Document:

Security Agreement between Express 1, Inc., and Fifth Third Bank

 Exhibit 10.5 
  
 SECURITY AGREEMENT 
  

			
	 Date: November 17, 2004
	  	 
	 Bank’s name:
	  	Fifth Third Bank (the “Bank”)
	 Bank’s mailing address:
	  	830 Pleasant Street
	 	  	RSJM27
	 	  	St. Joseph, Michigan 49085
		
	 Debtor’s exact legal name:
	  	Express 1, Inc. (“Debtor”)
	 Debtor’s mailing address:
	  	429 Post Road
	 	  	Buchanan, Michigan 49107
	 	  	Tampa, Florida 33647
	 Debtor is an (check one):
	  	  ̈   Individual

	 	  	 x   Organization

	  
 IF DEBTOR IS AN
ORGANIZATION:
  

	 Debtor is a (check one):
	  	 x   Corporation

	 	  	  ̈   Limited
Liability Company

	 	  	  ̈   Limited
Partnership

	 	  	  ̈   Partnership

	 	  	  ̈   Trust

	 	  	  ̈   Other
                                        
                                        
                

  
 Debtor’s state (or country) of
organization is: Michigan 
  
 Debtor’s sole place of business, or if Debtor
has more than one place of business, Debtor’s chief executive office is located in the state (or country) of: Michigan 
  
 Debtor’s organizational identification number is (leave blank if Debtor does not have a number): 380075. 
  
 IF DEBTOR IS AN INDIVIDUAL: 
  
 Debtor’s principal residence is located in the state of: 
  
 COMPLETE FOR ALL DEBTORS: 
  
 All States (or countries) in which any of the Debtor’s equipment, inventory or other
assets may be located (other than those listed above): 
  
 Debtor’s federal
employer tax identification number (or social security number) is: 
  
 Debtor agrees with the Bank as follows: 
  
 1.
Liabilities Secured. The obligations which are secured by this Agreement are referred to collectively as the “Liabilities” and are as follows: Payment of all loans, advances and/or commitments made by the Bank to Debtor,
together with interest thereon and other sums owing pursuant thereto; payment and performance of the provisions of this Security Agreement; payment and performance of all notes, undertakings, obligations, debts, liabilities, agreements, 

 applications or agreements for issuance of letters of credit, assignments, guarantees, or promises of or by Debtor to or
with the Bank, whether due, existing or arising, now or in the future, absolute or contingent, direct or indirect, however arising or acquired by the Bank, and including obligations originally owing by Debtor to a third party and assigned by such
third party to the Bank; payment and performance of all existing and future obligations (including the kinds of obligations described above) to the Bank of any persons or entities for which Debtor is or becomes an accommodation party, surety or
guarantor or whose obligations this Security Agreement is given to secure; and all extensions, renewals and modifications of the foregoing. If more than one person appears as Debtor above, the Liabilities shall include, without limitation, all of
the foregoing joint, several and individual obligations of each such person to the Bank. Debtor agrees that if the proceeds of any of the Liabilities created in the future are utilized to pay and/or renew any of the Liabilities existing at this
time, such future Liabilities shall be presumed to be renewals or extensions of the existing Liabilities. 
  
 2. Collateral. As security for the “Liabilities” as defined in Section 1 above, Debtor hereby assigns and grants to the Bank a continuing
security interest and lien in the following property owned by Debtor or in which Debtor has rights, whether now or hereafter existing or acquired by Debtor and wherever located: all accounts; all payment intangibles; all books, records and data
related to the foregoing; and all proceeds of the foregoing. (hereinafter referred to as the “Collateral”) 
  
 3. Special Representations, Warranties and Agreements. Debtor represents, warrants and agrees that at all times this Agreement is in effect:

  
 3.1 Information Correct. The information regarding
Debtor set forth on the first page of this Agreement is true and correct and Debtor will immediately notify the Bank in writing of any change in such information and will not change its state of organization, not change its legal name and not merge
or consolidate with any other entity without providing the Bank with thirty (30) days prior written notice of such event. 
  
 3.2 Assumed Names. Any business conducted by Debtor under any assumed name shall be subject to this Agreement and any assets now or hereafter owned
by Debtor under any assumed name shall be subject to the security interest granted by this Agreement. 
  
 3.3 Additional Information. Debtor shall furnish to the Bank the following: 
  
 A. Within ten (10) days after and as of the end of each month (and at such other time or times as the Bank
may request), a schedule identifying each of Debtor’s accounts receivable and further identifying each Eligible Accounts Receivable (as defined in Section 7.1). Debtor will from time to time deliver to the Bank at the Bank’s request
additional schedules, certificates and information as the Bank may require respecting the Collateral, the terms or amounts received by Debtor in full or partial payment of any of the Collateral, and any goods (the sale or lease of which by Debtor
shall have given rise to any of the Collateral) possession of which has been obtained by Debtor. Any such schedule, certificate or other information shall be executed by a duly authorized officer of Debtor and shall be in such form and detail as the
Bank may specify. 
  

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 Whenever Debtor provides information to the Bank regarding Debtor’s accounts receivable and/or
inventory Debtor shall be deemed to have warranted that, except as otherwise indicated, each account receivable referred to in such information is an Eligible Accounts Receivable and all inventory referred to in such information is Eligible
Inventory (as defined in Section 7.2). Any schedule identifying any account receivable shall be accompanied (if the Bank so requests) by a true and correct copy of the invoice evidencing such account receivable and by evidence of shipment or
performance by Debtor. 
  
