CAPITAL ONE FINANCIAL CORP
EXHIBIT 10.22.1
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<TYPE>EX-10.22.1
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<FILENAME>w62961exv10w22w1.htm
<DESCRIPTION>EXHIBIT 10.22.1
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<P align="right"><FONT size="2"><B>EXHIBIT 10.26.1</B>
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<P align="right"><FONT size="2">June&nbsp;28, 2002
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<P><FONT size="2">Capital One Services, Inc.<BR>
2980 Fairview Park Drive<BR>
Suite&nbsp;1300<BR>
Falls Church, Virginia 22042<BR>
Attention: Director of Capital Markets
</FONT>
<P><FONT size="2">Capital One Financial Corporation<BR>
2980 Fairview Park Drive, Suite&nbsp;1300<BR>
Falls Church, Virginia 22042<BR>
Attention: Director of Capital Markets
</FONT>
<P><FONT size="2">EACH OF THE LENDERS AND HOLDERS UNDER THE<BR>
PARTICIPATION AGREEMENT REFERENCED BELOW
</FONT>
<P><FONT size="2">Wells Fargo Bank Northwest, National Association<BR>
(formerly First Security Bank, National Association),<BR>
as Owner Trustee under the Capital One Realty Trust 1998-1<BR>
Corporate Trust Services<BR>
MAC: U1254-031<BR>
79 South Main Street, 3rd Floor<BR>
Salt Lake City, Utah 84111
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Re: Capital One Synthetic Lease Facility (COSI)</I></B>
</FONT>
<P><FONT size="2">Ladies and Gentlemen:
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the purposes of this consent letter (the &#147;Consent Letter&#148;),
capitalized terms used but not otherwise defined herein shall have the meanings
set forth in Appendix&nbsp;A to that certain Participation Agreement, dated as of
September&nbsp;3, 1999 (as amended, modified, extended, supplemented, restated
and/or replaced from time to time, the &#147;Participation Agreement&#148;) among Capital
One Services, Inc., as the Lessee and the Construction Agent, Capital One
Financial Corporation, as Guarantor, Wells Fargo Bank Northwest, National
Association (formerly, First Security Bank, National Association), not
individually, but solely as Owner Trustee under the Capital One Realty Trust
1998-1, the various banks and other lending institutions which are parties
thereto from time to time, as the Holders, the various banks and other lending
institutions which are parties thereto from time to time, as the Lenders, and
Bank of America, N.A., as administrative agent for the Lenders and respecting
the Security Documents, as the administrative agent for the Lenders and the
Holders, to the extent of their interests. The rules of usage set forth in
Appendix&nbsp;A to the Participation Agreement shall apply herein.
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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is hereby made to (i)&nbsp;the Capital One Credit Agreement, (ii)&nbsp;the
Incorporated Representations and Warranties and the Incorporated Covenants (and
all other relevant provisions of the Capital One Credit Agreement related
thereto, including specifically without limitation the defined terms contained
in Section&nbsp;1 thereof which are used in the Incorporated Representations and
Warranties and the Incorporated Covenants) as are incorporated by reference
pursuant to Section&nbsp;28.1 of the Lease Agreement, and (iii)&nbsp;to that certain
Amendment No.&nbsp;2 to the Capital One Credit Agreement dated as of the date hereof
substantially in the form attached hereto as Exhibit&nbsp;A (the &#147;Amendment&#148;).
Section&nbsp;28.1 of the Lease Agreement provides that the Incorporated
Representations and Warranties and the Incorporated Covenants (and all other
relevant provisions of the Capital One Credit Agreement related thereto,
including specifically without limitation the defined terms contained in
Section&nbsp;1 thereof which are used in the Incorporated Representations and
Warranties and the Incorporated Covenants) may only be amended or replaced with
the written consent of the Majority Lenders. By their execution of this
Consent Letter, each of the parties hereto consents to the amendments and
modifications in the Amendment and such amendments and modifications shall be
incorporated into and effective with respect to the Incorporated
Representations and Warranties and the Incorporated Covenants (as applicable).
