Document:

Insurance Agreement dated as of May 10, 2007

 Exhibit 10.4 
 EXECUTION COPY 
  

 INSURANCE AGREEMENT 
 among 
 MBIA INSURANCE CORPORATION, 
 as Note Insurer, 
 CAPITAL ONE AUTO FINANCE, INC., 
 in its
individual capacity and as Servicer, 
 CAPITAL ONE AUTO RECEIVABLES, LLC, 
 as Seller, 
 CAPITAL ONE AUTO FINANCE TRUST 2007-B, 
 as Issuer 
 and 
 DEUTSCHE BANK TRUST COMPANY AMERICAS, 
 as Indenture Trustee 
 $2,000,000,000 
 Capital One Auto Finance Trust 2007-B 
 Asset Backed Notes, Series 2007-B 
 Class A-1 Notes, Class A-2 Notes, 
 Class A-3-A Notes, Class A-3-B Notes, and Class A-4 Notes 
 Dated as of May 10, 2007 
  

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
	 	 	ARTICLE I	  	 
	 DEFINITIONS
	 		  	1
			
		 	ARTICLE II	  	
		 	REPRESENTATIONS, WARRANTIES AND COVENANTS	  	
			
	 Section 2.01.
	 	Representations and Warranties of the COAF Companies	  	10
	 Section 2.02.
	 	Affirmative Covenants of the COAF Companies	  	14
	 Section 2.03.
	 	Negative Covenants of the COAF Companies	  	17
	 Section 2.04.
	 	Representations and Covenants of Indenture Trustee	  	18
	 Section 2.05.
	 	Representations, Warranties and Covenants of the Issuer	  	18
	 Section 2.06.
	 	Representations and Warranties of Note Insurer	  	18
	 Section 2.07.
	 	Covenant of Note Insurer; Confidentiality	  	21
			
		 	ARTICLE III	  	
		 	THE POLICIES; REIMBURSEMENT	  	
			
	 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	  	30
	 Section 3.06.
	 	Subrogation	  	30
	 Section 3.07.
	 	Reimbursement	  	31
			
		 	ARTICLE IV	  	
		 	FURTHER AGREEMENTS	  	
			
	 Section 4.01.
	 	Effective Date; Term of the Insurance Agreement	  	31
	 Section 4.02.
	 	Further Assurances and Corrective Instruments	  	31
	 Section 4.03.
	 	Obligations Absolute	  	31
	 Section 4.04.
	 	Assignments; Reinsurance; Third-party Rights	  	33
	 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
	 Section 4.08.
	 	Regulation AB Reports	  	35
			
		 	ARTICLE V	  	
		 	DEFAULTS; REMEDIES	  	
			
	 Section 5.01.
	 	Defaults	  	36
	 Section 5.02.
	 	Remedies; No Remedy Exclusive	  	37

					
	 Section 5.03.
	 	Waivers	  	38
			
		 	ARTICLE VI	  	
		 	MISCELLANEOUS	  	
			
	 Section 6.01.
	 	Amendments, Etc	  	38
	 Section 6.02.
	 	Notices	  	38
	 Section 6.03.
	 	Severability	  	41
	 Section 6.04.
	 	Governing Law	  	41
	 Section 6.05.
	 	Consent to Jurisdiction	  	41
	 Section 6.06.
	 	Consent of the Note Insurer	  	42
	 Section 6.07.
	 	Counterparts	  	42
	 Section 6.08.
	 	Headings	  	42
	 Section 6.09.
	 	Trial by Jury Waived	  	42
	 Section 6.10.
	 	Limited Liability	  	42
	 Section 6.11.
	 	Entire Agreement	  	42
	 Section 6.12.
	 	Limitation of Liability	  	42

  

 ii 

 INSURANCE AGREEMENT 
 THIS INSURANCE AGREEMENT (this “Insurance Agreement”) is dated as of May 10, 2007 by and among MBIA INSURANCE CORPORATION (the “Note Insurer”), CAPITAL ONE AUTO FINANCE,
INC., in its individual capacity as seller under the Purchase Agreement (“COAF”) and as the Servicer (the “Servicer”), CAPITAL ONE AUTO RECEIVABLES, LLC, as Seller (the “Seller”), CAPITAL ONE AUTO FINANCE
TRUST 2007-B, as Issuer (the “Issuer”), and DEUTSCHE BANK TRUST COMPANY AMERICAS in its capacity as indenture trustee (the “Indenture Trustee”). 
 WHEREAS, the Indenture Trustee is authenticating $2,000,000,000 principal amount of the Capital One Auto Finance Trust 2007-B, Asset Backed Notes,
Series 2007-B, Class A-1 Notes, Class A-2 Notes, Class A-3-A Notes, Class A-3-B 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; and 
 WHEREAS, the Issuer, Seller, COAF and Servicer have requested that the Note Insurer issue its Note Guaranty
Insurance Policy (the “Note Insurance Policy”) to guarantee payment of Insured Payments (as defined in Note Insurance Policy) with respect to the Notes, upon such terms and conditions as were mutually agreed upon by the parties and subject
to the terms and conditions of the Note Insurance Policy and has asked the Note Insurer to issue an Interest Rate Swap Insurance Policy (the “Swap Policy,” and together with the Note Insurance Policy, the “Policies”) and the Note
Insurer has agreed to insure certain amounts which may be due from the Owner Trustee on behalf of the Issuer to the Swap Provider under the Swap Agreement; and 
 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 COAF and the Servicer in respect of amounts
paid by the Note Insurer under the Policies and to provide for certain other matters; and 
 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
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 “herein below,” 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. 
 “COAF” means Capital One Auto Finance, Inc., a Texas corporation, and its
successors and assigns. 
 “COAF Company” means COAF, in its individual capacity as seller under the Purchase Agreement and
as Servicer, and the Seller. 
 “Commission” means the Securities and Exchange Commission. 
 “Cumulative Net Charge-Off Ratio” means, as of any Determination Date, the ratio of (a) the aggregate Principal Balance of
Receivables that became Defaulted Receivables plus all the Cram Down Losses which occurred during the period from the Initial Cut-Off 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 (b) the sum of (i) the initial aggregate Principal Balance of the Initial Receivables plus (ii) the initial aggregate
Principal Balance of the Subsequent Receivables as of their respective Subsequent Cut-Off Dates. 
 “Date of Issuance” means
the date on which the Policies are 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. 
 “Delinquency Ratio” means, as of
a Determination Date, the ratio of (a) the aggregate Principal Balance of Receivables that were Delinquent Receivables at the end of the related Collection Period to (b) the aggregate Principal Balance of all Receivables as of the first
day of such related Collection Period. 
 “Delinquent Receivable” means any Receivable (excluding (i) any Receivable
that has become a Defaulted Receivable and (ii) any Receivable as to which the Servicer has repossessed the related Financed Vehicle) as to which the Obligor fails to pay for more than 60 days past the related due date thereof, the portion of a
scheduled payment necessary for such Receivable to be considered contractually current under the Servicer’s Customary Servicing Practices. 
  

 2 

 “Event of Default” means any event of default specified in Section 5.01 of this
Insurance Agreement. 
 “Exchange Act Reports” means all Distribution Reports on Form 10-D, Current Reports on
Form 8-K and Annual Reports on Form 10-K that are required to be filed by the Seller or the Issuer with respect to the Notes pursuant to the Exchange Act. 
 “Fee Letter” means the fee letter dated as of May 10, 2007, from the Note Insurer to the Owner Trustee, the Servicer, and the Indenture Trustee. 
 “Financial Statements” means, with respect to Capital One Financial Corporation, 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. 
 “Fiscal Agent” means the Fiscal Agent, if any, designated pursuant to the terms the Note Policy or the Swap Policy, as applicable. 
 “Fitch” means Fitch, Inc., and any successor thereto, and, if such corporation shall for any reason no longer perform the functions of a securities rating agency, “Fitch” shall be deemed to
refer to any other nationally recognized rating agency designated by the Note Insurer. 
 “Indemnification Agreement” means
that certain Indemnification Agreement dated as of April 30, 2007 by and among the Note Insurer and Banc of America LLC, Credit Suisse Securities (USA) LLC and Wachovia Capital Markets, LLC, as Representatives of the several Underwriters (as
defined therein). 
 “Indenture” means that certain Indenture dated as of May 10, 2007, between the Issuer and the
Indenture Trustee. 
 “Initial Purchaser” means with respect to the Class A-1, Capital One Auto Finance Trust 2007-B
Asset Backed Notes, Series 2007-B, Credit Suisse Securities (USA) LLC. 
 “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, COAF, the
Seller, the Issuer or the Servicer set forth herein, or in the Indenture, the Sale and Servicing Agreement or 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, COAF, 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 

  

 3 

 
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 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, COAF, the Issuer or the Seller (other than representations and warranties 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) 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: 
  

 4 

				
	 Collection Period
	  	Delinquency Ratio	 
	 May 2007 – September 2007
	  	6.50	%
	 October 2007 – January 2008
	  	8.00	%
	 February 2008
	  	9.00	%
	 March 2008 – September 2008
	  	7.50	%
	 October 2008 – January 2009
	  	9.00	%
	 February 2009
	  	10.00	%
	 March 2009 – September 2009
	  	8.50	%
	 October 2009 – January 2010
	  	10.00	%
	 February 2010
	  	11.00	%
	 March 2010 – May 2010
	  	9.50	%
	 June 1010 – September 2010
	  	10.50	%
	 October 2010 – January 2011
	  	12.00	%
	 February 2011
	  	13.00	%
	 March 2011 – September 2011
	  	11.50	%
	 October 2011 – January 2012
	  	13.00	%
	 February 2012
	  	14.00	%
	 March 2012 – September 2012
	  	12.50	%

 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 Insurance 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: 
  

				
	 Month
	  	Cumulative Net
Charge-Off Ratio	 
	 November 2007 – January 2008
	  	7.00	%
	 February 2008 – April 2008
	  	9.30	%
	 May 2008 – July 2008
	  	12.00	%
	 August 2008 – October 2008
	  	14.30	%
	 November 2008 – January 2009
	  	16.00	%
	 February 2009 – April 2009
	  	17.30	%
	 May 2009 – July 2009
	  	19.00	%
	 August 2009 – October 2009
	  	20.00	%
	 November 2009 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 Notes pursuant to the Indenture or 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 2007-B. 
 “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 2.0%. 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. 
 “Material Adverse Change” means, in respect of any Person, a material adverse change in (a) the
business, financial condition or results of operations of such Person or (b) the ability of such Person to perform its obligations under any of the Transaction Documents. 
 “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 Financial Information” means the financial information of the Note Insurer incorporated by reference into the Prospectus,
the PPM or any Exchange Act Report. 
 “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 information relating to the Note Insurer incorporated by reference into the Prospectus Supplement and the PPM.

 “Note Purchase Agreement” means the Note Purchase Agreement dated as of April 27, 2007 by and among Capital One Auto
Finance, Inc., Capital One Auto Receivables, LLC and Credit Suisse Securities (USA) LLC, as initial purchaser. 
  

