Document:

Insurance Agreement dated as of May 25, 2004

 EXHIBIT 10.4 
  
 AMBAC ASSURANCE CORPORATION, 
 as Note Insurer 
  
 CAPITAL ONE
AUTO FINANCE, INC., 
 as Servicer 
  
 CAPITAL ONE AUTO FINANCE, INC., 
 as Originator

  
 CAPITAL ONE AUTO RECEIVABLES, LLC, 
 as Seller 
  
 CAPITAL ONE AUTO FINANCE TRUST 2004 A, 
 as Issuer 
  
 and 
  
 JPMORGAN CHASE BANK, 
 as Indenture Trustee 
  
 INSURANCE AGREEMENT 

 
 $1,000,000,000 
  
 Capital One Auto Finance Trust 2004-A 
 Asset Backed Notes, Series 2004-A 
 Class A-1
Notes, Class A-2 Notes, 
 Class A-3 Notes and Class A-4 Notes 
 Dated as of May 25, 2004 

 Table of Contents 
  

							
	 	 	 	 	 	 	Page

	I	 	DEFINITIONS	 	1
			
	II	 	REPRESENTATIONS, WARRANTIES AND COVENANTS	 	10
				
	 	 	Section 2.01.	 	Representation and Warranties of the COAF Companies	 	10
	 	 	Section 2.02.	 	Affirmative Covenants of the COAF Companies	 	15
	 	 	Section 2.03.	 	Negative Covenants of the COAF Companies	 	19
	 	 	Section 2.04.	 	Representation and Covenants of Indenture Trustee.	 	19
	 	 	Section 2.05.	 	Representations, Warranties and Covenants of the Issuer	 	20
	 	 	Section 2.06.	 	Representations and Warranties of Ambac.	 	20
	 	 	Section 2.07.	 	Covenant of Note Insurer	 	21
			
	III	 	THE POLICIES; REIMBURSEMENT	 	22
				
	 	 	Section 3.01.	 	Issuance of the Policies	 	22
	 	 	Section 3.02.	 	Payment of Fees and Premium.	 	25
	 	 	Section 3.03.	 	Reimbursement and Additional Payment Obligation.	 	25
	 	 	Section 3.04.	 	Indemnification; Limitation of Liability.	 	27
	 	 	Section 3.05.	 	Payment Procedure	 	29
	 	 	Section 3.06.	 	Subrogation	 	30
	 	 	Section 3.07.	 	Reimbursement	 	30
			
	IV	 	FURTHER AGREEMENTS	 	30
				
	 	 	Section 4.01.	 	Effective Date; Term of the Insurance Agreement	 	30
	 	 	Section 4.02.	 	Further Assurances and Corrective Instruments.	 	31
	 	 	Section 4.03.	 	Obligations Absolute.	 	31
	 	 	Section 4.04.	 	Assignments; Reinsurance; Third-party Rights.	 	32
	 	 	Section 4.05.	 	Liability of the Note Insurer	 	33
	 	 	Section 4.06.	 	Nonpetition Covenant	 	33
	 	 	Section 4.07.	 	Parties To Join in Enforcement Action.	 	34
			
	V	 	DEFAULTS; REMEDIES	 	35
				
	 	 	Section 5.01.	 	Defaults	 	35
	 	 	Section 5.02.	 	Remedies; No Remedy Exclusive.	 	36
	 	 	Section 5.03.	 	Waivers.	 	37
			
	VI	 	MISCELLANEOUS	 	37
				
	 	 	Section 6.01.	 	Amendments, Etc	 	37
	 	 	Section 6.02.	 	Notices	 	37
	 	 	Section 6.03.	 	Severability	 	39

  

 i 

 Table of Contents 
 (continued) 
  

					
	 	 	 	 	Page

	 Section 6.04.
	 	Governing Law	 	39
	 Section 6.05.
	 	Consent to Jurisdiction.	 	39
	 Section 6.06.
	 	Consent of the Note Insurer	 	40
	 Section 6.07.
	 	Counterparts	 	40
	 Section 6.08.
	 	Headings	 	40
	 Section 6.09.
	 	Trial by Jury Waived	 	40
	 Section 6.10.
	 	Limited Liability	 	41
	 Section 6.11.
	 	Entire Agreement	 	41
	 Section 6.12.
	 	Limitation of Liability	 	41

  

 ii 

 INSURANCE AGREEMENT 
  
 This INSURANCE AGREEMENT (this “Insurance Agreement”) is dated as of May 25, 2004 by and among AMBAC
ASSURANCE CORPORATION (the “Note Insurer”), CAPITAL ONE AUTO FINANCE, INC., in its individual capacity and as the Servicer (the “Servicer”), CAPITAL ONE AUTO FINANCE, INC., as Originator (the
“Originator”), CAPITAL ONE AUTO RECEIVABLES, LLC, as Seller (the “Seller”), CAPITAL ONE AUTO FINANCE TRUST 2004-A, as Issuer (the “Issuer”) and JPMORGAN CHASE BANK in its
capacity as indenture trustee (the “Indenture Trustee”). 
  
 WHEREAS, the Indenture Trustee is authenticating $1,000,000,000 principal amount of the Capital One Auto Finance Trust 2004-A, Asset Backed Notes, Series 2004-A, Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and
Class A-4 Notes, pursuant to an Indenture as more specifically defined below. The Notes will be secured by the Trust Estate as defined in the Indenture; 
  
 WHEREAS, the Issuer, Seller, Originator and Servicer have requested that the Note Insurer issue its Note Guaranty Insurance Policy (the “Note
Policy”) to guarantee payment of Insured Payments (as defined in Note Policy) with respect to the Class A Notes, upon such terms and conditions as were mutually agreed upon by the parties and subject to the terms and conditions of the Note
Policy and has asked the Note Insurer to issue an Interest Rate Swap Policy (the “Swap Policy”) and together with the Note Policy, the “Policies”) and the Note Insurer has agreed to insure certain amounts which may
be due from the Owner Trustee on behalf of Capital One Auto Finance Trust 2004-A (the “Issuer”) to the Swap Provider under the Swap Agreement; 
  

WHEREAS, the parties hereto desire to specify the conditions precedent to the issuance of the Policies by the Note Insurer, the indemnity and
reimbursement to be provided by the Originator and the Servicer in respect of amounts paid by the Note Insurer under the Policies and to provide for certain other matters; 
  
 WHEREAS, the Note Insurer shall be paid an insurance premium pursuant to the Indenture, and the details of such premium are
set forth herein; and 
  
 WHEREAS, each COAF Company (as defined
below) has undertaken certain obligations in consideration for the Note Insurer’s issuance of the Policies; 
  
 NOW, THEREFORE, in consideration of the premises and the mutual agreements herein contained, the parties hereto agree as follows: 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 The terms defined in this Article I shall have the meanings provided herein
for all purposes of this Insurance Agreement, unless the context clearly requires otherwise, in both singular and plural form, as appropriate. Unless the context clearly 
  

 1 

 requires otherwise, all capitalized terms used herein and not otherwise defined in this Article I shall have the meanings
assigned to them in the Transaction Documents (as defined below). All words used herein shall be construed to be of such gender or number as the circumstances require. This “Insurance Agreement” shall mean this Insurance Agreement as a
whole and as the same may, from time to time hereafter, be amended, supplemented or modified. The words “herein,” “hereby,” “hereof,” “hereto,” “hereinabove” and “hereinbelow,” and words of
similar import, refer to this Insurance Agreement as a whole and not to any particular paragraph, clause or other subdivision hereof, unless otherwise specifically noted. 
  
 “Business Day” means any day other than a Saturday or a Sunday or a day on which banking institutions in
the states of Delaware, California, Texas, Virginia or New York, or in the state in which the Corporate Trust Office of the Indenture Trustee is located, are authorized or obligated by law, executive order or government decree to be closed.

  
 “Capital One Information” means the
information included in the Prospectus, but excluding the Note Insurer Information and the Underwriter Information. 
  
 “Class A Notes” means the Capital One Auto Finance Trust 2004-A, Asset Backed Notes, Series 2004-A, designated as Class A-1 Notes, Class
A-2 Notes, Class A-3 Notes and Class A-4 Notes issued in accordance with the provisions of the Indenture. 
  
 “COAF” means Capital One Auto Finance, Inc., a Texas corporation, and its successors and assigns. 
  
 “COAF Company” means each of the Servicer, the Originator
and the Seller. 
  
 “Commission” means the
Securities and Exchange Commission. 
  
 “Cumulative Net
Charge-Off Ratio” means, as of any Determination Date, the ratio of (i) the aggregate Principal Balance of Receivables that became Defaulted Receivables plus all the Cram Down Losses which occurred during the period from the Initial Cutoff
Date through the end of the related Collection Period reduced by the amount of Liquidation Proceeds with respect to Defaulted Receivables received during such period which are applied to principal of the Defaulted Receivables to (ii) the sum of (A)
the initial aggregate Principal Balance of the Initial Receivables plus (B) the initial aggregate Principal Balance of the Subsequent Receivables as of their respective Subsequent Cutoff Dates. 
  
 “Date of Issuance” means the date on which each Policy is
issued as specified therein. 
  
 “Default” means
any event which results, or which with the giving of notice or the lapse of time or both would result, in an Event of Default. 
  

 2 

 “Delinquency Ratio” means, as of a Determination Date, the ratio of (i) the aggregate
Principal Balance of Receivables that were Delinquent Receivables at the end of the related Collection Period to (ii) the aggregate Principal Balance of all Receivables as of the first day of such related Collection Period. 
  
 “Delinquent Receivable” means any Receivable (other than a
Defaulted Receivable) as to which any portion of a scheduled payment remains unpaid for more than 60 days from the date on which it is due and payable. 
  
 “Event of Default” means any event of default specified in Section 5.01 of this Insurance Agreement. 
  
 “Fee Letter” means the fee letter dated as of May 25, 2004,
from the Note Insurer to the Owner Trustee, the Servicer, and the Indenture Trustee. 
  
 “Financial Statements” means, with respect to COFC, the balance sheets and the statements of income, retained earnings and cash flows for the 12-month period then ended and the notes thereto which
have been provided to the Note Insurer. 
  
 “Indemnification Agreement” means that certain Indemnification Agreement dated as of May 11, 2004, by and among the Note Insurer, and Credit Suisse First Boston LLC and Wachovia Capital Markets, LLC as Representatives of
the several Underwriters (as defined therein). 
  
 “Indenture” means that certain Indenture dated as of May 25, 2004, between the Issuer and the Indenture Trustee. 
  
 “Insurance Agreement Event of Default” means any of the following: 
  
 (a) any failure (i) to observe or perform any covenant or obligation of the Owner Trustee, the Originator,
the Seller, the Issuer or the Servicer set forth herein, or in the Indenture, the Sale and Servicing Agreement, the Purchase Agreement which has not been cured within sixty (60) days (or such longer period not in excess of ninety (90) as may be
reasonably necessary to remedy such failure; provided that (i) that failure is capable of remedy within ninety (90) days or less and (ii) the Note Insurer consents in its sole discretion to that longer period) from the date of receipt by the Owner
Trustee, the Originator, the Seller, the Issuer or the Servicer, as the case may be, of written notice from the Indenture Trustee or the Note Insurer of such breach or default and such breach or default could reasonably have a material adverse
effect on the interests of the Note Insurer or the Noteholders (as determined in the Note Insurer’s sole discretion), or (ii) of any Person to deposit into the Collection Account or the Reserve Account all amounts required to be deposited
therein by the required deposit date and such failure could reasonably have a material adverse effect on the interests of the Note Insurer or the Noteholders (as determined in the Note Insurer’s sole discretion) and such failure has continued
for a period of at least five (5) Business Days (A) after notice is received by such Person from the Indenture Trustee or the Note Insurer or (B) after discovery of such failure by a responsible officer of such 
  

 3 

 Person; provided, however, that no Insurance Agreement Event of Default will result from
the breach by the Servicer of any covenant for which the repurchase of the affected Receivables is specified as the sole remedy pursuant to Section 3.6 of the Sale and Servicing Agreement and such repurchase takes place within the time frame
required by Section 2.3 and Section 3.6 of the Sale and Servicing Agreement; 
  
 (b) any representation, warranty or statement of the Indenture Trustee, the Servicer, the Owner Trustee, the Originator, the Issuer or the Seller (other than representations and warranties under Schedule I of the Sale
and Servicing Agreement and Section 3.2 of the Purchase Agreement) contained herein or in the Indenture or in the Sale and Servicing Agreement, the Purchase Agreement or in any report, document or certificate delivered pursuant to the foregoing
agreements shall prove to be incorrect in any material respect as of the time when the same shall have been made and, within sixty (60) days (or such longer period not in excess of ninety (90) as may be reasonably necessary to remedy such failure;
provided that (i) that failure is capable of remedy within ninety (90) days or less and (ii) the Note Insurer consents in its sole discretion to that longer period) after written notice thereof shall have been given to the Indenture Trustee and the
defaulting party (if not the Indenture Trustee) by the Servicer, the Note Insurer, the Indenture Trustee or by Noteholders constituting Noteholder Approval, the circumstances or condition in respect of which such representation, warranty or
statement was incorrect shall not have been eliminated or otherwise cured or waived by the Note Insurer and could reasonably have a material adverse affect on the interests of the Note Insurer or the Noteholders (as determined in the Note
Insurer’s sole discretion); 
  
 (c) the
cessation of a valid perfected first priority security interest in the Receivables or the Trust Accounts in favor of the Indenture Trustee which is not cured within seven (7) Business Days of receipt of notice thereof; 
  
 (d) [reserved]; 
  
 (e) as of the Determination Date with respect to each
Collection Period, the three month average of the Delinquency Ratios for such Collection Period and the two Collection Periods immediately preceding such Collection Period is greater than the level specified for such month in such table: 

 

				
	 Collection Period

	  	Delinquency Ratio

	 
	 1 to 4
	  	6.50	%
	 5 to 9
	  	8.00	%
	 10 to 16
	  	7.50	%
	 17 to 21
	  	9.00	%
	 22 to 28
	  	8.50	%
	 29 to 33
	  	10.00	%
	 34 to 37
	  	9.50	%
	 38 to 40
	  	10.50	%
	 41 to 45
	  	12.00	%
	 46 to 52
	  	11.50	%
	 53 to 57
	  	13.00	%
	 58 to 60
	  	12.50	%

  

 4 

 provided, that an Insurance Agreement Event of Default occurring under this clause (e) shall be
deemed to have been cured if, as of the Determination Date with respect to each of any three (3) consecutive Collection Periods following the occurrence of an Insurance Agreement Event of Default pursuant to this clause (e), the average of the
Delinquency Ratios for such Collection Periods is less than the percentage above for the applicable Collection Period; 
  
 (f) a draw is made on the Note Policy; 
  
 (g) as of the Determination Date in any month prior to and including the applicable month set forth in the table below, the Cumulative Net
Charge-Off Ratio exceeds the level specified for such month in such table: 
  

				
	 Months

	  	Cumulative Net
Charge-Off Ratio

	 
	 1 to 6
	  	Not Applicable	 
	 7 to 9
	  	7.00	%
	 10 to 12
	  	9.30	%
	 13 to 15
	  	12.00	%
	 16 to 18
	  	14.30	%
	 19 to 21
	  	16.00	%
	 22 to 24
	  	17.30	%
	 25 to 27
	  	19.00	%
	 28 to 30
	  	20.00	%
	 31 and Thereafter
	  	21.00	%

  

 5 

 (h) except as permitted by the Sale and Servicing Agreement, any assignment by the
Servicer of its rights and obligations under the Sale and Servicing Agreement or any attempt to make such an assignment; 
  
 (i) failure to make any payment with respect to the Class A Notes pursuant to the Indenture according to the priorities set forth in
Section 4.4(a) of the Sale and Servicing Agreement, which continues unpaid for a period of five (5) Business Days; 
  
 (j) [Reserved]; 
  
 (k) the occurrence of a Servicer Termination Event or Event of Default under the Indenture; or 
  
 (l) any Event of Default or Termination Event (as defined in
the Swap Agreement) occurs under the Swap Agreement. 
  
