Document:

EX-4.1.1

 Exhibit 4.1.1 

Execution Version 
  

 
  

CAPITAL ONE MULTI-ASSET EXECUTION TRUST 

as Issuer 
 and 

THE BANK OF NEW YORK MELLON 

as Indenture Trustee 
 CLASS A(2022-2) TERMS DOCUMENT 
 dated as of June 14, 2022 

TO 
 CARD SERIES
INDENTURE SUPPLEMENT 
 dated as of October 9, 2002, 

as amended and restated as of March 17, 2016 

TO 
 ASSET POOL
1 SUPPLEMENT 
 dated as of October 9, 2002, 

as amended by the First Amendment thereto dated as of March 1, 2008 

to 
 INDENTURE 

dated as of October 9, 2002, as amended and restated as of January 13, 2006, 

and March 17, 2016 
  

 
  

 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 ARTICLE I
                Definitions and Other Provisions of General Application
	  	 	1	 
		
	 Section 1.01. Definitions
	  	 	1	 
	 Section 1.02. Governing Law
	  	 	7	 
	 Section 1.03. Counterparts
	  	 	7	 
	 Section 1.04. Ratification of Indenture, Asset Pool 1 Supplement and Indenture
Supplement
	  	 	7	 
		
	 ARTICLE II
               The Class A(2022-2) Notes
	  	 	8	 
		
	 Section 2.01. Creation and Designation
	  	 	8	 
	 Section 2.02. Adjustments to Required Subordinated Percentages
	  	 	8	 
	 Section 2.03. Interest Payment
	  	 	8	 
	 Section 2.04. [Reserved]
	  	 	9	 
	 Section 2.05. Payments of Interest and Principal
	  	 	9	 
	 Section 2.06. Form of Delivery of
Class A(2022-2) Notes; Depository; Denominations
	  	 	9	 
	 Section 2.07. Delivery and Payment for the
Class A(2022-2) Notes
	  	 	9	 
	 Section 2.08. Targeted Deposits to the Accumulation Reserve Account
	  	 	10	 

  
 i 

 THIS CLASS A(2022-2) TERMS DOCUMENT (this
“Terms Document”), by and between CAPITAL ONE MULTI-ASSET EXECUTION TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), having its
principal office at E. A. Delle Donne Corporate Center, Montgomery Building, 1011 Centre Road, Wilmington, DE 19805 and THE BANK OF NEW YORK MELLON, a New York banking corporation, as Indenture Trustee (the “Indenture
Trustee”), is made and entered into as of June 14, 2022. 
 Pursuant to this Terms Document, the Issuer shall create a new tranche
of Class A Notes and shall specify the principal terms thereof. 
 ARTICLE I 

Definitions and Other Provisions of General Application 

Section 1.01. Definitions. For all purposes of this Terms Document, except as otherwise expressly provided or unless the
context otherwise requires: 
  

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

  

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

  

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

  

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

  

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

  

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

  
 1 

	 	(7)	 each capitalized term defined herein shall relate only to the
Class A(2022-2) Notes and no other Tranche of Notes issued by the Issuer; and 

  

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

 “Accumulation Period Amount” means $208,333,333.34; provided,
however, if the Accumulation Period Length is determined to be less than twelve (12) months pursuant to Section 3.10(b)(ii) of the Indenture Supplement, the Accumulation Period Amount shall be the amount
specified in the definition of “Accumulation Period Amount” in the Indenture Supplement. 
 “Accumulation Reserve Funding
Period” shall mean, (a) if the Accumulation Period Length is determined to be one (1) month, there shall be no Accumulation Reserve Funding Period and (b) otherwise, the period (x) commencing on the earliest to occur of
(i) the Monthly Period beginning three (3) calendar months prior to the first Distribution Date for which a budgeted deposit is targeted to be made into the Principal Funding sub-Account of the Class A(2022-2) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (ii) the Monthly Period following the first Distribution Date following and including the April 2023
Distribution Date for which the Quarterly Excess Spread Percentage is less than 2%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 12 months prior to the first Distribution Date for which a
budgeted deposit is targeted to be made into the Principal Funding sub-Account for the Class A(2022-2) Notes pursuant to Section 3.10(b)
of the Indenture Supplement, (iii) the Monthly Period following the first Distribution Date following and including the October 2023 Distribution Date for which the Quarterly Excess Spread Percentage is less than 3%, but in such event the
Accumulation Reserve Funding Period shall not be required to commence earlier than 6 months prior to the first Distribution Date for which a budgeted deposit is targeted to be made into the Principal Funding
sub-Account for the Class A(2022-2) Notes pursuant to Section 3.10(b) of the Indenture Supplement, and (iv) the Monthly Period
following the first Distribution Date following and including the December 2023 Distribution Date for which the Quarterly Excess Spread Percentage is less than 4%, but in such event the Accumulation Reserve Funding Period shall not be required to
commence earlier than 4 months prior to the first Distribution Date for which a budgeted deposit is targeted to be made into the Principal Funding sub-Account for the
Class A(2022-2) Notes pursuant to Section 3.10(b) of the Indenture Supplement and (y) ending on the close of business on the last day of the Monthly Period preceding the
earlier to occur of (i) the Expected Principal Payment Date for the Class A(2022-2) Notes and (ii) the date on which the Class A(2022-2) Notes are
paid in full. 
 “Asset Pool 1 Supplement” means the Asset Pool 1 Supplement dated as of October 9, 2002, as amended
by the First Amendment thereto, dated as of March 1, 2008, by and between the Issuer and the Indenture Trustee, as amended and supplemented from time to time. 