 6 

 “Notes” means the Capital One Auto Finance Trust 2007-B, Asset Backed Notes,
Series 2007-B, designated as Class A-1 Notes, Class A-2 Notes, Class A-3-A Notes, Class A-3-B Notes, and Class A-4 Notes issued in accordance with the provisions of the Indenture. 
 “Owners” means registered holders of 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). 
 “PPM” means, collectively, (a) the Preliminary Private Placement
Memorandum dated April 30, 2007, and (b) the Final Private Placement Memorandum dated April 30, 2007, each relating to sale of the Class A-1 Note on the Closing Date. 
 “Premium” means the premium payable in accordance with Section 3.02 of this Insurance Agreement. 
 “Pricing Date” means April 30, 2007. 
 “Prospectus” means, collectively, (a) the Preliminary Prospectus Supplement dated April 30, 2007, and (b) the Final Prospectus Supplement dated April 30, 2007 to the Prospectus
dated April 30, 2007, each relating to the sale of the Notes (other than the Class A-1 Notes) on the Closing Date. 
 “Purchase Agreement” means that certain Purchase Agreement, dated as of May 10, 2007, by and between COAF and Seller. 
 “Regulation AB” means Subpart 229.1100 - Asset Backed Securities Regulation (Regulation AB) 17 C.F.R. §§229.1100 -229.1123, as such may be amended from time to time, and
subject to such clarification and interpretation as have been provided by the Commission in the adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff
of the Commission, or as may be provided by the Commission or its staff from time to time. 
 “Reserve Account Increase
Condition” means 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 Collection Periods immediately preceding such Collection Period is greater than the level specified for such month in the following table:

  

 7 

				
	 Collection Period
	  	Delinquency Ratio	 
	 May 2007 – September 2007
	  	5.50	%
	 October 2007 – January 2008
	  	7.00	%
	 February 2008
	  	8.00	%
	 March 2008 – September 2008
	  	6.50	%
	 October 2008 – January 2009
	  	8.00	%
	 February 2009
	  	9.00	%
	 March 2009 – September 2009
	  	7.50	%
	 October 2009 – January 2010
	  	9.00	%
	 February 2010
	  	10.00	%
	 March 2010 – May 2010
	  	8.50	%
	 June 1010 – September 2010
	  	9.50	%
	 October 2010 – January 2011
	  	11.00	%
	 February 2011
	  	12.00	%
	 March 2011 – September 2011
	  	10.50	%
	 October 2011 – January 2012
	  	12.00	%
	 February 2012
	  	13.00	%
	 March 2012 – September 2012
	  	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
	  	Cumulative Net
Charge-Off Ratio	 
	 August 2007 – October 2007
	  	4.00	%
	 November 2007 – January 2008
	  	6.00	%
	 February 2008 – April 2008
	  	8.30	%
	 May 2008 – July 2008
	  	10.30	%
	 August 2008 – October 2008
	  	12.30	%
	 November 2008 – January 2009
	  	14.00	%
	 February 2009 – April 2009
	  	15.30	%
	 May 2009 – July 2009
	  	16.00	%
	 August 2009 – October 2009
	  	17.00	%
	 November 2009 and thereafter
	  	18.00	%

 “Sale and Servicing Agreement” means that certain Sale and Servicing Agreement,
dated as of May 10, 2007, between the Seller, the Issuer, the Servicer and the Indenture Trustee. 
  

 8 

 “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. 
 “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 10, 2007, between the Issuer, and the Swap Provider, the Schedule thereto, the Swap Transaction Confirmation bearing Reference No. 53221507 dated
May 10, 2007, and the Swap Transaction Confirmation bearing Reference No. 53221514 dated May 10, 2007, which is the subject of the Swap Policy. 
 “Swap Policy” means the Interest Rate Swap Insurance Policy No. 495362 issued by MBIA Insurance Corporation, which guarantees certain payments due under the Swap Agreement. 
 “Swap Provider” means Credit Suisse International and its permitted successors and assigns. 
 “Target Cumulative Net Charge-Off Ratio” means, with respect to the Payment Dates occurring in November, 2008, May, 2009 and
November, 2009, the Cumulative Net Charge-Off Ratio set forth below opposite such Payment Date: 
  

				
	 Payment Date
	  	Target Cumulative Net
Charge-Off Ratio	 
	 November 2008
	  	4.50	%
	 May 2009
	  	6.25	%
	 November 2009
	  	7.50	%

 “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 and the PPM. 
 “Transaction Documents” means this
Insurance Agreement, the Prospectus, the PPM, the Indenture, the Swap Agreement, the Purchase Agreement, the Sale and Servicing Agreement, the Limited Guaranty, the Underwriting Agreement, the Note Purchase Agreement, the Trust Agreement, and the
Notes. 
  

 9 

 “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 second sentence of the ninth paragraph (regarding market making) under the caption “Underwriting” in the Prospectus
Supplement. 
 “Underwriting Agreement” has the meaning assigned thereto in Appendix A to the Sale and Servicing Agreement.

 ARTICLE II 
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
 Section 2.01. Representations and Warranties of the COAF Companies.

 (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. 
 (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 

  

 10 

 
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 law, including all registration requirements of applicable securities laws.
Without limitation of the foregoing, neither Prospectus nor the PPM contains any untrue statement of a material fact nor omits 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 and the PPM, the Underwriter Information or the Initial Purchase 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 contemplate 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. 
  

 11 

 (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. 
 (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.

  

 12 

 (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 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, neither the Prospectus nor
the PPM contains any untrue statement of a material fact nor omits 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, and the PPM, the Underwriter Information or the Initial Purchase 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. 
  

 13 

 (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. 
 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. 
  

 14 

 (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 Insurer 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. 
 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 Section 2.07 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 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) 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: 
  

 15 

 (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 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, 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. 
 (f) 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. 
  

 16 

 (g) 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 reasonably could result in a Material Adverse Change. 
 (h) Redemption of Notes. The Servicer shall instruct the Indenture Trustee, upon redemption of the 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 Notes to surrender the Note Insurance Policy to the Note Insurer for cancellation. 
 (i) 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, the remedy for any
breach shall be limited to the repurchase remedy specified in the Purchase Agreement. 
 (j) Amendments. The
Servicer will provide the Note Insurer with written notice of any change or amendment to any Transaction Document as currently in effect. 
 (k) 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. 
 (l) Suspension of Filing. The Seller and the Issuer shall suspend filing
periodic Exchange Act Reports by filing Form 15 as soon as reasonably practicable after they are permitted to do so under the Securities Exchange Act and the rules and regulations promulgated thereunder. 
 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 reasonably necessary to determine compliance with this paragraph. 
  

 17 

 (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) 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. Representations 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. 
 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 Note Insurer.
The Note Insurer represents, warrants and agrees as follows as of the Closing Date or such other date as specified below: 
 (a) Organization and Licensing. The Note Insurer is a duly organized and validly existing New York stock insurance corporation duly qualified to conduct an insurance business in the State of
New York and in any other jurisdiction where qualification may be necessary to accomplish the Transaction. 
  

 18 

 (b) Corporate Power. The Note Insurer has the corporate power and authority
to issue the Note Insurance Policy and execute and deliver this Insurance Agreement and to perform all of its obligations hereunder and thereunder. 
 (c) Authorization; Approvals. All proceedings legally required for the execution of the Policies and the execution, issuance, delivery and performance of the Policies 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 Policies and this
Insurance Agreement have been obtained or are not material to the enforceability of the Policies and this Insurance Agreement. 
 (d) Enforceability. The Policies, 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 bankruptcy, 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. 
 (e) No Conflict. The execution by the Note Insurer of the Policies 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 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 Policies or
this Insurance Agreement. 
 (f) Exempt from Registration. The Policies, when issued, will be exempt from
registration under the Securities Act. 
 (g) Note Insurer Information. The Note Insurer Information is true and
correct in all material respects and does not contain any untrue statement of 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 Policies or this Insurance Agreement. 
  

 19 

 (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 Note Insurer that, if enforced, could result in a Material Adverse Change with respect
to the Insurer. 
 (j) No Affiliations. There are no affiliations relating to the Note Insurer and any of the following
parties or their affiliates: Deutsche Bank Trust Company Americas (the Indenture Trustee), Wilmington Trust Company (the Owner Trustee) or Credit Suisse International (the Swap Counterparty). 
 (k) As of the Closing Date and as of each date that Note Insurer Financial Information is incorporated into the Prospectus, the PPM or any
Exchange Act Report, the Note Insurer or the entity that consolidates the Note Insurer is required to file reports with the Commission pursuant to Section 13(a) or 15(d) of the Exchange Act. 
 (l) As of the Closing Date and as of the date of the Prospectus and the PPM, the Note Insurer or the entity that consolidates the Note
Insurer has filed all reports and other materials required to be filed during the preceding 12 months (or such shorter period that such party was required to file such reports and materials). As of each date after the Closing Date that Note Insurer
Financial Information is incorporated into the Prospectus, the PPM or any Exchange Act Report, the Note Insurer or the entity that consolidates the Note Insurer has filed, or during the continuance of a Positive Guidance Condition (as defined in
Section 4.08), has used its best efforts to file, all reports and other materials required to be filed during the preceding 12 months (or such shorter period that such party was required to file such reports and materials). 
 (m) As of the Closing Date and as of the date of the Prospectus and the PPM, the reports filed by the Note Insurer, or entity that
consolidates the Note Insurer, include (or properly incorporate by reference) the financial statements of the Note Insurer. As of each date after the Closing Date that Note Insurer Financial Information is incorporated into the Prospectus, the PPM
or any Exchange Act Report, the reports filed by the Note Insurer, or any entity that consolidates the Note Insurer, include (or properly incorporate by reference) the financial statements of the Note Insurer or during the continuance of a Positive
Guidance Condition (as defined in Section 4.08), the Note Insurer has used its best efforts to cause the financial statements of the Note Insurer to be included or properly incorporated by reference. The Note Insurer agrees to respond promptly
to a written request from the Seller, which request shall be made no more frequently than once a calendar quarter, as to whether it or the entity that consolidates it is required to make and has made the filings required by Section 13(a) or
Section 15(d) of the Securities Exchange Act. 
 (n) As of the Closing Date and as of each date that Note Insurer
Financial Information is incorporated into the Prospectus, the PPM or any Exchange Act Report, to the best of the Note Insurer’s knowledge, the accountants who certify the financial statements and supporting schedules included in the Note
Insurer Financial Information (if applicable) are independent registered public accountants as required by the Securities Act. 
  

 20 

 (o) Financial Information. As of the Pricing Date, the date of the Prospectus Supplement
and the PPM, and the Closing Date, the consolidated financial statements of the Insurer and subsidiaries as of December 31, 2006 and December 31, 2005, and for each of the years in the three-year period ended December 31, 2006,
prepared in accordance with U.S. generally accepted accounting principles, included in the Annual Report on Form 10-K of MBIA Inc. (which was filed with the Commission on March 1, 2007; Commission File No. 001-09583) as they relate to
the Note Insurer, which are incorporated by reference into the Prospectus Supplement and the PPM, fairly present in all material respects the financial condition of the Insurer as of such dates and for the periods covered by such statements in
accordance with accounting principles generally accepted in the United States of America. Since December 31, 2006 and as of the Pricing Date, the date of the Prospectus Supplement and the PPM, and the Closing Date, there has been no
material change in the financial condition of the Note Insurer that would materially adversely affect its ability to perform its obligations under the Note Policy. As of the date filed with the Commission and incorporated by reference in the
Exchange Act Reports of the Seller as contemplated by Section 4.08 or provided to the Seller pursuant to Section 2.07(b), such financial statements fairly present in all material respects the financial condition of the Note Insurer as of
such dates and for the periods covered by such financial statements in accordance with accounting principles generally accepted in the United States (subject to normal year-end audit adjustments in the case of any interim financial statements).