 “Investment Company Act” means the Investment Company Act of 1940, including, unless the context otherwise requires, the rules and regulations thereunder, as amended. 
  
 “Issuer” means Capital One Auto Finance Trust 2004-A.

  
 “Late Payment Rate” means the rate of
interest as it is publicly announced by Citibank, N.A. at its principal office in New York, New York as its prime rate (any change in such prime rate of interest to be effective on the date such change is announced by Citibank, N.A.) plus 3%. The
Late Payment Rate shall be computed on the basis of a year of 365 days calculating the actual number of days elapsed. In no event shall the Late Payment Rate exceed the maximum rate permissible under any applicable law limiting interest rates.

  
 “Managed Assets” means, with respect to any
Person, receivables owned, receivables sold to securitization trusts and serviced by such Person, and all other serviced or owned assets. 
  
 “Material Adverse Change” means, with respect to any event or circumstance, a material adverse effect on (a) the business, financial
condition, operations or assets of the Issuer (considered separately) or the Issuer, the Seller, the Servicer and 
  

 6 

 the Originator (taken as a whole), (b) the ability of any COAF Company to perform its obligations under any Transaction
Document to which it is a party, (c) the validity, enforceability of, or collectibility of, amounts payable by any COAF Company when due under any Transaction Document to which it is a party or (d) the status, existence, perfection or priority of
the interest of the Issuer or of the Indenture Trustee in the Trust Estate. 
  
 “Moody’s” means Moody’s Investors Service, Inc., a Delaware corporation, and any successor thereto, and, if such corporation shall for any reason no longer perform the functions of a
securities rating agency, “Moody’s” shall be deemed to refer to any other nationally recognized rating agency designated by the Note Insurer. 
  
 “Note Insurer Information” means the information relating to the Note Insurer in the Prospectus Supplement as of the date thereof under
the heading “The Note Guaranty Insurance Policy and the Note Insurer” and the financial statements of the Note Insurer incorporated by reference into the Prospectus Supplement. 
  
 “Notes” means the $1,000,000,000 Capital One Auto Finance Trust 2004-A, Asset Backed Notes, Series 2004-A,
Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes. 
  
 “Owners” means registered holders of Class A Notes. 
  
 “Person” means an individual, joint stock company, trust, unincorporated association, joint venture, corporation, limited liability company, business or owner trust, partnership or other organization
or entity (whether governmental or private). 
  
 “Premium” means the premium payable in accordance with Section 3.02 of this Insurance Agreement. 
  
 “Prospectus” means, collectively, (i) the Preliminary Prospectus Supplement dated May 10, 2004 to the Prospectus dated May 10, 2004 and
(ii) the Final Prospectus Supplement dated May 11, 2004 to the Prospectus dated May 10, 2004, each relating to the sale of the Class A Notes on the Closing Date. 
  
 “Purchase Agreement” means that certain Purchase Agreement, dated as of May 25, 2004, by and between COAF
and Seller. 
  
 “Representative” means Credit
Suisse First Boston LLC, as representative for the Underwriters. 
  
 “Reserve Account Increase Condition” means: 
  
 (i) the occurrence of one or both of the following events: 
  
 (a) as of the Determination Date with respect to any Collection Period, the average of the Delinquency Ratios for such Collection Period and the two 
  

 7 

 Collection Periods immediately preceding such Collection Period is greater than the level specified for
such month in the following table: 
  

				
	 Collection Period

	  	Delinquency Ratio

	 
	 1 to 4
	  	5.50	%
	 5 to 9
	  	7.00	%
	 10 to 16
	  	6.50	%
	 17 to 21
	  	8.00	%
	 22 to 28
	  	7.50	%
	 29 to 33
	  	9.00	%
	 34 to 37
	  	8.50	%
	 38 to 40
	  	9.50	%
	 41 to 45
	  	11.00	%
	 46 to 52
	  	10.50	%
	 53 to 57
	  	12.00	%
	 58 to 60
	  	11.50	%

  
 provided, that a Reserve Account Increase Condition occurring under this clause (a) shall be deemed to have been cured if, as of the Determination Date with respect to each of any three (3) consecutive Collection Periods following the
occurrence of a Reserve Account Increase Condition pursuant to this clause, the average of the Delinquency Ratios for such Collection Periods is less than the percentage specified above for the applicable Collection Period; or 
  
 (b) as of the Determination Date in any month prior to and
including the applicable month set forth in the table below, the Cumulative Net Charge-Off Ratio exceeds the level specified for such month in such table: 
  

				
	 Month After Closing

	  	Cumulative Net
Charge-Off Ratio

	 
	 1 to 3
	  	Not Applicable	 
	 4 to 6
	  	4.00	%
	 7 to 9
	  	6.00	%
	 10 to 12
	  	8.30	%
	 13 to 15
	  	10.30	%
	 16 to 18
	  	12.30	%
	 19 to 21
	  	14.00	%
	 22 to 24
	  	15.30	%
	 25 to 27
	  	16.00	%
	 28 to 30
	  	17.00	%
	 31 and thereafter
	  	18.00	%

  

 8 

 (ii) the occurrence or continuation of an Event of Default which has not been waived or cured.

  
 “Sale and Servicing Agreement” means that
certain Sale and Servicing Agreement, dated as of May 25, 2004, between the Seller, the Issuer, the Servicer and the Indenture Trustee. 
  
 “Securities Act” means the Securities Act of 1933, including, unless the context otherwise requires, the rules and regulations
thereunder, as amended from time to time. 
  
 “Securities
Exchange Act” means the Securities Exchange Act of 1934, including, unless the context otherwise requires, the rules and regulations thereunder, as amended from time to time. 
  
 “Seller” means Capital One Auto Receivables, LLC, a Delaware limited liability company. 
  
 “S&P” means Standard & Poor’s Ratings Services,
and any successor thereto, and, if such corporation shall for any reason no longer perform the functions of a securities rating agency, “S&P” shall be deemed to refer to any other nationally recognized rating agency designated by the
Note Insurer. 
  
 “Swap Agreement” means the ISDA
Master Agreement dated as of May 25, 2004 between the Issuer, and the Swap Provider, the Schedule thereto and the Confirmation bearing Reference No. 8986280, dated May 25, 2004. 
  

 9 

 “Swap Policy” means the Interest Rate Swap Insurance Policy No. SW0187BE issued by
Ambac, which guarantees certain payments due under the Swap Agreement. 
  
 “Swap Provider” means Credit Suisse First Boston International and its permitted successors and assigns. 
  
 “Tangible Net Worth” means, with respect to any Person, the net worth of such Person calculated in accordance with GAAP, after
subtracting therefrom the aggregate amount of such Person’s intangible assets, including, without limitation, goodwill, franchises, licenses, patents, trademarks, copyrights and service marks. 
  
 “Term of the Insurance Agreement” shall be determined as
provided in Section 4.01 of this Insurance Agreement. 
  
 “Transaction” means the transactions contemplated by the Transaction Documents including the transactions described in the Prospectus. 
  

“Transaction Documents” means this Insurance Agreement, the Indemnification Agreement, the Prospectus, the Indenture, the Swap
Agreement, the Purchase Agreement, the Sale and Servicing Agreement, the Limited Guaranty, the Underwriting Agreement, the Trust Agreement, and the Notes. 
  
 “Underwriter Information” means the information furnished by the Underwriters in writing expressly for use in the Prospectus and included
in the second paragraph (regarding concessions and discounts) and the first sentence of the ninth paragraph (regarding market making) under the caption “Underwriting” in the Prospectus Supplement. 
  
 “Underwriting Agreement” has the meaning assigned thereto in
the Indenture. 
  
 ARTICLE II 
  
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
  
 Section 2.01. Representations and Warranties.  
  
 (a) Representations and Warranties of the
Seller. The Seller makes the following representations and warranties as of the date hereof and the Date of Issuance: 
  
 (i) Existence and Power. The Seller is a Delaware limited liability company validly existing and in good standing under the laws of
its state of organization and has, in all material respects, full power and authority to own its assets and operate its business as presently owned or operated, and to execute, deliver and perform its obligations under the Transaction Documents to
which it is a party. The Seller has obtained all necessary licenses and approvals in each jurisdiction where the failure to do so could reasonably result in a Material Adverse Change. 
  

 10 

 (ii) Authorization and No Contravention. The execution, delivery and performance
by the Seller of the Transaction Documents to which it is a party have been duly authorized by all necessary action on the part of the Seller and do not contravene or constitute a default under (A) any applicable law, rule or regulation, (B) its
organizational documents or (C) any material indenture or material agreement or material instrument to which the Seller is a party or by which its properties are bound (other than violations of such laws, rules, regulations, indentures or agreements
which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, could reasonably result in a Material Adverse Change). 
  
 (iii) No Consent Required. No approval or authorization by, or filing with, any Governmental
Authority is required in connection with the execution, delivery and performance by the Seller of any Transaction Document other than (A) UCC filings, (B) approvals and authorizations that have previously been obtained and filings that have
previously been made or approvals, authorizations or filings which will be made on a timely fashion and (C) authorizations or filings which, if not obtained or made, would not reasonably result in a Material Adverse Change. 
  
 (iv) Binding Effect. Each Transaction Document to
which the Seller is a party constitutes the legal, valid and binding obligation of the Seller enforceable against the Seller in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, receivership, conservatorship or other similar laws affecting creditors’ rights generally and, if applicable, the rights of creditors of limited liability companies from time to time in effect or by general
principles of equity. 
  
 (v) No
Proceedings. There are no actions, suits or proceedings pending or, to the knowledge of the Seller, threatened against the Seller before or by any Governmental Authority that (A) assert the invalidity or unenforceability of this Agreement or any
of the other Transaction Documents, (B) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the other Transaction Documents, (C) seeking any determination or ruling
that could reasonably result in a Material Adverse Change, or (D) relating to the Seller that would materially and adversely affect the federal or Applicable Tax State income, excise, franchise or similar tax attributes of the Notes. 
  
 (vi) Compliance With Securities Laws. The initial
offer and sale of the Notes comply in all material respects with all requirements of 
  

 11 

 law, including all registration requirements of applicable securities laws. Without limitation of the
foregoing, the Prospectus does not contain any untrue statement of a material fact and does not omit to state a material fact necessary to make the statements made therein, in light of the circumstances under which they were made, not misleading;
provided, however, that no representation is made with respect to the information in the Prospectus set forth under the heading “THE NOTE GUARANTY INSURANCE POLICY AND THE NOTE INSURER,” the consolidated financial statements of the Note
Insurer incorporated by reference in the Prospectus or the Underwriter Information. Neither the offer nor the sale of the Notes has been or will be in violation of the Securities Act or any other federal or state securities laws. Neither the Issuer
nor the Seller is required to be registered as an “investment company” under the Investment Company Act. 
  
 (vii) Transaction Documents. Each of the representations and warranties of the Seller contained in the Transaction Documents is
true and correct in all material respects, and the Seller hereby makes each such representation and warranty to, and for the benefit of, the Note Insurer as if the same were set forth in full herein, provided that the remedy for any breach of this
paragraph shall be limited to the remedies specified in the related Transaction Document. 
  
 (viii) Solvency. The Seller is solvent and will not be rendered insolvent by the Transaction and, after giving effect to the
Transaction, the Seller will not be left with an unreasonably small amount of capital with which to engage in its business, nor does the Seller intend to incur, or believe that it has incurred, debts beyond its ability to pay as they mature. The
Seller does not contemplates the commencement of insolvency, bankruptcy, liquidation or consolidation proceedings or the appointment of a receiver, liquidator, conservator, trustee or similar official in respect of any COAF Company or any of their
assets. 
  
 (b) Representations and
Warranties of Servicer. Each of the Servicer and COAF makes the following representations and warranties as of the date hereof and the Date of Issuance: 
  
 (i) Existence and Power. Each of the Servicer and COAF is a Texas corporation validly existing and in
good standing under the laws of its state of organization and has, in all material respects, full power and authority to own its assets and operate its business as presently owned or operated, and to execute, deliver and perform its obligations
under the Transaction Documents to which it is a party. Each of the Servicer and COAF has obtained all necessary licenses and approvals in each jurisdiction where the failure to do so could reasonably result in a Material Adverse Change. 

 

 12 

 (ii) Authorization and No Contravention. The execution, delivery and performance
by each of the Servicer and COAF of the Transaction Documents to which it is a party have been duly authorized by all necessary action on the part of the Servicer and COAF and do not contravene or constitute a default under (A) any applicable law,
rule or regulation, (B) its organizational documents or (C) any material indenture or material agreement or instrument to which the Servicer or COAF is a party or by which its properties are bound (other than violations of such laws, rules,
regulations, indentures or agreements which do not affect the legality, validity or enforceability of any of such agreements and which, individually or if the aggregate, and would not reasonably result in a Material Adverse Change. 
  
 (iii) No Consent Required. No approval or
authorization by, or filing with, any Governmental Authority is required in connection with the execution, delivery and performance by the Servicer or COAF of any Transaction Document other than (A) UCC filings, (B) approvals and authorizations that
have previously been obtained and filings that have previously been made or approvals, authorizations or filings which will be made on a timely fashion and (C) approval, authorizations or filings which, if not obtained or made, would not reasonably
result in a Material Adverse Change. 
  
 (iv)
Binding Effect. Each Transaction Document to which the Servicer or COAF is a party constitutes the legal, valid and binding obligation of the Servicer enforceable against it in accordance with its terms, except as such enforceability may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar laws affecting creditors’ rights generally and, if applicable, the rights of creditors of limited liability companies from
time to time in effect or by general principles of equity. 
  
 (v) No Proceedings. There are no actions, suits or proceedings pending or, to the knowledge of the Servicer or COAF, threatened against the Servicer or COAF before or by any Governmental Authority that (A)
assert the invalidity or unenforceability of this Agreement or any of the other Transaction Documents, (B) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the other
Transaction Documents, (C) seeking any determination or ruling that would materially and adversely affect the performance by the Servicer of its obligations under this Agreement or any of the other Transaction Documents, or (D) relating to the
Servicer or COAF that would materially and adversely affect the federal or Applicable Tax State income, excise, franchise or similar tax attributes of the Notes. 
  
 (vi) Financial Statements. The Financial Statements of Capital One Financial Corporation (A) are, as
of the dates and for the periods 
  

 13 

 referred to therein, complete and correct in all material respects, (B) present fairly the financial
condition and results of operations of COAF as of the dates and for the periods indicated and (C) have been prepared in accordance with generally accepted accounting principles consistently applied, except as noted therein (subject as to interim
statements to normal year-end adjustments); since the date of the most recent Financial Statements, there has been no Material Adverse Change in respect of COAF; and except as disclosed in the Financial Statements, COAF is not subject to any
contingent liabilities or commitments that, individually or in the aggregate, have a material possibility of causing a Material Adverse Change in respect of COAF. 
  
 (vii) Compliance With Securities Laws. The offer and sale of the Notes comply in all material
respects with all requirements of law, including all registration requirements of applicable securities laws. Without limitation of the foregoing, the Prospectus does not contain any untrue statement of a material fact and does not omit to state a
material fact necessary to make the statements made therein, in light of the circumstances under which they were made, not misleading; provided, however, that no representation is made with respect to the information in the Prospectus set forth
under the heading “THE NOTE GUARANTY INSURANCE POLICY AND THE NOTE INSURER,” the consolidated financial statements of the Note Insurer incorporated by reference in the Prospectus or the Underwriter Information. Neither the offer nor the
sale of the Notes has been or will be in violation of the Securities Act or any other federal or state securities laws. Neither the Issuer nor the Seller is required to be registered as an “investment company” under the Investment Company
Act. 
  