“Base Rate” means, with respect to any Monthly Period, the sum of (a) the Card Series Servicing Fee Percentage and
(b) the weighted average (based on the Outstanding Dollar Principal Amount of the related Card Series Notes) of the following: 

  
 2 

 (i)     in the case of a Tranche of Card Series Dollar Interest-bearing Notes with no Derivative Agreement for interest, the rate of interest applicable to such Tranche for the period from and including the Monthly Interest Accrual Date for such Tranche of Card Series
Dollar Interest-bearing Notes in such Monthly Period to but excluding the Monthly Interest Accrual Date for such Tranche of Card Series Dollar Interest-bearing Notes in
the following Monthly Period; 
 (ii)     in the case of a Tranche of Card Series Discount Notes, the
rate of accretion (converted to an accrual rate) of such Tranche for the period from and including the Monthly Interest Accrual Date for such Tranche of Card Series Discount Notes in such Monthly Period to but excluding the Monthly Interest Accrual
Date for such Tranche of Card Series Discount Notes in the following Monthly Period; 
 (iii)     in the
case of a Tranche of Card Series Notes with a Performing Derivative Agreement for interest, the rate at which payments by the Issuer to the applicable Derivative Counterparty accrue (prior to the netting of such payments, if applicable) for the
period from and including the Monthly Interest Accrual Date for such Tranche of Card Series Notes in such Monthly Period to but excluding the Monthly Interest Accrual Date for such Tranche of Card Series Notes in the following Monthly Period;
provided, however, that in the case of a Tranche of Card Series Notes with a Performing Derivative Agreement for interest in which the rating on such Tranche of Card Series Notes is not dependent upon the rating of the applicable Derivative
Counterparty, the amount determined pursuant to this clause (iii) will be the higher of (1) the rate determined pursuant to this clause (iii) above and (2) the rate of interest applicable to such Tranche for the period from and
including the Monthly Interest Accrual Date for such Tranche of Card Series Notes in such Monthly Period to but excluding the Monthly Interest Accrual Date for such Tranche of Card Series Notes in the following Monthly Period; and 

(iv)     in the case of a tranche of Card Series Notes with a
non-Performing Derivative Agreement for interest, the rate specified for that date in the related Terms Document. 

“Class A(2022-2) Adverse Event” means the occurrence of any of
the following: (a) an Early Redemption Event with respect to the Class A(2022-2) Notes or (b) an Event of Default and acceleration of the
Class A(2022-2) Notes. 

“Class A(2022-2) Note” means any Note, substantially in the form
set forth in Exhibit A-2 to the Indenture Supplement, designated therein as a Class A(2022-2) Note and duly executed and authenticated in accordance
with the Indenture. 
 “Class A(2022-2) Noteholder” means a
Person in whose name a Class A(2022-2) Note is registered in the Note Register. 

“Class A(2022-2) Termination Date” means the earliest to occur of
(a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2022-

  
 3 

 
2) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to Article VI thereof. 

“Excess Spread Percentage” shall mean, with respect to any Distribution Date, the amount, if any, by which the Portfolio
Yield for the preceding Monthly Period exceeds the Base Rate for such Monthly Period. 
 “Expected Principal Payment Date”
means May 15, 2025. 
 “Initial Dollar Principal Amount” means $2,500,000,000. 

“Indenture” means the Indenture dated as of October 9, 2002, as amended and restated as of January 13, 2006, and
March 17, 2016, by and between the Issuer and the Indenture Trustee, as amended and supplemented from time to time. 

“Indenture Supplement” means the Card Series Indenture Supplement dated as of October 9, 2002, as amended and restated
as of March 17, 2016, by and between the Issuer and the Indenture Trustee, as amended and supplemented from time to time. 

“Interest Payment Date” means the fifteenth day of each month, commencing in August 2022, or if such fifteenth day is not a
Business Day, the next succeeding Business Day. 
 “Interest Period” means, with respect to any Interest Payment Date, the
period from and including the previous Interest Payment Date (or in the case of the initial Interest Payment Date, from and including the Issuance Date) through the day preceding such Interest Payment Date. 

“Issuance Date” means June 14, 2022. 

“Legal Maturity Date” means May 17, 2027. 

“Maximum Subordination Amount of Class B Notes” means, for the
Class A(2022-2) Notes for any date of determination, an amount equal to the product of (a) Adjusted Outstanding Dollar Principal Amount of the
Class A(2022-2) Notes on such date of determination and (b) the percentage equivalent of a fraction, the numerator of which is 9 and the denominator of which is 79.00. 

“Note Interest Rate” means a rate per annum equal to 3.49%. 

“Paying Agent” means The Bank of New York Mellon. 