 (p) As of the Closing Date and as of the date of the Prospectus and the PPM, the Note Insurer Financial Information
incorporated by reference in the Registration Statement relating to the Prospectus (including through filing of an Exchange Act Report) complied in all material respects with the requirements of Item 1114(b)(2) of Regulation AB. As of each
date after the Closing Date in which Note Insurer Financial Information is incorporated into the Prospectus or any Exchange Act Report, the Note Insurer Financial Information incorporated by reference in the Registration Statement relating to the
Prospectus (including through filing of an Exchange Act Report), complied in all material respects with the requirements of Item 1114(b)(2) of Regulation AB or during the continuance of a Positive Guidance Condition (as defined in
Section 4.08), the Note Insurer has used its best efforts to ensure such material compliance. 
 Section 2.07. Covenant of Note
Insurer; Confidentiality. 
 (a) The Note Insurer hereby covenants as follows: 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 

  

 21 

 
information of which it becomes aware through such inspections or discussions, the Note Insurer will promptly notify COAF or the Servicer of such request(s)
so that COAF 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 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 COAF or the Servicer, as the case maybe, promptly upon such disclosure, so long as the Note Insurer is not prohibited from
providing notice to COAF or Servicer by such tribunal. 
 (b) The Note Insurer agrees to comply with reasonable requests of
the Seller for the delivery of such additional information as may be necessary for the Seller to comply with Item 1114 of Regulation AB, so long as such information is available to the Note Insurer and not otherwise available to the
Seller. 
 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, if any, 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 

  

 22 

 
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 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 seller under the Purchase Agreement and as Servicer. 
 (ii) The law firm of Richards, Layton & Finger, P.A. 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, P.A. 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 LLP 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 LLP 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 LLP 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 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 and Note
Purchase Agreement. All conditions in the Underwriting Agreement and Note Purchase Agreement relating to the Underwriters’ and the Initial Purchasers’ respective obligations to purchase the Notes shall have been satisfied.

 (k) Issuance of Ratings. The Note Insurer shall have received confirmation that the risk secured by the Note
Insurance Policy constitutes an investment-grade risk, that the Class A-1 Notes, Class A-2 Notes, Class A-3-A Notes, Class A-3-B Notes and the Class A-4 Notes, when issued, will be rated “AAA” by S&P,
“Aaa” by Moody’s and “AAA” by Fitch. 
 (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 and Note Purchase 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 or the Initial Purchaser pursuant to the Underwriting Agreement or the Note
Purchase Agreement, as the case may be, other than the negative assurance letters of Dechert LLP, counsel to the Underwriters and the Initial Purchaser and Mayer, Brown, Rowe & Maw LLP, counsel to the COAF Companies. 
 (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 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, the PPM or any other Prospectus or PPM 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 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 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 Notes or provision being made for payment of the 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 and in accordance with the Indenture and 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 Insurance 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, (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 and (iii) reimbursement for any payments made by
the Insurer with respect to the fees and expenses of a successor Servicer or with respect to any transition costs (not to exceed $200,000 in the aggregate) relating to the transfer of servicing from the Servicer to such Successor Servicer 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 3.3 of the Purchase Agreement and Sections 2.3, 2.6 and 3.6 of the Sale and Servicing 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 COAF, respectively, including, without limitation, any amounts payable by the Servicer or COAF pursuant to the Notes or any other Transaction Documents. All such amounts are to be
immediately due and payable without demand. 
 (f) [Reserved]. 
 (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 COAF 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 “Note Insurer 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 Note Insurer 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) to the extent not covered by the Indemnification Agreement 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, Underwriter Information or Initial Purchaser Information; 

(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; 
  

 27 

 (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 COAF 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 COAF of any representation or warranty on the part of the Servicer, the Issuer or COAF
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 Seller, the Issuer and COAF pursuant hereto or under law or equity, the Note Insurer agrees to pay, and to protect, indemnify and save harmless, the Servicer, the Seller, the Issuer and COAF and their respective officers,
directors, shareholders, employees, agents and each person, if any, who controls the Servicer, the Seller, the Issuer or COAF 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 

  

 28 

 
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 Note Insurer 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. 
 provided, however, that the Note Insurer’s liability, in the case of a breach of any of the representations, warranties or
agreements of Note Insurer contained in paragraphs (l) through (p) of Section 2.06 hereof, to the extent such representations, warranties or agreements speak as of a date that occurs after the Closing Date, will be limited to
(a) the actual damages incurred by the Sponsor and the Seller (or the Capital One Indemnified Parties in the case of the indemnity provided in (ii) above), and (b) lost profits and other consequential damages, in each case as a direct
result of a determination by the Commission that the Seller is no longer eligible to file registration statements on Form S-3, such determination being based solely on the Note Insurer’s breach of paragraphs (l) through (p) of
Section 2.06 hereof, and the Note Insurer’s liability for the damages described in clause (b) above shall in no event exceed as of any date the sum of (x) the aggregate amount of premium received by the Note Insurer in connection
with the transactions described by this Agreement as of such date and (y) as of such date and without duplication of (x) above the aggregate amount of premium expected to be received by the Note Insurer assuming that the Loans pay down
using a 1.7% ABS prepayment speed (as described in the Prospectus Supplement) and further assuming that the clean up call is exercised by the Servicer at its earliest opportunity. 
 (c) In addition to any and all rights of indemnification or any rights of the Servicer, the Seller, the Issuer and COAF pursuant hereto or
under law or equity, the Note Insurer agrees to pay, and to protect, indemnify and save harmless, the Capital One Indemnified Parties from and against, any and all claims, losses, liabilities (including penalties), actions, suits, judgments,
demands, damages, costs or expenses (including reasonable fees and expenses of attorneys, consultants and auditors and reasonable costs of investigations) of any nature arising out of or by reason of: (i) any untrue statement of a material fact
or an omission to state a material fact necessary in order to make the statements therein in light of the circumstances in which they were made not misleading contained in the consolidated financial statements of MBIA Insurance Corporation and
incorporated by reference into the Exchange Act Reports pursuant to Section 4.08 of this Agreement; or (ii) subject to the limitations on liability set forth in Section 4.08 of this Agreement, any failure of the Note Insurer to comply
with its obligations under Section 4.08 of this Agreement. 
  

 29 

 (d) 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(d), 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 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 or the Swap Provider, as the case may be, to any moneys paid or payable in respect of
the Notes or the Swap Agreement, as the case may be, 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 or the Swap Agreement, under the
Transaction Documents or otherwise. 
  

 30 

 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, all pursuant to and in accordance with the Indenture and 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 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. 
 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 Notes or the Policies; 
 (ii) any exchange or release of any other obligations hereunder; 
  

 31 

 (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; or 
 (vi) any failure of any of the COAF Companies to receive the proceeds from the sale
of the Notes. 
 (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. 
  

 32 

 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.

 (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 (or its Fiscal Agent) 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 

  

 33 

 
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 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 and in accordance with the Indenture and 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. 

 

 34 

 (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 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, COAF, 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. 
 Section 4.08. Regulation AB Reports. The Note Insurer agrees that: 
 (a) the Note Insurer Financial
Information containing the financial information required by Item 1114(b)(2) of Regulation AB included in documents filed by the Note Insurer with the Commission pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act
(the “Note Insurer Exchange Act Reports”), may be incorporated by reference by the Seller or the Issuer into the Prospectus or any Exchange Act Report to the extent required under Regulation AB or Item 7 on Form 10-D;

 (b) only until the Seller and the Issuer would become eligible to suspend filing of periodic reports, assuming their
compliance in good faith with the covenant in Section 2.02(o) hereof, the Note Insurer will (or during the continuance of a Positive Guidance Condition (as defined below), use its best efforts to) continue to file Note Insurer Exchange Act
Reports on a timely basis (it being acknowledged that any such filings so made pursuant to any extensions granted by the Commission or otherwise in accordance with the Securities Act and the Rules and Regulations thereunder will be considered filed
“timely”) for so long as the Note Insurer is required to file them pursuant to the Securities Exchange Act or, to the extent the Note Insurer is no longer required to file them pursuant to the Securities Exchange Act, the Note Insurer will
(or during the continuance of a Positive Guidance Condition (as defined below), use its best efforts to) timely furnish documents containing the financial information required by Item 1114(b)(2) of Regulation AB to the Issuer; and 

(c) on not less than five (5) Business Days’ notice, it will use commercially reasonable efforts to cause its accountants, if
required by the Seller or the Issuer in order to comply with the Securities Exchange Act, to issue their consent to the incorporation by reference of any Note Insurer Exchange Act Report into the Prospectus, the PPM or any Exchange Act Report;

 provided, however, that the Note Insurer’s liability, in the case of a breach of this Section 4.08, will be limited to
(a) the actual damages incurred by the Sponsor and the Seller (or the Capital One Indemnified Parties in the case of the indemnity provided in Section 3.04(c)(ii) of this Agreement), and (b) lost profits and other consequential

  

 35 

 
damages, in each case as a direct result of a determination by the Commission that the Seller is no longer eligible to file registration statements on
Form S-3, such determination being based solely on the Note Insurer’s breach of this Section 4.08, and the Note Insurer’s liability for the damages described in clause (b) above shall in no event exceed as of any date the
sum of (x) the aggregate amount of premium received by the Note Insurer in connection with the transactions described by this Agreement as of such date and (y) as of such date and without duplication of (x) above the aggregate amount
of premium expected to be received by the Note Insurer assuming that the Loans pay down using a 1.7% ABS prepayment speed (as described in the Prospectus Supplement) and further assuming that the clean up call is exercised by the Servicer at its
earliest opportunity. It is understood and agreed that, to the extent any consent letter of the Note Insurer’s accountants is required by the Seller or the Issuer in connection with such filing, the fees and expenses payable in respect thereof
shall be paid by the Servicer upon demand. 
 As used in this Section 4.08, the term “Positive Guidance
Condition” means that either (a) the Commission has not issued any Interpretive Guidance or (b) the Commission has issued Interpretive Guidance and the Note Insurer has delivered an Opinion of Counsel addressed to COAF, the Seller and
the Issuer in form and substance satisfactory to COAF, the Seller, the Issuer and their counsel, to the effect that under the Interpretive Guidance, the failure of a credit enhancement provider to timely file or deliver financial information under
Item 1114(b)(2) of Regulation AB would not constitute a breach by COAF, the Seller or the Issuer of its obligations under Item 1114(b)(2) of Regulation AB or Form 10-D and would not cause COAF, the Seller or the Issuer to fail to
satisfy the eligibility requirements for the use of Form S-3 as described in General Instruction I. to Form S-3. The term “Interpretive Guidance” means any release, no-action letter, telephone interpretation or other
publicly available guidance issued by the Commission which addresses the issue of a sponsor’s, depositor’s or issuing entity’s responsibility for the timely delivery of financial information under Item 1114(b)(2) of Regulation
AB. The term “Opinion of Counsel” means the opinion of Kutak Rock LLP or another nationally recognized securitization counsel to MBIA reasonably acceptable to COAF. 
 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; 
  

 36 

 (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 
 (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 or Section 5.4 of the Indenture, as applicable; 
 (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 

  

 37 

 
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. 
 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: 
  

 38 

			
	 To the Note Insurer:
	  	MBIA Insurance Corporation
		  	113 King Street
		  	Armonk, NY 10504
		  	Attention:  Insured Portfolio Management—
		  	 Structured Finance (IPM-SF)

		  	 (Capital One 2007-B)

		  	Facsimile: (914) 765-3810
		  	Confirmation: (914) 765-3781
		
	To the Servicer:	  	Capital One Auto Finance, Inc.
		  	1680 Capital One Drive
		  	McLean, VA 22102
		  	Attention: Director of Securitization
		  	Facsimile: (703) 720-2121
		  	Confirmation: (703) 720-1000
		
	With a copy to:	  	Capital One Auto Finance, Inc.
		  	1680 Capital One Drive
		  	McLean, VA 22102
		  	Attention: Legal Department
		  	Facsimile: (703) 720-2121
		  	Confirmation: (703) 875-1000
		
	To COAF:	  	Capital One Auto Finance, Inc.
		  	1680 Capital One Drive
		  	McLean, VA 22102
		  	Attention: Director of Securitization
		  	Facsimile: (703) 720-2121
		  	Confirmation: (703) 720-1000
		
	With a copy to:	  	Capital One Auto Finance, Inc.
		  	1680 Capital One Drive
		  	McLean, VA 22102
		  	Attention: Legal Department
		  	Facsimile: (703) 720-2121
		  	Confirmation: (703) 720-1000
		
