CAPITAL ONE AUTO FINANCE TRUST 2007-B ASSET BACKED NOTES TERMS AGREEMENT
Exhibit 1.2
CAPITAL ONE AUTO FINANCE TRUST 2007-B
ASSET BACKED NOTES
Dated: April 30, 2007
| To: | CAPITAL ONE AUTO FINANCE, INC. |
CAPITAL ONE AUTO RECEIVABLES, LLC
| Re: | Underwriting Agreement, dated April 27, 2007 |
| 1. | Terms of the Notes |
| Class |
Initial Note Balance |
Interest Rate | Final Scheduled Payment Date | |||||
| A-2 |
$ | 454,000,000 | 5.27 | % | June 2010 Payment Date | |||
| A-3-A |
$ | 331,500,000 | 5.03 | % | April 2012 Payment Date | |||
| A-3-B |
$ | 331,500,000 | LIBOR | April 2012 Payment Date | ||||
| A-4 |
$ | 450,000,000 | LIBOR + 0.03 | % | April 2014 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.
| Credit Suisse Securities (USA) LLC |
| Banc of America Securities LLC |
| Wachovia Capital Markets, LLC |
| Deutsche Bank Securities Inc. |
| Greenwich Capital Markets, Inc. |
| Xxxxxx Brothers Inc. |
| Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx Incorporated |
| RBC Capital Markets Corporation |
| 3. | Ratings |
| Class |
Standard & Poor’s | Xxxxx’x | Fitch | |||
| 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-2 | Class A-3-A | Class A-3-B | Class A-4 | ||||||||
| Credit Suisse Securities (USA) LLC |
$ | 56,750,000 | $ | 41,500,000 | $ | 41,500,000 | $ | 56,250,000 | ||||
| Banc of America Securities LLC |
$ | 56,750,000 | $ | 41,500,000 | $ | 41,500,000 | $ | 56,250,000 | ||||
| Wachovia Capital Markets, LLC |
$ | 56,750,000 | $ | 41,500,000 | $ | 41,500,000 | $ | 56,250,000 | ||||
| Deutsche Bank Securities Inc. |
$ | 56,750,000 | $ | 41,400,000 | $ | 41,400,000 | $ | 56,250,000 | ||||
| Greenwich Capital Markets, Inc. |
$ | 56,750,000 | $ | 41,400,000 | $ | 41,400,000 | $ | 56,250,000 | ||||
| Xxxxxx Brothers Inc. |
$ | 56,750,000 | $ | 41,400,000 | $ | 41,400,000 | $ | 56,250,000 | ||||
| Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx Incorporated |
$ | 56,750,000 | $ | 41,400,000 | $ | 41,400,000 | $ | 56,250,000 | ||||
| RBC Capital Markets Corporation |
$ | 56,750,000 | $ | 41,400,000 | $ | 41,400,000 | $ | 56,250,000 | ||||
| Total Amount |
$ | 454,000,000 | $ | 331,500,000 | $ | 331,500,000 | $ | 450,000,000 | ||||
| 5. | Purchase Price, Discounts and Concessions |
| Class A-2 | Class X-0-X | Xxxxx X-0-X | Xxxxx X-0 | |||||||||
| Xxxxx Xxxxxxxx Price |
99.997408 | % | 99.986830 | % | 100.000000 | % | 100.000000 | % | ||||
| Underwriting Discount |
0.130000 | % | 0.165000 | % | 0.150000 | % | 0.200000 | % | ||||
| Net Purchase Price |
99.867408 | % | 99.821830 | % | 99.850000 | % | 98.800000 | % | ||||
| Maximum Dealer Selling Concessions |
0.078000 | % | 0.099000 | % | 0.090000 | % | 0.120000 | % | ||||
| Maximum Dealer Reallowance Discounts |
0.039000 | % | 0.049500 | % | 0.045000 | % | 0.060000 | % |
| 6. | Time of Sale |
2:52 p.m. (Eastern Time) (U.S.) on April 30, 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 May 10, 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.
| CREDIT SUISSE SECURITIES (USA) LLC | ||
| By | /s/ Xxxx Xxxxxxxxx | |
| Name: | Xxxx Xxxxxxxxx | |
| Title: | Director | |
| BANC OF AMERICA SECURITIES LLC | ||
| By: | /s/ Xxxxx X. Xxxxxx | |
| Name: | Xxxxx X. Xxxxxx | |
| Title: | Managing Director | |
| WACHOVIA CAPITAL MARKETS, LLC | ||
| By: | /s/ Xxxxxx X. Xxxxx | |
| Name: | Xxxxxx X. Xxxxx | |
| Title: | Director | |
For themselves and as representatives of the other several Underwriters named in this Terms Agreement.
| S-1 | Terms Agreement |
| Accepted and Agreed: | ||
| CAPITAL ONE AUTO RECEIVABLES, LLC, as Seller | ||
| By | /s/ Xxxxxx X. Xxxxxx | |
| Name: | Xxxxxx X. Xxxxxx | |
| Title: | Assistant Vice President | |
| CAPITAL ONE AUTO FINANCE, INC. | ||
| By | /s/ Xxxxx Xxxxxxxx | |
| Name: | Xxxxx Xxxxxxxx | |
| Title: | Assistant Vice President | |
| S-2 | Terms Agreement |