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

 

	 	(a)	 the numerator of which is equal to the sum of: 

  
 4 

 (i)     the aggregate amount of Finance Charge Amounts
allocated to the Card Series with respect to such Monthly Period; plus 
 (ii)     the aggregate
amount of Interest Funding sub-Account Earnings on all Tranches of Card Series Notes for such Monthly Period; plus 

(iii)     any amounts to be treated as Card Series Finance Charge Amounts pursuant to Sections
3.20(d) and 3.27(a) of the Indenture Supplement; minus 
 (iv)       the
excess, if any, of (1) the sum of the PFA Prefunding Earnings Shortfall plus the PFA Accumulation Earnings Shortfall over (2) the sum of the aggregate amount to be treated as Card Series Finance Charge Amounts for such Monthly
Period pursuant to Sections 3.04(a)(ii) and 3.25(a) of the Indenture Supplement plus any other amounts applied to cover earnings shortfalls on amounts in the Principal Funding sub-Account
for any tranche of Card Series Notes for such Monthly Period; minus 
 (v)     the Card Series
Default Amount for such Monthly Period; and 
 (b)     the denominator of which is the numerator used in the calculation
of the Card Series Floating Allocation Percentage for such Monthly Period. 
 “Quarterly Excess Spread Percentage” means,
with respect to the April 2023 Distribution Date and each Distribution Date thereafter, the percentage equivalent of a fraction the numerator of which is the sum of the Excess Spread Percentages with respect to the immediately preceding three
Monthly Periods and the denominator of which is three. 
 “Record Date” means, for any Distribution Date, the last day of
the preceding Monthly Period. 
 “Required Accumulation Reserve sub-Account
Amount” means, with respect to any Monthly Period during the Accumulation Reserve Funding Period, an amount equal to (i) 0.5% of the Outstanding Dollar Principal Amount of the
Class A(2022-2) Notes as of the close of business on the last day of the preceding Monthly Period or (ii) any other amount designated by the Issuer; provided, however, that if such
designation is of a lesser amount, the Note Rating Agencies shall have provided prior written confirmation that a Ratings Effect will not occur with respect to such change. 

“Required Subordinated Amount of Class B Notes” means, for the
Class A(2022-2) Notes for any date of determination, an amount equal to the product of (a) the Required Subordinated Percentage of Class B Notes for such
Class A(2022-2) Notes on such date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2022-2) Notes on such date of
determination; provided, however, that such an amount shall not exceed the Maximum Subordination Amount of Class B Notes for the Class A(2022-2) Notes; provided further,
however, that for any date of determination on or after the occurrence and during the continuation of a Class A(2022-2) Adverse Event, the Required Subordinated Amount of Class B

  
 5 

 
Notes for the Class A(2022-2) Notes will be the greater of (x) the amount determined above for such date of determination and (y) the amount
determined above for the date immediately prior to the date on which such Class A(2022-2) Adverse Event shall have occurred. 

“Required Subordinated Amount of Class C Notes” means, for the
Class A(2022-2) Notes for any date of determination, an amount equal to the product of (a) the Required Subordinated Percentage of Class C Notes for such
Class A(2022-2) Notes on such date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2022-2) Notes on such date of
determination; provided, however, that for any date of determination, unless (i) the Prefunding Target Amount for any Tranche of Card Series Notes on such date of determination is greater than zero or (ii) any prefunded
amounts are on deposit in a Principal Funding sub-Account on such date of determination for any Tranche of Card Series Notes, the Required Subordinated Amount of Class C Notes for the Class A(2022-2) Notes will not be less than an amount equal to (i) 3.0% of the Initial Dollar Principal Amount of the Class A(2022-2) Notes, minus
(ii) the Required Subordinated Amount of Class D Notes for the Class A(2022-2) Notes; provided further, however, that for any date of determination on or after the
occurrence and during the continuation of a Class A(2022-2) Adverse Event, the Required Subordinated Amount of Class C Notes for the Class A(2022-2) Notes
will be the greater of (x) the amount determined above for such date of determination, (y) the amount determined above for the date immediately prior to the date on which such Class A(2022-2)
Adverse Event shall have occurred and (z) unless (i) the Prefunding Target Amount for any Tranche of Card Series Notes on such date of determination is greater than zero or (ii) any prefunded amounts are on deposit in a Principal Funding sub-Account on such date of determination for any Tranche of Card Series Notes, the amount determined pursuant to the preceding proviso. 

“Required Subordinated Amount of Class D Notes” means, for the
Class A(2022-2) Notes for any date of determination, an amount equal to the product of (a) the Required Subordinated Percentage of Class D Notes for such
Class A(2022-2) Notes on such date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2022-2) Notes on such date of
determination; provided, however, that for any date of determination, unless (i) the Prefunding Target Amount for any Tranche of Card Series Notes on such date of determination is greater than zero or (ii) any prefunded
amounts are on deposit in a Principal Funding sub-Account on such date of determination for any Tranche of Card Series Notes, the Required Subordinated Amount of Class D Notes for the Class A(2022-2) Notes will not be less than an amount equal to 1.2049% of the Initial Dollar Principal Amount of the Class A(2022-2) Notes, provided
further, however, that for any date of determination on or after the occurrence and during the continuation of a Class A(2022-2) Adverse Event, the Required Subordinated Amount of
Class D Notes for the Class A(2022-2) Notes will be the greatest of (x) the amount determined above for such date of determination, (y) the amount determined above for the date immediately
prior to the date on which such Class A(2022-2) Adverse Event shall have occurred and (z) unless (i) the Prefunding Target Amount for any Tranche of Card Series Notes on such date of determination is
greater than zero or (ii) any prefunded amounts are on deposit in a Principal Funding sub-Account on such date of determination for any Tranche of Card Series Notes, the amount determined pursuant to the
preceding proviso. 

  
 6 

 “Required Subordinated Percentage of Class B Notes”
means, for the Class A(2022-2) Notes, 11.3925%, subject to adjustment in accordance with Section 2.02. 

