required Subordinated Amount of Class B Notes greater than zero and (b) the percentage
equivalent of a fraction, the numerator of which is the Adjusted Outstanding Dollar Principal Amount of the Class B(2003-5) Notes and the denominator of which is the Adjusted Outstanding Dollar Principal Amount of all Class B Notes in the Card
Series. 
  
 “Encumbered Required Subordinated Amount of
Class D Notes” means, for the Class B(2003-5) 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 with a Required Subordinated Amount of Class B
Notes greater than zero and (b) the percentage equivalent of a fraction, the numerator of which is the Adjusted Outstanding Dollar Principal Amount of the Class B(2003-5) Notes and the denominator of which is the Adjusted Outstanding Dollar
Principal Amount of all Class B 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 October 15, 2010.

  
 “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 December 2003, or if such fifteenth day is not a Business Day, the next succeeding Business Day. 
  
 “Interest Period” means, with respect to any Interest
Payment Date, the period from and including the previous Interest Payment Date (or in the case of the initial Interest Payment Date, from and including the Issuance Date) through the day preceding such Interest Payment Date. 
  
 “Issuance Date” means November 5, 2003. 
  
 “Legal Maturity Date” means August 15, 2013. 
  
 “Note Interest Rate” means a rate per annum equal to 4.79%.

  
 “Paying Agent” means The Bank of New York.

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

 4 

 (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 September 2008 Distribution Date and each Distribution Date thereafter, the percentage equivalent of a fraction the numerator of which is the sum of the Excess Spread Percentages with respect to the immediately preceding three
Monthly Periods and the denominator of which is three. 
  
 “Record Date” means, for any Distribution Date, the last Business Day of the preceding Monthly Period. 
  
 “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 B(2003-5) 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 C Notes” means, for
the Class B(2003-5) Notes, an amount equal to the sum of (a) the Unencumbered Required Subordinated Amount of Class C Notes for such Class B(2003-5) Notes and (b) the Encumbered Required Subordinated Amount of Class C Notes for such Class B(2003-5)
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 C Notes for the Class B(2003-5) Notes will not be less than an amount equal to (i) 3.0% of the Initial
Dollar Principal Amount of the Class B(2003- 

  

 5 

 
5) Notes, minus (ii) the Required Subordinated Amount of Class D Notes for the Class B(2003-5) Notes; provided further, however,
that for any date of determination on or after the occurrence and during the continuation of a Class B(2003-5) Adverse Event, the Required Subordinated Amount of Class C Notes for the Class B(2003-5) 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 B(2003-5) 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 B(2003-5) Notes, an amount equal to the sum of (a) the Unencumbered Required Subordinated Amount of Class D Notes for such Class B(2003-5) Notes and (b) the Encumbered Required
Subordinated Amount of Class D Notes for such Class B(2003-5) 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 B(2003-5) Notes
will not be less than an amount equal to 1.6439% of the Initial Dollar Principal Amount of the Class B(2003-1) Notes, provided further, however, that for any date of determination on or after the occurrence and during the
continuation of a Class B(2003-5) Adverse Event, the Required Subordinated Amount of Class D Notes for the Class B(2003-5) 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 B(2003-5) 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 C Notes” means,
for the Class B(2003-5) Notes, 7.9453%, subject to adjustment in accordance with Section 2.02. 
  
 “Required Subordinated Percentage of Class D Notes” means, for the Class B(2003-5) Notes, 1.6439%, subject to adjustment in accordance
with Section 2.02. 
  
 “Stated Principal
Amount” means $150,000,000. 
  
 “Unencumbered
Amount” means, for the Class B(2003-5) Notes, an amount equal to the product of (a) the percentage equivalent of a fraction, the numerator of which is the Aggregate Class B Unencumbered Amount and the denominator of which is the Adjusted
Outstanding Dollar Principal Amount of all Class B Notes in the Card Series and (b) the Adjusted Outstanding Dollar Principal Amount of the Class B(2003-5) Notes. 
  
