CAPITAL ONE AUTO FINANCE TRUST 2006-B ASSET BACKED NOTES TERMS AGREEMENT
Exhibit 1.2
CAPITAL ONE AUTO FINANCE TRUST 2006-B
ASSET BACKED NOTES
Dated: July 27, 2006
| To: | CAPITAL ONE AUTO FINANCE, INC. |
| CAPITAL ONE AUTO RECEIVABLES, LLC |
| Re: | Underwriting Agreement, dated July 24, 2006 |
1. Terms of the Notes
| Class |
Initial Note Balance | Interest Rate | Final Scheduled Payment Date | ||||
| Class A-1 Notes |
$444,000,000 | 5.47963 | % | August 2007 Payment Date | |||
| Class A-2 |
$502,000,000 | 5.53 | % | May 2009 Payment Date | |||
| Class A-3-A Notes |
$442,500,000 | 5.45 | % | February 2011 Payment Date | |||
| Class A-3-B Notes |
$442,500,000 | LIBOR | February 2011 Payment Date | ||||
| Class A-4 Notes |
$669,000,000 | LIBOR+ 0.015 | % | July 2013 Payment Date |
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.
Deutsche Bank Securities Inc.
Banc of America Securities LLC
Credit Suisse Securities (USA) LLC
▇▇▇▇▇▇ Brothers Inc.
RBC Capital Markets Corporation
Wachovia Capital Markets, LLC
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 | ||||||||||
| Barclays Capital Inc. |
$ | 64,000,000 | $ | 72,000,000 | $ | 63,500,000 | $ | 63,500,000 | $ | 96,000,000 | |||||
| Deutsche Bank Securities Inc. |
$ | 64,000,000 | $ | 72,000,000 | $ | 63,500,000 | $ | 63,500,000 | $ | 96,000,000 | |||||
| Banc of America Securities LLC |
$ | 63,200,000 | $ | 71,600,000 | $ | 63,100,000 | $ | 63,100,000 | $ | 95,400,000 | |||||
| Credit Suisse Securities (USA) LLC |
$ | 63,200,000 | $ | 71,600,000 | $ | 63,100,000 | $ | 63,100,000 | $ | 95,400,000 | |||||
| ▇▇▇▇▇▇ Brothers Inc. |
$ | 63,200,000 | $ | 71,600,000 | $ | 63,100,000 | $ | 63,100,000 | $ | 95,400,000 | |||||
| RBC Capital Markets Corporation |
$ | 63,200,000 | $ | 71,600,000 | $ | 63,100,000 | $ | 63,100,000 | $ | 95,400,000 | |||||
| Wachovia Capital Markets, LLC |
$ | 63,200,000 | $ | 71,600,000 | $ | 63,100,000 | $ | 63,100,000 | $ | 95,400,000 | |||||
| Total Amount |
$ | 444,000,000 | $ | 502,000,000 | $ | 442,500,000 | $ | 442,500,000 | $ | 669,000,000 | |||||
5. Purchase Price, Discounts and Concessions
| Class A-1 | Class A-2 | Class ▇-▇-▇ | ▇▇▇▇▇ ▇-▇-▇ | ▇▇▇▇▇ ▇-▇ | |||||||||||
| ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Price |
100.000000 | % | 99.992298 | % | 99.992919 | % | 100.000000 | % | 100.000000 | % | |||||
| Underwriting Discount |
0.090000 | % | 0.130000 | % | 0.165000 | % | 0.165000 | % | 0.210000 | % | |||||
| Net Purchase Price |
99.910000 | % | 99.862298 | % | 99.827919 | % | 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 | % | 0.050000 | % | 0.050000 | % | 0.063000 | % |
6. Time of Sale
12:00 noon (Eastern Time) (U.S.) on July 27, 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 August 4, 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.
| BARCLAYS CAPITAL INC. | ||
| By: | /s/ ▇▇▇▇ ▇▇▇▇▇▇▇ | |
| Name: | ▇▇▇▇ ▇▇▇▇▇▇▇ | |
| Title: | Director | |
| DEUTSCHE BANK SECURITIES INC. | ||
| By: | /s/ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ | |
| Name: | ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ | |
| Title: | Vice President | |
| 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 | |