 B. Promptly upon
request by the Bank, any additional financial or other information regarding Debtor or the Collateral as the Bank may request. Any information shall be executed by a duly authorized officer of Debtor and shall be in such form and detail as the Bank
may specify. 
  
 3.4 Financing Statements. Debtor
authorizes the Bank to file a financing statement describing the Collateral and ratifies any financing statement previously filed by the Bank regarding the Collateral. 
  
 3.5 Possession by Third Party. If any of the Collateral is in the possession of a third party, Debtor will join with
the Bank in notifying the third party of the Bank’s interest and obtaining an acknowledgement from the third party that it is holding the Collateral for the benefit of the Bank 
  
 3.6 Chattel Paper. Debtor will not create any chattel paper as proceeds of the Collateral without placing a legend on
the chattel paper acceptable to the Bank indicating that the Bank has a security interest in the chattel paper. 
  
 4. Basic Representations, Warranties and Agreements. Debtor represents, warrants and agrees that at all times this Agreement is in effect:

  
 4.1 Use of Collateral. The Collateral shall be used
primarily for business purposes. 
  
 4.2 Section 4.2 has been
intentionally omitted. 
  
 4.3 Transfer of Collateral.
Debtor shall not sell, assign, rent, lease, lend, license or otherwise dispose of any interest in the Collateral without the prior written consent of the Bank. 
  

4.4 Ownership; No Liens. Debtor owns and shall preserve the Collateral (and, as to after-acquired Collateral, shall own and preserve the same)
free and clear of all taxes, liens, claims and security interests other than in favor of the Bank. Debtor shall defend the Collateral against all claims of anyone claiming an interest therein or tax or lien thereon. 
  
 4.5 Section 4.5 has been intentionally omitted. 
  
 4.6 Financing Statements, Titles, Etc. Immediately upon request of the
Bank, at any time, Debtor shall execute and deliver to the Bank all financing statements, security 
  

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 agreements and other instruments and documents which the Bank may request for the purpose of implementing or confirming
the terms of this Agreement, all of which shall be in a form satisfactory to the Bank. Debtor hereby irrevocably appoints the Bank, or any of its officers, as its true and lawful attorney, with full power of substitution, in the name of Debtor, to
execute and file, at any time, any financing statement, continuation statement or amendments thereto, which the Bank deems necessary or convenient to protect, perfect or maintain the security interests and liens granted to the Bank. 
  
 4.7 Identification of Collateral. Upon demand of the Bank, Debtor
shall mark any or all Collateral in a manner sufficient to identify the security interest of the Bank. 
  
 4.8 Collateral and Business Records. All records and information maintained by Debtor with respect to the Collateral and its account debtors and
all other information set forth in any writing now or hereafter furnished to the Bank by Debtor shall be true and correct as of the date furnished. All financial statements and data furnished to the Bank shall be prepared in accordance with
generally accepted accounting principles, consistently applied, and shall fairly present the financial condition of Debtor as of the dates, and the results of its operations for the periods, for which the same are furnished to the Bank. Debtor shall
maintain accurate and complete records of the Collateral. All records of Debtor relating to the Collateral, its account debtors and any of the Debtor’s financial affairs shall be maintained by Debtor at its chief executive office and shall not
be removed therefrom without the prior written approval of the Bank. 
  
 4.9 Section 4.9 has been intentionally omitted. 
  
 4.10
Compliance With Law. Debtor shall not use the Collateral for any unlawful purpose nor in violation of any statute or ordinance. 
  
 4.11 Taxes and Charges. Debtor shall promptly pay when due all taxes, assessments, fees, licenses and charges upon or necessary for the use or
operation of the Collateral. 
  
 4.12 Insurance. All
Collateral shall be insured from loss by fire, theft and other casualties (including extended coverage) in an amount, in a manner and with companies satisfactory to the Bank. Such insurance shall be payable to Debtor and the Bank as their interests
may appear. Debtor shall provide proof of insurance satisfactory to the Bank upon request. All insurance policies shall provide that the Bank must receive at least thirty (30) days prior written notice before any cancellation, non-renewal or
reduction in coverage. Debtor hereby assigns to the Bank, as additional security for payment of the Liabilities, all rights of Debtor under or with respect to, all policies of insurance covering the Collateral, and all money which becomes due under
such policies. Debtor hereby directs the issuer of any such policy to pay such money directly to the Bank. Both before and after the occurrence of an Event of Default, the Bank may (but need not), in its own name or in Debtor’s name, execute
and deliver proofs of claim, receive money due under such insurance policies, endorse checks and other instruments representing payment of such money, and adjust, litigate, compromise or release any claim against the issuer of any such policy.

  

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 4.13 Inspection. The Bank may take any actions reasonably necessary or convenient to ascertain the
existence, condition and value of the Collateral. Debtor shall permit representatives of the Bank to visit and inspect any of the properties and facilities of Debtor and examine, copy (by electronic or other means) and abstract any of the books and
accounting and Collateral records of Debtor at any time and as often as may be desired by the Bank. The cost of all such inspections shall be immediately paid by Debtor to the Bank, shall be added to the Liabilities secured hereby and shall bear
interest at the highest rate specified in any of the Liabilities secured hereby from the date incurred by the Bank until paid. 
  