 (viii) Transaction Documents.
Each of the representations and warranties of the Servicer and COAF contained in the Transaction Documents is true and correct in all material respects, and the Servicer and COAF hereby make each such representation and warranty to, and for the
benefit of, the Note Insurer as if the same were set forth in full herein, provided that the remedy for any breach of this paragraph shall be limited to the remedies specified in the related Transaction Document. 
  
 (ix) Solvency. Each of the Servicer and COAF is
solvent and will not be rendered insolvent by the Transaction and, after giving effect to the Transaction, neither the Servicer nor COAF will be left with an unreasonably small amount of capital with which to engage in its business, nor does the
Servicer or COAF intend to incur, or believe that it has incurred, debts beyond its ability to pay as they mature. Neither the Servicer nor COAF contemplates the commencement of insolvency, bankruptcy, liquidation or consolidation proceedings or the
appointment of a receiver, liquidator, conservator, trustee or similar official in respect of any COAF Company or any of their assets. 
  

 14 

 Section 2.02. Affirmative Covenants of the COAF Companies. The COAF Companies hereby agree
that during the Term of the Insurance Agreement, unless the Note Insurer shall otherwise expressly consent in writing: 
  
 (a) Compliance With Agreements and Applicable Laws. The COAF Companies shall not be in default under the
Transaction Documents and shall comply with all material requirements of any law, rule or regulation applicable to each such party in all circumstances where non compliance could reasonably result in a Material Adverse Change. Except in accordance
with any provision of the Transaction Documents that expressly states Note Insurer consent is not required, no COAF Company shall agree to any amendment to or modification of the terms of any Transaction Documents or its respective organizational
documents (including without limitation and as applicable its articles of incorporation, partnership agreement, bylaws, certificate of formation and limited liability company agreement) unless the Note Insurer shall have otherwise consented.

  
 (b) Corporate Existence.
Each COAF Company, its successors and assigns, shall maintain its corporate or other existence and shall at all times continue to be duly organized under the laws of its respective jurisdiction of incorporation or formation and duly
qualified and duly authorized and shall conduct its business in accordance with the terms of its certificate of incorporation and bylaws or other formation documents in all circumstances where failure could reasonably result in a Material Adverse
Change. 
  
 (c) The Servicer To Provide
Compliance Certificates; Accountants’ Reports; Other Information. The Servicer shall keep or cause to be kept in reasonable detail books and records of account of COAF’s, and its consolidated subsidiaries’,
assets and business, including, but not limited to, books and records relating to the Transaction. The Servicer shall furnish or cause to be furnished to the Note Insurer: 
  
 (i) Servicer Reports and Compliance Certificates. All reports, certificates and reviews required to
be furnished under Sections 3.8 and 3.9 of the Sale and Servicing Agreement. 
  
 (ii) Initial and Continuing Reports. On or before the Closing Date, the Servicer will provide the Note Insurer a copy of the electronic file or other such medium as may be acceptable to the Note Issuer to be
delivered to the Indenture Trustee setting forth, as to each Receivable, the information required on the Schedule of Receivables. 
  
 (iii) Other Information. Promptly upon receipt thereof, copies of all schedules, financial statements or other similar reports
delivered to or by the Servicer pursuant to the terms of the Sale and Servicing Agreement and, promptly upon request, such other data or reports relating to the Transaction as the Note Insurer may reasonably request. 
  

 15 

 The Note Insurer agrees that it and its agents, accountants and attorneys shall keep
confidential all financial statements, reports and other information delivered by the Servicer pursuant to this subsection 2.02(c) to the extent provided in subsection 2.02(e) hereof. 
  
 (d) Access to Records; Discussions With Officers and Accountants. On an annual
basis, or as often as the Note Insurer deems appropriate upon the occurrence of an Insurance Agreement Event of Default, each COAF Company shall, upon the reasonable request of the Note Insurer, permit the Note Insurer or its authorized agents:

  
 (i) to inspect its books and records as they
may relate to the Class A Notes, the obligations of such party under the Transaction Documents, and the Transaction; 
  
 (ii) to discuss the affairs, finances and accounts of each COAF Company with the chief operating officer and the chief financial officer
of such COAF Company, as the case may be; and 
  
 (iii) with any COAF Company’s consent, which consent shall not be unreasonably withheld, to discuss the affairs, finances and accounts of such COAF Company with such company’s independent accountants, provided that an officer of
such COAF Company shall have the right to be present during such discussions; provided, however that upon the occurrence of an Insurance Agreement Event of Default, no such consent of the COAF Companies will be required but the Note Insurer will
provide reasonable notice to such COAF Company prior to such discussions and such discussions may not create an undue burden on such COAF Company’s or the accountants’ business. 
  
 Such inspections and discussions shall be conducted during
normal business hours at the Note Insurer’s cost and expense and shall not unreasonably disrupt the business of such COAF Company. The books and records of each COAF Company will be maintained at the address of such COAF Company designated
herein for receipt of notices, unless the Servicer shall otherwise advise the parties hereto in writing. 
  
 (e) [Reserved] 
  
 (f) Notice of Material Events. Each COAF Company shall be obligated (which obligation shall be satisfied as to
each if performed by any of them) promptly to inform the Note Insurer in writing of the occurrence of any of the following to the extent any of the following relate to it: 
  
 (i) the submission of any claim or the initiation of any legal process, litigation or administrative or
judicial investigation, or rule-making or disciplinary proceeding by or against any COAF Company that (A) could be required to be disclosed to the Commission or to any COAF 
  

 16 

 Company’s shareholders or (B) is deemed reasonably likely to result in a Material Adverse Change
with respect to any COAF Company, or to the knowledge of such COAF Company, or the promulgation of any proceeding or any proposed or final rule which would result in a Material Adverse Change with respect to any COAF Company; 
  
 (ii) any change in the location of any COAF Company’s
principal offices, jurisdiction of organization, legal name as indicated on the public records of any COAF Company’s jurisdiction of organization which shows any COAF Company to be organized, or any change in the location of any COAF
Company’s books and records; 
  
 (iii) the
occurrence of any Default, Insurance Agreement Event of Default, Event of Default under the Indenture; Servicer Termination Event or of any Material Adverse Change; 
  
 (iv) the commencement of any proceedings by or against any COAF Company under any applicable bankruptcy,
reorganization, liquidation, rehabilitation, insolvency or other similar law now or hereafter in effect or of any proceeding in which a receiver, liquidator, conservator, trustee or similar official shall have been, or may be, appointed or requested
for any COAF Company or any of its assets; or 
  
 (v) the receipt of notice that (A) any COAF Company is being placed under regulatory supervision, (B) any license, permit, charter, registration or approval necessary for the conduct of any COAF Company’s business is to be, or may be
suspended or revoked, or (C) any COAF Company is to cease and desist any practice, procedure or policy employed by any COAF Company in the conduct of its business, and such suspension, revocation or cessation may reasonably be expected to result in
a Material Adverse Change with respect to any COAF Company. 
  
 (g) Financing Statements and Further Assurances. The Servicer will cause to be filed all necessary financing statements or other instruments, and any amendments or continuation statements
relating thereto, necessary to be kept and filed in such manner and in such places as may be required by law to preserve and protect fully the interest of the Indenture Trustee in the Trust Estate. Each COAF Company shall, upon the request of the
Note Insurer, from time to time, execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, within 10 days of such request, such amendments hereto and such further instruments and take such further action as may be
reasonably necessary to effectuate the intention, performance and provisions of the Transaction Documents. In addition, each of the COAF Companies agrees to cooperate with S&P, Fitch, and Moody’s in connection with any review of the
Transaction that may be undertaken by S&P, Fitch, and Moody’s after the date hereof. 
  

 17 

 (h) Maintenance of Licenses. Each COAF Company or any
successors thereof shall maintain all licenses, permits, charters and registrations which are material to the conduct of its business in all circumstances where failure could reasonably result in a Material Adverse Change. 
  
 (i) Redemption of Class A Notes. The
Servicer shall instruct the Indenture Trustee, upon redemption of the Class A Notes pursuant to the Transaction Documents, to furnish to the Note Insurer a notice of such redemption and, upon a redemption or other payment of all of the Class A Notes
to surrender the Policies to the Note Insurer for cancellation. 
  
 (j) Disclosure Document. Each Prospectus delivered with respect to the Notes shall clearly disclose that the Note Policy is not covered by the property/casualty insurance security fund specified in
Article 76 of the New York Insurance Law. 
  
 (k)
Third-party Beneficiary. Subject to the provisions of the Transaction Documents, each COAF Company agrees that the Note Insurer shall have all rights provided to the Note Insurer in the Transaction Documents and that the Note Insurer
shall constitute a third-party beneficiary of the Transaction Documents; provided, however, it is expressly acknowledged by the Note Insurer that the sole remedy for any breach of representation and warranty of COAF and the Seller under Section 3.2
of the Purchase Agreement and Section 2.2, 3.2, 3.3, 3.4 or 3.5 of the Sale and Servicing Agreement, shall be limited to the repurchase remedy specified in the Purchase Agreement unless COAF or the Seller, as applicable, fails to repurchase the
related Receivables as described in the Purchase Agreement or Sale and Servicing Agreement, as applicable. 
  
 (l) Amendments. The Servicer will provide the Note Insurer with written notice of any change or amendment to any Transaction
Document as currently in effect. 
  
 (m)
Closing Documents. The Servicer shall provide or cause to be provided to the Note Insurer an executed original copy of each document executed in connection with the Transaction within 90 days after the date of closing. 
  
 (n) Corporate Formalities. The Seller
and any successor to the Seller described in Section 5.3 of the Sale and Servicing Agreement shall (i) observe all corporate or other formalities necessary to preserve its status as a separate legal entity and (ii) at all times operate its business
in accordance with the provisions of its organizational documents and operating agreement relating to bankruptcy remoteness and otherwise in material compliance with its organizational documents and operating agreement. 
  

 18 

 Section 2.03. Negative Covenants of the COAF Companies. Each COAF Company hereby agrees
that during the Term of the Insurance Agreement, unless the Note Insurer shall otherwise expressly consent in writing: 
  
 (a) Impairment of Rights. No COAF Company shall take any action, or fail to take any action, if such action or failure to
take action is reasonably likely to result in a Material Adverse Change with respect to any COAF Company, or may interfere in any material respect with the enforcement of any rights of the Note Insurer under or with respect to the Transaction
Documents. Each COAF Company shall give the Note Insurer written notice of any such action or, to the best of the knowledge of any COAF Company, failure to act on the earlier of (i) the date upon which any publicly available filing or release is
made with respect to such action or failure to act or (ii) promptly prior to the date of consummation of such action or failure to act. Each COAF Company shall furnish to the Note Insurer all information reasonably requested by it that is necessary
to determine compliance with this paragraph. 
  
 (b) Waiver, Amendments, Etc. Except in accordance with the Transaction Documents, no COAF Company shall waive, modify or amend, or consent to any waiver, modification or amendment of, any of the terms, provisions or
conditions of the Transaction Documents without the consent of the Note Insurer. 
  
 (c) Customary Servicing Practices. So long as no Note Insurer Default has occurred and is continuing, the Servicer shall not
change its Customary Servicing Practices without the consent of the Note Insurer if the Servicer determines that such a change will have a material adverse effect on the interests of the Note Insurer. 
  
 (d) Transaction Documents. No COAF Company
will at any time in the future deny that the Transaction Documents constitute the legal, valid and binding obligations of each COAF Company, as applicable. 
  
 Section 2.04. Representation and Covenants of Indenture Trustee. 
  
 (a) Representations and Warranties. As of the Date of Issuance, each of the representations
and warranties of the Indenture Trustee set forth in the Transaction Documents are true and correct in all material respects, and the Indenture Trustee makes each such representation and warranty to, and for the benefit of, the Note Insurer as if
the same were set forth in full herein. 
  
 (b)
Compliance and Amendments. The Indenture Trustee shall comply in all material respects with the terms and conditions of the Transaction Documents to which it is a party, and the Indenture Trustee shall not agree to any amendment to or
modification of the terms of any of the Transaction Documents to which both the Indenture Trustee and the Note Insurer are parties unless the Note Insurer shall otherwise consent, provided that such consent shall not be required if a Note Insurer
Default has occurred and is continuing. 
  

 19 

 Section 2.05. Representations, Warranties and Covenants of the Issuer. The Issuer hereby
represents and warrants as follows: 
  
 (a)
Representations and Warranties. As of the Date of Issuance, each of the representations and warranties of the Issuer set forth in the Transaction Documents is true and correct in all material respects and the Issuer makes each such
representation and warranty to, and for the benefit of, the Note Insurer as if the same were set forth in full herein. 
  
 (b) Compliance and Amendments. The Issuer shall comply in all material respects with the terms and conditions of the
Transaction Documents it is a party and, except in accordance with the Transaction Documents, the Issuer shall not agree to any amendment to or modification of the terms of any of the Transaction Documents to which it is a party unless the Note
Insurer shall otherwise give its prior written consent. 
  
 (c) Principal Place of Business. The principal place of business of the Issuer is located in Wilmington, Delaware. 
  

Section 2.06. Representations and Warranties of Ambac. 
  
 The Note Insurer represents, warrants and agrees as follows as of the Closing Date: 
  
 (a) Organization and Licensing. Ambac is a
stock insurance corporation duly organized, validly existing and in good standing under the laws of the State of Wisconsin and in any other jurisdiction where qualification may be necessary to accomplish the Transaction. 
  
 (b) Corporate Power. The Note Insurer has the
corporate power and authority to issue the Policy and execute and deliver this Insurance Agreement and to perform all of its obligations thereunder and hereunder. 
  
 (c) Authorization; Approvals. All proceedings legally required for the execution, issuance
(with respect to the Policy only) delivery and performance of the Policy and this Insurance Agreement have been taken and all licenses, orders, consents or other authorizations or approvals of the Note Insurer’s Board of Directors or
stockholders or any governmental boards or bodies legally required for the enforceability of the Policy and this Insurance Agreement have been obtained or are not material to the enforceability of the Policy and this Insurance Agreement. 

 
 (d) Enforceability. The Policy, when
issued, will constitute, and this Insurance Agreement constitutes, legal, valid and binding obligations of the Note Insurer, enforceable in accordance with their respective terms, subject to insolvency, reorganization, moratorium, receivership and
other similar laws affecting creditors’ rights generally and by general principles of equity and subject to principles of public policy limiting the right to enforce the indemnification provisions contained therein and herein, insofar as such
provisions relate to indemnification for liabilities arising under federal securities laws. 
  

 20 

 (e) No Conflict. The execution by the Note Insurer of the Policy and this
Insurance Agreement will not, and the performance of the provisions thereof and hereof will not, conflict with or result in a breach of any of the terms, conditions or provisions of the Restated Articles of Incorporation or By Laws of the Note
Insurer, or any restriction contained in any contract, agreement or instrument to which the Note Insurer is a party or by which it is bound; constitute a default under any of the foregoing which would materially and adversely affect its ability to
perform its obligations under the Policy or this Insurance Agreement. 
  
 (f) Exempt from Registration. The Policy, when issued, will be exempt from registration under the Securities Act. 
  

(g) Ambac Information. The Note Insurer Information is true and correct in all material respects and does not contain any
untrue statement of a material fact. 
  
 (h)
No Litigation. There are no actions, suits, proceedings or investigations pending or, to the best of the Note Insurer’s knowledge, threatened against it at law or in equity or before or by any court, governmental agency, board or
commission or any arbitrator which, if decided adversely, would materially and adversely affect its ability to perform its obligations under the Policy or this Insurance Agreement. 
  