“Required Subordinated Percentage of Class C Notes” means, for the
Class A(2022-2) Notes, 11.3925%, subject to adjustment in accordance with Section 2.02. 

“Required Subordinated Percentage of Class D Notes” means, for the
Class A(2022-2) Notes, 3.7975%, subject to adjustment in accordance with Section 2.02. 

“Stated Principal Amount” means $2,500,000,000. 

Section 1.02. Governing Law. THIS TERMS DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS. 
 Section 1.03. Counterparts. This Terms Document may be executed in any number of counterparts,
each of which so executed will be deemed to be an original, but all such counterparts will together constitute but one and the same instrument. The words “executed,” “signed,” “signature,” and words of like import in
this Terms Document or in any other certificate, agreement or document related to this transaction shall include, in addition to manually executed signature pages, images of manually executed signatures transmitted by facsimile or other electronic
format (including, without limitation, “pdf”, “tif” or “jpg”) and other electronic signatures (including, without limitation, any electronic sound, symbol, or process, attached to or logically associated with a contract
or other record and executed or adopted by a person with the intent to sign the record). The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated,
received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the
Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act
or the Uniform Commercial Code. 
 Section 1.04. Ratification of Indenture, Asset Pool 1 Supplement and Indenture
Supplement. As supplemented by this Terms Document, each of the Indenture, the Asset Pool 1 Supplement and the Indenture Supplement is in all respects ratified and confirmed and the Indenture as so supplemented by the Asset Pool 1 Supplement as
so supplemented by the Indenture Supplement as so supplemented and this Terms Document shall be read, taken and construed as one and the same instrument. 

[END OF ARTICLE I] 

  
 7 

 ARTICLE II 

The Class A(2022-2) Notes 

Section 2.01. Creation and Designation. There is hereby created a tranche of Card Series Class A Notes to be issued
pursuant to the Indenture, the Asset Pool 1 Supplement and the Indenture Supplement to be known as the “Card Series Class A(2022-2) Notes.” 

Section 2.02. Adjustments to Required Subordinated Percentages. 

(a)       On any date, the Issuer may change the Required Subordinated Percentage of Class B Notes or the
Required Subordinated Percentage of Class C Notes, in each case for the Class A(2022-2) Notes, without the consent of any Noteholders or any Note Rating Agencies, provided that, after giving effect
to such change (x) the sum of the Required Subordinated Percentage of Class B Notes and the Required Subordinated Percentage of Class C Notes, in each case, for the Class A(2022-2) Notes
after giving effect to such change is equal to or greater than the sum of the Required Subordinated Percentage of Class B Notes and the Required Subordinated Percentage of Class C Notes, in each case, for the
Class A(2022-2) Notes immediately prior to giving effect to such change and (y) the Required Subordinated Amount of Class B Notes for the
Class A(2022-2) Notes does not exceed the Maximum Subordination Amount of Class B Notes. 

(b)       On any date, the Issuer may change the Required Subordinated Percentage of Class B Notes, the
Required Subordinated Percentage of Class C Notes or the Required Subordinated Percentage of Class D Notes, in each case for the Class A(2022-2) Notes, such that after giving effect to all
changes to such percentages on such date the sum of the Required Subordinated Percentage of Class B Notes, the Required Subordinated Percentage of Class C Notes and the Required Subordinated Percentage of Class D Notes, in each case,
for the Class A(2022-2) Notes after giving effect to such change is less than the sum of the Required Subordinated Percentage of Class B Notes, the Required Subordinated Percentage of Class C
Notes and the Required Subordinated Percentage of Class D Notes, in each case, for the Class A(2022-2) Notes immediately prior to giving effect to such change, without the consent of any Noteholders,
provided that the Issuer has (i) received written confirmation from each Note Rating Agency that has rated any Outstanding Notes of the Card Series that the change in such percentage will not result in a Ratings Effect with respect to any
Outstanding Notes and (ii) delivered to the Indenture Trustee and the Note Rating Agencies a Master Trust Tax Opinion for each Master Trust and an Issuer Tax Opinion. 

Section 2.03. Interest Payment. 

(a)       For each Interest Payment Date, the amount of interest due with respect to the Class A(2022-2) Notes shall be an amount equal to one-twelfth of the product of (i) the Note Interest Rate times (ii) the Outstanding Dollar Principal
Amount of the Class A(2022-2) Notes determined as of the Record Date preceding the related Distribution Date; provided, however, that for the first Interest Payment Date the amount of
interest due is $14,784,027.78. Any 

  
 8 

 
interest on the Class A(2022-2) Notes will be calculated on the basis of a 360-day year consisting of twelve 30-day months. 
 (b)       Pursuant to
Section 3.03 of the Indenture Supplement, on each Distribution Date, the Indenture Trustee shall deposit into the Class A(2022-2) Interest Funding
sub-Account the portion of Card Series Finance Charge Amounts allocable to the Class A(2022-2) Notes. 

Section 2.04. [Reserved]. 

Section 2.05. Payments of Interest and Principal. 