 4.14 Actions by the Bank; Reimbursement. The Bank may immediately take any action or pay any sum required to be done or paid by Debtor under this
Agreement if the Bank, in its discretion, determines that it is necessary or convenient to do so in order to protect, preserve or maintain the Collateral or the rights of the Bank therein. The amount of such payment or the cost of doing such act
shall be immediately paid by Debtor to the Bank, shall be added to the Liabilities secured hereby, and shall bear interest at the highest rate specified in any of the Liabilities secured hereby from the date incurred by the Bank until paid. No act
done or amount paid by the Bank under this Section shall be deemed to constitute a waiver of any default of Debtor. 
  
 4.15 Section 4.15 has been intentionally omitted. 
  
 4.16 Debtor’s Rights to Deal With the Collateral. Except under the circumstances set forth in Section 4.17, the Collateral shall be on a
non-remittance basis, which means the following provisions apply: 
  
 A. In the ordinary course of business, Debtor may grant to any party obligated on any account, instrument, chattel paper or other item of Collateral, any rebate, refund or adjustment to which such party may be
lawfully entitled, may accept, in connection therewith, the return of goods, the sale or lease of which gave rise to any account, instrument, chattel paper or other item of Collateral, and may dispose of returned goods. 
  
 B. At its own expense, Debtor may collect, when due, all
amounts due Debtor under any account, instrument, chattel paper or other item of Collateral, and use the amounts collected in the ordinary course of business. 
  

4.17 The Bank’s Right to Collect Amounts Owing to Debtor. The Bank may, in its good faith discretion, at any time after occurrence of an
Event of Default, notify Debtor that the Collateral is on a remittance basis which means the following provisions apply: 
  
 A. Immediately upon receipt, Debtor shall deliver to the Bank in the form received, all cash, checks, drafts, credit card charges, and
other instruments for the payment of money (properly endorsed, where required, so that such items may be collected by the Bank) which are received by Debtor at any time, in full or partial payment of any sale, lease, collection or other disposition
of any of the Collateral or for services rendered. Debtor shall, immediately upon receipt deliver to the Bank (properly endorsed as directed by the Bank) any 
  

 5 

 document of title, account, promissory note, trade acceptance, chattel paper, instrument, or other
evidence of an obligation to Debtor given as payment for any of the Collateral sold, leased or disposed of by Debtor or for services rendered. Any such items which are received by Debtor will not be commingled with any of its other funds or
property, but will be held in trust for the Bank separate and apart from Debtor’s own funds or property until delivery is made to the Bank. 
  
 B. All amounts which are delivered by Debtor to the Bank which represent partial or full payment for any of the Collateral shall, at the
Bank’s option: (1) be applied to payment of the Liabilities secured hereby, whether then due or not, in any order which the Bank desires; or (2) be deposited to the credit of a non-interest bearing deposit account in the name of the Bank, as
security for payment of the Liabilities. Debtor shall have no right to withdraw any funds deposited in such account. Upon request of Debtor (but not more than once each week) or as often as the Bank desires, the Bank may apply all or any part of the
collected funds in such account, toward payment of the Liabilities, whether or not then due, in any order which the Bank desires. The Bank may, from time to time, in its discretion, release some or all of the balance in such account to Debtor.

  
 C. If requested by the Bank, Debtor shall
direct all account debtors or other parties obligated on any of the Collateral to make payments due and to become due thereon to a United States Post Office Box or other mailing address designated by the Bank in the name of Debtor at a location
designated by the Bank. The post office box shall be under the exclusive custody and control of the Bank. 
  
 D. The Bank may, in its own name, or in the name of Debtor, notify any or all of the parties obligated on any of the Collateral to make
all payments due and to become due thereon directly to the Bank, and thereupon Debtor’s authority to collect any accounts, general intangibles, chattel paper, instruments or other Collateral in the ordinary course of business shall be
terminated. 
  
 E. The Bank shall have the right,
in its own name or in the name of Debtor, to enforce Debtor’s rights against all account debtors and obligors and collect the accounts, general intangibles, instruments, chattel paper and other items of Collateral (by legal proceedings or
otherwise); to take control in any manner of any cash or non-cash payments or proceeds thereof and any returned or repossessed goods relating thereto; to demand, receive, receipt for, settle, compromise, sell, assign, extend or renew any and all
amounts due or to become due to Debtor on any item of Collateral upon such terms and in such amounts and at such times as the Bank deems advisable; and to discharge and release any such debt in the name of Debtor. 
  
 F. Debtor hereby irrevocably appoints the Bank, or any of
its officers, as its true and lawful attorney, with full power of substitution, in the 
  

 6 

 name of Debtor, to: (i) establish and maintain the United States Post Office Box referred to above; (ii)
open and dispose of all mail, howsoever received by the Bank, representing any payment on, or other proceeds of, any of the Collateral; (iii) endorse and collect any check or other item received by the Bank representing payment on or other proceeds
of the Collateral; and (iv) take all other actions necessary or convenient to carry out the provisions of this Section 4.17. 
  