	To the Seller:	  	Capital One Auto Receivables, LLC
		  	140 E. Shore Drive, Room 1052-D
		  	Glen Allen, VA 23059
		  	Attention: Capital Markets
		  	Facsimile: (804) 290-6666
		  	Confirmation: (804) 290-6736

  

 39 

			
	With a copy to:	  	Capital One Auto Receivables, LLC
		  	1680 Capital One Drive
		  	McLean, VA 22102
		  	Attention: Legal Department
		  	Facsimile: (703) 720-2121
		  	Confirmation: (703) 720-1000
		
	To the Indenture Trustee:	  	Deutsche Bank Trust Company Americas
		  	60 Wall Street, 26th Floor
		  	New York, NY 10005
		  	 Attention:  Structured Finance Services —
 Capital One 2007B

		  	Facsimile: (212) 253-2462
		  	Confirmation: (212) 250-3082
		
	To the Issuer:	  	Capital One Auto Finance Trust 2007-B
		  	c/o Wilmington Trust Company
		  	1100 North Market Street
		  	Wilmington, DE 19890
		  	Attention:  Corporate Trust Administration —
		  	 Capital One Auto Finance Trust 2007-B

		  	Facsimile: (302) 636-4140
		  	Confirmation: (302) 636-6188
		
	To the Underwriters:	  	Banc of America Securities LLC, as Representative of the several Underwriters
		  	Hearst Tower
		  	214 North Tryon Street
		  	Charlotte, NC 28255
		  	Attention: Jim Mackey
		  	Facsimile: (704) 386-2731
		  	Confirmation: (704) 388-2308
		
		  	 Credit Suisse Securities (USA) LLC, as
 Representative of
the several Underwriters

		  	11 Madison Avenue, 4th Floor
		  	New York, NY 10010
		  	Attention: John Slonieski
		  	Facsimile: (212) 743-2679
		  	Confirmation: (212) 325-9284
		
		  	Wachovia Capital Markets, LLC, as
		  	Representative of the several Underwriters
		  	One Wachovia Center
		  	301 South College Street
		  	Charlotte, NC 28288-0610
		  	Attention: Jay Brinkley
		  	Facsimile: (704) 383-9106
		  	Confirmation: (704) 715-6831

  

 40 

 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 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. 
  

 41 

 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, 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 (a) 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 10, 2007 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, (b) each of the representations, undertakings and agreements made herein by the
Issuer are not personal representations, undertakings and 

  

 42 

 
agreements of Wilmington Trust Company, but are binding only on the Issuer, (c) 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 (d) 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]

  

 43 

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

			
	 MBIA INSURANCE CORPORATION,
 as Note
Insurer

		
	By	 	 /s/ Stephanie Taylor Ciavarello

	Name	 	Stephanie Taylor Ciavarello
	Title	 	Assistant Secretary
	
	 CAPITAL ONE AUTO FINANCE, INC.,
 as Servicer
and in its capacity as seller
 under the Purchase Agreement

		
	By	 	 /s/ Richard Johns

	Name:	 	Richard Johns
	Title:	 	Assistant Vice President
	
	 CAPITAL ONE AUTO RECEIVABLES, LLC,
 as
Seller

		
	By	 	 /s/ Jerry Hamstead

	Name:	 	Jerry Hamstead
	Title:	 	Assistant Vice President
	
	 CAPITAL ONE AUTO FINANCE
 TRUST 2007-B

		
	By	 	 WILMINGTON TRUST COMPANY,
 not in its individual capacity
but solely
 in its capacity as Owner Trustee

		
	By:	 	 /s/ J. Christopher Murphy

	Name:	 	J. Christopher Murphy
	Title:	 	Financial Services Officer

 [CAPITAL ONE AUTO FINANCE TRUST 2007-B 
 INSURANCE AGREEMENT SIGNATURE PAGE] 

			
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
 not in its individual capacity but solely as Indenture Trustee

		
	By:	 	 /s/ Aranka R. Paul

	Name:	 	Aranka R. Paul
	Title:	 	Assistant Vice President
		
	By:	 	 /s/ Irene Siegel

	Name:	 	Irene Siegel
	Title:	 	Vice President

 [CAPITAL ONE AUTO FINANCE TRUST 2007-B 
 INSURANCE AGREEMENT SIGNATURE PAGE] 
  

 2ISDA Master Agreement dated as of May 10, 2007

 Exhibit 10.5 
 (Multicurrency—Cross Border) 
 

 
 International Swap Dealers Association, Inc. 
 MASTER AGREEMENT 
 dated as of February 15, 2007 
  

					
	CREDIT SUISSE INTERNATIONAL	  	and	  	 CAPITAL ONE AUTO FINANCE TRUST
 2007-B

 have entered and/or anticipate entering into one or more transactions (each a “Transaction”) that are or
will be governed by this Master Agreement, which includes the schedule (the “Schedule”), and the documents and other confirming evidence (each a “Confirmation”) exchanged between the parties confirming those Transactions.

 Accordingly, the parties agree as follows: 
  

	1.	Interpretation 

 (a) Definitions. The terms defined in
Section 14 and in the Schedule will have the meanings therein specified for the purpose of this Master Agreement. 
 (b) Inconsistency. In
the event of any inconsistency between the provisions of the Schedule and the other provisions of this Master Agreement, the Schedule will prevail. In the event of any inconsistency between the provisions of any Confirmation and this Master
Agreement (including the Schedule), such Confirmation will prevail for the purposes of the relevant Transaction. 
 (c) Single Agreement. All
Transactions are entered into in reliance on the fact that this Master Agreement and all Confirmations form a single agreement between the parties (collectively referred to as this “Agreement”), and the parties would not otherwise enter
into any Transactions. 
  

	2.	Obligations  

 (a) General Conditions. 
  

	 	(i)	Each party will make each payment or delivery specified in each Confirmation to be made by it, subject to the other provisions of this Agreement. 

  

	 	(ii)	Payments under this Agreement will be made on the due date for value on that date in the place of the account specified in the relevant Confirmation or otherwise pursuant to this
Agreement, in freely transferable funds and in the manner customary for payments in the required currency. Where settlement is by delivery (that is, other than by payment), such delivery will be made for receipt on the due date in the manner
customary for the relevant obligation unless otherwise specified in the relevant Confirmation or elsewhere in this Agreement. 

  

	 	(iii)	Each obligation of each party under Section 2(a)(i) is subject to (1) the condition precedent that no Event of Default or Potential Event of Default with respect to the
other party has occurred and is continuing, (2) the condition precedent that no Early Termination Date in respect of the relevant Transaction has occurred or been effectively designated and (3) each other applicable condition precedent
specified in this Agreement. 

 Copyright © 1992 by International Swap Dealers Association, Inc. 

 (b) Change of Account. Either party may change its account for receiving a payment or delivery by giving
notice to the other party at least five Local Business Days prior to the scheduled date for the payment or delivery to which such change applies unless such other party gives timely notice of a reasonable objection to such change. 
  

	(c)	Netting. If on any date amounts would otherwise be payable:— 

  

	 	(i)	in the same currency; and 

  

	 	(ii)	in respect of the same Transaction, 

 by each party to the other, then, on
such date, each party’s obligation to make payment of any such amount will be automatically satisfied and discharged and, if the aggregate amount that would otherwise have been payable by one party exceeds the aggregate amount that would
otherwise have been payable by the other party, replaced by an obligation upon the party by whom the larger aggregate amount would have been payable to pay to the other party the excess of the larger aggregate amount over the smaller aggregate
amount. 
 The parties may elect in respect of two or more Transactions that a net amount will be determined in respect of all amounts payable on the same
date in the same currency in respect of such Transactions, regardless of whether such amounts are payable in respect of the same Transaction. The election may be made in the Schedule or a Confirmation by specifying that subparagraph (ii) above
will not apply to the Transactions identified as being subject to the election, together with the starting date (in which case subparagraph (ii) above will not, or will cease to, apply to such Transactions from such date). This election may be
made separately for different groups of Transactions and will apply separately to each pairing of Offices through which the parties make and receive payments or deliveries. 
  

	(d)	Deduction or Withholding for Tax. 

 (i)
Gross-Up. All payments under this Agreement will be made without any deduction or withholding for or on account of any Tax unless such deduction or withholding is required by any applicable law, as modified by the practice of any
relevant governmental revenue authority, then in effect. If a party is so required to deduct or withhold, then that party (“X”) will:— 
 (1) promptly notify the other party (“Y”) of such requirement; 
 (2) pay to the relevant
authorities the full amount required to be deducted or withheld (including the full amount required to be deducted or withheld from any additional amount paid by X to Y under this Section 2(d)) promptly upon the earlier of determining that such
deduction or withholding is required or receiving notice that such amount has been assessed against Y; 
 (3) promptly forward to Y an
official receipt (or a certified copy), or other documentation reasonably acceptable to Y, evidencing such payment to such authorities; and 
 (4) if such Tax is an Indemnifiable Tax, pay to Y, in addition to the payment to which Y is otherwise entitled under this Agreement, such additional amount as is necessary to ensure that the net amount actually received by Y (free and clear
of Indemnifiable Taxes, whether assessed against X or Y) will equal the full amount Y would have received had no such deduction or withholding been required. However, X will not be required to pay any additional amount to Y to the extent that it
would not be required to be paid but for:— 
 (A) the failure by Y to comply with or perform any agreement contained in
Section 4(a)(i), 4(a)(iii) or 4(d); or 
 (B) the failure of a representation made by Y pursuant to Section 3(f) to be accurate and
true unless such failure would not have occurred but for (I) any action taken by a taxing authority, or brought in a court of competent jurisdiction, on or after the date on which a Transaction is entered into (regardless of whether such action
is taken or brought with respect to a party to this Agreement) or (II) a Change in Tax Law. 
  

					
		  	2	  	ISDA® 1992

 (ii) Liability. If: — 
 (1) X is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, to make any deduction or withholding
in respect of which X would not be required to pay an additional amount to Y under Section 2(d)(i)(4); 
 (2) X does not so deduct or
withhold; and 
 (3) a liability resulting from such Tax is assessed directly against X, 
 then, except to the extent Y has satisfied or then satisfies the liability resulting from such Tax, Y will promptly pay to X the amount of such liability
(including any related liability for interest, but including any related liability for penalties only if Y has failed to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)). 
 (e) Default Interest; Other Amounts, Prior to the occurrence or effective designation of an Early Termination Date in respect of the relevant
Transaction, a party that defaults in the performance of any payment obligation will, to the extent permitted by law and subject to Section 6(c), be required to pay interest (before as well as after judgment) on the overdue amount to the other
party on demand in the same currency as such overdue amount, for the period from (and including) the original due date for payment to (but excluding) the date of actual payment, at the Default Rate. Such interest will be calculated on the basis of
daily compounding and the actual number of days elapsed. If, prior to the occurrence or effective designation of an Early Termination Date in respect of the relevant Transaction, a party defaults in the performance of any obligation required to be
settled by delivery, it will compensate the other party on demand if and to the extent provided for in the relevant Confirmation or elsewhere in this Agreement. 
  

	3.	Representations 

 Each party represents to the other party (which
representations will be deemed to be repeated by each party on each date on which a Transaction is entered into and, in the case of the representations in Section 3(f), at all times until the termination of this Agreement) that:—

  

	(a)	Basic Representations. 

