CAPITAL ONE AUTO FINANCE TRUST 2006-C ASSET BACKED NOTES TERMS AGREEMENT
Exhibit 1.2
CAPITAL ONE AUTO FINANCE TRUST 2006-C
ASSET BACKED NOTES
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
▇▇▇▇▇▇▇ Lynch, Pierce, ▇▇▇▇▇▇ & ▇▇▇▇▇ Incorporated
Wachovia Capital Markets, LLC
ABN AMRO Incorporated
Credit Suisse Securities (USA) LLC
Deutsche Bank Securities Inc.
▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & Co. Incorporated
RBC Capital Markets Corporation
3. Ratings
| Class | Rating Agency | |||||
| Standard & Poor’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 | |||||
| ▇▇▇▇▇▇▇ Lynch, Pierce, ▇▇▇▇▇▇ & ▇▇▇▇▇ 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 | |||||
| ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & 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 ▇-▇-▇ | ▇▇▇▇▇ ▇-▇-▇ | ▇▇▇▇▇ ▇-▇ | |||||||||||
| ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ 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/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇ | |
| Name: | ▇▇▇▇▇▇ ▇. ▇▇▇▇▇ | |
| Title: | Director | |
| BANC OF AMERICA SECURITIES LLC | ||
| By | /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇ | |
| Name: | ▇▇▇▇▇ ▇. ▇▇▇▇▇▇ | |
| Title: | Principal | |
| ▇▇▇▇▇▇▇ LYNCH, PIERCE, ▇▇▇▇▇▇ & ▇▇▇▇▇ IN CORPORATED | ||
| By | /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ | |
| Name: | ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ | |
| 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/ ▇▇▇▇▇▇ ▇▇▇▇▇▇ | |
| Name: | ▇▇▇▇▇▇ ▇▇▇▇▇▇ | |
| Title: | Assistant Vice President | |
| CAPITAL ONE AUTO FINANCE, INC. | ||
| By | /s/ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ | |
| Name: | ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ | |
| Title: | Assistant Vice President | |