 (i) Compliance With Law, Etc. No practice, procedure or policy employed, or
proposed to be employed, by the Note Insurer in the conduct of its business violates any law, regulation, judgment, agreement, order or decree applicable to the Insurer that, if enforced, could result in a Material Adverse Change with respect to the
Note Insurer. 
  
 Section 2.07. Covenant of Note
Insurer. The Note Insurer hereby covenants as follows: 
  
 Confidentiality. The Note Insurer agrees that it and its shareholders, directors, agents, accountants and attorneys shall keep confidential any matter of which it becomes aware through such inspections or
discussions (unless readily available from public sources), except as may be otherwise required by regulation, law or court order or requested by appropriate governmental authorities or as necessary to preserve its rights or security under or to
enforce the Transaction Documents, provided that the foregoing shall not limit the right of the Note Insurer to make such information available to its regulators, securities rating agencies, reinsurers, credit and liquidity providers, counsel and
accountants. If the Note Insurer is requested or required (by oral questions, interrogatories, requests for information or documents subpoena, civil investigative demand or similar process) to disclose any information of which it becomes aware
through such inspections or discussions, the Note Insurer will promptly notify the Originator or the Servicer of such request(s) so that the Originator or the Servicer may seek an appropriate protective order and/or waive the Note Insurer’s
compliance with the provisions of this Insurance Agreement. If, in the absence of a protective order or the 
  

 21 

 receipt of a waiver hereunder, the Note Insurer is, nonetheless, in the opinion of its counsel, compelled to disclose
such information to any tribunal or else stand liable for contempt or suffer other censure or significant penalty, the Note Insurer may disclose such information to such tribunal that the Note Insurer is compelled to disclose, provided that a copy
of all information disclosed is provided to the Originator or the Servicer, as the case maybe, promptly upon such disclosure, so long as the Note Insurer is not prohibited from providing notice to the Originator or Servicer by such tribunal.

  
 ARTICLE III 
  
 THE POLICIES; REIMBURSEMENT 
  
 Section 3.01. Issuance of the Policies. The Note Insurer agrees
to issue the Policies on the Closing Date subject to satisfaction of the conditions precedent set forth below: 
  
 (a) Payment of Initial Premium and Expenses. The Note Insurer shall have been paid, by the Servicer, that portion of a
nonrefundable Premium payable on the Date of Issuance and the Servicer shall agree to reimburse or pay directly other fees and expenses identified in Section 3.02 hereof as payable, and the Note Insurer shall have received a fully executed copy of
the Fee Letter. 
  
 (b) Transaction
Documents. The Note Insurer shall have received a copy of each of the Transaction Documents, in form and substance satisfactory to the Note Insurer, duly authorized, executed and delivered by each party thereto. 
  
 (c) Certified Documents and Resolutions. The
Note Insurer shall have received a copy of (i) the certificate of incorporation, limited liability company agreement and bylaws or other organizational documents, as applicable, of each COAF Company and (ii) the resolutions of each COAF
Company’s Board of Directors or members or a committee thereof, as applicable, authorizing the issuance of the Notes and the execution, delivery and performance by each COAF Company of the Transaction Documents and the transactions contemplated
thereby, certified by the Secretary or an Assistant Secretary of each COAF Company (which certificate shall state that such certificate of incorporation, bylaws and resolutions or other organizational documents are in full force and effect without
modification on the Date of Issuance). 
  
 (d)
Incumbency Certificate. The Note Insurer shall have received a certificate of the Secretary or an Assistant Secretary of each COAF Company certifying the names and signatures of the officers of such COAF Company authorized to execute
and deliver the Transaction Documents and that shareholder, partner or member (as applicable) consent to the execution and delivery of such documents is not necessary. 
  
 (e) Representations and Warranties; Certificate. The representations and warranties of each
COAF Company set forth or incorporated by reference in 
  

 22 

 this Insurance Agreement shall be true and correct as of the Date of Issuance as if made on the Date of
Issuance, and the Note Insurer shall have received a certificate of appropriate officers of each COAF Company to that effect. 
  
 (f) Opinions of Counsel. 
  
 (i) In-house counsel for COAF shall have issued its favorable opinion, in form and substance acceptable to the Note Insurer and its
counsel, regarding the corporate existence and authority of COAF, in its capacity as Originator and as Servicer. 
  
 (ii) The law firm of Richards, Layton & Finger shall have issued its favorable opinion, in form and substance acceptable to the Note
Insurer and its counsel, regarding the corporate existence and authority of the Seller. 
  
 (iii) The law firm of Richards, Layton & Finger shall have issued its favorable opinion, in form and substance acceptable to the Note
Insurer and its counsel, regarding the corporate existence and authority of the Issuer. 
  
 (iv) The law firm of Mayer, Brown, Rowe & Maw shall have furnished its favorable opinion in form and substance acceptable to the Note
Insurer and its counsel, regarding the validity and enforceability of the Transaction Documents against COAF, in its capacity as Seller under the Purchase Agreement and as Servicer. 
  
 (v) The law firm of Mayer, Brown, Rowe & Maw shall have furnished its favorable opinion in form and
substance acceptable to the Note Insurer and its counsel, regarding the validity and enforceability of the Transaction Documents against the Seller and the Issuer. 
  
 (vi) The law firm of Mayer, Brown, Rowe & Maw shall have furnished its opinions, in form and substance
acceptable to the Note Insurer and its counsel, regarding the transfer of the Trust Estate, certain bankruptcy and non-consolidation issues, security interest issues and the tax treatment of the Class A Notes under federal tax laws. 
  
 (vii) The Note Insurer shall have received such other
opinions of counsel, in form and substance acceptable to the Note Insurer and its counsel, addressing such other matters as the Note Insurer may reasonably request. 
  
 (g) Approvals, Etc. The Note Insurer shall have received true and correct copies of all
approvals, licenses and consents, if any, including, without limitation, any required approval of the shareholders of any COAF Company, required in connection with the Transaction. 
  

 23 

 (h) No Litigation, Etc. No suit, action or other proceeding,
investigation or injunction, or final judgment relating thereto, shall be pending or, to the knowledge of any COAF Company, threatened before any court or governmental agency in which it is sought to restrain or prohibit or to obtain damages or
other relief in connection with the Transaction Documents or the consummation of the Transaction. 
  
 (i) Legality. No statute, rule, regulation or order shall have been enacted, entered or deemed applicable by any government
or governmental or administrative agency or court that would make the transactions contemplated by any of the Transaction Documents illegal or otherwise prevent the consummation thereof. 
  
 (j) Satisfaction of Conditions of the Underwriting Agreement. All conditions in the
Underwriting Agreement relating to the Underwriters’ obligation to purchase the Class A Notes shall have been satisfied. 
  
 (k) Issuance of Ratings. The Note Insurer shall have received confirmation that the risk secured by the Note Policy
constitutes an investment-grade risk, that the Class A-1 Notes when issued will be rated “A-1+” by S&P, “F-1” by Fitch, and “Prime 1” by Moody’s and that the Class A-2 Notes, Class A-3 Notes and Class A-4
Notes, when issued, will be rated “AAA” by S&P, and “Aaa” by Moody’s. 
  
 (l) No Default. No Default or Event of Default shall have occurred. 
  
 (m) Additional Items. The Note Insurer shall
have received such other documents, instruments, approvals or opinions requested by the Note Insurer as may be reasonably necessary to effect the Transaction, including, but not limited to, evidence satisfactory to the Note Insurer that the
conditions precedent, if any, in the Transaction Documents have been satisfied. 
  
 (n) Underwriting Agreement. The Note Insurer shall have received copies of each of the documents, and specifically be
entitled to rely on each of the documents, required to be delivered to the Underwriters pursuant to the Underwriting Agreement. 
  
 (o) Conform to Documents. The Note Insurer and its counsel shall have determined that all documents, certificates and
opinions to be delivered in connection with the Class A Notes conform to the terms of the Transaction Documents. 
  
 (p) Perfection of Security Interest. All actions required to be taken to perfect the security interest of the Issuer and the
Indenture Trustee in the Trust Estate shall have been performed. 
  

 24 

 Section 3.02. Payment of Fees and Premium. 
  
 (a) Legal and Accounting Fees. The Servicer
shall pay or cause to be paid, on the Date of Issuance, legal fees and disbursements incurred by the Note Insurer in connection with the issuance of the Policies in accordance with the terms of the Fee Letter. Any fees of the Note Insurer’s
auditors payable in respect of any amendment or supplement to the Prospectus or any other Prospectus incurred after the Date of Issuance shall be paid by the Servicer on demand. 
  
 (b) Rating Agency Fees. The Servicer shall promptly pay the initial fees of the Rating
Agencies with respect to the Class A Notes and the transactions contemplated hereby following receipt of a statement with respect thereto, and shall pay or cause to be paid any subsequent fees of the Rating Agencies with respect to, and directly
allocable to, the Class A Notes. The Note Insurer shall not be responsible for any fees or expenses of the Rating Agencies. The fees for any other rating agency shall be paid by the party requesting such other rating agency’s rating.

  
 (c) Premium. In consideration
of the issuance by the Note Insurer of the Policies, the Note Insurer shall be entitled to receive the Premium as and when due in accordance with the terms of the Fee Letter (i) in the case of Premium due on or before the Date of Issuance, directly
from the Servicer and (ii) in the case of Premium due after the Date of Issuance, pursuant to the Indenture. The Premium paid hereunder or under the Indenture shall be nonrefundable without regard to whether the Note Insurer makes any payment under
the Policies or any other circumstances relating to the Class A Notes or provision being made for payment of the Class A Notes prior to maturity. The Servicer or the Indenture Trustee, as the case may be, shall make all payments of Premium to be
made by them by wire transfer to an account designated from time to time by the Note Insurer by written notice to the Servicer or the Indenture Trustee, respectively. 
  
 Section 3.03. Reimbursement and Additional Payment Obligation. 
  
 (a) Pursuant to the Indenture, and in accordance with the
priorities established in Section 4.4(a) of the Sale and Servicing Agreement, the Note Insurer shall be entitled to (i) reimbursement for any payment made by the Note Insurer under the Policies, which reimbursement shall be due and payable on the
date that any amount is to be paid pursuant to a Notice (as defined in the Note Policy) or Demand for Payment (as defined in the Swap Policy), in an amount equal to the amount to be so paid and all amounts previously paid that remain unreimbursed,
together with interest on any and all amounts remaining unreimbursed (to the extent permitted by law, if in respect of any unreimbursed amounts representing interest) from the date such amounts became due until paid in full (after as well as before
judgment), at a rate of interest equal to the Late Payment Rate and (ii) payment or reimbursement of any other amounts owed to the Note Insurer under this Agreement together with interest thereon at a rate equal to the Late Payment Rate. 

 

 25 

 (b) The Servicer agrees to pay to the Note Insurer as follows: anything in Section
3.03(a) to the contrary notwithstanding, the Note Insurer shall be entitled to reimbursement from the Servicer (i) for payments made under the Policies arising as a result of the failure by any COAF Company to repurchase any Receivable required to
be repurchased pursuant to Section 2.3, Section 2.6 or Section 3.6 of the Sale and Servicing Agreement and Section 3.3 of the Purchase Agreement, together with interest on any and all amounts remaining unreimbursed (to the extent permitted by law,
if in respect of any unreimbursed amounts representing interest) from the date such amounts became due until paid in full (after as well as before judgment), at a rate of interest equal to the Late Payment Rate, and (ii) for payments made under the
Policies, arising as a result of the Servicer’s failure to deposit into the Collection Account any amount required to be so deposited pursuant to any Transaction Document, together with interest on any and all amounts remaining unreimbursed (to
the extent permitted by law, if in respect to any unreimbursed amounts representing interest) from the date such amounts became due until paid in full (after as well as before judgment), at a rate of interest equal to the Late Payment Rate.

  
 (c) The Servicer and the Issuer agree to pay
to the Note Insurer as follows: any and all charges, fees, costs and expenses that the Note Insurer may reasonably pay or incur, including, but not limited to, reasonable attorneys’ and accountants’ fees and expenses, in connection with
(i) the enforcement, defense or preservation of any rights in respect of any of the Transaction Documents, including, without limitation, instituting, defending, monitoring or participating in any litigation or proceeding (including, without
limitation, any insolvency or bankruptcy proceeding in respect of any Transaction participant or any affiliate thereof) relating to any of the Transaction Documents, any party to any of the Transaction Documents, in its capacity as such a party, or
the Transaction, (ii) any action, proceeding or investigation affecting the Issuer, the Trust Estate or the rights or obligations of the Note Insurer under the Policies or the Transaction Documents, including (without limitation) any judgment or
settlement entered into affecting the Note Insurer or the Note Insurer’s interests or (iii) any consent, amendment, waiver or other action with respect to, or related to, any Transaction Document, whether or not executed or completed
(“Reimbursable Amounts”). Reimbursable Amounts due to the Note Insurer shall bear interest at a rate equal to the Late Payment Rate. In the event that the Servicer fails to pay to the Note Insurer any Reimbursable Amounts, the Note Insurer
shall be entitled to reimbursement of such amount together with interest thereon from Section 4.4 of the Sale and Servicing Agreement or Section 5.4 of the Indenture, as applicable. In addition, the Note Insurer reserves the right to charge a
reasonable fee as a condition to executing any waiver, consent or amendment proposed in respect of any of the Transaction Documents. 
  
 (d) Servicer agrees to pay to the Note Insurer as follows: interest on any and all amounts described in subclauses (b), (c) and (e) of
this Section 3.03 from the date payable or paid by such party until payment thereof in full, and interest on any and all amounts described in Section 3.02 from the date due until payment thereof in full, in each case, payable to the Note Insurer at
the Late Payment Rate per annum. 
  

 26 

 (e) The Servicer agrees to pay to the Note Insurer as follows: any payments made by the
Note Insurer on behalf of, or advanced to, the Servicer or the Originator, respectively, including, without limitation, any amounts payable by the Servicer or Originator pursuant to the Notes or any other Transaction Documents. 
  
 (f) [Reserved] 
  
 All such amounts are to be immediately due and payable
without demand. 
  
 (g) Notwithstanding any other
provisions of this Agreement, none of the terms and provisions of this Agreement shall ever be construed to create a contract to pay to the Note Insurer for the use, forbearance or detention of money, interest in excess of the maximum amount of
interest permitted to be charged by the Note Insurer to any of the COAF Companies under applicable state or federal law from time to time in effect, and none of the COAF Companies shall ever be required to pay interest in excess of such maximum
amount. If, for any reason, interest is paid hereunder in excess of such maximum amount, then promptly upon any determination that such excess has been paid the Note Insurer will, at its option, either refund such excess to the payor thereof or
apply such excess to the principal owing by such payor hereunder. 
  
 Section 3.04. Indemnification; Limitation of Liability. 
  