 (i)
Status. It is duly organised and validly existing under the laws of the jurisdiction of its organisation or incorporation and, if relevant under such laws, in good standing; 
 (ii) Powers. It has the power to execute this Agreement and any other documentation relating to this Agreement to which it is
a party, to deliver this Agreement and any other documentation relating to this Agreement that it is required by this Agreement to deliver and to perform its obligations under this Agreement and any obligations it has under any Credit Support
Document to which ii is a party and has taken all necessary action to authorise such execution, delivery and performance; 
 (iii)
No Violation or Conflict. Such execution, delivery and performance do not violate or conflict with any law applicable to it, any provision of its constitutional documents, any order or judgment of any court or other
agency of government applicable to it or any of its assets or any contractual restriction binding on or affecting it or any of its assets; 
 (iv) Consents. All governmental and other consents that are required to have been obtained by it with respect to this Agreement or any Credit Support Document to which it is a party have been obtained and are in
full force and effect and all conditions of any such consents have been complied with; and 
 (v) Obligations Binding.
Its obligations under this Agreement and any Credit Support Document to which it is a party constitute its legal, valid and binding obligations, enforceable in accordance with their respective terms (subject to applicable bankruptcy,
reorganisation, insolvency, moratorium or similar laws affecting creditors’ rights generally and subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in
equity or at law)). 
  

					
		  	3	  	ISDA® 1992

 (b) Absence of Certain Events. No Event of Default or Potential Event of Default or, to its knowledge,
Termination Event with respect to it has occurred and is continuing and no such event or circumstance would occur as a result of its entering into or performing its obligations under this Agreement or any Credit Support Document to which it is a
party. 
 (c) Absence of Litigation. There is not pending or, to its knowledge, threatened against it or any of its Affiliates any action, suit
or proceeding at law or in equity or before any court, tribunal, governmental body, agency or official or any arbitrator that is likely to affect the legality, validity or enforceability against it of this Agreement or any Credit Support Document to
which it is a party or its ability to perform its obligations under this Agreement or such Credit Support Document. 
 (d) Accuracy of Specified
Information. All applicable information that is furnished in writing by or on behalf of it to the other party and is identified for the purpose of this Section 3(d) in the Schedule is, as of the date of the information, true, accurate
and complete in every material respect. 
 (e) Payer Tax Representation. Each representation specified in the Schedule as being made by it for
the purpose of this Section 3(e) is accurate and true. 
 (f) Payee Tax Representations. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(f) is accurate and true. 
  

	4.	Agreements 

 Each party agrees with the other that, so long as
either party has or may have any obligation under this Agreement or under any Credit Support Document to which it is a party:— 
 (a) Furnish
Specified Information. It will deliver to the other party or, in certain cases under subparagraph (iii) below, to such government or taxing authority as the other party reasonably directs:— 
 (i) any forms, documents or certificates relating to taxation specified in the Schedule or any Confirmation; 
 (ii) any other documents specified in the Schedule or any Confirmation; and 
 (iii) upon reasonable demand by such other party, any form or document that may be required or reasonably requested in writing in order to allow such other party or its Credit Support Provider to make a payment under
this Agreement or any applicable Credit Support Document without any deduction or withholding for or on account of any Tax or with such deduction or withholding at a reduced rate (so long as the completion, execution or submission of such form or
document would not materially prejudice the legal or commercial position of the party in receipt of such demand), with any such form or document to be accurate and completed in a manner reasonably satisfactory to such other party and to be executed
and to be delivered with any reasonably required certification, 
 in each case by the date specified in the Schedule or such Confirmation or, if none is
specified, as soon as reasonably practicable. 
 (b) Maintain Authorisations. It will use all reasonable efforts to maintain in full force and
effect all consents of any governmental or other authority that are required to be obtained by it with respect to this Agreement or any Credit Support Document to which it is a party and will use all reasonable efforts to obtain any that may become
necessary in the future. 
 (c) Comply with Laws. It will comply in all material respects with all applicable laws and orders to which it may
be subject if failure so to comply would materially impair its ability to perform its obligations under this Agreement or any Credit Support Document to which it is a party. 
 (d) Tax Agreement. It will give notice of any failure of a representation made by it under Section 3(f) to be accurate and true promptly upon learning of such failure. 
 (e) Payment of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax levied or imposed upon it or in respect of its execution or performance of
this Agreement by a jurisdiction in which it is incorporated, 
  

					
		  	4	  	ISDA® 1992

 
organised, managed and controlled, or considered to have its seat, or in which a branch or office through which it is acting for the purpose of this
Agreement is located (“Stamp Tax Jurisdiction”) and will indemnify the other party against any Stamp Tax levied or imposed upon the other party or in respect of the other party’s execution or performance of this Agreement by any such
Stamp Tax Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the other party. 
  

	5.	Events of Default and Termination Events 

 (a) Events of
Default. The occurrence at any time with respect to a party or, if applicable, any Credit Support Provider of such party or any Specified Entity of such party of any of the following events constitutes an event of default (an “Event of
Default”) with respect to such party:— 
 (i) Failure to Pay or Deliver. Failure by the party to make, when due, any
payment under this Agreement or delivery under Section 2(a)(i) or 2(e) required to be made by it if such failure is not remedied on or before the third Local Business Day after notice of such failure is given to the party; 
 (ii) Breach of Agreement. Failure by the party to comply with or perform any agreement or obligation (other than an obligation to make any
payment under this Agreement or delivery under Section 2(a)(i) or 2(e) or to give notice of a Termination Event or any agreement or obligation under Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the party in
accordance with this Agreement if such failure is not remedied on or before the thirtieth day after notice of such failure is given to the party; 
 (iii) Credit Support Default. 
 (1) Failure by the party or any Credit Support Provider of such party to comply with
or perform any agreement or obligation to be complied with or performed by it in accordance with any Credit Support Document if such failure is continuing after any applicable grace period has elapsed; 
 (2) the expiration or termination of such Credit Support Document or the failing or ceasing of such Credit Support Document to be in full force and effect
for the purpose of this Agreement (in either case other than in accordance with its terms) prior to the satisfaction of all obligations of such party under each Transaction to which such Credit Support Document relates without the written consent of
the other party; or 
 (3) the party or such Credit Support Provider disaffirms, disclaims, repudiates or rejects, in whole or in part, or
challenges the validity of, such Credit Support Document; 
 (iv) Misrepresentation. A representation (other than a
representation under Section 3(e) or (f)) made or repeated or deemed to have been made or repeated by the party or any Credit Support Provider of such party in this Agreement or any Credit Support Document proves to have been incorrect or
misleading in any material respect when made or repeated or deemed to have been made or repeated; 
 (v) Default under Specified
Transaction. The party, any Credit Support Provider of such party or any applicable Specified Entity of such party (1) defaults under a Specified Transaction and, after giving effect to any applicable notice requirement or grace period,
there occurs a liquidation of, an acceleration of obligations under, or an early termination of, that Specified Transaction, (2) defaults, after giving effect to any applicable notice requirement or grace period, in making any payment or
delivery due on the last payment, delivery or exchange date of, or any payment on early termination of, a Specified Transaction (or such default continues for at least three Local Business Days if there is no applicable notice requirement or grace
period) or (3) disaffirms, disclaims, repudiates or rejects, in whole or in part, a Specified Transaction (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf); 
 (vi) Cross Default. If “Cross Default” is specified in the Schedule as applying to the party, the occurrence or existence of
(1) a default, event of default or other similar condition or event (however 
  

					
		  	5	  	ISDA® 1992

 
described) in respect of such party, any Credit Support Provider of such party or any applicable Specified Entity of such party under one or more agreements
or instruments relating to Specified Indebtedness of any of them (individually or collectively) in an aggregate amount of not less than the applicable Threshold Amount (as specified in the Schedule) which has resulted in such Specified Indebtedness
becoming, or becoming capable at such time of being declared, due and payable under such agreements or instruments, before it would otherwise have been due and payable or (2) a default by such party, such Credit Support Provider or such
Specified Entity (individually or collectively) in making one or more payments on the due date thereof in an aggregate amount of not less than the applicable Threshold Amount under such agreements or instruments (after giving effect to any
applicable notice requirement or grace period); 
 (vii) Bankruptcy. The party, any Credit Support Provider of such party or any
applicable Specified Entity of such party: — 
 (1) is dissolved (other than pursuant to a consolidation, amalgamation or merger);
(2) becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; (3) makes a general assignment, arrangement or composition with or for the benefit of its
creditors; (4) institutes or has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition
is presented for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition (A) results in a judgment of insolvency or bankruptcy or the entry of an order
for relief or the making of an order for its winding-up or liquidation or (B) is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof; (5) has a resolution passed for its
winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); (6) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee,
custodian or other similar official for it or for all or substantially all its assets; (7) has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process
levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days thereafter; (8) causes
or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (1) to (7) (inclusive); or (9) takes any action in furtherance of,
or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts; or 
 (viii) Merger Without Assumption.
The party or any Credit Support Provider of such party consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets to, another entity and, at the time of such consolidation, amalgamation, merger
or transfer: — 
 (1) the resulting, surviving or transferee entity fails to assume all the obligations of such party or such Credit
Support Provider under this Agreement or any Credit Support Document to which it or its predecessor was a party by operation of law or pursuant to an agreement reasonably satisfactory to the other party to this Agreement; or 
 (2) the benefits of any Credit Support Document fail to extend (without the consent of the other party) to the performance by such resulting, surviving or
transferee entity of its obligations under this Agreement. 
  

					
		  	6	  	ISDA® 1992

 (b) Termination Events. The occurrence at any time with respect to a party or, if applicable, any Credit
Support Provider of such party or any Specified Entity of such party of any event specified below constitutes an Illegality if the event is specified in (i) below, a Tax Event if the event is specified in (ii) below or a Tax Event Upon
Merger if the event is specified in (iii) below, and, if specified to be applicable, a Credit Event Upon Merger if the event is specified pursuant to (iv) below or an Additional Termination Event if the event is specified pursuant to
(v) below:— 
 (1) Illegality. Due to the adoption of, or any change in, any applicable law after the date on which a
Transaction is entered into, or due to the promulgation of, or any change in, the interpretation by any court, tribunal or regulatory authority with competent jurisdiction of any applicable law after such date, it becomes unlawful (other than as a
result of a breach by the party of Section 4(b)) for such party (which will be the Affected Party): — 
 (1) to perform any absolute
or contingent obligation to make a payment or delivery or to receive a payment or delivery in respect of such Transaction or to comply with any other material provision of this Agreement relating to such Transaction; or 
 (2) to perform, or for any Credit Support Provider of such party to perform, any contingent or other obligation which the party (or such Credit Support
Provider) has under any Credit Support Document relating to such Transaction; 
 (ii) Tax Event. Due to (x) any action
taken by a taxing authority, or brought in a court of competent jurisdiction, on or after the date on which a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (y) a
Change in Tax Law, the party (which will be the Affected Party) will, or there is a substantial likelihood that it will, on the next succeeding Scheduled Payment Date (1) be required to pay to the other party an additional amount in respect of
an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which an amount is required to be deducted or withheld for or on account of a Tax (except
in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) and no additional amount is required to be paid in respect of such Tax under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or (B)); 
 (iii) Tax Event Upon Merger. The party (the “Burdened Party”) on the next succeeding Scheduled Payment Date will either
(1) be required to pay an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which an amount has been
deducted or withheld for or on account of any Indemnifiable Tax in respect of which the other party is not required to pay an additional amount (other than by reason of Section 2(d)(i)(4)(A) or (B)), in either case as a result of a party
consolidating or amalgamating with, or merging with or into, or transferring all or substantially all its assets to, another entity (which will be the Affected Party) where such action does not constitute an event described in
Section 5(a)(viii); 
 (iv) Credit Event Upon Merger. If “Credit Event Upon Merger” is specified in the Schedule
as applying to the party, such party (“X”), any Credit Support Provider of X or any applicable Specified Entity of X consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets to, another
entity and such action does not constitute an event described in Section 5(a)(viii) but the creditworthiness of the resulting, surviving or transferee entity is materially weaker than that of X, such Credit Support Provider or such Specified
Entity, as the case may be, immediately prior to such action (and, in such event, X or its successor or transferee, as appropriate, will be the Affected Party); or 
 (v) Additional Termination Event. If any “Additional Termination Event” is specified in the Schedule or any Confirmation as applying, the occurrence of such event (and, in such event, the
Affected Party or Affected Parties shall be as specified for such Additional Termination Event in the Schedule or such Confirmation). 
 (c) Event of
Default and Illegality. If an event or circumstance which would otherwise constitute or give rise to an Event of Default also constitutes an Illegality, it will be treated as an Illegality and will not constitute an Event of Default.