(a)       Any installment of interest or principal, if any, payable on any
Class A(2022-2) Note which is punctually paid or duly provided for by the Issuer and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying
Agent to the Person in whose name such Class A(2022-2) Note (or one or more Predecessor Notes) is registered on the Record Date, by wire transfer of immediately available funds to such Person’s
account as has been designated by written instructions received by the Paying Agent from such Person not later than the close of business on the third Business Day preceding the date of payment or, if no such account has been so designated, by check
mailed first-class, postage prepaid to such Person’s address as it appears on the Note Register on such Record Date, except that with respect to Notes registered on the Record Date in the name of the
nominee of Cede & Co., payment shall be made by wire transfer in immediately available funds to the account designated by such nominee. 

(b)       The right of the Class A(2022-2) Noteholders to receive
payments from the Issuer will terminate on the first Business Day following the Class A(2022-2) Termination Date. 

Section 2.06. Form of Delivery of Class A(2022-2) Notes;
Depository; Denominations. 
 (a)       The Class A(2022-2)
Notes shall be delivered in the form of a global Registered Note as provided in Sections 202 and 301(i) of the Indenture, respectively. 

(b)       The Depository for the Class A(2022-2) Notes shall be
The Depository Trust Company, and the Class A(2022-2) Notes shall initially be registered in the name of Cede & Co., its nominee. 

(c)       The Class A(2022-2) Notes will be issued in minimum
denominations of $1,000 and integral multiples of $1,000 in excess of that amount. 
 Section 2.07. Delivery and Payment for
the Class A(2022-2) Notes. The Issuer shall execute and deliver the Class A(2022-2) Notes to the Indenture Trustee for authentication, and the
Indenture Trustee shall deliver the Class A(2022-2) Notes when authenticated, each in accordance with Section 303 of the Indenture. 

  
 9 

 Section 2.08. Targeted Deposits to the Accumulation Reserve
Account. The deposit targeted to be made to the Accumulation Reserve Account for any Monthly Period during the Accumulation Reserve Funding Period will be an amount equal to the Required Accumulation Reserve
sub-Account Amount. 
 [END OF ARTICLE II] 

  
 10 

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

			
	 CAPITAL ONE MULTI-ASSET EXECUTION
TRUST,

		
	By:	 	DEUTSCHE BANK TRUST COMPANY DELAWARE, not in its individual capacity, but solely as Owner Trustee on behalf of the Trust
		
	By:	 	     /s/ Amy McNulty

		 	Name: Amy McNulty
		 	Title: Attorney-In-Fact
		
	By:	 	     /s/ Timothy Johnson

		 	Name: Timothy Johnson
		 	Title: Attorney-In-Fact
	
	 THE BANK OF NEW YORK MELLON, as Indenture Trustee and not in its individual
capacity

		
	By:	 	     /s/ Leslie Morales

		 	Name: Leslie Morales
		 	Title: Vice President

  
 [Class
A(2022-2) Terms Document]Exhibit 10.1

 

 

DEBENTURE PURCHASE AGREEMENT

 

This DEBENTURE PURCHASE AGREEMENT,
dated as of June 9, 2022 (this “Agreement”), is entered into by and among SMART FOR LIFE, INC., a Delaware corporation
(the “Company”), and the purchasers identified on the signature pages hereto (such purchasers, together with their
respective successors and permitted assigns, each a “Purchaser” and, collectively, the “Purchasers”).

 

RECITALS

 

A. The
Company desires to raise capital in an amount of up to $4,000,000 through the sale and issuance of original issue discount subordinated
debentures, in substantially the form attached hereto as Exhibit A (each a “Debenture” and collectively, the
“Debentures”), to the Purchasers and the Purchasers desire to acquire the Debentures, all on the terms and conditions
set forth herein. The Debentures will have an original issue discount of 15% and an interest rate of 17.5%. The minimum purchase amount
for each Debenture is $100,000; provided, that the Company may accept other amounts in its sole discretion.

 

AGREEMENT

 

NOW, THEREFORE, in consideration
of the mutual promises, representations, warranties, covenants, and conditions set forth in this Agreement, the parties to this Agreement
mutually agree as follows:

 

1.
Authorization and Sale.

 

(a)  Issuance
of the Debentures. At each Closing (as defined below), the Company agrees to issue and sell to each Purchaser, and, subject to
all of the terms and conditions hereof, each Purchaser agrees to purchase, the Debentures for the purchase price set forth opposite
such Purchaser’s name on the signature page hereto.

 

(b)  Initial
Closing. The initial closing of the purchase and sale of Debentures (the “Initial Closing”) will take place
remotely via the electronic exchange of documents and signatures at 10:00 a.m. Eastern Time on the date of this Agreement, or at
such other time and place as the Company and the Purchasers purchasing the Debentures in the Initial Closing may mutually agree.

 

(c)  Additional
Closings. The Company may, without obtaining the signature, consent or permission of any of the Purchasers, sell and issue to
the Purchasers or to additional Purchasers (the “Additional Purchasers”) in one or more subsequent closings
(each, an “Additional Closing” and, together with the Initial Closing, each, a “Closing”),
prior to June 30, 2022, which date may be extended in the sole discretion of the Company’s board of directors, additional
Debentures (the “Additional Debentures”) up to the aggregate purchase amount for all Debentures of $4,000,000; provided, however,
that the aggregate amount of all Debentures issued at the Initial Closing and all Additional Debentures issued at Additional
Closings pursuant to this Agreement may exceed $4,000,000 at the Company’s sole discretion. The Company and the Additional
Purchasers purchasing Additional Debentures at each Additional Closing will execute counterpart signature pages to this Agreement
and such Additional Purchasers will, upon delivery to the Company of such signature pages, become a party to, and bound by, this
Agreement to the same extent as if they had been Purchasers at the Initial Closing.