 (a) In addition to any and all rights of indemnification or any other rights of the Note Insurer pursuant hereto or under law or equity,
the Servicer, the Issuer and the Originator and any successor thereto agree to pay, and to protect, indemnify and save harmless, the Note Insurer and its officers, directors, shareholders, employees, agents and each person, if any, who controls the
Note Insurer within the meaning of either Section 15 of the Securities Act or Section 20 of the Securities Exchange Act (the “Ambac Indemnified Parties”) from and against any and all claims, losses, liabilities (including penalties),
actions, suits, judgments, demands, damages, costs or reasonable expenses (including, without limitation, reasonable fees and expenses of attorneys, consultants and auditors and reasonable costs of investigations) or obligations whatsoever paid by
the Ambac Indemnified Parties (herein collectively referred to as “Liabilities”) of any nature (but excluding lost profits and other consequential damages) arising out of or relating to the transactions contemplated by the Transaction
Documents by reason of: 
  
 (i) any act or
omission of any COAF Company in connection with the offering, issuance, sale or delivery of the Notes other than by reason of false or misleading Note Insurer Information or Underwriter Information; 
  

 27 

 (ii) any untrue statement or alleged untrue statement of a material fact contained in any
of the Capital One Information or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading;

  
 (iii) the misfeasance or malfeasance of, or
negligence or theft committed by, any director, officer, employee or agent of any COAF Company; 
  
 (iv) the violation by any COAF Company of any federal or state securities, banking or antitrust laws, rules or regulations in connection
with the issuance, offer and sale of the Notes or the transactions contemplated by the Transaction Documents; 
  
 (v) the violation by any COAF Company of any federal or state laws, rules or regulations relating to the Transaction or the origination of
the Receivables, including, without limitation, any consumer protection, lending and disclosure laws or any laws with respect to the maximum amount of interest permitted to be received on account of any loan of money or with respect to the
Receivables; 
  
 (vi) the breach by the Servicer,
the Issuer or the Originator of any of its obligations under this Insurance Agreement or any of the other Transaction Documents (other than breaches under Section 3.2 of the Purchase Agreement or Sections 2.2, 3.2, 3.3, 3.4 or 3.5 of the Sale and
Servicing Agreement); and 
  
 (vii) the breach by
the Servicer, the Issuer or the Originator of any representation or warranty on the part of the Servicer, the Issuer or the Originator contained in this Insurance Agreement or any of the other Transaction Documents or in any certificate or report
furnished or delivered to the Note Insurer thereunder other than any breach for which the remedy under the Transaction Documents is the repurchase of a Receivable, provided that such Receivable has been repurchased in accordance with the Transaction
Documents. 
  
 This indemnity provision shall
survive the termination of this Insurance Agreement and shall survive until the statute of limitations has run on any causes of action which arise from one of these reasons and until all suits filed as a result thereof have been finally concluded.

  
 (b) In addition to any and all rights of
indemnification or any other rights of the Servicer, the Issuer and the Originator pursuant hereto or under law or equity, the Note Insurer agrees to pay, and to protect, indemnify and save harmless, the Servicer, the Issuer and the Originator and
their respective officers, directors, shareholders, employees, agents and each person, if any, who controls 
  

 28 

 the Servicer, the Issuer or the Originator within the meaning of either Section 15 of the Securities Act
or Section 20 of the Securities Exchange Act (the “Capital One Indemnified Parties”) from and against any and all claims, losses, liabilities (including penalties), actions, suits, judgments, demands, damages, costs or reasonable expenses
(including, without limitation, reasonable fees and expenses of attorneys, consultants and auditors and reasonable costs of investigations) or obligations whatsoever paid by the Capital One Indemnified Parties (herein collectively referred to as
“Liabilities”) of any nature arising out of or relating to the transactions contemplated by the Transaction Documents by reason of: 
  
 (i) any untrue statement or alleged untrue statement of a material fact contained in any of the Note Insurer Information or any omission
or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; 
  
 (ii) a breach of any of the representations, warranties or
agreements of Ambac contained in Section 2.06 hereof; or 
  
 (iii) any failure of the Note Insurer to make a payment required to be made under the Policies. 
  
 (c) Any party which proposes to assert the right to be indemnified under this Section 3.04 will, promptly after receipt of notice of
commencement of any action, suit or proceeding against such party in respect of which a claim is to be made against the indemnifying party under this Section 3.04(c), notify the indemnifying party of the commencement of such action, suit or
proceeding, enclosing a copy of all papers served. In case any action, suit or proceeding shall be brought against any indemnified party and it shall notify the indemnifying party of the commencement thereof, the indemnifying party shall be entitled
to participate in, and, to the extent that it shall wish, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party of its election so to
assume the defense thereof, the indemnifying party shall not be liable to such indemnified party for any legal or other expenses other than reasonable costs of investigation subsequently incurred by such indemnified party in connection with the
defense thereof. The indemnified party shall have the right to employ its counsel in any such action the defense of which is assumed by the indemnifying party in accordance with the terms of this subsection (c), but the fees and expenses of such
counsel shall be at the expense of such indemnified party unless the employment of counsel by such indemnified party has been authorized by the indemnifying party. The indemnifying party shall not be liable for any settlement of any action or claim
effected without its consent. 
  
 Section 3.05. Payment
Procedure. In the event of any payment by the Note Insurer, the Indenture Trustee and the Servicer agree to accept the voucher or other evidence of payment as prima facie evidence of the propriety thereof and the liability 
  

 29 

 therefor to the Note Insurer. All payments to be made to the Note Insurer under this Insurance Agreement shall be made to
the Note Insurer in lawful currency of the United States of America in immediately available funds at the notice address for the Note Insurer as specified in the Indenture on the date when due or as the Note Insurer shall otherwise direct by written
notice to the other parties hereto. In the event that the date of any payment to the Note Insurer or the expiration of any time period hereunder occurs on a day which is not a Business Day, then such payment or expiration of time period shall be
made or occur on the next succeeding Business Day with the same force and effect as if such payment was made or time period expired on the scheduled date of payment or expiration date. Payments to be made to the Note Insurer under this Insurance
Agreement shall bear interest at the Late Payment Rate from the date when due to the date paid. 
  
 Section 3.06. Subrogation. The parties hereto acknowledge that, to the extent of any payment made by the Note Insurer pursuant to the
Policies, the Note Insurer shall be fully subrogated to the extent of such payment plus interest thereon at the Late Payment Rate, to the rights of the Noteholders to any moneys paid or payable in respect of the Notes under the Transaction Documents
or otherwise subject to applicable law. The parties hereto agree to such subrogation and further agree to execute such instruments and to take such actions as, in the sole and reasonable judgment of the Note Insurer, are necessary to evidence such
subrogation and to perfect the rights of the Note Insurer to receive any such moneys paid or payable in respect of the Notes, under the Transaction Documents or otherwise. 
  
 Section 3.07. Reimbursement. The parties hereto acknowledge that, to the extent of any payment made by the
Note Insurer pursuant to the Policies, the Note Insurer has the right to be reimbursed such amounts plus interest thereon at the Late Payment Rate, pursuant to the Indenture, and in accordance with the priorities set forth in Section 4.4(a) of the
Sale and Servicing Agreement and in accordance with the priorities set forth therein for reimbursement of the Note Insurer. 
  
 ARTICLE IV 
  
 FURTHER AGREEMENTS 
  
 Section 4.01. Effective Date; Term of the Insurance Agreement. This Insurance Agreement shall take effect on the Date of Issuance and shall remain in effect until the later of (a) such time as the Note
Insurer is no longer subject to a claim under the Policies and the Policies shall have been surrendered to the Note Insurer for cancellation and (b) all amounts payable to the Note Insurer by any COAF Company or from any other source under the
Transaction Documents and all amounts payable under the Class A Notes have been paid in full; provided, however, that the provisions of Sections 3.03 and 3.04 hereof shall survive any termination of this Insurance Agreement. 
  

 30 

 Section 4.02. Further Assurances and Corrective Instruments. 
  
 (a) Excepting at such times as a default in payment under
the Policies shall exist or shall have occurred, none of the COAF Companies or the Indenture Trustee shall grant any waiver of rights under any of the Transaction Documents to which any of them is a party without the prior written consent of the
Note Insurer, and any such waiver without the written consent of the Note Insurer shall be null and void and of no force or effect. 
  
 (b) To the extent permitted by law, the COAF Companies agree that they will, from time to time, execute, acknowledge and deliver, or cause
to be executed, acknowledged and delivered, such supplements hereto and such further instruments as the Note Insurer may reasonably request and as may be required in the Note Insurer’s reasonable judgment to effectuate the intention of or
facilitate the performance of this Insurance Agreement. 
  
 Section 4.03. Obligations Absolute. 
  
 (a) The obligations of the COAF Companies hereunder shall be absolute and unconditional and shall be paid or performed strictly in accordance with this Insurance Agreement under all circumstances irrespective of:

  
 (i) any lack of validity or enforceability
of, or any amendment or other modifications of, or waiver, with respect to any of the Transaction Documents, the Class A Notes or either Policy; 
  
 (ii) any exchange or release of any other obligations hereunder; 
  
 (iii) the existence of any claim, setoff, defense, reduction, abatement or other right that any of the COAF
Companies may have at any time against the Note Insurer or any other Person; 
  
 (iv) any document presented in connection with the Policies proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; 
  
 (v) any payment by the Note Insurer under the Policies
against presentation of a certificate or other document that does not strictly comply with terms of the Policies; 
  
 (vi) any failure of any of the COAF Companies to receive the proceeds from the sale of the Notes; 
  
 (vii) any Bankruptcy Event with respect to any COAF Company;
and 
  

 31 

 (viii) any other circumstances, other than payment in full, that might otherwise
constitute a defense available to, or discharge of, such party in respect of any Transaction Document. 
  
 (b) Each of the COAF Companies and any and all others who are now or may become liable for all or part of the obligations of any of the
COAF Companies under this Insurance Agreement agree to be bound by this Insurance Agreement and (i) to the extent permitted by law, waive and renounce any and all redemption and exemption rights and the benefit of all valuation and appraisement
privileges against the indebtedness and obligations evidenced by any Transaction Document or by any extension or renewal thereof; (ii) waive presentment and demand for payment, notices of nonpayment and of dishonor, protest of dishonor and notice of
protest; (iii) waive all notices in connection with the delivery and acceptance hereof and all other notices in connection with the performance, default or enforcement of any payment hereunder, except as required by the Transaction Documents; (iv)
waive all rights of abatement, diminution, postponement or deduction, or any defense other than payment, or to any right of setoff or recoupment arising out of any breach under any of the Transaction Documents, by any party thereto or any
beneficiary thereof, or out of any obligation at any time owing to any of the COAF Companies; (v) agree that its liabilities hereunder shall, except as otherwise expressly provided in this Section 4.03, be unconditional and without regard to any
setoff, counterclaim or the liability of any other Person for the payment hereof; (vi) agree that any consent, waiver or forbearance hereunder with respect to an event shall operate only for such event and not for any subsequent event; (vii) consent
to any and all extensions of time that may be granted by the Note Insurer with respect to any payment hereunder or other provisions hereof and to the release of any security at any time given for any payment hereunder, or any part thereof, with or
without substitution, and to the release of any Person or entity liable for any such payment; and (viii) consent to the addition of any and all other makers, endorsers, guarantors and other obligors for any payment hereunder, and to the acceptance
of any and all other security for any payment hereunder, and agree that the addition of any such obligors or security shall not affect the liability of the parties hereto for any payment hereunder. 
  
 (c) Nothing herein shall be construed as prohibiting any
COAF Company from pursuing any rights or remedies it may have against any other Person in a separate legal proceeding. 
  
 Section 4.04. Assignments; Reinsurance; Third-party Rights. 
  
 (a) This Insurance Agreement shall be a continuing obligation of the parties hereto and shall be binding
upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. No COAF Company may assign its rights under this Insurance Agreement, or delegate any of its duties hereunder, without the prior written
consent of the Note Insurer. 
  

 32 

 (b) The Note Insurer shall have the right to give participations in its rights under this
Insurance Agreement and to enter into contracts of reinsurance with respect to the Policies upon such terms and conditions as the Note Insurer may in its discretion determine; provided, however, that no such participation or reinsurance agreement or
arrangement shall relieve the Note Insurer of any of its obligations hereunder or under the Policies. 
  
 (c) In addition, the Note Insurer shall be entitled to assign or pledge to any bank or other lender providing liquidity or credit with
respect to the Transaction or the obligations of the Note Insurer in connection therewith any rights of the Note Insurer under the Transaction Documents or with respect to any real or personal property or other interests pledged to the Note Insurer,
or in which the Note Insurer has a security interest, in connection with the Transaction. 
  
 (d) Except as provided herein with respect to participants and reinsurers, nothing in this Insurance Agreement shall confer any right,
remedy or claim, express or implied, upon any Person, including, particularly, any Owner, other than the Note Insurer against any COAF Company, and all the terms, covenants, conditions, promises and agreements contained herein shall be for the sole
and exclusive benefit of the parties hereto and their successors and permitted assigns. Neither the Indenture Trustee, the Issuer nor any Owner shall have any right to payment from any Premiums paid or payable hereunder or under the Indenture or
from any other amounts paid by any COAF Company pursuant to Section 3.02, 3.03 or 3.04 hereof. 
  
 Section 4.05. Liability of the Note Insurer. Neither the Note Insurer nor any of its officers, directors or employees shall be liable or responsible for (a) the use that may be made of the Policies by
the Indenture Trustee, or the Swap Provider, as applicable, or for any acts or omissions of the Indenture Trustee in connection therewith; or (b) the validity, sufficiency, accuracy or genuineness of documents delivered to the Note Insurer in
connection with any claim under the Policies, or of any signatures thereon, even if such documents or signatures should in fact prove to be in any or all respects invalid, insufficient, fraudulent or forged (unless the Note Insurer shall have actual
knowledge thereof). In furtherance and not in limitation of the foregoing, the Note Insurer may accept documents that appear on their face to be in order, without responsibility for further investigation. 
  
 Section 4.06. Nonpetition Covenant. Each party hereto agrees
that, prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party involved in this Transaction (a) such party shall not
authorize such Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy,
insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any
substantial part of its property or to 
  

 33 

 consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or
other proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of, its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party, and (b) of the parties hereto shall
commence or join with any other Person in commencing any proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. This Section
shall survive the termination of this Agreement. 
  
 Section
4.07. Parties To Join in Enforcement Action. 
  
 (a) To the extent necessary to enforce any right of the Note Insurer in or remedy of the Note Insurer under any Receivable or related asset, the Indenture Trustee, the Issuer and each COAF Company agree to join in any
action initiated by the Indenture Trustee or the Note Insurer for the protection of such right or exercise of such remedy. 
  
 (b) In the event of any court proceeding (x) with respect to which a COAF Company is a party (including, without limitation, an insolvency
or bankruptcy proceeding in respect of any COAF Company) which affects the Trust Estate, the Policies or the obligations of the Note Insurer under the Transaction Documents, and (y) with respect to which such COAF Company fails to defend or answer,
the Note Insurer shall have the right to direct, assume or otherwise participate in the defense thereof. In such event, the Note Insurer shall, following written notice to the Indenture Trustee, have the exclusive-right to determine, in its sole
discretion, the actions necessary to preserve and protect the Trust Estate. All costs and expenses of the Note Insurer in connection with such action, proceeding or investigation, (including, without limitation, any judgment or settlement entered
into or paid by the Note Insurer), shall be included in the Reimbursement Obligations. 
  
 (c) The Indenture Trustee shall cooperate with, and take such action as directed by, the Note Insurer, including (without limitation)
entering into such agreements and settlements as the Note Insurer in its sole discretion shall direct with respect to such court proceeding. The Indenture Trustee shall not be liable to the Note Insurer for any such action that conforms to the
direction of the Note Insurer. The Indenture Trustee’s reasonable out-of-pocket costs and expenses (including attorneys’ fees and expenses) with respect to any such action shall be reimbursed pursuant to the Indenture in accordance with
the priorities set forth in Section 4.4(a) of the Sale and Servicing Agreement; provided, however, that if such costs and expenses are not so reimbursed on the Payment Date immediately following the date incurred, then the Note Insurer shall
reimburse the Indenture Trustee for such costs and expenses within 60 days of such nonpayment. 
  
 (d) The Indenture Trustee hereby agrees to provide to the Note Insurer prompt written notice of any action, proceeding or investigation
that names the Owner Trustee or the Issuer as a party or that could adversely affect the Trust 
  

 34 

 Estate or the rights or obligations of the Note Insurer hereunder or under the Policies or the other
Transaction Documents, including (without limitation) any insolvency or bankruptcy proceeding in respect of the Servicer, the Originator, the Seller or any affiliate thereof. 
  