  

					
		  	7	  	ISDA® 1992

	6.	Early Termination 

 (a) Right to Terminate Following Event of
Default. If at any time an Event of Default with respect to a party (the “Defaulting Party”) has occurred and is then continuing, the other party (the “Non-defaulting Party”) may, by not more than 20 days notice to the
Defaulting Party specifying the relevant Event of Default, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all outstanding Transactions. If, however, “Automatic Early
Termination” is specified in the Schedule as applying to a party, then an Early Termination Date in respect of all outstanding Transactions will occur immediately upon the occurrence with respect to such party of an Event of Default specified
in Section 5(a)(vii)(l), (3), (5), (6) or, to the extent analogous thereto, (8), and as of the time immediately preceding the institution of the relevant proceeding or the presentation of the relevant petition upon the occurrence with
respect to such party of an Event of Default specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8). 
  

	(b)	Right to Terminate Following Termination Event. 

 (i) Notice. If a Termination Event occurs, an Affected Party will, promptly upon becoming aware of it, notify the other party, specifying the nature of that Termination Event and each Affected Transaction and will also give
such other information about that Termination Event as the other party may reasonably require. 
 (ii) Transfer to Avoid Termination
Event. If either an Illegality under Section 5(b)(i)(l) or a Tax Event occurs and there is only one Affected Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the Affected Party, the Affected Party will, as a
condition to its right to designate an Early Termination Date under Section 6(b)(iv), use all reasonable efforts (which will not require such party to incur a loss, excluding immaterial, incidental expenses) to transfer within 20 days after it
gives notice under Section 6(b)(i) all its rights and obligations under this Agreement in respect of the Affected Transactions to another of its Offices or Affiliates so that such Termination Event ceases to exist. 
 If the Affected Party is not able to make such a transfer it will give notice to the other party to that effect within such 20 day period, whereupon the
other party may effect such a transfer within 30 days after the notice is given under Section 6(b)(i). 
 Any such transfer by a party
under this Section 6(b)(ii) will be subject to and conditional upon the prior written consent of the other party, which consent will not be withheld if such other party’s policies in effect at such time would permit it to enter into
transactions with the transferee on the terms proposed. 
 (iii) Two Affected Parties. If an Illegality under
Section 5(b)(i)(l) or a Tax Event occurs and there are two Affected Parties, each party will use all reasonable efforts to reach agreement within 30 days after notice thereof is given under Section 6(b)(i) on action to avoid that
Termination Event. 
 (iv) Right to Terminate. If: — 
 (1) a transfer under Section 6(b)(ii) or an agreement under Section 6(b)(iii), as the case may be, has not been effected with respect to all
Affected Transactions within 30 days after an Affected Party gives notice under Section 6(b)(i); or 
 (2) an Illegality under
Section 5(b)(i)(2), a Credit Event Upon Merger or an Additional Termination Event occurs, or a Tax Event Upon Merger occurs and the Burdened Party is not the Affected Party, 
 either party in the case of an Illegality, the Burdened Party in the case of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event or an
Additional Termination Event if there is more than one Affected Party, or the party which is not the Affected Party in the case of a Credit Event Upon Merger or an Additional Termination Event if there is only one Affected Party may, by not more
than 20 days notice to the other party and provided that the relevant Termination Event is then continuing, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all Affected Transactions.

  

					
		  	8	  	ISDA® 1992

	(c)	Effect of Designation. 

 (i) If notice
designating an Early Termination Date is given under Section 6(a) or (b), the Early Termination Date will occur on the date so designated, whether or not the relevant Event of Default or Termination Event is then continuing. 
 (ii) Upon the occurrence or effective designation of an Early Termination Date, no further payments or deliveries under Section 2(a)(i) or 2(e) in
respect of the Terminated Transactions will be required to be made, but without prejudice to the other provisions of this Agreement. The amount, if any, payable in respect of an Early Termination Date shall be determined pursuant to
Section 6(e). 
  

	(d)	Calculations. 

 (i) Statement.
On or as soon as reasonably practicable following the occurrence of an Early Termination Date, each party will make the calculations on its part, if any, contemplated by Section 6(e) and will provide to the other party a statement
(1) showing, in reasonable detail, such calculations (including all relevant quotations and specifying any amount payable under Section 6(e)) and (2) giving details of the relevant account to which any amount payable to it is to be
paid. In the absence of written confirmation from the source of a quotation obtained in determining a Market Quotation, the records of the party obtaining such quotation will be conclusive evidence of the existence and accuracy of such quotation.

 (ii) Payment Date. An amount calculated as being due in respect of any Early Termination Date under Section 6(e) will be
payable on the day that notice of the amount payable is effective (in the case of an Early Termination Date which is designated or occurs as a result of an Event of Default) and on the day which is two Local Business Days after the day on which
notice of the amount payable is effective (in the case of an Early Termination Date which is designated as a result of a Termination Event). Such amount will be paid together with (to the extent permitted under applicable law) interest thereon
(before as well as after judgment) in the Termination Currency, from (and including) the relevant Early Termination Date to (but excluding) the date such amount is paid, at the Applicable Rate. Such interest will be calculated on the basis of daily
compounding and the actual number of days elapsed. 
 (e) Payments on Early Termination. If an Early Termination Date occurs, the following
provisions shall apply based on the parties’ election in the Schedule of a payment measure, either “Market Quotation” or “Loss”, and a payment method, either the “First Method” or the “Second Method”. If
the parties fail to designate a payment measure or payment method in the Schedule, it will be deemed that “Market Quotation” or the “Second Method”, as the case may be, shall apply. The amount, if any, payable in respect of an
Early Termination Date and determined pursuant to this Section will be subject to any Set-off. 
  

	 	(i)	Events of Default. If the Early Termination Date results from an Event of Default: — 

 (1) First Method and Market Quotation. If the First Method and Market Quotation apply, the Defaulting Party will pay to the Non-defaulting Party
the excess, if a positive number, of (A) the sum of the Settlement Amount (determined by the Non-defaulting Party) in respect of the Terminated Transactions and the Termination Currency Equivalent of the Unpaid Amounts owing to the
Non-defaulting Party over (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the Defaulting Party. 
 (2) First
Method and Loss. If the First Method and Loss apply, the Defaulting Party will pay to the Non-defaulting Party, if a positive number, the Non-defaulting Party’s Loss in respect of this Agreement. 
 (3) Second Method and Market Quotation. If the Second Method and Market Quotation apply, an amount will be payable equal to (A) the sum of the
Settlement Amount (determined by the 

  

 9 

 
Non-defaulting Party) in respect of the Terminated Transactions and the Termination Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting
Party less (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the Defaulting Party, If that amount is a positive number, the Defaulting Party will pay it to the Non-defaulting Party; if it is a negative number, the
Non-defaulting Party will pay the absolute value of that amount to the Defaulting Party. 
 (4) Second Method and Loss. If the Second
Method and Loss apply, an amount will be payable equal to the Non-defaulting Party’s Loss in respect of this Agreement, If that amount is a positive number, the Defaulting Party will pay it to the Non-defaulting Party; if it is a negative
number, the Non-defaulting Party will pay the absolute value of that amount to the Defaulting Party. 
  

	 	(ii)	Termination Events. If the Early Termination Date results from a Termination Event: — 

 (1) One Affected Party. If there is one Affected Party, the amount payable will be determined in accordance with Section 6(e)(i)(3), if Market
Quotation applies, or Section 6(e)(i)(4), if Loss applies, except that, in either case, references to the Defaulting Party and to the Non-defaulting Party will be deemed to be references to the Affected Party and the party which is not the
Affected Party, respectively, and, if Loss applies and fewer than all the Transactions are being terminated, Loss shall be calculated in respect of all Terminated Transactions. 
 (2) Two Affected Parties. If there are two Affected Parties: — 
 (A) if Market Quotation applies, each party will determine a Settlement Amount in respect of the Terminated Transactions, and an amount will be payable equal to (I) the sum of (a) one-half of the difference
between the Settlement Amount of the party with the higher Settlement Amount (“X”) and the Settlement Amount of the party with the lower Settlement Amount (“Y”) and (b) the Termination Currency Equivalent of the Unpaid
Amounts owing to X less (II) the Termination Currency Equivalent of the Unpaid Amounts owing to Y; and 
 (B) if Loss applies, each party
will determine its Loss in respect of this Agreement (or, if fewer than all the Transactions are being terminated, in respect of all Terminated Transactions) and an amount will be payable equal to one-half of the difference between the Loss of the
party with the higher Loss (“X”) and the Loss of the party with the lower Loss (“Y”). 
 If the amount payable is a
positive number, Y will pay it to X; if it is a negative number, X will pay the absolute value of that amount to Y. 
 (iii)
Adjustment for Bankruptcy. In circumstances where an Early Termination Date occurs because “Automatic Early Termination” applies in respect of a party, the amount determined under this Section 6(e) will be
subject to such adjustments as are appropriate and permitted by law to reflect any payments or deliveries made by one party to the other under this Agreement (and retained by such other party) during the period from the relevant Early Termination
Date to the date for payment determined under Section 6(d)(ii). 
 (iv) Pre-Estimate. The parties agree that
if Market Quotation applies an amount recoverable under this Section 6(e) is a reasonable pre-estimate of loss and not a penalty. Such amount is payable for the loss of bargain and the loss of protection against future risks and except as
otherwise provided in this Agreement neither party will be entitled to recover any additional damages as a consequence of such losses. 
  

					
		  	10	  	ISDA® 1992

	7.	Transfer 

 Subject to Section 6(b)(ii), neither this Agreement
nor any interest or obligation in or under this Agreement may be transferred (whether by way of security or otherwise) by either party without the prior written consent of the other party, except that: — 
 (a) a party may make such a transfer of this Agreement pursuant to a consolidation or amalgamation with, or merger with or into, or transfer of all or substantially all
its assets to, another entity (but without prejudice to any other right or remedy under this Agreement); and 
 (b) a party may make such a transfer of all
or any part of its interest in any amount payable to it from a Defaulting Party under Section 6(e). 
 Any purported transfer that is not in compliance
with this Section will be void. 
  

