CAPITAL ONE AUTO FINANCE TRUST 2006-B ASSET BACKED NOTES
Exhibit 1.2
CAPITAL ONE AUTO FINANCE TRUST 2006-B
ASSET BACKED NOTES
TERMS AGREEMENT
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
Lehman Brothers Inc.
RBC Capital Markets Corporation
Wachovia Capital Markets, LLC
3. Ratings
| Class | Rating Agency | |||||
| Standard & Poor’s | Moody’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 | |||||
| Lehman 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 A-3-A | Class A-3-B | Class A-4 | |||||||||||
| Gross Purchase 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/ Glen Greeley | |
| Name: | Glen Greeley | |
| Title: | Director | |
| DEUTSCHE BANK SECURITIES INC. | ||
| By: | /s/ Rick Koppenhaver | |
| Name: | Rick Koppenhaver | |
| Title: | Vice President | |
| By: | /s/ Elizabeth A. Whalen | |
| Name: | Elizabeth A. Whalen | |
| 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/ Jerry Hamstead | |
| Name: | Jerry Hamstead | |
| Title: | Assistant Vice President | |
| CAPITAL ONE AUTO FINANCE, INC. | ||
| By: | /s/ Albert A. Ciafre | |
| Name: | Albert A. Ciafre | |
| Title: | Assistant Vice President | |