 (e) Notwithstanding anything contained herein or in any of the other Transaction Documents to the contrary,
the Indenture Trustee shall not, without the Note Insurer’s prior written consent or unless directed by the Note Insurer, undertake or join any litigation or agree to any settlement of any action, proceeding or investigation affecting the Owner
Trustee, the Issuer or the Trust Estate or the rights or obligations of the Note Insurer hereunder or under the Policies or the other Transaction Documents. 
  
 ARTICLE V 
  
 DEFAULTS; REMEDIES 
  
 Section 5.01. Defaults. The occurrence of any of the following events shall constitute an Event of Default hereunder: 
  
 (a) An Insurance Agreement Event of Default shall occur and be continuing; 
  
 (b) (i) Any COAF Company shall fail to pay when due any
amount payable by such COAF Company hereunder and such failure has continued for a period of at least five (5) Business Days upon receipt of notice by the applicable COAF Company from the Note Insurer, or if specified in the applicable Transaction
Document, the applicable grace period set forth therein, or (ii) a legislative body has enacted any law that declares or a court of competent jurisdiction shall find or rule that any of the Transaction Documents are not valid and binding on any COAF
Company; 
  
 (c) A decree or order of a court or
agency or supervisory authority having jurisdiction in the premises in an involuntary case under any present or future federal or state bankruptcy, insolvency or similar law or the appointment of a conservator or receiver or liquidator or other
similar official in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against any COAF Company and such decree or order
shall have remained in force undischarged or unstayed for a period of 90 consecutive days; 
  
 (d) Any COAF Company shall consent to the appointment of a conservator or receiver or liquidator or other similar official in any
insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to any COAF Company or of or relating to all or substantially all of the property of any of them; or 
  

 35 

 (e) Any COAF Company shall admit in writing its inability to pay its debts generally as
they become due, file a petition to take advantage of or otherwise voluntarily commence a case or proceeding under any applicable bankruptcy, insolvency, reorganization or other similar statute, make an assignment for the benefit of its creditors or
voluntarily suspend payment of its obligations. 
  
 Section
5.02. Remedies; No Remedy Exclusive. 
  
 (a) Upon the occurrence of an Event of Default, the Note Insurer may exercise any one or more of the rights and remedies set forth below: 
  
 (i) declare all indebtedness of every type or description then owed by any COAF Company to the Note Insurer pursuant to the Transaction
Documents to be immediately due and payable, and the same shall thereupon be immediately due and payable provided, however, that any such payment by the Seller or the Issuer shall be paid in accordance with Section 4.4 of the Sale and Servicing
Agreement; 
  
 (ii) exercise any rights and
remedies under the Transaction Documents in accordance with the terms of the Transaction Documents or direct the Indenture Trustee to exercise such remedies in accordance with the terms of the Transaction Documents; or 
  
 (iii) take whatever action at law or in equity as may appear
necessary or desirable in its judgment to collect the amounts then due under this Insurance Agreement or the Transaction Documents or to enforce performance and observance of any obligation, agreement or covenant of any COAF Company under this
Insurance Agreement or the Transaction Documents. 
  
 (b) Unless otherwise expressly provided, no remedy herein conferred upon or reserved is intended to be exclusive of any other available remedy, but each remedy shall be cumulative and shall be in addition to other remedies given under this
Insurance Agreement, the Transaction Documents or existing at law or in equity. No delay or omission to exercise any right or power accruing under this Insurance Agreement or the Transaction Documents upon the happening of any event set forth in
Section 5.01 hereof shall impair any such right or power or shall be construed to be a waiver thereof, but any such right and power may be exercised from time to time and as often as may be deemed expedient. In order to entitle the Note Insurer to
exercise any remedy reserved to the Note Insurer in this Article, it shall not be necessary to give any notice, other than such notice as may be required in this Article. 
  
 (c) Each party to this Insurance Agreement hereby agrees that, in addition to any other rights or remedies
existing in its favor, it shall be entitled to specific performance and/or injunctive relief in order to enforce any of its rights or any obligation owed to it under the Transaction Documents. 
  

 36 

 Section 5.03. Waivers. 
  
 (a) No failure by the Note Insurer to exercise, and no delay by the Note Insurer in exercising, any right
hereunder shall operate as a waiver thereof. The exercise by the Note Insurer of any right hereunder shall not preclude the exercise of any other right, and the remedies provided herein to the Note Insurer are declared in every case to be cumulative
and not exclusive of any remedies provided by law or equity. 
  
 (b) The Note Insurer shall have the right, to be exercised in its complete discretion, to waive any Event of Default hereunder, by a writing setting forth the terms, conditions and extent of such waiver signed by the
Note Insurer and delivered to the Servicer. Unless such writing expressly provides to the contrary, any waiver so granted shall extend only to the specific event or occurrence which gave rise to the Event of Default so waived and not to any other
similar event or occurrence which occurs subsequent to the date of such waiver. 
  
 ARTICLE VI 
  
 MISCELLANEOUS 
  
 Section 6.01.
Amendments, Etc. This Insurance Agreement may be amended, modified or terminated only by written instrument or written instruments signed by the parties hereto. The Servicer agrees to promptly provide a copy of any amendment to this
Insurance Agreement to the Indenture Trustee and the Rating Agencies. No act or course of dealing shall be deemed to constitute an amendment, modification or termination hereof. 
  
 Section 6.02. Notices. All demands, notices and other communications to be given hereunder shall be in writing
(except as otherwise specifically provided herein) and shall be mailed by registered mail or personally delivered or telecopied to the recipient as follows: 
  

	 	(a)	To the Note Insurer: 

  
 Ambac Assurance Corporation 
 One State
Street Plaza 
 New York, New York 10004 
 Attention: Structured Finance Department- ABS 
 Facsimile: (212) 208-3547 
 Confirmation: (212) 668-0340 
 Michael
Babick 
 Vice President 
 Telephone: (212) 208-3407 
 Facsimile: (212) 363-1459 
  

 37 

	 	(b)	To the Servicer: 

  
 Capital One Auto Finance, Inc. 
 1680
Capital One Drive 
 McLean, Virginia 22102 
 Attention: Director of Auto Securitization 
 Facsimile: (703) 720-2121 
 Confirmation: (703)-720-1000 
  
 With a copy to Legal Department 
 Facsimile:
(703) 720-2121 
 Confirmation: (703) 875-1000 
  

	 	(c)	To the Originator: 

  
 Capital One Auto Finance, Inc. 
 1680
Capital One Drive 
 McLean, Virginia 22102 
 Attention: Director of Auto Securitization 
 Facsimile: (703) 720-2121 
 Confirmation: (703)-720-1000 
  
 With a copy to Legal Department 
 Facsimile:
(703) 720-2121 
 Confirmation: (703)-720-1000 
  

	 	(d)	To the Seller: 

  
 Capital One Auto Receivables, LLC 
 1680
Capital One Drive 
 McLean, Virginia 22102 
 Attention: Director of Auto Securitization 
 Facsimile: (703) 720-2121 
 Confirmation: (703)-720-1000 
  
 With a copy to Legal Department 
 Facsimile:
(703) 720-2121 
 Confirmation: (703)-720-1000 
  

	 	(e)	To the Indenture Trustee: 

  
 JPMorgan Chase Bank 
 4 New York Plaza, 6th
Floor 
 New York, New York 10004-2413 
 Attention: Institutional Trust Services-Capital One 
 Auto Finance 2004-A 
 Facsimile: (212) 623-5932 
 Confirmation:
(212) 623-5379 
  

 38 

	 	(f)	To the Issuer: 

  
 Capital One Auto Finance Trust 2004-A 
 c/o
Wilmington Trust Company 
 Rodney Square 
 North North Market Street 
 Wilmington, DE 19890 
 Attention: Corporate Trust Administration-Capital One Auto Finance Trust 2004-A 
 Facsimile: (302) 651-8653 
 Confirmation:
(302) 651-8882 
  

	 	(g)	To the Representative of the Underwriters: 

  
 Credit Suisse First Boston 
 11 Madison
Avenue, 5th Floor 
 New York, NY 10010 
 Attention: John Slonieski 
 Facsimile: (212) 743-2679 
 Confirmation: (212) 325-9284 
  
 A party may specify an additional or different address or addresses by writing mailed or delivered to the other parties as aforesaid. All such notices and
other communications shall be effective upon receipt. 
  
 Section 6.03. Severability. In the event that any provision of this Insurance Agreement shall be held invalid or unenforceable by any court of competent jurisdiction, the parties hereto agree that such holding shall not
invalidate or render unenforceable any other provision hereof. The parties hereto further agree that the holding by any court of competent jurisdiction that any remedy pursued by any party hereto is unavailable or unenforceable shall not affect in
any way the ability of such party to pursue any other remedy available to it. 
  
 Section 6.04. Governing Law. This Insurance Agreement shall be governed by and construed in accordance with the laws of the State of New York. 
  
 Section 6.05. Consent to Jurisdiction. 
  
 (a) The parties hereto hereby irrevocably submit to the
jurisdiction of the United States District Court for the Southern District of New York and any court in the State of New York located in the City and County of New York, and any appellate court from any thereof, in any action, suit or proceeding
brought against it and to or in connection with any of the Transaction Documents or the transactions contemplated thereunder or for recognition or enforcement of any judgment, and the parties hereto hereby irrevocably and unconditionally agree that
all claims in respect of any such action or proceeding may be heard or determined in such New York state court or, to the extent permitted by taw, in such federal court. The parties hereto agree that a final judgment in any such 
  

 39 

 action, suit or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the
judgment or in any other manner provided by law. To the extent permitted by applicable law, the parties hereto hereby waive and agree not to assert by way of motion, as a defense or otherwise in any such suit, action or proceeding, any claim that it
is not personally subject to the jurisdiction of such courts, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that the related documents or the subject matter
thereof may not be litigated in or by such courts. 
  
 (b) To the extent permitted by applicable law, the parties hereto shall not seek and hereby waive the right to any review of the judgment of any such court by any court of any other nation or jurisdiction which may be called upon to grant
an enforcement of such judgment. 
  
 (c) Nothing
contained in this Insurance Agreement shall limit or affect the Note Insurer’s right to serve process in any other manner permitted by law or to start legal proceedings relating to any of the Transaction Documents against any COAF Company or
its or their property in the courts of any jurisdiction. 
  
 Section 6.06. Consent of the Note Insurer. In the event that the consent of the Note Insurer is required under any of the Transaction Documents, the determination whether to grant or withhold such consent shall be made by the
Note Insurer in its sole discretion without any implied duty towards any other Person, except as otherwise expressly provided therein. 
  
 Section 6.07. Counterparts. This Insurance Agreement may be executed in counterparts by the parties hereto, and all such counterparts shall
constitute one and the same instrument. 
  
 Section 6.08.
Headings. The headings of Articles and Sections and the Table of Contents contained in this Insurance Agreement are provided for convenience only. They form no part of this Insurance Agreement and shall not affect its construction or
interpretation. Unless otherwise indicated, all references to Articles and Sections in this Insurance Agreement refer to the corresponding Articles and Sections of this Insurance Agreement. 
  
 Section 6.09. Trial by Jury Waived. Each party hereto hereby
waives, to the fullest extent permitted by law, any right to a trial by jury in respect of any litigation arising directly or indirectly out of, under or in connection with any of the Transaction Documents or any of the transactions contemplated
thereunder. Each party hereto (a) certifies that no representative, agent or attorney of any party hereto has represented, expressly or otherwise, that it would not, in the event of litigation, seek to enforce the foregoing waiver and (b)
acknowledges that it has been induced to enter into the Transaction Documents to which it is a party by, among other things, this waiver. 
  
 Section 6.10. Limited Liability. No recourse under any Transaction Document shall be had against, and no personal liability shall attach to,
any officer, 
  

 40 

 employee, director, affiliate or shareholder of any party hereto, as such, by the enforcement of any assessment or by any
legal or equitable proceeding, by virtue of any statute or otherwise in respect of any of the Transaction Documents, the Notes or the Policies, it being expressly agreed and understood that each Transaction Document is solely a corporate obligation
of each party hereto, and that any and all personal liability, either at common law or in equity, or by statute or constitution, of every such officer, employee, director, affiliate or shareholder for breaches by any party hereto of any obligations
under any Transaction Document is hereby expressly waived as a condition of and in consideration for the execution and delivery of this Insurance Agreement. 
  
 Section 6.11. Entire Agreement. This Insurance Agreement and the Policies set forth the entire agreement between the parties with respect to
the subject matter thereof, and this Insurance Agreement supersedes and replaces any agreement or understanding that may have existed between the parties prior to the date hereof in respect of such subject matter. 
  
 Section 6.12. Limitation of Liability. It is expressly
understood and agreed by and among the parties hereto (i) that this Insurance Agreement is executed and delivered by Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee under the Amended and Restated Trust Agreement
dated as of May 25, 2004 with Capital One Auto Receivables, LLC (the “Trust Agreement”) in the exercise of the power and authority conferred and vested in it as such Owner Trustee, (ii) each of the representations, undertakings and
agreements made herein by the Issuer are not personal representations, undertakings and agreements of Wilmington Trust Company, but are binding only on the Issuer, (iii) nothing contained herein shall be construed as creating any liability on
Wilmington Trust Company, individual or personally, to perform any covenant of the Issuer either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any person claiming by, through
or under any such party, and (iv) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expense of the Issuer or be liable for the breach or failure of any obligation, representation,
warranty or covenant made or undertaken by the Issuer under this Insurance Agreement. 
  
 [Remainder of page intentionally left blank; signature page follows] 
  

 41 

 IN WITNESS WHEREOF, the parties hereto have executed this Insurance Agreement, all as of the day and year
first above mentioned. 
  

			
	AMBAC ASSURANCE CORPORATION,
as Note Insurer
		
	 By:
	 	 /s/ Michael Babick

	 Name:
	 	 Michael Babick

	 Title:
	 	 First Vice President

	
	CAPITAL ONE AUTO FINANCE, INC.,
as Servicer and Originator
		
	 By:
	 	 /s/ Jerry Hamstead

	 Name:
	 	 Jerry Hamstead

	 Title:
	 	 Assistant Vice President

	
	CAPITAL ONE AUTO RECEIVABLES, LLC,
as Seller
		
	 By:
	 	 /s/ Al Ciafre

	 Name:
	 	 Al Ciafre

	 Title:
	 	 Assistant Vice President

	
	 CAPITAL ONE AUTO FINANCE TRUST 2004-A

		
	 By:
	 	WILMINGTON TRUST COMPANY,
not in its individual capacity but solely
in its capacity as Owner Trustee
		
	 By:
	 	 /s/ Janel Havrilla

	 Name:
	 	 Janel Havrilla

	 Title:
	 	 Financial Services Officer

  
 Capital One Auto Finance Trust 2004-A 
 Insurance Agreement Signature Page 

			
	JPMORGAN CHASE BANK,
as Indenture Trustee
		
	 By:
	 	 /s/ Joshua M. Goldberg

	 Name:
	 	 Joshua M. Goldberg

	 Title:
	 	 Assistant Treasurer

  
 Capital One Auto Finance Trust 2004-A 
 Insurance Agreement Signature PageSupplemental Lease Agreement

 Exhibit 10.102 
  
 Dated the 18th day of May 2004 
  
 COMFORT DEVELOPMENT LIMITED 
 (as Landlord)

  
 AND 
  
 EQUINIX HONG KONG LIMITED 
 (formerly known as PIXC HONG KONG LIMITED) 
 (as
Tenant) 
  

  
 SUPPLEMENTAL LEASE 
  
 of 
  
 Units
1, 2 and 3 on the 17th Floor of Global Gateway (Hong Kong) 
  

  
 JOHNSON STOKES & MASTER, 
  
 SOLICITORS & C., 
  
 HONG KONG. 
  

