Exhibit 1.2
CAPITAL ONE AUTO FINANCE TRUST 2006-C
ASSET BACKED NOTES
TERMS AGREEMENT
Dated: November 14, 2006
| To: | CAPITAL ONE AUTO FINANCE, INC. |
CAPITAL ONE AUTO RECEIVABLES, LLC
| Re: | Underwriting Agreement, dated November 9, 2006 |
1.Terms of the Notes
| | | | | | | | |
Class | | Initial Note Balance | | Interest Rate | | | Final Scheduled Payment
Date |
A-1 | | $ | 349,000,000 | | 5.34 | % | | December 14, 2007 |
A-2 | | $ | 334,000,000 | | 5.31 | % | | July 15, 2009 |
A-3-A | | $ | 294,500,000 | | 5.07 | % | | July 15, 2011 |
A-3-B | | $ | 294,500,000 | | LIBOR + 0.01 | % | | July 15, 2011 |
A-4 | | $ | 478,000,000 | | LIBOR + 0.03 | % | | May 15, 2013 |
2.Underwriters
The Underwriters named below 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.
Banc of America Securities LLC
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Wachovia Capital Markets, LLC
ABN AMRO Incorporated
Credit Suisse Securities (USA) LLC
Deutsche Bank Securities Inc.
Morgan Stanley & Co. Incorporated
RBC Capital Markets Corporation
3.Ratings
| | | | | | |
| Class | | Rating Agency |
| | Standard & Poor’s | | Moody’s | | Fitch |
| A-1 | | A-1+ | | Prime-1 | | F1+ |
| A-2 | | AAA | | Aaa | | AAA |
| A-3-A | | AAA | | Aaa | | AAA |
| A-3-B | | AAA | | Aaa | | AAA |
| A-4 | | AAA | | Aaa | | AAA |
4.Underwriting Liability
| | | | | | | | | | | | | | | |
Underwriting Liability | | Class A-1 | | Class A-2 | | Class A-3-A | | Class A-3-B | | Class A-4 |
Wachovia Capital Markets, LLC | | $ | 44,000,000 | | $ | 42,000,000 | | $ | 37,000,000 | | $ | 37,000,000 | | $ | 60,000,000 |
Banc of America Securities LLC | | $ | 44,000,000 | | $ | 42,000,000 | | $ | 37,000,000 | | $ | 37,000,000 | | $ | 60,000,000 |
Merrill Lynch, Pierce, Fenner & Smith Incorporated | | $ | 44,000,000 | | $ | 42,000,000 | | $ | 37,000,000 | | $ | 37,000,000 | | $ | 60,000,000 |
ABN AMRO Incorporated | | $ | 43,400,000 | | $ | 41,600,000 | | $ | 36,700,000 | | $ | 36,700,000 | | $ | 59,600,000 |
Credit Suisse Securities (USA) LLC | | $ | 43,400,000 | | $ | 41,600,000 | | $ | 36,700,000 | | $ | 36,700,000 | | $ | 59,600,000 |
Deutsche Bank Securities Inc. | | $ | 43,400,000 | | $ | 41,600,000 | | $ | 36,700,000 | | $ | 36,700,000 | | $ | 59,600,000 |
Morgan Stanley & Co. Incorporated | | $ | 43,400,000 | | $ | 41,600,000 | | $ | 36,700,000 | | $ | 36,700,000 | | $ | 59,600,000 |
RBC Capital Markets Corporation | | $ | 43,400,000 | | $ | 41,600,000 | | $ | 36,700,000 | | $ | 36,700,000 | | $ | 59,600,000 |
Total Amount | | $ | 349,000,000 | | $ | 334,000,000 | | $ | 294,500,000 | | $ | 294,500,000 | | $ | 478,000,000 |
5.Purchase Price, Discounts and Concessions
| | | | | | | | | | | | | | | |
| | | Class A-1 | | | Class A-2 | | | Class A-3-A | | | Class A-3-B | | | Class A-4 | |
Gross Purchase Price | | 100.000000 | % | | 99.997943 | % | | 99.995097 | % | | 100.000000 | % | | 100.000000 | % |
Underwriting Discount | | 0.090000 | % | | 0.130000 | % | | 0.165000 | % | | 0.165000 | % | | 0.210000 | % |
Net Purchase Price | | 99.910000 | % | | 99.867943 | % | | 99.830097 | % | | 99.835000 | % | | 99.790000 | % |
Maximum Dealer Selling Concessions | | 0.054000 | % | | 0.078000 | % | | 0.099000 | % | | 0.099000 | % | | 0.126000 | % |
Maximum Dealer Reallowance Discounts | | 0.027000 | % | | 0.039000 | % | | 0.049500 | % | | 0.049500 | % | | 0.063000 | % |
6. Time of Sale
11:30 a.m. (Eastern Time) (U.S.) on November 14, 2006 (the time the first Contract of Sale was entered into as designated by the Representatives.)
7.Closing Date
Pursuant to Rule 15c6-1(d) under the Securities Exchange Act of 1934, as amended, the Underwriters, the Seller and COAF hereby agree that the Closing Date shall be November 22, 2006, 10:00 a.m., New York City time.
The Underwriters agree, severally and not jointly, to purchase the Notes subject to the terms and provisions of this Terms Agreement and the above-referenced Underwriting Agreement which is incorporated herein in its entirety and made a part hereof.
| | |
| WACHOVIA CAPITAL MARKETS, LLC |
| |
| By | | /s/ Steven J. Ellis |
| Name: | | Steven J. Ellis |
| Title: | | Director |
|
| BANC OF AMERICA SECURITIES LLC |
| |
| By | | /s/ James G. Mackey |
| Name: | | James G. Mackey |
| Title: | | Principal |
|
MERRILL LYNCH, PIERCE, FENNER & SMITH IN CORPORATED |
| |
| By | | /s/ Gregory Petrie |
| Name: | | Gregory Petrie |
| Title: | | Director |
For themselves and as representatives of the other several Underwriters named in this Terms Agreement.
Accepted and Agreed:
| | |
| CAPITAL ONE AUTO RECEIVABLES, LLC, as Seller |
| |
| By | | /s/ Albert Ciafre |
| Name: | | Albert Ciafre |
| Title: | | Assistant Vice President |
|
| CAPITAL ONE AUTO FINANCE, INC. |
| |
| By | | /s/ Jerry Hamstead |
| Name: | | Jerry Hamstead |
| Title: | | Assistant Vice President |