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The effectiveness of this Consent Letter is subject to (i)&nbsp;receipt by the
Agent of counterparts of this Consent Letter duly executed by the Lessee, the
Owner Trustee and the Majority Lenders, and (ii)&nbsp;the prior or simultaneous
effectiveness of the Amendment.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Lessee hereby represents and warrants that (i)&nbsp;the Incorporated
Representations and Warranties are true and accurate as of the date hereof as
if made on the date hereof, except to the extent such representations and
warranties relate solely to an earlier date, in which case such representations
and warranties were true and accurate as of such earlier date, (ii)&nbsp;all other
representations and warranties contained in Sections&nbsp;7.3, 8.1, 8.2 and 8.3 of
the Participation Agreement were true and accurate as of May&nbsp;31, 2002 as if
made on May&nbsp;31, 2002, except to the extent such representations and warranties
relate solely to an earlier date, in which case such representations and
warranties were true and accurate as of such earlier date, (iii)&nbsp;no event or
condition exists, or would result from the consummation of the transactions
contemplated hereby, which constitutes a Default or an Event of Default, (iv)
each Operative Agreement to which such Person is a party remains in full force
and effect with respect to it, and (v)&nbsp;it knows of no event that would or with
the passage of time or giving of notice or both could constitute a Casualty.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS CONSENT LETTER AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH
THE LAWS OF THE COMMONWEALTH OF VIRGINIA.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE PROVISIONS OF THE PARTICIPATION AGREEMENT RELATING TO SUBMISSION TO
JURISDICTION, VENUE AND ARBITRATION ARE HEREBY
</FONT>
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<P><FONT size="2">INCORPORATED BY REFERENCE HEREIN, MUTATIS MUTANDIS. Any provision of this
Consent Letter that is prohibited or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate
or render unenforceable such provision in any other jurisdiction.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Lessee agrees to pay all reasonable costs and expenses of the Agent in
connection with the preparation, execution and delivery of this Consent Letter,
including without limitation the reasonable fees and expenses of Moore &#038; Van
Allen PLLC.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Consent Letter may be executed in any number of counterparts and by
the parties hereto in separate counterparts, each of which when so executed and
delivered shall be deemed to be an original and all of which taken together
shall constitute one and the same instrument. Delivery of an executed
counterpart by telecopy shall be effective as an original. Delivery of an
executed counterpart of a signature page hereto by telecopier or any similar
method shall be effective as delivery of a manually executed counterpart
hereto.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as modified hereby, all of the terms and provisions of each
Operative Agreement shall remain in full force and effect.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please acknowledge your agreement and consent to the foregoing by signing
this letter as indicated below.
</FONT>
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        <TD valign="top"><FONT size="2">Sincerely,</FONT></TD>
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<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">BANK OF AMERICA, N.A., as the Agent</FONT></TD>
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<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">By:</FONT></TD>
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        <TD valign="top"><FONT size="2">
</FONT><HR size="1" noshade><FONT size="2">
Name:</FONT></TD>
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        <TD valign="top"><FONT size="2">
</FONT><HR size="1" noshade><FONT size="2">
Title:</FONT></TD>
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        <TD valign="top"><FONT size="2">
</FONT><HR size="1" noshade><FONT size="2"></FONT></TD>
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<P align="center"><FONT size="2">&#091;Acknowledgment Pages to Follow&#093;
</FONT>
<P align="center"><FONT size="2">&nbsp;</FONT>
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        <TD valign="top"><FONT size="2">ACCEPTED AND AGREED:</FONT></TD>
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<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">CAPITAL ONE SERVICES, INC., as<BR>
Construction Agent and as Lessee</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">By:</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">
</FONT><HR size="1" noshade><FONT size="2">
Name:</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">
</FONT><HR size="1" noshade><FONT size="2">
Title:</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">
</FONT><HR size="1" noshade><FONT size="2"></FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">CAPITAL ONE FINANCIAL CORPORATION,<BR>
as Guarantor</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">By:</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">