			
	 THIS SUPPLEMENTAL LEASE
	  	is made the 18th day of May
		
	 	  	Two thousand and four

  

	(1)	COMFORT DEVELOPMENT LIMITED whose registered office is situate at Suites 01-03, 30th Floor, Office Tower, Convention Plaza, 1 Harbour Road, Wanchai, Hong Kong (the
“Landlord”); and 

  

	(2)	EQUINIX HONG KONG LIMITED (formerly known as PIXC HONG KONG LIMITED) whose registered office is situate at Suite 6305, 63rd Floor, Central Plaza, 18 Harbour Road, Wanchai, Hong Kong
(the “Tenant”). 

  
 WHEREAS :- 
  

	(A)	By a Lease dated the 10th day of November 2000 and made between the Landlord and the Tenant (the “Lease”) the Landlord granted and the Tenant took a lease of the premises
comprising All Those Units 1, 2 and 3 on the 17th Floor of the building known as Global Gateway (Hong Kong), No.168 Yeung Uk Road and No.98 Wang Lung Street, Tsuen Wan, New Territories (the “Building”) as shown and coloured Pink on the
17th Floor Plan in Exhibit A attached to the Lease (the “Premises”) for a term of ten (10) years commencing on 10th November 2000 and expiring on 9th November 2010 (the “Lease Term”) at the rent and upon and subject to the terms
and conditions therein contained. 

  

	(B)	The Tenant has requested and the Landlord has agreed to extend the Lease Term for a further term of three (3) years and to vary the terms of the Lease upon the conditions and
provisions contained in this Supplemental Lease. 

  

	(C)	This Supplemental Lease is supplemental to the Lease and all terms defined in the Lease shall (where applicable) have the same meaning in this Supplemental Lease.

  

 WHEREBY IT IS AGREED as follows :- 
  

	1.	Subject to the terms, conditions and modifications hereinafter mentioned, the Landlord hereby leases the Premises to the Tenant and the Tenant hereby leases and takes the Premises
from the Landlord for a further term of three (3) years under the Lease such that the Lease Term granted under the Lease is hereby extended from the date on which it would, but for this Supplemental Lease, expire (i.e. the 9th day of November 2010)
until the 9th day of November 2013. Pursuant to such extension, the Lease Term granted by the Landlord under the Lease is hereby modified. 

  

	2.	The Tenant shall upon its execution of this Supplemental Lease deliver to the Landlord a Guarantee in the form as shown in the Replacement Guarantee Rider attached to this
Supplemental Lease and duly executed by Equinix Inc. in favour of the Landlord in replacement of the Guarantee dated 10th November 2000 given by Pihana Pacific Inc. in favour of the Landlord pursuant to the Lease to guarantee the performance and
obligations of the Tenant under the Lease (as varied, modified extended and supplemented by this Supplemental Lease). 

  

	3.	The Tenant shall upon its execution of this Supplemental Lease deposit with the Landlord a sum of HONG KONG DOLLARS THREE HUNDRED THIRTEEN THOUSAND AND FORTY FOUR AND CENTS THIRTY
SEVEN (HK$313,044.37) (the “Additional Cash Deposit”) as additional cash deposit which shall be held by the Landlord (together with the Cash Deposit currently held by the Landlord under the Lease) as part of the Security Deposit without
liability for interest and as security for the due performance and observance by the Tenant of the Tenant’s agreements, covenants and obligations under the Lease upon and subject to the terms and conditions of the Lease.

  

	4.	With effect from the date of this Supplemental Lease, the Lease shall be deemed varied, modified and extended in accordance with the provisions set out in the Schedule hereto.

  

 - 2 - 

	5.	Save and except insofar as varied, modified, extended and supplemented by this Supplemental Lease, the Lease and all the terms, conditions, agreements, covenants, exceptions and
reservations contained in the Lease shall remain in full force and effect and the Tenant hereby covenants and undertakes with the Landlord that the Tenant shall observe, perform and comply with the same (as hereby varied, modified, extended and
supplemented). 

  

	6.	The legal costs and expenses incurred by the Landlord in connection with the preparation and completion of this Supplemental Lease and all stamp duty, adjudication fee and
registration fee (if any) payable on this Supplemental Lease and its counterpart shall be paid by the Tenant solely. The Tenant shall be responsible for its own legal costs and expenses in connection with the preparation and completion of this
Supplemental Lease. 

  

	7.	The Tenant hereby expressly declares that for the grant of the extension of the Lease Term no key money or premium or other consideration otherwise than the rent and other payments
herein expressly reserved and expressed to be payable has been paid or will be payable to the Landlord or to any other person whosoever. 

  

	8.	This Supplemental Lease shall be governed by and interpreted in accordance with the laws of the Hong Kong Special Administrative Region of the People’s Republic of China.

  
 AS WITNESS the Landlord and the Tenant have
executed this Supplemental Lease the day and year first above written. 
  

 - 3 - 

 THE SCHEDULE ABOVE REFERRED TO 
  

	1.	Section C of Summary of the Lease shall be deemed to be deleted and substituted by the following:- 

  
 “C. Lease Term: Thirteen (13) years.” 
  

	2.	The following provisions shall be deemed to be added at the end of the schedule of monthly Base Rents in Section E of Summary of the Lease:- 

  

			
	 “Months 121 to 156
	  	Open Market Rent as agreed or determined in accordance with the provisions in Section O of Summary Provided that the monthly Base Rents payable during this period shall be subject to the
following annual increment by the Landlord:-
		
	 	  	 (a)    The Landlord is entitled to increase the monthly Base Rents payable during the period from Months 133 to 144 by
not more than 2% over the monthly Base Rents payable during the period from Months 121 to 132; and

		
	 	  	 (b)    The Landlord is entitled to increase the monthly Base Rents payable during the period from Months 145 to 156 by
not more than 2% over the monthly Base Rents payable during the period from Months 133 to 144.”

  

 - 4 - 

	3.        (a) 	Section G(1) of Summary of the Lease shall be deemed to be deleted and substituted by the following:- 

  

			
	 “(1) Cash Deposit:
	  	Hong Kong Dollars Eight Hundred Sixty-Eight Thousand Two Hundred and Forty-Six and Cents Sixty-Two (HK$868,246.62) as is further described in Section 6 herein.”

  

	 	(b)	Section G(2) of Summary of the Lease shall be deemed to be deleted and all references in the Lease to the standby letter of credit provided in Clause 6 of the Lease including
(without limitation) all references to the terms “Letter of Credit”, “L/C” and “Replacement L/C” and all provisions referring to or otherwise relating to the said letter of credit in the Lease (including (without
limitation) the Landlord’s obligation to return the said letter of credit to the Tenant on termination of the Lease as provided in Clauses 6 and 8 of the Lease) shall be deemed deleted and have become null and void. 

  

	4.	Section L of Summary of the Lease shall be deemed to be deleted and substituted by the following:- 

  
 “L. Guarantee: Guarantee to be given by EQUINIX INC. in favour of Landlord in the form as shown in the Guarantee Rider
to guarantee the performance and obligations of Tenant under this Lease.” 
  

	5.	The Guarantee Rider attached to the Lease and the form of guarantee shown therein shall be deemed to be substituted by the Replacement Guarantee Rider attached to this Supplemental
Lease and the form of guarantee shown therein such that all references to the Guarantee Rider in the Lease shall be deemed to be read and construed as references to the Replacement Guarantee Rider attached to this Supplemental Lease.

  

 - 5 - 

	6.	The following provisions shall be deemed to be added immediately after Section N of Summary of the Lease as Section O of Summary of the Lease:- 

  
 “O. Open Market Rent 
  
 Subject to the annual increment in the Base Rents payable during the Review
Period (as hereinafter defined) as provided in Section E of Summary, the Base Rents payable during Months 121 to 156 of the Lease Term (being the period commencing on and from 10th November 2010 to 9th November 2013 (both days inclusive)) (the
“Review Period”) shall be the Open Market Rent (as hereinafter defined) of the Premises which shall be determined as follows:- 
  

	 	(i)	by agreement between the parties hereto; 

  

	 	(ii)	failing agreement per sub-clause (i) above not later than thirty (30) days before the commencement date of the Review Period then by an independent professional valuer or firm of
professional valuers (“valuer”) to be jointly appointed by the parties hereto before the commencement date of the Review Period; 

  

	 	(iii)	failing such a joint appointment then by a valuer to be appointed on the application of either party by the Chairman (or in his absence, a Vice-Chairman) for the time being of the
Hong Kong Institute of Surveyors; 

  

	 	(iv)	 in the event that the rent in respect of the Premises for the Review Period has not been determined as hereinafter provided before the date of commencement of the
Review Period then the rent payable immediately prior to such date in respect of the Premises shall continue to be paid until the rent has been so determined but shall be adjusted retrospectively to the date of the commencement of the Review Period
and the rent having been so determined 

  

 - 6 - 

	 	 
shall be paid and accounted for (or any excess amount shall be refunded) accordingly within 14 days of such determination; 

  

	 	(v)	the valuer shall act as an expert and not as an arbitrator and shall be required to determine the sum which in his opinion represents the Open Market Rent for the same type of
premises as the Premises in the same district of Hong Kong as if the same were being let with vacant possession on the open market for a term equal to the Review Period without reference to any other adjustment of rent during the said term but
otherwise having regard to all issues which in the sole opinion of the valuer appear relevant except that the valuer shall disregard those matters mentioned in items (1) to (4) of sub-clause (vi) immediately following; 

  

	 	(vi)	the valuer shall determine the Open Market Rent disregarding:- 

  

	 	(1)	any effect on rent of the fact that Tenant may have been in occupation of the Premises; 

  

	 	(2)	any goodwill attached to the Premises by reason of the use thereof by Tenant; 

  

	 	(3)	any effect on rent of any authorized improvement addition alteration or other work made or carried out by Tenant at its own expense otherwise than under any obligation to Landlord
whether under this Lease or otherwise; 

  

	 	(4)	any abatement of rent under this Lease; 

  
 and without making any allowance to reflect or compensate Tenant for the absence of any rent free period or contribution to fitting out works or other
allowance which might then be the practice in open market lettings for a 

  

 - 7 - 

 
landlord to make. The Open Market Rent shall be defined as what would be payable after the expiry of any such rent free or concessionary rent period and
after receipt of any such contribution or other allowance as would be negotiated in the open market upon a letting of the Premises as a whole by a willing landlord to a willing tenant in the open market at the renewal of a term equal to the
unexpired balance of the term of this Lease with vacant possession without a fine or premium. 
  
 but on the following assumption (if not facts):- 
  

	 	(a)	that all the terms and conditions herein contained have been fully observed and performed at all times; 

  

	 	(b)	that on the commencement date of the Review Period the Premises are fit for immediate occupation and use and that no addition alteration or other work had been made or carried out
by Tenant during the term hereby granted which has diminished the rental value of the Premises. 

  

	 	(vii)	the cost and expenses of the valuer shall be borne by Tenant and Landlord in equal shares; and 

  

	 	(viii)	the decision of the valuer shall be final and binding upon both parties (save in the case of manifest error) and shall determine the rent for the Review Period as it had been
expressly provided for and stated herein.” 

  

	7.	The following provisions shall be deemed to be added immediately after Clause 36 of the Lease as Clause 37 of the Lease:- 

  

	 	“37.1	Tenant hereby covenants and undertakes with Landlord that Tenant will not at any time during the Lease Term enter into any letting arrangement (which expression shall mean and
include leasing, sub-leasing and licensing or 

  

 - 8 - 

	 	 
entering into an agreement so to do or entering into physical possession or occupation by whatever means) (the “New Letting”) with any person or
company other than Landlord (“Third Party”) in respect of any other premises in Hong Kong (“Additional Premises”) for the operation of its data center business unless Tenant shall have first notified Landlord in writing of its
desire for Additional Premises and the essential requirements of such Additional Premises and the commercial terms upon which Tenant is prepared to enter into New Letting (collectively, the “Requirements”) and Landlord shall be unable
and/or unwilling to offer to lease or licence any premises to Tenant which (in the opinion of Landlord) will have satisfied the Requirements. 

  

	 	37.2	For the better observance of Tenant’s obligations under Section 37.1, Tenant hereby further covenants and undertakes with Landlord that:- 

  

	 	(i)	If Tenant is desirous of entering into any New Letting of Additional Premises, Tenant shall before it commences any negotiation for such New Letting of Additional Premises with any
Third Party serve written notice (the “Notice”) on Landlord of such its desire and the Notice shall include a detailed account of the Requirements. 

  

	 	(ii)	 Landlord may within twenty one (21) days from the date of receipt of the Notice (the “Offer Period”) make an offer (the “Offer”) to lease or
licence any of the premises of Landlord (the “Offer Premises”) to Tenant on such terms which (in the opinion of the Landlord) will have satisfied the Requirements as specified in the Notice. In which event, Tenant shall accept the Offer
within seven (7) days from the date of the Offer and Landlord shall lease or (as the case may be) licence and Tenant shall take the Offer Premises on the terms set out in the Offer. For the avoidance of doubt, Tenant shall in any event be deemed to
have accepted the Offer irrespective of whether any formal acceptance 

  

 - 9 - 

	 	 
of the Offer has been given by Tenant within the said seven (7) days’ period. 

  

	 	(iii)	If Landlord shall fail to make the Offer during the Offer Period, then Tenant may make an offer to or accept an offer from any Third Party (the “Third Party Offer”) in
respect of a New Letting of Additional Premises with such Third Party Provided That such Third Party Offer shall at least contain all the Requirements specified in the Notice and if Tenant shall subsequently enter into any binding agreement in
respect of a New Letting of Additional Premises pursuant to such Third Party Offer, the effective rent per square foot of the Additional Premises payable under such New Letting shall be no less than that offered by Landlord in the Offer and the
other terms of such New Letting shall be (in the opinion of the Landlord) no more favourable than the terms of the Offer. Tenant shall notify Landlord in writing of the terms of the Third Party Offer before Tenant makes or (as the case may be)
accepts the same and (where applicable) the terms of any New Letting of Additional Premises which Tenant has entered into pursuant to such Third Party Offer once Tenant has signed a binding agreement in respect of such New Letting. Landlord’s
determination as to whether the Third Party Offer and (where applicable) the New Letting of Additional Premises with any Third Party have duly satisfied with the above requirements shall be conclusive and binding on Tenant. 

 

	 	(iv)	 When the Offer has been accepted or deemed to have been accepted by Tenant as aforesaid, Tenant shall forthwith complete and execute all necessary documentation as
required by Landlord to implement the lease or (as the case may be) the licence of the Offer Premises. Each party shall bear its own cost and expense in preparing and completing the documentation whilst all stamp duty and registration fees (if any)

  

 - 10 - 

	 	 
payable on the documentation shall be borne by Landlord and Tenant in equal shares. 

  

	 	37.3	Notwithstanding the foregoing, the restrictions set forth in Sections 37.1 and 37.2 shall not apply when :- 

  

	 	(a)	the Additional Premises are situated on Hong Kong Island; and 

  

	 	(b)	the area requirement of such Additional Premises shall be less than 10,000 square feet gross; and 

  

	 	(c)	Tenant shall have proved to the satisfaction of Landlord that the New Letting of such Additional Premises on Hong Kong Island is made solely pursuant to a genuine request from a
bona fide customer of the data center business operated by the Tenant but not otherwise.” 