	8.	Contractual Currency 

 (a) Payment in the Contractual
Currency. Each payment under this Agreement will be made in the relevant currency specified in this Agreement for that payment (the “Contractual Currency”). To the extent permitted by applicable law, any obligation to make
payments under this Agreement in the Contractual Currency will not be discharged or satisfied by any tender in any currency other than the Contractual Currency, except to the extent such tender results in the actual receipt by the party to which
payment is owed, acting in a reasonable manner and in good faith in converting the currency so tendered into the Contractual Currency, of the full amount in the Contractual Currency of all amounts payable in respect of this Agreement. If for any
reason the amount in the Contractual Currency so received falls short of the amount in the Contractual Currency payable in respect of this Agreement, the party required to make the payment will, to the extent permitted by applicable law, immediately
pay such additional amount in the Contractual Currency as may be necessary to compensate for the shortfall. If for any reason the amount in the Contractual Currency so received exceeds the amount in the Contractual Currency payable in respect of
this Agreement, the party receiving the payment will refund promptly the amount of such excess. 
 (b) Judgments. To the extent
permitted by applicable law, if any judgment or order expressed in a currency other than the Contractual Currency is rendered (i) for the payment of any amount owing in respect of this Agreement, (ii) for the payment of any amount relating
to any early termination in respect of this Agreement or (iii) in respect of a judgment or order of another court for the payment of any amount described in (i) or (ii) above, the party seeking recovery, after recovery in full of the
aggregate amount to which such party is entitled pursuant to the judgment or order, will be entitled to receive immediately from the other parry the amount of any shortfall of the Contractual Currency received by such party as a consequence of sums
paid in such other currency and will refund promptly to the other party any excess of the Contractual Currency received by such party as a consequence of sums paid in such other currency if such shortfall or such excess arises or results from any
variation between the rate of exchange at which the Contractual Currency is converted into the currency of the judgment or order for the purposes of such judgment or order and the rate of exchange at which such party is able, acting in a reasonable
manner and in good faith in converting the currency received into the Contractual Currency, to purchase the Contractual Currency with the amount of the currency of the judgment or order actually received by such party. The term “rate of
exchange” includes, without limitation, any premiums and costs of exchange payable in connection with the purchase of or conversion into the Contractual Currency. 
 (c) Separate Indemnities. To the extent permitted by applicable law, these indemnities constitute separate and independent obligations from the other obligations in this Agreement, will be
enforceable as separate and independent causes of action, will apply notwithstanding any indulgence granted by the party to which any payment is owed and will not be affected by judgment being obtained or claim or proof being made for any other sums
payable in respect of this Agreement. 
 (d) Evidence of Loss. For tbe purpose of this Section 8, it will be sufficient for
a party to demonstrate that it would have suffered a loss had an actual exchange or purchase been made. 
  

					
		  	11	  	ISDA® 1992

	9.	Miscellaneous 

 (a) Entire Agreement. This Agreement
constitutes the entire agreement and understanding of the parties with respect to its subject matter and supersedes all oral communication and prior writings with respect thereto. 
 (b) Amendments. No amendment, modification or waiver in respect of this Agreement will be effective unless in writing (including a writing evidenced by a facsimile transmission) and executed by each of
the parties or confirmed by an exchange of telexes or electronic messages on an electronic messaging system. 
 (c) Survival of Obligations.
Without prejudice to Sections 2(a)(iii) and 6(c)(ii), the obligations of the parties under this Agreement will survive the termination of any Transaction. 
 (d) Remedies Cumulative. Except as provided in this Agreement, the rights, powers, remedies and privileges provided in this Agreement are cumulative and not exclusive of any rights, powers, remedies and privileges provided by
law. 
 (e) Counterparts and Confirmations. 
 (i) This Agreement (and each amendment, modification and waiver in respect of it) may be executed and delivered in counterparts (including by facsimile transmission), each of which will be deemed an original. 
 (ii) The parties intend that they are legally bound by the terms of each Transaction from the moment they agree to those terms (whether orally or
otherwise). A Confirmation shall he entered into as soon as practicable and may he executed and delivered in counterparts (including by facsimile transmission) or be created by an exchange of telexes or by an exchange of electronic messages on an
electronic messaging system, which in each case will be sufficient for all purposes to evidence a binding supplement to this Agreement. The parties will specify therein or through another effective means that any such counterpart, telex or
electronic message constitutes a Confirmation. 
 (f) No Waiver of Rights. A failure or delay in exercising any right, power or privilege in
respect of this Agreement will not be presumed to operate as a waiver, and a single or partial exercise of any right, power or privilege will not be presumed to preclude any subsequent or further exercise, of that right, power or privilege or the
exercise of any other right, power or privilege. 
 (g) Headings. The headings used in this Agreement are for convenience of reference only and
are not to affect the construction of or to be taken into consideration in interpreting this Agreement. 
  

	10.	Offices; Multibranch Parties 

 (a) If Section 10(a) is
specified in the Schedule as applying, each party that enters into a Transaction through an Office other than its head or home office represents to the other party that, notwithstanding the place of booking office or jurisdiction of incorporation or
organisation of such party, the obligations of such party are the same as if it had entered into the Transaction through its head or home office. This representation will be deemed to be repeated by such party on each date on which a Transaction is
entered into. 
 (b) Neither party may change the Office through which it makes and receives payments or deliveries for the purpose of a Transaction without
the prior written consent of the other party. 
 (c) If a party is specified as a Multibranch Party in the Schedule, such Multibranch Party may make and
receive payments or deliveries under any Transaction through any Office listed in the Schedule, and the Office through which it makes and receives payments or deliveries with respect to a Transaction will be specified in the relevant Confirmation.

  

	11.	Expenses 

 A Defaulting Party will, on demand, indemnify and hold
harmless the other party for and against all reasonable out-of-pocket expenses, including legal fees and Stamp Tax, incurred by such other party by reason of the enforcement and protection of its rights under this Agreement or any Credit Support
Document to which the Defaulting Party is a party or by reason of the early termination of any Transaction, including, but not limited to, costs of collection. 
  

					
		  	12	  	ISDA® 1992

	12.	Notices 

 (a) Effectiveness. Any notice or other
communication in respect of this Agreement may be given in any manner set forth below (except that a notice or other communication under Section 5 or 6 may not be given by facsimile transmission or electronic messaging system) to the address or
number or in accordance with the electronic messaging system details provided (see the Schedule) and will be deemed effective as indicated:— 
 (i) if in writing and delivered in person or by courier, on the date it is delivered; (ii) if sent by telex, on the date the recipient’s answerback is received; 
 (iii) if sent by facsimile transmission, on the date that transmission is received by a responsible employee of the recipient in legible form (it being
agreed that the burden of proving receipt will be on the sender and will not be met by a transmission report generated by the sender’s facsimile machine); 
 (iv) if sent by certified or registered mail (airmail, if overseas) or the equivalent (return receipt requested), on the date that mail is delivered or its delivery is attempted; or 
 (v) if sent by electronic messaging system, on the date that electronic message is received, 
 unless the date of that delivery (or attempted delivery) or that receipt, as applicable, is not a Local Business Day or that communication is delivered (or attempted) or
received, as applicable, after the close of business on a Local Business Day, in which case that communication shall be deemed given and effective on the first following day that is a Local Business Day. 
 (b) Change of Addresses. Either party may by notice to the other change the address, telex or facsimile number or electronic messaging system details at
which notices or other communications are to be given to it. 
  

	13.	Governing Law and Jurisdiction 

 (a) Governing Law.
This Agreement will be governed by and construed in accordance with the law specified in the Schedule. 
 (b) Jurisdiction. With
respect to any suit, action or proceedings relating to this Agreement (“Proceedings”), each party irrevocably:— 
 (i) submits
to the jurisdiction of the English courts, if this Agreement is expressed to be governed by English law, or to the non-exclusive jurisdiction of the courts of the State of New York and the United States District Court located in the Borough of
Manhattan in New York City, if this Agreement is expressed to be governed by the laws of the State of New York; and 
 (ii) waives any
objection which it may have at any time to the laying of venue of any Proceedings brought in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to
such Proceedings, that such court does not have any jurisdiction over such party. 
 Nothing in this Agreement precludes either party from bringing
Proceedings in any other jurisdiction (outside, if this Agreement is expressed to be governed by English law, the Contracting States, as defined in Section 1(3) of the Civil Jurisdiction and Judgments Act 1982 or any modification, extension or
re-enactment thereof for the time being in force) nor will the bringing of Proceedings in any one or more jurisdictions preclude the bringing of Proceedings in any other jurisdiction. 
 (c) Service of Process. Each party irrevocably appoints the Process Agent (if any) specified opposite its name in the Schedule to receive, for it and on its behalf, service of process in any Proceedings.
If for any 

  

					
		  	13	  	ISDA® 1992

 
reason any party’s Process Agent is unable to act as such, such party will promptly notify the other party and within 30 days appoint a substitute
process agent acceptable to the other party. The parties irrevocably consent to service of process given in the manner provided for notices in Section 12. Nothing in this Agreement will affect the right of either party to serve process in any
other manner permitted by law. 
 (d) Waiver of Immunities. Each party irrevocably waives, to the fullest extent permitted by applicable law,
with respect to itself and its revenues and assets (irrespective of their use or intended use), all immunity on the grounds of sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any court, (iii) relief by way of
injunction, order for specific performance or for recovery of property, (iv) attachment of its assets (whether before or after judgment) and (v) execution or enforcement of any judgment to which it or its revenues or assets might otherwise
be entitled in any Proceedings in the courts of any jurisdiction and irrevocably agrees, to the extent permitted by applicable law, that it will not claim any such immunity in any Proceedings. 
  

	14.	Definitions 

 As used in this Agreement:— 
 “Additional Termination Event” has the meaning specified in Section 5(b). 
 “Affected Party” has the meaning specified in Section 5(b). 
 “Affected
Transactions” means (a) with respect to any Termination Event consisting of an Illegality, Tax Event or Tax Event Upon Merger, all Transactions affected by the occurrence of such Termination Event and (b) with respect to any
other Termination Event, all Transactions. 
 “Affiliate” means, subject to the Schedule, in relation to any person, any entity
controlled, directly or indirectly, by the person, any entity that controls, directly or indirectly, the person or any entity directly or indirectly under common control with the person. For this purpose, “control” of any entity or person
means ownership of a majority of the voting power of the entity or person. 
 “Applicable Rate” means:— 
 (a) in respect of obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate; 
 (b) in respect of an obligation to pay an amount under Section 6(e) of either party from and after the date (determined in accordance with Section 6(d)(ii)) on
which that amount is payable, the Default Rate; 
 (c) in respect of all other obligations payable or deliverable (or which would have been but for
Section 2(a)(iii)) by a Non-defaulting Party, the Non-default Rate; and 
  

	(d)	in all other cases, the Termination Rate.  

 “Burdened Party” has the meaning specified in Section 5(b). 
 “Change in Tax Law” means the
enactment, promulgation, execution or ratification of, or any change in or amendment to, any law (or in the application or official interpretation of any law) that occurs on or after the date on which the relevant Transaction is entered into.

 “consent” includes a consent, approval, action, authorisation, exemption, notice, filing, registration or exchange control
consent. 
 “Credit Event Upon Merger” has the meaning specified in Section 5(b). 
 “Credit Support Document” means any agreement or instrument that is specified as such in this Agreement. 
 “Credit Support Provider” has the meaning specified in the Schedule. 
 “Default Rate” means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the relevant payee (as certified by it) if it were to fund or of funding the relevant
amount plus 1% per annum. 
  

					
		  	14	  	ISDA® 1992

 “Defaulting Party” has the meaning specified in Section 6(a). 
 “Early Termination Date” means the date determined in accordance with Section 6(a) or 6(b)(iv).  
 “Event of Default” has the meaning specified in Section 5(a) and, if applicable, in the Schedule.  
 “Illegality” has the meaning specified in Section 5(b). 
 “Indemnifiable Tax” means any Tax other than a Tax that would not be imposed in respect of a payment under this Agreement but for a present or former connection between the jurisdiction of the
government or taxation authority imposing such Tax and the recipient of such payment or a person related to such recipient (including, without limitation, a connection arising from such recipient or related person being or having been a citizen or
resident of such jurisdiction, or being or having been organised, present or engaged in a trade or business in such jurisdiction, or having or having had a permanent establishment or fixed place of business in such jurisdiction, but excluding a
connection arising solely from such recipient or related person having executed, delivered, performed its obligations or received a payment under, or enforced, this Agreement or a Credit Support Document). 
 “law” includes any treaty, law, rule or regulation (as modified, in the case of tax matters, by the practice of any relevant governmental revenue
authority) and “lawful” and “unlawful” will be construed accordingly. 
 “Local Business Day”
means, subject to the Schedule, a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) (a) in relation to any obligation under Section 2(a)(i), in the place(s)
specified in the relevant Confirmation or, if not so specified, as otherwise agreed by the parties in writing or determined pursuant to provisions contained, or incorporated by reference, in this Agreement, (b) in relation to any other payment,
in the place where the relevant account is located and, if different, in the principal financial centre, if any, of the currency of such payment, (c) in relation to any notice or other communication, including notice contemplated under
Section 5(a)(i), in the city specified in the address for notice provided by the recipient and, in the case of a notice contemplated by Section 2(b), in the place where the relevant new account is to be located and (d) in relation to
Section 5(a)(v)(2), in the relevant locations for performance with respect to such Specified Transaction. 
 “Loss” means, with
respect to this Agreement or one or more Terminated Transactions, as the case may be, and a party, the Termination Currency Equivalent of an amount that party reasonably determines in good faith to be its total losses and costs (or gain, in which
case expressed as a negative number) in connection with this Agreement or that Terminated Transaction or group of Terminated Transactions, as the case may be, including any loss of bargain, cost of funding or, at the election of such party but
without duplication, loss or cost incurred as a result of its terminating, liquidating, obtaining or reestablishing any hedge or related trading position (or any gain resulting from any of them). Loss includes losses and costs (or gains) in respect
of any payment or delivery required to have been made (assuming satisfaction of each applicable condition precedent) on or before the relevant Early Termination Date and not made, except, so as to avoid duplication, if Section 6(e)(i)(l) or
(3) or 6(e)(ii)(2)(A) applies. Loss does not include a party’s legal fees and out-of-pocket expenses referred to under Section 11. A party will determine its Loss as of the relevant Early Termination Date, or, if that is not
reasonably practicable, as of the earliest date thereafter as is reasonably practicable. A party may (but need not) determine its Loss by reference to quotations of relevant rates or prices from one or more leading dealers in the relevant markets.