 G. For the purpose of calculating interest on the Liabilities, the Bank may impose a standard one to three business day delay in crediting
payments received by the Bank on the Collateral against the Liabilities to allow time for collection (or the Bank may, at the Bank’s option, make such credits when such payments are actually collected by the Bank in immediately available
funds). For the purpose of calculating the principal amounts available for borrowing by Debtor under any borrowing arrangements with the Bank, the Bank may, at the Bank’s option, use a method different from that used for the purpose of
calculating interest, and such methods may include either of the options described above, or the Bank may, at the Bank’s option and solely for the purposes described in this sentence, elect to credit payments received by the Bank on the
Collateral on the date of receipt. 
  
 4.18 Indemnity. In
addition to payments of the Liabilities, Debtor agrees to indemnify, pay and hold harmless the Bank and any holder of any of the Liabilities, and the officers, directors, employees, agents and affiliates of the Bank and such holders (collectively
called the “Indemnitees”) from and against any and all obligations, losses, damages, penalties, actions, judgments, suits, claims, costs (including, without limitation, settlement costs), expenses or disbursements of any kind or nature
whatsoever (including, without limitation, the reasonable fees and disbursements of counsel for such Indemnitees in connection with any investigative, administrative or judicial proceeding commenced or threatened, whether or not such Indemnitee
shall be designated a party thereto), which may be imposed on, incurred by, or asserted against that Indemnitee, in any manner relating to or arising out of this Agreement, the Liabilities, the Bank’s relationship with Debtor, the use or
intended use of the proceeds of any of the Liabilities or any environmental matter (the “Indemnified Claims”); provided that the Debtor shall have no obligation to an Indemnitee hereunder with respect to Indemnified Claims if it has been
determined by a final decision (after all appeals and the expiration of time to appeal) by a court of competent jurisdiction that such Indemnified Claims arose primarily from the gross negligence or willful misconduct of that Indemnitee. To the
extent that the undertaking to indemnify, pay and hold harmless set forth in the preceding sentence may be unenforceable because it is violative of any law or public policy, Debtor shall contribute the maximum portion which it is permitted to pay
and satisfy under applicable law, to the payment and satisfaction of all Indemnified Liabilities incurred by the Indemnitees or any of them. 
  
 5. Default and Rights of the Bank. 
  
 5.1 Events of Default. Occurrence of any of the following events shall constitute an “Event of Default” under this Agreement: 

 
 A. Non-payment when due, by default, demand, maturity, or
otherwise, of any of the Liabilities; 
  

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 B. Failure of Debtor to comply with any term of this Agreement, any of the documents
evidencing the Liabilities, or any agreement between Debtor and the Bank; 
  
 C. The Bank discovers that any warranty or representation made to it by Debtor was or is false; 
  
 D. Debtor becomes insolvent or unable to pay debts as they mature or makes an assignment for the benefit of creditors or any proceeding is
instituted by or against Debtor under any bankruptcy, insolvency or similar laws or any judgment is entered or any writ of attachment, garnishment or execution or tax lien is issued or levied against Debtor, any of its property or the Collateral;

  
 E. Any indebtedness of Debtor becomes due by
reason of default and/or acceleration of the maturity thereof; 
  
 F. Death or incompetency of Debtor, if a natural person; dissolution or death of a partner of Debtor, if a partnership; dissolution, merger, consolidation or a material change in the ownership of the voting stock of
Debtor, if a corporation; dissolution, merger, or change in the members of Debtor, if a limited liability company; 
  
 G. Cessation of the normal business operations of Debtor; 
  
 H. Actual, impending, or reasonably anticipated decline in the value of the Collateral or the Bank deems the
margin of the Collateral securing the Liabilities to be insufficient; 
  
 I. If the control or management of Debtor changes in a manner which adversely affects, in the sole judgment of the Bank, the ability of Debtor to carry on its business as previously conducted; 
  
 J. Failure of Debtor to pay, when due, any federal, state,
or local tax, assessment, withheld tax, or similar obligation; 
  
 K. Any guaranty of, or document granting security for, any of the Liabilities shall, at any time, cease to be in full force and effect or be declared null or void, or any party to such guaranty or security document
(other than the Bank) denies that it has any further liability thereunder (by giving notice to such effect or otherwise) or contests the validity or enforceability thereof; or 
  
 L. The Bank deems itself insecure, in good faith, believing that the prospect of payment of the Liabilities
is impaired or in good faith fearing deterioration, removal or waste of any of the Collateral. 
  

 8 

 5.2 Bank’s Rights Upon Default. Upon occurrence of an Event of Default, all of the
Liabilities (regardless of any contrary terms thereof) shall, at the option of the Bank, be immediately due and payable without demand or notice, and the Bank may exercise any of the rights and remedies of a creditor under the Uniform Commercial
Code (the “UCC”), any other law, or any Court Rule and/or take any one or more of the actions specified below (which rights and remedies are cumulative) without notice (except as required by law): 
  
 A. Exercise any right or action set forth herein or in any
of the documents evidencing the Liabilities, including but not limited to, the rights and actions set forth in Section 4.17 above. 
  
 B. Institute legal proceedings to: foreclose the lien and security interest described herein; recover judgment on the Liabilities; and/or
sell any or all of the Collateral. 
  
 C. Take
possession of any Collateral if not already in its possession without demand and without legal process. Upon the Bank’s demand, Debtor will assemble and make the Collateral available to the Bank as it directs. Debtor grants to the Bank the
right, for this purpose, to enter into or on any premises where the Collateral may be located. 
  