 

     

     

    

 

(d)  Delivery.
At each Closing, the Company shall deliver to each Purchaser a Debenture in the purchase amount designated opposite such
Purchaser’s name on the signature page hereto, against delivery of payment of the purchase price therefor and delivery of a
counterpart signature page to this Agreement.

 

2.
Representations and Warranties of the Company. The Company hereby represents and warrants to each Purchaser as follows:

 

(a)  Authorization.
All corporate action on the part of the Company, its officers and directors necessary for the authorization, execution and delivery
of this Agreement and the Debentures (collectively, the “Transaction Documents”), the performance of all
obligations of the Company thereunder, and the authorization, issuance, sale and delivery of the Debentures has been taken or will
be taken prior to the Initial Closing. The Transaction Documents, when executed and delivered by the Company, shall constitute valid
and legally binding obligations of the Company, enforceable against the Company in accordance with their terms except (i) as
limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, and other laws of general
application affecting enforcement of creditors’ rights generally, or (ii) as limited by laws relating to the availability
of specific performance, injunctive relief or other equitable remedies. The Company has all requisite legal and corporate power to
execute and deliver the Transaction Documents and to carry out and perform its obligations thereunder.

 

(b)  Valid
Issuance. The Debentures, when issued, sold and delivered in accordance with the terms hereof and thereof for the consideration
expressed herein, will be duly and validly issued, fully paid and nonassessable and free of restrictions on transfer other than
restrictions on transfer under this Agreement, the Debentures, and applicable state and federal securities laws. Based in part upon
the representations of the Purchasers in this Agreement, the offer, issue, and sale of the Debentures are and will be exempt from
the registration and prospectus delivery requirements of the Securities Act of 1933, as amended (the “Securities
Act”), in accordance with the exemption provisions of Regulation D, Rule 506(c), promulgated under the Securities Act, and
will have been registered or qualified (or are exempt from registration and qualification) under the registration, permit, or
qualification requirements of all applicable state securities laws.

 

    -2-

     

    

 

(c)  
Consents. No consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing
with, any federal, state or local governmental authority on the part of the Company is required in connection with the execution and
delivery of this Agreement and the consummation of the transactions contemplated by this Agreement, except for any notices of sale
required to be filed with the Securities and Exchange Commission under Regulation D of the Securities Act, or such post-closing
filings as may be required under applicable state securities laws, which will be timely filed within the applicable periods
therefore.

 

(d)  Compliance
with Other Instruments. The making and performance of this Agreement by the Company does not violate in any material respect
(i) any provision of its certificate of incorporation or bylaws or (ii) any provision of (A) any material mortgage,
indenture, contract, agreement or instrument to which it is a party or by which it is bound or of any judgment, decree, order or
writ applicable to the Company or any of its subsidiaries or (B) to its knowledge, any statute, rule or regulation applicable
to the Company, which in either case (A) or (B) of this clause (ii), has had or could reasonably be deemed to have, individually or
in the aggregate, a material adverse effect on the business, assets, properties, liabilities, operations, prospects or condition
(financial or otherwise) of the Company and its subsidiaries taken as a whole.

 

3.
Representations and Warranties of the Purchasers. Each Purchaser hereby represents and warrants to the Company with respect
to such Purchaser as follows:

 

(a)  Power
and Authority. The Purchaser has the requisite power and authority to enter into this Agreement and to purchase the Debentures,
subject to all of the terms and conditions of this Agreement, and to carry out and perform all of its obligations hereunder.

 

(b)  Due
Execution. This Agreement has been duly authorized, executed and delivered by the Purchaser, and, upon due execution and
delivery by the Company, this Agreement will be a valid and legally binding agreement of the Purchaser, enforceable against the
Purchaser in accordance with its terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance, and other laws of general application affecting enforcement of creditors’ rights generally, or
(ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable
remedies.

 

(c)  Acquisition
for Purchaser’s Own Account. This Agreement is made with the Purchaser in reliance upon the Purchaser’s
representation to the Company, which by its execution hereof the Purchaser confirms, that the Debentures will be acquired for
investment for its own account, not as a nominee or agent, and not with a view to the sale or distribution of any part thereof, and
that it has no present intention of selling, granting participation in, or otherwise distributing the same. By executing this
Agreement, the Purchaser further represents that it does not have any contract, undertaking, agreement, or arrangement with any
person to sell, transfer or grant participations to such person, or to any third person, with respect to the Debentures.

 

    -3-

     

    

 

(d)  No
Intention to Distribute. The Purchaser understands that the issuance and sale of the Debentures has not been registered under
the Securities Act on the grounds that the sale provided for in this Agreement is or will be exempt from registration under the
Securities Act, and that the Company’s reliance on such exemption is predicated in part on the Purchaser’s
representations set forth herein. The Purchaser realizes that the basis for the exemption may not be present if, notwithstanding
such representations, the Purchaser has in mind merely acquiring the Debentures for a fixed or determined period in the future. The
Purchaser does not have any such intention.

