CAPITAL ONE AUTO FINANCE TRUST 2007-C ASSET BACKED NOTES TERMS AGREEMENT
Exhibit 1.2
CAPITAL ONE AUTO FINANCE TRUST 2007-C
ASSET BACKED NOTES
Dated: October 2, 2007
| To: | CAPITAL ONE AUTO FINANCE, INC. |
CAPITAL ONE AUTO RECEIVABLES, LLC
| Re: | Underwriting Agreement, dated September 28, 2007 |
| 1. | Terms of the Notes |
| Class |
Initial Note Balance |
Interest Rate | Final Scheduled Payment Date | |||||
| A-1 |
$ | 157,000,000 | 5.28200 | % | October 0000 | |||
| X-0-X |
$ | 69,000,000 | 5.29 | % | May 2010 | |||
| A-2-B |
$ | 71,000,000 | LIBOR + 0.42 | % | May 2010 | |||
| A-3-A |
$ | 91,000,000 | 5.13 | % | April 2012 | |||
| A-3-B |
$ | 192,000,000 | LIBOR + 0.51 | % | April 2012 | |||
| A-4 |
$ | 170,000,000 | 5.23 | % | July 2014 | |||
| 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.
Barclays Capital Inc.
Credit Suisse Securities (USA) LLC
Banc of America Securities LLC
Deutsche Bank Securities Inc.
X.X. Xxxxxx Securities Inc.
RBC Capital Markets Corporation
Greenwich Capital Markets, Inc.
| 3. | Ratings |
| Class |
Standard & Poor’s | Xxxxx’x | Fitch | |||
| A-1 |
A-1+ | Prime-1 | F1+ | |||
| A-2-A |
AAA | Aaa | AAA | |||
| A-2-B |
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-A | Class A-2-B | Class A-3-A | Class A-3-B | Class A-4 | ||||||||||||
| Barclays Capital Inc. |
$ | 23,500,000 | $ | 11,000,000 | $ | 10,500,000 | $ | 13,000,000 | $ | 28,500,000 | $ | 25,000,000 | ||||||
| Credit Suisse Securities (USA) LLC |
$ | 23,500,000 | $ | 10,500,000 | $ | 10,500,000 | $ | 13,000,000 | $ | 28,500,000 | $ | 25,000,000 | ||||||
| Banc of America Securities LLC |
$ | 22,000,000 | $ | 9,500,000 | $ | 10,000,000 | $ | 13,000,000 | $ | 27,000,000 | $ | 24,000,000 | ||||||
| Deutsche Bank Securities Inc. |
$ | 22,000,000 | $ | 9,500,000 | $ | 10,000,000 | $ | 13,000,000 | $ | 27,000,000 | $ | 24,000,000 | ||||||
| X.X. Xxxxxx Securities Inc. |
$ | 22,000,000 | $ | 9,500,000 | $ | 10,000,000 | $ | 13,000,000 | $ | 27,000,000 | $ | 24,000,000 | ||||||
| RBC Capital Markets Corporation |
$ | 22,000,000 | $ | 9,500,000 | $ | 10,000,000 | $ | 13,000,000 | $ | 27,000,000 | $ | 24,000,000 | ||||||
| Greenwich Capital Markets, Inc. |
$ | 22,000,000 | $ | 9,500,000 | $ | 10,000,000 | $ | 13,000,000 | $ | 27,000,000 | $ | 24,000,000 | ||||||
| Total Amount |
$ | 157,000,000 | $ | 69,000,000 | $ | 71,000,000 | $ | 91,000,000 | $ | 192,000,000 | $ | 170,000,000 | ||||||
| 5. | Purchase Price, Discounts and Concessions |
| Class A-1 | Class A-2-A | Class A-2-B | Class X-0-X | Xxxxx X-0-X | Xxxxx X-0 | |||||||||||||
| Xxxxx Xxxxxxxx Price |
100.000000 | % | 99.997946 | % | 100.000000 | % | 99.988071 | % | 100.000000 | % | 99.986628 | % | ||||||
| Underwriting Discount |
0.090 | % | 0.130 | % | 0.120 | % | 0.165 | % | 0.150 | % | 0.210 | % | ||||||
| Net Purchase Price |
99.910000 | % | 99.867946 | % | 99.880000 | % | 99.823071 | % | 99.850000 | % | 99.776628 | % | ||||||
| Maximum Dealer Selling Concessions |
0.054 | % | 0.078 | % | 0.072 | % | 0.099 | % | 0.090 | % | 0.126 | % | ||||||
| Maximum Dealer Reallowance Discounts |
0.0270 | % | 0.0390 | % | 0.0360 | % | 0.0495 | % | 0.0450 | % | 0.0630 | % |
| 6. | Time of Sale |
11:45 a.m. (Eastern Time) (U.S.) on October 2, 2007 (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 October 11, 2007, 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.
| BARCLAYS CAPITAL INC. | ||||
| By | /s/ Xxx Xxx | |||
| Name: | Xxx Xxx | |||
| Title: | Managing Director | |||
| CREDIT SUISSE SECURITIES (USA) LLC | ||||
| By | /s/ Xxxx Xxxxxxxxx | |||
| Name: | Xxxx Xxxxxxxxx | |||
| 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/ Xxxxxx X. Xxxx | |
| Name: | Xxxxxx X. Xxxx | |
| Title: | Assistant Vice President | |
| CAPITAL ONE AUTO FINANCE, INC. | ||
| By | /s/ Xxxxxx X. Xxxxxx | |
| Name: | Xxxxxx X. Xxxxxx | |
| Title: | Assistant Vice President | |