 D. Sell, lease or otherwise dispose of the Collateral at public or private sale in accordance with the UCC, whether or not the Bank is in
possession of the Collateral. 
  
 5.3 Foreclosure
Procedures. The Bank shall give Debtor such notice of any private or public sale as may be required by the UCC. The Bank has no obligation to clean up or otherwise prepare the Collateral for sale. The Bank has no obligation to attempt to satisfy
the Liabilities by collecting them from any other person liable for them and The Bank may release, modify or waive any collateral provided by any other person to secure any of the Liabilities, all without affecting The Bank’s rights against
Debtor. Debtor waives any right it may have to require The Bank to pursue any third person for any of the Liabilities. The Bank may comply with any applicable state or federal law requirements in connection with a disposition of the Collateral and
compliance will not be considered to adversely affect the commercial reasonableness of any sale of the Collateral. The Bank may sell the Collateral without giving any warranties as to the Collateral. The Bank may specifically disclaim any warranties
of title or the like. Any lack or disclaimer of warranties will not be considered to adversely affect the commercial reasonableness of any sale of the Collateral. If the Bank sells any of the Collateral upon credit, Debtor will be credited only with
payments actually made by the purchaser, received by the Bank, and applied to the indebtedness of the purchaser. In the event the purchaser fails to pay for the Collateral, The Bank may resell the Collateral and Debtor shall be credited with the
proceeds of the sale. In the event the Bank purchases any of the Collateral being sold, the Bank may pay for the Collateral by crediting some or all of the Liabilities of the Debtor. The Bank has no obligation to marshal any assets in favor of
Debtor, or against or in payment of any of the Liabilities or any obligation owed to the Bank by any other person. 
  

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 5.4 Proceeds of Collateral. Proceeds of any collection or disposition by the Bank of any of the
Collateral may be applied by the Bank first to the reasonable expenses of retaking, conserving, collecting (by suit or otherwise) or disposing of (by sale or otherwise) the Collateral, including reasonable attorneys’ fees and legal expenses
incurred, and then to the satisfaction of all the Liabilities secured hereby in such order of application as the Bank elects. After such application and any further application required by law, the Bank will account to Debtor for any surplus and
Debtor and every guarantor of Debtor shall remain liable to the Bank for any deficiency. 
  
 6. Freedom to Deal With Collateral and Liabilities. Debtor agrees that the Bank may, without liability to Debtor: release any security for the Liabilities which has been provided by any other obligor before or
after maturity of any of the Liabilities; enforce its rights as to any of the Collateral covered by this Agreement without being obliged to first do so as to any other security, whether owned by Debtor or any other person; add, substitute or release
any maker or guarantor of the Liabilities; and/or extend, renew, modify, or make any accommodations with regard to the Liabilities. Debtor further agrees that the Bank has no duty to preserve its or Debtor’s rights against prior parties with
respect to any account, instrument or chattel paper in the Bank’s possession. 
  
 7. Definitions. In addition to the terms elsewhere defined herein, the following definitions shall apply to terms used herein: 
  
 7.1 Eligible Accounts Receivable. The term “Eligible Accounts Receivable” shall mean an account arising in
the ordinary course of Debtor’s business which meets each of the following requirements: 
  
 A. It arises from the sale or lease of goods and such goods have been shipped or delivered to an account debtor under such account
receivable; or it arises from services rendered and such services have been performed. 
  
 B. It is a valid, legally enforceable, unconditional obligation of the account debtor thereunder, and is not subject to any off-set,
counterclaim, right to return goods or demand for repurchase by Debtor, or other defense to payment on the part of such account debtor, or to any claim on the part of such account debtor denying liability in whole or in part. 
  
 C. It is subject to the first priority security interest of
the Bank and is not subject to any other lien or security interest whatsoever. 
  
 D. It is evidenced by an invoice, dated not later than 14 days after the date of shipment or performance rendered to such account debtor
or some other evidence of billing acceptable to the Bank and is not evidenced by any instrument or chattel paper. 
  
 E. It is not owing by any account debtor who is affiliated with Debtor or whose obligations the Bank in its sole discretion, shall have
determined are not deemed to constitute eligible accounts receivable, because of concerns regarding ability to pay or otherwise. 
  

 10 

 F. it is not owing more than ninety (90) days after the date of the original invoice or
other writing evidencing such Account; 
  
 G. it
is not owing by an account debtor who has failed to pay ten percent (10%) or more of the aggregate amount of its Accounts owing to Debtor within ninety (90) days after the date of the respective invoices or other writings evidencing such Accounts.

  
 H. It is owing by an account debtor which is
organized under the laws of the United States or any state thereof and which has its principal place of business in the United States. 
  
 I. If it arises from a contract which provides for “progress billings,” the contract has been performed in full by Debtor.

  
 J. It is not owing by the United States of
America, any state or municipality, or any department, agency, authority, or instrumentality thereof. 
  
 K. It is not an account billed in advance, payable on delivery, for consigned goods, for guaranteed sales, for unbilled sales, payable at
a future date in accordance with its terms, subject to a retainage or holdback by the account debtor or insured by a surety company. 
  
 An account which is at any time an Eligible Accounts Receivable, but which subsequently fails to meet any of the foregoing requirements, shall forthwith
cease to be an Eligible Accounts Receivable. 
  