</FONT><HR size="1" noshade><FONT size="2">
Name:</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">
</FONT><HR size="1" noshade><FONT size="2">
Title:</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">
</FONT><HR size="1" noshade><FONT size="2"></FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">WELLS FARGO BANK NORTHWEST, NATIONAL
ASSOCIATION (formerly, First Security Bank,
National Association), not individually,
but solely as Owner Trustee under the
Capital One Realty Trust 1998-1</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">By:</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">
</FONT><HR size="1" noshade><FONT size="2">
Name:</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">
</FONT><HR size="1" noshade><FONT size="2">
Title:</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">
</FONT><HR size="1" noshade><FONT size="2"></FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">BANK OF AMERICA, N.A.,<BR>
as a Lender</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">By:</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">
</FONT><HR size="1" noshade><FONT size="2">
Name:</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">
</FONT><HR size="1" noshade><FONT size="2">
Title:</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">
</FONT><HR size="1" noshade><FONT size="2"></FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">FIRST NATIONAL BANK OF CHICAGO,<BR>
as a Lender</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">By:</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">
</FONT><HR size="1" noshade><FONT size="2">
Name:</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">
</FONT><HR size="1" noshade><FONT size="2">
Title:</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">
</FONT><HR size="1" noshade><FONT size="2"></FONT></TD>
</TR>
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        <TD width="100%">&nbsp;</TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">BARCLAYS BANK PLC, as a Lender</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">By:</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">
</FONT><HR size="1" noshade><FONT size="2">
Name:</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">
</FONT><HR size="1" noshade><FONT size="2">
Title:</FONT></TD>
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        <TD valign="top"><FONT size="2">
</FONT><HR size="1" noshade><FONT size="2"></FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">WACHOVIA BANK, NATIONAL ASSOCIATION<BR>
(formerly, First Union National Bank),
as a Lender</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">By:</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">
</FONT><HR size="1" noshade><FONT size="2">
Name:</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">
</FONT><HR size="1" noshade><FONT size="2">
Title:</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">
</FONT><HR size="1" noshade><FONT size="2"></FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">BMO GLOBAL CAPITAL SOLUTIONS, INC.,<BR>
as a Lender</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">By:</FONT></TD>
</TR>
<TR valign="bottom">
<TD valign="top"><FONT size="2">
</FONT><HR size="1" noshade><FONT size="2">
Name:</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">
</FONT><HR size="1" noshade><FONT size="2">
Title:</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">
</FONT><HR size="1" noshade><FONT size="2"></FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">BANK OF MONTREAL, as a Lender</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">By:</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">
</FONT><HR size="1" noshade><FONT size="2">
Name:</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">
</FONT><HR size="1" noshade><FONT size="2">
Title:</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">
</FONT><HR size="1" noshade><FONT size="2"></FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">KBC BANK N.V., as a Lender</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">By:</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">
</FONT><HR size="1" noshade><FONT size="2">
Name:</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">
</FONT><HR size="1" noshade><FONT size="2">
Title:</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">
</FONT><HR size="1" noshade><FONT size="2"></FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">CREDIT LYONNAIS - NY BRANCH,  as a Lender</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">By:</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">
</FONT><HR size="1" noshade><FONT size="2">
Name:</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">
</FONT><HR size="1" noshade><FONT size="2">
Title:</FONT></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">
</FONT><HR size="1" noshade><FONT size="2"></FONT></TD>
</TR>
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<P align="center"><FONT size="2">&#091;Signature pages end&#093;
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<P align="center"><FONT size="2">Exhibit&nbsp;A
</FONT>
<P align="center"><FONT size="2">Amendment No.&nbsp;2 to the Capital One Credit Agreement
</FONT>

<P align="center"><FONT size="2">&nbsp;</FONT>




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