 “Unencumbered Required Subordinated Amount of Class C Notes” means, for the Class B(2003-5) Notes, an
amount equal to the product of (a) the Unencumbered Amount for the Class B(2003-5) Notes and (b) the Required Subordinated Percentage of Class C Notes for the Class B(2003-5) Notes. 
  

 6 

 “Unencumbered Required Subordinated Amount of Class D Notes” means, for the Class
B(2003-5) Notes, an amount equal to the product of (a) the Unencumbered Amount for the Class B(2003-5) Notes and (b) the Required Subordinated Percentage of Class D Notes for the Class B(2003-5) 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 B(2003-5) Notes 
  
 Section 2.01. Creation and Designation. There is hereby created a tranche of Card Series Class B 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 B(2003-5) Notes.” 
  
 Section 2.02. Adjustments to Required Subordinated Percentages. 
  
 (a) On any date, the Issuer may increase the Required Subordinated Percentage of Class C Notes or the Required Subordinated
Percentage of Class D Notes, in each case, for the Class B(2003-5) 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 C Notes or the Required Subordinated Percentage of Class D Notes, in
each case for the Class B(2003-5) 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 B(2003-5) 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 B(2003-5) Notes shall be an amount equal to one-twelfth of the product of (i) the Note Interest Rate, times (ii) the Outstanding Dollar Principal Amount of the Class B(2003-5) Notes determined as of the Record Date preceding the
related Distribution Date; provided, however, that for the first Interest Payment Date the amount of interest due is $798,333.33. Any interest on the Class B(2003-5) Notes will be calculated on the basis of a 360-day year and twelve
30-day months. 
  
 (b) Pursuant to Section 3.03 of the
Indenture Supplement, on each Distribution Date, the Indenture Trustee shall deposit into the Class B(2003-5) Interest Funding sub-Account the portion of Card Series Finance Charge Amounts allocable to the Class B(2003-5) Notes. 
  
 Section 2.04. [Reserved]. 
  
 Section 2.05. Payments of Interest and Principal. 
  
 (a) Any installment of interest or principal, if any, payable on any Class
B(2003-5) 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 B(2003-5)
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 

  

 8 

 
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 B(2003-5) Noteholders to receive payments from the Issuer will terminate on the first Business Day following the Class B(2003-5) Termination Date. 
  
 Section 2.06. Form of Delivery of Class B(2003-5) Notes; Depository; Denominations. 
  
 (a) The Class B(2003-5) 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 B(2003-5) Notes shall be The Depository Trust Company, and the Class B(2003-5) Notes shall initially be registered in the name of Cede & Co., its nominee. 
  
 (c) The Class B(2003-5) Notes will be issued in minimum denominations of $1,000 and integral multiples of that amount.

  
 Section 2.07. Delivery and Payment for the Class B(2003-5)
Notes. The Issuer shall execute and deliver the Class B(2003-5) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class B(2003-5) 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]. 
  
 Section 2.10. Tax Treatment. Notwithstanding any other express or
implied agreement to the contrary, each of the Issuer and the Class B(2003-5) Noteholders are hereby deemed to agree that they and any recipient of the Prospectus Supplement dated October 24, 2003 and the Prospectus dated October 23, 2003, each
relating to the Class B(2003-5) Notes (or their employees, representatives, or other agents), may disclose to any and all persons, without limitation of any kind, the Tax Treatment and Tax Structure of any transaction relating to the Issuer or the
Class B(2003-5) Notes and all materials of any kind (including opinions or other tax analyses) that are provided to any of them relating to such Tax Treatment and Tax Structure. For purposes of this Section 2.10, “Tax
Treatment” refers to the purported or claimed treatment of the Issuer and the Class B(2003-5) Notes under the Internal Revenue Code, and “Tax Structure” refers to any fact that may be relevant to understanding such Tax
Treatment. It is hereby confirmed that each of the foregoing have been deemed to so agree since the commencement of discussions regarding the Class B(2003-5) Notes. 
  
 [END OF ARTICLE II] 
  

 9 

 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/  ALLISON R. CLAN

	 	

	 	 	 Name:  Allison R. Clan
 Title:    Assistant Treasurer

  
  
  
 [Signature Page to the Class B(2003-5) Terms Document]

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