CAPITAL ONE MULTI-ASSET EXECUTION TRUST CARD SERIES CLASS A(2006-1) ASSET BACKED NOTES TERMS AGREEMENT

EXHIBIT 1.1(b)

CAPITAL ONE MULTI-ASSET EXECUTION TRUST

CARD SERIES

CLASS A(2006-1)

ASSET BACKED NOTES

TERMS AGREEMENT

Dated: January 18, 2006                    

To: CAPITAL ONE MULTI-ASSET EXECUTION TRUST

CAPITAL ONE FUNDING, LLC

Re: Underwriting Agreement, dated January 13, 2006

Series Designation:		Card series
Registration Statement:		Nos. 333-130862, ▇▇▇-▇▇▇▇▇▇-▇▇ and ▇▇▇-▇▇▇▇▇▇-▇▇
Terms of the Notes:

Initial Principal Amount		Interest Rate or Formula		Price to Public (1)
$500,000,000		One-month LIBOR plus 0.035% per annum		100.0%

(1) Plus accrued interest, if any, at the applicable rate from January 20, 2006

Interest Payment Dates:

The 15^th day of each month (or, if not a Business Day, the next succeeding Business Day), commencing February 15, 2006.

Underwriters:

The Underwriters named on Schedule I attached hereto are the “Underwriters” for the purpose of this Agreement and for the purposes of the above-referenced Underwriting Agreement as such Underwriting Agreement is incorporated herein and made a part hereof.

Note Ratings:

Aaa by ▇▇▇▇▇’▇

AAA by Standard & Poor’s

AAA by Fitch

Owner Trustee: Deutsche Bank Trust Company Delaware.

Indenture Trustee: The Bank of New York.

Indenture: The Indenture, dated as of October 9, 2002 and as amended and restated as of January 13, 2006, between Capital One Multi-asset Execution Trust (the “Issuer”) as Issuer and The Bank of New York, as Indenture Trustee.

Asset Pool Supplement: The Asset Pool 1 Supplement, dated as of October 9, 2002 between the Issuer and the Indenture Trustee, as amended and supplemented from time to time.

Indenture Supplement: The Card Series Indenture Supplement, dated as of October 9, 2002.

Terms Document: The Class A(2006-1) Terms Document, dated as of January 20, 2006.

Pooling and Servicing Agreement: The Amended and Restated Pooling and Servicing Agreement, dated as of September 30, 1993 and as amended and restated as of August 1, 2002 and January 13, 2006, respectively, among Capital One Funding, LLC, as Transferor, Capital One Bank, as Servicer and the Bank of New York, as Master Trust Trustee.

Series Supplement: The Series 2002-CC Series Supplement, dated as of October 9, 2002.

Purchase Price:

The purchase price payable by the Underwriters for the Notes covered by this Agreement will be 99.70% of the principal amount of Notes to be issued.

Commissions, Concessions and Discounts:

The Underwriters’ discounts and commissions, the concessions that the Underwriters may allow to certain dealers, and the discounts that such dealers may reallow to certain other dealers, each expressed as a percentage of the principal amount of the Notes, shall be as follows:

Discounts and Commissions		Price Concessions		Reallowance
0.30%		not in excess of 0.18%		not in excess of 0.09%

2

Reimbursement of Expenses:

The Underwriters shall reimburse the Company for an amount not to exceed $0 for application towards expenses.

Time of Sale:

9:16 a.m. (Eastern Time (U.S.)) on January 18, 2006 (the time the first contract of sale was entered into as designated by the Representatives).

Closing Date:

Pursuant to Rule 15c6-1(d) under the Securities Exchange Act of 1934, as amended, the Underwriters, the Company and the Issuer hereby agree that the Closing Date shall be January 20, 2006, 10:00 a.m., New York City time.

Location of Closing:

▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇ LLP

Washington Harbour

▇▇▇▇ ▇ ▇▇▇▇▇▇, ▇▇

▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇

Address for Notice to Representative:

▇.▇. ▇▇▇▇▇▇ Securities Inc.

as Underwriter or as a Representative

of the Underwriters named in the Terms Agreement

▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇^▇▇ ▇▇▇▇▇

▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇

Attention:        ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇

Telephone:      (▇▇▇) ▇▇▇-▇▇▇▇

Fax:                  (▇▇▇) ▇▇▇-▇▇▇▇

▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & Co. Incorporated

as a Representative of the Underwriters

named in Schedule I hereto

▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇

▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇

Attention: Securitized Products Group- ▇▇▇▇ ▇▇▇▇▇▇▇▇▇

Telephone:    (▇▇▇) ▇▇▇-▇▇▇▇

Fax:                (▇▇▇) ▇▇▇-▇▇▇▇

Underwriters’ Foreign Jurisdiction Distributions:

Pursuant to Section 6(d)(iii) of the Underwriting Agreement, each Underwriter agrees to provide the Company, after the Closing Date, with a list of any foreign

3

jurisdictions to which that Underwriter delivered a written confirmation in connection with its sale of Notes (it being expressly understood, for the avoidance of doubt, that this provision relates only to the initial distribution of the Notes, and not to secondary market sales).

4

The Underwriters agree, severally and not jointly, subject to the terms and provisions of the above-referenced Underwriting Agreement which is incorporated herein in its entirety and made a part hereof, to purchase the principal amount of the above-referenced Series of Notes set forth opposite their names on Schedule I hereto.

▇.▇. ▇▇▇▇▇▇ SECURITIES INC.,
as Underwriter or as a Representative of the Underwriters named on Schedule I hereto
By:		/s/ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇
Name:		▇▇▇▇ ▇▇▇▇▇▇▇▇▇
Title:		Vice President
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & CO. INCORPORATED, as Underwriter or as a Representative of the
Underwriters named on Schedule I hereto
By:		/s/ ▇▇▇▇▇ ▇▇▇▇
Name:		▇▇▇▇▇ ▇▇▇▇
Title:		Managing Director

[Signature Page to Capital One Multi-asset Execution Trust (Card series

Class A(2006-1)) Terms Agreement]

Accepted:
CAPITAL ONE MULTI-ASSET EXECUTION TRUST, as Issuer
		By:		Capital One Funding, LLC, not in its individual
				capacity but solely as Beneficiary on behalf of the Issuer
By:		/s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇
Name:		▇▇▇▇▇▇▇ ▇▇▇▇▇
Title:		Assistant Vice President
CAPITAL ONE FUNDING, LLC, as Originator and Transferor
By:		/s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇
Name:		▇▇▇▇▇▇▇ ▇▇▇▇▇
Title:		Assistant Vice President
CAPITAL ONE BANK, as a Seller
By:		/s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Name:		▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Title:		Director of Capital Markets
CAPITAL ONE, F.S.B., as a Seller
By:		/s/ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇
Name:		▇▇▇▇▇ ▇▇▇▇▇▇▇▇
Title:		Director of Capital Markets

[Signature Page to Capital One Multi-asset Execution Trust (Card series

Class A(2006-1)) Terms Agreement]

SCHEDULE I

UNDERWRITERS

$500,000,000 Principal Amount of Card series Class A(2006-1) Notes

Underwriters		Principal Amount
▇.▇. ▇▇▇▇▇▇ Securities Inc.		$	250,000,000
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & Co. Incorporated			250,000,000
Total		$	500,000,000