CAPITAL ONE AUTO FINANCE TRUST 2007-A ASSET BACKED NOTES TERMS AGREEMENT
EXHIBIT 1.2
CAPITAL ONE AUTO FINANCE TRUST 2007-A
ASSET BACKED NOTES
Dated: February 6, 2007
| To: | CAPITAL ONE AUTO FINANCE, INC. |
| CAPITAL ONE AUTO RECEIVABLES, LLC |
| Re: | Underwriting Agreement, dated February 2, 2007 |
1. Terms of the Notes
| Class |
Initial Note Balance | Interest Rate | Final Scheduled Payment Date | |||||
| A-1 |
$ | 289,000,000 | 5.32120 | % | February 2008 | |||
| A-2 |
$ | 430,000,000 | 5.33 | % | May ▇▇▇▇ | |||
| ▇-▇-▇ |
$ | 167,000,000 | 5.25 | % | August 2011 | |||
| A-3-B |
$ | 167,000,000 | LIBOR | August 2011 | ||||
| A-4 |
$ | 447,000,000 | LIBOR + 0.02 | % | November 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.
| Barclays Capital Inc. |
| ▇.▇. ▇▇▇▇▇▇ Securities Inc. |
| ABN AMRO Incorporated |
| Credit Suisse Securities (USA) LLC |
| Deutsche Bank Securities Inc. |
| ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & Co. Incorporated |
| RBC Capital Markets Corporation |
3. Ratings
| Class |
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. |
$ | 42,000,000 | $ | 62,500,000 | $ | 24,750,000 | $ | 24,750,000 | $ | 64,750,000 | |||||
| ▇.▇. ▇▇▇▇▇▇ Securities Inc. |
$ | 42,000,000 | $ | 62,500,000 | $ | 24,750,000 | $ | 24,750,000 | $ | 64,750,000 | |||||
| ABN AMRO Incorporated |
$ | 41,000,000 | $ | 61,000,000 | $ | 23,500,000 | $ | 23,500,000 | $ | 63,500,000 | |||||
| Credit Suisse Securities (USA) LLC |
$ | 41,000,000 | $ | 61,000,000 | $ | 23,500,000 | $ | 23,500,000 | $ | 63,500,000 | |||||
| Deutsche Bank Securities Inc. |
$ | 41,000,000 | $ | 61,000,000 | $ | 23,500,000 | $ | 23,500,000 | $ | 63,500,000 | |||||
| ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & Co. Incorporated |
$ | 41,000,000 | $ | 61,000,000 | $ | 23,500,000 | $ | 23,500,000 | $ | 63,500,000 | |||||
| RBC Capital Markets Corporation |
$ | 41,000,000 | $ | 61,000,000 | $ | 23,500,000 | $ | 23,500,000 | $ | 63,500,000 | |||||
| Total Amount |
$ | 289,000,000 | $ | 430,000,000 | $ | 167,000,000 | $ | 167,000,000 | $ | 447,000,000 | |||||
5. Purchase Price, Discounts and Concessions
| Class A-1 | Class A-2 | Class ▇-▇-▇ | ▇▇▇▇▇ ▇-▇-▇ | ▇▇▇▇▇ ▇-▇ | |||||||||||
| ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Price |
100.000000 | % | 99.996876 | % | 99.995845 | % | 100.000000 | % | 100.000000 | % | |||||
| Underwriting Discount |
0.090 | % | 0.130 | % | 0.165 | % | 0.150 | % | 0.200 | % | |||||
| Net Purchase Price |
99.910000 | % | 99.866876 | % | 99.830845 | % | 99.850000 | % | 99.800000 | % | |||||
| Maximum Dealer Selling Concessions |
0.0540 | % | 0.0780 | % | 0.0990 | % | 0.0900 | % | 0.1200 | % | |||||
| Maximum Dealer Reallowance Discounts |
0.0270 | % | 0.0390 | % | 0.0495 | % | 0.0450 | % | 0.0600 | % |
6. Time of Sale
1:15 p.m. (Eastern Time) (U.S.) on February 6, 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 February 15, 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.
| ▇.▇. ▇▇▇▇▇▇ SECURITIES INC. | ||
| By: | /s/ ▇▇▇▇ ▇▇▇ | |
| Name: | ▇▇▇▇ ▇▇▇ | |
| Title: | Managing Director | |
| BARCLAYS CAPITAL INC. | ||
| By: | /s/ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ | |
| Name: | ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ | |
| Title: | Managing 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 | |