 “Market Quotation” means, with respect to one or more Terminated Transactions and a party making the determination, an amount
determined on the basis of quotations from Reference Market-makers. Each quotation will be for an amount, if any, that would be paid to such party (expressed as a negative number) or by such party (expressed as a positive number) in consideration of
an agreement between such party (taking into account any existing Credit Support Document with respect to the obligations of such party) and the quoting Reference Market-maker to enter into a transaction (the “Replacement Transaction”)
that would have the effect of preserving for such party the economic equivalent of any payment or delivery (whether the underlying obligation was absolute or contingent and assuming the satisfaction of each applicable condition precedent) by the
parties under Section 2(a)(i) in respect of such Terminated Transaction or group of Terminated Transactions that would, but for the occurrence of the relevant Early Termination Date, have 

  

					
		  	15	  	ISDA® 1992

 
been required after that date. For this purpose, Unpaid Amounts in respect of the Terminated Transaction or group of Terminated Transactions are to be
excluded but, without limitation, any payment or delivery that would, but for the relevant Early Termination Date, have been required (assuming satisfaction of each applicable condition precedent) after that Early Termination Date is to be included.
The Replacement Transaction would be subject to such documentation as such party and the Reference Market-maker may, in good faith, agree. The party making the determination (or its agent) will request each Reference Market-maker to provide its
quotation to the extent reasonably practicable as of the same day and time (without regard to different time zones) on or as soon as reasonably practicable after the relevant Early Termination Date. The day and time as of which those quotations are
to be obtained will be selected in good faith by the party obliged to make a determination under Section 6(e), and, if each party is so obliged, after consultation with the other. If more than three quotations are provided, the Market Quotation
will be the arithmetic mean of the quotations, without regard to the quotations having the highest and lowest values. If exactly three such quotations are provided, the Market Quotation will be the quotation remaining after disregarding the highest
and lowest quotations. For this purpose, if more than one quotation has the same highest value or lowest value, then one of such quotations shall be disregarded. If fewer than three quotations are provided, it will be deemed that the Market
Quotation in respect of such Terminated Transaction or group of Terminated Transactions cannot be determined. 
 “Non-default Rate”
means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the Non-defaulting Party (as certified by it) if it were to fund the relevant amount. 
 “Non-defaulting Party” has the meaning specified in Section 6(a). 
 “Office”
means a branch or office of a party, which may be such party’s head or home office. 
 “Potential Event of Default”
means any event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default. 
 “Reference
Market-makers” means four leading dealers in the relevant market selected by the party determining a Market Quotation in good faith (a) from among dealers of the highest credit standing which satisfy all the criteria that such
party applies generally at the time in deciding whether to offer or to make an extension of credit and (b) to the extent practicable, from among such dealers having an office in the same city. 
 “Relevant Jurisdiction” means, with respect to a party, the jurisdictions (a) in which the party is incorporated, organised, managed and
controlled or considered to have its seat, (b) where an Office through which the party is acting for purposes of this Agreement is located, (c) in which the party executes this Agreement and (d) in relation to any payment, from or
through which such payment is made. 
 “Scheduled Payment Date” means a date on which a payment or delivery is
to be made under Section 2(a)(i) with respect to a Transaction. 
 “Set-off” means set-off, offset, combination of accounts,
right of retention or withholding or similar right or requirement to which the payer of an amount under Section 6 is entitled or subject (whether arising under this Agreement, another contract, applicable law or otherwise) that is exercised by,
or imposed on, such payer. 
 “Settlement Amount” means, with respect to a party and any Early Termination Date, the sum of: —

 (a) the Termination Currency Equivalent of the Market Quotations (whether positive or negative) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation is determined; and 
 (b) such party’s Loss (whether positive or negative and without reference to any Unpaid
Amounts) for each Terminated Transaction or group of Terminated Transactions for which a Market Quotation cannot be determined or would not (in the reasonable belief of the party making the determination) produce a commercially reasonable result.

 “Specified Entity” has the meanings specified in the Schedule. 
  

					
		  	16	  	ISDA® 1992

 “Specified Indebtedness” means, subject to the Schedule, any obligation (whether present or
future, contingent or otherwise, as principal or surety or otherwise) in respect of borrowed money. 
 “Specified Transaction” means,
subject to the Schedule, (a) any transaction (including an agreement with respect thereto) now existing or hereafter entered into between one party to this Agreement (or any Credit Support Provider of such party or any applicable Specified
Entity of such party) and the other party to this Agreement (or any Credit Support Provider of such other party or any applicable Specified Entity of such other party) which is a rate swap transaction, basis swap, forward rate transaction, commodity
swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency
rate swap transaction, currency option or any other similar transaction (including any option with respect to any of these transactions), (b) any combination of these transactions and (c) any other transaction identified as a Specified
Transaction in this Agreement or the relevant confirmation. 
 “Stamp Tax” means any stamp, registration, documentation or similar
tax. 
 “Tax” means any present or future tax, levy, impost, duty, charge, assessment or fee of any nature (including interest,
penalties and additions thereto) that is imposed by any government or other taxing authority in respect of any payment under this Agreement other than a stamp, registration, documentation or similar tax. 
 “Tax Event” has the meaning specified in Section 5(b). 
 “Tax Event Upon Merger” has the meaning specified in Section 5(b). 
 “Terminated Transactions”
means with respect to any Early Termination Date (a) if resulting from a Termination Event, all Affected Transactions and (b) if resulting from an Event of Default, all Transactions (in either case) in effect immediately before the
effectiveness of the notice designating that Early Termination Date (or, if “Automatic Early Termination” applies, immediately before that Early Termination Date). 
 “Termination Currency” has the meaning specified in the Schedule. 
 “Termination Currency
Equivalent” means, in respect of any amount denominated in the Termination Currency, such Termination Currency amount and, in respect of any amount denominated in a currency other than the Termination Currency (the “Other
Currency”), the amount in the Termination Currency determined by the party making the relevant determination as being required to purchase such amount of such Other Currency as at the relevant Early Termination Date, or, if the relevant Market
Quotation or Loss (as the case may be), is determined as of a later date, that later date, with the Termination Currency at the rate equal to the spot exchange rate of the foreign exchange agent (selected as provided below) for the purchase of such
Other Currency with the Termination Currency at or about 11:00 a.m. (in the city in which such foreign exchange agent is located) on such date as would be customary for the determination of such a rate for the purchase of such Other Currency for
value on the relevant Early Termination Date or that later date. The foreign exchange agent will, if only one party is obliged to make a determination under Section 6(e), be selected in good faith by that party and otherwise will be agreed by
the parties. 
 “Termination Event” means an Illegality, a Tax Event or a Tax Event Upon Merger or, if specified to be applicable, a
Credit Event Upon Merger or an Additional Termination Event. 
 “Termination Rate” means a rate per annum equal to the arithmetic
mean of the cost (without proof or evidence of any actual cost) to each party (as certified by such party) if it were to fund or of funding such amounts. 
 “Unpaid Amounts” owing to any party means, with respect to an Early Termination Date, the aggregate of (a) in respect of all Terminated Transactions, the amounts that became payable (or that would have become
payable but for Section 2(a)(iii)) to such party under Section 2(a)(i) on or prior to such Early Termination Date and which remain unpaid as at such Early Termination Date and (b) in respect of each Terminated Transaction, for each
obligation under Section 2(a)(i) which was (or would have been but for Section 2(a)(iii)) required to be settled by delivery to such party on or prior to such Early Termination Date and which has not been so settled as at such Early
Termination Date, an amount equal to the fair market 

  

					
		  	17	  	ISDA® 1992

 
value of that which was (or would have been) required to be delivered as of the originally scheduled date for delivery, in each case together with (to the
extent permitted under applicable law) interest, in this currency of such amounts, from (and including) the date such amounts or obligations were or would have been required to have been paid or performed to (but excluding) such Early Termination
Date, at the Applicable Rate. Such amounts of interest will be calculated on the basis of daily compounding and the actual number of days elapsed. The fair market value of any obligation referred to in clause (b) above shall be reasonably
determined by the party obliged to make the determination under Section 6(e) or, i each party is so obliged, it shall be the average of the Termination Currency Equivalents of the fair market values reasonably determined by both parties.

 IN WITNESS WHEREOF the parties have executed this document on the respective date specified below with effect from the date specified on
the first page of this document. 
  

									
	CREDIT SUISSE INTERNATIONAL	  		 	CAPITAL ONE AUTO FINANCE TRUST 2007-B
				
		  		  		 	By: Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee
					
	By:	  	 /s/ Marleen Nobile
	  		 	By:	 	  

	Name:	  	Marleen Nobile	  		 	Name:	 	
	Title:	  	Authorized Signatory	  		 	Title:	 	
	Date:	  		  		 	Date:	 	
					
		  	 /s/ MARISA SCAUZILLO
	  		 		 	
		  	MARISA SCAUZILLO	  		 		 	
		  	AUTHORIZED SIGNATORY	  		 		 	

  

					
		  	S-1	  	ISDA Master Agreement

 (COAFT 2007-B) 

 value of that which was (or would have been) required to be delivered as of the originally scheduled date for delivery,
in each case together with (to the extent permitted under applicable law) interest, in the currency of such amounts, from (and including) the date such amounts or obligations were or would have been required to have been paid or performed to (but
excluding) such Early Termination Date, at the Applicable Rate. Such amounts of interest will be calculated on the basis of daily compounding and the actual number of days elapsed. The fair market value of any obligation referred to in clause
(b) above shall be reasonably determined by the party obliged to make the determination under Section 6(e) or, if each party is so obliged, it shall be the average of the Termination Currency Equivalents of the fair market values
reasonably determined by both parties. 
 IN WITNESS WHEREOF the parties have executed this document on the respective dates specified below with effect from
the date specified on the first page of this document. 
  

									
	CREDIT SUISSE INTERNATIONAL	 		  	CAPITAL ONE AUTO FINANCE TRUST 2007-B
				
		 		 		  	By: Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee
					
	By:	 	  
	 		  	By:	 	 /s/ J Christopher Murphy

	Name:	 		 		  	Name:	 	J Christopher Murphy
	Title:	 		 		  	Title	 	Financial Services Officer
	Date:	 		 		  	Date	 	

  

					
		  	S-1	  	ISDA Master Agreement

 (COAFT 2007-B)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}]]