  

	8.	Clause 6 of the Lease shall be deemed to be deleted and substituted by the following provisions:- 

  

	 	“6.	SECURITY DEPOSIT 

  

	 	6.1	 A cash deposit (the “Cash Deposit”) in the amount set forth in Section G(1) of Summary shall be delivered by Tenant to Landlord upon execution of this
Lease and shall be held by Landlord without liability for interest and as security for the due performance and observance by Tenant of Tenant’s agreements, covenants and obligations under this Lease (the Cash Deposit shall hereinafter be also
known as the “Security Deposit”), it being expressly understood that the Security Deposit shall not be considered an advance payment of rent or a measure of Landlord’s damages in case of default by Tenant. Upon the occurrence of any
breach or default under this Lease by Tenant, Landlord may, from time to time, without prejudice to any other remedy, use the Security Deposit or any reasonable portion thereof (against receipt) to the extent necessary to make good any arrears of
rent, Management Charges and other charges payable hereunder or any costs, loss, damages, injury, or expense caused to 

  

 - 11 - 

	 	 
Landlord by such breach or default. Following any application of the Security Deposit, Tenant shall pay to Landlord on demand an amount to restore the
Security Deposit to its original amount. In the event of bankruptcy or other debtor relief proceedings by or against Tenant (subject to applicable law in the Hong Kong SAR), the Security Deposit shall be deemed to be applied first, to the payment of
rent and other charges due to Landlord, in the order that such rent or charges became due and owing, for all periods prior to filing of such proceedings. Upon termination of this Lease any remaining portion of the Security Deposit shall be returned
by Landlord to Tenant without payment of interest on the Security Deposit within (i) thirty (30) days after the expiration of or sooner determination of this Lease and delivery of vacant possession to the Landlord, subject to the provisions of
Section 15 of this Lease, or (ii) settlement of the last outstanding claim by the Landlord against Tenant for arrears of rent and other charges (against receipt) and for any breach, non-observance or non-performance of any of the agreements,
stipulations, terms and conditions herein contained and on the part of the Tenant to be observed and performed whichever shall be the later. 

  

	 	6.2	The amount of the Security Deposit shall be increased following each and every increase in rent as herein provided or increase in Management Charges, rates and/or government rent to
a sum equal to TWO (2) months’ rent at the rate payable after such increase plus TWO (2) months’ Management Charges, rates and government rent at the highest ascertainable rate at that time payable by Tenant under this Lease and Tenant
shall make payment to Landlord of such additional sum as shall be required to bring the Security Deposit up to the appropriate amount within FIFTEEN (15) days of each increase in rent, Management Charges, rates and/or government rent and the
provisions of Clause 6.1 shall apply to such further deposits.” 

  

 - 12 - 

							
	 SEALED with the Common Seal of
	  	)	  	 	  	 
	 	  	)	  	 	  	 
	 COMFORT DEVELOPMENT LIMITED
	  	)	  	 	  	 
	 	  	)	  	/s/    GOODWIN GAW        	  	 
	 	 	 	 	
	 	 
	 (the Landlord) and SIGNED by
	  	)	  	 	  	 
	 	  	)	  	 	  	 
	 Goodwin Gaw
 Director
	  	)	  	 	  	 
	 	  	)	  	 	  	 
	 for and on behalf of the Landlord in the
	  	)	  	 	  	 
	 	  	)	  	 	  	 
	 presence of/whose signature(s)
	  	)	  	 	  	 
	 	  	)	  	 	  	 
	 is verified by:-             Alan Lee
	  	)	  	 	  	 
	        Chief Financial Officer	  	)	  	 	  	 
	/s/ ALAN LEE	  	 	  	 	  	 
	
	 	 	 	 	 	 
				
	 SEALED with the Common Seal of
	  	)	  	 	  	 
	 	  	)	  	 	  	 
	 EQUINIX HONG KONG LIMITED
	  	)	  	 	  	 
	 	  	)	  	/s/    PHILIP J. KOEN        	  	 
	 	 	 	 	
	 	 
	 (the Tenant) and SIGNED by
	  	)	  	 	  	 
	 	  	)	  	 	  	 
	 Phil Joseph Koen
	  	)	  	 	  	 
	 Director
	  	)	  	 	  	 
	 	  	)	  	 	  	 
	 as duly authorised by the resolutions
	  	)	  	 	  	 
	 	  	)	  	 	  	 
	 of its board of directors in the
	  	)	  	 	  	 
	 	  	)	  	 	  	 
	 presence of:-       Samuel Lee
	  	)	  	 	  	 
	Country Manager        	  	)	  	 	  	 
	/s/    SAMUEL LEE        	  	 	  	 	  	 
	
	 	 	 	 	 	 

  

 - 13 - 

					
	 RECEIVED on or before the day and year first
	  	)	  	 
	 	  	)	  	 
	 above written of and from the Tenant the sum of
	  	)	  	 
	 	  	)	  	 
	 HONG KONG DOLLARS THREE HUNDRED
	  	)	  	HK$313,044.37
	 	  	)	  	========
	 THIRTEEN THOUSAND AND FORTY FOUR
	  	)	  	 
	 	  	)	  	For and on behalf of
	 AND CENTS THIRTY SEVEN
	  	)	  	Comfort Development Limited
	 	  	)	  	 
	 being the Additional Cash Deposit above
	  	)	  	/s/
	 	  	)	  	 
	 expressed to be paid by the Tenant to the Landlord
	  	)	  	 
			
	 WITNESS :-                 Alan Lee
	  	 	  	 
	Chief Financial Officer	  	 	  	 
	/s/    ALAN LEE        	  	 	  	 
	
	 	 	 	 

  

 - 14 - 

			
	THIS DEED OF GUARANTEE	  	is made the 18th day of May
		
	 	  	Two thousand and four
		
	BETWEEN:-	  	 

  

	(1)	EQUINIX, INC. incorporated in Delaware whose principal office is situated at 301 Velocity Way, 5th Floor, Foster City, CA, 94404 USA (“Guarantor”); 

  

	(2)	COMFORT DEVELOPMENT LIMITED whose registered office is situated at Suites 01-03, 30th Floor, Office Tower, Convention Plaza, 1 Harbour Road, Wanchai, Hong Kong
(“Landlord”). 

  

	WHEREAS:-	

  
 (A) By a Lease (the “Principal Lease”) dated the 10th day of November 2000 made between Landlord as landlord and Equinix Hong Kong Limited (formerly known as PIXC Hong Kong Limited) (“Tenant”) as tenant (as varied,
modified, extended and supplemented by a Supplemental Lease (the “Supplemental Lease”) dated the 18th day of May 2004 also made between Landlord and Tenant) (the Principal Lease as varied, modified, extended and supplemented by the
Supplemental Lease is hereinafter known as the “Lease”) all those premises including but not limited to Units 1, 2 and 3 on the 17th Floor of the building known at the date hereof as Global Gateway (Hong Kong), Tsuen Wan, New Territories
(collectively “the Premises”) were let by Landlord to Tenant for a term of thirteen (13) years commencing from 10th November 2000 or such other date for the commencement of the tenancy with such option for renewal as provided in the Lease
(the “Term”) subject to the payment of the rent reserved by and the observance and performance of the covenants on Tenant’s part and the conditions contained in the Lease. 
  

 - 15 - 

 (B) Guarantor is the parent company of Tenant and has agreed with Landlord to enter into this Deed of Guarantee as a
condition of Landlord’s entering into the Supplemental Lease and as security for the due performance and observance by Tenant of the terms and conditions of the Lease. 
  
 NOW THIS DEED WITNESSES as follows:- 
  

	1.	Interpretation 

  
 In this Deed:- 
  

	 	1.1	“Commencement Date” means the 1st day of November 2003; 

  

	 	1.2	“Guarantor” means and includes the person specifically named and its liquidators, receivers or managers; 

  

	 	1.3	“Landlord” includes the person firm or company (which expression shall include its successors in title and assigns) in whom the reversion immediately expectant on the
determination of the Term is for the time being vested; 

  

	 	1.4	“Lease” means and includes the Principal Lease and the Supplemental Lease and all or any deeds and documents supplemental to the Principal Lease and/or the Supplemental
Lease whether or not expressed to be so; 

  

	 	1.5	“Process Agent” means the person to whom service of any legal process at the address specified in Clause 12 shall constitute due service on Guarantor;

  

	 	1.6	“Tenant” includes the successors in title of Tenant; 

  

	 	1.7	“Term” includes any residue, continuation, renewal or extension of the Term and any holding over whether by statute, at common law or otherwise; 

 

 - 16 - 

	 	1.8	words importing one gender import any other gender, words importing the singular import the plural and vice versa. 

  

	2.	Guarantee 

  
 Guarantor as primary obligor and not merely as surety irrevocably and unconditionally covenants with Landlord and, without the need for any express
assignment with all his successors in title, such covenant to take effect from the Commencement Date, that:- 
  

	 	2.1	Tenant will observe and perform the terms of the Lease throughout the Term during which Tenant shall punctually pay the rents and other moneys payable thereunder and observe and
perform the covenants and other terms of the Lease and, if at any time Tenant shall make any default in payment of the rents and/or such other moneys or in observing or performing any of the covenants or other terms of the Lease, Guarantor will pay
the rents and/or such other moneys or observe or perform the covenants or terms in respect of which Tenant shall be in default (as the case may be) and make good to Landlord on demand and indemnify Landlord against all losses damages costs and
expenses arising or incurred by Landlord as a result of such non-payment non-performance or non-observance notwithstanding:- 

  

	 	2.1.1	any time or indulgence or relief granted by Landlord to Tenant or any neglect or forbearance of Landlord in enforcing the payment of the rents or the observance or performance of
the covenants or other terms of the Lease or any refusal by Landlord to accept rents tendered by or on behalf of Tenant at the time when Landlord was entitled (or would after service of a notice under Section 58 of the Conveyancing and Property
Ordinance (Cap.219) be entitled) to re-enter the Premises; 

  

 - 17 - 

	 	2.1.2	that the terms of the Lease may have been varied or supplemented by agreement between the parties; 

  

	 	2.1.3	the bankruptcy, insolvency or liquidation of Guarantor, Tenant or Landlord; 

  

	 	2.1.4	any change in the constitution or structure of, or any amalgamation or reconstruction of Tenant or Landlord; 

  

	 	2.1.5	any other act or omission on the part of Landlord or any other person by which but for this provision Guarantor would have been released; and 

  

	 	2.1.6	any breach by Tenant of the Lease during the Term. 

  

	 	2.2	If the Lease shall be disclaimed following Tenant’s insolvency or bankruptcy by a trustee in bankruptcy, liquidator or otherwise, Landlord shall not require Guarantor to accept
a new tenancy agreement or lease of the Premises, and Guarantor shall pay to Landlord on demand an amount equal to the rents and other moneys payable to Landlord under the Lease for the period commencing with the date of such disclaimer and ending
on the date upon which the Premises are relet (if applicable) or (as the case may be) the expiry of the Term whichever is earlier, subject always to Landlord using its reasonable commercial efforts to re-lease the Premises and mitigate its losses.

  

	3.	Guarantor’s Further Covenants 

  

	 	3.1	 Guarantor covenants with Landlord to pay to Landlord on demand and to indemnify Landlord against all reasonable costs, charges, fees, disbursements and expenses
including those of professional advisers and agents incurred by Landlord in connection with this Deed including without limitation those 

  

 - 18 - 

	 	 
arising from any legal proceedings instituted or to be instituted by Landlord in connection with this Deed. 

  

	 	3.2	Until the obligations of Tenant under the Lease shall have been discharged in full, Guarantor covenants not to exercise or enforce any of his rights of subrogation, contribution or
indemnity against Tenant and agrees not to claim any set-off or counterclaim against Tenant or to claim or prove in competition with Landlord in the event of the bankruptcy, insolvency or liquidation of Tenant or have any benefit of or any share in
any other guarantee or security now or hereafter held by Landlord in respect of the Lease. 

  

	4.	Continuing Guarantee 

  

	 	4.1	This Deed is to be a continuing guarantee and shall remain in full force and effect until the obligations of Tenant under the Lease shall have been discharged in full and is in
addition to and not in substitution for, and shall not be prejudiced or affected by, any other security or guarantee now or hereafter held by Landlord for the payment of such moneys. 

  

	 	4.2	No failure or delay on the part of Landlord to exercise any power, right or remedy under this Deed shall operate as a waiver thereof, nor shall any single or partial exercise by
Landlord of any power, right or remedy preclude any other or further exercise thereof or the exercise of any other power, right or remedy. The remedies provided in this Deed are cumulative and are not exclusive of any remedies provided by law.

  

	5.	Representations and Warranties 

  

	 	5.1	 Guarantor represents and warrants to Landlord that Guarantor has power to execute, deliver and perform his obligations under this Deed, all necessary actions has
been taken to authorise the execution, delivery and performance of 

  

 - 19 - 

	 	 
the same and no limitation on the powers of Guarantor to borrow or give guarantees will be exceeded as a result of this Deed. 

 

	6.	Waiver of Rights 

  

	 	6.1	Guarantor hereby waives all rights Guarantor may have of first requiring Landlord to proceed against or enforce any guarantee or security of, or claim payment from, Tenant or any
other person whether the same may arise under the governing law of this Deed or otherwise howsoever. 

  

	7.	No Release by Tenant’s Incapacity 

  

	 	7.1	Any sum which may not otherwise be recoverable by Landlord from Tenant under the Lease by reason of any legal limitation, immunity, disability or incapacity or other circumstances
relating to Tenant (and whether or not known to Landlord) shall nevertheless be recoverable from Guarantor as principal debtor in respect of it. This Deed shall not be discharged nor Guarantor’s liability under it be affected by the fact that
any dealings with Landlord by Tenant may be outside or in excess of the powers of Tenant. 

  

 - 20 - 

	8.	No Release by Statute or Settlement 

  

	 	8.1	No assurance, security or payment which may be avoided under any enactment relating to bankruptcy and no release, settlement or discharge which may have been given or made on the
faith of any such assurance, security or payment shall prejudice or affect the rights of Landlord to recover from Guarantor to the full extent of this Deed. 

  

	9.	Miscellaneous 

  

	 	9.1	Any statement of account of Tenant, signed as correct by Landlord, showing the amount owing by Tenant under the Lease shall be presumed correct unless the contrary is shown and
Guarantor shall accept the statements therein as conclusive evidence of the facts stated. 

  

	 	9.2	Notwithstanding anything herein, Guarantor shall not assign or transfer any of his rights or obligations under this Deed. 

  

	 	9.3	The benefit of this Guarantee enures to the successors in title and assigns of Landlord. 

  

	10.	Independent Legal Advice 

  

	 	10.1	It is acknowledged that Messrs. Johnson Stokes & Master is acting for Landlord only and assumes no responsibility towards Guarantor. Guarantor is advised to take independent
legal advice in respect of this Guarantee. On signing of this Guarantee, Guarantor is presumed to have acknowledged that he understands the contents and full effect of this Guarantee and confirms that he has not been subject to any undue influence
or pressure. 

  

 - 21 - 

	11.	Governing Law 

  

	 	11.1	This Guarantee shall be governed and construed in accordance with the Laws of Hong Kong Special Administrative Region of the People’s Republic of China (“HKSAR”) and
Guarantor hereby irrevocably submits to the non-exclusive jurisdiction of the courts of HKSAR. 

  

	12.	Process Agent of Guarantor 

  

			
	 12.1 Process Agent:
	 	Equinix Hong Kong Limited
		
	 12.2 Address in Hong Kong:
	 	 Room 2001 Central Plaza, 18 Harbour Road, Wanchai,
 Hong Kong

  
 IN WITNESS whereof
Guarantor has hereunto executed this Deed the day and year first before written. 
  

 - 22 - 

					
	SEALED with the Common Seal of	  	)	  	 
	 	  	)	  	 
	EQUINIX INC. (the Guarantor)	  	)	  	 
	 	  	)	  	 
	and SIGNED by	  	)	  	 
	 	  	)	  	 
	/s/    PETER VAN CAMP	  	 	  	                )
	
	 	 	 	 
	 	  	)	  	 
	as duly authorised by resolutions of the	  	)	  	 
	 	  	)	  	 
	board of directors in the presence of/whose	  	)	  	 
	 	  	)	  	 
	signature(s) is/are verified by:-	  	)	  	 

  

 - 23 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00067-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00067-of-00352.parquet"}]]