 

(e)  
Accredited Investor Status. The Purchaser represents that: (i) it is an “accredited investor” as such term is
defined in Rule 501 of Regulation D promulgated under the Securities Act; (ii) its financial situation is such that it can afford to
bear the economic risk of holding the Debentures purchased by it for an indefinite period of time and suffer a complete loss of its
investment in the Debentures; (iii) its knowledge and experience in financial and business matters are such that it is capable of
evaluating the merits and risks of its purchase of the Debentures as contemplated by the Transaction Documents; (iv) it understands
that its purchase of the Debentures is a speculative investment; (v) the purchase of the Debentures by it has been duly and properly
authorized and this Agreement has been duly executed by it or on its behalf and constitutes its valid and legally binding obligation
enforceable in accordance with its terms; and (vi) it has had an opportunity to ask questions and receive answers from the Company
regarding the terms and conditions of the sale of the Debentures. The Purchaser further represents that the Purchaser has completed
the Accredited Investor Questionnaire set forth on Exhibit B attached hereto, and that all answers by the Purchaser contained
on the completed form that is returned to the Company must be true and correct in all respects. The Purchaser agrees to provide any
additional documentation the Company may reasonably request to verify that the Purchaser meets applicable accredited investor
financial suitability standards.

 

(f)  No
Registration. The Purchaser understands that the Debentures may not be sold, transferred or otherwise disposed of without
registration under the Securities Act or an exemption therefrom, and that in the absence of an effective registration statement
covering the Debentures or an available exemption from registration under the Securities Act, the Debentures must be held
indefinitely. In particular, the Purchaser is aware that the Debentures may not be sold pursuant to Rule 144 promulgated under the
Securities Act unless all of the conditions of that Rule are met. The Purchaser represents that, in the absence of an effective
registration statement covering the Debentures, it will sell, transfer, or otherwise dispose of the Debentures only in a manner
consistent with its representations set forth herein and then only in accordance with the provisions of Section 3(g) below.

 

(g)
Restrictions on Transfer. The Purchaser agrees that in no event will it make a transfer or disposition of any of the Debentures
(other than pursuant to an effective registration statement under the Securities Act, a Rule 144 sale in compliance with the terms of
such Rule or, to the Company’s reasonable satisfaction, pursuant to an exemption from the Securities Act), unless and until (i) the
Purchaser has notified the Company of the proposed disposition and shall have furnished the Company with a statement of the circumstances
surrounding the disposition, and (ii) if requested by the Company, at the expense of the Purchaser or transferee, it shall have furnished
to the Company an opinion of counsel, reasonably satisfactory to the Company, to the effect that such transfer may be made without registration
under the Securities Act.

 

    -4-

     

    

 

(h)
Ability to Bear Economic Risk. Each Purchaser acknowledges that investment in the Debentures involves a high degree of risk,
and represents that it is able, without materially impairing its financial condition, to hold the Debentures for an indefinite period
of time and to suffer a complete loss of its investment.

 

(i)
Legend. The Purchaser understands that Debenture will be endorsed with a legend substantially as follows (in addition to
any other applicable legends):

 

THIS DEBENTURE
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, APPLICABLE STATE SECURITIES LAWS, OR APPLICABLE LAWS OF ANY FOREIGN
JURISDICTION. THIS DEBENTURE HAS BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE, AND MAY NOT BE OFFERED, SOLD,
PLEDGED, HYPOTHECATED, RENOUNCED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT
AND ANY APPLICABLE STATE SECURITIES LAWS AND IN THE ABSENCE OF COMPLIANCE WITH APPLICABLE LAWS OF ANY FOREIGN JURISDICTION, OR THE AVAILABILITY
OF AN EXEMPTION FROM THE REGISTRATION PROVISIONS OF THE SECURITIES ACT OF 1933, AS AMENDED, AND APPLICABLE STATE SECURITIES LAWS.

 

(j)  Government
Consents. No consent, approval or authorization of or designation, declaration or filing with any state, federal, or foreign
governmental authority on the part of the Purchaser because of any special characteristic of such Purchaser is required in
connection with the valid execution and delivery of this Agreement by the Purchaser, and the consummation by the Purchaser of the
transactions contemplated hereby; provided, however, that the Purchaser makes no representations as to compliance with
applicable state securities laws.

 

(k)  Finders’
Fees. The Purchaser represents and warrants that it has retained no finder or broker in connection with the transactions
contemplated by this Agreement, and hereby agrees to indemnify and to hold the Company and any other Purchaser harmless of and
from any liability for any commission or compensation in the nature of a finder’s fee to any broker or other person or firm
(and the costs and expenses of defending against such liability or asserted liability) for which such Purchaser or any of its
employees or representatives are responsible.

 

(l)  
Residence. The Purchaser is a legal resident of, and makes its principal legal residence or office in, the state set forth on
the signature page hereto and made all decisions relating to the transaction contemplated by this Agreement in such state.

 

    -5-

     

    

 

(m)  Tax
Matters. The Purchaser has reviewed with its own tax advisors the federal, state, local and foreign tax consequences of this
investment and the transactions contemplated by this Agreement. With respect to such matters, the Purchaser relies solely on such
advisors and not on any statements or representations of the Company or any of its agents or representatives. The Purchaser
understands that it (and not the Company) shall be responsible for its own tax liability that may arise as a result of this
investment or the transactions contemplated by this Agreement.

 

4.
Miscellaneous.

 

(a)  Entire
Agreement. This Agreement and the documents referred to herein constitute the entire agreement among the parties, and no party
shall be liable or bound to any other party in any manner by any warranties, representations or covenants except as specifically set
forth herein or therein. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the successors
and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any third party any rights,
remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

(b) 
Governing Law. This Agreement shall be governed by and construed under the laws of the State of Florida, without regard to its
conflicts of laws or choice of law provisions.