 7.2 Terms
Defined by Statute. All other terms, not expressly defined herein, shall be defined and construed in accordance with the Uniform Commercial Code as in force in the State of Michigan from time to time; provided that with respect to any term used
herein that is defined in either Article 9 of the Michigan Uniform Commercial Code as in force at the time this Agreement was signed, or Article 9 as in force at any relevant time after the date of this Agreement, the meaning to be ascribed thereto
with respect to any particular item of property shall be that under the more-encompassing of the two definitions. Debtor specifically agrees that the term “Accounts” shall, to the extent permitted by the Michigan Uniform Commercial Code
now or after the date hereof, include, but not be limited to, health-care-insurance receivables.. 
  
 8. Expenses/Attorneys’ Fees. All expenses incurred by the Bank in perfecting its security interest in any Collateral or insuring, protecting,
maintaining, enforcing, selling, or disposing of the Collateral and all expenses, including reasonable attorneys’ fees and legal expenses, incurred by the Bank in seeking to collect or enforce any rights to or under the Collateral and, in case
of default, incurred by the Bank in seeking to collect or enforce the Liabilities secured hereby (through formal or informal collection actions, workout or otherwise) and enforce its rights hereunder (including participating or taking action in any
bankruptcy or other insolvency proceeding of Debtor) or for any other purpose related to this Agreement or the Liabilities shall be immediately reimbursed to the Bank by Debtor and shall be part of the Liabilities secured by this Agreement.

  

 11 

 9. Miscellaneous. The paragraph headings used in this Agreement are for convenience only and shall
not be used in the interpretation hereof. The obligations of each of the undersigned under this Agreement, if there is more than one Debtor, shall be joint and several; each of the undersigned shall be individually liable for performance of and for
all amounts due under this Agreement. All persons signing this Agreement on behalf of a corporation, partnership, trust or other entity warrant to the Bank that they are duly and properly authorized to execute this Agreement. Nothing in this
Agreement shall waive or restrict any right of the Bank granted in any other document or by law. No delay on the part of the Bank in the exercise of any right or remedy shall operate as a waiver. No single or partial exercise by the Bank of any
right or remedy shall preclude any other future exercise of that right or remedy or the exercise of any other right or remedy. No waiver or indulgence by the Bank of any default shall be effective unless in writing and signed by the Bank, nor shall
a waiver on one occasion be construed as a bar to or waiver of that right on any future occasion. Acceptance of partial or late payments owing on any of the Liabilities at any time shall not be deemed a waiver of any default. All rights, remedies
and security granted to the Bank herein are cumulative and in addition to other rights, remedies or security which may be granted elsewhere or by law. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be
effective and valid under applicable law. If any provision hereof shall be declared invalid or illegal it shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of the provision or the remaining
provisions of this Agreement. Notice from the Bank to Debtor, if mailed, shall be deemed given when mailed to Debtor, postage prepaid, at Debtor’s address set forth at the beginning of this Agreement or at any other address of Debtor in the
records of the Bank. The Bank may assign (or sell participations) in the Liabilities and any reference to the Bank shall include any holder of the Liabilities and any holder shall succeed to the Bank’s rights under this Agreement. This
Agreement shall bind the heirs, personal representatives, successors and assigns of Debtor and all persons who become bound as a debtor to this Agreement. Debtor agrees that any action against Debtor for enforcement of this Agreement may be brought
by the Bank in any municipal or State court in Michigan having jurisdiction of the subject matter; Debtor consents to personal jurisdiction over it by such courts; and consents to venue in such courts. This Agreement has been executed in Michigan,
and is governed by Michigan law, except to the extent that the Michigan Uniform Commercial Code provides for the application of the law of another state. If any payment applied by the Bank to the Liabilities is subsequently set aside, recovered,
rescinded or otherwise required to be returned or disgorged by the Bank for any reason (pursuant to bankruptcy proceedings, fraudulent conveyance statutes, or otherwise), the Liabilities to which the payment was applied shall for the purposes of
this Agreement be deemed to have continued in existence, notwithstanding the application, and shall be secured by the Collateral as fully as if the Bank had not received and applied the payment. 
  
 10. Termination. Either party may terminate this Agreement at any time
on written notice to the other; provided, however, that such termination shall in no way affect, and this Agreement shall remain fully operative as to, any transactions entered into or rights or security interests granted or Liabilities secured
hereby which are incurred prior to receipt of such notice by the party to whom given. After termination, the Bank’s security interest in the Collateral and 
  

 12 

 all rights of the Bank and duties of Debtor described herein shall continue in full force and effect until all of the
Liabilities secured hereby are paid in full and all credit accommodations provided by the Bank to Debtor are terminated. 
  
 11. WAIVER OF JURY TRIAL. DEBTOR AND THE BANK EACH HEREBY KNOWINGLY AND VOLUNTARILY, WITHOUT COERCION, WAIVE ALL RIGHTS TO A TRIAL BY JURY OF ALL
DISPUTES BETWEEN THEM ARISING OUT OF THIS SECURITY AGREEMENT, ANY OF THE LIABILITIES, OR ANY ALLEGED ACT OR NEGLECT OF THE BANK. 
  

					
	 Debtor:
	 	 EXPRESS 1, INC.

			
	 	 	 By:
	 	  

	 	 	 Its:
	 	  

  
 KZLIB:468541.2\069089-00167

 11/16/04 
  

 13Class A(2004-8) Terms Document dated as of November 10, 2004.