 

(c)  Consent
to Jurisdiction and Service of Process. EACH PARTY HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN
FLORIDA WILL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THE PARTIES PERTAINING TO THIS
AGREEMENT OR TO ANY MATTER ARISING OUT OF OR RELATING TO THIS AGREEMENT. EACH PARTY EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO
SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH PARTY HEREBY WAIVES ANY OBJECTION THAT SUCH PARTY MAY
HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS AND HEREBY CONSENTS TO THE GRANTING OF SUCH
LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. EACH PARTY HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS,
COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINTS AND OTHER PROCESS
MAY BE MADE BY REGISTERED OR CERTIFIED MAIL AND THAT SERVICE SO MADE WILL BE DEEMED COMPLETED UPON THE EARLIER OF SUCH PARTY’S
ACTUAL RECEIPT THEREOF OR THREE (3) DAYS AFTER DEPOSIT IN THE UNITED STATES MAILS, PROPER POSTAGE PREPAID.

 

(d)
Headings. The headings used in this Agreement are used for convenience only and are not to be considered in construing or
interpreting this Agreement.

 

    -6-

     

    

 

(e)
Notices. Any notice required or permitted under this Agreement shall be given in writing and shall be deemed effectively
given upon personal delivery or three business days following deposit with the United States Post Office, by registered or certified mail,
postage prepaid, or sent by confirmed facsimile or electronic mail, addressed to such party at the address set forth on the signature
page hereto, or at such other address as such party shall have furnished in writing.

 

(f)   
Expenses. Each party shall pay all costs and expenses that it incurs with respect to the negotiation, execution, delivery,
and performance of this Agreement.

 

(g)
Attorneys’ Fees. Should any litigation or arbitration be commenced between the parties hereto concerning this Agreement,
the party prevailing in such litigation or arbitration shall be entitled, in addition to such other relief as may be granted, to a reasonable
sum for attorneys’ fees and costs in such litigation or arbitration, which fees and costs shall be determined by the court or arbitrator,
as the case may be.

 

(h)
Severability. In case any provision of this Agreement shall be invalid, illegal or unenforceable, it shall to the extent
practicable, be modified so as to make it valid, legal and enforceable and to retain as nearly as practicable the intent of the parties,
and the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

(i)
Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to the Company or any Purchaser
or any subsequent holder of any Debentures upon any breach, default or noncompliance of any Purchaser, any subsequent holder of any Debentures
or the Company under this Agreement shall impair any such right, power or remedy, nor shall it be construed to be a waiver of any such
breach, default or noncompliance, or any acquiescence therein, or of any similar breach, default or noncompliance thereafter occurring.
It is further agreed that any waiver, permit, consent or approval of any kind or character on the part of the Company or the Purchaser
of any breach, default or noncompliance under this Agreement or any waiver on the Company’s or the Purchaser’s part of any
provisions or conditions of this Agreement must be in writing and shall be effective only to the extent specifically set forth in such
writing and that all remedies, either under this Agreement, by law, or otherwise afforded to the Company and the Purchaser, shall be cumulative
and not alternative.

 

(j)
Amendments and Waivers. Except as otherwise expressly provided herein, any term of this Agreement may be amended and the
observance of any term of this Agreement may be waived (either generally or in a particular instance, either retroactively or prospectively
and either for a specified period of time or indefinitely) with the written consent of the Company and the Purchasers holding not less
than a majority of the then outstanding aggregate principal amount of the Debentures issued pursuant to this Agreement, voting together
as a single group; provided, however, that no such amendment or waiver shall reduce the aforesaid percentage of Purchasers
required to consent to any waiver or supplemental agreement, without the consent of the holders of all of the Debentures. Any amendment
or waiver effected in accordance with this Section shall be binding upon each Purchaser. Upon the effectuation of each such amendment
or waiver, the Company shall promptly give written notice thereof to the Purchaser that have not previously consented thereto in writing.

 

(k)
Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including
pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission
method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

[SIGNATURE PAGE FOLLOWS]

 

    -7-

     

    

 

IN WITNESS WHEREOF, the parties
have caused this Debenture Purchase Agreement to be duly executed and delivered by their proper and duly authorized officers as of the
date and year first written above.

 

	 	COMPANY:
	 	 
	 	SMART FOR LIFE, INC.
	 	 
	 	By:	                                                
	 	Name: 	Alfonso J. Cervantes, Jr.
	 	Title:	Executive Chairman
	 	 
	 	Address:
	 	 
	 	990 Biscayne Blvd., Suite 503
	 	Miami, FL 33132
	 	Attention: Alfonso J. Cervantes, Jr.
	 	Email: aj.cervantes@smartforlifecorp.com
	 	 
	 	PURCHASER:
	 	 
	 	             
	 	(Print Name Above)
	 	 
	 	              
	 	(Sign Above)
	 	 
	 	If an entity:
	 	 
	 	Name:	                 
	 	 
	 	Title:	                
	 	 
	 	Address:
	 	          
	 	           
	 	             

 

	 	Purchase
Amount: $  ______________________

 

[SIGNATURE PAGE TO DEBENTURE
PURCHASE AGREEMENT]

 

 

-8-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00345-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00345-of-00352.parquet"}]]