 Exhibit 4.1 
  
 Execution Copy 
  

  
 CAPITAL ONE MULTI-ASSET EXECUTION
TRUST 
  
 as Issuer 
  
 and 
  
 THE BANK OF NEW YORK 
  
 as Indenture Trustee 
  
 CLASS A(2004-8) TERMS DOCUMENT 
  
 dated as of November 10, 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, Asset Pool 1 Supplement and Indenture Supplement	  	7
			
	 	 	ARTICLE II	  	 
	 	 	The Class A(2004-8) Notes	  	 
			
	Section 2.01.	 	Creation and Designation	  	8
			
	Section 2.02.	 	Adjustments to Required Subordinated Percentages	  	8
			
	Section 2.03.	 	Interest Payment	  	8
			
	Section 2.04.	 	Calculation Agent; Determination of LIBOR	  	9
			
	Section 2.05.	 	Payments of Interest and Principal	  	9
			
	Section 2.06.	 	Form of Delivery of Class A(2004-8) Notes; Depository; Denominations	  	10
			
	Section 2.07.	 	Delivery and Payment for the Class A(2004-8) Notes	  	10
			
	Section 2.08.	 	Targeted Deposits to the Accumulation Reserve Account	  	10
			
	Section 2.09.	 	[Reserved]	  	10

  

 -i- 

 THIS CLASS A(2004-8) 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 10, 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(2004-8) 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.” 

  

 1 

 “Accumulation Period Amount” means $41,666,666.67; 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(2004-8) 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 2009 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(2004-8) 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 2010 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(2004-8) 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 2010 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(2004-8) 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(2004-8) Notes and (ii) the date on which the Class A(2004-8) 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(2004-8) Adverse Event” means the occurrence of any of the following: (a) an Early Redemption Event
with respect to the Class A(2004-8) Notes or (b) an Event of Default and acceleration of the Class A(2004-8) Notes. 
  
 “Class A(2004-8) Note” means any Note, substantially in the form set forth in Exhibit A-1 to the Indenture Supplement, designated
therein as a Class A(2004-8) Note and duly executed and authenticated in accordance with the Indenture. 
  
 “Class A(2004-8) Noteholder” means a Person in whose name a Class A(2004-8) Note is registered in the Note Register. 
  
 “Class A(2004-8) Termination Date” means the earliest to
occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2004-8) 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 October 17, 2011. 
  
 “Initial Dollar Principal Amount” means $500,000,000.

  
 “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 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. 
  
 “Issuance Date” means November 10, 2004. 
  
 “Legal Maturity Date” means August 15, 2014. 
  
 “LIBOR” means, for any Interest Period, the London interbank
offered rate for one-month United States dollar deposits determined by the Calculation Agent on the LIBOR Determination Date for such Interest Period in accordance with the provisions of Section 2.04. 
  
 “LIBOR Determination Date” means (i) November 8, 2004 for
the period from and including the Issuance Date to but excluding December 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. 
  
 “Maximum Subordination Amount of Class B Notes” means, for the Class A(2004-8) Notes for any date of determination, an amount equal to the product of (a) Adjusted Outstanding Dollar Principal Amount
of the Class A(2004-8) 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 0.13% 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: 
  

 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 2009 Distribution Date and each Distribution Date thereafter, the percentage equivalent of a fraction the numerator of which is the sum of the Excess Spread Percentages with respect to the immediately preceding three
Monthly Periods and the denominator of which is three. 
  
 “Record Date” means, for any Distribution Date, the last Business Day of the preceding Monthly Period. 
  
 “Reference Banks” means four major banks in the London interbank market selected by the Beneficiary. 
  
 “Required Accumulation Reserve sub-Account Amount” means,
with respect to any Monthly Period during the Accumulation Reserve Funding Period, an amount equal to (i) 0.5% of the Outstanding Dollar Principal Amount of the Class A(2004-8) 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(2004-8) 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(2004-8) Notes on such
date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2004-8) Notes on such date of determination; provided, however, that such an amount shall not exceed the 
  

 5 

 Maximum Subordination Amount of Class B Notes for the Class A(2004-8) Notes; provided further,
however, that for any date of determination on or after the occurrence and during the continuation of a Class A(2004-8) Adverse Event, the Required Subordinated Amount of Class B Notes for the Class A(2004-8) 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(2004-8) Adverse Event shall have occurred. 
  
 “Required Subordinated Amount of Class C Notes” means, for
the Class A(2004-8) 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(2004-8) Notes on such date of determination and (b) the Adjusted Outstanding Dollar
Principal Amount of such Class A(2004-8) 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(2004-8) Notes will not be less than an amount equal to (i) 3.0% of the Initial Dollar Principal Amount of the Class A(2004-8) Notes, minus (ii) the Required Subordinated Amount of Class D Notes for the Class A(2004-8) Notes; provided
further, however, that for any date of determination on or after the occurrence and during the continuation of a Class A(2004-8) Adverse Event, the Required Subordinated Amount of Class C Notes for the Class A(2004-8) 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(2004-8) 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(2004-8) 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(2004-8) Notes on such date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2004-8) 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(2004-8) Notes will not be less than an amount equal to 1.8462% of the Initial Dollar Principal Amount of the Class A(2004-8) Notes, provided further,
however, that for any date of determination on or after the occurrence and during the continuation of a Class A(2004-8) Adverse Event, the Required Subordinated Amount of Class D Notes for the Class A(2004-8) 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(2004-8) 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. 
  

 6 

 “Required Subordinated Percentage of Class B Notes” means, for the Class A(2004-8)
Notes, 12.3077%, subject to adjustment in accordance with Section 2.02. 
  
 “Required Subordinated Percentage of Class C Notes” means, for the Class A(2004-8) Notes, 8.9231%, subject to adjustment in accordance with Section 2.02. 
  
 “Required Subordinated Percentage of Class D Notes” means,
for the Class A(2004-8) Notes, 1.8462%, subject to adjustment in accordance with Section 2.02. 
  
 “Stated Principal Amount” means $500,000,000. 
  
 “Telerate Page 3750” means the display page currently so designated on the Moneyline Telerate Service (or such other page as may replace
that page on that service for the purpose of displaying comparable rates or prices). 
  
 Section 1.02. Governing Law. THIS TERMS DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE
TO ITS CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 Section 1.03. Counterparts. This Terms Document may be executed in any number of counterparts, each of which so executed will be deemed to be an
original, but all such counterparts will together constitute but one and the same instrument. 
  
 Section 1.04. Ratification of Indenture, Asset Pool 1 Supplement and Indenture Supplement. As supplemented by this Terms Document, each of the Indenture, the Asset Pool 1 Supplement and the Indenture Supplement
is in all respects ratified and confirmed and the Indenture as so supplemented by the Asset Pool 1 Supplement as so supplemented by the Indenture Supplement as so supplemented and this Terms Document shall be read, taken and construed as one and the
same instrument. 
  
 [END OF ARTICLE I] 
  

 7 

 ARTICLE II 
  
 The Class A(2004-8) 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(2004-8) 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(2004-8) 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(2004-8) 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(2004-8) Notes immediately prior to giving effect to such change and (y) the Required Subordinated Amount of Class B Notes for the Class A(2004-8) 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(2004-8) 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(2004-8) 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(2004-8) 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(2004-8) 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(2004-8) Notes shall be an amount equal to the product of (i)(A) a fraction, the numerator of which is the actual number of days in the related
Interest Period and the denominator of which is 360, times (B) the Note Interest Rate in effect with respect to such related Interest Period times (ii) the Outstanding Dollar Principal Amount of the Class A(2004-8) Notes determined as
of the Record Date preceding the related Distribution Date. Any interest on the Class A(2004-8) Notes will be calculated on the basis of the actual number of days in the related Interest Period and a 360-day year. 
  

 8 

 (b) Pursuant to Section 3.03 of the Indenture Supplement, on each Distribution Date, the Indenture
Trustee shall deposit into the Class A(2004-8) Interest Funding sub-Account the portion of Card Series Finance Charge Amounts allocable to the Class A(2004-8) Notes. 
  
 Section 2.04. Calculation Agent; Determination of LIBOR. 
  
 (a) The Issuer hereby agrees that for so long as any Class A(2004-8) Notes
are Outstanding, there shall at all times be an agent appointed to calculate LIBOR for each Interest Period (the “Calculation Agent”). The Issuer hereby initially appoints the Indenture Trustee as the Calculation Agent for purposes
of determining LIBOR for each Interest Period. The Calculation Agent may be removed by the Issuer at any time. If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuer, or if the Calculation Agent fails to determine
LIBOR for an Interest Period, the Issuer shall promptly appoint a replacement Calculation Agent that does not control or is not controlled by or under common control with the Issuer or its Affiliates. The Calculation Agent may not resign its duties,
and the Issuer may not remove the Calculation Agent, without a successor having been duly appointed. 
  
 (b) On each LIBOR Determination Date, the Calculation Agent shall determine LIBOR on the basis of the rate for deposits in United States dollars for a
one-month period which appears on Telerate Page 3750 as of 11:00 a.m., London time, on such date. If such rate does not appear on Telerate Page 3750, the rate for that LIBOR Determination Date shall be determined on the basis of the rates at which
deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a one-month period. The Calculation Agent shall request the principal London
office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date shall be the arithmetic mean of 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 A(2004-8) 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(2004-8) Note (or one or more Predecessor Notes) is registered on the Record Date, by
wire transfer of immediately available funds to such Person’s 
  

 9 

 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(2004-8) Noteholders to receive payments from the
Issuer will terminate on the first Business Day following the Class A(2004-8) Termination Date. 
  
 Section 2.06. Form of Delivery of Class A(2004-8) Notes; Depository; Denominations. 
  
 (a) The Class A(2004-8) 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(2004-8) Notes shall be The Depository Trust Company, and the Class A(2004-8) Notes shall initially be registered in the name of Cede & Co., its nominee. 
  
 (c) The Class A(2004-8) 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(2004-8) Notes. The Issuer shall execute and deliver the Class A(2004-8) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2004-8) 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] 
  

 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 H.Y. Voon

	 Name:
	 	Michele H.Y. Voon
	 Title:
	 	Attorney-in-Fact
	
	THE BANK OF NEW YORK, as Indenture Trustee and not in its individual capacity
		
	 By:
	 	 /s/ James P. Bowden

	 Name:
	 	 James P. Bowden

	 Title:
	 	 Assistant Treasurer

  
 [Signature Page
to the Class A(2004-8) Terms Document]

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